Evening Star Newspaper, July 16, 1923, Page 25

FIN SEES 8HOUR DAY IN JANUARY, 1924 Steel Head Also Says Better Conditions for Men Will Cause Price Boost. BY J. C. ROYLE, Spectal Dizpateh to The Btar. - NEW YORK, July 16.—Inauguration of the eight-hour day in the steel in- dustry will result in an increase in steel prices of about $3 a ton, accord- ing to Ja A. Campbell, president of the Youngstown Sheet and Tube Com- pany. Mr. Campbell indicated that he believed the eight-hour day for steel mill workers would be placed In opera- tion by & mpany by sthe baginning of 1924, hut admitted he did not know how or the additional workers Tequired would be gathered. “The inauguration of the elght-hour Qay .will require about 1,000 additional men in the sheet and tube plants.” he said. "I do not know where the labor is coming from, but assume it can be ac- qQuired.” He added that the unfilled tonnage of the company was within 15.000 tons of the peak. Other n, both independents and ed with the United 1 Corporation, took Issue with ampbell’s optimistic prediction, as as with the report that Judge H. Gary expects the cessation of the hour day In some cases within i ceks. z Pittsburgh plant superintendents ointed out toda that comparatively ew of the immigrants who have reach- ed this country with the July 1 quotas < entered the steel industry. Many to the Pittsburgh district be. cause they had friends or relativ there, but hile some may eventually find ihe into the mills, in _most instances they passed on to other flelds, however, that the labor situa. tion in Pittsburgh has been relieved to some extent by the slowing down of work in the coal mir Importing Help Unsatistactory. Northern industrial employers are beginning to admit freely that they are far f tisfled with the results of importing negro labor from the south. Pittsburgh mill _executives say the negroes ve had difficulty in adopting th to plant condi- tions and are 1 to drift. High living costs and anticipating severe winters are influencing negroes to zecurn to the south. Few of the regarded as the most satis- factory steel workers, have applied at_the mills for work . Detroit, Philade!phia, St. Louls and Cleveland are facing serious prob- lems as the result of the influx of un- skilled negro labor, ording to re- ports rec ed by th eorgia Manu- facturers' Association. These reporte indicate a slackening demand for this type of labor, while the continued arrivals are taxing housing condi- tions. “Unskilled negro labor is a drag on the market in Detroit,” sald T. E Dolan, generai superintendent of public welfare of that city. “New ar- rivals are finding it_dificult to ob- tain employment. Housing condi- tlons are very'bad. New arrivals are forced to live in_crowded rooms at ex ive prices. If the period of un- employrment continues, unskilled col- orcd Tabor will be in dire straits, and the city {s not financed to care for &ny more southern negroes.’ Housing Conditions Serfous. The Society for Organized Charity in Philadelphia reported: “Housing shortage here makes the condition “of the unskilled negro worker serious, living, as they do, in crowded quarters that menace health. Sixteen of these people were recently found living in one room. A recent canvass by the housing association, covering 61,135 houses, showed only fift for' rent at prices beiow 350 a month and few, if any, of these are available for negroes.” The St. Louis Providence Associa- tion stated that an increasing number of Broes was coming daily to that r. where the growing problem y presented was recognized. At- tention, it was added, was being given to meeting a possible emergency not far removed if the influx continued. Some Mexican labor is flnding its Way to the steel milis, but the Aexi can authorities are enforcing de- mands that these workers be assured transportation back to their homes south of the Rio Grande, so that their employment is regarded by many plant executives as merely temporary. HIGHER PRICES LIKELY ALONG- PACIFIC COAST Special Dispatch to The Star. EATTLE, July 16.