Evening Star Newspaper, September 7, 1923, Page 29

ORD PRICE FIELD NOW BEING INVADED Chevrolet and Overland Cuts Bring Prices Much Closer. Rush Wheat to Japan. BY 4. CoROVLEL Epecial Dispateh to The Star NEW YORK, September the last the Cheyrolet Willy Rricti fiela of their the prices of Overla rs of the four ..| 7.—Within and have rice week Overland ally invaded a result of models companies the Ford its in the prices bring et cuts Wi Chev within Tittle the Ford touring diffarence in the sedan sell and $100 1y $725 Vet at Che door o Sland sedans ra about at officials, when questioned to tion in conne Qeclared they sleeves” and W the Ford day iness from held up 1 the t two manufacturers for ears that history b int has during £ to a surpassing Auzust in the Dealers in the south have heen able to iy have their hands at rec- in of of X N nd n Buying Su not depend assistance for imn to her stricken inhabi credit for the purchase of food upplies has just heen placed by Kobe T with the Neattle branch of Yokohama Specie ank, Limited credit mounted h purch Washingte pected Japanese chants cill this initial § Oother similar The se merch Lrokers rters of S» au Honar finane means for regarded us Anierican by Biz Cargo The me orders. fact Ja and i she and Osika have been kly s resume intern. al transactions providing the resur de nts, nkers. of Wheat Way. full cargo of supplies for Japar leave shores of the United States is v the hatches of the Kobe Maru, ch, completed Toad #66 bushels of wheat at Ore., Thursday, and is now The cargo, which is valued 10,000, was sent by Mitsui & ternational trading and bank- by on tirst at « New awak Japanese sland o the 1ot mills have effect of the cotton textile speeding and clearir rush of hus dford or Fall R d to have re e shipment ye £ needs will in- especially under- 4 Cross, it Is expected antities of sheetings, ind pillow Thix should art additional wheels turning in New textil th ade Little Changed. and wool removal factor. it anced b ch ow as a ¢ rhal- ff in the demand ths for men’s wear. indicated silk supplies of n reduced more than tted the Manufactur- for from Y ua fs chaotlc. ks to two months available in ) ri< trom Italy and hem to + to four months, frish supplies should rom Japin eix o China ma which ming NEW FORD OFFER INTERESTS SOUTH Intense Concern Being Shown in Cnable by Conference on Muscle i Dis ATLAN southe the négotiations Coolidg nd Henry Ford plant cptember The whole interested in President Weeks and the Muscle men in this desirous of big projec operation of Detroit manu- benefits more is intensely between zarding Business exceedingly rd develop the ¥ say the property “the cturer would bring psyehological shan real. solid conches have just reached Atlanta Ohio, where they went in mid- to work in steel mills and 1pt 11 i< expected their . swed by hundreds Shoals 1section filled with orgia of other C $82.000 FOR SEAT. Another Stock Exchange Seat Sells for $80.00. September Exchan to refiect ue the improved tone the stock market as Two sales reported $80.000 and $52 ith a last prec ¢ 380,000 seat Seligman, ar failed ships have and position o they Ally do. Rale at $90.000 that of Albert i 3 Dick. Garrison paid’ $82.000 o pership of William J. Hu at It wh iKen the mem- chinson. IRON FIRMS MERGE. Produc sold to T N Fron Corporation Now Very Big Congern. NEW YORK pian_for reorg Products Corpe ies, under th {iniversal Py gany, vesterday tive by the h_ is September nization of ation and i corpo titla of the and Radiator Com- was declared opera- ganization committee, composed of Clarence M. hwerin, Thomas Woods and Ira A Tt is_expected that the new se- rities will de ready for delivery on or before November 1. Universal Pipe and Radiator's ‘capi- talization consists of 90,000 shares of 7 per cent cumulative preferred stock (par value $100) and 150,000 shares of no_par common. Iron Products Cor- poration's ~subsidiaries include the Central Foundry Company, Central Tron and Coal Company, Central Radi- ator Company, E: Foundry, Chat- tanooga Iron and Coal Company and the Molby Boiler Company, with pfop- erties in Newark, N. J.; Medina, N. Y. Baltimore, Vincenr Ind, and An- niston, Bessemer and Holt, Ala. NEW RATES ORDERED. ATLANTA, Ga, September 7.