Evening Star Newspaper, November 10, 1923, Page 15

FINANCIAL 'NEW YORK CURB MARKET MOVE TAXNETS 1.5 HUGE SUNS Sporting Events Also Bring- ing Millions’ Into Treasury. Figures Amazing. BY J. €. ROYLE. Special Dispatch to The Star, NEW. YORK, November 10.—Uncle Sam will have a nice little additional piece of change to jingle in his pants Dockets this year. Millions of dollars will accrue to :the United States Treasury as a result of the big eport- ng events held,in various parts of the country between now and New Year. Hundreds of thousands of dol- lars will accrue o the United States® reasury as a result of the big foot games played in various parts of the country toddy. - The fact that Americans are @n amusement and ort loving people ndds an average ©of $5,000,000 a month to the federal treasury. Amus taxés coming in to the federal coffers’ in July, August and September totalcd $15,633,782, show- ing a decided gain ove the cor- responding months of 1922. Figures for October are not available, but it is known that they ran high over the monthly avefage. This is ac- counted . for by the fact that the world series games were played in that month, which algo marked the fall opening of many theaters. Movies Kv'Iy Best., The world series alone netted §106,- 632.60 to the government. The bureau of internal revenue in Washington does not segregate the :receipts by sports or amusements, bui places the movies at the head of the:revenue producers, with the regular tieaters second. The lure of the circus: is still strong in the hearts of Amerizans, as that indus- try occuples third place, ahead of out- door sports, even base ball. Public professional boxing matches —a kindlier term for prize fights—are not permitted in -many citles and states, yet the exteént to which exhi- bitions of this sort appeal to the pub- lic may be judged by the fact that the boxing promoters i this state took in almost $3,000,000 fn the months of July, August, September and October. ‘The total receipts The federal taxes & 31.46, while the state of New York, a3 its bit, received $124,18! The Polo id the largest amount of aj ), turning over to the state $05.488.95 and to the federal revenues over double that sum. The Leonard-Tendler bout net- | ted the state over $22,000, with over {wice that sum for {he’nafion’s strong ox. : ‘World Series a Record. Receipts from the world series games constituted a record as a single revenge producer, but sales of base ball uniforms and equipment indi- cated that fewer amateur’and semi- professional teams were active dur- ing the year than ‘in 1922. Dealers account for this by the widespread and general employment during the year. Qutdoor sports, especially base Dball, attract larger crowds and more players and account for more sport £00ds sales in periods of depression than In good times. in support of this atement dealers cite the period in September when the anthracite mines were idle. Sales of base ball goods took a tremendous jump in the Penn- sylvanla mining towns during that iayoff. Basket bald will bring in a revenue by Do means to be :despised during thé coming winter, #s the.game has taken a firm hold throughout the west, middle west and south. Con- tests are largely attended and admis- sion ultimately is charged. Prelim- inary sales of basket ball equipment have been tremendous. Another big_source of revenue to the United States Treasury—that from the tax on cigars and tobacco— slso is on the increass. The amount of tobacco consumed: does not ac- count entirely for this. A large part of the added revenue is due to the habit, gained by many in war years, of smoking more expénsive products. FORTUNE OF HEBREWS 1IN ARABIA DESCRIBED Appeals From Yemen Ask Greater Facilities for Immigration to Palestine. Jewish Telegraphic Agency. JERUSALEM, November 10. — The plight of the Jews in Yemen, in southwestern Arabia, is graphically described in appeals : received by their kinsmen here, iAo which the former urge that graater facilities be given for the Immigration into Palestine of Jews from Yemen to es- cape persecution at tha hands of the natives, : Kidnaping of Jewish brides, torture of aged men and women and the compulsory conversion of Jews to Mohammedanimm are : among the grievances enumerated in the com- munications from the Yemenite Jews. ———ee GASOLINE PRICE CUT TWO CENTS PER GALLON Standard Ol of Tadlama An- nounces Adjustment to Meet ‘Wholesale Conditions. By the Associated Press. : CHICAGO, November 1).