Evening Star Newspaper, August 2, 1926, Page 21

FINANCIAEL, ~ BUSINESS IS QUIET IN GENTER MARKET Prices of Most Commodities Remain Unchanged From Final Sales Saturday. TWholesale dealers today experienced their usual quiet Monday trading. Supplies were plentiful enough to meet all demands, but customers were not numerous. Prices of most commodities were the same as those quoted at the close of last week’s market. Dealers saild there probably will be some changes tomorrow. Today’s Wholesale Prices. Butter—Fancy, 1-pound prints, 46a 47; tub, 45a46; store packed, 28. Eggs—Fresh selected, 30; hennery, 81a32; current receipts, 26a27. Poultry, alive—Turkeys, 3 broflers, 30a32; white leghorns, 26a27: fowls, 29: roosters, 22; ducks, young, »0; old, 16; keats, pound, 70a80; old, 35a40. Dressed—Turkeys, 40; broil- s, 32a38; keats, voung, 90a1.00; old. 40a50. Live stock—Calves, choice, 11; me- | dium, 9; thin, 6a7; hogs, heavy and{ medium, 131g; light, choice, 15; lambs, 13a14. Meats—Beef, 17a18: lamb, 30 18; % Toins, 32a34; 2 32a34; fresh shoulder: Fruit and Vegetable Review. Today's market report on fruits and vegetables (compiled by the Market News Service Bureau of Agri cultural Economics) says: Apples — Home grown, receipts Jight; Virginia, bushel baskets, Trans. parents, 50a75; Williams, few sales, mostly 1.50. i Potatoes—Supplies moderate, market slightly North Carolina and East ginia, cloth-top stave barrels, blers, United States No. 1,.50. Peaches—Supplies liberal: demand moderate, market unsetled _and slightly weaker: Georgia and North Carolina, bushel baskets, 6s. EI large size, 2.25a2.50, y fair condition, 1.75a2.00; deca as 1.25; Belles, best, 2.00a2.25; low as 1.50. Onions—Supplies moderate; demand light, market steady: South Carolina. *100-1b sacks, Australians Browns, U. . 1, 2.50a1.75, mostly 2.50. Spring ' vea pork 30, ham: fresh hams, demand | stronger Shore Vir- Cob. poorer Lettuce Market Weaker. Lettuce—Supplies heavy: demand moderate, market weaker: New York, two dozen crates, Big Boston type, 75. . best mostly fair quality and condition, Virginia, crates, 1 Watermelons— mand moderate, market _siightly weaker; Georgia, South Carolina. Bulk per car Tom Watsons, poor con- aition 100, 125.00. | Corn—Supplies moderate; demand moderate, market steady; home-grown sacked, sugar corn, mostly 2.00. Cucumbers—Supplies very no_sales reported. Peas—Supplies liberal; New York, bushel baskets, telephone, 1.00a1.50. upplies heavy: de light; BRITISH COAL STRIKE AIDS BUSINESS IN U. S. One Firm Shipping 200,000 Tons & Month Out of Nearby Port. Mining to Capacity. THE EVENING STAR, WASHINGTON, D. C. MONDAY, AUGUST 2. 1926. NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, August 2.—Whenever buving came into the curb market today prices responded readily, but those favoring higher prices were not inclined to push their advantage. Operations for the rise were carried on cautiously and here and there fair sized gains were recorded. One of the most noteworthy inei- dents was the persistent demand for Stendard Ofl of New York. The buy- ing was accompanied by reports that directors at their next meeting were likely to act favorably upon a pro- pesal to increase the annual dividend from $1.40 in view of the favorable earnings and outlook for the future. Other oils did better under leader- ship of Humble but improvement was not pronounced. Declaration of an extra dividend of 50 cents a share by directors of Ohio Ofl in NEW YORK. August 2.—Following| is an official list of bonds and stocks traded in on the New York Market teday: Sales in INDUSTRIALS. hundreds High, 1Ala Gt_South.. 1 4 Ala Gt South pf. 3 Alb Pick Bar v 1} Allied Pr pr p baAmEL v o 44Am G D Ging A 1 4815 Ce. .M 183" 8 Consol G 8 Consol Laund. .. Continen Bak ‘A’ R C vie Crucible. 