— Sweeping revisions have just been ordered by the Georgia public service commission on freight rates within the state. The new rates are # equal- ize the rates on the same length of haul between intrastate points. The reductions affect such articles as iron and_ steel products, sugar, coffee, canned goods and peanuts, and range |, from reductions of 10 per cent to 60 per cent. The rates go into effect Septembez. 15, the /] the i to chase with | up | silk | tide over| through.| | BY WILLIAM F. HEFF Special Dispateli to The Star. NEW YORK, September 7.—In in today's dealings on the curb ket centered in no particular and practically all stocks ca a good deal of attention ame as the session drew to a clo: and losses were about evenly di The oils were active early i day and were disposed to reced public appeareq reluctant to com. the market on the long side. cent reduction of 2 the California ter acted as an incentive for profes selling, and the belief p. gasoline in the Jnid-continent companies. andard of New York and I Pipe Line were fractionally losses were sustain alena and | Ol market of these stocks rallied casily Tow points. The movement tr of the indepe NEW YORK, September & is an official list of bcks traded in on the urb Market today Bales in thouxands 4 Allied Packers 85 Alum Al & BONDS. High Am Gax & El 6. Am AT Gy Anacondn 6x Anglo oil Ar & Co of Del 100y, 02 Tin ein Cons Gos Balt 7s.. s Textiles S« & Rtab Ta | 1 Asphalt ng Valley : Hood K Laterh & Keanceott Cop Morris & Co 7 Nat Leather & New Or_Pub sy 5 Pet Tlos w't war Serv of X J 7. Serv EI Pow s, adin 3 Reading Coal Shawsheen Salvey et Cie Sa Sonthern Cal ¥ SON Y 5 SON Y S 0N Y Sun O s Swite & €0 Tidal Osaw Tnited O Unicn Pac TN FOREIGN King of Ne Mex Govt # Swise Govt TS of Me 1 STANDARD OIL units. 200 Hum 0l & R 60 P L. J 135 Imp Ol of Can 40 Ind P L 700 1ntl Pet Co Lid 10 Magnolia P 100 Nat_Transit 30N Y Transit 5 Northern P 1 100 Prairie 01l & 100 Penn Mex Fi 5 Prairic P L.. 20 Nouth Penn 0il 12500 S 0 Ind Nouthern 80 Ka 0 Ky 1 10 Swan & Fine 2100 Vacuum 01l new. Sales INDEPENDENT ( in hundreds 1 Ark Nat 1 Caribh’ cit 3 Cit £3,000 Cit 5 Creols Nynd ngineers Pet ] len Rock 01100 v 10 Humph 100 Keystos 1 Kirby Pet 1 Lyons Pet 7 Marlund 10 Mex @ Mex ¥ SALI AFTER CALL Capital_Traction Co.—3 at ank Kight otype—10 at 727, Moncy—Cail loaus. 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITI 1003, 1 41550 102t . 17, .. 16 Sn.. 5 G conv. « | cap Tract Cuy and & Geor plione of Va. K Eler Alex. & MU lex. & Mt Balt n € ton Gas 6 Twy. & Elec Rwy. & Elee. g MISCELLAN vaper M. s | Riggs Lenlty 9" (long).. Iuggs Realty 5> (shor SorXtorage & Safe Lep Wash. Mkt. Cold Nt | Wardinan Park Hotel 6s.. STOCKS, PUBLIC UTILITY & Teiga Pot [ woash, | Wash { Wasi, { Washing | Washin | wash. | Wasn: {p. ¢ Capital | Columbia " Commercial District i righte ‘ational Bank of ‘Washington.. TRUST COMPANY. curity and Trust ... 305 Trust... 5 American atinental Merchants! National 8 Tnion Trost....... Washington Loan sud Trust, SAVINGS BANK. Commerce and Savings East _ Washingtor Security Sav. & Com. Seventh Strect United States... Washingtou Mechanics KIRE INSURANCE. American ... Corcoran Firemen's National il Trust. TITLE INSURANCE. it Columbia | Rieal Estate ' MISCELLANEOUS. | Columbia _ Graphophone com. | D. C. Paper pfd. Merchants' Transfer & Stora Mergenthaler Linotype. \Old Duteh Market com, .. 0ld Dutch Market pfd Lanston Monotype. ... Security Storage .. Washington’ Market... . XHIOW Cab....cananse *Exdividend, The cents a gallon in RNAN. terest mar- groun in for The market moved without any definite trend. and gains videa n the The e int ritory siomal svailed that simflar cuts wopld be announced b, airie lower, ned in il and s H was sup- ported’in the late afternoon and most | m the | s sndent 10835 Washington Stock Exchange. | %[ plant THE EVENING BTAR NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office sroup was mixed. Mexico Panuco furnished the active feature of the Mexican oils, crossing the dollar el. Southern states was bid up the result of short covering while others were little changed. Universal Pipe and Radlator pre- ferred and common continued to ad- vance, responding to’ the announce- ment that the plan for reorganiza- tion of the Iron Products