Evening Star Newspaper, December 28, 1923, Page 25

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/8] e LOWERING FIXED .~ GHARGES 1524 AIM Wages Unlikely to Change Very Much—Ford Has New Efficiency Idea. BY J. C. ROYLE. Spectal Dispatch to The Star. NEW YORK, December 25.—A re- ductfon of ‘“fixed charges" rather than & reduction of wage scales is what the modern business man will strive for in 1924. It has already be come evident that as a result of that volicy the employers far prefer to spend $10,000 for a new machine or appliance than to add 3 $100-a-menth clerk to the pay roll. That trend.is noticeable today in practically every industry. The reason for Iit, accord- ing to the emplovers, is that a re- duction of “fixed charges" is the only method of meeting present-day coms petition. The “fixed charge” in the majority ©f cases is an irreducible expense. A Tiaehine, too, that will do the work of 4 wan paid a fixed eharge on the business is an investmeng, flerchants, Iauufacturers and pevducers who have had the beneiiy €% the advice of competent indus.efal engineers and €conomists &rg not supremely anxious to reduce Wages. That state of mind kas becgme more fixed as business €XeCUives have begun to cast up the Tes,ls of the last year. In nine sinesses out of ten the acknowl- ged authorities when asked the reason for the prosperity which has ruled throughout the country have answered without hesitation that “al- most universal employment at high wages has been responsible.” Wage Earners Well Off. When all is sald, the majority of the buying public’ is composed of Wage earners. Tne high scals pre- vaillng during 1923 has enabled those Wage earners (o - buy more freely than in any year where peace-time conditions prevailed. The goods they demanded had to be produced, and it was this volume of production and consumption which put American business on the right side of the ledger for the year. Nevertheless, there has been strong opposition to' drastic Increases In prices. Competition has been keen &nd producers bhave planned their 1924 programs not with the idea of Taising price levels, but of reducing cost levels. One of the first steps to that end—and the industrial feet of the nation are now taking it—is the curtailment of the ‘“fixed charge.” New and up-to-date machinery is counted on to enable employers to keep wages up and costs down. Al- though such machinery may involve & high initial expense, it does not be- come a fixed charge and can be kept 1dle with litte additional outlay or disruption of organization, such as follows the laying off of human work- ers. Some of the textile plants of New England were operated for a Ume this vear at no profit because the companies invoived declined to disrupt thelr working forces. Great Year for Machinery, Consequently, 1924 will be a great year Tor machine The trend has iready been strikingly illustrated by engineers of Lockwood, Green & Co., who claim to have perfected processes and machines which will oby the necessity for many op- erations and labor costs previously regarded as essential in the making of “cotton cloth. The replacement of men by machines has_worked ou tso well on the New York subways, through insta nof automatic turnstiles operated by a mickel-in- the-slot dev that other transpor. tation systems have taken similar £teps. These machines eliminated only one or two employes at each station and cost a trcmendous sum to install, vet the decision to make the change from & “fixed charge” to an investment which would pay for itself over a term of years was never in doubt, The difference between the older style cars on the subway here in- volves thé hiring of from three to eight less men for cach traln newly equipped. Small wonder that the i - e companies are * \ 1 ra - booked months ahead. Ford's New Eficlency Idea. The present movement for new ma- chinery has long been a part of the successful business policy of Henry Ford. - The latter has always main- tained that efliciency increased under high wages, but that the future of both the w: earner and his em- ployer depended on installation and proper use of up-to-date and efficient machinery and methods. Along this line of policy was the purchase by the Ford company this Week of onc thousand new double- deck box cars of a speclal design, in which closed automobiles may be shipped two, deep instead of in ome Jayer, as at present. Ford expects to make more than two million cars and trucks in 1924, It is estimated that automobiles shipped in the new freight cars will move from factory 2o dealer §5 cheaper. " BRIGHTER OUTLOOK IN FILV BUSINESS o Famous Players to Resume | Operation at Greatly Reduced Costs. By the Associated Press, LOS ANGELES, Calif, December 23.—The Famous Players-Lasky stu- alo in Hollywood, rebently closed be- cause of what company officials # termed the exorbitant cost of pro- duction, faces a year of actlvity, sug- mented by its temporary suspensidn of film making, according te an an- nouncement by Jesse L. Lasky, first vico president of the company. Declaring that the shutdown hsd accomplished {ts purpose—thie crea- tion of a sane business attitude D, Bigg ] I l FINANCIAL, THE EVENING “NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN, NEW YORK, December .28.