1 Die C € 1 Dom St Ltd i Dubilier ¢ Py 3383333 Re T 0T 10! CAPE TSNS SRPE FF T VSRS oo Sz o 13 eIDIIERIDBE Dk . SRS RAGDARRS A BED: i3 ongsis FIFET S SRS YIS SN 19 C o o o Soone Soms T3S BsaeRte! Boones Glen 5 Grim 1Happ C Stor ¥ 2 Hazeltine Corp.. i Herden Chem 21Ind Rayon Co A 1 Intern F i e P I e 1553 X g & Py I S o 33 2031 I e I T 2 DL S BOD 1B D0 h 3 1o S ) SIS O BT D A B DB TR B DDA IS O ST ratemSt 190 S tons st a0 B s e R T S S & e A e e R 5 232 - B2 3B N e R 505238 5S 1 S 110 S 32249 e <13 DB R 5 RS IR S B S BB ! L 5 g N SN FEEERR S PO F JresRiF 1o o0 o s & = issenet P 5 534 SRS 3 & Special Dispatch to The Star BALTIMORE, August 2.—Princ pally as the result of the British: miners’ strike, the Consolidation Coal | Co. of Baltimore is exporting about | 200,000 tons of coal-a month through | Raltimore and Hampton Roads. l The company has been loading a ship nearly every day for some point | abroad. Not only is this coal moving “ to the United Kingdom, but also to| Ttaly and other points in Europe and | to South America, where British coal ! has been dominating the trade. | The Consolidation Coal Co. is ship- | ping all the coal it can dig: it is | operating at the rate of over 1,000,000 | | tone a month and is buying coal be- | sides. i Production of the company for ap- | proximately the first seven months of ! 1926 has totaled 6,500,000 tons, and | has exceeded the comparative period | in 1925 by more than 2,000,000 tons. | I This represents an increase of 44 per | cent. Usually the greater part of the ( company’s production is in the sec- | ond half of the vear and a total out- | put of at least 12,000,000 tons is prob. | able for the full 12 months. Al the | company’s mines in operation are now | on a non-union basis. i EVERYMAN’S | INVESTMENTS BY GEORGE T. HUGHES. Depreciation in Currency. In the two preceding articles of this | serles attention was directed to the risk of a change in the value of money, whether because of a depre- cation in the gold value of 4 national currency, such as happened in Ger- many with the mark and in France with the franc, or because of a general advance or decline in the purchasing | power of gold itself. It was shown that the man who hoarded money in | any form did not remove this risk by | refusing to invest in securities. Let us now see how this hazard af- fects the buyer of stocks, bonds or real estate. Take up the bonds first. All the corporation to which you loan money promises to do is to pay it back when the bond matures, plus {niterest at an agreed upon rate mean- time. If the value of the money, in which the {nterest-or principal is paid, wes that is your affair. The cor- lon”doesn’t take this risk; you do. 1t is just the same with the savings bank or the insurance company. You can draw your money out of the bank at any time you wish, but there is no | guarantee that you will be able to! buy as much with it when you take it out as you could have bought with | the same sum when you put it in.; Perhaps you can buy more.® If so, you are fortunate, but in any case it | is none of the bank's business. The insurance company writes a policy on our life and your widow will collect e full' amount thereof, but whether she can invest it at the time she gets it to as good advantage as now is her lookout. In other words, these insti tutions redeem thelr obligations in dol- lars, not in buying power. The cor- poration pays the bond the same way. There is no way an investor can avold this risk, small perhaps but real, if he takes any of these forms of say- ing. Do not get the idea that this possibility of a change in the value of the dollar always works out-to the disadvantage of the investor. Tt doesn’t. Sometimes it works to his advantage. Can thix risk be insured " agals Tt can to a degree, and the method T shall discuss In thé next 4 s W { no':";‘n At Bo. & FEE v El Corp. 3 Sou Cities Util. 1 Sou Gas & Po A 29Sou P & L n.. R e SR M Ao I Washington Stock Exchange SALES. ";,m “:I'! "lfl .Ilh“:u O‘:-l. 14)‘ A.'lfln; Il‘l'\!) at 90, 03{’333{‘5\"),'5‘:';3"1,7“,0:}3;—0 at 106, 4 at ital Traction Co.