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Evening star. [volume] (Washington, D.C.) 1854-1972, August 30, 1924, Image 11

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POULTRY CHEAPER
Dome WEEK
Slight Advance in Eggs Also
Noted Were —Meat Has
Remained Unchanged.
A slight weakening of the poultry
trinket was the feature of the
market this week. The weakening
brought only a alight decrease in
prices. but dealers say they expect
a. further drop in prices In the near
future.
The egg market continued tlnn
throughout the week. Receipts were
tight and high prices in the West
were reflected here. It Is believed
that Increased demands later in the
sVMsdrt will serve to further Increase
piVcev.
A slight tightening was reported
tn the condition of the butter market
the closing of the week. There has
teen no real' change in prices, How
ever, dealers stated, but a change
may occur the coming week.
Meat prices have remained about
Stationary. Top beef continued to
bring good prices and the demand |
for- common beef was light. The
himb market continued steady, while
the vea! market was strong.
Fruits and Vegetables.
The daily market report on fruits
and vegetables, compiled by the Mar
ket iitws Service Bureau of Agricul
tural Economics today said:
Uantalpupes—Supplies moderate; de
mand and .trading slow, market dull;
Delaware Jumbos, 465. Salmon Tints.
».00a2.5rt; poor condition. 75a1.00;
standards 45s Salmon Tints, 1.25a1.50;
ordinary condition, 75a1.00; flats Els,
fair condition, 50a75.
Onions*— Supplies moderate; d-tnand
Slow; market weak. Massachusetts
and New York. 100-pound sa-CKs yel
low varieties, No. I. 3.00a3.2t».
. Peach Market >Vei»K.
Peachea—Supplies very heavy; de
mand slow; market dull and weak;
very few sales; Virginia, 6s. Elbertas,
large sijte. good color, best mostly
around 2.00; ripe, l.OOal.oO; overripe,
wasty, low at 50; Relies, best. 1.50a
2.00: overripe, wasty. SOal.OO; bushel
baskets Elbertas, best. 2.00; ripe. 1.00
ai:2sf overripe, wasty, 25a50; Belles,
small size, ripe, 50a1.00. Watermelons
—-Supplies moderate; demand moder
ate; rhstrket' strong; Virginia, bulk
pen 100 melons. Tom Watsons and
Irish Grays, mostly flmall to medium
sizes, culls*. 6.00a5.00; primes. 15.00a
. 30.00; selects. 40.00f1f10.00.
Potatoes—SuppiU- liberal. Demand
moderate. Market Heady. New Jer
sey. 1-50-lb. sacks Irish Cobblers, U.
S. No. I. 2.50 per 1-a.ck. Dock sales —
Virginia cloth-top stave bbls. Irish
Cobblers No. 1, 2.25.
Sweet Potatoes Cheaper.
Sweet potatoes—Supplies moderate.
Demand slow. Market weak. East
Shore Maryland, cloth top stave bbls.
yellow varieties No. 1, 6.30a7.00.
Apples—Supplies moderate. Prac
tically no demand. Too few sales to
establish market.
1-etturce—Supplies liberaf. Demand
slow. Market weak. New York
grates big Boston type, wide Cange
quality and cohdition, best, 2.00;
poorer, 1.00.
Cabbage—Supplies light: demand
slow; market dull: Virginia, barrel
crates, round type, wide range qual
ity, 1 00a2.00; New York, bulk per ton
round type, 30.00,
Tomatoes—Supplies moderate: de- |
mand slow; market steady; home- j
grown, half bushel hampers No. 1. 50
a 1.00.
WHEAT SELLS OFF
IN lEMDING
Corn Also Lower—Provi
sions Higher After Sharp
Break on Drop in Lard.
By the Associated Press.
CHICAGO, August 30.—Wheat today
eeenis to be struggling between a
strong world's situation and the im
pending movement of the new spring
wheat crop which would increase
hedging pressure on the market.
With the exception of the July de
livery, which is% higher, the market
this morning is down % to 1%, com
pared to the finish a week ago. Corn
i» 2% to 4>4 lower; oats unchanged to
% off. and provisions 2% to 1.00
higher.
Weather conditions in the North
west of late were generally favorable
for maturing the late grain, it hav
ing been feared heavy rains this side
of the international line would dam
age the crop. Apprehension regard
ing the new Argentine wheat crop,
which is urgently in need of rain, has
come to the fore and some trades be
lieve that any serious damage there
will result in a material change in
the statistical position, especially in
view of Russia’s request for offers of
•wheat, which confirms reports of
crop failures.
Recovery In Coin Valors.
Estimates on the Canadian and
American wheat crop generally show
rfri Increase. It is believed that with
continued favorable weather the
movement in the northwest will get
well under way before long.
Unfavorable crop reports from the
corn belt did jnuch to bring about a
recovery In corn values, which had
hit the toboggan because of liquidat
ing sales. Improved investment buy
ing was# largely responsible for the
recovery, as were reports from Ne
braska which told of hot weather and
need of rain. Other portions of the
belt showed no material improvement
under favorable weather.
