Evening Star Newspaper, January 5, 1924, Page 11

DEMAND FOR GOODS 10v8'6 1924 PROBLEM Manufentuvers Pussled Over Amount of Expansion Trade Will Stand. STUDYING PUBLIC ~ FANCY Export Trade. Already Showing Fair Improvement. WY J. ¢. ROYLE. Bpecial Dispateh to The Star. NEW YORK, fanuary 5.—The ques tion of most Importance In the husi- ness world at present is not whether nrosperity will continue In the Arst part of 1 but how well the busi- ness men of tho country can stand prosperity, according to many ex- Perts. Experienced Investigators of credits deciare that men who fail in business are divided into two classes ~—thoss who cannot stand adversity and those who cannot stand pros- perity. ‘There is no question that men and firms in various lines will expand and branch out materially this year. This tendency, however, is not re- garded with apprehension by credit men In most {nstances, becauss thoy realize that this broadening of sales and industrial fislds is being done only after careful invest{gation. Pro- ducers and distributors willl know their markets better than ever before, However. no X-ray picture of the course of public demand Is possible, and many producers will try to fol- low that course through the probe of new lines of goods. Tendency In Textiles, This tendency is specially able in the textile flelds. This is on of the reasons why the approaching opening of the fall lines of the Amer- ican Woolen Comglny 18 being ea- Eerly awalted by the garment trade. The big concern undoubtedly wil de the staple goods as uaual, but 3 cts a number of novel- ties which wiil enable it to meet de- mand, no matter in just what direc- tion public fancy will turn. The cotton cloth manufacturers are outlining similar programs, de- termined not to be caught napping “gain as they were when the public deserted ginghams in 1923. The Consolidated Textile Corpora- tion, as one of its new lines, has branched out into the manufacture of cotton fabrics treated with the her- maetite process which renders them notice- mostof the acids in common use. A vigorous national advertising cam- Palgn will begin shortly to introduce these fabrics. Anticipate Style Changes. The knit goods manufacturers are "l’lflfllnfl their lines to anticipate any possible atyle changes. Hoslery manufacturers, who a few years ago found. ten or a dozen shades of staple ladies' hose & superabundance, now are turning out three or four times that number of colors. Among some of the new tints recently introduced ‘sunburn,” “tanbark” im ¢ the competitors are prepared to fill it Export trade s already responding satisfactorily to intensive study of foreign mar! by American firms. The latter have begun to sell citlzens of foreign countries the goods they want, rather than tell them what they want, with gratifying its to both, Ask Your Banker How much real valug -stands back of the stock you are asked to buy? Are you sure that the nice, honest- looking stranger is telling you the truth? Ask your banker to look into what he claims. SEEKS TO LIFT FRANC. French Finance Minister Calls Special Conference. By the Ausoclated Press. PARIS, January 5.—Leading finan- cle: ve been invited by Finance Minister Lasteyrie to confer with him concerning means of suppressing -chu ion In exchange and halting the depreciation of the franc. This 1s the first time in recent months tha the government has looked upon the position of the franc as being serious enough to require positive action. The common explanation for weeks in French financial quarters and in the newspapers has been that power- | 74! ful mot interests in New York and J.ondon were deliberately depressin, 1he franc—New York for profit an J.ondon as a political measure d rigned to modify the French policy in the Ruhr. Another explanation up to the end of December was that the Year-end requirements in settlement of forelgn balances were responsible for the rapid rise of the pound sterling and American dollar, but this expla- nation is no longer available. e ——————— LIVERPOOL COTTON. LIVERPOOL, January 5.—Cotton uiet; prices steady: good mld- , 20.50; fully middiing, 20,00; tog, 19.60; low middling, 18.80: £ood ordinary, 17.50; ordinary, 17.00. ales, 4,000 ‘bales, * including American. Recelpts, 19,000 bales, in- cluding 18,600 rican. - Futures January, 19.68; March, ; July, 19.14: Bep- October. 