Evening Star Newspaper, November 12, 1923, Page 19

FINA NCIAL, MINING INDUSTRY | AWATING DENAND Copper and Silver Supplies Are Piling Up—*“Long Pull” Outlook Called Good. ROYLE. Special Dispateh to The Star. o NEW YORK, November 12.—The metal mining industry is looking to the future rather than to the im- mediate present for stability and prosperity. In spite of the fact that the non-ferrous metal markets today are “buyers' markets,” mine owner:\: are confident that “for the long pull prices will recover and demand will tax the capacity of their properties. That is the ri pn why, although copper is down to a low figure and sales of silver have fallen off since the Pittman ed to provide a demand, mines still continue active production and the surplus supply of copper growing. Copper produ es have cut wages and ex but they havi uot materfally Kked production. Long Pull Favorable. The attitude of the mine owners is hased on @ thorough Investigation #nd knowled of foreign and domes- tic conditior America produces far more copper than is consumed in this The prospective demands of Yurope, however, are greater than ever in history. Until a fe hought sterling—mill copper. e pract many mine owner just expressed it today. indirectly how it months ago aid for in dolls -d hut no projects for which Lought were not ever, and sooner or la # tremendous tonnage metal. iermany's Future Needs. ccording to me who have recently investigated the situation, found her industries men- d by lack of power when France occupied the Rubr. She could nelther transport no the high- ade coal from that section. The country, howe d large deposits of lignite hich will not stand shipping, as it disintegrs close to the mines, how perfectly adequate B Ge: manufacturers and _engineers, vareful investigation. outlined plans y which this coal will be turned into ric power t plants near the mines. This current will then be transmitted over high tension wires to fuctories. The change from power plants and steam machiner: 1o electrical equipment will involve tremendous purchases of copper even if the wire and machinery is manu- factured in Germany. Italy to Be in Market | Equally cxtensive is the program for clectrical expansion and equ ment in nortkern Italy. This program, which involves harnessing the thou- sands of streams which pour down from the Alps, hus aiready been sub- mitted to American electrical com- pantes and it is generally understood that the General Blectric Company has taken an interest which goes be yond the mere nursing of a pr tive customer. The program, icn awaits only on more stable condi- tions, also will require tremendous ges of copper. ilver producers are optimistic over the success which attended the forma- tion of the Silver Export Association. will handle the cash the copper was andoned, ho r will require of the red many, ne, much the same manner that the Cop- per Export Association disposes of American export copper. Practically all the large silver producers have Joined and mines in consequence are! active Iver Mines Need Men, Tn Colorado metal mines are beg- ging for men. In the nine months ended October 1 the Denver and Rio Grande western road handled 14,082 cars of ore and consentrates, as against 9, 0 in the whole of 1922 The shortage of miners scems des- tined to become more acute when plans for increased development are put into effect. Mining machinery dealers have put on night shifts in Denver. ‘With an ore surplus of .000 tons, or more than flve weeks' supply at the normal rate, most of the lead and zinc mines in the tri-state fleld have been closed down for a week, but some time back the movement of ore has been well ahead of average pur- chases. The electrical Industry de- mand and that for building purposes shows no sign of dil shing, how- ever. (Copyright, 1925.) UNIFORM LAW SOUGHT. Corporation Regulation Is Called Too Burdensome. i NEW YORK, November 12.