Evening Star Newspaper, November 20, 1923, Page 27

FINANCIAL, THE EVENING STAR, WASHINGTON, D. C, WILLARD REPORTS | ONB. & 0. EARMINGS TUESDAY, NOVEMBER 20, 1923. FINANCIAL, CENSUS BUREAU FINDS o Cotton Spindles Used Billion More I_USING MIL”UNS‘ Hours in October, State- ment iExu':hange Declares War on Bucket Shops in Effort to Protect Customers. | —— PORK AND TURKEY {buying movement was resumed on the ‘curb market today, practically all classes of stocks sharing in the upturn, Oils were the center of interest In |the first half session, but in the late dealings operations for the rise were dirccted toward industrial speclal- ties. The rout of the short interest In the ofl group was even more pro- nounced than on the previous day. clal D ¥ rie Oil and Gas was bid up over NEW YORK November 20.—Pork 10 points to 196, following reports is running ¢ a close race for the tha epars ; s Ing turkey a elose race for the (hat preparations are under way to | f{fenc manufacturing at a new (op place of honor on the Thanksgiving handle a large volume of new financ- ' above 11 and International Concrete, dinner table, according to reports to- yp poidlind Mot ol Ml o iy scoonling v NEW YORK, November 20.—Follc C Fruft wh.. 1% ay from live stock and provision men ing is an official Met ot tonds. and -l 1 and packers. The latter already are :tocks traded in on the New York Curb R receiving orders for pork lotns and | Market today: other pork products far heavier in *volume than is usual at t on. The question of pri for this tendency. ac ers. Hogs are at the lowest price Yevel in eight years. Loins can now | be bought for 20 cents a pound and lower and farmers declare the head of the family can provide suckling pig for Thanksgiving at considerably less cost than turkey. despite the fact that the birds are ple r and are ! selling in some sections at 10 to 12 qents a pound less th 22 Hog Market Overstocked. ‘The present low hog prices, ac cording to execcutives of Armour & Co. and other large packers, are due | to the tremendous number of hogs thrown on the market so far this Year. Receipts at live stock centers have been 35 per cent heavier than in 1922 Last vear, with corn low hundreds of thousinds more hogs | were raised. This vear, with corn prices high, farmers declare they cannot afford to feed these animals and they have been throwing them on_the market Farm organization northwest today nest appeal to fi ing their pork asserted that hundreds of thous of dollars are being lost to farm ‘We have several clients who wish to purchase SECOND MORTGAGES or make SEC- OND MORTGAGE LOANS, See Mr. Robertson 1416 Eye Street. Main 2434, NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office ing for one of the largest Standard units, Covering purchases resulted in sub- | stantial advances in Cumberland Pipe L'ne, Ohlo Oil, Standurd of Kentucky | and Standard of Indiana, | " Pennock made further response to | the declaration of an extra dividend, | but lost its gain later. Active buy- ing continued in Southern States. The class B voting stock of F. M. Lupton Publishing Company was ad mitted to trading, changing hands at 110%. The stock is reported to have a book value of $20 a share. In the afternoon traders working | for higher prices singled out 4 num- Ler of stochs which had not <‘ared in the main advance. Included were | United Profit-Sharing, up a point to | ¢ under its hign for, the yoar: ows. o Increased sctivity in tha cotton. spinning Industry was shown in the October report of the o nsus brreau, ued today, which showed almost a billion more spindle hours than in September and the largest number of spindle hours since June. Active spindle hours for October to- taled 8381.886.213. or an average of 23 hours per spindle in place, com- pared with 7,482.060.995, or 200 per spindle in place in September this year, 280,885,446, or 223 per) NEW YORK. November 20.