Evening Star Newspaper, December 2, 1923, Page 93

FINANCIAL. New York Mortgage Company l Opens Office in Washington Brother of Gen. Pershing Is Firm’s President—Local Bank Publish Survey of World Finance. The of 17 the New York Mortgage Company | Broadway is the latest to join local of finance It was organized JJuly 11 the purpose handling real mortgage loans. pitalized $5.000,000 ¢ per ot a preferred stock of £100 | value and 100,000 shares of common | stock of par nd has just | opened a Washington in the lenox building, 1523 L north- west The fundamental requirements guiding the operating policy of the managenent of the company are to make loans only on ample real tate security. All loans at the pres- ent time are limited to three vears' duration. The obligations are amor- tized monthly or quarterly, both to principal and interest, while the real estute securing the lo must e appraised by experts, the loans be- \& 1imited to 65 per eent of the ap- praised value of the property, wh 3ust have complete insurance protec tion and thorough investigation as to validity of t One of the ranks agencies of state | is arterly of no value street ples of the New York Mortgage Company is economy of operation, having during the lust Quarter ending September earned ap- proximately $25.000 and ing (overhead) approsimately Dur Bng the sixteen months’ existence of the company it has earned and paid Ro its stockholders five quarterly div- Bdents ut the rate of §7 per eferred stock and mon stock and cul representative th_dividend, dus cember 31 next. The surplus will be increased at this time, it was No prom 1l stock was issued s of the ¢ t the of princ 23 meet to xperience, | rds. Jdames | of the gens Frank T. Hines, | Veterans' Bu- Davy Levy, ssident of the Mortgage Siles Cor- rution of New York is secertary Frederick Lang, assistant tary of th L Trust of Hobo s treasurer, and | Lee. assistan and treas- ment brotl and Ger Wa sident; ‘ershing, is president ctor of the u, is vice pr srs consist of company and president of Company the | Miles Trust sident pany: lent of an A SCnmide W Bullding Tudson president W Sons, New ard ation, f Judson York., and Tax it Walst f the st John F. Brad local ottice Local Bank Reviews Business. A somewhat mo ul for business than recent i taken on the Federad-An Survey for Decem The hesitan in making pu f is viewed in part fore the inventory outlook ths fcan o noted in various factor persisis deterrent to a of lines i improvement are The Furopean s the leading The Nove Larometers distinet _improvement the securi ties market, says the Survey, and a an indi wcreater optimism for the fut < and employment condlti reported as eminently sutisfactory poin @ fow indus- tries. The stries which show a reduction in earnings of employes from July to September wer and shoes. paper and woolen facture. Deereased earnings noted in the New England textile factories, where some of the plunts have shut down or are working only part time. Tax Move Well Received. In consideration of the inc in building activity during the month, the cause is In part attributed to axi- tation for higher wages, which has given an incentive to completion of projects before wage adyances oceur Permits fn 168 cities for_the month of October amo; 00000, 25 against $218.000. tember. A factors are assigned at 1o counteract the effects the costs of labor—among tho re the downward trend erial increasing of brick an easy ox ind pots manu- are also 00 in and money tation miarket The reception of the a reduction of federal far considered satisfacte A policy of government cconomy and reduced revenue levies is viewed as u desir- which has slowing dows e Split Put O ard to the European situa Vey savs part, “In th chaotie economic situa- in Germany the dlowed to return to npaizn for taxes is thus Wil s meanwhile are notitied tion can b denials these that mself s hitt pro- & e 1 <pite Buray With cxeitemen additional sanetions the siezure of Hamin bhassa meet in co days the e appe e dissolved n onee ire the net effect of which ix that grees to wait watchfull woment, theref Do the entente will be save cendant 1 b Al parting h thar sinistoer sugpest Allied wee wnd rs certain n Bank Changes Name. A news