Evening Star Newspaper, October 26, 1923, Page 31

FIVE-GENT CIGARS “ PUZZLING MAKERS ‘Cost of Materials and Labor Prevents Attaining of Pre- War Standard. e BY J. C. ROYLE, Spectal Dispatch to The Star. NEW . YORK, October: 26.—Cligar- makers ‘still are striving to turn out what Thomas Riley Marshall said this country needed—"a good five-cent cigar.” They admit, however, that the task Is not as easy as in former years. Millions of five-cent clgars are still being manufactured, bought, smoked and enjoyed, but they are not the “goasl- five-cent clgar” of before the war. : Manufacturers declare many of the present-day -products are similar in quality and price and that they smoke as well, but they admit they do not possess all of the characteristics of cigars of pre-war years, including shape.and size. Higher prices of to- bacco boxes and other materials, in- creased costs of labor and higher rev- enue taxes, they say, have made a duplicate ofthe old-time product im- possible. Demand for Cheap Cigar. “There undoubtedly is a demand for A five-cent cigar of good quality,” S. E. Robertson of the cigar department of the United Cigar Stores said today. Large manufacturers, by cutting off every possible expense, have been able 0 produce almost the equal of the old- time product. The five-cent cigar of Dre-war years was a handmade, long- filler, Sumatra-wrapper shaped cigar of #o0d'size. To meet the demand under new conditions, manufacturers have tad to adopt various expedients. Some have turned out a short-filler clgar composed of Havana clippings from the more expensive brands. Others, using the long filler, have cut down the size or, changed the shape. ‘Many of the present-day five-cent clgars are made in the ‘laundry’ or perfectly stralght shape, the same size from tip to tip, with one end rounded. Cigarmakers are paid far higher wages than formerly, but they do not now receive vo much’ for ma ing the ‘laundry’ or ‘b shkpes as for the cigars with a graceful bulge beneath the band. Still other five-cent brands are frankly machine made. Labor 'in Manila and Porto Rico Is cheaper. than in the United States, and many of the five-cent clgars now are manufactured in those localitic Profit Margin Small. “I ¢an speak only for our own com- pany, which markets its cigars direct to the consumer, but we are selling our five-cent cigars on the narrow- est possible margin of profit. We feel that we can glve customers as 800d a cigar as they recelved for a nickel in the old days. How those dealers manage who have a jobber's profit added to other costs I am un- able to say.” “There Is'no doubt that the words of the former Vice President have had & ver$ important eficet on the tobaceo trade.” said . A rrison, manager of the General r Company of Philadelphla. “Unquestionably there is a demand for a low-priced cigar of good quality “I am satisfied the five-cent cigar has come back to stay. Scrap tobacco will enable the smaller manufacturer to continue production of short-filler types and an increased output, stim- ulated by advertising, will make it possible for the large producers to maintain quality. We are doing busl- ness on our five-cent cigar, howeve on the smallest margin of profit w have ever recelved.” SHORTAGE IN RENTS AT $60 PER MONTH | ‘Workingmen’s Houses Cost Too Much in Cleveland, Build- er Declares. Bpeelal Dispatch to The Star. CLEVELAND, October 26.—A short- age of hoy and apartments to rent up to $60 a month, a slightly smaller shortage of places renting between $60 and $100 and an oversupply of higher a priced a for this city this winter. The residences und dpartment houses built this year cost more money and accommodated more persons than in any year since 1916, and {f this rate continues, the shortage could be wiped out by 1426, Experts asscrt, however, that unless bullding costs decline it is doubtful it there ever will be enough quarters rent. ing at $50 & month and less. The ap- praiser of a large mortgage company declared today it was impossible to build a two-family house for less than $10,000, and that with the price of the lot added, such houses could not be rented at $50 & month for each family, A prominent builder stated a good five-room single house could not be erected for Jess than $5,000. “We have quit trying to build workingmen's houses,” he added. “It's hopeless.” GREAT LAKES GRAIN WAR FINALLY ENDS By the Assoclated Press. CLEVELAND, Ohio, October 2 An’ agreement under which American vessels will carry grain {rom .the Canadian head of the lakes was reached here at a conference between United States lake xteamship man- agers and Chalrman Leslie Boyd and Commissioner N. Snow of the Cana- dian grain hoord. The agreement. provides that the filing of charters or contracts for space by the shippers before loading will be sufiicient, and it will not be necessary for the vesscl owners or managers to flle tarifis. The agreement, according fo local vesselmen, brings to an end a contro- versy which has existed several weeks since the Canadlan grain rates @ot became effective. WOOL DEMAND FAIR. Market Has Gained Headway Dur- ing Past Week. BOSTON, October 26.