Evening Star Newspaper, May 6, 1929, Page 15

¢ —— FIN ANCIAL,’ Money to Loan Secured by first deed of t Prevailing interest an t 4" Joseph I. Weller {7 Wb MONEY TO LOAN NO COMMII!I{);#' ‘(}l RENEWALS COLUMBIA PERMA BUILDI> T Al 12th Street Main 852-353 CURRENT RATES OF INTEREST FLOY® . DAVIS CO. 733 12th St ‘N.W. Main 352 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 62nd Issue of Stock Now Open for Subscription Money Loaned to Members on Easy Monthly Payments James . Connelly James F. Shea President Secretary Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Mah 475 THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares A_TRUSTEED OWNER- SHIP in 100 leading American Corporations. ¢ will be to your interest to investigate. Standard Collateral Shares Corp. Franklin 3383, Woodward Bi We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and +. Trust Company 900 F Street 620 17th Street Guaranteed 6% First Mortgage Notes Secured on Income- Producing Properties in the District of Columbia and Nearby Maryland District National Securities Corp. Suite 303-307 Telephone Main 2994 District National Bank Building GUARANTEED 6% First Trust Notes Secured on Improved District of Columbia Real Estate National Mortgage & Inv. Corp. Investigate Our First Mortgage Service 1004 Vermont Ave. Main 5833 YYVYVY h 4 I: sales . . . profits VvV VYVewVY VORABI E reactions . come quicker with the and print, direct advertis- o Never Disggpoint Lu>ing reactions aid of Adams’ printed ing that builds business. 'VEGETABLE SUPPLY | World decline | with consequent shrinkage of the mone- tary metal bse is one cause having an i | unnoticed effect, 'Early Trading Is Brisk at D. C. Market—Egg Prices | Advance. E | Oddie, Republican, Nevada THE EVENING STAR, WASHINGTON, D. C. MONDAY, MAY 6. 1929. By the Assoclated Press. in gold produetion on current credit stringency in the opinion of Senator As head of | a special inquiry commission he finished | a few months ego a study of the subject | in which leading economists and inter- | naticnal bankers contributed material | help. | “Of course, with the complications of | credit and currency, there are many things to be considered in the situa- Farly morning trading was fairly brisk. It was much better than th average Monday morning business, a cording to reports of dealers, and sup- plies of commodities were ample to more | | than meet demands. | Vegetables continued to come from the South and West in quantities that | kept prices down, dealers stated. and | there were also quantities of home- | grown vegetables to offer the retail| trade. | Spring oreens of several varieties con- | { tinue plentiful and cheap, and Spring onions, radishes. parsley and mint, all nched. were quoted at low prices. | A slight advance in the price of eggs | and a corresponding drop in the price | of butter were interesting features of | the morning's market | Pork loin priees also took a slight | drop. while prices of other meats and | poultry continued at prices quoted at the end of last week's market | Wholesalers continue to receive quan- | tities of strawberries from North Caro- | lina and the Norfolk gection of V The Norfolk berries, larger and did condition, sell several cents higher than recelpts from | North Carolina. { Increased receipts of the Virginia | berries are expected the next few da Today’s Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter-—One-pound prints, ! 461, tub, 45a451,; store packed, 30a31. | ggs—Hennery, 32a33; fresh selected, | 31a32; current receipts, 29. | Poultry, alive—Turkeys, toms, 2t | hens, 35: Winter chickens, 42a45: | | Spring chickens, 40a45: fowls, 32a34; Leghorns, 30a32; roosters, 20: ducks, keats. young, 60a75: old, 35a40.| : Winter chick- D Leghorns, 35: large, 50a52; small, 45a47; ‘ucks, | 33; keats, 80a1.00. | | Meats. fresh killed—Beef, 22a24: veal | 23a26; lamb, 30a32; pork loins. 