Evening Star Newspaper, January 2, 1924, Page 27

ARMS FOR MEXICO | {BLEASES EXPORTERS ];l;erghnnu Feel New U. §. Policy Will Be Vital Factor ih End- ing Present Revolt. ! ;.Fqfi WORRY OVER TRADE Byflilding Costs Big 1924 Problem. Spring Buying Starts. BY J. C. ROYLE. Spéciat Dispateh to The Star. ¥W YORK, January 2—Determi- nation of the United States to dis- yose of a certain amount of Ameri- can arms and ammunition to the Ob- regon forces in Mexico has brought a decided feeling of reassurante to many exporters whose trade with the mouthern republic has been checked by the de la Huerta revolt. This has{ been increased by the fact that the . Munitions are of government make and do not correspond to the arms now in use by either side in Mexico. In the past sale of cartridges by the soldiers of opposing armies to each other has postponed restoration of tranquillity repeatedly. Mexican armies have no commissary depart- ments. soldier under ordinary eircumstances receives his pay each morning. From that pay he is sup- posed to buy sustenance. If he gam- es, loses or spends his in other he is likely to g0 hungry. diers Great Traders. But the cartridges in his bandolier have always up to now been the same as money, the quotations ranging from to 10 cents for each cartridge. | He had only to signal an opposing sentry, open negotiations and dispose of his cartridges for cash. The w has repeatedly ridden on trains in Mexico carrying a heavy military guard, all the members of which had rifies and none of whom had car- tridges. The cartridges sold the Ob- ~regon forces, however, will not fit the ers and Winches- 7 their opponents are there will be but little h traffic. p are _notoriously wasteful of ammunition. They seldom start on s xpedition without firing several air and lack of thesa has repeatedly prevented the s ending of hos- tilities. and e Peace Soon Restored. feel that the American State Department sb a materially in “prompt restoratien of order. 'he armies of Mexico still are or- ganized on feudal lines. That Is, the privat is fighting less for a cause When, therefor r changes causes, he usually has little difficuity in per- suading his men to accompany him. Even if some of the rifles furnished should be captured or transferred from one side to the other by such | changes, they soon would become useless, as the United States s the sole source of cartridge supply. This fact also reduces to a minimum any danger that the weapons might be turned in future against the north- ern side of the Rio Grande. Building Costs a Problem. Architects, contractors and build- ready’ are deep In plans for 1924, with projects now under way being rushed to completion as fast as weatner conditions will permit. While progress of negotiations be tween the building crafts and em- plovers here promise stability of la- bor costs for the next two years, this “s not the case in some other sec- tions In the middle west ‘keen anxiety ex fsts over the insistent demands of ar- tisans of the skilled trades for higher wage scales. In Chicago the predic- tlon is made by some building and con-’ struction men that the granting of a demand for an advance over the pres- ent $1.25 an hour scale would result in & prompt coliapse of one of the grea gt building booms that city ever has Valuation of building erected there in 1923 exceeded $300,000,000, as was pre- dicted in these columns, 'and if wages remain stable, plans now under con- sideration will bring the 1924 figures about $100,000,000 above that figure. Retall _distributors throughout the country having had a chance over the holiday to estim h considerable accuracy just what remains on their shelves, ‘siarted encrgetically today to clear their_sheives irplus _me: chandise. This w ble not only in announcement sales of white goods, but sales of clothing and other . already begun to arrive prop ordering replenishments for the hotel reservations in this and other venters indicate that thls volume of buying will be heavy. i _— A Fool and His Money. The fact that a stock certificate 1s printed in fancy green scroll work is no proof that It is worth any more | than ordinary wallpaper. Thousands | of people in Washington would have | saved their money if they simply had asked their banker to tell them wha he knew of some supposedly wonder- ful investment. *KING IS CONFIDENT ‘ OF BRITAIN’S FUTURE| Replies Optimistically to New Year | Greeting of Lord Mayor. lerchants, present pol 5y tory to and By the Associated Press. LONDON, January 2.