Evening Star Newspaper, August 25, 1923, Page 11

FIN BUSINESS REVIVAL BEGUN N MENED Rubber Interests Branching Cut in Anticipation of Early Recognition by U. S. BY J. C. ROYL Dispsteh to The Star. v YORK, August 25.—Business men on both sides of the Rio Grande &re making preparations for an active Increase in commerce in anticipation of formal recognition of the Obregon government by the United States. This is not confined to private individ- ualy or firms alone. The state of Zucatecas has just signed a contract with E. J. Parkinson, representing the Continental Rubber Company. provid- ing for the erection of a number of large rubber factories in that state. The Continental Company also is ex- pected to build new plants through- out the states, producing the guayaule or rubber shrub. Torreon Plant Reopened. The company now is operating its aule plant at Torreon buflt be- > the Madero revolution and large shipments of the shrub are being re- ceived. Rubber producers say that the increased cost of plantation rub- ber resulting from the Dritish re- strietion of production in Malaya will result in a strong demand for guay- le rubber in the United States and irope and that there will be large vestments of foreign capital in this dustry after recognition. In revolution disru xico produced 21,000, s of rubber and it is believed cven with the present inadequate equipment a resular production of 10,000,000 pounds can be maintained Romance in Rubber. The development of the guayaule rubber industry one of the ro- mances of the business world, and the real story of the discovery of its commercial possibilities is known to not a dozen Americans. In the late nineties a British engineer connected with an oil company, who had once had experience in the rubber planta- tions of Borneo, started the two- Journcy on mule back across the asses of the Sierra Madre in Duran- 0 1o the Pacific coast. He stopped v village far from the beaten path surprised to see the boys of community playing the favorita same of pelota, or hand ball, with a rubber ball. He knew that they sel- dom, if ever, had the opportunity to finger a gingle contavo of real money und could have had ne opportunity to buy a rubber ball if they had uc- cumuiated the cash. He asked them. therefore, where they had olLis®™ed the ball, and was told that they had made it' from the guayaule plant. “We sit down in 4 ring,” the boys told him, “and cach of us chews a (wig of guayaule. Pretty soon each has a little piece of ‘goma,’ or gum. Then we stick those together and make a ‘bala, or ball, that wil bound.” The engineer took samples of the shrub with him, and within a vear factories were turning out a fair lity of rubber from this shrub, which grows wild over hundreds of thousands of acres of arid land in North Mexico. The method of ex- tracting the rubber has differed little from that originated by the Mexican bovs except that machinery and tanks take the place of teeth and saliva Methods Greatly Improved. Now, however, mathods have been fnvented which give a product ime proved both in quality and quantity. a time no effort was made to iltivate the shrub which grew wild ver the arid plateaus. It will not 0w in an altitude less than 4,000 foet. but it made millionaires out of Lundreds of Mexican land owners ho were tax poor until this unsus- rected source of riches was discover- ed. The continental Mexican Rubber Company stablished expert mental farms in the producing -di trict which includes over 7500 5 in the hope of increasing yield by eultivation. 1t requires about four vears for the plant to mature Railread Trafe Increasing. “I find present transportation con dltions the most satisfactory in my experience,” Clyde M. Reed. chairman of the Kansas Public Utilitics Com- mission, declared today. “The rai are moving the largest volum. trafic in their history with less congestion than ever before. The reason, seems to be that cars are ing returned promptly from the st'to points of origin and that witl of new equipment im roved efliciency has been effected. Tn April of last r freight was moved on the average of 21.6 miles a In April this year it was mov- 7.3 miles. This increase indicates A present time the equivalent '€ 700,000 additional freight cars. Joecin ®u DUN’S REVIEW REPORTS ENLARGING BUSINESS Actual Gains Noticed as Merchants Are Filling Fall and Winter Requirements, ° NEW YORK. August 25.