Evening Star Newspaper, September 10, 1923, Page 17

. IPAN WAY SPLY SHP REPAR WORK| American Yards Look for Considerable Business in | Replacing Lost Tonnage. Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, September 10.—Devel- opments affecting the movement of stocks on the curb market today dif- fered from those-of a week ago. News from abroad was more favorable and parts of the list appeared to be dls- counting the settlement of the coal strike, - There was little disposition by th outside publle, hawever. to renew ;of erations on the buying side. Most of the list maiftained firmness, but spe- clal movements took pl ilelecled stocks, B e ! of the feo | BY J. C. ROYLE. Bpecial Dispatch to The Star. NEW YORK, September 10.—Con- siderable conversion and repair work 1s expected to be recelved at Amerl- can shipyards a result of thel Japanese disaster. Many marine | builders are awaiting with consider-| able anxiety the results of the tidal waves which accompanied the Japa- nese earthquake and fire and the full toll.of the marine losses. It ls prob- able, they think, that some of the lost tonnage may be replaced imme- aiately. In the meantime, many of the yards are turning to other lines to keep their workers busy. Some yards are engaged in fabricating steel, while] others have undertaken large comn- tracts for car bullding and repair work for the railroads. In the Phila- delphia district such work is being supplemented by contracts for hydro- eloctric cquipment, including turbin and water wheels. The Newport News Shipbuilding and Dry Dock Comp: is utilizing many of the 6,500 men at work in making loco- repairs, fabricating box and rs and manufacturing automo- bile wheels and electric _turbines. Steel forgings and steel, brass, bronze and gray maleable iron cast- ings are being made for commercial purposes. Tn the San Francisco bay region less than a dozen of the score of ship building companies that were active during the war are still engaged in ship construction and repair work and are doing that only in connection with other activities. The Bethichem Ship- building Corporation plant, in addl- tion to completing construction of half a dozen government submarines, is fabricating sheet steel for oll stor- age tanks, making structural steel for bridges and has just completed turn- ing out an order for twenty cars for ! the San Francisco municipal car lines. | The Union Construction Company, snother big factor on the Pacific is making steel pipe. structural steel for the bridges and bas just completed fl, large floating balloon hanger for the Navy. The Hanlon Company in ad- dition to turning four passenger ships into lumber carriers, is making a variety of ship machinery for com- |S: mercial purposes. The Los Angeles |u Shipbuilding Company is making box shooks and has turned its activities largely toward the lumber in- dustry The Southwestern Ship- building Company is making steel pipe while the Pacific Coast Ship- building Company has turned part of its plant into a chemical works and is fabricating rubber packing. Hope for Government Work. Although the government is to sell twenty-one battleships and battle cruisers fof scrap under the terms of the disarmament trea shipyards | have not given up hope of large fu-! 1700 £ 0 > ture government contracts and re-| 200 Vacuum Oil mew. gard their ventures into other fields|gyje in largely as stopgaps until the next ses- | hupdreds. INDEPENDENT OIL STOCKS. sion of Congress shall have outlined| 1 ¢y sery more definitely its program of naval R Cit Seev vid. construction. $5000 Cit Serv- serip Shipbuilders hope that money will & Cons Royalties be appropriated for the construction 1 Creole Synd . of a number of cruisers of the fast| _1Derby 0 &R w scout type such as the Omaha and| 3% Engincers Tet the Milwaukee recently completed at| i Glef Rock Olf, the Tacoma yard of the W: H. Todd | 39 Hudson Of1 Shipbuilding and Construction Com- S Kirty Pad pany. Officials of the Todd Company | 20 Livingston Pet assert it is expected that Congress will_appr continued construction | of 00-ton cruisers on the west | coast, o5 these are permitted under the terms of the disarmament treaty. 