Evening Star Newspaper, December 16, 1923, Page 47

FINANCIAL Congressional Country Club Plans $400,000 Bond Issue Funds Needed to Carry Out Present Big' Program—Bank Dividend—Dawes’ Views on Branch Banking. An issue of $400.000 of Congres- slonal Country Club first mortgage, fifteen-vear 6 per cent gold bonds, dated De~ember 1, 1923, is expected to be made to the local investing pub- le by Washington brokers within the week it was learned yesterd~y. Minor legal details are at present bolding up the flotation, it Is under- etood. The issue will Bonds in denomination of $1.07%0 and 8500 registerable as to principal only. Interest wiil be payable on June 1 and December 1, without deduction for federal Income taxes up to 2 per cent. Principal and intere wil payable at the Riges N: o ) Or at their agency in New York ty. The flotation w'll be redeemable as 8 whole only at the option of the club on any interest date upon thirty days<' prior published notice at 105 and accrued interest to and including June 1, 1928: at 1021, and pecrued in- terest to and includ'ng June 1, 1933 par and accrucd interest there- after. An annual sinking fund of $20,000 will be used to retire the bonds, first by purchase in the open market and second by redemption, serially. from June 1, 1926 to turity. The Riggs National Bank w trustee the issue. These bonds are to provide funds for carrying out the construct'on pro- gram of the club, the proceeds being ‘used exclusively for add'tions and bet- terments to the property. includ ng|serve Board. at the same time grant- | the completion, furnishing and equip- ment- of the clubhouse and impro ments to the grounds. Up to the pr ent time_total expenditurss have been approximately $8¢4.000. Thev are se- cured by a direct first mortgage on the entire club property. consisting ot real ate and improvements thereon. clubhouse and equipment the value of whi~h est mated by offi- clals of the organization. will be ap- proximat-ly $1,000,000 when comn Revenues from all sour b on 1,000 regular memb rs expected by the summer of 1924, are esti $140 000 annually. Ccst of operation of the club lu estimated at $50000 annually. leaving net revenues of $90.000 applicabl> to sinking fund and Interest payments amounting to 4000 annu:l'v after December 1, . and €74 000 annually.prior to In these estimates no ac- count has been n of initiation fees from new members. The officer + of th are men of mational ominence consist of the follo President, Herbert Hoover. S 7f Comm “ree: vice Oscar Undorwood, senator from Alabama: second vic president. Horold hn, repre. wentat! ‘e fro third vice presidant, Licut. Col. C. O Sherrill, military a‘de to the Vresident: secre- anard H Mitchell, and treas- dn'y F. Tallaterro Anacostin B nk Dividend. D'rectors of Anacostia Bank have declared their recular samige==:-= 1 dividend of 4 per cent and an extra aisbursement of & ¢ Pl on nuary 2 hol s of rec- ord D- in_addition, the board elec Gertman at- torney. Th Anacostin Bank at $30,000 and has surplus of $30 000 and undi.ided profits of $18,400 De approximately $1000.000. aid that the institution 's B X per cen’ annual as this rate has been ma tain+d for the past vear and a while the surplus and undivided & also been swell- time. erary ed George C ie capitalized me to president. Tt h ia ble vaining power in d-posits from OIL STOCKS JUMP IN CURB MARKET Week Sees Many New High Rec- ords in List—Radio Shares Come to Front. ated Press NEW YORK, I intoresting feat rked trading on the New York curb exchange the past week, including a general im- provement reflecting the bullish ac- tivities that have been in progress on the New York Stock Exch nge. Ra- dio Issues became prominent, the common stock moving up from 3% to 4% a new high record for the year. The pref-rred steadily bouxht In anti issue =oon receiv cent dividends to which it is entitied from the o - nning of the year. The action of