Evening Star Newspaper, September 15, 1923, Page 12

12 I - FIGHT NOW LOOMS OVER COAL PRIGES Railroads and Producers Both Object to Bearing Bur- den of Increase Wages. 1 BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK. September 15.—Small douht remains today that the tenta- tive akreement reached between the anthracite operators and miners will bo confirmed by the Meeting of the miners on Monday. at. Scranton and that an immediate resumption of an- thracite production will follow. . Con- Qditlons now are far different than when a similar convention met last year to ratify the agreement which ended the 1922 strike. Then the bit- ter enders were in such force that it required the utmost efforts of Presi- | dent Lewis of the mine workers and ! other conservative leaders to reach an agreement Now, however, one potent “factor brought into line. Last Cappellini, the one- nd of district No. l] of the anthracite field, bitterly op- posed the settlement. He nearly tood the miners' convention on its| ead at that time. This vear it is reported ppellini stood on his head in celebration of the gain of 10 per cent in wages accorded under the new agreement. Plenty of Coal The settlement whic is believed to Le assured for Mond, will insure an dequate supply of coal for the com- [ i winter in the anthracite consum- but it is expceted that it in an immediate rise in only for that grade of but for bituminous al cite ndustry rmed Ansured. must the 10 per stablish- for all wages due to and to tN\ eight-hour workers. Gov. Pinchot vania has declared that this mus entall an advance of at least 60 cents 2 ton In the price of coal at the mine. Tailroads and distributors whom it | as suggested ought to absorb 90 per cent of this increase are prepared to offer vigorous resistance to an h procedure. Any freight rate reduc- tlons must necessarily be subjected to learings before the Interstate Com- herce Commission. Fact finding re- ports by the Coal Commission or other Tederal bodles must also be subjected to presentation of evidence by the| coal operators and distributors. Any change in rates which it is possible tg impose therefore by elther state or federal authorities must be subjected to delay which will carry through the | present winter season Soft Coal Men Re { minous coal producers were a flood of fuel In event of a long | year in cent fincre: nt of t nt continued suspension of anthracite | salable | for the mon This il enth a | middle west are on @ ule corapiled by the Federal Coal l‘nmmls-‘ tion increases nearly in equal ratio coal than would be the case if the | pelled to absorb any increase in the | situation. Coke winter, has had a tremendous production. As a consequence there | are thousands of tons of coa ove | ground today which are not further cur sent of bituminous | operations. Already many of the soft| coal mines of Pennsylvania and the | provides three da or_less. The figures on cost of production sion show that when soft coal mines | sre operating at 60 per cent of capacity, or less, the cost of produc- Tt is therefore costing every soft coal | mine in the country somewhere near | a dollar a ton more to produce soft | sines were working at capacity. | Heretofore the public has been com- | cost of coal production and there no reason apparent why it will not be | compelled to do so in the present Coke Prices Lower. { fallen in price. The north west, which suffered for fuel last volumé poured into its coal pocke as a result of unprecedented shipping actlvity on the great lakes. Some of | the largest consumers among- the | railroads. notably the Pennsylvania system, have stored supplies of fuel Some householders have taken ad- | vantage of the situation and have laid | in adequate supplies for the wint But those who have not done so fac he possibility of having to pay an increased price for their fuel before the winter is over, although there is not ary coal shortage and will not be any. QUOTATIONS ON GERMAN MARKS TO CONTINUE NEW YORK, September Tribune today says: Reports that the leading banks had ceased to quote the German mark be- auge its nominal value was so vari- ble as to make computation impos- ible were proved yesterday to’ be Lased upon a slight misapprehension of the facts. There is still a fairly large demand cor marks