—Dun’s Re- view today says: There is still a_conspicuous lack of aniformity to reports from commers al centers, but more definite indica- tions of enlarging business are noted in some quarters. With the advance ward autumn, increasing interests In prospective futupe requirements is iwing shown in_different channels, 1nd there s expectation of a more sneral revival of activity after the sent seasonal restraints huve been moved. Where actual gain in buying has de- veloped, as in some divisions of the textile trade, prices are firmer, and the excess of declines in Dun's list of wholesale quotations has narrowed «ppreciably during recent weeks. i“hanges In working hours are becom- ing a factor in the price movement In the steel Industry, tending to tteady some markets, and the rise in rices of grain has been further ex- tended. Weekly bank clearings $5,- £96,615,000. _— BUSINESS AT GLANCE. Trade Between Baltimore and Cuba on Increase. BALTIMORE, August 25.—Continu- ance of the marked increase in trade hetween Cuba and Baltimore was seen in the arrival of 25,000 bags of un- vefined sugar, which makes a total ©f 119,912 bags so far this month. DALLAS, Tex.. August 25.—Mem- bership of the Texas Farm Bureau otton Association has reached 27,000 farmers o far this season as com- pared with 20,000 last year. The ine erease is mainly for North and Cen- tral Texas. RALEIGH, N. C.. August 25.—The %obacco Growers' Co-operative Asso- jation opened thirty-two of its ware- {nuscs in eastern North Carolina this tveek. Private auction hou do not plan to open before next week. et CHAPEL CORNER STONE LAID. Enecial Dispateh to The Star. BOWIE, Md., August 26.—With im- pressive ceremonies conducted by Odenton Lodge, No. 209, A. F. & A. M., ihe corner stone of the new hall of st. James Episcopal Chapel was laid # few evenings 8O0, ‘Worshipful JMaster Morton F. Disney conducted The rites, assisted by Messrs. Ray Mankin, senior warden; Henry C. Xuhl, junior warden; Richard D. Downs, ~ secretary, and Dr. Albert Massall, treasurer. There were pres- «nt twenty-seven Masons, including . number of visitors from Washing- lon, ANCIAL, NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, August 26.—The curb market clos the week irregular, with the oils under pressure again. Sclling of these stocks was stimu- lated by the action Friday of one of the standard subsidiaries and a lead- ing independent oil company in re- ducing the regular quarterly divi. dend. But the action of the Ohio NEW YORK, August 25.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket today: Bales 1p thousands. 1 Allied Packers fs. 2 Allied Packers 8x. 18Am Gas & Elee 6x. .. 4 Am Rolling Mills 6s 4 Am Th Co @s. BONDS Tien. 8 o & o8 Low. Close. o8 it 93 PR % 1 m &5 4 78 Dunlop Tr & Rub 7s Fisher Body Gs '27 ennecott_Cop Ts. Libby McN & L 76 Lig, Win, Ley r ¢ Manitoba' Power Ts 11 King of Nether 2 Mexican Govt 6x Bwies Govt 1 Bw'ss Govt 5 U'S of Mexico 43 36% 6% STANDARD OIL ISSUES. 2% 81 107 24, e 900 Humbl 30 P L 25 Tud P L o0& pet Co Lid 21 B8 39! 3l 100 8 O N Y new . 38 300 Vacuum OI new .. 44! Sales INDEPENDENT OIL STOCKS. in hundreds 3 Livingston Pet 10 Mex 0l 1 Mount Pri utual 01 s ew Brad Ol w i, 3 oble Oil & Gas.. . un Reaver Oil Tenuock Oil ... 6 Roval Cannd 0'& R 2 Salt Ck new.... 3 Napulpa Retin .00 1% o 1 sy 3% .09 1 154 a1 1858 17 WHEAT HOLDS NEAR 10 DOLLAR LEVEL Prices Expected to Go High- er Next Week—Corn Hits New High Mark. CHICAGO, August 25.—Wheat prices have held around the dollar level in the face of large nccumulations, the visible supply being close to 50,000,- 1000, and is expected to show a further increase next week. Export business has been only moderate, excepting at the close of the week, when foreign- ers bought more freely. Compared with a week ago, all grains as well as provisions this morning were at higher levels. Wheat was up 2% to 2 corn 3% to 4%. oats 1% to 1% and provisions 71 to 37%. y A large part of the business in wheat of late has been buying of September and selling of the distant futures which widened the spread be- tween September and May to about 110 cents a bushel. the best from a| arrying charge