item of importance t ing and finane 1 out the ntry title L the w don Limite Limited Mo the Ba Bani r of the nking establish frs overseas by Lanking organiz to conduct through local PLAN TRANSOCEAN | DIALOGUE BY RADIO| Radio Experts Announce plete Program for Test at 10 Com- ’ 0'Clock Tonight. ‘ By i NEW ternational British and forth ac atempted ton stru Hsh the rractica Associated Press | YORK. December 1 | dial with speakers talki Atlantic oEue and ross the will he tion of o series flits of transoceanic conversation, it was announced last night by been super tion in the Speak cities will ¢ five minutes, who have 1 participa- radio experts ine Am dem If dozen American multaneously for starting at 10 o'clock standard time. The radio- il carry the American acecnts ations in England, Scotland and s, and_whatever other countries at may chance to intercept them. 0505, the Amerieans will cease, and the British speakers will send their voic ross the Atlantic to the United Stat The two sets of speakers will alternate for five- Tinute periods until 10:30 o'clock. when the week's tests officially will > ended i B e American_stations particip ing. and the corresponding Brit atations. will be: WGY, Schencetady d 2-LO. London: WOF 4., and 5-NO. Newe: urgh, and X, . St Louis, and Rirmingham; WOC. Davenport. und 2-BD, Aberdeen and 5-SC. Glasgow, falo, und a station at ¢ “RADIO FORGERY” NAILED | BY MACMILLAN FRIEND Equipment Would Not Permit | Sending Voice to Chicago Club, He Says. WGR, Buf- rdiff, Wales. Bpecial Dispatch to The Star. i CHICAGO, December 1.—What ap- be another case of radio Totgery was brousht to light here following investigation of a widely circulated news dispatch to the effect that the voice of Capt. Donald B. Macmillan, arctic explorer, now sta- tioned at Etah, Greenland, was heard at the dedication exercises last Wednesday night of the new Chicago Xacht Club. Ly eport stated that “from & mheeohons fon the deck of the Bowdoin his (Macmillian’s) voice was heard in the clubhouse dining room by members and guests.” E. I Mac- donald, jr. of this city, president of the Zenith Radlo Corporation of America, who helped install the wire- jess equipment on the Macn:lilan schooner Bowdoin, declared the:: is no radiophone broadcasting apparrtus on board. He further states thit a ghort speech of dedication from Capt. Macmillan, who is an_honorary mem- ber of the Chicago Yacht Club, was recetved on November 28 at the Zenith Edgewater Beach station by relay from Jack Barnsley, an amateur radio operator of Prince Rupert, B. C. This message was read to members of the Yacht Club from the Edge- water Beach broadeasting station. Mr. Macdonald adds that several reports were sent him on the evening of the 28th, one from the Philadelphia Bulletin, stating that people were claiming to have heard a story over the air ostensibly from Macmillan, iving arctic weather conditions, etc. hese he stamps as absolute fraud Steps are being taken to appeal to the Department of Commerce at Washington and the Canadian gov- ernment radio Inspection bureau to gad these forgeries TIN SHORTAGE LOOMS. NEW YORK strength of the due to a st market in Lo ady decrease in i ible stocks of tin and a reductior the visibie sup Invisit of tin at the e 19 30,000 tons end « tons and it at 10 invisibl, entire i d of th eone. Vi 3,000 tons PRODUCE MARKET BALTIMORE, Ma 1. ~The pou t the TI Shipments much r. and while market (Specia situa ng hol heavier the demand fo was siv ik sgiv were good, sup- and buye gol Live stock plies became made distine tween blers and toms in price. sold best, the mild weuther having its effect’ on dressed poultry. The present market for live pouitry is quiet and unsettled ax to values Choice hens, eight pounds and over are selling at 30 cents a pound blers, and poor and ¢ breasts and old toms, 20 to demand for both ung hickens, and market sh, vance at 23 to 25 for large young and 17 to and leghorns. Old hens sell 20 to 24 leghorns will not bring « 1 Old roosters in fair d 1 With the exception Pekins. ducks and geese 17 to 23 for the former and for the latter. Pigeons and fowl in good demand and firm at 30 a pair for the former ch for the dressed poultry o under mild weather prevailing, we shipments are not advi until colder weathe Choir coung turkeys are selling 33 pound; fair to good, 30 to . 