Evening Star Newspaper, May 2, 1926, Page 53

MAY 2, 1926—PART 1. FINANCIAL. BONDS MARK TIME IN SHORT SESSION THE SUNDAY STAR, WASHINGTON, D. C, WEEK | COTTON ADVANCES |= e e e ON CROP OUTLOOK FINANCIAL. WEEK OF STRENGTH | BOND SUMMARY FOR THE A TR P S T Continental Trust Company Capital i} One Million Dollars 14th & H Streets e Money to Loan Secured by first deed B il riarest. asd comniadions Joseph 1. Welleriz,osr, 1z § Tt | WE PAY MORE INTEREST | ON SAVINGS ACCOUNTS Low. High. 100-28 100 22 10226 102-20 100-30 100-23 101-13 101-8 108-7 103-2 10820 108-10 High, Low. v. 8. BONDS. 101-9 99019 Liberty 3145 1932-47.. 102-26 101-21 Liberty 18t 438 1932-47 100-31 100-17 Liberty 2d 4345 1927-42. 10114 100-25 Liberty 3d 4345 1928 ... .. 1087 101-29 Liberty ¢th 438 1933-38 100-25 8 87 Mills—Silk Quiet. nwg 37 100- NEW YORK, May 1 (). -Cotton 101-11 368 goods showed little change today at 1034 876 the opening of the month. Curtailment 108-16 868 of 25 per cent of production has start- 10119 100-16 1021 1011 1089 101-20 INBOND AT 5 2 Migh. Low, 10129 9915 10230 101-1 French Dollar Securities Are Feature of List—Hold Remarkably Steady. @peacial Dispatch to The Star N&EW YORK, May 1.—The invest- market has had another week of pronounced strength, although interest \as been diverted from the strictly high-grade group, such as United States Government bonds and the st mortgage railway obligations, to urities giving a higher vield and ‘0 new offerings. The most important levelopment of the week, however, conclusion of a debt-refunding nt between the United States rance. In the last few days at- ntion was centered on the foreign on this account. French dollar bonds, which at cur- vent prices vield 7z and 8 per cent, lave been remarkably steady all year, g the persistent decline of the French franc and the accumulat- ing pe: n about French finances. From time to time they have yielded, hut never in proportion to the weak- ness of the franc. . theoretically are not dire in the as dollar ctly affected - Still they uations week just was making new | time almost daily, s the steadine: the French dol- bhonds conspicuous. When the © of the agreement at Wash- rench bonds turned upward notably the 7s and rew tops for 1926. All 8 not held, but at least temporary independence of the bonds from the franc was clearly in- dicated, Many Factors in Situation. Permanent improvement of the mar- ket for French bonds depends upon many other things than any tentative settlement of the war debt. That is good as far as it goes indicating as it does the purpose of the French peo- nle to meet their obligations to the American Government. That they in tend to care for their indebtedness to private investors in America may be 1aken for granted. Some people believe that all the Furopean borrowers will put service on private loans ahead of that on in- ter-government borrowin That theory has been advanced recently with regard to status of the German external loans in relation to repara- 274 97% 1101 tions payments. It does improve French credit in American eyes to have the war debt obligation recog- nized. What is not changed, however, is the French internal financial situa- tion. That remains as dublous as ever. MWitness the failure of the exchanges /%o reflect the signing of the agreement @t Washington. > Meanwhile, sentiment toward South ‘American investments continues to be- “ome more favorable. Practically all the loans floated recently for account of countries and municipalities in the Continent to the south have been over- subseribed and actually placed to a great extent in the hands of perma- Tent investors. A good many of these .sizes are selling at premiums over o offering prices. This gratifying ndition could easily be altered by an r supply of new bonds, but 8o far » market has been able to absorb the output &s it came along. Advance Not So Uniform. In the general market. high-grade domestic