—King George, replying to a New Year telegram of congratulation from the Lord Mayor »of London, said: “l am confident that with God's help the British people, true to their great traditions, will face and over- come the difficuities still confronting us at the clese of a decade which, though memorable ~ in glorious achievement, has beeh beset by much trial and suftering.” SHORT-TERM' SECURITIES. (Quotations furnished by Redmond & Co.) ~—Noon.—— Bia_ Offer: . 101% 105 American Tel. & American Tel. & Avaconda Copper O 1020 Anglo-Am Oil Ti3s 1925 Haltimore & Ohio 6s 1024. .00 nadian Northern Glys 1024 Central Argentine Rwy. 6s 1937 Central Leather 58 1925. Ohi., R. I Dy Pont Tiss ¢ Edison Elec. I1l.Boston 5 Federal Bugar, Ref. 84 1t Fisher Body Corp. 6s 1927 l'!:cmbln‘ Oil 5igs 1832 Kennecott r 78 Libby, MeX ‘Tel, s 1024 B0 S, . A Gike 1661, 1830, . Penna. R, R. 't & Co. Bs 1 aawater. 01l 6%s Unlon Tank Car 7 v, 8. Rubber vers have |95, BY WILLIAM F. HEFFERNAN, NEW YORK, January 2.—The first business day of e New Year on the curb market was one of irregular price chariges. With pressure of sales for tax purposes lifted, a num- I ber of stocks which had suffered large losses last year moved forward, while Teaction occurred in favorites of the ofl group, which were bid up sharply as the old year drew to a close. Stutz Motor, after establish- ing a new low of § last week as a result of “tax selling,” jumped to 11%, and Durant of Delaware main- talned most of the recent™improve- ments. American Light and Traction also moved forward 1% points from the last previous sale. 2 NEW YORK, ' January 2. is an official list of bonds traded in on the New York ket today : Sales in thousands. 2 Allled Packers fs 3 Allled Packers Be... T4 8 Am Lits 04 wt wie.. 100% 86 A G & W ISSDs 45 G Beaverboard s .... 70l 10 Beth Steel Ts 1 1 Cities Service Ts 0.. 12 Cities Service 7a D.. 10 Con Gas Baito 78 8 Conx Toxtilea Ss. 1 Deere & Co 7ias . 7 Dunlop Tire & R 6 Federal r 6s '35 1 Fisher Following and_stocks Curb Mar- BONDS. High, 64 s 9 Intern Match 83 w 13 Kennecott Cop 7s... 1 1 Libby, MeN & 5 Morris & Co T 1 N Orlns Pub Ser 3 4 Nor States Pow 0%, 2 bifo Power 5s B. 10 Phila Elee 5is '53.. 3 Pure Oil 6%, 11 b ery of a1 uum ay 24 Web Mills 6%s wi 101 FOREIGN BONDS. 1 King of Nether 8s. 1 Rep of Peru 8s 2 Russ Govt cfs Bl 27 Russ Govt Gls 10 U S of Mexico 4s. STANDARD OIL ISSUES. T T8 4 Osage ol Sales in units. 150 Buckeye P L . 800 Continental Oil 100 Crescent P L . N1y Imp Oil of Canada. 1173 0 Indiana P L 5 10 N Y Transit 2250 Prairie Oil & Gas 1080 Prairie P L ... %0 South Penn Oil 13000 § O Indiana -. 60 Sonthern P L v 4300 8 0 Kansas new .. 900 8 0 Kentuck 200 § 0 Neb . 80 § O Ohio 10 8 W Penn 8800 Vacuum Oil new. Sales INDEPENDENT in hundreds i Derby O 140 Englueers deral Oil Gen Pet . 1 Gilliland O Vvt tr of 14 Gulf Oil of Pa. 40 Gulf 8t 0 & R W i 10 Hudson Of .. 50 Keystone Rangy 43 Lafayette Ofl . 6 Latin-Amer Ol 10 Lyons Pet 1 Mex Papuco . 9 Mount Prod 124 Mutual 01l vot cfs 10 New Brad Off 10 Noble Ol & ¢ 8 omar 0l & 5 Peer Ol Corp . 2 Pennock OI1 . 5 Phillips Pet new .. 8 Roy Can Oil & Ref 4% Washington Stock Exchange. SALES. Washington Gas 55—1.000 at 93, 1,000 at 83, 2,000 at 93, 1,000 at 93. i apital Traction 35—300 at 94%, 1,000 at and Elec. 45—1,000 at 70%, rk Hotel 5—100 at 99%. jon—10 at 90, 10 at 95, 10 at 93, 10 at 95, 10 at 95. " and Elec. pfd.