—A na- iwide campaign to bring about modification and uniformity of laws affecting corporations is recommend- ed in a report made to executives rep- resenting thirty-seven state employ- ers' agpociations at the semi-annual conference of the National Industrial Council today Burdesome regulations and legally stipulated costs and tariffs for the privilege of doing corporate busine: inflicted by the state governmen the report suid, have become a se- rious me 10 business enterprise. The ordinary costs of entering and doing business in the forty-elght tates, by "a corporation organized in one state annually aggregate many thousunds of dollars, it added i —_—— SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Aluminum Co. of Amer. Ta 1925 Aluminum Co. of Amer. American Cotton Oil 8s 1 Sugar fs 1 Nhjerican Tel. & 1 American Te Anaconda Copper Anglo-American Taftinore & ¢ Central Leather NEW YORK CURB MARKET Recelved by, Private Wire Direct to The Star Ofice BY WILLIAM F. HEFFERNAN, NEW YORK, November 12.—The feature of the dealings on the curb market today was a sharp advance in Centrifugal Cast Iron Pipe to the best prices of the year, in a market which was more or less subjected to realizing sales and professional sell- ing. Trading in Centrifugal, which here- tofore had been comparatively small, increased following the announce- | ment recently that the U. Cast | Iron Pipe had advanced prices on all soll 35 a ton. The latter company | pays a royalty to Centrifugal on ail | pipe produced by this method. The outstanding common stock amounts 10 141.730 shares. In January of the present year 134,000 shares of the mmon ‘was offered for public sub- cription at $10 a share. No divi- dends on the preferred or common have been paid in the current year, but it is thought that something _ NEW YORK, November 12.—Follow- ing is an official list of bonds and S.Ii)l'kfl traded in n the New York Curb market tod: Sales in BONDS thousands, 1 Allied Packers Ss.... 1 Am Sumat Tob 8 Anaconda_0s 2ACG & W T Belgo Can Pap 6s. Beth Steel 7s '35. Charcoal Co Am 8. Col G Cons Cons Low. Grand Trunk Hocklng Vall 5 Guif_Oil of © Mateh 6x. Liz Win Lig r es 1 Morrls & 5 Nat L FOREIGN BONDS, r 6s w i 005 oar Russian 81} Swin ¢ 0" vt Be. . 10 TS of Mexico 4% Sales in units. NDARD 0IL 100 Anglo Am 01l 10 Buckeye I L 100 Con_ Ol new. 20 Cumberland 10 Eureka P I 10 Gal_sig O TP L. Tmp 0il of ) Ind P 3ot ot ISSUES. U 14% rairie P L. South Penn’ Oil s s INDEP] in bundreds. unds Mutual Ofl Vo ew Bradf Oil w i New Mex Land. 2 Omar Oil & Gas. Penn_Bea; Rosal (s pulps Refin aboard Oil od & R et u States Oil. Wilcox Ol & G Am Hawaiian 5 8 Am L & Tra 2 Am Multigraph Co.. 2y DEFET OF VRGN PUT AT §170000 $3,000,000 Shortage Denied as Gov. Trinkle Gets Auditor’s Figures. [ i Epecral Dispatch to The Star. RICHMOND, Va. November 12.—| Gov. Trinkle submitted to the state| budget commission the estimates fur- | nished him by the auditor of public accounts, who places the deficit in the state treasury at $1,700,000. He insisted that the figures are correct and that there will not be a short- age in public funds of $3,000,000, as some have declared. In spite of the known fact that there is a shortage in public money, the demands made are sufficlent to make the deficit ten times that al- ready existing, and Harris Hart, su- perintendent of public instruction, suggested that the tax rate be in- creased 1 cent on all classes of prop- erty in order to give his department 00,000 for the next two years. The members of the commission are opposed to cutting the school appro- priation, but the idea of raising the rate for the schools or for any other purpose does not set well. _Fish Commissioner Lee asked that his appropriation be cut $2,500, say- ing he would have $90,000 a year for his department and that not a cent of this will come from the state treasury. Superintendent Herbert of the sol- diers’ home has asked for an increase for that institution, which has at this time about 200 men, the number growing smaller each year. At one time there were about 300 men in the home, but the applications are fewer and fewer each year. The death rate at the home is large, with the average age of the inmates more than eighty years. R. 1 & Pa Chicago Tel. 3s 1 Edison £l 11 Federal Suga; Fisher Body Fisher Body Cor 1 codyear T. & R. §s 1631, t Nortiiern 7s 193 Hocking Vall 1 Fumble Ol Rennecott Copper Tibby, McNell & I Michigan State Tel St. P, & 8. 