New York Central in ~ o disr-ihution of Read- was followed by heavy : . pe-siiepes o obtain those rights, the New York Central contricts being traded in at 3% to 3% before dealings were transferred to the New York Stock Exchange. Rights to subscribe to the New York Cen- tral stock ranged from 60 to 40 cunts. Reading Coal rose to 52%, but later ‘ted nearly 5 points! The Reading rights after selling at 84 rescted to 1% but rallied from that low luve Petroleum By the A pation of the the fwil 7 per ing rights became active and strong in the last half of the week. Muny of those lssues then made violent advances following the news of the advance of 25 cents in crude oil in the Texas and Pennsyl- vania fields. South Penn Oil had the widest range in_this group, moving up 15 points. Prairie Oil made a gain of 6 points and many other Standard Oil issues moved up from 1 to 5 points. Independunt Ol issues moved in the same way. Citles Serv- ice advancing 7 points to a new high for the yeur. EX DIVIDEND TABLE. Pecember 17— . Baok Nots pf. q Am. Beet Sugur pf.. & Found & Foun ry stocks ” Ege Homble Ol & Ref. q.. Kelly Spr.ngfield Tire 65 bE., Liggett & Myers pL.. q.. Maghattan Shirt ; Ry. Steel Spriog, Read'ng Co., 24 bt Reynolds Spring, pf. U. 8. Tobac U. 8 Tobaces, pf. ‘December 18— Bush Term.nal Blags. pf.. a. Certain-eed Pr. 1ui and 21 p! Hart Sclaffner & Marx p Seose-Wiles 15t DL, Sugar pt., Reyn.l . Reynolds, R. J . Tob., pf. United Rhoe Mach., q. » United Shoe Mach. December 19— Fin: 1st pt. a. Q... EEER B H 1. q e Co. of Penn Fisber Body of Ohio pf. NEW ORLEANS COTTON. NEW ORLEANS, December 15.— Cotton futures closed steady at net Josses of 65 to S8 points. Close—December, 33.08a33.10; Jan- uary, 33.16232.20; March, 33.30a33.40; May. 33.22a33.35; July, 32.60a32.70. Spot steady 75 points lower; mid- aling, 34.00. LIVE POULTRY HIGHER. CHICAGO, 7% X (A consist of coupon ! =i ted at first | attorney. | stock also was | o little calves, B De ember 15.—Poultry ! one controller's call to another—in fact has never shown a lo: in additlon, during the past vear It has been called upon to meet competi- | tion in a vicinity hardly large and prosp-rous enough to support two banks. In addition to Mr. Otterback, the | officers are J. Frank Campbell #nd ' F A Manu-l, vice presidents; Charloy V Etzler, cashier, and W. L. Koontz, | assistant cashier. Dawes Frank Banking Views. r of the Currency Hen- while denouncing states wide h banking as detrimenta: | and mono-olistic, in his annual re- | port to Congress takes the view that | intracity banking as practiced here | s not prop-rly a part of the branch banking movement and contains no | eloment of danger. But iwate-wide i branch banking will ultimately re- sult in c mpiete extinction of unit| ! banking in rural districts, he pre- dicts 1O e reoport states that untt bank-| | ine systems have not lasted long in, | vountri where the branch bank'ng | system has been introduced. Canada, i for instanc in 1841 had forty e independent banking institutions; it »w has only n such banks. ngland in 1542 429 bank now h:s only twenty banks ith | about 7,900 branches. Of thege twen- | ! ty, five’ control practically all bank- [ | ing of the nation. . Mr. Dawes offers as a solution the suggestion thot Congress enact into | W th- substance of the resolutions ently adopted by the Federal Re- ! i Iinl.' to national banks the power, with the approval and under the su- | pervision of the controller, to e tabli 1 and operate branch bunks or offices under similar terri- torial restictions. but definitely for- |b'dding the establishment of such fac’lities by nation 1 banks in those branch Incalities where such privilees are forbidd-n to state hanks and trust companies. Plan Debate on Banking. “Resolved, that branch banking in | rneouraged” is the subject ! Gebate to be held Dy the debating so- ciety of Washington Chapter, Ameri- can Institute of Banking, at