Evening Star Newspaper, December 16, 1922, Page 21

NEW YORK CURB Received by Private Wire Direct te The Star Ofices NERGY” MAKES A SHARP RECOVERY Moves Up to 177—Unusual Sales in Day’s Record. Railway Firm. BY WILLIAM F. lllmlfi,". NEW YORK, December 16.—Trad- ing throughout the day's short gea- slon on the curb exchange remained active, hut with speculative Interest centered In no particular group of Announcement of reduction of 2 cents a gallon in gasoline prices by Standard of New York and expecta- g, tions that further reductions will be announced by other oil BY L A. FLEMING. There was considerable trading on today's sessian of the local stock ex- change without any speclal activity in anything. The feature of the market was the unexpected jump in the price of Mer- Renthaler Linotype shares from the 172% of earlier in the week to 177 without sales between the high and The advance was probably - in sympathy with a spurt in Boston, as that seems to be the dominant market for Mergy. 'ransactions shires also attracted some attention, the common preferred at S6%. Another unusual sale was the trans- fer of ten Washington Market at 38. Buyers and sellers were apart in mmon until after the call. shares sold at 67 and hares at 67%. stocks concerned. Prices moved over Announcement that Anglo-Ameri- can O!ll Company had declared an ln-l. terim dividend of 1 shilling per share brought about more activity in this later twenty s sold at bls. business transacted in bonds was in Traction 5s, at 96%. United States Savings Bask. this prosperous up- town bank have just declared regular quarterly dividend of 5 per distribution being on_the basis of 20 per cent. Wade H. Cooper, president of the Institution, has been making a study of bank buildings of late with a view 10 the ultimate improvement of the bank’s property with a new home. On the last report to the controiler ©f the currency this bank reported 6 Con Gal Balt 1033 18 Detrolt City 8 Laciede Gas ‘The East Washington Savings Bank, frequently referred to strictly savings institution in the city, has just declared a semi-annual aivi- its capital stock of 6 per cenf, thus definitely committing bank to the 12 per cent annual According to the official sheet of the local Stock Exchange, the bank formerly pald 8 per cent per annum, that the increase is 'decided to carry $10,000 undivided profits to the surplus ac- count giving the bank $80,000 sur- the capital for the old institution is plainly indicated. ® Reserve Ratio 75.1 Per Cent. Despite the big movement in money incident to the federal financing on the 15th, the reserve ratio of the fed- ecral reserwe banks increased as com- 3 per cent a week ago. Yesterday's Fiscal Operations. Expectations as the one per annum. is $100,000. rared with 7 fully realized terday when tax payments on t t installment of income taxes were Victory notes called for pay- interest ceased last night, were taken up freely. The payments for the day of $1,000.- 000.000 were offset by $1,076,000,000 L) for the $700,000,000 new offerings were in excess of the offerings by $100.000,000, with the 213 per cent bond issue 3 Russ Govt 8%t 20 U8"f dexios STANDARD OIL ISSUES. 1600 Anglo Am Oil . Subscriptions g year and 4% highly fayored. National Capital Insurance. At the monthly meeting of the Na- Insurance Company directors a semi-annual dividend of 3 was declared payable De- William M. Payne, jr., re- ported an excellent business, improv- ing steadily. The company started in business January 10, 1920, and is now nearing the end of its third vear. The present dividend is its third semli- —_— Washington Stock Exchange “Capital Traction Ga—3$1 Washington Gas Light—] 8534, 10 at 55%. 3 at 55 athaler Linotype—1 ngton Market Co.—! 2 AFTER CALL. . Wllh{allnn Rwy. & Elec. com.—10 at 67, 10 67, -&:x'l Cab pfa.—10 at 861, 4 at t 061, 10 at 53%, 7 at Taxi Cab com.—8 at 7 gtonRwy. and Elec. Bid and Asked Prices. PUBLIC UTILITY. Telephone of Vi Traction R. R. INDUSTRIALS. FEERE 833855523 2588537 [TH F3 28883 = ERFR FRGE MISCELLANEOUS. D. C. Paper Mfg. HIEER Realty on (chord ealty Ss (short). Ree Storage & Safe De - i & ), F3z888 B ak M 83 Durant No! 2 Ford Co of thousa Anaconda Armour & Rost Fed Y 00d_Rub! N Y. O] 12 1 It ' 80 PUBLIC UTILITY: 2 il s 2 hrer b . 