30a32; fresh ' hams, 26; fresh shoulders, 20; | smoked hams, 28: smoked shouide 17; bacon. 22; lard, in bulk, 13a131:; | in_packages, 14al4!5. Live stock—Calves, 15; Spring lambs, ] Fruit and Vegetable Review. The daily market report on fruits and | Vegetables (compiled by the Market | | News" Service Bureau of Agricultural | Economics), says. Sales to jobbers except where otherwise noted: Apples—Suplies light; demand light, market dull; barrels, Virginia, U. S. No. | 1, 215 inches up, Winesaps, 6.00; U. S. No. ‘1, 21 inches up, Winesaps, fine | | quality and condition, 5.50a6.00; U. S. No. 1, 25 inches up, yellow Newton: 6.006.50; U, S. No. 2, 21, inches up. | | yellow Newtons, 4.50a5.00; boxes and bushel baskets, no sales reported. Asparagus—Supplies _light; demand | light, market firm; Delaware, dozen | bunch crates, partly white, medium size, | | 2.50; large size, 3.50: few higher; East | | 8hore, Md., dozen bunch crates, green, medium size, 3.5024.00; large size, 4.50a | 5.00; few higher. | Cabbage—Supplies moderate; demand light, market firm; South Carolina, liq-bushel hampers, pointed type, 1.50 .65. Celery—Supplies very light; no early sales reported. Lettuce—Supplies of Western stock moderate; demand light, market steady Arizona crates, Iceberg type, 4-5 dozen, | 4.00a4.50; Southern stock, no sales | reported. Onions—Supplies moderate’ dcmlnd‘ light, market steady; Texas, standard crates. vellow Bermudss. mixed. No. 1 and No. 2, mostly 2.00; few lower. Potatoes—Supplies liberal; demand light, market steady. Old stock, Michi- gan, 150-pound sacks, Russet Rurals, U. S. No. 1, 2.40a2.50; Pennsylvania, | 120-pound sacks, Round Whites, U. S. | No. 1, mostly around 2.00. New stock, Florida, double-head barrels, Spaulding Rose, U. 8. No. 1, 8.00a8.25. Strawberries—Supplies moderate: de- mand moderate, market firm; North Carolina, 32-quart crates, various vari- | eties, wide range quality and condition, mostly ordinary quality and condition, 3.00a4.00; few good quality and condi- tl(o)s high as 6.00; few poorer low as 2 | { ~ Tomatoes—Supplies ~Mmoderate; de- | mand light, market steady; Florida, 6s, | ripes and turning, wrapped, fancy count, 4.50a5.00; cholce count, 3.50a4.00. tring beans—Supplies liberal; de-. market about steady; mpers, green, best, | Black Valentines not much | Jrsnmd, few sales, 1.00a1.50; mostly 11.50. Peas—Supplies heavy; demand mod- | erate, market about steady; North Caro- lina, bushel hampers, 2.00a2.25; mostly .00; few low as 1.75; 5-peck hampers, 2.25a2.50; mostly 2.25. Peppers—Supplies moderate: demand moderate, market firm; Florida, pepper ; fancy, 3.50a4.00; few higher; choice, 3.00a3.50. Eggplant—Supplies moderate; demand | moderate, market dull; Florida, pepper | crates, fancy, fair quality, 3.00. | _ Cucumbers—Supplies liberal; demand | | moderate, market about steady; Florida, | | 7s-bushel hampers, fancy, 3.00a3.50 | mostly 3.00. Squash—sSupplies light; demand light, market steady; Florida, bushel hampers, white, 2.00; pepper crates, yellows, 3.50, | Carrots—Supplies light; demand light, | No _early sales reported. | Caulifiower—Supplies moderate: de- mand light, market dull; California, | pony crates, small heads, 2.00. Corn—Supplies liberal: demand light, | ;nolorket dull; Texas, bushel baskets, | | _Oranges—Supplies moderate; demand | moderate, market steady; Florida, boxes, | No. 1, small to medium’ size, 3.7584.25; | large size, 50a1.00 discount. | Grapefruit—Supplies moderate; de- | mand ‘moderate, market firm: Florida, boxes, No. 1, medium size, 4.00a4.25. | MARYLAND TOBACCO SALES. { BALTIMORE, May 6 (Special).