Evening Star Newspaper, July 25, 1923, Page 23

INANCIAL. * BREAK 1N WHEAT - [AIDTO FARMERS Seil at Wrong Time, Grain - Men Say—Must Have Cash Now, Is Their Reply. BY J. . ROYLE. Speclal Dispateh to The Star, \ NEW YORI, July 25.—The farmer is paying too high for his right to 1l where, when and how he chooses. That is the explanation given to- day 1-visioned grain men in ing the position of the farmer, which is affecting every line of busi- ness in the United States and every citizen today. Untimely marketing, they assert, responsible for the predicament which the farmer finds himself unport of is by dise is in this view fact that today wheat around $1, they assert, is below the cos duction, but are refusing firmly to sell corn, which is at a new high 1 for the seasom, is 38% per cent her than last year and is rela- 1y than ever before. ers, they add, seldom vantage of marketing lolding their products stubbornly when prices are high, but selling When they decline. Co-operative mar- keting ofiers one measure of relief, dealers declare. Present Selling Methods. \ Last year when wheat prices were relatively high, according to Nesbit srammer of Buffalo, the farmers held their wheat and over ,000,000 bush- cls remained in their hands July 1. ‘They sold fr 3 »rn, which was low, and much of what they retained was Ted to hogs. in which form it brought relatively low returns this season. Moreover, government siatistics show that this spring they increased wheat acreage and decreased corn acreage. Eight per cent more sows tarrowed this spring than in 1923, @nd farmers indicate their intention of Dbreeding over 28 per cent more “ows this tall than lust year. Had co-operative marketing prevailed, grain men say, these mistakes need not have been made. “The farmers are selling wheat at low prices because they have it to sell.” Milton Schenburg of the Chicago recciving house of Henry Rang & Co. said today, “and they are not selling corn at the relatively high prices because they have none to sell. 1 believe there is 25 per ent le corn in the country today fhan a year ago.” Government re- ports showed that on March 1 there were 153,000,000 bushels of corn on farms. they 1n- farmers which, Individual farm- take full ad- opportunities, “Grain Trade Scared.” “Talked to death” is the way Frank Kell, railroad builder, banker and wheat operator of Kansas City suins up reasons for this tendency und for the low price of wheat. which he characterizes ag a “disaster.” “While there is an overproduction of wheat” he said today, “it is not €0 serious as to justify this present isaster. Everybody who has said anything about the wheat market has urt it. They Lave the grain trade ared to death ven men who were trying to help the market in their propaganda kurt | Reports Partly Blamed. Mr. Kell added that “monkeying” with the cption market which re- stricted the amount of trading made Vs 1 A somewhat similar siand n by the head of one of the Chicago elevator in- ierests. “Off hand, 1 would say that the farmers had been so flooded with reports of exeessive supplies of wheat that they are suturated with the idea, nd are therefore anxious to dispose of their wieat as quickly as they can,” this man said. “In corn, farm- ers similarly have been impressed with continued advices of acute shortage, and thelr ideas of values are set very high. 1 am not in a po- sition to suy how much corn thrre is <till back Sell to Get Money. Louis grainmen said farmers were selling wheat while it was low because they nced the money. Wheat recoipts at’ St. Louls are running round 500,000 bushels a day. or dou- bie those of this time last year. High offcrs are bringing out little corn. from which it is concluded that there is little old corn left beyond feeding requirements Nat Moflit, former president of the Louis Merchants' Exchange, de- tlares the explanation of the situation lies