1t is also pointed out that submarine additions may be authorized and that airplane carriers may be added with- out limit One of the largest Navy Veesels ever built is an airplane car- ried on which 00 workmen are em- ployed by the New York Shipbuilding Corporatlon. Fight Saving of Money. Cities where government navy Yards are located are making vigorous pro- tests against reduction of appropria- tions for such vards and consequent reduction in working forces. It is regarded as improbable that the seven United States destroyers which went ashore off the south Cali- | fornia coast can be salvaged, and the replacement of these vessels will re- quire. an expenditure of at least $3, 500,000 WEEK’S BOND OFFERINGS | TOTALED $79,050,000' i By the Associated Press. | NEW YORK, September 10.—Quick | absorption of the $55,000,000 Argen-| tine, governmeat and $20,000,000 ' Union Paclfic railroad issues and the | amers relative firmness of all except Japa- | Ameri nese bonds, in view of the Japanese ' Am. Tel disaster and Greco-ltalian crisis, Am. Tel. & Tel. con were features of last woek's bond !Anacostia & Potomac G market, Trading in Jisted bonds was :Asacostls & Potomac guar. 5. again dull C'& P. Telephone Y 0. & 1. Telephone of V. Ga.. porary bursts apital Tra, = R. R. £pecial groups sty und Suburbeu 3s. New offerings last week totaled | Georgetown Gas 1st be $79,050,000, as comparcd with $i4,-, Metropolitan R. X 675,000 the weck before Eooks on the Argentine issue, which was in the form of six-month per cent not offered at 99% to = yield arproximately 7 per cent, were | boty Fleg; Pow. £ m; & ref. s @losed within two haurs after they'iyash., Alex. & Mt. Ver. ctf were opened. While “banking insti Balt. & Annapolis Bs. tutions wero heavv buvers, the syn dicate managers also reported an un- usually good demand from dealers. | The notes will be refunded by an| sue of long-term bonds whe market conditions perm R. & V. MOTOR VC'UTS’ PRICES. _BOSTON, September 10.—The R. & V. Motor ‘Company announced pric reductions averaging $500 ver car. Kew prices will be: touring car, '$2300; seven-pasgenger ouring car, $2,376; coupe, $3,000; seven-passenger sedan, $3,250. oL et g | Norfolk & W Steamboa ch. Ruy. & Elec. vash. Rwy. & Eiec. pfd i com..... Although the actfon Motor directors in declaring an extra cash dividend of, 6 per cent in addi- tion to the regular 1% per cent dis- tribution had been anticipated, stock responded with an initial ad- NEW YORK. September 10.—Fol- lowing is'an official 1ist of bonds and stocks traded in on the New York Curb Market today: in S £t BONDS, as s new Am Cot ol 6s Am Gas & Elec Am Sumat Tob Ths Am Roil Mills 6s. Am T & T 6s '24. Can Nat Ry E 2 Cit Serv 7w C. Cit Serv Ts D. Cous Gas_Balt Deere & Co T%: Detroit City Gas Dun Tire & Rub Ts Federa; Sugar 6s '33 Hocking Valley 6 Kennecott Cop Ts Morrls & Co T%s 3 Nat Leather 8 . hio Power Gy Phila Blec 65 Ph Pet 7% Pub Serv of X J Tn Pub Serv El Pow 68 Readiog Coal 438 Shawsheen 78 Bolvey et Cie 86 Un Pac 5 TUaited Oil Prod 8 Vacuum Oi1 7s. FOREIG) Argentina 7s '23 Argentina 6s '23 King of Nether 6 Mexican Govt 6s. Republic of Peru 8s. Bwiss Govt 5lgs. 75U 8 of Mexico 4. es in STANDARD OIL 1SSUES. 10 Buckeye P L 100 Crescent P 30 Eureka P L 20 3200 10 35 700 60 100 100 100 130 BONDS. 09%; 981, 5815 0615 100 38% Hum Ol Imp Oil of Can. mdPL.. Int'l Pet Co Ltd. Magnolia Pet Nat Transit . Prairie Ol & Peon Mex Fuel. Prairie P L.. 70 South Penn Oil 13800 2 100 & 400 | 1 { | Mount Gulf .. 5 Mutual Oil vig cfu. 1 New Bradfd O wi 1 New Mex Land 1 Omar 0il & ¢ 5 Penn Beaver Oil. 6 Pennock Oil .. 13 Royal Can O & R.. 8% Washington Stock Exchange, SALES. Capital Traction Co.—10 at 101, 5 at 101, § at 101, 5 at 101 Washington Gas Light—2 at 49, 10 at 48%. AFTER CALL. C. & P. Tel. 58—$1,000 at 97, $1,000 at 97, 1,000 at 9’ - 10 at 101, § at 101, $500 at 9! Lauston Mouotspe—10 at 721, & Eie: Washington Gas Light Co.