Evening Star Newspaper, July 20, 1923, Page 19

FIN 1.5 SHPS LOSHG CANADIANERAN Canada’s New Freight Rate Rules on Great Lakes Cause Bitter Opposition. By J. ROYLE. Special Dispateh to The Sta BUFFALO. N. Y., July tion of Canada's ew regulation on the Great Lakes has iverted, at least temporarily, prac- tically all shipme of Canadlan Erain from Ame ports. ' Grain ro expressed the belief today that Buftalo would receive only o1 *of 'the Canadian grain adjustment was of this new act of the Canadian This opinlon was sup- 1y by vessel brokers and Duluth. There is every ihat snipments abroad w York and Philadelphja and that Montreal will C. 20.—Qpera- frelght rate ts ican men | ver arvest unless some narlis ported str mdication Frough N will suffer. henefit Must Post Grain Rates. known as the inland izt rates act, provides that & loadin rain at Fort Wil- Port Arthur (three miles <hall post their rates and rter for each cargo on Graln Exchange - and before ihe grain commissloners at Fort Willtam, Canadian vessels gun con ce with this fiva. postings | carrlers woere receiv- \merican vessel are holding off, de- 1 publish the terms of their 1 refraining from seeking 3 rt Willlam elevato in U publication of Damimer, promi- ipping man of Buf- vested in lake lines American and Cana- come not only from owners but from pers, torers and exoprters. A dealer. he explained, who shipped. for example, 100,000 bushels, ali of which was not sold at the time of shipment, might readily he at a disadvantage destinatio were made Then. too, vessel ow serious ‘from day to d amount of krain « tracts made ¢ basi public of which would their future plans Object to Regulation. The main ion of the Ameri- ecan shipping to the terms of the new law, howeter, is the precedent it would give in acknowledging them- eclves subject to dictation any rexulatory body hev have always r ned that the lake carriers be classed with railroads ar nent nen of new faw ter fr vesso liam a apart) terms of ch the Winnipe ve be- v.and the of the already Arthur s, rates, grain n vessel his shipment all to read Mr. Dam added, the rs. while they had no to having any one they were charging ed a large long time con- the dav-to-day of the terms indication of and rate « public ohjection ation ob as L rities ar giv- to the new law definite interpre- < terms in view of the rican vessel owners. In however, the (‘anadian is pushing work on d loading and un- the lakes and at *t to handle a n the next eight tention & out no Canad n grain is ffalo now said Charles “but a crop estimated at U'nless some ad- begins to look handle only the wonld pover S. Ports at Disndvantage. 1t American ports al- ntage be- 1 freight charges ater on part ipments and indi- t a lowering of \ght prove of consider- stance in remedying the He ready added tt - have bheen fine shape and 1d start getting along san not see why we publishing our _ rates now” gaid a_prominent vessel broker in Duluth “However something must b done =oon a the blg Canadian grain crop will begin moving to the Cinadian head of the lakes within a o weeks. “This is Canada’s affair privilege.” another Duluth "man_ asserted. “We can keap busy moving coal and American grain. America ssels who want to do busin with them will naturall; have to comp with the law unle 1t is changed and that of course is up to Canada.” Ship Owners Sitting Tight. Fhe zeneral tendency of American vessel owners is to sit tight and see what e ct the rush of the Canadlan arvest will produce. It is remem- bered that many vessels wers forced o wait from few davs to a month before they could be unloaded in Montreal last_season sieorsn H. Spencer, president of the Tuluth Board of Trade, sald that the new law #d not yet heen brought before that hody for Lut it is expected the board will b asked to tak me action P. H. Ginder, secretar: the Barnes Ames Company of Duluth expressed confidence that some fa- Vorable adfustment would he reached permitting American shipment Canadian crain to continue Object of New “The primary object of the new law undoubtedly Wwas to produce lower rates for Canadlan grain,” Mr. Ginder sald “But I am about its producing that result. In my opinion it is more likely It will vesult in_ higher rates for Canadian vessels. 