in the short acreage of corn and the excess production of wheat “The corn acreage before the war,” he said, “was 107.000,000 acres; now it is 103,000.000. Wheat requirements in this country are 600,000,000 bush- els. the present production is $00,- 000.000 bushels. The solution is more corn and less wheat.” cxx Selling in Kansas. Financing of Kansas farmers to enable them to hold their wheat is progressing and offerings at Kansas City are showing a slump. Nort Western farmers are selling wheut extensively because they funds to finance their harvest. Har- vest hands and supplies of food, oil and gasoline, together with repairs ust be paid for as the work is dona d the farmer's credit has beon used too far to be extended for these need President E. G. Quanne of the St. Paul Federal Land and Intermediate Credits Banks summed up the situac tion in his territory as follows: “The corn crop of the northwest 1s “negligible compared with the wheat “crop. The farmer does not well his corn because he expeots to make more money by selling the ani- mals to which he feeds It = Wheat ¢annot be produced for less than 80 (gnts @ bushiel and o make a profi that is sustaining the farme sell it at $1.50. eI Calls Costs Biggest Factor. “Ability of the farmer to borrow through chattcl mortgage to his local bank is a move in the right direc- tion, but z2lcne it will not solve the problem. Co-operative marketing will help some. but that alone will not serve. Short term loans on elevator and warchouse receipts by the fa- termediate credits bunks through warketing associations will heip creatly. "But the solution demands @ reduction in rm production costs, abor, supplies { living essentials which must be pur- hased by the farmer” Mr. Quanne did not suzgest how 2 Lrought a\:ohul. 2 thie ey toiby HUNGARY’S CROPS GAIN. st Country Raises 6,000,000 Bushels More Wheat Than Last Year. Hungary's wheat crop this yvear i 5,000,000 bushels larger than vear's harvest. A cablegram the International Institute of Agri- rulture at Rome to the Department ¢ Agriculture here today placed the rop at 60.737,000 bushels, with re- rised estimates of last year's crop at 4,711,000 bushels. All" cereal crops n Hungary show larger yields than iast year, weather conditions. SAVING MANY CATTLE. A large majority of practicing ~oterinarians in regions where the Department of Agriculture and staic «nd county authorities are carrying ‘n campaigns against cattle tuber- culosis report that the work fs howing good results. Of 410 replies eived to letters on th ubject ad- Jdressed to a large numbér of veter- narians by the department, only twenty-seven, it was said, spoke intqvorably of the work and 369 weré definitely in favor of its con- tinuaace along present lines. of pro- | higher in comparison to wheat | must have j 4 nd materials, and of | lasi | from | owing to more favorable | THE EVENING STAR, WASHINGTON, D. C, WEONESDAY, e NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. NEW YORK, July 25.—The unset- tled condition in the ofl trade had the chief bearing again upon the movement of prices on the curb ex- change today. Prices were forced down from a half point to two pojnts jfurther. The disposition was to ‘awalt the expected price cuts before taking interest on the long side of the ofl stocks. Standard of Indiana was pressed down below 53, South Penn Oil was off 21 points over night, and Vacuum {was another which lost ground. Actlvity in the South American 8roup was less pronounced, and d jclines were confined to small frac- tions. The usual erratic fluctuations NEW' YORK, July 25.—Following is an official 1ist of bonds and stocks traded In on the New York Curb Mar- ket today: Sales in thousands. BONDS. High 6x.. 8% el [ Lo Packers Packers s new Am Gux & Elec Am Sumat Tob Am T & T 6s Anaconda 6x Anglo Am Ol iix Ar & Co of Del bigs Asso Sim H'e Gian A G & WIS S Belgo Can Paper. bn Reth Steel 7o 5 Can Nat Ry Cent Nteel S8 Charcoal Co Am a S Cit Sers % D Cons_Gas Balt Deere & Co 75k Detroit Edison s Dun Tire & Rub Federal Fugar 0 Fisher Body 6x Galena Nig OIl Gen Asphalt Ks . neral Pet fs and Trunk 614 . 