—Mil- P clober Iast YeAT. |jjong of dollars have been lost by Spi al October < Foignics In place ismall traders In the south through ing the administration of President | 11 totaled 37680250, of which 34375 | Tn0 T Woodrow Wilson, yesterday was! 62 Were active at kome time during colton transactions with unscrupu- | che month, compared with 37491708 | 14us person: e 2n cofton brokc elected a director of the Baltimore ice Septem s yes St i tn place September 30 this vear and | 0" mnomas Hale, secretary of the New York Cotton Exchange, declared and Ohlo rallrond. He takes the place | $3.929.855 active at some time during last vear, a..d 33.859.076 ac- : n a statement made public last night. made wacant by the death of F. H,jthe month, and 37.128.659 in place Goof of Cleveland. Another new di- | (o ne some thne during that month | rector elected was John F. Steven The av o ‘number of apindles| The exchange is doing everything who was In the service of the Great ! operated during October was 35.851,- | In {ts power to protect such traders, Norinape e S +]495 or at 95.4 per cent of capacity on | Mr. Hale sald, and s now working b ad for a mumber of | 3" gingle-shift basis. compared With | with cotton exchanges in the south years. Mr. Stevens takes the place | 34811 66, or at per_cent capac ty, | of Richard H. Willlams of New York. |in September this year, nn? as.x::}c.- :'r'\ :" eflv: to wm’il 0!!:] mfl'“:erl 01; . o £ 1931, or at 99.2 per cent capacity, in Oc- | those exchanges who, the statemen The continuanse of dividends in the | ¢oier last year. sald, “we have reason to belleve are future was discussed by President not doing business in accordance with Willard in his annual report. He pre- the rules.” ! dicted a more mm‘.i cnmlllr:on.- Notices have been sent to members will enable the railroads to | of the New York Cotton Exchange their properties more effi- Mr. Hale said, warning them against and more economically. and furnishing quotations on cotton prices in such.cireumstanes they will per- to “any person or firm who is engag- haps be able to realize as large a net ed In operating a bucket shop. e return as could be expected, even if also Invited Information from any business were more active, but with AONIoD AHAL Auy wembesnai¥iofs ol { operations less eflicier s is always his rule. ! o e e Stiaeab e s alwars Secretary Hale explained that he activity. made the statement in reply to crit- ( ¢ " icism which had been made regarding | Dpposen New Legislation. the quotation and ticker service of | Mr. Willard urged the road's stock- the exchange. Thre recent big ad- holders to “resist mands which will vances in the price of raw cotton probably be made in certain quarters made possible, he sald, the mulcting for radical change in the trausporta- of small traders by unscrupulous tion act” He wald. in part: persons. “As investors you are certalnly The quotations of the New York entitled to the very modest return Cotton Exchange. Mr. Hale sald, are upon your property which the trans- zealously guarded at all times, and portation act contemplates and, un- the strictest of precautions are taken {iess the railroads as a whole are to prevent them from reaching hands permitted to earn the rate of return of persons or firms not entitled to | which has been fixed by the commis- receive them. sion, it is certain that they will not “The business conduct committee of be dble to provide the additional fa- the exchange gave notice several 7, fcilitles which the growing commerce months ago that if any member of of this country ‘will require. It is with the exchange was found to be furnish- this in mind that I urge that the Many Birds Will Be Driven Off Thanksgiving Table by Price