1t will tend to put charters on such a hasis that a vessel owner will insist on terms which will as sure a_ certain return whether his vessel is en route or is waiting to Joad or unload. It undoubtedly will have the effect of stabilizing Cana- dian rates and limiting competition. “If you want an opinion, it is my Lelief that American vessel owners again be running into Fort Wil- 1 and Port in and her reasurer of mmer latter curred in by E. T Jiastern Grain Millin Corporation WOOL TRADE PICKS UP. Better Conditions Noted Than for Many Weeks. BOSTON. July 20—The Commercial Bulletin will say tomorrow: “The wool trade has reached a po- sition of greater stabilization than has existed for a number of weeks .nd 1ooks to the future with increas- & confidence. Sales have included 2lmost every description and grade -of wool during the past week, al- though no large volume of busine bas been done. The manufacturers are looking the marke: over very generally aud are buying some wool, evidently In anticipation of the light$ Weight season, which will be opened by the American Woolen Company on Jonday next, when slight price ad Vances are expected.” POLAND BARS LUXURIES. Effort to Reduce Amount of Money Sent Out of Country. WARSAW, July 20.—The Polish gov- sernment has decided to forbid the im- Tortation of all luxuries so as to reduce ihe amount of money sent out of the country, Exceptions are made in the case of certain articles un.sonod from France, which are provided for #0a Franse. over” This ment was con- Douglas of the g and Elevator ors of the date, amount, | Montreal shipments.”y shipping consideration, | of | doubtful | Arthur for cargoes be- | ANCTAT NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK. July 20.—The in- d power which had appeared on curb exchange Thursday was &gain the feature today. It denoted the bellef In speculative circles that a definite turn for the better had come and that it was a mistake to hold off too long. New leaders were brought to the front while profit- taking was going on in stocks fa- vored In the trading Thursday. Coal shares were prominent and sharp ad- vances occurred in Glen Alden, Dela- ware, Lackawanna and Western and in the new Reading Coal stock Reading 35 were agaln active and reached a new top, while the stock changed hands at 42. as against its high of 3913 Thursday. Strength was also shown In the o per cent bonds, EW YORK, July 20.—Following is an official list of bonds and stocks traded In on the New York Curh Mar- ket tod: BONDS. Hgh Sales in thousands T Alam T Am cor Oi 6a 11 Am Gas & Blec 6x 5 Anaconda 6s . Anglo Am 0il Tizx Ar & Co of Del Bisx. Ao Sim Hiwe 0igs ALG&WISS Roaverboard 8s . i Reth Steel 7 { Can Nat Ry | Cent Steel Sa . 5 (iR & Citles Bervi Col Cons ¢ Deere Detrolt Oity Dunlop T & R 8. Federal Sugar 6y ° Fisher Body 8 | Gair. Robt, | lena Sig i Asphale- 88 ad Trunk 6 il of Pa Morris & Co Tiy | New Orla Pub Ser Power 5 It s . Pub Serv El Pow Reading Coal or Tteading C(oal 4%ge et Cle Rs. B 2 Swift & Co Bn 3 United 0N Prod 8y 2 Vacuum 01 FOREIGN BONDS. 1 Argentina_7 100 i 5 Swiss Govt 5igs.. s STANDARD OIL ISSUES. it Bickese P L . ... 100 Chesabrough Nifg 500 Continental Oil new 10 Gaiena Sig Of1 200 Hum 01l & Re new 170 Tmp 0Nl of Canada. 903 2800 Inter'l Pet Co Ltd 16% fagnolia Pet 30 X Y Transit 10 Ohlo O new rie Q11 & Gas.. 215 South Penn € 16700 & 0 Tndiana . {7730 Southern P L. WX 0 Kansas hew !l §00 S 0 Kentiicky s | 1500 S 0 N ¥ pew ! 38 | 0 Swan & Finch... 30 | 3300 Vacuum oIl new .. 48 Sales INDEPENDENT OIL STOCKS. |in hundreds 17 5 an & Barrington | Cardinad T 15 Cities Service . [ T e ] & Cities Service B cfs 1000 Cit Service B sciip 2000 Cit Service BB pfd 1 Columbia Synd - Creols Syndicate . 5 Derby 0 & R % | 1 Derby O&R pf w 2 Federal Ofl 2 5 Gen Pet 3 o Rock Oil . 1¢ Ot of Pa Humpbress 01l . uterstate Roy . 