standpoint in years. Improved buying of futures at the close of the week was on predictions of frost in the northwest and reports of lower temperatures in Canada. Re- ports have been current that France bought wheat from Russla and re- ipeatedly attention has been called to the large exportable surplus in Rus- sla, These, the trade belleves, are for the purpose of enabling forejgn- rs to buy our wheat at lower levels. | Stocks of corn are light and de- creasing and prices for the Septem- ber delivery touched ,the highest of the season. Cash grain also sold at best prices of the soason. The new, crop s expected to be late, being de- layed by the excessive August rains and fears are expressed that some of the crop may be caught by frost. Oats situation is regarded ~with more favor. A big shortage in the September delivery with a covering movement was responsible for an up- turn of almost 1 cent relative to the December and May deliveries. Firmness of grain and the strength in hogs lifted provisions. ————— MARRIAGES. LYNCHBURG, Va.—Miss Gladys Owen and Daniel W. Evans, both of this city, were married Thursday at the home of : the bride's mother, Mrs. Clara Gordon Owen. Gay Honts, daughter of Mr. and 5 . Honts of Eagle Rock, and Floyd E. Foster of Matewan, W. Va., formerly of Clifton Forge, were married at Bagle Rock. | Nolan C. Dowdy, a policeman, and Miss Myrtle R. Clement were married Sunday. FREDERICKSBURG, Va. — Miss Minnie Durrett of Thornburg, Spotsyl- vania county, and George Taylor of New London. Caroline county, were married {at_Ruther Glen. Ernest G. Ralston, United States Ma- rine Corps, Quantico, and Miss Eliza- beth Sheely of Tennessee were married here Friday. — DIVIDENDS. Pa bl Stock of Pr. Rate. 15 Bept. 20 15 Oct. 6 L 15 Bept. 4 20 Bept. 1 29 Sept. 15 EX-DIVIDEND TABLE. T Froducers & Ref. Todd Shipyards. West Penn 34 THE i Direct to The Star Office H company directors was not taken as typical of what the weuld do. Prairie Oil and Gas lost further ground, but declines in other of the standards were generally fractional. There was little doing in the motor stocks or the mining section. Coal shares were somewhat lower, but losses were unimportant. Glen Alden Coal declined a half point. Gillette Safety Razor made a new high for the present movement when it reached 260. Standard oils 7 Seaboard Ol 10 Bouthern P & 26 Bou States Oil 1 Turman Oil . 53 Wiicox Of1 & Am L & Tract. RBrt-Ain Tob Co Keg Bklyo City B R. Buddy HBuds Car Light . Centrit" Iron Chicago Nip B Tr Cur ‘Aero ctfs dep. Dublifer C & Radio Durant Mot ...... Peerless Mot Pyrene Mfg . Rudio Corp . Radia Corp ptd Reo Motor .. Koamer Motors 8o C & 1 new. Studebaker W Technical Prod Todd Ship : Unit _Retail *Candy US Lt & Heat ... Wayne Conl A g E RN st e B e s 1 OV Releher Extens. Cxnario Coppe Continental Goldfield Cons’ . Galdfield Develop . . Goldtield Deep Mine dfield Jackpot Hurmill Div Hiil Top. Homext, Independen: Lone Star ........ Mason Valley ©..0 b Mines . ew Dominion Cop. Ohio Copper ... Red Hill Florenes . | Sandstorm Kenda! er Qun Mine Am Gold & P Spearhead Gold . 2 Teck Hughes Tonopah U S Contin new wi Wenden Conper .. 2 West End Consof West Utah ... Live Atop Mines, But Are Unable To Buy Any Coal Special Dispateh to The Star. SCRANTON, August 2 emand for coal here is <0 heavy that re- tail dealers have refused to accept additional orders. Many whose homes are located right on top of the anthracite mines are unable to buy fuel at any price. Should there be a long suspension of min- ing there is certain to be suffer- ing here. Coal received from the mines is being delivered to buy- ers who had their orders in two weeks ago. GERMANS FIGURE PRIGES ON DOLLAR Traders in Ruhr Get Latest Exchange Quotations Sev- eral Times Daily. By the Associated Pre: DUESSELDORF, August Traders in the Ruhr have now learned to hew to the line of the goid basis, let the marks fall where they may. Although the prices of commodities are still given in marks, all transac- tlons, whether in newspapers or automobiles, are figured mentally in dollars, pounds or francs. Every day the prospective chaser goes forth to the market places laden with bales of paper marks, provided a supply Is obtain- able.” Before making a purchase he famillarizes himself thoroughly