Evening Star Newspaper, May 23, 1923, Page 27

FINANCIAL. GREAT B IN SUGAR BUYING Hoarding and Boycotting Are Both Condemned—Canning | Industry Alarmed. BY J. C. ROYLE. Bpecial Dispatch to the Star. NEW YORK, May 23.—'Buy a pound’ of sugar when you need It That is the advice which preservers, canners, soft drink manufacturers and confectioners are spreading broadcast to the housewives of the nation. The boycotting of sugar and the hoarding of sugar would be equally disastrous to the general business welfare, accarding to promi- nent men ilentified with the indus- tries mentioned. A sugar boycott, preservere stated today, eventually would spread so as to involve not only sugar itself, but the food products in which sugar le a necessary ingredient. Such a tendency already Is noticeable in the south where sales of “sweet £00ds" as the trade calls them, have fallen off despite the general pros- werity of the region. Should that tendency becomg general it would affect indugerfés in which hundreds of milligns of dollars are invested and scére of thousands of workers enzaged and would bring loss to IfUit growers and higher prices to ultimate consumers. Vital Bearing on Canning. “Irregularity in the sugar market cannot —help but affect the fruit growers and the ultimate consumer,” Danlel R Forbes, counsel for the National Preservers' Association, sald today. “Most of the fruit grown in this country is sold to the packers. The fresh fruit sold to consumers represents but a small part of th trop. With sugar fluctuating, packers, preserv. and jam manutacturers are cutting down their production They are not storing fruit In sugar, By mixing with a certain amount of sugar fruit may be kept in open storage without deteriorution and this is the cheapest form of storage. Instead, packers are putting frult received from farmers in cold stor- «ge, which is the most expensive form of fruit preservation, for in cold stor- age fruit and berrfes are likely to blanch and mold and the loss in berries is frequently as high as 20 per_cent. “This means loss to the farmer who produces the fruit, to the packer who is cutting down his ‘output and faces the necessity of raising prices, on jellles and Jams, to the jobber and to the consumer Who has to pay a higher price, Firm Prices Needed. “The preservers and jam manufac- turers will not gamble on the future Price of sugar, which must comprise in some instances as much as 65 per cent of their products, for they have discov- ered that there is a limit to the prices for the finished product above which the public will not buy.- Confectioners and soft drink manufacturers will not gam- ble on the stability of sugar quotations, for they must sell their products far'in adyance and at a firm price. “The surest way to stabilize sugar Rrices is for each of the housewives of country to buy a pound of sugar n she needs it—not to buy five pounds or retrain from buying at all. Many fruit growers have no other out- let for their crops than the packers. It the packers will not buy in normal vol- ume, the growers are bound to lose. E. _Edgerton, president of the Manufacturers' Assoefation, that the boycott was a meas- ich contained extreme elements of danger and that the association he represented was opposed to it. There was a feeling in _evidence among the heavy "consumers, of’ sugar that the seat of the operations to which the present high price of sugar is due was in Cuba rather than in the Ugited States. Seek to Get Back Losses. Some of the larger American inter- ests concerned with the Cuban crop, it is known, 10st heavlly in sugar dealings in 1921 and 1922. Some preservers he- lieve' that, in an effort to regain these, losses, strong American interests have financed the sugar planters of Cuba so that the latter have not had to sell at %ie market, but could hold their sugar and feed it out to this and other coun- tries in such quantities that the high price would not be broken. The tariff, preservers declared, could have had but little effect, as the duty on Cuban sugar was only a little