Evening Star Newspaper, November 21, 1923, Page 27

FINANCIAL - STIFF 1924 FGRT | SEEN IN MOTORS Auto Manufacturers Depend- ing on Executive Ability in Sales Competition. BY J. C. HOYLE. Special Dispatch 1o T Star. NEW YORIK, Noveng@er 21.—Execu- tive ability is the sfeapon with which the automobilg. manufacturers are scoking to et the stiff competition they know is in prospect in 1924. The field for this ability, the makers say, is not in the faetory, but in the sales- rooms. Innovations of equipment of motor cars may continue to be the Visible weapons used in the 1714 fight, ®ut the math dependence of the indus- try will be on aggressive and finan- clally successtul retull dealers. “Dealer Turmover” a Bugbear, “Dealor turnover,” which means the number of automobdile dealers who an- uually fall by the warside, has be- come @ bugbear to ull compunies. About 10 per cent of the Ford sgen- cies change hands cvery year, wWhile the changes of the other companies fs ated by some cxccutives at about per cent. Death causes 2 per cent Of these shifts, but the largest fuc- tors are lack of capital, lack of ag- ness and lack of executive Of these the latter is the potent. Next in rank is lack of pital, although manufacturers con- tend that this does not prevent suc- cess §f the dealer knows how to man- uge his business. Records maintained by some of the larger companics show many inter- esting examples of how men, suc- oessful in a small way in othef lines of business and pos: d of limitéd capital, have made modest fortunes as automobile dealers. After study- ing these records. the leading com- panies have started vigorous cam- palgns to entice such men into the automobile sales gamo. One company in Detroit recently advertised for dealer recruits. Over 1,000 replies were obtained from men in all walks of lifc, from the pulpit 10 the barber's chair, and the com- pany obtained thirty new dealers Wwho have made marked successes. View of Company Executive. An executive of the company today: “The automobile industr: become stabilized. The glamour & romance are pretty weil out of it and the men who ruccecd in it are those who do not wait for a prospect o como in, but go after him. Auto- mobiles now are #uch stable mer- chandize that any one having com- mon-gense businéss ldeus can them.’ ome companies and distributors have estublished schooly of salesmanship. ‘They have con- vinced men in a1l walks of lifo that ihey can sell automobiles in their Spare time. Even those companles > have not adopted this spure-time hell-ringing” method of approach increasing their regular sales on. fered courts, some large or sra n the prime attractions of- dealers is . ‘ew companies to date hay 'ied more than 30 per cent, to thelr distributors, but thera fs fendency today to increaso Jdealers compensation. Sales Schemes Consldered. One considering an allowa of 40 per cent to some of it distributor, while another X s sald to be prepar- ¢ to give 35 per cent. The Ford company gome time since increased its s’ discount from 173 to 20 ver cent. While there is little likeli- hood that companies In general will make horizont < in dealers’ discounts, there is ample evidence ihat the right man can obtain a very liberal contr: h any of half a dozen high- P facture Another ¢ that is L move apparen the breaking d »f strict territorial line ere” Ford is the only manufactu Who so far has annihllated sa boundaries, but there are rumo~s that some other compar will adopt somewhat milder regulutio Already there lias been a breakin down of strict dealer boundary lir in cities and villages where there is no direct company representati der the “vicinity contract” pl der this arrangement the comna employs one distributor in the large centers, who in turn appolnts asso- ciate distributors, all of whom receive the same discount. These latter are &iven exclusive rights in the city or village where they are located, but in any town where there is no direct dealer representation any of this group may solicit