Evening Star Newspaper, July 5, 1923, Page 29

—_—— REPORT ON COTTON AGREAGE STUDIED ] A Government Estimates on ~Areas Under Cultivation May Prove Too High. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, July 5.—Cotton grow- ers, traders, manufacturers and deal- ers throughout the United States de- voted much of the national holiday to post mortems on the government Teport on the condition of the crop and estimate of production, and to @fforts to figure out how it will aftect the course of prices in the future. The government estimate of 69.9 Per cent was so near the average estimate of the private investigators that it has been almost universally accepted as correct. In the south, however, the claim that 38,287,000 acres are being cultivated in cotton this year is viewed with considerable skepticism by many, who point out in support of their attitude the many winstances in which the government figures have overstated actual acreage in the past. This skepticism s in- creased by the admission that June estimates of the department in six out of eight years have averaged 14 per cent larger than the crop. This s attributed generally to an overestimate of the acreage. Private Estimates Lower. According to private reporting bu- Teaus, which i{ssue estimates in ad- vance of the Department of Agricul- ture, there is reported an acreage increase of 8 per cent. The govern- ment made the increase 10 per cent, showing 34,852,000 acres planted. The departmient revised this estimate in August to 34,485,000 acres. The final jrevision, after the crop was harvest- ed, gave the acreage in cuitivation in June, 1922, as 34,016,000. This was &n increase of only 7.4 per cent over 1921 and 836,000 acres less than the department had first reported. Of the acreage planted last year, only 38,036,000 acres were picked, which Produced a crop of 9,761,800 bales. See Higher Prices Later. In view of these faots, the cotton * trade, south, generally holds that the 12.6 per cent increase in acreage an- nounced by the bureau report points to the harvesting of only about 37,- 000,000 acres this vear, or approxi- mately the figure reached by the ma- Jority’ of the private reports. On Buch an acreage as this the govern- (ment's condition estimate would in- dicate a yield of 11,039,000 bales This would be a very poor showing in view of the large acreage and the fact that the crop Is at its best in June. Such an outlook, the south holds, is not encouraging to either producer Or consumer, for the production pos- sibilities usually shrink during July, August and September. As a result, with world demand at its present figures, prices are expected by the south to be higher, but probably not until later in the season. Hesftation in Cotton Manutacture. As a result of these and other con- ditions, manufacturers and dealers in cotton 'goods are hesitating, waliting to see which way the cat will jump, In New England there is more or less uncertainty among the cotton mills. A large number of the factories closed 3onday and will not reopen at all this week. Among these were the Amoskeag and Pacific mills, the larg- est in this country. Estimates indi- cate that operations this week will not be more than 50 per cent of, the manufacturing capacity of that sec- tion. This contrasts with capacity op- erations and overtime work within the last month. Lack of new orders ssems to be re- sponsible. Consumers are oclearly waiting for the benefit from possibly Tow s for cotton goods which will be passed on as a re- of lower prices in the raw cotton market following the governmeht es- timate. This hesitancy in placing or- ders for future cotton goods require- ments extends as far wekt as the Pa- gific northwest, according to reports today. Woolen Mills More Active, The business in wools 18 more act- ive, and although some cancellations have been received by the woolen manufacturers since the trend of com- maodity prices turned downward these have been negligible thus far. Most interests in the woolen trade predict higher prices at the opening of the lightweight season now but & few days off, but there is considerable hesitancy on the part of the buyers in placing large orders for late summer and fall goods. COTTON SELLS OFF .. IN TRADING TODAY 1 Selling Movement of Early in Week Resumed in Two Markets. By the Assoclated Press. NEW YORK, July 5.