— Money—Call loans, 3 and G per ceat. BONDS. Bid and Asked Prices, PUBLIC UTILITIES, Tel. & Telga. 4 R V% Tel, & Telga, 4 02] » & Tel. ctl. of activity in Potomac Elec. st Potomac Elec. Cons. Potomac Elec. deb, 6s Pot. Eiec. Pow. g. m. 6s. Washington Gas Washington Rwy. & Elec. wy. & Elec. g. m. MISCELLANEOUS, ). C. Paper Mfg. 6s. 2 | Riggs Realty 5s - (long izgs Bealty 58 (short) c. Btorage & Safe Le { Wash, Mkt Cold Storage. | Wardman Park Hotel s. STOCKS. PUBLIC UTILITY. American Tel. & Telga. Five-passenger | TREASURY CERTIFICATES, {Quotations furnished by Redmond & Co.) Rate—Maturity. Decembe. Mareh 1 Bid. 3 90 31.32 100 1:32 100 318 100° 101 182 301 100 31-82 101 10024 99 16-18 100 99 19-32 99 2132 March 1926....." 100582 100782 Beptember 15.71036... 99 532 99 7.3 March 15, 1927...... 100 11-82 100 18-32 December 15, 1927. .. 99 20-32 90 31.82 District Farmers & Mechanies | Federal-American Liberty Lincoin National March 1 June 1 B Deeember 15, e i ' “Metropoliten. : G P 165 SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) | = | American-Security and Trust ... 803 oo |40 ental Trust R W 3 1 340 eee Bid 5 po A : i Merchants' Bank. A o Sf AT 78 1ok, 1t % Netions Saviags and Trust... l““!fi TRUST COMPANY. Alvminum ¢ 1933 106, L e Zmerican Cotton Ofl Gs 1924. 95 nerican %)l.u“ 68 1937 101% Woshiogton Luso sad Trust. American’ Tel. 24 American Tel. SAVINGS BANK. 62 a1 D 1920, -American OIl 734 1935... . dian Northern 5igs 1924, Central Argentine Rwy, 6o 1927 25, Fisher Body Corp. 6e 1927 Fisher -Body Corp 6s 1928 Goodyear T. & R. Great Northern 7s. 1986, Tlocking Vatley 0s 1024, Humble Ol Stx 1932.. Kensas City Te MISCELLANEOUS. Columbls - Graphophone com..... Columbia Gra e pral.ll 3 930. D. C. Paper epot Bax 1850 g . 76 1923, Standard Oil of Caiif. 3s 1935, Swift & Co. Ss 1082 Tidawater Ot 03w 1881 Union_ Tank Car s 1080 i 5 Westinghouse B. & M. the | Direct tc The Star Office ) vance of more than & half point. Little could be said of the.move- ment of other motors. Where salas occurred they were at quotations pre- vailing at the close last week. ulf Oil of Pennsylvania was another out- standing feature, selling down to a new low for the year, below 47, 8& compared with the previous close of 149. In the afternoon support was en- countered, and the stock rallied. Standard of Kentucky was a leader of the Standard olls, getting up 2 points. The Indiana stock was up a half point, while others of the olls were little changed. The recovery which occurred re- $1 to almost double this amount re- flected the bringing in of a 3,000- barrel well in the Lulling field. The International Combustion En- =ineoring rights, admitted to trading 'last week, were slightly lower today. 8 Balt Crk Prod new. 1 Sapnips Refin . 24 Beaboard Oll. 20 Bouthern P & 02 146 South States Of 5% 3 Turman 0l 82 10 Wilcox 01l & G a5 INDUSTRIALS. 3 Armour & Co pfd 84 1 Arm & Co Del pfd. B0% % Border® & Co....... 119! 163 1% 15 14 Brit-Am Tob Cou.. 24 1 Brit-Am Tob Reg.. 24 1 Brit Inter Corp A~ 1TH 1 BklynlCity R R.. 10%. 9 Buddy Bud . 4 Centrifug Iron Pipe 47 Chicago Nipple ... 14 Chicao Nip B trus Colorado Pow & Lt 8 Curtiss Aero C 0 D Y Cudahy Packing 3% DL&W Coal. 11 Dubllier C & R 5 Durant Mot . 3 11 Du Pont- Motars ... % Gillette 8 R . 2 Gien Alden Coal Heyden Chem 7% uot Comb Mesabi_Iron 2 % N Y Tel Co pfd.. 11 L% Standard Motor 2% Studebaker W R Co 013% Swift & Co........ 10814 Tenn Elec Power... Un PIt Shar new.. Un Retall Candy. Univ Pipe w I..... Univer Pipe pfd w i ‘Wayne Coal . Yel Taxi Corp MINING. Alasks Brit-Col ... Amal Lead Zine Sm Arizona Globe Cop. . Belcher Extens . Canario Copper . ndelaria Mia .... Cortez Siiver .. .. 73 Cracker Jack Min. . Crown Reserve ... .| oldfield Deep Min Goldfleld Florence. . Goldfield Jackpot. Hardshell Min ... Hill ‘Top Nevada.. Hecla Mine ...... Homesteke Est.... .| Howe Sound ... Indepesdence Lo Kerr Lake ... Kewanas Mining .. Mason Valley ational Tin ew Cornelin ew Dominion Cop Nixon Nevada Nipissiog Ohlo Cop North But Red Hl Fiorence .0 Rex Coms . 15 Sandstorm Kendall .03 Bilversmith Mines. 