—Department buyers, who havé just returned éw York and other eastern report that there are only ited stocks of goods, desired by wilers here, in the hands of manu- acturers and jobbers, This, accord- ing to the buyers, forecasts higher prices the coming fall. This applies especially to ready-to-wear clothing. Buyers of men's suits forecast ad- vances ranging from $3 (0 $4 a suit on the average. The Western Dry Goods Company, the largest wholesale dry goods house in the Pacific northwest, reported to- day sales for June were 50 per cent higher than in June last year. Whole- salers here have limited thelr buying until Inventories are extremely small. DECLARES PUBLIC WILL FIGHT HIGHER PRICES Bpecial Dispateh to The Star. CHICAGO, July 16—Men's clothing is going to be generally higher. That was a consensus of opinion by manu- facturers from the midwest to this city today. There will be some makers who will not raise their prices above the spring level. but they will be in the minority. Higher prices for cloth and wages are heid responsible for this trend. William Scher of the Scher-Hirst Company of Cleveland, makers of svits and overcoats, sald his firm would be'able to stick to old prices use it had cut overhead gnd pur- ed woolens advantageously. Higher prices are well justified,” he stated, “in view of the higher cost of materials, but every one realizes the public will not stand for too much of an advance. We are geared to a certain production and must hold to that schedule. If we raised prices we would face the natural result, which is a tendency toward reduced Buying volume.” weil E. t st from centers, li VICTIM OF ASSASSIN. Former West Virginian Found Dead on Texas Ranch. Epecial Dispatch to The 81 WINCHESTER. Robert Gibson and his sister, Miss Agnes Gibson, Shepherdstown, W. Va., have recelved news of the mur- der’ in Texas of their nephew, Gregg Gibson, twenty-four years old, “former- 1y of Jefferson county, W. Va. Lying with his hat over his face, aims, folded and one of his léggins thrown across him, the body was found ono day last week by Jesus Cardenas, a cow hand employed on the Gibson ranch. Indications were that he had been shot in the back. Young Gibson had given instruc- tions to ranch employes about round- ing up & herd of cattle and then left them to go to & windmill to investi- gate the cause of trespassing. He is thought to have been ambushed. GETS NEW STEEL PLANT. BALTIMORE, Md., July 16.—The iron industry of this city will be augmented in the near future by the construction of another steel plant by the Maryland Steel Rolling Company, organized last ‘vear and which is operating works -at Trenton, N. J, L Va., July 16—\ ANCIAL. | Received by Private Wire BY WILLIAM F. HEFFERNAN, NEW YORK, July 16.—The market on the curb exchange today, was one of the dullest since the removal of that organization Indoors. Little in- terest attached to the trading, and prices moved with no special ten- dency. In the early dealings profes- about declines in a number of the speculative favorites. But as the day went on these efforts were suspended and the market was 1eft to settle into inactivity, Gillette Safety Razor and Gulf Oil of Pennsylvania were numbered among the early weak spots. Deal- ings in the Standard Oil group were unusually small with prices slightly lower. Prairia Ofl and Gas among the high pricesl members was an exception, dropping at one time as much as six points. Standard of Indiana held most of the time a half point under the previous clos- ing. Fractional losses took place in NEW YORK, July 16.—Following is an official list of bonds and stocks iraded in on the New York Curb Mar- ke* today: Sales in thousands. 1 Allied 7 Alum BONDS/ Low. i 10875 Shoc Can Nat Ry Cht Rock | & Cit Serv 75 C Cit Serv T D... .. Col Graph 8 gnar tr Col Graph s par cfs Cons Gas Balto fis A Deere & Co Tk . Detroit City G Detrolt Fdison 6s... Dunlop T & R 75 rs BlosuficpanmmmEEna ", 1 Pet Hood Rubber Ts.. Kennecott Cap Ts. Libby McN & L Manitoba Power 7n Maracaibo 01 : rriy & Co Tigs.. Teather Ss..... ew Or Pub Ser Ba. Ohio Power s B. PRI Elec 0n ... 