Evening Star Newspaper, October 20, 1923, Page 13

FINA CAVADARWHENT SHANPS PORTS American Vessels Still Decline to Carry Grain Under Law on Rate Announcements. BY J. ROYLE. 7 to 1) W' YORK. wheat is 3 star October 20.—Cana- overflowing the ele- tors at Fort William and Port Arthur, the Canadi head of the lakes, and large shipments by rail to Duluth are probable to relieve the congestion These shipments then would dispatched by water to Montreal in American bottoms. great flood of grain from the I provinges is pouring into Fort William and Port Arthur at the rate of two miillion to three million bush- a day. The Canadian fleet has totally inadequate to carry this on to Montreal for xport Surepe, and the two Norwegian is rocently brought in to help movenient have proven too small be of material assistance. he rie els May Saxpend Grain Law. ted for a time that th shippi, w which at Americ sels load- at Cang public the chartered ng this eme <1 owners h ed to cariy ( titlons at Tor ans of rellevin It was exped tian diae rates at wou! ve ports whic Ifastiy an grain under However, nto called (o the congestio ed without definite action, and is now likely that American ves- s will stay off the Port Arthu Montreal run the remainder of this season at least. Vessel owners be. livve, however, that some adjustment of the law, will he made before the opening of navag next spriv Ready to Handle Overflow. the American ship- ters are holding themseives in adiness to_handle the rail overfipw &t Duluth. While it is probable that most of the Canadizn grain o routed would go to Montreal for sl oad, it would be routed Jinftalo, and some of it at le o ity let throush the New York and Philadelphia somett an devise 2d- In meantime, fir st rts to will of t rument or th « in shippers.” one Duluth N rator said today, “the latter v serious loss within the tH weeks." Bus Line Incre Plans for ope Tus lines throughou of the country on a now are under way prgsident of the Chicago tiztions now were Liziselt and finunce To. xe Planned. tditional eastern half le scale i Hertz Yeilow th under way between prominent New York the establish- ment of this method of transportation a scale never bhefore attempted project contemplates not on hortati he giK 2 principal in e iley transportation Thorough study of 1 the light of tremende ment of bu 1rbs of large cities, interests associated with that there is a real nadequate situation, in i the mvine: this en- 1d for The first will be the r lines in Chicag, their expansion on a larger This movement then will be pa to the smaller centers now plan ned, the basfs of t new transpor- tation will be a ten-cent fare. Huge Cotton S Exports to it s izati and understood, n of the w York a sed on pments to Germany. Germany during the present week, according to dispatcheg to the writer from southern po have reached a total of 43.000 bale Last week the: 41,000 bales, and hookings at € ston’ and Houston licate that 100,000 more bales wiil Iv- shipped to Bremen before the month is ove (Copyright, 1923.) RAW SILK GOES LOWER. Cotton Goods Markets Close With Prices Firm. Epecial Dispatch to The Star. NEW YORK, October 20.—The cot- ton goods markets closed this week on a firm note, but with only mod- erate buying. Print cloths were quoted at 103, for the 64 by 60 and 12 for the 68 by 72. Raw silk took another drop tow lovels, the various falling from 1 jositions just ahove ust below the $9 level. Cantons wi off 15 to 20 a pound. Buying was light. WOOL DEMAND QUIET. Interest Largely in Foreign Mar- kets During Week. BOSTON, October 20.—The Commer- clal Bulletin said today . The demand for wool has continued moderate during th and prices have 7 ell sus- tained. The manu! have fa- to medium vored * especlally qualities rather than the finer grades, Tequest for, these descriptions coming chiefly from woolen and knit goods manufacturers. The foreign markets have strong, especially for good with infer descriptions occasionally slightly irregular. Bradford quotes dium to low cross-bred tops up a If penn The 11 elip rather slow changed of Japanese a pound to been wools, movement with nt continues prices hardly ESTABLISHING LOSSES. NEW YORK, October 20.