1f 0il of Pa B, Hood Rabber 78 ... Inter RT by 22 ... Inter R T 8s of d Louisvile G & E 5 Morrls & Co Tis National Leather 65 New Or Pub Ser 5x.. Ohio Power 5% B... Phila Elec 58 ... Pub Ser Elec Pow 6% Reading Coul Reading Coal 4% Shawsheen Ts Solvey ot Cie fs Southern Cal ¥ SONY 2850 02% 96 1003 101% 1028 883, 951, 1057 105 100 _ 100 051 96 1051 105% 038, 10015 110 90 XS 981 | sz aa s HeSanm 80 80 Sun Ol 78 ...... wift & Co Br..... United Oi) Prod 8s.. Vacuum 01l 7s FOREIGN B Argentina s "23 ONDS. Swiss U'S of Mexico 4s.... rie Ol & Gas irie P L. Solar Refin s South Penn 0l S0 Indiana. .. 20 Southern I 100 § 0 Kentucky 1700 § 0 N Y new.. 2300 Vacuum 01 new Sales INDEPENDENT in hundreds, 1 Atk Nat Gas . Rarrington OIl Toston-Wyo Ol . Pra 100 Py 10 105 15400 20 ) 674 104 1% ities Service pfd. it Serv B ofs .. Cit Service B seri Creole Synd Enginecrs Pet . Federal Oil 0 Tock Oil. alf il of Hudson Of1 ....... Tnterstate Rosaltes Kesutone Ranger. . Maracaibo 0N Mex 0il Midwest 01 . 50 Midwest-Tex Ol 1 Mount Prod ...... 55 Mutual 01l ‘vot cfs 10 Noble 0l & & » Washington Stock Exchange. ! SALES. 1 Traction Co.—1 at 1003, § at 10075 hington Rwy. & Llec. pfd.-10 at 32 at 631 . 45—8$1,000 at 71, $1,000 at 71, $1,000 af 71, $1,000 e Pot, Ele 55—$1,000 pital Traction 55—$500 Washington Gas Light—2 at 40% Mouey—Call louns. 5 und 6 per cent. BONDS. Bid and Asked Prices. PUBLIC GTILITY. = at 97 t 97, Asked. Tel. & Telga. 4s. Tel, & Tel & Te! & Tel & Lotomac b & Potomac & ‘Telephone 0. & P, Tel. of Virginia pital Traction R. R. City and Suburban Ji Georgetown Gas 1yt | Metropolitan X, K. { Potomac Electric 1st Potomae Elec. Cons. Potomac Electric del Pot. Elec. Pow. g. m. 6s 1853, Pot. Elec. Po w. & ref. 7 1., Alex. & Mt. Ver. b, L., Alex. & Mt, Ver. cti nington, Balio. & Annap. 5s hington Gas Be....... fwv. & Elec ds" £ m. 6 | American American Tel. 102 94 eé 5 b A g2525 - e H Lws MISCELLANEOUS. D. C. Paper Mfg. Gs. ikes liewity 98- Uong). : Ly Kealty iy ehort) L ceurity, St < Dep. s, Roun Ak, Cold Storage Waruiman Amer. Tel. & Telga. Capital_araction . \Wwashinglon Gus . "% Wasa. Stesmboat. & Elec. com. & Elec. pfd. Parmers | saerai-Americun Liverty”. coi :‘::lulul Metropolitau. Rigss JIggs 1IgULS W b eeees S utwmal oo N touia e F W aMDE U, TREUST COMPANY. merican Security und Trust Linenual dcus :l“l::thlllll Lunk .o National Savings and Trust... lon 1 rust : ‘ashuingion Loan ane > SAVINGS BANK STUCKS, ‘ommerce und Savinge.. . 200 e Washiugton duviags Hask v security Sav. and Com, 278 Beveutu St. Saviugs un) Lis U 'S, Savings Saus. 83 Washingtoa Mechua. FIRE INSURANCE STOCKS, American _Fire Insurance.... Lhrepran, Fire lisurance. . | Fivewen's Fire lusuruuce. uvual Union kire L TITLE INSURANCE STOCAS. | Colymbia ‘Litle Insurance Heal bswte Witle lusurauce. MISCELLANEUUS STOCKS. Columbia Graphophone com. T pid. . Traus. & Storage... er Lotspe Old Duteh. Markei com 0ld Dutch M .riec pfd. Lanston Mono iype Segurity Slorage ton Mar Yellow Cab *Ex dlvid 03 v ! W oan; | | I I 11 (o 1%:c net higher, September 77 occurred in Southern States and heavy offerings of Mutual made their ap- pearance just under the Tuesday, close. Citles Service displayed unu-| sual actlvity and lost 3 points be fore support was encountered. Low priced mining stocks were ln»‘ s 1 l | active. Dealers in this clase of stock now must pay for them outright. Be- fore the recent upheaval some houses were willing to carry these penny issues on margin. Natlonal Supply was conspicuous among the industrials, opening al- most three points undgr the previous close “and rallying only slightly. Activity in the new Reading coal imiues subsided and prices here were practically unchanged. Durant Motors aoved over a range of about a point. Cleveland wag slightly lower and Stutz about unchanged. 