Evening Star Newspaper, April 24, 1926, Page 15

] PRICES UNCHANGED INGENTER MARKET Unusually Fine Array of Fruits and Vegetables for Saturday, Buying. Saturday mornin whe first call traders, wanting the best products, vwere in evidence during the early morning hou They wanted sup- piies for their customers for the week #nd, and no difficulty was experienced their efforts to obtain them. There were plentiful supplies ot all »dstuffs, some high and others of- d at fairly reasonable prices. es continued high—about e that has been quoted k—and no changes in nnounced. Plentiful supplies of attractive fruits d vegetables gave merchants a wide range from which to make selections, nd prices also covered a wide range, several grades of most products being nifered. Large Onion Receipts. ‘Texas-grown Bermuda onfons are be & received in large quantitles. Deal- ors report them as good as those own in Bermuda. Bushel boxes were offered at $3.25. while a large ellow onion from Chile, said to be no tter than nearby stock, was offered t a lower pr Havana ar ® in_the I on 4 pineapples also | 4l market, the choicest ock being offe 0 a dozen. | aller and k brought | lower prices. | (herries from California, large and n splendld condition, were offered as the leader in the fruit market. They wholesaled at 60 cents a pound. Prac- cully every quotation today was the wimne ag reported yesterday. { Market Prices Today. FINANCIAL. 'THE EVENING NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN, ial Dispatch to The Star. NEW YORK, April 24—Strength was fairly well malntained on the Curb Ixchange today, and in special issues recovery was again quite pro- nounced. : The run-up of more than § in Victor Talking Machine accom panied reports of highly tfavorable earnings and the prospect that these would continue throughout the coming year. According to the president, the company has passed thro one of points | NEW_ YORK, April 24.—Following | is an official list of bonds and ulocki‘ ’m(d:’l in on the New York Curb Mar | ket today: aconda 6s. Gas Caro Pow & 1 53 '98 1% Cities Service 6 018y 5;:)'! s‘ervtm b 92 ies Service 7 03 Quien Sor P&l &t 55 o I T g ito Lo 6y A Butter—Fancy. 1-pound prints, 48a tub, 45a46; store packed, 30 ggs—Fresh selected, 2% 1ery, 32a34; current receipts, 28a29. Poultry, alive—Turkeys, hens, 36a 40; toms, 35a40; Spring broilers, 56a ; Plymouth Rock, brotlers, 113 to 2 vounds, 55a60; smaller, 40a45; White lLeghorns, 40a45; Winter chickens, 3 pounds and over, 40ad5; fowls, 33 roosters, 22; ducks, young, 4 ats, young, 80a90; 5250, ssed—Turkeys, 40a43; broilers, 60a fowls, 35; keats, young, 90al.00; 13, 50a60. Live stock—Calves, choice, 12; me- tium, 10all; thin, 7a8: hogs, heavy and medium, 13%; light, choice, 15; ambs, 18, Meats—Beef, 16; lamb, 25 a d loins, 34a35; Western, 30a32; shoulders, 22a23. Frult and Vegetable Review. Poday’s market report on fruits and ; hen- in vogetables (compiled by the Market f® 330" News Service Bureau of Agricultural Fonomics) says: Apples—Supplies moderate; demand moderate, market steady; barreis— Maryland and Virginia, A 2%-inch \Vinesaps and Yellow Newtowns, mostly 6.00; fair quality and condl tion low as 5.00; A 2h-inch Winesaps, 4.30; A 215-Inch’ Romes, some scalded, 1.00a4.50; A 2%-inch Ben Davis, 3.00a 250, few higher; boxes—Washington, medium to large size, extra_fancy Winesaps, 3.00, mostly ira. fancy Yellow Newtowns, tancy Romes, light; demand | .50; size. 3.00a3.50; small size, 2.00a2.50; California, no sales reported. | Cabbage—Supplies heavy; demand moderate, market dull; South Caro- lina, 1i4-bushel hampers, pointed type. few poor condition ‘ates, pointed type, 2.50 2.75; few low as 2.00. Lettuce—Supplies moderate; snand moderate, market steady; fornia, Imperial Valley, crate lerg type, poor to falr condition, 4-5 dozen, 3.00 zona, crates, Iceberg ty quality and condition, 4- ; poorer_low a, 5-peck hampere, big’ Boston range quality and condi de- Call- Onions—Supplies light; demand izht, market steady: Texas, standard rates, vellow Bermudas, commercial ed No. 1 and No. 2, 2.75a Potato Market Steady. Potatoes—Supplies moderate; de- mand moderate; old stock, market steady; Michigan, 150.pound sacks Russet Rurals, United States No. 1, new stock, market slightly ! Tlorida, double-head barrels United States No.