8. 3 100k 100¢ 97 1081 0 3o o1, 100 ¢ 1078 1 1005 o171 | Tons ! 108" I 1095, 107% TREASURY CERTIFICATES, (Quotations furalshed by Retmond & Co) | -Noon.. 3 ofter. | 100 1-32 100 100316 1001315 101 1.3 100716 100918 100116 100318 99 15-16 100 1.16 100 1116 100 15-18 90 1982 0 23.32 100 1316 100 1518 00332 100 7.32 &¢. Paul Union Depot Rwift & Co. Bs 1 ewater Ol 6138 1981 s 1930, 93 Westinghouse id, 90 31.82 b :vu.: June 15, 1024. fige September 15. s March 15, 1625. s June 15, 1925. Z Decomber 18, 1025 1 1 PLANS TO OPEN WAR | ON KU KLUX KLAN Incorporation of Organization Is Proposed by National Vigi- lance Association. Incorporation “of an organization for the purpose of “Inaugurating an intensive campaign looking to_ the disintegration of the Ku Kiux Klan and kindred organizations” was an- nounced yesterday by the Nn(lonul' Vigilance Association. 5. F. Corcoran. directing vice president, who will be in charge of adquarters here, declared that for several months preliminary work has been in progress and the amsociation now was prepared “to fight against all influences and agencies which seek to breed class or religious dis- crimination.” . The program adopted by the or- ganization calls for passage of an anti-masking bill by the legislature of each state, forced publication: of membership lists of all secret or- ganizations and enactment of a federal statue dealing with mob violence, 1 might be forthcoming in the near future. Ol1 stocks were under pressure throughout the season, with a num- ber of the Standard group receding one, two and three points. A’ fresh cut of 1 cent a gallon in gasoline prices was announced by leading companies, but it was doubt- ful whether this had particular bear- ing upon the movement of the oils. Perhaps the passing of the quarterly dividend on Crescent Pipe Line, & Standard Ofl subsidlary, was of more significance. This is the first time an old Standard pipe line has falled to make the regular distribution. Royal Canadian stood out among the independent oils and was more active at high prices, while others of the group moved sympathetically with the standard issues. Prairie Ol and Gas, which had closed last week at 1871, was offered below 184. Im- perial Oil of Canada, which last week sold above 101, dropped below par. Arizona Globe, Home Stake Exten- lon, Wenden and Ohio, among the coppers, held around thefr high levels, but did nothing more. 10 Armour & & Tiridgept 19 Brit 1 10 Bklyn City R R. 1 Cent Teresa ...... 3 Cent Teresa pfd... 30 Centrifug Iron Pipe i Nip pew w 1. ndy Prod Cor wi 1 Chi Np B Tr new wi 1 Cuba Co .. ; 8 Curtiss Aéro efs dp 3 Dietaphone Cor 15 Dubilier C & 1 Durant Mot ‘ederal Telograpi 1 Gillette 8 R 11 Glen_ Ald 0. Goodyear # Hudson Co pfd 1 Imperial Tobacco... 1 Inter Contl Rubber, Kreago Dept Stores Intl Conerete T C. Liggett Int *A 47 Park & Tiltord..... 4 Mur Bk Vienna w i Peerlens Mot ... Powerton T & R A 13 Tadio. Con® o Corp . 61 Radio Corp adio Coal 2080 C & I new..... . 1 Tobacco Prod Expts Unit Retail Unit §h 2 Univ Pipe pf w Univ Pipe pt w Wasne Coal... 1 Willys Corp Tst 18 Yel Taxi Corp N MINT 10 Alaska Brit-Colo.. .82 6 Am _Exploration .. 1 Aoglo Am of 8. Af 120 Ariz Globe Copper. . 10 Boston Mont Corp. . 10 Canario Copper ... 16 Cons Cop Min new 2 Central A ) 10Cortez Silver 2 Crewson_Gold ... 1 Crown King Cons.. 10 Hill Top Nevada 3 Hecla Mine 3 30 Grada Min 6 Homestake Ext . 80 Independence Lead.. 1 Kerr Lake Croix Mines King Div 11 Tonopah Divide © . Tonopah Extens .. United Eastern United Verde Ext. Unity Gold 25 Wenden Coppe: 10 White 18 Yukon 200 ARE ARRESTED IN GAMBLING RAID Twenty-Seven Patrol Loads of Men Taken From Balti- more Club. By the Associated Press. BALTIMORE. Md.. November 12.