Evening Star Newspaper, November 7, 1923, Page 31

‘FINANCIAL. & BIGRISEINCOTION oS BOON T0 SOUTH Mgney Flows More Freely in "fhat Region—Building Cost ™" Trend in Dispute. BY J. C. ROYLE. Bpecial Dispateh to The Star. aNEW YORK, November 7.—The holi- day in the market because of election dsy gave opportunity for dealers, ®rowers and consumers of cotton to take stock of the situation which has Tesulted from the recent wide fluctu- ations in the market, but it also has strengthened the psychological effect ©f those fluctuations in the south and #n New England. Throughout the south salesmen, in reporting to their houses, declared ‘that the shock of the last government crop_estimate has resulted in freer purchasing by country merchants and wider sales‘of cotton cloth.” Business men of the south declare that the &eneral loosening of the purse strings ‘will continue. . ~ World Shortage Looms. A8 _to. general conditions surround- ing manufacture there seems consid- erable unanimity of.opinion between ‘mill men of the south and New Eng- land. The American Cotton Assocla- tion warning issues in Georgla that the carry-over of the current crop Would be exhausted before another crop was avallable and that there would be a world shortage of cotton before the 1924 harvest was express- ed In somewhat different phrases by President Amory of the cotton manu- facturers in his address {n Boston. Southern textile mills, which claim they are better situated to operate profitably on high-priced raw cotton, are preparing to continue full-time operations, irrespective of the price trend of the raw staple. They con- tend that the law of supply and de- mand will absolutely dominate the price, and that even a buyers’ strike against higher prices for cotton goods would be of doubtful eficacy. Heavy Buying in South. As a result of this feeling retailers are byying heavily of jobbers' stocks in_ the sout New England textile men, Mowever, are not so sure that buyer resistance can be overcome. The general ex- pectation In New England centers, however, is that cotton goods will pick up sharply, and that the effect may be to stimulate textile opera- tions throughout the northeast. New England cotton goods now are selling below the raw cotton market, and there i8 a feeling expressed that, al- though goods may not be moving with especial freedom now, specula- tive purchgses are likely, in view of the fact that the crop has been short for three years. Mill activity in New England is spotty. Some plants are working full time and even putting on night shifts, while others, notably those manufac- turing _ginghams, are on curtailed time schedules or are closed. Activity seems to be determined by the kind of goods manufactured. Price Trend in Dispute, A wide difference of opinion exists in various sections as to the future of prices for building materials. One of the larger dealers in the middle west declares that prices to con- sumers are due for a fall, and that & drop in wholesale lumber prices in his section is due to be passed on o _bullders. 0 ol D. Leland. a Boston archi- tect, however, in addressing the real estate exchange of that city, stated building costs were due to advance before next spring, with a correspond- ing increase in rents. SURPLLS OF WHEAT SFLATLYDENED Instead of there belng an over- supply. of wheat in the United States and in the world there fs a serious question whether this country actual- 1y has enough to supply the mills and for feed -and seed, says Repre- sentative Edward C. Little of Kansas, contributing another chapter to the controversy over the wheat problem. “Eugene Meyer of the War Finance Corporation, Frank W. Mondell, his colleague, and Representative Syndey Anderson, chairman of the national heat conference, have presented ery interesting discussions of the wheat trade” says