Differences. President Sees Stable Con- ditions Ahead and Opposes Any New Railroad Laws. EQUITABLE Co-Operative Building Association Orgnanised 1879 434 YEAR COMPLETED Aunsets . -84,750.762 urpl 1.207,281 Saving With Best Results Adopt our tematio savi: lt et Sk st iugs ‘than ever. Subscription for the 85th Issue of Stock Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON. President FRANK P. REESIDE, Secy. BY J. €. ROY Speclal Dispateh to The Star. Specinl D'spateh to The Star. By the Associated Press. BALTIMORE, November 20—New- ton D Baker. Secretary of War dur-: —is the yield on The Tennessee Electric Power Company 61 Debenture Bonds due 1933. Net earnings over 2.10 times annual interest charges on total funded debt outstanding with the public. Price 96 and interest ircular on request The National City Company Washington 741 15th St. N.W. Telephon—>ain 3176 | Sales in thousa 24 1 1 BONDS 5 ONT) Cot 0il fis Am Gus & EI Am Lt s w't Am Simat 7 2 Am Roll 2 Am T & 1 Anaconda i 4 Asso Sim Hdw 6136 SAtG & WIS 5 Beaverhoard s .. 5 Belco Can Paper G5 Beth Steel Ts '35 Nat Ry €l Sery 78 D 1 Gas Tl Deere’ & Co Check_Cab I Chie Ni| ording to deal- sponsible 93 tol FOREIGN EXCHANGE [N NEW SHARP RISE Sterling and French Francs Continue Big Jump—Guild- ers Also Higher. Co .. Acro”efs & W Coal jor C & Radio t Motors Cuba Curt ate clently tr.. i B isE pr 4 Leuigh Val Coul. 3 Lupton M A 5 Lpton ¥ M B Mesabi Tron Modva ¥ k& i T corless ) Purene Mg Kadio Corp........ Lind'o Corp Brd.. Rteading Coal w L. Kepetti Candy Ros b'm G So € &1 Stutz Motor. Tiuken Axie... .. Wit Rub en Prod Expts hip it Pfr 8! 2 Unt Retail Candy Univ Pipe pf w i.. sher oy i rk 1ri 1 ete Co pd Tutord, A K VA w11y 2915 ny an 375 8 2 47 a3 1% i a I g 2 Ohio 1 18 Phila iy the Aesociated Press NEW YORK, November 20.—Over- night cable dispatches confirming the reported agreement between the al- lles, which, at least, postpones a break between France and England over leaders in the made another ear- mers to stop rus rs to market 680N Y s . i 2 Swift & o ax 1 Vacoum 01l 780 1 Valvorive Of1 7s FOREIGN it mew INDS. s ing quotations to or doing business as a result of this selling of imm ture hogs. Low prices cannot con- tinue, they argued Farmers Paying Up Debts. Improvement In the liquidation rural indebtedness in the nor is attributed by St. Paul &polis bankers partly to the returns from the expanded live stoc &ales In that territory and creased sales of grain i banks are handling $1.500.000 in gra dafly and the total of payments to farmers in the last four months is around $100,000.000. s are now being taken ing of their mutton and of the spring lamb crop. so as to stabilize prices for their animals as well as for their wool. The market for_the latter product is Improving dally, according to Frank J. Hage barth of Salt Lake City, p the National Association o ‘Growers. “For the first time years the ma &trong position strong abroad at home it is eblling 20 per cent below foreign prices. The lack of demand has been @ue to the fact that many cloth manu- facturers bought up s ot raw wool when the market low. but recently thelr reqirem have sent buyers back into the ma Europenn Travel Prosp A tremendous volume of tourist traffic is counted on by pean business men in 1924, according 10 foreign hotel men now a line on needs and taste can visitors. The h ntie transporta increased the am ended by tourist clined to d th and Wool in two ed a ool 1s snts as they are ir trips, fo *t their money’'s visits. exte that they cannot worth" out of flyin “The hotel husiness in Italy is par- ticularly good and we are looking for a big winter with many Amer- fcans there.” sald Franz Nestelweck, proprietor of a hotel in Rome. “The hotel of our country trring with the gov nient with many pe #nnoy to obviate extra to to do nees and