388 yden Chem 5 1 Hud & Mamn R R. 2 Hud & Man RR TRUST COMPANY. American Secyrity and Trust LI -1 0 i jonal_Savings i Trus Tnlon 1 ‘Washington Loan and Trust. SAVINGS BANK. Commerce and Savings. East_Washiogton.. Hecurity Savings and Com. & Co. L1107 o Axle new.. 108 =3 8 ::;g B, e-.iss "3 #EF 95' & I E [ & o> 44 3 F g H i 2 £ o BB BB R 3 1 B =4 £ H £ g H i i H § 5 i pe: gi 2t F] i i 2% ] PARIS MARKET FIRM. December 16.—Prices were finm on the bourse today. Three pef cent rentes, 59 francs. Exchange on London, 61 francs 90 cent loan, 76 francs 'lQ cen- { The dollar was quoted at 13 francs 26 centimesn. stock. Standard of Kentueky reast- Elandird Tevies wors. Uaimportant sBues Wers Ul fol:ullhl ,'Oll rescted to & ReW lcw Expectation of s stock &ividend of 40 per cent on Dela Lackawanna and Western Cosal resulted in & new top for 1933 in these shares ort coverings in New Fiction Publl hln{ was relpel‘lllblc for & gala of a point, while New York Te! 101 preferred and Campbell prefes held rm. Fifth Avenue Bus displayed un- tivity, edvancing sharply. T stooks. however, were - neglected. The new {ssue O ds rporation ran up 8! ly in the first hour, but subssqueantly lost more than the early gain. A noteworthy incident was the co tinued buying of recent leaders of the mining group. Ohlo Oavrr reached new high for the present movement, nd Gold Field Florence and Xor- tuna Mining were in demand at higher prices. Q! usual 22 Ray Hercules I 20 Richmon per. | CLOSING COTTON PRICES. 1004 325y | Week’s Quotations Close Steady on Exchange. NEW YORK, December 16.—The cotton market showed increasing firmness late in the morning on bull- & & 1“_ ish southern spot advices. January sold up to 25.48, or 26 points net high- er, and closed at 35.44, with gen- eral list elolln‘ steady at & net ad- ‘vance of 18 to 30 points. Cotton futures closed very steady— December, 36.47; Jai ry, 26.44; March, 25.63 25.79; July, 26.8 Spot cotton, steady; middling, 15.70 NEW ORLEANS, December 16— Favorable orts concerning _the general trade of this country gave the cotton market & steady tone to- day and in the first hal? hour of, the session rices advan 3 to 11 points. January rose to 25.17. The advance was made in the face of a continued disposition on part of lru'l“n on the long side to take prof NEW ORLEANS, December 16— The pronounc trength of French exchange increased the demand for contracts and on top of this were ports out of Houston of 20,675 balel of cotton for French and dontinental | ports. Spot ters in Texas wired brokerage houses here that the de mand for spots was Increasing, w! the consequence that the basis rising. Highest prices were reached in the late trading when the active gol!flonn ‘were 23 to 27 points up. he close was 16 to 33 up. J m.rry 0 and closed at 25.29. traded up to 25. RETAIL BUYING ACTIVE. Bradstrest’s Weekly Review Un- usually Favorable. NEW YORK, December 16.—Retall buying has been unusually active dur- 1 Dast week, acoording to trade reports. the buying being stimulated by holiday demands, powerfully rein- forced by cold weather and snow, actlve employment and the distribu- tion of very large tmas club ool- lections of funds. These develop- ments, according to Bradstreet's, have assumed first place in the situa- tion. In connection with eral con- ditions, the agency says ti the job- bing trade. except in quick pment and_wholesale t Ppro quiet, o 1 pending the approach of the inventory 2 riod. ‘Both lines report, however, full or- r books for the fii uarter of it is oontinued, “which i3 & better condition than a year ago. Re- tail trade so far seems to have dwart- ed that of & year ago at most ciyles.” g CLEARING HOUSE REPORT. NEW YORK, December 16.—The actual condition of clearing house banks and trust companies for the week shows that they hold $40,330,030 in. excess of legal requirements. This |‘snnovz|° increase in reserves of $17,- EXTRA SUGAR MELON. By the Assoclated Press. HONOLULU, T. H., December 16.— Dluflt‘:i: of th% ?nomn Sun‘:l(‘:fln}. ny y_voted to pay & spec vi- g:nd for December ‘;: 5 $1. This makes the t this month 6 per cent. per cent, or otal dlvldend.' for STOCK DIVIDEND VOTED. NEW YORK, Decembder 16.