Evening Star Newspaper, September 3, 1928, Page 21

F1 Money to Loan Seeured by first deed of trust on real estate. Prevailing Interest and com: b mission. Joseph 1. Weller £ ol L 4 7 N & Second Trust Loans Second cured by made terms N teust D very ne se real estate reasonahle attention ( Prompt given applications W. H. West Company Founded 1804 1519 K Street Main 9900 We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street " LOANS in Margland and District of Columbie 6% Interest Ne Commis WEAVER BROS 'Y REALTORS 809 15th Street N.W. Main %486 Mortgage Loan Correspondent etropolitan Life Imsurance Company Charges 1on Buck & Company BROMERS Established Stocks Bonds Grain Cotton rize or call for weekly market er No obligetions BUCK AND COMPANY Evans Bldg. 1420 New York Ave. Franklin 7300 National Mortgage and Investment Corporation —desires to purchase good notes secured by second trusts on improved real estate in the District of Columbia. Prompt Attention to Applications National Mortgage & Investment Corporation 1004 Vi. Ave. NW. M. 5833 REAL ESTATE LOANS 5% & 5%% Homes, Apartments and Business Properties In District of Columbia and Nearby Maryland-Virginia 3.5.10-Year Terms Prompt Replies Randall H. Hagner & Co. Ineorsorated Decatur 3600 1321 Connecticut Avenue Mortgage Loan Correspondent New York Life Insurance Co. We Finance Mortgage Loans 5%2% and 6% r long experience and close co-operation in vour Mortgage eecuring on business or Loans sesidiatial | property Quick decisions. Mortgage Loan Department SHANNON & LUCHS, Inc. 435 K S N.W. Phose: Mai 2145 NANCT CAVADANOWBEST * CUSTOMEROF LS Dominion Takes Place of Great Britain as Foreign Purchaser. RY JOHN F. SINCLAIR. Special Dispatch to The Star and the North American Newspaper Alliance NEW YORK, September 3.—Canade | has superseded Great Britain as Unele Sam’s best foreign customer. For the fiscal year which ended June 30 Canada moved ahead of the mother country | for the first time The Dominion bought $862.000,000 in United States goods, while Great | | Britain_ bought ~ $809,000.000 worth | | These figures together approximate 40 per cent of the total exports of the United States | No one dreamed in 1911, when reci- procity between Canada and the United | States was the great political issue in! both nations, that despite tariff walls Canada would become the most valuable | customer of the United States. But that s just what she has become. In 1913 Great Britain bought $584.- 000,000 in goods in the United States. | and Canada bought $344,000,000. Great | Britain was then $250.000.000 ahead.| But since that time. making allowance for price levels, she hes just about held | even, while Canada has moved on Canada’s foreign trade now amounts | 0 $24 for every man, woman and child in the Dominion. This is a record. If the United States had a per capita foreign trade of the same amount. she | would have about $28000,000.000 of | business instead of $9.000.000.000 | There are now more than 1.000 branches of United States manufactur- | | tng plants in Canada, and the United ( States investment in this nation of & | little less than 10.000.000 population is | ?m e $3.000,000.000, a figure larger than that of any other nation and about a quarter of the foreign investment of the United States | Not only is Canada developing in manufacturing, but she is going ahead | by leaps and bounds in her agricul- tural development. In 1900 there were 3.600.000 acres of Canadian land in wheat. This vear there are 39,000,000 acres. Canada’s wheat export is now larger than that of any other natfon. | | cent THE EVENIXG STAR. WASHINGTON 'CALL MONEY MARKET DRAWS FUNDS FROM MANY SOURCES MONDAY. MARKET IS FACING TEST OVER MONEY Credit Facilities Expected to Be Affected by Govern- | ment Financing. I CALL LOAN RATC FLUCTUATIONS| U.5. DEPT. OF COMMERCE WEEKLY AVE RAGE /923 -25 /00 RY CHARLES F. SPEARE. Special Dispatch to The Star NEW YORK, September 3.—The | stock market is faced with a severe test RVOQTR |IRCQTR|47T7Q7T R Br the Associated Press NEW YORK, September 3.—The call money market. like the stock market appears to have changed from the ex- clusive preserve of the few to the play- ground of the many Not that exactly. intn the for entry | call market is a way more devious than into that of securities, but the sudden. unseasonable and often mystifying fluctuations in the call loan rate in recent months evidently is due to the participation of more and widely scp- arated interests Ruling Rate. call money. the funds wherewith traders finance their stock market transactions from day to day. has ruled at 41, per cent one day and 7 pe the next. often in mid-month Brokers rather expect such changes around the first of the month, but mid-month fluctuations of such magnitude are somthing rather new and unsettling. Stock deals at their best. as Wall Street plays the market. involve considerable uncertainty, and when ioan rates do