Evening Star Newspaper, August 13, 1923, Page 19

FIN BUYING OF SUGAR * LIMITED BY TRADE Lack of Confidence in Exist- ing Prices Assigned as Cause. BY J. C. ROYLE. Special Dispotch to The Star. NEW YORK, August 13.—Canners and the sugar trade in general are buying an unusually small amount of sugar at present. This is due largely to lack of confidnce in existing prices. The coming of the 1923 beet sugar crop upon the market and the refining of the Loulslana cane crop, however, are expected to stabilize conditions and put a stop to the re- markable series of fluctuations which have taken place in this commodity in the last six months. Beet su; sales in the intermoun- tain territory are extremely &mall Big manufacturers in Colorado de- clare t de stocked up heavily on price advance and now is on hand-to-mouth basis. The trade ap- parently is waiting for a possible further drop In prices, but manufac- maintain that the strong sta- ical position of the staple and the A1l stocks in the hands of canners and dealers will keep prices at pres- t levels, which quote Colorado su- ar at $7.70 per 100 pounds. with cane sugar normally 20 cents a bag higher. Satistactory Profit Seen. At that figure many sugar men de- clare profits to manufacturers and beet growers will be satisfactory. Little beet sugar of the 1922 crop re- mains unsold. The California beet sugar factories will begin to market their product about August 19 and the intermountain makers will follow sult & month later, while Michigan growers will be still further behind. Acreage as been increased in each of these sections. In the Racific northwest can manu- facturers and sugar wholesalers state that th nners long ago lald in their of sugar and that the heavy pack there will not affect the present future market for sweet- ening packing concerns in the 180 Téport that thelr | are much smaller | and in Michigan this 3 even more apparent. anneries carried over sugat and others contracted for their 1923 supply before the flurry in prices early in the spring, and much of this Sugar still is unused. The Michigan | Sugar Company, lariest producer of beet sugar in that section, sold its entire 1923 output last spring. New Processes n Factor. A new element affecting the sugar market this vear is the fact that can- mers are using less sugar_in putting up the same amount of fruit under new processes of canning. It is| claimed that the fruit retains the, flavor longer with less sugar, al- though more sweetening must be added when the fruit is consumed. This, has shifted sales, the canners taking less and the grocers more. The Loveland. Colo. cherry pack was completed this vear without sweet- ening. Fruit jar manufacturers in many sections " report a small demand, There was extraordinary buying of jars last vear when fruit and sugar were lower in some sectlons, and home canners now are using last sea- gon’s jars. MISSOURI CORN YIELD - 85 PER CENT OF NORMAL JEFFERSON CITY. Mo., August 13 (Speclal). —Missourl corn is 85 per| cent of normal, indicating a total crop of 195,718,000 bushels, as against 175,275,000 bushels last year. The oats crop is expected to reach 35,360,- 000 bushels, or nearly double last | year's crop. The prospects for bar- | iey and rye are fair, according to the state agricultural 'department. and {he cotton crop is forecast at 179,990 ales. WEEK'’S PRICE AVERAGES. 153 Per Cent of Pre-War Level. Dollar’s Buying Power. Bpecial Dispatch to The Star. NEW HAVEN, Conn., August 13.— Last wee! prices averaged 153 per cent of pre-war level. The purchas- inc power of the dollar was 65 4-10 pre-war cents. BEST TRADE EXHIBIT. St. Louis Showing by Wholesalers Promotes Business, Is Verdict. Special Digjateh to The Star. ST. LOUIS, August 13.—The mid- summer trade exhibitions of furniture and dry g0ods wholesalers here have proven most successful, and all past records for business were broken in the last week. Manufacturers and | wholesalers of dry goods expect that with corn and cotton bringing high | prices money will be plentitul In the west and southwest and fall and win- ter trade will be Retailers in the wheat-growing sections, ho still are buying conservatively. ST e GRAIN EXPORTS DROP. Grain exports from the United States | last weck amounted to 2,062,000 bushels, | compared with 4,807,000 the week before. Commerce Department fidures make the following comparisons of the week's exports as compared with those of the previous week: Barley, 107 000, agzainst 842,000 buwhels: corn, 000, against 1 00; oats, 31,000, against | 75.000: rye. 111,000, against whea 44,000, against 000: flour. 