—10 at 7214, 6 Ty, 10 at 72%, 10 at 78, 10 at 78%. ional Savings and Trust Co.—5 at 380, AFTER CALL. at 95, lec. 45—1,000 at 70%, 10 at ,000 at T0%. 2 mey-~Cail loans, 5 and @ per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITIES. Bid. - Asked, American Tel. & Telga. 4 925 American Tel. & Telga. 43 Am, & Tel. ctl. tr. 58 i 119 81 &7 o7 9 Anacostia_& Potom: & P. Telephone 58, & P. Telephone of Capital Traction R. R, City & Suburban Georgetown Gas 1st Metropolitan Potomac Electrie st Potomac Powmac Elec. deb. 64 Potomac Elec, 8s 1955, | Pot. Elec. Fow. Wasii., Alex. & Mt. V. s, Alex. & Mt. V. Wash! Balt. & Anna Washington Gas_6s. MISCELLANEOUS. D. C. Paper Mfg. 6s. Riggs Reaity 58 (lo; Riggs Realty 5s (short Wash. Mkt. Cold Btorage 0s.... Wardmao Park Hotel 6s. g STOCKS. PUBLIC UTILITY. American Tel. & Telj i Traction, ‘Washington Gus Norfolk & Wash.' Steamboat. Wash. Rwy. & El Wash. Bwy. & Elec. Terminal Taxi com. NATIONAL BAN] com. prd; Capital District . Farmers Federal-American ... Liverty . . coln Kiational’ Metropotitas . Riges 800 Second National Bank of Washingion. 359 TRUST COMPANY. American Security & Truy Continental Trust.. ts' Bank . AT ional Ravings and Trust ‘Trust Pasbington Loan & Trast SAVINGS BANK, Commerce and Savings. Ell!-\\!llhllu'!o . Security Savings and Com. Beventh Btreet. United Btates. Washington Mechan! I s_1936. Foum, ot i TREASURY CERTIFICATES, (Quotations farnished by Redmond & Co.) ~——Noon.———y Bid. Ofter. . 100142 100332 1001-16 100 5-82 100% - 1002782 100 27-32 100 1518 100% 100 200116 "06%5.16 99 13-16 100 132 1100916 100 11-16 90916 991118 100116 100 8-} . 100 100 1- 100 - 1003 = Eiisesesoces FIRE/INSURANCB, lnvchliup'l'nnlfll & Storag g Mergen Linotype. tch Market com. 91 Duteh Market pfd. i 100 23-32- 100 27.32 | Becur ——— jthe vear, but thought 180 NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office 1 Prairie Ofl and Gas dropped back to 159, where it was down five points but subsequently retraced the los The Standard of Indiana, 'Imperl Oll of Canada, South Penn and Penn Mex Fuel felt 'the effects of the profit taking. Among South | American issues were more active, espocially the new Lago Petroleum. The new $25 par shares of Liggett and Myers Tobacco were admitted and opened at sixty. This compared with 240 for the old stocks on the basis of four shares of the mew for each of the old held. Later the new moved forward another polnt. Atlantic, Gulf and West Indies & per cent bonds lost another point at forty-four, but recovered later. The president of the company stated that the appointment of a receiver for the Ward Line would not affect the interests of his company's bond and stock holders independent ofls, 11 Salt Ck Prod 1 Sapulpa Refin . 8 Seaboard OIl . 1 Turman Ol 8% 48 Wilcox Ol & G 6% INDUSTRIALS. 2 k:l Blyn Shoe Tnc. 1 Bridgep Mach K Bklyn City R R.. 16 Candy Prod Cor wi 1 Centrif Tron Pipe.. 2 Childs Co new w i 57 Cox Ch St ¢ pr ref 1 Cuba Co 8 Dubflier O 24 Duhill Tntl In 8 Durant Mot . % Gillette 3 Id" Dust_Corp wi sdyenr Tire ... % Gold Ch 1 Gr West 2 Hupp_ Car_C 7 Intl Cone Ind Corp. 2 Kresge Dept 1 Leader Produc 1 Lehigh Power sec % Lehigh e 1 Libb Me: 8 Liggett & M. 1 Lupton F M A i i 6 Park & Tilford 1 Peerless Mot ...... 80 Radio Oorp ... 18 Read Conl rts w 3 Reading Coal Wi 80 80 C & I new 7 Stutz Motor 3 Thread Co pfd 5 Un Bakeries ... Corp 1st pi Fil Co 1st pf cf 5;! 1 Yel Tax Corp N 110 Arizons Globe Cop. 70 Relcher Extens ... 30 Black Hawk Cons. 65 Butte & Western_. 5 Canario Coppe: i i i Homestake 1 1 3 L s pendence Lead los_In Mi Co Devel. erome M lona) i . w Cornelia . New Dominlon New Jersey Zine. Onig Cop Ray Hercuies inc.. . Red Hill_ Florence .| St Croix Mines 0 Sandstorm Kendall. . 60 ilverdale . 90 Silver Horn ) 210 Stand Siiver Lead 10 Simon Silyer - 2 8o Am Goid & F 130 Spearhead Gold ... . 