Evening Star Newspaper, August 23, 1923, Page 29

3 GREAT EFFICIENGY IN GOPPER MINING . Consumption Also at High Rate—Eyes on Ford in Automobile World. BY J. C ROYLI 8pec.al Dispatch to The Star. « NEW YORK, August 23.—Although the price of copper continues to hover around the 14-cent mark, one of the chief problems of the mine owners € the west has been solved. EM- ency of labor in the mines has shown marked improvement and now is higher than at any time since the were closed down during the depression of 1921. y, This is due. mino executives to the fact that since silver under the Pittman act ceased ne months ago, sfiver producers ave been making more careful se- Jection of lahor, retaining only the best men. The result has been a distinet gain in general efficiency. Domestic consumption of the red mctal has been sustained by the tre- udous electrification and power jocts under way and by building constructton, although the increased competition is giving keen anxiety 10 eastern manufacturers of copper products. Developments fn West. Manufacturers of the Naugatuck Valley in Connecticut and in other sections of New Enzland watched h close attention the formation { the Brenner-Moxley-Mervis Com- vany of Chicago, and the beginnin of construction of & $500,000 copper wire and rod mill in that city. U til that project was no miil Tods betwee mines say, purchases of w 5 ed there copper gatuck valley and Montana. Rumors, still uncon- ‘irmed, that the American Brass Com- pany contemplates er rer wire mill in Keno acturing sroused apprehension in the east. Most of the New England manufac- however, have come to_ the conclusion that ' these projects have arisen in reply to expansion of de- . mand rather than through the possi- -hility of capturing markets now held by the eastern makers present demand is maintalned, say there is room for both. The copper ore producers, however, regard t(he outlook as uncertain in View of the unsettlement in FEurope which normaily absorbs the copper surplus and, together with the owner: of lead and zinc properties, they ar. watching the automoblle factories and building construction for any slack- . €ning in the actlvities of these con- " suming industries. Auto Manufacturers Watch Ford. As September 1 approaches, the at- tention of the automobile manufac. turers is turned toward the Ford <ompany In some inkling as to whether change in prices is contemplated. It is known that the largest producer intends to increase production to 10,- 900 cars a day and it is expected that 185,000 Fords will be turned out in September unless production s inter- rred with by a slight change in the model. Orders still total above 200,000. Although there have been no changes {n the prices of cars in the Ford class, sentiment in the trade is that Anv change by Ford will be quickly fol- lowed by the others. The majority of the Detroit plants are again near- ing capacity production, the increase being due largely to a demand for the new models. The August output will compare favorably with some of the banner spring months and Septem- ber's outturn will be higher still. The present daily production records indicate better than anything else that there is no slump in the industry. (The care with which manufacturers e scudving conditions, however. may be estimated by the fact that the Chevrolet Company has 388 fleld men reporting conditions by telegraph each Monday. Question Coal Commission's Power: Close students of the anthracite coal situation indicated a belief to- day that efforts by the Federal Coal Commission to “fix the blame” for failure of operators and miners to reach an agreement might be fol- Jowed by legal action against the commission by the party on which &ulpability was placed. The commis- =ion, they pointed out, was formed yurely as a fact-finding body and was not empowered to pass judgment on the rights and wrongs of possible controversies. Attempts to “fix the hlame,” some believe, would therefore place the commission in the position of exceeding its powers amd lay it liable to court actlon. urers, they any Market Flashes at Today’s Close Childs Com- pany declared the regular quarterly dividends of 2 per cent and 1% per cent on the common stock and pre- ferred