| 11.50a12.00; few higher. Spinach—Homegrown supplying the rket. Strawberries — Supplies moderate; and moderate, market slightly veaker; Florida, pony retrigerators, 40245 per quart; Louislana, 24-pint rates, Klondtkes, 4.50a5.00. Tomatoes—Supplies mode and moderate, market dull sizes, ripes and turning ancy count, 5.00a6.00; few holce count, 4.00a3.00, according to| ondition; Cuba, 3-pan cartons, ripes, wrapped, choice count, 2. Fggplant, peppers, squash—Prac- cally no supplies on market; o les reported ucumbers ipplies liberal; de- and light, market slightly weaker; illinois, 2-doz rtons, hothouse, double extras, 3.50a4.00; extra fancy, 3.00a3.50; 50a8.00. String beans—Supplies light; de- and limited, market steady; most tock poo ¢ quality and ondition; -bushel ham- ; fair_to demand bushel light: m: Texas, demand | light ; dy; Texas, te, market ishel baskets, bunched, £ Peas—sSupplles moderate; demand n.oderate, market steady; California and Arizons, bushel hampers, Tele- phones. South Carolina, shel small-pod varieties, 10a3.50. GERMAN BONDS AND STOCKS. (Quoted in dollare per million marks.) 1914-18. . 9, 019, ... 1) dollars ber {Hou war Ger Gt (w 1n) Bs Tamburg 435e 1 (Quoted_in Ger Gen Elec 4138 pre-wa Ger Gen Elec 4135 1919, Berlin ds pre-war... amb s, 3158 & 43D Haburg Amer Live 4 North German Llovd 4 g 4 LEESZ 3313 oS Soas PRt sy H i S8 S G s 101 G A sty I DGR DL 30115 MOSHS ¢ o 0aH 0 Soise ey Dresdoer Bank . Deuteche Bank. stasdter Bank .. Tanic Vienria. al. . a0 12008 o Do ouorRo0000020001RCASSE 23355223338332383¢2 35383333383238253383358 b ot e oo 3 Your Banker, Knows. When in doubt about a security consult your banker. It is equally as yuch his interest as your to protect vour sevings. You trust hih with vour deposits—why not trust him with jour investment probléms? i " |a vulnerable short interest which it s e S22822R35Es FESEE iR S8 FEEET i ns El 6 B Fi King Denm 23 Leipzi 10 Leon Mor B Denm 1 Muni Medellin 5 Netherland G 53 Qslo 528 czoooooeooorsorEnTReD 7 Prov Santa ¥e 1 Rhine' M Dan Rhelnelbe Un 2 Rhine Westph 1Sanda Falls 4 Sie & Hal SESEEESEIBSHESTASSEAEE SEFSNE 17 @b P o e REERS ™ S3RETRTEGSE PEIE STERES ) 5 ay Pttt £ooo0co; zebie EEREE5582E PSS ExEtngee £ PPRE 2 Sales hu; >>5 5253 2£ L1 3 con O) inal Zongo e by - man @ CELTIS S P cesmdons 38 T T o o FELLSE O R L 03 S A0 U 13 5 e e A FEELE e s o i Woodiey Petn . 280 "Y' 0Lt i DUSTRIALS. 1% Alu Gt South pf. 100 1 Alim Co B 3 Amer Arch' Co. 120 1Am Cynamid A 44 1am Cinamid B 417 41 100 Direct to The Star Office the most trylng periods in its history without being obliged to seek outside assistance, and closed last year with more cash resources than it had at the outset. Red Bank Oll was a feature of its group, getting up almost 2 points, and there were further slight gains in Standard issues. Canada Dry Ginger Ale was.bought in_unticipation of greatly increased sales during the coming month, and around the 60 level was up almost a point. South American oils were prominent again under the lead of Carib Syndi- cate, 10 Home Prod 253 28% Py et 210 Multigr 0 P& Lnw PaLopt . Am Rayon Prod 4Am Superpow A 11 Am Superpow 1 0 Gus ] 22 pons L eSon ousisiseoonstn GG S SR GRS S B SRS > L eSion ow rad Firepris Bridgeport ~Mac Brit T U Bl uf 1 3 3 23 wases TEE JTILEELTEE ST FFESEE E .#0' & R o BoRaETRASS £ E @ e LA s 2 s T = i i i e = % e R e L3 2213 191rmon - rmscics S o B @ B ol o e TGRSR TS BB A I I BB R e R IAE Br RO B OS BIE FOI Ea Bl I DL A e SIS SO BON SAEEE PR SR O 1O IS BUGBAR I BEE RS R HENETENE, 28 S, P LESERNHER2S B0.0 » # Pes b Bonstiaza » TR FPE P Pow nw .. gh Val Coal VYal C N C Teh Val Leh C & - " o TER R EN PP P E " e o s DWIND 0 OBE e e OOUSLADE o WA R F 5 2, oo P IR DI DI ey DRPL b Do IR e S BROR GC A B SN IO DRSS IBAIS 3 EIEIE IF 285ES: B NS § b e ey Bron weosonns st Se Sam B3 Er SRR BE SmD Mok S DB S S AB OB S S SIS DU 13 BAE I DDA A 1 51T SIS TR 13D A1 2, rsmonsts_ens! - askeonsts ool o o 1Y 130 CORe D RSt O 9 1 I D B ™ *F FE TR DE FIFESPR PENE §F BARG e Sob S S DS & Shles in hundreds. i DOG b - B SBo GBSk T & dvie o Cop ... mier Goid Goll St MARKET INSPIRED BY PILING UP OF HUGE SUPPLIES OF MONEY BY STUART P. WEST. Special Dispatch to The Star. NEW YORK. April 24.