the chap- |ter rooms tomorrow night at § o'clock. i Henze and G. Morris will up- 5ld the affirmative s'de of the quei |tion, while O. H. Hester and {Thamas will represent the negative. i Arrangements are being made for a I series of intercity debates with the | Philadeiphia, Richmond and Balti- more chapters. These will probably be held in Fobruary or March. Prices of Loeal Securitk i The following latest “bid” and | “asked” prices for uniisted securities are printed for the convenlence of | holders of these is.ues: BONDS Asked { Army and Navy Club Ss . . | Cosmos Clab 48 . Cotmos Club 4158 Cly Club 78 20000 Metropolitan Club 4las STOCKS! 2 Henri: s Hotel C arimen al Bank ct Title Ins Chie <t Caly D st wndard Nati Wash.ngton T! Wael ington Bs s Wooiridge & Langdon Sas's BE. SUGAR PRICES LOWER. Market Much Easier in Week End Trading. NEW YORK. December 15.—An casler feeling prevailed in the local raw sugar market today, with prices 1-16 lower to the ba is of 5% for Cuban, cost and freight, equal to 7.41 for centrifucal The sales included 10,000 bags of Cuban December ship- ment to a local refiner at 5%. cost and frelght: while an outport refiner purchased 000 bags for D-~ember | bags for first half January at 5%. and 57,000 bags for all-Januarv shinment, the prices to be fixed a “ord‘ng to shipment T'aw sugar futures opened un- changed to £ points lower under scat- ‘a=ed lquidation. owlBg to the de- l'nes in raws and refined and the more ontimistic strike new- from Cn*a. but firmed un on covering and ~anawed buy'ng for outside arcount, dusine 3 to 8 noints net higher. Januar: March. 4.70; May. 4.75: | Ju'y. 489, | * ratned anear was easter and prices | we= 5 to 15 noints Tower to the basls ; | of 9 for fine granulated. | LIVE STOCK MARKETS. | marmorm Ma. Dpecember (Sneci]Y —The genaral live eatt memieot rules oulet wnder fairly Yhoral ‘n*s at tha stoekvards and only a moderate demand that is centered on first nusliry stock with very few ar- rivale hy hoat and mostlv of common tn o-dinarv stock. Spring lambs con- | tinue in gord demond with recelnts | I'=ht. hut 0l4 sheep are plentiful and «law sa'e Ouotations today at Light streat whart: Beef catt'e—Wirst auality. pound. ! “ak: medlum. 5a6: bulls, as to au'ity. ! 425 eows, choire ‘o fomcy, 4%a5%: | common o fair. 2a4; oxen, as to qual- | ty. 4%a5%; m'lk _cows, chaice to “ancy. he~d. §0.00a7500; common ‘to iv" 30 00a5000: calves, ve~l. choice, und, 11212; ord‘'nary to medium. *a . Rough, heavy. common, 506. Shean—Choire, 5af 0ld_hu~ks. 4adl eommon, 2a3. ' Lamhs—Snring. choire. 2113: falr_to gond. 10all: common th'n. 798 Hoes—Stra'ght, 7a8: sow 5a6: stacs and hoars 314; iive pigs. as tn <ize and oualitv. 8a9; shoats, as to size and quality, 7as NEW YORK. December 15.—Cattle— receipts, 370 head. steady: steers, 5.2 T040; state bulls. 3.00a550; cow 11,3521.40; calves. raceipts 2,130 hea steady: veals, 1300a13.50; culls and 5.0006.50; grassers. 4.00 lambs—Receipts, 2 sheep, 4.50a6.50; cul's, 8.25a14.00; culls, 15 2 5.00. Sheep and head: steady; lambs, 8.00a10 00. | Hogs—Receipts, 530 head: steady. Light, to mediums welghts, 7.25a75 | pigs. 17.00a7.25; heavy hogs, 7.15a7.3! roughs, 6.00a¢25 m———s FLOUx uNCHANGED. MINNEAFOLIS, Minn., December 15. —Flour—Unchanged; shipments, 45407 } rrels; bran, 26.00a27.00. Wheat—No. northern, ' 1.11%al.13%: ~Derember May, 1.124; July, 1.13%. Corn— Oats—No. 3 white, 1, 2.43a2.486. 11 09%4 ) No. 3 yellow, 62a63, 9%a39%. Flax—No NEW YORK EGG PRICES. NEW YORK, December 15.—Eggs, unsettied; receipts, . 6 o Froa grthered. extra firsts. 