Evening Star Newspaper, March 29, 1926, Page 24

FINXNCIAEL. TRADE SHOWS GA New Orleans and Texas Lead in Volume of Cargoes. Coal Exports Up. Bouthern States handled more ’.huu€ foreign commerce of | last vear, every | from Vi yne-third of th country oastal State with inie to volume of it was rve| Shipping n increase in the » movement by the showing argo_tonr ported yesterday Board. While their for vear, the Al other ).000 tons. traffic by combi n t | cod declined | greatest ad seaport, both in > and in the pro. and a 1 tonnage { e percent: | na led all ntag foreign. commerce 0 tons declines | imports affected the of increase < in volum i with a total | ) more | fineries exports Texas 1 “outhy Virgin ver cent above v result of e ations and miner: n ot lumber nked mpor ave rts of Mobi merce t ov de of North a. Georgia resulted from terti and exports of cotton and lumbe: LARGER COTTON CROP. 27,800,000 Bales Estimated World | Production for 1925-26. world 4 1 senting & wer the pre d by the Departme yesterday on the hasi the leading produc RAILROAD EARNINGS. YEW YORK. March 20 () tional reports of rai Yebr ry show impro income advanced in February last vear Denver and Rio Grande \Western ported net oporating income of $41 against 9.018. The Seabc ting ineome | ve to of arolin: orida and Mississippi | sed fmpor A cotion the ye earni; result Chesapeake S61 Mary 480 from $351 s droppe | I'to s41 ! ased to $4 i TDAIRY PRODUCTS. BALTIMORE reh 2 Uve —Younz Poultry. | 18240 33; old 943 e v dozen, offered 34a35 and nearby, fresh 29%a2915. Duck eg eggs, 80a1.00. Butter—Good to pound, 41a44: prin a36: store-packed a35; process butte TOBACCO PRICES. Dispateh to The Star IMORE, Marc % Receipts | nd leaf tobucco last zsheads, mostly 1 to continu it packed Quotation: | o warehouse | per 100 | ted. firm | common and | »d _common Goose ancy cream 14246 ladles, dairy prints, 40; rolls, 3: 8pecia 1 of Maryl: totaled 1 crop, which sa heads. The demand good desirable grac king conditic at t 3 week new | ound mediur £.00: " eround le RUBBER CENT LOWER. pecial Dispatch to The St NEW YORK, March ber. standard grade. w $1a cents noon to with cents a month ago and 4 B0, Crude rub- auoted at This con aturday. % cents a en COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY BARRE, Pa., March 29— mining anthracite s be greatly reduced b etficient mine-pumping | being considered by big ries in this zone. It now is estimated that 10 tons of wa- ter must be handled for each ton of coal now mined. WILKI: The expected new and methods mining com to coal prices | down to about | rge Boston | 0] egg al, a8 ling recently BOST have _bee normal levels dealers per ton wnd nut ainst $18 N, agoin. announce a for furnace, and $16 fo a ton pre for SAN FRANCISCO.—Bay City can- neries will be under full way within a few davs. beginning with pack of | spinach, which now is being pur- chased in the market for around $1 50-pound box. Deciduous fruits orted to be about two weeks | further advanced than is usual. SAN ANC [ of cattle will here to Kansas City western points by mark the start of Tex.—A thousand Le shipped from nd other Mid- April. This will the Spring feeder movement, which, however, will be pmaller tk usual, owing to the shortage n the ranges. DETROIT Dodge Br n steers —Retail deliveries of motor cars and Graham Bros. trucks for week ending March 20 broke all records. Total dellveries | were ', which is 693 in excess of | the best previous week, that of April 21,19 YORK The Superior Wire Cloth enlarging its plant at Hungerford and announces that many | new looms will be put in operation when the new building is completed. ~CUnsettled weather in has delayed plant ing, and the low price of cotton and expectations of another big crop are | acting as a deterrent to any increase | ATLANTA the cotton distrs of acreage. |2 ST. PAUL.