27 to 28 and poor 20 ng 24 to and Zees the former and Tatter. Due to very liberal receipts the cgs market broke badly this week, but since then supplies have Leen light and the market closed today firm at 52 and 53 cents a dozen native and nearby firsts and 48 to 50 cents for average receipts. The de- mand has been curtalled due to high prices prevalling and stocks on har. are ample for all trade want eral shipments not advis present weather conditions. The white potato market rules easy under liberal receipts and only fair demand at 1.25 1.75 per pounds and 1.00 for a No. 2 stock, with reds and MecCormicks selling mostly 125 to 1.40. Hundred and fifty pound sacks are ity and condition. Re- ets and yams have been running lighter and the market has « firmer tone at 4.00 and 4.50 a bar- rel for the former and 00 to 3.5 for the latter. No. 2 stock of hoth, however, will not bring over 150 to 2.00. Native and nearby garden truck continues in ample receipt for all trade wants, and it takes first quality stock to bring top values at the fol. lowing quotations Beets, Pundred: brocoli and kale, 25 and 30 bushel: Brussels sprouts, 15425 quart; cabbay 4.0026.00 hundred, and Sa- voy. and 40 bushel; carrots, 3.00a 500 hundred: caulifiower, 1.50a3.50 crate and 3.000a4.30 barrel: Tettuce, 50a1.00 bushel: onions, 2.00a3.00 per hundred pounds: ovster plants, 5.00a 7.00 hundred: pa i 45 an 5 pumpkins and : spinach, 50al bushel, turnips, 35 and 40 bushel. While rabbits are in good demand, large shipments are not advisable un- der present weather conditions. Cholce nearby stock selling 5.00 and 6.00 a dozen, but fair to good will not bring over 3.00 and ¢.00. hens, Gob- ooked G i ws an medium oy of are white fair 32 to 22, Youne old and mixed, 23 to for 2.00a5.00 (ted | fairly | Lih- hendred | selling 1.00 | | { 1 1 ) 70 | $ for { charges and oth {elus and {of § ble | °¥ ! continue 035 aj 01 |t W crooked | g and | shows an increase of $: | barrels. THE SUNDAY ——1921 192! S"QUAR4™QUAR. ITQUAR. 2°CAR. PQUAR. 4™GUAR. 1"QUAR. S°QUAR. 3%QUAI STAR, WASHINGTON, D. C, RANGE OF MARKET AVERAGES . HE ._l.ll-' A il q’r.w h and low, York weluding s T all sto Exchan, week outline March 3, %063 by werks, of forty rej om the ending December curve 20 rails Averages used st we Lowe those The Year 1923 to Date on the Washington Stock Exchange. Furnixhed by W. B. Hibbs & Co., Hibbs Bldg. o and including Friday, November 30, Sales, £20,000 BONDS. Tel. of LR 181 River epl Wardmar STOCKS. Traction ngton Gis v W, ‘Steamboat and Elec Elee. lec Bank. .. ual Bank Bank Nat Capital Wast 106—N. and 16— Wa prd D District Nat nd e ral- Mech Bank Nat Riggs —Second ntiner ational —Wash Tust and Trust gs Bank S Bank 29— Washington Mechanies' ... 16—Firemen's Fire Insurance.. 160—Columbia Title Tnsurance. .. 41—Real Estate Title Insurance.... Lansto notype urity Storage Co....... ington Marke S UNLI Wi B0—American_Com 80—Barking Trust 250—Citizens' Savings BanK...... 3! partment Bank ... s—Munsey Trust . 200—Northeast Saving: 46—Dist. Title Irsurance.. 176-—Wash. Title Insurance....... and Savings Bank and Mortgage. ... 1—Chapin-Sacks § per cent preferred.. * Cash SEABOARD’S EARNINGS UP. Net Income $1,495,388 for Ten Months of Year. NEW YORK, December 1 Results operations of the Seaboard Air Line railway for the current year show for the ten months ended Octo- ber 31, operating revenues of §42,520,- 611, net railway operating income of 218,118 and net income, after fixed r deductions and ex- st on adjustment bonds The average freight car loadings to be the greatest in the d's history. In comparison with corresponding period of 1922 gross rnings for the ten months ended ickens {October 31, have increased $5,882,447 the for the =ame period 591,142, nd net EX-DIVIDEND TABLE. mber 3— Nutional Watch Co.. ext. ir Brake pf., q.. December 5 ieneral Electric spl. Tinnna, M. A. & Co. Ist pL. « b (L stk b, a A teel, q e T8 CoIron' P EFL TLN ¢ Iron P & Fpf Walworth Mfg., a. Yale & Town Drcember Truscor. Jext 3 6% pr., ®a... Roek T % pf., s cking Valley, s-a.. R npecott Copper, a. ‘vxas Company, FLOUR