stock, respectively. Calumet and Arizona Mining declared the regular quarterly dividend of $1. In- spiration Copper declared the regu- lar quarterly € per cent dividend. Railway Steel Springs decla: the regular quarterly 2 per cent dividend on the common stock. Dividend declarations: The liner Homeric arrived with $1,- in gold, consigned to varlous York bankers. Messrs. Kuhn & Co. have been advised tha . due in New York Fri- ng a consignment of $1 .000 in gold A slight falling off was reported in crude oil production in the United States during the week ended August The dally average totaled 2,250, 450 burrels, against 2,251,250, the dai average the week previous. Chicago reports Sinclair Oil has no surplus stocks of gasoline. Gasoline is being shipped to the consumer fast as it Is produced. Cost of pri ductlon permits a profit, even at the low prices prevailing in certain dis- tricts. The New York Centra] in the first «two weeks of August loaded at sta- tions and received from connections 479,383 cars against 867 care_in the first two weeks of July and 20.509 cars in first two weeks of August, 1982 At _a monthly meeting of directors of Baldwin Locomotive Works in Philadelphia only routine business was transacted. Railway Steel Spring declared F’Kular quarterly 2 per cent common iividend and regular 1% per cent preferred. Dow, Jones say! Earnings of the steel companies in July and the first half of August compared favorably with the corresponding perfod of the second quarter, according to the head of one steel company. In the last half of August and September earn- ings will be smaller as a_result of installation of the eight-hour day, Fut all steel companies will show substantial -surpluses after payment of dividends, -St. Louis-San Francisco railway 4 preliminary statement for July shows =ross earnings of §7,617,860, operating expense. $5,665,018; operating income, $1,456,556: balance available for | rerest, $1.423,280, and surplus, $225, 081. —_— MEMPHIS PLANT SOLD. American Cotton Oil Sells Out to Dixie Company. NEW YORK, August 23.—Officials of the American Cotton Oil Company to- i3y confirmed reports that it had sold 1fs plant at Memphis, Tenn. to the Dixle Oil Company of Arkansas, De- tails were not made publia So long as the hope of obtaining | | i 1 | FINANCIAL. BY WILLIAM F. HEFFERNAN. NEW YORK, August 23.—The curb market took its cue today from the ction of the oil stocks. It was the dullest session in some time with stocks moving over a narrow range. During the early period quotations were pratically unchanged. Then further selling appeared in & number of the oils, bringing about recessions, but the declines were confined mostly within_ a point. Standard of Indiana was down only fractionally while similar losses occurred in Buckeye Pipe Line, Standard of Kansas and Imperial Oil of Canada. Pralrie Oil and Gas dropped off three points. In the Independent group the bulk of NEW YORK, August 23.—Following is an official list of bon d stocks traded in on the New York Curb Mar- icet today: Eales in BONDS thousands. High. Low. Close. ¥ Allied Packers »s Gdly 64y 1 Alum 7a 25 D103 " 108" 108 8 Alum 7s now ‘3°100 1007, 10874 10674 5 Am Cot Oil 85 ... @3l 053 9Biy 8 Am Gas & Ei 3%, 69dy 03l 1 Am Light 6s . 104 104 1Am Lt 6s w't 1007, 1007, 1Am T & T s 10085 10085 1 Am Thread Co i Anaconda 6s 1 Armour Co Del Beaverboard_8s ent Steel 83 BT & Con Gas Balto 85 A Deere & Co Tiga Detrott City Gas 6. Dunlop T & R 7w ... ‘ederal Suger @ sher Tiody 83 o Gs Pet Ths wt wrt Pub Sery of N J T Pub Bory E Shawshren NY 10015 3 10 10 Mexlcan Gove s. 583 6714 6 Swins Gove Digx.. 90Ty 9B, 4 Bwise Govt bu w .. 07w 97iq 5 U S of Mexico 4s.... 37 87 Sales in units. 158U STANDARD OIL 100 Anglo Am Ofi..... 1 100 Atiantic Lobos . 30 Buckeye ¥ L 0 Humble 0 & 1 Imp Ol of Can.. 10 Ind P L... 1200 Intl Pet Co Lta.. 10 Magnolia Pet 100 Nat Transit ... Y Transit 100 Ohlo Oil new..... 148 NEW YORK TRUST COMPANIES. 10 Equitable Ssles INDEPENDENT QIL STOCKS. i hundre 4 Carib Svnd 2% Cit Serv cit Serr pfd ¢ Sery i Creole Synd ineers 1iland 0l it Oil of Pa 7 son il . 13 Humphreys 01 0 Kevatone Rang, 37 Rirby Pet ots $15,000,000 NOTE | ISSUE ANNOUNCED More Gold Arrives on Liner From| Southampton—Other Wall | Street Briefs. { By the Associated Press. | NEW YORK, August 23.