Evening Star Newspaper, July 27, 1923, Page 19

v *this time _conferences on plans to begin elimi- PACKING INDUSTRY - ENJOYING Boom Prices Help Farmers Who Plan to Feed Wheat to Hogs and Also to Hens. BY J. C. ROYLE. Special Dispatch to The Star. ~ NEW YORK, July The meat packing industry, which is generally recognized as an excellent business index of the country, is experiencing one of the most prosperous summers in years. In some lines business is better even than during the war pe- riod, when the United States and al- lied nations were buying in enormous quantities. This condition may have a decided Bearing on the condition of farmers and the prices of wheat, as many growers are preparing to market their grain in the form of meat by feeding it to hogs and cattle, instead of sell- ing at present low-price levels, Report Heavy Salex, Reports recently circulated that cer- tain products — ms, for example— were not finding a ready market are flatly contradicted by packers. Ar- mour & Co. 1s bringing rore hams into pickle today than ever before, ac- cording to Vice President Frank W. Waddell today. Moreover, they are mov into consumption as fast as they can be prepared for the table. A Father unusual t is that bacon is not moving so fast as ham, although bacon sales are above normal for this on “Although prices Tor beef tod 1 to 3 cents higher than a Mr. Waddell continued. had three tremendously big weeks during July. This, despite the fact that beef consumption normally is higher in the fall and winter than at of year. “Fresh pork. which is even more a cold weather staple than beef, is mov- ing in a wonderful manner. We have never seen anything like it at our plants at this time of the vear. Record Receipts of Hogs. “For some time we have been get- ting in record receipts of hogs. In previous years when receipts mounted in the summer time, the market has always been depressed anfl we have been” accustomed go, throw a good deal into_storage \and pickle. This year we have not had a chance to store, freeze or pickle more than the usual amount we ordinarily need, fresh pork has been moving so fast. “The reason? That’ 2 gainfully and active usual seasonal lull, which is as possible awa from depr has not hit us because of the un- ,usual and general prosperity. When folks are prosperous they always eat more meat. Then, too, when busines lulls do_come, and temporary cono- mizing is the order of the day, B ple fi‘l{\\‘a)'s cut down on the table last. “The old saying that the way to man’'s heart is through his stomach a true one, and when one gets "ght down to it, many of our woman folk are most approachable in that buying way. The public may stop luxuries for a little while, but when they do and still keep on buying meat in increas ume you ' can put it down that business still is basically sound and will move with a rush when the vacation period is over.” Plan to Feed Out Grain. Farmers all over the middlewest and southwest ire preparing to take advantage of t* 3 trend in meats to offset the low rices now obtaining for wheat. Ernest Underwood, mem- ber of the Kansas legislature and a farmer, announced today he had ar- ranged to feed to hogs all the wheat he raised on his 200-acre farm this year. “I am buying fifty-pound shoats at $2 to $4 each,” he said. “In former vears 1 found out cheap shoats can be fed profitably with wheat.” A_strong movement has been started in this section of the east to feed more wheat to poultry. The amount which can be utilized in this way is a big item as more than 400,000,000 chickens and 15,000,000 other fowls probably will be raised in the United States this year. Reduced Acreage Likely. A readjustment of farmer's sowing plans also is going on. Reliable in- formation from the Kansas state agri- cultural authoritles indicates that the acreage sown to wheat in 1924 will show & decided reduction and it is hoped by farmers that proposed curtailment in_other states evill help bring up the price. Wheat receipts at southwest and middle west market centers are falling below last year, indicating that farmers either are holding for better prices or are feeding their wheat to live stock. BAN OF 2HOURDAY REPORTED NEARER Steel Industry Officials Con- tinue Discussion and Report Plans Progressing. By the Associated Press. NEW YORK, July 27.