~The high-priced Standard Qile moved for- ward vigorously on the curb market today, while others of this group were held in check by further profit taking sales. The upturn in South Penn ap- peared to be in response to advances in eastern grade crude announced to- day. The 25 cents a barrel increase i Mexia and Powell Crude Oil was in conformity with similar adjust- ments earlier in the week in Pennsyl- vania and Mid-Continent _prices. Prarie Oll and Gas and Prairle Pipe Line both selling ex the §2 dividend made up this amount which came off the stock, while -Magnolla rose 9 {points to 158 before selling was en- countered. Penn Mex Fuel was an exception i | | NEW YORK, December 28.—Follow- ing is an official list of bonds and stocks traded in on the New York Curb Mar- ket today: in thousands. 7 Allied Packers 8s. 1 Alym 7 17"Am Gas & Hlec Ga. 2 Am Thread Co 66 Close. 71 101% 118AUG & WISS 1 Beth Steel 7s '35. 8 Col Gr fs 3 Con Gas B part, cia Bls E & 3 Detrolt Edison 6x B Fed Bugar 6s 'S3 3 Fisher Body 6s Fisher Dody e Fisher Body_6s Gair, Robt 7o on Asphait S Grand ‘runk 6% Inter Match 6348 Kan City Term. 5%n Kennecoit Cop 7 Lehigh Power 6s. a_ Power 15. I 35zz908ss T FFEEEE = & * Pub Serv of N J 7 Pub Rer El Pox Reading Coal 3t Reading Coal 4% era Cal Ed 0s. Valvoline Ofi 7x.. Gov Argentine 8s Wi King of Nether Ge{. Mex Govt bs "84 Mexican Bowbrmrnaoasiloeaonebiosasa Russian Gov cf Sigs Russian Govt 8%4s National 5 Ewiss Govt Swiss Govt Ds . 11U S of Mexico 451 Sales STANDARD OIL ISSUES. 1300 Anglo-Am_ 011 400 ‘Atlantic Lobos 5800 Atiantic Lobos 305 Buckese P L. 20 Chesebrongh Mifg 200 Continent Oil new 40 Cumberland P L. 85 Eureka P L. 60 Gal Sig Ol 4800 Humble 0 & 10 Ilidois P L. 825 Imp Oil of Indiana P L. 13900 Intern Pet Co Lid 855 Magnolia Pet ..... I 60 N Y Transit. 50 Northern P L. S00 Ohio Oil new 1340 Prairie 0il & 2200 Penn Mex Fuel 340 Prairie P L. 375 Bouth Penn Of 14500 8 O Indinna. 20 Southern P L. 1300 8 O Kans: 400 80 Kentuck: 50 8 0 Nebraska Hals 50 8 0 s DEPENDENT OIL STOCKS. in’ hundreds 10 Allied 0il new 2 Boston Wyo Oll 16 Carib Synd 2% Cities Servi Cities Bervice pfd. 4 Cit Serv B cts ... 000 Cit Serv C serip, 1000 Cit Berv serip . 8 Creole Syndicate. 10 Derby 0 & R w 0 Eng.oeers Pet 18 Federal OIl ... 10 Glen Rock 2 Granada Off 8 Gulf Oil of Pa 3 Gulf 8t Oil & K Wi 20 Keystone Ranger 11 Kirby Pet ... 10 Livingston Pet 11 M Washington Stock Exchange. SALES. ‘Washington Rwy. & Elec. com.—10 at 70% 1088 703, b 4% T0%s, 10 ut 70%, 10 at 70 10 at 70%. t Co.—10 at 8. o e otype 10 at 71, 10 at 7L, AFTER CALL. Traction Co.—10 at 934 GOl gton Gee Light—10 at 48 Waskington Rwy. & Elec. com. Mosey—Call loans, § and 6 per ceat. BONDS. Bid and Asked Prices. PUBLIC UTILITIES. Tel. & Telga. is. American Tel, & Telgn: 4%s. AmTeL & el etl i G, Anacostis & Potom &V&7F. Teteplione C. & P. Telephone o Capital Traction R. R. City & Suburban Ge.. r3 90 100 ezeezats E P e MISCELLANEOUS. Paper Mfg. 6e. » Bealty 33 (Lo Bigks RealY Stald Buoriee 5o Aok, Marke . Weréiman Park Hotel a........ W% STOCKS. PUBLIC UTILITY. American Tel. & Tolga.. Copital Traction. Washingtop_Gi Norfolk & W Wash. Rwy. & Elec. com. { Wash, Hwy & Elec. pfd. Terminal Taxl com. NATIONAL BANK. Capifal Eolumbts, Comme: 5% % 220 70 72/ 125 among producers and directors after ' District ' @ period of reckless competition—Mr. Lasky said that work would be re- wumed_at the Hollywood studio Jan- uary 7, with three producing com-lmu’ twelve compeniesBecosd ! American Securtty & Trust.... 298 panies and with the number of units {ncreasing until have resumed. Forty-five pictures will be made at the Lasky studio here in 1924, the producer said, constituting 75 per csnt of the total Lasky output for the year. The other fifteen film plays om the ctompany's program _will be made at its Long Island stufio. The ‘ company’s total production im 1923 was Afty-two pletures. Discussing rumors that motion pto- ture producers were about to move their studios from Hollyweed to , Mr. Lasky said: “These reports about centering pro- etion in the east or about moving studio east are entirely unfound- Time after time we have inves- pated .production costs and faeiM- and {t is a settled policy and incontrovertible fact that Los An- es is now and always will be the wherée most of the pictures in country will be made’™ PARIS BOURSE HEAVY. PARIS, December 28.—Prices were lheavy on the bourse today. Three cent rentes, 54 francs 20 centimes. shange on London, 84 francs 25 aers Federat-American Eiveoin Lnco b “Metropolitan Natiogs! TRUST COMPANY. - ity hants’ k. . ?