—Both | receipts and sales of Maryland ieaf to- | bacco again showed & big increase last week, compared with the previous week, | the former totaling 501 hogsheads and | {the latter 448 hogsheads, against 251, | hogsheads the previous week, leaving |a stock in State tobacco warehouses |Of 3010 hogsheads. The market con- tinues active, especially for the better | grades of cigarette tobacco, and prices are holding firm at the foilowing quo- | tations per 100 pounds: |7.00; frosted, 3.00a4.00; sound, common “and greenish, 8.00a15.00; good common, | | 16.00225.00; ‘medium, 26.00a40.00; good | {to fine red. 41.00a50.00; fancy, '50.00a | ‘5'1 00; seconds common to good com- | | mon, 6.00a16.00; medium, 16.00823.0 seconds, good 10 fine, 24.00a35.00; u) per_country, burley, nominal; leaves, 3.00a25.00. ground | SILVER QUOTATIONS. NEW YORK, May 6 (4 —Bar silver, [54 s. Mexican dollars, 41%. { - FOREIGN EXCHANGE. | (Quotations turnished by W. B. Hibbs & Co.) | Inferior, 6.00a | § Senator Oddie declared, “but T am inclined to think that the persist- | ence of 10 per cent and 12 per cent | rates for collateral loan money in New | York is one of the straws that shows | how the wind is blowing | “In the last 10 or 12 years the do- mestic production of gold has dropped from above $100.000,000 annually to | less than $50,000.000. A somewhat simi- | r decline has been taking place in the rest of the world. The principal gold source is now the Rand mines in South | Africa, and the continuation of their output for long cannot be expected. | More gold is being consumed in the arts, in jewelry, dentistry and the like in the United States than is being pro- duced, and the fact is that world re-| scrves of the metal are being reduced. This 15 one of the great facts that are bound to react on credit. However, | the real seriousness of the martter will | be determined only after considerable length of time Actual gold production in the world for 1928 s now a subject of inquiry it is added by H. N. Lawrie, managing director of the American Gold and Sil- ver Institute, but it probably was in the neighborhood of $400,000,000. The United States is credited with an out- put of $45.580,000 in the same year, a slight decline from 1927, In the latest year for which tics are available, the gold cc in_ indus and art in the Uniwed States was valued at $59,318,000," Mr Lawrie said, “or considerably more than domestic production, But manufactur- ers reported that but $32,000,000 of this was new gold, the balance being re- covered from former uses. The gold output of the United States is now largely a by-product of copper, silver | and other metal mining. A sidelight on the prevailing but subdued bull market in Wall Street. is furnished by Ellison Durant Smith, | Senator from South Carolina, and ac knowledge authority on cotton market- ing in all its phrases. i There's a_more curious situation in ‘cotton now than has been encountered in many years,” he declared. “Figures coming to me indicate that the cotton | textile industry in the first quarter of this year has increased output 9 per cent ‘over last year, and has unfilled orders on hand 70 per cent in excess of last year. Further, there’s never been a worse Spring for the new crop production, and in South Carolina and Georgia, where I know conditions best, a quarter of the acreage hasn't gone into crop, while a lot of the planted statis- | asumed | each stock being consideres | ing. | weekly with the shifts in trading popu- | Washington Ticker ] IBE NBEX =30 van tstandi index | e “shares outstanding” index s ke shows what & substantially representa- | | | tive $100 worth of stocks in 1926 would RECORDS NEW GAIN | Market Moves Upward Dur- ing Week—Industrials ‘ Feature Advance. ‘ BY IRVING F Epecial Dispatch to NEW HAVEN, Conn,, Stock market last week with common industrials climbing to within an index point of | the all-time record , level of 103, regis- | tered on March 18. The common in- dustrials steadily fron Monday HER. Star. May 6 P).