Evening Star Newspaper, August 20, 1923, Page 21

FINANCIAL. UAGING BUSINESS BY HOTEL RECEIPTS, Travelers Soending More and Eating Better Is Report From Leading Cities. RY J. C. ROYLE. Bnecial Dispatch ta The Star. NEW YORK. Augast American traveler today is spending more money than ever before. not only in Europe where he is regarded as the golden egg, but also in this country. Hotel guests are eating better, ordering more generously and paying more easily. according to Jeading hotel men the larger cities “We not only are serving more meals daily than at any time since said Roy Carruthers, managing di- rector of the Waldorf Astoria here, “but the individual business man is cating as well or better than ever. Of course some of the checks are not so large now as in the d of cocktails. highballs. wines and H- quers. but expensive fruits and vege- tables, fine mangoes, alligator pears and other speciaities are being con- sumed to a greater extent than i any recent year. Rusiness Better in Every War. st Byfield of the Sherman Ho- 1 ‘of Chicago asserted that business ay is better in every way thun a Year ago. (Guests are more numerous and they spend more money per gue: than they did one, (wo or three vears “Hotel men are mighty R of stock exchanke tions as a business indicator strange thing is that the K furries e not meant For_once that b; s We are still do- to do better in the n the winter drug store, clzar Junet ¢ this. more & easily than for many 20. — The in well. expec and still better Our harbershop tand and othe ks and payving mor seasons.” ests Freer Botman, of Chic With Money. ger of the Hotel declared busi- ness was better than ever before. Guests ‘are freer with their money.” he said. “Most gf them want the bet- ter rooms. Where a few VeArs ago folks hagiléd over $3 and $4 a day rooms, they now accept $5 and $6 rooms’ swithout question.” ¥. Skillman, president of the &o Hotel Association. and man- ager of the surf Hotel. a strictly resi- dential hostelry, sald: “Rates are somewhat higher all around in_ the transient hotels, but they Keep filled just the same. With us. our perma- Tent guests are spending more money not only for food. but for larger apartiments. This same thing. I think, Will be found true in every large eity in the country.” Looking Forward to Better Timex. If business and economic conditions throughout the country can be gauged by the business of hotels, then bi ness is good and we can look forward to good times, according to I. Fluegel- man. secrtary of the Hotel Association of New Yorl New York hotels always reflect the of prosperity of the men and men of America,” he said. “because they present such an accurate cro countrywide business con- ditions. Especially is this true of the summer scason. when travelers f pleasure and buvers make up a lari part of the hotel clientele. Travelers for pleasure do not leave their home towns unless business is good. Buyers for department stores and her estaplishments do not come to New York unless the prospects for i in the future are good The volume of travelers of each class which we now have would indicate not only that business conditions throughout the country are, good. but that prospects for business appear to be good to those whose business it is to gauge them.” Pul Patronage Increaned. James Keely of the Pullman com- pany. after declaring that the busi- ness done by the Pullman company wus a hotel business, said: ifty thousand people sleep in Pullman's every night. That is a Lig increase over any previous figure « red and Afty buffet cars are Letter than ever before ally. while hotel rates have we charge the same.” Ws to rates was ihstantiated by Louis W. Hill, chair- 1 of the board of the Great North- Railroad. “The rallway traveler 1y enjovs the advantage of a high- class hotel” he said, “vet costs to the traveler are less than the charges of a hotel with corresponding facilities \rthur L. Lee. manager of the Me Aipin and Martinique hotels here, declared today, after