—10 at 10374, 10 at 103%. AFTER CALL. Rwy. & Elec. pfd—9 at 80, 3 at 3 thaler’ Linotype—10 at 1081 . 10 -b;{&'&'i". Rt R ATl (i YR Money—Call loans. 5 and 8 per cent. Bid and Asked Prices. BONDS. D1 UTILITY. L Bid. Asked. Amer. Tel. . 97N . . Amer; el & B | Am. Tel. & Tel. ¢ . Anacostia & Pot. Ava. & P Capit Iv'& suburban Georgetown tias 1st ‘s Sotomac Elec. 1st 5 e lec. Con: mac Elec. 8s 11 El Tow. & & AN £2232.533328%33288 - T Washington Gas Waehington Gas 6s Wash. Rwy, & Ele . n. Rwy. & Elec. gen. 6s. . MISCELLANEOUE ut Faims Dairy 8% Paper Co. K. y;h)ullBS‘:’oL‘Ke ind Southern B, . Mkt Cold Storage 5s. Warlman Park Hotel 83%8.. STOCKS. PUBLIC UTILITY. i 1. & Tel 1 Americh T8 reiga. FEOT @ 2ig - 5 90% ATIONAL Capital. Sl 2 s 2387 | arme: 808" Geral-American . ok Bevionar Han TRUST COMPA American Security & Trust.. Nationa} Savings & Wineton Loan & Frusi... . SAVINGS BANK. e Kivionar’ Uhion TITLE INSURANCE. nl"‘l? 1 E fift‘le £ Linotype. Siten. & fuv. oft g Sto. v Me-renthaler y Natl Proples Dyne: Slores pid ton Monotype. ity Storace. Direct to The Star Office addition to the regular quarterly 60 cents had becn anticipated and had little effect upon the market for the stock. A rise of a point in Hazeltine Cor- poration featured the dealings in the radlo group, while Pyrene Manufac- turing stood out strongly among the low-priced dividend payers, getting ‘into new high ground for the year when it changed hands at 12. Baking company stocks were freely offered whenever bids made their appearance and lower prices were ‘the rule for United Biscuit B and General Baking class A. In the mining division special Luy- ing -around the current. high level made itself felt agnin in Golden Center Mine at the same time that Engineers Gold was bought at ad vancing prices. The latter at 10 compared with last week's close of % 2 Sou P & L p ptd 300 Sou P & L war 1 Stand Pub C A. 2 Stanley Co new . Swift Swi Auto Sup pf es A M pt pf 1 Taxi C N Y MINING. Ltd .08 31 I 1043 o 21 Carib Sy 4 Cit_Serv new Columbia 8ynd ole Synd. ... - eim 2555 i o imisiomi iz a3 @ DDA DS G SN 3L e b = 343 PAEERE § F S I SE RISV 2 30 on B Sales STANDARD OIL ISSUES. in shares. 100 Buckeye P L .. 47% 478 2400 Continent O new 2 209, 10 C and, P L 111 10 N 105005 § %’; A 1100 Vacvum' 011 Sales in thousande. Allied Pk 8 8 Alum 78 nw "33 1 Am Gas & [ 23 e s A0 B NS e S 3 0 e 20 S8 > EE] onda _6s. .. 10 El Pow Bs E 68 @, >, 1] {1 2 e, 9 Py of £ . L & 25 o3 ? S»350: FEEE 2= D00 233333, 2352228 1522 2% S 2 2 wyo ot R 000002082802 305! SereecEs 33 H Erigeiict o3 t] 55 R 3 4 121 e A3 B d > £33 . T & R Bs. GTERC 5ie '31 Ind Limes fs.. Ind P'& T 88 BB P BDIIA DR RD IR SRR, P FEF F PELEE PG T T C o r TR TS Zon3350s! 3258323833 TR TSRS BB omis B R B e 2B s S 2323238323233 R322353. ) =T 30505503 253333 & F 3! hfi____ s i T E 3 u b P&L 6a n Y 63gs. . 3333383 o352 i (t o505 500! £ SRS SRS S et R 25 Tegty ot sEEss ) 53322250 e Co b LS A, w1100 5 Sales in FOREIGN BONDS. thousande. 13 Antioana 7s 4. ntiogua & Buden 78 . e e BEOFRE e e E i 07 2 Dens &0 o % Fro i Bav 8vis b3t 8 French ba 10 21 Ger in ‘78 D634 21 Great Con E 6%s 88 5 Homburg E 7s,. 00 ¢ 6Tud M Bk Fin 75 97 Salesin FOREIGN BONDS. thousands. $32233523383333532 or ethe, oy C B ™ 32 ) (A 2 cang, ni33 S edves ooz 25 552 H S b $3523333388 @223 The amount of shipping tonnage under _construction now is the small. est since September, 1909, according to advices received by the Bankers' Trust .Co., from its British informa- tion service. For the quarter ended June 30 there were 200 merchant vessels, with a gross tonnage of 841, 338, under construction in Great Britain and Treland. Ttaly held sec- ond place in shipbullding activities, with 287,346 tons, while the United States, with 185,278 tons, was fifth. B T Subsoil water recently discovered near Nagpur, India, is to be utilized to increase the city’s daily water sup- Pply by 3,000,000 gallons, CURBING 0 METAL OUTPUT PROBLEN ‘Non-Ferrous * Groups in Strong Position Now—Busi- ness Is Satisfactory. BY J. C. ROYL Special Dispatch to The Star. NEW YORK, August 2.