49a52; d firsts, 44a4S; do, seconds and poore 1 30a43; nearby hemnery browns, ex tras, 58a00; Pac'fic _coast whites, firsts to extras firsts, 54a59. . bai 1 1 N 3 1 | the District of Columbin should be {n | extradition papers of Gov. THE SUNDAY STAR, WASHINGTON, D. ¢, DECEVBER 16, 1923—PART 1. —102 FQUAR: ) i [ l JNE ] { tive stocks dealt in on the New Yorx 1921, up to and includ'ng Solid curve represents { compiled by the Wall Street Journal. Ihe Year 1923 to Da Stock E Furnished by W. B. Hil 20 Industrials and outline curve 20 rails for the {section indicates volume of sales of all stocks. IRANGE OF MARKET AVERAGES | 93 e, | BUYERS OF STEEL ARE HOLDING OFF CANADIAN REPORT DS WHEAT RCES 58!ight Price Shading During Chicago Market Goes H:gher | Week, But Market Is Firm. Ik BT 15| > 7Y | et k The chart apove shows the high and low, by weeks, of forty representa- Stock Exchange, from the first wer' the week ending December 15, 1823, Lowe Averages used are those te on the Washington xchange. bbe & Co.. Hibba Bldx. Tp to nnd Including Saturday, December 15, 1923, Sales. BONDS. $20,000—C. and P. T:l of Va. bs. 123,00 ash. Gas 65... .. | ~4.000—Ana. and Pot. River R.R. | 58000—C. and P. Telephone ist 5s 209 000—Capital Traction 1st b 1,000—City and Suburban R r 00—Georgetown Gas Lt. 1st 5s.. 5,000—Metropolitan R. R. 1st 5s 55.000—Pot. Elec. Power 1st 5s. 185,000—Pot. Elec. Power cons. 5s. §9,600—Pot. Elec. Power gen. 0s.. | —Pot. Elec. Power 63, 1953 9,000—Wash., Balto. and Annap. 1st 162500—Wash. Gas Light gen. 58 {308.800—Wash. Ry. and Elec. cons. i3 24000—W.ash. Ry. and Elec. gen. 6s 55,200—Washington Gas 7H4s. 45 T00—Pot. Elec. Power ref. 1.500—Dis1 ol. Paper Mf 16,500—RIggs Realty (long) 4/600—Wash. Market Cold Storag 27,200—Wardman Park Hotel 6s. tnare STOCKS, —Capital Traction Washington G .... Norfolk and Wash. St ,560—Wash. Ry. and Elec. com. 7.193—Wash. Ry. and Elec. pfd 3—Terminal Taxicab com 25—Capital National Bank A 751—Commerclal National Bank. 116—District National Bank. 16—Farm. and Mech. Nat. Bank. 46—Federal-American Nat. Bank 2i—Liberty National Bank ational Bank of Washingto Nat. Metropolitan Baak. £80%—Riggs National Bank.... 352—Riggs National Bank righ 10—Second National Bank 637T—Amer. Sec. and Trust 394—Continental Trust $5—National Savings and Trust. §7—Union Trust 50—Wash. Loan and Trust 4i4—Merchants' Bank and Trust. au—FEast Wash. Savings Bank 20—Sec. Sav. and “om'! Bank. 3y—Washineton Mechanics’ 46—Firemen's Fire Insurance 100—Columbia Title Insurarce +1—Real Estate Title Tnsurance. Mergenthaler Linotype 2,154—TLanston Monotype ccurity Storage C 523—Washington Market UALISTED D $0—American_Com. and Savings sv—Banking Trust and Mortgage 2oy—Citizens' Savings Bank 38—Departmental Bank §—Munsey Trust . 200—Northeast Saving: 46—Dist. Title Trsur:ne: 176—Wash. Title Insurance.... 1—hpin-Sacks 8 per cent pr * Cash. INTERLOCKING HIGHWAYS PREDICTED BY TRINKLE Governor Sees Fine Road System Connecting Virginia and the Carolinas. By the Associated Press. RICHMOND, Va., December 15.—An Interlocking system of improved highways connecting Virginia, North Carolina and South Carolina was pre- dicted for the near future by Gov 41 el {E. Lee Trinkie of Virginia in an ad- dress last night at the annual ban quet of the Southern Hotel Associa. tion. Gov. Trinkle said road officials o the three states now are co-operat. ng toward this end, and declared the result would go far toward the de velopment of the section. The banquet brought to a close the fteenth annual convention of the association. Asheville beat Ralelgh 4 iand Spartanburg by three votes for the 1924 meeting, which wlil be held {next December on dates to be Jdecided , personal or political favor. The on later. ——e AGREE»> 1v nasnauiTION. By the Assoclated Press. RICHMOND, Va., December 15. {Gov. E. Lee Trinkle today honored Cameron Morrison for the return to North Carolina of W. Austin Carter, now held in jail at Danville charged with k.dlng his wife and seriousiy shoot- ing two of his kinsmen during an altercation at the home of his wife's parents in Reidsville, N. C., last Sun- day night SAVAGZ ARMS PROFITS. NEW YORK, December 15.—The Savage Arms Corporation reports for quarter ended September 30 net In- com: of $177,682 and for nine months ended September 30 net income of $264,665. —_— HEAVY COTTON ORDERS. CHICAGO, December 15.