42 Stand Silver Lead.. . Bpearhead Gold Buth’land dev m Tonopah_Extens . 2 United Eastern . Unit Imp Mines Tnit Verde Ext U S Con pew w Unity Gold ........ Verde Mines & Mili . Wenden Copper ... West End Consol.. . \BIG BUYING WAVE ENGULFS SOUTHWEST Not Unlike Frenzied Rush in Days After Armistice—Sixty Per Cent Increase. BEhsonsBalan- e 854 Special Dispatch to The Star. FORT WORTH, Tex., ' September }10.—A revival in buying,. not unlike the frenzied rush of the days just after the armistice, has broken in the southwest in the last Department stores state that last week's business was from 50 to 60 per cent ahead of 1922 and almost on a par with the high records ot 1919 and 1920. Wholesale stocks have been de- pleted by rush orders of retail me: chants. This 1s accepted as indica- tion of @ still greater rush late this month and. in October. Rapid and | satimtactory marketing of crops and cool weather have been stimulating influence. Hotels are crowded with salosmen in the smaller cities. PUT RAIL' MERGER IDEA UP TO BUSINESS LEADERS Speeial Dispatch to The Star. BOSTON, September 10.—Members of the chamber of commerce here are replying to a_referendum ballot on the_question of railroad consolidation . New England. A special committee nat the chamber indorsed the all New | England system, but the consensus of opinion of the 7.000 members is sought to determine just what the sentiment is before the Interstate Commerce Commission halds its he ing here September 24. The committee appointed by the New England governors are in favor of the all New England group, but yadherents of the trunk-line-merger plan constitute a formidable group. England are viewing the trumk-line plan with most favor. Rallroad in- vestors seem divided. —_— CLOTH BUYERS CAUTIOUS. Speclal Dispatch to The Star. NEW YORK, [ cotton goods market opened firm to- day, after the week end, but with buyers exhibiting the same caution that characterized buying last week. Quotations on 64 by 60 prints were unchanged at 10 cents. The 68 by .72 | Were up an eighth at 11% j pDecreased activity was feported in lthe raw silk markets, where purchas- es have been a matter for individual | negotlation since the Japanese disas- - Buyers today apparently had de clded in most cases to wait for thi formal resumption of quotation on Tuesday. ADVANCES RAISED TO $75. Spectal Dispatch o The Btar. ATLANTA; September 10.—Cotton growers_under contract with the 'Owrtll. Co-operative Marketing Pool will receive advances of $75 a bale as against $60 last year. Cotton turned over to the assoclation will be shipped at once to bonded warelbuses. - CHICAGO STOCK MARKET. CHICAGO, September 10, —Following Is & roport ‘of today's sales, high, low and closing quotations, at - the Slock Exchange: 200 Armour of Del pfd. 122 Commonwealth Ed. 100 Gl Mfg ... 0% 90 0y 127 HRige g cently in Seaboard Ofl and Gas from { ten days. | The Assoclated Industries of New | September 10.—The |fiflflflN.UP JoPER BALE AGAIN TODAY: Further Sensational Rise Due to Lower Private Esti- mates on Yield. By the Associated Press. . NEW YORK, September 10.—Within the first half hour of trading today October cotton advanced 90 points to 28.50, or $5.a bale above Seturday's closing quotation. The jump was attributed to further reduction in the crop estimate con- tained in & report published by a Memphis authority. The erop condl- tion as of September 8 was placed at 49.7 in this report and the yield was estimated at 10,240,000 bales or more than half a million bales less than the government indication of August 25. Fi prices were lower under heavy realizing and southern selling. but offerings were quickly absorbed by an excited demand for both trade and speculative account, which was said to be due to a fear that the shortage in supplies would be even more serious than previously estl- matod. New Orleans Prices Also Soar. NEW ORLEANS, September 10.