in connec- tion with commerce tween the United States and Germuny, and the banks are entirely prepared to meet this need. Under the circumstances, there is no suggestion of withdraw- ing quotations as was done in the age of the Russian ruble, but only after trude between the two coun- ries had come to a virtual halt. ! The fact is that the trading } marks such as is normally in the forelgn exchanges h Tt there has been little such trad- ing for the last six months. When & transaction involving 100,000,000,000 arks represents a dollar equivalent of only 51,000, dealings of this char- cater are odrfously out of the ques- m. If an importer needs marks, owever, he has no dificulty in ob- taining a quotation at which he can vurchaso them from his bank. WOOL TRADE SPOTTY. Wider Interest in Market During ~ Past Week. BOSTON, September 13. mercial Bulletin said toda; “A wider interest In wool is reported | in the market this week, with fairly heavy sales in a few individual cases, The trade is still spotty, however, and rices cannot be said to be stabilized fully, although there seems to be more uniférmity of fdeas on value than for s=ome time past, and it is asserted that manufacturers do not find it at all thefr own way In the matter of prices as they did a short while back. “Reports from London indicate a well sustained market, with prices generally {irm &t opening rates. Liverpool Bast indis eales have been 5 to 10 per cent over the previous sales. The Australian seasoy opens Monday at Sydney. “The goods market is slightly im- proved, more especially at the retail ciothing end, where fall school buying «nd clearance sales In men's wear have eased the congestion somewhat. The ils gentinue to curtail somewhat. “Mohair is elow but steady.” DRY GOODS DEMAND UP. Active Seliing of Cotton Goods « Continued Again Today. Hpecta] Dispatch to The Star. NEW YORK, Scptember 15.—Active solling of cotton goods continued in today’s markets, with prices holding firm. There was no indication of dimunition in the demand, which had lield steady throughout the week. Print cloth, 64 by 60, was quoted at 10% cents, and 68 by 72 at 11 The raw siik market continued ddll, with re they were day. § The Com- 5 FINANCIAL. THE EVENING STAR, WASHINGTON NEW YORK CURB, MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN, NEW YORK, September 15.—The selling mdvement on the curb markes! continued during the closing sessibn of the week: Price fluctuations were largest In stocks of the type of McCrory Stores new, Prairie Oil and Gas and Durant Motors of Delaware. McCrory, however, was an exception to the general tendency and at 643 was at a new high for the year. Prairle Oil and Gas has attracted considerable attention recently as the result of the resignation of the presi- dent and the temporary closing of the company’s New York offices. The stock opened where it had closed last night, then dropped almost 5 points, only to make up the loss in the last hour. Direct to The Star Office Standard Oil officials were Gmrhlth‘. in denying reports that the resignation of the president was the outcome of Fiavension. lief prevailed that cuts in the Mid Continent quotations were not un- likely to be made in the near future. The movement of the other olls had little significance. Standard of In- diana lost fractionally at the start, but closed about unchanged. Price movements in_the Independents were narrow with Royal Canadian, South- ern States end Seaboard among the most active. Profit taking brought about @ Te- cession in the new Chicago Nipple A, but the reaction was only technical, and followed the rise which the stock had enjoyed in the last few daye. Oegerings of Durant of Delaware found bids lesking and. the stock touched a new low for the year, be- low 33. . Reo Motors moved sympathetically with Durant. ¥ A NEW YORK, September 15.—Fol- lowing is an official list of bonds and stocks traded in on the. New York Curb Market today: BONDS. High, 71% Suies in thousands. G Allied Packers 8s Alum 2 Am Sumat Tob Low. 7114 1023 971, 100% 101% 1023, Anaconds 6s . Anglo Am Ol “T¥%s 1024 Ar & Co of Del 5%s 803, Asso Sim Hdw 6%s 931 AtG & WIS Sbs Belgo Can Paper 6s 97 Beth Steel 7a '35.. 1028 n Nat Ry Eq 108 Cent Steel 8s 10715 Charcoal Co Am 8s 95 Cit Serv 7a D ... 