—The Stan- dard Oll Company of Infiana has an- nounced that it will reluce gasoline prices throughout most?of its terri. tory on an average of Z cents a gal- lon effective today. : The reduction, it was Jexplained, is an adjustment to meet: the present wholesale market which; has dropped during the past several weeks, the price of crude having declined from around $3.50 to about $1.80. The reduction is in £adition to 6 cents made about two months ago by the Standard of Indiand, after Gov. McMaster. of South Dakota had start- ed to sell gasoline at reduced prices through state depots. At that time the company announced if was making the ‘cut to meet competition, but in- dependents declared an attempt was being made to drive them out of busi- ness, BIG STOCK YARD DEAL. Atlanta Plans for Largest Plant of Kind in South. Bpecial Dispateh to The Star. ATLANTA, November 10.—Plans to establish the greatest stock vard In the mouth in this city are Involved in the purchase of the Miller anion stock yards here by interests affillated with tho White Provision Company. The marked increase in.the whole- sale trade in the southeast this week is attributed to colder wtather, and the sensational advance in cotton, which has stimulated every industrial and commercial line. Jébbers es- timate thelr November trade at 20 per cent above the corresponding period of 1922 Retail trade in'the country districts 18 increasing. FIGHT RATE CHANGES. ‘WILSON, N. C., Novem 10.—The TFastern Nerth Carolina Shibpers' As- soolation was formed at & meeting held here of business men from this section of the state. One of the pur- poses of the organizat! on, pocording to the organizers, will- “o_combat any effort on the part of the Virginia corporation commission to have the Interstate Commerce izsion change certain freight rates¥affecting this territory. Y . 3 ¥ s vere $2,731,616.06. | mounted to $248.- | Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, November 10.—The improvement on the curb market dur- ing the past week was well main- tained In today's closing session. The usual week end realizing sales were somewhat heavier in the first hour, due to the increased activity recently, but supporting orders and new buy- ing came in in sufficlent quantity to hold stocks at or slightly under the’= highs for the week. = Considerable attention was given over to the copper stocks. Interest in these shares coincided with the turn for the better in the outside copper market. Wenden was in de- - NEW YORK, November 10,—Follow- ing is an official list of bonds and stocks traded in on the New York curb market today : Sales in thousands. Low. ot 1083 1001 s new Am Gas & Elee 6u Am T &' T 68 2 Auglo-Am 0il 73 Asso Sin_Hand s o enr o 1382 < Co Jun Tire & Rub PisherBody 08 26 iair Roht s 5 Intl Mateh 8is Gl 4% 21 Kan City Term 5%s 10043 4 Kennecott Cop 7s.... 10813 4 Libby McN & L Ta 00 3 Nat Leather 83 .... 03% 3 New Orl Pub Ser 5a K%y 1 Ohio Power 88 B .. AL 7 Pillsbury F M 8s.. 93 6 Pub Serv of N J 6 Shuwsheen Ts . et Cle 88 Tidal Osage 78 Union 01l 0s B United Oil Prod Unit Ry of Vacuum Oil 78 FOREIGN BONDS. >3 Gov Argentine G wi 99 ng of Nether 8s, 90 7 Mexican Govt 64 ... 50 13 Swis 5 901 Swiss Govt 08 2 U S of Mexico 4s... 30% Sales STANDARD OIL ISSUES. in units. 400 Anglo-Amer Ofl 14% Tuckeye P L 74 ureka P L ... 94 of_Canada 101% t Co, Lid. 15 Magnolia Pet s 1300 Ohio Oil_new 70 Prairie 0il & 100 Penn Mex Fuel 70 Prairie Pipe Lil 100 South Penn Oil 5100 § O Indiana ... . 100 8 O Kansas new.. 400 8 O Kentucks ... 500 8 O N Y new 25 § W Penn P L 1300 Vacuum Oll pew. 8 Carib Syndica i Service. $6000 Cities Ser 6 Creole Syndicate. 1 Derby 0 & Ref w 1. 3Der 0 & Ropfd wi ulf 8t O & 80 Hudson Oil. 70 Keystone 90 Mex Oil. 4 Mount 5 23 Mutual Oil Vot 8 New Mex Land. 1 Omar 0il & G 1 Penn Beaver Oil.... . 1 Prod & Ref cfs dep. 3 Royal Can O & Ref. 18 COTTON FUTURES IN SMALL GAINS Saturday Market TUnsteady—Re- buying by Traders—Day’s Quotation: By the Associated Pres: NEW YORK, November 10.