5 Pub Serv of N'3'Ta Pub Sery E] Pow 6 Rears-Roeb Ts Solves et Clie & Southern Cal Ed 80 NTY : £ 0N Y 7a Sun Ol Ts...... Rwift & Co bw To Oil 6x B '205 (O -JONOp PSS Tr e 15 20 1 Mexican Gove 6a... . 4 Renublic of Pery fa. 1 Russian Govt B%s. 10 Ewiss Govt Bigs Sales BTANDARD OIL ISSUBS, in units, 108 Anglo-Am Ol . 148 40 Buckeve P L &4 100 Continental Oil new 88 15 Crescent P L..... 500 Humhle 0 & 1t new. 25 Tliinols P 1 20 tmp 011 of Indiana P I, Intl Pet Co &5 15 10 Prairie P L. Solar Refin 8 0 Indiana Routhern P L. 8 0 Kansas new. 800 8 O Kentuck: 20 B O Nebraska 215 3008 0 N Y 37! 700 Vacuuni Ofl new.. 43% Sales INDEPENDENT OIL STOCKS. in hundreds. Nat_Gi 1 Ark rrington ~ 01} 4 B 1 Carib Synd . 12 Creole Synd 3 Federal OUl 1 Gen Pet . 4 Gilllland 0f) . 21 Glen Rock Ofl .... G Gulf Oil of Pa 50 Hudson 011 1 Lafayette Ol 6 Mammoth O{1 4 Mount Prod . 17 Matual Oil vot ¢ Washington Stock Exchange. SALES. ‘Washington Gas 5s—$1,000 at 9314 Potomac G. and Ref. 7s—$§1,000 ut 107. Capital Traction Co.—10 &t 10, 10 at 100, 10 at 100. 2 : Washington R. & E. com.—3 at 08%. ton Monotype—10 at ‘Washington Market Co.—10 at 38, 10 at 10 st 38, 10 at 38, 10 at 38, 10 at 3 AFTER CALL. Washington R. & E. pfd.—20 at Money—Call loans, 5 and 6 per cen BONDS. Bid and Asked Prices. PUBLIC UTILITY. 38, 38, Bid, Asked. AmericaneTel. & Telga. ds. 02 ‘American Tel. & Telgs. Am. Tel. & Telga. cti. tr. os. Am. Tel. & Tel. conv. Gs. ‘Anicostia & Potomac Bs. . Auscostia & Potomse guar. 5.0 P. Telephone 3s. C. « P, Telephone of Capital Tiaction K. K. City aud Suburban os o Sgan ;‘S L MISCELLANEOUS. D. C. Paper Mfg. 6s. X Iiges Mo pf" s (long). Aoy lu;:l.y 5: :,l.hx\'rl} or, 3 %\g::zl.uuu ‘Cold Btor: Wardman Park Hotel H STOCKS. H - PUBLIC UTILITY. Amer. Tel. & Telga. 3 ccion EEEEY g District Furmert Federsl-American 1 Libe: . !Am.':lu National RIZES .oov S oaar Bank ‘of ‘Wasbington.. 2 TRUST COMPANY. erican_Becurity lf:mnu Tru Waeh, Toan & Trist BAVINGS BANK STOCKS, FIRE INSURANCE STOCKS, Fire Insurance. At en Fire Tnsurance. .. TITLE INSURANCE BTOCKS. bia Title Insusanc o SasPEatate Titlo buww D MISCELLANEOUS STOCKa. slonal operators were able to bring | | estimated his personal fortune as be- Direct to The Star Office Standard of Kentucky and New York. Considerable interest was attyacted to the fluctuations In the new Read- ing Coal subscription eights. Initial sales occurred at 17%, sfter which the price declined to 143, then re- galned more than the early losses. In the mining section Hecla con- tinued to feel the effect of recent property damage by fire in the Coeur d’Alene mining district and dropped to a new low record for the year. | Hollinger waw the only member of |the gold group to do anything, but the advance here was fractional. | Ohio copper was the active leader In the copper producing shares, but with little change in prices. Officlals stated that the net cost of produc- tion during June was 6.40 cent a pound. Peerless truck and motor opened almost_a point under the last previ- ous sale despite the publication of figures on June deliveries showing that in five principal cities these broke all previous records. Reo continued to reflect expecta- tions of favorable dividend action at the director's meeting next month. 1 New Brad Oil w | 20 Nodle Of} & G |71 omar 00l & G 4 Peer Of] Cor 21 Penn Boarer Oil... Sult Ck_new. anta Fe 0 & Sapulpa Refin caboard Oil S IRRRES Wileox 011 & INDURT Am Cot Fabric pfd 101 Amn Multi Co..... Ar & Co of Del pfd 83 2 Brit-Am Tob Cou.. 228 Rrit Inter Corp A irklyn City 1t R.. 2 Buddy Bude Chicago Nipple ot 1 5 2 . WA . oy ¢ g Rudio 5% Bond & Bn pta 9% ed Telegraph_.... 5% Firestone Tire s pf 8 Foundation Co pfd 98 85 11 n Tivd & Mann R R Imperial Tabacen. . Keyxtone Solethe Tirpdsat Snp Co of Del XY Tele Co pfd... Radio Corp .. Tadio Corp pf Reading Col rt R o = 1sm FE Roamer Motor . Shelton Looms 80 C & Tnew.. ... Tobacco Prod Expta Todd Ship . Un Prt Shar : Un_ Retail Candy.. U8 Lt & Heat nfd 5 Warne Coal . 