—Cotton fu- tures operied easy: July, 26.06; Octo- ber. 23.59; December, 23.05; January, 22.75; March, 22.70. The selling move:nent which was under way in the cotton market be- fore the holiday was resumed this morning. Cables were lower than due, while carly weather reports indi- cated that conditions had been favor. ghle for the crop over the Fourtn, nd advices from the goods market showed no improvement. The market opened easy at a decline of 2 to 20 points in response to these factors, and showed net losses of 20 to 3§ points durine the early trading, un- . der further liquidation and locai and southern selling. NEW ORLEANS, July 5.—Cotton fu- tures opened steady. July, 26. tober, 22.65; December, 22.38 ary, 22.37; March, 22.26. Poor cables, the raising of the rate to 6 per cent and continued favorable “weather over the belt put the price of aotton lower today, the trading posi- tions In the contract market losing 36 to 41 points In the first hour of ithe session. July fell off to 26.94 a pound and October to 22,54, NEW ORLEANS, July 5.—Cotton tl}tures closed steady at net advances of 8 to 17 points. Close rapge: July, 26:38—42; October, 23.08—13; December, 22.77—81; January, 22.66— 70; March, 22.54. NEW ORLEANS, July 5.—Spot cot- ton, quiet, 50 points lower. Sales on the spot, 25.60; to arrive, non middling, 26.00; middling, 27. middling, 27.50; receipts, 137 bales; stocks, 57,491, EW YORK, July 5.—Cotton . fu- tures, 11:45 am.: Blds, steady; July, 25.62; October, 23.33; December, 22.85; January, 22.58; March, 23.52. NEW OMAN% July 6.—Cotton futures, 11 a.m.: Bids, steady; July, 25.99; October, 22.00; December, 22.59; January, 22.51; March, 22.43. NEW YORK, July b5.—Cotton tures closed very steady; July, to 5; tober, 23.77 to 23. cember, 23.28 to 23.31; January, 32.99 to.23.00; March, 33.97. Spot cotton, quiet; middling, 27.65. 2 NEW YORK, July 6.—Cottonseed q closed dull; prime summer yellow, 1445a11.00; prime crude. 9.00, asked. July, 10.45; August, 10.63; September, 10.47; October, 9.56; Noyember, 8.65; December, 8.52; J: F ary, 8.56; sal L —— s ‘The northwest reégion of the Penn- sylvania system loaded and received from cornecti . week ended June 20:24,126 cars, ainst 22,204 cars the week in 1922 T e. Low 0; good fu- 26.40 De- THE . EVENING STAR, WASHINGTON, NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, July 5.—The decline on ‘the. Curb Exchange was carried further today, in the course of which numerous new low records for the Year were established. The lower levels were brought about by renewed liquidation from impaired speculative accounts along with & considerable amount of pro- fessional selling. Strong ' support was encountered throughout the gen- eral list at the lower levels, however. Oll stocks were selected as special objects of attack and the greatest amount of weakness appeared in this quarter. Standard of Indlana broke to a new low around 52%, but rallied later, NEW YORK, July 5.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket today: Sales in thoveands, 1 Allied Packers 8 ‘Alum s new '33 . 3 Anglo Am Oil 'I’g . 1021 80'Ar & Co of Del 3%s 11 Aseo Sim Ha'e 8% 22ALG & WISK de 2 Beth Steel 7g '85. 2 Can Nat Ry B 7 Cent Steel 88 Kennecott Cop 1s Libby 3ieX & 1. Louisville G & E nitoba Power 7s Saracatho Vil T 3 musannduon New Or Pub Serv Oblo Power 5s B... Fow & Lt autanummannBun » ammmala Bias. . Russ Govt Gige cf.. Russlan_Govt s 6 Bwise Govt bln ... 2 U 8 of Mexico 4s.. STANDARD OIL ISSUES. 5. 700 Anglo-Am 0il 200 Atlantic Lobos. BEzgsg: 720 Imp Oil of Can. 120 Ind P L.. HI T 8 0 Ohio.. 5 Vacuum Oii new.... 45 Ssles INDEPENDENT OIL STOCKS. in hundreds. 