over seven- tenths of a cent a pound, whereas the price has advanced several times that amount. Market Flashes at Today’s Close The Montana Power Company today |, increased its dividend on common stock, declaring a quarterly payment of $1. The old rate was 76 cents. The regular quarterly dividend of 1% per cent on preferred also was declared. Early resumption of building opera- tlons throughout the country, now neld up because of high costs of ma- terials_and labor, was predicted by H. S. Bluck, president of the United States Realty Company, in a report to stockholders today. The realty company controls the George A: Fuller Construction Company. What has been characterized as late selling has been responsible for the ent softness in Lorillard Tobacco and American Snuff. Both pay $12 annually in dividends and are earning at the rate of approxi- mately $18, < The latest reichsbank statement shows another terrific inflation in the German currency. The paper circula- tion has now crossed the seven tril- lion level. In the third week of Jan- uary, when the value of the mark first ‘'sank to the .0020 bottom where it stands now, outstanding circulation was 1% trillions. With the volume of paper marks thus quadrupled in the last four months, the wonder is that the mark has been sustained as * well as it has. ——— Penneylvania railroad stockholders on May 1 were 139,112, an increase of fifty-one from April ', but decreased 1,281 from May 1, 1922. Average holding May 1 was 71,78 shares, against 71.12 a year ago. Rock Island railroad declared reg- ular semi-annul dividends of 3% per ent on 7 per cent preferred and 3 per cent on 6 per cent preferred, pay- able June 30 to stock of record June 8. Bradstreet's—World visible wheat decrease, 8,230,000 bushels; corn, de- crease, 2,750,000 bushels; oats, de- crease, 38,250,000 bushels. Available supply vistble: Wheat, decrease, 8,23! 000 bushels; corn, decrease, 2,803,000 bushels; oats, decrease, 3,390,000. e it RAILROADS ANNOUNCE PAY INCREASE OF $2,000,000 NEW YORK, May 23.—Several new. wage Increases were reported yes- terday by rallroads in various parts of the country, the total aggregating more _than- $2,000,000. Philadelphia and Reading, Pennsylvania, Jersey Central and Bangor and Aroostook were iricluded in the list of carriers who had introduced new schedules of wages. An advance of 3 cents an hour has bxen made to. 8,000 shopmen employ-. ed on the northwest region of the Pennsylvania, lifting the pay level of this group from 72 to 756 cents an hour. In the Chicago district, where a one-cent differential exists, the new shopcraft wage is 76 cents an hour. GARE URGED | . THE EVENING STAR, NEW YORK CURB MARKET . Recelved by Private Wire Direct to The-Star Office. BY WILLIAM F. HEFFERNAN. NEW YORK, May 23.—The feature in today's curb market was a spec- taculdr jump in Durant of Delgwa On the first rush the stock gained nine peints,.and was up more ‘than twelve points from the low reached during the recent period of depres- sion. As had been the case-in pre- vious bear drives, Durant wae a spe- cial object of attack last week. When the turn came today, professional operators had to bid the price up :lalq'nlly in order ta cover their con- racts. Other motor shares were favored NEW YORK, May 23.—FollowIng is an official list of bonds and stocks traded in on the New York Curb Mar- ket toda: : Bales in thousands. 15 Allied Packers 6e .. 1 Alum_ 78 °25... 10 Am Cotton O11 8 6 Am Gas & Elec 6s 85 Am Sumat Tob 7 10 Am Rolling Mill 9 Am T & T 0s '2¢ 1 Bs ... arcoal Co Am 8a. Citiea Serviee Ts C. 1 Coiu G Cuban Tel Tigs Deere & Co 7ias . Detrolt. City Gas 8s. Detroit Edison_6s .. 1Dunlop T & R ... Fed La Bk @s nw ‘33 Fisher Body s Fisher Body 6s Fisher Body 68 '27 Flsher Body 6s '28. rand Trunk 6lgs Gulf Oll of Pa 5 Hocking Valley 6s. Gen Pet 8s Inter R T .85 '22 4 Lig. Weh, Lre en 7 Touisville G & F. 5 2 Maracaibo Oil 7s 1 Morris & Co 7 17 National Leather 2 Ohio Ol bs B 1 Phila_Elec 5 2 Phil Pet T3%s W't wr 5 Pub Bere of X J Ta 10 Pub Serv El Pow 6s 11 Bears-Roeh 75 23 4 3 i3 3 7 20 25 221 8 105 1] “Proa’ 8s. 102 Vacuum Of] 7s.. 1007 FOREIGN BONDS. 