1 Superior & Bos Cop 57 Tec Hughe = 6 Tonopuh 1 1 BERanBaSa El 20 White Caps . e WALL STREET NOTES. rives From Abroad. NEW YORK, January 2.—Announce- ment has been made that R. H. Macy & Co. has bought an interest in the La Salle & Koch Co. wf Toledo, Ohio. jAlfred Koch of the Toledo company will become a member of the Macy board of directors and officers of the Macy company will be added to the Toledo firm’s’ directorate. The Cuban Dominican Sugar Com- {pany reported a net profit of $1,409,- 905 for the yvear ending September 30, 1923, as compared with a deficit of $1,780,265 in the previous year. The steamer Mount Clay, which ar- rived today from Hamburg, brought $1,000,000 in gold and silver consign- ed to the Guaranty Trust Company. Public offering was made today of $16,000,000 one to four vear 5% per cent serial debenture bonds of the Gulf Oil Corporation at prices to yield 5.25 to 5.80 per cent, according to maturity. Stockholders af the United States Distributing Corporation today ap- proved a plan of recapitalization, providing for an increase in the 100, 000 shares of common stock and 10, 000 shares of managers' stock to 220,~ 000 shares of no par common and 27,500 shares of 7 per cent $100 par cumulative preferred stock. The American Writing Paper Com- pany today defaulted interest payment on its first mortgage 6 per cent bonds. Two_extra_dividends—15 per cent in cash and 25 per cent in preferred stock—were declared on the com- mon stock of the United Profit Shar- ing Corporation today. Both are payable April 1 to stock of record March 4. Three months 2go a 25 per_cent extra dividend was paid on preferred stock. J. S. Weed, former vice president of the Great Atlantic and Pacific Tea % [960.925 Macy to Expand—More Gold Ar-| $5,922,900,000 PUT INTO NEW BUILDINGS 1023 Largest Single Year in Hi: tory—Brings Two-,!en‘r Total Tp to $11,000,000,000. SHORTAGE IS LESS ACUTE Coming Year Unlikely to Equal Past Activity. NEW YORK, January 2.—The Copper and Brass Research Assoclation's an- nual survey of building construétion, made public today, places the total ex- penditure during 1923 at $5.922,900,- 000, the. largest single year in the history of the bullding industry, and bringing the total volume of con- struction for the past two years to the astounding total of $11,000,000,000. During 1923 the expenditure for residential buildings, including dwell- ings, apartments and hotels, amounted to - $2,302,240,000, so that nearly 40 per cent of the total ex- penditure went to relleve the acute housing shortage which still existed at the beginning of the year. Building Shortage Reduced. As a result of the past two years of record-breaking construction, the shortage in all classes of bullding brought about by the war has been steadily reduced. July 1, 1921, saw an estim building shortare’ of $8.- 084,085,000, and construetion duri the' remainder of that yoar reduce this figure to $6,363.845.000, on Jan- uary 1, 1822. Construction in 1922 reached the total of $4,910,000,000, of which $3,125,000,000 representsd ‘the & d snormal yearly demand for new com- ction, 50 that the shortage was eved during 1922 by $1,785.000,000. stal construction of $5,92%,900,000 during 1923 has contributed further to relieve this building shortage by a total of 17,900,000, leaving a shortage on January 1, 1924, of $1,- 000. Estimates for Coming Year, The total expenditure for building construetion during 1324 ix estimated by the Research Assoclation at $4.- 935,000, of which amount $3,12 000 represents the expendit necessary for normal building quirements. Construction in 1923 was divided among the difterent classes of buiid- ing as follows: Classificatic stru : e re- Per cent Office buildings I bulidings. .. Sehools Towl . WARD LINE SHIPS TO RUN AS USUAL Complete Reorganization of Com- pany’s Finances Also Hoped for at Early Date. | | i By the Ansociated Press. . NEW YORR, January 2.