issues have held firm, but advances have not been so uniform as earlier in the upward movement. Rather there has been a search for s selling out of line and to some e a turning to the higher yield- ing grades. The remarkable feature #is the small response made by junior “rallway bonds to the highly encourag- ing March traffic statements. The comparison in earnings between Afarch this yvear and March, 1925, has been =o striking that decided gains in those rallway securities which or- dinarily fluctuate marketwise with changes in the financial condition of the roads concerned wonld naturally have been expected. Little of the kind has happened, however. The fact is that the investment com- raunity is in & very conservative state of mind. Eventually strength in high est grade bonds widens out until at Jast it reaches the speculative sectfon. The movement has not yet gone that far in this instance. Money Has Not Changed. Fundamentally, the money market has not changed during the week There has been the usual hardening that precedes the end of the month, but this s only temporary. Time funds are obtainable at practically the | low of the vear. Discount holdings of the New York Federal Reserve Hank have increased as the result of the cut in the rate from 4 to 31 per cent and the reserve ratio is down substantially from that of the pre- ceding week, but still above what it wes a year ago. There is no change in the outlook for the bond market which still is highly favorable. Neither in money nor i commodity prices are there indtcations of anvthing that would reverse the trend toward higher prices for prime investment securities. Falling off in speculation in_stocks works all to the advantage of sound bonds. Judged by the standards of the past flve vears, prices look high. But compared with 3 there is still room for improvement. ESSAY CONTéST IS ENDED Late vesterday Miss Grace Brom- iny, assistant secretary of the District Bankers' Assceiation, had received 17 eegavs in the contest heing carried on by the Institute of Banking. This means that Mon morning’s mail will no doubt enough more esgays to make the number of con testant or 1 last year, when here were s landing at o be rewarded ‘ec trips to the bankers' convention at Hot BALTIMORE LIVE STOCK. BALTIMORE, May 1 (gpecial).— With the exception of beef cattle, which is easy, the general live cat- tle market rules steady to firm under it_receipts generally, and good de- yand, but centered on top-grade cat- tle, with all undergrades slow sale at the lower values. Demand 18 good for by ‘pring and Fall lambs. Quo- - at Light Street Wharf: tile, tirst qualit 9; common to medium, 5a’ to quality, 4a6; cows, cholc 5a6: common to fair, 3a4; oxen . aquality, : milk_cows, choice to head, H0.00a75.00; common to . head, 30.00250.00: calves, veal, choice, pound, ordinary to me- dium, pound, i rough and com- mon, poftind, small culls, sheep, choice, pound, 7a8: old_bucks, pound, 5af: common, pound, lambs. Spring choice. 18a19: fair 1o good, 16217 . s to size and qual- ity, 10als. Hogs, straight, 1%a13; sows, $al0; stage, 5a i boars, 2a3; live pl 2530, shoats, 16al0, 8215 104% 113 51% 94k 997 101% 108% 98% 69 96% 86% 10810 104-13 —1926— High. Low. " High. 95 1034 101% 96 1015 981 8815 83% 8% 100% 108% 34K 90% 98 95 100% 94% 108-20 106-0 Treasury 4148 1947-52 26— Tow. FOREIGN. 100 96% Argentina 63 A-954. 1224 1004 Argentina 78 1927. 99 961 Australian Govt bs. 102% 100 Austria 7s 1943. 87% 814 Belgium 68 1955. 110% 105 Belglum T%s 1945 108% 105% Belgium 88 1941. 87% 81% Bordeaux 6s 1934. 104 100% Brazll 88 1941 106% 102% Canada 58 1952. .. 1025, i01% Canada 6%s 1929 102% 100% Chile 83 1926..... 108% 1074 Chile 88 1941...... 109% 107 Chile8s1946..... 487 421 Chinese Govt Ry 68 1951. 100% 98% Copenhagen G%5 1944, 102% 98% Czechoslovakia 85 1951... 106 102 Denmark 6s 1942 105% 103% Dutch East Indies 65 1947 105% 103% Dutch East Indies 68 1962. 