—The non- ferrous metals, copper, lead, zinc, nickel and others, are in a decidedly strong position. But keeping them in that position, according to mining men now here from the West, is de- pendent on carefully judged, volun-| tary restriction of output by mine operators. The statistical position of‘the metals is relatively strong. Demand is steady from domestic consumers and shows signs of improvement abroad despite the Irregularity of the foreign pur- chases. Mine and smelter capacity is such that the statistical position may be reversed if free rein is given pro- duction of some of the minerals. The output of lead and zinc ores from the Tri-State fields has been carefully judged for months past and to this in large measure is due the present strength of lead and steadi- ness of zinc. Copper has been auto- matically restricted in many sections by the price. For a considernble part of this year huge cost producers could not operat successfully. But each increase in the price has releas. ed more possiblé tonnage of the red metal Purchases in Silesia. The results of the acquisition of huge non-ferrous metals properties in Poland and Prussia by the Harri- man and Anaconda interests are not regarded with particular alarm. The Anaconda, through subsidiaries, is the world's largest producer of cop- per and sflver and has holdines in companies producing enormous ton nages of lead and zine. It is scarcely likely the heads of such a concern would become party to a profect which would tend to cut production and p_rnfll of the parent organization. It is regarded as far more likely that the American interests interested in the Giesche mines shall be ear. marked for forelgn consumption in such a way as not to affect adversely (!’Ic foreign market for products of North and South American properties, according to mining engineers. 1t will be remembered that the Ana conda was one of the first mining companies to provide ijtself with 2 direct output for its products by acquisition of the American Bra: Company. The Glesche concern is manufacturer as well as a mining company’. Copper refiners are weli wold up throughout August and there is evi- dence of active consuming demand in prospect. The electrical manufactur- ing industry continues to be a heavy consumer of the metal and the volume of building and automoblle construe- tion promises to be maintained for some time at least. The new export association in process of formation Is sald to have membership controlling 90 per cent of the world copper output. Lead Well Sold Up, Most lead producers are now well sold up for prompt delivery and a fair amount of future business has been booked at present prices. Zinc is firm largely because of slightly increased exports and heavy demand from the galvanizers and brass pro- ducers. Consumption of nickel fell of? slightly during the time the automobile trade was preparing to bring out new models, but the machine and tool industries are requiring additional amounts of nickel and nickel steel. Earnings of the two large producers are expacted to be better this vear than since 1920. World supplies of tin_have decreased in the last month Considerable talk has been heard about the passing of production gold into British hands. Jt is true that much of the gold now being mined is coming from British posses- sions, but this is because in America mining costs have risen extensively while gold has been standardized at $20.67 an ounce. If there were acute shortage or restriction of production with consequent premiums, scores of American gold mines could swiftly Le brought into production. PLANS BIG OIL COP;PANY. Interests With United Co. Form- ing Pacific Coast Firm. NEW YORK, August 2 (#).