fiip-flops over night the situ- ation becomes even more puzzling. A deal planned today on a 4': per cent basis may be wrecked by tomorrow’s 7 per cent rate in so far As profits are concerned. especially when brokers fig- ure close to the line The “new” call money market out of control, is at least out of bounds A thousand banks in a thousand cities now are putting temporarily idle funds into this market, and hundreds wealthy individuals throughout, the country have been fol- lowing suit. similarly attracted by high rates of interest, Newspaper and ticker tales of the money market awakened it not | plans for the benefit of the whole and | short of | and corporations | when {f resumes business tomorrow after the holiday. While there may be some relaxation in call money, now that them to the opportunity even if they the first of the month requirements overlooked the vastly Increased amount |are out of the way, the Government of financing necessary to operate theifinaneing necessary to refund the third growing trade in securities | Liberty Loan will make more or less Banks Financed Market. Sdirl ey S et InGilittes; A few years ago New York banks = Meanwhile stocks have been bid up financed the market. They were near | with violence and in many cases to the center of affairs financial, quicklY |record heights. The technical situa- available for consultation, amenable 0 | tion has been impaired, in that the position has been heavily re- in any scheme | duced. It is hard to see what new But where | stimulus could be applied to the mar- suggestions to a few closely grouped|ket, aside from the easier tone in banks once produced immediate results: money. The admittedly favorable busi- | at the time desired, any effort to obtain | ness outlook has been well discounted; co-operation of banks. individuals and |many authorities believe overdiscounted corporations spread over a large Area The result is_that speculation for the within a brief space of time would be | rise Is more hazardous today than at impossible because of differences in|any time since the recovery from the time. distance and above all in opinion. | slump of last June began. These far-flung and independent Public in .using Mood. sources of funds put money into the call market when they have it avaflable and | There was little sign of nervousness temove it when they desire. The effect | &y Saturday’s price movement. Realiz- on the market means little to them: | ing in one part of the list was balanced their own needs are paramount. How-| by fresh advances elsewhere. The pub- ever. by coincidence they seem to work | Iic is in a buying mood and not easily Somewhat together, corporations and | disturbed by developments that would anxtous to co-operate that would insure stability | and per cent of return banks. especially, withdrawing funds wholesale when the time comes to bal- ance accounts or pay dividends and dumping money Into the markef volume when rising rates, their earlier withdrawals, Suggest op- portunity for profit. It takes time to withdraw, time to invest Time Element. There is the additional delay due to distance. Consequently the supply of | funds in the market may be changed at a moment most inappropriate in so far as trade in securities is concerned and quite mystifying in view of the general | situation including the United States The United States Department 5°| Commerce, in its report for the first six months of 1928, presents an im- | pressive series of facts. In manufac- | turing production. value of building | construction, number of automobila | produced, electric power production | silk consumption, ofl production, steel ingots produced, new life insurance written and savings banks deposits, the record for 1928 exceeds that for the first six months of 1927 ‘There was a decrease of 12 per cent in the number of business failures, a slight decrease in the cost of living, an | increase to the producer of 9.8 in the value of farm products. However, in cotton and woolen con- | sumption, in factory employment and | freight car loadings, there was a slight | z;;crnse under the same period for | 27 Thirty vears ago a bill was intro- duced in Congress to abolish the Patent | Office because “evervthing th: possibly be invented has already been discovered.” How near-sighted this statement was, not only in the United States but in other nat , is shown by the fact that in 1927%n France. 23067 applica- made to the patent office, 186 were for new patents. record for the French Re- | public. Of the total of 17.500 French pat- ents granted during 1927, United States ln\*:]nwls received 58 per cent of the | total. | (Copyright. 