22 Omar 01 & G 2 Peer Oil Corp,. 18 Penn Reaver 0O 3 Pennock O ....... 1 Roy Canad 0 '& Hef 1 8alt Ck Cons .. 5 Salt Ck new . Santa Fe 0 & G . apulpa Refin Seaboard Ol . Sou_ States Oil Turman Oil i Wilcox Oil & ‘Gax. INDUSTRIALS. Amal Leather .... 15 Am G & E new w i 0% Armour & Co pfd.. Borden & Co Dridgeport Meh v | Bri-Am Tob Co Reg British Tnter Corp A RBiin City Kk Buddy Ruds ...... 1 Camphell Soup ‘pfd 1063 Centrif Tron Pipe.. €hi Xipple B trusi © i 0% i % 8 1688, 5 258 g TRC T & Dort Motor . Dubllier ¢ & Radio Durant Motor....... Durant Mot of Ind. Gilette 8 R........ Glen Alden Coal Goodyear Tire . Heyden Chem Hudson & Man Tt Levign Power sec.. 5 % Y Tel Co_pfd Patter Rros Tob Peerless Mot Radio Corp . Radio Corp Reacing Coal rt, Readinz Coal w i.. Rea Motor .. Roamer Motor . Stuia Motor Swift Tntl s Tobacco Prod Expis Thread Co pfd Unit Shoe Mach ‘Co Unjt Retail Candy. Wayne Coal 5 MINING Arizona Globe Cop. Relcher Extens Butte & Western . Canario Copper ... Candelaria Min Continental ‘Mjne: Con Cop Min tmp cf Cortez Silver 5 Cresson Gold 1 I Hill Top Hollinger Homestake Howe Sound Independence Iron Bicssom MeNam: o National Tin . New Dominion Conx Ray Hereules Tne. Red Hill Florence.. . Tted Warrior Rex Coos . St Croix Cop Kan Toy Silver Q Mines Corp Min of Amer. Silver Pick Spearhead Teck Hughes . Tonopah Divide . 30 Tono Jim Butler.. 3) United Eastern ... 2 Un Imperial Mines 2 United Verde Ext.. 10 T K Cont new w i 3 Unity Gold . 20 Victory Divide Min. 1 Wenden Copper 30 White Caps 2 H o1 i 1% oz as 04 " A% 30 02 1 £ 313 3 o1 03 i 0 | WHEAT GOES HIGHER. | Black Rust Helps to Lift Prices in | Grain Pit. i CHICAGO, July 25.—Buying based ' largely on reports of black rust in, ihe Canadian northwest and on strength in the corn market here led to higher prices in the wheat market today after an early decline. The close was firm at 1% to 1%c net ad- vance, with September 981 to 98% and December 1.018 to 1.01%. The market continued to ascend, influenced by reports that in Towa corn was curling from lack of moisture. The close was unsettled, 9214 | By the Associated Press. | 1 ' ..... | road ha - i requesting increases in pay. | i | Roston & Aibas 9 RAILROAD SIGNAL MEN ASK WAGE INCREASE CHICAGO, July 25.—Signal depart- | ment employes on the New York, new Haven and Hartford rallroad and the Central New England rail- filed submissions with the tates Ralilroad Labor Board ; They ask for 60 cents an hour.for helpers and $1 an hour for gang foremen. Signal department employes on the 3ig Four rallroad have nesoll-led: ew wage agreements with the car- r, the board announced. The new ages, retroactive to July 1, range from 51 cents an hour tor helpers to 75 cents an hour for signal maintain- ers. United —_— i BOSTON STOCK MARKET. ] BOSTON, July 25.—Following is a list | of today's highest, lowest and closing prices for the most active stocks dealt Allovez Am Tel & Tel. Amoskeag . Roston-Elevated Calumet & Hecla Carson Hill Min.. Connor J T... Copper _Range Davis_Daily t Butte . astern § 8. Franklin ... Hardy Coai Int Pot Cemen Inland Creek ... uiney St Maryiand Sho: Mach Shoe Mach prd. Superior & Boston. Swift & Co........... Switt_International U 8 Smelt ptd. Utah Apex . Yentura O Waldart Walworth Winone Wolverine 2883 e BE2 FE TEEES CHICAGO STOCK MARKET. CHICAGO, July 25.—Following is a report of today's sales, high, low and closing quotations at the Chicago Stucl Exchange: Sales. High. 70 Armour of Tl ptd.. 74% 310 Commonwealth Ed. 10 Gill Mfg. 80 Hupp Motor : 9300 Stewart Warger. .. 80 Union Carb & Carb. 334 605 Yellow Taxi gt Total sales, 17,000 shares. —_— When the man folks refused to help repair a road twenty women of Glasgow. Ky.. donned overalls and with pick and ‘shovel began repairs on a five-mile section. It so shamed the men that they, too, joined the army of woman workers. Low. . 