Evening Star Newspaper, June 19, 1923, Page 23

SEEK TO REGULATE PRICES OF WHEAT Producers and Traders Far . “Apart on Any Method of Stabilization. BY J. C. ROYLE. teh to The Star. W YORK. June 19.—The old line of demarcation between the grain producer mad the grain trader was sharply drawn today as the delegates ¢to the national wheat conference sathered in Chicago to attempt to work out some plan for stabilizing the price of wheat and assuring the farmer a profitable return. Producers, recognizing fully the difficulty of their problem, still were hopeful of arriving at some helpful ssolution. Traders looked on with a celing of skepticlsm, opposing objec- tlons to proposals for a reduction of treight rates on grain, and suggested | on bread of 1 cent a loai would ¢ neither the producer nor the r wheat surplus ce * safa one big trader. “If pro-| ers harvest a surplus, the price must be lowered to a world-level in | order to dispose of that surplus. Only oné thing matters in the making o the price of wheat—that is the law of supply and demand. Low Price Due to Surplus. “The present low price of wheat 18 the result of an excessive surplus not in America alone, but the world over, and to a lack of speculative buying. A ulative demand is needed, especially at the time when fhe new crop is beginning to move, when the t makes the Germéns Plan $5,000,000 Plant In United States By the Associated Prews. NEW YORK, June 19.—Martin " Sternberg, head of Martin Stern- berg & Co. of Amsterdam, one of the wealthiest bankers of Europe, arrived on the Majestic today for conferences with Ameriean bankers relative to the estabHshment in America of branches of large Ger- man industrial enterprises. He was accompanied by Kurt Sobernhetm and ~ Rudolf Rosenhelm, German bankers. One of the first undertake~ ings planncd in America s a $5,000,- 000 plant for the manufacture of cosmetics. ASK 1. C. C. PERMITS FOR NEW FINANCING Reading Needs More Cars and ‘En- gines—Other Plea From Georgia. The Reading Company, the holding company in control of the Philadel- phia and Reading railroad, applied to- day to the Interstate Commerce Com- missien for permission to issue and sell $6,000.000 in equipment: trust se- curities. It is proposed to buy 2.000 freight cars, twenty-five locomotives jand 105 passenger train coaches,. at a total cost -of $7,604.000. The Central of Georgia rallroad, Whicn owns the Ocean Steamship Company of Savannah, also asked the commission today to authorize it fo guarantee an fissue of $1.000,000 in § per cent gold bonds, which will be sold to the Compa of Savannah. The will be ‘used to pay off an issue of 7 per bonds DROP $300,000,000 By the Accor A Press. farmer wants to market it and when there is no milling or export de- mand. With normal speculative buy- | ing the price probably would bej above ‘s present level because of the, “rop ¢-terioration in the southwest and t.- shance of a small spring wheat ~ie.d, due to the late season and posz.ie damage from black rust. | o« “Exporters usually buy wheat at this seagon in anticipation of foreign demard. Last vear they had a bad | ason and took a big loss as they wege forced to consign their wheat | T hefore demand developed by banks which were carrying their paper They are wary over a repeti- !/ tion of this experience. Foreign coun- tries are not financially able to take | our wheat in the same manner as| \before the war. The United States has the bulk of the gold supply and Great | Britain, the distributor for Europe, | finding it dificult to secure funds | 1Ty big stocks of wheat at pres- ent i Althouzh the delegates to the con- | ference admit the difficulty of the sit- | uition. many of the thousands who | gathered at” Chlcago expressed the | belief that constructive results would | obtained by co-operation of water EW YOI June 19.—Brokers' ans have declined about $300 | €60.000 from the high point of this vear, the present total being $1,- 700.000,000, against the peak of £2.000,000,000 on February 14, A ar ago loans amoumted to $1,- 350,000,000 2, .5C0 Men Interested in Pay Con- ference in Cincinnati. d rail carrlers, farmers, distribu-| CINCINNATL Ohio, June 19— iors. manufacturers and business men | Wages and working conditions af. | general. especially through meth- ;o G508 AN L Bitions: at ds"to increase domestic consump- | f¢CtiNg 25,000 shopmen on the Balti- tion U7 more and onio Cotton Situntion More Serious. | The country is facing a serious *sit- | uation so far as cotton is concerned, according to growers, mill men and ; experts throughout the south. The condition of the Louisiana crop is im- proving, but neither that state nor | less promising. It ‘is worthy of notic. some cotton miles in N on part time, those companie: have mills in the south as well as in vew England are running their south- | ern plants at full speed. 