—Officials of the United States Steel Corporation and of independent companies, at- tending an executive session of the American Iron and Steel Institute at| the Metropolitan Club, today resumed | nation of the twelve-hour day in the steel industry. Today's meeting follows closely the first formal conference of officials of the United States Steel Corporation and the announcement yesterday by | President ugene G. Grace of the Bethlehem Steel Corporation that his company was making progress on plans to shorten the shifts of steel workers in the continuous operations departments. Chairman Elbert H. Gary of the United States Steel Corporation and Charles Schwab, chairman of the board of the Bethlehem Company, were among those present at the meeting of the institute directors. . While no announcement was made as to the program for today's meet- ing, it was understood that the re- port of William B. Schiller of the National Tube Company, who was chairman of a special committee of the institute to investigate the twelve-hour day and recommend steps for its elimination, would e again considered. The report was submitted to the membership of the institute at its semi-annual meeting in May. The report estimataed that elimination of the twelve-hour day would in- crease the cost of operation 15 per ocent. e g SPECIAL SESSION URGED. ENSON, Minn,, July 27.—A special session of Congress to aid the farm- ers was asked by Rev. O. J. Kvale of Benson, representative-elect from the seyenth Minnesota district, In a tele- gram sent_yesterday to President Harding. Representative Kvale suc- ceeded A. J. Volstead, author of the cighteenth amendment. Corme i No matter what happens, you can always find a man or two loafin about the streets who knew that it would, says. Lynical Cy. FINANC BY WILLIAM F. . NEW YORK, July $8.—After an hour or 5o of indlcigive price changes on the market today, renewed pres- sure began to make itself felt in oll stocks resulting in further unsettle- ment throughout the generaal list. It now develops that In order, to fa- cllitate the storing and carrying over of the huge over-production of crude oil, new financing by numerous oil companies will have to be done. Standard of Indiana held slightly above 53 for a time, but later was offered down another point. A sharp break of more than 5 points over- NEW YORK, July 27.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket today: s in BONDS. ands. Hign! 2 Allled Packers 6s S2% 5 Alum 78 % T 108t Am Cot 0Nl 68 .1 020y 4 Am & Elee 6s.. 926 5 Am Lt 6 W't war. 20 Am T & T 6s Anaconda s Auglo Am © Reth 1 Chi 1cit 1 cit ¥ E Cons Gas alt 65 s Textiles 8s . Detroit City Detroit Edisos : Dun Tire & Rub 7s.. 4 Federal Sugar 6x 11 Federal Sugar 65 33y 1 Fisher Body ;. sher Body 6x ' cn Asphalt 8s und Trunk 61 33 New Or T 5 Phila Elec 008 100% 020 102 97 9Ty 1005 1001, 104 a0 00% 90% 10415 10681, 108 106% 100 7 Swiss 991 1U S of Mexico 4s. 36% unias. - Salesin STANDARD OIL ISSUE! nglo Am Cil 14% 14% reka P L. 101 Humble 0 & R new A Tmp 0l of Cai o6% 84 Ind P I o8 97ty Intern’ 1470 Magnolla Pet t_Transit N Y Transit..... Prairie Oil & Gas. irle P L Penn OI1 Swan & Finch Vacuum Oil ne Sales INDEPENDENT OIL STOCK in bundreds. ington Ol 10% 7 Cit Serv "B cfs. $3.000 scrip 118 Creole Federal 0il ilen Rock Oil 1 Humi 3 ot 60 Keystone 7 Marland . 90 Midwest-Tex Ol 11 Monnt Prod ...... 80 Mutual Oil vot efs. 19 New Brad Ol w i 3 New York Ol 10 Ohio Ranger Reaver Oil ennock Ofl B Roval Can O & Ref alt Creek new. ta Fe 0 & apuipa Refin 46 Scaboard Ol . Washington Stock Exchange. SALES. Lanston Monotype—10 at AFTER CALL. Traction Company—35 at 1003, 5 at 1001, 5 at 100%. ston Monotype—10 at 74, 5 at T4, 10 shington Rwy. & Elec. 45s—$300 at 71%. £1,000 at 71%, $1,000 at 713, $1,000 at 1. ‘apital Traction Gs—8300 at 98%. Washington Rwr. & Elec. com—10 at 65. Merchants' Bank & Trust Company—I10 at 1273, 5 at 1271, 5 at 127%, 5 at 127% Columbia Title Insurance’ Company—30 at 6 at o1, ashington Gas Light—T0 at 40%, 9%, UNLISTED DEPARTMENT. These securities not listed under exchange rules. Departmental Bank—1 at 6%, 10 at 6, Money—Call loans, 5 and 6 per cent, BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bld. Asked. American Tel. & Telga. dx. 9214 American Tel. & Telga. $%gx. 1001 Am. Tel. & Telga. ctl. tr. o 95 Am. Tel. & Tel. conv. fa... 116% Anacostin & Potomac 5 s Anacostia & Potomne gusr. Telephone 5s. Tel. of Virginia b Capital Traction R._R. 3. City and Suburban 5 Georgetown Gas 1st Metropolitan R. K. ectric Tst P bot Tot. Elec. Pow. & m. & ref. 75 10614 Alex. & Mt. Ver. i 26 .. Alex. & Mt, Ver. ctf. 24 ington, Balto. & Abnap. 