\"monll Savings and Truf Union Trust,. ‘Washingtea SAVINGS BANE, the | Tited Staten. | Washington Mechanics. FIRE INSURANCE, Americ en's. National Union.. TITLE Columbta _Title, Real Estate D. €. Paper ptd < 5 its' Transfer & St . #1035 Merchants orage, ora Market com. 0ld Dutch Market pfd. Direct to The -Star Office among medium. priced issues -and reached & new high record when it crossed 45% for a gain of more than 3% points. On December 18 the com- pany brought in a well flowing 40,000 barrels daily, Considerable attention was given mining stocks and most of these were in- better demand. United Verde sold at 28 against the I ale of 27, and St. Croix was actively taken aroun top prices. The latest reports con- cerning this property are that & new vein has been uncovered. o was another_favorite, just under its top figure. Dolores KEsperanza, how- ever, was an exception and dropped to 50 against yesterday's high of 70. A break to a new low record ‘in Stutz Motor appeared to be the work of professional manipulation, for the stock rallied as quickly as it had sold off. Coal shares were inclined to do better, responding to improved earn- In nd extra ‘dividend declarations Bt M 20 Noble Oil & Gi @ Peer OU Corp 12 Pennock Off. .. 3 Red Bank Oil new 25 Roy Can Oll & Ref 8 Ryan_Cor 1 Balt Ck 5 Sait Ck Prod Re! BlowaalinB FERREF SR aais ' 3 Tidal Osage Oil 1 Turman Ol . 28 Wilcox- Oil & Gan INDUSTRIALS. 1 Allied Pack new. 1% 2 Amal Leather . 10 Am Hawaiian 8 1 Armour & Co pfd 2 Atiantic Fruit w i 1 Horden & Co ..... I Bkiyn Shoes, Inc. 3 Brooklyn Ciiy R R 8 Cana _rod Corn wi ¥, “5E ':13 Fed »_;r "3 ,‘ ™ Yegzgunuss, 3 1 Chi Nip B tr ow wi 5 Cleveland Auto ... 4 Colorad Pow & Lt 14 DL & W Coal .. 12 Dubllter C & Radio 10 Durant Motor ... 3 Durant Mot of Tnd. 1% Gillette 8§ R.. % Gleagonite Prod § Glen Alden Coal. 7 Gold Dust Corp w 2 Goodyear Tire 1 Heyden Chem . 2 Hudson & Man R R 2 Hudson Co_pfd 7 Intl Contl Rubber. 5 Intl Cone Ind Corp 3 Kresge Dept Stores. 2 Leader Produc 1 Lehigh Power sec. 1 Linby, McN & L n Mlg..... - [Nt 2 BrEeagE, FEEERE P - o 3 4 5 Teather 3 Y Tel Co ptd 3 Park & Tilford . 3 Peerlens Motor . 3 Pyrene Mfg 152 Radio Corp . 6 Radio Corp p: 23 Hoad Coal tis wi 2 Reading Cos 24 Sagnenay P . 7 Baguenay P pfd 140 R0 C & 1 new 4 Standard Motor . 32 Stz otor 1 Swift Tnt 8 Tob Prod E: Todd Ship 134 etail Candy. . Lt & Heat & Heat pid Cap & Seal 6 Alvarado Min 40 Ariz_Globe Coj 20 Telcher Extens . 30 Boston Mont Corp. Canario Copper . ) Candelaria Min.... 7 Cons Cop Mines new Canyon : 40 Cortes Siiver 10 Divide Extens 7 Dolores Esper ) Forfuna Mines 10 Goldfield Decp Mins 10 Gold Zoue .. K 10 Green Monster 140 Hardshell Min 2 Hecla Mine . 1 Howe 70 Independence 80 Lone Star . 15 Mason Val 330 MeNamara 3 2% i B o1 o 50 Ray Hercuies Iac 60 Rex Cons 118 8t Croix 30 Sitverdale . 0 Silver Horn Min. 40 Simon Silver 6 8o Amer Gold & P 10 Spearhead Goid . 10 Stewart Mines 23 Teck Hughes . Tonopah ' Belmont. 30 Tonopah Diride 22 Tonopah Fxtens 8 United Eastern 1 United Verde E: 1 Tnity Gold ... 13 Wenden Copper 3 West End Consol.. CLEVELAND ORGANIZES GRAND OPERA COMPANY By the Associated Press. CLEVELAND, Ohlo, December 28.— Announcement of the formation of the Cleveland Concert Company to tage grand opera in public hall, with E o1 0' i5 | Robert R. Ellinwood as manager, was made here today. At the same time it was announced that Mary Garden, Feodor Chaliapin, other internationally famed artists will appear here February 11 to 14, in. clusive. Nearly two dosem of the cit: wealthiest men and music love; many of whom are Identified with the Musical Arts Association, which backs the Cleveland Orchestra, are guarantors for the new company. Several large department stores and hotels are also included. With almost one-half of the audi- torium’s seating capacity to be sold at popular prices—under $3—Mr. El- linwood predicted today that the largest audience ever housed under one roof to hear grand opera will be assembled at public hall. If the de. mand lives up to expectations, he de- clared, Cleveland will become a cen- ter of operatic music along with Chi- cago and New York. Seats in boxes around the dress circle_will sell for $6, Mr. Ellinwood said. Prices for the rest of th: maim \floor will range from $2 to $5. Seats in the mezzanine and balcony will sell at_from $1 to $5. Mr. Ellinwood sald that at least two weeks of opera will be probable each year. —_— LIVERPOOL COTTON. LIVERPOOL, December 28—Cotton —Spot, limited demand; prices barely steady; good middling, 21.62; fully middling, 21.17; middling, 20.62; low middling, 19.62; good ordinary, 18.63; ordinary, 18.12. Sales, 3,000 bales, in- “ ! cludin, g 1,906 American; receipts, 27,- 000 bales, including 18,300 American. Futures closed steady: December, 20a95; January, 20, March, 20.96, 20.66; July, ; Septembe: ‘October, 16.79; December (1924). SEARS, ROEBUCK SALES. CHICAGO, December 23.