Corpora- tion and s subsidiaries had become effective. Activity in Chicago Nipple 4 A and B reflected the intention of the directors to increase the par value from $10 to $50. Earnings for August are reported to have established a new high record. Coal stocks were slightly higher, notably Glen Alden and Reading rights. The new issue of Unlon Pa- cific first and refunding mortgage per cent bonds were admitted to trad- 1z and sold at a premium of ¥ of Do | 95. The new government of Argentine 6 per cent notes also were listed, but were not traded in. up until a late hour. Unusual activity at advancing prices oceurred” in the low-priced mining »cks. Gold Field issues, Spearhead zold, Independence Lead and Arizona Globe were prominent in the buving. Mount Prod ... Mutual 01 vt cfs. New lirad 01l w i New Eng Fuel 0l noek Ot ...... and 0§ R 4 Salt Ok new. Napuelpn Seadoard Oil u States 0il 10 an Oil . x 0il & [EY INDUSTRIALS iian NS, Del prd t Meh wi “orp A 133, 13% X Wileo ne B trust ow & Lt & Radio t of Ind Motors Co Cun Durant Mo o 4 9% dyenr Tire . & Man R R prd t Cont Rubbe I 48 a3, 107 it ores new of Del Paixe Park ilford Corp vlton Lo C& 1 Standurd M 5 Stude WA Rub Co, T TTE Shar on’ Uil etail Candy S LW Tt i Liversal i 1) tniv Bipe 0 w i MINING Hirit-C. of SUAE g lobe “Cop 34 it & Weatern Canario Conper Candelaria Min Cortez Silver Alaska Jackpot.. 4% ild Road An Min .15 I A ations New Dominjon Cop. Nixo United Tmpy Mines. & M Copper ; Market Flashes at Today’s Close Extimates of earnings of the South- ern indicate that in the first | ¢isht months the road coverea full E fixed charges and preferred {dividend 1equirements by a comfort- able margin. Estimated August gross was placed at $12.627,338, an increase of $3.144.744 over the same month year ago. railway ears Steamship Acquitania arrived with sixty-seven boxes of gold. valued at £464,000, B The Federal Sugar Company has vanced the lise price of refined sugar 15 points to 8 cents, but Is still do- ing business at 7.85 cents. d- The New York Stock Exch bers have contributed $102, Red Cross organi relief purposcs in nge mem- 00 to the n to be used for Japan. The Packard Moto r t Detroit has v e nt. taking inventory. Manu- ! tacturing will b resumed next week he regular schedule. The tempo- shutdown affects 8,000 employ es Company vsed for the pre Chandler Motors declared regularly aqu: $1.50 dividend. payable October 1, stock of record, September Motor stocks showed some signs of life when big blocks of General Motors wgre taken at arBund best levels reached on current recovery. International Harvester dividend of §1 declared, ipayable October 15, stock | September 25. common, regular, of record United Cigar Stores Company of erica to increase dividend on junior shares to $3 quar- terly was prompted by improved earnings outlook. It is expected in current year met will exceed by §1,000,000 that of 1922, Decigion of Rumors that United State Indus- trial Alcohol common stock will shortly be placed on $6 annual basis are unfounded in opinion of com- pany off While carnings this year will show vast Improvement over 1922, directors are inclined to pursue conservative pollcy. Allis Chalmers declared regular quarterly 1% per cent preferred divi- dend. Sterling exchange is up 1% points today. making 2% gain from its low record of Tuesday to about 4.53. Itallan exchange is also up sharply nearly 6 points. German rallied from 1% cents to 4% cents per million. Looks as if it foreshadowed beétter foreign news, 1 Dispatches from Osaka state that a thirty-day moratorium for payments between Séptember 1-and September 30 has been proclaimed by the Jap- anese government in the earthquake zone. A demand has started from Europe for sugar here, and a fair business is reported to have been closed. Mediterranean countries have been largest buyers. A fair demand is also reported from Canada. NEW COAL LANDS OPENED. ROANOKE, Va., September 7.