~—An opt! r a site for a branch factory and warehouse has been obtained in St. Paul for Sears, Roebuck & Co., ubout a mile west of the location of the Montgomery Ward & Co.’s St. Paul plant, | An; I BY WILLIAM F. HEFFERNAN. al Dspatch to The Star. NEW YORK, March 2§.—Another sharp break in prices on the Curb Market today gave the impression that the greater part of the list still not completely discounted ex- agances committed on the buying de in the bull campaign of the early Winter Heavy selling accompanied renewed pressure on the Stock lxchange, al- though there was nothing in the out- side business developments over the week end to cause upeasiness. The mtinued decline in prices had im- accounts, and to- vep: | for the forced liquidation. Company S rt NEW YORK, My Following i official list of bonds and stocks aded in on the New York Curb Mar- BONDS. gl Sal thousands uban Tel 7 “udahy 8 1 10015 o013 0814 981y 10015 o9 Dept Dept. € Finl 1 Pub Util Denmark upy, Fried 10 Leon Tietz € } Muni Medellin 21 Prov Buen A T Prov_Santa F 10 Pro Low Aus RN Main Danub, R 38 R 10 Ru - 5Sex S M I cstph Un E 6 STANDARD OIL IS&UES 200 Anglo-Am O 2400 Continent Oil 1 100 Crescent P L )0 Humble Oil e Ol rte & I Pet ¢ ol fid irie P L th_Penn Oil ) Cal wi 20005 0 Ind 600 S0 Kansas 1008 0 Ky 705 0 Neh 50008 O N Y 800 Vacuum NDF Hundrds 16 Am Maracaibo Co 6it a0 NDENT OIL STOCKS Washington Stock Exchangé Power 7s '41—$1.500 at & Mt. Vernow bs $100 at 10 45— 0 neton. Alexa 11000 at 10 nton Gas Power pfd.—10 tric & Elec. ptd—20 Rwy at 907« National Bank—10 at 208 CR CALL. . & Investment pfd-—I124 BONDS. PUBLIC UTILITIES, 1 Tel. & Telga. 4s. . American Te 41 Am. Te An Washing Washington G Washington Rw Wash. Rwy. & Elec, D. C. Paper Pot. Ju. Stk Bk, Be. Southern Bidg. 63s Wash. Mkt. Cold Stor STOCKS. 'BLIC UTILITY. Amer. LAk Capital Wishington G Norfolk & Wash ¥ e, Pow. DI, Pot. Fl. Pow. int. et Wadh Ruy. & Cash, Rwy Slec. pid.. el NATIONAL Bi Capital National.. Columbia ¥ Commercial District . Federal-Ame Federal-Ameri: Liberty Lincoln tional “Metropolitan Nat. Bank of TRUST COMPANY y & Trust... 3! SAVINGS BANK avings. . Columbia Tit Real Estate... MISCELLANEO! . Paper pfd. . nid. & Mereentrater, Linotyne: Yot Mtge, & Inv. ptd Peoples Druc pid.. Linkton Monotyve - ceur rage, W ashington Market “Ev @vidend. THE EVENING STAR, WASHINGTON, T. C, MONDAY, NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office before support was encountered, Con- tinental Baking “A’ losing more than 5 points. General Baking “A” resisted the selling and rallied at one time more than 2 points. The oils moved sympathetically with weaknees in_this group on the Stock Exchange, the active standard issues losing from a { point to 2 points. Standard of Indiana s down almost int; while Vacuum lost almost 2 Foundation Compan " appeared to have counted the wor: and prices were fractionally higher most of the time. At today's price of 181 it compared with the years high of ues were bought, » approach of the Wilson & Co. is owing to the n date for 20 Creole Synd. Crown Cent Pete uelid Ol Co. Gibson Ol Cor 0il of Pa Wilcox O & G it Sules in INDUSTRIALS hundseds. LAla Gt South. . 2 Alifed” Pick new 3 Alum Co new Alpha Port Cemt 13 %Am Cynamid B.. Am Gas & El £ Am Gas & El pi. m Home Prod Am L & Trac... 2 Am Pow & L nw Am Pow & L ptd Am Rollins Mills ting ‘ ung bid uperpow A upernow B Asso Gas & Eled 2 Auburn Auto ¢ Bloom:pgdale. B Schwart7 C) Borden 8 Can D Gin A Tuloid_ C ‘pid Pip Cor ilins Aikm: olling Alkm pid omwlth Ed omwlth P ( “omw] P C war. ons G Balt new. ‘onsol Laund. i T C vic.. iss Aero M. hurant Mot.. . .. B & Sh n Corp Invest Tne £l Refrig Engineers P Serv E v P P ntd wporium Corp, col Motors Co Mot T Hapniness C St azeltine_Corp. . i Hellman R pfd. RH & H 11 In Rayo 40 Leh Pow new 22 Lehigh Val CNC. i i; Libbey Ow Sh Gi 1 elv Sh Cor pfd 123 Metro Ch Stores etro Strs nfd f r lien 1 dvale Co .. hawk Val neiw Hud Pow. icipal Serv Master € Pow A Y Tel Co pfd. 1 1410 Pac Stl Boller. . 