Threshing of oats has made rapid
progress under favorable weather
although a liberal percen
tage df the hew' crop shows damage
from recent-rains.
Provisions broke sharply on selling
of, lard by .commission houses, but
later hardened with hog strength. A
big demand for hog products is ex
pected In the near future as a result
of Germany’s action in approving the
Dawes plan.
CORN CROP FAR SHORT.
Virginia ' Yield l/owest in Ten
• > • Years, Says Official.
, RICHMOND, Va„ August 30.—The
"Virginia-oorrr crop will be the short
est .In teg years. ,
This was the declaration here last
night of Commissioner George W.
Kelner of the State Department of
Agriculture and Immigration. The
commissioner. attributed the short
croil to the unusually late spring and
to unfavorable weather conditions
for the 'growing-season.
•’The'report by the United States
Department* of Agriculture that seed
com wtll be scare next spring is
partly true for Virginia,’* the agri
cultural chief continued, “as farmers
\ report to me that whole fields are
yet undeveloped, and only a late
1 can insure production. All
otherijrapH in. tl*e. State are from ten
days to two weeks late."
FINANCIAL.
I NEW YORK C
Received by Private Win
BY WILLIAM F. HKFKERMA V
NEW YORK, August 30.—The curb
market today was influenced by the
strength of the stock exchange and
practically ail groups moved forward
under an unusually heavy demand for
Saturday session, especially in view
of the holiday Monday.
The Standard Oils were strong from
beginning to end under the lead of
Standard of Nebraska, which opened
up 7 points from the Friday final.
Prairie Oil and Gas at 211% gained
over three points and similar ad-
NEW YORK, August 30.—Following
is an official list of bonds and stocks
traded in on the New York Curb
Market today:
Sales In BONUS-.
thousands Utah. Low. Close.
6 Allied Parkers Bs.. 8.1 81% 83
4Am Gas ft Klee «... 05% 05% 95%
10 At G A W I S 8 5a 54 53 54
1 Atlantic Fruit 8s 25 25 25
55 li AOK K 5a w1... 98% 98% 98%
7 Bearerliotrd 8s .. .. 80 70 tO
7 lit Serv 7« C 97% 97% 97%
18 Cons Textiles 8s .. 75% 74 • 75%
4C I’ B M «%s Awl 94 93 % 0»
8 General Pet 6s .... 100% 100% 100%
2 Inter Match «%a wl 97% 97#, 97%
28 Kennerott Cop 7s .. 106*. 10«% 10fl%
2Le Val II Ily 5s wl 99% 99% 09%
8 Morris A Co 7%5.. 98% 98% 9>%
7 Nat Pis Pr Ts Awl 92 92 92
2 Nat I-rather 8s ... 100% 100% 100%
4 North St I* M «%s C 1(HI% 100% 100%
2 Ohio Power 5s 1!. . 87 87 87
19 Pore Oil (V, 6%5. . lei 95% 95%
4 Swift A Co 5a 94 94 94
7InHI I, A P 5%s A 97% 97% 97%
7 Virg By 5a Awl.. 05% 95 95%
FOREIGN BONOS.
30 J Ilk of Finland 7s 9«% 95% 98%
13 J Bk of .lap Hs wl 99% 99% 99%
« Hus Grt fi’-.a nat <•( 17 17 17
Sales STANDARD OIL ISSUES,
in units.
200 Anglo Am Oil 15% 15% 15%
Ks> Atlantic lohos 3% 3% 3%
40 Buckeye PI, 67% 57 57%
400 Kith Oil A I: new.. 3«% 3« 30%
155 Imp Oil of Can 100% 100 106%
lO Ini P 1 91% 91% 91 %
fast Intern Pet Co Ltd 19% 19% 19%
75 Magnolia Pet 133 IX3 IXI
10 N V Transit HO 00 ill)
800 Ohio Oil new 01% 00 «1%
030 Prairie Oil A Gas.. 212 209 211%
lUSi Penn Mex Fuel .. 34% 34 34
50 Prairie P I, 10«% 10«% 100%
90 South Penn Oil 143 140 112
10 Southern PL 90 90 90
3300 S O In-1 57% 57 57%
Pat S O Kansas new . . 34% 34% 34U.
tksi S O Kentucky 112% 112 112%
100 S O Neb 245 244 245
400 S« N V new 39% 39% 39%
10 S 0 Ohio 2.88 288 288
218) Vacuum Oil new .. 04% 04 64%
Sale. INDEPENDENT OIL STOCKS,
in huodreds
-1 (It Serf 114% 144 144%
1 Cit Serv pfd 75% 75% 75%
$4,000 Clt Serv C scrip.. 70 70 70
SII,OOO Cities Sere scrip. 83 .82 S 2
8 Creole Synd . S% S 8%
10 Engineers Pet .. .04 ,04 .04
I Gulf Oil of Pa 58% 08% 5.8%
26 I-ago Pet 5 4% 4%
100 Ijitin-Amer Oil ... .03 .03 .03
8 Livingston Pet .... 1% 1% 1%
I 3 Mount ITod 18 1.8 IS
7 Mutual Oil rot cfs. 10% 10% 10%
Financial Help to Germany May
Unsettle Markets of World
Fear of Cheaper Goods Looms as Eco
nomic Recovery of Europe Grows
Brighter—Weekly Resume .