—E. L. Doheny, president of th can -Amery Petroleum and Transport Com nnounced yesterday a 20 p :l in cla: : l buying to fill ruah orders, is e: ng off r “ P Company, was more and that $12,000,000 of would be capitalized by th in stock. 100,000, surplus increase NEW HAGUE OOURT. Tribunal Established by the League of Nations. lumq mul::.:zll. in December Curreat [ 102 ! In organizing the new oourt of 33% [ justice an attempt has been made by the lnfiuu of nations to do with the limitations of th arbitration tribunal. The ex- 3 0 istence of the 1l hag made pos- sible the mmm: - nmu’:nt group of acoording to & iarge small. leleven ref | Judge: i:olut d powers control, each separately. In case the coundil and the assembly disagree, a joint conference is to be held, and in case t is unsuccessful in choosing the re- maining Jjudges, those judges al- ready chosen are authorised to fill the vacancles “from among those oandi- dates who have obtained votes either in the assembly or in the council™ By this means the {dea of state equai- ity has reconciled ith _ the legitimate powers assembly Jud; 1s to serve al{u years, re-elected. e ordi: Judge ro- ceives a salary varying' from $6.030 to $14,070, in accordance with the length ?'dl‘l:ll‘ l.l.lnl; Thus a =5 anént u ary has been ‘which will be able té bduild judigal foundations. Wood for Boxes. It is calculated that about 15 per cent of all the~lumber produced in the United States is cénsumed in the manufacture of wooden boxes. Florida alone requires about 18,000,000 ,)fi::l < . r the annual stock of requires about ¢ same pur- o fruits and California @rest Scheme. smal ing the same number for pose. Mr. Follles—Waiter, hera's & dollar |8 Raiter—1 thank Jeu,sir. Do you toh to Tiir. Foiltes~ita. I shall bring in a of friends. Just tell ‘us” that Svery tadie 1s engseed. MARKET ||% §:3 E; =‘ @ I £ ipdethatBitest ERMAN FINANCIAL CRISIS BRINGS U. S. HELP TO FRONT| Salary of Firm’s Possibility of Some Kind of Loan Absorbs Attention of Bankers—Bond Question Studied. BY STUART P. WEST. Special Dispatch to The Star, NEW YORK, December 15.—The sravity of Germany's financial crisis is the point most ‘stressed in the financial discission of the past week. First there was the break-oft of the London conference of premlers, In which French and British viewpoints regarding reparations were shown to be as far apart ever. Then there was the declaration of the British prime minister that if the burden on Germany's shoulders Wwere not lightened, complete financial collapse was Inevitable. !‘ollowlnf came the dlscouraging proof that the French government, out of fear of a mis- taken public opinion, refused to rec- ognize the impossibility of collecting the indemnity money unless Germany 1s kept on her feet. Apparently the nations are no near- er agreement on the reparations ques- tion than they have been at any time and they are just as far away from settling the kindred problem of in- terallied dedbts. England claims her inability to pay America unl she is pald by France. France says she cannot meet her obligations either to Great Britain or the United Stater unleas she is pald by Germany, and Germany says she cannot pay unless helped from the outside. 3 German Loan Will Be Discussed. ‘Thus the Th clrel sug| is that this country, if she ever hopes z: r.zllu' anything on the $11,000,- will have to rmany’s assistance. A al will be now on sald from Ger subject of 1 rst impressi rding such a flotation are that it could not pos- sibly be put through on any such scale as would be necessary to pull Germany out of the hole. But this judgment might well be modified If it were to develop that the ables: bankers in the world were enifsted in the enterprise and were co-operating to work out & plan that would make German government bonds acceptable to the investing public and at the same time not provide too much of a burden for the investment market. Mark Partially Recovers, The partial recovery In mark ex- change toward the close of the week appeared to reflect at once some hope in an outside loan and a certain amount of confidence that in the end the allied countries will agree upon settiement of reparations which will greatly reduce the sum demanded. The Austrian situation affords a COST OF SKY SIGNS. Thousands Spent Every Month in New York. Raymond G. Carroll writes in a spe- ¢cial from New York to