—The cotton market made rather a poor re- sponse to unexpectedly firm Liverpool cables, and a bullish private crop es- timate at the opening today because of overnight selling orders. First prices weré steady at an advance of six to thirty-one points on all months except September, which was ten points lower, but the market eased off right after the call, selling down from 32.63 to 32.40 for January during the first few minutes. It looked as if a good deal of cotton that had been carried over yesterday’s break was coming out on the opening rally, but, after the initial selling orders had been ab- sorbed, prices steadied up on cover- ing, trade buying and rebuying by traders, who had taken profits earlier in the week. January sold up to 32.70, with active months showing net advances of about 35 to 40 points during the early trading. Cotton futures closed irrefular. De- cember, 33.00; January, 32.65; March, 32.83; May, 32.84; July, 32.33. New Orleans Prices Advance. NEW ORLEANS, November 10. Advances of 26 to 31 points were made in the first half hour of trading in the cotton market today, in sympathy with a better Liverpool than due, a local crop estimate of 9,657,000 bales and_the failure of the New Orleans and Mississippl spot firm of W. J. Davis & Co., it being generally con- sidered that the fallure was due merely to inabllity to fill spot com- mitments that it had made. Decem- ber rose to 32.56. But little was left in the early trading of the reaction- ary feeling that was such a pro nounced feature of yesterday's trad- ing. Spot cotton qulet and unchanged. Sales on the spot, 23 bales; to arrive, 100 bal Low middling, 30.50; mid- dling, 33.00; good middling, 34.12. Cotton futures closed steady at net gains of 23 to 28 points. Close: 32.47a 32.58; January, 32.57a32.60; March, 32.70a32.76; May, 32.63a32. July, 32.25232.26. —_— LEAF TOBACCO. BALTIMORE, November 10.—With Maryland net receipts of 601 hogs- heads and sales of 193 hogsheads, the market continues active at full 'for- mer prices. Some few hogsheads of the new crop ground leaves have come in and these show a leafy ripe to- bacco. Maryland prices per 100 pounds— Inferior and frosted, firm leaf, 3.00a 5.50; sound common and greeaish, 6.0028.00; good common, 8.50223.00; medium, '23.50830.00; good to fine red, [30.00850.000; fancy, 51.00a54.00; com- mon to medium, seconds, Reod to fine, 13.00t035.00; bay tobacco, fire cured, 15.00255.00; upper country, air cured, 0240.00; ' 5.00212.00; ground leaves, new, nominal SEEES BOND ISSUE. The Chicago and Alton railroad, through its recelvers, asked the In- 'terstate Commerce Commission today to authorize the issue of $5,400,000 in equipment trust certificates. The company proposes to purchase new eqiupment and reconstruct old equip- ment at a total cost of about $5,500,000 and will use the receipts from the sale of the proposed securities to assist in meeting the charge. NEW CAR RECORD. T, LOUIS, November 10 (Special). e Terminal Railroad Associstion hung up & New monthly record last month, interchanging 226,242 cars. The previous peak month was March of this year, when 222,694 cars were handled, 18 Direct to The Star Office mand at and just under 90, as was Ohio and Home Stake. Southern States Oll, after 'having finally broken through the 15 level, had no difficulty in taking on another point or so. lmperial Oil of Canada crossed par just before the close, and was up 5 points on the week. ~ Stand- ard of Kentucky, at its best price above 95%, gained 3 points from the closing quotation of the week pre- vious. The recent rise of 8 points in Ohlo Oll naturally called for a good deal of profit-taking today, but it subsequently got above last night's final. . Stocks of the specialty class—Amer- ican Gas and Electric new, Midvale Company, Centrifugal and Park & Tilford—were actively bought at ad: vancing prices, while the upwary tendency prevail in Goodyear Tire. e 1 Beaboard - Oil. 56 Bou States Ofl . 12 Wilcox Oil & Gas. INDUSTRIALS. Allied Pack new... 100! Archer Dlfi ’:n)llm Bklyn Shoes Inc.... Bridgeport Mch w | Bklyn City = R Car Light Candy. w Centrif Iron Plpe. BT S 3 0 18 164 4 % 4% 100% 1001 prii Childs Rest . Cuba Co 35 Curtls Aero cfs dep 13! Dictaphone v Dubilier O & Radio 1 Durant Mot . b FEOFER Goodyear Tire Kresge Dept Stores Interna Concrete Mexapi Iron Midvale Co .. Motor Pro pfd new Murcurbank_ Vienua 3 Nat Leather .. Park & Tilford . 7 Peerless Motor Powertown Tire A. Radio Corp . Radlo Corp Reading Coa Reo Motor S0 O & I ne Studebaker Wi Tenn Elec Power. Todd Ship .. Thread Co pid Unit Praf 8h new. Unit Retatl Candy. 54 U8 Lt & Heat ... .83 Willys Corp 1st pfd 3% MINING. 