—Sales of ebuck & Co. for Dugember $20.736,398, compared wi &296" Tor the ‘corseepend ing period last year. Sales for the full vear totaled $215540,604, an in crease of $33,374,780, or 18.32 per cent. DEALER DIES SUDDENLY. Charles Burr,: sixty-five years old,! who resided at 1729 13th street northwest, a hardware dealer at 1536 P street merthwest, died suddenly this morning. He ecomplalned of| feeling asick while at his place ef business. A taxicab was’called and he was taken home, where a physi-| clan from Emergency Hospnital ex-| amined him and pronounced Ilife| oxtinet. : % e Poverty may phch an nomest man, but it never destroys. g 1] Rosa Ralsa and | STAR, WASHINGTON SEABOARD'SBEST MONTH OF YEAR Net Operating Revenues for November, . $1,071,549, . Against $894,769 in 1922. NORFOLK, Va..' December 28.— The Seaboard Alr Line's net operating revenue for November was the best for any month this year, totaling $1.~ {071,549, as againat $894,769 in the same month last year. This is despite the fact that gross revenue of $4,520,049 ‘has been exceeded three times this year. Seaboard’'s best gross month was March, with $4,886,727. The company's balance for Novem- ber after addition of other income and deduction of interest and other fixed charges, but exclusive of inter- est on adjustment bonds, was $275.724, an increase of $240,384 over the same month last year. The balance for the eleven months avallable for adjust- ment bond interest was $1,771,097. Gross revenue for the eleven-month period was $47,340,661, as agalnst $41,161,594 in the corresponding pe- riod last year, while net operating revenue totaled $10,587,435, as against 38,47 7 last year. B. & 0. HAS BANNER YEAR. Earnings Best in thry—x‘uld s Condition Excellent. Special Dispateh to The Star, 3, December 28.—The Baltimore and Ohlo railroad is clos- ing its most profitable year. Both gross and net earnings will surpass all former records. What is just as important, the management has a stranglehold on expenses. For the first time in many years operating ratio {s normal. The management has been liberal in maintenance ever since the syetem was returned to private operation, and this {tem iy not being neglected now. During the eleven months ended November 30, $85,968.637 was spent on upkeep. This Is an increase of $20.485,681, compared with ex- penditures for that purpose a vear ago. The effect of the heavy outlay has been to improve tha service and bring down operating cost. Physically and financially the Bal- timore and Ohlo railroad is in the best condition in its history, d! dends on the common stock have been restored at the rate of 5 per cent, and surplus earnings are equal to nearly 14 per cent on that class of capitalisation. AUTOMOTIVE OUTPUT TO EXCEED 4,000,000 Tendency Among Producers Is to 'Shorten Period of Taking Inventories. 8pecial Dispateh to The Star. NEW YORK. December 28.—Auto- motive Industries says: “That total production of automo- blles and motor trucks for the year now closing will be in excéss of 4,800,000 is indicated by the activity of producing centers during Decem- ber. Output for the eleven months ended November 30 approximated 3.723,000. ‘There has been a tendency on the part of major producers to shorten the inventory period this year so that there would be as little interruption as possible to operations. totals will compare fa other months of the present year and will show a substantial Increass over December & year ago, when produc- tion reached 228,252, “Open weather in sections of the country has acted as a strong sales impetus, keeping demand at a higher point than was cxpected at ginning of the season. Sales show unusual strength for the period. which may be accounted for not only by the miid winter, but because of the reater holiday buying of automo- es. t COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY BOSTON, December 28.—Poor con- ditions in the worsted industry in New England are reflected in the fact that the mlills of the United States Worsted Company are runmming at jonly 25 per cent of capacity and are "being operated only four days a week. The company is known, however, to have enjoyed a good business in the first six months. ST. LOUIS, December 28.—Eigh barge loads of corn left here wgn; . | for Europe via New Orleans. ATLANTA, December 2§.—Atlanta capitalists who_pur the cotton ofl plants of N. K. Fairbanks, the American Cotton Ofl Company and the Union Fertillzer Company at Gretan, La., disclaim any intention of { operating these plants immediately, bu: cottonseed men here see mn the purchase an indication of better times in the industry. SAN FRANCISCO, Decembar 28— ‘Wholesale houses which handled tut keys have only a small surplus om hand, but the Turkey Growers' Asso- ciation is reported to have large stocks on hand. DETROIT, December 28.—Coal deal- ers are stocked far more heavily than usual. The failure of coal to move is attributed to the open weather. LYNN, Mass, December 28.—Shoe business has fmproved here and ail the Lynn factories now are operating Some are on an open shop basis and are having no-dificulty in_securing help. A few are working Saturiays for the first time in years. . BOLL WEEVIL CONTROL TOPIC OF PRIZE PAPERS NEW ORLEANS, December 28— Pive hundred dollars in cash prizes is offered by the Hibernia Bank of New Orleans for the bBest papers om Dol weevil control submitted be- tween January 1 and WFel 15. The contest is open to anyl in the south. This is in line with the weork of the Boll Weevil Control Assoctatiom, recently organized in New Orieans, of controliing the ravages cetton pest. of the SALES UP $83,000,000. A December 28.