99% 924 French Govt 7%s 1941 103% 984 French Govt 8s 1945 108% 101% German 7s 1949.... 86% 79% Holland-American s f 65 83% Japanese 4s1931... 923, Japanese 6135 1954...... Jergens Utd Margarine 6s 1947 Lyon 6s1934.. ... 874 811 Marsellle 651934, 109% 106% Netherlands 65 197 785 7314 Paris-Lyon Med 68 1958 106 104'c Queensland 63 1947.... 1184 110 Queensland 7s 1941. 971 Rlo de Janelro 8s 194 102% Sao Paulo, State of, 88 86 Seine, Dept of, 78 2 93% 87 Serbes, Crotes, Slovenes 106 104% Sweden 6s 1939 104% 102% Swiss 5148 1946. 119 117% United Kingdom 5338 19 106% 104' United Kingdom 5as 19 19 20% 851962, Prev. week's Close. Migh. 102 101% 108% 109 484 9% . 101% . 104 104% 104% 991y . 1027 103 86'4 . 10T% 7 105% .13 1015 1044% 89 9% 106% . 108% 118! 105 INDUSTRIAL AND MISCELLANEOUS. 103% Amer Agri Chemical Ti;s 1941, Amer Amer Smeit 15168 1942, 105% 1 Amer Sugar Refining 6s 984 967a Amer Tel& Telcitrasl 103'4 100% Amer Tel & Telcl tr 53 1946. 104% 101% Anaconda Copper 6s 1953. ... 105 1013, 108% 107 1073 102t Anaconda Copper cv deb 75 1933 921 90% Armour & Co 4145 1939. 101% 99% Atlantic Refining deb Gs 1937. 108% 100% Bell Tel (Pa) ref 58 1948 9814 92% Bethlehem Steel pm b 9974 95% Bethlehem Steels £ 109% 106% Chile Copper 6s 1032 86 78 Cons Coal (Md) 1stref Gs 1! 100 97 Cuba Cane Sugcv deb 8s 1930 108% 107% Detroit Edison ref 6s 1940 97 93 Dodge 6s1941... 103% 101% Empire Fuel & Gas 734s 1937 107 104 Goodrich (BF) 6%s 194 112% 109% Goodyear Tire 85 1931 122 120 Goodyear Tire 851941 101% Humble Ol & Ref 5138 1932 o 45% 914 Inter Paper 5s B 1 11614 10814 International Tel §s rets. 108 108 Kelly-Springfleld 851931 981 96% Lackawanna Steel 5s 1950 103% 99% Liggett & Myers 58 1851 103 99% Manati Sugar s f 71551942, 96% 93% Midvale Steel 53 1936. . . 10315 1007 New England Tel b5 195 117 115 N Y Edison 1st 6138 1941. 106% 104 NYGasELH& P 5s1948. 9915 97% N Y Tel 41451930, 108% 107% N Y Tel 63 1941 104% 1013% North America 1004 97% Pacific Gas & Elec bs 1942.. 1024 98% Pacific Tel & Tel 55 1952. 105% 108% Philadelphia Co ref 65 1944. 1041 100 Public Service 6s 1944 974 93% Sinclatr O11 78 1937. 143% 131% Skelly 6%81927.. 109% 107 South Porto Rico Sugar 7s 1941 106% 104% Union Bag & Paper 6s D 106% 108% United Drug 6s 1944.. 95 91% U S Rubber 1st & ref 55 1947. 108% 106% U S Rubber 715 1930. 107 105 U SSteelsfbs1963.. 97% 96 Utah Power & Light bs 118% 111 Western Union Tel 6% 193 101 98% Wilson & Co 18t 63 1941.. RAILROAD; 92% 89% Atchison gen 4s 1935 94% 92 Atlantic Coast Line 1st 451962. 92 89% Balto & Ohlo gold 451943 97% 94 Balto& Ohlocv 4%81933. 9814 931 Balto & Ohio ref 53 1995 103% 102% Balto & Ohlo 6s 1929 924 89% B&OPitts LE& W Va 451041 Smelt & Ref 1St 55 1947. .. 1044 1 103 105 924 . 101 . 103% 6% 99 107% 8% 98k . 120% . 1024k . 108% 92 101% 105 . 1087 . 6% 135% 109 106 105% 9% 92% 4% 92% 97 924 101% 98 B & O Southwestern Div 5 cfs 60.. lgék 96% 924 Brooklyn Manhat s f6s A 1968. 118% 117 Canadian Northern 6%s 194 564 80% Canadian Pacific deb 4s. 91% 89% Central Pacific 4s 1949 29 97% Chesapeake & Ohto cv 4%8 1930 150% 124 Chesapeake & Ohio cv 55 1946 581 b51% Chicago & Alton 3%s 1950 105% 102% Chi B & Quincy 1stref 6s 1 78% 73% Chi & Eastern 111 gen bs 1951. 69% 64% Chi Great Western 43 1959. §81% 484 ChiM & St Paulcv 415193 94% 90% Chi M & St Paul gen 4148 19 537 484 Chi M & St Paulref 445 2014 53% 47% ChiM & St.Paul cv 58 2014. 81 65% Chicago Railways bs 1927. 92% 87% Chi R 1 & Pacific ref 48 1934 97 94% Chl Union Station ¢335 1964 118% 11567 Chl Unlon Station 635 1963 874 81 Chi& Western Ind con 4s 191 103% 102% C C C & St L ref 65 A 1829 108 105% Cleveland Term 518 1972 9714 95% Colorado & Southern 435 1936. 98% 88% Cuba RR 5s1952... 105% 102% Delaware & Hudson 91 85% Den & Rio Grande con 451936, 70% 62 D&RG West 581955, 96 90 Detroit United 4%s 1932 79% 74% Erie 1st con 451998, 72% 64 Eriegen lien 4s 1996 78% 68 Krlecv4sA 1953 85 73% Erfecv 4s D 195, 99% 9714 FlaEC5s74.. 