the Philadelphia Public Ledger as follows about the big eloctric light signs in the metropolis: Probably the most extravagant and set on the west vari-colored affair of 15.000 i Tor ‘inat. sign_Is . lluminations are arranged for in yearly contracts on & monthly rental basis. That would pay for 1 don't know how many pages of advertising in a ne paper. quite a few at any rate. e next sky sign to get the eve and hold it s a l\um set of 4.000 ni on :mme mps t beam to the south over a building that faces 47th street, between Broadway and 7th ave- nue. It formerly blazoned forth the merits of underwear. but now in great letters pleads the cause of a theatrical musical_show. Square-shaped, that sign is fifty-five feet high and fifty feet wide, and costs the theatrical man 35,000 a month to keep going. Another torch from above Broadway s the ginger ale sign at 49th street and the west side of Broadway, being an electric Eskimo boy in a northern sun- set, surrounded by a blue-bordered win- ter icicle edging. The boy throws a snowball, which breaks open after the manner of a rocket and tosses out the ldar(l!e{! which spell the name of the soft ink. i had exciting is the mammoth chewing gum | in Bedfordshire, his home. poa Ible parallel. Here paper money nfiation went on in the same mad way that it is going on in Germany now untll it reached the trillion mark and until the value of the crown shrank to 1% one-thousandths of a cent. Then came the foreign loan, the terms of which have just been approved by the Austrian parliament, and which contalns provision that note circulation shall not be further increased. The result is that the Austrian crown has stopped going down, has been stabilized at the tril- lion level, and thus complete disaster has been averted. Germany Still Can Buy. The statement that Germany cannot much longer afford to buy necessary supplies of food, Is undoubtedly & good deal exaggerated. With the tremendous handicap of the debased currency, she bought from the United States nearly $29,000,000 worth of staples and merchandise In the month of October, as against $26,300,000 in the same month in 1921. This simply illustrates the 'truth that even a nation on the verge of bankruptcy has a buying power de- rived from its forelgn trade which cannot be taken away so long as it continues to sell its products abroad. As bearing, however, upon the ques- tion of what this country's trade has at stake in the German situation it is well to observe that, of our fctober han 8 per cent went to d that the entire amount was not nearly half the galn since the first of the year in exports to South America and the far east. The Rise in Sterling. Of the various explanations attempt- ed for the rise in sterling, which at the high of the week was back with- In 17 cents of gold parity, the .nost plausible s that it was due to trans- actions initiated by the British gov- ernment elther directly or indirectly intended to restore the old-time par. These developments In the interna- tional situation have overshadowed everything else in the markets of the week. The most important incident t home was the continued rise in farm prices to new highs for the year. According to the latest estimates by the Department of Agriculture, the total value of the important crops in is $7,578,890,000, which, aithough $1.600.000.000 less than in the pros- perous season of 1920, is $2,000,000,000 more than in the bad times of 1921. With due sllowance for the fact tlat the farmers have by no means got the full advantage of this In- crease in values, these comparisons indicate a great improvement and {one which is bound to have a favor- able bearing upon the business out- look for 1923. (Copyright, 1022.) BUNYAN MUCH MALIGNED. :Not the Drunkard and Profligate Often Pictured. From the Kansas City Times. The vears John Bunyan's boy- hood wera those during which the Puritan spirit was in the highest vigor all over England, and nowhere that spirit more influence than Tt is not side of Longacre|wonderful, therefore, that a lad to whom nature had given a powerful imagination and sensibility which amounted to a disease should have been early haunted by religious ter- rors. Before he was ten his sports were Intarrupted by fits of remorse and despair. and his