55 70 ngton’ Gas 93 Rwy. & El 7 . Rwy. & Clec. g. m, Os... 99% MiSCELLANEOUS, 80 23 t ] ity Stor. W :;l.-’un. Cold Storage 9414 Wardman Park Hotel Gs. H STOCKS. PUBLIO UTILITY. Amer. Tel. & Telga. Capital Traction . Washington Gas Capital Columbia armers and ~Mecl Federal-Amerlcun Liberty - Lincoln . National Miees Tices rights w. i Second Natiopal . Sational Bank of Washington. TRUST COMPANY. American Security and Trust. Contivental Trusf hants' Bank Netiousl Saviugs and Trust aion Trust .. = N hington Lean and Trust SAVINGS BANK STOCKS, Commerce and_ Savings uington Savings V- ad ‘Com. Bank. Heventh St. o ‘Savings B Viathington Mechanics FIRE INSURANCE STOCKS, Fire_Insurance.......*220 At en Kige. Insuraace, . > 1w Gorcoren ¥ipe Inpuraace 2 1o National Union Fire ins - TITLE INSURANCE STOChS. Columbla. Title Insurance. 8% tate Title Insura: s 'uucnnuum"fim STUCKS, bia Graphophone com Solumbia Graphopiione 'pid. 1.1 s % 5‘”"&'1 Tram & Biorage.:! {00 i nthaler pe : e outch Marker tom 1, B 01d Dutch Market pfd. Lanston Monotype Socurity Storage Wasbington Marke Yellow Cab . #Ex 4l | Stockbolm,” erown Direct to The Star Office night occurred in_Magnolla Petro- leum, Vacuum, Which had closed Thursday at 43%, broke about 32 points before the decline was checked. A similar loss occurred in Imperial Ofl of Canada. Reading issues were disposed to go higher, but the weakness in other sections checked the advance. The new Reading Coal stock, however, touched 50 before the rise was Halted. Dealings in the motor group were limited. Durant of Delaware declined over a point, while Yellow Taxi sold off 2 points, Offerings of Goodyear Tire were heavy enough to bring about a decline of a half point or so. The feature in the mining depart- ment was a break of almost 20 points overnight in Hill Top Nevada. 28 Sou States Oil 1% 13 4 T x Oil & Gas. 5% D08 NDUSTRIALS. 5Am G & E new w1 361 2 Arm & Co of Del pf 87 3 Bridgep Ma w i... 13% 7 Brit-Am Tob Cou... 22% 9 Buddy Buds ... .0 "1 1 Campbell Soup pfd. 103% 4 tugal Ir 1. 14l 5 Chle 1 Clev 1 Dubilier ¢ & 7 Durant Mot . 18 Goodyear Tire 2 Jludson Co pfd 1 Hydrox Corp E h Po Co pfd eerlexs Mot “orp. ling Coal rts... 1 Reading Conl w i.. helton Looms o p Retail ¢ Lt & He ver Pipe w i, 1 Yel Taxt Corp 7 Butte & 1 Calaveras Cop 1 Canario Copper ... 1 Continental Mines. . 23 Cortez Silver . 10 Eureka Croesus 10 Fortuna Mines . 30 Goldtield Develop. 30 Goldtield Deep M Goldteld Flore: 0 Hardshell 28 Hill Top Nevad Bt 10 Iron Bloxsom 110 Knox Divide 50 Lone Star . Jominion Nevada Ophir 8 Ohio Cop - 1 Park Utah Min . 3 Premier Gold Min 5 Ray Hercules Tnc. 1 8t Croix Cons 20 Stewart Mines . 10 Temiskaming Mines .33 X Touo Beimont . 10 Tono Cash_Boy ) Tonopah Extens 5 Tono Jim_ Butler. opati Min - e nited Eastern. nited_Tmp Mines.. 7 8 woi Copper . 1 Consol.. on Alas tr cfs. n Gold . CALL MONEY RATES. NEW YORK. July 27.—Call money, teady; high, 5: low, 5; ruling rate, 5; closing bid, 5; offered at 5%; last loan, 5; call loans against accept- ances, 43%; time loans firm; mixed collateral, 60-90 days, 5a5%; 4-6 months, 5% prime commercial paper, 5a5% -— TODAY’S METAL MARKET. NEW YORK, July 27.—Copper— Steady. Electrolytic, spot and fu- tures, 14%al4%. Tin, firm; spot and nearby, 38.87a39.0! futures, 38.87a 39.00. 'Tron, steady, prices unchanged. Lead, firm; spot, 6.30. Zinc, firm; East St Louls,’ spot and nearby delivery, 6.25a6.30. Antimony, spot, 7.35a7.45. e FOREIGN EXCHANGE. July 27, 1923, (Quotations furnished by W. B. Hibbs & Co.) Nominal Sell. checks. gold value. today. ~ 4.8685 4.59% 973, 0591 04863 0000125 London, pound .. Montreal, dollar Paris, franc . Brussels, franc Berlin, mark Rome, lira . Zurlch, franc drachma Vienna, crown Budapest, crown Prague, 0 Copenhagen, Christiania, crown sociated Press. 'W YORK, i7uly 2E~l:o‘|'ielgn = irregular. uotations f:‘:fi:‘eg;ssmzesg;ousm): Great Britain, demand, 4.58 15-16; cables, 4.59 1-16. Sixty-day bills on banks, 4.56%. France, demand, .0591; cables, .0591%. Ttaly, demand, .0438; cables, .0438%. elgium, demand, = .0488; cables, .ll;m;%l/z. Germany, demand,’.00000105; cables, .00000107. Holland, demand, .3940%; cables, .3943%. Norway, de. mand, .1621. Sweden, demand. Denmark, demand, .1793. land, demand, .1785. Spain, demand, .1428. Greece, demand, .0215. Poland, demand, .0000053%. Czechslovakia. demand, .0298. Austria, demand, .000014%. Rumania, demand, .0052. Argentine, demand, .3400. Brazil, de- mand, .1045. Montreal, .97%. BOSTON STOCK MARKET. BOSTON, July 27.