— Two hundred men were arrested late yesterday in a raid on an alleged gambling club here. Twenty-seven patrol loads of men were taken from the house to the southern district police station and locked up, five and six in a cell. Thirty prisoners for whom thers was no cell room, were placed under guard In the courtroom. A roulette outfit and a sack full of silver dollars. which the police say were used instead of chips: dice, other gaming devices and cards of elaborate prizes were taken as evi- dence, according to the polics Two patrol wagon loads of alleged home brew. which, police said, ap- | parently was manufactured on the ! premises, also were confiscated. The authorities say they have had the place under observation sinc its opening about two weeks ago. Last night four policemen were sent to conduct the raid, in the belief that only a few men were in the house. About fifty men are believed to have escaped in the melee which followed. The four officers became the center of a rough and tumble fight until a hurry call for reinforce- ments brought several wagon loads of reserves to the scene. The men were given a hearing today. FOURTH OFFICER FACING TRIAL IN WRECK INQUIRY By the Associated Press. 1 AN DIEGO, Calif., November 12— The trial of Capt. Robert Morris, the fourth officer to face court-martial in connection with the wrecking of sev- en destroyers on Point Honda Septem- ber 8, will open today. Seven other officers, one a division commander and the others destroyer captains, remain to be tried. Capt. Edward H. Watson, 11th Squadron commander, _and ' Lieut. Commander Donald T. Hunter, cap- tain of the Delphy, are presumed to have been found gullty. Lieut. Lau- rance F. Blodgette, an officer on the Delphy, was acquitted last Saturday. SUGAR MARKET FIRM. NEW YORK, November 12.—The early raw sugar market today was firm, with prices unchanged at 5% cents for Cubas, cost and freight, equal to 7.16 for centrifugal. There were no sales of Cubas reported, but 21,000 bags of Brazilian were soid at 5 1-16 cents c i f, equal to about $5.00, cost and freight, for Cubas. Raw sugar futures eased off 3 to 10 points early under scattered liqui- dation, but firmed up on active cov- ering and buying by commission houses, prompted by the firmness in the spot market. Midday prices were 2 points lower to 4 higher. v ——— RATES ON BAR SILVER. LONDON, November 12.—Bar sil- ver, 33 1-16 pence per ounce. Money, 2% per cent. Discount rates: Short bills, 3 5-16 per cent; three-month bills, 3 5-16a3% per cent. NEW YORK, November 12.—Bar silver, 64%; Mexican dollars, 48%. DIVIDEND DECLARED. NEW YORK, November 12.—The Flelschmann Company has declared four quarterly dividends of 75 cents a share payable April 1, July 1 and Oc: tober 1, 1924, and January 1, 1935. Previously company had been paying quarterly dividend of 50 cents, TEXTILE MILLS REOPEN. Amoskeag Company Gradually Re- suming Business. Special Dispatch to The Star. MANCHESTER, N. H., November 12, —As part of its policy to increase operations as conditions warrant, the Amoskeag Manufacturing Company to- day opened three of the weaving sec- tions of the Coolldge mill, three weay- ing sections of No. 11 mill, the dress room and dyeing sections of No. 7 mill and part of the fancy dyeing and bleaching sections on a three-da; week basis. BOSTON, November 12.—Those mills which plunged on cotton now have a substantial profit on inventory, but many express fear that higher prices for cotton and consequent higher prices for goods may divert some business permanently through substitution of other materfals. ‘Automobile manu- facturers who have been using cotton base for imitation leather are said to be experimenting with a burlap base, —— WOOL EXPORTS DROP. Business in Overcoatings, However, Expected to Pick Up. Special Dispateh to The Star. BOSTON, November 12.—Prospects for an unusually active business in overcoatings today improved senti- ment in the local raw wool market, which had been worrying because of the faflure of lightweight business. Medium grade wools are moving well. but fine wools are slow. The export movement has been largely checked. holders of woll thinking they can do better by retaining the wool for re- sale here, as prices are expected to harden. Receipts at Boston last week 2,260,000 pounds—1,266,600 of which “was forelgn wool—against 5,110,600 pounds the preceding week. LIVERPOOL COTTON. LIVERPOOL. November 12.—Cot- ton—Spot. active demand, large busi- nesw, prices firm: good middling, 19.80; fully middling, 19.60; middling, 9.20; low middling, 18.25; ‘good ordi- 28: ordinary. 