—The Mar. wholesale cotton trade says road orders exceed a year ago, but current sales do I BIG FIRMS CUT SUGAR. NEW YORK. December 15.—The Warner Sugar Refining Company re- duced price of refined sugar 15 polnts to 9 cents. National Sugar Refining Company also reduced to 9 cents, and Arbuckle Broth:rs reduced refined 15 points to 9 cents for prompt ship- ment, not. Current sales were also slightly less than last week. —— CHICAGO MARKET. CHICAGO, December 15.—Armour preferred, 79%; Libby McNelll, 45%; Swift & Co. 100%: Swift Interna. tional, 18; Union Carbide, 56%;: Wri , 39%: Yellow Manufacturing 8%: Yellow Taxl, 136%. . 'and power pl Low. ©Open 92 94 100% 87 uxty 961 20 High. 94 102 87 8y 98 80 $0 8914 971y 1001 100 102 1% 961 3% 100 105 1074 5s. 69% 711 71 n. 6% 513y 248 45 :j’(fl 40 EPARTMENT. Bank... 12 10 12 100 15 15 5 80 23 12 10% 12 o 13 104 u% 12 5 100 15 15 3 20 5 100 15 15 7 100 15 15 7 80 erre; 80 IERMANY TO ELIMINATE 500.C00 FROM PAY ROLL Survival-of-Fittest Policy Adopted in Reducing Salary Bill in Economy Program. By the Assoc'ated Pres BERLIN, December 15.—Five hun- | dred thousand employes of the civil | service are facing a Jjobless winter unless the federal government suc- ceeds in diverting them into other Ifieldhs. & 7 he drastic retrenchment policy to hich the Marx cabinet Is pledged in connection with its expense reduction | program will presently affect 25 per icent of Germany's 2.000,000 public ervants in ail governmental depart- | ments. 0ld employes who nominally would be approaching the pension age are he first to fall victims to the ruth- less curtailment process whose scope is only now becoming apparent to the unsuspecting jobholders, as the ministerial oficlals announce that dis- charges will be carried out without in- | Ciple of the survival of the ftteat {s finding a general application in this weeding-out process. Chancellor Marx and the minister of finance are resigned to the Inevit- able necessity of making a tangible sirt on the government's oft-re- peated determination to inaugurate economles in connection with its far- flung tax program. . ‘iMOVlE PRODUCERS UNITE | ‘TO BUILD LARGE STUDIO One of World’s Largest Plants ‘Will Be Erected in New York for Joint Use. | By the Associated Press, i NEW YORK, December 15.—One of the largest motion picture studios in the world will be bullt for the joint; Bradstreet's 1923 Figures Make use of several big producers in the | borough of Queene, Arthur 8. Friend, | shaii Field Company weekly review of president of Distinctive Pictures Cor- poration, announced last night. Associated with him, he said, were ichard A. Rowland of First National; Samuel Goldwyn, E. L. Smith of Inspi- ration Pictures and Henry M. Hobart and Charles S. Hervey, also of Dis- tinctive, it The piant will comprise nine grou units with fndlviduai production fa- jcllities and & community light heat nt and test eater. Mr. Friend sald the joint plan would zeduce the sxpense of big productions. i Other Metals. By the Assoc'atad Press. NEW YORK, December 15.—The stes] market has been nervous during the past week owing to uncertainty relative to probable price devel p- ments for the first quarter of the new year. Anticipating a reduction, buy- ers have held off, but aside from a little shading here and there the market has shown no disposition to weaken. With the outlook for busi- ness considered favorable there has been a little broadening of demand lately and automoblle interests as well as rallroads have shown more i-posi ton to .prat . at ogh, ta - ‘ng the trode as a whole, buyers are atill cautious. The demand for pig iron was qulet, but prices, while ir- m;:ular. displayed a little more sta- bility. With the epproach of season both domestic tes hol'day and forelgn business has lessened, but no | has developed Second to_have