843 2 Con Gas Balt 65 A 10213 Cons Gas Balt Ts .. 107 ‘ous Textiles 8s Deere & Co T%s Detroit Edison 6 mp Gas Fuel 68 ‘ederal Sugar 65 Fisher Body 68 Gair. Robt 78 Galena Sig Ol Ts. General Pet Gs rand Trunk 6% . Kennecott Cop 7 Libby McN & L o Maracaibo Ol at Leather 85 . New Or Pub Sery is Penn Pow & Lt 5 Pub Serv of N J 78 Pub Serv El Pow 65 Sloss-Sheft 0 5 Southern Cal T SONY S0NY Swirt & Tnion Un Ry of M Yacuum Ol 1081 Valvorine 01l 1025 FOREIGN BONDS. King of Nether 6s. 9§ Gyt. of Arg 68 w i 00% Russian Govt 5%s.. 10 Russ Govt ofs Blgs 9% 1 Russlan Govt 6%4s.. 10 10 Swiss Govt 5 STANDARD OIL ISSUE: 104 104 915 0913 " ay 10015 ales in_units. 300 Atlantic Lobos 10 Eureka P L . ) Gal Sig Ol 40 Northern P L 70 Prairie OIl & #as. Peun _Mex _Fuel Prairie P L )8 0 Tnd ... ) Southern P’ L ) S O Kansas new.. 00 & 0 Ky _..... 00 8 0 N Y new 700 Vacoum Ol pew Sales. INDI in hundreds, 1 Ark Nat . 1 Boston Wyo Ofl. 1 gineers Pet ol 20 1 Kitby Pet . 3 Marland . 10 Mex OIl - PRICES OF BUTTER GAIN DURING WEEK Buyers Begin to Draw Heavily From Storage Stocks—Out- put Lower. By the Assoclated Press. CHICAGO, September 15.—Prices in the major butter markets averaged rom 1 to 13 cents higher during the week and the tone remained firm. Reports of production were disap- pointing. Use of storage butter was begun, many large buyers drawing from their cheaper storage stocks. Scarcity of under-grade butter opened @ market for imports, which | during the week amounted to 200 Cusks unsalted Holland, 443 seventy- pound firkins Irish dairy, 125 casks Esthonlan and 500 casks Siberian. Range and close in wholesale prices, 92-score butter, were as follow: Chicago, 2 cents higher at 47 ew York, 1% cents higher at 4632; Bos- ton, 1% cents higher at 47, and Phila; delphia, 1% cents higher at 47%. BUILDING FORTY ENGINES. Pennsylvania Railroad Rushing Work at Altcona Shops. PHILADELPHIA, September The Pennsylvania rallroad is con- structing forty locomotives of an im- proved type for use in heavy local and suburban trafic. They are being oullt at the Altoona snops at a cost of approximately $2,500,000. They are part of an order for additional cquip- ment authorized by the directors sev- eral months ago. With a length of seventy-eight feet five and one-half inches over all, the engines, with tenders, . will welgh 413,500 pounds each. They will have an enormous pulling power, with the driving wheels so arranged that they can get under way and come to a stop much quicker than engines now used in_suburban traffic, which require numerous stops. VERY HEAVY FREIGHT TRAFFIC IN ST. LOUIS Special Dispatch to The Star. ST. LOUIS, September 15.—August was a record-breaking month so far as traffic handled by the St. Louis Terminal Assoclation was concerned. President Miller announced today that 217,651 loaded cars were interchanged among lines entering this state, compared with 182,683 for August, 1922, an increase of 19 per cent. During the first eight months of this year the Terminal rail- road handled 1,342,024 cats of revenuc producing freight, as compared with 1,- 295,310_for the similar period of last ~ yea The Wabash road for the eight months ending August 31 moved 1,467,680 loaded cars, an incre: of over 15 per cent, as compared with 1922, REACH TRADE AGREEMENT. GENOA, September 15.—An agree- ment has been reached between Italy and Switzerland whereby Swiss exports moved through this port instead of Amsterdam, Antwerp and Marseilles will be favored by a speeclal rail- gAYy tariff. Independently this favorable tariff, Swiss trafic through Gernoa doubled during the first six months of the present year, as compared with the like period in 1922, 1 BAR SILVER RATES. LONDON; September 15—Bar silver, 3111-16d per ounce. cent. Discount rate: 31-16a3% per cent; three-month bills, FH-1003% per cent, % of Money, 2 T ORhore " bilis, 7 Mex Panuco 14 21 Mutual Ofl vol 90 Noble Oil & G 3 Omar Ol & 2 Penn Bemver 2 Roy Can Oil & Rtef 10 Rait Ck new Prod.. @ Sapulpa Refin ..... 20 2 3 10 0 3% 17 1% 13 165 Seaboard Ofl _ Sou_ States Of Turman 0l West Stat-e INDUSTRIALS. Am Cot Fuieox s - . Ar & Co of Del ptd 89% 7 Atlantie Froit w 1 1% Borden & Co ptd.. 102 Brit-Am Tob Cou.. 24% Brit-Am Tob Co reg 24% Budy Buds ...... 