86 nz aay 855 jthd 134 101% 58 153% 02 118 S4tg 1 1018 55 184 21y &) o6 42 831 as:; 15 at Gas oil 7 Maracaibo Oil 3 Mex Eaglo Washington Stock Exchange. SALES. Capital Traction 55—$1,000 at 97. AFTER CALL. pfa. ington Rwr. & Elec. 5 t T2l %, 10 at 2%, 10 at naston Monots pe—10 at 75 Eapial Traction 5 at 100%5. Mones—Call loaus, 5 and 6 per cent BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bl 92 st it 81 & 26 0315 Asked. 2% 10235 95 1168 50 B & Telga. ds... & Telga. 4348 0. el tr. o8, American Te American T Am. Tel. & Teli Am, Tel. & ‘Anfcostia & Potomac 5 - Anacostia & Potomac guar. b C. & P. Telephone 3s..... | Aferropolt stomac Elec. "ot Elec. Pow. g m. 68 1033, bot. TBiec. Pow. k. m. & ref. Po D. C. Paper M, & N anity Btor, & Safe Dep. 6s.. Wash. Mkt. Cold Storage ba.. ‘Wardman Park Hotel 6s........ STOCKS. PUBLIO UTILITY. Amer. Tel. & T Capital Traction hingt Narteir s Wash, Steamboat. y. & Elec. com... & Elec. pfd.! X1 com..... NATIONAL BANK. 3 Federai-Amerioan o N TRUST COMPANY. jean Security and Trus dontinental Trust rchants’ Bank ;!:llefl-ll Saviogs and Trust o agton Toan and Trast. SAVINGS BANK BTUCKS, ce and Savinge.......... 200 Commer om:lxo: ‘Saigs Bisk ity Sav. and Com. Bank... 235 Seventh St Bazk. FIRE INSURANCE STOCKS, ire lnsurance...... American l;"“ ot 228 . neurance. .. Rutional Unlon Fir Merg Dutch Marke g:fl Duten Market pd. Lanston Monotype « ity B a1 Traction 5s—3500 at 97, §300 at 97. | Direct to The Star Office which rose almost another point 91. Realizing sales, however, T sulted In a slight decline i the 4 per cent issue. Reports that the negotiations for & large tobacco combine, under way for some time, were nearing completion acoounted for the renewed interest in British Tobacco {ssues. Among the oils such leaders as Standard of Indiana, Maracaibo and Creole Syndi- cate were subjected to further s ing. but the decline failed to extend beyond a half point. Cleveland was th motor group, gaining 2% night, while Durant came off s;lxhsx)-_ R Stocks of radio companies c: for much attention, Dubller Radlo getting up to a new high for this movement. Current assets as of April 30 were $335,029, including cash on hand amounting to over $131,000. Net profits for the vear ended April 80 last were $93.588.65. e feature of the oints over- of Delaware 56 10 187 101 4 an BOAAXION oo is 10 Midwest-Tex Ol . Mount Prod . Mutual 0il vot cfs 7 New Brad Ol w .. o0 Noble Oil & Gan.. liV. Loml. xohs. 3 Peer 'Ol ‘Corp. ... 1 Bean Beaver Oii % Pennock 01 : 22 Roy Can 01l & Ref 3 Salt Ck Cons 7 Salt Oreek new.... 9 Santa Fe 0 & G pulps Refin 18 Seaboard oil 20 Bou States Ofl 12 Turman 0N Ventura Cons Wilcox 01l & INDUSTRIALS 1 Acme Coal new 4 1 Am Cot Fabric pfd. 101 1 Am Hawaifan 8 8., 18 1Am Writing Paper 1% 1 Archer Daniels Mid. 20% 1 Arm & Co of D pfd. 8 Atlantic’ Fruit !y Borden & Co pfd § Brt-Am Tob cou 3 Brit-Am Tob Co reg Isn Clty B R. 13 Buddy Bude 3y Cellulold Co pfd Centritugal T Pipe 3 Chicago Nipple . 7 ont Ninpie B rrint 1 Chi Steel Wheel pf 1 Cleveland Auto 1 Congoleum Co 1 Cudahy Packing Co 3% D L& W Coni 10 Dubilier & Radio. 4 Duraut Motor . 1 Durant Mot of Ind 3 Eaton Axle 10 Federal Telegraph 1% Ford Mot Co Can 11 Foundation Co pfd Gillette & R 1 Glen Alden Coal 4 Goodvesr Tire 2 Hanns M A Tpe pf 2 Inter Confl Rubber Libh MeN & L new Midvale Co TNt Leather 1 Nat Sun vn of Del 1N Y Tel Co pta 1 Peerless Motor Radio Corp 5 Radio Corp ptd 48 Reading Coal s 1 Reading Coal w i 4 Reo Motor 1 Roamer ... a0 Standard Motor & Tobacco Prod Expts 4 Unit Retail Candy e 10 13 108, 414 12 10 Tl pIIFE MINING. 1 Alvarado Min ... 10 Arizona Globe Coj 430 Reicher Extens 20 Boaton Mont Corp.. . 18 Butte & \estern 3 Calaveras Copper... 12 Canario Copper . 10 Candelaria Ain .. 18 Contluental Mines 18 Corter. Silver R Cresson Gold 1 Dolores Esper Enreka Croesus Fortuna Mines 1fleld Cons oldgeld Develop. A0 Goidficld Deep Min Goldfield Florence.. 30 Independonce Lesd 20 Lone Star Dev. & Oliio Copper 10 Hercules Inc ) Rex Cons ... 0 St Crolx Cons 20 Siiver Mines Amer.. Sold & P old ... Mines ... .. Miges 10 Suther Dev Minos. . 150 Teck Hughes & Tonopah_Divide 11 o 115 13 31, 13 03 > T'nited Verde Ext.. U S Contl new w i BOSTON STOCK MARKET. BOSTON, Juiy 20.