—Much of C1ling in the stock market is {o establish losses for Income tax pur- pose er says. Statements of this cter are usual at thi season of e year. Un the law ock sold to establish losses cannot replaced before thirty da Those who are selling their stock are taking the chance that the market will not advance materially before they can replace their lines. $4,000,000 PLANT PLANNED. BALTIMORE, October 20.—Officials of the Consolidated Electric Light and Power Comp; are plan- s 1y ning a $4,000.000 generating station | to augment that corporation’ tles for this city and suburb: facili- This plant is to be constructed and equip- ped on the water front. It will effect & saving of $3.300,000 in cables and other equipment, besides furnishing a storage space for coal. MAIL ORDER SALES GAIN. CHICAGO, October —Sales of Montgomery Ward & Company, the big mail order house, will likely break all records this year. Over 30 per cent of the year's business is generally done in the last quarter, and sales will run over $90,000,000 for the first nine months and Indicates a total of ,000,000 for the entire period. would be a new high record and ore than $16,000,000 in excess of eales in 1920, the best previous year. EXPECTS AMERICAN SHIPS. FORT WILLIAMS, Ontario, October 20.—L. H. Boyd, chairman of the board of grain commissioners, an- nounced today that the organization had been assured that American firms would _enter their ships in the Canadlan grain trade, the companies having reached an agreement on in- terpretation of the inland water Srelght rates act. must | nt | 15 develop- | rd Yokohama price | NCIAL. THE EVENING STAR, WASHINGTON, D. C, NEW YORK CURB MARKET Recelved by Private’ Wire SRNAN. W YORK, October 20.—The prin- cipal price changes on the curb today were upward. There was quite a revival in the new Hartman Corporation stock, ac- companying an advance in the old shares on the stock exchange, The new stock had closed Friday at 39%. Some large blocks were taken around 40, after which the rise was rapid. It was part of the general campalgn at has been going on in the sha comtpanies doing a large retafl {business. Hartman's Jatest figures, which were for September, showed only a small increase over the month NEW YORK, October 20.—Fol'owing Is #n official list of bonds and stocks traded in on the New York Curb Mar- ket today : BONDS. Close. o 03 10014 1019, Low. o 03 1004 1013 wad | 02 | y B LT | o 8% | B ) 115 947 A 5 101% S01g e Jetroit City Federal Sucar Fisher Tody 1 Gulf ot of P Fam Cit P & L Lehigh Pawer (% & Serv of N J % Paw 6 Argen s w i an Gost 6s .. ovt By ofs Vet Co 1 Ol & Inter'l i irle P L Solar Refin S0 Ind WS 0N Y new 0 Vacaum Oil Sales INDEPENDENT in hundreds, 13 Cariby OIL STOCKS. Synd Service pfd erv serip ¢ Synd 0 & R W « Tot o1 w il Kanger. . I st Kerstone Mex il Mo 0 141 14 PEs 60 fs ow i & Grs.. aver il 0il & Hrad 101 114 R o Power & Lt ofs dop & Rtadin Fitm t Mach illette. & 1 asonite Z i & Mann R R 4 Dust Hartman Hudsou_( Rabiwr Krosge . 5 Mesabi Tron ...... petti Candy Motors 8o C & I mew 1l Stud Wulft Rub 'Co Swift Int L.oooo... Swift & Co 2 Tob. 2 Washington Stock Exchange. SALES, Potomac Elec. g. & ref. 75s—$§100 at 108. AFTER CALL. Washington Rwy. & El com.—10 at 08’ Capital Traction 5s—$500 at 951, 108t 60, 100 at 6, 10 at 8. BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. & Telgn. 4s.. rican Tel. & Telga. 4%s. Tel. & Tel. Am Tel. & Tel. Anncostin and Pot Auacostia & Potomac G & P. Tel. Gb..... z Telephone of V. jun K. K. O8....... Bid. Asked. A 9; Grgelows Gas 1st tropolitan R. I, Potomae Elee. ist 5 Potomue Elec. con Potomac b, € Potomuc Elec, 65 1008, 0000 Pot. Elee. Pow. g m. & rof. 7a. L., Alex. & Mt. Ver. b h, Alex. & Mt Ver. Wasb., Bualt. & Annap. 