—The Commer- cial Bulletin will say tomorrow: “The demand for wool has con- tinued of fair proportions during the past week and sufficlent headway has been gained to keep the market steady at last quotations. The goods market is etill ‘moving along in somewhat: uncertain manner, but re- cently a few fair sized sales of worsted yarns are reported. Little v is reported from the west. London opened rather stronger than expected and has maintained its opening pace. The sales in the pri- mary markets indicate no easing in values, England being strong for the cross-bred _offerings and the conti nent keen for merinos. Exports have been falrly heavy this week.” FIRM REPORTS DEFICIT, NEW YORK, October 26.—The ‘American _Cotton Oil Company re- ported a deficit of $5,717,609 for its fiscal year ended August 31, 1923, ac- cording to the corporation’s aunual report. Referring to the company's policy of curtailing the cotton seed| ofl end, President George K. Morrow sajd the corporation had decided to concentrate_on _soap and washing powder products. This policy was adopted, hé said, because of the un- satisfactory conditions which had pre- vailed in the cotton seed- industry aince the war. mmodations ure in prospect | al NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. NEW YORK, October 26.—Realizing sales had their effect in the curb deal- ings today upon recent leaders in the industrial section, such as Park & Tilford, Hartman Corporation new and Chicago Nippie. For the first time estimates were given out regarding operations of Park & Tilford under the new man- agement. Between Augustland Jan- uary 1 it was reckoned that earnings would amount to $500,000. This would be at the rate of $1 a month or $12 a vear. These calculations showed that the dividend talk which ‘was re- sponsible for the rise from around 25 to around 35 was well founded 8o far | as current operations were concerned. It {s doubtful, however,- that divi- dends will be begun until the remain- ing $200,000 bank loans are pald off. Hartman stock was off nearly two points from its high, having appar- ently dlscotnted the favorable earn- ings report. For the six months émied June 30 net income was equal to nearly $10 a share on the old stock which would mean nearly $5 a share on the new, The rise in Chicago Nipple from around 37 to 42 likewlse seemed to have exhausted the good effect of the publlcity given to the fact that the company is earning its $3 divi- dend nearly three times over. Oil shares moved with a great deal of uncertainty. They were higher early and lower in the afternoon. In the fluctuations they were merely fol- lowing the general price movement. Little interest was taken in the trad- ing in Standard O11 of Indiana, Stand- ard of New York at 403% was off over two points from Its recent high. Humble 01l so0ld above 37 for the first time, where it was up mnearly five points within a week, but it, too, came down in the later trading. There was a slightly better demand for the radio stocks and Hudson Com- pany preferred made a new high for the present movement at 18. NEW YORK, October 26.—Following s an_offictal fist of bonds and stocks traded in on the New York Curb Mar- ket today: thonsands. 1 Allied Packe & Alum 55 5 Am Cot 0N 64 Amer Light & 0000 Am’ Roiling Milla 65 Am T & T 63 'M... Amer Thread Co 8. Anaconda os . Anglo-Amer 0il 4 Asso Sim Hdw 6w AU G & W IS8 bs Beaverboard 8s . Betn Steel 7s '35, Charcoal Co Am 5s. Cit Serv 78 Cit Serv 73 1. Deere & (o 74, Detrolt Clty Gas 6s 6% 99 Dunlop T & Rub 7s. 8215 Federal Sugar 6 ‘&8 8715 Fisher Body 6 Fisher Hody 6a r, Robect Ts. High, Low. Aol 68k, 2l 102% 1088 2:18. e 8s . t Cop 7x.. Manitoba Power 7 Maracaibo 011 7s Morris & Co 7% Ph El 533y Pub Serv N Pub Sery oNay 1003, 1005 [ Vacuum 0if v o Ot FOREIGN BONDS, vt of Argen By wi G0N King of Nether 65.. wats Mexican Govt s 10 17 lo Am 01l ... Atlantic Lobos . Buckeye P L © Chesebrough Mrz .. Gal Sig Ofl .7, Hum Ol & Re new Imp Oil of Can .. Inter'l Pet Co Ltd Magnolia Pet ... 1 143 8 3 B 60 Northern I onio_0il L new South Penn 12400 8 0 Ind 100 2800 00 10 Sales in bundreds, 2 Ark Nat @ 2 Brit-C < Cities Service . 5 Cities_Service P $6,000 Cit 29 Creole Syndicate 1 Dethy 0 & Rw o 10 Hudson Ol . 1 Humpbress Oif 40 Keystone Rung, 1 Kirby Pet 109 Guif States 0 3 Marland 39 Mex OIL 3 Mount Prod . 108 Mutual 01 vot cfs Washington Stock Exchange. SALES. tcp-,w,xm Traction 55—$1,000 at 94, $1,000 Chesapeake & Potomac Tel. 5s—$1,000 96, $3,000 at 96 Potomac Electric cons. 55—$1,000 at 971 Washiogton Rwy. & Flec. ptd.—10 at Ti. Washington Gas Light—7 at 48%, 10 at 48, 10 at 48, 10 at 48, 10 at 48%,. { AFTER CALL. ca tton_Co. at 993, Ruy. & Elec. pfd Poton cons. 5%—$1.000 at $1000 at 973, $1.000 at 97%, $1,000 at Potomac Elec. dob, #s—32,500 at 99 Washington Gas 63 '33—$100 at 1003, $1,000 at 100%. Mozey—Call 10ans, § aud 6 per cent. BONDS. Bid and Asked Prices. PUBLIO UTILITY. 