2 B B e Fun B EER FEEF Globe Cop. . r Extens K Canario Copper 10 Condelaria Mia 5 Cent Amer 15 Conn Ce 20 Cortez Silver . 1 Crown King Cous. 50 Emma Siiver 40 Fortuna Mives 30 Goldfield Cons . 10 Goldeld Develop 10 Goldfield Deep Mn ldtieid F Goldield J Homestake Howe Sound ... .. Independence Tead. . Mining N Y Porcupine Ohio Copper . 3 Ray Hercules inc. Red Hill Florence. Richmond Cop §t Croix Mines Silverdale ... Silver Horn Mi; Spearhead Gold Teck Hughes .. 5 Tonopsh Divide . 3 Tonopah _ Exten Tonop North Star . United Fastern United Cerde Ext. U 8 Contl mew w Wenden Cop SPAIN UNVEILS SHAFT TO DEAD IN PHILIPPINES American Ambassador Takes Part in Tribute to Victims-of U. S. Navy. By the Assoclated Press, CARTAGENA, Spain, November 10. —Spain_yesterday remembered her heroes who died in ‘the naval batties of Santiago, Cuba, and Cavite, Philip- pine Islands, when a monument com- ‘memorating their dead was unveiled by King Alfonso. There was a bril- liant assemblage of army and navy officials, members of - the court and diplomatic representatives. Ambassador Moore of the United States deposited a wreath on the monument, saying: “I praise the fighters who contrib- uted to the friendship between Spain | and the United States.” Gen. Primo Rivera, president of the military directorate, made the prin- cipal speech. The presence of Ambassador Moore, he sald, meant recognition of the | splendid fight which the Spaniards made against the Americans. He characterized those who took part in the battles as “good Spanish sailors, who simply followed the doctrines of Admiral Mendez Nunez, who -valued honor without a ship more than & ship without honor. e SWISS AGAIN PROTEST. Oppose French Occupation of Up- per Savoy Free Zone. By the Associated Press. BERN, Switzerland, November 10. —The Swiss federal ‘council has in- structed its political department to prepare another note to France, again protesting against the French de- clsion to occupy the free zone of up- per Savoy, under the provisions of the Versallles treaty. Switzerland will again propose arbitration and her note will explain why she thinks further direct negotiations between the two nations useless. —_— DRY GOODS QUIET. Mills Befuse to Make Any Conces- sions in Prices. Special Dispateh to The Star. NEW YORK, November 10—Trad- ing was light in _today's cotton goods | markets, but mills declined to make any concessions s a result of the break in cotton, asserting that their goods were not overpriced, even in fow of that development. The 64 by :b print cloths were quoted at 11 cents and 68 by 72 at 13. The raw silk market was du}l, with dealers oftering concessions of 2% to 5 cents a pound to buyers. LIVERPOOL COTTON. LIVERPOOL, November 10+—Spot sotton quiet, prices easier; go: middling, 19.47; fully middling, 19.2 middling, 18.87; low middling, 17. good ordinary, '16.95; ordinary, 16.42. Sales, 5,000 bales, ' including 2,300 American. Receipts, none. Futures closed very steady. November, 18.99; December, 18.92; January, 18.8 Maroh, 18.68; May, 18.48; July, 18.05; September, 16.08; Ootober, 15.38. s ihaliy RHINE BANK APPROVED. PARIS, November 10.—A Havas dispatch from Dusseldorf says that the plan for the creation of a Rhenish bank has been approved by the diet at Barmen. It provides for the par- ticipation of French eapital up to 30 per cent. The plan was elaborated at Coblenz by Paul Tirard, French representative on the Rhineland com- mission, —_— RATES ON BAR SILVER. LONDON, November 10.—Bar silver, 32 9-18 pence per ounce.. Money, 2% per cent. Discount rates, short bills, 3a3}¢ per cent; three-month bil 4%a3 5-16 per cent, 3 HEADS OF DOLLINGS CONIPANY INDICTED ‘Stocks Are Mak Rather Than Price Level Has Been Unwarrantedly ing Recovery Fresh Advance Joscsb1. Fraud by Mail and Conspiracy| Low—Coppers and Sugars. Stronger— Charged by Ohio Federal Grand Jury. By the Associated Press. COLUMBUS, Ohio, November 10.