—The secur | ity markets during the last week have taken their inspiration from two cir- cumstances. Tirst thers was the fact that the stock market during * February and March lost mnearly all the ground gained since the middle of the Au- tumn. This meant the bullding up of was not hard for professional op- erators to run in. It also meant that the disappointment regarding the trade developments had been over- played in the same manner that the ontimistic predictions at the start of the vear had been overdone. The second episode has been the pil- ing up of money supplies. Seldom since the establishment of the Federal Reserve system has there occurred any such increase as that from 76.9 per cent to 88.3 per cent in the reserve ratio in the New York district in a single week. The reduction from 4 to 13 per cent in the rediscount rate logically followed and so did the lower- Ing of call money to 3 per cent and the offers of long-term funds at 4%. ‘Wall Street Loans Drop. Since the 1st of January Wall Street loans have come down negrly $700,000.- 000. This has been accepted us very largely undoing the speculative ex- travaganees in the closing months of last year. It has had an important effect upon the speculative situation, since it has made it appear to be a good deal stronger. There has been no direct relation between money changes and stock changes in recent years, but Wall Street needed to be assured that the element of inflation had been reduced below the danger point, and it has felt convinced of this after the loan figures were given out and after the New York bank gave the announce- ment of the cut in its official rate. So far as investment securities are concerned, taking in the higher grade bonds and stocks, it has been the live- liest market in four years. This class of issues depends, of course, upon money rates. They are not affected by business changes. With money down to the lowest in more than a year, investment valuations are natu- rally raised all along the line. At times during the past week the investment demand has become really urgent, showing particularly in the new high records for United States Treasury bonds and in the buying of Libertles at the highest figure =o far reached in 1926. It has been revealed in the unflu p;i:nv; pald for first mortgage way s. Then comes the second stage, where the investment buying movement overflows into the sfock market. Tt (o 1 dustrial preferred shares which re- turn, like United States Steel prefer- |red and American Car and Foundry preferred, only 6% per cent. Therefore it passes into the stand- ard rails and into the common stocks of industrials and utility companies which have an established dividend record. This sort of thipg has been going on in the market for the last week. But it i3 an investment con- dition and not a speculative condition built upon old-fashioned lines. Years ago a superabundance of jdle funds like the present would have brought on a great speculation. Now- adays the essential point is the busi- ness situation generally and as apply- ing to special industries. If business does not come up to expectati there is no reason for any extensive upward turn in stocks, and at the moment it does not appear that there is any ground for a sustained forward movement. The rise of 5 to 10 points in specu- lative stocks has been the spectacular feature of the week. But it has only been a rebound after a decline which was almost as extreme as the rise, ‘which lasted from the end of Septem- ber to the.end of November and which was unsuccessfully resumed in Janu- ary. This is no indication that the market of the last week has been get- ting ready for any decided change for the better in business conditions. Commodity Prices Still Low. Despite the comparatively faver- able showing report of the Bethlehem Steel Cor- poration, the fact cannot be over- looked that steel prices are down and that buyers are in control. prices are low. So are sugar prices and so are cotton prices. With these important products at a mini- mum level, there can be no great amount of enthusiasm over the com- mercial outlook, despite the very large volume of consumption through- out the country, which is being shown in the weekly figures on rail- way tonnage and bank clearings. A remarkable incident has been the lack of response on the part of the French franc to the plan announced for settling the American war