talking with husiness men from all parts of the country, that the coming fall and winter promise unusually prosperous GETS B I Morris Chi iness " e e CENTRAL PACIFIC ‘NATRON CUT-OFF’ PERMIT! I C. C. Approves Construction of | Short Line Oregon, Long Pending. The Central pany state Comme: Railway in Pacific Raflroad Com- authorized by the Inter- e Tommission today to proceed it onstruction of _ its “Natron cut-off” in Oregon. Under the authorization the work must be hegun by January 1, 1924, and must be completed within two vears. The ventral Pacific's request to retain ©XCORS CATRINES @8 4 part of its pro- am_ for financing the construetion as denied By its action today the commission disposed of an application which had been on its docket for several months. us action had heen considered able, commission officials said. o the litigation over the Southern Pacific's control of the Cen- tral Pacific property The naw line will ridge. Ore,, and run point near Kirk. Ore. The area to-be served, the commission found, will cover 'a_ Dbelt about forty-six 'miles wide. Stations will be established at McCredie, Mot Springs, Odell and Crescent. described in the commis- sion's decision as having a popula- tion of about twenty each. The cost of construction was esti- mated by the commission at about $16.000,000. No plan of financing was contained in the application, or the commission’s order. other than the reference to retention of excess earn- ings. According to figures submitted by the road the annual EToss revenues from the property will average about $2.464,845 during the first five vears and will approximate $3,000,000 an- nually thereafter. RAINS HELP COTTON. Texas Business Men Heartened by Changed Conditions. FORT WORTH, Tex., August 20 (Special).—Texas cotton has been greatly helped by the rains Saturda: 1t is feared however, that these came too late to help the corn crop much. Pastures were greened up, stock water start at Oak- 118 miles to a _replenished and many of the ill effects of three months' drouth were counter- acted. Business men today took new heart from these conditions. Buying in the jobbing centers has become heavy as 1 result of the early markating of much cotton, and a steady quickening of re- tail_business is expected before Sep- tember 1. Cotton plants, which had bégun to shed their blooms and squares. will begin to put out new bolls, which will have time to mature| fore the first frost. Prospects are much late cotton will be made. 1018, | = NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. | NEW YORK, August 20.—There {were no developments In the trude news to influence sentimént in the jeurb market today, except possibly reports that Standard of Inciana Is continuiag to sell gasoline at 16 cents a gallon in South Daketa. The rea- #on for maintaining the 16-cent price was said to be due to the fact that the majority of independents had failed to establish the 20-cent level. New highs on the recovery in the ofl group were made by = leading standurd jssues and several of the prominent independents. Thereafter, however, the market turned irregular and a number of the early xains in the oil shares were more than lost. Standard of Indiana, after advancing NEW YORK, August 20 —Following i8 an officlal list of honds and stocks traded in on the New York Curb Mar- ket today: ' Sales in RONDR. High LY oo 102 101, nn'u’, = % 1021 =t : o 1087, 0 33 o7 : o thouwands. S Allled TPackers .. 1 Allied Packers &x. . 1 Alum Ta 1 : 15 714 2 Anglo-A 31 Armour low. a4 e 108 on 100y 1018 1028 L) w « 1071 1:15, 3 e Hardw @1 n G & W 2 Both Sl Ta isher Body alens g Oil 7 0il of Pa.. # Libby. MeN & L'7a 62L& N B ow i & Manitoba Power T 3 Morris & Co Tigw, & Nat Leather 8 New Orl'ne P 3 Ohio Power 3¢ R 4 Pub Serv 4 Kears-Roeh Tx 4 Reading Coal itead Coal South_Cal 201, 83, i N RONDS. 1 ax a0y it Salew in units. STANDARD OIL ISSUES, 00 Anglo Am 11 4 King of Neth 6x exien' @, sh Mfg W Continent Ol new. Sig Oil..... 100 Hum O & R new.. urL. Imp 00 ot Can. 1100 & 0 N 4100 Vacuum 0il new. .. 