UNCHANGED. MINNEAPOLIS, Minn., December 1. —Flour unchanged: shipments, 68.291 Bran, 26.00a27.50. Wheat, No. 1 northern, 1.07%a1.12%: Decem- ber, 1.085%: May, 1.14%. Corn, No. 3 yellow, 67%. Oats, No. 3 white, 39%a 40%. TFlax, No. 1, 2.42%5a2.461. GAME IN MARKETS. BALTIMORE, Md. December 1— Numbers of nearby shippers, mostly from Virginia, have been shipping consignments of game to the local market with consequent total loss due to the state game laws. Under the Maryland law it is unlawful to purchase, receive on consignment or offer for sale any character of game, with the exc;&uon of rabbits, within the state. e season for rabhits ends on January L NEW ard of Kentucky has declare quarterly $1 dividend, payable Decem- | ber 31. holders Necember 15. Houston | production on Friday dropped 190 barrels Standard of New vanced 102 Open. High. w4 91 1001 1 40 ED DEPARTMENT. 12 10 12 100 50 YORK, December reports that Jersey FINANCIAL NOTES. —Stand- regular has ad- %!y Powell DECEMBER 2, SHARPUPSWING IN WHEAT PRICES Small Deliveries Cause Flurry in Grain Pit—Corn Also Goes Higher. 3 | By the Associated Press. | CHICAGO, December 1.—Unex- | ss of deliveries on De- | cts led to sharp up-| in the price of wheat. The market closed firm, 1% to 2%c net higher, Decerber 108 to 104% and May 1.09% to 1.09%. Corn fin- Ished at to 7se gain, oats un- changed to %e up, and provisions un- changed to 12c down. As soon as the fact became ap- parent that elevator interests would prefer to hold wheat rather than to ke immediate dellveres, general lers were quick to take to the bull side, notably speculators who had looked for a continuance of the lig- uidation which in the last few days Leen the chief depressing influ- The change in_sentiment was ierated by @ report that owing to Shortage in the Nebraska crop the flour mills In Nebraska were Hkely t be purchasers of wheat here before the season was over. Firmness of | Liverpool quotations. notwithstanding [that |world shipments were heavs {counted + bullish factor. Ready absorption of huge recent shipments of wheat to Europe aroused leuspicion that current estimates of forelgn crops might prove untrust- Worthy. Furthermore, domestic pri- any receipts for th 'k showed a i Teduction compared with the total year ago, {matex continued {to be put forward indicating & small wrrv-over of wh iplies in this country next July. Under such- cir- Umstances the upward swing of Los met with no material check, ally as rains were reported to & the Argentine harvest and Qers here we teting ' the United States visible Mo cember contr turns today trs al ntiness ket is spite corn and ings in the o corn Pr ions TWINE MILL STARTS. | New Orleans Plant May Become Largest in United States. NEW ORLEANS, La. December 1 ~What is thought will become the largest tw mill in the United within a vear has begun op- ere at the plant of the In- | ernational Harvester Con at i the Army supply The product is the first Mexican sisal grass twine | turned out in New Orleans | Officials state that this time next the plant will have daily n of elghty tons of twine starts ery capa of pre tons of twine daily More machinery is on the w The company his 45,000 bales of sisil Gorage, and 56,000 more are he- Mexico. miil ing load PORTUGAL TO PROMOTE | INTENSIVE CULTIVATION Saley of agricultural fmplements in | Portgual are expected to be greatly stimulated by the plan of the minis- ery of agriculture to develop, in co- peration with the farmer, all land ssible under the most modern sys- cheme, as report#d to the £ Commerce, involves aching the unskilled farmer to get | most possible from his sofl by | of ir isive cultivation. government will supply the | necessary agricultural machinery and | will designate one or more dll’e‘clors[ who will have the supervision of the work Th armer will supply the manual labor. here is no intention to profit at the expense of the farmer, and all profits gained by the sy tematic cultivation practiced will re- vert to the owner. [ S —— CHICAGO MARKET. CHICAGO. December 1.—Swift Co., 102%; Swift International, Unifon Carbide, 5%: Wrigley low Manufacturing, “B, Yellow Taxi, 124 FEWER TRADE FAILURES. NEW YORK, December 1.