Evening Star Newspaper, February 22, 1923, Page 27

FINANCIAL. REDISCOUNT RAT BODST GODDONEN Federal Reserve Action De- clared to Indicate Sound Business Conditions. NEW DEMAND FOR MONEY Gas Light Companies Report Earn- ings—Insurance Firm Elects Officers. With the adoption by the Boston and New York federal reserve banks Jesterday of a rediscount rate of 4 er cent, all of the with the now will operate on that basis. The San Francisco bank has made no ap- reserve banks vlication to the Federal Reserve Board to increase its rate from the present 4 per cent, the same charge Which had been carried by the New York and Boston banks, and officials declared the western bank’s position did not indicate that such an appli- cation would be made. Announcement that the two great eastern reserve banks had voted to discount charge was t circles gen- a thoroughly fncrease their r ating sound. prosperous. industrial and ! commercial condition throughout the ! territory served by those banks. At ntlon “wus called, by way of sup yorting the bellef. that only a few Weeks ago the New York bank was | EOINg into the open market to pur- | ¢hase paper and keep its earning| ets at work. The increase in the te of rediscounts, therefore, it wa declared Was proof that a demand for money had sprung up again. Action Called Good Sign. High ofcials of the reserve board ¥ ed that th period when “no- or when the loan quirements are far be ze. had | discou body wants money d and that the holdin; ted paper by the reserve would incy apidly. The d by the a barom- d reserve ituation atement © hanks guantities of such pape nks alwayvs has serve r of Zeneral board offic With satixfacti of the e last total earning as of the | twelve reserve banks w 000.000, Which may be compared with total | §urning assets of $350.000.000 last | Increases in the rates by the New York and Boston banks was not un- expected, since those two districts Jiave been carrying lower rates for £ome time than the ot with the cxception of San Francisco. It was explained that the redis ount rat of the two banks had been relative a0 low. inasmuch market - hid been any in- ces and noey rate was on a parity w ount rates. | Situation in New York. _The situation in New York, par- ticularly, has been influenced pecu- v by world conditions, according & Governor Platt of the r vard, who of money said that vast had been pour- ing in there from all ¢ world. The result has been that Whenever loun requirements were to Le met, funds were available in plent But Mr. Platt believed that the in- erease in the rediscount rate there- @nd similarly in Boston—reflected the wdded 1 for money by indus.r, need for mone, exception of San Francisco | low the aver o GULF STATES STEEL RESUMES DIVIDENDS Federal Light and Traction Also Votes Disbursement, as Does Southern States Oil. NEW YORK. February 22.—Gult States Steel Company resumed pay ment of dividends yesterday when the directors declared a dividend of 1 per cent on the common stock and set aside funds for dividends for the en- tire year on the first and second pre- ferreéd stocks. The first preferred stock will pay a 7 per cent dividend and the second preferred & per cent for the year. The last dividend paid on the company’s common stock was 1 per cent on April 1, 1919, An initial quarterly dividend of 75 cents a share In cash and 75 cents a share in 6 per cent cumulative pre- ferred stock was declared by direc- tors of Federal Light and Traction Company, the dividend putting the issue o1 ‘a §8 a share per year basis. | The regular monthly dividend of 1 {per cent’ has been declared by the jSouthern States Oil Company, which announced also a 10 per cent stock allotment for the current guarter [based on acquisition and development of additional producing properties. INSDE NFORMATN INCOAL DEALDENED Purchaser of Lehigh and Wilkes- barre Stock Intends to Let Little Fellows Buy Share. | B the Amsocluted Press PHILADELIPHIA, IPebruary 22.—The hearing in the federal district court on the objection to the sale of the stock of the Lehigh and Wilkes Barre | Coal Company to the Jackson E. Rey- | nolds syndicate of New York was ad- Journed yesterday until March 16, wheh Isaac T. Starr, one of the com- plainants, will be questioned by coun- sel for the Central Railroad of New Jersey, which owned nearly all coal stock. Judge Buflington notified {n‘nun»fil for both sides that he ex- pected them to conclude the taking of testimony on that day, and that the court would at once begin the hear- ing on arguments on & summary of the evidence. Reynolds, although neither he nor his syndicate Is a party to the liti- gation, was the chief witness yester- day. He denied having had “inside | m:ormmmn' regarding the coal prop- S | "My bid” he testifled. “was based on two broad factors—my very gen- eral knowledge of the property through contact for years as a direc- tor of the company, and on the state- ment of the ten vears' earnings. This statement was furnished to the other Lidder: | ”Mr. Teynolds denied that any agree- ment been entered into whereby {the coal of the Lehigh and trafiic the Central of New Jersey lines, or that the directors of the Central had idictated who the members of his syn- icate should be. He did not consuit with them, he said, nor did he fur- nish them ‘a list of the names of the syndicate members. “When 1 planne said the witness, “I intended to in- clude the mine employes, the men who are of moderate means, but T felt this syndicate,” rners of the|the common stock was too speculative | the {for them. I have in mind now a plan for the refinancing of our syndicate after this litigation ends and one of the proposals is to change this stock Iinto preferred so that the e bosses, engineers, superintendents and other little fellows can get in_for ten or fifteen shares aplece. They the | | Wilkes Barre would be continued over | Bt TRy CRUDE O OUTPUT GANED I JANUARY Weekly Advance of 37,950 Barrels Also Reported by Petroleum Institute. By the Associated Press. NEW YORK, February 22.—Gross pipe line and tank farm crude olls in the United States increased 1,007,000 barrels in January, according to fig- ures compiled by the American Pe- troleum Institute. The daily average gross crude oil production” of the United States in- creased 37,950 barrels for the week ending February 17, totaling 1,767,560 barrels, as compared with 1,719.600 for the preceding week, according to the weekly summary of the American Petroleum Institut, Mid-continent crude was advanced 10 cents a barrel, now being quoted At $1.50 to $2.60 a barrel, according to the gravity of the oll. Eastern grades were advanced, Bradford district. Pennsylvania, now being quoted at $4.25 a barrel. Gulf coast crude re- mained unchanged, being quoted at $1.50 a barrel. According to figures collected by the American Petroleum Institute. the imports of petroleum (crude and re- fined olls) at the principal United States ports for the week ended Feb- ruary 17, totaled 1,945,280 barrels, a dally average of 277,897, compared with 1,714,262 barrels, a daily average of 244,895 for the week ended Feb- ruary 10. 6. 0.P. VOTERS' SOCIETY WILL HOLD RECEPTION Corner Stone for 1924 Campaign Will Be Laid at Willard | Hotel Meeting. What it's officers term the corner stone laying for the republican cam- paign for 1924 will be held at the Willard Hotel tomorrow night under the auspices of the Republican State Voters' Assoclation of the District. Aside from being the occasion for the gathering of several hundred men and women interested in the advancement of the interests of the republican party the event will serve as the formal opening of the head- quarters of the association. Besides a reception and music there will be | speaking. William Tyler Page. clerk lof the House of Representatives. president of the association, will, in his welcoming remarks, outline the objects of the organization. List of Speakers. Among others who will make ad- {dresses are Senator S. P. Spencer of { Missouri, John Hays Hammond, chair- Iman of the federal coal commissio | Harrlet Taylor Upton, vice chairma: {of the republican national commi | tee, Representative Carroll L. Beedy lof ' Maime and Henry M. Camp, | treasurer of the association, and who lis in charge of club organization | work in this section. Vice President | Coolidge and a number of members of Senate and House as well as | prominent government officlals, it is pected, will be present. { Those who will contribute to the | entertainment feature of the evening {will be Miss Ruth L. Ayler and Earl | Carbaugh, sololsts, and Miss Florence { Reynoids 'and Mrs. Carbaugh, accom- i panists. THE EVENING STAR $40,000,000°ST0CK SALE IS TEMPORARILY HALTED Allied Chemical Granted Injunc- tion Against Steel Company in Merger Case. WILMINGTON, Del., February 22.