2t LI INDEPENDENT OIL STOCKS, Rarrington 0il 01 10, Roston-Wyo Oil..... 78 ‘' 18 I3, 18e ; M Gilllland Oil ... ilen Rock O 1f Ol of Pa.. Hudson 0} .. Kerstone Ranger Rirby Pet : TLance Creek Livingston Pe Mex 01l Prog 0il vtg 01l & 6 Penn Reater Ol Fennack 01} Southern P & Sou States OIl... Tida) Osaze Oil 5 Turman Ol . Wilcox Ol & INDUSTRIALS. Am L & Ti 11 reher Dan Y Armour Ce Del Rorden & Co.. Rrit Tntl Corp A i Rrit Intl Corp B.... i { Washington Stock Exchange. SALES. 4300 at 9. Rights—1 at 100, 1 at crgenthaler Linotype—10 at 153. 10 at 13815, 10 at 1533, 10 8t 1 10 at'134. Moiey—Call loans, 5 and 6 per cer | BONDS. Bid and Asked Prices. PURLIC UTILITY Capital Traction Riggs National Ri 100, 1 at 100. 1 at 100, Rid. Asked. 92! 3 101% o8 116 American Tel. & Telga. 48 Tel, & Telga. 41 & Tel. el t ! & Tl cone ‘& T. Telephons A T Telophona of an Traction R. 0.k Metropolitan R. Potomac Elec. 1t Potomac Potomac Totomac Pot. Elee. D C Riggs Realty tw {wi > E STOCKS. { PURLIC UTILITY. American Tel. & Telg: Taper Mfg. 8. x (Jong) i Capital .. Columbia. Commercial . Distriet |t sk o Washington TRUST COMPANY, American Security and Trust. Continental Trust. BAVINGS BANK, Commerce and Sy | Natlor | Cotumbi Real E Columbia Graphophone eom. T oo ebess Merchante: Transter & Siorage, 00 Mergenthaler Linotspe. 158 Dld ‘Dutch Market com.. Old Dutch Markét ptd. Tanston Monotype. Becurity Storage... Washington Market. low Cab. THE EVENING STAR, WASHINGTON, D. ¢, MONDAY, AUGUST 20, 1923. L A R A A s s b S b B L TR L B et sl S e INGREASED IMPORTS| Direct to The Star Office | a point, came back to last week's closing. Kentucky stock, al- though inuctive, was exceptionally stronk. Vacuum was also under ac- cumulation. Chesebrough Manufacturing was dealt in for the first time in several weeks. At 229, the stock was up 6 points from the last previous sale. Among the independents Mountain Producers, Salt Creek Producers and Southern States were the leaders, but the latter later loat more than the ground_gained in the firat half ses- sion. Derby Oil and Refining pre- ferred rallled from a close of 26 last week to around 30 as the result of short coverings. Reading Rights. Read- ing Coal and Glen Alden Coal showed little change. Swift International, last week, advanced another i 10 its high for the year. conwpicuous point ! 3 Int Cont'l Rubber. 1 Iehieh Power sec. sipel Riv jonal_ Leather Supply (o Del Y Tel Co ptd. 10 Reading 1 Reading ¢ 1 Technical 13 Rtudehaker W1 Unit Retail ¢ 3 Univer Pipe 1 Wann Mail ¢ 2 Yel Taxi (p N Y. MINING 10 Releher Divide Relcher. 0 Rooth Mining 14 Butte & Western. 1 Canarlo Copper . Nine Mines ldfieid Derelop i Deep Mines... idfield Florence Top Neva Heela Mine Homeninke Fi 4 Howe Houn 0 Independence 1 Jerome Devol . 10 Kewanas Mining arah Mines ... tional Tin.... . w Dominton Cop vads Ophir xon Nevada .. 100 Rex Coam . 1 Rochester Nilver .. A0 Rilver Queen M Cor . 10 Ril Minex of “Amer. 30 811 K ng 20 Kutherland D 4 Teck Hughes 5 Tonopah Divide 1 Tonopuh Extens’ 2 United Fasteen ... United Imp Mines . ‘nited Zinc Smelt. 7 Unity Gold .. 1Utah Apex ... 1 Wenden Copper . | —_— 1l ! MORE GRAIN EXPORTED. Report for Week Ending August 18 Totals 4,764,000 Bushels. | Exports of grain during the week ust 18 were 4,764,000 bushels, ::d'cr«'::nAp:-d with 2,062,000 bushels in the week previous. Corn exported was 220,000 bushels. | as compared iwith 73,000 last week: oats, 12,000 bushels compared with 31,000; rye, 248,000 compared with 111,000; wheat, 3,901,000. as compared with 1,744,000; flour. 233,400 barrels, comparéd with 269,300 barrels. Canadian grain in transit totaled | 219.000 bushels of oats and wheat and 0 barrels of flour, as compared th 827,000 bushels of barley oats, rve and wheat and 2.300 barrels of flour. BOSTON STOCK MARKET. BOSTON. August 20.