00 barrels, against’ 179,700 barrels. axports of Canadian grain from the United States amounted to 827,000 | bushels, as compared with 190,000 bushels' the previous week —— e DRY GOODS MARKET. 1 Dispateh to The Star. W YORK, August 13.—The cot- ton cloth market began a new week with a firm tone. It was believed that there wili be fairly good business every day regardless of what may happen to raw cotton in the Imme. diate future. ~ Print cloths held to Jast Saturday's levels, the 84 by 60s being quoted at 9 cents, and the 68 by at 101 cents. There was good interest in sheetings. In the oriental raw_silk market trading was inactive. Yokohama re- | ported 100 bales sold today at a thir- | n drop in price. Quotations here 13-15 and 20.22; denfer, . 7.65: extra, 7.40; best No. best No. 1. 7.20; Kansai No. nton, 14-16, 7.00, and Canton | vever, | Epec NEW YORK SUGAR MARKET. NEW YORK. August 13.—There was no change in the local raw sugar market early today. Cubas were quoted at 4% cost and frelght, equal to 6.15 for centrifugal. No sales were reported. o The raw sugar futures market shawed gains of 4 to 5 points during the early operations on covering. The demand, however, was limited, and the continued inactivity in the spot mar- ket seemed to discourage holders, and there was renewed sclling pressure in the late forenoon, with prices at midday showing net declines of 2 to 5 points. The market for refined sugar,was unchanged &t 7.90 to 8.00 for fine granulated, with a little better in-. ayiry reported. 5 Refined futures, nomin: TR iWashington Stock Exchange. ¢ | Wash { Terminal Taxl com. | District ANCIAL. NEW YORK CURB MARKET Recelved by Private Wire BY WILLIAM F. HEFFERNAN. Soecial Disnateh to The Star. NEW YORK, August 13.—The mar- ket in curb exchange this morning pald iittle attention to the European news. and the tone was generall steady. Save for the oll shares, lrlfl{ ing was quiet. Standard of Indiana crossed 63 in the first half hour, but later receded slightly below ' last week’s final. Imperial Oil of Canada Wwas exceptionally strong, opening up 2 points. Another sharp advance oc- curred in Humphreys Oil, carrying the stock to a new high for the year. The reason for strength in Peerless Truck and Motor shares recently wa THE EVENING -STAR. WASHINGTON. D. C —_—— e ——————— | Direct to The Star Office shown in the report for the six months ended June 30, made public today. Net earninge amounted to $956,995 after charges and taxes, whioh {s equal to $4.50 share, or more than the full year's dividen Durant Motor made up its point loss of Saturday. Low-priced mining stocks con- tinued to lack support. A block of 15,000 shares of Belcher Kxtension ohanged hands a point under the last previous sale, while others of this class were for the most part lower. Reading Coal Company rights re- sponded to optimistic reports from ‘Warhington with regard to the pres- ent situation in the coal industry, but others of the group were neglected. | lonEW YORK. September 13.—Fol- lowing i-nu:ir;dnn;u-l list of bonds and o < Curb Market today: e Sales in N thousands et A Alum 7s new ‘33 25 Am Cotton 011t 8 Am Sumat Tob 7 1 Am Rolling Mille 4Am T & T 6 4 Anaconda @ 8 Anglo-Am_0f 21 ‘Arinour of Del 1 Teth Low. 1:13 1 | e § Con Gax Balt 2 Deere & Co T34 3 Detrolt” City O # Detroit Edison 6 1 Dualop T & Rub 10 Federal Sugar 6y 5 Fisher Rody ts 2 Gair, Robt T B Genernl Pet Gx... 4 Grand Trunk ult Ofl of Pa ennecott Cop Ta. Lig W Ley R et b Serv of N J i Pub Ser Elec Pow 6 Reading Coal © 5 Reading Conl 43w... 1 Blosa-Sheft s, 4 Solvey ot Cio & AN ONY Tn 480N ¥ 7 180N Y 788 14 Kun Ol 7s. 7 Switt & Co 1 Unon 0N 63 5 United 01l Prod FOREIGN PONDS. rgentinn s '23.... 100 Kgdm Netherl'ds 6x . 