5 Washiigton Gas 9s... Washiugton Gas 0 Wash. Kwy. Wash, Rwy. & Elec. g m. 8., MISCELLANEOUS. D. C. Paper Mfg. 65.. | Riges Realty o Ulong). Riges Kealty 8 (shorty. B Security Storage & Safe Dep. 8s. Wash. Mkt. Cold Storage Wardman Park Hotel Gs. . STOCKS. PUBLIC UTILITY. Wmeriean Tel. & Telga......... 123 Capitai Traction... Washington Gas.. Norfolk & Wash, Stea Wash, Rwy. & E Wash. K Termiual Taxi com... NATIONAL BANKS, Second National Bank of Washington. TRUST COMPANY. American Security & Trust. Continental Trust.... | Merchants’ Bank.. Natlouul Savings and Trusl Tnlon Trust... Wash, Loan aud Trus SAVINGS BANK. Commerce and Savings. Washington. Washington FIRE INSURANCE, Amerfcan ..o ‘200 Corcoran Firemen's National Union. TITLE INSURANCE, Columbta_Title... Real Estate Title.. 1o MISCELLANEOUS, Columbla Graphophione com, Columbin Graphophone pfa.. D. L. Paper pfd. AT Meichants’ Transfer & Storag Mergenthaler Linotspe... 0ld Dutch Market com. 0ld Dutch Market pfd Lunston Monotype. Security Storage. Washington Market. Yellow Cab..... *Ex dividend, Direct to The Star Office last year, but for the nine months the total sales were over $13,000,000, us against $9,700.000 in 1922 Park & Tilford was bid up to 313, again. Swift International at 1713 compared with 181 the previous day. There was not much change in Standard Oil of Indiana, although there was a fairly large turnover. Humble Ofl ran up across 34, a gain of over a point and a half as com- pared with Friday's low. Prairig Ol and Gas was fairly active in sgmall [lots between 167 and 168. The litte campalgn in Gulf States Oil and Ite- fining appeared to be.over. A lot of stock had been taken early in the |week around 6. The price was then |bld up to 7. Since there has been {heavy realizing, the stock getting down to 6%. 1% 11 Uty Pive w i ’ 5 3 Tuiv Plp: pfd w L 1 Wayne Con e 2 Weitern Power..... MINING, 9 Alaska Brit-Colo .. 20 Arizona Globe Cop 10 Belcher Divide .. 24 Canarlo Copper .. ndelnrin Sin ... tes Silver . wn Reserve | ‘rown King 5 Dolores Zureka Crocsus | una Mines . jdfield Deep Mi dfield Florence. . 50 Gold Zone 50 Hardshell Min 2220 i 10 X 10 N i Comy Ied Hill Tior Rex Cons Sallds Mines lver Hor ... 8ilv King Div “Mas Speariend Gold . tewart Mines . 1 Success Mines ..., 20 Sutherland Dey Mis 2 Teck Hugles & Tonopahy Extens 1 Tonopah Min . 40 7Tl Bullion . 10 Tolumne 1 United Eastern .. 1 United Verde Ext. 10 U8 Contl new w 1 Unity Gold .. 34 Wenden Copper - 3 West End Consol. vada .| HUMBLE OIL JOINS iN PRICE CUTTING By the Associated Press. HOUSTON, Tex., Octoker 20.—The Humble 01l and Refining Company to- day cut the price of Ranger and Burkburnett crude 20 cents a barrel The new prices are: Below 30 grav- on all grades except the lowest. ity, 90 cents, no change; 30 to vity, 90 cents: 33 to 35 gravity, |51; 36 to 38 gravity, $1.15; 39 gravity jand above, $1.30. The reduction was > imade, it is announced, to meet prices ! quoted by the compantes. |WOOL MARKET HOLDS UP. Texas and Magnolia | | England and Cenada Are Now Chief Buyers. Special Dispateh to The Star. BOSTON, October 20—Some im- rovement was reported in Montevi- cos in the raw wool market today, cales having been made at 34 to 35 cents a pound in the grease, aguinst and 32 cents a short tlme ago. are selling more freely and ills are also taking fairly substan- quantities of low-grade wool {The demana from abroad continues; {Wwith England and Canada as the {principal customers. {ton Friday were 861 bags of domestic. D it RATE BOOST REFUSED. The Union Stockyards Company was {refused permission by the Interstate {Commerce Commission today to in- crease from $1 to §2 per car i charges for unloading double-d |live stock cars at the Chicago pack- ing center. The $1 charge was held by | the commission to be still reasonable | in spite of increased labor costs. PR — GOODYEAR CUTS PRICES. NEW YORK, October 20.