sales. —_— SHEEP LOSSES HEAVY. nge i l Worst Winter in Years Beported: in Patagonia. rerra del Fuego means “Land of | Fire” but this vear, at least, it has helfed its name, according to Consul { \. C. Brady, at Punta Arenas, Chile, { :tie last &topping place on the way to | ihe South Pole, who says that the severest winter fn many years has been experienced during the past sea- son in Chilean and Argentine Pata- zonfa and Terra del Fuego. Much snow has fallen and freezing tem- peratures have prevailed for long periods since early in June. In Punta Arenas the lowest temperature vecorded wus 5 degrees nbove zero, renhelt, but camps in tributary ter- ritory have reported from degrees below zero. Heavy lo: sheep are feared, but the ex; X tent will not be known for some time, s after a hard winter many animals lie when they start eating new grass, ind many ewes succumb during the lambing season. Tho general Improvement in condi tlons that seemed certain a few nths ago, after more than two vears of business depression, may be tetarded hy the injury to the sheep industry during the winter, but the <heep farmers will be compensated to some extent for any losses sustalned | iy improved grazing generally, the heavy snows having provided molu-! ure that was eadly needed. { COTTON MILLS ACTIVE. Commerce Department Gives Out Ginning Figures. Cotton ginned prior to November 14 totaled 8,368,683 running bales, in- | i 33 round .bales, counted ; 13.084 bales of Ameri- ' an-Egyptian and 651 bales of Sea Island, compared with §,869,978 run- | \ing bales, including 151,634 round bales, 17,715 bales of ~American- Tgyptian ‘and 4,707 bales of Sea Is- Jand to that date last year, the cen- sus bureau announced today. The revised total of cotton ginned prior to November 1 was ll’"ll)llu(‘.fldl iis 1,565,866 bales, and the number of | :lnl;;rlcs operated prior to that date, 14,802, Of last years crop 1.2 per cent was ginned prior to November 14,1 with the same percentage for 1821 lwhile in 1 i a8 67.2 per cent and lin 1919 it was 67.1 per cent. ‘The last Department of Agriculture | forocast of this year's crop, made on ‘avember 2, was 10,248,000 squivalent | [600-pound bales. Its final estimate ) be made eariy next month. PUSH PROTECTION MOVE. W YORK, November 21.—Mem- ot the New_ York Cotton Ex- ‘hange which have out-of-town ranches or connections have been ‘equested to attend a meeting of the [ Xchange's business conduct commit- es Friday afternoon to discuss plans or further. safeguarding the organ- zation's cotton quotations. The con- erence is a part of the exchange's ampaign to curb the activities of un- crupulous cotton brokers, who, it is harged, have mulcted small traders n the south @8 several million dol- ’Washington Stock Exchange. Rncelved by Private Wire BY WILLIAM F. HEFFERNAN. XEW YORK, November Trad- | ing started today in Childs Company new common stock of no par value, on & when, as and if issued basis. The Childs directors, at their recent meeting, declared a quarter divi- dend of §2.55 on the old $100 par common and the regular quarterly 1% . per cent on the preferred. Pre- | viously dividends on the common were at the rate of $8 annualiy. The also adopted a plan to change ti 40,000 shares of $100 par to 200,000 ehares of common of no par valu exchanging five new for cach old share. Special meeting of stockholders hds been called for December & to vote on the plan. Childs Company new opened at 37, whero it was up % of a point from last night's close ©of 181% on the old shares. Profit taking made itself felt in the general market from time to time, but the upward tendency pre- dominated. Park & Tilford was THE EVENING STAR, WASHINGTO NEW YORK CURB MARKET Direct to The Star Office tuken In hand ogain and put above 1. Gold Dust was up similarly, De- claration of an extra dividend of 25 per_cent, payable in preforred stock, on United Profit Sharing common re- sulted in_active buying around 7. The new F. M. Lupton class B, admitted to trading Tuesday, changed hands