107% 1067 Grand Trunk s f deb 6s 116 114% Grand Trunk 7s 1940.. - 106% 102% Great Northern gen 5%s 1952 5 110% Great Northern gen 7s 1936. . 98% 9214 Hudson & Manhattan ref 5s 1957. 75% Hudson & Manhattan adj 65 1957, +.. 108% 108% 82 104 102% lllinols Central 538 1934. 74% 62 Inter Rapld Transit 58 1966. 95% 85% Inter Rapld Transitcv 7s 1932, 73% 66 Inter & Great Nor adj 6s 1958. 92y 9% Kan C Ft Scott & M 451938. 76 74 Kansas City Southern 8s 195 99% 98% Kansas City oSuthern 58 1950 99 98% Lake Shore 4s 1928 97% 96% Lake Shore 451931 95% 93% Louis & Nash unified s 1940. 110% 106% Louis & Nash 1st ref 535 2003. 96 BOX 93 M1l Elec Ry & Lt 1st ref 68 61..... MStP&SSM6%s1981. Mo Kan & Tex 18t 45 1990. Mo Kan & Tex adj §s 1967 - Mo Kan & Tex pr In bs A 1962 Missouri Pacific N O Tex & Mex inc 68 1935 New York Centdeb 48 1934... . New York Cent ref imp 6s 2013. 102% 84% 90% 101% 96% 106 101% 1087 106% New York Central deb 62% 58 New Haven deb ds 1957. 8714 N Y N H & H cv deb 65 1948 69 NY West & Boston 4348 194! 90% Norfolk & Western con 4s 199¢ 61% Northern Pacific 3s 1947 8614 Northern Pacific 45 1997 108% Northern Pacific ref imp 63 204 96% Ore Short Line ref 45 1939 1054 Ore Short Line gtd 6s 1946 ‘Wash 1st ref 4s 1961. 82% St L & San Fran inc 69 Seaboard Alr Line ref 4s 19569 76 Seaboard Air Linead) 55 1949. 91 Seaboard Air Line con 65 1945. 96% Southern Pacific ov 48 1929, 86% Southern Pacific col 4s 1949 90 Southern Pacific ref ¢s 81% Southern :y 4 1'96 65% 41% Third A d)j 60. . 95 92% Union Pacific 1st 45 1947... 100 99% Union Pacific cv 4s 1937 1031 99% Virginian Ry 1st 5s 1962. 104 101% Wabash 1st 5s 1939. 104Y% 99% Wabash 5%8 75. . cane 71 66% Western Maryland 4s 1852. 1007 96% Western Pacific 55 1946 86% 83 west Shore 1st 4s 2361.... 95% 92 Chesapeake & Ohio gen 41451992 114'% 111% Chi & Northwestern 64s 1936 : 96% 118% 86% . 1034 90% 72 . 93% . 69 28% 98% 9% 85 102% 1021 109 109% 48% 904 101% 104 106 106 994% 108% 108% »3 81% 95 105 874 874 107% 8 106% 113 101t 1044% 804 92 1054% 104% 11%% 106 104'3 Tow. 98Ya 100% 984 100% 84% 108% 107 86 108% 190% 102 101% 108% 108 43% 99 101 104% 104!s 100 107!y 104% « 102% 105% 92 101 103% 984 9% 108% 80 99 121% 103 103% 99% 95% 101% 105% 104 96% 1434 109% 104% 106% 996 2% 4% 924 87% 92 101% 96! 7 118% 874 103% 545 1937..... 104% 105% a1 T4% 6% 69% 924 T4 9% 99 97% 5% 10814 109 101% 101'% 0% 0% 1004 100% 964 113% 38 108% 97k 1086...0000 . 1024 108 86% 964 1986..... 107% 108 118% 384 108% 7% 103% 103 8i% 100 L S 0T $514 | crease of 23 per cent over 1924, 1017 108% 109 3% 99% 101% 103% 104% 104% 98% 108 103 100 96% 102% 116 104% 98%y 1 104% 99! 101% 105% 103% 141 108 1047 105 94% 108 107 112% 99% 92% 4% k% 987 ® 103 1% 9% Y9% 107% 116 136% 974 804 103% 74 94% 68% 9216 b4 684 28% 2% 80 944 85 106% l:;% % 8 9% 103 102% 103% 7 100% 85% i British Coal Strike Discount- ed and Market Rallies After Drop. By the Associated Prest NEW RK, May 1.—The unfavor- able British labor news was reflected by a moderate decline at the opening of the cotton market today, but ral- lies followed, July selling up from 18.10 to 18.25 and closing at 18.22. The general market closed steady at net advances of 3 to 9 points. The market opened steady at a de- cline of 2 to 8 points under liquida- tion by recent buyers and some Southern or- local selling which was probably inspired by the weakness of Liverpool and the British labor troubles. Offerings were by no means heavy, however, while there appeared to be sufficient demand to absorb them around 1 for May and 2 for October. The market soon steadied and work- ed up on trade buying to fix prices in dther crop positions, covering of shorts, and a moderate commission house demand for new crop months. May advanced to 18.70 and October to 17.35, net gains of about 5 to 9 points on active months The close was within 3 or 4 points of the best. market acted as if