debt. Some critics have assumed that if this obligation were taken care of it would involve fresh advances of American capital to France, which would have the same effect that the $100,000,000 loan did in March, 1924, But while French dollar bonds have recovered, the franc has risen very little from its extreme low. The only conclusion that can be drawn is that the financial situation be cured until the budget is actually balanced through which will not be post- poned. but which will take effect in time to provide for L (-terin leans. in the first quarter |4l Copper %I:‘ the maturing STAR, BUSINESS I3 GOING AT NORMAL PAGE Some Merchants Complain, But Trade Volume Is Holding Up Well. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, April 24.—There is no disguising the fact that many mer- chants and distributors are digsatis- fled with the volume of trade they are recelving at present. In most case this feeling would not seem warranted, however, for trade volume is fully up to that of last year. The expectations of many have been raised too high. This is shown by one authority in the’shoe trade who declares that craze for style in shoes is responsible for the present lmpression that the shoe trade is not prosperous. After merch- ants and manufacturers have gotten through mourning over the decline in business, this expert says, it is usually found that the business was better than was realized. The style craze undoubtedly has helped to kiil large seasonal selling. Shoes are bought in small lots and frequently, retail- ers fearing that styles may change before the shoes are delivered. But just s many people buy and wear shoes as ever did. Clothing Men Complain. The apparel dealers also are among the complainants, but the police blot- ters show few arrests for appearance improperly clothed and the total num- ber of suits, dresses and coats bought this vear bids fair to exceed the totals 1925, Steel mills still are maintaining their heavy production schedules, with orders being booked in small lots, but frequently, and the total vol- ume large. The weather has stimulat- ed automobile sales, according to dis- patches from Detroit. More important still has been the taking of deliveries by those who placed orders months ago for Spring shipment. April de- liveries should reach a new high mark. Some of the factories are con- tinuing to establish new production records, but not all are on a capacity basis. The Ford Co. is working less than a full week and Hudson has cur- talled also. . The number of new construction contracts let increased this week, aided by a slight easing of building materia} prices. Some bullding mate- rial producers are slackening output, but not to the extent of making sharp cuts in working forces. The amount of new lumber business being booked has fallen slightly below the figures for this time last year, but stocks are not being allowed to plle up. Unfilled grders have dropped about 25,000,000 eet. G Coal Mines More Active. Non-unfon soft coal mines are showing slightly more activity, but coal for mext Fall, both bituminous and anthracite, is going into cellars very slowly. The real test of the future of the anthracite market is not likely to come until Fall. The non-ferrous metals have heen weak under influence of the London mar- ket and the exchange situation. This is the season when fruit crop prospects change fastast, but indica- tions point to excellent crops in most varleties. The canniug situation has been helped by the low price of sugar. The raw sugar market is waiting to see just how effective measures to curtail this year's Cuban production will be. Some of the mills already have finished grinding and naturally are not subject to curtailment. The soft drink manufacturers are plan- ning the biggest season they have ever enjoyed, although some of the new beverages may find the sales path unstrewn with roses. Wool Market Dull. The wool market continues dull, but the mohair cllp is Leing moved speedily out of first hands at prices above the highest levels of 1325, A better note was struck in the building fradés situation in Chicago when painters and lathers got to- gether with employers on the cld scale. The plasterers are still re- calcitrant, however. Furniture stores report consider- able advance buying of household furnishings to be dellvered on or im- mediately after May 1, when many families move. Car loadings are very heavy. e FOREIGN EXCHANGE. tons furnished by W. B. Hibbs & Co. e Sem?' ecice L today. value. $4.8006 S4 100 - Londo: Stodtenomm. crowi NEW YORK, April 24 (#).