1 Pender D Groe B. iy Penn Wat Pow .. 150 P Lake E.14: v Bak Bak _B. T C Singer Mfg .. ) | 1 Corp odie 119 4y 3603 164 81 270 2, 811 109 51 Sou Cal E %St Reg Pap . 8Stand Pub C A 7 Stitz Mot . it “Inti Tampa Elec 18 Thermiod Rad Timken Axle ... 7 Trans Lux Bic A. 3 Trumbull Steel. 6 Tung Sol Lamp. . 4 Tung Sol Lamp 834 Van C Pkg pf. % Yictor Talk Mch 4% West Pow pid. . 11 White Sew M pf 4 Wilson & C new. Wils & Co A nw 5 Wils & C new nf bi 1 Taxi C N Y 14% MINING STOCKS. 10 Ariz_Globe C... 10 Chiet Cons Min.. 40 Divide Extens.. 2 Dolores Esper: 5 Eng Gla M 10 Enrewa, Cros 50 First Thgt 20 National Tin. iy N J Zine b Nipissing . i Ohio. Copuer. 20 Plymouth _ Le; Premier Gold M 20 Red Warrior...... i4 So Am Gold &P 20 Teck Hughes. 16 Tonopan Ext 10Tn Bullion . 41 Venie Exi 9 Ttah Apex . Ttah Metals st NEW YORK, March P).—The visible supply of American grain shows the following changes, in bushels: Wheat decreased 1,765,000, . Corn increased 352,000. Oats decreased 1,394,000, Rye decreased 238,000. Barley decreased 127,000 2 B e FOOD EXPORTS DROP. Special Dispateh to The Star, BALTIMORE, March 20.—The weekly report of the export of food- stuffs shows a decline, compared with the” previous week. Grain totaled 252,000 bushels, about half the amount exported in the previous week. Of wheat, 129,858 bushels was exported; corn, 17,143, and barley, 105,000. Flour fell to 1,677 barrels. kY _— T The campaign in Italy to increase the production of wheat, which was started last vear, still is active. (COTTON ADVANCES ' ONWEATHER NEWS Market Opens Firm, Gaining 18 to 20 Points—Liver- poo! Is Steady. By the Associated Press. NEW YORK, March 2§.—Cotton fu- tures opened firm. May, 18.84; July, 1£.34; October, 17.77; December, 17.50; January, 17.44. Reports of unfavor- able weather with further delays in Southern farm work were reflected by advances in the cotton market early today. The opening was firm at an advance of 12 to 16 points. Active months sold about 18 to 20 points net higher before the end of the firs: hour, May advancing to 18,90 and October to on covering, combined with some trade and commission house buying of the new crop months. While the weather was the chief factor, old crop positions held their own with the lat- ter months and there was little or no change in the differences between May and October. Liverpool was relatively steady on trade calling and continental buving, according to private cables. vew Orleans Quotations. NEW ORLEA March 29 (P).— Cotton futu opened firm 18.13; July, 17.81; October, 1 cember, 1 January, Liverpool came in 5 to 8§ penny points | Dbetter than due and first trades s ed gains here of 11 to 20 point stimulating influence was the coa- tinued bad weather in the belt. The market continued to gain after the opening call until May traded at 18.20, July at 17.85, October at 1 and December at 17.21, or 18 to 25 points | above Saturday’s close. At the end | of the first half hour the market con- tinued steady and was within a point or two of the highs. Cotton Steady at NEW YORK, March 29 (#). ton futur 5 a.m. bids—Stes May, 18.8 18.34: October, 17. December, January, b March 2 noon bid: 17.80; October, January, 17.17 Noon. NEW Cotton May, 18.16; December, 17 CHICAGO LIVE STOCK MARKET CHICAGO, March 29 (United States Department of Agriculture).