1 i m
nv SJT'ART P. WEST.
| Special ni«pafi h to Tlv> Star.
I NRW YORK, August 30.—The past
i week will go down in financial his
j tory as notable for bavins seen the
j acceptance by France and Germany
; of the Dawes plan, which, it Is hoped,
will be the stepping: stone for the |
economic recovery of Europe. A :
great deal has been written about
this subject and outside of a small
minority the conclusions have been
optimistic.
Presumably everybody wants to be
lieve that with provision made for
the gradual payment of reparations,
and with international loan to re
store stability to the German cur
rency system. Germany will set on
her feet, with a resulting favorable
reaction in the rest of the industrial
world.
Germany .Needs 9200,000,000 Loan.
Certain practical considerations,
however, have to be taken into the
reckoning. One is that a $200,000,000
loan may suffice for its primary pur
pose of re-establishing a gold base
for German paper circulation. But
it will require much more help to
put back German industry to any
thing like normal.
One of the most interesting reports
of the week, although not fully con
firmed, is that the German shipping
lines have been negotiating private
credits. This is what the German in
dustrialists will have to rely upon in
order to build themselves up. They
will have to obtain loans from the
United States and Great Britain, over
coming the old-time prejudice in this
country against granting long-term
credits to foreign customers. Unless
this is done, internal recovery in Ger
many will be very - slow and recovery
in German buying power abroad will
be slower still.
Germany May Flood W'orld Markets.
The second consideration is what
will happen if the Dawes plan accom
plishes what is expected of it and
puts Germany back on the business
map. •
The Germans have grown accus
tomed to hard times. Their laboring
class will work for much less than
the wage-earners in the United States
or those in Great Britain. The pos
sibility of the market being flooded
with low cost German goods is raised
again, therefore, and much more
FEAR NOW EXPRESSED
OF GERMAN COMPETITION
By the Associated Press.
NEW YORK, August 30.—Two di
vergent views are held in Wail street
on the ultimate effect of Germany's
rehabilitation on American business.
It is generally conceded that, for a
time at least it will stimulate Amer
ican business through the heavy pur
chases here of raw materials, par
ticularly cotton, copper, silver and
other metals. One group of ob
servers believe, however, that
Germany, by reason of lower produc
tion costs, will be able to compete
successfully with American manu
factured articles in other countries.
While the tariff may prevent the
dumping of German goods into the
American market, it is pointed out
that it will not prevent their ship
ment to South America and other
countries which absorb our supplies.
The other group believes that the
threatened German competition has
been exaggerated and that the in
crease in the purchasing power of
Central Europe is bound to have a
favorable Influence throughout the
world.
DRY GOODS SALES STOP.
NEW YORK, August 30 (Special). —
Business was practically at a stand
still in both the cotton goods and
raw silk markets today, most of the
dealers and buyers adding Saturday
to their holiday. Prices nominally
were unchanged.
BERLIN BANE REPORT.
BERLIN, August 30. —The state
ment of the Bank of Germany as of
August 23 shows an increase in gold
holdings of 8,920,000 to 507,004,000
marks, whereof 67,603,000 is deposited
abroad. Silver coin reserve increased
2,379,102,000 marks.
THE EVENING STAR, WASHINGTON, D. C„ SATURDAY, AUGUST 30, 1924.
:URR MARKET I
e Direct to The Star Office
vance« occurred In ot'her high-priced
, standard Issues.
The pool back of the buying In
Dubllier Radio got busy again and
bid their favorite Into new high
ground for the move Just under 60.
Another outstanding feature was
United Bakeries, Which gained 3 points
again.
Weakness In Consolidated Textile 8
per cent bonds featured the dealings
in this quarter. At 74 they were off
almost four points' from Friday’s
high on talk of refinancing.
4 N T Oil 9 9 9
8 Pennock Oil 15% 15 15
20 Sunstar Oil 15 .15 .16
5 Wilcox Oil A Gas. 4% 4% 4%
11 Woodley Pet 11% 10% 11%
INDUSTRIALS.