— Willilam G. Benham and Dwight Har- d | rison, deposed heads of the R. L. Dol- lings Company ot Ohlo, were indicted yesterday by the federal grand jury sitting here on charge of using the United States malls to defraud and conspiracy to defrau The federal probe lasted two days and twenty-thfee witnesses were ex- amined. Two of the witnesees to ap- pear were aged women, Mrs. Chri tina Clark, seventy-four, and Mra. Mary K. Miller, seventy, both of Co- lumbus. Mrs, Clark testified she lost er life savings, $17,000, in the Dol- iings crash, and out of a comfortable fortune, Mrs. Miller said she saved her home and lost $59,000. The in- dictment for using the mails to de- fraud contains twelve counts and car- ries with it a maximum penaity of five years. It Invoives methods pur- €ued by the company in the promotion of stock sales. The mechanies of the organization are involved in the in- dictment for conspiracy to defraud. This charge alleges a number of overt acts and carries a.maximum penalty of two years. In obtaining the conspiracy indlct- ment, District Prosecuting Attorney Benson W. Hough centered his attack on the alleged disposition by the . L. Dollings Company of funds derived from sales of stock.of the Interna- tional Note and Mortgage Company. Mr. Hough charged that $5,000,000 was taken over by the Dollings Com- pany and that for this cash, notes and accounts past due from subsidlaries, which were not earning dividends, were turned over to the note and mortgage company for their face value. Statements construed by the dis- trict attorney as positive claims to ownership by the Phoenix Portland Cement Company of Ohio of a plant at Nazareth, Pa., not in fact owned by the company figured prominently in the indictment for using the mails to defraud. FOREGN EXCHANGE N FURTHER SLUNP Sterling at New Low. French, Belgian, Holland, Spanish Rates Drop. NEW YORK, November 10.—Fur- ther declines were recorded by a ma- jority of European exchanges at.the opening of today’s market. Demand sterling established a new low price for the yvear at $4.37%, more than «2 cents below yesterday's final figures and 6 cents under last Thurs- day's quotation. Traders traced sterling’s decline directly to the flood of cotton bills by southern growers, coupled with nervousness over the foreign sltuation. Higher cotton prices aggravated the already heavy @émand for dollar bills in London, it was stated. Holland exchange also touched a new low price at 38.02 cents ead Spanish pesetas dropped to 13.07 conts, also a new minimum figure for the year. French and Belgian francs fell off several pointe, the former being quoted at 5.57% cents and the latter at_1.83% cents. Some improvement was made by Danish and Norwegian kronen. French bonds continued slightly ry actionary, although there was no in- dication of any exteryled liquidation by holders of those securities. e 1. C. C. BROADENS SCOPE OF COAL FREIGHT PROBE Complaints of Shortages and Un- fair Rates to Be Heard Here December 3. NEW YORK, November 10.—After hearing witnesses from several states At a hearing here yesterday tell of alleged discrepancies In anthracite coal rates over varlous roads, of wide- ly varying barge transport and truck dellvery - charges, and ,of Sgreatly fluctuating retailers’ prices in single zones, the Interstate Commerce Com- mission announced it would continue its investigations at Philadelphia next Tuesda; The commission decided to enlarge the scope of its inquiry to include bituminous freight rates and to hold a special meeting at Washington De: cember 3, where complainants of short- ages and unfair freight rates, as well as railroad men, might testify. New York city’s woma commisioner of markets, Reed Welzmiller invaded ing and bomberded witng such a rapld fire of questio; session was temporarily rupted and a recess taken unitl th® smoke rolled away. Mrs. Welzmiller, who last summer made a tour of mines in nearby states, introduced herself with the assertion that her department had more complaints about profiteering than it could investigate, B.&0. Road to Spend $2,000,000 at Once in New Equipment, Spectal Dispatch to The Star. BALTIMORE, , November Baltimore and’ Ohio railroad Pl orders for 1,000 cars, which will cost approximately $2,000,000. The orders are devided as follows: five hundred all-steel hopper cars of fifty-five tons capacity, costing about $2,200 each and aggregating about 51,100,000, order placed with the Pressed Steel Car Company of McKee Rock, Pa., and 500 steel-underframe box cars of forty tons capacity, costing ap- proximately $1,800 each and totaling about $900,000, placed with the Ameri- can Car and Foundry Company of Ber- wick, Pa. = Deiivery i8 to commence during the early part of next year, and the cars are to be pul under an equip~ fn " addition to the foregot : n oregoing, requests have been made for bids of nm all- steel coaches and five all-steel dining cars, contracts for which have nmot yet been closed. 