4s.. 4 hington 10 at Asked. American Tel. & Tel 3 American Tel. & Telg Am. Tel. & Tel. ctl { American Tel. & T ‘Anacostia & Potom: Anacostia & Potoms ©C. & P. Tel. 5s.. ¢! & P. Telephone of Va. Gs. Capital Traction R. R. O ity & Suburbun by { Potomac Elec. | Potomac Ele: 5. Potomac Elec. s 1853, Pot. Elec. Pow. g m. & ref. Wash,, Alex. & Mt. Ver. G Wash,, Alex. & Mi. Ver. cife.. sh., Bal. & Annap. O Washington Gas 5 Washington Gas 6e. Wash. Rwy. & Elec. 4s. Wash, Ry. & Elec. g m. 0s. MISCELLANEOUS. . Mkt. Cold Storage Wardian Park Hotel os. STOCKS. PUBLIC UTILITY. American_Tel. & Telg Capitul Tractio; ‘Washington i Norfolk & Wash, Wash, Rwy. & Elec. com Wash. Rwy. & Elec. ptd. Capital Columbia Commercial 548 TRUST COMPANY. o Security & Trust.. foas | Amer: = | Contines! | Merchas Natio Union Wash. Skt & 5 !T;l“r: & Trust... SAVINGS BANK. ce and Bavings..... | Commercs, ot eon. Security Savisgs and Co Seventh -Street. United States..... ‘Washiogton Mechanics’ FIRE INSURANCE. 5 8 American Columbla Title. o atate Title. MISCELLANEOUS, e VET dividend. ew Brad Ofl w i, ew Mex Land oble Ol & Gas Y oil . 7 Omar Ol & 1 Pennock Ol . 4 Salt Creek Cons 1 Salt Creek Prod ... 51 Sapulpa Refin 2 Ravoy Ofl . 47 Seaboard Oii 118 Hou States Oil. 44 a5y 01 K Y l‘l"t fein 1 ih 15 A4 3 at) 2 Turman Ol . 9 Wilcox Oll & Gas.. INDUSTRIALS. 2 AmHawallan § S. 2 Archer Dan Midland 10 B'chnut Pkg new wi 4 Bridgept Mach w 1.. Brit-Am Tob Cou. . Budd Buds .. Light S Chic Nip new w { Candy Prod w i.... Chi Nip B Tt 0 wi Dubilier ¢ & Ri Durant Mot .. Ford Motor. Co fllette B R 3 Glen Alden Co Gleusonite Prod . Goodyear Tire... Gold Dust_Corp. Hartm Corp new wi Hud & Mann R R. Hudson Co pfd. Intl Contl Rubber. Intl Carbon new. Intl Concrete Corp. Lehigh Val Coal... Motor Prod A..... Motor Prod new w 1 o Pr pfd new w i at Leatier . Y Telep Co ptl. ark & Thiford Peerless Motor . Kadlo Corp ... Radio Corp pfd . Repett! Cundy . Reo Motor ....... 8o C & I new ... Calif Edison ard Motor . Btudebaker W I Co, 3 Stutz Motor . Swift & Co Tob Prod Expts Todd Ship ... United Prof 8h new Unit Retail Candy Waring Hat Mfg Yellow Taxi Cp N MINING. Tead Zioe Smt tin Tungsten er Extans . Boston Moot Cory.. Rutte N Y...... Canario Copper ... Am Mt Am e Forty-nine Mines. Goldfleld Deep. Min Goldeld Florence. Hollinger Homestake. Howe Sound Independence Kerr Luke Mason Valley Marah Mines Metals Prod ational Tin . Cornelin Y Porcapine ew Wonder Mine Nipissing Ray Hercules io. Red Hill Florence. Iver Horn Mine. . Silver King Div Mia Silver Pick 10 Stlversmith Mincs 10 Stand Silver Lead 10 Simon Silver ... 8 80 Am Gold & P. 60 Rpearhead Gold ¢ 40 Sutberland Dev Min 1 Teck Hughes 4 Tono Belmont . 10 Tonopah Divide .. 1 Tonovah ited Verde 10 U S Contin new w i . Loty Gold .. Cenden Copper . 10 West Utal 4 Yukon ¢old SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) American Sugar G 1687. : American Tel. & Tel. 64 1924... ‘American Tel. & Tel. s 192: ‘Anaconda Copper s 1929....0 Anglo-American OIl Tigs 1623.. Cenadian Northern Gigs 1924... 1 Central Argentine Rwy. Gs 1927 Central ‘Leather Us 1925 Federal Sugar Ref. ‘65 1983, Fisher Body Corp. 08 1927 Fisher Body Corp. 6s 1028 Goodyear T. & R. 6 1081. Great Northern 7s 1990, Hocking Valley s 1924. Humble Ol 5xs 1682......" Kansas City Term, s 1023 nnécott Copper 7s 190, . Michigan State Tel. on 1024 M., 8t. F. & §. 8. M. 6158 1681, Morrls & Co. Ttas 1030, Penna. R. K. 7a 1060, St. Paul Union Depot 53 Switt & Co. Gs 1982... Tidewater Ofl 0% 1681, Unlon Tank Car 7s 1980. U. 8. Rubber 73w 1030 Western Unlon 033 1936, Westinghouse E. & M. 7s 194 GRAPE PRICES ADVANCE. New York Apple Market Still G Very Quiet. Special Dispatch to The Star, NEW YORK, October 26.—Basket concord grapes from the Hudson river valley reached the high level of the season today when some sales : | were made as high as $1.25 per twelve- quart basket. The market for barreled apples continued to show no important ohanges In either the demand or prices, partly because the bulk of the offerings were of ordinary quality. Commission merchants experienced greet difficulty in disposing of fruit of this kind, even at extremely low figures. Miscellaneous varities of A grade 2% inch sold from $2.50 to $4 Dper barrel. NEW YORK DAIRY PRICES. NEW YORK, October 26.—Butter— Firm; receipts, 4,932 tubs; creamery higher then extras, 49a49%; creamery extras (92 score), 48%; do., firsts (88 to 91 score), 44a48. Eggs—Firm; receipts, 11,266 case: fresh gathered extra firsts, 45a50; do. firsts, 37a44; do., seconds and poorer, 28a36; nearby hennery browns, extras, 56a58; refrigeator firsts, 30a31%. Cheese—Unsettled; receipts, 126,003 pounds; state whole milk, flats, fresh, fancy to fancy specials, 28a27; state, zvlsl':zla milk, twins, fresh fancy, 26a CONTROL PLAN APPROVED. NEW YORK, October 26.