1h Check Cab Mfe 313 Chicago Nipple 415 1 Chic Nip b t 20 1 Davies W A 24 2D L & W Col [ 9 Dublller C & Radio 10 6 2 1 1 17 1 16 1 10 5 3 6 Durant Motor .... 35 Durant Mot of ‘Ind 6 Du Pont Motors .. ord M Co Canada 431 lletie § K. . 260 8 Hud & Maun R'R 10 Hudson Co pfd..... 1 Lehigh Power sec.. McCrory Stores new 9 adio Corp Rudio Corp pfd ... 3 Reading Coal rt w i 2 Reo Mot ... : Roamer Motors ... Rosenb Grain Corp.. Tobaceo Prod E: Unl Pft Sbar new U 8 Lt & Heat.... niversal Pipe w Wayne Coal . MINING. Amal Lead Zinc 8m PROTRIPEL Canario Copper Continental Mi Cortes Silver eEa828. B Goldtield devel jold Deep Mines... . Goldfleld Florence GoldBleld Jackpot Gold R Annex M Hardshell Min . 1AL Top Neva ollinger . Hecla ‘Mine " 2 Homestake Indep c ro B8 Kewanas Mining .. Nationai Tin txon Nevade . ipissing . 3 Ohlo_Cop ... Ray Hercules Inc... Red Hill #lorence 8il Q Mines Corp.. Stand Silver Lead S0 Am Gold & P 380 Spearbend Gold 80 Suther dev mine 6 Teck Hughes & Tonopah_kxtens 3 United Eastern ... 10 U 8 Con new w i.. . 1 Wenden Copper 5 West End Con {STOCKS AND BONDS TURN REACTIONARY | Bull Operators Fail to Draw Pub- lic Following During Past Week. 10 10 10 By the Ashociated Presy. | NEW YORK, September 15.—Stock | and bond prices, which have been on the upgrade for more than a month, turned decidedly reactionary this weelk. Faflure of operators on the long side to attract a public following was reported to have induced a resump- tion of speculative operations. The | reduction in the forward buying of steel and the continued unsettlement of the oil industry also have been re- garded as contributing factors. The | Spanish revolution, the Greco-Itallan | crisis, the dispute over Fiume and | the delay in reaching a reparations | agreement likewise were belleved to | have had a pessimistic effect. | The downward trend was accom- | panted by Increased activity, the New | York Stock Exchange witnessing its first milllon share day on Thursday since last June. | Not all the news was unfavorable. | Car loadings for the week ending September 1, the latest figures which are avallable, established 2 new high record for all time. Commodity prices were generally firm. Money rates were somewhat firmer as a result of the calling of loans in anticipation of federal income tax ‘payments today. Call loans touched 8 per cent for the first time in six wecks and time money was on a 53 per cent basis. Foreign currencies moved irregu- larly, although French and Belgian francs and Italian lire showed good gains on the week. JORDAN PAYS EXTRA. ! NEW YORK, September 15.—Di-| rectors of the Jordan Motor Car Company yesterday voted a special dividend of $5 a share on the com- mon stock, besides declaring the res ular quarterly dividend cent on the preferrod, . . % Per McCRORY SALES JUMP, NEW YORK, September 1. of the MeCrory Stores Corporatics for August amounted to $1,721,925, as compared with $1,368,768 in 192: For gfesfl?‘taflgh'il;n?&th' of the year otale X 439, of $2,716,819, or 28 per cex.x? e —_— BOSTON STOCK MARKET, BOSTON, September 15.—Followin; is a list of today’s highest, low closing prices for the most actiye. !:to‘clk‘u dealt in here: High. Tow. 1 1; 148 ll!“ sy 80 47 ‘616 Close. Amoskeag . E Arizona _Com Boston & Albany . Boston-Elevated n & Ariz . u & Hecla Carson Hill Min . & W ITET MY » 35 iR Pacific Mills . Quiney . Shoe Mach - '3"55‘3;‘5#‘“" Utah Apex Yenturs Ol Waldort . WHEAT UNDERGOES " SHARP SFTBACK Week Sees Price Drop, Due to Official Estimate of Big Canadian Crop. By the Assoclated Press. CHICAGO, September 15—Wheat has undergone a sharp setback in price this week, chiefly owing to an official estimate that the 1923 Cana- dfan crop #8-70,000,000 bushels larger than'last years total. Compared with a week ago, wheat this morning was 3% to 4% down, corn 1 to 23%a2i off, oats varylng from 1% decline to 1% advance and provisions. showing losses of 10 to 22. Selling of wheat on the basis of experience in former years that this was a regular calendar time for ex- pecting' lower prices did a good deal also to depress values. Reports mean- while that tfle German government had ordered a stoppage of passive resistance in the Ruhr gave some en- couragement to bulls, but failed to have any immediate effect on prices. For the time being all other factors appeared to be dwarfed by the huge Canadlan surplus. Corn went lower with wheat. and as a result of bearish aspects of the government crop report as to corn. Meagerness of the supply of oats a!re made the oats market relatively rm. Provisions reflected a less active shipping trade. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY HOUSTON, September 15.—Another advance of 1 cent a dozen has been recorded in the price of eggs in this market. Rainy weather in the In- terfor of the state has curtailed shipments. JACKSON, Mich,, September 15. Recent rains have done considerable damage to the bean crop. Much of the crop has been pulled, but is un- gathered. SPRINGFIELD, IlL., September 15. —Production in the elghty-three mines reporting to the Coal Opera- tors’ Assoctation of the fifth and ninth districts of Illinols was at the rate of 36.177 per cent of normal dur- ing the last week reported. August production amounted to 926,945 tons, which was the largest monthly output since March and which exceeded the July output by 70,000 tons. CLEVELAND, September . 15.—To facilitate shipping and assembling the Fisher Body Company of Ohio has started construction of a train shed and assembling building which will be completed about November 1. The cost of this additional equipment will amount to about $100,000. Production of 900 bodies a day will be possible \\;ge: this additional space is pro- vided. ATLANTA, September 15.— The Georgla pecan crop promises to set a new record of production this vear and is expected to exceed 10,000,000 pounds. e nut crop last year was a comparative failure. NEW ORLEANS, September 15. The jump in menthols as a result of the Japanese disaster caught many of the wholesale and retail drug de: ers in the south unawares. Few, however, are willing to pay the $7 price advance and most of the dealers are awaiting more stable conditions DIVIDENDS. Pay- Stock of Record Nov. 1 Asb. Corp. of Asb. Cor. of Can, ‘Astieville ‘P. "ot. f & L BERELE Candian Loco. pf. Carolina P. & L. P RRARREARRRES AR [ R ROV 3 Wi JOPMIBTOIIETITIoS -1- 108 Mexican Pete. Mexican Pete. pf. McCord Radiator. Mufual Bank. Otto Fisenlohr & »n ey [PrReee -1 1 1] South Can. Pr. pf. Btand, Textile pf. Stand. Textile pf. B State Bank. Wm. Wrigley, Jr. exi Yadkin River P. pf. Q 1% 5 00e00560 £CA0O! | COREORCOOELEOR LIVERPOOL COTTON. LIVERPOOL, September 15.—Cotton Spot, quiet; prices irm. Good mid- dling, 18. fully middling, middling, 17.17; low middling, 1! good ordinary, 16.02; ordinary, 15.72. Sales, 4,000 bales, including 2,000 American. Receipts, 1,000 bales, in- cluding 700 American. Futures closed quiet and_ steady. September, 16.33; October, 15.66; December, 15.21; Janu- ary, 15.03a March, 14.88; May, 14.70; 14.4 CHICAGO STOCK MARKET. CHICAGO, September 15.—Following 1s @ report of today's sales, high, low and closing quotations. at the Chicago Stock Exchange: 4 o m 8 A ¢ 111 pfd. 2 37 Commonwealth Ed 127% 1273 5150 Btewart Warner ... 82 821g 935 Ulon Carb & Carbol 25 Yellow Mfs B . 2500 Yellow Tax! Total sales. 15,000 sl SN ninne T Co-Operative Building Association Organised 1879 434 YEAR COMPLETED Amsets . Surplas The Time to Save Is Now About our systematic saving plan— & plan that has proven wonderfully successtal. It will show you how to save with the best results. Subscription for the 85th Issue of Stock Being Recelved | Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOY EDSON, Presidest D; _C., SATURDAY, SEPTEMBER 15, 1923., FI Speculators Conirol Market As Stocks Swing Downward Buying Wave in Domestic Trade Circles Fails to Develop—Oils and Steels " Weak—Farm Situation Better. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, September 15.—The dip which security price levels ex- ecuted in response to the savage vol- ume of selling which swept across the stock and bond markets was the fea- ture of the fladncial situation of the week. The attitude which promoted that movement was psychological and pro- fesslonal rather than real. Thers was a doubt, apparently well founded, as to whether the advance which had taken place since late July and Au- gust in prices on the stock exchange had not fully measured the trade and business possibilities of the fall monthe. Participation by the public in the movement of stocks, however, had been given a pause by the ter- rific news of the Japanese disaster