— On a motion of the Allled Chemical Dye Corporation of New York, Chan- cellor Josiah O. Wolcott, in the court of chancery, late yesterday granted & preliminary injunction restraining the Steel and Tube Company of America from selling its assets to the Youns- stown Sheet and Tube Company of Youngstown, Ohio, The complainant holds about one. third the stock of the Steel and Tube Company, which is insufficient to con- trol a meeting of the stockholders, and contends the sale would work & hardship. The chancellor set the time for & further hearing on the injunction for March 16, at 10.30 am. In the mean- time a meeting of the stockholders of the Steel and Tube Company will pe held on February 28 to learn the sentiment of the stockholders regard- ing the sale. Is sald to involve $40,000,~ 00 | — ORY AGENS O REMINGTON PROBE New Evidence Victim Was Shot Dead in Bootleggers’ War Over Cut in Prices. By thie Assoclated Press LOS ANGELES, Calif., February 22., —Federal prohibition agents today jiolned the police in the search for the slayers of Earle Remington, electrical engineer, shot down in his own door yard a week ago tonight. Their entry came after a declara- tion by the police that the widow, Mrs. Virginia Lola Stone Remington, had told them the dead man was a ciety” bootlegger, and after the police had found, questioned and temporarily released @ man who ad- mitted having operated three stills for the engineer. The police also said they had located & large quantity of liquor. said to have been in Remington's possession, but the chief interest of the federal officers was belleved to rest in the police statement that one of Remington's note books, contain- ing 200 names and records of sales, had come into their possession. Liquor Sold to Soclety Folk. It was said that although the liquor in question was distilled by an umateur it was sold to persons high in business and society circles of Loy Angeles. The police questioned several men whose names appeared in the Rem- ington note beok and stated they ob- tained admissions of purchasing liquor from the engineer. The officers took nearly 100 gallons of bootleg whisky from the basement of the Remington residence and de- clared they had been told by the man who sdmitted having operated stiils for the slain man that one of them. with a capacity of seventy-five gal- lons, had been installed first in the basement of Remington’s business of- fice here and later moved to his ranch near Chino, forty miles east of Los Angeles Also Hud Bonded Whisky. According to the still operator whose name was withheld, the last of INGTON, D. C. 4OLENT COTTON Poor Growing Season Would Send Prices Up to New Altitudes. MILL SHORTAGE LOOMS Present Levels Highest in Peace Times in Last Half Century. BY GEORGE DE WITT MOULSON. (Many students of the New York fnancial and commodity markets belleve that there ex- ists in the cotton market of today a situation that has not been equaled since the civil wa Mr. Moulson, in the following article, explains the various phases of the present situation and forecasts what the future may hold.) Special Dispatch to The Star. NEW YORK, February 22—With the recent advance in cotton con- tracts representing the still unplant- ed crop of 1923, during which prices reached a level of 26% cents, con- siderable attention is centered toda: on reports that so-called “short” sales were being made on the New York exclange. It is well within the limits ot moderation to say that no one knows whether cotton will be worth 20, 30 or 40 cents when the month of October rolis around. In view of the fact, however, that a similar month was selling at 16 cents a year ago and winter weather in the cotton states has been more favorable than either of the two preceding one. operations in the way of selling con tracts for future delivery are being undertaken in exactly the same way that characterized the market on the opposite side of the account two years ago, This means that any owner of a mill can not contract for cotton according to government standard for the months of October, December or January at the price quoted on the exchange and sell #oods with the guarantee that no matter what the future may unfold he is fully protected. Should the growing season prove unpropitious and prices be swept up- ward to higher and higher altitudes, it is the speculator and not the mer- chant who will suffer. At 12 cents it was the price that rendered Invest- ment in cotton attractive, and now it is again the price which induces those who feel a_much larger crop likely this year. following two disastrous growing seasons, to take the opposite side of the market. Where one seller appears at 26 cents, there will be two at 27, three at 28 and an increasing number as long as the possibility for relief exists. Through a quite popular miscon ception of the functions of com- modity markets, the Impression was created that somebody was attempt- ing to depress prices. This brings to the fore in concrete form the es- sential natare of operations in the cotton as well as other markets and | lis of such vast importance to the cot- ton trade than an examination of such operations is worth while. By reason of the fact that “short” selling is less easily understood than the more simple procedure of going long, the situation existing during the summer of 1921 can be used as an easily understood example of the