3 1 Willys Corp ist ptd MINING. 40 Arizona Globe Cop.. 170 Relcher Extens 71 Butte & Weatern. 3 Canarfo Copper ... 50 Candelaria_Min 2 Cons Con Ms tp cfa 23 Cortes Kilver . 1 Crown Reserve 10 Divide Extens . 20 Eiy Cons Fortuna Mines ... oldfield Deep Mina . Goldfield Florence .. . 70 Gold State 10 Gold Zene 10 Harmill DIv 10 HUll Top Nes 3 Holl'nger 7 Heela Mine . 1 Homestake Ext ... T3 20 Independence Lead. #28uzms sonisd 2 alionBaliBzy FEFEES i 2Ria3 5T ® New DNominton Cop. 3 1 New York Porcup.. .| 10 Nixon Nevad; . 32 Rar Hercules Inc.. 10 Red Warrior ...... .23 10 Reor. Divide Annex. 10 Rex Cons 8 St Croix Con £ head Gold. 30 Btowart Mines Teck Highes Tonopah Extens .. Tonopah Min ) Tuolnmne 5 United Eastern ... 8 United Imp Miges, | 100 U 8 Conti new w |. 1Un Zine Smelting. . 1 Unity Gold . 1 Weadea Coppe £ .'s';!;l:.__az;'a-‘s'ii’._.,i. H e Market Flashes at Today’s Close Vanderlip is out with an optimistic Interview on United States and pre- dicts continuance of prosperity. Dow Jones says: Widespread ru- mors that J. Ogdop Armour is broke are absolutely erroneous, according to a prominent Chicago banker, who tween thirty and forty million dollars. Most of these rumors star®ed recentl: when Mr. Armour disposed of his stock in several large banks here. It is pointed out by international bankers, Poincare’s speech appear- ing in the papers today was made at a comparatively small French town, the population of which had a terrible experience from the Ger- mans during the early stages of the ‘war, and a great deal of the remarks made were undoubtedly for home consumption as well as for political purposes. The belief is held. in Wall street, when the official reply is made to the British proposals, the actual situation will not look so un- favorable for negotiations as today's published spcech makes it appear. Reports trom Los Angeles say th: the “Milley Mills No, § well of ‘E. K Milley Company, which was brought in Saturday with initial flow of over z?iooo barrels of twenty-cight gravity ofl, proves to be the I the southern Clll!orm: fi:{;:.!b T Ford Motor Company annqunced that it will bulld more cars in the.latter half of 1923 than in the first six months, §91.473 gears and trucks being produced in the first six months in the company’s domestic plants, The Philadelphia Company declared the regular $1.25 dividend on the 5 |8 per cent preferred stock. The Pullman Company decl regular quarterly dividend of 35 5 oRrs New_York bank cleart New York bank bajances, *$55.000000. NeTvon ek federal reserve bank credits, ,000,000. Boston bank : TR0, i clurmn,‘lh. ——— BOSTON STOCK MARKET. BOSTON, July 16.—Following is a Ii of today's highest, lowest al\{! cloflln': rices for the it r" ey most active stocks dealt Ahmeek . Am,Tel & Tel 4 Arizona Com 3 " ! | Boston & Maine Calu & Ariz Calu “& Hecl Gomoor 3 T opper Range East Butte . Eastern 8 Frankiin Inland Creek . Libby AcNeil & Libb: Mohawik New Corpelia NYNHG&H . North Butte TPacific Mills . Shoe Mach . hoe Mach pfd Bwift & Co . Bwift ‘Inter Trinity . T 8 Kmeit fu 2 Utah, Apex Veatara Of % | Waldort | Walworth ‘Wolverine : Major Stance. From the Kansas City Times. ' 2 “Bhe always bl’l“‘k‘ that her husband plays golf w military men. “Yes, she told me he's always talk- lag about Col. Bogey." » ek THE EVENING NEW YORK CURB MARKET IN GRAIN EXPORTS Commerce Department Re- veals 1,000,000-Bushel Slymp. Grain exports from American ports last week amounted to 3,613,000 bush- els, compared with 4,627,000 bushels the week before. Figures made public by the Com- merce Department show the follow- ing comparisons of grain exports this week with those of the week before: Barley, 338,000 bushels. against 182,000 bushels: corn, 204,000, against 207,000; oats, 63,000, agains rye. 592,000, against 1,481,000; wheat, 2,416,000, against 3,716,000 flour, 15 300 barrels, against 133,600 barre Canadian grain in transit amounted to 864,000 bushels, azainet 563,000 the week before. COMMODITY NEWS) WIRED STAR FROM ENTIRE COUNTRY TULSA, Okla., July 16.