—Foreign exchanges mixed; quotations in cents —Great Britain, demand, 486; cable 486%; 60-day bills on bank: France, demand, 3.36%; cable: Italy, demand, 4.02; cables, 4.02%. Demand—Belgium, 8.551%; Germany, 23.79; Holland, 40.14; Norway, 21.47; Sweden, 26.76; Denmark, 26. 8 zerland, 19.32; Spain, 14.43; Greece, 1.24; Poland, 10.50; Czechoslovakia, 2.96; Jugoslavia, 1.76; Austria, 14.125 .39%; Argentina, 40.37 .125; Tokio, 47.25; Shanghai, 70.50; Montreal, 100. TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) 3%s Dec. 15, 1 B, June 13. 1 —— SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) [y 20" .oemoqe»uwuuaq;w; irond, P. & L. C. Ga 1020 A T oft Anier. 78 1930 Sesoooe! Columb. inental G Fodorated e R i ODoomos: SSR22 EEE e e b S i i S0 5t 19 . B8 {Bg 8 Inion P‘:c. 3 N $§ 9! FEDERAL LAND BANK BONDS. Sons. 1:30 P.M.) | Asked. Yield, 103 3 fi i g 3 1 01 1 1 1 i 1 1 WASHINGTON, D. ., SATURDAY, NOW IS TIME TO APRIL 24, SELL RATHER 1926. THAN BUY STOCKS, SAYS BABSON Business Expert Advocates Purchase of Common - Shares in Time of Great Business Stress, When Concerns Are BY ROGER W. BABSON. BABSON PARK, Fla., April 24— In previous articles I have referred to first mortgages as investments—in- sluding first mortgages on houses, public utilities and railroads. Now in order for any one to hold a first mort- Rage, some one must give it and be the promisor. In the case of a house, :his 1s the owner who holds the equity. He is the one who must do the worry- ing about the house, collect the rents, ittend to repairs and see that money is available for interest and for the payment of the mortgage when due. In the case of railroads or public util- ty corporations, the owners are known 18 stockholders and such ownership is represented by shares of common stock. These stockholders, however, have the same worries and responsi- sllities as any horrower. Although the common stockholders get all the :arnings, after taxes, interest and ex- senses are paid, vet these common stockholders get nothing unless all these other things are first paid. Of course, there must be common stockholders in order that we may buy mortgage bonds, but ordinary common stocks are not sultable for emall in- vestors except under circumstances which T will now describe. In other words, the common stock of a cor- poration should, so far as possible, be owned by the men who are directly operating the business. These are the men who are entitled to the profits anil who should suffer the losses. In- nocent investors who have nothing to do with operating the business are neither entitled to profits nor_should be made to suffer the losses. Corpora- tions are justified in distributing their bonds, and in the case of public utili- ties and certain industries are justified in distributing the preferred stocks to the public, but there is considerable question as to the advisability of small investors buying common stock in companies by which they are not em- ployed or are not in any way con- nected. ‘When to Buy Stocks. “The capitalist can afford to buy common stocks when a new com- pany is formed or when additional treasury stock is issued. he own- ers of u corporation and its friends are justified in protecting the market at all times, borrowing or selling their judgment dictates. It, ho ever, is very questionable whether the small investor should buy com- mon stocks except during depre: sions. The majority of new com-| panies fail or e reorganized, in| which case the common stockhold ers are either wiped out or are & sessed. Surely, small investors usu- ally make mistakes in buving com- mon stocks during good times when wages are high and money is plenti tul. The time when you have nioney to invest is usually the very time when you should not invest in com- mon stocks. It is usually unsafe| to buy common stocks during pros-| perous times when the public is bullish. It is always dangerous to | buy stocks when people have magde a lot of money from buying- stocks. The very fact that friends for you to try them. For any one to