10 Acme Par k 05 .05 .05
3 Allied Pack new.. 4% 4 4
1 Am L A Tract ... 121% 121 121
1 Am Power A Lt... 400 390 395
1 Appalae Pow A Lt 73 73 73
3 Atlantic Fruit wl.. 1% 1% 1%
1 Borden ft Co 129% 129% 129%
1 Chic Nip new wl.. 36 36 86
1 Ch Nip II tr nw wl 14% 14% 14%
1 Burr new 60 60 60
1 Burr pfd 100% 100% 100%
2 f'-oro Power Corp.. 108 107% 107%
13 Dnldlier Cft Uadlo 40% 48% 49%
3 Durant Motor .... Ik% 18% 18%
1 East Penn Klee Co 47% 47% 47%
I Foundation Co pfd 109% 11'.?% 109% ,
49 Gen Motors new wl (91% 59% 59%
1 6 Goodyear Tire .... 12% 12 12%
7 Keystone Kolether.. 1% 1% 1%
1 I-ehigh Val Coal.. 83% 83% 83%
8 lu> Val Coal nw wl 40% 40% 40%
2 Midvale Co 23% 23% 23%
2 Nalional Tea C 0... 237 2XI 2XI
1 N V Tel Co pfd... 110% 110% 110%
7 Omnibus ('or vte wl 15% 15 15
1 1.1 Pines Win Ft Co A 38 37 38
6 Uadlo Corp 5% 5 6
3 Rosenbaum G C pfd 48 47% 47%
27 Kova Had Cur tr cfs 17 15% 16%
30 So C ft 1 new 05 .05 ,05
1 Southern Cal Ed... 98% 98% 98%
4 Swift Inf 26 25% 26
1 Swift A Co 106 106 106
11 United Bakeries... 91% 90% 91
11 Ini Retail Candy.. 5% 6 5%
2 Ward Itak Cor II wl 21% 23% 23%
8 Ware Uadlo Cor wl 2.1% 23 23%
3 Western Power.... 31% 30% 30%
I 2 lei 'laxl Corp N Y lets lb's 18%
MINING.
22 BI Oak Gold Mlnee Ift 1% 'A
32 Canarlo Copper ... 4 3% 3%
7 i ons Cop Mines nw 4 3% J
80 Cortex Silver 14 .12 J 3
2 Crown King Cons.. 1% 1%
39 Fla D W of rts wl .63 .60 .50
DO flarmill Dir 12 .10 .10
170 Independence Lead. .14 .13 14
86 Jib Cona 72 .67 ,
34 Kay Copper Corp.. 1A 1% 'ft
80 Dine Star 05 .05 .05
32 I-or Stir Synd Ltd .62 .02 .62
20 Nevada Hills Min .82 .32 -32
.1 Nlptsaing 6% 6% 6%
5 Ohio Copper 1% 1%
16 Plr Dart Mines.. .72 .70 ._|2
30 Ueorg Dlv Annex.. .22 .22 .22
7 Uek Mt Sm ft Ref 1A '% 'A
4 Ri-k Mt SA H pfd 1% IVi '%
20 Tmio Cash Boy OK .08 .08
2 Tonopah Kxtena ... 3 3[| ‘-ft t
5 Trinity (\.p 61 ,61 .61
60 U S font pew wl.. .16 -13 .16
4 Unity Gold 1% 1% J%
3 Wendeii Copper ... l L * 1U
50 West Knd Kxt 10 10 10
plainly than it was in other years.
Then Germany was prevented from
getting advantage of her cheap labor
and low standard of living by the
constant depreciation of the paper
currency which made it unsafe for
outside countries to do business with
| her. With a new and stable currency
! system this difficulty will be removed.
No Concern Over Election Outcome.
The markets have continued to
take, outwardly at least, little in
terest in politics. The presidential
canvass has now begun. It finds
Wall street still feeJnig comfortable
about the result, from its own par
ticular point of view. The Idea that
the third party might make sufficient
headway in the Northwestern States
to throw the election into the House
of Representatives Is sometnmg
which the financial community re
fuses to entertain. If It should be
brought face to face later on with
such prospect there would unques
tionably be a reversal in sentiment.
Rnslncfin Improvement Forecast.
Virtually all authorities agree in
their diagnosis of the business posi
tion. The period of overbuying in
the early Spring was followed by a
sharp reduction in output under the
urge of declining prices.
This reaction reached its climax
in the early part of July. Since then
there has been a moderate recovery
in production and in prices, the main
animus being supplied by the
extraordinarily Improved outlook for
the grain and cattle raisers. Most
critics are predicting that this re
covery will continue, and hence they
say that the present price level of
stocks is not excessive, even (al
though it appears to be ahead of
actual conditions.
Antumn Reaction Fmrcd.
The attitude of the opposing side
is that traditionally a Midsummer
upward movement on the stock ex
change has been followed by some
sort of reaction in the Autumn. The
claim is further made that despite
all the optimistic statements and
predictions from high quarters, the
business pick-up has fallen below ex
pectations. Also there is the re
minder that this is a presidential
year and that while Wall street has
not thought much about the subject
so far It may be more concerned
about it later on.
BUSINESS TOPICS.
PORTLAND, Ore., August 30 (Spe
cial). —There is a surplus of labor
from all lines of Industry and all
sections of the State, according to
the seasonal employment commission.
Much of the excess has been caused
by men attracted from other States
by the harvests.
DETROIT, August 30 (Special).—
Industrial employment here reached
•i new low point for the year last
week, falling to 194,000. This com
pares with 218,996 a year ago and a
high this year of 242,331.
NEW YOBK DAIRY PRICES.
NEW YORK. August 30.—Butter—
Steady; receipts, 11,333. Eggs—
Steady: receipts. 13.141 cases. Cheese
—Steady; receipts, 76,141 pounds.