—8ixty acres of coal land in Virginia flelds will be developed by the Crown Coal Corp- gration, which has been ovmmud ‘with . J. Anderson of Salem, Va., president, and $250,000 capital, it from the subscription price of | ASHINGTON, ONG SHOCK SEEN IN SILK MARKETS Cheney Expects Changes in Quantity, Quality and Price Perhaps for Years. | | By the Associated Pres NEW YORK, September 7 Cheney of Cheney Brothers, silk manufacturers, stated that the {Japanese catastrophé will cause fluc- tuations in the silk world of quantity, quality and price which will be felt for many months, If not for several years. He added that he hoped both | raw silk dealers and manufacturers “will restrain themselves and not fall in the temptation to profiteer by de- manding exorbitant price Mr. Cheney based his bellef con- cerning fluctuations on the fact that the machinery in the trade had un- doubtedly been destroyed because of the holucaust and until the mills had been restored buyers will thave to accept substitution of qualities and other makeshifts. _He estimated the amount silk destroyed as about one month's {requirement for the world's trade. New York had on hand surpluses that Wil take care of thelr necds for one 10 two months. New supplies will be withdrawn, he added, from Shanghai and Canton, China, and from Italy in an effort to tide over a period of three or four months, when, he thought, fresh supplies from Japan might be expected. ~Charles of raw $1 Advance Alrendsy Noted. The strength of speculative factors in the markets has been exerted pef- sistently to drive prices up fast and make trading dangerous for mills and their agents. Before trading in_the open had stopped as high as $12 a ipound had been bid for small lots of raw ik of the choice Japanese grades, an advance of nearly $4. Conferences have been arranged to regulate the deliveries to be made on contracts, or to determine under w conditions contracts may be abro- gated. Many of the largest silk fabric and silk hosiery houses have with- drawn quotations and will not sell except to regular customers, and then only in a very limited way * Have Only Four Weeks' Supply. Some weavers will be unable to ful- Hfill their cloth contracts unless the n get silk within four weeks, it was said. Jobbers declared that the higher prices threatened for raw and finished silks would curtail consumption in this country and they have restricted sales with the ides that speculative advances would be checked. The silk trade here is proceeding on the assumption that at least 10 per cent of the silk yield for the vear has been destro. R Fear Silk Mill Must Close. SCRANTON, Pa., September city, the s turing o been hit Japan. There is little or no raw silk in stock and it is feared the local mills will have to shut down Alarm in Wool Market. SYDNEY. N. 8. W., September 1t is constdered likel that the wool market in Australia will suffer in con- sequence of the earthquake in Japan. Jupan annually purchased 200,000 bales of Australian wools, but as 40 per cent of the Japanese mills are in the affected zone it is feared that this year's purchases will necessarily be curtaile | ~This ond largest silk munurnc-i nter in this country, has hard by the earthquake in —_— MEET CUT IN OIL PRICES. Independents Follow Standard Oil in Oregon Area. Special Dispateh to The Star. I'ORTILAND, Oreg., September 7.—In- dependert oil companies have met the | cut_in gasoline price made by ard Oil Company of California. This makes the price 15 cents a gallon or 18 cents to consumer, including the 3 cents state tax. REFOREST 85.000 ACRES. Louisiana Contract Covers Area of Cut-Over Lands. {wiiue s spciatenibras W : ORLEANS, September {Announdement of the acceptance of [a reforestation contract for 58,000 tac o ut-over land in Morehou: parish, belonging to the Crosset Lum- ber Company, has been made by Dudl Berwick, commissioner of the depart ment of conservation, The Morehouse reforestation reserve the largest in Louisiana. The reater portion lies in the northern part of the parish bordering on the Arkans#s line in the pine woods. The division of forestry ‘of the departnient of conservation now has under control and supervision 145.000 acres of cut-over lands in Louisiana to reforost. BETTER WOOL INQUIRY. BOS TON, September 7.