—Th - wied paiee: o Sonras Roeben A Gy, Co. cyeaze of about $83,609,000 . it was stated today. Sales of the for- mer for the year were at $215,540,604, an increase of $33,374,780. Sales of Montgomery, Ward & C will be about $134,000,000, an increase ‘of about $42, 000 over 1822, it was stated. - ‘ December | rably with | he be- | which is trying to work out Ifi“llllfi.‘ for free distributiom a D. C, FRIDAY, DECEMBER 28, 1923. TEN WEST VIRGINIANS CALL ON PRESIDE State’s Education Board Among Visitors at White House Today. Howard M. Gore, assistant secre- tray of agriculture, accompanied to the White Housé ten members of th board of education of West Virginfa to shake hands with the President today and to extend the greet- ings of the geason. Mr. Coolidge re- celved also the delegates attending the annusl conventlon of Kappa Al- pha fraternity in this city. Senator Lawrence C. Phipps of Col- orado introduced Rabbl Willlam 8. Friedman of Denver, who has been In Washington attending the meet- ings of the Jewish chautauqua. Commissioner Burke of the Indlan bureau, who hi been directing the President’s political Interests in South Dakota, had two brief confer- ences with his chief at the White Houge today regarding the fling of the latter's acceptance as the m lorl()' candidate in the South D ota primaries. This formality must be attended to before January 1, and it was intimated by Commissioner Burke upon leaving the White Hou that the announcement of the Pres- ident's acceptance will be made public gflizr today or tomorrow in Flerre, D. Among the matters touched upon at a meeting of the cablnet was the advisabllity of this country send ing a delegation to represent it at the international immigration ocon- gress, which is to meet in Italy next summer. Secretary of Labor Davis, who introduced this subject, placed in the hands of the President a list of names of men and women for him to consider in selocting the personnel {of this delegation. Secretary Davis is convinced that much good can be accomplished by sending such a delegation to this congress in that proper expianation can be made of the motives that have rompted the United States in plac- ng restrictions on the great influx of allens to this country. |GRAPHOPHONE (0. Columbia Lists $23,910,405 Lia- bilities and Assets in Sum of $18,667,931. By the. Associsted Press NEW YORK, Decomber 28.—The Columbia Graphophone Company, which went into bankruptcy October |15, filed a schedule in federal court tod; sting $23,910,405 liabllities and $18,667.931 asset: The principal lHabilities were $6,79’ 202 of five-year 8 per cent notes out- standing under a trust agreement entered August 1, 1920, with the Guaraaty Trust Company WALL STREET NOTES. Further Dividends Voted Earning Reports Made. NEW YORK, December 28.—Notice of the drawing for redemption on June 15 of 99,580 pounds steriing of the 5 per cent Hunkuang rallway’s gold loan of the Chinese govern- ment has been forwarded by J. P. Mcrgan & Co. Holders of the bonds drawn will realize a considerable appreciation over the current price of the bonds, as the issue has de- clined considerably, due to Chinese internal difficulties. New York bankers have learn that Frederick W. Stevens of Annj Arbor, Mich., who represented the American group in the international consortium for several years in China, has been elected president of the Michigan Trust Company. Net profit- of $563,871 for the first nine months of the year was reported by the Martin-Parry Corporation. This compared with 3313425 for the first nine months of 1922. / Preliminary figures disclosed by the North American Company and subsidiaries operating in Cleveland, St. Louis, Milwaukee and other cities sbow_ that this group served §91,536 electric customers on November ' 20, 1923, an increase of more than 25 per cent over the same date a year ag Directors of the United States Saf, Deposit Company today voted an ex- tra dividend of 5 per cent in addition to the regular semi-annual 5 per cent dividend, both payable January 2 to tock of record December 31. —_———— CLOTH BUYING LIGHT. Dry Goods Prices Maintain Their Recent Levels. Special teh to The Star. NEW YORK, December 28.—Trad- ing continued light in the cotten goods markets today, but with prices maintained at thelr recent levels, which are within % to 14 cent of the top for the year. Print cloths were jquoted at 11 cents for 64 by 60 and 12% for 68 by 72. Further reductions of 5 to 10 cents a pound were made in the raw silk market, but without stirring any great buying wave. RAW WOOL HIGHER. Slight Increases Also Made in For- eign Markets. Special Dispatch to The Star. BOSTON, December 23.