—Public offering of $15,000,000 5 per cent| short-term notes of the city of De- trolt is expected in the New York market at an early date. The Detroit | city council has authorized the Issue | to meet expenditures for the current year. ] The American Drugglsts Syndicate | reports a loss of 335,341 for the first six months of the current year as compared with a profit of $10,048 for the corresponding period last year. The effect of elimination "of the twelve-hour day In the steel Industry on costs and prices will not be deter- mined for about three months, in the | opinion of Elbert H. Gary, chalrman of the United States Steel Corpora- tion. Mr. Gary's statement is taken to indicate that no immediate price changes are contemplated by the cor- poration. The New York, Ontarfo and West- ern Railway Company reports a sur- plua of $121.488 for the second quar-| ter of 1923, as compared with a deficit of $201,256 for the second quar- ter of 1922. i The White Star liner Homerle, which | docked today, brought $335,000 worth | of gold from Southampton consignéd to various New York bankers. CLOTH BUYING PICKS UP. Dullness in Combed Yarn Plain Goods Comes to End. Special Dispateh to The Star, NEW YORK, August 23.—There steady buying in the cotton cloth market today. Pajama checks continued to sell moderately and thera were several sales of print cloths, the sixty-four by sixty bring- Ing 918 cents and the sixty-eight by seventv-two, 11 cents. Apparently the dullness {n combed yarn plain cloths had ended. The oriental raw silk market was only moderately active. Yokohama reported 800 bales sold today. ERIE COAL DEAL CAUSES STOCK ISSUES TO SOAR By tho Associated Press, NEW YORK, August 23.—Erie rail- road issues were strong in the stock market today because of speculative expectation of the benefits that will 'NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office —————————— | a1 opali Jim' Butler T Mex 0 11 Tonopah 5 2 Mex Panio A 5 United s Mouatain Prod . 14 62 United Imp Mines 38 Mutual Oil vig cfs. By nited Verde Fxt 2 New Bradfd O w i 3 38, it s ERE ... 9! o | s 8o Penn Heaver 1ty ¥ AL e mees i et oy O CORROL o BLB1 L | placea ! holders and i the Delaware-Maryland peninsula in j at the receivership hearings and pro- THE EVENING | the dealings took place in southern states. Humphreys was an exception, | to the general tendency, gaining over two points on very few transactions. The oply feature of the industrials was the rise of about a point In Midvale Company shares. The strength here appeared to be in be- lated response to the recent improve- ment in this class of stocks on the big board. Todd Shipyard was up over & point. Durant Motors lost part of the re- "cent gain but Peerless continued to move forward. Reynolds Springs common stock, and Louisville Gas and Electric five per cent bonds were removed from the list. Trading in American drug stores class A stock was suspended | until further notice. 20 1 1 o3 10 Roval Canad 0 & R Salt Creek Cons ... Salt Creek new Senhoard 011 .. Southern P & ... 70 Sou Stutes @il... 10 Turman Ot 44 Wile, 20 INDUSTRIALS. vric ptd 101 Am Hawaiian § 8. 13 Armour Co Del pa. &9 Horden & Co ... 1175 Bridgeport Mach wi et Am 5 Brit Iutl Corp A 2 Bt Intl Corp B Buddy Bude ... Checker Cab Mfg A % wicago Nip B trus abilier € & Radio Durant Motor Federal Teleg Ford g a iy isty 1 b3y ) 5 Radlg Corp... . & Tieo Motor.. . 1 Kosenbean Gratn Gor 481y on Looms..... 18 2 Fechnical Prod 1 Reading Coal rts . udenuker We Kb Clee Power. .. Prod Exp . Todd Ship ........ % Thread Co 1fd 1 Unl Pt Shar new 2 Unit Retall n 128 ‘auario Copper ... 20 Candelaria Min . 4 Continental Mines . » Mins € ofs 10 Cork Province Mine 48 Cortez Siiver 10 Goldfield Cons 80 Goldfield Develop #0 Coidfield Deep Mine | 10 Gold Florence 90 Independenc 4 Jib Covs.... Kerr Lake 0 Kewanas Miniug... 20 Lone 1 Mason Ed Lewd. & P i | | 1NY&H 40 Red Hili 10 Rex Cons . 30 Silver Qun’ Mine 10 Siiver Mine of Amer 1% a7 10 03 20 Stand Silver Lead 20 Spearhead Gold 10 Superstition Mines. { DOLLINGS INVESTORS SEEK PROTECTION Maryland Stockholders Join Effort to Obtain Voting Power. 