—The oodyear Tire and Rubber Company ihas reduced prices on large sized cord tires 5% to 15 per cent, and in- sreased prices on Ford sizes. T | cash discount basis has been reduced. | The readjustment mects the level es- | tablished by Firestone and United | States Rubber. | e i FOREIGN EXCHANGE. | October 20, 1923—12:13 pm. | (Quotations furnished by W. B. Hitbs & Co.) | Nominal Selling checks, 1 London. pound . Montreal, deliar is, frane sxels, drachma a fenna, Crown. Tudapest, crown.... Prague, crown..... Warsaw, mark ‘opeuhagen, crown . Christiania, erown Stockliolm, crown . By the Assoclated Press, NEW YORK. October 20.—Foreign exchanges easy; quotations (In United States dollars, Great Britain—De- mand, 4.50%; cables, 4.51; sixty-day bills ‘on banks, 4.48%. France—De- mand, .0589%; cables, .0590. Italy— Demand, .0448% ; cables, .0450%. Bel- gium—Demand, .0510; cables, .0510%. Germany—Demand, .000000000066; ca- | bles, .000000000065. Hol!land—Demand, (.3905: cables, .3910 Norway—Demand, 1540, Sweden—Demand, .2629. Den- mark—Demand, .1745. Switzerland— Demand, .1783. Spain—Demand, .1342. Greece—Demand, .0166. Poland—De. mand, .000001%. Czechoslovakia—De. imand, ~ .0298. Jugosiavia—Demand, 1.0120. Austria—Demand, .000014. Ru- mania—Demand, .0047%. = Argentine— Demand, .8240. Brazil—Demand, .0960. Montreal, .98%. —_— CHICAGO STOCK MARKET. CHICAGO, October 20.—Following is a report of today's sales, high, low and clcsing quotations at the Chicago Stock Exchange : Sales. High. 10 59 Low. Close. Armour of Del pfd.. Com’wealth Edison. Gill Mtg. Mid West 1 Standard Ga - 100 1088 100 . 118% 118 118% ‘'otal sales, 26,000 BOSTON STOCK. MARKET. BOSTON, October 20.—Following Is a list of today's highest, lowest and clos- ing prices for the most active stocks dealt in here: High. Low. Close. Amerioan Tel & Tel, .... 1285 123% 128 Amoskeag, . 74 Tah T ‘Arizona oo 9 9 9 oston & Albany | Boston & Maiwe . Calumet & Heela ", ‘opper Range . East Butte . Tsland Creek prd.... Mnss Gas .. Magflower 0 C. Michigan .......l0000 i Mohawk .01110 National Leather New Cornelfa North Butte . Shoe Machinery’ Shoe Mach pfd .. Superior & Hoston . Swift & Co Swift Internat U'S Smelt ptd Yentura Qi Waltham W 80 6% Receipts at Bos- | WIENTSELLSOF ONRUSSSHOVE Re-Entrance Into Export Trade Weakens Prices Here. | By the Assoctatea Press, | CHICAGO, October 20.—Re-entrance lof Russia into wheat export trade on ia large scale has had a depressing effcet this week on the wheat market here. as has talk of probable in- creased imports of Canadlan wheat. Compared with'a week ago, wheat this morning showed 3% to 4% drop, corn was at a range varying from 2% decline to 1% galn, oats, 1% to 1% down, and provisions, 22 lower to an advance of 2. Except for a translent rally brought about by news that President Cool- idige had suggesied a reduction of railroad froight charges on export wheat, the course of wheat velues throughout the week was almost uni- formly down grade, Bearish senti- ment was given impetus by word that the Canadien government had con- firmed previous estimates of a yield this scason 70,000,000 bushels in ex- 5 anada’s 1922 crop. In addi- tion, weakening of corn tended jur-| ther to disturb the confidence of the heat bulls. ications that low prices on hogs high prices on corn were dimin- iwhinz the feeding demand for corn | had much 1o do with setbacks in the of that cereal. Outs reflected | actlon of other grain Provisions were in good request, and for the most part held steady. WEEK SEES STOCKS . AT NEW 1923 LOWS Rubbers and Leathers Extra Weak. Railroad Shares Also Go Lower. the Associated Press, NEW YORK, October 20.