102 3 Russian Gov_6lgs ofs 10 27 Bwiss Govt S4s.... 99 TU S of Mex 4x... 9TY% Sale in untts. STANDARD OIL IS ) Continent Ol new.. 3% Crescent Pipe Line 18% 100 Humble 0il & R n. 303 10 fmp il of Canada’ My 10 Ind Line. . 800 Intl 2 1 1 new ) Pratrie Ofl & Ga ) Piutrie Pipe Line. 30 South Pen Oil Vacuum Ol new... OIL STOCKS. 1 18415 634 135 5 (it Berv pf. 2 Cit Nerv pra B, 3,000 Cit Sery Serlp. . 000 Cit Kery Serip.... ‘ nd 1Der 0 & R pa w'i 2 Domfuion 01 ... 2 Equity Pet pf. gineers Pet . 281y | 23 5 10 Hu 5 Humphreys 0il... . &0 Kesstone Ranger 14 Kirby Pet.. 4 Lafayette Ol 14 Mex 01 5 Mex Panuco. 7 Mount Prod . 10 Mount Gult. 28 Mutual 01l vo 1 New Brad 01 w i, 70 Noble Ofl & Gas. 1 Omar 0Oil & 6 g 2 Peer Oil Corp.. Penn Beaver 0! Pennock Ol ... Rosal Can 0 & R. Rait Ck Cons . Balt Ck new. alf 011 o udson Oil. 5] ‘h 11 34 | 10 Konthern P.& Tt 69 Sou Ktates Oil. # Turman Oil. 5 Wilcox Ofl & ¢ INDU i3 Am L & Tract. 14 Armour & Co pt 5 Arm Co of Del pf 5 Brit-Am Tob Con, Brit Intl Corp A . Miyn Cies & R 1 Car Light, e 3 Celiulold Co’ pf.. 3 Cent Teresa..... 1 Centrif Tron Pip 1 Chicago Nipple 1 SALI Georgotown Gas 5s—$300 at 881, $300 at 89, $1.000 at 89, Washington Gaw Light 55—8$500 at 93. Waslinzton Gan Light fx 1933—$1.000 at 1001, $1.000 at 1003, $1,000 at 100%s. §1, 1. $2.000 at 100%, {hgton Gas Light nington Ruy. & Ele $2.000 st 72 . 45—$1,000 at 72, Potomac Electric Cons. 5x—$1,000 at Capital Traction Co.—1 at 100t Waslington Rwy. & Elec. pfd.- Lanstou Monotype—10 at 74 AFTER Washiogton Rwy. & Elec. ptd.—10 at 72. Money—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTXLITY.“ " American Tel. & Telga. 4 American Tel, & Telg Am. Tel. & Tel ctl. tr. Am_ Tel. & Tel. conv. & P. Telephone 5 Gl P Capital T City and Georgetown Gas 1st O Metropolitan R. R. b Potomac Flec. 18t Bs.. Potomac Potomac Potoma, Pot. El ALL. uburban’ 5s. lex. & Mr. Halt. & Annap. gton Gas xion O Wasl. lwy. & Elee. 4 Rwy. & Elec. MISCELLANEOUS. D. C, Paper Mfg, 6 Rtigex Realts 5 (long). Riggs Realty 5s (short). e Storage & Kafe Dep STOCKS. PUBLIC UTILITY, Amer. Telea & Tel Capital Tractidn. Washington NATIONAL BANK. Capital Columbt Commercial Farmers Federal-American Liverty Lincoln | Sationar . Rikks it Aot Bk of ‘Washtngtos TRUST COMPANY. Amerlcan Security and Trust . Truat. BAVINGS BA! Commerce and Savings. East Washington Savi Becurity Sav. and Com, Beventh St. Savings Bank. United Btater Washington Mechanicy FIRE INSURANCE, Fire Insurance. Americs Corcora Firemen's 2 National Union. 5 TITLE INSURANCE. Columbia Title. Real Estate T 128% MISCELLAN Columbia Graphophone com. Columbla_Graphophone ptd. D. C. Pager ptd Merchants' Mergenthaler Linotype. 014 Dutch Market com. 01d Dutch Market pfd. Lanston Monotype. n* *| Becurity Storage. Washington. Mariet. Yellow Cabesserse e, # Dubilier € & Radl 10 Glllette Glen Alden_Conl. 7 Goodvenr Tire 10 Hevden Clem 2 Hudwon Co_pfd... ! 1 Intl Contl Rubber. 1 Kup'oh'mer. B & Co 1 Lupton. F. M. € M. Kaf Razor . 1 apply 1 XTI e e Radio - 1 Standard Mo 11 Rending 3 Todd Sht 4 Un Retal 2 Un Shod@M 10 8 Distribut.. MINTN RBrit-Colo 4 Butte & Western, 9 Canario Copper. . 9 Cons Cop Mus tp of ason tuna 3 é dfield Develon afield Deep Ming 3 Golafield Flor U R 130 Gold State 9 140 Gold Zone. L 20 Tardshell Min Harmi1l Dy Gold Roud An'x Mn 120 Hill Top Nevada 1 Hecla Mine 10 15 Hercules Tn Queen M 190 S11 King Div 10 8fmon Nilver. arhead _Gold Mines 1 Tonopah 4 United E ‘enden Copper End Consol DULLNESS IN BONDS RECORD PAST WEEK Total of New Issues, $3,450,000, Smellest of the Year, Is Report. By the Asnocinted Prens. NEW YORK, August 13— Last | week's bond market was a dull af- falr. Business was suspended for ninety minutes on Wednesday during the pertod of the funeral services for the late President Harding in Wash- ington, and all day Friday, the na- tional day of mourning. These two suspensions. coupled with the abasenca on vacation of many active traders, combined to make the week's transactlons unusually small. Prices generally were firm. The total of new bond issues of- | fered during the week, $3,430.000, was the kmallest of the year. It compares with $36,309.500 the previous week. Little new business Is expected during the next few weeks. bankers having offerings in view indicating they will defer the financing until a larger