at the top just under 11. Kelsey Motor, another newcomer, did little. Prairie Ol and Gas remained the leader of the Standard Oils, getting up to a new high for the movement at 200. Others of the group were higher, with special buying in Im- perial ' Ol of Canada. Southern States crossed 19 again, but other in- finals. Veerless Truck and Motor rose 2 | points to 31 on unconfirmed reports that the company is negotlating for control of another automobile con- cern. Realizing sales had their effect upon Lone Star Consolidated, but Wenden, St. Crolx and other low priced issues were again active and slightly higher. Webster Mills 6 per cent gold notes were admitted to trading, while Mc- Crory Stores common was removed. e—————— NEW YORK. November 21.—Follow ing is an officiai lfxt of bonds and stocks traced in on the New York Curb Mar- ket today Bates in BONDS, itigh 1 Am Rolling M 10Am T & T 68 1 Avglo Am 01 T 1 Asso Sim Hdwe DALG& WISS D 2 Beth Steel Tn 10 Cau Nat Ry E 2 Char: R 9 Col Graph 8s..... 2 Col Graph s par cfs 3 Cons Textiles Ss.... 18 911 0] 7 Fede 1 Fishe 10 Fishe 5 Gu'r, Hody b '2 Robt. Ts. . 1 011 of Pa : Intl Match 6 12 30. 108 0N Y 6lgy.. 1 Sun 00l 7 2 Tidal Ow 1 Tn 0Nl Prod 8 3 Vacuum Ol Ts 15 Webster Swiss Gort dig 9 U s of Mexico 4s keye P L. tinent OL Cumberland P L. 100 Humble O & R zew 0 T P Li.ov.orrsnnn 1 50 Tmp 0 of Cap.... 10 Tad P Interi Fef (o aguolia Pet Nat Traosit Northern P I. 11 8600 Vacuum 01 new. .. Sales INDEPENDENT OIL in bundred S Carlh Srnd . Cit Servy R $1,000 Cit Serv ser 5 1 Derby 0 & R w i 0 Federsl 011 2 PGS0 &R 1 Noble Ol & Oomar Ol & Pengock 011 Roy Can 0il & Ref Rsan Con ........ alt Ck Prod . Supulpa Refin Seaboard Ol Bou States Of l:l N % w0 1945 | SALES. | Washington Gas Gs '33—100 at 100, 100 at | 0. I Traction Gs—$300 at 83'5. & Elec. 45—3300 at 69, 6334, biagton Gas Light—10 at 47 48, 2 at 48 Money—Call losvs, G and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. = American Tel. & Tel American Tel. & Telj Am. Tel. & Tel. ctl. tr. b Am. Tel. & Tel. conv. 6s. Antcostia & Potomac Da. ‘Anncostia & Potomac Car et Potomac Elec., Elec. deb. 6s. Slec. 68 1923 w, American Tel. & Telga. Capital Traction . hington Gas Norfolk & Wash. Steamboat. ash. Rwy. & FElec. com. ash. Rwy. & Elec. ptd. ‘Terminal Taxi com. NATIONAL BANKS. | Goodyear T. & N 1 Turman Oif 30 Wilcox OIl & Gay INDUSTRIALS. Acmo Coal new Am G & B . 14 Archer Dan Horden & Bridgept Mach Brit-Am Tob Cou. BritAm To Co re 3 Bkiyn Oity B R ‘ar Light . dy Prod w t Teresa 1,8 tr uew wi Childs' Rext . Rewt new Wi n Alden Conl .. 1d Dust Corp wi Tire .. d & Mann RR. o & Man R R pt Hudson Co_pfd Tmperial Tob int Comcrete J Kelvey Mfg Kresge Dept Htores Lehigh Val Coal .. Lupton. ¥ 3 I [0 Mesabi Iron .. N Y Tel Co ptd Prerless Mot Rudto C¢ i > Reo Mot .. Bo G & 1 bew 3 Stutz Motor [ 0 wi u W Pipe v Pipe 1 1 - T ‘, h wrig Wo fr Yel Tazi Corp MINING. v Utah.... SMines. . Emma Siver ... reka Croesns ... . n Mines ... 1dticid Deep Min ioldficld Juckpot.. 10 Zooe . rdshell in Harm!ll Div Hawthorae Mt Hecla Mine evas i Horn. evads - Ray Hercules Tuc. Red Hill Florence Rex Cons 852388 Silver Min of Amer 8il King Div Mives . Siiver Pick Simon Silver 8> Am Gold & P. Speartiead Gold Stewart ines . 3 EPE Hooopah Min Tuolumne W 1t TREASURY CERTIFICATES. (Quotations furnished by Beum: & Oo.) 100182 100383 100332 1003-16 5 1008132 101 100210 100718 100 100, I'WYG i\m 100 1008 SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) 13 .g:::n‘?é 15, ‘1924, . mber 15, Y s March 15, 1925, une 18, 1923 March 13, Alvmiaum Co. of Amer. 7a 1925, 102% Aluminum Co. of Amer. 7 1933. 10674 Amerlean Cotton Ol 68 1924.... €0 American } American Jmerican dian Northern 5%s tine Rwy. 65 192 eather s 1925. & Pac. 5lgs 192 Ge 1023 138 1931 Edison El. il of Bos. 5% Federal Sugar Hef. Gs 1 Fisher Body Corp. 6 1027 Fisnor Body Corp. e 102 . 86 1081 thern 78 1986. g Valley ts 1024. Humble Ofl Giss 1932 Kennecott Copper 78 i880. Libby, McNell & Libby 7s 1631, Michigan State Tel, 5s 1 130, Bt. P. & 8. 