iness, generally speaking, Is flourishing in Italy. The post and fhe rallways are better and people keem to feel more certain of the fu- ture. There is a general atmosphere of peace and quiet ew Hotels Golng Up. “Building is a little duil at pres- ent, due to high costs of labor, but the government stending tax emption for 25 vears to bu ing homes or hotels of uilding now goir lediterrancan sho argely of villas an he mer months on now. Before the w any parties of college but this busine off.c The ver, h Most on the the consists t hotels our dull ad men and seems to winter and s been pro- (Copyright, 1923.) ANKRUPTCY PETITION DN FOUR-YEAR-OLD DEBTS Pis the Acsoctated Press. CHICAGO, November 20.—A peti- fon ir. bankruptcy was filed here on ehalt of John E. Liggett, formcrly )t the bond brokerage firm of Lig ott & Drexel of New York. In petition labilitles are listed at 253,859.19 and assets at §100 According to Ligzett's attorney, all he liabilities were contracted four while Liggett was bilities, § bills_and n New Yor 50.19 are bhandising Of the notes erchants’ Trust Comy Bury. Conn.; $10.000 t al Trust Cc e ‘Spring ass.; $45.000 Mertinl ompany of I f the Frist Lok of 1 not 000 is held by for hotel purchased 530 000 mer- York. by the upany by the 1ot tio, Me al _ CK CASZ DELAYED. \ STO Question of Changing From Par to No Par Value Unsettled. TRENTON, N. 1. The court of errors upheld Vice Chanc denying a preliminary § straining the Porto T Tobaceo Company {ro; ting_upon a resolution of the directors provid- ing for an increase of the capital stock. The court held the application was rhade prematurely. and. therefore, did t pass upon the constitutionality of the statute authorizing corpor: tions to change the character of their stock from that having a par value to stock without nominal or par value. tley tion re- an-American —_— SHOP SCHEDULE CUT. Pennsy Forces Now Have Full Holiday on Saturdays. PHILADELPPHIA, November 20.— Working schedules at several of the repair shops of the Pennsylvania railroad have been reduced, the ces now haviLg a full holiday on Saturdays. For neasly two vears the shops have been operatimz at ca- acity. Recently work on equipment Jas made rapia progress. This, together with the fact that in some cases budgets for the vaar have nearly been exhausted, resulted in the reduced working schedule it is ' rtated at the general offices of the - ¥oad. In the last two weeks there also has been a slight falling off in the volume of freight traffic, reports show. [ 00ty Wiss, S Mex STANDARD OIL ISSUES. 15U 1o ds. 30 Buckeye P L 10 Camberland » 1 5 495 Tmp O of Can. .0 90 Ind P L 17 1500 S 0 Ky 108 0 N S 0N Y new 0 Ohio. acuum 01l new Sales INDEPENDENT OIL STOCKS. in hundreds. 3 Ark Nat Gas . 2 Carib Synd 1% Cities Service Service v pfd B ... 3600 3t 14 3% 2315 Mountain Prod ... Matuni Of o1 efs w Dradf'd Ol wi England Fi 0il Sew Mex Land Royal Cannd 0 & R Creek Prod ... polpa Refin Seal 134 & Am L & Tr Am Multig: Washington Stock Exchange. SALES. Washington Gas 6s '33—100 at 100, 100 at 100 100 at 100, 100 at 100, 100 &t 100, 100 £ 100, U itiington Ry, & Elec, 4+—8$500 at 69%. Cons. T3-—$1,000 nt 97%. Powmac Elec at Washington Gaw Light—10 at 47% Washington Loan and Trust Co.—5 Lanston Monotype—10 at 708, 10 at 70%. Mergenthuler Linotype—2 at 156%. AFTER CALL. Rizgs Natonal Ban Mouey—Call loaus, 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. & Telga. 48.... American Tel, & Telga. 