1 The market for calcium arsenate, one of the main weapons against the | boll weevll, is extremely dull at pres- ent, but the spot supply is limited, and prices are fairly firm, as dealers be- Tiev Texas, that a heavy demand will make | itself felt from that state before July | is ended. . M sippi is expected to produce as | quuch as was hoped for earlier tI ear. CGeorgla, Alabama and the Caro- | inas are reported in even worse con- ditfon. Now reports are coming in ¢ from widely separated districts in | Texas, the only state with a good crop, that damage from insects is increasing | and the condition of the fields gro i i (Coprright, 1923.) : { WILL PRESENT PLAN | FOR SELILNG WHEAT, {house Washington Man to Urge New Government Marketing | Corporation. A plan for a government marketing | rorporation to buy and sell wheat | will be submitted at the natlonal | wheat conference which opened in | Chicago today by Benjamin C. Marsh of Washington, managing director of the Farmers' National Council, Un- der th~ plan, Mr. Marsh said, the gov- ernment corporation would buy up ywheat at a price higher than the mar- wet and sell It when the market got up. Such a plan. Mr, Marsh sald, hodied in the 3 which will be reported ngress next fall. The bill would permit the Zovernment to appropriate up to $100.- 000,000 for purchase of wheat from farmers and farmers' co-operatives. is em- r bill | STREET RAILROAD WANTS | TO RAISE CARFARES \ Retaining of Jitnevs Causes 8pe-, cial Appeal to Courts in Houston, Tex. Special Dispatch to The Star. HOUSTON, Tex., June 19.—The Hous- ton Electric Company, owners of the ! local street car. lines, has just filed a | .suit in the ‘federal court here eetting “forth that the present seven-cent fare | nets the company only 1 per cent and | asks permission’ to establish a fare | ‘hich will afford an adequate return on | s_investment. This action followed the results of a recent election in which voters vetoed the action of the c authorities in abolishing operation of jitney lines .in the city. | - FREIGHT CAR LOADINGS UP. CLEVELAND, June 19 (Special).— Freight car loadings here so far this year are estimated today to have heen in the neighborhood of 35 per cent greater than for the correspond- ing period of 1922. -— DIVIDENDS. - Stock of ‘Company. Pr. Rate. able. record. Am. Cal. of Alle- ny - Q@ $LAug. 1Jume1r Q1%% & Q@ 'b0c June 30 June 20 Q 1%% July 1 June 20 Q 1%% July 1 June 20 Q@ 1% July 1June 30 Q 1%% July 16 June 30 Q _ 50e July 2 June 21 D. Pt Q 1%% July 3-June 21 .... Q381 July 21 July 16 De Beers Mines pf .. 255% .. i Great North. Ry. pf sa $2.50 Aug-1 June 20 Lurentide Coi, Ltd Q 1%% July 2 June28 t’)fi‘fl%v Flour Mille gl % ;ng 3 }nn@g est. Ry. pf. ul une 3 PRI Rapit Teans. Q A July 31 July 18 Dwight P. Robinson 186 D poceceesss Q1% % July 1 June22 from reports of infestation from | | railroad were to be at the annual convention of the shopme federation on that and discussed anics received a ralse f 3 cents an hour May 16, The <ix shop crafts represented are machinis boilermakers, black- smiths, sheet metal workers, carmen and electricians COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY FORT WORTH, hoppers, boll weevils and spiders are eating up the cotton stalks and foli- age and are damaging corn, accord- June 19.—Grass- ng to reports tod ¥ from suct widely parated points as Novice, Wichita Falls, Bangs and Goldthwaite. PITTSBURGH, June 19—~When the warm _wave struck this district women made a rush to stores to purs chase summer dresses in such num- bers that stocks were near depleted in a few days. Orders have been hup. ried to eastern makers and goods are being shipped here by express SHARON, June 19.—The Westing- Y ectric and Manufacturing Company has completed today the purchase of part of the equipment for its Sharon plant. Hand shears, plate machinery. lathes, shapers and mill. Ing machines have heen bought. ATLANTA. June 19.