proportion of investors have returned from their vaeations. Reports peraist that several ofl com- panies are desirous of floating bond fs- sues to obtain additional funds for con- struction of storage facilities to care for the continued overproduction in crude ofl and gasoline. However, bankers state nothing will be done in that regard for the immediate future. A revival of interest in the contem- plated new financing by the Argentine government has disclosed the fact that London bankers also are In the fleld for this particular issue. American bank- ers state they do not beileve the full amount of the 150,000,000 gold pesos | authorized wiil be offered in the near future. The new Swiss government 5 per cent three-year notes, traded in on a when {ssue basis on the New York curb, sold fractionally under the offer. ing price of 97.29, probably a sympa- thetic reflection of lower foreign ex- | change rates. Deposit certificates covering the Mex- ican honds {nvolved in the debt agree. ment between the Mexican republic and the International committee of bankera were admitted to trading on N York Stock Exchange, = " "¢ New All of the new offerings last week were state and municipal 1ssues. The largest of these was $1,600,000, sixteen to twenty-nine year 516 per cent, state of North Dakota rural credit bonds, of- fered at prices to yleld 5 per cent. KBEET GROWERS PLAN POOL Will Try to Force Better Contract ‘With Sugar Company. Special Dispateh to The Star. DENVER, August 13.—The Moun- tain States Beet Growers' Assoclation Is preparing to make a stubborn fight this fall to pool production of sugar beets in Colorado to force a | somewhat better. TREND OF BUSINESS BETTER PAST WEEK Conditions in U. S. Reflected in Stock Dealings—Foreign Currency Weakens. BF the Ansociated Press. NEW YORK, August 13.—Although holidays at home and abroad made last week's markets less active and significant than is usually the case in midsummer, most commentators on financtal and commercial activities considered that the undertone was At the start of the week a ocertain quiet optimism was noticeable, this being ascribed partly to the growing confidence that the change In Executives would not re- suit unfavorably and partly to reas- surance over buriness prospects. While Industrial news continued rather Inconclusive, more optimism wa# thown over the development of a new forward buying movement. Greater firmners in the commodity markats also was an encouraging factor. Steel Output Below Spring Peak. In the stecl industry production continued to run from 15 to 20 per cent below the peak reached in the spring. The trade believes. however, that consumption Is being maintained at a high rate and explains the re- Auction in deliveries as being due to the fact that consumers are now eat- inz Into stocks instead of building them up as was the case during the spring. Plg iron prices have shown further recesslons. but increased buying of this commodity fs thought by some to forecast a turn in the market Meanwhile the gradual in- troduction of the elght-hour day, which Is under way. Is expected to reduce production to the rate of ship- ment and to steady steel prices. Raflway Loadings Increawe. Another indfeation that industrial activity is belng maintalned at a high rate fs furnished by the Iatest increase in railroad car Joadings. In the week ended July 28 over 1.041.000 cars were loaded with revenue treight, 0 performance which break all previous records. The increased movement of grain from the new crop is partly responsible for this gain, but the shipments of general mer- chandise continue to surpass those in any other year. 4 Absence of a break in the drought in the southwest and buying on further bullish reflections on the last government crop estimate produced « £harp rally in cotton prices carly in the week. Traders realize that the crop has now reached a critical xtuge and that a yleld of about 11,500,000 bales is a distinct possibility As a result, rentiment which was rather denoralized after the collapse of the bull speculation in the July delivery has become much steadler. A at Prices Profit. Wheat prices also benefited durin the past weck by a bullish govern ment _crop estimate. As of August 1, the Department of Agriculture esti: mates the total yield of both winter and spring wheat at 792,000,000 bush- elx, a figure which represents a de- crense of 28,000,000 bushels as com- pared with the estimate of the month before and compares with private estimates, In the neighborhood of 515,000,000 bushels. Last vear's ac- tual production amounted to 862. 