re- verse plcture. Decline After War. Tt will be recalled that following the war advance in cotton to a basis of over HURSDAY, FEBRUARY 22, 1 15 NOW POSIBLE , 1923, IMPORTS FOR 10 MONTHS TOTAL $2,575,132,154 The Department of Commerce yes- terday announced that imports during the first ten months of 1922 exceeded Imports for the same period in 1921 by about $500,000,000. The actual fig- 1922 were %2,- and for 1921 they were 704,029, eased imports were received from Great Britain, Germany, Cuba, Mexico and several of the South American' countries, COPPER AT 16 1-4 CENTS. I New High Record Due to Present Extraordinary Demand. NEW YORK, February 22—Copper metal advanced to 16% cents a pound ! yesterday, a new high record for the current ‘movement. This_quotation represents a gain of % cent a pound over the quotation announced by the leading companies at the close on Tuesday and an advance of almost 4 cents a pound over the low price of last year. Demand continues on A record-breaking scale. producers reporting that current orders arc suf- ficlent to consume production for many months to come, provided th were willing to accept orders at a fraction below the present price. In view of the scarcity of the metal at this time, the larger producers are reluctant to accept large orders for future delivery at current prices, al- though many companies report that they are taking care of their regular customers, ——— SHARON. Pa. February 22.—The Vational Malleable Castings Compuny has shipped the last of an order for 33,000 couplers to Japan. It has a large order from the Crandall Engi- neering Company for marine rail- way chain. - EQUITABLE Co-Operative Building Association Organized 1870 43d YEAR COMPLETED Systematic Saving A plan to make saving easy-— Save a little each pay day and you will be surprised at the amount accumulated in a short time. Subxeriptions for the 84th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY KL FRANK P. REESII Secured by first deed of trust on real Prevalling_interest and commissi ash. L. & Trost ho& Fonw LOANS i If you have money to |[i invest, we can safely |! place it on gilt-edge first |/ D. C. Mortgages. Our record of 30 years insures |; your protection. Courte- || ous treatment. | state. i | { FINANCIAL. REBEL CAUSE DOOMED, DUBLIN FOLK BELIEVE Peace Not Yet in Sight, Is Prevail- ing Opinion, But Held Eventual- 1y Certain. By the Associated Press. LONDON, February 22.—A change from a non-committal view of the racification of Ireland to “a cautious but undoubted optimism” among well informed residents of Dublin, is re- ported by the correspondent of the Daily Mail, who has just returned from the Irish city after an absence of five months. The correspondent says that no one In Dublin actually declares that peace is in sight, but that nearly every one is convinced that the dis of the republicans has set in and that a fresh outbreak of violence and de- structian will increase this undermin- ing of the republican strength The writer stresses “the great dis- union” among the republicans and says that their only point of agree- ment s in the singular hope that Great Britain wlill negotiate with the republicans over the heads of the Free State government. The cor- respondent represerits De Valera | ble like this! tegration | | go for a soldier?” S Gl osclllating greatly, sometimes favor- ing and sometimes disapproving the burnings and kidnapings. The campaign_ of destruction of country houses has been helped by communist funds from England, ac- cording “to the writer, who reports that republican emisaries quite re- cently were sent to interview Boylet politicians in Switzerland, “The Irish government,” he - as- serts, “holds evidence that in return for arms and money, suggestions were made that the influence of re- publican Irish organizations in the United States would be secured to ob taln recognition of the soviet by the United Statel Tried It—Once. From Columbia tate. Reading dime novels had inspired young Buster Bill with thoughts of daring. Wishing to put his ideas Into practice, he joined the Hooligan bri gade and began his nefarious career by attacking peaceful citizens at dead of night. Eut he did it once too often, and found himseif before the magis trate, charged with knocking down & feeble old man. “Young man,” said the magistrate, “I am shocked and surprised at you for getting into trou- Why do you always want to be fighting? Why don't “1 did once, yoi ruefully, honor.” said Bil nearly killed me; —_— Typist—I'm going to get married, sir, and I'm marrying a poet. Boss—Dear me. Then I'm losing you? Typist—Oh, no, sir, I shan't leave but I shall need more salary.