—New cotton mills launched in Georgia within the last week include a million dollar factory at Acworth and a two-million- dollar vlant at Rosewell. Each is backed by local capital. Selma City, Ala., has voted tax exemption for ten years for any textile concern locating there. SAN ANTONIO, June growers of south Texas are plaining of dry weather. The water- melon raisers” with a large acreage and with early conditoins favorable have been joyful until now, but the crop is late and beginning to deteri- orate for lack of rain com- JEFFERSON CITY. Mo, June 19.— Crop conditions in Missouri are from ten to thirty days late. The outlook on the whole today, however, is not unfavorable. Estimates point to a wheat crop of 44.417,000 bushels, about six million more than a year ago. Clover and alfalfa were killed by a late freeze and farmers. are sowing millet, cane, kaffir, corn, sudan Erass, soy beans and cow peas to make up the hay deficienc Citizens and_Southern | funds | | % & f The report declared greater por-| cent o X l.d n Georgla and South Carolina, | conditions being good 'in 'northern | Georgla, as a rule, and excellent in LOANS BY BROKERS |&reitos s Tobaceo transplanting is drawing ubsidiary lines. which is in session | re today with 150 delegates pres- t. The mec 19.—Melon | [ Seymour ! York WEEVIL CHECKIN COTTONS ERONTH Rain Also Hurting Qutlook: in Southeast—Conditions of Other Leading Crops. By the Associated Press. Z ATLANTA, Ga. June 19.—Weather conditions were very unfavorable in the southern part of the cotton re- &lon, where heavy weevil infestation and marked deterforation occurred during the past two weeks, according to the southeastern fortnightly crop review issued here by the United States Department of Agriculture. Weevils are reported in all sections of Georgia and South Carolina, ac. cording to the report, which i com- piled from the reports of statistictins | In North Carolina, South Carolina, Tennessee, _Alabama. Florida and ieorgia. ‘While still late, the crop is well “cultivated and improving in North Carolina: making fair progress In South Caroiina and the northern half of Georgla. Planting is now about finished to the northern limits | of the region, chopping is slow and flelds grassy in Tennessee. 2 Corn Doing Well North Carolina corn is progressing nicely, being in good cultivation and having been benefited by rains the latter part of the period, the report said. Condition_of winter wh, at, accord- Ing to the réport, in Tennessee is gen- | erally good. damuge by rains. rust| and Hessian fiy not being serfous. | North Carolina’ reports good pros- Dpects, the crop holding up begger than | was expected. Georgia and South | Carolina conditions are given in the | report fair to good, with a portion of the crop harvested. Tobacco Outlook Uncertain. to a close in Tennessee. the report said, after a considerable delay in | i work of preparation. Condition is quite variable in_North Carolina and | the ‘outlook uncertain od growth | {and development ix being made in | | Georgla and South Caroli hough there has been too much rain to in- sure the best quality. Plants have | made excellent growth in Florida where clear weather is now needed | for harvesting. The report declared the watermelon yield will be light as a result of rains and disease, and commercial crop is | moving fast. | First Sweet Potatoes. i Planting_of sweet potatoes con- timues under favorable conditions Early potato crop is being harvested | in Florida. Irish potatoes show good ields in Georgia and South Carolina North Carolina reports a vield e siderably less than last vear. the movement more than half o Production of tomatoes in w ith Florida was cut short by rains, it was d « with splendid prospects for next sea ndition of citrus trees is good son, the report avers Early bu grapes aré ripening in Florida. Pros- | pects for blackberries ar ellent in Tennessee, Georgia and South Car- olina. STOCK EXCHANGE HEAD { SCOUTS MORE FAILURES By the Associated Press. - NEW YORK. 19 President L. Cromwell of the New Stock ' Exchange today said there was no basis for the flock of rumors in the financial district that a number of failures were impending The exchange's committee -on husi- | ness conduct has checked up the va- | rious reports, he said. and in each case has found no Jjustification for! any suspidion of weakness. TICKER TAPE GOSSIP. | June | More Big Loans Planned—Paper Mills Rushed. NEW YORK. June 19.