2400 1 Cities Service B cfs $5000Cit Bery BB pt scrip S Crecle Synglcate w 6 Gulf Oil of P 80 Hudson Ofl. 3 Interstate 00 Kevstone Ra 87 Maracaibo 40 Mexican OIl 10 Midwest-Tex 11 Mount 1 Mount & L 2ae-5EBEE 8RR FEEE F . ¥ Direct to The Star Office Ahmeek Standard of Kansas recorded a loss A of 2 points at one time and lowe: rles were reached in Vacuum and 'umble OIl, Among_the independents, Mutual Salt Creek Producers and New Br: ford Oil established & new low record and others of this group were for the most part lower. The professional element, encour- aged by their success in oil shares, transferred their efforts to & number of industrial specialties and were able to bring about substantial de- clines in such issues as Todd Ship- yard, National Supply and Midvale Company. Roamer Motor Car was conspicuous among the motor group, holding firm at its top prices, despite weakness | elsewhere, Cleveland, however, was again pressed for sale and dropped to a new low. 19 Salt Ck pew 1% 11 Santa Fe 0 & G Y 5% 20 Seaboard Ofi . 2 10 Bouthern P & K 22 Sou States Ofl . 18% 9 Turman 0il 3 Ventura Cons . £0 West States O 2 7 1% 84 2% 15 13 o 14 18% 4% 4% 5 Chicago Nipple d Aut Mot ... 2 Durant Mot of iad 2 Eaton Axle ... 2 Blec Bond Share 2 Federal Telegraph. % Gillette 8 R. Midvale Co Munsingwear w Leather .. Nat Bup Co of N Y Tele Co pfd Peerless Motor Philipsborny 1n Radio Corp ....... Radio Corp pfd Reo Motor .. Roamer Motor 200 oab® e e 12 e 0 O ez e ol el n ndy. U S Lt & Heat ... U 8 Lt & Heat ptd ' Pipe w i. Coal Boston Mout Corp Bound Ked - Mtn. Butte & Western. & Jeromie. io Copper. laria_Min. s Cop Min Crack Jack Mining 26 Cresson Gold . BOSTON STOCK MARKET. , §.—Following 1s & list of toders Hghast, Toweet mud CiolE hcntw the most active stocks n 2 u Calu & Hecla . Carson HIll Min . Gomnor J T Copper Range Davis_Dally East Butte Eastorn 8 8. Hlood Rubber Island Creek Iste Royal Libby M Masy ] 'éi! e . Neil g flower 0 C Mexican Inveatment .... Mohawk ..... at Leather | FEIEF N North Butte 01d_Colony Onceola . St. Maryland Shoe & Shoe Mach pfd Bos BB BB 0w The Daily Metal Trade says: Pig iron markets continue to show fur- ther weakness at important centers in midwest, registering losses of about $1 a ton. Canadian pig iron reduced $2.50 a ton. Some renewed bu; Of Our First Mortgage Investments are placed on the most com- servative valuation: never has one of our clients 10st as much as a single penny in either principal or interest. ‘We collect and remit interest the day due. furnish insured title certificates. Can accommodate investors with amounts of $250 up to $5,000 or more, bearing 7% in- terest. “Iavest in firsi mortgages and be safe.” Chas. D. Sager Loan Dept. } M. 36 924 14thSt. {3 A Ponderous Query. From the Boston Herald. Another preblem s whether an’ ele- phant takes the peanut cn his own .| account or just to please the child. Money to Loan ANY AMOUNT Reasonable Charges on Trade A ces, Warehouse Receipts, Manufacturers’ Accounts, Short-Term First and Second Mortgages or Approved Coliateral. - American Finance Corporation Commercial National Bank Bldg. CITIES SERVICE SECURITIES !| Bought, Sold, Quoted || THOS. W. BRAHANY & CO. ’ Investment l‘e-flflf. 510-11 Evans Building Waskiagtos, D. C. Mata 6180 Money to Loan Secared by first deed of trust on real éstate. h‘v:lll" interest and commission. Joseph 1. Weller £, Wash. T & truse REAL ESTATE FIRST MORTGAGES AT 69, —DMaturing in three years. —Interest Over a nually. Quarter of a Century Without a Loss payable semi-an- —Assured income. —Security of principal. B. F. SAUL CO. Main 2100 1412 Eye St. N.W. on D. C. real houschold _goods _or chattels. 7 per cent interest. No brokerage Sharged. 'Come in and let us explain our method of making small loans. 'Comunercial Loan & Finance Corporation Room 211, 921 15th 8t.” N.W. 1 Hollinger 4 Hecla Mi 3 Homestake Ext 1 Howe Sound . 30 independence 1. 30 Iron_ Blossom 5 Jerome Devel .. ‘ons. 2 Bt. Croix Cons 10 Sandstorm Kendall. 30 Sil K Div Min reor, 3 Silcer King Cons... 140 Spearhead "Gold ... 