334 jto 45 points. {spot, COTTON FUTURES DROP 140 POINTS Wild Break in July Contracts After Opening—Sells Un- der October at One Time. Dy the Associated Press. NEW YORK, July 25.—The feature of the cotton market this morning was a break of 140 points in July contracts to 22.50. At one time after the opening they actually sold & points under October, whereas only a few weeks ago the July contract was at points over October. The issuance of 150 notices was chiefly responsible for the crash in July contracts. New crop positions opened 15 to points higher, but after October had sold at 22.656 and December 22.50 the market sustained a break of 10! in! points under the realizing and sympathy with the decline in July. .An_absence of rain in the southwest and the firmness of early cables en- couraged considerable early buying from Wall street, the trade and New Orleans, which explained the strength in the new crop positions. New Orleany Market Quiet. NEW ORLANS, July 25.—Better ca- bles than due and covering of the short interest caused advances of 3 to 30 points in the cotton market to- day on the first few minutes of the session. Circulation of July notices for about one thousand bales caused «a reaction from the advance, sending July 25 points under the close of yes- tarday and reducing the gains on the new crop positions to 6 to 13 points by the end of the first hour of trad- ing. July rose to 23.38 and fell off to 2310 a pound. October rose to 22.04 and fell back to 21.82 Later Prices Quoted. YORK, July 25.-—Cotton fu- 11:45 a'm. bids steady: July, 22.48; December, 22.26; January, March, 22.15. A mod. erately Dbearish construction was placed on the weekly weather report, although it had comparatively little cffect on the market, which at midday was practically unchanged from the previous night, with October around 50 and Decamber 22.30, NEW ORLEANS, July 25—Cotton futures, 11 am. bids quiet and steady July, nominal; October, 21.97 asked December, 21.96; January, 21.94 asked; March, 22.00 avked. NEW YORK, July turas closed firm. 2 December, 22 22.50a22.52; March, 2270, Cotton, spot, NEW tures, 25.—Cotton fu- October, 22.90a 0a22.74; January, 2.65a22.69; May 2; quiet. Middling, W ORLEANS, Ju'y 25—Cotton futures closcd steady at net gains of 45 CLOSE. RANGE. : December. 115 to 22.20; October, 22.20 to 2 March, 22 NEW ORLEAN ton quiet and unchanged. Sales on the 27; to arrive, none Low mid- 2250 : middling, 23 50 ; good mid- 24.000; receipts, 1,734. stock, diing, diing, 51,546, TOMATO NOW THIRD AMONG TRUCK CROPS The tomato now ranks third in importance among truck crops, ac- cording to the Department of Agri- culture, and the demand for quality or_slicing tomatoes is creasing. Because there Is need for improvement in the cultural method nd quality of tomatoes grown foi the carly market. the department has a premium of about 375 high ! in-* FEWER ACCIDENTS | IN AUTO PLANTS | Twice as Many Rubber Workors ! Are Injured—Greatest Danger' in Construction Work. \ 4 | By the Associated Press. CHICAGO, July 25.—The automo- blle industry was first among eight industries surveyed in prevention of accidents, according to a statement made puhlic today by the National | Safety Council. Accidents averaged one a day for 6,500 automobile em- ployes, or a total of 3.822 during a !total of 202,000,000 hours worked by 185,145 employes. Only accidents in- volving time lost from work were {recorded. Rubber plant workers were injured | jtwice as frequently as those in au-| {tomobile plants. Petroleum indus- Itrial dccidents were slightly greater {than in the rubber industry, and the disabling factor was more than twice ias great. Paper and metals indus- itries accidents averaged one a day for 2,600 employes, but steel and iron plant accidents were less serious | than in paper and pulp mills, which | was attributed to a long campaign | of accident prevention in the steel industry. The Portland cement in- dustry and wood working were sixth |#nd seventh in the list. { Construction showed the worst rec- jord, with an accident a day for 1,800 | workers, the statement showed. WHEAT GROWERS PLAN TO UNITE IN 11 STATES By the Assoclated Press. MINNEAPOLIS, July 25.