--The Com- merclal Bulletin will say tomorrow: “Rather more inquiry is reported in the wool market this week al- thoug no large volume of business has be done and prices have not shown any increased strength s a reaction from the London sales. The stronger tone at London, how- ever, has not hurt this market and undoubtedly has prevented a further slump as some feared might result in case of weakness at London. Prices here, generally speaking, are with- out material change from a week ago. Since the opening in London prices have shown some slight tendency to strengthen, although Bradford prices on top are from 1 to 2 pence below the parity of London wool values. South American ips are favorable, but a big decrease in low cross breds is expected in Argentina. PARIS BOURSE QUIET. PARI September 7.—Tradin, Vi auiet on the bourse today. | Thres per nt-rentes, 57 francs -45 centimes, xchange on London, 81 francs 60 centimes. ive per cent loan, 74 francs 95 centimes. The dollar was quoted at 18 francs 8 centimes. e FOREIGN EXCHANGE. September 7, 1023—11:12 a.m. Quotations ‘furnished by W. B. Hibbs & Co.) Nominal Selling checks. London, pound ... Vontrest, dollar 1. Paris, franc Brussels, Berlin, mark . Kowe," i 7 franc drachma Rudapest Prague, crown { Warsaw, mark Copenhagen, crown Christiania,” crown Stockholm,” crown By the Assoclated Press. NEW YORK, September 7.—Foreign exchanges firm.’ Quotations in United States'dollars: Great Britain, demand, 4.52%; cables, 4.52%; sixty-day bills on ‘banks, 4.50%. France, demand, .05551; cables, .0556. Italy, demand, [0431%; cables, .0432, Beiglum, de- mand, .0456%; cables, .0457, Germany, demand, .00000003%; cables, 00000003%; ; Holland, ~ demand, .3923; .3928. Norway, demand, .1 demand, 2654 .1815. Switzerland, demand, .1800. Spain, demand, .1340. Greece, demand, .0186. Poland, demand, .000004%. Czechoslovakia, demand, .0298%; Jugo- slavia, demand, .9108, ‘Aust de- mand, .000014%. Rumania, demand, .0045%. Argentina, demand, 3275 Brazil, demand, .0987, Montreal, de- mand, +97 1 " | trade D. ¢ 2 COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ST. PAUL, Scptember 7.—Sugar beet growers in Minnesota report that their fields will yield record crops this year. State officlals estimuted today that the acreage planted to beets was 20 per cent over 1922. The rise in the price of beet sugar has encouraged growers. CLEVELAND, September 7.—The White Motor Company reported today that dellveries for the first seven months had been 40 per cent above 1922, while orders had been 50 per cent’ greater. B. S. Jordan of the Jordan Motor Company said Jordan sales in July and August had been fully up to May and June. SEATTLE, September 7.—Local mar- ! kets are flooded today with shipments of all sorts of fruits. Peaches have dropped to 60 cents a crate and Cali- fornia watermelons to cents & pound. MONTREAL, September 7.—Higher prices for furs a; pocted this win- ter as 4 result of high levels reached in the recent sales here. New York buyers_bought ermine, red fox and “FRIDAY, SEPTEMBE IDOLEAR WILL BUY |Latest Collapse Brings Ex- lTynx. French buyers appeared inter- csted in cross fox pelts. SAN FRA "0, September Incrcased prices fixed by manufac- turers for men's clothing have re- sulted in a falllng off in demand throughout California and Nevada. jobbers say. Retailers are refusing to place anything but very small orders, although quick turnovers are reported on many lines. Wholesalers assert that in mogt cases they are compelled to absorb the manufac- turers’ advance CLEVELAND, ptember 7.—The McKinney Steel Company has placed its plants on an cight-hour basis and the American Stesl and Wire Com- pany is prevaring for the shorter day in ite Cleveland factories this week GARY, Ind. September continued this week in the pis iron in this territory. There is considerable quiet buying for prompt shipment, but a survey shows only a slight’ increase in pig iron con- sumption the country over —Quiet $20,000,0000 BOND ISSUE ALL TAKEN Union Pacific Lien Popular—Bank- ers Now Expect Japa- nese Loan. By the Associated Press. NEW YORK. September 7. —Prompt oversubscription of the $20,000,000 issue of Union Pacific first lien and refunding mortgage 5 per cent bonds, due January 1, 2008, offered today was reported by Kuhn, Loeb & Co. The bonds were priced at 987z to yield approximately per cent. Local bankers expect the Japanese government to float a reconstruction loan in the London and New York markets within the next three months. Japan's credit standing is excellent and It is not expected that any difficulty will be experienced in sporing of the issue to the British American people. TRADE WITH JAPAN SHOWS GREAT GAINS | America’s Exports in 1923 Were $213,000,000, Against $3.