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: Close. [ Low a2 High Abmeek ... & Allouez . 2015 Am Tel & Tel g 1228, Arcadian Cons . 1% Arfaona Com . 1015 Boston & Albans 1471 Boston Elevated m Caln & l:'le.rxl‘n ;"‘ Connor i Copper Rtan; 333, Davis Dalr 28 Fastern 8 8 Fl\’ Franklin 11 Hardy (onl . 80 Hood Rubner ... Teland Creek ... Island Creek pfd Isle Rovale .......... Libby MeNeill & Tibby Migs GON <.oceenvess Mayflower 0 €. Mexican Incestment Mohawk . - Nat Leather . New Cornelin North Butte . Pacific Mills [ . Maryiand Swift & Co ... wift Inter 78 Smelt Ventura 011 Waldorf worth Warren Bre Winone . Wolverine, PLAN GAS PRICE WAR. SEATTLE, July 20 (Spectal).— Gasoline dealers here are making preparations for & price war in gaso- line, as a result of the big surplus production of crude oil. Standard Ofl distrjbuting stations have cut the discount of $10 ceupon books from 2 to 1 per cent, to discourage the pur- chase of coupon books. — CALL MONEY FIRM. NEW YORK, July 20.—Call money firm; high, 5; low, &; ruling rate, b; closing bid, offered at 5%; last loan, 5; call loans against acceptances, 415, Time loans firm; mixed collateral. sixty-ninety days, bSad%; four-six months, 525%; prime commercial pa- per, 5abl. FLOUR HIGHER TODAY. MINNEAPOLIS, Minn, July 30.— Fioun, 20 higher at 6.1026.30. Ship- ments, 51,338 *barrels. _Bran, un- changed at 30.50a21.p0, Wheat No, 1 northern, 103%al19%: July, 1.08%; September, 1.08%; mber, 1.06%. Gormy No, 3 yellow, S181%4: oats, No. 3 white, 35a6. Flax, Ne. 1, 2.65a2.67. TODAY'S METAL MARKET. NEW YORK, July 20.—Copper quiet; electrolytic, spot and futures, 14%. Tin firm: spot and nearby, 39.3 futures, - 39.25. Iron teady; prices unchanged. Lead steady: spot, 6.00. Zinc, quiet; East St. Louls, spot and pearby, 6.10. Antimeny, spot, .35 !I | ! dropping 10 { 400.000 ! dealers jput of 2.200 c. MARK SITUATION ASTOUNDS BERLIN Germany’s Pre-War Require- ments for Whole Year Now Equaled in One Day. By the Associated Press. BERLIN, July 20.-—Foreign cur- rencles aggregating twenty trillion marks were called for by banks and private buyers yesterday. This sum. represented Germany’s total pro- war requirements for a whole year and precipitated a situation unequal- ed in the history of the bourse in that It compelled the Reichsbank to intervene with a threat to withdraw disoount credit to those making huge demands for currency not covered by cash equivalents. After prolonged parleys a repre- Sentatlve of the Relchsbank an- nounced that only one-fourth of 1 per cent of the amount would be ap- portioned. whereupon the banks de- ©clded to disponse with tn allotment. “Just what ' eect “ipe Reichsbank’s action will have on fu. ture traffic in forelgn currencies is -h matter {or-spmuullnn, although the opinion prevails that the officlal nstitution is hardly in a position to Jurb the increasing demands, which | continue to maintaln paradoxical disparity in t listings of (he);;;.:}:run and foreign | 2,000,000 TO THE POUND. | German Marks Reached Lowest Point in London Market. By the Associnted Py LONDON, July 20.—G. llur'r:p-d by 100.000 stages h’;’a:h: exohange market today to 2,000,000 l;r'l‘;rk::l.lu lh(P‘ pound sterling, follow- b action of the Reichs here was practically no business howsever, hers, howeve: auotations | MARKS GO STILL LOWER. New York Reports Today's Rate 400,000 for U. §. Dollar. By the Aswociated Press NEW YORK, July marks continued to s, York foreign exc HiE 20.—German o in the New nge market today, 0000021; cent, a new low (Thie is at the rate of about 0 the American dollar, o $2.80 for one miilfon marks * T | record COMMODITY NEW'S WIRED STAR FROM | ' ENTIRE COUNTRY | | AKRON. Ohio, Julv 20.