—Directors of the General Electric Company to- day approved a proposal lo purchase control of the adlan General Elec- tric Company.” Directors of the Cana- dian company already had approved the plan. Announcement of the terms of purchase, it was said, would be made by the Canadian company. 1,300 PER CENT PAY INCREASE REPORTED Cheney Brothers Review 80 Years in Industry—Hours Third Shorter. Spectal Dispateh to The Star. NEW YORK, October 26.— That Wwages have undergone a tremendous change in the eighty-year period be- tween 1842 and 1923 Is graphically shown in a survey made by Cheney Brothers in connection with the re~ cent centennfal of the town of Man- chester, Conn., in which thelr silk mills are located. Theso figures, while gathered for a particular Industry, reflect general wage conditions for the period. They show that during the last eighty years, average hourly earnings of Cheney employes have increased over 1,300 per cent, uverage weekly earn- Ings have increased. nearly 850 per cent, and the length of the weekly working period has been - reduced from seventy-two hours to forty- elght hours, or one-thi: slmht e ne-third of its length ‘Working Hour Changes. In 1843, according to the survey, an employe worked seventy-two hours per week, galned on an average .0428 per hour and $3.08 per week. In 1823 he works forty-eight hours per week, and gains on an average .608 per hour and $29.18 per week. Throughout this elghty-year period the trend of wages has been upward, and only two recessions of any mag- nitude have taken place; one reces- slon occurred ufter the civil war, be- tween 1870 and 1880, which amounted to approximately 11% and was occa- sioned by the resumption of speclo payment: the other recessfon occur- red after the world war, in 1921, amounting to approxtinately 14%, Which was occasioned by the depres slon in business which took plac during 1921 and 1922 Great Wage Advances. The upward trend in wages has been due principally to the tweo war perlods already mentioned. The period of twenty-seven years between 1843 and 1870, which fncluded the civil war, showed an advance of 2489 in average hourly earnings, or an aver- age yvearly increase of 9.18%. The thirty-year period, between 1870 and 1900 obtained only 4.7% increase in earnings, or a yearly rate of increase of about 1-6 of 1. The twenty- ee-yeur period Letween 1900 and which included the_world war, produced an advance of 280% in earn- ings. or @ yvearly increase rate of Present Wages to Remain. The three periods into which the last eighty yeurs have heen divided, roughly, represent nearly three gen- erations in time, and If the future of wages bears any relation to the con- ditions which have prevailed during the past eighty years, then we may expect present wages to be main- tained, but not materially increased for nearly another generation in ti —_— BUSINESS TOPICS. Chicago Faces Busy Late Trade—Detroit Booming. Special Dispatch to The Star. CHICAGO, October Z6.—Advertising in local newspapers gives strong sup- port to statements that full employ- ment will obtain here throughout the fall. One paper Thursday carried two and a quarter columns of situations anted ads and sixteen columns ad- vertising for workers. ST. PAUL. October 2§—Arrange- ments are being made to have all the principal bus lines operating in Twin Cities territory routed into St. Paul. This will put this city In direct touch with 150 communities. Fall DETROIT, October 26.—Reports of the Employers’ Association this week indicate a’ total number at work of 214,278, as compared with 175,285 for the corresponding week last year. —_——— SAUNDERS IS DEFENDED IN PIGGLY STOCK DEALS By the Assoclated Press. MEMPHIS, Tenn.. October 26— Clarence Saunders had unlimited au- thority to act as the agent of the Piggly Wiggly Corporation in various deals involving class “A” stock of the concern, two former officers of the corporation testified yesterda hearing of Saunders’ rece! i Walker, former secratary- treasurer of the ' corporation, sald he was aware of Saunders’ operations in the stock market last year-and issued the corporation’s check for stock pur- chased by Saunders, James L. McRee, former counsel for the corporation and a member of the board of directors, testifled that Saun- ders had acted with the full knowl- edge and consent of the hoard and that the directors approved his actly- ity in the stock transactions, DISTRESS COTTON SOLD. Southern Mills Operating at Ca- pacity at Profit. Special Dispatch to The Star. ATLANTA, October 26.—All “dis- tress” cotton in this section has been sold. The portion of the crop un- marketed s largely in the hands of co-operative associations or ware- housemen who are able to hold it in- definitely. Textile men do not attempt to explain the anomoly of southern mills running at capacity with un- filled orders growing in volume while New England mills are curtailing be- cause of inability to sell. Southern mills are getting no higher prices yet, the optimism of mill owners is appar- ent. They’are operating at a profit. Pay- able, Dee. ec, Nov. Dec. Dec. 15 Nov. 15 Stock of Record. Nov. 17 Nov. 19 Nov. & Company. Am. Metal,... Am] Metal pf. Br. Balke, Col... Bkiyn. Edison. Cousol, Gas. .. Cen. R. R, Congoleum Co. . Glove A. Spr. A Gt. LD & Docl Lake 8h. Mines. 