* ‘ — t
CHICAGO STOCK MARKET.
CHICAGO, August 30.—Following
is a Teport of today’s sales, high, low
and closing quotations at the Chicago
Stock Exchange;
Sale*. Ilißh. Low. Clone.
130 Armour of Del pfd 90% 00 90%
300 Armour of 111 pfd 80% SO 8044
60 BaxHlck Alemite... 32% 32% 32V,
200 Beaverboard B .... 4 4 4
8.") Beaverboard pfd .. 23 23 23
400 Boone Wool Mills. 14% 13% 14%
226 Bor* & Beck 26% 26 26
13 Diamond Match.... 116% 115% 116%
13 Gossard, H W 24% 24% 24%
100 McCord Bad “A”.., 37% 37% 37%
40 Midwest Prior Lien. 96% !)«% 06%
950 Middle West Util.. 62% 61% 61%
50 Middle West Util pf 01 fit fil
10 Monism Ward “A” 115%' 115% 115%
50 Nat Leather 3% 3% 3%
5100 Plnea Winterfront.. 38 36% 38
50 Pick &Co 19% 19% 19%
120 Fhiblir Serv pf 91% 01% 91%
10 Pub Serv n p 101% 101% 101%
200 Real Silk 40% 40% 40%
50 Reo Motor 17 16% 17
1130 Stewart Warner .. 54 53 54
27S Swift & Co 106% 106% 106%
3350 Swift lot 26% 25% 26%
180 Un Carbide & Carb HI 60% 61
JOO V S Gypsum ..... 113 112 112
10 Wahl 24% 24% 24%
850 Wrigley ......... 42 41% 42
400 Yellow Cab 46% 46 46%
575 Yellow Mfg B .... 53 01% -
Total sales. 15,000 shares.
TRACTION MEN RAP
FREE AUTO SIDES
Street Car Managers Note
Loss In Profits Due to Pub
lic’s Good Nature.
BV J. CL HOYLE.
Special Dl.pzti-h to The Bt«r.
NKW YORK. August 30.—Ride free
ly, but not free. That Is the request
that traction interests all over the
country are urging on the public.
The street railway companies have at
last come to recognize the loss and
danger to their interests represent
ed by the cadgers of automobile rides
and are asking motorists to abandon
the attitude of easy good nature so
frequently Imposed on for considera
tion of the rights of others in the
transportation field.
The "glmme-a-rlde” contingent,
numerous In every heavily traveled
street and thoroughfare, has grown
t« the proportions of an annoyance
and a menace to motorists, according
to many* car owners. The latter are
perfectly prepared to co-operate with
traction interests In abating this nui
sance. The American motorist Is no
toriously unselfish In sharing his ma
chine with wayfarers. The majority
of them want to be "good fellows.”
hut they are coming to resent being
Imposed on.
Free Rides Cut Profits.
This attitude has been strengthened
by the number of holdups and rob
beries which chance pickups have
perpetrated the more easily since the
driver with his hands on the steering
wheel has been thoroughly at their
mercy. In addition some of these
riders, who have been Injured In ac
cidents unavoidable In automobile
traffic have attempted to hold their
hosts responsible.
The practice of dispensing free
rides in sections also served by bus,
taxi and electric railway lines un
doubtedly has hurt the profits of
companies engaged In operating those
facilities and Is directly responsible
In some cases for urgent demands for
fare Increases, which have been felt
by the whole community Including
the motorists.
Tho traction men take the stand
that the great majority of those who
ask so freely for lifts from motorists
would resent keenly the implication
that they would beg for 5 or 7 cents
for a ride on tho street car, although
their requests result In taking that
sum from tho gross receipts of the
company If the motorists is com
plaisant and picks them up.
So extensive has the habit of beg
ging rides become that such service
in some cases Is almost demanded a*s
a right. One wealthy woman resi
dent of I.»ong Island, who enjoys driv
ing her own car, said today that of
all the hundreds of boys and girls
she had picked up and given a lift
on the road, only one youngster had
left her car with a "thank you."
Students Have Good Luck.
The habit is not confined to the
poor or needy. Students at eastern
universities are bragging they can
ride free over practically any road
In the country, and have become so
accustomed to being granted these
favors In the neighborhood of New
York, Philadelphia. New Haven and
ride Is not terminated by an invita
tion to luncheon or dinner.
In discussing the effect of the habit
of furnishing free rides to persons
who otherwise would patronize street
railways. B. C. Cobb, vice president
of Hodenpyl Hardy & Co., prominent
in financing of public utilities, said
today: "The degree of financial suc
cess attainable by any business is
regulated by two factors:
"First, there must be a market for
the product. Second, the price re
ceived for the product must be suffi
cient to pay all the costs of supplying
It, plus a reasonable return to those
who represent the capital invested.
On them rests the permanency of the
electric railway as a public servant.”
It was further pointed out by trac
tion experts that the public at last
was beginning to realize by the de
cisions of public service commissions
and other official bodies that riders
must pay the whole cost of the serv
ice, no matter what that might be,
and that as a result of this "cost of
service” policy fares are up all over
the United States.