sleep was dis- y dreams of fiends trying to f with him. As he grew older his mental conflict became still more violent. ~ The strong language in which he described them strangely micled all his earlier biographers, ex- cept Southey. It was long an ordi- nary practice with pious writers to cite Biiyan as an instance of the su- pernatural power of divine grace to rescue the soul from the lowest depths of wickedness. He is called in one book the most notorious of profligates; in another the brand was plucked from the burning. Many excellent persons, whose moral char- acter from boyhood to old age has | been free from any stain discernible to their fellow creatures, have in their autobiographies and diaries ap- plied to themselves, and doubtless with sincerity, epithets as severe as That sign carries 8,000 lamps;could be applied to Titus Oates or and glose-inspected stands seventy feet : Mrs. Brownrigg. tall and sixty feet wide. A department store has two letter signs, one at each end of Longacre juare, that cost $9,000 a month to maintain. There is an oil electric sign at Columbus Circle that sets back the concern advertising _ exactly monthly. Over on the roof of a building at the southwest corner of 6th avenue and 43d street has been placed a tobac- co {llumination on a bulletin board for the daytime that contains 7.000 lamps. It is vari-colored. can be seen as far as the front of the Grand Central sta- | 1 1a" true "that Do ps 1t is quite certain that Bunyan was at eighteen what in any but the most austerely puritanical circles would have been considered as a young man of singular gravity and innocence. Indeed. it may be remarked that he, $3.500 | like ‘many other penitents who, in | general terms, acknowledge them- selves to have been the worst of mankind, fired up and stood vigor- ously on his defense whenever any particulat charge was brought He declares, let loose the tion and represents a monthly outlay of { reins on the neck of his lusts, that he The electric signs plastered all over | the front of theaters are not put thers { on the monthly rental basis. Instead they are paid for outright, some of them costing as much as $20,000. ‘WELLS IR INDIA. They Are the Gathering Places of Gossiping Women. Asia Magasine. In India the well is a social institu- tion. Here the women, escaping brief- 1y the narrow routine of domestic life, gather to fill jars of red earthenware that roughly follow very ancient models, and to exchange the iomp of the day. In some villages there are wells for high-caste people and others for low-caste people. In some. mem- bers of low castes must depend upon the bounty of their betters, who gain merit by fllling gingerly the vessels of the defiling ones. But in all, the well {s a center of life. 8o it is throughout the east. Daily, from Sues to the Pacific, mil- llons of women fill millions of pitch- ers at wells and sources. If the poets and story-tellers are to be believed, many a romance, 1ike that of Rebecca, as begun at the well. For though she may be closely velled and shroud- ed in shapeless garments, a woman looks her best as she walks erect. with her jar on her head—erect and with stately dignity, for she uld not waste a drop. The jar is heavy and fragile. The face under the full vessél often shows the strain of its weight, and_the ground about each foundation has its tale of broken pitchers to tell. No wonde! e esstern woman is lfirllkln{ the earthenware vessel for the lighter and more durable petrol tin. Comfort and picturesqueness, alas, are so often incompatible! Ye in the evening sun the tin is turned to silver and the graceful garments of ‘the bearer show dazsling white or rich_in color. And the eéyes of the younig men turn toward the village maidens as they pass to the well. ———— FOREIGN EXCHANGE. Pross. By the Aswelated NEW YORK, December 16,—Foreign be; ireat Britain, 4emand, 1 of Elstow in all manner of vice. From Living Waters, by Elisabeth Titsel, in | - The enamal ‘tissue in the had delighted in all transgressions against the divine law, and that he had been the ringleader of the youth But whan those who wished him ill ac- cused him of licentious amours he called on God and the angels to at- test his purity. No woman. he sald. in heaven, earth or hell could charge him