1 1 b3 1 EX-DIVIDEND TABLE. Octover 20— Punta Alegra Sugar... October 30— Dominfon Bridge pf... October 31— Amer. Elect, Power Pf., q.:... Bragiilan Tract., Lt. & Pow., q. Con, Ry. & Light Co., a... Con. Ry. & Klect. Co., pf. Col.’ Gas' & Elect., q. Int. Rys. of Cam. cum. pf., mo. Pullman C., @...:....00 Stewart Warner Speed., q Warwick Iron & Steel, s-a. November 1— Chic. Mill & Lumber..... Am."La France F. B., q.... . $1.25 o 88855225 RE gs8l 11 Mg, . [@EAR] Detroit United Fifth Ave. Bus. Secu: Gillette Safety Razol Guif M. & Northern pf Hartman Corp., Q... Intertype Corp., stk Intertype Corp., Qr-..oos- Iron Products p! Kelsey Wheel Miami e Cos, a0 Pitta. & W, Va, fy. Co. b ker Oafs pf.. g Buperior Bresi ot 'ii' ot a ‘West Penn Power 8% pt.. 4 West Penn Power 78, Df., Q... * HOW A POOR MAN CAN GET AHEAD True Stories o‘f Wage Earners and Salaried Men and Women Who Have Found the Road to Financial Independence. By Samuel O. Rice, Educational Director, Investment Bankers' Association of America (This is the sixth of a serles of twelve stories of wage earners and salaried men and ‘Wwomen who Lave found the road to financial independence. The next one will appear in tomorrow’s Star.) Has your church, your lodge, your club, your labor unfon or your alma mater any invested funds? What kind of securitles make up their invest- ments? Have you life insurance? Ask your life insurance company what kind of investment securities it holds. None of these, you will find, are at all likely to be wildcat stocks or fake ofl securities. They may con- tain oil stocks, but they will be the stocks of reputable, established oil companies with a fine earning record. Most of these Investment will be in sound bonds and seasoned stocks or &00d mortgages. They will have been selected mostly by reputable. in- vestment experts, and will be sound and desfrable. 1 you find it puzzling to select the right kind of investments, consider the foregoing as a guide. It is prac- tical for most every man and woman. A once poor preacher in a Minnesota. city church followed such a gulide, and now has a substantial fund that yields enough for all his needs. At a recent meeting of the elders of his church he announced that the church owes him nothing for his services so long as he lives, and that at his death his investments are to be made an endowment fund in memory of his wife. POINCARE WARNED TOACCEPTU.S. AID Premier Baldwin Also Says Breaking Up of Germany Cannot Be Allowed. By the Assoclated Press. PLYMOUTII, England, October —The British prime minister, speak- ing here last night before the 5,000 delegates of the conservative party convention, sounded a warning to the “rench premier, M. Poincare, to con- sider “for himself, for his nation, for us and for the world,” thglca before ho refused the invitation extended by the British government to the allies to accept Amerlcan participation in a conference for a settlement of the German reparations question. Declaring that the position was grave, he considered it inconceivable that any one could refuse to take ad- vantage of such an opportunity. Agalnst Separate States. At another point in his speech, P mier Baldwin, who has a gentle way of making important pronouncements, declared. with reference to the col- lection of reparations from Germany, that the amount of Germany's ments must be ascertained in the light of her present and future po- sitlon, and added significantly: “Nor could we contemplate the breaking off of any part of Germany into separate states, for that would at once break the treaty of Versailles.” He began his speech at $:30 o'clock, and chose his words carefully from notes, Dissatistaction over the pres- ent fortunes of the country., which generally centers on the government in power, has been growing, and the demand to know what the government proposed to do about the continental muddle and domestic troubles, princi- pally unemployment and the distress of farmers, had bscome clamorous. How far Mr. Baldwin's statement satisfied the country remains to be seen, for much of the ninety minutes he gave to a carefully prepared ora- tion he devoted to generalities, Promixes Farmers Ald. There were two or three other items of news, one of them being that the government intends to lay down cruisers as one of its measures for the relief of unemployment. That the cabinet is working out relief for agri- culture was as much information as the premier gave the farmers, but he restated the government's -intention to spend £50,000,000 on works to help the unegployed, most of it through 1ocal auplorities. The gremier brushed aside for the time gfll the sweeping plans for im- peria® preference, as far as they em- brace a policy of protection, by de- claring the government still_ was bound by his pledge that there would be no fundamental changes in the fiscal policy. During his address the premier also sought to drive a deci- sive nail in the coffin of the rumor that he was flirting with the idea of money inflation. “We have been accused of having no policy,” he said. “That all de- pends on what the people mean by the word ‘policy.’ We have a definite .policy as regards debts, reparations and guarantees, the security of our allies and the fulfillment by Germany af her obligations. Need United Action. “We know what our policy is. The statesmen on the continent know it. too. But higher than the need of a definite poligy is the need of securing 2 Common detion and carrying that policy into effect.” Referring to a Punch cartoon pic- turing him _drifting in an airplane, he sald: “We are not drifting, but looking for a safe place to land. All Europe 18 drifting in an airplane, and if they do not find a safe place to land, and find it soon, they will all Snah 5 M bealing with the question of why the government did not follow. up its note of August 11 to France, Mr. Baldwin explained that bardly had the reply to that note been received when it became obvicus that the passive resistance of Germany was breaking down. The government had good reason to believe that on the giving up of passive resistance ne- gotlations might be resumed. ~In- quiries on that subject were made, but while awaiting a reply President Coolidge made his statement in America, offering American partici- pation, if invited by all the allies, in an allied conference, or to be repre- sented by American experts on a committee of experts under the aus- Dices of the reparation commission. Urged Allies to Accept. On learning of President Coolidge's statement a note was sent to the allies strongly urging an affirmative reply. “I had the pleasure of meeting M. Poincare,” the premier went on, “and_establishing with him relations which .make it not too difficult for me to say what I am golng to say now. He represents today the opinion of practically the whole of France and I beg of him to consider, for him- self, for his nation, for us and for the world, once and twice and thrice before he refuses this invitation. “As for Germany, the government's policy has been ciear all along—rep- aration, the just penalty of war. But for her to pay, her currency must bé stabilized, her finance controlled and adequate guarantees of payment se- cured. - The .amount.of Germany's payments must be ascertained in the light of her present and future posi- tion; the destruction of Germany must put back for years her powers of repargtion. Nor could we con- template the breaking off of any part 1t of Germiny Into separate states, for|4is June 15, 1925 that woulu at once break the treaty of Versailles. “The position {s grave, but it is inconceivable that if any opportunity More than twenty years ago, when this minister was just beginning to save a little money from his salary, his wife died. That left, as his oniy immediate responsibility, his church work, to which he devoted more at- tention than this congregation ever required. Although his salary was not large and although he gave Iberally to charity, the minister found his savings growing. He con- sulted the church officers who in- vested the church’s funds. With their advice he made similar investments of his small savings. His average an- nual return from his investments has been only G3 per cent, yet this re turn, added to the modestly increas- ing principal, has bullt a substantial fund sufficient now to pay the min- ister’'s salary. Compound _ interest greatest inventions in the world. It is_a sure device for creating a | competence, a fund for & comfortable old age, or large or small fortunes. It was the device this Minnesota min- ister used. He put small savings into safe Investments. The interest the investment securities ylelded was put back Into sound securities. Thousands of wealthy men have done and are doing the same thing. There is no patent on compound interest, any one can use it. It works with the ‘same efficiency for the poor as for the rich. Yet compound interest has accumu- lated more fortunes than have patent rights, ofl wells or steel mills. If you have difficulty In getting ahead, get acquainted with the power of com- | pound interest to accumulate money. is_one of the |16 presented; as it 1s, tor the settie- ment, there should be any one who ! could retuse it.” Unemployment was one of the prin- cipal toples of the premier's speech There was one weapon the govern- ment would not use, he declared. “There is no truth whatsoever In the stories that the government will depart from what is understood in this country to be sound financial pol- icy.” he continued. “This is a point which_should be clearly understood abroad, because great harm is being done to British credit by loose talk about inflation. The government is not, in the present circumstances, pursuing a policy. of active inflation and certainly does not propose to proceed in the direction of inflation. 