16.26 15.78; January (1826), Tips For Taxpayergl No. 6 Neither the personal exemption nor the $400 credit for dependents may be prorated on account of change in status, martial or otherwise, of the taxpayer during the year. His status {s deter- mined as of the last day of the taxable year, December 31, if the return is filed on the calendar- year basis, as most are. For ex- ample, & married man with no dependents loses his wife just be- fore the end of the taxable year. He must file his return as a single man, and is allowed only an ex- emption of $1,000. The law, how- ever, works .both ways. may’ wed on December 31, is granted the exemptions ‘allo: & '‘married person for the full year. Simflar conditions exist with re- spect to the personal exemption allowed the head of a family and the credit for dependents. A per: son who has & dependent eaua, not mentally or physically defec- tive, that attains. th T2 entitied onty o a3ganze ¢ continuous reaiden: wxx the persons whom he supports, the g & person s h of in th of relatives, 'xiuo ®: at school or on a visit, or through force of ciroumstancés is main- tained {n a boarding house or with ves, the exém:ption allowed the head of a family applies. But ‘when needléssly and continpeusly 3: ive apart gt stati 14 . the family apply, tive o BY WILLIAM F. HEFFERNAN, NEW YORK, January 5.—The open- ing of the twenty-fourth annual automoblle show in New York todsy caused attention to be directed to the motors of the curb market, and these stocks assumed leadership in the up- ward movement. Stuts Motor became more active than at aity tlme in months, getting to 15, where it was 3% points higher on the day. Durant of Delaware was also in demand, although the rise was confined within & point. Good- year Tire common crossed 9 in sym- NEW YORK, January 5.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- | ket today : i Bales In thousands. 8s Bteel 7s_'83, Can Nat Ry Bq 1 Can Nat 1y Bs ... ‘ba Am Bs North Bs wi Cit Serv T8 D .. Textiles Ss & Co T sk 288382! 28322 2 EF BERERE PEESEF 0B oo B ans! o tee SR o samatinfans3aks: % " au Clty Term Keunecott Cop Manitoba_ Fower Ta New Or Pub Serv G North’ St Pow 618 Phila Elec 5is ‘58 Park & Tilford 6s. Pure Ol 6i4s Pub_Serv of Reading Coal Bs . ing Cosl 4% LTt B 22 8! [ET Y coreors 1 & Co ' 8! wi 101 A e s FOREIGN BONDS. Mexican Gort Gs % Russ Govt oy S8BES: §s§§§§s§§§§§ bio. cuum Oil new. ‘ashington Oil. INDEPENDENT OIL STOCKS, red, :!( gqmanangs, 09009 116 g g2 & 2 8 F e ' 10 Hudson 011 80 Kerotoae Ra Washington Stock Exchange. BALES. OB TR B 16 2 Wath. Bwy. & Elec. com.—10 at 70%, 10 at ash, Rwy. & Elec. ptd.—10 at 743, 10 at Bt s e o AFTER CALL. Traction—5 at 95, 3 at 96, 3 at 95. Lv;v":'-'h‘fl Bey. & Elec. com.—10 at 703, 1 t 505t $00%. N Ry Blse. pra.—10 at 7%, 10 at etropolitan R. B. 5s—§1,000 at 9%, $1,000 o e ‘'Wasb, Market Co.—10 at 433, 10 at 43%, 19,05, 808 38 %o Shisd 15, bk Mty ok Bl & gt T - BONDS. Bid and Asked Prices. P. Telep) A bone of V. Bu.... & P. Telap! BR G 1,500 | Gex Potomae Elec. t 5, Potomac Elec. com..Bs. De- 15,71, | Wash. STOCKS. PUBLIC UTILITY. Amer. Tel. & 3} SERTERasEY it g8 TITLE INSURANCE, Title. Py R THE pathy with the upturn in the pre- ferred on the big board. Realisiug sales which were re- nsible for the check to the recov- ery In the oll stocks on preceding days appeared to have been absorbed and buying was umed. The dec- laration of another extra dividend of 25 cents In addition to the regular uarterly 20-cent dividend on alt érnk Producers brought about an ac- tive demand for this stock. The com- any previously declared an sxtra of 0 cents & shar 'his latter distribu- tion places the stock on an 18 per cent basis. Mining shares were more active than at any other time this week and higher prices wers the rul Mutual OIL Yot fe 12 1w i C 1 P& 14 Bait Ck Prod 10 Bavoy o1l board O rd Osage "Ofl. x OIf & Gas. on .. INDUSTRIALS. 2 Am Gas & Elec. 1 Am Hawallan 8 Bridgeport ‘Aen 19 Cand Prod Corp & Gent Terema ..... 2 Cvn!nm&lmn Pipe 8 Childs new wi 36 3 Com Pow & Lt... 4 D PraRtnw 3 Dubitier C & Radio 5 Dumhill Iat Inc .. 27 31 Durant Mator 32 East Steel Casi s;.s;u-- Bo 7 Wil 10 Vg iyear Tire ... & Mann R'E p_ Mot Car nw Cone Ind_Corp Dept Stores Prod 1 Good, 8 Hud 3 Hupy 8 Int 5 Ki BaatBNaa F FEFE OF s g e - SSHE BB + BIRREN ! 58583 00! lys Corp Ist pf 10 Co 1t pf ef % | Tax Cort N ¥ 38 MINING. FF SenSend3S guazzzEsn & i of. 3 4 WG 3 & 2. BRBHB1E52.2, o Min 'l nd Silver Lead Silver ... Am Gold & P.. arbead Gold ... 57 :t H 15285885 o ) by s *... 28k 82 R B ey & 4 p- ‘WOOL EXPORTS GROW. BRADFORD, England, January 5.— The Fordney tarift s proving an in- effective barrier to goods from Brad- ford, England's great woolen center, to statistics issued here. .u"fdm‘ exportn:sn to, the Um;ng 1923 considerably exceede o for 1921 and 1922, 0, compared ,000 for the ureks Plpe Li Harrl Nat Bank a ington Gas € '83—$1,000 at 100%, |Harrl Jan. Teb. Mar, 1 Feb. BOSTON STOCK ln..lm'rl. . BOBTON, January 5—Following is a list of today's highest, lowest and glosing prices for the most active stocks Ll gy Low. Close Bl n’:& 1:!