— now amount to if held unchanged since | BY the Ass that year. The ‘50 leaders” index shows | New Securities ociated Press. NEW YORK, May 6.—New securities the result of reinvesting the $100 every | offered today include: week in the market favorites of that | week. The last column of the table gives road 4! the rate of return on the week’s 50 tificate leaders at current prices. Waek_ended May 3 18 Hil prices advanced again | Low (28-29) 26 Average Shares 50 out-’ market 180 E 8 4 A 8 b i o 9: gh ('28-'29) 8625 iMa (Copyrizht, PARIS BOURSE PRICES. PARIS, May 6 1029, by Irvirg Fisher.) quiet and prices were firm on pushed | Bourse today. higher |74 francs 35 centimes 100 francs 65 centimes; through Friday. Al- | London, 124 francs 16 cenfimes. ‘Three Rae Taders. refurn © | fund debentures at 100. 5 o 30 Mar I} (T30 (Peb'28) (Peb. 38) (Jan'20) | Der cent. (). —Trading was the | or cent rentes, | 5 per cent loan, | exchange on The Six million nine hundred and ninety | thousand dollars Iliinois Central Rail- é;er cent equipment trust cers ue 1930 to 1944, to yleld 4.20 | to 5.75 per cent. 1 Two million five hundred thousand dollars General Alcohol Corporation 15-year 6'2 per cent convertible sinking One million seven hundred and ten thousand dollars Boston & Maine Rail- * |road 5 per cent equipment trust cer- © | tificates, due 1930 to 1944, to yield 5.75 to 6 per cent. | Eight hundred and ten thousand dol- lars Chicago South Shore & South Bend Railroad equipment trust certificates, due 1930 to 1939, to vield 5.75 to 6 | ~One_million dollars City of Austin | Tex., 434 per cent bonds, due 1930 to | 1959, to yield 4.50 to 5 per cent. Seven hundred and_forty-nis though the index |dollar was quoted at 25 francs 58% level for the week | centimes. | is less than a point up, the gain from Friday to Friday is over three points, Coppers made the sharpest group | gain. This group, | comprising 21 | advanced | per | cent for the week, doubtless reflecting the market's opin- | fon that metal prices will remain at or near present levels, which are far | higher than last year's prevailing quo- tations. Only three issues in this group showed a loss for the week Auto accessories advanced sharply | also, 10 of the 18 stocks in the group moving up. Electric Auto Lite and Mur- ray made the best gains. The other groups made advances of less than one per cent each, except motors, ofls and steels, which showed | net losses for the week. each less than one per cent. These three groups, al- | though slightly lower for the week, showed signs of returning strength at the end. The compact survey of New York Stock Exchange movements of common | industrial shares 1s given below in price indexes (1926=100). There are) two indexes of market price movement. | The first (‘“‘shares amsundlng') repre- | sents all common industrial shares list- | ed on the exchange, the importance of | ccording to the shares in existence, or outstand ‘The second index (“50 leaders”. shows the price movement of the com mon industrial stocks most heavily dealt in during the week, this list changing | Irving Fisher. ground hasn’t been properly fertilized. | In spite of these two important facts, | cotton is down $15 a bale from prices set a few weeks ago. “Now, I wonder if it isn't the fact that a lot of people who used to specu- late in cotton have been drawn away from that market in_recent months by the stock activity. It looks to me as though they had just stayed out of the market, because the action was all in stocks, and that has let the cotton price drop because it lacked customary sup: port of legitimate speculative interest. In railroad circles and around the Interstate Commerce Commission Gen. Atterbury, president of the Pennsyl- vania Railroad, is being suspected of jesting a little lately at newspaper ex- pense. He gave out an interview in Washington over the week end, the general purport of which was