—| The cotton market showed as much strength as ever today, after an easy, opening, and all months in the con-| tract market went to new highy ]lcveln for the season. October rose almost 100 points or 35 a bale from| the early low, first trading off to 26.80 | cents a pound and then advancing to! 27.78. A private crop estimate of only 10.250,000 bales, including Hn-} teré, wus responsible for much of the| buying. Heavy Selling in Afternoon. NEW YORK, Sentember 10.—Talk| of a rapidly expanding new crop; movement on the favorable weather conditions and reports of an easing| basis In the southwest led to further realizing during the afternoon. The! October contracts sold off to 27.83 and January 27.26, or about 48 to 67 points from the high level of the morning, and the market was qulet- er at these figures around 2 o'clock, or about 16 to 26 points net higher. New Orlea Also Selia. NEW ORLEA Septemoer 10.—! Heavy realizing on profits on long| contracts and much hedge selling met { the market, causing a fairly wide {reaction. At 11 o'clock October stood at 27.26. Prospects of continued dry weather over most of the belt ap- peared to be bringing new selling. Closing Cotton Quotations. NEW YORK, September 10.—Cot- ton, spot, steady: middling, 29.10. Cotton_ futures closed steady. Octo- ber, 27.85 to 27.88; December, 27.53 to 27.62; January, 27.20 to 27.23;| March, 27.25 to 27.30; May, 27.20 to | 27.34. NEW ORLEANS, September 10.—| Spot cotton steady, 75 points higher. 1 Sales on the spot, 240 bale to ar-| rive, 100 bales. Low middling, 26.50; | middling. 27.50; good middling, 28.00. | Recelpts, 4041’ balesi stock. * 45,574 | ales. | NEW ORLEANS, September 10.—Cot- | {ton futures ! sed barely steady points up to 15 points down, net. Octo ber, 27.15 to 27.2§; December, 27.02 to 27.06; January, 27.01 to 27.06; March, | 26.90 to 27.00; May, 26.58 to 26.90. | |TOTAL WORLD SUPPLY OF COTTON 27,568,000 BALES ON AUGUST ll The total world supply of cotton on August 1 was 27,568,000 bales, as| compared with 29,602,000 bales onj August 1, 1922, according to a sur-} vey made public today bty the De-! partment of Commerce. H The world consumption of cotton | for the year ending July 31 last was given at 20950,000 bales, as com- pared with 20,047,000 for the previous, corresponding twelve months. World | stocke at the beginning of the sea-! Ison were 9,536,000 bales, as against 14,752,000 for the preceding year, .while the stocks at the end of the scascn were 6.400,000 bales, as com- pared to 9.536.000. ! " The worid survey was made by the Department of Commerce in co-oper- lation with the Department of Agri- {culture and included eome unspin |nable cotton as to which statistics were not avallable. { Of American cotton the supplies in| {all countries August 1 amounted to| 115,431,000 bales, as against 17.460,000 {for the vear ending July 31,-1922.| Stocke of American cotton in all! countries Augur 1 were 12,450,000 |bales, as against 12.283,000 a {ago. ' Production of American cotton | on August 1 was estimated at 9,762,-, 000 bales, as against 7,954,000 last; Year. {UNFILLED STEEL | ' ORDERS DECREASE! By the Associated Press, i NEW YORK, September 10.—Un- filled orders of the United States Steel , { Corporation on August 31, made pub- | lic today, totaled 5,416,663, a decrease ! of 496,100 tons as compared with fig- | i ures for the preceding month. H WOOL TRADE PICKS UP. | 1 Special Dispatch to The Star. BOSTON, September 10 —Greater ac- | tivity in the finer grades of wool has developed in the Boston market. Ohio delaine fleeces are especially active. with prices unchanged at 50 and 55 gents. Receipts at Boston last week | aggregated 3,010,200 pounds of do- mestic and 996,100 pounds of foreign wool, against 2,734,000 domestic and 5,958,000 of foreign the corresponding week last year. Shipments were 1,- 080,000 pounds, against 1,265,000 a i year ago. : London Wool Sales. LONDON, September 10.—A moder- |ate selection amounting to 11,455 | bales was offered at the wool auction today. The demand was quiet and prices moved irregularly. SOUTHERN'S TRAFFIC. RICHMOND, Va. September 10.