From a rate of 5.09 cents in 1918
the average fare has risen above
7.33 cents at present, and there 1s
every indication that more than 16,-
000.000,000 passengers will be carried
before December 31 this year. A
total of 173 cities have a 7-cent fare.
150 have a 10-cent fare. S 3 a 6-cent
far© and 52 carry passengers for 5
cents.
EVERYMAN’S
INVESTMENTS
B7 GEORGE T. HUGHES.
SPECULATION IN FOREIGN
EXCHANGE.
Sixty-second Article.
In the last article in this series I
named some of the considerations
affecting the investment rating of
foreign bonds. There are still things
to be said along this line. The first
is that to buy a foreign bond payable
In a foreign currency Involves an
additional uncertainty in that the
currencies of other nations ever since
the World War have lacked stability
as compared with the dollar. To a
degree a foreign government bond
payable in any other money than our
own is a speculation in foreign ex
change. For most people this is
inadvisable.
Plenty of Foreign Issues.
There are plenty of foreign Issues
payable in dollars and traded
daily on the New York Stock Ex
change to which this speculative
feature does not attach. As a rule
also the dollar bonds of foreign
countries do not fluctuate over so
wide a range as do sterling or franc
bonds. It is very important to keep,
this distinction in mind when esti
mating the risk Involved in a foreign
security. Taking the case of Ger
many for instance there is no possible
comparison between the mark bonds
of German municipalities and the
proposed International German loan,
tho American portion of which will be
payable in dollars. The two belong
to entirely different classifications.
It is prefectly possible for a foreign
government bond payable principal
and interest in American currency to
be entirely sound and a desirable in
vestment and a bond of the same
government payable in Its own cur
rency to be speculative in the ex
treme.
Secondly there is the matter of
diversification. No matter how at
tractive a foreign security may be no
one is justified in putting all his
funds Into any one Investment. He
should not even put all capital prop
erly available for foreign Investment
into any one nation’s obligations. By
dividing up the sum the risk is
spread out. It is wise to diversify
not only as between the different
nations of Europe, but as between
European and South American Invest
ments. Political developments are
not likely simultaenously to affect
securities so widely separated geo
graphically. Within these limitations
there can be no objection to putting
a proportion of ones funds into good
foreign securltiles and such a course
will substantially increase the income
upon the whole.
(Copyright, 1921, by Consolidated Press.)
PROSPERITY AIDED
BY PRICEEQUALITY
Babson Finds Better Balance
Between Industrial and
Farm Commodities.
BY ROGER W. BABSON.
Special Dizpafrh to The Star.
WELLESLEY HIDES. Mass., Au
gust 30—We can never have any
prolonged period of prosperity In this
country unless all important groups
have fair purchasing power and the
disposition to use It.
If industrial conditions are good,
work plentiful and wages high In the
large cities, many think this to be
the basis of real prosperity, but such
Is not the cause unless the agricul
tural sections are also prosperous. If
the crops are good, land values In
creasing and grain prices high, many
think that prosperity Is assured, but
this is not true unless city wage
workers are prosperous also. It Is
impossible for the country to be
prosperous without both the Indus
trial and agricultural groups happy.
Two Go Hand In Hand.
One Is the hatchet and the other
the handle; one Is the lock and the
other the key: one group cannot
maintain the present standard of liv
ing without the other group enjoying
it likewise. Moreover, both are like
a team of horses. The speed of the
team Is determined hy the slower
horse. When either farm prices are
abnormally low, compared with city
wages, or when a period of Industrial
unemployment exists, with satisfac
tory farming* conditions, there Is a
brake on prosperity.
This Inequality has been one trou
ble with the situation during the
past two years, and Is one reason
why 1 was so bearish a year ago
when every one else was optimistic.
Any real prosperity must be founded
on an active demand and adequate
purchasing power on the part of all
large groups.
Rise In Farm Prices Vital.
Tt is in the light of this economic
principle that the recent rise In farm
prices is most significant and hopeful.
Beginning In 1913 we had a fair ad
justment between agricultural and
industrial prices. Farm prices rose
rapidly, and for the greater part of
the war they maintained a level above
that of industrial commodities. By
June, 1920, agricultural prices were
200 per cent above the 1913 levels.
Industrial prices meantime had risen
to 150 per cent above pre-war aver
ages.
Then the greatest price decline in
modern business history set in, and if
we compare prices on these two groups
one year later, or in June, 1921, we
find agricultural products only 10 per
cent above 1913 prices, while Indus
trial commodities rested at a point
55 per cent higher than the pre-war
figure. This gave us a maladjust
ment of almost 50 per cent, and farm
products have labored under this
handicap until this Spring,
The low point was established dur
ing the closing months of 1921, when
crops went even under the 1913 base.
In 1922 agricultural products and
commodity prices in general climbed
upward, and the spread between the
two groups remained badly strained.