comparatively It is estimated ined c aressure hands appi little metal to offer. that total aeliveries of r produced in nurther: nd South America for domestic consumption ind exports for the month of Novem ber were 224000000 pounds, with a total refined production of 214,000,000. Tin was easy for a time, but im- proved on good buying by consumers and dealers. The business outlook fs reported to be good. Lead was held higher and little is available for prompt shipment, but consuming interests continue to act cautiously. Zine was,qulet and easv. Both stocks and production gained during Novem- ber and producers seem anxious to nove stocks. Antimony was firmer on spot sup- plies, with a better Interest In futures aiso. BALTIMORE JUMPS IN PORT ACTIVITIES Customs Receints So Far in 1923 Exceed Last Year by 175 Per Cent. Spectal Dispateh to The Star. RAT TIMORE December 15.—The present vear has been in manv wavs \ remarkab'e one for the number of adical changes which have occurred n the character of the city port activi “les, 1s ghown by the records of the loca' ~ustomhouse and of the export and im- port toard of trade 1. Customs receipts ~reased approximotaly 17 ompared with 1922 2. For the first time In many years *he total value of imnorts through this here have in- per cent, as i*v surpasses that of domestic exports | 3. Imports have Increased not onl n volume, but in variety. and in the ‘arper proportion of manufactured and iclable prodnets coming Rritain d continental Europe. For n ¥ vears Baltimore h “nown as an export city. with heavy utbound shipments of col. grain. steel tobacco, tin ate, fertiizers and gen- leral cargo. The number of ships com ng Fere in ballast was far above the average of other ports. Fieures for fm- and exports for the first ten of the year, however. show { months Im { ~omplete reversal of th's condition {ports fo- that period were valued at | 4,003, as_comnared with d mest evpor's valued ag $76 613 transshipment of arge part of this increase In im- ports is attributable to the bullding here of the American Sugar Refining Company's plant, but the larger pro- portion has been caused by a general Increase of importations of almost every class of merchandise on the list. With the influence of the new tarift schedule felt this vear to the full ex- tent, added to the larger volume and value of Imports, customs receipts here from the first of the Year to Novem 23 reached §11.588 290.61, while for st eleven months of last year. more, they were only $4,493, 31443, The total for the vear is esti- | mated at more than $13.000,000. {AMERICAN UNDERWEAR POPULAR IN JAPAN Earthquake Relief Supplies Result in New Market for Knitted Materials, Spec’al Dispatch to The 8t NEW YORK, December 15.—There i1s an excellent market awaiting 613 | American manufacturers of knitted | {underwear in Japan judging from {the number of inquiries received re- ‘cently from that country by the sociated Knit Underwear Manufac- turers of America. It is believed t! the high quality of American relief suppiles shipped to the orient fol- lowing the .earthquake served to stimulate the interest of the Japanese in merchandise produced in the Unit- ed States. In the past Great Britaln largely controlled the sale of underwear in Japan, but that condition, according to Japanese impérters, was due the fact that America has not made sufficient effort to introduce her products there. —_— HIGHER PRICES HINTED. Goods Expected to Follow Rise in Raw Cotton. | Spec'al Dispatch to The Star. ! 'NEW YORK, December 15.