—Specu- lative uncertainty over the business outlook was reflected in the irregular and confusing movements of stock prices this weelk. Speculators for the decline succeeded in uncovering a number of weak spots, particularly among the rubbers, leathers and speclalties, but they failed to break the usual leaders. Most of the rubber stocks fell ta new low records for the| vear and leathers lost ground because of un- favorable trade conditions. Steel shares held relatively steady. reports of lessened production being offset hy the larger inquirles from rallroad equipment manufacturers nd shipping shares strengthened on the bellef that the proposed reduc- tlon in export rates on grain would result in increased busin The statement of Presid idge that he favored lower rates on graln for export about rather heavy llquidation northwestern l'arrhvr«‘ several which touched new 1923 lows. Ce iderable interest w aroused b the public offering of an addi- tional issue of preferred stock of the “Nickel Plate” railroad, the first of its kind in many months CREDIT PLAN PROPOSED TO AID WEEVIL FIGHT | Special Dispatch to The Star. ATLANTA, October 20.—The most drastic step vet taken in the war on Ithe boll weevil is the proposal of the ISouthern Fertilizer Association to [withhold credits from planters who do not use enough boll weevil po to mssure making a crop next | Bankers and supply men have been urged to adopt a similar policy. The Fertilizer men agreed that supplies of inscct destroyers should be supplied farmers at reasonable cost. $3,000,000 IN CASH PAID FOR OIL WELLS By the Assoclated Press. TULSA, Okla., October 20.—The Dixie ©Oil Compan: mldrunlk:nen( cubsidiary of the Standard Ofl Com- pany of Indiana, today pald $3,000,000 in cash for wells and propert: in the Wewoka pool in central Oklahoma, comprising finprnximulvly one-fifth of the physical assets of the Okla- homa Oil Company. . H. Smith of Philadelphia is ad of the Okla- Caol- freight brought )t the of it WORKERS RETURN SOUTH. Many Colored Men Are Giving Up Jobs in Detroit. Special Dispateh to The Star. DETROIT, October 20 ~—~The em- ployment report here this week shows X drop of forty-nine men, as com- pared last week with the total em- ploved, estimated at 321,000. There has beén a large exodus of negroes to the south in the last three weeks and an influx of workmen from other Cittes. The manager of the employ- SATURDAY, OCTOBER 20, 1923.. "|Saner View Taken of Business During Week in Wall Street Caution Still Prevai ls in Buying—Lower Prices Due to Competition—W eak Stocks Drop to Lower Levels. BY STUART P. WEST. Spectal Dispateh to The Star. NEW _YORK, October 20.—Wall street has made progress this week toward a saner View of the business and financial outlook. It has begun to get rid of the in- discriminate pessimism in which It was Indulging, and to recognize that unfavorable conditions which exist in certain industries do not apply to the situation as a whole. The markets have felt the effect of this change. Stocks of companfes in an unsatis- factory business position have con- tinued their downward adjustment without preventing others more for- tunately situated from moving up. Where, as with the steels and rallway equipments, the trade prospect is more uncertain, the related stocks have been doing little more than standing still. Buxiness Proceeds Cautionsly, This {s quite as it should be in a rket which is gradually resuming, an interval of unreason, its normal function of interpreting out- | Production has out- | in | side run ¢ oil, in shoes cline to unprofit »nditions. nsumption in certain lines automobile ti In boots and -with resulting de- hle or losing prices. But there has been no general ex- ce The business community has not ‘recovered from its bitter lesson of three years ago. It is going to an extreme of caution in buying only for immediate requirements, in refus- ing to load up with goods which later on it might find itself unable to sell at a profit. No Big Surplus Production. But while this gives rise to an atmosphere of more or