However, in 1923, commodity prices
turned downward, while the trend of
leading farm products continued to
climb upward, closing the gap the
narrowest margin since 1921. Agri
cultural products had climbed to 40
per cent, while industrial products
slumped to 60 per cent over the 1913
base.
Level* Highest Since 1990.
It Is evident that legislative credit
measures, co-operative marketing and
other means of buoyance failed to re
adjusted ’the radical difference be
tween the price level of what the
farmer bought and sold. However,
since June new conditions have
brought the agricultural price level
to the highest point since 1920. Ex
panding agricultural purchasing pow
er has automatically stimulated busi
ness. Practically every agricultural
product has participated in the re
cover}'.
The Babson grain price index, com
prised of wheat, corn, oats, barley
and rye. is now 168, or practically 68
per cent over the extreme low of 1921.
The reason for the current price level
is easily traceable to the sharp con
traction in output. The total produc
tion of the same five grains on a ton
nage basis is the lowest since 1917,
and based on the August 1 Govern
ment report is 7 per cent under the
previous five-year final average.
The world production of leading
grains is low compared with the
bumper crops of a year ago, yet the
total is not far from the normal com
plement. As, however, there is no in
dication of any world shortage of ag
ricultural products, there is no basis
for now expecting any further marked
advance from the present price level.
More Normal Balance.
The only serious condition is in con
nection with corn. The crop has been
handicapped by late Spring, Inclement
weather, retarded growth, and now
the possibility of early frosts. With
out question this product is the
strongest of the grain group. The
main point is this, after nearly four
years of hardship the farmer’s in
pom© is now showing signs of ex
panding to the point where there is a
more normal balance between the
price of products' sold and the price
of products purchased.
General business, as reflected on the
Babeon chart, still stands at 14 per
cent below normal, and while 1925
will be a better year than 1924 it
does not promise any great boom.
This better adjustment between
prices, however, is a corner stone of
the foundation for our next period of
prosperity. Construction has begun.
BOSTON STOCK MARKET.
BOSTON, August 30. —Following is
a list of today s highest, lowest and
closing prices for the most active
stocks dealt in here:
High. I»w. Clot**.
' Amor Tel A TeL 12* 127% 127%
Americ«n Wool 76% 75% 76%
Calumet & Arizona 52% 52 02%
Calumet A Heel* 1* 17% 17%
Eastern 8 8 45% 45 45%
Hardy Coal 24% 24 .4%
Island Creek 188 18- 18-
Maine Central 80 28 30
Mohawk 87 36 36%
New England T A T 107% 107% 107%
NYN HA H 24% 24% 24%
North Unite 4% 4% 4%
Superior A Boaton 40 36 38%
Swift A Co 106% 106% 106%
Swift International 25% 20% 25%
United Shoe Machine 39 38% 39
HAS 2,600 OIL WELLS.
NEW YORK, August 30. —The
Barnsdall Corporation announced to
day that Its properties now consist of
2,600 oil wells of settled production,
419 gas
and oil wells.
Query the Promoter.
Determine how much of his own
money the promoter Is putting into
his scheme before you decide to risk
yours. Don’t take his word for it —
make him prove it.
Branch Office
DISTRICT
NATIONAL BANK
Conn. Are. and K Street
No Parking Rritrirtiona
“Park Tow Car at the Door”
WESTERN MARYLAND R. R.
SHOWS LOSS IN INCOME
Special Dispatch to The Star.
BALTIMORE, August 30— Estimated
earning* of the Western Maryland
Railway for the week ended August
21 were $302,416, compared with $468,-
722 for the same week last year; a
decrease of $166,305, according to a
report Issued today.
For the three weeks ended August
21 the estimated earnings were $974.-
179, compared with $1,406,166 for same
period In 1923, a decrase of $431,986.
For the current fiscal year ended
August 21 the estimated earnings
were $12,035,965, compared with $15,-
149,209 last year, a decrease of
$3,113,243.
Very
Desirable Offices
—in our bank building, fac
ing New York Avenue, now
available. Reasonable rent.
Apply main floor.
CITIZENS’
SAVINGS BANK
1336 New York Avenue
When Buying
Our 7%
First Mortgage Notes
Yon Can Be Assured
First.—A very careful and con
servative appraisal has been
made.
Second.—The loan we recommend
Is less than 50% of the market
price.
Third.—After you have purchased ;
one of our notes you get a
service that assues you Inter
est the day due.
Notes oa band In amounts of
9100 up.
Chas. D. Sager
! 924 14th St. N.W. g
Loan Department
Money Available
for First Deed of
Trust Loans
6i% Interest
Prompt Replies to Applications
JAMES F. SHEA
643 Louisiana Are. N.W.
■ ' ....... ,
Prompt Actum *
First Mortgage Loans
Luweat Hate* of Interest and Commission
Thomas J. Fisher & Company, Inc.
EQUITABLE '
Co-Operative Building
Association
; Organised 1870
44th YEAR COMPLETED
Aaaeta 94.755.170.53
Surplus $1,348^30.88,
It’s Easy to Save Through
Our Systematic Plan.
—and yon will eventually be financially
strong. Let us tell you more.