Representative Little. “Unfortunately their value is nullified by the fact that they are ‘based on the fallacy that there Is an oversupply of wheat in the United States and in the world generally. There {s not the slightest foundation for. elther statement and it is very questionablo . whether the United States actually has enough good Wheat to supply the mills. We may have enough for feed and seed, but that is still a question. “Repredentative Anderson says we phould tut dows 10 per cent of our wheat ~ production. - Secretary Wal- lace flgured that we will consume this ,year 637,000,000 bushels, which, acgording to the figufes his’ depart- t “Presents’ on “past ‘consumptior, ld leive us muny iillions behind ordlnary. . consumption, but if we should accept his minimum estimate and compare it with Representative Anderson’s stotement that we ought to cut our wheat production down from 781,000,000 bushels to 10 per cent less, Mr. Anderson would not leave the people’ of this country enough wheat for feed and seed and we would make it impossible for our | farmers to sell wheat to Europe,” ' explains Representative Little. “According to Secretary Wallace + figures, in 1919 we exported 267,000, 000 bushels; in 1920, 370,000,000; in 1921, 356,000,000, and in the first nine months of 1922, 172,000,000 bushels. In other words, during those three years ®nd nine months after the war, our farmers sold to the outside world 1.164,000,000 bushels of wheat, which robably brought them about '$1,000,- $56.000 Income. It Mr. Anderson’ suc- ceeds in reducing our production so that we can export no wheat the farmers will never again sell a billion dollurs* worth of wheat to the world. Calls Plan Imposaible. “His theory that we are going to be swamped by an avalanche of South American wheat is not war- ganted by any figures, and it would be a cruel injustice to limit produc- tlon as he suggests. Besides, it Is tmpossible. Congress has no right under the Constitution to tell the farmers in this country what they gan ralse and it is quite impracticable. \ 'This tdlk of a wheat surplus over the world and here is simply the propa- ganda of the wheat buyers, who have succeeded in forcing the market down, so the farmer cannot get cost for his wheat. If the newspape will spread the facts, the law of sup. ply and demand will §o,lnto opera- .tion and the farmer will soon be get- ‘ting a reasonable price for his wheat. Since July 1 wheat has gone up in $he west from 70 cents to over & dol- lar simply because the speculators recognized the fact that there is no oversupply anywhere. If the facts can be given to the gublle. ‘wheat will soon bring $1.25 and the farmer will begin to help the rest of the country to_good business. “This year North America, includ- ing the United States and Canada, produced 11,000,000 bushels less than it did last year. This year the United States itselt produced 81,000,000 bush- cls leas than it did last year. Last year our farmers sold every ‘singl ( molitary bushel of wheat, except 3. © 000,000 bushels, and they will this ¥ ‘Whenever. the farmer. sells all his wheat there {s no surplus and no 4+ ©oversupply,” \ \ NEW YORK CURB MARKET Recelved by Private Wire BY WILLIAM F. HEFFERMAN. NEW YORK, November 7.—The curb market today gave another ex- hibition of strength in a number of speclalties. The rise in Gillette Safety Razor was coincident with the buylng in American Safety on the stock ex- change, and accompanied rumors that | the latter company was negotlating for control of Gillette. Persons in close touch with affairs of both com- panies declined to verify these re- ports. The manner in which Glen Alden Coal has acted during the past week has left no doubt in the minds of those interested In the stock that another disbursement will be made soon. An initial dividend of $1.50 a pln e St R S NEW YORK, November 7.