— The Southern railway system in August hauled 208.415 carloads “of ! Tevenue freight, against: 148,182 in August, 1922, an increase of 60,233. While this substantial increase is partly due to the slackened -move- ment of traffic last year in the seo- ond month of the shop strike, com- ! parison with July, 1923, shows that traffic is holding up and even gain ing slightly. Carloads hauled in that month were 197.932. | stock and 600.000 shares of non-com- COMMODITY NEWS WIRED STAR FROM ' ENTIRE COUNTRY KANSAS CITY, September 10.—The flour market here is dull with demand ‘slow and volume of business light. Millers have advanced prices in re- flection of higher wheat prices and big bakers ha e slackened buying. | Millers say the only demand is from jobbers and retallers who buy from week to week. PORTLAND, Ore., September 10.—It is reported here one of the big inter- natfonal shipping firms of Japan is short of wheat and is paying pre-{ miums of from 1 to 3 cents above the present level of $1.10 a bushel for soft white and $1.0i for soft red, Portland track delivery. LOS ANGELES, September 10.—The ford Motor Company has completed tmprovements at its local plant which will permit the doubling of the pres ent output of 100 cars a day. There will be a capacity of 400 complete sets of cushions and seat backs every twenty-four hours or sufficient to supply the needs of the San Francisco, Portland and Seattle branches. DETROIT, September 10.—Owners of Liberty motor cars are jubilant over the news Motor Company, which bought the Liberty plant will continue to make Liberty cars. The plant has been in the hands of a recelver. - ST. LOUIS, September 10. grapes will begin to move to market this month. The Kansas City South- ern rallroad estimates that 3,000 acres of vineyards in the Ozarks will yield this year. Adverse weatherl conditions cut the crop in half. PORTLAND, September 10.—Due to | speculation in Cailifornia a further ad- vance of half cent a pound in . rice has been recorded here. PITTSBURGH, September 10.—The placing of the 1,200 men at the Mid- lapd pjant of the Crucible Steel Com- pany on an eight-hour basis has brought the total affected in this dis- trict to 35,000 men. CLEVELAND, September 10.—Iron ore shipments in the last month totaled 10,296,133 tons, a slight fali- ing off from the earifer months. It is probable that the July mark of 10, 411,248 tons will remain the highesf CHICAGO! September coal dealers and heating equipment manufacturers are conducting a cam- | paign to induce householders to start | an early and thorough renovation of | their heating plants to conserve coal during the winter. FAILURE SEEN FOR PLAN TO FORCE DIVIDENDS NEW. YORK, September 10.—The reported efforts of an insurgent com- mittee of Southern railway common stockholders to secure proxies rep- resenting a majority of the stock with a view to foreing dividend action upon the management at the annual meeting at Richmond, October 9, have not come to the attention of the local office of the company. < In any case it Is clear that the chances of such a movement attain- ing sufficient proportions to forge the { hand of the management are remote. There are 1,200.000 shares of common ulative 5 per cent preferred. The pre- ferred has equal voting rights with the common, and a proXy committee would have to procure 51 per cent of the total stock outstanding, or over 900,000 shares, in order to secure a majority MICHIGAN RAILROAD TRAFFIC VERY HEAVY! Special Dispatch to The Star. { DETROIT, September 10.