8. M. 8 1081, District Farmers & Mechanics' Federal-American Ldverty incoln Katioual ‘Metropolitan, iges . e Second National Baul TRUST COMPANY. American Security and Tros Continental Trust.. Merchants Bank . National Saviogs Union Trust. Wash, Loan and Trust. SAVINGS BANK. merce and Saviogs. ‘Washington. rity Saviogs Washiogton Mochasics' FIRE INSURANCE. ¥ American Corcoran umbia_Title. Sos Estate Tit MISCELLANEOUS. . C. Paper pfd. Dierciuaots Transter & Siorage. haigr Linotype . et 0ld Dutcl Lanston Monotype Security Storage Washington Mar Yellow Cab. “Es Morris & Co. T Penne, R, R. T Swife & Co. Ts 1932 Tidewater Oil Gt 1081 TUnlon Tank Car 7w 1880, U. 8. Rubber 7i4s 1980. Western Union 60 1986, 109 Westinghouse E. & M. 78 1081, 107% 1900. 1080, Jot. Cot. Mills Lac. Gai e Mackay Con. pt.. Merg. Linotyps. P o 4 M. 8t. P.&S8. M. EHH LT Aills, Mills pt- HEADS RAILWAY EXPRESS. Horace Harding Is Elected Chairman of Directors. NEW YORK, November 21.—J. Horace Harding today was elected chairman of the board of directors of the American Railway Bxpress Com- pany, to succeed the late George C. Taylor. Mr. Harding has been a di- roctor for several years and a mem- ber of the executive ttee, REE 2o o B EES: PR H S L AR R el ot ion Unlon n J. 1 dependents held around the Tuesday (day put before the Interstate Com- RALROAD WOULD SPEND 55120000 Soythern Pacific Asks I. C. c.l for Authority to Put Big Sum Into New Equipment. The Southern Pacific company to- merce Commission for approval its project for the purchase of $37,200,- 000 worth of new equipment. The company Intends to issue, in connec- tion with financing the acquirement, $23,100,000 in G per cent equipment trust certificates. These have all been sold In Wall street subject to the commission’s approval. Among the types of rolling stock which the company will purchase are 119 locomotives, some of them elec- tric, and more than 8.000 frelght cars. BANKERS TO MEET. Business Session to Take Place in Baltimore Soon. BALTIMORE, November I1.—The Southeastern Branch of tha Invest- ment Bankers' Association of America plans to hold its annual meeting in this city {n about two weeks, accord- ing to George A. Colaton, the chalr- man. The usual dinner will probably be omitted on this occasion and the meeting confined strictly to business. The Southeastern Branch includes Maryland, the District of Columbla, Virginia, West Virginia, North Caro- lna, ° South Carolina, Georgia and Florida. * —_— FAVORS DATING EGGS. Cost of Living Committee Has New Idea for Chicago. CHICAGO, November 21.—Storage eggs sold in Chicago would be stamp- | ed with the date they were put in storage under an ordinance proposed by the eity council high cost of liv- ing committe: —_— PLANTS IN ACTIVE LIST. Electrical Equipment and Plate- Glass Industries Booming. Sogcial Dlsgatch to The frar. PITTSBURGH. November The clectrical equipment und plate glass industries are the moat active in thix district. ~The blg electrical plants are booked months ahead nd &rs | running overtime in imost of u.ml departments. Plate glass plants als, are booked a long tim head. Pro- duction of window glass I8 not so active, but {s belng maintained at a £00d rate. Steel and iron show liitle change, although the demand for pig iron {s Increasing. Building continues active. There |5 u seasonau!l dullness in bituminous coal production, but outside the mines there is little un- employment. S s ' APPLE MARKET DULL. l Exports by U. S. and Canada Total 1,316,151 Barrels. Special Dispatch to The Star, NEW YORK, November 21.