7 deputy . Louis hear- s with hat the 10.—The has just Btock of Record, Nov. 21 Nov. 30 Nov. 23 Dee. 15 Dee. Nor. Nov. 20 Nov. Nov. 20 Bos, & Alb. E. Continental” Oil... @ Guantazamo Sugar ow Owens_Bottle pf. Onyx Hoslery pf. Prait & Whitses 8. 0. of Ghio. .. Wabassa Cattons. Oils Still Weak—S BY STUART P. WEST. Special Dispatch to The Star, NEW YORK, November 10.—The last stock market upturn has been a recovery from a price level unwarfantedly low, rather than a fresh advance. It has been correcting past excesses in speculation for the decline, bringing back stocks to more reasonable selling prices, rather than attempting to “discount” the indus- trial development of 1924. The fact is that few have gone so far as to predict much bigger things for next year than we are now-seeing. Freight traflic continues at the high- est ever known. The general volume of retall and distributive trade is enormous. It is sustained through the double influence of the unusually high buying capacity of Industrial wage earners and by the much improved buying power in the agricultural dis- tricts. ‘These factors are relied upon to continue and to uphold the present atisfactory conditions in merchan- dising lines well into next season. Ste¢l Orders Lag. With basic industries, on the other hand, the outlook is still more or less uncertain. Declaration of the extra dividend by the United States Steel directors was'accepted as an expres- sion of confidence in the steel out- look. But the latest trade reports despite their recital of increasing rallway demands, a brisk business with the automobile manufacturers and special buying for Japanese recon- atruction acoount, state that new or- ders have not yet overtaken output. That the steel producers expect this | situation to be changed shortly is in- dicated by their refusal to shade prices. 8till the upward turn is only a probability as yet. Copper and Sugar Better. ‘The latest copper statistics suggest that things are changing for the bet- ter In this direction and that new buying has come ip in sufficlent quan- tity to begin once mors to cut down the unsold eurplus. The sugar mar- | ket, too, looks to be at the end of | its reaction, although the market for sugar futures continues to reflect the opinion that next years prices will be lower on the average than those | obtained this year. | It was a good deal of a spock to| learn of the further price cutting in the midcontinent oil flelds in view | of the expression of confidence that | matters in the trade were mending. | WEEK SEES SLUMP | IN WHEAT MARKET, Much Grain Sold as No Quick Aidi for Farmers Is Seen. Corn Soars. By the Associated Press. CHICAGO, November 10.—Selling out on th® part of wheat owners, Who had ceased to expect immediate help from the government, led to a ma- terial setback in the value of wheat this week. Compared with a week ego, wheat this morning was % to 1% down, whereas corn was 2% to 31 up, oats showing % to Hak gain and provisions at 17 to 60 ad- vance. Vanishing chances of the proposed German reparations conference count- ed, too, as a bearish factor through- out the week, and so likewise did a liberal increase of the domestic vis- ible wheat supply. With corn soaring temporarily, however, to a new high-price record for the season, and with cotton prices showling a transient buige, the wheat market displayed considerable rally- ing power for a while. On the other hand, British plans for tariff action Iikely to dnterfere with the foreign trade of the United States was an evident disturbing influence, and when corn and cotton reversed their course the wheat market again turned weak, bearishly affected also by the Favarian military outhreak and by the flattening out of hope for a plan to settle German reparations. Owing to scantiness of receipts and todisappointing husking returps,; bulls in corn were able to hoist quo- tations until a government report in- | dicated that the season's vield was larger than had seemed probable. The reaction which ensued, though, failed | to offset much of the prior gains. Oats fluctuated with corn. g Scarcity of lard for immediate ship- ment lifted all provisions. STOCK INCREASE VOTED. NEW YORK, November 10.