4% Am. Tel. & Tel. ctl. tr. Ss.. Am. Tel. & Tel. conv. 6s....... Atiicostin & Potomac 5. Angcontia & Potomac guir. § relephone of Va. B Cap.tal Traction R, R. 5 “ity and Suburban 3 getown Gus 1st 8. Metropolitan R. R. 3s. Putomac E} Potor F: Wash., Wash. Alex. & Mt Wash., Balt. lington € . & Elee! MISCE D, C. Paper Mfg. 6. Riggs Realty o8 (long). (shozt age 58, 4man Park Hotel STOCKS. PUBLIC UTILITY. American Tel & Telga. raction. Washing 5. Norfolk & Wash, Wash. & Wash, Ruy. & Elce Termiaal Taxi com. £ LLANEOUS. “ptd.... has | in Capital ... Columbia Commercia Distriet ... Farmers & Mecha Federal-American Libeity i of Washington TRUST COMPANY. American Security and Trust | Continental Trust. Meichants” Bank... .1} 5al Savings and Trust.. "Trust.. Loan & Trust... SAVINGS BANK. | Commerce and Savings. Fast Washington. . | Sceurity Savings' snd | Seventhy Street. United States..... | Washington Mechan! FIRE INSURANCE. Unio: Wash, " Com.. Amerlcan MISCELLANEOUS, D. C. Paper pfd... 2a ! " Transter & Btoi Mergenthaler Linotype. 0l Dutch Market com. Lanston Monotype... Security ~Storage Washington Marl Yellow Cab. Ex dividend, Cap tal Traction Co.—5 at 9%, 10 at $8, 10 § i 12015 0% Wm jr...C Wr Wi Jr new Wil MINING. Brit-Colo... .81 Explorut.on . .. Am of 8 Atr Globe Cop. Mont Corp. t & derome. Lavia Min Cop Mines new ns Nev Utah k Provinee Mine imondtic. Dy M A Deep O d Flo.e ardsiell M L Harmill Diy ... Hill Top Nevada. nes.ake B Howe Sound rome V_ Deve Kewauns Mining Kuox Div Lune Muson National New Don 1230 1 10 Sandstorm San Toy Pk Sitver . old Mines ‘onopah Extens. Tuolumne ... Tnited E United Vede Ext. LS Contin new w | venden Cop) West End Ext Yukon Gold SUGAR PRICES HIGHER. Raw and Granulated Are Both in Liberal Demand. NEW YORK. November 20.— The {early raw sugar market was firmer oday and prices were quoted at 51 for Cubas cost and freight, equal to 778 Tor centritugal, Thare wan o sale of 1500 bags of Cubas for prompt shipment to a local refiner at 5% cost and freight, equal to 7.16 duty paid late yesterday. but today there were rumoed sales at 51 cost and freight, {with a further buying interest at the same level w sugar futures continued their upward movement on further cover- ing and buying for both Cuban and European account, prompted by the { irmness of the spot market and ru- (mors of unfavorable political develop. ments {n Cuba. Prices at midday % | were at the best and from 7 to 11 i points net higher. There was a falr Inquiry for re- fined sugar and prices were un- changed at 8.75 to 8.30 for fine granu- ated. ,WOOL MARKET IMPROVES. ; ; Better Business Volume and Price Steadiness Noted. - | Special Dispateh to The Star. BOSTON, November 20.—Continued improvement in business volume and price steadiness characterized today's | wool markets here. With re:idy stocks |fading beneath the onslaughts of burers, much intercst man tod in today’s offering of some 600.000 pounds of ,wool in San Angelo, Tex. Medium territory wools are particu- larly active, with three-cighths bloods quoted as high as $1.07 clean basis. Receipts Monday were 778 bags of domestic and 127 bales of foreign wool. —_— BUY ONLY FOR NEEDS. Dry Goods Dealers Still Are Hold- ing Back. Special Dispateh to The Star. ' of cotton goods today continued their even course, buying what they ur- gently needed and nothing more, de- spite predictions of higher prices later and despite concesslons offered in a few cases to get them to buy more. Print cloth quotations were unchanged at 10% for 64 by 60 and 12%_for 68 by 72. Raw silks were up 5_to 10 cents In sympathy with the Yokahama markets, and there was a slight increase in buying. et TREASURY CERIIFICATES. (Quoiations furnished by Redmond & Co.) Bid. Mflr;m 99 3132 100 132 Rate—Mnturity 4 December 15, 1023. 43s Maren 102 September 15, 1924, 3; December 1. 43s Marcn 15, 1927 41ds Marer 1. 1924000010 100314 100 31-32 March 15 1025...... 4%s March 15, 1926. 4%s December 15, 19 101 100516 100 7-16 100 100! % 100 ' Tra2 0% ATee 9 Sree it 10" oo RATES ON BAR SILVER. LONDON, November 20.