buy common stocks because his ! friends have bought them und have made money is like a farmer plant- | ing potatoes in the Fall because his | friends have just gathered and sold | at a profit a harvest of potatoes.) Yet, when buying common stocks 00 | per cent of investors buy them at| the wrong time, when they are at, t prices; and sell them at the wrong time, when they are at thelr lowest prices. “The time to buy common stocks 1s anic or when business amount of unemployment. The time to buy common stocks is when eve one is bearish c friends are telling of the money \\l'(hilrh they have the stock marke! ) Los hese times come about once in five years. They are times when big banks are failing and money is tight | and it is almost impossible for them o borrow. It is perfectly safe to buy common stocks at such a time as that; first, because such stocks are then selling below their real value;and, secondly, because investors then can perform a real service by buying such stocks. The only sure way of mak- ing a profit in the stock market is by buyving when you can render a real gervice by buying, and selling when You can render real service by sell- ing. Of course some people some- times get something for nothing; but this is gambling and not investing. The Investor, however, who stores up cash during a time of prosperity such as we are in today and then freely invests such money during panics performs a_real service to his fel- Jow men and is richly rewarded there- for. He performs the same service as does the ice man who stores up ice n Winter when it is & nuisance, in order that it may be available in the Summer to make more com- fortable.. What Common Stocks to Buy. When the panic comes, the ques- tion naturally arises as to what com- mon stocks to buy. Brokers and friends will have many recommenda- tions at such times. It, however, i3 questionable as to how much atten tion should be given to them. Tips given in a panic are more trustworthy than the tips -glven during a boom, but they are still tine. cl\loreo\er. at h times the tendency Stocks which need heip the least rather than stocks which need help the most. As at such times all stocks sell below their real value it 1s dangerous for the small investor to do much picking or choosing unless s is | life he is well equipped with statistics or o ubscriber to some statistical {‘x‘nv:ux:.em service. Unless it is a stock in some local company, with which he is well acquainted, the small investor should confine his panic pur- chases to stocks listed and actively traded in on the New York Stock Pxchange. Moreover, he should not confine his purchases to only one or two stocks, but should buy at least 10 in order to diversify his invest- ments. A simple rule is to take the 10 which over a certain period have Witnessed the heaviest trading. The daily papers give not only the quota- tions, but also the number of shares Sold "each day. Therefore, any in- Vestor can select the 10 stocks of which there have been the greatest amount of selling. These stocks are the ones which are suffering the most and need the most help. ‘Therefore an investor can render the most serv- ice and mcm’e1 othe greatest profit by these 10. bu!&‘:‘:'sen in times of panics it is dan- gerous to buy stocks on margin or on Sorrowed money. When one buys on borrowed money he is apt to lose his perspective and get rattled. This especially applies to people who buy on margin. Both bankers and brokers are very pleasant when money is easy and stocks are going up, but they are compelled to be entirely different when conditions change and panics reign. ‘Moreover, this is no fault of theirs, because they must be hard boiled at such times. Like a captain, they must throw over the cargo in order to save the ship and crew. A broker's cargo consists of his margin 'accounts. Therefore, if you don’t want to run the risk of being thrown overboard, pay for your stocks in full, carry them away and put them in vour safe deposit box. There is only one thing in Need of Support. more easily frightened than a broker, and that is a pair of brokers! The same primeval laws apply to '“'nlll Street as to the jungle. It is a case of the survival of the fittest and all | are worrying, naturally, about them- selves, with little regard for the other fellow, Therefore, only