\" LT n 1 $830m ol 55 * BEL S RERa ol Write or.Call for “Bosklet.” William S. Phillips 15TH ST. AT K N.W. Main 4000, - P PR ' EVENING - STAR, WASHINGTON,: D, C, . SATURDAY, - JANUARY. 5, 1924 FINANCIAL, Money to Loani? A S R & Trust Joseph 1. Weller 420 Wesh, L. & Trunt e Lowest Rates of Isterest and Commission. {é"‘m First Mortgage Loans Exchanges Hold Attention — Foreign | Trade Gaining—Less Fear of Con- BY STUART P. WEST Speelal Dispatch to The Star. NEW YORK, January 6.—The Wall street dealings in the first week of the New Year have been in keeping with the sentiment expressed in most of the annual reviews, that the satis- factory conditions obtaining {n most business lines toward the end of 1923 would carry over into 1924. There has been no suggestion that the stock market was looking for- waird to a trade boom, but operations for the rise have been conducted with {2 qulet confidence in the continuance of a large business volume and a moderate but adequate margin of profit, Situation Little Changed. i e_has been little contribution in the way business news. The position with regard to the gen- eral distribution trade,, with regard to production and consumption in basic lines, and with regard to ra! Way trafic, remains substantially ai n for the I h o ll::fill revie hlll\u stat. s were well booke up for the firat quarter, Furthor ea {covery has occurred in ofl prices, though It is not yet clear whether this has not checked the decrease in production which was ne in order to put the oil indu £00d shape sgain, The latest copper statistics are falrly favorable, altho: it s still realized that there cannot be much of an advance | conditions abroad the way hey wre The cotton to see wi the way they are. market has been waiting ther the high prices for S ‘u'd“]:’u:“. more effect 6 goods trade this year than they had ,lll. At the pnyllnt mo- ment this test is still incomplete. Weakness in Exchanges. The forelgn exchan have at- tracted more attention than any of the other markets during the past | week. The decline in the French | franc to considerably the lowest on record has been a subject of much controversy, and so has the weakuess | in sterling. ~Possibly there- are no two critics who would exactly agree in their explanation of these move- ments. But one point = Aot point should be rec d Great Britain reat Britain has balanoced its budget, even with the great handicap of the $160.000,000 Wwhich it paid last year for interest and amoritization of the American war debt It is entitled to 22 per cent of the German reparations as originally fixed upon, but is not de- pendent upon a cent of this money. ce has no hope of a budget balance without reparations, and has no thought of paying anything on its debt to Great Britain and the Unlted States until it is assured of. gotting enough from Germany, The French authorities have done their best to cheok expansion In the paper currency, and have suceceded in hold- ing the increase during the .last twelve monthe to a. blllion frince But they cannot hope indefinitely to pile up the internal debt With {ts ac- companying enormous intereat burden. Where Danger Lies. The danger lles in the attitude ‘of the Frenoh (nvestment ‘community toward future offerings, when they have seen thelr present holdin, steadily dwindle in: value and {therefore the only measure worth con- Financial dispatches from Paris are at length beginning to -tell the truth about the decline in th C. On the way down from 7 to 6 cents they were ascribing it to “German manipulation.” On the way down ifrom € to 5% cents they were saying that it was the work of the BHtish trying to bring France around to their point of view. Now they are admitting that the downward move- ment has gone altogether too far %o be looked uron as a plece of specula- tion, that it represents selling, by the French themselves. of francs and the putting of the proceeds into dol- lars. The financial world dislikes gress—Railroad Stocks Improved. to 80, but the much discussed o m the franc” is what has going on. Whether it ked | U on, the answer to which 1 t! success of future In! Forelgn Trade Continues to Gain. The unsettlement in European con- ditions can have no unpleasant effect upon this country so long as our for- eign trade keeps int as it has during the last year a The latest detailed fgur are for November, show that th cline In European currency v has had no effect upon purchases of American products. The United Kingdom took that month $10.000,000 more from the Ui did in Octob: than in No atually been will be checl 'many, with {ts