—The barreled apple market was very dull, notwithstanding the very lmited fresh recelpts from New York and other states. Many shipments re- malned unsold from previous arrivals. The early morning demand was ex- tremely light, resulting in slightly lower prices except for the fanclest offerings. New York miscellaneous A grade, 2%-inch varletles, sold from 2.50 to 84 per barrel. Greenings ranged from $4.25 to $6.50 per barrel for 2%-inch stock, depending upon quality and conditions, whereas Bald- wins brought from $3.60 to $8. The United Ststes apd Canada, so far this scason up to November 10, has exported 1.316,151 barrels and 1,784,483 boxes of apples to various European and other forelgn countries. iflwmu £ A COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY LO8 ANGELES, November California eitrus fruit growers will receive. approximately §$71,000,000 for the 1823 crop. The dellvered value of the products Is®estimated at $105.- 486,606, This included $34,478,800 for freight and refrigeration. A recent cut in frelght rates by the western and southern carrlers will reduce freight on California oranges $3,- 000,000. ¥ FRESNO, Callf, November 21 The Sun Maid Ralsin Assoclation .is preparing a shipment of 10,000 tons to China. This is the first order re- celved this year from orfental mar- kets. 21— DENVER, Colo, November The Public Service Company of Col- orado, which has exclusive franchises | Union Oil Company's new gas well, near Wellington, ~to supply both citles, it ratistactory pipe line rangements can be made. The w is now flowing $2,000,000 cuble feet « day. HOUSTON, coast ofl to 23,622,000 burrels, ot which fs light oil from interfor points. The 17 00 barrcls of | coastal crude s equal to about six| months' production. roduction in | the coastal fields continues restricted, | with the daily average out put about | 70,000 barrels. i SEATTLE, November 21.—Wheat | receipts on Puget Sound and at Portland Oregon are approximately 83 per cent heavier than on the cor- responding date of 1922. However, | the production this year is estimated | at fully 76 per cent more than last | year. Farmers ure not yet in the | mood to sell, hoping for government asrlstanes in some. form. 1Flour 21.—Gult | ay 1s placed ut | about one-fourth | easy at $6.80 a4 barrel for best famil patents. DENVER, ‘The sugar b harvest, serfousl interfered with by unfavorable weather, has now been resumed in Colorado and Wyoming. Estimates place the average yield in Colorado at twelve tons an acre, which would aesure growers a minimum gross re- turn of at least $66. AKRON, Ohio, ber companies operations in & November ovember 21 hers are inc a_moderate way the majority of the larger are taking on more hands d ventories of tires have bee reduced and talk of bette tions is {n the air. ST. 1OUIS, November thousand employes of the St. Loufs melting and rofining company wiil be thrown out of employment for six months owing to & fire which stroved fifteen building: Bor Terre, Mo. PAUL, Novembe ~The People's Iee and Coxl Compa hax sold out to its drivers. preferring this action to merging with its chief competitor. The company wus tha ploneer fcs distributor here and fs forty years old. November 2 sect running full b miners making more than e before o there are indications of steady p duction throughout the entire winter. Merchants are preparing for the busi- | est holiday trade in history. ONNELLSVILLE, Pa. November 21.—The deerease in coke production wan halted last week, the upper Cor nellsville region showing production ; of 109,150 tons, an increase of 2,760 | tons, while lower Connellsville pro- | duced 72,740, a decre NEW ORLE! Lumber orders to sociation mills increased 12.6 por nt last week, shipments went up| 1 per cent and production remained unchanged. New orders totaled 62 91 %6 feet, shipments were 981.709 feet and production was 76.