—Further slight inereases were quofed in the raw wool market today, but in al- most every case they were offset by | rises in the foreign markets. _For example, Australlan 64 by 70, which | old_at the Lonmdon auctions om tho | basis of 123 to 125 clean, Janded | Boston, are quoted hers at 118 to 3.21. Good terrftory wool, Mon- tana type, has 6old as high as 1.40. Choice Texas clips are- being offered st 1.30 to 135 clean basis. Receipts Thursday were 904 bags of domestic and 46 bales of foreign. NEW YORK BUTTER PRICES. NEW YORK, December 28.—Butter —Firm; receipts, 6,362 tubs. ‘Eggs —Cteady; receipts, 14,743 crates; New Jersey hennery, wiites, closely selected, eitras, 53a¢0; mearby hennery whites, closely seleeted, ex: tras. 58a80; state, nearby and western hemnery whites, firsts to ex- tras, 50u87; Pacific coast whites, ex- tras, 56a59; do., firsts to extra firsts,, 50a55. § settled; receipts, "3,“1' | and | Cheese—Un! pounds. INVESTORS WARNED. aZo help every ono to avold be uped By Promoters an Worthleas _securities and. by other | swindlers, the chamber of commeres | oF the state of New Yorl has pube - age pi phlet, which ST, Sipaiice, vk vl out steps te take, not only to scape | Deing & vietim, but al; others being fleeced. Coples can be be had withowt charge by addressing the chamber of commerce, street, New York. i 65 Llhertyl ROAD NEAR AUCTION BLOCK. _DENVER, December -28~—~Whether the Denver and Rio Grande Western railroad shail pay $1.129.080 interest on its outstanding bonds Janmuary I, or whether payment shall be "de- cun-l sending the road to the amc- tion_block for the second time, is to be - determined wmorrow' at a i son, to prevent | THIEVES TAKE FURS WORTH $4,650 HERE Mme. J. M. Ash's Store on Con- necticut Avenue Entered Through Rear Window. The fur and millinery store of Mme. J. M. Ash, 1217 Connecticut avenue northwest, was burglarized early today, stock valued at $4,850 being taken. Entry was gained by breaking a rear window, An inventory showed that elght fur coats, a hat and two strings of pearls had been taken. The most valuable article, -a mole~ skin garment with ermine collar, was valued at $1,000. 3 Detective Howard Vermillion and police of the third precinct respond- ed to a request for police assistance. They found no clue. Tho robbery was committed be- tween 6 and 8 o'clock, police were told, & night. watchman reporting everything as bel: intact when he visited the store at 6 o'clock. Police of other cities were given a description of the property and asked to ald recovery of the goods. The list of the property wired po- lice of other citles is as follow: One long mole coat, white ermine fur collar, $1,000; one mole fur apat, short length, $450; one sealskin fur three-quarter length, white er- mine collar, $850; one brown sealskin fur coat, trimmed circular -flounce bottom. $450: one seal coat, Kolinsky fur collar, $300; one Japanese mink fur coat, full length, $400; one full- length nutria fur coat, $300; one short-length caracule coat, trimmed with brown beaver fur collar, $150; one white ermine fur hat, $5 strands French pear] beads, strands Richelieu pearl beads, $30. AIRCRAFT FACTORY T0 GET LABORATORY Removal of Equipment to Phila- delphia From Local Navy Yard Deemed Advisable. Plans have been made for the re- moval to the naval air craft factory at Philadelphia of the aireraft power plants laboratory at the Washington navy vard, where it was originally established in 1916. According to Rear Admiral Moffett, chief of the naval bureau of aeronau- tics, the very limited space avalilable at the local yard has greatly handi- capped the adequate expansion of fa- cilities and required the selection of another site for the plant. The Phil: delphia afrcraft factory, he says, was found to be the most advantageous location for the plant, as there ex- perimental wotk for both power plant and for aircraft structures cquld be co-ordinated under one head. “With the new equipment at Phil- adelphia, which will be in complete operating condition during the com- ing fiscal year,” says Admiral Mof- tett, “the bureau will be in a posi- tion to undertake all necessary ac- ceptance testing, duration testing and experimental flight testing, with its own personnel, and thus avold many of the delays and inconclusive results which come from the present practice of conducting work of that nature by contract with various engineering or- ganizations. The equipment is now being so arranged that all engines may be tested under conditions sim- ulating those which may be expected in flight service, from sea level to approximately 39,000 feet aititude. The establishment of these facill- ties will be of inestimable value as an aid to development of better power plant equipment and to the elimina- tion of the many difficulties which have been encountered in the past in alrcraft operations.” HOTEL SPACE PLENTIFUL, G. 0. P. COMMITTEE SAYS Convention Body Begins !Ll‘ul Al- lotment of Rooms for Meet- ing in June. By the Associsted Press. CLEVELAND, Ohio, December 23.