—Following is a | list of today's highest, lowest and | closing prices for the most active stocks dealt In here Anmeek ... Allouez . Am Tel & Tel Arizona Com . Toston & 3 reon HINl Min...... connor J T........... er Rtange Rutte Ktern S 8 Hards Coal Inland Creek Tsle Rorale 5 Libby MeNeill' & Libbr Mask Gax B Michigan Mohawk Nat Leather New Cornells . North Hutte 014 Colony . 01d_Dominion Oxceola ... Pacige Hiis Quiney &t Marri Shoe Machine .. 8hoa Machine pfd Huperior & Roston. .. Hwift & (o Swift international T8 Smelt . 8 Smelt pfd. FOREIGN EXCHANGE. By the Assaciated Pres NEW YORK. August 20.—Foreign ex. changes irregular. Quotations )in cents): Great Britain—Demand, 445 3-16; cables, 4554: 60-day bills on hanks, 4524. jum—Demand, 4. ermany—Demand, 000016. _ Hol pain—Demand, 13.47. Demand, 156%. Poland—Demand, Czechoslovakia—Demand, 2.90. A —Demand, .0014%. Roumania—Demand, 44; Argentina—Demand, 32.50. Bras! Demand, 10.12. Montreal, 97%. Jugo- slavis—Demand, .010515. HYATTSVILLE. Special Dispateh to The Btar. HTATTSV"ibE. Md., August 20.— ‘The Girls’ Cooking Club of Hyattsville has been form with Mi, Lillian Dove, president; Miss Catherine Dove, vice pre: Mi, Severe, secretary-treasurer, and Miss Emma T. Simonds, leader. Mechanism which aytomatically re- leases the springs on the doors of the local fire héuse upon the sounding o an alarm and at the same time fash on the lights in the room is the latest improvement in Hyattsville's firs-pro- teetion faciliti hréugh such an rangement time in answering s s saved. Preliminary plans for the an- nual outing o ""l‘ local departmént are under way. he scene of the function is not yet known. Assistant Chisf Robert A King is chairman of the eéntertainment committee in charge of arrangements. CURRENT MONEY RATES. NEW YQRK, August 20.—Call money firmer; high, 5%; low, ¢ ing rate, 4%; closing bld, 514; offered at §; last loan, 5% aceeptances, 4%; time loans firm; mixed collateral, sixty to ninety days, 5%; 4 to 6 months, §%; prime com- merclal-paper, 5abil | ductivity {ereased purchasing power in certain jof course, indicate the actual finan: Ying July 31 [at ! poun INDEX OF BUSINESS Viewed as Reflecting Im- proved U. S. Conditions Rath- er Than Europe’s Competition By the Associated Press The sharp Increase in imports into this country from Europe reflects the tmproved business conditions in the United States rather than competitive production on the part of Europe, says an announcement made public today by the Department of Com- merce. Similarly, the decrease in | American exports to Europe is inter- preted as a sign of decreased pro- with a subsequent de- European areax due to disturbed eco- nomio conditions Despite the 4 per cent reduction in exports from this country to Europe during the first =ix months of the current year, Europe remains Amer- ca's largest customer. Shipments to the Furopean countries during that period constituted 50 per cent of the total export trade of the United States. The 40 per cent increase in imports from Europe during the first half of the yvear Is accounted for largely by Increased purchases of raw materials, such as wool, tin and pig iron, $950,000 000 in Exports. “Total exports of the United States i to all European countries during the first half of 1923 amounted to $350 000,000, the statement sa “and fmports into he United Statex from Europe to $613.000.000. Our balance jof trade was unfavorable to the ex- tent of $478.000.000: thus the favor- able balance with Europe. amounting to $337.000,000, reduced our unfavo able worid trade balance to $141.000.