—Com- ercial failures for the current fi week as reported to R G. Dun Co. numbered 339, a decline of 86 from the previous week and of 24 from the same week last ygar. The decline was general in all parts of the country. 1 in L ter's 1923—PART BUYING STILL POOR IN'STEEL MARKET Better Demand for Rails and Bars in West—Review of Other Metals. 6. By the Assoclated Press. NEW YORK, December 1.—The st market approaches the end of the year in a somewhat unsettled dition, but confident of the future The west reports a better demand for rails and bars and a falr hand- to-mouth business is reported in other directions, although no fmpor- tant buying movement yet developed. While frregular in spots, prices reflect steadiness as a rule, and it is thought probable that pres- ent values will prevail for the first auarter of next year. Pig iron ruled firmer in the past week as a result of recent active buying, but the ad- vance has checked business some- what. Copper Market Improves. Copper improved on indications that the recent decline had attracted & little more buying and in sympathy With firmness in London. Most of the larger users are believed to have their requirements covered pretty well up to the end of January that demand for later dell been on a conservative scale. 3 Ing of finished products, which hid Shown some Increase at midmonth, has tapered off ugain, Tin was strong on the strength in London and indications of bullish money statistics. Consumers, how- appeared disinclined to antici- e future necds. Lexd and Zine Steady. Lead also was firm and the move- ment into consumptive channels con- tinued satisfactory Zinc, although in rather poor de- mund, has been steady. with prospects for a betterment of inquiry. both domestlo and export, in the near future. Antimony ruled steady. Consum- ers, while not buyi Iy, are he leved to have ouly moderale stocks on hand. COTTON STRONGER NOW THAN IN 1920 Statistical Position Shows Staple Better Intrenched—Price Touched 43 3-4 Cents. NEW YORK, December 1.—The New York Commercial says 1 a season where regarding supply been seattered to the four w it woyld that past history is of litfle worth as a gulde to the future, ‘et since much higher prices than those now ruling were reached onl three vears ago, it will be Interesting fder the conditions then ex— &, since comparison with present surroundings may throw some light on what the future may have in hiding. It will be remembered that in Jul 1920—twenty months after hostil sed—the price of cotton in rk touched 43% cents. Today ranges around 33} cents. Was there a cotton famine in the summer of 18207 No. What was the world's American cotton in July figures show the substantial carrsover of 6,216,000 bales on July 31, 1920, ‘What is the cutlook for carryover on July 31, 19247 If the impossib’ could happen and the world's necds were supplied by the mills, the carry over would be only 10 per cent of that of 1920. It cotton sold at 433 cents with a carryover of 6.000,000 bales, who can forecast the limit of price in a fam- ine vear like the present? It is evident that something very radical must occur within the next ight months, and spinners the world ver are debating the best means to sut the suit to fit the cloth Viewed in terms of huying power of currency. it {s probable t now to the producer is relatively as high as 433% cents was in 1920, U the world's affairs have since been put in fair order, and are still mend- ing daily. There is nothing on the hort: to use a repetition of the deflation of 1921, and the value of & cotton crop two million bales be- low the world’s needs remains to be revealed in the future course of prices. con- as an of raw precedents cotton have sc nds, seem $1,430 a4 Year from Monthly Savings our | export Navy specification | gasoline In cases one-quarter cent. Packard Motors has declared 3 per | cent dividend COPPER DEMAND DROPS. NEW YORK, December 1.