5 Argentina 23... 100% 28 King of Nether 6. 100 29 Mexican Gort Ge.... w2% Swiss Govt Sigs.. ] 100 & U5 o el ha 1 10% Sales in STANDARD OIL ISSUES. 900 Anglo Am Oil. 80 Buckeye P L. 40 Cumberland P 30 Eureka P I * 100 145 Gal Sig Ol | 6013 400 Humble O & R new 311 273 g o1 of 1o 75 Imp Oil of Can. 0015 16100 Tntl Pet o Ltd.1.] 170 Magnolia Pet 50 Northern P L, 100 Ohio 011 ne: 415 Prairie P L. 24700 8 O Ind. 300 § 8 8 s 164 85 1013 15% a2ty 101 100 60 315, 18755 10643 175 140 104 0614 1085 56 2% et S 203 4200 20 § o7 48y Ty INDEPENDENT OIL STOC 1= hundred A Ea0cKs. 11 Ark Nat Gas 14 Assd ‘Oil new 10 Big Indan Oil . 4 Boston-Wyo 0il 15 Barrington 01l 47 Carib Synd 4 Cities Service 3. Cit Serv B ptd 3 Cit Serv “B" 35 Creole Synd . 3 Derby 0 & Ref w i 2 Equity Pet pfd ~ 10 Engineers Pet .... 123 Federal oil 18 Gillilana_of1 len Rock Ol ulf - Ol of Pa 80 Hudson Oil ... 1 Humphreys 0il . 120 Keyatone Range: 4 Latayette Oil 10 Lence Creek 1 Livingston Pef 15 Lowry Oil . Marlana _.000 85 Muracaibo 0il T Margy oit Mexican Eagio 34 Mexican 01l . 3N Yol . : 31 Omar 011 & Gas 2 Peer OII Corp . 5 Penn Beaver Off .. 14 Pennock 01l 2 Phil Pet new w i. Royal Canadanian . 8 Ryan Cor 5 B4 Turman Ol . 82 Wilcox Oll & Gas. . INDUSTRIALS. 4 Acme Coal new ... 3 1 Alum Mfg pfd. 1027, 1 Am Cot Fabric pfd. 1001 2Am Gas & El ptd 1 Amer Drug . 13 Amer ‘Stores 2 5 Arm & Co of Del pt 1 Archer Dan Midland 4 Atlantle Fruit 3 Bas, Atenite Corg " ridgeport Ma w 1 Brit-Am Tob_cou 1 Brit Tatern Corp A. 1 Brit Iatern Corp B 5 Bklyn City R R .. 12 Buddy “Buds 2 Central Teresa ... 7 Centrit Iron Pipe... 10 Checker Cab Mf A. 18 Ghicago Nipple 28 Ohlo Bteel Wheel. 62 Chi Steel Wheel pf 6 Cleveland Motor . 1 Col Motors ... 2 Col Carb Co vt cfa 1 Cosgrave Exp Braw 6 Cox Cash Stores .. 1 Davies, W A . % DL&W Coal . 1 Douglas Pectin 13 Dubllier C & Radto. 268 Durant Motor 22 Durant Mot of 1 Dupont. Motor . 22 Eaton Axle Cast 3 Edmucd Jones 18 Glen Alden Coal. 14 Goodyear Tire 4 Heyden Chem . 1 Hud & Mann R'R 1 Hydrox Cor : 1 Imperial cco . 4 Inter Contl Rubbe: 2 Mesabi Iron 2 Midvale Co . 10 Munsing Wear 1 Nat Leather 4 Nat Sup Co of Dei 1 Oselda Corp ...... 8 Prima Radio Co . 12 Radio Corp . 5 Radio Corp pfd . 1 Repett! Candy 9 Reo_Motor 1080 C & 1 . 2 Standard Moto; 2 Btuts Motor . 1 Switt ‘Interna: 2 Techaical Prod 18 Tob. Prod ~Exports. % Todd Bnip - United Bakeries 1 Un Bakerien 85 pf' 1 United Prof Sh new 4 Uo Retail Candy.. 8 Unit 8hoe Mach Co. 21U S Lt & Heat.... US Lt & deat pid e Universal Pipe w Taiversal Pi ptd wi 60 Wayne Coal ... 1 Western Feed Mfgrs 6 5 Warner Mall Ci 26 FUREER FEAE FEE BRE Howi EESE s DIy *® 0 Al B f 10 Belcher Divide . 02 10 Beaver Cons . l"ls m}clfl Extens 10 Boston it Corp. 6 Butte & Western. 8 Capario T 510 Candelaria Min . 40 Comstock Tua: R 10 Cons. s =L r Range 40 Cortes Silver . 8 Cresson 8 East Bne?:.&l- 250 Emma_Silver fll;‘ncm. = LR 3353 T2y in the upturn, Cleveland responding to the officlal statement that ‘the. com- any Is operating at capacity pe ction. Short coverings in Checker Cab brought about an advance well above 50 against Tiesday's close of 48. . The ease with which Standard Ofl stocks came back from their low prices was eviaence that liquidation in thiy group had been overdone, and that strong interests were coming stocks: . Industrial specialties of the type of National Supply and Columbla Car- bon joined in the recovery, the first named up about three points at one time. 290’ Fortuna Mines . 10 Goldfield Cons 10 Goidield Dev .7 | 70 Goldfeld Deep Mine 40 Goldfield Florence 10 Golddlelq Jackpot 1 old Coln Minin 50 Guld State 40 Gold Zone 10 Hardshell Min'.. 40 Hearletta Silver . 3 Hecla Mine . . 11 Hill Top Nevada .. 2 Hollinger 11 Howe Sound ...} 80 Independence Lead. 10 sron_ Blonsom : Jerome Devel Kelly Ext Knox Divide Leader Production 3 10 New Carnelia ... New Domiinion Gop N'Y Porcupine ipissin le: Red Hill Florence. Richmond Copper... . 2 Salida Mipes ... Sandstorm Kendall. 3 8t. Croix Mine Sil Queen Min Co . 