204,000 bushels. As a result of this unexpactedly favorable report, the September future recovered 31§ canta and closed the week_at around 99 cents Foreign Currency Slumps. Marked weakness in the currency of the continental allles was the feature of the foreign exchange mar- ket. French and Belglan francs de- clined to new low records for all time, the French franc touching 5.65 cents. This decline was baxed large- ly on extreme demoralization in the German mark, which fell to 20 cents for a milllon marks. and to indica- tlons that France and Germany were unlikely to reuch an early agreement. Sterling and moxt of the other Euro- pean exchanges meanwhile held firm, thus lending color to the theory that the decline in the currencies of the continental alies Ix due to the opinion that Germany ls becoming a more unsatisfactory creditor for France, Beigium and’ Ital COTTON MARKETS. NEW YORK. Augusi 13.—Growing alarm over the Texas orop situation was the dominating factor in the cotton market during today's early trad'ng. Notwithstanding the wun- favorable European political news. Liverpool was higher on the reports of continued dry, hot weather in the southwest, and the local market opened firm at an advance of 16 to 34 polnts. There was considerable realizing above the 24-cent level. but it was readily absorbed on siight setbacks with October selling up to 24.54 and January to 24.26 during the early trading, or 50 to 59 points | net higher and at the highest prices touchod since the last government report. Early weather advices not | only failed to show any relief from droughty conditions over Sunday, but indicated rising temperatures in the southwest. A private midmonth | report_placed the deterioration since July 25 at six points in the con- dition of the crop, with a falling oft of 10 points for the halt month in Texas. NEW OREANS, August 13.—Con- tinued drought In Texas and Okla- homa caused heavy buying of cot- ton today and the first hour of the scssion brought advances of 50 to §1 points, October rising to 23.95. Much of the demand appeared to come from outside interests and aws stimulated by complaints of wide- spread premature opening of bolls in the droughty districts of the west. LIVERPOOL. August 13.—Cotton, spot, falr deman prices steady. Good middling, 15.22: fully middling, 15.12; middling, 14.97; low more favorable contract with the Great Western Sugar Company and other beet sugar manufacturers. The | Browers will ask a fifty-fifty contract to replace the sliding scale at prices dependent on the ‘market price of sugar. Growers assert they lost $23 an acre last year, whereas the com- panfes made high profits. Bugar company olfi(-{:h;’ declare that any ch plan would be rul: - facturers. PP R —_—— BOSTON STOCK MARKET. BOSTON, August 1 Following i list of today's highest, lowest and | j closing prices for the most active etocks dealt in here: High 595 Low. 631y 122! i 17 Ahmeek Clone: Am Tel & Tel Amoskeag .. Hoston & Albany. oston & Maine. Ar: Ixland Creek Libby, M Mans Gas . Mayflower O Mextean Investment . Michigan . Mohawk Hupertor & Boston. Hwitt & Co Wolverine 14.72; good ordinary. 14.22; ordinary, 13.92. Sales. 5,000 bales, Including 3.300 American. Receipts, 6,000 bales, including 1,100 American. Future closed very steady. August. 14.46; October, 13.62; December, 13.34: Ja uary, 13.28; March, 13.14; May, 1. July, 12.82. —_— FOREIGN EXCHANGE. Angust 13, 1923 (Quotations furnished by W. Nominal goid value. 8065 B. Hibbs & Selling chec) today. Tondon, pound. 4.57 nteeal, dollar. | r . franc. Tirumels, fra Beriin, mark. Rome, lira. Zurich, franc. Athens, drachm Madrid, peseta. v crown. Stockholm, " crown. Tty the Associated Prest NEW YORK, ugust 13.