sentiment (o the British coal ring in G {an ntrac by local traders as indicating a healthy { technical position and the rally was promoted by apprehensions of un- settled weather in the Southw which some thought might work over the Central Eastern belts before Mon. day morping. Talk of increased exports also may have been a factor on the rally, as the amount of cotton on ehipboard awaiting clearance at the close of the week was estimated at 111,000 bales, against 78.000 last year. Private cables reported hedging with local and continental selling in Liver- pool due to the labor troubles and that cloth and yarn buyers in Manchester were holding off in anticipation of lower prices. WALL STREET BRIEFS NEW YORK, May 1 (P).—-The Na- tionul Transportation Lines Corpora- tion is being organized by a group headed by Ireeman & Co., to enter the fleld of motor bus equipment trus financingeon a broad scale. Applica- tion for charter under the laws of Delaware will be made next week. The corporation will finance the sale, and in some instances the operation of motor omnibuses, coaches and other types of automotive equipment. The new organization is expected to stimulate purchases of new motor bus equipment. Conferences on the reorganization plan for the Chicago and Alton Kail- road Company have been further de- layed, owing to other urgent busfness which occupies the time of those principally engaged in working out the plan. It is not likely they will be able to get together until after the middle of the month. F. H. Ecker, chairman of the protective committee for the road's 3'4s, probably will be called to testify at the St. Paul Rail- way hearing in the next week. _ Sales of Montgomery Ward & C in April, amounting to $13,842 were 9.05 per cent over April last year, and brought the total for the firstfour months this year to $84,- 220,299, an increase of 14.81 per cent over the same period of 1 'he gain in April sales was the fifty-fifth consecutive monthly increase and a high record for that month. The four months’ total also was the largest for any similar period. Bank clearings throughout the country for the week are calculated at $10,109,680,049 by the Commercial and Financial Chronicle, a decrease of 3.4 per cent under the $10,459, a year ago. New York City a decline of 4 per cent, April sales of Sears, Roebuck & Co., amounting to $22,997,833, a gain of 6.8 per cent over April last year, made the total for the tour months this yea $89,007,701, an increase of 5.1 per cent over the same period of 1925. Barnings of Loew's, Inc., this year should run around $8,000,000, or about $7.50 a share, Marcus Loew, head of the company, said today on his de- parture tor Erope. The company now has about $20,000,000 in cash, including proceeds from the sale of its deben- tures. “As the company prospers, we intend to be more liberal with divi- dends,” he added, “but increase always will be in the form of extras, because I do not intend to increase the §2 rate. International Nickel Company net profits of $1,336,573 for the first quar- ter equaled, atter preferred dividends, 73 cents a share, against $1,542,164, or 82 cents a share, in the preceding quérter and $1,190,093, or 69 cents a share, a year ag Canada’s output of motor cars in 1925 was 161,970 vehicles, valued at $110,835,380. The year before 132,580 cars were turned out. Capital em- ployed in 1926 was $74,878,751, an in- tate banking department has ap- proved an increase in capital stock of General Motors Acceptance Corpora- tion from $13,500,000 to $19,000,000. Earnings of the Shubert Theater Corporation for the year ended June 19 ghould show about $20 a share on its 150,000 shares of common stock, Lee Shubert said today on the eve of his departure for Europe. New theaters might be acquired while he is abroad, he asserted. Officials of Iiske Rubber Co. denfed reports it was negotiating for the purchase of a plant to produce