—Operators in the Hewitt oil ficld are at last shutting down manv of their pump- ing wells and pinching output of flowing welle in an effort to restrict production. Similar steps are notice- able today In the Graham field. LA CROSSE s.. July 16 —Canners will not be able to pack more than 65 per cent as many peas as they e d last yvear. according to reporis toduy us to the average yleld of Alaskas or early June peas through- out the state. Keports on the late crop varieiles indicate the poas are not yielding, and the pack will be as short as the earlys. PHILADELPHIA, July 16.—The vogue for bright-colored sNoes for wamen is passing, according to local dealers and manufacturers. As a re- sult many shoe manufacturers today ure marking time waiting more stable tendency In styles, and are operating only on staple goods. PITTSBURGH, July 16.—The Brook- lyn city rallways have placed an order with the Westinghouse Electric and Munufacturing Company ~for motors and control equipment for 100 cars. The order involves 300,000 NEW ORLEANS, July 16.—The rice crop of Louisiana will amount to only 16,000.000 bushels, according (o latest catimates. This Is 3,000,000 bushels less than last year, when acreage was 13 per cent higher. Ex- cessive rains have held down acreage and affected condition. Stocks.of old rice are 40 per cent less than last year. however, and higher prices are expected. CHICAGO, July 16.—Hostery houses in this section today are having calls for all styles and grades, instead of for spectally featured lines. This is somewhat unusual. Faun and gray are the colors going best. Salesmen say retallers have ample stocks of staple blacks on hand for this sea- son. ST. LOUIS, July 16.—The cotton crop of southeastern Missourl now is in a satisfactory condition in spite of excess of rain and cold earlier -in the season. The Missouri acreage Is larger than ever before. The Arkan- sas acreage is nearly two hundred thousand acres above that of 1923, but Is in exceedingly poor condition. AKLAND, Calif. July 16.—Nego- iotlone have been concluded by the J. R. Murray Manufacturing Company of Detroit for a site for a $250.000 factory, which will make automobile parts for the Pacific coast trade. This company maintains branches at Clevelund, St. Louis and Elizabeth, N3 COLUMBUS, July 16.—Ten tex- tile plants here. Which recently closed for a few days for repairs and inventories, again are running on 1ol time today. Thelr asEresate monthly pay roil is over $500,000. SPRINGFIELD, 1. July 16~— Farmers of central lllinois “are be- ing advised that, with the price of hogs off, cattle prices only slightly better, and horses not in demand, the most profitable live stock to raise are sheep, as wool in this section is bringing 48 cents a pound, and lambs are selling at 15 cents a pound. STOCK TRADING DROPS TO YEAR'S LOW MARK By the Assoctated Press. NEW YORK, uly 16.—Extreme dullness, which was attributed to the season and the current uncertainties in the business situation, character- ized the chief financial markets of the past week. Trading on the New York Stock Exchange lapsed back to the lawest level for the vear, amont- ing to only about 400,000 shares a 4% the same time, a firmer tone was in evidence, particularly toward the latter part of the week. It was considered that the liquidation which preceded the end of the half year Rad strengthened the _speculative position materidlly and that the pas- sage of the July 1 settlements had removed most of the necessity for liquidation. This steadier,tone was apparent in both stocks and cotton. BALDWIN'S SPEECH HELD HELPFUL TO MARKETS By the Assoclated Press. NEW YORK, July 16.