—Hogs— Receipts, 45,000 head: steady to strong; mostly unchanged: big pack- ers bidding lower; moderate Monday shipping demand; bulk 240 to 325| pound butchers, 10.90a11.50; better grades 200 to 225 pound averages largely 11.75al majority of de- sirable 180 pounds down, 1%.65213.00; tops, 130 pounds up, 18.00; 160 pounds up, 12.85; packing sow 10 orted killing pigs. heavyweight hogs, 10.80all. dium, 11.10a12.50; light, 11. light light, 11.80a13.00; p: 9.90a10.35; slaughter pigs. “attle—Receipts, 17,000 head: bet-| ter grades of fed steers scarce; few | : sales to shippers gen- | eral trade slow: barely steady with last week's decline; 10.50 paid for | heavies; several loads of yearlings| upward to 10.25; bulk fed steers, 8.85 10.00: clc slow: steady: bulls | ers sharply lower; off. quality consid- packers, 11.00 down- shipping calves, mostly ered; bulk ward: few 13.00a13.50. Sheep—Receipts, lambs slow; practically demand urgent for desirable light weight kind suitabie for Eastern de- mand: others slow: indications lower: few early sales of fat ewes, 8.50a9.00; fully steady; medium shearing lambs averaging around 80 pounds steady at 13.00. o Sgie va BANANA IMPORTS SWELL. Special Diepatch to The Star. BALTIMORE, March rival _ Saturday of the steamer Fort Morgan to the Banana Sales Corporation with 18,000 bunches of bananas swelled the week’s receipts to 59,761 bunches, brought by three steamers. Imports in this fruit promise to increase every week until the receipts will reach the 100,000 mark. to choice 22,000 head: fat no early sales; 29.—The ar: S fi f EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. A NEW INVESTMENT THEORY. For many years—in fact, as long as there has been any sort of in- vestment—it has been commonly ac cepted that conservatism invariably demanded that the major portion of one’s funds should be placed in high- grade bonds or the best of preferred s and that only after a “back- * of this kind of securities had been accumulated was it permissible to add a few of the better common stocks. Within the last year, however, a new theory has arisen exactly to the contrary of this hitherto long-accept- ed principle. The proponents of the new idea go so far as to claim that over the longer p pd common stocks are just as safe as high-grade bonds and that they advantages which high-grade bonds do not possess. In support of this assertion they point to statistics assembled to show that if proper diversification s practiced an investment list made up of the capital stocks of corporations en- gaged in essential industries would show over a period of years preserva- tion of the principal as expressed in market valuations and meanwhile a higher return than bonds glve. The failures in individual stocks are more than made up for by the successes. It is also argued that common stock investments protect the purchasek against a depreciating dollar. The We Wish to Announce That Stark, Jr., d Charles R. Perry B. have become associated with our organization. BONBRIGHT & CO. KENNETH S. WALES, Manager 210 Investment Bldg. Washington, D. C. Manicipal, Railroad and Pablic Utility Secarities | A —— MARCH 29, 1926. tection. If, for instance, he bought a West Shore 4, which s a high- grade long-term bond, 20 years ago the coupon income today, while ex- actly the same in dollars, is much less in purchasing power. So, the champions of this theory say, the bondholder has actually lost, even though he is able to sell his bond now for just as much as he orig- inally paid. He has lost because $40, which is the yearly return on his bond, will not buy as much food or rent or clothing or anything else as it would have bought 20 years ago. The same is true of the principal amount—that is to say, the number of dollars it took to buy the bonds then would buy more in the markets then than it would now. Therefore, even if the investor gets his princi- pal back, he does not get back as much purchasing power. Insurance against loss of this kind, it is contended, is obtainable in com- mon stock investment. For, as com- modity prices advance