- 195,000 in 1893. NEW YORK. September 7.—Trade of the United States with Japan totaled $385.000.000 in the fiscal vear 1923 against $149,000,000 in- 191 Dbefore. ‘L R 7, 1923 07,130,000 MARKS change Rate Down to 1 3-4 Cents Per Million. By the Associated Press. NEW YORK, September 7.—Ger- man marks continued their rapid course toward the vanishing point in today's forelgn exchange market, be- ing quoted at 1% cents & million, or 57,150,000 marks to the American dol- lar. Before the war, when marks were worth 23.8 cents each, the marks that could he purchased for $1 today would have cost $13,601,700. The German Reichsbank statement. now fourteen days late, showed a weekly increase in clrculation of 157,503,858,807,000 marks or August 23, ‘or more than double the outstand- ing note circulation just one week ROADS ASK . C. C. FOR BOND ISSUES Vicksburg Line Seeks $50,000,000 Permit—Another Carrier Would Abandon Branch. The Vicksburg, Shreveport and Pa- cific Railroad Company applied today to the Interstate Commerce Commi: sion for authority to issue $50,000,000 in refunding and improvement bonds, the proceeds of which would be used to pay off outstanding indebtedness and recoup deficits in the carriers’ treas- ury. The Pearl River Valley railroad, a Mississippi short line, today asked authority of the commission to liqui- date “by renewal or otherwise” a to- tal of $34,500 in_obligations of the carrier. Outstanding obligations of the company will absorb the full amount of any new securities issued by the company up to $54,500, accord- ing to the application. The Michigan Trust Compaaiy, as receiver for Manistee and Northeast- ern Rallroad Company, asked the commission today for Authority to abandon its Honor branch, extending from Platte River, Mich, to Empire Junction, a distance of sixteen miles. The application stated that the branch served only the village of Honor, which has a population of 150, and Wwas not earning maintenance costs. ORDERS BUCKETED; BROKER EXPELLED Manuel Richter Put Off Consoli- dated Exchange After Au- ditors’ Probe. By the Associated Press. NEW YORK. September 7.—Manuel Richter of the stock brokerage firm af Richter & Co., who was suspended from the New York Consolidated Ex- change on August 30, was expelled to- day The exchange's bureau and accounting found of auditing that Richter $65.000,000 in 1903 and $30,000,000 in had been guilty of bucketing orders. 1893, About The evidence against him, It was an- 1893 export trade to Japan nounced, would be turned over to the began to show o remarkable growth, | district attorney at Philadelphia, wherc Total exports to that country in 1893 | Richter had bhis office. were only $3.195.000. jumping to $21.- 000,000 in 1903, $57.000,000 in 1913 and $213,000.000 in 1923. Imports from Japan also show big gains, the total having advanced from $27,454.000 in 1893 to $44.000.000 in 1902, $82.000.000 in 1913 and $373.000,000 in 1323. The 1923 total is in both imports and ex- ports, about four times ag much as in In 1913, the vear before the Japan takings from the United States formed 17 per cent of her total im- porte and in 1922 31 per cent. In 1913 her shipments to the United States formed 2! exports and in 1 Raw cotton, iron factures, automobile: paratus ‘and machinery, mineral oils, tobacco and lumber form our chief exports to Japan and raw silk, tea. rice, vegetable oils, furs and silk goods form our chief imports from Japan. 8,000 WORKERS ARE IDLE IN DETROIT PLANTS City Now Growing by 300 Per Day—Many People Coming 22 over 40 ner cent and steel manu- electrical ap- From Farms. Special Dispatch to The Star. DETROIT, September 7.—Because of the closing of one large plant for inventory the employmgnt report here shows a decline thls week of 8.000 workers. The plant, however, will resume in full next Monday. The total emplovment is placed at 315,000 and the net gain in population of this city is running about 300 a day. The influence of ‘these new buvers is be- ing noted in many retail lines. Most of these people are coming from the Michigan farms and from other cities. It also is estimated that more than one thousand emigrant families set- tled here during August. Most of these came from Europe via Montreal. NATIONAL CLOAK AND SUIT Employes Buy Stock on New In- stallment Plan. NEW YORK, September 7.