—Foreign exchanges e Quotations _ (in ifinal two_ heats. "Market Flashes at Today’s Close July copper shipments, forelgn and domestic, by American producers dur- ing July approximated 167,600,000 pounds. This compares with June shipments of 185,000,000 and May of 195,900,000, Standard OIl 1s disturbed by action of state of South Dakota In forcing retail price of gasoline down to 16 cents a gallon. The threatened In-; clusion of several other states in the northwest into the oil business as ‘a result of action of South Dakota is regarded as highly disconcerting. Quite a o0d deal of Interest will undoubtedly be taken in the foreign and political situation and will per- haps be a gulde to market operations. The technical position of a number of issues may be such that it will warrant a rally from present prices. | notably some of the low-priced oils and the equipment shares. First break in gasoline prices in Philadelphia came when reduction of 1 cent a _gallon was ordered by prin- cipal refining and distributing com- panies. Milwaukee will start selling gaso- line Tuesday for 13.5 cents a gallon for low test and 14.8 cents for high, in effort to drive down prices. Five thousand dollars worth of fuel willl be distributed to the public through city filling stations. Price represents cost and 1s about 10 cents a gallon less than present filling station prices. ki Further evidence that techincal con- siderations were a stronzer factor i the present market situation than for- eign complications wax afforded around noon. Despite the uncertainty aroused by the British note ad fall of the Cuno cabinet, no selling developed, and the general list gave additional indfcation: of an overso.d condition | | i 1 Liverpool cotton futures closed | steady, with two to five points of thetr | top, with October up 88 Enzlish points | and from its closing pr! of last Thursday and the later months 66 to | 62 _points. ! Thix against 48 to 50 advance they | were due to have held today to have | equaled our closing prices Saturday. Pabson in his s In regard to the rall, sell the fol- lowing dividend payers: N. W., G. Q and N. .. and in place of them buy | B. O. common, €. O. common, P. Q.| 8. 8. preferred and S. R. p red.” In the lower priced rails he recom- | mends that holders should sell their) M. P. common and preferred and also | their & T. common and preferred and | buy common, M. K. T. common, | S 8. common, 8. R. common and W. A preferred { STEEL WORKERS 00 ON EGHTHDLR DAY New Schedule Becomes Real- ity at Big Mills in Gary, Ind. . | eculative bulletin | By the Antociated Press. GARY, Ind. August 13.—The eight- hour day in the United States Steel. Corporation mills here becomes a! reality today. The change from the, two-shift to the three-shift system | includes at first only the blast fur-| nace workers. Open-hearth workers will be placed | on the eight-hour shift on August 16, ! it Is reported, and by the end of the ' year every worker in the Gary plant will be on the elght-hour basls. As @ result of the change, the men | will recelve a wage increase of 25| per cent, flguring on the buses of time employed, but they actually will! recelive 80 cents a da reduction m, wages. Under the old system, how- ever, they had to work four hours| longer to earn $4.50 than they will| to earn $4. { It will require the hiring of 500] additional blast furnace men at Gary o put the program into ful effect. It is estimated that in the United States it will require employment of 65.000 more workers and an increase in the arnual pay roll of $45,000,000 | BRITISH RECAPTURE. VACHY RACE CUP, By the Aseociated Pross. COWE Isle of Wight, August 13.— | Great Britain today recaptured the British-America cup for six meter | achts when Coila, 3d, owned by F. J. | Stephens, took the fourth heat, with | Red (British) second, and Lea| (American), third. | This brought the British point total | to 96, as against the Americans' 48, thus making it impossible for the in. vaders to win even if they scored the | maximum number of points in (Mi The other two British yachts, the | Capelle and Suzette were fourth and | fAfth with the Americans Ingomar, Hawk and Clytie bringing up the | rear, —— ‘WALL STREET BRIEFS. | NEW YORK, August 13.