75; sales, 10,000 bales, including 7.5 Amer- ican; receipts, 3.000 bales, no Amer- tures closed strong—Novem- 53; December. 19.45: January March, 19.16; May, 18.96; Julp Septémber. 16.46; October, POTATO CARS NEEDED. ST. PAUL, November 12 (Special). ailroads here have heen ordered by the state railrond and warehouse commission to unload immediately hundreds of refrigerator cars loaded with fruit so that this rolling stock may be used to haul potatoes which are threatened by low temperatures. Fruit men are paving heavy demur- rage charges awaiting reconsignment of shipments. MILLS RUNNING NIGHTS. COLUMBIA. §. C. November 12 (Special) —The Hampton units of the Pacific mills, second largest cotton manufacturer in this country, are operating a portion of their miils on an all-night shift. Favorable re- ports are received on the way the ercale price advance of 2 cents a d by the company has been re- ceived. NEW YORK FGG PRICES. NEW YORK, November firm; receipts, gathered extra firsts, 61a64: 52a60:_do., eecond and poorer, 30ad New Jersey hennery whites. closely selected, extras, §2a84; nearby hen nery whites, closely selected, extras, $2a84; etate, nearby and nearby west ern hennery whites, firsts to extra. 6§5a80; nearby hennery browns, extras. Paclfic coast whites, extras, aTél: do., firats to extra firsts, 63a refrigerator firsts, 31a3 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 fair rates Its 7% First-Mortgage Notes, SECURED by Improved District of Columbia Real Estate, Are a GOOD INVESTMENT. Offered in_denominations from $250.00 UP. D. C, MONDAY, NOVEMBER 12, 1923 WRIGLEY COMPANY GIVES STOCK MELON Share of 014 Stock Will Get Three of New at Same Divi- dend Rate. By the Associated Press. CHICAGO, November 12.—The an ticipated pre-Christmas gift to stock. holders of the.William Wrigley, Jr., Company was announced today in the ; form of a stock melon and an ex: change of one share of old stock for three of new, with maintenance of the present dividend of $9 & share, or $3 a year on each share of new stock, payable monthly, Application will be made to list on the New York Stock Exchange the stock, of which 1,800, 000 share of no par value, will be is sued in exchange for the old stock of 600,000 shares of $25 par value a | share. The lssuance of a stock dividend | or recapitalization plan had been an ticlpated ir financial circlés for som: time In view of increased business and surplus. The recapltalization was voted by the directors today and will be sub- mitted to the stockholders on De- cember 4. Hornblower & Weeks and interests afiiliated with the Chase National Bank of New York have obtained 300,000 shares of new stock, and shortly will offer the stock at a price expected to be somewhere be- tween $40 and $42 a share. —_— MARKET OPENS FIRM. Dry Goods Buyers Still Awaiting Lower Prices. Special Dispatch to The Stas NEW YORK, November 12—The cotton goods markets opened firm today despite the downward swing in raw cotton. Many buyers held off, however, feeling that the mills would be obliged to come down from their present high prices. Print cloths again were quoted at 11 cents for the 64 by 60 and 13 cents for the 68 by 72. The raw silk market had a rather tame opening, with quotations un- changed from last week end. BEETS EXTRA FINE. DETROIT, November 12 (Special). —Michigan ‘sugar beets are running very high in sugar content this year. Indicatlons point to an average con- tent of 250 pounds of sugar per ton compared with the ten-yvear average of 200 pounds. Farmers are obtain- ing about ten tons of beets to the acre, for which they will receive $7 { or higher a ton, depending on the final price at which the refined prod- uct is sold. Expenses are estimated at $40 an acre which will leave a net profit of $30 to $40 an acre RS R ey Today’s Butter Price: CHICAGO, November 12.—Butter unsettled; creamery extras, 051l standards, 49: extra firsts, 49a50 firsts, 443a45%; seconds, 4Za. £ggs, unchange, receipts, cases; firsts, 44a50; ordinary firsts, Avenue N.W. WEEKLY BANK REPORT. NEW YORK, November 12.