1928 br North Americen News- Daper Alliance) Money and Prices Special Dispatch to The Star NEW HAVEN, Conn., September with a slight strengthening of com- modity prices last week the wholesale price index reached 100, which is the 1926 average used as the base for com- puting consequent price fluctuations The purchasing power of the dollar consequently receded to its 1926 average. There seems to be no indication that the steadily upward trend of commod- ity prices, which has lasted practically 2il year. will sharply decline. Money. | of course, is not nearly so “easy” as it hae been during the year past. Busi- ness activity, as shown by check pay- ments, has been running comparatively high all Summer. This, coupled with 2 rising price level and a correspond- ing decline in purchasing power, means a significant and sensitive &ituation regarding Fall busi credit conditions. Fluctuations in the general wholesale price level and in the purchasing pow- er of the dollar are given below for va- rious periods. The average for the year 1926 is the base used Whole- Purchastng power cts Aeparture trom 1526, Week ended August 31 > 2 ru 927 averaze 8 average average 1974 sverage 1521 gves Libsaswiasusasabls Foreign Prices. Cable advices from London repo:t thet the index of wholesale commodity prices in England as computed by Crump weakened to 929 last week as compared with 93.5 a week ago and 95.3 a vear ago. Ttalian pri pared with 4.2 4.1 a year agn Coprright., 1928, v 1 TOMATO CROP REDUCED. Down Yield Shore of Maryland. BALTIMORE, September 3 (Special) Due tn torrential rains the early part of last month the tomato crop on the Fastern Shore has been practically cut to half, eccording to reports reaching commission men here The price of tomatoes more than doubled last week, closing Saturday at 50 cents to 8100 for 14-quart baskets eompared with 20 1o 40 cents a basket the first part of the week lle & number of packers have con- tracted for tomatoes at 32 cents a bushel, they are bringing 50 and 55 cents 2 bushel today on the open mer- ket and it is expecled eanned tomatoes ol be selling higher this Winter than for several vears | 10 1s estimated that the annual rev- enue from the crop on the Eastern { Bhore will be redured by 50 per cent, as | compared with last year's receipts. | PARIS BOURSE PRICES PARIS, September 3 () —Prices were | surong on the Bourse 10day | Three per cent rentes 68 france 56 centimes. 5 per cent loan 94 france | 50 centimes. | Exchange on London 124 francs centimes — The dollar wgy quoted at 25 francs 61 oentimes gained 1o 4.4 as com- the week preceding and nw Pisher Rains Cut on Bast other. day has more men idle than are hang- | ported into England before ENGLAND'S BUYING Empire Is Held in Better Financial Shape Than Forecasts Indicate. BY ). C. ROYLE. Special Dispatch to The LONDON, September 3.—No appre- hension need be felt that Great Britain | will buy less goods from the United | States this vear than last in this country unquestionably ha | bettered in the last two months. Bu: | ing power has | diminished. England will be directed more strenu- ously toward the sclls to America than | American goods from United Kingdom. It seems more than likely that those efforts will be highly successful. Condition: increased rather than Moreover, the effort of ing of British goods to the exclusion of To the careful observer, it is evident that over-emphasiz has been placed on the amount of unemployment in Great Britain. This has come about in con- nection with proposals to send workers o the colonies. England has several industries which are woetully | factoried mining industry, the steel industry and s a matter of fact, over-manned and over- This is true of the coal the textile trades. But It is true also of the same industries—with the excep- tion of steel—in the United States. Unemployment Figures. The fact that there are abut 1,500,000 too many workers in England, 15 not extraordinary. in the United States when unemploy- ment, not approximate 4,000,000, There is seldom a time involuntary, does This takes in transient, itinerant, and seasonal workers passing from one job to an- The American coal industry to- voluntary or ing about the pit mouth of England Scotland and Wales and the New B ford and other New Fngland textile strikers and short-time workers are in no better case than their English as- sociates. It iz a case of sick industries | rather than bad general industrial con- ditions In the meantime, employment 15 growing in England. Buying power is stepping up and credit conditions are such at to bring comfort to American producers who sell abroad. As to wheat, the weather has yet to make or break that erop. The prospects, however, are for a fairly active demand and a fairly low price compared with some other | vears Buyers' Market. The American crop surplis will be ab- sorbed with fair readiness—but on a buyers'’ market—not at the option of tne sellers, Canada is likely to have a huge erop and will market it in such a way as to take full advantage of the Liverpool markets, where wheat has preference, not only for sen- timental, but for protein reasons. The Russian crop gives small promise of be- ing a hearish factor, but