—While | representatives ot several New York | banking houses have visited Warsaw | recently, none of them would admit today any knowledge of the contem- | plated visit to this country incognito of S. P. Kucharski, Polish minister | of trade and industry. News dis-| patches stated Kucharski was un-| derstood to be en route to America to | seck a $15,000,000 loan for Poland. Public offering was made today of | three issues of City of Los Angeles, municipal bonds, totaling $4,105.000, ! maturing serially in one to thirty-| nine years and carrylng coupons of | 4%, 4% and 5 per cent. The bonds were offered at prices to yleld from 4.56 to 4.70 per cent. Peerless Truck and Motor Company | reports net income of $955,995 for the | six months of 1923. This is eq to| $4.05 a share on 231471 shares of | capital stock of $50 par. Considerable interest was attached to two shipments of gold which ar- rived In New York today from Rot- terdam. The gold waa valued at about $4,625,000 and was consigned to Speyer & Co. and Bolssevain & Co. | Neither bank would disclose the nature of the shipments, which in cents): Great Britain, demand, 456%; cables, 4567; sixty-day bills on bank 454 France, demand, .0556; cable. .05 Italy, demand, .0425; cable: 0425 Beigian, demand, .0459 cables,’ .0460; 'Germany,’ demand, .00000027; cables, .00000029; Holland, demand, .3930; cables, .3933; Norway, demand, .1645; 8weden, demand, .2665; Denmark, demand, .1835; Switzerland, demand, .18 Spain, demand, .135. Greece, 017 Poland, de- mand, .0000004%; Czechoslovakia, de- mand, .0203; Austria, demand, 00001414 ; Argentina, dem mand, .10i2; Montr ———— At Brake Hill, Courtland county, N. Y., there is a public school with one-teacher—Miss Anna Kdson—and but one pupil. many quarters were believed to be of | German _origin. Two other ship- ments of gold, each valued at nearly ! $1,000,000, arrived from Southampton. | They were consigned to Kuhn, Loeb & Co. and the Irving Bank-Columbia | Trust Company. ‘WHEAT FEED FOR STOCK. PARSONS, Kan., August 13 (Spe- clal.—The business section was turn- ed into & wheat mill today. Business, anxlous to ald farmers, set up two wheat grinders and operated them free to grind wheat into stock feed. Whole wheat s bringing 78 cents a bushel. | ceased LIVE STOCK NEEDS RAIN, COTTON ALSO ‘HARD HIT, (8pe- | FORT WORTH, August 13 clal). Many live stock ranges through- out Texas need rain, but the condl- tlon of live stock has not yet begun to deteriorate much. In the west central portion there have been some showers and if good rains come by September 15 winter pasturage wiil be excellent. Fall shipments have started in the northwest part. Dry weather is playing havoc with cotton prospects in many sections. Early estimates have been reduced heavily since Angust 1. Stalks have blooming and squares have ceased forming. Picking Is starting early and cotton money will revive retail trade this month. EMPLOYES GET CHANCE. Gas and Electric Stock Offered on Installment Plan. NEW YORK, August 13.—A limited amount of the no-par vaiue stock of the Columbia Gus and Electric Company will be offered to employes of the public utility companies oper- ated or owned by the corporation in Ohlo, West Virginia and Kentucky, according to announcement by Presi- dent P. G. Gossler. The stock will be sold at $32.50 a share on the partial payment plan Dividends now being pald at_the rate of $2.60 per vear will be credited to the = purchase price. Employes will be urged not to eommit them- Ives to Instaliment of 15 per AT Continental Trust Company Capital One Million Dollars 1th & H Streets UHNBTR T T EQUITABLE Co-Operative Buiiding Association Organized 1879 R COMPL! ST 3 TED 84,750,762 .. .