less uncertain- ty., It Is not a sign of weakness. Merely supplying the current demand and ot counting much on forward orders, means a very wholesome busi- ness volume as all the accepted data B0 to show. Morecver, inasmuch as there is—with the exceptions noted— no big surplus production to work off. there is nothing to suggest the movement being interrupted. The check, if it were to come, would come from " the outside—from jll-advised agitation in Congress, or because business men got it into their heads that there was danger of a radlcal program winning out in presidential campalgn. Higher Costs Not Detrimental. Just as the relation of consumption to output differs widely as betwe individual industries, so does the problem of high labor costs. The re- tail trade has been able to absorb these Increased expenses without dif- fleulty, compensating ftself by adva ing prices, but not enough to be felt In the manufacturing centers wages have risen more than the things which the wage earner has to buy. In the rricultural «ections, outside the wheat territory, the same thing is true. The rise in farm s has out- stripped the rise in which the farmer needs. farmers' buying power is therefore larger than it was a veur ago. T sons why trade higher costs have been no deter- rent. It has been ecasy to pass them on to the publi Competition Forees Prices Down. Where there has been an overpro- duction it has been impossible to make good higher pay rolls by raising prices. On the contrary, a: <een it in the ofl and tire industries, the competition brought about by the excessive output has rapidly forced rices down. There are other in- stances where there has been an ap- parent overproduction and vet considerable increase in wage Sched ules where the result of the attempt to make the consumerg stand the ex- EARNINGS IMMENSE ROADS STILL PO Many Railroad Shareholders Are Not Getting Penny on Their Investments. By the Associated Press. NEW YORK, October 20.—The stteam of dollars pouring into the gross earn- ings coffers of American railroads since the beginning of 1923 will total $6,000.- 000,000 by December 31, rge H. In- galls, vice president of the New York Central lines, told the Brooklyn Cham- ber of Commerce Traffic Club last night. Although this represents a record for gross receipts, said Mr. Ingalls, ex- penses of operation have been so high that the average net return on railroad ocks will not exceed 8.97 per cent ‘and some of the million holders of rail- road shares will not receive a penn; for their investments. ent department of one large factory T gotimates that two men have Jeft jobs for each one which has come in. COMMODITY NEWS WIRED STAR FROM ENTIRE QGUNTRY PHILADELPHIA, October 20.—In the sole leather market, scoured oak backs are selling at 48 to G0 cents a pound for tannery run. Inquiries from Great Britain for offal are in- creasing: Belting butts are quoted on a basis of 66 cents for No. 1. KANSAS CITY, October 20.—Hosiery and underwear sales by Kansas City Wholesalers are running 66 per cent above last year. One dealer reported today that average sales to country retallers averaged $421. DETROIT, October 20.—The bean acreage In Michigan this year was { 668,000 and the yield is estimated at eleven buShels an acre. At present price levels growers will receive nearly $25,000,000. STON, October 20.—Boston coal deggru have been called upon by the special coal investigating committee here to explain their attitude with regard to the two recent advances in anthracite, totaling $1 a ton. ST. PAUL, October 20.—No further reductions in the price of gasoline in the twin cities are likely, accord- ing to dealers, despite the fact that prices have been cut as low as 10% "| eents a gallon in Nebraska. The scale here 1s 14.9 at filling stations and 12.9 tank wagon for low grades, with top grades as high as 23 cents. PORTLAND, Ore, October 20.