- 000 for the first huif of 1923 “These visible trade figures do not, ai balance of items have not n included. and many trade transactions outside of th European area may have baen shipped financed. insured or handled on European accou bulk of tourist expe grant remittances. shipping receipts and interest on forelgn capital vested in this country.” Decrease of 8 I'er Cent. Although America’s trade halance with the United Kingdom still is favorable to the extent of almost $150.000.000. exports to the United Kingdom decreased 8 per cent during the first half of 1923, while fmports from the British Isles increased 52 per cent. Imports of raw wool trip! those of crude rubber doubled and those of tin trebled American exports to France in- creased 2 per cent and imports from that country showed sn udvance of 10 per cent. American copper sales to France increaxed about one-third and those of machinery almost doubled. but cotton sales declined There was an advance of 30 per cent in imports of wool from France Slump Follows German Collapse. Economic collapse in Germany rused & slump in purchases of American goods Shipments of cot- ton and wheat flour and other grains fell off. while those of lead were about one-fifth and of copper about one-third. as comuared with the first wix months in 1922, American ports of potash and leather goods from Germany increased. but thare was a falling off in Imports of Ger- man dyes and raw fim. ports from this country to ITtaly advanced 40 per cent, while imp::-u from Ttaly went up’ 62 par cent Thera were increascd shipments of bacon. lard. wheat. cotton. CODPer, petroleum vroducts Increased American prrchases *of raw silk, cheese and hats accounted largely for the increase from Ttaly. = Gmports REPORT ON COTTONSEED AND PRODUCTS FOR YEAR Census Bureau Figures Given for the Twelve Months Ended July 31. 1923. TON ayments, Invisible immi- WASHI cottonseed report August 20 —The and cottonseed products the twelve months wnnounced today census bureau. shows of seed were crushed, LL} and for Giid the 241,464 tons compared with 17 the same period a year ago, tons of cotton seed on hand mills July 31 amounted to 12.032 tons. compared with 13,168 tons a year ago. Cottonsead products manufactured {in the twelve-month period were Crude oil produced compared pounds the previous twelve months, and on hand. 5.036.294 pounds. com- 1.003.02: ipared with 6.905.409 pounds. Refined pounds, pounds. pounds. Pounds Cake and meal tons. compared and on hand, with 66.815 to Linters produced 605705 bales, compared with 400.371 bales, and on hand. 27.563 bales, compared with 38,929 bales. Fxports were: ol 64 3 pounds. with 85, 01 pounds. Cake and meal, 226,584 tons. com- pared with 252.925 tons. Tinters. 41438 bales, with 132,027 bales. —_— RETAIL TRADE HOLDS UP. oil produced compared with and on hand. compared with 010.539.168 8954 37.997.813 65.551.360 produced 1.486.861 with 1. 04 tons, 1173 tons. compared for the twelve compared compared New England Manufacturers, However, Continue Cautious. BOSTON. August 20 (Spedial).—New England manufacturers may have to work hard for business this fall, but their efforts should bring excellent results, the remainder of the year. Retail conditions have been such that the restriction of production may give way to improvement before long. It will, perhaps, take a real change in conditions " to pull manufacturers, jobbers and retailers out of their hab- t of buying with caution, but the position of stocks is sound, retail trade is holding up well and wages are high. A sudden buying movement of any size would find many merchants em- harrassed to fill their orders. Com- modity prices have been giving evi- dence of more stability this month. WALL STREET BRIEFS. By the Associated Press. NEW YORK, August 20.—The re- cent shrinkage of deposits in metro- politan banks is attributed to the withdrawal of funds by interior banks for financing crop movements. This is expected in some quarters <o result in a temporary period of slightly stiffer money rates, particularly if the rally in stock prices continues. Two issues of Louisville and Nash- ville Railroad Company bonds, total- ling $20,000,000, were offered today by 1% Yorgan & Co. One fssue is 14,000,000 eighty-year 5 per cent rat and refunding mortgage gold bonds, series B, and the other $6,000,- 000 one to fifteen-year b per cent equipment trust certificates. Both ipsues were offéred at prices to yield approximately 5.25 per cent. Subscription = books were closed soon after the issues were offer:d. Directors of thée