—Stock- holders of the New York Title and Mortgage Company have voted an in- crease in the capital stock from $5.- 000,000 to $6,000,000. The stock is to be offered to present stockholdgrs at | $125 per share, payable on or before December 1, 1923, on the basis of one | new share for each five shares held. The stock will participate pro rata in dividends paid after December 1, it was announced. COMMODITY NEWS ORDERS 1,000 CARS. WIRED STAR FROM ENTIRE COUNTRY DENVER, November 10.—Although ! there are about three thousand fewer farms belng operated in this state than in 1922, there are movs dairy | cattle, hogs and poultry than was the | case last year. Hogs show an in- cresse of about 24 per oent, dairy| cattle, 15 per cent, and poultry, 8 per cent. ATLANTA, November 10.—Cotton dealers heré pointed out toddy that ginnings from November 1 to the end | of the season must equal 2693413, bales for the crop to reach the iast vernment estimate of 10,248,000 ' les. Last year the ginnings from | November 1 to_the end of the season ' totaled only 1,590,901 bales. The two' Carolinas showed increases in amount ginned so . far, while other cotton states showed declines. CHICAGO, November 10.—~While de- | mand for wool here is comparatively | | light, prices are steady, fancy half | blood being held at 54 cents a pound in the grease. There has been some trading lately in quarter blood comb- ing wools at 47 cents. Montana clips | | range between 43 and 47 cents and ! Texas 12 months’ between 47 and 50 | cents, according to grade. ¢ ST. LOUIS, November 10.—‘“Orders for current needs are being recelved in good volume,” F. C. Rand, presi dent of the International Shoe Com- pany, said tod. *Our shipments are showing a substantial increase in; volume over . those of last Greatér conservatism is eliminating the economic waste of radical style changes.” LADELPHIA, November 10.— ! Exports of wheat ‘from this port i dropped from 4.131,502 in October, * 1923, to 1,850,893 last month, but flour for export Increased neatly one mil-l lion pounds over the 1933 figures to Nov. 23 Dec. 14| 13,457,462, year. 'l terling’s Decline. It is atill a fact, however, that for two months now the daily average output of crude oil has ceased going up even if it has not been coming down to any extent. This is pointed to as evidence that oil production has reached its peak. Debt Payment May Help Sterling. The decline in sterling exchange to the lowest in nearly two years, to & level over 30 cents in the pound be- low the high of last February, has probably had only minor connection with the disturbing events on_the continent. To be sure, everything that hinders Germany's indust re- covery delays the solution of Eng- land's problem of unemployment. Be- fore the end of another week Great Britain will have made its semi-an- nual payment on the American “war debt, and If the collection of credits for this purpose has been the major reason for the selling of _sterling drafts, there should be a sharp re- govery.. It there is no such recovery, it will establish tbat the swing of the trade balance more and more in favor of the United States has been the primcipal factor. Reparations Outlook Depreases France The French franc has sold in the last day or two within a quarter of a cent of its record low of laat Au gust. For this the increasingly dubi. ous outlook for reparations is mainly responsible. The French claim to have balanced their ordinary budget. but they will have spent this year for pensions and reconstruction the huge sum of nearly 26,000,000,000 francs. This follows a deficiency of over 17,000,000,000 in 1922. ‘While the whole of these vast sums are set down in the extraordinary budget as ‘“recoverable,” the actual deliveries from Germany have been a4 drop in the bucket. The great bulk has been made up by domestic loans, and the question ls how long the French peasant will be willing to add to the already tremendous gommitments in government secur- es. It is significant that the French au- thorities have begun to vary the process of financing. Instead of of- fering all new bonds and treasury notes to the public direct they are handing over part of the new offer- ings to the contractors engaged in rebullding the devastated territory, and getting them to issue their own securities, with the government obli- gations as collateral. The object of this apparently is to lessen any un- favorable impression that might be created by the continued offering of new internal loans for popular sub- scription. (Copyright. 