—Al- though dealings in apples have im- proved, the demand is not large enough to take care of the enormous tonnage now being thrown upon the market. Bulk of sales for C grade apples aré being made at about §1 a box. ST. LOUIS, October 20.—Calhoun county cider apples are going beg- ging at 16 cents a hundred pounds. Large quantities are being left to rot, “Those billions, rolling into railroad tills in never-ending streams do not linger long enough for the treasurer to | give them one fond caress,” he con- tinued. “Nearly half will go to pay wages. Most of the rest will pay for coal and steel and other products that would_take a half day to enumerate. The New York Central will pay out $1.54 in taxes for every dollar paid in dividends. After some years in which the rail- roads have been in a bad state, they have so far recovered that in 1528 *‘the greatest volume of traffic ever trans- ported since Adam and Eve hitched up to move out of the Garden of Eden has been hauled from the place where it was to the place where it was wanted,” he said, BUTTER PRICES FIRM DURING PAST WEEK Foreign Arrivals Were From Argentina, Norway and From Canada. By the Associated Press. CHICAGO, October 20.—An almost steady price level was maintained by the butter market during the week, a characterfstic condition of this time of the vear. Operators seeking in- formation on the next few months are considering reports of décreases in the make for the past few weeks' and the possibility of imports late this year from Denmark and from New Zealand early in 1924, Foreign arrivals during the week at New York Included 2,300 boxes of Argentine, 174 seventv-pound casks of Norweglan dairy and some cars of Canadian. Range and.closing price, wholesale, ninety-two-score butter, at the four principal markets were: Chicago, % higher at 47; New York, % higher at 48; Boston, % higher at 43; Phila- deiphia, % higher at 49. —_— Horses, giraffes and ostriches have the largest eves of land animals and cuttlefish of sea creatures. next year's | exe are the rea- | in the general distributive | s we have | tra charge, still remains in doubt. Coal is one of these cases and steel is another. 1In the steel trade two in- teresting disclosures which bear upon this question were made during the week, One was the Republic Iron and Steel report, showing that despite the in- crease in wages and the change from the twelve to the eight hour work- ing day, net eardings were larger in the third quarter than in the first | The other is that the largest cus | tomers of the steel mills—the rai! roads—have broken the deadlock { They have ceased to hold off for Jow- er prices and have entered the mar- ket to do business for 1924. Predictions About Germany. With the unfolding of the German erisis, predictions and theories which were popular six months ago are be- ing upset. The currency system has gone completely to pleces and yet haus not brought about the industrial “col- {lapse" which has been the favorite theme of statesmen and economfists Political and economic affairs have reached the danger state, the stage !of inciptent revolution, and there a {no signs of the “repercussion” proph- {esicd for the rest of the world., It took 1,700 marks a year ago to mak up q dollar. This last high as ten spite this it has taken marks. Yet de shrinkage the st monthly fleures show o de- I crease of only $3,000,000 in a total of $26,000,000 rman purchases from the United States. Germany Stiil Has Buying Power, : The essential point Is that Ger- many has kept on working, and o long as & country does this there can be no question of breakdown. Ger- man_industries have suffered enor- mously by the seizure of the Ruhr. Still they have been able to produce an ample surplus for export. Ger- man shipments to the United States, according to the last monthly state- ment, were $3,000,000 larger than in the corresponding month & year ago, and $6,000,000 or not far from 100 per cent larger than two vears ago. This explains why Germany, despite all its handicaps, Is able to preserve a buying power in the foreign mar- kets. werk billion | appaling EQUITABLE| Co-Operative Building Association Organized 1879 4%a YEAR COMPLETED Assets .. ceeee.. 