—The Na- tional Cloak and Suit Company has put_into effect a plan which permits employees.to purchase stock in the company on the weckly installment plan. In the New York plant alone orders have been received for more than 2,000 shares. The plan provides that emploves may buy stock from the company purchased in the open market on a basis of 20 per cent of the purchase price and the remainder in weekly installments over a period of five years. The maximum amount sold to any individual is limited to installments representing not more than 10 per cent of the weekly salary. EQUIPMENT MEN ELECT. CLEVELAND, Ohlo, September 7.— Next year's convention of the equip- ment division of the American Rafl- Way Assoclation will be heldin Chi- fo. it was announced at the cloy sion of the annual gathering These officers were elected: A. Buchanan, Buffalo, chairman; Fred Bowers, Kent, Ohlo, first vice chairman. Vie- tor A. Hawthorne, Chicago, was re- elected secretary. SEEK WAGE INCREASE. CHICAGO, Septemher 7.—General Chairmen of the Switchmen's Union of North America, in session here have voted to demand an increase in switchwen's wages amounting -to 23.36 per cent over the present rate of pay. | This, according to n state- ment by T. C. Cashin, president of the organization will, if granted, bring switchmen's wages up to the level demanded in 1920. The restoration of the differential between night and day work 1s also to be asked, war, | per cent of her total | l 1 | SEPARATE STEVENS CARS FROM PLOW WORKS| Moline Company Directors Vote Independent Unit, Capitalized at $2,000,000. By the Assoclated Press i CHICAGO, September 7.—Segrega- | tion of the automobile business from | the farm implement division of the Moline Plow Company w effected | tere at a meeting of the directors of { the company, who voted to form a new and independent company capi- talized at $2,000,000 to carry on the automobile busine: The other properties of the company, including a tillage, wagon and seed- ing machine business, all declared to be profitable units, will be operated under the old company with little change in management. Details of the operation of the new plant where the Stevens Automobile, the present product of the company, will be manufactured will be taken care of at a later date. COMMODITY PRICES UP. Gain of About 1 Per Cent Re- ported in August. NEW YORK, September 7.—Com- modity prices gained seven-tenths of | 1 per cent in August, according to Bradstreet's commodity index number as of September 1, which stood at $12.9143. This represented the first increase since March 1, 1923. The number, however, shows ‘a deciine of 7.3 per cent from March, and is the lowest, except that of August 1, since} October 1, last year. Eight of the thirteen groups of commodities which o to make up the index number advanced during Au- gust, marked strength being shown in meats and other animal products Practically all the gain was caused by advances in the provisions and groceries groups. Next to this group in strength was the live stock group, | while breadstuffs, textiles, metals, coal and coke, naval stores and mis. cellaneous products showed smaller gains. Fruits, hides and leather, oils, building materials and chemicals and drugs moved slightly lower. BUSINESS TOPICS. Car Record Broken—Houston Real Estate Booming. Special Dispatch to The Star. ST. LOUIS, September 7.—The last| month has been a record-breaker for the Terminal Railway Association, which handled about 19 per cent more cars than for the same period last year. Cars exchanged were 27,661, compared with 18,000 the previous month. HOUSTON, September 7.—Estimates of real estate sales in Houston this year indicate sales of over $16.800,000, The disbursements required by build- ing permits {ssued in August amounted to over $1,000,000. bringing the total for the year to about $14,000,000. 8T, PAUL, September 7.—A slight slackening in freight shipments of agricultural implements, building ma- terials and coal is expected from now on. COPPER MERGER APPROVED. BOSTON, September 7.