with the latest official quotations, in order to know whether prices are going up or down from the gold level. Until recently the foreigner with crisp dollar bills in his pocket could find real bargains, but this {s no longer possible. Every little shop now receives three or four times a day the official quotation on_the mark in Berlin, London and New York, and prices are adjusted each time a new quotation arrives. Furthermore, a liberal margin is tacked on in an- ticipation of a further drop before the stores close for the day. Calculations are simplified by means of a table of figures furnished to all shopkeepers by the Chamber of Com- merce in each town. Prices of mer- chandlse, in gold values, are printed in one column, while the day’s prices in paper marks appear in an adjacent column. The adjustment between the gold and paper value is reached by means of what is called a “multiplicator.” When the mark was quoted at around 3,000,000 to the dollar, for example, it was estimated that the multiplicator should be 300,000. That is, an article worth.one mark gold would sell then at 300,000 paper marks, or an article worth 6 gold marks would sell at 1,800,000 paper marks. ALARMED OVER BRITAIN. Viecount Birkenhead Reporty Un- employment Growing. NEW YORK, August 25. — Dow- Jones says: § Viscount Birkenhead, former lord high chancellor of England, arriving on the Mauretania, reported that Brit- ain is facing aiarming prospects and due to the unemployment situation, times were never worse than at this moment. He sald he did not know pur- August 28— are and Hudson, .. Gl m and Houston El. pi August 80— El Paso Electric, q 23 88 pr.. Packing, l’l!lnfv‘. acific’ p Chille Copper, q. Diamond Mateh, 'q tman Kodak, ? R Y N853R, 58583 yes Wheel, q. Laclede Gas,'q - e & Natio Norfolk nnd We Packard Motor C Bt. L. Southwer Bouthern Sta; 1 S 3833833 50 Texas Guif Sulphur, q Underwood Type. pf.. Tnderwood Ty Union Pacife, Unlon Pacl the officlal number of Englishmen out of work, but, whatever that num- ber is, it is generally fe will increase to great coming winter. The” viscount declared that there was no remedy for the situatien un- til the normal economic condition of Europe is by some means or other restored and purchasing power of the world brought back to nermal. This, he added, can only be ac- complished by the rates of exchange being stabilized, which is another rather difficult problem. All any British government can do at the moment is to attempt to deal with the situat{on by means of pallia- tives, said the viscount. NEW FREIGHT SERVICE. ST. LOUIS, August 35 (Special).— St. Louis manufacturera and whole- salers have been brought twenty-four hours closer to merchants in Texas, Louisiana and Mexico by the comple- tion of the three-million-dollar rail- road terminals at Denison, Tex., which “facilitate the handling of freight going south through that sateway. B R EVENING STAR, WASHINGTON, D. IBALTIMORE FIRM AFTER D.C. GONGERN May Absorb International Finance Co. of This City. Special Dispatch to The Star. BALTIMORE, August 25.—Absorp- tion of the International Finance Company of Washington by the Guar- anty Company of Maryland is con- templated, according to reports cur- rent in the financial district. Vice President Frederick J. Gottlieb of the gotiations were under way, but added {that s0 far as he knew they had not been consummated. Paul B. Leonard, president of the Guaranty Comp was in Washington Thursday in con ference with officials of the Inter- national Finance Company and is in New York now, presumably on the sume erran If the deal is consummated Jt is un- derstood that it will involve approxi- mately $1,000,000. The capital stock of the ' International is $1,000,000, while that of the Guaranty Company is §1,050,000, of which $500,000 is first preferred, $500,000 second preferred, [50:000 shares of common stock with- out par value. The Guaranty Com- pany is now negotiating with bankers with a view to adding between $500, 000 and_$1.000,000 to its capital. The Guaranty Company is doing a volume of $20,000,000 unnually, while the voiume of the International Com- pany is about 310,000,000 a year. PIGGLY WIGGLY SUIT STILL BEFORE COURT Saunders’ $2,000,000 Claim and Plea for Receiver Are Ques- tions at Stake. Y