Buffalo and Sus- uehanna Railroad Corporation have eclared the usyal extra dividend of zr r cent and the regular dividend of 1% per cent on the common stock payable September 28, to stock of rec- ord September 15, ‘ in-| im- | refined | with 930, 3 months | RAILWAY PLANS EQUIPMENT. The Tennessee, Alabama and Geor- gia rallroad has applied to the Inter- state Commerce Commission, it was announced today, for authority to is- sue $21,796 in equipment trust notes. The securities will interest.and run for two years. The proceeds, the application sald, will be used to purchase thirty gondolas and one motor coach. COMMODITY NEWS WIRED STAR FROM . ENTIRE COUNTRY SAN FRANCISCO, August 20.—Cal- ifornia crude ofl production continues to climb. The daily output last week was 872,000 barrels, a gain of,21,000 barrels daily over the precedini; fweek. Total production in July was 25,262,082 " barrels, and stocks on hand | August 1 were 78,666,604 barrels. | Ninety-five new wells were brought in last month i WICHITA FALLS, Tex.. August 20. |g;The Texas Company. which has een recelving into its pipe lines 7 | b iving | its ‘pipe 11 0 {per_cent of the total output of this |fleld. now is purchasing only 35 per jcent. but is accepting for storage the {remaining oil from producing wells. | | BOSTON. August_20.-Paper mills | jthroughout New FEngland are ex-| | pected to show a revival of activity | after the summer lull abouta month | earlier than usual Exceptionally | ®o0d orders have.poured in this sum- | mer. | ST Lovis Augusi 20 —Manufuc- turers of men's and women's clothing here are producing at a greater rate | today han at this time last year, {some increaxes reaching as high as 30 per cent. Several makers ha ibooked all the orders for fall deli lery they can handle. The chief d imand ix for medium priced 1i { Cancellations have been few. as tallers' stocks ure low. There is an .unusual demand for overalls and working clothes. Neb.. Au ge of Nebraska per cent in 1924 Agricultural Statistician He bases this belief on this vear and low In the United States the average life of a_woman is 57.41 years. ATTENTION INVESTORS —If 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. Money to Loan {Joseph I Weiler §EW9% & & I Wholesalers | {ana jobhers are buying new canned | fcorn’ freely today at 80 cents for| | standard quality f.o.b. factory to be | !shipped when ready Some of (ht! 119 pack is exps ed on the market {in the next fortnight State H Anderson {the poor yield {prices Home Furniture LOANS | € From $30 to §200 on household goods | | 20 CHICAGO, August or chattels. 7 per cent intarest. Mo e charged. Come in PITTSBURGH, August 20— The | tone of the pig fron and scrap mar- | {ket. together with the increased cost | fof “production resulting from the! | etimination of the twelve-hour day. | n our method of making & loans and certificate savings plan. Commercial Loan & Finance Corporation, Room 211. 821 15th St. N.W. System Copyrightsd & Patert Pending | market. Plain wire is quoted a {8275 and wire nails at §1 L JLSVILLE, Pa. August 20 (4 ~Restricted production has apparent- | 1y measured up to decreased con- | !sumption of coke and the market to- | lday is displaying firmness. While | spot furnace coke seems obtainable | ut 5 sales hav been made ' {$4.60 and some ators are hold- {ing firm at $4 . Spot foundry coke | {sales are reported at § ; against | in range of $5.25 to $5.50 a week AR !Buyers are more active in the spot {than in the contract market ST. PAUL, August 20.—The West- ern Fruit Express Company. which || will handle extensive fruit shipments ||| | from the northwest. will start at once | | construction of car building and re- !pair shops which are expected to be ]| in operation by January 1 il OKLAHOMA CITY, August 20| | Intense heat for five weeks has al- | most_destroved orchard crops in the (f] ivicinity of Henryetta and truck gar-. dens huve been given up as hopeless. | | (VIEW OF BUSINESS ‘has strengthened the finished steel [ i o First Mortgage Securities 4 you can enjoy the p lege of being included in our lint of Investors RATED 1009% SAFE never having lost n wingle penny in either principal or in- terest A wonderful vecord pare these with the the lows of milions a5 frequently porte | Guaranteed titles. tax certificates. insnrance policies. with a!l not $250 up to $5,000 Available | CHAS. D. SAGER 924 14th Loan Dept. M. 36 | | Money to loan on D. C. || real estate. 