and with the market largely in the hands of the speculative element the slackening of the upward movement was met with a volume of selling that broke prices of many lssues sharply for a time. Forelgn Situation Cleari: Neither the foreign developments nor domestic trade news could be held responsible. The way was open- ed for prompt and satisfactory settle- ment of the Italo-Greece dispute growing out of the murder of the Itallan members of the boundary commission. Reports that Germany was on the verge of abandoning its attitude of passive resistance in the Ruhr were not only recefved with ap- proval, but with the tentative assur- ance that once the amount which Germany would be required to pay to the allies was fixed definitely a loan to that nation of at least a billion dollars could be floated here and in other countrie: Buying Wave Slow in Developing. The sharp advance in buying which was expected to develop in domestic trade circles after the 1st of Sep- tember has not materialized, yet the volume of trade, both present and prospective, is such that the profits of the industrial corporations seem assured. Freight car loadings, ac- cording to latest avallable report have again exceeded record propo tions. 5 Not only have more cars been loaded with revenue freight, but cars on most roads have attained a greater mileage and have been more heavily loaded than at any time in recent years. Decrease in Orders for Steel. There has been a perceptible de- crease In new orfiers to the steel companies, but close students of the industry knew a week ago that the orders from Japan, which are bound to develop, must wait on an adjust- ment of conditions in that country. The situation in steel was adequately presented by the chairman of the board of the United States Steel Car- poration, when he revealed the fact that the orders for finished steel products were keeping finishing mills operating at over 89 per cent of ca- pactty, but this was entirely over- looked' in the judging of speculative conditions on the stock exchange. Farmerw Situation Improving. As to the agricultural situation, the following statement by an offictal of the St. Louls and Southwestern railway is significant: “Business shows fmprovement at all points on our line” he said. “In- creased movement of carload and less than carload traffic is noted at a majority of our stations and marks the beginning of what is confident! expected to be an unusually prospe ous fall trade. All industries are busy. There is no idleneas and laborers, e peclally farm help, are in demand. Farmers are realizing better prices and this is enabling. them to meet their obligations. There is apparent- ly enough money in circulation to meet all requirements. Trade at country stores {s improving and showing greater activity. All indica- tions are favorable and there is a spirit of general optimism for the fu- ture among all classes of the general publio.” 20 Per Cent Jump 1n Silk. The silk industry, which has been at a standstfll pending additional in- formation as to the supplies of the raw product which might be expected trom Japan, was resumed on a basis of approximately 20 per cent advance over the price levels prevailing before the news of the Japanese disaste The trade, however, is anxlously awaiting the reception by the public of the fall opening of the lines of the Mallinson Company next Monday. These lines, it is predicted, will show an advance commensuraté with the lack of raw silk supply, but still placed at a level which competing firms not well supplied with raw silk in advance of the earthquake will have difficulty in meeting. Buying of raw cotton by mills and manufacturers has been a feature of the cotton market for the week. Southern mills led in this movement, confident that the depreciation in condition would insure them against lower prices later in the vear. The buying volume was swelled by the New England mills, many of which have bought southern holdings in order to take advantage of lower labor costs and cheaper power. German Mark Passed Out. Perhaps the most significant event of the week in international business was_the elimination of the German mark as a standard of value. One of the leading international banking In- terests o’ the world decided during the week to cease