Inunumy Company admitted that ne- By the Associuted Press. MEMPHIS, Tenn, Taking of gvidence Wiggly law day before C August 25— in the Piggly suit was continued to- L. Marsilliott, master in chancery, with further testimony expected from Clarence Saunders. Figgly Wiggly found Setting up a “clalm of more n 32,000,000 against the corporation, Saunders last week filed a bill asking a re- coiver. Examination of Saunders brought forth his account of the transactions in stock of Piggly Wig- gly Stores, Inc. a concern which operates under patents owned by the corporation, includine detalls of his sensational Piggly Wiggly corner in Wall street last April FLAYS STOCK EfCHANGE. Saunders Says Organizatien Was “Too Yellow to Pay.” By the Associated Press. NEW YORK, August 25.—A letter from Clarence Saunders, former head of the Piggly Wisgly Corporation. to stockholders of the company reached New York vesterday. In it Saunders asserts: “The Judas kiss has burned my lips—thrice and more.” “Millions should have been made for our company, its directors and our banker friends,” the letter says. “The New York Stock Exchange was too yellow to pay, so all I got was thousands of shares of stock which were taken away by the directors of this company, the vresident and di- rectors of the stores company and the banking groups with wkich they are_associated.” “Piggly Wiggly must be saved if real men still live, and T know they live,” writes Mr. Saunders. STRIKE TALK CASTS SHADOW ON STOCKS , Weakness in Oils Also Big Factor in Market During Week Closing Today. By the Associated Pres: NEW YORK, August 25.—Alternate periods of weakness and strength characterized this week's securities markets with the usual leaders hold. ing firm despite occasional short sell- ing and profit-taking. Operators on the long side apparently were will- ing to support their favorites at cur- rent levels, but seemed disposed. to await further developments bearing on the economic situation before ex- tending their commitments. The threatened suspension of work in the hard coal mines on September 1 cast a shadow over the market and tended to restrain trading. Foreign developments continued to attract in- terest, but they had little or no effect on stock prices. The relatively poor July report of the Union Pacific system had a tem- porarily depressing effect on the rail- road shares, despite the fact that the reduced income was directly traceable to higher operating expenses. Strength of the Erie Railroad shares was the feature of the rail group. The unsettled condition of the ofl industry undoubtedly was one of the most disturbing factors in the mar- ket. —_— JULY AUTO OUTPUT. Census Bureau Makes Comparisons With Other Months. The U. S. census bureau's figures on automobile production for the month of July obtained from ninety passenger car and eighty truck man- ufacturers show the following: Passenger car production for July, 297,104, against 337,143 in June and the peak of 350,180 in May. This compares with 224,770 for July last year. Motor trucks, 20,908 agalnst 40,616 for June, and 43,013 the record month of May. This is against 21,837 for July last year. —— LOCOMOTIVE DELIVERIES. Seven new locomotives, on the aver- age, were placed in_ service on the railroads throughout the United State for every day of the first seven month: this year, according to figures made public by the Department of Com. merce. The report states that 1,543 new locomotives had been delivered to the railroads by the principal loco- motive works, During the same pe- riod last year only 342 new locomo- tives were delivered to the rajlroads. e BOSTON STOCK MARKET. BOSTON, August 25.—Following 1s a list of today's highest, lowest and closing prices for the most active stocks dealt in here: - High. Low. Close. Ahmeek ... 50 © 50 50 1283% 123 for July, Am Tel & Tel Arizons Com . Boston & Albany - Calu & Arig Calu & Hecla Connor J T . Copper Range East Butte . Eastern 8 8 NYNH&H 0ld Colony . Osceola ... Pacific Mills Quincy Shoe Mach . Switt & Oo TYentura Oil Waltham W Wi =HBIFLI=R FRREEE R 2% C., BATURDAY, A UGUST 25, 1923. Stock Market Shows No Signs Yet of Any Definite Revival' | New Bond Offerings Small—F armers in Guaranty Co. of Maryland| Better Shape—~European Trade Quiet -Qils Still BY STUART P. WEST. Special Dispateh to The Star. NEW YORK, August 25.