tire fabrics. Two-thirds of the com- pany’s requirements arc now sup- plied by the plants it owns in Paw- tucket, R. I, and Jéwet City, Conn., and a leased plant at New Bedford, Mass, it was said. Surplus and reserve of American Light and Traction Co. for the year ended March 81 amounted o $17,- 457,739, after deducting dividends on preferred and common stocks, an in- crease of $3,495,672 over the previous corresponding period. Operating reve- nues of subsidiary companies were $35,690,276, a gain of $1,972, Stockholders of Lago Oil and Transport have approved an amend= ment to its charter making the total authorized capital stock 4,000,000 no- par value shares. Previously author- ized common stock without par value continues as new common except that the stock no longer is divided in classes and all new stock will have equal voting power. Railroad equipment orders for first four months of 1926 are calcu- lated by Railway Age at 2 loco- motives, 36,318 freight cars and 06 passenger cars, against 30t locomo- tives, 26,206 freight and .\9‘1 passen- ger cars in thq corresponding pericd 88 1036 by, | sligntly easier on ed in Southern mills for the next 60 to 90 days. Wash goodsand silks con- tinued qulet. The raw silk market in Yokohama was reported as excited, but unchanged here. Burlaps were reports of lower prices at Culcutta, where strikes and other troubles have ceased to inter fere with trading. Some of the New Jersey mills were offering five-ounce worsted dress fabri for Iall, the lightest cloths ever made for the pur- pose and designed to meet the compe. tition of silk materials. INTEREST LACKING IN CURB DEALINGS No Decisive Movement Is| Made Either Way—Trad- ing Slow. By the Associated Press. NEW YORK, May 1—After the or- ders in hand at the opening had been filled, the Curb Market today assumed appearance and - movement in el ther direction. Traders who had a quired oil shaves in expectation « sustained movement were i poinied in the meager suppc 1 Ve Gerdings. | Standard Ol of In-l dina 1 moderate gain at the start, while some liquidation. caused fractional recession in the Humble is- sues. Carib Syndicate scored a sharp recovery toward the close, selling to 14. There was little interest in public utility and industrial stocks and price changes in the major portion of shares were without significance. United Gas Improvement ranged from 1008 to 99%. Galveston-Hous- ton preferred, which had not appeared in the trading for some time, sold at 427, which showed a loss of 17 points from last sale. General Electric new s0ld off a fraction to 51%x. Transactions in_bonds an important part of the trading throughout the week, dealings on some days being in excess of $2.000.- 000. A feature was the Duke Price Power 6s, when issued, which were listed Thursday. when nearly $1.000. 000 were traded. Those bonds ad- vanced from 100% to 1017 against a subscription price of 100. rose from 103 to 1041, States Power 618 from 111% to 113 and the United States Rubber 6'3s moved up half & point BUTTER IS HIGHER. Tone Steady to Firm on Medium and Top Grades. CHICAGO, May 1 (#).—The butter marke, tod ruled steady to firm, with jifces on the medium and top grades at 1, cent higher. Supplies were comparatively light with dealers reporting & fair demand and asking premiums on the finer grades.- The centralized car market was firm under fair demand at the higher prices. Fresh 92 score, 38; 91 score, g 90 score, 37; 89 score, 3615: 88 score, 36; 87 score, 35; 86 score, 3314. Centralized 90 score, 38; 89 score, 37; 88 score, 36. el POULTRY AND PRODUCE. BALTIMORE, May 1 (Speciall. — With the exception of old hens, for which demand continues good, the general live poultry market rules easy with values generally a shade lower under only fair receipts of large, smooth, fat stock. Spring chickens should weigh at least 1% pounds and more before being shipped to this market, and all such