—Copper has been steadler during the week. but some slackening of demand has ' been reported since Thanksgiving day, owing partly perhaps, to an easier tone in the forelgn markets. Offerings, however, have been made light with producers asking 13% to 1% for electrolytic delivered. Iron irm. ROAD TO SPEND $100,000,000. MINNEAPOLIS, Minn., December 1. --More than $100,000,000, or about $20,000,000 a year for flve years, will be required by the Chicago, Rock Island and Pacific railroad, if im- provements and additional facilities | are to be provided sufficlent to care | for constantly growing traffic, A. G.. Fritch of Chicago, vice president of | that road. in charge of operation, | testified at the freight-rate hearing before the Interstate Commerce Com- mission here today. —_— COTTONSEED OIL DOWN. NEW YORK, December 1.—Cotton- seed oil was heavy, due to liquida- tion sales in December, and scattered selling on_easier crude and the poor showing in lard. Tenders of 500 barrels were made on December con- { tracts. At the close December was off 36 points and other active months 4 to 13 points. Sales, 10,600 barrels; prime crude, 9.26a9.3712; prime sum- mer, yellow, spot. 10.76a11.35; Decem- ber, 10.85; March, 11.54; May, 11.76 all bid. SAIZS TP $3,000,000. CHICAGO. D~-on:bers 1.—Montgom- ery, Ward & C:'s November sales aggregated $14,112,312, compared with $11,003,760 in the same month last vear, bringing sales for the eleven months of the vear to $119.581.723, against $80.844.890 for the first eléven months of 1922, it was announced today. e NEW ORLEANS, December 1.—Cot- ton_futures closed firm at net gains of 65 to 65 points. Close: December. :g.GE llély. 36.5!;86»25:: -{:K.hgilssn pot_steady, er; iog, 3600, 0 00 - TART as a young man or young woman to save and invest $10 a month at 612% to 7.13%, reinvest the income regularly at the same rate of interest, and between the vigorous age of 25 and the retirement age of 65 you will have accumu- lated more than $22,000. This will pay you an annual income of $1,430 without your having to invest another dollar. As a matter of fact, in order to create this income of $1,430 a year, you will need to save only $4,800. Compound interest will make up the difference be- tween $4,800 and $22,060.64—nearly four times as much interest as principal. Of course, if you can save more than $10 a month you can accomplish proportionately greater results. On the above basis, $20 a month would amount to $44,117.87; $50 a month to $110,297.88; $100 a month to $220,595.78. Our free booklet, HOW TO BUILD AN IN- DEPENDENT INCOME, contains the simple story of this easy road to wealth. NO LOSS TO ANY INVESTOR IN 50 YEARS CJhe F.H.SMITH CO. ounded 1873 FIRST MORTGAGE INVESTMENTS SMITH BUILDING 815 FIFTEENTH ST. taPlease send me your fres booklet, “How to Bulld an Independent Income.” 1 FINANCIAL. COTTON PRICES RALLY. Afivances From 33 to 54 Points in | Saturday Market. | NEW YORK, December 1 further scattering soon absorbed In the cotton market | today and prices turned upward! again on covering, rebuying and r ports of a continued active trade d mand. March contracts which had sold off to 90 on the big bre yesterday afternoon rallied to or 58 points above the closing ation fo yesterday, and 16.74. The general mark firm at net advances of points on present crop deliveries and of 10 to 40 points on later months. The big clearances reported from lveston had -n xpected. but seemed to age the late morn- ing advanc n there was also talk of probable light returns on gin- | nings up to December 1. The end week reports from Fall River esti- mated mules for the week at 100,000 to 140.000 pleces, or about douk preliminary estimates of yesterday. —Some | liquidation was | There are 14 per cent fewer hogs | in the world now than there were be- fore the war i lWoneyw to Loan | Margin of Security We Demand to Safeguard Clients Investing in Our % First Mortgage Notes Insures absolute safety uader asy aud all . 0 our establ!s ing_lost i eltner pri s Hoch s o Hinkic penay. {eed titien i faroinp d with &1l notes o DoIcle® Notts of $100, §250, uo to $5,000 Now on Hand For full ticulars appl; ©0'Donnell, Loan De rmmnl.“‘, CHAS. D. SAGER 924 14th St. N.W. Main 36, ed _record of to A 89 FIRST MORTGAGES We are offering the shaore ! e for collecting quarterly . city considered mast substantinl in Florids BANK OF SOUTH JACKSONVILLE. SOUTH JACKSONVILLE, FLA. Secured by first deed of trust on real estate Prevailing interest aod _commission. Joseph I. 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