dividend re- turns to the holders of common stocks go up in proportion. This, very roughly, is the new theory, and on its face it is very plausible. It de- serves somo further examination, which 1 propose to give in the ar ticles immediately to follow. Betore You Invest—Investigate. It's queer how careful a man can be after he’'s lost his money. Abe Martin says that a man who is not satisfied with 6 per cent and his money are soon parted. An Egyptian company is to give motlon picture educational entertain- ments in nearly 400 small towns of bondholder has no such pro-| Egypt. ,___—_—_._-—-—————1"' Announcement Hoover L. Greif & Bro., Inc. 7% Cumulative Preferred Stock Each share of Preferred Stock will carry with it 1, share of Common Stock and a warrant de- tachable on or after April 1, 1927, entitling holder to purchase 1/, share of Common Stock at the price of $20.00 a share up to April 1, 1928. & This business is the second largest concern of its kind in the country, and the business has been conducted for 64 years with a net profit every year of its existence. Circular Upon Request. Alex. Brown & Sons Baltimore Washington Office: 1424 H St. N.W. Telephone Main 1055 Oldest Banking House in the United States Now Years IFTY-SEVEN vears ago — 57 — the foundation of the modern . First Mortgage business in Washing- trect Northwest. ton was laid when the office of the direct predecessors of Swartzell, Rheem & Hensey Co. was opened on Seventh The founders of the business pledged rst mortgages themselves. themse'ves to conduct a business which would not only serve as an aid in the upbuilding of the city, but which also would afford absolute protection for the funds of those investing in the Today—>57 years later—we feel that ulfilled. we may point with pride to a pledge We feel we have kept faith with our founders and also with the public of Washington, by keeping our first mortgage investments safe. day, we ask you to share with us the pride of the past and anticipation of the future which is embodied in our statement : To- FINANCI MANUFACTURING SHOWED INCREASE IN FEBRUARY Manufacturing production cbvering 64 basic commodities, increased in February, the Commerce Department reported yesterday, placing the Febru- ary index number at 130 as compared with 122 for January and 124 for Feb- ruary a year ago. The index number 180 fs issued to represent 1919 pro- duction. Compared with January, lumber showed a gain of 6 per cent, while miscellaneous products, including au- | tomobiles, increased 10 per cent. D creases were shown in production of foodstuffs, textiles, iron and steel, leather and tobacco. Production of raw materials was 2 per cent less than in February, 19 while stocks of commodities on hand, at the end of last month, showed | decrease from January and an, in-| ore e over F v a ago. | 5 of raw foodstuffs and other | raw materials and manufactured com- | modities were higher than a vear ago, | while manufactured foodstuffs were smaller. | & i e PARIS PRICES IRREGULAR. PARIS, March (). —Prices moved irregularly on the Bourse to- day. Three per cent rentes, 47 francs 25 centimes. Exchange on London, 141 francs. Five per cent loan, 55 francs 70 centimes. The dollar was quoted 9 francs 3 centimes. We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street A MAN WHO| WRITES Y i We need, in our copy de- partment, another man who writes well; who possesses that rare combination of a com- mercial bent and a literary background; and who has an intelligent understanding of that modern method of dis- tribution which is called ad- vertising. o 2 To repeat the headline of this advertisement, we need— “a man who writes.” Not a phrase-maker; not a fellow who is clever with words; not a human fountain pen of pep, punch, snap and other forms of that shallowness which