the buying of wheat by Russia is not calculated to ad- vance prices to American farmers appre- ciably. The English market always has the backstop of the Argentine and Aus- tralion crops, which, of course, are not determinable as yet Amerjcan meat sales will be restricted largely to pork and pork products, and seem likely to be fair but not excellent The fresh meat trade now is dominated by the companies (many of them Amer- ican) in the Argentine, but the price aar has accustomed Britishers to low beef prices and strong resistance to in- creases may be anticipated American canned goods will sell as never hefore. This 1s a field in which ‘preference.” as distinguished from price and quality, is the dominating factor. If the war did nothing else, it educated Europe 1o the can opener and that habit once acquired is seldom As to fresh fruits, they are holding their own and making some slight gains. Apples Show Greatest Gain. Apples are showing the largest gair ‘Thousands of tons from Virginia, Mary land, Delaware, Pennsylvania York and the Pacific Coast will be tin- " January 1 Twenty-five thousand barrels of Ame:- ican apples have just been landed st Liverpool. British buyers are returni ing from trips to the American orchare distriets. and have concluded contract for large quantities of fruit Some of these buyers have “taken a fyer” in peaches for the first time, encouraged | | | - POWER INCREASES | per cent, Canadian | to hinder to some extent the efforts of | gust 27 Florida and California producers. though the American fruit seems have preference over that from Mediterranean or the Levant Strong purchases of bright leafl and burley tobacco may be anticipated. bui the manufacturing of the raw article | into products to supply British markets will be done here AMERICA REBUILDING CHIEFLY IN SUBURBS Record: Show New Mark in Con- struction for First Half of 1928. to the By the Associated Press NEW YORK. September 3.—America is rebuilding the hastily constructed homes of 2 rapidly growing country, building them more substantially and away from the crowded city streets. Congtruction during the first half | of this vear broke all records. engi- neering and building contracts reach- ing a total in excess of $3,500,000,000. The cause of this activity is not to be | found in.the interruption of building | during the war, for any statistically demonstrable building shortage thus caused has been more than recouped for_some time Recent construction has been largely in the replacement of old and worn-out structures. During America's period of heavy immigration and repid growth houses and tenements were built hastily, with little consideration for perma- nency or comfort. Replacement has forged ahead during the past few years. In the first half of this year residential construction totaled more than $1,500,- 000,000, and was 17 per cent greater than in the like period of last year Another marked tendency has been & shuft from urban to rural districts While total figures for the half-year pe- riod showed an increase of about & the 25 cities reporting the most activity, taken as a separate group show a total increase of only 5 per cent and include the extraordinary activity in New York City. where the increase was about 14 per cent. More than half of the six month:. building was in the East, but the Mid- dle Wect showed the most striking in- erease NEW WHEAT ELEVATOR FOR CANADIAN GROWERS By the Associated Press WINNIPEG, Manitoba. September 3.— Grain will flow into a new storage ele- vator at Port Arthur, Ontario, at the rate of 500 carloads a day and out to Great Lakes grain ships at 150.000 bushels an hour, under present plans for_handling the Saskatchewan crop The new eleyator. designed to be the largest in the world, with capacity of 6,900,000 bushels, has trackage for 225 loaded cars, and 5 automatic dumpers capable of unloading a car in 10 min- utes. With the terminal at Buffalo, N. Y. and tacilities on the prairies members of the Saskatchewan pool will have available storage space for 50.- 000,000 bushels for the 19: 9 crop. Canadian grain also will flow wes ward, A terminal with a storage capa | 1ty of 4,050,000 bushels heing under con- relinquished. | struction at Vancouver, B. C. for the use of members of the Alberta pool. | Other facilities bring Alberta storage capacity to a total of 5300,000 bushels. FARM PRICES GAIN. Purchasing Power of Agriculturist Shows Increase. NEW HAVEN, Conn. September (Special). —Farm purchasing power gained more ground last week, due to continued holstering of agricultural prices. Beef steers, lambs, wheat, o; and cotton prices all strengthened against weakness in hogs and corn i Non-agricultural prices were steady Index numbers of farm purchasing power, and of agricultural and non- | agricultural prices for various periods | are New ! by the abundance of the erop in South- | ern States, and they have cleaned up thousands of pounds by the experiment They plan increasing distribution in future years ‘The breakfast grapefruit habit is be- coming firmly fixed in England and the citrus fruit growers of the United States are improving their opportuni- ties. Strong efforts are being made to popularize melons and citrus fruits, and Honduras and other fons, This 1 caleulated Jamaica. British eolontal pos: | | | | | 20 | bananas from the Bahamas, Bermuda, | given in the following table in which the average for 1926 represents | 100 Non-Ari- cultural rm Agricul- 3 (Conyright. 