1923.) ADJUSTMENTS MADE IN BUTTER PRICES Eastern Charges Now Ahead of Those Prevailing in Chi- cago Market. By the Associated Press. \ CHICAGO, November 10,.-Price changes in the four principal butter markets during the past week were confined to readjustments, eastern prices advancing above those pre- valling at Chicago, which previously had been the higher. Shortage of fresh butter was the cause. Publication of the sto: removed the uncertainty vegargine the rate of withdrawal of storage butter in interior points, a question of importance because of the com- paratively slow withdrawals at the four large markets. The report indi- cated a surplus over last year of only 2773,(40 pounds, indicating a fairly rapid out-of-storage movement. Trading was conservat & e s ative but confi The foreign situation assu - creased importance with lhr:ldpr:ge advance. Arrivals at New York dur- ing the week included fifteen cases of .Italian and fifteen cases and 1,650 casks of Danlsh and Canadian but- ter, which found fairly free outlets. “losing prices and ranges of score butter during the week follow Chicago, unchanged at 51%; New Tork, 2% higher at §24: Boston, 1 igher at 51%, and Philad. higher at 52%. SECEE AGAIN BUYING CATTLE. Stagnation in That Industry Ends in Argentina. BUENOS AIRES, November 10.— ‘When the beef packers resumed the purchase of export cattle, following the suspension for six months of the decree applying the minimum price law to such cattle, prices ruled about the same as prior o the date the minimum prices were fixed. Notwithstanding the government's suspension of the operation of the min- imum price law, it is understood it is still the intention of the packers to test the_constitutionality of the la: EQUITABLE Co-Operative Building Association Organised 1879 434 YEAR Ansets Surplas ....... Save Systematically L e et % 1A o 04 stick to' it Join the Equitable: Subscription for the 85th Issue of Stock Being Recefved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F 5t. NW. JOHAN JOY EDSON, President FRANK P. REESIDE, Secy. We Demand to Clients Investing in Our 7% First Mortgage Notes Insures absolute safety under any and all conditions. i It Upholds alse our established record never having lost in either principal or interest as much single penny. it insurance Guaranteed fornished with all notes. Notes of $100, $250, up to $5,000 Now on Hand - For full particulars apply to Mr, 0'Donzell, Loan Department. { i CHAS. D. SAGER Money to Loan Secured by first deed of trust om real estate. interest and commission. 420 Wash. L. eller D Vo FINANCIAL & Trust | ¥ xw. i ‘Il First Mortgage Loans For Sale In denominations of $250 and upward, bearing 6};% interest. Secured on improved properties. See Mr. Field Hedges & Middleton, Inc. 1334 H St. N.w. Frankfin 9503 northwest the city. 1412 Kye St N,W. | o o BN Are You Financially Prepared? F you had the chance to go into business for yourself tomorrow, would you have to borrow money to do it, and could you? Would you look back over the years of your life gone by and regret not having started to save sooner? When are you going to start? Perhaps the reason why we’ve seen so many large fortunes grow from small be- ginnings is because our First Mortgages are safe, pay a liberal return, and those invest- ing in them are never uneasy about their money. Our reputation is involved in every Note we sell, and insuring the safety of every one of them is our chief duty. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 54 Years Without Loss to an Investor MORTGAGE OANS tions Denomina $100 to $6,250 Interest Rates 6%% and 7% All loans secured on modern homes and busi- ness property in best sections of Ask for Infermation MORRIS CAFRITZ Eotablished. 1889 In Convenient Denominations 912 Fifteenth Strectt Main 6838 | ON FIRST MORTGAGES For Investors Interest 612% MONEY TO LOAN AT OURRENT RATES OF “The Priceless Art of Pleasing Others” Has Been Our Aim in the Development of DURIETH This not only applies to the Purchaser, but to the Investor as well Let our MORTGAGE INVESTMENT DE- PARTMENT give you details of the FIRST MORTGAGE NOTES we are offering in BUR- LEITH. It will pay you. CALL, WRITE OR PHONE MAIN 2345