— Final allotment and adjustment of hotel reservations for the repubi‘can national convention in June were bogun by the hotels subcommittee of the local convention committee yes- terday. All reservations made or romised by individual hotels should e considered as tentative until the full comventlon committee, to be named next week, has gone over the list, it was announced. That the delegations, press and candidates’ workers will be given first consideration was reiterated by Col. Carmi A. Thempeon, chairman of the local convention committee. He da- clared this will be rigidly adhered to, regardless of individual requests “We want to kill the idea that all Rotels are oversold and no more room exists,” Mr. Thompsen added. “There s plenty of room and it will be al- lotted systematically and fairly.” Col. Thompson also reiterated pre- vious announcements that rates will not be raised. GEORGIA G. 0. P. TO OUST “LILY WHITE” FACTION B5 the Associated Press. ATLANTA, December 28.—A meet- ing of the dissentient factions within the ‘“regular” republican party in this state will be held Saturday, with a view to ironing out their differences and presenting = united front to undermime the so-called “lily white™ republican leaders made known here. Plans have been afoot, spokesmen said, for an agreement on the chalz- manship of the “regular’ party as between C. P. Goree and Charles Adamson. Mr. Adamson, according to is to step aside to Mr. Coree and in the interest of party harmony. This agreement accomplished, the leaders of the movement say, sup- port of the national committee wijl be withdrawn from J. L. Philips, who has been functioniwg as state chairman since his appointment by the late President Harding ahout two years ago. The Philips organization was formed Wvowedly for the pur- pose of placing the state party in white gontrol. Henry Lincoin John- negro national committeeman from this state, is said to have im his ion the official call for the state republican convention glven him by the national committee in its recent meeting in Washington. He will give thts call to the chairman selected at Saturday's meeting, thus him the sanction of the n: tional committee, those In charge of the meeting sald. WIDOW OF PASTOR DIES. Mrs. Leech Passes Away at Sara~ toga Springs. Mrs. Rebecca Fundenberg Leech, widow of Rev. Samuel V. Leech, died at Saratoga_ Springs yesterday. Mrs. Reoch left I:I;.h"}:‘tolrl‘h several years 885 to_vegain her health. m‘“mm a native of Wash- ington, and was for many years lo- ented at Albany, N. Y., witere he was c*llllfl the state senate: e body will be brought gnx“::; ‘aad funeral services c oY Arlington national cemetery a t 10.30 a.m. 19 Fint Mortgage Notes = at the deed of trust en Ly T & OORT, 97 bt N.W. ! two |bent administration to postpone them #50; two lif the country Is in a state of revo- [ 1 FINANCIAL. MEXICO'S BROLS BISTURBING TO L. S, Failure to Settle Problems Disappointing and Serves to Halt Many Proieqts. BY DAVID LAWRENCE, Disappointment over the failire of | Mexico to solve her internal probléms | is unconcealed. here. Hope has not! bee¢n lost by any means, in fact con- fidence n the ultimate ability of the | Obregon government to pacify the country is undiminished. But there 13 no question about the setback glven various projects which might| have been well on the way to set- tlemont had not revolution broken ! out. The difficulty in Mexico arises, of course, in connection with the am- bitions of rival candidates. At one time it Was ineisted that the reelec- tlon privilege caused most of the dis- affection and brought on revolution. The new constitution adopted in 1917 forbids reeiection, but the present outbreak is due almost entirely to the claim of the de la Huerta fac- tion that the Obregon government Was seeking to ipose its will on the country by putting one of the Obre- &on’ group into the presidency. Election Date Fixed. The presidentlal eclections have been scheduled for next June but it is within the power of the incum: lution. Under the new constitution the presidential term is for six years, and it expires automatically, 80 that any | president elected in 1925, if the elec- tlons should be postponed until then, | Wwould serve the remainder of the #ix- | year term beginning in 1924, | The United States government ex- | tended recognition to the Obregon government only recently, and it will always be a debatabie question whether the Obregon administration would have been better able to cope with revolution if the recognition had | come sooner. The American govern ment tried hard to persuade the Mexican authorities that an agree- ment on the basic questions would speed recognition, but the usual de- lays were encountered, and now, when the Obregon government needs funds and supplies with which to handle the revolution, its external credit Is not as good as it might have been had an agreement with the United States been reached at an earlier date. Washington Government’s Position. So far as the Washington govern- ment