—Member- ship campalgns of co-operative wheat growers' assoclations in eleven pro- ducing states are to be. consolidated {immediately into a country-wide {drive under a national organization jcommittee, according to an amnounce- {ment her¢ by the American Wheat Growers' Association, Incorporated, |sales agency for the state organiza- tions. i A national advisory committee, to include representatives from bamk- {ing. business and professional organ- izations, is geing formed to assist i conducting the campaign. it was saida The new method. according to the announcement made by George C. Jewett, general manager of the American Wheat Growers' Associa- tion is designed to facilitate the signing of wheat for marketing by the farmers’ co-operative agency and has a definite goal of two-thirds of the American production. I. C. C. HALTS PROPOSED FREIGHT RATE BOOSTS Commission Will Investigate Fur- ther Fairness of Making Higher Charges. rates on amounting to cents per hundred | rounds which railroads propose to make effective to Kentucky stations son the Chesapeake and Ohio Railroad ifrom originating points in Maryland, ew York, Ohio, Pennsylvania and West Virginia were suspended today !by the Interstate Commerce Com- Imission until November 22. During |the interim the commission will in- Ivestigate the subject of the increases. | In granting permission to the Ore- |zon Short Line Railroad to build 98 {miles of new line between Rogerson, Tdaho, and Wells, Nev., the commis Islon required the road to begin con- struction by January 1, 1924, and to conclude it by June 30, 1925, i to do so, the authorization will icanceled. The new line will shorten ipresent railroad distances between an Francisco and southern Idaho. i 1 | ; | i | Increases in freight published a summary of the methods | und results of tomato growers who have been especially successful. The present need of the early and truck-crop tomato industry is not in- creased acreage, the department said. but a general improvement in the grow- ing, grading, packing and marketing of the’ crop. PRODUCERS FAVOR |I. C. C. ASSIGNED CAR RULES Opposition to the appeal which railroads have made to the Interstate Commerce ideration of its decision in the as- signed coal car case was entered to- tie Central Pennsylvania Coal Pro ducers’ Association. The association’ brief denied that application of the . rule would increase transportation costs by $100,000,000 annually, as the , rallroads contend. The assigned car decision required railroads to furnish special coal cars to mines which produce railroad fuel, or from giving special service to owners of private cars used for coal carrylng in times of shortage. SEES BIG TOBACCO YEAR. SPRINGFIELD. Mass.. July Joseph W. Alson, president of the Connecticut _Valley ~Tobacco Grow- ers’ Association, sald in an address to 5000 members of the association 25.— {today that because of improved cron conditions the recelpts would un- doubtedly be much larger than last year. He reported that in face of poor conditions last season the prices for the 1922 Havana seed crop were surprisingly high and almost he entire crop has been disposed of. Jeatures, pays $71.3 from an investmen Commission for a recon- ! in the commission's record from | FEDERAL TRADE BOARD HALTS SELLING SCHEME | Methods of inducing dealers to in- stall_garment pressing machines of |the Prosperity Company, Incorpor- ated. of Svracuse, in preference to |thoss ‘manufactured by competitors {nave been ordered discontinued b: ithe Federal Trade Commission. { "After the order had been made ipublic vesterday. Robert Ash, an at- torney for the company. declared the ‘racuse concern had asked the con ission to investigate the industry fand had itself discontinued the methods in question. Similar orders have been issued against its com- petitors. LIVERPOOL COTTON. LIVERPOOL. July 25.