—Emphasis is being given to the reassuring char- ter of the British statement of rep- aration policy, Premier Baldwin's speech had been awaited with 'some apprehension, rumors having been circulated to the effect that a break in the entente was possible. The speech itself was taken as disposing of these rumors rather effectively. While the British premigr sald little which would indicate the de- taits of what his government con- siders a fair settlement, it was felt that a favorable atmosphere had been created and that the reply to Ger- many is likely to mark further prog- Lg along the rogd to an reement. In any event, the market showed a disposition to rally after the full statement, was published AUTO CLUB MEMBERS TAKE AUTO INSURANCE Special Dispatch to The Star. ST. LOUIS, July 16.—The St. Louls Automobile ‘Club has arranged for) in- surance for its members at 20 per cent under the conference rate. The risks will be placed with the National Union Fire Insurance Company of Pittsburgh and Lloyds of London. ‘BUSINESS AT GLANCE. CHICAGO, July 16 (Special).—There is a strong bellef In this section that there is small chance of an anthracite strike this r and a canvass of dealers today shows consymers are buying frequently in smal amounts instead of storing. KANSAS CITY, July 16 (Special).— All records fot this year and season in the local live stock market have been broken by the sale of a shipment of mixed steers and heifers from Nebraska at $10.75 per hundred pounds. - NEW ORLEANS, July 16 (Special). —Twenty-elght _thousand invitations S onth to tiend-the show to bs he a! ow By e New Orleans manutacturers August 5 to 10. N er Insure Mitten For $1,000,000 Special Dispatch to The Bt PHILADELPHIA, July 16.—Twen- ty large insurance companies are said to be involved in the Chicago underwriting syndicate by which a 81,000,000 policy on the life of Thomas E. Mitten, in favor of the Mitten Maragement, Incorporated, was underwritten. Through the Mitten organization Mr. Mitten op- {rolley lines here and in TEXTILE MILLS GO - | pN SHORT TIME Largest Plant in Holyoke Now Running Only Four Days t a Woeek. Dy the Assoctated Press. HOLYOKE, Muss, July 16.=~The Farr Alpaca Company, the largest fex- tile concern In this city, today went on a working achedule of four days a week, to continue Indefinitely. -The firm ‘em- | ploys several. thousand operatives. WARE, Mass,, July 16. ployes in the cloth department of the Otis com- pany’s mills here have received notice that beginning {mmediately that depart- ment will go & schedule’of four days a week. The order affects approximately 1,600 hands., The hosiery and under- | wear departments will continue on’ & full-time schedule. | | GENERAL ELECTRIC | SALES GO UP LEAPS| Retiring Chairman Causes Reveiw of Thirty Years' Business i Growth. 1 Py the Associated Press. | EW YORK, July l4—Annual| sales of the General Electric Company | Increased from about $12,000,000 to $243.000,000 in the thirty vears be- tween January 1, 1893 and January 1, | 1923, a statement issued by the cor-| poration today discloses. H During that period the outstanding | capital stock has increased from $35.- | 000,000 to $154,000,000, and the value | of its manufacturing plants from $4.- 000,000 to $167,000.000. The number | of employes has grown from 4,000 to more than 74,000 “The real measure of the com-! pany's growth the statement savs. “is ‘its prestige In_matters scientific and mechanical. From the beginning the predecessors of the General| Clectric Company turned their | thoughts to sources of power as the | foundation on which to build a great- er industry in the service of man. It was Thomas A. Edison who gave to the world the first ‘central station’ or ! central plunt in which to generate electricity for public lghting. " ! The statement was issued s a re- view of the corporation’s accomplish- ments under the 1 ership of Charies | A, CoMn, who is retiring as chairman | of the' hoard after thirty years of Continuous service. - Tribute is pald also to the accom- plishments of E. W. Rice, jr., former president of the corporation. and to it corps of engincers, Including Prof. Elthu Thomson and Dr. Charles P. Steinmeta. NEW BOND OFFERINGS | AT YEAR'S LOW POINT| By the Associated Press. NEW YORK, July 16.