—Lon- as!don Passing Show Sotallished 1859 Finst Wmfflage Loans In Convenient: $Denominalions For Inwvestors FH. I Rust NMain 6388 MORTGAGE MONEY 5% and 6% An unlimited amount to hotels, office buildings, apartments or centrally located business properties in Washington, D. C., in amounts of $100,000 and upward. LOW FEES PROMPT 4ANSWERS EARLY CLOSINGS ANNON - & LUCHS loan on desirable ot . he pian tha: . tock was made 1o themciniy | tn rres e tolenhone obmbautes EREpane. Wf Axseciatien. R e 10 cents a pound prices started on a | nd that in turn | have.” The purposes for which the asso-| “R.nington was said also to have |perpendicular decline. The deflation and | ercy n. usse 0. ! 713 14th St Main 2345 w of officials, the | ciation has been organized is to in- | , C"™\ TG0y Whisky in his posses- |collapse in prices generally reached such : i [ . A 5 spending of the country. | terest all absentee state voters, tem- | JTN" 4714 an angle of the investiga- |an acute stage that cotton which had | G W Cor 15th & “K” Sts. | Gas Light Income Gains DIVIDENDS. porarily resident of the District of | g0n" JiC o1 effort to learn whether |cost in many instances 25 cents a pound W. . ¢ v 9 Columbia, in government positions, ;e haq had any direct dealings with |or more to produce was being sold for e — The Washington Gas Light Com- - and others, to reglster in thelr home | i Tunners operating out of Canu- {less than half that fisure Nacure had | a8 operated at A neticorporite = o jtowns and cast thelr votes by mall -2 s, assist n the pi y Ty SSUAT0 during January, | ABEren Ssfer e Sqg gy upr of where that is possible or return to | U4 A0 FEXET PUCL o yettevea |large crop in 1920, w0 that the summer of | CITIES SERVICE SECURITIES | eSS~ - which represents an appreciable | yogton “Woven Hose & Riib- | their towns and vote at all elections. { ¢ “Lave been connected with the {l-[1921 found the cotton l\m e f{s((:lo\'grn not 1d d ance over the $71.853 reported for | per Co., $1.. “......Mch. 1 Mch. 15| There are something like 70,000 such licit llquor activities credited to Rem- jonly a carry-over of almost 10, o he Boug’l!, So > Quote corresponding month a year & Brookisn Unios .| absentee voters In the District of Co- | inzion led the detectives to revive |bales but a second crop soon to be & huge jump over last Decem-| 2%. .. . At Z{lumbia and the association intends | heir earller theory—once discarded— m:'ll_rkeled. ks i THOS. W. BRAHANY & CO. Pl liichiwere hut $45; | Cloago Apr. 1|10 ®et out at state and national elec- | {hat he was a victim of a bootlegger: :‘1?1 :9l:°{lhol:oumy e et Tavestmacut Sceuriites . 5 | tions at least the larger majority of | war, either because he cut the price, ; [OTd Was tHQTouE ¥ oo e on S 70/0 First Mortgage Notes 4 May 1|this hig vote. | They ‘said, or because he bought a | buyers o Iibes Gt 510-11 Evans Building i Guri question amounted June 1 - 1 [ v H L v of s led bonded | the part of the consuming public ai 1 = L L s | e The eéntertalnment feature will be | large quantity smugg i (Of the conmnmitg PEbLc and Sl g S q InorovediDYC Reall Estate to $500 v1 rating expenses s directed by Hamlin M. Vandervort, | liquor and “paid” for it with a check | the questios welght of cotton seemed | .x-f'ugim . C. ecured on Proyedyh. % 2 e e T e P Freat 1| deputy commissioner of pensions, and | upon which payment could not beBORE, OGLC TE HUY because cotton | st Appraised by Experts of 35 Years’ Experience Without a Loss R s amounte , ¢ Chica the Teception committee will be de. : 0 f = —3 Y: 2 inati swelli thi tot e th., + 20 May 1, N v ma was selling below the cost of pro : a ions of $250 and U; s o totalimeyenue Sitolmih L headed by Fred H. Wilson. Wife Tells of Phone Quarrel. | Siction, men who had no uge for cot- | : Offzred in Denomination: $2. P Deductions totaling $33.499 were | Ml 38 13- oot o Moy 10 June Mrs. Remington was said to have |ton, buf merely in the confidence that . i A Good Inyestment. made, classitied as follows: Taxe: - Meh. Apr. told the police of frequent visits to!sooner or e tt f Drofit and loss, $4.176, and wa: | rdCial foalcs 8icde COMMODITY NEWS {helr Home by strange Men, who made | would be restored. began to purshase || [' OF DELLET JErVICE || collectible items, $1 Interest de- | Co. a, Apr. burkains for the sale and purchase of contracts ;nu::mee;irltl::{:fl:n‘n vol- ! URCHASE uctions amounted 5 ! Federal | vith her husband, and of how jume. s MoV - Shciens smutmiod I 1 Lm0 e 08 51| T ooy | B e i i et e s B E S by Bevianes i | WILL | “mortizat : ‘ P Ll e Meh. + ‘of alcohol that she cents. v - | mortization of debt discount and fn- | tencral Slotors, Meh ENTIRE COUNTRY | jmel so strone of alcohol that, ehe L o e e s romp! ance ! = e g o ! First econd Trust Notes Georgetown Gas Income 1" 3 El;;l‘t Apr. I "“Iarle had a terrible quarrel over the jand do'gednesln u; hang on,fld'oxl m:d‘ i 1rst an 5 5 | Hope s Mptes vith somebody—I suppose a |lost money. But for every faint heart- i . - Nt corporate income of the George- || @ 1%7%.: APt 1l ST PAUL, February 22.