—Follow-{ ing is an official list of bonds and stocks traded in on the New York curb market today : Sules in thousands. BONDS. 2 Am 2 Anaconda 6s 4 Anglo Am 01 Ths 1 Asso Sim Hdwe 6%is WAL GE WIS ST 3 Beth_ Steel 75 '35 2 Can Nat Ry E 5 Can Nat Ry Os. 3 Charconl Co Am 8. 2 Cit Serv 7s D ph 85 raph S» par cfs 8 Cons Gas Balto 68 A 1 8 Cons Textiles 8 92 v Gax 5. 0% 1 Detroit Edison 6s... 101% 3 Dunlop T & R 7. 92 7 Federal Sugar s '8 977% 3 Fisher Body 8s '28. 874 3 Gen Asphait 8s. 104 3 Grand Trunk 614s... 105% 3 Hood Rubber 78 8 Tater Mat 9 Kan (v 10 Kennecott 2 Libby, M 8 Morris & Co 735 . at Leather Sx . 1 1 201, 89 88 7% 17 3 Ohlo Power 35 B. 4 10 Motor Prod fix nw Wi 93 1 Phila . 1081 1 Pl 1 Pub Pilly ub R 7% Cnfon ‘Of 6s B n Ol Prod 8 . acuum OIl 7s | FOREI 17 Gov of Argent 6s w i 11 Mexican Govt 5 Rep of Peru 8. 20 Russian Govt PET T I EI e Russ Govt Gign cf Bwiss Gov Higs. BE... Continent 01l new. Cumberland P L.. 114 Humble 0 & R new 8314 TImp OI1 of Ca Tod P L. Intern P Maguolia Northern . 13 20 140 1800 300 1395 300 Prairie 0il & Prairie P L, 120 South Penn Oii. 5100 8 0 Ind 200 S 0 Ka; 100 § 0 K. 500 20 Swan & Finch 1800 Vacuum OIl new Sales In INDEPENDENT OIL STOCKS. hundreds. 1 Boston Wyo Oil. 4 Cit Serv ... 2 Cit Serv prd Cit_Serv seriy 1 Derby 0 & R 1 Dominion 0l Engineers' Pet . Hudson 04l . Invaders' il ‘Del. Keystone Ranger 5 Marland . Mex onl Mutual 0if Vot ‘efs New Bradf 0il w | New Mex Land. Pennack Oil . Prod & Ref cf de. Roval Can 0 & 2 Sait Ck Prod . Seaboard Ol . Washington Stock Exchange. SALES. Capital Traction Co.—10 at 99, 10 at 0. Commercial National Bank—10. at 141, 10 at 141, 5 at 141, 5 at 141, 10 at 141, 10 at 141, 10 at 141, 10 at 141, 10 at 13 Lanston| Monotype—10 at 7234, 10 at 7234, 10 at 72%, 20 at AFTER CALL, Capital Traction Coi—1 at 99. Washington Gas Gx38—1.000 at 1007, 1,000 W ! ,'\?Amm.n R. R. 55—1,000 at 98%. Washington Rwy. & Elec. pfd.—10 at 71%. Riggs Realty (long)—$500 at 91. Money—Call loans, 5 and 8 per cent.. . BONDS. Bid-and Asked Prices. PUBLIO UTILITY. Ameriean Tel, & Telg American Tel. & Telga. 4 Am. Tel. & Tel: ctl. tr. a | & Tel. cony, 8 Anscostia & Potomac 5 Anicostia’ & Potomiat ‘G C.°& P. Tel.'5s C. & P Teléphone of Va. 5s. Capital Traction R. R. 5. City & Subur) Georgetown Gas 1 Metropolitan R. R. Potomac Elec. lst Potomae Elec. Con Pot. Elec. Pow. g. m. & ref. 7s.. MISCELLANEOUS. D. C. Paper Mfg. 6s. Riggs Realty 5 (long) Riggs Realty 55 (short) . Market Cold Storage 5s.. Wardman Park Hotel s.. PUBLIC UTILITIES, American_Tel. Capital Washington Gas Norfolk & Wash. Steamboai & Elec. com. Terminal Taxi com.. NATIONAL BANKS, Capital Columb Commerclal * District TRUST COMPANY. jean Security and Trust. Columbla_ Graphophone pfd | dend of one-half ¢ v ¢ 2 ¢ Direct to The Sfar Office’ share was declared in December, 1922, and was followed In June, 1923, by a distribution of §2 a share, In Iittle more than ten days the stock has risen from 72% to just under 80, where it sold today. Another incider of the note was the renewed activgty in Chicago Nip- ple stock of §50 par value, On August 27 directors declaged an extra divi-: %1 per cent on the jdition to the regu- lar quarterly distfibution of 133 per cent. A similar Zdisbursement was made in July, 1923, It is believed that at the next meeting the direc- tors will adhere to the same policy. ‘American-Hawailan Steamship came in for a good deayof attention. The moved up % points in sym- with recenf strength in this of stocks ol the big hoards. Other parts of fthe list did little and changes wery fractional.. class A stock, in o0 0 1% 1% 07 07 INDUSTRIALS. 1 Acme Coal new ... 1 7 Am G & El new wi Am Hawailan 8-S & RE States 01l 13 1 5 Bridgept Mach 10 Candy Prod w 1 Cent Te 9% p i No b A e wi Cuba €O ... .