1928, by lrving Pisher ) Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mu L1 4. Co. 5 Ath” in | caused by | cause concern to experienced traders. | Outside interest has been increased by the character of the leadership, United States Steel and General Motors, in both of which there has been evidence of organized support. Of course, there may have been some distribution, but | there has not been opportunity for | much, and this is a steadying influence. | The August statements of speculators | will carry a heavy interest charge on | debit balances. It may run as high as 8 per cent, although there is no uni- formity about the charge. The average call money renewal rate in August was | 677 per cent. The low was 4!, per | | cent, at the close of August 16, and | the high 8 per cent, at the close Au- Not in seven years have such high rates obtained on day-to-day loans In the long run these high charges make themselves felt, but for shorter periods they are often ignored. Bond Market. Hopes are entertained for a revival of interest in bonds. The market was stronger on Priday than in a long time. Saturday the session was a dull affair. | It is hardly in shape. however, to take care of any considerable amount of new offerings. WALL STREET'S MEALS SMALLER IN MIDWEEK By the Associated Press NEW YORK. September Wall Street is hungriest on Mondays, Thurs- \ days and Fridays, Why? That's what the restaurant properties would like to know. Monday is a hard day in the street, what with the need of recovering from the week end, and food may offer sol- ace. The proximity of Thursday and Priday to pay day may explain the in- creased consumption as far as they are concerned. Saturday is a half-holiday. and few are expected to eat—on the job. at least. | But the “meal broker” can't under- | stand the indifference to nourishment | on Tuesday and Wednesday. i | May average | while Loft PTEMBER PREINDEXSHONS BULLIHAGTATY Market Dominated by Opera- tions for Advance Dur- ing Last Week. pecial Dispatch to The Star NEW HAVEN, Conn., September 3.— | Bullishness again dominated price | movements on the New York Stock Exchange last week, as every group price index. except. the oils, which were steady, once more registered a rise. Price levels generally gained more ground than they did during the previ- ous week. The stores group showed the most price strength, with a 12-point index advance. Montgomery Ward, Sears Roebuck and Woolworth were the price leaders of the division. The motors group, headed by General Motors. Studebaker and Chrysler, gained 11 in dex points, while the foods, under ti impetus of price jumps in Cushman. | Purity Baking A and Loose Wiles, ad- vanced more than 6 price index points. | The Auto accessories wWere also veiy | strong, chiefly electric Auto Lite, | Goodyear and Stewart Warner. Chief strength among the graded in- | dustrials was shown by the first-grade fssues. with a gain of 5 points. The most speculative issues reflected a littie | less price firmness. | A compact survey of stock exchange movements is given below by indexes | Rate of | return. Stocks held. Stocks traded Week ended August 11 4218 st 2 3 July average June averase et stetwatet 2 High (26, ] Au.,28) (My..'2 28 156 882 14 (Ap.. "26) (AD.."27) (Ap., '28) Activity among big board issues ap- preciably increased last week as nearly every trading group registered a turn- over increase. Bond activity dimin- ished. while the steels trading was steady. The main trading gains were netted by the auto accessories and coppers groups with an average daily value of trading gain over the previous week's figures of 105 per cent and 58 per cent pectively. The motors and stores groups also registered heavy turn- over increases Among the anto accessories, Briggs Manufacturing and Electric Auto-Lite were the leading features in turnover value, while Anaconda and Greene Low Copper led the coppers group in the | average daily value of shares changing hands. General Motors and Curtiss trading bolstered the motors group, and Woolworth were main stores trading features. The average daily trading value of | all stocks showed a 64 per cent increase over the previous week. The average daily value of trading in common industrial stocks for the preceding week was $105,500,000 and for the corresponding week a year ago was $136,200,000. 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