—Bar silver, 33% pence per ounce. Money, 2% per cent. Discount rates: Short bills, 35-16a33-8 per cent; three-month bills, 3 3-8a3 7-16 per cent. NEW YORK, November 20—RBar silver, 63%; Mexican dollars, 48%. $e June 18, 1020, » June 15, 1925 43(s Beptember 15, 1 NEW YORK, November 20.—Buyers ' act be given a further trial in its present form, not only in your own interests but in the interests of all who depend upon the railroads for transportation.” Willard Reports Enrnings. Referring to the financial condi- tion of the company, President Wil- lard sald that, while it was not pos- sible to forecast at this time what the earni the ren months would “it is rea to_expect that the present y realize a net surplus, after of fixed charges and’ preferred divi- dends for the yvear, in an amount €qual to about 14 pir cent upon the common stock outstanding. “During the first ten months of the present vear the fre handled by the compan per cent in ex )t th the previous vear, yiclding $53 increa freight’ revenue, the same period the passngers car- ried one mile by the company were 1541 per cent greater in number than during the same ten months of {the previous . yvielding $3,417,000 increased enue. o While as been able see position to hand factorily volume of bu during last ten months, its facilitics were at no tin used to full capacity, and an ev er volume of business could been handled had it been avail- payment 15,000 nd during nd was AUTOMOBILE INSURANCE FOR GRANGE MEMBERS By the Associa‘ed PITTSBEURGH. Pa.,, November 20.— Formation of the Grange Automobile Liability Company. a mutual organi- zation to be conducted without profit, has been approved b the Notional Grange, It wi'l provid. utomobile in- surance to ali n mbers of the grange Leslie R. nith of Hadley, Mass., seo retary of the executive committ was named president. The toarl of directors is composed »f oflicials of the Nattonal Grange, with several of the state granges represented. s el i CALL RATES TOO HIGH. Arizona Shippers Appeal to I. C. C. Bond Tssue Asked. | Rates in Arizona for transnorta- ftion of canned goods soap., dried | fruits and like commodities are much | higher than those in other parts of the country. ac-ording to a complaint { filed with™ the Interstate Commerce ! Commission tod by the Arizona | corporation commis fon. which asked ifor a more reasonable schedule for Arizona consumers. The Buffalo, Rochester and Pittsburgh asked the commission today to approve an issuo by it of $1.500.000 In 41; per cent bond-, to pay for additions and betterments already made. ELECTION DELAYED. MINNEAPOLIS Minn., November 20. —Directors of the Minneapolis, St. Paul and Sault Ste. Marie rallwa meeting here. postponed selection of a president to succeed the late George R. Huntington. and declared a 4 per cent annual dividend on both pre- ferred and common stock. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY HOUSTON, November 20.—Texas eggs have advanced 5 cents a dozen to 45 cents owing to scarcity. Hens have dropped in price to 20 to 24 cents a pound. Turkeys are in slack demand at 23 to 28 cents a pound. KANSAS CITY. November 20.—The retail price of eggs here is 5 cents a dozen above list year, with best grades selling at 58 cents. Cold- storage egss are 10 to 12 cents a dozen lower: SEATTLE, November receipts of fresl eggs have sent prices to new low levels. Prices to retailers for Puget Sound extras are 54 to 55 cents a dozen. There Is a shortage of poultry except turkeys. BOSTON, November 20.—While the Amoskeag Manufacturing Company has increased operations in its weav- ing department, officials state this is not due to improvement in the tex- tile situatlon but to take care of business already in hand. CHICAGO, November for packing house products hold up well despite large receipts of hogs. 20.—Heavy Fourteen to twerty pound hams are selling at 13% to 14 o3 hams are quoted at 7 to 9%, bellies at 13 to |14, butts 11 to 12 and spare ribs 9 to ! to 10 cents. WICHITA, Kan. November 20.