—Estab- lishment of a new independent oil company on the Pacific Coast, with capitalization stock of $60,000,000 be. came known to day when it was learned that the Corporation Trust Co. was preparing to file a certificate of incor- poration in Delaware for the Richfield 01l Co. of California. ‘The new company is being formed by Interests connected with the United 0il Co. Financing will be arranged by Bond, Goodwin & Tucker, Inc., and Aronson & Co. —_— POTATO MARKET STRONGER. CHICAGO, August 2 (#).—Po- tatoes—Receipts, 111 cars: total United States shipments Saturday, 441; Sun- ! day, 24; on track, 198 cars; trading good; market stronger on sacks, steady on_barrels; Kansas and Mis- souri sacked cobblers, 1.90a2.15; Vir- ginia, barrel, cobblers, 4.25a4.50. BANK CLEARINGS. NEW YORK, August 2 (Special New York bank clearings, $809,000,- 000; New York bank balances, $103,- 000,000; New York Federal Reserve Bank credits, $93,000,000; Boston bank clearings, $78,000,000. i COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY FRESNO, August 2—Table grapes are moving out of the Fresno dis- trict eastward at the rate of about 50 carloads a day. The start of the movement has been about a fort- night earlier than normal. The qual- ity of the crop is excellent. NEW CASTLE, Pa.—The tin plate plants of the American Sheet and Tin Plate Co. here are working 17 turns & week and will probably con- tinue to do so all through August. Sixteen turns is regarded as a full week. DENVER.—The greatest Weste sugar company estimates its 16 fac- tories will turn out approximately a billion bags of beet sugar this sea- son, making a return to beet grow- ers of around’ $30,000,000. AKRON.—With the export of Brit- ish, rubber unrestricted for the next three months, tire manufacturers here are speeding up production. Goodyear is turning out more than 40,000 tires a day and production in this district is estimated at 125,000 a day. HELENA, Mont—Montana’s lamb crop this vear is estimated at 1,871, 000, a galn of 300,000 lambs from last year, The Montana wool clip was 2,307,000 pounds over that of 1926, totaling 28,100,000, g 5 of | year period. COTON REGANS OPENNG LOSSES Apprehension Over Weather in Southwest Brings in a Little Buying. By the Associated Press. NEW YORK, August 2.—The cot- ton market opened steady today at unchanged prices to a_decline of six points under a renewal of the realiz- ing movement which developed after the advances of last week and which was probably promoted by falk of better weather in the Western belt. December sold off to 17.61 and March to 17.85 at the opening, but the mar- ket was steadled by covering at these figures, while' apprehensions of re- newed showers in the Southwest prob- akly brought in a little fresh buying. Prices rallled to 17.71 for Décem- ber and 17.93 for March, with the active months showing net gains of three to six points by the end of the first half hour. A private report pub- lished this morning made the condi- tion of the crop 66.5, compared with 72.6 a month ago. and placed the indi- cated yields at 14,193,000 bales. New Orleans Quotations. NEW ORLEANS, August 2 (®).