7 Weck Hughes ... Unit Zine Smelting Coity Gold ... Wenden Copper . West Lnd Consol SAKATOON, Saskatchewan, July &. —The Farmers' Union of Canada to- day voted to form a voluntary wheat pool for the 1923 crop and communi- cated with other farmer organiz tions In the western provinces, see! ing co-operation. —_— Many standard assured dividend-{ paying rails and seasoned industrialy are now at prices netting 7 to 7' per cent. i i l System Copsrighted & Patent Pending. EQUITABLE Co-Operative Building Association 434 YEAR COMPLETED Assets . 84,750,763 Surplus 1,207,261 Save ; As Yo;l Earn. If you make up your mind to save systematically you will accompliah much in & financial way. Join the Equitable. Subscription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Moath 915 F St. NW. JOHN JOY EDSON, Presidest FRANK P. REESIDE, Seey. FIRST MORTGAGE NOTES For SALE IN DENOMINATIONS OF 8500 DOLLARS AND UPWARDS Tindi! H Hopner 9 Save and The Real urchasers Invest of our First Trust state Notes lock them in a safe deposit vault and forget them. Nothing to watch ; nothing to worry about; no fluctuation of value. SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY Paying 6 and 62 % (PAYABLE SEMI-ANNUALLY) Shannon & Luchs First Trust Notes Built on'a Straight Line of Return Not a Fluctusting Value Sold in Denominations of $100, $500, $1,000 FULL INFORMATION Since 1906- - v MORTGAGE DEPARTMENT 713 14th Street N.W. Vacation Plans HIS is the season of vacation plan- ning. Everybody does it. A great many men and women, however, find it impracticable to carry out the fond hopes of the summer time because financial con- siderations bar the way. This Company has devised a plan to enable you to accumulate small savings in the form of our First Mortgage Notes on improved Washington real estate. Even if your savings do not exceed $5 or $10 per month, it is possible for you to invest them in our First Mortgage Notes. As your savings accumulate, the inter- est return will provide the funds for your deferred travel plan. Ask for our Booklet, “SYSTEM SAV- ING.” Swartzell, Rheem &’ Hensey Co. 727 15th Street Northwest ‘Washington, D. C. 54 Years Without Loss to an Investor Guaranty Trust Company of New York PARIS Condensed Statement, June 30, 140 Broadway - BRUSSELS - LIVERPOOL RESOURCES Cash on Hand, in Federal Reserve Bank U. S. Government Bonds and Certificates. ... and Accrued Interest Payable and Reserve for Taxes 3 Expenses New York Offices. . ... $22,814,053.31 Foreign Offices. ...... _9,875,548.50 HAVRE 1923 ....$111,726,388.50 50,653,133.82 31,500,154.39 20,365,643.81 326,046,745.29 2,513,090.00 1,684,293.95 32,789,601.81 8,422,149.41 9,718,394.50 $595,419,595.48 R R .... $25,000,000.00 ) 15,000,000.00 3,280,126.01 $43,290,126.01 3,820,925.44 5,902,230.70 2,844,903.56 32,789,601.81 689,722.00 . 26,270,580.30 . . 479,811,505.66 D. C, THURSDAY, JULY 5, 1923 FINANCIAL, FIRST MORTGAGES | Every mortgage is less than 509 of the ready market value of the property and we have never sustained a loss on either principal or interest. . Take advantage of the present rate of interest and invest your funds now. Write or call our Loan Department and let us arrange for you to personally inspect the property. Denominations $100, $250, $500 and $1,000 WILLIAM S. PHILLIPS First Morgage Investments 15th and K Sts. N.W. Main 7% First Mortgage Notes Secured on Improved D. C. Real Estate Appraised by Experts of 35 Years’ Experience Without a Loss Offered in Denominations of $250 and Up A Good Investment. WILL PURCHASE First and Second Trust Notes Warehouse Receipts and Make Construction Loans otablished 1889 T £ Ruusk Conpany B Cimvanseiit Donominalions. | N2 Fifleenth Sireet IMain 6388 6Y2% and 7% UR First Mortgage Investments will pay you 6%2%and 7% over a period of yez-s when interest rates in all prob- ability will be much lower than they are at present. These ‘nvestments bear our unqualified reconinendation--~a recommendation that hzs back of it a record of no loss to any investor in 50 years. Denominations: $100, $500 and $1,000 Federal, State and D. C. Tax-Free Features Cash or Partial Payments e e e NO LOSS TO ANY INVESTOR IN 50 YEARS —————— ————— Call, write or phone Main 6464 today * for our Current Offerings Booklet " e F.H.SMITH CO. Founded 1873 FIRST MORTGAGE INVESTMENTS SMITH BUILDING 815 FIFTEENTH ST.