8pecial Dispatch to The Star. PHILADELPHIA, Pa.. August 23— Stockholders of the R. L. Dollings Company in Delaware and Maryland who have joined hands to protect their interests in the defunct concern, will late today have the voting power in the hands of the stock- to reorganize some of ; the companies operated by Dollings. | This plan, submitted to Delaware stockholders, 1s similar to one accept- ed by Maryland investors. It was | formulated ‘by Ohloans interested in | the company, which had its headquar- ters in that state. It is estimated that more than $4.- 000,000 has been Invested in Dollings concerns by residents of Delaware and the eastern shore of Maryland, of which about $1.000.000 represents | in { | | | the holdings of citizens of Kent county alone. The meeting was called to order by W. T. Malloney, a former district manager for the Dollings Company, Who has aided in the work of bring- ing the Investors together. He in- troduced Mr. Woolford, who e plained the proposal to get the vot- ing power of the stock owned on the hands of the committes of four for the purpose of being represented tect those concerns that are solvent from being forced into receivership and have receivers appointed for the concerns that are insolvent. SECRETARY WALLACE POLICY PROBE ASKED Farmers’ Body Says Agriculture Department Has Aided Food Trust by Actions. By the Assoctated Press. DES MOINES, Towa, August 23.— A demand of the next congress for an investigation of the Federal Depart- ment of Agrlculture is (o be made by the Farmers' National Council, Benjamin C. Marsh of Washington. D. C., managing director of the coun- cil, declared in an address here be- fore the conference for progressive political action. “Secretary of Agriculture Wallace,” declared Mr. Marsh, “has turned the administration of the stock vards act, passed by congress in 1921, over to the packers and commission men to accrue to the road by the transter of the selling interests in Erie coal from Willlams & Peters to Pattison & Browne, a subsidiary of the United, States Distributing Company, which is | allted with other independent interests. : The Erle road owns the Pennsylvania | Coal Company, which distributes an- nually about 5,000,000 tons of coal in } this section of the country. Under the . new agreement, which is effective April ! 1 next, coal will be marketed direct i by the Erle's coal company, not on a } contract as heretofore. e — PARIS MARKET FIRM. PARIS, August 28.—Prices were firm on the boursa today. Three per cent rentes. 56 francs, 90 centimes. Exchange on London, 81 francs, 35 centimes. Five per cent loan, 74 francs, 60 centimes. ‘The dollar was quoted at 17 francs, 83 centimes. NEW GRADE OF ROSIN. SAVANNAH, Ga. August 23.—The board of trade posted a new grade of rosin yesterday. It is known ai X and it s a grade higher than WW. It conforma to new rket regula- tions, pas DL | 8ressional investigation committee is | temporary,” George N. Moore of enforce, with results highly satis- factory to the food trust. Under this administration {rregularities have occurred upon which we will demand an investigation.” Cases of alleged irregularities, Mr. Marsh said. will be cited if a con- appointed. SEES HIGHER GAS AGAIN. KANSAS CITY, August 23 (Special). —"“The gasoline price cut is oply hi- cago, president of the Moore Refining Company, safd today. ‘“The present price s below the cost of production CALL MONEY RATES. STAR, WASHINGTON, COTTON SPANIG DROPPED N LY Census Bureau Reports Less Activity in Mills Than Dur- ing Previous Month. Cotton spinning activity during July showed a falling-off, as compar- ed with June. Census bureau statis- tics announced today show active spindle hours for July to have been 7,185,765,590, or an average of 191 3 | per soinale in place, compared with 8,384,558,582 spindle hours, or an aver- age of 224 per spindle In place in June. Spinning spindles in place on July 31 totaled 37.397,331, of which 34, 887 were operated at some time uring the month, compared with 7,374,876 in place June 30, of which 3 during the month. The average number of spindles op- erated during July was 32,657,966, or at 87.3 per cent capacity on a single 843,421 were operated at some time shift basis, compared with 36,897.371, or at Y8.7 per cent capacity during June. OPPOSE