those who know how to swim should go into deep water. In other words, unless you are a broker, don’t buy more than you can pay for. Market Is Still High. ““This advice is especially important to heed at a time like this. Although there has been much talk in the news- papers the past months regarding ‘one terrible break in the stock market,’ yot the stock market is still very high. The break of March, based on the number of points, was large, averag- ing about 10 points for the rails and 15 points for the industrials, but there was a considerable rebound. Notwithstanding recent fluctuations the market {s still high. . “However, my real reason for not recommending the purchase of stocks today is the condition of general busi- ness. As previously stated the time to buy stocks is during the early part of a period of depression, when general business, as registered by the Babson chart, is well below the normal line. Today the Babson chart registers bust ness as 10 per cent above normal. This, based on previous history, sug- gests that now is the time to sell com- mon stocks rather than to buy them.” (Copsright. 1926, Publishers Financial Burgau.) COURT RULES ANEW ON FREIGHT RATE Term “Unreasonable” Held Not Limited to Discriminatory Rail Charges. | By the Assoclated Pross. TULSA, Okla., April 24.—Federal Judge P. E. Kennamer has ruled that the phrase “relatively unreasonable” in a freight rate order of the Inter- state Commerce Commission does not mean that the rate is merely discriminatory, but that it is aetu- ally “unjust and unreasonable.” The effect of the decision, rate perts belleve, is that complainants who get a decision that a rate is “relatively unreasonable” do not have to prove damages or loss of busi- ness because of the rate, but only must prove they paid the rate, and on that proof can collect reparation from the railroads or ‘the Federal Government during the period of governmental operation of railroads, together with 6 per cent interest. The decision came down in the case of jthe Tulsa World Publishing Co. et #\. vs. James C. Davis, direc- tor general of raflroads. 2 As a result the United States Rail- road administration must pay repa- fons claims which had been arded by the Interstate Commerce Commission November 8, 1920. BALTIMORE PRODUCE. PBALTIMORE, April White potatoes, 100 po new potatoes, barrel, 9.00a12. hampes auliffower, crate, .5023.50; kale, bushel, lettuce, basket, 1.00a3.00; peppers, rate, '3.0026.50; onions, 100 pound: 50a4.00; Spring onio tomatoes, crate, 3.50a6. bushel. 40a65. barrel, 2.00a6.00: bushel grapefruit, box, 4.00a6.5 box, 4.50a6.50; strawberrie: pint, 19a20. FECE S BUTTER IS HIGH—ER. CHICAGO, April 24 (®).—Butter Higher; receipts, 11,306 tubs; cream- y, extras, 3714: standards, tra firsts, 3614a37: firsts, 3 2341, Eggs ases: firsts, 29; ordina SURPLUS REPORTED. NEW YORK, April 24 (@) New York, Ontario and Western had surplus of $42,270 for March, after charges, in contrast to a deficit of 205,475 in March last year. Results for the first quarter of 1326, how- ever, ehow & deficit of $540,191, after charges. BA_B. SIL;ER Pl&(}}]. NEW YORK, April 24 (#) Jar silver, 64; Mexican dollars, 4915, BOSTON STOCK MARKET. BOSTON, April 24.—Following is a i list of today’s highest, lowest and clos- ‘ng prices for the most active stocks 4ealt in here: Amoske is to buy [M SUPREME COURT OF THE DI of” Columbia, Holding & Bankruptey In the matter of the Hamilton Hotel on, Bankrupt.—In Bankruptey No. ton Ho: . a corporation of the City of W m, District of Columbia: Notice Js hereby given that on the 22nd day of Se tember, A.D. 1925, the said Hamilton Hotel ration was duly adjudicated bankrupt. and that the first meeting of its creditors will be held at my office in the Wilkins Building, 1612 H street northwest, Washiy ton, D.'C.. on the drd day of May. A.D. 0:30 o'clock a.m., at which time the said creditors may atténd, prove their claime, appoint & trustee, examine the ofi- cers of tlie bankrupt corporation and trans. act euch other business as may roverly Come before said . meeting. | RALDY QUINTER, Referee in Bankruptcy. & RESORTS. ATLANTIC CITY. N. J. tabl 18Y8. h.' A-hlr:?n PE Sty T & ‘Water in private Farage on premises. Place Special Spring rates. ¥ Open il year, " G L. SMTTH: Man NEW _YORK. service, ager. MUSICAL