—The cut- ting down of forces in the tire plants | has ceased and a slight increase in production schedules will take Pl before September. Orders for chanical goods are satisfac business in those shape. ace me- tory and lines in good is ST. LOUIS, July 20-—Prices brick. stone, cement and other | Ing materials are cxpected by mans here to follow the treng already shown by lumbe ing M Do e nber and dv,.llhcl JACKSONVILLE, | Florida state raj for build- “July ~The Iroad commissio H Commission to rescind its order a1 | lowing carriers an increase of 157 | Per cent on refrigeration en, - | vegetables and eit r ll’fi’t‘lfi" Yeetables citrus frufts nrrmn-e; mmz\xxg’zl)}:m_,\xf._'fyun an 1,200 carloads of oo stored “already” in’ the shop s cry the Baltimore and Ohlo rallraad BONNER SPRINGS The . July 20 0tato movement from r om the Is in full swing. A total oute ars s expect om- pared with 2,465 cars Du-zefi.:: o HOUSTON, July 20—, N, July 20.—Marketing of cotton 'in the Towar Ria Grande gy I well under way and much of the crop is coming hero for storage. Every gin in the valley 18 running at capacity and farmers are receiving 25 to 27 cents a pound. The output of the district will e large desplte the ravages of 1 army leaf worm. 2 OROVILLE, Calif., July 20— 8ilk cocoon crop in the United T"".'lrfi now being gathered at the Wyannotts Sillc farm' near here. - Plans wie ot way for establishing twelv, cocooneries next year. olve mOl’g CHICAGO, July 20— of Phoenix hoslery ara covmiacturers wool requirements in Arizona and Men. tana. Prices pald are reported o have approximated 55 cents in the greas, Marshall Field & Co. has advanced prices for woolen blankets 15 to 25 per cent and for cotton blankets 10 per cent. ATLANTA, July 20.—The ice and soft drink manufacturers in. e section are working at capacity night and day and are far behind orders. Al bottling plants here are behind orders, PORTLAND, Ore., July 20—Re received here today from Alaiz’”:}: dicate a serious shortage in the salmon pack there. The season will close July 25. The Frank Warren Company’s plant ;:cl‘:u:;mqg“k:é(obny. which has a normal 90,000 c D Botit 17,000, 'ases, has put up only MINNEAPOLIS, July 2 state potato wers' market 175,000 acres of year, it is predicted. .—The new exchange will f potatoes this Stock of Record. July Company. e Bigelow-Hartt'd €. Q . pt 5 Cleve B 11 6% Clinehita Coai p Houston 0il pi Idaho Power pf.. Ipswich Mills p Lancaster Mill pf. Mans Cotton Milis. Yellow Cab Mfg.. y?f’ Cab ; ellow Ca s Do. oo, ao| ARt | 1 i e 9 e R 2%’ s SHORT-TERM SECURITIES, (Quotations furnished by Redmond & Co.) Bid Alumtnum Co. of Amer. Ts 1028. 103’ Aluminum Co. of Amer. 7s 1933, 105! American Cotton Ol 6s 1924. American Sugar 8s 1987 Amer, Tel. & Tel. 88 1024 American Tel. & Tel. 6s 1925 ‘Anaconda Copper 6s 1929.. Anglo-Amer. 0il Tl3s 1825 Bell Tel. of Conada 7s 102 Canaalan Nor. 5igs, 1824..... 0 Cent. Argentine Rwy. fs 1937.. ather Bs 1925. i 10163 10255 | 1ot e 81, 98 Chi. 3 Chicag Tel. i AP R St. P 3 Sears, Roebuck & Co. Swift' & Co. 5s 1923 Tidewater Oil 8%; Unlon Tank Car 7 U. . Rubber 7 Western Union 68 1836...... ghouse 10814 Westin E & M. 7s 1081 10740 et L | is the India Hou | change ic. | Brooks, and [LARGEST TOBACCO | terstate Commerce Commission today 'D. O, FRIDAY, JULY 20, T923 Ford Car Number 8,000,000 Makes New Speed Mark DETROIT, July 20.—The Ford motor company turned out motor No. 8,000,000 July 11. Motor No. 7,000,000 was turned out January 17 thus establishing & record of producing 1,000,000 motors in a few days less than six months, In contrast to this, it may be recalled that motor No. 1,000,000 was pro- duced in 1915 showing company took twelve years to make first million motors and six months to make seventh million. COTTON EXCHANGE IN PALATIAL HOME Celebration in New York of Inter- national Importance in Com- mercial World. 1 Associated Press. NEW YORK, July 20.—At a bration of international importance to commerce the New York Cotton Exchange today will take possession of its new quarters, 235 feet above the street. Cotton men from foreign lands will be present. England will be represented by Col. John J. Shute, former president of the Liverpool Cotton Exchange. The palatfal new trading room Is the first to be opened above the street level. Fast ele- vators, making the ninth floor, on which the pit is located. their first and only stop, will furnish transpor- tation. Situated which many hattan a bullding forn the old cele- on Hanover Square, on andmarks of early Man- still _located, the new sharp contrast with across the