—Following is a list of today's highest, lowest and clozing prices for the most active stocks dealt in here: High. Low. Close. eek .0 60 60 R'llnm’!'el & 12235 122 122% Amoskea 761, T8y T8l Arizona com 103 10% 10% Tingham Ms 60 18 18 Hoston & Albany 1Y 1T 1TY Toston & Maine. 12 120 123 Boston-Elevated 80T | 9l TEY Calumet & Hecla. 44 fla 44 Copper Range . 32 31 82 Butte . 8 6 8 e, 8 8. By T B ‘Coal . f: sl m{ Creek 103 102:2 102! Libby MeNeil 6% i3 133 Mexican Investment % % 7 Mohawk .. 3% 3 3 ¢ Leather 4”3k o New Cornelia . 18 18 18 North Butte 3 3 3 0ld Colony . 3% 68% 68y 01d Dominion . 20 20 20 | Pacific Mills B0y 8% 8% | 8t Marviand 36" 85 35 Shoe Mach 361 35 3654 Bhoe Mach 231 25% 2584 i Buperior & 8t 100 100 100 Bwitt & Co.. 102 101% 101% i Swift International 18" 18 U 8 Smelt pfd. 43 43 Utah Apex L s s ! Ventura, Oll e ey | Waldort 1R 1% | Warren Bros P | Wolverine ™ Ty | T e CHICAGO STOCK MARKET. CHICAGO, July 27.—Following is a report of today's sales, high, low and closing quotations at the Chicago Stock Exchange : Sales. High. Low. Close. 90 Armour of Del ptd. 88% S1% 8T 210 Armour of Tl prd.. K 4 74 75 Commonw'n Edisonwi28 = 12715 128 £,25 GUL Mfg . 1. 180 18 250 Hu or » 1 19 675 Middle W_Utilities. 45 44y My 1900 Stewart_ Wamer... 90§ 85 5% 1950 Union Car & 55 53y 6% €0 Yellow Mfg B..... 245 245 % an 0% {BIG GOTTONFIRM MAY KEEP GOING Barrett’s Assets Said to Ex- ceed His $1,000,000 Liabilities. By the Assoclated Press. AUGUSTA, Ga., July 27.—Roy El- liston, local cotton man, today pre- pared, as recelver, to take charge of the defunct affairs of Barrett & Co., cotton factors, with ramifications pretty much over the southeast. El- liston gave bond of $50,000 before United States Commissioner C. J. Skinner, jr.a late yesterday, his ap- pointment having come about through bankruptey proceedings brought by three small creditors, whose aggregate involvements amounted to less than $4,000. The Barrett house, whose troubles beeame known several days ago, is understood to have liabilities approx- imating * $1,000,000. Spokesmen for creditors “who conferred here last week with a view to continuing the house a going concern, expressed confidence that the assets would amount o $106,000 above this amount. Yesterday's developments were un- expected generally. Last week Frank H. Barrett, president of the firm, made known publicly his plight when he gave up his seats on the New York and New Orleans exchanges be- cause he was “unable to meet” his obligations. imultanequsly with this announcement it became known that large creditors were already on hand and conferring with a view to saving the firm .from bankruptcy, After conferences extending over several days it was announced that a_committee of three was to take over the company's affairs. 1,000,000 GERMAN MARKS FOR 90 CENTS Before War Same Number Would Have Cost $238,000 in U. S. Money. By the Associated Press. NEW YORK, - July —German marks sold in the local foreign ex- change market today for 90 cents a million, the lowest in history. Before the war, when the nominal rate of exchange was 23.8 cents each, one million German marks would have cost $238,000. Except for the purchase of remit- tances to relatives and friends in Germany by residents of this country there is practically no business here in German exchange, which, from a commercial standpoint, Is worthless. SEE GERMANY NEEDING NEW CURRENCY SYSTEM Berlin Financial Writers Again Publishing Obituaries of the Fast Sinking Mark. By the Associated Press. BERLIN, July 27.