1 Mines of Amer . 1 K Div Min reor . Silver King Cons. . Stand Silver Lead Stmon e 5 Gold Stewart Mines. Suther Dev M Teck Hughes Teminkaming Miney Belmont ... Tonopuh M’ ... Coi o Un Imperlal Mines 2 Uniy Verde Ext... 1 US Cont new w i . 1 Utah Apex 52 West End Consol 280 Went End Ext 1 White Knob Cop pf 5 Yukon toid .00, NEW YORK TRUST } 3% Equitable COMPANIES, 1581 186 * NORFOLK SERVICE | NEARLY DOUBLED on Route to New York. NEW YORK, May 23.—Steamship service between New York and south Atlantic ports will be increased as a result of the acquisition of the Old Dominion Steamship Company by the Eastern Steamship Lines of Boston. The Steamers now in operation be- tween New York and Norfolk will be augmented by two additional ships, through funds in the treasury of the Old Dominlon Steamship Company. This will permit virtually daily service, both freight and passenger, between New York and Norfolk, and {give prompt twenty-four hour de- livery of perishable food products to ithe metropolitan district. There will be an interchange of traffic in this city between the steamers of the Norfolk service and the New York- of the Eastern Steamship Lines. ‘The majority holders of the Old Do- minion Steamship Company received from the Eastern Steamship Lines for each share of stock $200 a share in cash and $200 in the new first pre- ferred of the Eastern Steamship Lines. It is expected that the same ity stockholders. WALL STREET NOTES. Enormous Gains in Ten Months’ Automobile Output. Special Dispatch to The Star. NEW YORK, May 23.—American production of motor car and truck manufacturers in ten months totaled 2,440,364 cars and 241919 trucks in the ten months ending April 30 as compared with 1330433 cars and 1921-22. Wage increases that would entail annual expenditure of more than $3,- 000,000 have been requested by 15.- 000 maintenance of way workers and shop laborers of the Iilinois Central, Vazoo and Mississippi Valley and Chicago, Memphis and Gulf roads. Regular quarterly dividends today: Montana_ Power, common and pre. ferred; Childs Company, common and preferred; New York Telephone. New York bank clearings, $§740,- 000,000. ~ New York bank _balances, $72,000,000. New York Federal R serve bank credits, $59,000,000. — DIVIDENDS. Pay- able. July 23 July 3 July 10 June 20 June 15 June 15 July 2 July 2 une 30 pt. 1 Aug. 15 July 2 June 20 July 2 June 20 Btock of Com| ¥ Anaconda ~ Copper. Bk. Nova Scotla. Computing Tab. Glen Alden C Laclede G. L. $1.75 Laclede G. L.'Co. pf Q $2.50 18 3 Q United Drug. $1.50 Worthington P & M 6% pt. - Q1%% Q 1%% June SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) ——Noon.— Aluminum Co. of Amer. 7a 1925. Aluminum Co. of Amer. 1983, American Cotton Oil 6x 1024 American Sugar 6s 1987. American Tel. & Tel. 6s 1924 American Tel. & Tel. 6s 1925. Anaconda Copper 6s 1929. Anaconda Copper 7s 1929. Anglo-American Ol Tizs 19 Asso, ‘Simmons Hdw. 7s 1925 Bell Tel. of Canada 7s 1925, Bethlehem Steel 78 1923. Canadian Northern 53s Central Argentine Rwy. 69 1 Central Leather 5s 1935. €., C., C. & St. L. 6s 1929, Chicago Tel. 5s 1923. Du Pont 7i4s 1681.. Goodyear T, & R. &5 1931 Great Northern 7s 1036.. Hocking Valler 6s 1924. Humble Ofl 5%s 1982 Kansas City Term_ 6s pper 7s 1980. & Libby Ts % 15, 1928, BT, 45 523_]:-' 15, 1923.... 99 15-16 5 1816 %0 lbl.; % 100 3-82 100 182 * into. the market for this class @ of | Two More Steamships to Be Pnt‘ the cost of which will be defrayed | |Boston freight and passenger vessels | offer will be made soon to the minor- | 133,338 trucks for the same period of ;. DENIES EXITENCE OF WORLDBANKERS “International Banker’ Not Found in the Flesh, Otto H. Kahn Asserts. Is By the Associated Press. ROCHESTER, N. Y., May 23.