square in which the ex- was locafed nearly half a century ago. Although the place today first actual opening ceremonies Monday will ses ding in the p day former President J. Temple Gwathmey will present the key to the new room to Edward E. Bartlett, | ir.. present head Representing the Liverpool Cotton Assoclation will be A. C. Nixon and R. Taylor; Manchester has sent A. Tomlinson, H. Robinson and R Edward Harding is here as official representative of the Brat- igh-Australian Cotton Growing Asso- ciation Dona missione Mackinnon, 1so will Austrailian com- atten FIRMS TO UNITE| Tobacco Products i‘.xpected to Merge Soon With British Interests. By the Associated Press NEW YORK. July 20—The early merger the world's largest to- bacco concerns, the Tobacco Products Corporation and the British-American Tobaceo Company into & new company was reported fn Wall street today The reports were given added trergth by the return on the steam- Reltance of Harold Stanley. prest- dent of the Guaranty Company and a director of Tobaeco Products, from a three-week visit to Europe. Mr. Stanley declined to discuss his business in urope, but he stated that he conferred theére with George Whelan and others connected with Tobacco Products. It is understood that Mr. Whelan, who has since been joined by James B. Duke, is in Lon- don to megotiate with the British- American officials. | Mr. Stanley put an end to reports that American interests would obtain the Fren cco mo- nopoly. There is no ibility of this coming to pa: INCREASE STOCK T0 $60,000,000) SAN FRA July 20.—The stockholders of the Associated Ofl “ompany at a meeting here yesterday voted to increase the capital stock from $40,000.000 to $60,000,000. Tt was Irected that the stock be divided into 2,400,000 shares sclling at §25 par. The stock on the previous capi- talization was 400,000 shares selling at $100 par. Dore than 80 per cent of the outstanding stock was repre- sented I. C. C. ORDERS CUT IN GRAIN RATES Railroads wera ordered by the Tn- ar i to make by October 10 next a serles of reductions on corn, oats, sorghum and other coarse grains moving from Texas producing points to Mississipp!, Alabama, Georgia, South Carolina and Florida To gulde the reductions, the com- mission ruled thJk. Letween the Texas vroducing point§ and Vicksburg rates | ould be 28 cents per 100 pounds. The schedules will contain increases Droportionate to distances over the Vicksburg levels on shipments to points further east Rates on flour from Oklahoma mill- ng points to Galveston and other | gulf ports ought to reduced to the level of rates on ‘wheat moving | over the same route, sald a report made today by the Interstate Com- merce Commission examiners, who investigated a_complaint of ' Okla- homa millers. If the commission sus- tains the conclusions, rallroads will be required to make new rates. FRUIT GROWERS FAIL TO KEEP UP PRICES Charges in California 50 Per Cent Below Those First Demanded. Farmers to Get Damages. Special Dispatch to The Star. SAN FRANCISCO, July 20.—Efforts | atlegea of the Co-operative Fruit Growers’ Assoclation to keep up high prices for frult suffered another setback today when' the California Canning Peach Growers' Association agreed to ac- cept $30 a ton and $15 a ton for first econd class peaches, respective- ‘he California Pear Growers' A sociation accepted $35 and $25 a ton for first and second class varietles, about 50 per cent under the early prices demanded. ~The, cut in the peach prices from the figures first de- manded is 35 per cent, and canners have already contracted for sixty thousand toms. Railroad claim agents announced today that it had been decided vol- untarily to reimburse northern Cali- fornia fruit growers several million dollars for damages suffersd by the trafic breskdown last yean BIG GUT IS URGED IN WHEAT ACREAGE Agreement Will Clear Way for 1924 Prosperity, Council Official Declares. By the Associated Press CHICAGO, July 20.