with 'having ever made any im- proper advances to her. Not only had he been strictly faith- ful to his wife, but he had even be- fore his marriage been perfectly spotless. It does not appear from his own confessions or from the rail- ings of his enemies that he ever was drunk in his life. bad habit he contracted, that of ing profane language: but he tells that a sin- gle reproof cured him so effectually that he never offended ag: The worst that can be lald to Ris charge is that he had a great llking for some diversions, quite harmless in themselves but condemned by the rigid precisians among whom he 1lived. and for whose opinions he had & great respect. The four chief sins of which he was guilty were dancing, ringing the bells of the parish church, playing at tipcat and reading the history of Sir Bevis of Southampton. A rector of the school of Laud would © held such a man up to, the whole parish as a model. But Bunyan’s no- tions of good and evil had been learned in a very different school; nd he was madé miserable by the :onfilc between his tastes and his scrupl ————— BOSTON STOCK MARKRET. BOSTON, December 16.—Following is a list of today’s highest, lowest and closing prices for the most ac- tive stocks dealt in here: High. Iow. Close. Anatte il il i Amoskeaz . ey 1% 18 Roston Eleva 83 831 322 Gopper Range | Ty Tax e i Davin Dafly 33 3 £ st Rutte 8 % 8% tern 8 8 . 3 3 84 drdner Motor g 10 10 Tniand Creek 108y, 108% 108% 16! Hll Gl i By 8 8 ol e A 27! My A AR 4 $2,000,000 IN SCHOOLS. MINNEAPOLIS, December {6 (Spe- clal).—Approximately $20,000,000 was invested in this state this year for new school, college and university bulldings. Construction of a new $2.800,000 hotel is planned here mext spring by local business me: 1 on testh-is the hardest human body, ~ $99,000 Yearly Finance and Trade Conditions Viewed By Roger W. Babson Every, Saturday this well known student of business is writing f o Tha Bias an rtiols interproting Tadustrial 4ad Iavestment problomer \ WELLESLEY HILLS, Mass., Decem- , opposite was trye from 1914 to 1320, ber 16.—There has been much discus- | Then these same long-term bonds lost sion of late as to whethier bonds have | yrios, Pecause prices wers ricing reached the top. Roger W. Babson| “I have endeavored above,” cone evidently thinks not. In discussing|tinued Mr. Babeon, “to state briefly the situation today he calls attention | §14, understandably Whe influences to the long-swing bond cycle, and ap- | the major bond le—a fundamental pears to have a hundred and fifty | movement which no investor can af- years of financial history on his side. | ford to tenore. “The cheapest thing I know of to- ‘This typical year-end market pro- day,” says Mr. Babson, “is the prom- 1se of $50 a year for the next twenty | Head,Says Aide By the Assoclated Press. NEW YORK, December 16.—it cost $15,000 & week in salaries and $7,000 2 week in rent to maintain executive and administrative offices of the re- cently defunct James W. Ellott's Business Builders, Inc, Willlam B. Ventley, former treasurer of the or- ganization, testified before Peter B. Olney, referee in bankruptcy pro- edings relative to Busin Build- ers and the Manhattan Piggly-Wiggly vides a wonderful opportunity for in- vestors who have fundx and faith in the United States. The leskon of the last few weeks again ix, that no ap- Corporation, of which Elliott was also | years, secured by a mortgage bond. | praisal is accurate which neglects president. Just now this $50 will buy, perhaps, a | fundamentals. The same people who suit of clothes. In 1920 it would have | recognized the ‘beginning of a bear Bentley testified that Elliott's sal- ary amounted to about $99,000 a year, but that he drew out only about $15,000, enough. for living expenses. The balance of approximately $83,000 a year, the witnéss said, was put by Elilott into subsidiary Piggly-Wigsly corporations. The Business Builders had twenty- one offices and at one time employed 1,000 salesmen with many high-sal- aried managers and supervisors, the witness said, explaining the heavy “overhead.” He testified that b market' last month are certain that things are going up today. But tha fundamental situation hss remained the same as three months ago. When everybody wishes to sell is the timo