—Germany gently needs a new currency system, in the almost unanimous opinion of the Berlin flancial writers, who are again inditing obituaries for the fast- sinking mark. Now that the ment has tempts o the mark by con- trolling the traffic in foreign curren- cies, the bourse and financial circles profess to see a cataclysmic collapse of the natlon’s currency already. at hand or as a near eventuality. With the withdrawal of the gov- ernment’s restrictive regulations the last forty-eight hours have witnessed a hectic rise in the doMar and pound sterling, with an accompanying ad- vance of prices in all branches of trade and commerce, the upward movement assuming such momentum that the government is apparently at a loss for new corrective measures. It is no longer a question of how things are to be reckoned, but in what they are to be paid for, says the Boersen Courler, which recails that the Roman empire collapsed be- cause it ran out of gold. Some of the more optimistic writers believe the prospective internal gold loan will point the way out of the present dilemma. The dollar was officfally quoted to- day at 760,000 marks. CLOTH BUYING ACTJVE. More Interest in Market Than Noted for Several Weeks. S[:c Dispatch to The Star. NEW YORK, July 27.—There were more demand noted in the cotton cloth market today. Activity in covering was greater than at any time in the 1ast several weeks. Print cloths held to vesterday's level of 8% cents, for the 64 by 60, and 103% cents for the 68 by 72. Buyers apparently were looking for bargains in plain fine- combed goods. Considerable trading was reported in drills, pajama checks and pongees. Curtailment of produc- tion announced by some big mills for August probably will steady buyers. 1" Dullness continued today in the oriental raw silk markets. Yokohama reported about thirty bales sold. —_— BETHLEHEM EARNINGS UP. NEW YORK, July 27.—Bethlehem Steel Corporation presented its first quarterly earnings report yesterday since it acquired the Midvale Steel and Ordnance Company, showing net earnings of $11,601,682 and net in- {come of $5,426,471, for the three months ending June 30, 1923. Presi- dent Eugene G. Grace announced at the conclusion of the directors’ meet- {ing that orders on hand were valued at $80,066,000. - pd R " PARIS BOURSE QUIET. PARIS, July 27.—Trading was quiet on the bourse today. Three per cent rentes, 57 francs 85 centimes. Ex change on London, 77 francs 60 ce times. Five per cent lean, 75 francs 15_centimes. The dollar was quoted at 16 francs 87 centimes. LIVERPOOL COTTON. LIVERPOOL, July 27.—Cotton Spot dull; prices easier; good mi. dling, 14.67; fully middling, 14.5' middiing, 14.42; low middling, 14.1 good ordinary, 13.67; ordinary, 13.37. Sales, 4,000 bales ~including 2,900 American. Receipts, 1,000 bales; no ‘American. Futures closed easy; July, 13.97; October, 12.35; December, 12.0° January, 12.01; March, 11.93; May, 11.90. _— WHEAT HARVEST BEGINS. BISMARCK, N. Dak., July 27 (Spe- clal),—Harvesting of wheat, barley and rye has begun and farmers are oftering hands $60 and $80 a month amd keep. One county asks for 2,000 men. - BUTTER IS HIGHER. CHICAGO, July 27.—Butter—Highe: creamery extras, 39%; standards, 4 extra firsts, 38a38; 'sts, 36a37; sec- onds, 343%4a35. ‘Eggs—Higher; regeipts, 10,861 case: fiysts, 23%a24; ordiflery firsts, 21%a2 t 2 i storage mzk‘.%eéx& 25%; storage COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY NEW ORLEANS, July 27.—The mar- ket for canned goods in the south is extremely dull, and jobbers have con- tracted for far less than last year. Bules of salmon have been unusually small. Business is expected to improve next month. ST. PAUL, July 27.—F. C. Roth, transportation head of the Great Northern railroad, has announced that the Western Fruit Express Company has been formed by the rallroad to handle refrigerator cars carrying eastern movement of fruit. SPRINGFIELD, Mo., July 27.—The state crop-reporting _service says. Missouri corn now is 85 per cent of.! normal, as against 82 dast year, and that the yield will greatly exceed last year. Wheat s 81 per cent, against 794 last year, with an average production of 13.8 bushels to the acre. Oats are 82 per cent, against 50 last year. PITTSBURGH, July 27.—Following the recent report of a diminishing de- mand for window glass, substantial improvement has appeared. The new buying today is making inroads on warehouse stocks and prices are hold- ing firm. Demand for plate glass con- tinues heavy. ST. LOUIS, July 27.—The Roxana 2 Petroleum Company, a Dutch Shell subsidiary, is establishing its own filling stations here. The company will continue to sell to Individually owned stations, however. CHICAGO, July 27.—Taking ad- vantage of the favorable transpor- tation, bullding supply dealers here are ordering in large quantities and storing surplus supplies. Shiprients of stone, gravel, 8and and cement are large. ASHTABULA, Ohlo, July 27.—On July 7 the New York Central rafl- road broke all records for handling iron ore from lake steamers into cars Wwhen 83,086 tons were transferred, Ten steamers unloaded into 1,386 freight cars bound for Youngstown and Pittsburgh ST. LOUIS, July 27.—Coal for stor. age has begun to move in this sec- tion and the demand for cars has in creased this week. Car supply is ample. The railroads are storing dgainst possible shortage. ATLANTA, July 27.—Summer retail Jewelry sules have held up well | throughout the southwest, and the fall business should be the best since 1918, according to H. Huench of At- lanta, president of the Georgia Re- tail Jewelers' Assocfation. e ORDERS 45,000 TONS OF COAL FOR PUBLIC Mayor of Boston Acts to Help Avert Fuel Shortage in New England. Special Dispatch to The Stas BOSTON, July —Fearing a coal shortage in New England this winter, Mayor Curley of Boston has directed Frank P. Rock of the municipal sup- ply department to proceed to the anthracite coal regions of Pennsyl- vania and bargain for the delivery of 50,000 tons of coal. The normal requirements of the city supply department are less than 5,000 tons of anthracite. The surplus will be sold at cost to the public. CARRY $1 AND $5 BILLS IN VISITING GERMANY This Is Advice From Berlin to Americans—Credit Bank to Be Opened. By the Associated Press. BERLIN, July 27.—Americans com- ing to Germany should carry as many $1_and $5 bilis as possible, as they bring better rates and can be used more advantageously in the present exchange crisis. Travelers’ checks should also be in the smallest pos- sible denominations, as the banks are refusing to pay out foreign currency and the limited amounts of marks available at the banks are in such small denominations that a market basket is required to carry $10 worth. Gold or silver money or foreign drafts or checks are difficult to change. Small English bank notes are in great demand. The government announces the creation of a travelers' credit_bank, to be opened in September. Checks upon this institution will be taken by the railways for tickets and baggage charges. FANCY GREEN PEAS ADVANCE IN PRICE Special Dispatch to The Stas NEW YORK, July 27.—Fancy green peas met an aétive demand this morn ing, and prices advanced, with the market firm. Receipts were moderate. Sales ranged from $2.50 to $3.25 per bushel basket, and to $2.75 per bushel bag. ‘Wax and green beans were in very limited supply; however, nearby of- ferings were plentiful. Fancy young stock met a moderate demand, where- as ordinary beans were practically neglected. Prices ranged from $1 to $2 for wax and 71 to $1.50 for green. Receipts of caulifiower from the Hudson river valley were very light; however, supplies are steadily in- creasing; the market held firm only for fan large, well headed stock. Crates sold as low as $1.50 and as high as $6, depending upon quality, 1. C. C. CANCELS HIGHER GRAIN FREIGHT RATES Proposals to increase freight rates on flour_and grain moving from St. Paul and Minneapolis to Kansas, Ok- lahoma and Colorado points by amounts ranging from 10 to 30 per cent were held unjustified today by the Interstate Commerce Commission. New schedules, effecting the in- creases, were suspended some time ago, and the decision today ordered them canceled. After holding in suspension a volun- tary reduction in freight rates on vinegar between Pacific coast produc- ing points and the middle west. the commission today concluded that the reduction was justifiable. Railroads were notifled that they might proceed to make the new schedules effective August 26, They will reduce the present rate.of $1 per hundred pounds to 75 cents. Railroads were ordered today by the Interstate Commerce Commission to discontinue by October 19 next the fixing_of freight rates on common veneer which exceeds rates which they charge for lumber in similar weight and distance shipments. "DAVIS VISITS ESSEN. Secretary of Labor Makes Brief Inspection in Ruhr Territory. By the Associated Press. DUESSELDORF, July 27.—James J. Davis, American Secretary of Labor, arrived here today for a brief visit to llil:hnuhr. He will return to Paris to- night. This afternoon Secretary Davis visit- ed Essen, accompanied by officers of the French staff. _— MINERS’ PAY INCREASED. BRUSSELS, July 27.—Wages of Bel- gian miners were Increased 5 per cent today, effective August 1, by a joint committee because of the increased cost | to-mouth basis. FRIDAY, JULY 27, 1923 GRADUALSELLNG BESTWHEATAD Farm 'Expert Would Put Grain on Market Slowly in Order to Lift Prices. DBy the Associated Press. CHICAGO, July 27.—The collapse of the wheat market has overshad- owed more promising aspects of the rural economic situation and made the outlook darker than is justified, H. W. Moorhouse, research director of the American Farm Bureau Feder- atlon, indicates in a rfionthly report issued by his department. “For the country as a whole and for products iny general the present situation is not discouraging, com- pared with last' year,” the report stated, “but for those sections ig the near west and northwest which® rely more on wheat, the outlook is dis- heartening. . Increase Over Last Year. “Preliminary estimates by this de- partment indicate that for the com- ing crop vear gross income from farm sales will be about $100,000,000 to $200,000,000 more than the previous avorable wheat statistics have been unloosed in a deluge, almost obliterating more encouraging de- velopments’ and carrying the price lower than seems necessary. “One major reason that demand for wheat Is not now properly sustained is the changed method of purchasing for export. Before the war purchases for foreign account were made in large volume at harvest or imme- diately thereafter. Due to the pre- sent financial conditions abroad and the uncertainty concerning prices of foreign drafts. 2 Forelgn Buying Uneven. “Foreign buying is now on a hand- Gradual feeding into the market by producers will do more than anything else to correct the im- FINANCIAL FOR SALE—Desirable income- paying business and investment properties. Investigate some of our large offerings of apart- || ment houses and downtown busi- ness buildings paying attractive rates of interest. Wm. H. Saunders & Co. 1433 K Street N.W. EQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED Ansets . - 84,730,762 Surplus . .$1,207,281 Avaijl Yourself of the Opportunity to Save The wystematic saving plan of the Equitable should be adopted. You will find it the most effective way to get ahead financlally. 10% Prefe—rg Stock Of the Lenox Office Building Owners, inc., operating the 7-story office building kmown “Lenox Office Bldg., 1523 L Street Northwest 75,000 anthorized. $30,000 s0ld in advance of public offeriag. Remainder for sale at par, $100. FEATURES. Cumulative; preferred dividends, 10%. Participates equally in Common Stock Dividends. Preferred as to assets after 1st trust itirable at $125 per share. OBJECT. The proceeds of this sale are to be used solely for (a) the retirement of existing Subscription for the 85th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. 1] Soans, excrusive of Tst trust, and () o Mone to an meet expenses of remodeling rest of bufld. ing, third to seventh floors inclusive, for ANY AMOUNT office purposes. Reasonahle Charges on EXPLANATION. Trade Acceptances, The owners of this building prefer to pay Warehouse Recelpts, a large return to individual iovestors Manufacturers’ Accounts, han stand the excessive cost of Short-Term First and Second o the usnal manner. The under- g commissions nts and in- charges und. second-trust and other loans can be obtained from the usual wources are unduly burdensome and considerably more cost en_this extremely attractive P K issue. A thorough examina 1 this is an absol Mortzages Approved Col- 1ateral. American Finance Corporation Commercial National Bank Bldg. Money to Loan | Secured by first deed of trust on real estate. | Joseph I. Weller $5%4h % bldg., 91l & F or " Fixcal Agents Edmund J. Flynn Co., Inc. Trust | § Main 7253 1523 L St. N.W. N.W. First Mortgage Loans Made On Improved Properties (Including Residences) mediate unbalanced market. “For the future, nothing short of a readjustment of acreage downward seems able to insure sufficient re- bound in price to make wheat grow- ing profitable to the majority of American producers.” PIONEER MINING MAN, FRIEND OF GOULD, DEAD By the Associated Press. NEW YORK, July George Turnbull, a pioneer mining man and railroad builder and a former asso- 2 clate of Jay Gould, dled vesterday at Roselle, N. J, in his seventy- eighth year. He went to Denver, Col, in’ 1867, and engaged in the mining _Dusiness. The late Gov. Grant of Colorado was at one time employed by him as an assayer at Central City and it was Mr. Turnbull who sent Grant to Leadville, where the Grant smelters were developed ater. After an experlence in gold mining in California, Mr. Turnbull returned to Colorado, where he built several railroads, among them the Denver, Utah and Pacific. He obtained from Gusman Blanco, director of Vene- zuela, the Manoa concession of 120,000 square miles. ——— DOLLINGS SUBSIDIARY GOES INTO BANKRUPTCY By the Assoclated Press. PHILADELPHIA, July 27.—A peti- tion of involuntary bankruptcy was filed in the federai district court to- day against the MacCambridge, Com- pany, Philadelphia, manufacturers of plumbers® supplies, a subsidiary of the R. L. Dollings Company of Pennsyl- vania, which went into the hands of a receiver vesterday. The company has a capital of $100.000. The peti- tion was filed by three creditors. No statements of assets and liabilities were filed. _— CARE URGED IN CUTTING CRUDE OIL PRODUCTION By the Associated Press. CHICAGO, July 27.—*“Certain sena- tors at Washington, who attempted to gain control of the oil industry, have brought about the election of a certain gentleman in Minnesota,” de- clared Harry H. Willock, president of the Waverly oil works, at Pitts- burgh, Pa., during the meeting of southwest oil men here. Mr. Willock did not elucidate on his statement. Mr. Willock asserted that the re- duction of the production of crude oil and the reduction in the price of gasoline should be approached with caution. . Approximately 90 per cent of the oil wells in the south and west are being operated at a loss, said William N. Davis, president of the Mid-Continent 0il and Gas Association. “If the price of crude oil, which is now selling at about 9 cents a gallon the re- finerfes, is reduced further,” he said, “the wells must be abandoned.” “A reduction of 50 per cent in the runs of the refineries would absorb the excess stock and establish the équilibrium of the industry,” he said. —_— BUSINESS PICKS UP. New Orleans. Reports Further Gains in Jobbing Trade. Speclal Dispatch to The Star. NEW ORLEANS, July 27.—Some further improvement in the jobbing trade of the south has been noticed this week. Orders for dry goods. no- tions, silks, underwear, hats, millinery and hardware have improved, but country merchants are not yet ready to buy their full requirements for fall. Shoe houses report business un- usually slow, and grocers say their country business has fallen off. First Mortgage Notes Are carefully selected and placed on an absolute margin of safety. The Service We Give Insures prompt collecting and re- mitting of interest. All details cau- tiously supervised, that the property is properly cared for, adequately in- sured, taxes pald. Certified insured titles furnished without cost. Our experlence. extends over a period of many years without the loss of a single penny iu 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. Home Furniture LOANS From $50 to $300 on D. C. real estate, household goods_or chattels. 7 per. cent interest. No brokerage charged. Come tn and et us explain our metbod of making sm 8. Commercial Loan & Finance Corporation Rooma2il, 921 15th St. N.W. Bystem Copyrighted & Patent Pending. 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 15tk Street Loan Correspondent for the Prudential Insurance Company of America TRUE VALUE To find the real basis of safety in investing, consider, first of all, the value of the property back of the mortgage. Satisfy yourself that it has been accurately and conservatively de- termined. We have consistently adhered to a conservative loan policy, knowing it to be the only way of insuring absolute safety to our investors in our Quarter of a Centur) Without e FIRST MORTGAGES F. SAUL CO. 1412 Eye St. N.W, B. Main 2100 Don’t Wait To Invest Your Funds Learn now why The F. H. Smith Company’s Safeguarded First Mort- gage Bonds are the ideal invest- ment for you. They pay 64% interest and carry tax-free features which actually in- crease the yield to 739 Thesé Bonds are offered in amounts of $1,000, $500 and $100 and can be bought either outright for cash or under our popular Investment ings Plan. Ask for Booklet S-27 Phone Main 6464 Call or Write CJhe EH.SMITH CO. CHounded I873 FIRST MORTGAGE INVESTMENTS SMITH BUILDING 815 FIFTEENTH ST. NO LOSS TO ANY INVESTOR IN 50 YEARS