—Cotton =pot,: increased demand: prices steady; good'’ fully middling, 15.1 1 H | i { | middling. 15.23; imiddling, 14.98; low middling, {good ordinary, ‘14.23; ordinary, Sales, 5000 bales. including American. Receipts, 7.000 bal i American, Futures cloved steady; July, 14.33; October, 12.62; December, 12.27; January, 12.20; March, 121 May, 12.04. GET OVERLAND STOCK. BUFFALO, Y., July 25.—Inter- ests said to include Willys Overland distributors and represented by Thomas H. Tracy. yesterday becam the owners of 739,866 shares of Willy Overland common stock., purchased for $3,600,000 when their bid for that amount was accepted by Federal Judge John C. Knox in the suit in equity ~recelvership 4of the Willys Holding Corporation of Toledo, Ohio. $65 or $71.30 a Year on $1,000? THOUT tax free features, a $1,000 investment at 6%2% pays $65 a year. But a First Mortgage Invest- ment of $1,000 at 6%%, with our tax free 0 a year. If this difference in the yearly income t means anything to you investigate the Federal, State and D. C. tax free features of our $100, $500 and $1,000 First Mortgage Investments. e NO LOSS TO ANY INVESTOR IN 50 YEARS Call, write or phone Main 6464 for full information ke F.H.SMITH CO. CFounded 1873 JULY 25, 1923, |DINARSS FORS150TODAY .Exchange Improves After New Low Record for All Jime Is Again Made. By the Assonlated Pres | NEW VORK, July 25.—German | marks estdblished another new low record today. pne sale being made at | .00015 cent or*,1,000.000 for 1.50. On a later sale the mark improved to .00017 cent. GERMANY NEAR PANIC. Latest Break in Mark Causes Great Alarm in Be\&yn‘ BY GEORGE WIRTE. By Cable to The Star and Chicagos Daily News. Copyright, 1923, \ BERLIN, July 25.—There Was chaos today when It became generally’ known | that the German mark had reavhed a | new low, the paper mark now peing | worth one hundred thousandths oy its | pre-war value. In other words, the dollar instead | of being worth four and one fifth' marks as before the war, now is worth 420,000 marks. The tremendous drop since the be- | ginning of the week has caused alarm among 95 per cent of the pop- unlation and panic among the re- maining 5 per cent, which embrace government, state and municipal off cials. Food riots are expected in every city during the next few days as the ( result of the high prices which fol- lowed the drop of the mark abroad. Strikes for higher wages are a question of only a few hours, accord- ing to union officials. The government no longer has a hold of the situation, it seems, its plans having gone wrong | in_the last few days. The attitude of the more radical population througout the country is growing fiercer and more embittered ! every day. The big internal crisis. which has been expected for many | months, apparently is at hand. The question is whether Chancellor Cuno and his non-socialist government are alever enough to cope with it. { First Mortgage Loans! Lowest Rates of Interest and Commission, Prompt Action Thomas J. Fish = e I Will Sell 12 _units Intnl. Fin. Corpn, at 75, 4 units Gen’l. Fin. and Scc. at 70. 43 Chapin-Sacks “A” at 40. ._054 Chapin-Sacks 7% Pfd. at 70, 700 Miller Train Control at 1.05. Thomas L. Hume, Broker 1412 G St. M. 1346 | Home Furniture LOANS From $30 to $300 on D. C. real estate, ouschold goods or chattels. 