—Local | toePPone Tt o efore the tragedy.” | ed speculator or investor two were i Warehouse Receipts, and Make Construction Loans town Gas Light Company during the | Lntesmiations aor. 2| capitalists are preparing to open ub fihe'wax quoted. ; {found to replace the one who dropped ! s past month amounted to $5,225, the | xou’ denasi e 15| cxtensive sand and gravel deposits | Jouthed his part in the liquor|out. . C ublic, Gthitiex Commission wiinotnced | New fur o wn, a1 | AT nere for, use In suppiving he | e mat - trigt To avold, heating e i ational Mortgage & Investment Corporation Jesterday. This is about on a par with ; g, e ch. 81 proposed plate glass factory to be|(he conservation, but some o was nalt Gioweeh il 85,285 reported for the sa hix ke |erected by Henry Ford in connection { my ears. It was an argu-{ Every quarter or half a cent lower i 3 but shows & huge Jump) 81, “Ale.iore Apr. 20iwith his new plant here. !f,?:fi?“,fl'fl"n,.’. Drice. 1 heard Earle | attracted additional numbers until | 811 Vermont Avenue N.W. e ber's carnings, which | Natl. Enameling al - == { thieaten the persons with whom hejbetween 11 and 12 it was estimated | ' led but § | ling Co., Mch. 31| PITTSBURGH, February 22.—Win- | uiC®(liking. and, no doubt. the other | that the number of long contracts on | NG oo pRI Secokopmatel G June © June gof 0% Blass production isrunning so !N ['threutened Earle. the hooks of the various houses ini Consult Our Dept. == income of $8 from which $: (B 2 “ihigh today that even those in closest ' .while Earle and 1 started to drift|the trade was the greatest in thei A was deducted, $ for interest. $5 | o Sept 10 Bept 29 | touch with the Industry are express-|.;uit more than three vears ago, the history of the cotton business. The FIRST \ or miscellanéous’ rents, and $100° for {ing surprise. Unless there are wage |j,iut six months of our life together wau!huy(n( power evoked by the decline \ smortization of debt discount. ing Coo DL, 0, 1% 5% Dec. 11 Dec. 31| Increases or advances in raw ma- | (o hardest for me. It has been a hor- | in prices finally reached such formid- MOR’[‘GAGE \ 1 P o) { Penn. &' Power Co.. terials price increases are not ex-!rihje nightmare since he first made this | gble proportions that lower levels be- \ nsurance Company Elects. " Apr. 2lpocted in the near future. ihouse the resting pluace of liquor.” came a physical impossibility, though o L' e . 2 0 LOANS \ At the first annual meeting of stock- o 20 L% Apeaty = i Mrs. Remington was too il yesterday [ no one at the time could foresee just N holders of the American Standard In- | Unlon Carbize & Carbon Co., Apr. 211, BOSTON, February 22.—The local |y, 5ttend her husband's funeral. what future circumstances would [l 1412 Eye St. N.W, . § surance Company of the United States, | - &g 31 . 4br 2| leather market fs spotty, but prices bring about @ readjustment. It was . NV, \ d vesterda on, at the office { oo ~"lare generally firm. Sole leather has not that those who were to become " o \ the company, Bond build- | Ve Meh. 15 2"‘.’.’.‘““‘;}‘1‘;%2:.3'13;“3, sltl;ckx in _Igr:e ‘Washington Wholesale Market. o | the oventual consumers of ,Mi mass Phone Main 2100 3 § Ihc, the rollowing. nd direc-j Rt be 5 ot large. | Egge—Strictlv fresh, selected candled | of raw material had realized the op- | . . tors were re-clected for the ensuing | bellet 1o, exnressed here today that{,er dozen, 40; average receipts, 40.|Dortunities provided to obtain cotton Y In obhg N car: " Tresidens A_S Ganersune EX-DIVIDEND TABLE. continued activity in the ehoc trade [ P87, d0%eh, 107 ANGRAES GRCCRlrar | POTIIILES Beods that fnally haited e our Investment ation § president and medical director, Dr. J. = WHL result in higher®leather prices. | ™ ive poultry—Roosters, per Ib. 17:[(}g decline in prices. It was the huge = e \ vresident,’ Harry | ( Feb 202 o i = turkeys, per Ib., 23a30; spring chick- | Lutine’ of what is called the specu- WANTED ! N dent, Harry R.|g@ndara Ofl of New Jersey, a. EORT WORTH, February ens, per Ib., 33a35; keats, young, each. !y, (ive public that relieved the market You owe it to yourseli and your dependents to iuvest \ general coun- | grandard Ofl of New Jersey f. 4. tlvity in the sale of men’s hats was de- 160; ‘fowls, each, 26. of 8o much pressure and eventuaily D t Mot Stock 3 i _ A \ e and treasurer, | Feb, ‘I;Z’e‘i.