—There 18 no such thing as an “international banke=" ‘n Ame=i-n a5 the meaning s of the term is zenerally under- tood, Otto H. Kahn of Kuhn, Loep & Co. de-| clared todey, in in address befare | the Rochester Chamber of Com- merce. “He exists in the magination of the neople all too nu- merous,” Mr. Kahn ald. “But he does not exist in the desh. You might as well wpeak of the international farmer because the farmer selis a certain percentage of his crops to Eu- Tope, or of the international manu- facturer because some of his prod- ucts are exported to Europe and some American manufacturers maintain branch establishments, or agents in Europe, or of the international mer- chant, because he imports goods from Burope. The banker maintains and can maintaln, international contact and conduct an {nternational business to the extent that American industry, commerce and agriculture are inter- national His Market Home Market. “The American banker's market is the home market. His success is con- ditioned upon the capacity ana will- ingness of the American investor to adsorb the securities which he‘offers. His very existence depends upon the confld co-operation of the public fellow bankers any banker whose activities 1 Justly create the impression that he was actuated by cosmopolitan rather than by American interests would very soom lose that canfidence and follown. “The American bankers' principal functions in rela n to Europe are to provide the requisite banking facili- ties for export and import and for travele: e and his art in Forelgn Financing. “That part of his functions which consists in flnancing loans of foreign governments or industries has hither- to been (with sporadic exceptions) of relatively inconslderable proportions ared to the vastness of the e of his transactions in financ- merican industry, commerce and In saying this I do not ly that there is anything apology in the floating of foreign loans in America and in the loaning of American funds to Europe, provided that such loans are considered sound as to security and are made for legitimate constructive purposes. Indeed, such loans ought to, and I believe will, be made in increas- ing measure when conditions in E: rope will have become such as to war- rant it. It is both the duty and the advantage of a creditor nation such as this country has become, to place part of its available funds in foreign countries. Figures Put Too High, “The total amount of securities is- {sued in this country and outstanding of those European nations who were engaged in the late war. apart from war debts to the Amcrican govern- ment and temporary bank loans and similar trade accommodations,” Mr. Kahn said, “is not four or five billlon dollars, as has been stated in Con- giess and is reasser time in certain o but a great deal | ton." ed from time to ans of the press, less than one bil- | NOTE ISSUE ALLOWED. The Interstate Commerce Comms- | #lon today gave tie New York, New { Haven and Hartford railroad per- imlsamn to isrue $1.192,000 in equip- Inwnz trust certificates to pay for twelve electric .ocomotives. | e i Washington Stock Exchange. SALES. ”1‘.;:11.1 Traction—4 at 084, 1 at 98%, 10 at 6215 725, Wash. Rwy. & Elec. com —28% Rwy. & Elec. pfd. 10 tonal Rauk—3 at Coutinental Trust—10 at_ o Lanston Momotype—8 at AFTER CALL. t Co.—1 at nal Bank—2 at 640. raction 5s—$1,000 at BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. & T American Tel. & Te Am. Tel. & Tel. ctl. tr. Amer. Tel. & Tel. conv. 6. Anacostia & Potomac b Anacostia & Potomac guar. eake & Potomac Tel Chesapeake & Pot Tel. of Capital Traction R. R. B8 . City & Suburban 5. Metropolitan & Potomae ! Potomac Potomae Potomac Potomac Tat Riggs ‘ Capital i i | Rid. Asked. 1% 92 = 881y { Wash diex | Wash.. Bait. Washington Washington bieass? Wash. Rws. & Elec: ds . Wash. Rw. o, & L MISCELLANEOUS. D. C. Paper Mfg. 6s. Riggs Realty s (long).. Riggs Realty 3s (short). Security 2 age Os Wardman Park Hotel 68 STOCKS. PUBLIC UTILITY. merlcan Tel Terminal Taxi com. NATIONAL BANK. Capltal Columbia Commercial District Farmers Federa Liverty . Lincoln National Riggs Becond . : National Bank of Washington.. TRUST COMPANY, Wmerican Security and Trust Continental Trust Merchauts’ Baok. National Savings and Trust. Union_Trust.... s Washington Loan and Trus SAVINGS BA and Savings. Metropolita; g Security Savings and Seventh Street. United States. Washington Me FIRE INSURANCE. Firemen's National Unfon. TITLE INSURANCE. 