- Curtiss Acro otatien Dubilicr € & Rydio Durant Motor ._ ... i - 5% 0 10 18 e 100 i 21 Tnter Cont’l Rubber Kresge Dept St .. penh 1 gh Py n ( rilford orp ... orp pid. Radio Radio PR S Lt & Heas ptd MENING. Arizonn_Globe Cop Black Hawk (o BostonMont 3 Cresson Crown Ki Jerome V. De Knox Divide Lone Star . Marsh Mines ver Horn Min fiver Lead. Wenden ¢ Wett Lorrs White Caps GHANGES IN COTTON TRADING RULES HIT| Federal Trade Commission Takes More Evidence for Senate Inqm’y. | i ! A Opposing views et proposals for | changes in the cotthn trading laws| were presented to the Federal Trade | Commiesion today affits inquiry into| the question, with the suggestion that delivery on future cgniracts be per- mitted at drslznmn:*snunmn points drawing the most fire] Representa- | tives of various int-rests discussed | different phases of m" busines$ which | is under scrutiny at the Senate's re- | quest, including not ly the question | of tenders on contrfcts, but differ- entials, differences i§ the prices of | grades, manipulatior, contract revi- sion and other quesfions. Proponents of the $uthern delivery plan were in the migority yesterday | at the opening sessidh, opponents de- | claring their argume#ts that it would | be economical and rgduce manipula- tion were ill-found d that opera- tion of the plan wo¥ld result to th disadvantage of botX producers and consumers. Changes in the- futur trading act also wer vigorously op- posed, witnesses assexing that further restrictions would endanger the en- tire market for futuwe contracts. | George McFadden @f the New Yorl Cotton Exchange told the commission that establishment ¢f southern de. livery points for liguidation of fu- ture contracts would provide “at tractive bait” for big syndicate deal- ings and manipulation because it | would depress the prices of near | month positions and place premiums | on_distant months. C. B. Howard of tlanta, general | sales manager for th§ American Cot- | ton Growers' Exchange, argued in fa- | vor of the present range of tender- able grades and estaglishment of de- | livery points outsidd of New York. ! He did not think thut southern de- livery on New York ontracts would depr the futures "market, saying that such had not beén the case with | here adequate | cofton are avail-| : i 2 H 'SUGAR MILLS:RUSHED. | Michigan Also Reports Very Heavy | Freight 'I‘Tflc. { Special Dispateh to The Sta i DETROIT, November 7.—There is a general activity (nfli: movement of New Orleans futures, stocks of actual able. freight throughout tiffs territory, ac- cording to Pere Mamjuette official and a general demang for cars is be ing met. All lines treight -are moving actively throfgh the Buffalo gateway and the eakt-bound ship- ments from Chicago Yhow heavy in- creases. Independent! steel manu- facturers in Ohio are fincreasing out- bound .steel shipmentu. Michigan beet suga® factorles are workingg at ‘capacity¥ on a bumper crop of beets. The ondy drawback in sight in the sugar situation is the difficulty of harvesting all the crop | before freezing weatber stops dig- ging. . DIVIDEND DECLARED. NEW HAVEN, Conn.fNovember 7.— A dividend of 6 per céut on the pre- ferred stock and 2 per cent on_the common_ stock of the Central New England ratlroad, a sypsidiary of the New York, New Havel and Hartford rallroad, has been deblared. The pigmy camel bongs to a spe- cles found only in wedtern Persia. It is only fiveyfeet high fud snow white. . soclation congressional w ON BRANCH BANKS Nation’s Small Bankers Face Extinction, Committee Is Told in Chicago. By the Associated Press. CHICAGO, November 7.