1 hope that ghost is dead.” Germany could only pay reparations by an enormously increased export trade, in the opinlon of the premier, and there was danger that the British market might become the shock ab- sorber of Kurope. He had no doubt parliament would protect the country from the dumping of accumulated stacks from the Ruhr. Will Build Crulsers. “I am pleased to be able to an- nounce,” sald the premfer, “that the government has decided to lay down several light cruisers in replacement of the county-class crulser—a Tre- placement which is many years over due. No ships were used for the pro- i tectlon of the trade routes in the great war, and the building program is in strict conformity with the terms of the Washington conference. It is merely anticipating work which in any case must have been undertaken in a couple of years. I think the gencies of the situation more than warrant the steps we are taking.” Chancellor of the Exchequer Ne- ville Chamberlain, addressing another meeting after Premier Baldwin's speech, went beyond the prime minis- ter's guarded statement upon protec- tion. He said that although the pre- mier and party were bound by Mr. Bonar Law's pledge not to change the fiscal system during the life of the present parliament, yet if they were to deal adequately with unem- ployment next winter it would be necessary that they should ask re- lease from that pledge o that “we shall be able to take up the only| weapon wherehy we can be given adequate protection to our own peo- ple.” Mr. Chamberlain's statement would seem to indicate that the government <contemplates a general election in| the not distant future on the fiscal question. JAPANESE IMPORTS SHOW BIG SLUMP ial Dispatch to The Star. of imports through this port as a result of the Jupanese earthquake, espectally fn silks, porcelains, basket- ware, potteries and lacquer. Septern- ber's imports fell off $6,550.897, as compared with September, 1822, Ad- | vices received from Japan today in- dtcate that by February 1, 1924, im- ports of silk lamp shades, bronzes, ivortes, silk garments and beads will be approximately nogmal. These £00ds will be shipped from Kobe. A large accumulation of goods de- | «igned for the American holiday trade | was destroyed Iin the Yokohama flru,; and Pacific coast importing houses Will be unable to supply interlor and eastern dealers with more than one- third the ordinary amount of such merchandise. i BIG DOMESTIC NEED ; FOREIGN TRADE AID: NEW YORK, October 26. — The basic reason for the future success of American foreign trade is the pres- ence in the United States of the larg- est concentrated market of consum- ers, with® the highest standard of living and the largest potential buy- ing power, Julius H. Barnes, president i of the Chamber of Commerce of the United States, declared yesterday at a luncheon of the Natlonal Foreign Trade Council. ot only have we this great do- mestic inarket, which exists nowhere else in the world” he said, “but we have, in addition, three factors which are bound to produce success in our foreign trade. These are: First, our inventive genius: second, superior quality of our merchandise, and, third, our large scale production, with. its resultant low costs.” TWO RULINGS BY 1. C. C. Kansas City Terminal Allowed to Issue £10,000,000 in Bonds. The Kansas City Terminal Com- pany today was authorized by the Interstate Commerce Commission to issue and sell at not less than 97% $10,000,000 in three-year 5% per cent gold notes. The notes, which will be decured by deposit of $13,783,000 in 4 per cent bonds, will raise fungls to pay off an outstanding lssue of $9,850,000 in - like notes, which fall due November 15. The Trans-Mississippi Terminal Company as principal and the Texas and Pacific and the Missouri Pacific rallroad as guarantors were author- ized to enter into an agreement for & one-year extension of $3,653,000 in notes, which fall due November 1. TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ———Noon.—— Bl Offer. 99 15-18 100 99 31-32 100 1-32 4s December 15, 1923... 4i4s March 1, 1024.. 438 M 15, 1024 -2 100 1-32 100% 8138 Septemmber 15, 024 J00% 101 ® Sept T e 43s March 15, 1625 100 T1-32 100 15-32 99 15-16 100 1-18 op 233260 27-82 100918 0% 100 1116 4%6 December 15, 1025... 44s March 15, 1026, 4is September 15, 1926. 4%s March 15, 1 s December 15, 1927, Philadelphia. Portiand, Me. 29, (new), nominal, FINANCIAL. THE WEATHER | District of Columhia—Partly cloudy tonight and tomorrow: cooler to- night; moderate northwest and north winds. Maryland—Partly cloudy tonight and tomorrow; cooler tonight, prob- ably iight frost in exposed places in north portion; moderate to fresh northwest and north winds on the coast. Virginia—Fair tonight and tomor- Tow; cooler tonight in north portion; fresh northwest and north winds. West Virginia—Partly cloudy to- night_and tomorrow; cooler tonight in northeast portion. Records for Twenty-F Thermometer—4¢ p.m., 52; 12 midnight, 52; 4 53; noon, 6. Barometer—4 p.m . 