—The 2ctual cendition of cleering house banks and trust companies for the week shows an- excess in reserve of $24,348,330. Thim is an_increase in the’ reserve of $37,698.00 The Margin of Security ‘We Demand to Safeguard Clients Investing in Our 7% First Mortgage Notes l 1nsures absolate satety under aoy and all conditl It | Upholds also our establishea recora ot never having lost in either principal or interest as much as & single penny. Guaranteed titles and insurance policies farnished with all notes. Notes of $100, $250, uo to $5,000 Now on Hand For full particulars apply 0'Donnell, Loan Department. CHAS. D. SAGER 924 14th St. N.W, Main 36, to Mr. ~ Money to Loan Secure¢ by first deed of Trereilng, 1nterest snd: commioson, > Joseph L Weller SR55 5 & 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 Information EQUITABLE Co-Operative Building Association Organized 1879 43d YEAR COMPLETED Assets .. -..84,750,762 Surplus . ...$1.207,281 Save Systematically The most effective method of ing is to adopt & systematic plan and stick to it. Join the Equitable. Subscription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. First Mortgage Loans| Lowest Rates of Interest and Commission. | _Prompt Action Thomas J. Fisher & Company, Inc. - 738 15th Street We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street FINANCIAL Money Makes Money— The largest fortunes of today were started by men who possessed only a few dollars, but who had the wisdom to invest for the future. START TODAY BY BUYING OUR MORTGAGE INVESTMENT NOTES These notes are safeguarded by first liens upon improved real estate in Washington, D. C,, worth double the amount of the loans—so that there can be no loss or depreciation. We have them in de- nominations of $100, $250, $500 and $1,000—with- interest at 674 %, payable semi-annually on the day due. ASK OUR MORTGAGE DEPARTMENT for full information 713 14th Street N.W. Main 2345 Washington's Oldest National Bank The Age of Growth —in man is limited, but it's different with banks—this one at any rate. “The Metropolitan” has been growing for over a century, and is today in more vitally helpful position than ever to serve its legion of depositors. “v i lar [ ] OUIE (T8 11 AR Aninira Organized in 1814 Our Savings Deft. Pays 3% Compound Interest National Metropolitan Bank ital, Surplus & Undivided Profits Over $1,700,000 ]Csa'i: 'S‘:‘, (";';’p:‘aite U. 5. Treasury—109 Years Old € Let us have your account so you can benefit by Metropolitan co-operation. 620 17th Street | Get Into the Coupon-Clipping Class By following an easy plan, which we will be glad t{i explain, you nny i?nmediately double the -income on your saving: s, 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 634% to 7.13%. NO LOSS TO' ANY INVESTOR IN 50 YEARS Che F.H.SMITH CO. - bunded 1873 FIRST MORTGAGE INVESTMENTS eesssssescssassessgsessoteensssscsscsesessssseccs The Foundation of Large Estates is not the fortune of many to achieve T l the success of Fords and Rockefellers, but there is opportunity for every one to achieve a great success, nevertheless, by fol- lowing their examples. Make a start toward saving now, be i ever so little, and remember that the limit of your fortune is only marked by the dili- gen’ce and care with which you invest your savings. That is why our First Mortgages have formed the backbone of so many large es- tates, because every dollar invested in them has earned a liberal interest return from the day it was put aside. And the interest has earned interest as well. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 54 Years Without Loss to an Investor As Your Executor and Trustee The American Security and Trust Company offers permanence, a thorough knowledge of Administration and Trusteeship and thirty-four years of experience in a successful banking and trust business. You need a “Specialist” in such an important matter. AN D TRUST COMPANY Every Banking Service AM]ERI[CAN SECURIT o 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 Central: Northeast: Southwest : Northwest : BRANCHES 7th and Mass. Ave. N.V 8th and H Streets N.E. 436 7th Street S.W. 1140 15th Street N.W.