—Mills of th International Paper Company con- tinue to operate at about 56 per cent above normal for this time of the vear. officers of the company an- nounced today. The Union Ferry Company of New York today declared a liquidating payment of $10. payable July 16 stock of record June 15 More than $100,000,000 of acceptable government loans under di sion in South American republic: cording to R. DeF. Boomer, American representative of Rollins & Co.. investment who is in New York on trip. H. | bankers, | a business LOEW GETS THEATER. BALTIMORE, June 19.— Marcus | Loew has secured the right to the fee of the Lexington Theater, at the southeast corner of Lexington avenue and 51st street, through a purchase closed with Frederick Brown, operator, and will take title and fuli control within a few days. The theater is one of the largest in the city, with a seating capacity 3.000 and stands assessed by the ci $500,000, of which $245.000 is for iand value, Oné of the department store land- marks of West 14th street, occupied for many vears by Rothenberg & Co., at Nos. 34 to 42, extending through the block to Nos. 33-41 West 13th street, will presently be added to the F. W. Woolworth Company chain cof stores The lease and sublease covafs thirty- six years, for which the rental, it was sald, will aggregate about $1,000,000. It Pays To Specify “Murco” L A House or a Chair painted with “Murco” is well dressed. There is nothing pearance or protection. That is the secret of to be desired in either ap- good paint. “Murco” goes right down into the grain and affords complete protection as well as providing a pleasing color to the eye. 23 | sent $14,18; A rmany never be- | fore has bulked so large in the ex- the shipper chose to add 50 per nenl»l to the stated value, and an addl- tional 2 per cent for each further 50 NEW RAILROAD RATES ON LIVE STOCK ALLOWED PRODUCE RUSHED GOLD IMPORTS COME _ per cent of additional value declared 4Port of gold to this country. The I. C. C. Rules in Favor of Roads | prize cattle shipments, the beginning | Bl S | » | value being fixed at $75, while for | S turned over to Belgium in the course A Strawberries Drop 10 Cents Per in Shipments Under Special hogs the basic value was §15. (Marked Change Noted in Coun. O “cttlement became payable in New Conditions. | | York to holders of -international bills Quart—Shipments From 1 | LIVERPOOL COTTON. | tries Sending Precious | of exchange which Belgium had sold Railroads were given permission 3 China was the only other large soures s . VE ., June 19.—Cotton—Spot, Eleven States. oy o e L Oeievicsce| IEVERERNE. P o Metal to U. S. {of gold sent into the United States Commission to- vary rates on live- |quiet. Prices casier. Good middling, 16 . stock used for breeding. racing and !gu1 migaling, 16.18; middling, ' ¥ [g;xv‘nm\:r.:‘lg |w'.;fm?».'-m:”rm(1‘.’«””3; 31, The st O e N | ow miglinig. 175 soof GrMuacy.| " SR an Special Dispateh to The Star. . |the value placed upon the animals | . p %000 | May Imports of gold into the United | made up in small “shipme NEW - TQRE, Jamo at%—[he, Dow by snivpers; L5 s, oy, L merern, “ho) | States showed a considerable change Slaber iy SeEscous Turkfelcy owbotunmle etk ate swasc] = A o e e | i 2400 paies luding 100 [in the sources from which the ship- | Gold exports from the United States heavily supplied last week. Fresh .’!fi:.’:“ "[1‘ e sates “_,IN"N,:“,M,w,\,,,,r,'.‘an_ Futu closed ~ very | ments were drawn. | during May ounted to $824,444 frults and vegetables arrived from many | ¢, ;ycing, show or breeding pur- |steady. June. 1 July, 14.74 Wikile Eogiand wa usual, the | Mexico ot practically all sections of the country, as well R al, and rail- |tember, 13.88: Octobe D $661,120—but that country home_grown, produce from, nearby |Poses at $150 per animal, ‘and rail- |tember, 1283; Octobe itaren, | 1argest exporter of gold, sending i Shiae conntEy M districts. It is interesting to nnh*i Snf fo ithe fralght efe whenarer |16 1 | 806,215 to the United States, Germany | month $673.6! that white potatoes consgituted a most one-fourth of the ‘carlot re ceipts, pver 900 carloads being re- ceived from eleven different states. In addition to white potatos cantaloupes, the following large quantities of perishables were re- ceived during the past week: I 269 cars; oranges, 261 cars: pe g 211 ear watermelon 172 cars; strawberries, 142 cars: cucumbers, 291 cars; onions tomatoes, 201 cars, cabbage, . and beans, 111 ecars. The bulk of today's sales of straw berries showed a decline of from to 10 cents per quart since yesterdavy. owing to_increased receipts from the Hudson River valley and nearby sec- tions | NEW INDUSTRIAL RECORD. Forty-One Factory Sites Are Ac- quired in Frisco. Protection Special Crude Oils Speeial Dispatch to The Star. SAN FRAN June 18.