-4 204,300 feet. Orders on hand total 204,914,490 feet. Rub- —Six & d are are d November 21— outhern Pine A First Mortgage Loans Lowest Rates of Interest and Commission. Prompt zflé.l I qul"s:‘. - ompany, Inc, Convenient For Investors Interest N2 Ffleenth Strect Denominations 6%:% Main 6888 SAFETY—YIELD To se ek only high yield is to speculate. To secure safety coupled with substantial yield is to invest. Over a Quarter of a Century Without a Loss Our FI meet all RST MORTGAGES the conditions of a per- fect investment. B. F. SAUL CO. Main 2100 1412 Eye St. N.W. The Margin of Security We Demand to Safeguard Clients Investing in Our 7% First Mortgage Notes Iusures absolute safety uuder aoy aud a | conditions. » Upholds alse our estabiisled record of l| vever having lost in either prizcipal or | bt . for the sale of gas In Denver and | pid, MO Cheyenne, may use the flow of the | Thix city consids Joseph 1. Weller interest as much as a single penvy. Guarantesd: tIt d_insutance policies furnished with all motes. Notes of $100, $250, uo to $5,000 Now on Hand For full particulars apply 0'Donnell, Losy Department. CHAS. D. SAGER 024 16tk St. N.W. Main o Mr FIRST MORTGAGES wsre offerinz the above in amouats from ¢ apwards. All loans based on 509, ' value of property, with fire fnsurance cov ring full amount of loan. Title insuran: pinion furnished. N . ly interest coupons. ibstential in Plorida. BANK OF SOUTH SOUTH_JACKSONVILLE, FLA. ‘Established 1018 FIRST MORTGAGES FOR SALE Secured on Improved Real Estate in the District of Columbia Denominations of $250, $500, $750, $1,000 and upward. JAMES F. SHEA 643 Louisiana Ave. N.W. 3 Mo;ey to Loan on First Mortgages at Current Rates of Interest ARNOLD & COMPANY 1416 Eye Street. Main 2434. EQUITABLE| Co-Operative Building Association Organized 1870 43d YEAR COMPLETED Anxcts -84,750.763 Surplas - .$1.207.281 Saving With Best Results Adopt our systematic saving plan end you will socomplish more in sav- ings ‘thaa ever. Subseription fow the 85th Issue of Stock Being Recefved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. Money to Loan 56 Of 2,680 tons. | Secured by first deed of trust on real estate. Prevailing (nterest and commission. 420 Wash. 1. & Trust Jide., i & F N.W. \ | | FOR INVESTMENT | MORTGAGE | 'LOANS | Denominations $100 to $6,250 Interest Rates 619 and 7% All loans secured on modern homes and busi- ness property in best northwest sections of the city Ask for Infermation " | 913 15th St. N.W. FINANCIAL. When Lloyd George Was Here the keynote of his thoughtful and comprehen- sive observations about world conditions was CONFIDENCE! Now here in the world of bustness is such a virtue more in demand than in the realm of finance. Our appeal for public confidence in our mortgage investments is based upon the— Dignity, Solidity and Enterprise —with which we have endeavored to construct our business in every department. These three words summarize the essential requirements of a high-class mortgage and real estate business. Let Our Mortgage Department —demonstrate this bold claim with reference to our issues of— First Trust Notes paying 6Y, Per Cent Write, or Phone Main 2345 SHANNON - & LUCHY Realtors 713 14th Street N.W. Choose Your Investments With Care OPENED With Expectation CLOSED With Profit 66" HAT is a good book,” said a New England author, “which is opened with expectation and closed with profit.” You can expect much in the way of practical investment information when you open our book- let, HOW TO BUILD AN INDEPENDENT INCOME. You can close it with profit, if you follow the simple, safe and sure plan that it de- scribes. This booklet shows how you can easily ac- cumulate a substantial sum of money and create an independent income for yourself by investing your savings at 6%3% to 7.13%, and then rein- vesting the income regularly at the same rate of interest. Clip the coupon below and learn how, by saving $10, $20, $50 or more a month, you can be clipping bond coupons a few months from now. — NO LOSS TO ANY INVESTOR IN 50 YEARS - Che F.H.SMITH COMPANY Founded 1873 SMITH BUILDING 815 FIFTEENTH ST. booklet, “How to Build an 1 For the Years to Come Every dollar you put into a savings account lessens the likelihood of distress. A growing account gives a man or woman confi- dence. In a child it forms the habit of thrift and teaches the value of money. 3 % on Savings TRUST COMPAN AMERICAN SECIRITY 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 Central: Northeast: Southwest : Northwest: BRANCHES 7th and Mass. Ave. N.W. 8th and H Streets N.E. 436 7th Street SSW. 1140 15th Street N.V