— {There Is an unusually large move- | ment of broom corn here, with prices “nrm. Prices range from $40 to $260 a ton. are bringing the largest prices. Sev- enty-flve per cent of the western Kan- sas and Colorado broom corn was damaged by rain. SEATTLE, November 20.—Apple growers who are counting on the ex- port markets are alarmed at | threat of an English fmport tax of 655 { cents a box on American apples. Steps are already being taken to bring Pa- cific northwest growers into a sirong ! co-operative organization to handlc | the 1924 crop. s 20.—Prices | Ten to fourteen pound hams are com- | manding 13% to 14% cents a pound ! Skinned hams | Southern Oklahoma ofterings | the | | German policies, influenced another sharp rally in foreign bills at the opening of today's forelgn exchange market. Demand sterling, which jumped 10 yesterday, only to react partial- the close, again touched $4.35, than 3 cents above yesterday's quotation. Most of the con- exchanges also moved up- Holland guild aisplaying particular strength at 37.75 cents, a gain of 18 points over yesterday. ‘nch francs tmproved 6% points o conts. Traders said today's market again was highly nervous: e BREAK IN FRANCS LAID TO BRITAIN AND GERMANY Huge Numbers of Gold Marks Used in Operations Which Remain TUnexplained. BY PAUL SCOTT MOWRER. Cahle to The Star. { PARIS. November 20.—Confldential { technica the reasons underlyini the ent rapld fall in {the exchange value of the franc, made | for the great French industrial groups. attribute this fall not to any change in France’s economic position but to the British financial policy and n rs of Germany. ments under the Anglo- debt settlement are over- cents 1y at more final tinen ward i By with any person or firm engaged in operating a bucket shop he would be diately.” brought up on charges imme- —_— $26,000.000 IN MERGER. 0ld Baltimore Institutions Unite Large Resources. Speclal Dispateh to The Star. BALTIMOR November 20.—The National Exchange Bank and the At- lantic vesterday lantic Exchange Bank and Trust Com- pany. Trust Company were merged under the title of the At- The bank resulting from this merg- excess of $4,00 its of more tha resources exceeding $26,000.000. point of deposits and total resources | the trust company in Maryland. Atlantic Company and employe Joseph I. Weller j have capital and surplus in 000, aggregate depos- $18.000,000 and total In institution will be the largest The list of officers and staff of the Exchange Bank and Trust Include every active officer £ both institutions. Secured by first deed of trust on T ad__commission. 7 Wash. L & Trust dg., oth & F N.W. Trevailing nterest ning Great Britain's capacity, it and are the cause of the col- of sterling exchange, which has seen further weakened by wild talk of willful inflation and the demands of labor for a capital levy. The col- tapse of sterling has led forelgn inciers to sell pounds and buy dol- with the consequence that ion- selling francs to defend itsclf, 2 of { 1ap: | seut to Switzerland id utilized in operations which re- main unexplained, while another sum of 50 600,000,000 disappeared al- together. se two sums, the French experts are more than sufficient to inance a German offensive against the French franc ior political mo- tive The experts conclude that there is no reasc~ to be pessimist regarding the futufe of the franc, as indications are th:t it will be al to withstand all assaults if Freach | fon does not lose confidence. MORE BONUSES VOTED. Extra Dividends to Add Much to Christmas Joy. NEW YORK, November 20.