—New bond offerings last week totaled only §21,! 620.000, the lowest weekly total of the year. This compared with $54,046,111 the week before. Recent accumula- | tions. of large Issues and the con-| tinued absence of the expected July | reinvestment demand Is held respon- sible, In some degree. for the siack- | ening in new offerings. i Bond dealers report also that in-| vestors are holding out for a higher coupon rate on municipal issues, with | the slightly stiffer time money. rates, | and that states and municipalities ' contemplating new financing are hesitant over increasing the coupon, rates, beyond those attached to recent offerin i Chief offerings of new bonds were: $5.000,000 5 per cent fifty-vear Cleve- land Union Terminals Company mort- gage bonds, at 943, to vield 5.30 per cent; $3,500,000 thirty-year 6 per| cent’ Virginia-Western Power Com- | pany mortgage bonds, at 95, to yleld | 6.37 per cent; $2.000,000 twenty to twenty-five r 5 per cent British Columbia gold bonds. at 97, to yleld per cent, and $2,000,000 twenty year 4% per cent Michigan state hig! way bonds, at 102.86, to yield 4.30 per cent. — e BIG WHEAT DROP LAID TO FOREIGN SITUATION By the Associated Press. NEW YORK, July 16—That the' foreign situation actually has affected, the price of wheat is the opinion held in financial circles. It is pointed out | that this spring's depreciation of the exchanges, which resulted from the Ruhr occupation, has not only reduced European purchasing power, but has made necessary a readjustment of American prices to those existing in the world market. RAIL PLEA GRANTED. The Waco, Beaumont, Trinity and | Sabine Railroad Company was au- thorized by the Interstate Commerce | Commission today to take over and, operate a sixty-six-mile line of rail- road running from Trinity to Col- mesneil, both points in Texas. The! line was formerly a part of the Mis- souri, Kansas and Texas system. { i | ! Money to Loan Becured by first deed of trust on real estate. Prevailing interest and commission. Joseph 1. Weller §%, Wasn, I & Toust New $100 STAR, WASHINGTON, D. C. MONDAY, JULY 16, 1923. (HEAVY FALLING OFF |29 Comeanies . You can save Money and be Relieved from Worry by Intrusting your Properties to us for Management — If your Time is of any Value: RENTS That’s Our Business B.F.SAUL CO. Mortgage Loans 1412 Eye St. N.W. Phone Main 2100 Foreign Exchange Quotations By Radio Daily at 10 o’clock from Sta- tion WIAY of Woodward & Lothrop the latest quotations will be broadcasted. Rates by private wire from New York Special phone, Foreign Depar-- * ment, M. 8222 The Washington Loan and Trust Company 900 F Street 620 17th Stre~t EQUITABLE Co-Operative Building Association Org zed 1879 434 YEAR COMPLETED Ansets .$4,750,762 Surplus : ,207,281 The Most Effective Method of Saving the_Equitable and save system. coomplish more in a ever. scription for the Ll * 85th Issue of Stock & Recelved B Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. 3JOAN JOY EDSON. Presldent FRANK P. REESIDE, Secy. Home Furniture rom $30 to 3800 on D. C. real ousehold goods or chattels. b cent interest. No brokerage charged. Come in and let us expiain our method of waking small loans Commercial Loan & Finaoce Corporation Room 211. 921 15th St. N.W. gyatem Copyrighted & r-ui- Pending. First Mortgage Notes ls selected and placed on te margin of safety. The Service We Give collecting and mitting of interest. All details Hously superv flxt the 1 Praperiv cared” for. nds e sured. taxes paid. Certified insured titles furnished without cost. Our experience extends over & period of many years without the loss of & single peany in either prineipal or interest. Notes of $250 Up to $5,000 Now on Hand Chas. D. Sager 924 14th St. NW. Main 36—Loan Dept. Insnres pro re- 10% PREFERRED STOCK Of the Lenox Ruilding Owners. Inc.. op. grating the 7-story office bullding known s the LENOX BUILDING. 