—Opera- tions of the New York and Cuba Mail tions of the New York and Cuba Mail Steamship Company, widely known as the Ward line, will not be , jinterrupted or curtailed as a result of the company's receivership, Presi- dent Franklyn D. Mooney said today He said also that the appointment of the recefver should not be confused as inimical to the Interests of bond { ana stockholders. n consenting to the appoint; of a receiver,” it was stated, executive committee of the Ward line feels that this marks the beginning of a construetive policy with respect to fts affairs. The receivership will in no way curtall or interfere with the company’s busines: _ President Mooney expressed the be- lief that a plan of reorganization ! would be worked out in the near fu- ture and said he felt such action would be the first of a series of steps {leading to the complete rebuilding of the company’s finaneial structure. TEXTILE 1924 OUTLOOK HELD FAR FROM BRIGHT Special Dispatch to The Star. NEW YORK, January 2—The year-end position of business in.the United _States, together with fore- casts of probable trends in the new year are summarized in comments which have been obtained by the Farmers' Loan and Trust Company of New York from bankers and cor- respondents throughout the country Concerning _the present position of important industries and the outlook for 1924 the bank's industrial in- formants say: Textile Industry.—Great curtail- ment taking place In cotton cloths at present time. See nothing but continued curtailment for some time to come. Cotton spinners have high raw material market and dull market for goods. Shoe and leather—Past year dis- appointing in leather owing largely to slow turnover of heavy leather. The fact that so many people are driving automobiles has some bearing on de- creased consumption. Believed that new year will show real improvement. 2 Company, it was announced today will become a director of the Jones Bros. Tea Company, and take an active part in the management. » _ DRY GOODS PICK UP. { Cloth Prices Firm, With More Busi- ness Transacted. Special Dispateh to The Sta: NEW YORK, January 2.—Cotton | Boods markets started the new yea today with prices firm and enough business to make dealers cheerful. One large house in a circular to cus- tomers predicted good business for rice-resistance and ‘conservatism in buylng would tend to keep prices close and cgmpe- tition among the mills keen. In the raw silk markets the new year startcd off with a 2% to b cents-a-pound in- |crease in pricgs. Trading was mod- ierately active. ¢ WOOL MORE ACTIVE. Boston Market Back Nearer to Normal Conditions. Special Dispatch to The Star. BOSTON, January 2.—The raw wool markets got back t& something like normal today after a holiday period in which practically no business was done. Interest of the moment centers in the nse that will be made when the erican Wool’n Company opens its heavyweight lines in the next week or so. The f.naru im- pression is that prices will be prac- tically ~unchanged. = Receipts .here Monday were 4,007 bags of domestic 1. OAGO, Jai iohoe recelpts; 14543 tubi ery ext 54%; standards, 50. e o i (el ] Rubber—Satisfactory year's busi- ness. Industry has now reached bil- on dollar mark in annual sales. Fade out” of nondescript, bargain tires has taken place. Fair earnings in sight for manufacturers who main- tain both quality and faith with the public. | Tobacco—Past year very good both in volume of business and profits. Business expeced to continue into new year on same average as 1923. ——— | DIVIDENDS. Pay- able. Feb. 15 Jan. 21 Feb, 1 Feb. 15 Jan. 15 Jan. 15 Fre Jan. 15 Compaus. l’,r.‘llue. Amer. Bank Note.. Q $1.25 Abitibl Pw. & Pap. Q $1.00 Cuba Co. pf. % Switt Inte Eastern 8. 8. pf. Globe-Wernicke pf.