—The rail- road traffic report for the Detroit- | Lansing-Flint district shows a decid- | ed increase in the amount of incom- ing freight carried. while outbound | billings show a slight decline. The! Pere Marquette inbound shipments | showed an increase of 45 per cent and | manufacturers declare this shows if | the confidence did not exist manu- facturers would not load up on raw | materials. | The Grand Rapids district has been showing an increase of 19 per cent in outbound and 25 per cent in inbound | traffic, as compared with last year, ! with much of the increase in furn ture and materials. Shipments of pianos from. the Holland-South Haven district are increasing, as are beans | and lumber from-Saginaw. i 1 i When yon are sick you consult a doctor. When you need advice regarding rental proper- ties consult us. That’s Our Business. RENTS B.F. SAUL CO. » Mortgage Loans 1412 Eye St. N.W. Phone Main 2100 When Buying Our % Fint ‘Mortgage Notes you get in addition to absolute Safety of Principle, a prompt, courteous service that insures your interest being collected and pemitted the day due. All our loans are placed ou the most conservative basis, less than one-half “the market value: guaranteed title 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 it. n.w. Loan Dept. M. 38 | SERVICE and SAFETY Nafional.Moitgage & investment Corporation . 811 Vermont Avenue N.W, " Deals in the Best Real Estate Securities. First and Second Trust Notes and Ware- Its 7% First-Mortgage Notes, SECURED by Improved | - District of Columbia Real Estate, are a GOOD »INVE_STMENT: Offered in ‘d'eno_minationa ; that the Columbia | i Missouri | |l | Thomas J. Fisher & Company, Inc. | Suite 518, Southern Building ‘Washington, D. C. Money to Loan et b ¢ o o o, Joseph I Weller §0%uh L &3 Foreign Exchange Quotations By Radio Daily at 10 o'clock from Ra- dio Corporation of America. Station WRC, the latest quo- tations will be broadcasted. Rates by private wire from New York. Special phone, Foreign Department, Lf 8222. The Washington Loan and Trust Company 300 F Street 620 17th Strest First Mortgage Loans Lowest Eates of Interest and Commission. Prompt Action 738 ibth _Stree EQUITABLE Co-Operative Building Association Organized 1579 434 YEAR COMPLETED Surplus . arpl ve and Prosper 1f son save something each pay day you will be on the way to success. And success means taking advantage of opportunitie Subscription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month _ EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSOY. President FRANK P. REESIDE, Seey. Fortunes : New York Curb Market Association WASHINGTON OFFICE - Main Floor, Woodward Building .. Phone Main 2040 JOHN CALLAN O'LAUGHLIN ¥ CHARLES R. ALLEY FINANCIAL.' Wa:’u'v_lgan's Oldest National Bank Ever Since 1814 {I'The Metropolitan has been a dom- inating influence in the financial af- fairs of the Capital ever since 1814. {IWith facilities second to none and such a fund of experience at its com- mand, it stands to reason that this bank is prepared to render you serv- ice of utmost efficiency. How may ., we serve YOU? . Organized in 1814 Our Savings Deft. Pays 3% Compound Interest National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—109 Years Old Prestige Behind Your Investment The house that stands back of your invest- ment must safeguard you against loss, or its prestige in the financial world is nil. First Mortgages need no plea as a safe se- curity today. But the wise man purchases them only through a house whose standing is above criticism. For fifty-four years we have conducted our business without loss to a single client. Such a statement is only made possible by the ut- most integrity of conduct and the soundest business judgment. Swartzell, Rheem & Hensey Co.’ 727 15th Street N. W. 54 Years Without Loss to an Investor Dean, Onativia & Co. Stock Exchange Building New York COTTON GRAINS COFFEE SUGAR STOCKS and BONDS MEMBERS New York Stock Exchange v Chicago Stock Exchange Y. Cotton Exchange Chicago Board of Trade N. Y. Produce Exchange Minneapolis Chamber of Commerce Manager Asnixtant Manager Are usually made by selling something. - But before you can sell you must buy or produce. That requires capital, and one sure way to create it is by Saving.’ Start an.interest-earning savings ac- count at the American Security and Trust Company and be ready to meet oppor- tunity when it comes your way. 3 % o~ savinGs - AMERICAN SECIRI B . o AND TRUST COMPANY o 15th and Penna. Ave. ' . Capital.and Surplus, $5,400,000.00 Central: Northeast: Southwest : Northwest: 7th and Mass. Ave. N.W. 8th and H Streets N.E. 436 7th Street SW. = 1140 15th Street N.W.