— Cotton futures opened steady. Octo. December, 17.34: January, 1 March, 17 May, 17.76 bld. The market was steady today. with first trades showing gains of 1 to 8 points, the improvement being due to the large consumption total by Secretary Hester and to rain in the Eastern belt. October traded at 17.70 and December at 17.55, and then eased off on the continuance of favor- able weather in the West, October dropping to 1 and December to 17.45. The market soon rallied, re- covering 6 to 7 points of the loss. Secretary Hester made the total world consumption of world cotton last sea- son 15,165,000 bales, the largest on record, and the carry-over, 5,362,000 bales, Southern cotton consumption was 4,778,926 bales. The New Orleans figures estimating the world's consumption of American | cotton last season 15,165,000 bales and some bullish comment and probably ing up to 17.73 for December and 17.94 points net higher, however, the mar- ket eased under renewed realizing and liquidation by early buyers who may have been disappointed by the failure of the officlal forecast to show show- ers in the Southwest. Otherwise sell- ing was restricted by the outlook for continued showers in the Eastern belt and prices held within a point or two of Saturday's closing figures at mid- day. FISHER'S PRICE INDEX. NEW HAV August 2 (Special). —Prices, 148; purchasing power, 67.6; July average, 149.5 and 66.9; Crumps, 141.4; average, 141. Irving Yale economist reporter. (Copyright. 1926.) MANY OWN HOMES. CLEVELAND, August 2 (Special)— A careful survey here indicates that 35 out of every 100 families in Cleve- land live in their own homes. This is 22 per cent better than is the case in New York and gives this city high rank in home-owning communities. Prompt Action First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. er & Company, Inc. 15th_Street 'MONEY TO LOAN Any Amount On 1st. 2nd and 3rd mortzages. n_small ‘monthly pavments aver Revaz 2 or 3 Low rates, quick service, Your r perlod. applieation” is solicited. Realty Loan Co. !l" F St. NW. M. 9411 a carryover 5362000 bales attracted | promoted the early buving. After sell- | for March contracts, or about 4 to & | Fisher, | | | We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of inter- est. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of irty-Five Years —insures your protection. Percy H. Russell Co. 926 15th St. N.W. $750, $1,000 and upwar cured on situated FIRST MORTGAGES FOR SALE 6Y2% THE TYPE OF SECURITY CONSERVATIVE INVES' BUY In denominations of $250, $500, .- improved real in the Distri Columbia. JAMES F. SHEA 643 Louisiana Ave. NW. We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street ileal Estate Loans Business Properties Apartment Houses The Capital R Long Term Loans on At Low Interest Rat Inc. Insurance Bl A W, . Gilt-Edge First Mortgage Notes Available In Amounts of $100 Up Secured On Improved City Property Mostly Medium Priced Homes Safety and Service Our Motto —=with never a loss to a client of as much as a single penny, in either principal or interest. Send for Booklet CHAS. D. SAGER Since 1906 924 14th M. 36 For the BUSINESS MAN A ) COOL PLUNGE and ther |NORTH AMERICAN DEVELOPMENT CORPORATION 1317 F St. NW. Washington, D. C. Notice is hereby given that by resolution of the Board of | Directors of this corporation | as of this date. all sales of | treasury stock will be discon- | tinued on August 15. 1926, and | any sales not definitely closed | by midnight of that date will | be canceled. G. B. Spaulding, Secretary North American’ Development Corporation Cheerfully Independent OME day you will be considered “too old for the job.” that day comes how will it find you—trusting to relatives or When cheerfully independent? A little saved from salary and in- vested in sound securities will make old age the brightest portion of your life. For substantial, well paying in- vestments, choose First Mortgage Notes. Those offered by Swartzell, Rheem & Hensey Company return 614 % interest per annum. And they carry the prestige of an organization that has been established fifty-seven years without loss to an investor, Mortgage Bankars' T2T-15th. 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