currency one to pleces, bought from us more in November than it did in October, and over $4,000,000 more than in November, 1932, 1 i Better Market for Ralls. Rallway securities have done better | on the week, something which could not well have occurred had there been uneasiness over the doings of Conh- gress. No rallway bill has a chance without the administration’s support, sidering is one which the adminis- tration would sponsor. Presumably such a _measure would embody President Coolldge's ldeas, which he tried to get the rail ecutives to adopt last 1y, a reduction in rates on coal and grain. The railroads would reply that the transportation act al lows them rate schedules producing € per cent return on property invest- ment, and that last year the average return was only between 6 and 5% per cent. Hence (they would main- tain), If rates on thess two important items are to be reduced, compensation must be given by Increase in other commoditi The Pres mt, in his message, de- clared in revision, but ding the trans- reet does not be- lieve that he would side in with the radicals who wish to 1 the present. law and force a general freight reduc- tion, regardle of the disaster it befall the transportation system. erefore, it concludes that by “rate revision™ the Preside: t among class and commodity which would lower some and raise others, leaving earnings un- changed. (Copyright. 1024.) e A telephone eomg-ny in New Or- }unl forbids any of the 1,000 girls in t employ to ‘wear bracelets or wrist watches. portation act. A Limited Number of First Trusts, $2,000 Each Secured On D. C. Homes Occupied by Their Owners Properties under our daily supervision. Interest paid romptly from this office. Ymurann olicy, certificate of title, etc., furnished. No delay in {nterest; no loss to on investor and not one fore- closure in_tha project since it wgs started 7 years ago. William P. Irvin 1410 G St. N.W. Phone Main 3908 After 10130 AM. 6% First Mortgages 7% They offer you: 1. Absolute Safety. 5. Bromst pagment of Pri of 4. Protection against D All Our Denominations of 1416 K St. N.W. Invest Your Savings Safeguarded First Mortgages and Interest when due. on. 'atmuh-mMm $100 to $100,000 referred List Call. phono or writs for P LCOIT7 MmN ~ s SR Y SR TR First Mortgage Investments . DON'T INVEST —those January funds you may have available UNTIL you have investigated our service in FIRST MORTGAGE NOTES upon improved real estate in the city. THEY carry the margin of security we réquire, as well as our absolute approval. Prudent men and women always in- ‘vest a substantial proportion of their funds in such mortgages—because they are safe, - do- not depreciate and pay liberal returns.” | . . We look after all details without NO LOSS TO ANY INVESTOR MORTGAGE DEPARTMENT MONEY TO LOAN ON FIRST MORTGAGES AT OURRENT RATES OF " Shascs, $2.50 Por Month Randal K Hagner 8 G EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDBSON, Presideat FRANK P. REESIDE, Sec’y CONDITION REPORT OF m ITH McLACHLEN BANKING CORPORATION, At Waehl: i the District of Columbla, 28 the'closs of ‘usiness oa December a1, 1923, RESOURCES. 4 In Convenient Denominations For Investors Interest 6142% 912&&@4\1& Shrect Main 6388 ratts, B. government b ALl other United Btates govern. PEOPLE WHO DO THEIR OWN THINKING LIABILY: Gavital otack paid in. v A Undivided prodia. Certified checks outstanding. Soal ot Hame 4 me e Zs.. $4,420.37 Demand” deponits ‘(other than bank deposits) subject to 1o reserve (deposits payabie Invest in a security like our Over a Quarter of a Cc.nfur_y Without @ Loss FIRST MORTGAGES posite) subject to nnu:)t. Item 36..3T4 Then they know they are ab- solutely safe. In amounts of $250 and up. Rtaree."Yiime 83 and B4. +.3440,133.56 . Bills pagabie Gincitdlae ait oo - ,‘lhl‘(u_ mon b ier of the abeve. Sy S e o "JOHN A, MASSIE, Camnior. swora i me this 43 JOE M. McLACHLEN, O eetiry Fubite, D, B. F. SAUL CO. Main 2100 1412 Eye St. N.W. named benk, statement is and bellef. of January, (Seal). Correct—Attasty F. R. HORNER, J. A. WATSON, Lo P. McLAC! 0 H B llfll!flll‘m irectors. JANUARY INVESTMENTS 6% First Mortgage Notes SEVERAL attractive issues of first mortgage notes, bearing interest at a higher rate than 6%, are now available for January investment. Each loan is a true investment in every sense of the word, and is of a type desirable for individ- uals, trustees, institutions and those to whom safety of principal and prompt payment of both interest ard principal when due are the first con- sideration. We are unable to predict how long this rate of interest will continue, and we therefore suggest you make reservations without delay. - Swartzell, Rheem & