Evening Star Newspaper, August 11, 1923, Page 11

FIN FARMERS TAKINGUP . RETAIL BUSINESS Trade by Barter Not Proving Satisfactory to Many Agriculturists. BY J. C. ROYLE. “Special Dispatch to The Star. NEW YORK. August 11.—Although merchants in many parts of the coun- try are accepting Wwheat in barter from farmers, the agriculturists of the middle west have begun to steer away from placing their other farm products with retailers. With prices of wheat at a point where there is “little or no profit to the grower, own- ANCIAL Received by Private Wire BY WILLIAM F. HEFFERNAN Special Dispatch to The Star. NEW YORK, August 11.—Little sig- nificance attached to the movements of prices on the curb market today. Trading was unusually dull, with sales at about where they closed Thureday. i Declaration of the usual quarterly dividends on Standard of Ohlo, Cres- cent Pipe Line and Continental Oil failed to affect these stocks. South- ern States was the only member of the oll group to display activity. NEW YORK, August 11.—Following is an official list of bonds and stocks traded in on the New York Curb Mas- ket today: . Sales in BONDS. thousands. 1 Alum 7s 25 . 1Am T & T 68 ers of farms are depending more and more on their fruit, vegetables, poul- try and daily products to bring them in needed returns, according to agri- cultural agents. . t Ry 5s Co_Am Cons Gas Balto 6s Deere & Co T%s ... Detrolt City Gas 8a. ena Signal Oil Ta THE EVENING STAR, WASHINGTON, D. C., SATURDAY, NEW YORK CURB MARKET | Direct to The Star Office Profit-taking sales caused a drop of about a polnt. Belcher extension mining dropped back over half the ground gained early in the week when the stock failed to be supported today. The market for most other stocks of this clasy was wholly professional. In the motor group Durant came off another point. but those working for lower prices failed to press their advantage and the stock remained dull around 3. While the rubbers were breaking on the big board Goodyear and Intercontinental held A comparatively firm. 8 [ 1% 314 187 Mex Ol .......... 18 Mutual Oil vtg efs. Penn Beaver Ol Roy Can 0 & R. 8alt Ck new Santa Fe 0 & G. Seaboard Ol . > , Son States Ol 16% Y Wileox 0l & G 5% o INDUSTRIALS. Allied Pack pr pfd. 9 Am Drug .. % Am Writing Pa 13 Archer Dan Midland 26 Horden & Co....... 1141 Rridgeport Mach Brit-Am_Tob Cou. aBurpnaon 9 % 11 26 g 7 3 23% Buddy Buds .. BUSINESS 0UTLOOK MIXEDATWEEKEND Financiers, However, No Longer Pessimistic—Too Early for Fall Forecast. BY STUART P. WEST. Speclal Dispateh to The Star. NEW YORK, August 11.—The busi- ness outlook is still a good deal mixed at the close of another week, but the financlal markets have got rid of the exaggerated uneasiness and pessi- mism which characterized them a month ago. In the first week of July the de- cline in stocks was checked because prices had reached a level which was sufficiently attractive to buyers. At the same level the secondary decline was stopped in the first few days of August. The ordinary reading of this COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETROIT, August 11.—A large beet crop and a good sugar yleld is becom- ing more certain in the Michigan sugar beet districts every day. Weather con- ditions have been favorable and fac- torles in‘the Saginaw district will slice 50 per cent mgre beets than last year. In southern Michigan and northern Ohio sugar companies expect to pro- duce 30 per cent more sugar than last year. FORT WORTH, August 11.—About 9,000 head of calves and young stuff will be moved out of the Texas Pan- handle to Kansas City and other mar- kets this week. Abdut 14,000 head were shipped in the last two weeks, BOSTON, August 11.—Uncertainty in cotton manufacturing was given as the reason for closing the Jackson mill of the Nashua Manufacturing Company. The plant will remain closed until after Labor d: The Nashua mill will close August 18 for two weeks' vacation. The plant of the York Manufacturing Com- pany at Saco, Me., will close for two weeks August 25 and the Lancaster mills, at Clinton, Mass., will close Sep- tember 1 for an indefinite period. AUGUST 11, 1993 3-Year First Trust Notes Secured D. C. Real Estate Amounts, $1,800 'Each Bearing 6%% Interest Will sell at 8 per cemt broker- age. Owner needs money for future building. Write and rep- resentative will call. Box 308-S, Star Offce. First Mortgage Bonds Of “The Racquet Club” Of Washington, D. C.. Denominations, $100 $500, $1,000 Wardman Construction Co. INCORPORATED Investment Department 1430 K Street N.W. FINANCIAL Save and Invest . Thehpurchuers of our First Trust st. Real ate Notes lock them in a safe deposit vault and forget them. Nothing to watch; nothing to worry about; no fluctuation of value. SAFE INVESTMENTS WITH 4 WIDE MARGIN OF SECURITY Paying 6 and 612% (PAYABLE SEMI-ANNUALLY) . Shannon & Luchs First Trust Notes Built on a Straight Line of Return Not a Fluctuating Value Sold in Denominations of $100, $500, $1,000 FULL INFORMATION A Better Article at a Pre-War The movement away from the deal- and toward the ultimate consumer ed its first big impetus this year when Jason Brown of Indiana re eeived a_credit sip for $10 in ex 1t |expertence would be that there are 107% | definite points of support in the pr 2% |ent market, or, to put it another wi 18% |there is a certain price range at 9% | which people of substance belleve the ..525 Rt 4 2 Car Light . E Cellulold Co pfd... Chic Nipple B trust Colorado Pow & Lt Dubilter C & Radlo SEATTLE, August 11.—Importa- tions of portland cement of 65,000 barrels from England and 35,000 bar- rels from Sweden are expected to ange for twenty-five fresh churned butter from a mer- chant of the town nearest his farm. While he was spending part of the $10 credit Brown saw the merchant sell two pounds of the butter he had just brought in for 95 cents, or 48 cents a pound. Becomes Retaller at Once. Brown went into the r il business on the spot On his way home stopped his truck at twelve residences and secured “ten contracts to supply the householders with farm produce \at prices slightly under the retail quo- tations. He related his experience at a township meeting of farmers through- out the county, and adopjyion of the plan spread first to adjoining counties and of the n then into a_half arest states. It met ‘ment from agricultural ag a result, many thousand f. dozen are to consumers, using auto trucks to transport their products and get- ting market quotations by radio and telephone. Hundreds of chicken farms have sprung up In Indiana and Illinots. and it is expected that these will be in- creased 300 per cent within a year. The barter of wheat in the form of warehous receipts to me: ants in exchange for clothing and manufac- tured products has offered some re- ef to the grain producers, but in moest cases the amount of wheat which may be traded in is limited to 109 busheis by each Erower. Russin will send from two to three miilion tons of wheat to Furopean markets this year and will have it at. destination before the American wheat can reach many of the foreign puichasers, according to experts who have just returned from that country. Much of this grain wili come from the Caspian ports and will an advantage of power cost of ion bver the American product 's Currency Worries, The effect of the depreciation of «thé currencies of the European na- tiohs has been greater than the actual falling off in purchasing value, cording to Doris< E. Fle cpmnsel on industrial relations to many large American companics. who hal just returned from Austria. In pounds o!] he enthusiastic | ts making weekly deliveries di- | agricultural { hman, | Morris & Co T4s. 2 Nat Leather S« Obio Power 5s B Salesin STANDARD OIL ISSUES. units. 200 Anglo Am Oil 0 11 P L. 700 Intl Pet ¢ 20 Magnolia 10 200 0 141, 138 15 138 N Y Transit. Ohto 0il_new. . ol & e P L h Peon Oil. 0 Indis 2 S O Kentneky...... SO N Y new 80 #0 OM10. .. oe0vm B0 Vacunm Of) mew. .. Sales in INDEPENDENT OIL STOCKS hundreds. 2 Carib Synd ... 1Cit Serv .., 4 City Sery ‘pfd 1 Cit Serv “B™ 3 Derbs 0 & R w i. 40 Engineers Pet 14 Gulf Oil of Pa 10 Hndson 0il ...1000 4 Humphrers Ofl 40 Keystone Ranger . Pet . ette Oil {MODERATE WOOL BUYING FEATURE, THE PAST WEEK {Trade Encouraged by Keen Inter- 10 4900 300 0o est in Woman's Wear Lines, Com- mercial Bulletin Says. BOSTON, August 11.—The Commer- {clal Bulletin says: “Moderate buying on the part of the mills has char- acterized the wool market this week, chiefly favoring the finer grades { Prices have kept steady on the whole, although hardly firm. As vet, there {has been no marked reaction in the o 0 £ b 3 e % 3% a% 175 10 20 1% 2 Durant Mot ....... Heyden Chemical... Hudson & Man R R. Intl Contl Rubber.. Kup'h'm'r B & Co Mesabi_Tron Radio Corp.. Radlo_ Corp Reo Motor. Roamer Motors. . 0 C & 1 new. 2 Wayne Coal. B FFRNEEE wwabiua FES P 3% MINING. Arizona Globe Cop. Relcher Extension Butte & Wentern. Canarlo Copper....... Con Cop Mi tem cfs CortezSilver K 10 .10 3. a8 Fortnna oldtield develop | Deep Mine 4 4 ) s Ton 4 3 38 o4 1% " .12% 06 2 @ Hill Homestake Independen Kewanas M Lone 8 National Tin 3 New Dominton Cop. Nevada ¢ 1 Nipissing oble Cop .. : Ray Hercuies Inc. Silver King Dv Mn3 Simon_Silver 10 pearhead Gold m tewart Mines K o8 Teck Hughes 5 United E 1 1 1 29 4 SCARCITY OF BEEF PUTS PRICES AT HIGH LEVEL CHICAGO, August 11.—Unusual scarcity of finished beef cattle drove the price to a new top of $12.45, a record for the year, according to the weekly trade review issued today by Armour and Company. Pork trade has been under a similar condition, the review stated, but hogs of extremely poor quality are arriv- ing in large numbers, most of them being too Inferior to tell what they are worth. “It seems as though producers were risks and uncertainties of the outside situation have been sufficiently dis- counted. Not Ready for Forecast. The time has not yet come when it Is possible to forecast the conditlons of ‘the autumn trade. But nothing has happened to discourage the view that the business volume during the latter part of the vear will be sa factory, even although in most 1i it promises only moderate profits. De spite the heavy shrinkage in_unfilled orders reported by the Steel Corpora- tlon, it is a fact that new busine has been picking up during the last fortnight. ~ Steel men predict that or- ders will have caught up with pro- duction in the course of another month. Meanwhile, steel prices are holding firm, there have been very few cancellations and equally few in- stances where mill representatives have had to go out looking for cus- tomers. In other words, features or- dinarily present at a time of ap- proaching depression are not present now in the steel trade. Better Agricultural Condition But o far as the state of agricul- ture is concerned, matters have brightened decidedly. The decline in wheat has been checked, and cotton prices at one time during the week Were up over 3 cents a pound. This means a great deal for the much di cussed “Yarmers' buying _ power.” Wall street was in the blues last month over the 6-cent-a-bushel drop in wheat, how it would inevitably curtail purchases in the agricultural states of the west and how this would react upon the entire business situa- tion. As a matter o fact, the rebound in cotton is quite as important an in- fluence in the farm outlook as was last month's fall in wheat. The sudden turn in cotton prices has revealed that the partial slump in the New England cotton goods trade was exaggerated It was not due to overproduction, but to the mill owners' holding off in ex- pectation that the raw material would go still lower. When raw cotton started upward the goods trade at once got busy again. Crude Ol Production Drops. A favorable development in another direction has been the falling off for the first time in the production and importation of crude ofl. It may be too early to conclude that the decline relieve the shortage existing at pres- ent in southwstern Washington and | western Oregon. ! SEATTLE, August 11.— Cuts ln' price by jobbers in sugar have re- duced the quotations to the retailer to $8.75 a hundred pounds, or $2.20 a hundred below the peak price of the year, reached April 27. ST. LOUIS, August 11.—The first federal barge line tow of wheat of the season is now on the way to New Orleans. The cargo totaled 208,000 bushels, of which 72,000 bushels is for export. Bauxite ore will form the return cargo from New Orleans. CHICAGO, August 11.—There is a comparatively small carry-over in the hands of clothing retailers, and manufacturers are shipping goods as fast as they ean be finished. Demand for cloaks and suits in local depart- ment stores led all other lines in the last week. BOND MARKET, NEW YORK, RATED DULL, BUT FIRM By the Associated Press. NEW YORK, August 11— Bond transactions were dull and firm to- day. Active United States govern- ment “bonds held steady around Thursday's levels. There was little activity “in the foreign group, but generally prices rallied fractionally. Advances of a point each by Carolina, Clinchfield ard Ohlo 5s, Chicago and Alton 3s and Seaboard Air Line re- funding 4= were the only outstand- ing early changes among the railroad mortgages. Industrial liens were steady for the most part. United States Rubber however, sold 1% points lower. HARD COAL OUTPUT LESS. 1922 Figures Show Reduction of 36,448,441 Tons From 1921. HARRISBURG, Pa. August 11— | Anthracite coal production in_Penn- sylvania last vear aggregated 53,910,- 201 tons of 2,000 pounds each, reports made public today by the department of mines showed. This was a decrease 5s, Price Our Service— RENTS B. F. SAUL CO. Mortgage Loans 1412 Eye St. N.W. Phone Main 2100 Our 79, First Mortgage Notes Are carefully selected and placed ea an sbsolute margin of satety. The Service We Give Insures prompt collecting and re- mitting of interest. - All detalls cau- ly supervised, that the property is properly cared for. adequately is- sured, taxes paid. Certified insured titles' furnished without cost. experience extends over & period many years without the loss of & single peony iz either principal or itsrest. Notes of $250 Up to $5,000 Now on Hand Chas. D. Sager 924 14th St. N'W. Continental Trust Company Capital E U T Since 1906 MORTGAGE DEPARTMENT 713 14th Street N.W. MONEY TO LOAN ON DISTRICT OF COLUMBIA AND CHEVY CHASE, MD., RESIDENCES \ 5%9, Interest H. L. RUST COMPANY 912 15STH STREET N.W. MAIN 6883 LOAN CORRESPONDENT FOR THE PRUDENTIAL INSURANCE COMPANY OF AMERICA The Security You Get One Million Dollars 14th & H Streets SHITT NG simply sweeping their farms and {in Prices, plus the restrictions imposed Sending the litter to market,” the com- |bY the refiners, have made themselves pany stated. “The packer is hard put|felt in a definite turn. But the feeling to know what to pay for such animals |18 that if the peak of oil production and what to do with them after he|N&8 not quite been reached, it Is at of 36,448.441 tons compared with the 1921 production, and was due to the prolonged su £on of operations because of the wage controversy. The anthracite mines employed 159,- wool market from the openings of | lightweight goods. The trade, how- lever. 1s encouraged by the keen in- terest displayed in woman's wear| me sections prices have increased | 0 7,000 times thelr former flgures, and the string of zeros attached to evéry price tag is a powerful ,deter- it reiit against buying or selling. MANY CHANGES SEEN IN MARKET FOR WEEK President Harding's Death and Fu- neral Restraint to Trade—Test Expected Next Weck. NEW YORK, August 11.—President Harding's death and funeral services exercised a restraining influence on trading in this week's security mar- ket. Prices pointed upward earlier In the week in reflection of the com- munities’ confidence in the new Wash- | ington administration, but publica- tion of a few unfavorable trade re- ports and announcement of Chancel- lor Cuno's policy to continde passive resistance in the Ruhr turned prices heavy again in the later trading. Price changes generally, however, ware regarded as inconclusive. Owing to the absence of a number of large traders and the natural disposition of others to defer extending their commitments until after the day of national mourning, the real test of the market's inherent strength is not expected until next week. i Significant Development. One of the most significant devel- opments of the week was the publi- cation of the government's crop fore- cast showing the condition of spring wheat to be 69.6 per cent of normal, or approximately 3 points below earlicr estimates. This was inter- preted as bullish by the grain trade. Another sharp collapse took place dnring which were quoted as low as 17 cents a million as compared with 90 cents a week ago. The weekly Reichsbank statement showed an increase of 12,000,000,000,000 marks in note | ion. Franch and Belgian <0 dropped to new low levels all time in response to the un- favorable political and economic de- velopments abroad. New Low Prices Recorded. Active leather shares dropped to new low prices for the year as a re- sult of unsatistactory trade condi- tions, the principal companies still operating under a deficit. Shippings and chemicals also had another sink- ing spell. Motors and motor acces. sorfes improved somewhat on publ cation of excellent earnings reports by some of the smaller companies. Coppers held firm on heavy domestic demand for the red metal. Steels be- gan to reflect the improvement in forward business reported by the steel centers. Good buying power deVeloped in the rails as a result of excellent earnings and traffic reports by some of the non-dividend paying roads. North- western ralls, which had been heavily depressed, aiso displayed a firmer tone. Placing of American locomotive on a 6 per cent basis helped the equip- ‘ment shares, Money rates showed no important changes. - e WHEAT UPTURN-RECORD OF THE WEEK’S\ TRADING CHICAGO, August. 11.—Decided up- turns in the price of wheat this week have followed an official forecast that the 1923 domestic harvest would yield many milllon bushels less than™ had Dbeen generally expected. Compared with a week ago, the wheat market this morning showed 1% to 2% cents gain, with corn at % cent decline to a_shade advance, oats, %al to 1%a 1% cents up, and provisions un- sending the litter to market,” the com- changed to 40 cents higher, Notwithstanding that a majority of wheat traders looked for a govern- mekt erop report of bullish character, few anticipated that wheat production for the season could be estimated at £.000,000 to 24,000,000 bushels less th private experts had figured upon, the week in German marks, | {lines and it is hoped that another {month will see greater interest shown in the end of the market. “The foreign markets are generally {steady. In the west there has been {little business done and that mostly jon a consignment basis. i “Mohair ill slow of sale, but ! steady in_price. ! and water shipments of {wool from Boston from January 1, 11923, (o August 9, 1923, iffclusivi !were 91,421,000 pounds, against 77, 1768525 pounds for the same period !last year. The receipts from January 1. 1923, to August 9, 1923, inclusive ! were 350,062,500 pounds, against 283 985,843 pounde for the same period last year. | MARKET SCANDAL AIRED. | Forecast of Another Probe of Al- raw material P “The rail leged Jury Tampering. NEW YORK, August 1l.—Anogher investigation of alleged jury tamper- ing in connection with the E, M. Ful- {ler & Co., bucket shop scandal, was { forecast today when United States Attorney Hayward announced that one of the grand jurors now hearing | evidence in the case had reported to him that he was communicated with by an unidentified person on Thurs- {day after the jury had completed its [ deliberations for ‘the day. The per- ison who comimunicated with him sought information as to the proceed- ings that da: BOSTON STOCK MARKET. BOSTON, August 11.—Following isa list of today's highest, lowest and closing prices for the most active stocks +dealt in here: Low. Close. 122! n“ High. Am Tel & Tel A Amoskeag ... | Arcadian: Cons . Boston' Elevated | Calumet & Heela . Connor, J T Copper’ Range i Davis Daily [Frankin . { Hardy Coai ! i Hood” Rubber . } Isiand Creek ohawk ... % 78 o 20 8hoe Mach . Swift & Co Waldorf . TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) 100 100 116 99 15-16 100 1-32 100332 100316 101 101 101110 00 March_13, June 15, '192: September 15, Mareh_ 1 101318 316 100932 90 15-18 100 1-32 28! 90% 100 100 11-16 90 90+ 100 1332 10015 9% 100 SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) —Ciose. Aluminum Co. of Amer. 7s 1923. Aluminum Co. of Amer. 7s 1933. American Cotton Oil 6 1924. Amerjcan Sugar 8s 1987... American Tel. & Tel. 6o 1024. American Tel & Tel. e 1625. Anaconda Copper 8s 1 Anglo-American 01l 7348 Bell Tel. of Canada 7s 1925 Ciit.. . 1. & Pacifie 5i4s Cuicago Tel. s 1923 Du Pont 7i4s 1081. Federal Sugar Ref, Goodyear T. & R. 8 1031, Great Northern s 1038, Hocking Valley 6a 192 Humble Oil_3%s 182, Knisas City Term. 6a 1028 Kennecott Copper 7s 1930. Libby. MeNell & Libby 7s 1981, & 8. 5. M. 63 1931 Co, 1630. R. I, Ts 1630, Union Depot 5 Roebuck & Co. 7¢ 1923 & Co. 58 1082, Tidewater Oil 615 1931 Union Tank Car 7s 1980. U. S. Rubber s 1630, Western Union- Westinghouse E. gets them. COTTON MARKETS. NEW YORK. August 11.—The cot- {ton ‘market opened firm ‘at an ad- vance of 26 to 45 points onJghe rela- ltively firm showing of Liverpool, |while the Anierican markets were closed vesterday and the fallure of the early weather map to indicate anything like general rains or show- ers in the southwest., October sold up to 23.51 and January 23.15 after the call, or 43 to 52 points net higher on covering and commission house buying. Brokers with Japanese and Liverpool connections were also buy- ers here, but the gdvance met a good deal of realizitg, and prices reacted during the early trading on private reports of rains at several points in southwest Texas and at one of the Oklahoma stations. NEW ORLEANS, August 11.—Un- favorable weather and crop reports put the price of cotton 39 to 43 points higher during the first hour of business today, October rising to 22.83 cents a pound. Less rain fell in the western belt over Friday than expected. - The first bale of the Louis- iana crop appeared in this iet, beingf recelved yvesterday from Ver- the first bale of last year. NEW YORK DRY GOODS. NEW YORK, August 11 (Special).— Business was not very brisk in the cotton cloth markets today. Print cloths held to Thursday's level, the 64 by 60 at 9 and the 68 by 72 at 10: cents. There was a moderate deman for sheeting and sateens. Oriental raw silk suffered a_set- back. The markets here and in Yoko- hama were quiet. Prices dropped 10 yen in_Yokohama. Quotations here were, XXA, 13-15 and 20-22 denier, 7.75; XXB, 7.65; extra, 7.40; best num- No. IX, 7.25; best No. 1, 7.20; Kansas No. 1, 7.15; Canton, 14-16, 7.00; Can- ton, 20-22, 6.50. - —_— FOREIGN EXCHANGE. Angust 11, 3029, (Quotations furnished by W. B. Hibbs & Co.) Nominal Selll:dg checks London. pound . Antreat! doliar Paris, franc . Brussels, franc Berlin, mark . Rome,’ 1i Zurich, franc Athens, drach Madrid, peseta Vienna, crown . 00001435 00085 Prague, crown . Warsaw, mark Copenhagen, crown Christiania, crown .... Stockholm, crown ... By the Associated Press. NEW YORK, August 11.—Foreign exchange firm; quotations (in United States money): Great Britain, de- mand, 4.56%. cables, 4.57%; sixty-day bills on banks, 4.54%. France, de- mand, .0567%; cables, .0568. Italy. demand, .0427; cables, .0427%. Bel- glum, demand, .0450; cables, .045%. Ger- many, demand, .00000035; cables, -00000037. Holland, demand, .3934; cables, .3937. Norway, demand, .1627. Sweden, demand, .2660. Den- mark, demand, .1835. Switserland, demand, .1817. Spain, demand, .1370. Greece, demand, .0174. Poland, de- mand, .0000004%. Czechoslovakia, de- mand, ~ .0292. Austria, demand, .000014%. Rumania, demand, .0049%. Argentina, demand, .3262. Braszll, de- mand. .1012. Montreal, 97 21-33. Progress in Labor Field. From the Chicago Journal of Commerce. A coke worker in Unlontown, Pa., district goes to and from his daily toil in an airplane. In the Pomeroy, Ohio, soft coal flelds the mines stretched along the Ohio river for ten miles, are crowded with auto- mobiles owned by miners at work. And thirty years ago a horse and buggy was beyond the means of all but real estate owners. Never Too 0ld. From the Boston Transeript. Alice—As people grow ola T like tc see them still keep up with the fash- fons. R Agnes—Yes, we never grow too old to acquire the latest wrinkley jmillion parish eight days later than | least close at hand. The leather industry, as indicated by the latest quarterly reports, is in rather bad way, and there seems no prospect of the copper trade becom- ing more active unless something favorable happens abroad. On the other hand, the decline in pig iron has been checked, and so has the decline in sugar. Freight Movement Heavy. While from this examination in de- tail the trade position appears still was a month ago. Railway Association has reported that the haul of merchandise and manufactured goods, as well as of grain and coal, was larger in the third week of July than In the sec- ond, and larger in the fourth week than in the third. It has also re- ported that the fourth week broke all records in the history of the coun- try. Rallway trafic and rallway ETOSS earnings are very sensitive to these business changes and the fact that they have not gone down, but on the contrary have been steadily mounting. is altogether the most sig- {\mcant feature of the present situ: ion. Crash of German Paper Mark. _ Passing to European affairs, there is a certain amount of reassurance of a negative sort regarding Germany. The mark, which ten days ago wi {selling on'a basis of a milllon to the dollar, "has been quoted as low as six and a half millions to the dollar. Certainly this was a crash of suffi- cient violence to bring about the gen- eral “collapse” of which many have long been talking. The reason why no catastrophe has occurred is sim- ply that the German people long have recognized that the mark was worth- less, and have governed their trans- actions accordingly. All trading with other nations has been done in gold. and much of German home busimes is being conducted with the dollar {a unit. Where paper marks have baen used for purchase of goods or pay- ment of labor, the arrangement has been that prices and wages have been carefully " apportioned to fluctuations, After this last week's further terrific shrinkage, it is doubtful if the paper currency will be used much at all. French Frames at New Low. Meanwhile, there are no signs that the German attitude on the Ruhr is weakening. One of the main pur- poses of the proposed internal gold loans is to sustain the policy of pas- sive resistance. Even the optimism officially professed by France is_no longer making an fmpression. The international money markets have been asking with greater insistence. what 1s the outiook for French finances with indemnity collections virtually nil, for France is not getting enough coal out of the Rubr to pay even the expenses of the army of oc- cupation. And the answer to this question has appeared in the steady slipping of the franc below the low- est for all time. Under the budget adopted July 1, there was a deficit in ordinary reve- nues of the French government of 600,000,000 francs, which was not at all bad. But the special budget which includes the expenditures for re- construction showed a total deficit of nearly ten billion francs, against which France expected to collect from Germany some _3,568,000,000 francs during the present year. ' It now appears that even this expecta- tion was entirely too sanguine. CHICAGO STOCK MARKET. CHICAGO, August 11.—Following is a resars o sdays sales, Bigh, low and closing quotations at the Chicago Stock Exchange : The American High. Low. Close. of T pfd.. T4 T4 74 S oS R Bales. From the Richmond Times-Dispatch. ® “Yes, Jones and his wife have sepa- rated, and all on account of a dream.” “What! Are they that supersti- tious?" “I dunno about they; but she is. Jones called ‘Mabel, Mabel!" a.couple of times in his sleep one night and his wife was awake.” “But what about the dream?" “That’s it; he was dreaming he was in cago, and his wife's pame is Luey.” f 880 persons in 1922, compared with 161,926 in 1921 N. Y. RESERVE BANK REPORT. | NEW YORK. August 11.—The statement of the condition of the Federal Reserve Bank of New York at the close of business August § shows Total gold reser: $1,131.868,000; uneven, it certainly is better than it a8)| ver, 63; Mexican dollars, 48. total reserves, $1,167,424,000; bills | discounted secured by government | war obligations, for members, $15,- | 530,000; all others $18.230,000; bills bought in open market, $26,359,000; total bills on hand, $60.119,000; total earning assets, $216.497,000; uncol- lected items, $118.391,000; due to members, reserve account, $691,613,- 000; total deposits, 708.198,000; fed- eral reserve notes in actual circula- | tion, $621,278,000. Ratio of total re- | serves to deposits and federal re- | serve note liabilities combined, $1.7 per cent. BAR SILVER QUOTATIONS. LONDON, August 11.—Bar _silver, 31%d per ounce. Money, 1% per cent. p cent. Discount rates—Short bills, 3a 81 per cent; three-month bills, 3 3-16 a3l per cent. NEW YORK, August 11.—Bar sil- The speech of the aborigines of | Africa changes with almost every | generation. | First Mortgage Loans Lowest Rates of Interest and Commission. Prompt Action | Thomas J. f;‘:hfl‘:h &.Eznpm. nc. | E‘ ome Furniture i LOANS$ From $30 to $300 on D. C. real estate, household goods_or chatcels. 7 perdl | cent interest. ‘brokerage charged. 3 | me in and let us explain our method ff | o kg, Foan & Finance Corporation @ | reial, Loan s Room 211, 21 15th St. N.W. System Copyrighted & Patent Pending. ~Money to Loan Secured by first deed of trust on real estate. Prevailing. iaterest and commissied. Joseph I. Weller f,,” Money to Loan ANY AMOUNT Reasonable Charges om Short-Term First and Second Mortgages or Approved Col- lateral. = American Finance Corporation Commercial National Bank Bldg. EQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED Ansets . 84,750,763 Surplus 31,207,281 Join the Equitable and Save Systematically You will find our systematic e most effective method of saving. Subscription for the 85th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON. Prestdent FRANK P. REESIDE, Secy. Money to loanon D. C. real estate. 1st and 2d trust loans made promptly. Usual broker- age commission. See Mr. Robertson 9 to 10 A.M,, 4to6 P.M. Francis A. Crawford, Inc. 903-4 Continental Trust Bldg. INVESTORS —If you have money to invest, why not have it secured by first and second trust mort- gages on real estatg in the National Capital, where values are constantly increasing. We are in position to handle amounts of $500 to $5,000,000 on improved real estate with guaranteed title. Interest at 6% to 7%. Francis A. Crawford, Inc. Real Estats Losns and Insurance 903-4 Continental Trust Bldg. MONEY TO LOAN ON FIRST MORTGAGES _iyzofw_@um Appnisedg% WflEN you buy a First Mortgage Note from Swartzell, Rheem & _Henuy Company you are assured that it is an absolutely first lien on an improved Washington property, the value of which is greatly in excess of the amount of your investment. You are further assured that there are no taxes or other liens of any kind unpaid, taking precedence of your secur- ity; and that the Company will through- out the term of the investment see to it that all taxes, insurance premiums and other charges, necessary to maintain the security in good standing, are paid. When you have funds for investment, these safeguards are here to protect you. Swartzell, Rheem & Hensey Co. 727 15th Street N. W. 54 Years Without Loss to an Investor FIRST MORTGAGES SECURED ON WASHINGTON’S BEST HOMES IN N.W. OFFERS THE OLDEST, SAFEST AND HIGHEST PAYING INVESTMENT OBTAINABLE DEM. $100, $250, §500 AND $1,000 WRITE—PHONE—CALL For Descriptive Booklet “S” W. S. PHILLIPS” First Mortgage Invesiments 15th St. & K N.W. Phillips Bldg. ‘GILT-EDGE SECURITIES 7% First Mortgage Notes Secured on Improved D. C. Real Estate rts of 35 Years’ Experience Without a Loss in Denominations of $250 and Up A Good Investment WILL PURCHASE First and Second Trust Notes Warehouse Receipts and Make Construction Loans National Mortgage & Investment Corporation 811 Vermont Avenue N.W. ere