3 % 125 MISCELLANEOUS, Columbia Graphophone com. Columbia Graphophone pfd. D. O. Paper pid......... Merchants’ Transfer & Storag Mergentbaler Linotype . 014 Dutch Market com.. 0ld Dutch Market pfd. Lanston Monotype. Washington Ma; Yellow Cab... *Ex dividend. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DENVER, May 23.—California spring lambs have reached a new high level &t the stock yards here. A large packer recently paid ‘$15 a'head for 550 head averaging sixty-eight pounds in weight. SAN FRANCISCO, May 23.—The to- tal gain in dry goods sales by nine of the city's largest department stores during the year so far, as eompared with a similar period.in 1822, has been 16.7 per cent, according to a sur- vey completed today. ATLANTA, May 23.—The early peach and pecan crops were damaged extensively by heavy gales which re- cently swept this section while the | trees were in full bloom. SEATTLE, May 23.—Tire dealers and handlers of mechanical rubber goods reported they had a record-breaking year g0 far. Tire sales are on the in-{ crease and mechanical goods show an increase in sales of 20 per cent over the corresponding period of 1922. LYNN, Mass., May 23.—Shoe manu- facturers reported today a falling off in new orders, and it is expected a re- duction in production will take plaece shortly. HOUSTON, May 23.—The sudden 2r- rival of warm weather in this territory has stimulated the sales of summer parel. The improvement is particu- rly noticeable in men’s clothing. WHEELING, W. Va., May 23.—Op- erating schedules of stel plants in this district aurc being maintained. Mills are operating at or above normal. NEW POTATOES DROP AS SUPPLY JUMPS Price Comes Down About 75 Cents Per Barrel in New York Market. NEW YORK. May 23 (Special).— Southern new potatoes were in heavy supply today and prices declined | fully 50 cents to 75 cents per barrel since yesterday. Florida Spaulding rose. No. 1. sold at $7 to $71.50 per double-headed barrel and South Carolina No. 1 cobbler at §6 to $6.50 per barrel. 014 crop round whits, No. 1. brought from $225 to $2.75 per 150-pound | sack. CHICAGO PRICES HIGHER. But Cheaper Strawberries Help Off- set Potato Costs. By the Associnted Press ! CHICAGO. May 23 —Housewives generally paid slightly higher prices ! for potatoes during the week ended May 21. according to the report of | the United States Department of Ag- riculture, but were recompensed in a measure by the rapid decline in strawberry prices Strawberries generally were weaker there being much stock of poor con- | dition on markets They were quoted at 10 to 20 cents per quart PRODUCTIONS OF SHIRTS INCREASED 40 PER CENT| Garment Makers Declare War onl Convict Labor in Clothing Industry. | Special Dispateh to tle Star. CHICAGO, May 23.—Production of | shirts today is 40 per cent bigher ithan at this time last year, according to B. B. Tim, president of the Manhat. tan Shirt Company, who is here at- tending a meeting of the Interna- tional Association of Garment Manu- facturers. Demand, he added, was keeping pace with output Legislation to restrict the manufa ture of garments by convict labor to articles consumed by the states and by prisons is being urged by of the assoclation. Three dele; irade before the convention in garb, while W. Raymond Sn | ew York told the delegates thn jeonvict labor wpuld put them ou jof business if they did not act quick ly. He said ten thousand convicts were making shirts and overalls to be sold at Jess than legitimate manufac- turing cost. —_——— TODAY’S COTTON PRICES. Go Higher Markets. NEW YORK, May ures opened firm { Quotations May tton fig- 28.65; July 27.10; October 24.20; December 23.65:; January 23.47 Futures 11.45 a.m 28.58 asked; July 27.3 December 23 January 23.65. NEW ORLEANS, May 23.—Cotton futures opened steady. July 27.00; October 23.48; December 23.18; January 23.04. Futures 11 am. bids; stea May 28.21; July, 7; October De- cember 23.30; January 23.1 NEW YORK, May 23.