\ N. Y. Mtge. Co % o HEE = £ 3 Q Q Q B Peabody in"';in' e 5. o ’l‘. : St. L. X 2, & RE EX-DIVIDEND TABLE. January 3— Peoples Gas & Coke, q Janpary 4— Corn Products ref., q. Corn Products ref., ext Corn Products ref., q. Central R. R. of N J Del., Lack. & We: BUYS EXCHANGE SEAT. NEW _YO) 2, —Williay - ';R‘!i. m{‘reumm” the eo‘nn? ‘. i TIPS FOR TAXPAYERS No. 3. The income tax is Imposed upon net income, which is gross income less certain specified deductions for business expenses, losses, bad debts, contributions, etc., to be fully explained later. The normal tax rate is 4 per cent on the first $4,000 of net income in excess of the exemptions and credits and 8 per cent on the remaining net in- come. Surtax rates, which apply only to net income in excess of $6,000, range from 1 per cent on the amount between $6,000 and $10,000 to 50 per cent on the amount. by which the net income exceeds $200,000. Single persons in calculating the normal tax may subtract from net income an exemption of $1,000. The exemptions for married per- sons and heads of famllies are $2,600 on incomes of $5,000 or less and $2,000 on incomes in excess of $5,000.' Taxpayers are allowed also an udditional credit of $400 for each person (other than husband or wife) dependent upon and re- ceiving his chief support from the taxpayer, if such dependent per- son is under eighteen years of age or incapable of self-support be- cause mentally or physically de- fective. In the case of married persons, a joint return reporting the income of both may be filed, or separate returns may be filed showing the income of each. 1f their combined net income is subject to the sur- tax, a married couple will pay a smaller tax by filing separate re- turns. For example, a husband's net income for 1923 was $7,000 and the wife's $3,000. If a joint re- turn is filed, the income is subject to a surtax of 1 per cent on the amount of net income between $6,000 and $10,000, or $40. If sep- arate returns aré filed, the hus- band's surtax is 1 per cent on the amount of his net income between $6,000 and $7,000, or $10. The wife having a net income of less than $6,000 paye no surtax. in filing separate returns either husband of wife, but not both, may claim the personal exemption, or it may be divided between them *in such amounts as they desire. OCEANIA DIVISION TAKES MORE GOODS Commerce Department Reports on Exports and Imports for ‘Whole World. A slight increase in the proportion of exports to Asia and to the South Sea Islands included in the Oceania division was the only notable varia- tion .from normal indicated by de- tafled figures of November foreign trade( made public today at the Com- merce Department. Both imports and exports remalned at about the same levels as those of November a year ago. Sermany. in spite of the economic breakdown there, was able to buy from the United States in November, 1923, commodities to the value of $28,- 79,828, while a year ago in the same month ' that country took in United States exporte $27,385,342 The detailed figures by grand di- visions of foreign trade for November of 1928 as compared with November, 1922, follow: IMPORTS, Oceania Afriea BANK CLEARINGS UP. Baltimore Expects 1923 Record ‘When Returns Are Made. Special Dispatch to The Star. BALTIMORE. Md.. January 2.— Bank clearings, claimed by experts to be the most reliable barometer of trade conditions. promise that 1923 will equal the highest total ever re- corded for Baltimore. Some financlal men believe that when the full re- turns are completed the volume will establish a new record, Aggregate clearings for eleven and a half months ended December 15 were $4,577.842.831.32. With the ex- ception of 1920, the peak year of all trade, the foregoing figures have never been equaled. Clearings reported thus far this year are more than two and a quar- ter times larger than the figures for 1913. the year prior to the beginning of the world war. The consensus of epinion among Baltimore bankers i3 that industry Quring 1924 will be at least as ac- tive as it has been this year. There are some who foresee even a great- er volume. So far as most local in- dustries are concerned, they go into the new year with sufficient orders on hand to keep their plants operat- ing in full during the first quarter. One reason Why optimism is so marked is the growing bellef that the heavy tax burden will be lifted, at least in substantial measure. An- other factor for making good.times is the improved position of Maryland farmers. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY LANCASTER, Pa, Januery 2.— Crops from 7.000 acres planted to tobacco in this section have been sold, leaving production of about 18,000 acres still unmarketed. There 1s ‘a seasonal lull in the market at present. SAN ANTONIO, January 2.—The Texas winter vegetable crop is be- ; | ginning to move to market and prices are firm. Cabbage, sweet potatoes, spinach and grapefruit are being sold rapidly. CHICAGO. January 2.—Wool prices are generally strong here. Twelve- month Texas is selling around 47 cents in the grease. , One good clip from Wyoming brought 42% cents. Stralght Illinois three-eighths blgod is quoted at 50 cen: s CLEVELAND,' January 2.—Indica- tions point to another big year for the brick and cement manufacturers in this cl:nn, as the exl:y and county are - planning a pavin, rogram Which will cost §0,000,000. " o® ST. LOUIS, January 2.—The Gard ner Motor Company estimates on the 75¢ | basis of present contracts with di tributors that it will turn out 17,545 cars in 1924. DETROIT, January 2—Prices of coke have dropped 20 per cent, the quotations for egg and nut sizes dropping. from $14.50 to 312 a ton. Hard coal prices also have shown re. cessions of $1.50. for egg and $1 for stove sizes. CHICAGO, January 2. — Colder weather is expected to solve the prob- lem of the coal men here. A cold snap of ‘ten days, it i8 belleved, would re. lieve the congestion of loaded’cars on track at the mines, amounting to about 7,000 cars. . el 3 . NEW ORLEANS, January 2.—Th holiday trade of this 'e‘:tymwlh do- fld:'d.ly better than last Jear, whish turn r‘ peen exosed ore only in 1919. is r buying ran to articles 1 than toys. SHIPYARDS QUIET AS NEW YEAR BEGINS Textile Mills ‘Also on Short Time. Other Industries in Ex- cellent. Shape. FORD DELIGHTS ° DETROIT Virginia Leads All States in Cot- ton Production. i Special Dispateh to The St: PHILADELPHIA, January 2.—Lo-! cal industries started the new work- ing year in lexcellent shape today, |wllh the exception of the shipyards. Work at the yards along the Dela- ware has been dull. with companies making extraordinary efforts to take up the slack by repair work. The Cramp yards have been helped by their engine department but (hei number on the pay rolls of the ship | plants in general 1s small compared | with the war period. | The Baldwin Locomotive Works is | heavily booked and started the year | with a rush. Some of the textile mills are running-only four days a week, as high cost of materials and changing styles have made retallers chary of ordering in large quantities. Knitting mills are much more active than weaving plants. Makers of au- | tomobile parts, including bodies and batteries, are well engaged and book- ed far in advance. Ford Plans Please Detroit. DETROIT, January 2.—Official an- nouncement by the Ford Company that more than $110,000,000 will be spent on plant and railway expan- sion in 1924 has given great encour- agement to business circles here. considerable part of this appropria- tion already has been spent, but the announcement is regarded as placing the final stamp of approval by the Ford Company on the automobile prospects of 1924. Big Move in Cotton Prices. ATLANTA, January 2.—Far-sighted business men of the sou predict tha in thirty days supply and demand will dictate the price of raw cot- ton for the first time since the civil war. Just what cotton will be worth under present crop conditions will probably be determined by buyers of manufactured goods and January is expected to tell the tal Virginin Mnkes Acreage Record. RICHMOND, Va., January 2.