—The co-opera- tive agreement to curtail wheat pro- duction by the wheat growers of the | six states in the Wheat Producers’ Conference of the Southwest will clear the way for prosperity of wheat growers in 1924, it was declared by Grosvenor Dawe, executive vice pres- igent of the Wheat Council of the United States, in & report to the coun- | cll made puplic here today. “With an wheat growers of the United States can go a long way toward getting on | aid | a sound basis befors snow flies,"” Mr. Dawe. He indorsed the policies of ‘the Wheat Producers’ Conferance of the Southwest, organized in Wichi- ta, Kan, July 16, and declared that the Wheat Council of the United States would co-operate In the efforts of the southwestern men. Experts Favor Buying Drive. Several leaders on the Chicago Board of Trade, Including L. F. Gates, Joseph P. Griffin and Robert McDou- gal, each of whom has scrved several terms as president of the board, said they favored higher grain prices. Re garding the campalgn which has for its slogans “Buy 1,000 bushels o wheat” ‘and “Buy a barrel of flour,’ Mr. Gates sald: “The campaign to stimulate | vestment buying of wheat in small quantities seems not ouly reasonable but feastble. “The grain trade,” Mr. Grifiin said, “In ¢ »n_ with 'business in eral, would welcome an advance in the price of the principal farm prod- ucts. The price of wheat is fixed by the world's supply and demand situ- ation, Reanons for Breakdown. “Wheat prices are depressed hecauses |of the financial breakdown of people and countries wWho normally buy our surplus. It is being demonstrated that political demagogy and agitatio is no adequate substitute for demand. Until bankrupt Europe is In & finan- cial position to buy the surplus wheat from the American farmer it is not likely that prices of this commodity will materially advance.” Mr. McDougel said the members of the board would welcome higher prices for grain as the greatest pos- sible boon that could happen to the United States at the present time Intend to Reduce Aereage. TOPEKA, Kan, July 20.—Reports to the state board of agriculture in- dicate, “with striking unanimity,” that Kansas farmers intend to de- crease thelr wheat acreage this fall because of the unfavorable prices, de- clares the monthly crop review, is- sued late yesterday “The prevalence of Hessian flies and chi bugs in the eastern third of the state is also glven as cause for uction in wheat acreage in that area,” the report says. Black Rust Damage Denfed. WINNIPEG, July 20.—Damage to western Canada’s wheat crop from black rust so far is so slight t it is practically negligible, last night by authoritative orgar tions responsible for the con of crop reports. These as contradict Chicago advices reficcti advers, ditions. It was declu; that witi’favorable weather for ths next fortnight rust damage would in 1o way be serious POSTAL OFFICIALS ACT IN OIL CASE Fraud Alleged in Making Investors Pay for Chance to Be “Organizers.” A scheme to make investors pa the privilege of becoming “organizers” of a fake ofl company, whose stock they were in turn to sell “to the public,” i3 in a Post Office Department fraud order issued yesterday against Dr. J. R. Yett, described as cashier of the First Natlonal Bank of Marble Falls Tex.; Porter E. lenn of Forth Wor an oil promoter: S. Hansberzer, B. Miller and ¢ en W orthern Camden, Ark.. and the Ouachita-S over Oil Company Yett and Glenn were dec of mack- ared to and officlals said Yett had admitted re- ceipt of $120,000 from would-be ‘“or- ganizers."” Aside from a chance to make money, “oil or no oil,” by selling stock to the other fellow, the order alleged, the added bait was held out that If a few gushers should happen to be brought in each of the ‘“organigers” would ac- cumulate an additional fortune. BUTTER PRICES FIRM. CHICAGO, July 20.—Butter recei tub: stead: creamery ext ; standards, 37's: extra firsts, { firsts, 34a35; Keconds 33331y Figgs—Receipts, 10,533 cases; steady firsts, 22%; ordinary firsts. 20 storage pack extras, 241¢; storage pack firsts, 231, $3,500,000 SUGAR PLANT. NORFOLK, Va., July 20.