is called brevity. L We need a writer with an analytical mind; a man capa- ble of sustained thinking in terms of the commodities or services advertised, and sus- tained writing in terms of the public to which the advertise- ments are addressed; a man who can write on the same themes for years, and never be commonplace, never grow dull, and never fail to appreciate theimportanceof commodities or services that stand the test of continuous and comprehen- sive advertising. », 5 ‘W e want the moon, you will say, or the man who is in it. Well, if you are he, or if you can write— Apply in Writing Only J-M.DAIGER & CO. INCORPORATED | FINANCIAL ADVERTISING | COMMERCIAL ADVERTISING | 345 St. Paul Place Baltimore, Md. BONDS SAFE BONDS for Everybody MITH Bonds are safe First Mortgage Bonds—sound in- 'vestments for the man or woman who saves $10 or more a month or for the big investor who has $10,000 or more to invest at one time. Our current offerings combine the liberal yield of 77, with the pro- tection of safeguards that have resulted in our record of no loss to any investor in 53 years. Send your name and address on the form below for our booklets, “Fifty-three Years of Proven Safety” and “How to Build an Independent Income.” No Lossto Any Investor in 53 Years THE F. K SMITH Co. Founded 1873 SMITH_BUILDING, Washington, D. C . C. Main 6404. Albany. Boston. Minneapolis, New York. Philadel phia, Pittsburgh. AL. BREAK EXTENSIVE. 20 Industrials Down 20 Points 6 1-2 Weeks, NEW YORK, March ). Seldom in recent exchange history has a major downward movement been u rapid and extensive as the present one. Judged by the average of leading industrial shares, stock prices have dropped 20 points in the six and one-half weeks. since February 11 bringing them down to the levei pre valling around the first of last :rs. tember. Rail shares have shown much better resistance to selling pressure. BAR SILVER PRICT. NEW_YORK, March 29 #), Iver, 65%. Mexican dollars, 50%; Par Since 1801 Our 6, 6'; and 79, First Mortgages ~have been sold without loss to an Investor. Your commit- ments are solicited Allan E. Walker & Co., Inc. 236 Southern Building Main 2690 COLUMBIA PERMANENT BUILDING ASSOCIATION PAYS 5% Assets Over $700,000 733 12th Street N.W. Melvin C. Hazen. President Floyd E. Davis. Clarence I. Gessford Treasurer Secretary TATEMENT OF UNITED STATES HERANCH OF THE ROYA INSURANCE COMPANY LIMITED. L. ENGLAND, of Desember. 1 r the Tnstdet of ended June #0. 1 THE CONDITION 4 oF $100.000.00 361 85 005.01 500,00 300.00 a0 70 LIABILITIES 7.085.54 T19.910.07 36.145.76 ances Life liability Perpetual fund $5.635.412.240.00 7.888.744.00 17.013.402.00 Cotnty te filed in s No. 47 Commission’ expires Ma JAS. C. ADKINS. 1422 F St er_Insurance Cuh ot Wasiin _—————— TH DI Of_the ROYAL INDEMNITY COMPANY On the 31st da as required under the [ Ilumbia Code, amended June & and August 18, 1911 Capital stock 8 Canital stock, paid up. in cash 000,090.00 000.000.00 ASSETS n in office, h in_banle Real estate mortgages (first lien) Stocks and onds (market value) Premiums nnw\”myw@ and in hands o agents ... Interest die ~and erued other ussets Total assets s LIABILITIES Net unpaid claims 54 e as required by T68.00 7,007,003, 547.000.00 0.080.76 1.000.000.00 9 rents. taxes. et ons, brokerage. Capital ‘stock . Total liabilitle Character of I ng the vear 1 ity and Surety. Amount _of premiu written _during the vear 1 % Losces sustatned during the year 1625 Money received during the vear 1 : 16,00 xnended duri o 925 .. 14 080 M. B JEWETT. President MAYS. Secretary. \icrihed and sworn to hefore me th day of Fehruary. 1926, ROBT. ¢ PR Kines County * filed in 3 GENFRAT, CASUALTY— JAS. C. ADKINS, 1422 F St. McLEAN CO., 1515 K St. BONDING— J. F. A. BECKER 627 Colorado Bldg. neacted dur ualty, Fidel $15.186.617.90 7.64