1st and 2d || trust loans made Confidencev ; Outlook il promptly. Usual broker- Seen Due to Conditions Devel- [l age commission. See Mr. | t Week. Robertson 9 to 10 A.M., NEW YORK. August Francis A.-Crawford, Inc. |preciably more optimistic 903-4 Continental Trust Bidg. the business outlook was apparent in | financial and commercial circles dur- ing the past week This growth of confidence was due | ipartly to reassuri in the mxllfir[ {of the new administration, partly to, firmness in wheat and cotton prices and partly to suggestions that a turn | {may be at hand in the forward buy- | ing of the more important industrial products. Under these circumstances. ! H rkets w firm. short | jrovering disclosing a meager supply | of stocks and some new commisxion e buving being attr ed. The was to lift the stock arket iout of the extreme dullness into | {Which it had fallen. Industrially. lconsiderable emphasis was en to! |8 steadying in the pig iron market | i For th first time in weeks the Iron | Age index of pig iron prices failed to {show a recession i { Steel production meanwhile shows isxigns of a slight further slackening. but 1 still within 15 or 20 per cent of the peak reached in the spring. | {3fuch attention is being glveh to the | leffacts of the introduction of the | teight-hour day. Little actual change is shown in the forward buving fl'~5 uation, but the feeling is. as in nlh'\'{ f Greater in 20, view Experienced Automobile Salesman 6. PAID \daress Box 224-X, Star Office, stating fully experi- ence and give references. Foreign Exchange Quotations By Radio Daily at 10 o'clock from Ra: dio Corporation of Amenica. Station WRC, the latest quo- tations will be broadcasted. Rates by e e from New York. Special phone, Foreign Department, M. & The Washington Loan and Trust Company 300 F Street 620 17th Streat industries, more hope A further recovery in wheat prices: was an additional source of grati-| fication. The leading futures at ( hi- cago advanced to prices about § cents | fabove their recent lows. These gains | were principally in response to fur-| ther reports of crop damage in ¢ an- | {ada. whi followed the Canadian | government's estimate of 352,000,000/ | Bushels as compared with recent talk | of 500.000.000 bushels. | Firmness in cotton prices was due { I pdincipally to continuation of the | severely hot and dry weather in Tex- | as and Oklahoma. Coincident with firmness In the raw material, a better tone was reported in the cotton cloth | et mnz\rkrlllm view was taken of the s weakness in the oil situation \\hu"h‘ were presented by the latest cuts Allb gasoline prices. These were consid- | Sred the natural result of the enor- mous flush production which has de- Veloped in the mew California fields this oil vielding @ much higher pro- portion of gasoline than the Mexican frude which it has displaced Well posted obgervers expressed the opinion that the situation prob- lably now is at its worst and that production will gradually decline, While consumption will be stimulated | rice cuts { DY tidation of the British rejoinder | to the last French note on repara-| tions was followed by a break in French francs to & new low for alll time. Belgian francs and Italian lire also were. weak. but sterling and Tost of the other HEuropeans were | steady. MEN ON NEW SCHEDULE. Eliminating of 12-Hour Day i“i Steel Mills Affects 20,000. ! PITTSBURGH, August 20 (Spe- eial).