that informed buyers carefully pick &00d bonds off the bargain counter.” Expects Stock Activity. Increasing stock market activity and Christmas buying have worked together to bring business up to a normal level. The index of the Bab- sonchart shows ge: ctivity exactly paid only for the coat and one arm- hole of the vest. We all can remem- ber when it would have bought two suits as good as the one it will buy now. Everybody s hoping for those old prices to come back. And nothing is more likely than that they will come back some time within the next twenty years. Prices High Before. “Most of us, judging from our own | experience, think of 1920 commodity tween September, 1921, und last No-|prices as the ‘high-for-ail' time. What - ; y e e e emn the bankruptcy Pro-] we do not realize Is that prices have | ao i, iOrmEL Ine, Thif Jo toc highest ceedings began, $600,000 had been ob: been as high three times before, at| "¢ is an encourazing sign. according intervals of about fifty years, and between the peaks, each time, have touched levels as low as in 1896. While earlier statistics have not been compiled, there is data enough to suggest that this same swing from ! high prices to low prices and back n, over long periods, might be ced far back into history. Prices turned at the same old peak in 1920. It is exactly in accord with past experience that there should be a short upward reaction, at this time, from the first sharp decline of last year. But it would be against our economic history if prices did not show a long, slow trend toward a level that gnore nearly equalizes the buying power of agriculture with that of the manufacturing Industry. The fact that the mass of people expect lower prices—of course, for the other fellow's goods—helps to bring them | about. Psychology as & price factor ! may be more potent, under certain ! conditions, than the supply of gold. How Cycle Works. “As prices of goods go_down the value of money goes up. That's only saying the same thing b.ckwna.{ Then every one who holds a contract | agreeing to pay him a stipulated amount of money every year, like rent, or the interest on a bond, h: something that is worth mor after year. This holds now just tained by the sale of common stock in the Builders. Out of this, he said, 123 per cent was paid in commission to salesmen. The hearing was adjourned until December 21. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY. DETROIT, Mich, December 16.— ‘Beet sugar manufacturers are com- plaining today that while the best crop here i only about 30 per cent of normal, the overhead of the fac- tories is as high as if they were run- ning at capacity and that consequent- 1y small margins of profit will be the rule. BOETON. Mass. December 16.— Makers of boots and shoes are run- ning their plants at full capacity to- day in many instances and the indus- try in New England as a whole now is turning out finished products at better than §0 per cent of capacity. to Mr. Babeon, who expects activity to be slightly above normal for the next four to six weeks Things will then let down a bit, according to the statistician, and the foundation of fundamental conditions will be com- pleted for the next period of pros- perity. erty. Over a Quar- __Main 2100 RENTS Let us manage B. F. SAUL CO. your Rental Prop- 1412 Eye St. NW. _— ter of a Century 7% NEW ORLEANS, La., December 16. M l‘oa‘n When investin O e winier clothing 80 oney to esting far this season have been only ADORt| Sacursd by Grat Geed of trast ea rest sstam your savings one-third. aa’ latge o % Frevallias incwver 208 soees First consider safety. then reremus. arm weather. €20 Wesh. L. & Trsm 0 v y ] bt S Joseph I Weller 0758 S%w 1| Bt e .2t Maimtor“o0a SEATTLE, Wash., December 16.— An apparent glut in the market in the enst for Scotch cured Alaska herring has put a stop to shipments from this market. Seventy cars moved to New York in October and November. About 40,000 barrels out of a pack of 200,000 barrels is unsold and in storage. Tatablished 1500 || sacritce satets. MONEY TO LOAN = In Large or Small Amounts Eicst Morigage Iavestments 6% or Gé% principal or taterest nor & in dissatisfied client is oms we refiect Before placing or renewing your upon with envisble pride. Loan Department fer 16.