meet with ready sale at 45 to 50 a pound, and 40 to 45 for leghorns, Winter chickens, 21 pounds and under, still bring 45 to 50, and large, smooth fat young chickens seil 30 to 40 as to quality and condition. Demand for old hens, especially for small to medium, is very good at 33 and 34, and 32 and 33 for large 413 pounds and over. Leghorns and poor fowl, however, will not bring over 30 to 3 constituted Market for ducks rules easy with demand only fair for choice fat stock at 30 to 34, and 27 and 28 for small and poor. Guinea fowl and pigeons continue in good demand under light receipts at 75 to 85 each for young and 35 to 50 each for old of the former, and 40 & pair for both young and old of the latter. The local egg market has had steady to firm tone the past weck with receipts fair, but the demand has kept pace with all offerings of de- sirable quality and values have shown little change. With the warm weather prevailing today, the market becomes strictly a day-to-day proposition and prompt shipments are advisable to ob- tain best results. The market closed today at 29 a dozen for firsts in free cases. The white potato market rules steady to firm. but the wholesale s movement is limited at the high prices of 4.75a5.25 per 100 pounds for No. 1, well graded stock, and 2.50a3.50 for culls and No. 2s. Sweets and yams are a shade easier, but values are holding firm at 65.00a7.00 a barrel for the former ‘and 4.00a5.00 a. barrel for the latter. No. 2 stock and culls of both sell mostly 2.50a3.50 as to quality and condition, while bushel hampers bring 1.25a3.50. Native and nearby garden truck is in fair demand, but prices are mostly in buyer's favor at the following quo- tations: Beets, 2.00a4.00 hundred: car- rots, 5.00a8.00 hundred; kale, 25a50 bushel; onions, 2.60a3.50 hundred pounds, and 1.60al.75 hundred for Spring onfons; rhubarb, 3.0025.00 hundred; spinach, 30a60 bushel. SUPPOSE YOU HAVE A FIRE TONIGHT? WM. H. KYLE LOANS—INSURANCE 1410 G St. NW. M. 6627 _ WE FINANCE | «—al! clagses of lneome-produdnl: property Loans a Specialty Current int. rate and commission ie & Ri Inc. 816 15th 8t. N.W. First Trust Money N HAND —Available for Both Building Loans and Completed Properties ‘Reasonable -Interest and Commission JAMES F. SHEA I Loses None of Its Vitality. Dealings Are Reduced . in Volume. Ly the Associated Press. | NEW YOPK, May 1.—Bond trading marked time today without losing any R. GOLDEN DONALDSON, PRESIDENT | Sales and advertising manager of wide experi- ence and proven capa- bility desires to make new connection. Excep- tionally thorough train- ing in all branches of merchandising. Highest references. Address Box 120-M, Star Office. Than Any Other National Banks l in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 of the vitality which has character- ized the market for the past fort- night, Dealings were in reduced vol- ume, but sufficient buying orders were marshaled in a few instances to lift prices to the highest levels of the year, Although the first feeling of en- thusiasm over the French debt set- tlement was tempered by criticism of the terms abroad, French bonds r sumed their upward movement t The Government’s obligations held close to their recent peak prices, with a large turnover in the 7 per cent issue. United Kingdom 5148, how- ever, were depressed by the threat of a general strike in Great Britain. Most of the domestic corporation issues moved within a narrow trading area, although selective buying ac- counted for several brisk raliies. Bal- timore & Ohlo {ssues were among the strongest of the high-grade rails, while the demand for semi-speculative liens embraced Ann Arbor 4s, Chica- go & Alton 3s, Ulster & Delaware 3s and Western Maryland ds. Cuba Railroad jumped almost A new high record vy volume s placed on demind as unabated. B Detroit Edison 5s and the tion liens worked moderately higher. || 4 points to . Despite | | W A Third