—A proposal to curb branch banking through pro- hibitory regulations by the Federal Reserve Board was submitted to the McFadden joint committee investi- gating federal teserve membel terday by Willlam J. Rathje, re resenting the American Bankers' As- and u?p National Assocla- tion Opposed to committee re completed its inquiry h will be taken at Omaha. Questioned by Representative Stea- gall, dema . of Alabama as to the resefve board’s authority to exclude from membership in the reserve sys- tem any bank operating branches, as suggested by Mr. Rathje, tiae wit- ness declared there was no authority for such on, but urged that some vigorous steps against “the " be taken at once. Fears for Small Bankw. Branch king -will drive the small Independent community banker from America, Mr. Rathje sald, and in their stead would sp ip 4 sys- ev 3ranch Banking. The | Further testimony | tem of hundreds of branch banks con trolled by two or three leading na- tional groups. He condemned the banks are permitted to operate as many as seventy branches, and urged the necessity for a federal statute clarifying the present situation as regards national banks, Declaring he was unable to deter- mine the exact status of the ques- tion from the recent ruling of the federal Department of Justice, which authorized agencies defined by Rep- resentative Wingo, a member of the committee, as “financlal comfort st tion,” Mr. Rathje urged the commit- tee to clear up this uncertainty by early enactment of a regulatory la Committee members indicated tI question would be suggested for coi sideration of the banking and cur- rency committees of both houses of Congress. Raps Par Clearance Method. H. J. Mortensen, senting the Wisconsin ankers’ Association. recommended that many of the small- er state banks of his territory might be brought into the federal system by the abolition of the par cle: under which all remitt: rough outlying banks are clear at par without charge. This arrange- | ment, the witness sald, was costing country - banks relatively large amounts, and was, therefore, an in- | fluence against their adhering to the federal agenc: Gov. Jame: B. McDougal of the | Seventh Reserve Bank questloned the | validity of the argument, inasmuch, he said, as the reserve system now | performs a large part of the transpor- | tation vice which formerly ¥ | paid for by the individual banks out | of thelr exchange receipts. Rexerve System Praised. | E. H. Wolcott, banking commi | stoner of Imilana, told the committee {he believed the federal reserve | tem to be the “most wonde | cial institution ever created | vised against additional leg | which might impair the the system. S banks and ad not HALLE & STIEGLITZ Members New York Stock Exchange 30 BROAD STREET, NEW YORK Announce the opening of a Branch Office in the NEW WILLARD HOTE! M NINE FLOOR WASHINGTON, D. C. William E. Lewis, Manager BALTIMOR ATLANTIC CITY PHILADELPHIA LOOKING AHEAD The successful investor is the one who looks ahead and acts accord- ingly. Looking money ahead, he invests his in an investment that is good today and good tomorrow— an inv Ower a Quarter of a Our Century Without a Loss 6%2% estment that remains at par every day—one that relieves him of all details and worry FIRST MORTGAGES meet the requirements of those who look ahead. In amounts of $250 and up. B. F. SAUL CO. Main 2100 1412 Eye St. NW. Get Into the Coupon-Clipping Class WHY envy the man or woman of independent means when you yourself can quickly get into the coupon-clipping class of bond investors? By following an easy plan, which we will be glad to explain, you can immediately double the income on your savings, and then make your savings double themselves. Let us tell you, without any obligation on your part, how quickly you can get into the coupon- clipping class by putting $10, $20, $50 or more a month into our First Mortgage Investments at 6%4% to 7.13%. NO LOSS TO ANY INVESTOR IN 50 YEARS e F.H.SMITH CO. FIRST MORTGAGE INVESTMENTS \ SMITH BUILDING ' - 815 FIFTEENTH ST. g Please send ms your free booklet, “How to Build an THE FVENING STAR, WASHINGTON, D. C, WEDNESDAY, NOVEMBER CURB