—Work on the construetion of the 3,500,000 plant of the Norfolk Sugar Refining Company will begin in about threei monthe. The plant will have a ca- pacity of 1,000,000 pounds of sugar a day. it is planned, First Mortgage Notes Are carefully selected and placed on an absolute margin of safety. The Service We Give collecting and re- mitting of interest. All details eau- tiously supervised, that the property *is properly cared for. adequately in- ared, taxes paid. Certified insured titles furmished without cost. Our experfence. extends over a period of many years without the loss of n single penny in elther principal or interest. Notes of $250 Up to $5,000 Now on Hand Chas. D. Sager 924 14th St. N.W. Main 36—Loan Dept. Money to Loan Secured by frse ared of trust on resl ostatd T et el oséph T Weller [ AT RAA Tnsnres prompt Home Furniture LOANS om 350 to $300 on D. O. real estate; housenold goods or chattels. 7 per cent jaterest. No brokerage charged. in and let us explain our metiod loans. !A'}E&“flu T P ted & Patent Peaiing. agreement 1ike this the | gen- | ave | | been the chief promoters of the scheme 10% Preferred Stock Of the Lenox Offica Building Owners, fne sperating the 7T-story office buslding know “Lenox Office Bldg., 1523 L Street Northwest £75.000 anthorized . $30,000 #0ld in advance of public offering. Remainder for sale at par, FEATURES, Cumulative; preferred dividends, 107 Participates equally in Common” Siock Dividends Preferrcd as to assets atter lst trust only. Retirable at $126 per share. OBJECT. The procecds of thin sulc are to ba used the retirement of existing ) 1o 1d for ¢ expenses of re . ug. third fo seventh foore inc office purposes EXPLANATION. orwners of this bl large return ‘to ind ther than stand the nancing in the usual maune writing ecommissions, curtai terest cha ud other lo: usual gonrces aro un conslderably more costly thao extremely attractive Preferred K A thorough examination of this o reveal this is &n abolutely sou without any clement of T tavestors cost_of nd , this Ter wiil fnves some en, Fiscal Agents Edmund J. Flynn Co,, Inc. Main 7263 HEQUITABLE 3 Co-Operative Building i Association : Organized 1879 43d YEAR COMPLETED Asxets . 84,750,762 Surplus . aioe- 83 /I The Time To Save | Is Now Subseription for the i 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY FRANK P, EDSON, President REESIDE, Secy. Our Rental Department —to owners we offer a real service in remting and management of properties. RENTS B.F. SAUL CO.- Mortgage Loans 1412 Eye St. NW, Phone Main 2100 LT |£ Continental Trust Company Capital One Million Dollars 14th & H Streets LT LT TP MORTGAGE MONEY XECUTORS TRUSTEES —and others having funds for High-class FIRST MORTGAGES. WE__CARRY ALL SECOXD TRUSTS NATIONAL HOMES and FINANCE CORP, 501-506 WOODWARD BLDG. Phone 970 Main LTI Money to Loan ANY AMOUNT Reasonahle ¢ Irade Acceptance Warchouse Hecelpt: Manufacturers’ Accounts, Short-Term First and Second Mortgages or Approved Col- interal. i American Finance Corporation Commercial National Bank Bldg. - 5u9 Reasonable Annual First Mortgage Loans Made On Improved Properties (Including Residences) In the District of Columbia Interest Curtailments Required :Lcnns for Less Than $50,000 May Be Paid in Whole or in Part a8 Any Interest Per iod Without Charge H. L. RUST COMPANY Main 6888 912 15th Street Loan Cerrespondent for the Prudential Insurance Company of America ‘Attention A four-story apartme in an llent downto apartments. All rents set right and ¢z v Rent 1n be handle - Investors Attention _V For Sale or Exchange house (strictly fireproof) wn location. Contains 43 rented for $24.720 per year. Commission. lon Very Easy Terms. The price is SEE US TODAY FRANCIS A. CRAWFORD, INC 903-4 Continental Trust Building Main 7353 include a new They ‘payments earn rate of interest. OUR CURRENT OFFERINGS of First Mortgage Investments 7% issue; also several 6%% issues, with D. C. and Federal tax free features which increase the yield to 7.13%. are offered in denomina- tions of $100, $500 and $1,000, outright for cash or under our Investment Savings Plan. Partial the full coupon NO LOSS TO ANY INVESTOR IN 50 YEARS Call, write or phone Main 6464 for full information ke F.H.SMITH CO. Counded 1873 FIRST MORTGAGE INVESTMENTS SMITH BUILDING t 815 FIFTEENTH ST.