—The last week has been about the least im- portant of the year in the markets. Stocks have shown little inclination to move one way or the other, al- though the underlying note of steadi- ness has at all times been unmis- takable. Bonds have been extremely dull. and while such new offerings as have come out have been readily taken, there is no disposition to test the absorptive powers of the market with any such flotations as were going for- ward early in the year. Cotton has come down somewhat from its recent high, but is still about 3 cents in the pound above the low of a month and a half ago following the surprisingly high acreage estimate in the govern- ment's July report. Wheat has improved further. Tt is up between 5 and 6 cents a bushel from the lowest and, for the time being at least, has ceased to be sen- sitive to the slackness of the foreign demand. French and Belgian ex- changes have recovered moderately, but the rally has been small in com- parison with the recent loss No Signs Yet of Stock Revival. It appears from a review of these, the principal markets, that the situ- ation has undergone very littie change from a weck ago. Sentiment in financial circles continues fairly cheerful, but so far this has not crystallized into any effort at a re- vival on the stock exchange. Pric went down much too far for the bet- ter class of stocks the declining movement of the four months from April to August. In the last three Wweeks there has come a fair re- bound, but (the present tendency is to await more light upon autumn trade conditions before attempting any further move. How much the uncertainty of the . Curopean outlook is a restraining Ry a"matter of widely differing lopinion. We are inclined to think that its importance in relation to other influences has been overrated. It is agreed, of course, that there can be no great trade expansion in this country until European buying power gets back to something like normal. But it has been demonstrat- ed during the last eighteen months that the United States can have very fair degree of prosperity d ending upon the home market main e loreaver, with all the talk about enfeebled European buying our ex- ports keep steady from month to month. They are holding their gain from the low points of the depres- sion two years ago and they are well above the corresponding totals of the pre-war year, 1913. European Trade Not Great Factor. ‘This is the position with Germany’s purchasing power at its lowest and with everything long ago discounted, %0 far as the loss of markets in east- ern Europe is concerned. It is con ceivable, of course, that if repara- tions payments are held up indefinite- PRICES OF BUTTER DROP DURING WEEK More Stocks Are From Holland and Denmark—Weather Condi- tions Favorable. Special Dispatch to The Sta CHICAGO, August 25.—Wholesale prices, 92 score butter, dropped a half cent in all butter markets ex- oston this we Anticipation e tneie wants b oW ers during the previous week, which caused a'hold- ing off in activity, were considered responsible for the declines. Production during the week was about the same as the week before. Weather conditions over a large part of the producing area were beneficial and an early increase in the make was expected. Trading stocks were lighter and the amount :tored was small. During the week 130 casks Holland and 2.300 casks Danish arrived. Range in wholesale price, 92 score | putter, for the week was as follows: Chicago, % cent less at 43; New York, U, cent less at 44; Boston, unchanged at 4415; Philadelphia, % cent less at 43. —_— FREIGHT BEST EARNER. Passenger Trafic Falls Behind in B. & 0. Revenues. NEW YORK, August 25—Freight was the greatest revenue producer on the Balitmore and Ohio during 1022. Of the total gross earnings of $200.- 513,169, 79 per cent was from freight, 12.34 per cent from passenger busi- ness, 1:29 from mail, 2.23 from ex- press business and 3.12 per cent from A0l other sources. According to the reports the Baltimore and Ohio did less passenger business in 1922 than any year since 1907. It would seem fhat the traveling public did not travel last year, and this condition has been apparent in almost all of the railroad reports that have come to hand. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ATLANTA, August 25,—Textile in- terests which have been buying spar- ingly of raw cotton during the summer are entering the market again, &ppar- ently convinced that there will be no great decline when the new crop begins moving freely. The co-operative mar- keting system is counted on to main- tain present price levels by preventing “qumping” during September and tober. ’ SAN FRANCISCO, August 25.—Hopes are held out that a rush of buying or- ders will enable canners to increase operations before it becomes too late to utilise this year's tremendous fruit p. Eastern and mid-western points e helping California growers mate- rially in salvaging quantities of fruit refused by the canners. To date 16,000 cars of California tree fruit have been moved east, compared with 8,800 at this time last year. DETROIT, August 25.—The Dodge Brothers factory now is working up o ® schedule of 700 cars a day and fo S pecied soom, on ita mew line of cars, to touch 1,000 & day. This addi- tional production has been made po: sible by the new $1,000,000 plant ad- ditlon just completed. CHICAGO, August 25.—For more than a week there has been & good market for cotton staples here, The many orders placed cover a wide range of needs. Ome large Wuyer made inquiries for twenty numbers. Dealers generally believe the situa- tion portends an unusually healthy fall and winter busines PHILADELPHIA, August 25.—Cot- ton yarns are steadier but not active here today. Carpet and upholstery sketns are on a basis of 38 to 39 cents for and 9% stock, and 36 to 37 cents for 8s—2 and §s—4 hard white warp twist. Southern llnglu WArps are quoted at 37% cents, bid for §s. NEW ORLEANS, August 25.—The rice market is firm but quiet. Rains throughout the state have uorped harvesting and receipts are light. The rice arriving is said to comtain considerable moisture. Very Weak. 1y, industrial conditions in France will change for the worse and her purchases of American goods will be cut down. But exports to France amount to little more than 6 per cent of the American total. Besides, other countries in Europe, notably Italy ind Czechoslovakia are coming back. It is quite possible that our trade with these will Increase enough to make good the actual loss with Ger- many and the possible loes with France. The other point which is persistently minimized in current dis- cussion of the foreign trade outlook is that some 60 per cent of our ex- ports go to nations outside of Europe. This portion of our outward com- merce has been steadily gaining and has, to an Important extent, offset tho much talked of decrease in Euro- pean buying capacity. Wheat Growers Have Learned Leswon. Where the partial loss of European markets is dwelt upon it is mostly in connection with the agricultural industry. Blame is lald upon this for the decline in wheat prices, which is quite wrong. The truth is that Europe’s own wheat produc- tion, as compared with a year ago, has so increased that her import re- quircments have been greatly re- duced. At the same time the avai able export supply in countries com- peting with the United States is larger. The wheat trade could not soe these things when the new crops ero being seeded last autumn and last spring. Altogether too much wheat was planted. This is realiged now, as is proved by the survey of the Dopartment of Agriculture hich forccasts a reduction of 15 per nt in the area that will be sown is fall. Aggarinn Unrest Less Noticeable. In the meantime there is the prob- lem of the 1923 surplus. With the prospective cutting down of the 1924 harvest the outlook i3 considerably improved and this the wheat market has already shown in its recovery of the last few weeks. This recovery has not gone sufficiently far to re- move the cause for agrarian unrest. But it has been substantial enough to relieve the extreme depression felt a month ago on the subject of the wheat farmer. At the same time the state of agriculture and the ques- tion of the ability of the farmer to jbuy cannot be correctly estimated ithout due consideraation of the i in corn. If the wheat grower is getting 10 cents a bushel less than {he was a year ago the corn grower is getting nearly 10 cents a_bushe’ more. With