TARIFF CUT ON CANADIAN STOCK Denver Cattle Men Aroused Over Move Started by Farm Bureau. Dispatch to The Star NVER, August 23— The Denver xchange has formulated gainst a proposed reduc- tion {n the tariff on Canadian cat- tle, a movement which is reported here to be sponsored by the Ameri- can Bureau Fedéeration. The exchange will ask Colorado congress- men to oppose any reduction on the ground that the weat, northwest and southwest would suffer ruinous losses it forced into competition with the Canadian product The exchange points out that west- ern cattle are largely stockers and feeders, which move to the corn belt states to be finished for beef. and that the proposal to bring them into competition with Canadian stockers and feeders would increase the sup- ply and tend still further to reduce prices. “Range cattle today are selling at 30 per cent less than in 1923, the protest continues. “and thousands of heifers and cows suitable for the feedyards are selling at 40 per cent below the cost of production.” ASKS 1. C. C. PERMIT TO BUILD RAILROAD Texas Line Would Have More Trackage—New Financing Ap- peal From Hawaii. The Waro, Trinity and Sabine Railway today asked the In- terstate Commerce Commission for authority to set up a line from Liv- ingston to West Port Arthur, Texas. The application proposes construc- tion of about elghty miles of new tracks, and the lcasing of an addi- tional twenty miles from intersect- ing or parallel properties. The Oahu Ratlway and Land Com- v, an Hawalian corporation. ap- the commission for author- 3 e $2.500.000 in new etock at $20 per share. The stock would be distributed as a stock dividend. and would make the outstanding capital Beaumont, of the company $7,500.000. The application stated that the compa had an avaflable surplus of § .000. VIRGINIA SHIPMENTS OF CABBAGE HEAVY New York Market Weakens Under Liberal Supplies—Other Produce Prices. Special Dispatch to The Star. NEW YORK. August 23 —The cab- bage market wae generally dull and weaker today. due to the continued liberal supplies, principally from Vir- ginia. The demand was rather lim- ited. New York upstate bulk cabbage s0ld from $45 to $50 per ton The demand was moderately active, | particularly for fancy onlons of large size. Prices ranged from $1.85 to $2.25 per 100-pound sack of reds and 32.50 to $3 for vellows. The demand was moderate for cu- cumbers. but active for pickles. Sales ranged from $2 to $3 per bushel ket for cucumbers and $2.75 to $3.75 for pickles. EXPORT DRUG SALES BEST IN THREE YEARS New Orleans Reports Better De- mand Frem Latin America During Past Month. Special Dispatch to The Btar. NEW ORLEANS, August 23 —Deai- ers in wholesale drugs sald today they expected the export sales totals of this month to be the best of any similar period for three years. Local demand has been excellent. The ex- port demand is due to better condi- tions in Latin America and expecta- tion of recognition of Mexico. A fea- ture has been the reduction of 28 per cent in the price of santonin by the London agents, which control world distribution. It has been impossible to fill the orders for paris green from cotton planters. MISSOURI EXPENDING HUGE SUMS ON ROADS Special Dispatch to The Star. 8T. LOUIS, August 23 —Highway construction in thls state is expected to aggregate between 1,200 and 1,500 miles this season. Over 325 miles of roads have been graded and about 200 miles hard-surfaced. The St. Louls paving_and sewer construction pro- ram will entail the expenditure of 2,813,135 for the year, divided among seventy-flve paving contracts, seventy alley paving contracts and eleven sewer districts. The state highway department fs preparing to ask bids from large cement companies for materials used on the roads. It is estimated that at least four million tons of crushed rock alone will be needed in the next five seasons. BIG RAILROAD ORDERS ARE PLACED FOR 1924 NEW YORK, August 23.—Buying of 9 standard ralls for 1924 delivery at prices unchanged from the present quotation of $43 a ton was the feature of the iron and steel market during the last week, according to the Iron Age, which states that four western NEW YORK, August 23.