—That {higher prices for cotton goods are i inevitable is becoming more recognized. Light is thrown on the | probabilities—or certainties—by the jabsolute lack of influence exerted by the setback which raw cotton prices | sustained toward the close of last iweek. Prices on bleached goods and iother lines were advanced, including ithe making of quotations % cent a yard higher on percales. which had been withdrawn. Further curtail- iment of mill hours has taken place. It is realized. internationally, that no change has taken place in fundamentals of the cotton situation Copper has been quiet and xbo;‘nf o the Most_imnortant among_them are. | from Great | esn | 70, while the | Canadian goods also . to | on Chance of Smaller Crop . Across Border. l l By the Aswre'nted Press. | CHICAGO, December 15 —Wheat ned a little in value today ()\\'ani somewhat to bullish views taken of Canadian crops, estimated 15.000,000 ¢ to 20.000.000 bushels 1 than the Canadian government's latest figures. | The market c'osed firm, %a to % lcents net higher, May 1.038%al.08% to 1.08%. Corn finished at % off to| %a% up. Oats unchanzed to %! ‘luw r and provisions unchanged to! a setback of 10 i |, Ascording 10 a revised report issued |by the Northewestern Grain Dealers | Assoclation the 1923 yicld of wheat |In the three prairie provinces of i Can hus been overes.mated by i the Canadian goyernment and under- timated by the Grain Dealers’ Asso- lon. The fact, however, that the ous estimgte from the grain was ised by them today | 34 000.000 attracted hardly any eas the f[nference | that the win government total | should be uced was given consid jerabl on. Furthermore, | her pparently confi dom and would P t to dimin. ock at in t Sda nd lihood winter crop of reage reduction important influence on suffi of w that uge an would hav | the market | Improved weather for the wheat | harvest in the Argentine was noted, {but this fact was more or less offset by reports of da ge by rec heavy rains. With goss current that east- ern ownership of large contracts for future delivery of wheat still con- tinued & big factor, traders here who were short manifested u disposition [to even up accounts, and the day's final prices were virtually at the top {level reached. Prospects of larger recelpts of corn, together with talk of improved quality of arrivals, tended to eas. corn and oats. Demand for May corn, though, was active, inqu.ry slackened for provisions. especially so tor iard. 1 {100-POINT DECLINE IN COTTON PRICES Saturday Bresk Partly Due to Bad Market Conditions Abroad. By the Associated Press. NEW YORK, December 15.—There was a renewal of liqu'dation in the | co‘ton market this morning which caused a further severe decline In prices. After selling off to at the opening January rallled to 33.50, | ! ireke to 32,99 in the late tradine, 95 points be terday’s closing | juotation, while March scld off to| making a net decline of 100 wuary closed at 33.18, or 26 from the lowest, with the ‘r-égular at | > 71 points. reported ited i further and com ined of a poor snot demand. Ae- cording to advices published here this morning the British textile trade is, | considering the organi purchasing committ, ol < of American cotton to > of the market, with a view to rinimizing fluctuations, but nothing definite was learned regarding the project ! The amount of cotton on shipboard ! at the end of the week was estimated at 200.866 bales, against 150.923 at the same time last vear, these figures be | ing commented upon as foreshadow ing large exports. i — " COPPER AT 13 1-8 CENTS. | NEW YORK, Deécember 15.—Business in the copper market has been very | Al ot e Dt ol | c'idiys: but no_selling pressure h daveloped and prices have held | erally ‘steady at about 13% to 1 { electrolytic, delivered. Iron firy { { MILLS ARE TO REOPEN. | _MANCHESTER. N. H., December 15. { The Amoskeag Manufacturing Company | announces resumption of operations in {five more departments Monday. This means the return of 600 more operatives Money to Loan Secured by first deed of trust on real estate Prevailing interest #0d commission. Joseph 1. Weller fi:s'x"'n'x"g iF W Safe Investment ¥'re* mortea<e Inans 'n depominations of | $300 and $1.000, secured on improved Interest 6% per cent, peyabis in ! ¥ i | 8250, real estate, semi-ann