to say that the Pennsylvania system is not opposing consolidation plans of other trunk line groups, notably the schemes advanced by the Baltimore & Ohio and the Chespeake & Ohio-Nickel Plate. In view of the fact that a half-dozen court and commission proceedings have now exhibited opposition to the merger proceedings named, coming from rail- road quarters where the Pennsylvania’s | influence is known to be important or paramount, the general's statement caused considerable eye-blinking. The ‘Wabash, partly Pennsylvania-owned, is resisting the Baltimore & Ohio attempt to control the Western Maryland; the Nickel Plate’s advance to control of the Wheeling & Lake Erie is under fire from Pittsburgh & West Virginia, and that company is known to be friendly to the Pennsylvania, Farm Buying Power 1 Dispatch to The Sta NEW HAVEN, Conn., May 6.—The level of prices of agricultural goods moved up somewhat last week with sub- stantial increases in potatoes, beef | steers, wheat, oats, corn and eggs. The more important declines in farm prod- ucts were lambs, wool and cotton. ‘The latter two commodities are mot at this season moving from producers toward market, so the price weakness does not directly affect the farmer. It is' also true that the grains are now generally out of farmers’ hands. Despite general weakness of com- modity quotations, the position of the farmer is now better than for three months past. The improvement is ob- viously far too slight to weaken the demands for farm relief. Index numbers of agricultural and non-agricultural prices for various pe- riods are given in the following table with the index of farm purchasing power which is their quotient. For each the average for 1926 represents 100 Agricul- wral price: purthash urchasing Week ended— poner a mall 233223238883 oSS Socursommws! 100.0 1929, by Irving Fisher.) . - BALTIMORE GRAIN EXPORTS. | BALTIMORE, May 6 (Special).—The | Maritime Exchange reports for last week show exports of 682,126 bushels of | grain and 1,827 barrels of flour. | The grain was made up of 354,484 | bushels of wheat, 39,940 bushels of oats and 218,022 bushels of barley. | TREASURY CERTIFICATES. | (Reported vy J. & W. Seligman & Co) | id. 3 4 96 29-32 3iis Dec. 962932 SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) 07 Allis-Chalmers Co. Aluminum Co. of Amer. 5 Amer. Tel. & Tel. Co. 4% conda Copper Min. 6 195: limore & Ohio 4125 1933 n Sorp.” 41 1 Pet, 32! b3 1055 D18 163 A Bat Bal Bell of Canada California Pst. Corp. Canadian Nat. Buy achine 8. '3%s ig hg Co. 8is 1937 171, Boston 4128 1030 I. Money Available for | FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. Let us have your applications for LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. ‘llave you read our illustralcd‘ booklet | b < e 3 THE SUCCESS ‘ ’ ‘ PLAN | A phone call or a post ‘ card will acquaint you With this valuable book- | | let. 1t explains the differ- | | ence between speculation and investment; it shows | how any one can build up a safe and sure in- come through systematic | saving. We should ltke to send you one of these fllus- | trated booklets, Just address . . . REALESTATE . 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Corp. 65 1931 General Pet, Curp _5s 1940 Goodyear R MADISON AVENUE OFFICE Madison Ave. and 60th St. HAVRE ANTWERP MURRAY HILL OFFICE 269 Madison Avenue BRUSSELS LIVERPOOL Nominal gold Sclling checks | value (or par). 448865 FIFTH AVENUE OFFICE Fifth Ave.and 44th St. LONDON PARIS 3: Internat_Mateh Corp. 551947 512 11th ST. 5 3 | i Siceont 'siiort Line 45, 154 MAIN 8203 . 5 : 1920 y:e' o1l Ses W93 Vi . o g Crude O1l Cov 58 19 PFYVVVVVS 97 Southern Pac. R. R. Co. 4% 1920 994 Standard OIl'N. J." 55 1946, ... 10134 St. L., Ir. Mt. & S 1929 9912 s 1032 95'3 e o] Cailf, '35 1938 65 1953......0 .9 Buiti 19; s 7 Union Ol Co. ot Stockholm, crown. United Drug Co.