30.05: 12 midnight, 30.09; 4 a.m. 8 am. 30.18; noon, 30.% Highest temperature, § at 2 p.m, yesterday. Lowest temperature, at 0 a.n. today. Temperature same date last year— Highest, 57; lowest, 43. Condition of the Water. | Temperature and_condition of the water at 8 a.m.: Great Falls—Tem- perature, 52; condition, cl Tide Table rnished by United States coast and geodetic survey.) Today—Low tide. 3:20 a.m. and p.m.; high tide, 9:04 a.m. and pm. Tomorrow—Low tide, 4:01 a.m. 4:09 p.m:; high tide, $:42 am. 9:54 pm. 30.10; H occurred | 51, occurred (" i 1 [ and and The San and Moon. Today—Sun rose, 6:28 am.; sets, 5:16 p.m. e Tomorrow—Sun 6:29 sun sets, 5:16 p.m. Moon rises, 6:43 p.m.; sets Automobils lamps to be one-half hour after sunset. Weather in Various Cities, T Temperature. 22 BE sun rises, am.; 7:57 a.m. lighted . State of Stations. Weather. * a3y wox - rwpinwa Abilene, Tex. 30.80 _ yCloudy Cloudy Clear Pe.clondy Clear Cloudy Clear Cloudy Clear Cloudy Cloudy Cloudy Clear, y Baltimore .. 80.14 Elrmingham Bismarck Boston .. Buftalo ".. lexton. 2 Cincinnat(. . Cleveland . Denver Galveston Helena, Huron, Jacksonville, Kansas City. Tos Angeles Louisville .. Miami, Fla.. New Urleans New York.. Okla, City.." Omaha Clear Cloudys Cloar Clear Rain Cloud: 30.10 Cloudy Phoenix ... 30.04 Pittsburgh. 30.30 B8 Portland, Ore 3 N.C. 30.20 S. Lake City 30.24 SanAntonlo. 30.24 Diego... 30.02 Francisco 30.10 Louts.... 30.36 [30.40 WASIL. D C. 30.1% FOREIG (S a.m., Greenwich time, today.) Stations “Tempetature. Weather. London, Eng! 48 Raining Paris, i'rance. 50 Part clondy Vieuns, Austria. Cloudy Copenhiager, Cloudy Stockholm, Cloudy Gibraita cloudy Horta ( g rt clondy Hamilton, Bermuda. 7t cloudy San Juan, Porto Rico Tavana, Cuba........ Colon, Canal Zome ’ Sweden. Pa o LEAF TOBACCO MARKET. BALTIMORE, October 26.—W slightly larger Maryland receipts, hogsheads, and sales of 1475 hogs- heads, the market continues very active, with prices at outside quota- tions, Maryland prices per 100 pc Inferior and frosted, firm leaf, o 5.00; sound common and greenish, 6.0048.00; good common, S.50a: ! medlum, 22.50a30.00; good to fine red, 30.00a50.00; fancy. 51.00a54.00; seconds common to medium, 5.00a12.00; do. £ood to fine, 13.00035.00; bay tobacco, fire-cured, 15.00a55.00; upper country, air-cured, 5.00a40.00; ground leaves Trade Acceptances, ‘Warehouse Receipts, Manufacturers' Accounts, Short-Term First and Second M or Approved Col- Iateral. American Finance Corporation Commercial National Bank Bldg. 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 fa: Its 7% First-Mortgage Notes, SECURED by Improved Columbia Real Estate, District of | $2.000.00 upwards, | FOR INVESTMENT | 34 ‘Bond Salesmen who would iike to increase their earnings without macrificing _quality of their offerings will do well to communicate with us. Advertiser is not your present employer. All com- munieations ‘confidential. Address BOX 247.V, STAR OFFICE. Money to Loan Secured by firat deed of trust on real estats. Prevalliog interest and commission. Jpseph I Weller E",:Q.W‘ EQUITABLE Co-Operative Building Association Organizea 1879 <%a YEAR COMPLETED Assets $4,750,763 Surpla «oe..81,307.303 Profit By the Opportunity to Save —1In times of prosperity it s wise to lay aside part of your income us an emergency fund. of to be able to grasp gpportunities that may be presested ater. Sabscription for the 85th Issue of Stock Belng Recelvea Shares, $2.50 Per Monta EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, Presldent FRANK P. REESIDE. Seey. 8% FIRST MORTGAGES We are offering the above in Al Toans b itl fire of loau. Tit of value of j ertng full amount our “attornes’s o furnished made for collect i interest This city considered most substantial in F BANK OF SOUTH JACKSONVILLE, SOUTH JACKSONVILLE, FLA. Established 1912, operty. in No eha FIRST MORTGAGES FOR SALE Secured on Improved Real Estate in the District of Columbia Denominations 50, $1,000 and of $230, upward, JAMES F. SHEA 643 Louisiana Ave. N.W. $300, (‘we” HAVE ON HAND IN DENOMINATIONS OF $100 Up to $5,00! A Limited Amo Very Choice /0 First Mortgage Notes An Opportunity to Get the Only Absolutely Safe Form of Investment Yielding the | Maximum Rate | of Interest Full_particulars apply Mr. O'Donnell, | Loan Dept.. M. 36. I| CHAS. D. SAGER 924 14th NW FIRST MORTGAGE | LOANS | Denominations $100 to $6,250 Interest Rates 61,/ and 7% All loans secured on modern homes and busi- ness property in best northwest sections of the city. Ask for Informaiion Mortgage Department 913 15th St. N'W. Main 617 Avenue N.W. rates Are a GOOD CSTMENT. Offered in_denominztions from $250.00 UP. Main 2345 AN INVITATION SHANNON & . LUCHS MORTGAGE DEPT. 713 14th St. N.W. CALL, WRITE OR PHONE OUR MORTGAG DEPARTMENT FOR INFORMATION ABOUT THE SAFEST AND BEST WAY TO INVEST YOUR MONEY