—Christ- mas bonuses to stockholders in the form of Increased extra dividends were announced yesterday by several industrial corporatfn. Principal interesi of the financial district centered in the Increase from $6 to $8 in the annual rate on the stock of the E. L. Du pont de Nemours & C which declared a quarterly div- idend of $2. payable December 15 to stock of record December 6. Childs Company, operaling a na- tional chain of restaurants, declared a quarterly dividend of $2.85. payable December 19 to stock of record No- vember 16, previous payments on the comison being at the rate of §2 quar- j terly | “Th= Pennock Ol Company declared a regular quarterly dividend of 2 per cent and an extra dividend of 2 per cent, payable December 22 to stock- holders of record December 15. The Calumet and Hecla Consolidat- ed Corper Company declared an ini- 1 dividend of 50 cents a share on the new stock. payable December 17 { to stock of record D¢ ember 1 The Kennecott Copper Company i declarcd the regular quarterly divi- dend of 75 cents a share The General Baking Company de- clared a quarterly dividend of $1.50 on the common payable December 31 Yo stock of record December 15, as against a previous quarterly rate of $1. IMPORTS EXCEED EXPORTS. BALTIMORE. November 20.—The weekly report of business of the port for the week ended November 17 shows another large increase in duti- bie imports. Total imports were val- ued at $1,643,381. of which $1,100 966 Were dutiable and §542.515 were free, This is an Increase over the week of November 10 of $430,616. Exports did not reach the value of dutiable ar- ticles. The total was $1014.151, a de- crease of $440 147. as compared with | MORTGAGE LOANS Denominations $100 to $6,250 Interest Rates 614:% and 7% All loans secured on modern homes and busi- ness property in best northwest sections of the city. Ask for Informatiom Mortgage Department 913 15th St. N\W. Main 17 Mortgage Loans $1,000 to $10,000 at 6% We have a million dollars to loan in sums of $1,000 to $10,000 on houses. These loans must not exceed 50% of ac- tual value of property and may be reduced at interest periods. Term: Five years or longer. Reasonable broker- age. INVESTMENT DEPT. WAPDMAN Construction—~€ompan Tncorporatedd lated 1§30 KStroet VW Main 4190 he lost_weekly renort. i~ Tlleg- i argin of Security We Der:und to Safeguard Clients Investing in Our % First Mortgage Notes conditions. It Iso our established record of oy ving loat In elther priacipal s intereat a8 much as @ single penny. Guaranteed titles and Insurance policies #nrn'shed with all notes. Notes of $100, §250, uv to $5,000 Now on Hand For full particulars aj o Mr 0"Donnell. IAIPII' Deplrll.nflpw CHAS. D. SAGER 834 14th St. N.W. Main 36, We Offer for Sl:m FIRST MORTGAGE LOANS Bearing 6%,% Secured on HOME PROP- ERTIES at less than one- half of value. This Is the Safest Possible Security Guaranteed Title Investment from $500 upwards Waggaman & Brawner, Inc. Franklin 7485 732 Seveniemh Street N.W. aill ll; |: | WANTED Collateral Loans On Listed Securities Continental Trust Company Capital One Million Dollars 14th and H Streets | E | am N T L S | i | | 5 i If You Believe in the United States—You Believe in Washington! INVESTMENTS We are offering several very attractive real estate in- vestments which appeal to the conservative investor who is looking for the maximum return. Write, Phone or Call for circulars giving complete information. Allan E. Walker Investment Co. J. E. White, Manager Southern Building Securities Department Main 2690 MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Rundslt . Higner & Ca UPWARD THE —to financial independence will not be difficult to negotiate if you START RIGHT. Begin at once by purchasing one or more of our First Mortgage NOTES on improved real estate, paying 614 per cent interest, and thus be assured of a liberal income with absolite safety and insurance against depreciation. TAKE YOUR FIRST STEP TODAY . By Consulting Our MORTGAGE DEPARTMENT