‘“‘x’.i",‘h:‘ififré“;“;’,”“ This has not| Dressed poultry—Fresh-killed spring | proquced a state of equilibrium. uran lotor oc your money safely and at a satisfactory rate of interest. § illiam N United States Steel. g..... T eese 125 uying, according to {chickens, per Ib., 36a38; hens, per - = N Directors faliomw: AR R ey ptesl Jobbers today. but purchases in large {3ga21; roosters, per Ib.. 8a19: turkey Trading on Increase. 5 I will buy a few lots You can fulfill your obligation by investing in our First N Gardiner. r Biggs, Harry | American Tel & Cable, Volume by retailer: Det 15, 30a40; Keats, youne, each, 10380, | Now that prices have advanced to of (Eicrow) atock, il ok by: 1o : N apa S Lo | arnia, Ttk PHILADELPHIA, Febs Uive stock—Calves, cholcs. Ber I | e Bl e e ey and the cotton trade Mortgage Real Estate Loans. The quality of the security— \‘: and, J. Leo Kolb, | (alifornia Packin . Februar, r- 1 14; medium, 1b., 13a13%; thin, half a c e g 2 $ e femardr e William " 8. ,,m“‘{m';u,u. Copper. it . pet and plush milis are among the chiet | Ib., 6a9. Lapsbd. choice. per Ib. 13: [fs threatened with an actual scarcity Phone Adams 2366 Washington Homes—and our methods of safeguarding t § g M. D; A. | ROk, exten {buyers of cotton yarns at present |iive pigs. 2.00a8.00 each; 1ive hOE®. lof cotton if mills are to be kept run- 23% investor make the safety of these loans absolute. \ ¥ S Lewts D.; M. tman Kodsk. pf. Q. 170 | Worsted sams are in good demand and | per Ib., 9 o1, 178 | NnE ;xnlll new afgrli:;;{:n::;ms::;’- a \\ tund Erest G. Walker, | 1o, Ya 1.00 ;vrices are firm. Dealers in both cotton | Green les, per ., 178 | {ng from the v 3 s o L : S iga 1 v \ president’s report showed the | © iaveh 1o " {und “wool waste Teport & good volume | a7abs Delicious, Nor . per bbL. 6008 | tofces are becoming operative in the Investigate our louns—you incur no obligation. They are N sinanciai condition of the vompany | American Refiners pf. . 175 |of business. 7.60. California oranges. per CFate, {op;osite direction or it would be dif- safe, profitable, convenient. . N to be in a flourishing condition, the | Borden Co., f, q. 180 | — 5.00a6.00; Florida, 4.00a5.80. LemONS. |foylt to set limits to the possible rise § usses for the last year being but 2 2-3 | ml::-n l"'i:ll:fl. a g.n | NEW ORLEANS, February 22—The |per box, 5.0028.00. Grapefrult, 3.008 |in yalues. The l'ndt few uleek; have Al for) Descriptive| Bosklet “A7-TT'S| FREE \\ per cent of the premium receipts {(asadisn Factle en. ... Top |strawberry crop has been improved |4.25. Tangerines, 3.5025.00. v |developed a very definite line of de- s sCrip! § Mr. Gardirier also reported that the | FEXISGn uhiphur. ‘0 S 193 |areatly by the recent cold weather, ac- | Vegetables—Potatoes, per bbL. X0 |mgrcation between those months rep- o s \ outlook for a largely increased busi- | Losege s 2 175 cording to reports from the principal |1, 1.50a2.00; sack, 2.00a2.10; NO.|resenting the crop of 1922 and estate and_household goods_or _ chat- 3 N ness during the coming year was most | o Amer] 150 |growing centers today. Z 2. 50a1.00. Sweet potatoes, NOTth iip05e of 1923. Under the impulse of fels. 7 per cent interest. No broker- § cneouraging i Carolina, 75a1.50; mnearby, 2.5083.00. 1 0naitions l!lexndln[ }he lnnpply undd age :n.r.;a Pay your bills and owe WILLIAM s PHILLIPS § 3 Timkens 7 | SAN FRANCISCO, February 22.— |Lettuce, per crate, southern, 1.00a|demand equation prices have ad- only one e B o California orange growers are map- | 2.00; Romaine lettuce, per crate, 1.50a [ vanced steadily for about nine S e e A § BOND ISSUES TAKEN. Maekay: Comopente 4 ping out an aggressive campaign for |2.00; Iceburg lettuce, per crate, 3.00a |months. Jows' Sat, First Mortgage Investments N NEW YORK. Febru Ny e ne: 100 |the coming year, encouraged by the |3.50; Cabbage, northern, 2.50a3.00 per | Trading in new crop positions has | [&) = N N B, Februg An: amount of citrus frult sold in the [100 Ibs.; nearby cabbage, per bbl, |increased in volume until October 1 New York Ave Phone Main 4600 N jucnt was mace yesterday that RIE ACCEPTS CONTRA( east last year. Shipments from Cali- |1.50a2.50; southern, 2.00a2.50 per bas- |contracts touched 26%, though the 1] 409 New 3 000 issue of Illinois Cen-; E: CT. | nia to New York totsten Sass a0 | kors Heepiante, per crate, 350ab.00. |aitimate value of cotton as® deters S railroad refunding mortgage o W YORK, February 22—The|boxes including 220,160 boxes of |Tomatoes, per box, Florida. 250a5.00. |mined in the markets of the world in afe Security e e eaoiE, oL o cepted ithayamended contrastiotiehol i iNTINGOTIN Bbbrusey 88—t |0 Florida, 3.00a4.00. Kale, per +(Copyright, 1923.) atisfactory Service had books ¢ b oversubscribed and the d LIVERPOOL COTTON. LIVERPOOL, Februa Spot in good deman business moderate; prices steady; good mid- dling, 1 fully middling, 16.2: middiing. 