Subscription tor the
87th Issue of Stock
Being Received v
Shares, $2.50 Per Month
EQUITABLE BUILDING
915 F ST. N.W.
JOHN JOT RDSON, President
FRANK P. REESIDE, Scc’y.
I 7% [
I
We offer a limited number
of Trust Mortgage Notes i
secured on high-class north- ,
west property close to Six
teenth Street. ■
These notes, in de
nominations of $250,
SSOO and SI,OOO bear
7% interest per annum.
If you are seeking a sound
conservative Investment for
your surplus funds, yielding
an unusually good return,
investigate this offering.
Moore & Hill
Inc.
780 17th St. N.W.
(Member Washington Real
, Estate Board)
greater safety
greater service
greater business
"We are grateful to the
public for recognizing and
appreciating that the ele
ments of "safety” and
"service” have been the
foundation of our Mort
gage Investments, and have
acoordingly rewarded us
with "greater” and ever-in
creasing patronage. We
would like to explain our
service policy to you and
show how your money can
be absolutely safeguarded
and still earn 6%%.
Mortgage Investment Department
1713 and 715 14th St. N.W.
Main 2345
FINANCIAL.
i a
Wanted Second
Trust Notes
We h »ve clients with funds
to purchase good SECOND
TRUST NOTES In denomina
tions of from (500 to SIO,OOO.
Low rate* if security is good
Apply at Once to Oar
MORTGAGE DEPARTMENT •
jgHANNON & LUCHS|
713 and 715 14th Street N.W.
>Uia 2345.
L-*
WE FINANCE
Apartment Houses
UaslnesN Property
Residence Property
Hotels, Etc.
Higbie & Richardson, Inc.
816 15th St. N.W.
——. . —r - * Bids., Oth k F H.W.
| ‘ ' ==~
Guaranteed
6i% First Mortgage Notes
Seemed by Improved Real Estate
Every mortgage we sell is guaranteed—both principal and in
terest—and provides these five investment fundamentals: Security
of Principal All the Time—Attractive Normal Income—Prompt
Consecutive Interest Payments—Full Return of Principal When
Oue—Freedom From All Care ,and Management.
Our written guarantee of fulfillment of all these fundamentals
is backed by over $1,500,000 resources.
Real Estate Mortgage & Guaranty Corp.
(Resources Over One and a Half Million Dollars)
L. E. BREUNINGER, President. 26 Jackson Place
j
-
MONET TO LOAN
ON FIRST MORTGAGES
AT
CURRENT RATES OF INTEREST
Farida// 9/'
1207 S^venue
—■-■ - - .
When You Come Home
From Vacation
WHEN you went away you prob
ably were in too big a hurry
to check- up your idle funds,
and invest them. But now that you
have returned, do you not think it wise
to attend to these affairs at once?
Those who have purchased our First
Mortgages at 6 J />% —and more—go
away and come home with the assur
ance that their investments are being
safely guarded, and with the satisfac
tion that their interest checks will
reach them in the mail the day they
are due, without fail.
This is real comfort in investment.*
and we suggest you consult us soon, if
you have funds to invest, so that you
may profit by the present high rate of
interest.
/
Swartzell, Rheem & Hensey Co.
727 15th Street N.W.
55 Years Without Loss To An Investor
Over flWe’rc serving over 42,000 individuals, and
42 600 have room for YOU and many others in
n J our growing fgmily of depositors.
Depositors 5.30 p jy, 3
OFFICERS!
WILiJAM D. HOOVER President
WOODBURY BLAIR First Vice President
Rate of FRANK W. STONE Second Vice President
Interest FRANK STETSON Trust Officer
_ .. CHAS. C. lAMBORN Treasurer
Paid on E. PERCIVAt. WILSON . Secretary
Large and P. R- UULiMER..- Asst. Sec. & Asst. Tr.
c_-n BRUCE BAIRD Asst, Trust Officer
small DAVID HORNET Asst. Trust Officer
Accounts DIRECTORS!
______ Woodbury Blair William D. Hoover
James A. Buchanan Reginald S. Huidekopo
Cas e William A. H. Church Victor Kauffmann
Walter C. Clephane Charles Minshall
Deposit H. Rosier Dulany, Jr. Edmund D. Rheem
Boxes at Wm. E. Edmondston Frajik Stetson
[Nominal Frederick A. Penning: William H. Walker
Rentals H. Prescott Galley ’ Henry K. Willard
National Savings & Trust Co.
57th I I Oldest Savings Depository in Washington
Year 1 | Cor. 15th and New York Ave.
11
FOR SALE
FIRST MORTGAGE NOTES 1
Consult Us
If you bare funds for In..■meats
THOS. E. JARRELL
If ember Washington Seal Httate Boar d.
Woodward Bids. Main 706-3370.
FEDERAL-AMERICAN
NATIONAL BANK
RESOURCES $13,000,000 j
1315 F ST
Joim Poole Hnmn
Money to Loan
Beared by first deed of trmt oo real eatata
Prevailing Interest and rommiaalon
Joseph I. Weller

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