—Twenty thousand mén were | affected by the elimination today of the twelve-hour day in plants of the | Carnegle Steel Company. The change will affect 31 of the 51 plants of the company, including 14 bessemer con- verters, 127 open-hearth furnaces and 51 blast furnaces. The change in working schedules | Lowest Rates of Iotérest and Commission. Prompt Action Thomas J. Fisher & Company, Inc. 738 15th Street Money to Loan ANY AMOUNT Reasonable Charges om Trade Acceptances, Warehouse Recelpts, Manufacturers’ Lccounts Short-Term First id Secomd Mortgages or Approved Ceol- Iateral. American Finance Corporation Commercial National Bank Bldg. EQUITABLE Co-Operative Building Association Organised 1879 434 YEAR COMPLETED will not cause a suspension of a sin- Surplus ... 91,207,281 le department, and tonnage reduc-! i it flons now are being overcome. When | Join the Equitable and it became generally known that the Save Systematically L B Ll Bl et s —Yoy will find our systematic plan ing' many new jobs laborers began drifting to the mills, and more than [l the most effective method of saving. 1,000 applied at Carnegie plants last week. With the elght-hour day in | Subscription for the force and the hourly wage increased. ! the industry i8 in better shape to| 85th Issue of Stock compete for labor with other indus- | Sotue: Buacbout i tries and the bullding trades. Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President BAR SILVER QUOTATIONS. NEW YORK, August 20.—Bar silver, 63: Mexican dollars, 48. LONDON, August 2 ar silver, 311-16 {enu per ounce. Money, 23 per cent: discount rates, short bills, 3a3% per cent; three-month bjll 33-16a’% per cent. - 5 bear 5 per cent | First M;x:tghge Loans | FINANCIAL. Washington's Oldest National Bank Diversified Service {The service of The Metropolitan is as diversified as the banking, trust and allied requirements of its customers. And_the facilities for extending such service are so conveniently arranged that transacting business here becomes distinctly a pleasure. {Our time and equipment are at your service—tell us how we can be of use Organized in 1814 to YOU. Our Savings Dept. Pays 3% Compound Interest National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—109 Years Old oo T Tl (11 VT T i o on (RIE (LT L1 5 IV‘I | Nala A Non-Fluctuating Investment HE First Mortgage Notes offered by us are non-fluctuating. There is no de- cline in price or in worth. They do not be- long to that class of securities which move up and down like the mercury in a ther- mometer. Every purchaser of our Notes has the comfortable assurance that he will never be caused the worry of seeing them quoted at one hundred cents on the dollar today and ninety-five cents six months or a year later. If you are interested in an investment that is safe and werry-proof, you can do no better than to consider these Notes. Swartzell, Rheem & Hensey Co. 727 15th Street N. W. 54 Years Without Loss to an Investor Dean, Onativia & Co. Stoeck Exchange Building New York COTTON GRAINS COFFEE SUGAR STOCKS and BONDS ' MEMBERS New York Stock Exchange Chicago Stock Exchange Y. Cotton Exchange Chicago Board of Trade 2 N. Y. Prodyce Exchange Associate Members of Minneapolis Chamber of New York Curb Association ommerce WASHINGTON OFFICE Main Floor, Woodward Building Phone Main 2040 JOHN CALLAN O'LAUGHLIN CHARLES R. ALLEY Manager Assistant Manager AN INVESTMENT FOUNDED ON FACTS - WASHINGTON'S pros- perity—Washington's require- ments — proven land values — conservative financing — busi- experience —common these the security backing our FIRST MORTGAGES We shall be glad to submit yvou investments to suit your ness sense—on are founded Ozer a Quarter of a Centud Without ¥ K requirements. a Loss 1 In amounts of $250 and up. B. F. SAUL CO. Main 2100 1412 Eye St. N.W. National Mortgage & Investment Corporation | i 811 Vermont Avenue N.W. Deals in the Best Real Estate Securities. First and Second Trust Notes and Ware- house Receipts are purchased at fair rates. Its 7% First-Mortgage Notes, SECURED by Improved District ‘of Columbia Real Estate, are a GOOD INVESTMENT. Offered in denominations i from $250.00 UP.