$1,207,281 Annets . Surplus Join the Equitable and Save Systematically —You will fiid onr systematic plan the most effective method of saving. Subscription for the 85th Issue of Stock Eelng Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JonN Joy FRANK P. N DSON, President DE, Secy. Our 79, 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 inierest. All details can- tlously supervised. that the property is properiy cured for. adequately in- 3 ia. Certified insured without cost. One perfod ot 2 2 wingl inter Notes of $250 Up to $5,000 Now on Hand Chas. D. Sager 924 14th St. N.W. Main 36—Lonn Dept. First Mortgage Loans Lowest Rat of Interest and Commission. Prompt Action Thomas J. Fisher & Company, Inc. "' 138 15th Stremt ANY AMOUNT Reamonable Charges on Trade Acceptances. Warehouse Recelpt: Mannfncturers’ Account: Short-Term First and Second Mortgnges or Approved Col- Interal. American Finance Corporation Commercial National Bank Bldg. First Mortgage Bonds Of “The Racquet Club” Of Washington, D. C. Denominations, $100 $500, $1,000 Wardman Construction Co. INCORPORATED Investment Department You can save Money and be Relieved from Worry by Intrusting your Properties to us for Management — If your Time is of any Value. { RENTS That’s Our Business B.F. SAUL CO. Mortgage Loans 1412 Eye St. N.W. Phone Main 2100 Foreign Exchange Quotations By Radio Daily at 10 o'clock from Ra- dio Corporation of America, Station WRC, the latest quo- tations will be broadcasted. Rates by private wire from New York. Special phone, Foreign Department, Mp 8222. The Washington Loan but farmers hope that by "Pdlnf it to hogs they will get raturns of at least $1 a bushel. So great was the rush that more grinders will be set uo. and Trust Company 300 F Street 620 17th Strest FINANCIAL. l 3-Year First Trust Notes Secured D. C. Real Estate Amounts, $1,800 Each Bearing 6%:% Interest Will sell at & per cent broker- money for e and rep- Address —1f you have money to invest, why not have it secured by first and second trust mort- gages on real estate 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 Estate Loans and Insurance 903-4 Continental Trust Bldg. future resentative Box 308-8, 2 : I Will Sell | 500 Miller Train Control at 1.05. 40 Nat. Mort. & Inv. Units at 113;. 3 Intnl. Finance Corp. Units at 125. 4 Genl. Finance & Sec. Units at 59. 1 Departmental Bank at 8. 100 Scott Gas Appliance at 5. 43 Chapin-Sacks “A” at 45, 54 Chapin-Sacks 7% Pfd. at Thomas L Hume, Broker 1412 G Street Main 1346 I Star Ofce. = el Money to Loan Joseph I. Weller 20% 7 & & Trust FN.W. LOANS From £50 to $300 on D. C. real estate, hoMeiiold goods_or chattels. 7 per. cent interest. No brokerage charged Come in and let us explain our method of making sm Commercial Toan & Finance Corporation Hoom 211, W, System Copy Money to loan on D. C. real estate. 1st and 2d trust loans made promptly. Usual broker- age commission. See Mr. Robertson 9 to 10 A.M,, 4to 6 P.M. Francis A. Crawford, Inc. 903-4 Continental Trust Bldg. Pending SAFEGUARDED INVESTMENTS In addition to the usual security of any first mortgage, The F. H. Smith Company’s First Mortgage Bonds are protected by a definite system of safeguards developed through fifty years of experience. You are assured a constantly increasing mar- gin of security through our sinking fund plan, which requires of every borrower an annual reduction of the mortgage. Every man or woman with funds to invest should get full information about our Safe- guarded First Mortgage Investments. They pay 6127 interest, with tax-free features which actually increase the yield to 7.13%. Get Booklet S. and N.—813 Today Call or write Phone Main 6464 ke F.H.SMITH CO. %wzdedl&?& FIRST MORTGAGE INVESTMENTS NO LOSS TO ANY INVESTOR IN 50 YEARS Dean, Onativia & Co, Stock Exchange Building New York COTTON GRAINS COFFEE SUGAR STOCKS and BONDS MEMBERS New York Stock Exchange Chicago Stock Exchange Associate Members of New York Curb Association WASHINGTON OFFICE: Main Floor, Woodward Building Office Open Until 5:30 P.M. Phone Main 2040 JOHN CALLAN O'LAUGHLIN CHARLES R. ALLEY Manager Assistant Manager Y. Cotton Exchange Chicago Board of Trade N. Y. Produce Exchange Minneapoiis Chamber of Commerce Weighing the Evidence WHEN you consider all the evidence ad- mitted on all classes of investments, your decision will be vthat First Mortgages head the list for safety. But the evidence is still incomplete unless you determine through which house to pur- chase them. Will you select a8 house whose experience in this line is short, and who handles mort- gages as a side line, or will you consider the significance of our record of fifty-foyr years of specialization in this investment field? Swartzell, Rheem & Hensey Co. 727 15th Street N. W. 54 Years Without Loss to an Investor