—Call money ! roads have closed for a total of 68,000 firm; high, 6: low, closing bid, 5; offered at 514 5; call loans against acceptances, 415 ; ruling rate, b;|tons to be delivered during the first last loan, | half of next year. time loans firm: mixed collateral, sixty |rail business already placed for 1924 to ninety days, 51 ; f is put at 350,000 tons. e sommereig aser ool B® | mated that contracts yet to come will 5% ; prime commercial paper, 5a5%. SO i Always thoughts, your most courteous speech, and purest motives It is eeti- reach twice that figure. Concerning the general effect on rive to appear at your|prices of the eight-hour day a high best. Give the world your brightest lauthority in the steel Industry sald probably be the outcome of your kindest impulseg | three months before. it can. he d s _ 'termined yesterday that_ it whil ed what lh‘ effect will be. L) Inquiries for 40,000 tons more are pending, while the total D. C., THURSDAY, COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY HAVERHILL, Mass, August 23.— Shoe factories here are rushing pro- duction to such an extent today that there {8 a distinct shortage of help in some factorles. FORT WORTi, August 23.—Cattle fat cattle from Tevas will be only 80 per cent of the movement of last year and that stocker and feeder shipments will be 76 per cent of those of 1922. Shipments of fat cattle are just get- ting started in north Texas. “Some of the stock is not finished, but is being sent to market for feam of grass shortage. DENVER, August 23.—Colorado coal mines produced 5,716,658 tons of coal between January 1 and August 1, an increase of 637,761 tons over last year. ST. PAUL, August 23.—The United States Radiator Company has deter- mined to move its plant from Min- neapolis to a site here adjacent to the plant of the American Radiator Com- pany and will establish its northwest distributing agency here. HOUSTON, August 23.—Rains over west Texas, it 1s believed, has assured a large cotton yield in that section where there was a heavy increase in acreage. in spite of recent deterioration Texas will raise a good crog Picking is well under way. ATLANTA, August 23 —The state department of sgriculture today an- nounced that the sales of tobacco in the state for the week ending August 118 totalea pounds. ~ which brought an ge price of 24.59 ceuts w pound. The market is still strong and the tobacco higher than average. LANSING, Mich, August 23.—The state agricultural department esti- mates that the Michigan farmers will reduce wheat acreage 15.5 per cer and rye 9 per cent next season 23.—There are pproximately vehicles registered in' this state than a vear ago, and the revenue to the state has increased $500.000—to $7.009.- 568. SOUTVHERN'S EAE’GINGS. August Showing mg"omu Over Same Month Year Ago. RICHMOND, Va.. August increase of 31,086,432 in earnings for the sccond week in August, as com- pared with the same weck in 1 . I8 shown In the week repnrt ¢f the Southern railway system. The total earnings were $3, 0. aeainst 3 For the perfod from Jan- uary 1 1o August 14 a total of § 223456 was earned, as against 196 in the corresponding vear, or an increase of $22,25, | CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. 5 Inveatment Securities 510-11 Evans Building | W E10 D. C ANY AMOUNT Reasonable Charges on Trade Acceptances, Warehouse Recelpt; Manufacturers' Short-Term First Mortgages or lateral. American Finance Corporation Commercial Natl 1 Bank Bldg. Money to Loan Secured by first deed of trust on real estate Prevailing interest and commission Joseph I. Weller &3,%4h L & Tru e | ! “Buy,’ 9% First Mortgage Securities | ——nnd you can cnjoy the privi- lege of being Included in our i|| st of tnvestors t a sing'e Ppenny in elther principal or in- terest. A wonderful record when you com- pare these with those that are causing 1l of millions as frequently re- $250 up to $5,000 Available CHAS. D. SAGER 924 14th Loan Dept. M. 86 served. Organized In 1814 men estimate that fall shipments of | Cotton men here assert that | is grading | 5,000 more motor | 23.—An | AUGUST | i I i i l ) | ) i | I | i | 1 i | l 1 To the busy man of affairs, a precious part of his capital—some- thing to be made the most of: 23, 1923. Money to loan on D. 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