—Cotton, spot. bids, steady. M: quiet. Middling, 28.40. Cotton futures: closed stead October, 23.99; January, 23.25. NEW ORLEANS, May 23.—Cotton ay, 28.20; July, 26.73; December, 23.50; futures closed steady, 17 points down | May.l to 3 points up, net. Closing: ; July, October, 23.43; De- cember, 23.02; January, 22.90. NEW ORLEANS, May 23 cotton firm, 50 points higher. on the spol, 429 bales; to arrive, Low middling, 26.75; middling, good middling, 28.00. Receipts, 2, stock, 102,292, NEW YOREK May 23.—Cottonseed oil closed ea: Prime summer yel- prime crude, 9.75a10.00. June, 11.40; Jul, August, 11.24; September; 11.03; Oc- tober, 9.97; November, 8.98: Decem- ber, 8.80. Sales, 7,400 barrels. FINANCIAL NOTES. RICHMOND, Va., May 23.—Inter- ests identified with the Bethlehem Steel Corporation are understood to be negotiating for 8,000 acres of land in the coal basin located twenty miles from this city. HAGERSTOWN, Md., May 23.— Charles W. Cromer, operating one of the largest silk ribbon factories in Maryland, has organized the Shalwin Hoslery Mills. About $20,000 worth of machinery is being installed in the lant. PATLANTA, Ga, May 23—The state of Georgia spent $4,980,837 in road construction and " maintenance ' in 1922, according to the chairman of the state highways board. Of this amount, 80.98 per cent was for actual con- struetion. NEW ORLEANS, May 23.—Fertilizer companies established here report the largest - sales on record. Loulsiana jof_shares and in Both October 24.37; | WASHINGTON, D. C, WEDNESDAY, MAY 23, 1923; SEEK WAYS T0 PREVENT. | BIG CROP CAR SHORTAGE Special Dfspateh fo the Star ST. PAUL, May 23-—Sectional meet- | ings are being held-throushout the northwest by the car. service commit- tee of the American Raflway Associa- tion to secure closer co-operation from grain shippers in order to mini- mize freight car shortage during the harvest. Efforts are being made to develop plans to prevent diversion of equipment from western to eastern roads. A ruling by the Interstate Commerce Commission directing. 3 car exchange at Chicago . is one method advocate Earnings of 8% Plus Mal vings earn @ real incoms offer preferred participation and voting inte est in ag old established dividend-paying. packing and feed yards industry locs in the live stock center of the west. referred shires earning 5 per annom, with n"rll’lh’tl surplus for Toting shares. ~ Dividends -pajd | semi-annually. Large new plants under coh- Struction’ bromise cnormons fncrease in valus | mings. Monthly. payments if desired. * Write for particolars. The Cnited States Finance Corporation, 522C, Foster bldg., Denver. Col A LU HTE U £ Continental Trust Company Capital One Million Dollars 1th & H Streets NG ELULTTHITHTI Hinnn American Telephone & Telegraph Co. 135th Dividend 1 dividend of two dol-{ nts wiy - 16, 102 ord’ at the close o 1923 IR-SMITH, The regular quarter! lars and twenty-five paid on Monday, holders of re Weduesdny, June 20, H. BL to stock- | business on Treasurer. —have on hand, ready for im- mediate delivery, about thirty thousand dollars In gllt edge o/ V4 First Mortgage Notes in Amounts of $250 up to $7,500 A splendid opportunity to in- vest your funds with abso- lute safety and get the maxi- mum return of interest. Title certificate insurance policies is- sued to all our loans. For full particulars Loan Dept., Chas. D. Sager 924 14th Street Main 36 and 37 Mortgage Investments apply Money to Loan Becure by firac deed of trust on real estate Prevailing interest snd commission fal 420 W L. ke Joseph 1. Weller bidg.: "oth & ¥ B LOANS If you Jave money to invest, we can safely place it on gilt-edge first D. C. Mortgages. Our record of 0 years insures your pro- tection. Courteous treat- ment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. ‘First Mortgage Loans Lowest Rates «f Intersst and Commission | Prompt Action Thomas J. Fisher & Company, Inc. | 788 16th Street. s EQUITABLE Co-Operative Building Association Organ’zed IS7T9 434 YEAR COMPLETED . . $4,657.959.58 . $1,180,880,91 Save While You Have the Opportunity. —You save with the best results by, adopting our