7 per cent Interest. No brokerage charged Come Jn and let us explain var metuod of making smail loans, Commercial Loan & F Room 211, 921 System Copyrig nee Cory th St X cd & Patent Pending. poration & First Mortgage Notes Are caretully selected and placed on an absolute margin of safets. The Service We Give Insires prompt collecting mitting of interest. tiously. supervised, is properly cared adequately in- sured, taxes paid. Certified insured titles’ furnished without cost. Our experlence extends over a period of many yeurs without the los of & single penoy it either principal or interest. Notes of $250 Up to §5,000 Now on Hand Chas. D. Sager 924 14th St. NW. Main 36—Loan Dept. sud re. All_details cau- that the property for. ANCIAL. Money to Loan ANY AMOUNT Reanonable Charges on Trade Acceptances, Warehouse Recelptx, Manufacturers’ Accounts, Short-Term First and Second Mortgages or Approved Col- Interal. American Finance Corporation Commercial National Bank Bldg. paying business and investment properties. Investigate some of our large offerings of apart- ment houses and downtown bus ness buildings paying attractive rates of interest Wm. H. Saunders & Co. 1433 K Street N.W. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commi; oseph 1. Weller Ie 10% Preferred Stock Of theyLenox Office Building Owners, Inc., sperating the 7-story office building kmown "Lenox Office Bldg., 1523 L Street Northwest £75.000 authorized. 30,000 sold in advance of public offering. Remainder for sale at par, $100. FEATURES. Cumulative; preferred dividends, Participates equally in Common Dividends. Preferred as to assets after only. Retirable at $125 per share OBJECT. The proceeds of this sale are fo be nsed solely for (a) the retirement of existing foans, exclusive of Ist trust, and (b) fo meet ‘expenses of remodeling rest of build ing. third to seventh fioors inclusive, for office purposes. EXPLANATION. owners of this building prefer to pay large return to individ her” than d the excessive financing in tie usual manner. The under- writing _commissions, curtailments and in terest charges under which second-trust and other loans can be obtained from tiw al sources are unduly burdensome and nsiderably more costly than even this extremely attractive Preferred Stock issue. A thorough examination of this offer will reveal this is an abeolutely sound invest element of inflation or n., 420 Wash. L. & Trast | bide.. 9th & ¥ N.W. | EQUITABLE Co-Operative Building Association Organized 1879 43d YEAR COMPLETED Assets ... -$4,750,762 Surplus .... .. .$1,207,281 The Time To Save Is Now Make up your mind to put sside part of your salary and save & atically with the Equitable. 1 Stock 1st trust \Subscription for the < 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. Fincal Agents Edmund J. Flynn Co., Inc. Main 7253 1523 L Bt N.W. IFirst Mortgage Loans Made On Improved Properties (Including Residences) In the District of Columbia 51/2% Interest Reasonable Annual Curtailments Required Loans for Less Than $50,000 May Be Paid in Whole or in Part at Any Interest Period Without Charge H. L. RUST COMPANY Main 6888 912 15th Street Loan Correspondent for the Prudential Insurance Company of America THE OLDEST INVESTMENT First Mortgages are the oldest form of investment known. After four thousand yecars of usage they are still conceded to be the safest form of investment. Our FIRST MORTGAGES —sccured by income-producing real Ozer a Quarter of a cstate, are further safeguarded by Century 3 our Thirty years of experience. Without a Loss B. F. SAUL CO. Main 2100 1412 Eye St. N.W. Money P]lus Man agement A man may, by life insurance, provide at his death, money. But lin k his life insurance with a suitable trust agreement, and he provides still more—money plus manage- ment.. % Consult any of the officers in our Trust Department. Every Banking Service COMMERCIAL AND A 3% ON SAVINGS TRUS MERICAN SECURI TRUST COMPANY o 15t and Penna. Ave.” Capital and Surplus, $5,400,000.00 Central: BRANCHES . 7th & Mass Ave. N.W. 8th & H Sts."N.E. 436 7th St. S.W. 1140 15th St. N.W.