the rise in corn the live [tock industry has improved so that Iprices now stand at the highest of {ihe year. ! The market continues to diserim- inate against the oils, &s it natural- Iy would, until it can see signs that the price cutting is beginning i« encourage excessiva production. It lalso cannot get un enthusiasm for railway stocks where the record traffic and large gross earnings are not being translated into any pro- |portipnate gains in net income. (Copyright, 1923.) \BARRETT’S ASSETS TOTAL $3,509,477 Defunct Cotton Firm in Atlanta Has Liabilities of $3,737,058. By the Associated Press. AUGUSTA, Ga., August of the Barrett Co., Inc., cotton firm of this city, total $3.- 595,477.65 including debts due en open accounts totaling $1,102,962.33 aceording to the schedule in bank- ruptcy file# with Joseph Ganahl, lo- cal referee in bankruptey here last night. Liabilities of Barrett Co. as previ- ously filed total $3,737,058.45, included in which is an item of $884,059.50 specified as “accommodation papers.” BANK LOSES DEPOSITS. ST. PAUL, August 25 (Special). St. Paul's largest bank, the First Na- tional, controlled by Louls W. Hill will Tose $300,000 of the county’s de- posits because of failure to pay per- sonal property tax. With two other banks, the First National declined tc pay, basing its refusal on the deci- sion of the West Virginia court twe years ago. 2 —Assets defunct Office Room For Rent HOME LIFE BUILDING 15th and G Sts. N.W. One large room on second floor, $60.00. B. F. SAUL CO. Main 2100 1412 Eye St. N.W When you are sick you consult a doctor. When you need advice re- garding rental properties con- sult us. Thats Our Business. RENTS B.F. SAUL CO. Mortgage Loans 1412 Eye St. N.W. Phone Main 2100 EQUITABLE] Co-Operative Building Association Organised 18579 434 YEAR COMPLETED Surplus .....c000000..81,307,381 Join the Equitable and Save Systematically —You will find our systematie plan the most effective method of saving, Subseription for the 85th Issue of Stock Beiag Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. / JOHN JOY EDSON. Presideat FRANK P. REESIDE, Secy. FINANCIAL. J First Mortgage Loans! Lowest Rates of Interest and Commission. Prompt Action Thomas J. f.l'-hg“k'&'o:nm. Inc. Money to Loan Secured by first deed of trost on real estats. Frevailiag. iacerest a4 commingion: "0 W, EFNW. Joseph 1. Weller ig."%) Money to Loan ANY AMOUNT Reasenable Charges om Trade Acceptances. ‘Warehouse Recelpts, Pt facturers’ Lccour Short-Term First ane Second Mortgages or Approved Col- lateral. American Finance Corporation Commercial National Bank Bldg. Money to loan on D. C. real estate. 1st and 2d il i 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 Bidg. LOANS From $50 to $200 on household goods or chattels. 7 per cent interest. No, brokerage charged. Come in and let us explain our method of making smail, loans and certificate savings plan. Commercial Loan & Finance Corporation, Room 211, 921 15th St. N.W. System Copyrjghted & Patent Pending INVESTORS —I1f 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. Reul” Estats Loans and Issurance 903-4 Continental Trust Bldg. First Mortgage Securities —and you can enjoy the privi lege of being Included in list of investors RATED 100% SAFE mever having lost a single penny in either principal or in- terest. A wonderful record when you com- pare these with those that are causing the loss of million frequently re- ported. Guaranteed titles, tax certificates, insurance policies. with all notes. $250 up to $5,000 Available | CHAS. D. SAGER | 924 14th Loan Dept. M. 38 A Non-Fluctuating Investment HE First Mortgage Notes offered by us are non-fluctuating. cline in price or in worth. There is no de- 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 worry-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 For Investors Convenient Denominations Interest 92 Fifleenth Strect Main 6383 6v2% MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Randall K Hagner & C. . 4207 Crnecticat (Boenua : We Have Seven Per Cent First Mortgages In a Limited Amount Secured on Residential Properties in the Northwest Section of the City Write, Phone or Call descriptive Booklet “S” Denomination $100 to $1,000 WILLIAM S. PHILLIPS Realtor 15th St. at K St. N.W. Main 4600