systematic saving plan. Subscription for the 84th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. May 27.65:; For Our List of 7% FIRST MORTGAGES We on land several ve $3,000 loavs running for three years— At 7% Interest Ready for Delivery in a Few Davys CHAS. D. SAGER 924 14th M. 36 Mortgages, Loans, Investments. LOAN on D. O, real qutate, and_ household goods_ or chat : nt interest. e ehauged. Coms Ta"ead 1ot ‘mar foin our. method. of ‘making small ns. ‘Commercial Loan & Finance Co: Boom 811, $21 1540 Bt. MW, Bystom Copyrighted & Patent Pending. o] Sk Bonds so designated have market advantages which they would, not otherwise possess. . The sale of securities: - has taken about double the fertilizer bought last year. Farmers are in a much better financial position. BUSINESS BRIEFS. ST. PAUL, May 23 (Special),—Thé fire; issue _of the new state rural Sredita" bonds, amounting (o, §500,000, will be placed on the market Juné 1. Tt ln satd that the rate of 4% per ceni interest would permit loans to Minne- sota farmers for short terms at 5 to 5% per. cent. DETROIT, May 23 (Special).—The employment’ barometer here, -which. is regarded as an active measure of the automobile trade, has reached a new high total of 343,000 workers in the last week. DALLAS, May 23 (Special).—Union bricklayers in this territory are now working on a wage scale of §1 a day higher than existed here last week. to, such Sinking Funds can - often be accom- plished at better than market prices. + We will be glad: to send you. our’ recent re- viewofbonds containing Sinking Fund provisions. EW\'E } ome Furniture { First Mtgage,-n Made On Improved Properties (Including ‘Residences) In the District of Columbia 51/2% Interest Reasonable Annual Curtailments Required Loans for Less H. L. RUST COMPANY Main 6888 912 15th Street Loan Correspondent for the Prudential Insurance Company of America WHO DECIDES HOW YOU WILL INVEST YOUR MONEY? Over a Quarter of a Century Without a Loss The successiul direction of your own business requires very careful and cau- tious attention. You are .most likely guided by facts—not theory. What others do and how they operate their business naturally need not influence you in the management of your own—BUT facts help you make decision. You need the best judgment available when it comes to Investing your own money. This organization, by reason of its knowledge of investments, can put at your disposal facts that will prove directly val- uable in relation to the investment of sur- pius funds. Facts govern our selection of the FIRST MORTGAGES we_ offer, and each ome has our recom- mendation prior to its offering for sale Let us help you decide on your invest- ments. F. SAUL CO. 1412 Eye St. If You Believe in the United States, You Believe in Washington! Per Cent First Trust Notes Conservatively-made _ I Washington property, divided into notes of conver denominations—§100° to $1,000—paying 7% interest ade first mortgages on highes semi- annually and maturing in three years. Safe, Sound, Secure Make Immediate Reservation WA:AD:@. !ER 813 15th Street N.W. Dean, Onativia & C. Than $50,000 May Be Paid in Whole or in Part at Any. Interest Period Without Charge Stock Exchange Building STOCKS and BONDS Manager o New York Stock Exchange Chicago Stock Exchange Associate Members of New York Curb Association WASHINGTON OFFICE: Main Floor, Woodward Building Office Open Until 5:30 P.M. Phone Main 2040 JOHN CALLAN O'LAUGHLIN We ofizr,'ml.vject' to priér sale, a limited issue of First Mortgage Real Estate Loans at 7% interest, securcd on well selected, newly constructed residential property in Northwest Washington. Call or write us for full informa- tion concerning these loans. - New York COTTON GRAINS COFFEE SUGAR MEMBERS: New York Cotton Exchange Chicago Board of Trade New York Produce Exchange Minneapolis Chamber of Commerce CHARLES R. ALLEY Assstant Manager FIRST MORTGAGES .The Safest Security on Earth COl V;NIEPIT DENOM*N.ATIONS Ask for Descriptivé Booklet ‘S"—It's Free First Mortgage Investments’ $500 15th St. at K St. NW.