1523 L Street Northwest 00 authorized. £30,000 sold in advance of public offering Kemainder for sale at par, $100. FEATURES. Comulative; preferred dividends, 10%. Purticipates equally fn Common Stock Dividends. Preferred as to assets after lst trust only. Retirable at $125 per share. OBJECT. The proceeds of thls sale are to be used solely for (a) the retirement of existing foans, exclusive of 1st trust, and (b) fo meet expenses of remodeling rest of bulld- ing, third to seventh floors inclusive, for Ce purposes. EXPLANATION. . The owners of thig bullding prefer to pay alarge return individual _investors rather than siand the excessive cost of financing in/the usual manner. The uader- writing commiswions, curtailments aud in- terest charges undér which second-trust and other_loans can be obtained from the usual sources are unduly burdensome snd considerably more costly than e: extremely attractive Preferred Stock issue. A thorough examination of this offer will reveal this is an absolutely sound invest- ment. without any element of infiation or speculation. o Fiseal Agents Edmund J. Flynn Co., Inc. Main 7253 1523 L Bt. N.W. ,OOO Issue %o First Mortgage Notes To Run for Three Years—Secured on New Modern Homes Connecticut Ave. N.W. and Fessenden St. : At Less Than 50% of Market Value WE HAVE NEVER HAD A LOSS Take advantage of this wonderful 7% issue In denominations of $100, $250, $500 and $1,000 Write for Booklet - William'S. Phillips REALTOR 15th & K Streets NW.* Capital One Million Dollars Prompt Action Thomas J. Fisher & Company, Inc. 38 15th Btreet Dean, Onativia & Co. | < New York COTTON GRAINS COFFEE SUGAR STOCKS ' and BONDS MEMBERS New York Stock Exchange : tton Exchang Chicago Stock Exchange Ciicago Hoardlof Trarc Associate Members of N Dot Txchangs Minneapolis Chamber of New York Curb Association Commerce WASHINGTON OFFICE: Main Floor, Woodward Building Office Open Until 5:30 P.M. Phone Main 2040 JOHN CALLAN O'LAUGHLIN CHARLES R. ALLEY Manager Assistant Manager Y. Cotton Exchange HARRIMAN & COMPANY l Members New York Stock Exchange WASHINGTON OFFICE COLORADO BUILDING Telephone, Main 1603 G.B. CHIPMAN. Resident Partner Real “Fortune Tellers” { Why patronize a seer to have your “fortune told”, when you can silver- line the clouded future by putting money in bank? 1 Interest-earning dollars are the only “real fortune tellers.” Put a few to work Every Payday in Our Savings Department. Open until 5:30 p. m. Today Organized in 1814 Our Savings Dept, Pays 3% Compound Interest National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—109 Years Old ‘District of Columbia Intangible Property Tax District of Columbia personal returns must be filed by July 31st. The tax is one-half of one per cent and is computed on the fair market value as of July 1st on all taxable stocks, bonds, and other securities. It is impor- tant that the investor secure correct prices as of July 1st for the purpose of valuation. ‘We will be pleased to furnish quotations for valuation purposes. g CRANE, PARRIS & CO. Investment Bankers 823 15th St. N.W. Mdsunimef' Madness HIS is the time of year when, going ¢ to and from thé mountain and sea- side resorts, you hear men in the trains tnlking_ of great financial opportunities. The summer hotels are filled with people who are anxious to give you glorious “tips,” and on hot days, when the office looms up as a particularly obnoxious place, any road that leads to a “get-rich- quick” country sounds good. As topics of conversation these may be interesting. As the final resting place for your hard-earned, cautiously saved money they are not so interesting, Before linking your arm into any of these propositions, call or write for in- formation upon our First Mortgage Notes on absolutely protected Washington im- proved property. < Here is ®n investment for’the wise, ' conservative, sensible American who can think on hot days as well as cool. Swartzell, Rheem & Hensey Co. | 727 15th Street N. W. 54 Years Without Loss to an Investor