IS DEMANDED California system, under which sate 7, 1993, within the national scheme had little to offer in strengthening the insti- tution, he Dbelieved, ~while, on the other. hand, legislation des!gned to makeythelr participation more invit- ing f the outside might weaken the present strong position of the en- tire system. The Margin of Security We Demand to Safeguard Clients Investing in Qur e, First Mortgage Notes Insures absolute safety under any and all conditions. Upholds also our established record of never having lost in either principal or lnl’l ¢St nr- :;“"lhl. a single penny. i Guaranteed titles and insuran licles fornished with all notes. s aficly Notes of $100, $250, up to $5,000 Now on Hand For full particulars s 0'Donnell, Loan D:vlrlmenl.’pl’ CHAS. D. SAGER 924 14tk St. N.W. % Main 36, to- Mr. i Morey to Loan rec by firat Geed of trust o resl estate. Secu: Prevalling interest and commiseton. “ossphfll. Weller £33 Wash. L. & Tras | | ful filuan- ! | | { | i For trust notes and com- flnln«lzxg't - MONE EQUITABLE Co-Operative Building Association Organized 1870 43d YEAR COMPLETED Asnets . 84,750,762 Surplus . -$1.207,281 Save Systematically The most effective method of sav- ing is to adopt a systematic pla: and stick to it. Join the Equitable. . Subscription for the - - 85th Issue_of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. Business man of ability and long experience has $10,000 to $15,000 to invest with services in substantial business. Ad- dress Box 258-A Star Office. ' FOR INVESTMENT 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. 3 Ask for Information RIS CAFRITZ CO rtgage Department Lo} {;’ 913-15th St. N.W. Main 617 7 FINANCIAL. First Mortgage Loans Lowest Rates_of Interest and Commissiou. Prompt Action Thvmes 3. T8, € Crmpens. Lo FIRST MCRTGAGES FOR SALE Secured on Improved Real Estate in the District of Columbia Denominations of $350, $500, $750, $1,000 and upward. JAMES F. SHEA 643 Louisiana Ave. N.W. —is- the return on Con- sumers Power Company First Lien and Unifying Mortgage 5% Bonds, due 1952. Net earnings over 314 times annual bond interest charges. Price 87 and interest Complete circular on request. Puritan Mortgage Corporation $T7 Madison Avenve at 40th_Btreet, How York, November b, 1923. DIVIDEND NOTICE. The board of tors of this ation has today declared | accumulated dividends to September 80, 1023, | ding preferred capital Direc- | ‘Washington 741 15th St. N.W. “Telephone—Main 3176 tember 30,y URSELL 8. TUOKER, Secreta J. BUMNER DRAPER, Treasurer. In Convenient Denominations For Investors : Interest 612% . N2 Fifleenth Strect Main 6388 The National City Company ] FOUND A Sure Way To Invest Your Fund WITHOUT Loss of Interest on a Liberal Basis.. WITHOUT Depreciation of Principl. WITHOUT Worry as to Security. WITHOUT Care as to Supervision and Collection when Due. And WITH Full Assurance of Safety and Serv- ice of the Highest Order. Just Try Us Once— Call Main 2345 and Ask for the Mortgage Dept. to Furnish Details 713 14th Street N.W. I[Jm Difl"erenf Communities The Advisory Board of the American Security and -Trust Coimpany is’composed of men who, are inher-- ently a part of the sections with which they have be- come associated. William E. Bradley William H. Burch Alexander S. Clarke George L. Dant Anthony Gaegler Horatio A. Garren John B. Gefer M. G. Gibbs Charles M. Hammett J. P. Herrmann Frank A. Jo €. D. F. Kattelmann G. Perey McGlue ‘Willlam Miller John H. Ruppert B. F. Saul - Willlam James F. John Shughrue Alexander J. Taylor Henry Wahl James C. Nealon George M. Yeatman Every Banking Service AMERICAN_SECURIT’ o AND TRUST COMPANY ° 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 Central: Norltheast 2 Southwest : Northwest: BRANCHES 7th and Mass. Ave. N.W. 8th and H Streets N.E. 436 7th Street S.W. 1140 15th Street N.W.