TERRELL .l: LITTLE, Inc. Itors 1306 18tb 8t. N.W. oy M £ = | and more the but that to a short crop there is add- ;ed an unprecedentedly. small carry- jover. Retailers sometimes Ignore the in- fluence of fashion on the demand for cer'ain cotton fabrics, and fail to Irealize that some goods sell at low figures at times not because their in- trinsic value or production cost is less, but because they are tempora- Iri'y’ out “of favor with consumers. This is_the case today with some, But that does not represent; lines. the trend in the great volume of cot- ton manufactures. — NEW BUILDING RECORD. ! Tremendous Total. | Spectat Diaparen to The Star NEW YORK, December 15.—A tre- mendous total of building for eleven months is just indicated in figures compiled by Bradstreet's. It Is $2,- 837,000.000, & gain of 24 per cent over | last year and the greatest volume of building ever reported in the same | period in the nation’s history. The | total for the year will probably be fully double what it was in 1921 and about seven times what it was In 1918, when operations were at low ebb, dus 1o the war, OF FICERS) GEORGE W. WHITE. 0. H. P. JOHNSON. ©. E' R. OGILBY . C. F JACOBSEN CR/S. E. BRIGHT . ALBERT H._ BEDFORD. €. LOUIS ECKLOFF . 3. GALES MOORF - DIRECTORS: AATIE Eadiitey I FREDERICK DeC. FAUST | WM. F. GULE CHARLES JACOBSEN Sumby b OAvrEMANN BV R LIEY U1, HENRY LEONARD £owNITY A M-KEE C. F. B. OCILBY Nationa WM, I i | C. BH: FINANCIAL. FIRST MORTCAGE NOTES ¥or sale. Consult us if 3o have Availuble funds for tuvestment. THOS. E. JARRELL Member Waslington Real Estate Board Woodward Blug. Mauin 766 B. F. SAUL CO. ; 412 Eye St. N.W. tOR INVESTMENT FIKST MORTGAGE LOANS Denominations $100 t» €6,750 Interest R-tes 6% % and 7% All loans secared on modern homes und busi- ness property in best northwest sections of the citv. Ask for Tntormati BARTON ART INTERIORS 1616 H Street —will remain open during the week before Christmas until 10 o’clock for the ac- commodation of the xS BALAD HERBERT T. SHANNON ERIDAN LAST-MINUTE SHOPPER Mortgage Department 913 15th St. N.W. Main ot? MONEY TO LOA ON DISTRICT OF COLUMBIA AND CHEVY CHASE, MD., RESIDENCES 5% Interest H. L. RUST COMPANY 912 15TH STREET N.W. MAIN 6888 LOAN CORRESPONDENT FOR THE PRUDENTIAL INSURANCE COMPANY OF AMERICA THOUGHT OF OTHERS —is' the underlying motive of this Christmas season. This applies to the basic principle, as well as to its opera- tion during the centuries. With this Thought in Mind, what could be a more appropriate gift than one of our First Mortgage Notes, se- cured by first liens upon improved real estate in the Nation’s Capital? This is much superior to a cash pres- ent, in that the latter may be soon spent uselessly; whereas, such investment not only remains intact and secure, but interest is paid to the recipient of the gift at the rate of 612 per cent per an- num. For convenience, we issue these notes in denominations of $100, $250, $500 and $1,000. Partial payments may be arranged. Ask us to arrange such a gift for you, and the negotiations will be conducted in strict confidence. SHANNON & LUCHS Mortgage Department 713 14th Street Main 2345 Open Until 5:30 p.m. Tomorrow Xmas Presents —may be uppermost in your thoughts at this season, but it's wise to remem- ber that your Savings Account should not be slighted, even at Yuletide. | Your “nest egg” is vour bulwark against trouble—your armor. in time of adversity, and, as such, deserves an addition This, The Last Payday before Xmas, as well as it does other paydays. Savings Accotn's —may be opened with One Dollar or more at the OLDEST National Bank in the Dis- trict of Columbia, and earn 3% Compound Interest g=51f you desire Xmas money sent abroad, consult us about FOREIGN DRAFTS and Cable Transfers. Metropolitan Bank Go8 ERS 6. SMITH. Jr. ! Capital, Surplus and Undivided Profits, Over $1,700,000.00 15th St. Opposite U. S. Treasury—109 Years Old ==