i8 concerned, there has been no act or word of interference or suggestion of sympathy with the various factions, as it is regarded here as solely a matter for the Mex- { | icans themselves to settle. It is} however, that neither side will this time wish to do any- thing that would incur ill feeling in the United States. Under present, federal statutes arms and ammuni- | tion can be exported from the United States only to the forces of the recognized government—namely, the Obregon acministration. The sending of supplies to the de ia Huerta troops is a violation of neu- trality laws. This means that the American government stands by the Obregon administration just as long as the latter appears to be in control of the situation. Rule Heretofore Followed. In the past under similar circum stances when a recognized govern ment has collapsed che United States, placed an embargo on arms forbid- | ding the export of arms and supplies to any Mexican faction so that strict néutrality can be observed as be- tween the contesting forces. This also is permitted by resclution of | Congress adopted in 1912, The hope is expressed here that the Obregon administration will continue to merit the support to which a rec- ognized government is entitled and there continues a feeling of optimism that the Mexicans will at any mo- ment enter into a truce whereby free- dom of restraint in the next elections | can be guaranteed and the causes of the present outbreak removed. EIFFEL TOWER BUILDER IS DEAD IN PARIS AT 91 Engineer of World's Highest Structure Also Designed Part of French Panama Canal. PARIS, - December -28.—Alcxandre Gustave Elffel, the engineer, who buflt the famous tower that bears his name, is dead He was ninety-one years old. certain, The Eiffel tower, the world’s high- est structure, was built in the Champs de Mars, Paris, for the expo- sition of 1889, It it now used not only as a point of vantage for sightseers, but for me- teorological and sclentific observa- tions and as a radio station. Eiffel was widely known as a build- er of great mctal bridges. He also designed the sluices for the Panama canal when the French company un- dertook to dig the waterway. 6-STORY BUILDING RAZED IN LANSING, MICH., FIRE By the Assciated Press. LANSING, Mich., December 28.— Fire, believed to have originated in one of the dressing rooms of the | Regent Theater this morning, de- | stroyed the Oakland building, a six: story structure, and for a2 time threatened to sweep through several city blocks. Breaking out at 5:30 this morning, and: fanned by a high wind, theé flames were not brought under con- trol until § o'clock. It was esti- mated the damage would amount to, $366,000. Ome fireman was seriously | urt and was taken to a hospital. One man asleep in his office in an upper floor was rescued by firemen. Piying embers were carried on the wind to several nearby buildings and caused small fires. which, however, wers promptly extinguished. As a precaution against further read of the fire a force of state po- Ifce was called out to cut down awn- ings In mearby streets. | UNDER UNITED STATB GOVERNMENT SUPERVISION Safety and Interest Guaranteed 4% Savings Depofib 4% 9 Certificates of Deposit’ % Free Checking Service Banking Hours: §:30 to 5 P, THE DEPARTMENTAL BANK 1714 Pennsylvania Ave. N.W. \QIXTEENTH TREET PARK In the chosen line of High-Class Development For HOME or INVESTMENT ‘ Edson W. Briggs, Owner . 5974 Over a Quarter of a Century 1412 Kye St. oW, | FOR INVEST MENT FIRST MORTGAGE LOANS Denominations $100 to $6,250 Interest Rates 6145 “and 7% All loans secured on modern homes and busi- ness property in best northwest sections of the city. Ask for Information I - Money to Loan Secured by first deed of trust om real estate Prevailing interest and commission. Joseph I. Weller 420 Wash. L. & Tm Bidg , Oth & ¥ N.W. EQUITABLE Co-Operative Building Association Organized 1979 ¥4th YEAR COMPLETED Asscts .. £4,735,176.52 Surplus ¥1,248320.98 Save Systematically The most effective method of sav- ing is 1o adopt s systematic plan and stick to it. Join the Equitable. Sabscription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, See'y FIRST MORTGAGE NOTES |: THOS. E. JARRELL Member Washington Resl Estats Boswd Woodward Bldg. Main 766 | We Offer for Sale ; FIRST MORTGAGE LOANS Bearing 62% Secured on HOME PROP- ERTIES at less than ones half of value. This Is the Safest Possible Security Guaranteed Title Investment from $500 upwards ‘Waggaman & Brawner, Inc. Frankiin 7485 732 Seventeenth Street NLW. CONSERVATIVE INVESTORS —have ALWAYS been consistent owners of FIRST MORTGAGES on improved real estate as the sure foundations of security for their funds. This {s equally true of the great insurance com- panies of the world, as well as the leading financial institutions. WHY NOT JOIN T and arrange to “play safe” We can supply your HIS SELECT COMPANY in 1924. needs whether you have large or small amoeunts to invest. MORTGAGE DEPARTMENT

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