of a Century's Experience Bigger Profit from the Same Rentals —is often possible. As specialists, we take over responsibility for every detail. We save you the cost of the time you would take managing vour property yourself. And by applying more efficient, profit-saving management methods. we increase your margin B.F. SAUL CO. Main 2100 925 15th St. N\ Small bond offerings scheduled for next w include $6,000,000 Utica | Gas & Electric Co. 30-year b8 at par; $3,351,000 State of Georgia Raflroad 43, per cent rental certificates and $825,000 Hamburg-American Line 6% per cent equipment bonds. Money to Loan on —desirable improved real estate located in the Nation's Capital. SHANNON & LUCH 713, 715 & 717 14th St. We Will Loan at 51 % Economic Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Ave. M. 475 First Mortgage Notes— Secured by Improved Real Estate In Washington Worth Double The Amount Of the Loan— Interest Rate Today 61%— Denominations of $100 to $5,000— Partial Payments Received— Mortgage Investment Department SHANNON_& LUCHY) 1 713,715 & 717 14th St. N.W. | i‘ Main 2345 | S ) O Automobile Salesmen!! Here is your opportu- nity to tie up with the fastest growing busi- ness in the country— electric refrigeration. NO “TRADE-INS” TO CUT YOUR EARN- INGS. We invite you to inves- tigate the possibilities offered by the oldest and most substantial organi- zation in this best busi- ness opportunity since the early days of motor cars. Thorough training by factory representative— all sales helps you need— and plenty of opportu- nity for advancement to big jobs if you have the .ability. * For details see Mr. Lape, 741 Eleventh L O = ol We announce the removal of our Washington Office James Donald Cassels, Manager to 1508 H Street, N. W. Our new telephone number is Main 9277 EDWARD B. SMITH & CO. NEW YORK PHILADELPHIA Members : PriLaozLrma Srocx Excuawcss BOSTON New Yorx Bostox The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland. FOR 3, 5 OR 10 YEAR PERIODS 5% ON APPROVED SECURITY Apply RANDALL H. HAGNER & GOMPANY MORTGAGE LoaAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9760 Apartments Office Buildings Houses Business Properties A Wonderful Opportunity Missed If You Do Not Read This! AN OPPORTUNITY is offered the INVESTOR who acts promptly to invest in the stock of a com- pany manufacturing an article which is badly needed by the LARGEST INDUSTRY in the world and which is bound to take the place which it deserves in the industrial world, AS ALL SUPERIOR ARTI- CLES FINALLY DO. THIS ARTICLE may be seen at the plant of an engineering company in ‘Washington, and its merits explained by our Chief Engineer, who also is the president of this engineering company. Opportunities of This Kind Are Rare Money received from the sale of the stock of this company will be deposited to the credit of the com- pany at one of the largest banks in Washington, and every investor who wishes to investigate can meet .the president, secretary-treasurer, general manager and chief engineer of the company, all men of the highest standing in Washington. e If you will sign the attached coupon and mail it in, we will arrange for you to meet our chief engi- neer at the plant,-also show you that the company is free of debt and that expenses of every name and na- ture have been paid out by the men back of this proposition as they wanted to be sure of what they had before asking the public to participate. Further, we will be glad to give you the names of large industrial jobbers, who have signified a willing- ness to take our entire output just as soon as we get into production. COUPON A. 8. Jordy, 937 Investment Bldg. Washington, D. C. Without obligation on my part. I would like to arrange to investigate the merits of this article. We will re «quire the services of ladies and gentlemen who understand the placing of se- curities. Answer in writing and an interview will be arranged,