—The} last week st a new record for i indust in San Francis fl t lnln Forty-one factories acquired rites or concludedy other _arrange ments for moving® here. These in- cluded machine shops. a boiler fa 0 tory, ice plants, plaster works, she al plants, sawmills, and a fu niture factory. Scientific Testing A Grade for Uour Motor Nuso Erankease Service Incomparable Word of Caution = —= =g LiRSON JIL YO The Polarine Chart lists your car, truck, tractor ormotorcycle and the right | oil for it. For a “long life The tremendous sale of 3| iy P fin Ebonite has inevitably led to policy” buy from t art. the appearance on the mar- ket of many imitations None of th substitutes can in any way compare in character and quality with Ebonite. All of the tempts have failed. because the imitations lack the lubri- cating qualities, the distine- tive consistency of shredded oil. refined by a process known to us only. STANDARD OIL COMPANY (New Jersey) e £ -} kel felbenldeloledielubeleiekeelodieleleleieleledeliebebeielefebebeioboleluie s Therefore a word of warn- ing from the makeg to pur- chasers has become impera- tive. 7, éllllll Grse77 v, Yt2s7” %////// For your protection and to avoid imitations insist upon retting EBONITE (It’s Shredded Oil) 5 ®or Transmissions and Differentials LONG LIFE TO YOUR MOTOR Say “Polarine”—not just “a quart of oil” : e e A A AN A AR 4V AR (A AAA AN WAR Ayh TRAR VA TAAR AL WAK A (A AAA J\jh AAR Ina o3¢ 031 S0 36 o2 e 56D 20 56 620 56 42 20 956 43 So 56 o2 o ¢ o2 o 96 o2, G A, \y N4 2 , = > = S e ¢ v NV v AT T v vov NV Fovy, VAV 0 vove WP v 3, NV wovor, YNE wovw, NN wovv, SN VS One million new users this year for Royal Cords A 4 <4 K you have never used Royal Cords-think about this — IN ten days after the United States Rubber Company announced their three new basic discoveries in rubber manufacture, the effect upon tire buyers was felt from Coast to Coast. Frankly, such a response as this to an announcement is not usual in the tire business. . But in these U. S. discoveries both the experienced car owner and tire dealer see two unusual elements. One element is the discoveries themselves — Flat Band Process —ensuring the positive length, angle and strength of each cord Web Cord—the first successful method of impreg- nating cords with pure rubber by direct soaking in the latex itself Sprayed Rubber—the first absolutely pure rubber marking a development in tire manufacture that fairly o‘fl WA h A, s 7 Y vv.v\ 4 < -~ - "l [ (A > \ A W] W N a2 A’ I\ 4 A A <4 4\ \ O.L N T AA/A ‘A v P D . &2 A YIS 1\ % 4\ - - a X <, K e v~ i Yo 0 ) » >, i) - N \ -~ I ol - \ PSS I\ M A 4 v W\ 4 AT a 7V v.v.v,\ £ g (4 k' - - Y " - *< " And another-'important thing, “Murco” will wear and wear and wear. Its ability to hold up under the most trying conditions has earned for it the name of the “Lifelong” Paint. Absolutely pure all the way through—lead, tur- pentine, linseed oil and Japan drier—l(X)j”q efficient. Try it on the next job you have painted—and enjoy its satisfaction. Any color you want; any quantity you need. 710 12th St. N.W. Main 5280 AR deserves the term “revolutionary.” The other element is that these discoveries apply to U. S. Royal Cords. In short—here is U. S. leadership demonstrating itself again by making an already fine product an even higher money’s worth. United States Tires are Good Tires TACA'A 4 ." N *< e N\ d ST AAA 4 V V.V, g |S -, \f \ - L S LA A S ) =3 A\ Y = A \ d N [7¢YON VA AR © 1323,UriRed States Rubter Company, New Yark TACAR 4 "‘ A ACANR 4 PP\ P g = = JE o< Je I Y yovv WY vvwi Y A J - ~ AL/ TACACAY 4 M NAA/R AR P o= o RaAMALS A AAA 4 = S0 P& 6= 1 W7 wovv \r A\p A2 *> SO N\ wv.v VA AAA PN NS/ AR Ay AAA AN \/ S A ASS Ny vvv, WV vvy ANIA WAA (PN o220 o= 20 INr wovv, 7 A