quotation of the imark and this position was followed immediately by Swiss intcrests in closest possible touch with German financial conditfons. When the mark depreciated to a point below 100,000,- 900 to’the dollar it became evident that business so far as Germany Is concerned must be done in dollars or pounds sterling in order to carry‘a meaning to foreign interests. Trouble In Ol Industry. Internal dissentions are reliably re- ported to have had a bearing on the movement of oil stocks during the wesk. The question of maintaining prices for crude at a certain level to provide support for independent pro- ducers was raised and the prevailing opinfon that large refiners were bu: ing stocks of crude oll at advan- tageous prices, while their own crude production was shut im received a rather severe shock. Nevertheless, it was established beyond question that about 4 per cent of the Oklahoma production was be- ing “bootlegged” at prices well under the market level and that about 3% per cent of the Kansas production was being similarly disposed of. In the final proceedings of the stock market for the week, holders of securities took comfort from the fact that the hurling of 1,600 and 2,000 share lots at the market, as was | done for a time in the case of Stude- aker and other leaders, resulted in osses s0 small as those recorded. They reiterated the old maxim that for every seller there was a purchaser. i Auditor Wanted y Financial Idstitution. Must be ex- perienced accountant. Reply giving qualifications and reference to Address Box 247-D, Star Office 16% First Mortgage Loans Lowest Rates of Interest and Commission. Prompt Action e + s o pany. lnc: | Money to Loan ncturers’ Lccounts, Short-Term First and Second Approved Col- ! i Corporation Becured by first deed of trust on real estats Brevalliag 1aterost 454 commiselon; 420 Wi blds.. Joseph 1. Weller \ I ' ‘ First Mortgage Notes you get in addition to absolute || Safety of Principle, a prompt, ' courteous service that insures ] your interest being collected i and remitted the day due. All our loans are placed on the most conservative basis, less H than one-half the market value; _guaranteed title ab- stracts go with notes, whether i|| 1arge or small amounts. Apply i Mr. O'Donnell, Loan Dept. Amounts of $100 up to $5,000 available. CHAS. D. SAGER {|| 93¢ 14th st. nw. Toan Dept. M. 38 2nd Trust Notes To Yield 14% Forty notes of $500.00 each offered for sale at a discount to yield the investor 14% per annum. The notes are due in one, two and three yes Secured by an apartment Bouse. P: erty app:aised and loan @pproved by prominent auctioneer. JOHN H. WRIGHT 1116 Vermont Ave. N.W. Main 3397 MONEY TO LOAN ON FIRST MORTGAGES AT COURRENT RATES OF INTEREST Randall K Hagne: & G 2207 Connectlicut (Boonue _ In Convenient For Investors 4 Denominations Interest 6% NANCIAL. e e 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 . | | BUSINESS EXPERIENCE BUSINESS JUDGMENT BUSINESS INTEGRITY All are needed in the proper handling of investments for, people who cannot afford to lose. or want Over a every risk avoided. Quarter of a Century Without a Loss All are embodied in our service in the distribution of our 6,9 FIRST MORTGAGES - / In amounts of $250. F. SAUL CO. 1412 Eye St. N.\V. B. Main 2100 FIRST MORTGAGES The Oldest and Highest Paying Investment Consistent With Safety 1. Reliable Security 2. Liberal Income 3. Protection Against Depreciat 4. Prompt Payment of Interest Repayment of Principal in Full Maturity "Write, Phone or Call for Descriptive Booklet “S” WILLIAM S. PHILLIPS Realtors 15th St. at K St. NW. Phone Main 4600 5 Interest Compounded Twice a Year \We Pay Most fortunes are founded on thrift. Thrift is based on the habit of systematic saving. The plans of this Association are especially adapted to the modern and safest methods for systématic saving, and we pay the highest rate of interest consistent with absolute safety. And, remember, the successful investors do not allow the promise of big speculative profits or exorbitant rates of interest to in- fluence them; they seek absolutely safety for their principal with a rate of interest that can be legitimately earned. One Dollar or More Will Start Your Account Columbia Building Association 716 llth St. NW Under Government Supervision :