INSTRUCTION. ‘PIANRI, SAXO:I‘-lIONE.. ’BOANJ Bt oy a1 xoa s Maln' 17 FINANCIAL. ST.PAUL FINANGES PROBEDBYL.C.C. |Road’s Pl Years Before Receivership, Banker Testifies. By thie Associated Press NEW YORK, April o = state Commerce Commission's inves. tigation of the Chicago, Milwaukee and St. Paul Railroad's failure turned to the financial management of the road yesterday. Samuel H. Fisher, a St. Paul bank- er, continued as a witness. He tes- tified that the micfortunes of the St. Paul road were discussed by directors, | bankers and officials for two years be- fore it went into recefvership. He was pressed_closely in an effort to find out why some one on the board of directors had not actually assumed responsibility for instigating a prac- tical plan to prevent the foreclosure on $800,000,000 worth of property which accompanied the application for a receivership. It leus been charged that the road was forced into u re- ceivership 8o that a financial reorgan- ization could be brought about at the expense of the small stockholders and bondholders, Walter L. Fisher, representing the commission, and R. K. Prentice, rep. resenting the bondholders, contended that the directors had been derelict in not taking advantage of opportunities to refund or extend the “French loan" | ageregating $48,000,000, failure to meet which, precipitated the receiver- ship. Samuel Fisher denled this vigorous- {lv. He cited various conferences be- { tween dircctors and officials of the St. Paul and representatives of Kuhn, Loeb & Co. and the National City Bank, at which efforts were made to find a way out of the difficulties. On. Real Estate Reasonable Rates and Prompt Service Construction Loans Made N. L. Sansbury Co., Inc. |} 1418 Eye st Now. WE FINANCE —al classes of income-producing property Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. Money to Loan Secured by first deed of Prevalling inte: Joseph I. W Scores of Millions of Dollars have been invested in IRST MORTGAGE through house. EV P of the principal and in terest on these securities has been paid without delay and in full when due. We have no intention of lowering the stand- ards which have made this record possible. our v When you invest here money will be SAFE, and also vield liberal interest rate Write for Booklet Mortgage Investment Dept. 713, 715 and 14th St. N.W. 2345 Assets Over $700,000 733 12th Street N.W. Melvin C. Hazen, President Floyd E. i Clarence 1. Gessford, Secretary First Mortgage Notes Secured on D. C. Improved Real Estate In every instance these loans are hased on our usual con- servative valuations and we have invested our money in them. 1 Moore & Hill, Inc. | 730 17th Street N u fllon il ) Prompt Action First Mortgage Loans Lowest Rates of Interest and Commisaic Thomas J. Fisher & Compal Inc 338 inth Street NO LOSS To Any Investor IN 53 YEARS THE F. H. SMITH Co. Pirst Mortgage Bonds 815 15¢th 8t., N.W.,Washington, D.C. WE BUY First and Second Trust Real Estate Notes se- cured on improved real estate in the District of Columbia. Federal Security and Mortgage Company 1412 K Street Main 1599 First Trust Money . ON HAND —Available for Both Building Loans and Completed Properties Reasonable Interest and Commission JAMES F. SHEA 643 Louisiana Ave. N.W. Union T 3 Life Ins. Co. ¥ Central ; Makes 1st Trust Loans on Approved Real Estate Security Low Interest Rates SEE Douglass & Phillips ' Inc. . \ 151?"]5"‘3;;%“’;/ 6% CONSTRUCTION LOANS A ~ Small Loans To Alington and Fairfax County. Virginia, Home Buyers advaneed with to 56 hours after api L. Garland Kendrick Clarendon, Va. Money a_Century Expericn: t T i T i 1 « r i Main 2100 Profit from Your Apartment —is the result of satisfied enants and experienced nanagement. Specializ- ng as we do in Apart- ment House Manage- nent, with complete supervision of every de- ail, we know the meth- ds that make you money. Let us apply . them for you. B. F. SAUL CO. 925 15th St. N.W. On Improved Real Estate FOR 3, 5 OR 10 Houses Business Properties 5Y2% The New York Life Insurance Co. Offers to Make - First Mortgage Loans in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland. YEAR PERIODS Apartments Office Buildings ON APPROVED SECURITY ; Apply . RANDALL H. HAGNER & CGOMPANY MORTGAGE Loan 1321 Connecticut Avenue GORRESPONDENT Telephone Main 9700 !