84,750,763 Surplus .81.207331 Profit By the Opportunity i to Save I =1n times of prosperity 1t 16 wise to Ias aside part of your income ax an emergency fand. or o be able to grasp iJY crortunities "that wmay” be " presented 1] ieer. i Subscription for th: i 85th Issue of Stock Being Recelved ill Shares, $2.50 Per Month EQUITABLE BUILDING ‘ 915 F St. N.W. '] JOHN JOY EDSON. President |]| FRANK P. REESIDE, Seer. Money to Loan i ANY AMOUNT 1 Rensonable Charges om Trade Acceptsnces, ! Warehouse Recelpt: ] Manufacturers' Accounts, i e S Mortgages Approved Col- lateral. American Finance Corporation Commercial Natioual Bank Bldg. or i e HAVE OTFR 1% DENOMI. { nations of $100 and upward. cllefly secured ) in moder be Teadi { eneed. These notes are conservatively I bear intcrest at 6, 83 and ann 1" Prow explain. fully | now or later LOUIS P, SHOE 1470 New York Ave. N.W Estabished 1874 ARNOLD ARD COMPANY INCORPORATED. ! Capital, $1,000,000 00 Real Estate First Mortgage Investments | 1416 Eye Street N.W. Phone Main 2434 urchasers will find us ready to whetler they wish to invest AKER, Main 1168, . Money to Loan Securet by first deed of trust on re | Prevalling interest and commission. {Joseph T. Weller £0¥eph 1, & Tron HAVE ON HAND IN DENOMINATIONS OF $100 Up to $5,000 A Limited Amount of Very Choice First Mortgage Notes An Opportunity to Get the Only Absolutely Safe Form of Investment Yielding the Maximum Rate of Interest Funl particulars apply Mr. ©O'Donmell Loan Dept., M. CHAS. D. SAGER 924 14th St. N.W., First Mortgage Loans Lowest Rates of Interest and Commission. Prompt Action | Th J. Fisher & Co L o= g g o £ g = £ 2 EE < 2 iw Capital One Million Dollars 14th & H Streets P L S HiZEye St. N.W. FINANCIAT. ‘We want you to open an mocount with us. It ncod only be $1.00. For our Depositors we nogotiate through the Commercial Loan and Finance Corperation. $50.00 LOANS on household furniture or rea: estate at 8 per cent per yvear, Certificates of title, where noces- sary, are obtainable at very reason. able’ expense. BENEFICIAL BUILDING AND LOAN ASSN. 2213 14th St. N.W.,, near Fla, Ave, First Mortgage Loans FOR SALE In Convenient Amounts at 61,9, interest Secured on Improved Properties JAMES F. SHEA 643 Louisiana Ave. N.W. BRRRR In Established 1889 Convenient Denominations For Investors Interest 6v2% —___J The Established Safety Of Our Mortgages URING wars, panics and depressions, as well as in periods of prosperity, thou- sands of investors have found the First Mort- gage Notes of Swartzell, Rheem & Hensey Company both safe and profitable. Of the thousands of first mortgage real estate invest- ments offered by this Company, there has not been the loss of one dollar of principal or in- terest to a single investor. These Notes are available in denominations of $100 to $100,000, and may be purchased either for cash or through our plan of SYSTEM SAVING. Our Officers Will Be Glad To Confer With You Swartzell, Rheem & Hensey Co., 727 15th Street NNW. 54 Years Without Loss to an Investor MONEY ON FIRST TO LOAN MORTGAGES AT CURRENT RATES OF Randal H Hagner & G 2207 Gnnecticat (Bense THIS IS THE SIGN OF & 64% without one minute 713 14th St N.W. SHANNON & LUCHS ervice oyalty Service for every patron and unquestioned Loyalty to the highest ethies of The National and Local Real Estate Boards, of which we are members. Let us show you how to make your money earn ’S WOTTy over prompt payment of interest and principal when due. Such investments are secured by first liens upon local real estate of proven value where safety against depreciation is assured. Mortgage Department Assuring painstaking