—More counties of this state grew cotton last year than for "half a century, ‘nnd Virginia led all states in pro- ducllnn_. per acre, the yield averag- ing 325 pounds to the acre. This is the second highest average in American history. The highest w: 330 to the acre.” - R 19,165 OUT OF WORK. |Inventory Taking Factor in De- troit Industrial Let-Up. Special Dispatch to The Star. DETROIT, January 2.—A nur of Detroit {hdustrial plants closed for Inventory the last week, and the | number of workers employed, there- fore, showed a falling off of 19,165 to 199,900, which compared with a total of 184.869 last year, although there actually were 2,000 new employes added to the pay rolls during the week. It is expected that totals will be back at previous high levels shortly after the first of the vear. APPLE EXPORTS HEAVY. PORTLAND, Oreg., January 2.—Ex- ports of Oregon and Washington ap- ples to London and Liverpool are going forward rapidly in ships with refrigerator space. For the season to date more than 2,500,000 boxes and 1,700,000 barrels have moved from Puget gound and Columbia river ports to European destinations. Transcon- tinental car shipments of apples to eadtern markets also are going for- ward in large volume. Producers are complaining that prices are low. First Mortgages $250 and Up ‘Write or Call for “Booklet.” William S. Phillips 15TH ST. AT K N.W. Main 4600, First Mortgage Loans Lowest Rates of Interest and Commission. Prompt Action Thomas J. Fisher & Company, Inc. 738 15th Strest FIRST MORTGAGE INVESTMENTS 6%2% Denominations, $300, $750 $1,000 and upward. Secured on Improved Properties Only JAMES F. SHEA 643 Louisiana Ave. N.W. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission, Joseph I Weller 5, Wi, §; § ¥t UNDER UNITED STATES GOVERNMENT SUPERVISION % Savings Dep S_%Cufihmnfl)opu'!s% Free Checking Service Banking Hours: 8:30 to § P.M. THE DEPARTMENTAL BANK % Becured by - clasms improved D. 4. homy or sale in denominations of $250 to 35,000, CORY & CORY, 907 15th N.W. FIRST MORTGAGE N For sale. Consult us if you ha funds for investment THOS. E. JARRELL Member Washington Real Estate Board ‘Woodward Bldg. Main 768 EQUITABLE Co-Operative Building Association Organized 1870 44th YEAR COMPLETED Annets .. Surplus 1924 Send for our JANUARY offering sheet —a list of more than eighty issues for first-of- the-year in- vestment. The National City Company ‘Washington— 741 15th St. N.W, Telephone Main 3176 .. $4,755,170.52 -$1,248,320.98 Save Systematically The most effective method of sav- ing s to adopt 4 systematic plan and stick to it. Join the Equitable. Subseription 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, Sec's Wflsln’r’:gton 's OIJest Natiana] Bank Why Not Pocket More Interest —by banking your January Funds pending decision as to reinvestment? Unemployed money brings you in nothing, while deposits in Our Sav- ings Dept. earn I in sl lw lml S Greaaiees 3% Compound Interes Savings Dept. Open Until 5:30 P.M. Today National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—110 Years Old in 1814 In Convenient Denominations . For Investors Interest 612% L Ffleonth Street ~ Main 6888 Parcel Post Insurance 20% reduction in rates You can now insure a 25-dollar package for 4 cents The cost of Parcel Post Insurance is so small —the protection so very great. Insure every package. See your agent or broker for full particulars. INSURANCE COMPANY of NORTH AMERICA Philadelphia The Oldest American Fire and Marine Insurance Company 1924 IS HERE—let us help you start the year right financially by showing vou how to avoid all possible risk in investing your money. . The FIRST MORTGAGE NOTES we are selling are absolutely safeguarded against loss or depreciation—and they yield much greater interest returns than you can obtain from a savings bank or the average stocks or bonds of fluctuating values. Ask Our Mortgage Department for a Proposition