16.13; low middling, 158 good ordinar. ordinary, 15.0 Sales, 8,000 bales, including 4,200 \merican; receipts, 46,000 bales, in- cluding 00 American. Futures losed very steady; February, 15.83; March, 1 May, 15.68; July, 15.4 October, December, 13.82; Jan- uary, 18. BIG ADVERTISING YEAR. PHILADELPHIA, February 22 (Spe- «cial).—Indications’ from the execu- tives of large publications issued here that the coming year is to be marked Ly extensive advertising have had : decided effect on business sentiment lere,as the community is affécted to considerable degrec by the revenue ording to these publications from source, L. 22.—Cotton | | American Rallway Express Company, effective March 1. Service will be con- tinued to the few roads that have !not signed, an official of the express { company said, in the expectation that the agreement will be accepted later. CAR SHORTAGE DECLINES. According to a report filed by the car service division of the American Rallway Association, the shortage of freight cars on February 7 amounted to 70,522, a decrease of 2,747 from the figure on February 1. Declines were noted in the shortage of box cars, coal, stock, coke and refrigerator cars. As indicative of the improve- ment in the situation whereby the railroads are more easily able to fill the needs of the shippers, it was re. ported that on February 7 there w. 26,628 surplus freight cars in good re. pair, scattered throughout the coun- try, an increase of 2,040 over Feb- ruary 1. —_— cost the state of Minnesota $24,715.43 to run its state-owned flour milis 1ast year. Officlals reported today that the product of the plant had to be sold to state institutions at higher prices than prevalled in the general market, AMARILLO, Tex., February 22— Wheat is making rapid strides in both Texas and Oklahoma fields as a re- sult of the recent snows and rains. Shipments of Texas flour to Cuba have been made in fair volume re- cently. PATERSON, N. J, February 22. ‘The leadership in the demand for fin- 1k goods still remains with crepe weaves, although ribbon manufacturers have had a most sat- isfactory season preparatory to Easter. CHICAGO, February 22—Business continues good in wholesale dry goods, with the hegviest demand in ready-to-wear clothing. Knit goods and ‘underwear are in big request. \It has been estimated that on a|Buying in men's shirts indicated that maple tree of vigcrous grow X lain colors ‘will be favored. Fall haif pere of leaf ines of flarnel shirts <how nrice ad e suu vances of about 10 per cent, 50a2.75. Spinach, per barrel, 3.00a350. Celery, crate, Florida, 2.50a | 3.50 Brussels sprouts, 25a35. Squash, 2.503.00. RAIL TRAFFIC JUMPS. | Boston & Maine Overcomes Weath- er Handicaps. Special Dispateh to The Star. BOSTON, February 22.—In spite of the worst winter in the memory of officials of the road the Boston and Maine increased its freight traffic in January 11 per cent over January, 1922, according to figures made pub- lic today. The road actually carried 52 per cent more coal than in the corresponding month a year ago. There are still annoying deiays in the transportation, but the New England roads as & whole have been doing a remarkably good job considering —_— DISCOVER OIL LANDS IN THE PHILIPPINES Standard of California’s Operations Reported to Be Ecourag- ing. NEW YORK, February 22.—The Standard Oil Company of California has found oil sands in the Philippines that promise oil in commercial quan- tity, according to information received by Ralph Arnold, geologist, who with his associates s interested in the same fleld with the California com- pany and has been developing certain properties in the islands for several years. Mr. Arnold said, however, that no 1. ha# yet been brought into production, but expressed hope in de- conditions. l \ buildings i the counu,. velopment. Most of the petroleum consumed in the orient is shipped from the Paci ©Oil as fuel has been adopted by the | coast, although considerable quant! manazers of some of tie greatest|ties are sent there hy she Standard 1 Qil Compzny of New York, —are outstanding elements of the desirability of investing in our 7 70 First Mortgage Notes Desirable investing depends solely in judiclously selected securities. We value highly our record of never a loss of as much as a single penny in either prin- cipal or interest. Notes now on hand in de- nominations of $250 up to $5,000. Certified Title furnished with eaoh purchase. Collect- ing, remitting interest and ail details attended to by our Loan Department. Chas. D. Sager 923 Fifteenth Street N.W. Loan Dept., Main 36 8S00 DOLLARS AND UPWARDS /207 %lmeodad' '%zms FIRST MORTGAGE NOTES FOR SALE IN DENOMINATIONS OF