— OUNGSTOWN. December : "Write or oall 3123‘;.:<;au.£:|(.,. e e hrning yals| Eizst ox BeconAITEnNtS \eonRuIL farther’ aformation. ‘We witest to il ley is little changed from last week. eetiect & The decline in fuel costs have Leen largely passed on to the consumer. but buyers are hesitating today until| the new price scale is tested out. WELCH (Harry S.) up to $1,000 now on hand T Loan Specialist Bearing 77 FORT WORTH, December 16.—Cat- tle are selling today at the beet ZEL 15th and N. Y. Avenue CliaAus& ‘D- SAGER in yeare, sales being recorded as hi - oost Dleciio o 30 per hundred pounds. Main 4346-7391 Mair 3. Lean Dept. Quick Replies. Reasonable Charges. To merchants and business men in running their factories at capacity are the mainstay of the market, for manding an advance of from 29 to 60 CEMENT CITY. Mo., December For the first time in several the Missouri Portland Cement Coin- pany's plant here is running at ca- pacity and turning out 2.600 to 2,800 barrels daily. MONEY TO LOAN CHICAGO, 1., December 16.—Dry goods merchants said today that dress goods have taken the usual sea- sonal slump, while household goods, bed and table linen are in greater de- mand than usual because household- ers have held off from buying for a long time on account of high prices. CATERPILLAR PLANT 0DD. ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Maoris Use t for Making Purple Dye. From the Asia Magazine. The so-called “caterpillar plant” of New Zealand owes its existence to a fungus and a caterpillar. The tiny sharp spores of the fungus attach themselves to the caterpillar as he burrows, and then start to grow. Their roots penetrite deeper and deeper. curfously avolding vital parts, and the creature and the plant live together until the end. Finally the helpless insect can move no more. and the fungus sends up a shoot like a minfature bulrush, which makes its way through the earth to the surface. This carries spores to éntrap more caterpillar: The caterpillar's body turns into a perfect mummy of wood, a mass of solidified roots. This does not happen till long after the bulrush-like shoot has appeared. for the “plant” has at times been fully withdrawn after breaking the ground.I Randelt T Hognor & G National Mortgage and Investment Corporation Will Purchase First and Second Trust Notes Warehouse Receipts and Make Construction Loans On a Fair Basis 811 Vernmiont Avenue N.W. with the caterpillar still ) The Maoris use the “caterpillar plant” for the making of a ceremonial purple dye with which to tattoo the faces and bodies of young chieftains. Peace Pipe of Indians. From an Exchange. ‘When the North American Indians made peace or formed an alllance, the high contracting parties smoked to- gether to ratify the mrrangement. The peace pipe was about two gnd a half feet long, the bowl was made of highly polished red marble, and the stem of a reed which was decorated with eagles’ quills, women's hair, etc. Legend has it that the Great Spirit at un ancient period called the Indian tions together, and standing on the precipice of the red pipestone rock, broke off a piece which he molded into the bowl of a pipe, and fitting it on & long reed, filled the pipe with the bark of red willow and smoked over them, turning to the four winds. He told them the red color of the pipe represented their flesh, and when they smoked it they must bury their war clubs and scalping knives. At the last whiff the Great Spirit disap- peared. To present the calumet (peace pipe) to a stranger was a mark of hos- pitality and good will: to refuse to offer it was an act of hostile deflance. EQUITABLE Co-Operative Building Your Maturing Investments If you have an investment—bonds or other securities—about to be paid off, you will want to get the highest return by keeping your principal constantly at work. Our.organization is so planned that we can keep your money invested and rein- vested in First Mortgage Notes on im- proved Washington real estate, so that your principal is earning for you without intermission. These Notes are obtainable in denomi- nations of $100 and upwards. Call today and arrange to reinvest promptly the funds made available by maturing in- vestments. CCR R AL A R & 83 Years Witheut Loss te an Investor. Swartzel Rheem&Hensey - 727 152 Street NW.