—Stockhold- ers of the Calumet and Hecla Mining Company and its subsidiaries today approved the plan for a merger of the varlous companies announced by the directors last month. The subsidiarie FINANC 10-HOUR-DAY WORKER TO GET WAGE BOOST Will Be Given 11 Hours’ Pay in Changing Over From 12-Hour Shift, Says Gary. By the Associated Press. NEW YORK, September 7.—Wage adjustments for those employes of the United States Steel Corporation whose working day was reduced from twelve to ten hours will be in the na- ture of an increase of about 10 per it was indicated by Elbert H. v, chairman of the board of di- rectors of the corporation. It was stated that the present ten hours a day workers were continuing at thelr old rate of 40 cents an hour. Under the revision they are expected to receive eleven nours' pay at this rate for ten hours' work, or an equiv- alent of 44 cents an hour. Mr. Gary sald that when twelve hours a day men were put on ar eight-hour basis the additional Ccos of operation was “divided fifty-fifty.” the men received ten hours’ pay for eight hours’ work instead of the twelve hours’ pay they formerly re- celved. The contemplated change in the rate for ten hours a day men will| be on the same basis. DIVIDENDS. Pay ble. Company. Pr. Rate. Adams Express.. Q Am. Steel Fudrs. Q Am. Kteel F. pf. Q Aln. Power pf..0 G n. Aguirre Sug. fain-teed Prod- nets Int pf.... Certuin-teed Prod- nets 24 pf..... Cen. States B pf. Clintham & Phenix X. B.. dian Gen. E. hraper Corp. . | Sept. Hood Haverhill Tilinols P &% ot TiHnols e pt. Titinoin & “Traction Tlinols Traction 6 pf.. & H. Kress Livrary Bureun Library Bureun pf Merch. & M. T N. Y. Steam pf Nat. Breweries.. Nat. Brew. pf Price Bros.. Ltd. Royal Baking I3 £0 & Lokcceeicd £R P colcct (Canada) pf... Seaboard Nat Bk Sprivgfield Rwy. & L1, pf T Cop, ¢ 8ec. Cp. pf. 8. Trust United Light & Rnilways ... United Light " & Railways extra. Q United Light & Ruilways Ist pf Q@ 115% United Light & Rwss par pf... Q@ 1%% Wabaxsa Cottons. Q 1.00 © £OcO €0 © © & coccckeRo SERVICE and SAFETY National Mortgage & investment Corporation 811 Vermont 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 Real Offered from $250.00 UP. District of Columbia INVESTMENT. NANCIAL. EQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED Assets ...............84.750,768 rplas .. ... 81,207,380 Save and Prosper 1 sou save something each pay day you Wil he on the way to mucnexs And success meaus taking advantage of apportunities Subscription for th: 85th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON. President FRANK P. REESIDE, Seey. Money to Loan ANY AMOUNT Reasonnble Charges om Trade Acceptances, Warehouse Receipts, Manufacturers’ connts, Short-Term First d Secon: Mortiages or Approved Col Interal. American Finance Corporation Commereial National Bank Bld, Money to Loan Secured by frst deed of trust oun real esiate. Prevailing interest and commission. Joseph 1. Weller o4k L T 1st TRUST Money now available in a limited amount” for conseMative loans an well located northwest residences. HERMAN SCHMIDT 729 15th St. N.W. n 2611 When Buying Our % First Mortgage Notes you get in addition to absolute Bafety of Principle. a prompt, courteous service that insures your_interest being collected and remitted the day due. All our loans are placed on the most conservative basis, less than one-half the market value: guaranteed titie ab- stracts go with notes. whether large or small amounts. Apply Mr. O'Donnell, Loan Dept. Amounts of $100 up to $5,000 available. CHAS. D. SAGER 924 14th st. n.w. Loan Dept. M. 36 Avenue N.W. state, are a GOOD in denominations The man who knows the value of a ment of consistently productive invest- unquestioned safety which vields an interest return regardless of conditions is the n 1 who buys First Mortgages. Over a OUR 6%% FIRST MORTGAGES are protected by every known safe- Quarter of a Century Without a Loss of a curities. invest in B. Main 2100 guard developed in over a quarter century in this class of se- For Safety—Satisfactipn—Yield— V4% First Mortgages. 727 our 6 F."SAUL CO. 1412 Eye St. N.W. Mr. Thomas D. Robertson Formerly Manager of the Mortgage . Department of Hedges & Middleton Is Now Associated With ARNOLD & 1416 EYE COMPANY STREET MAIN 2434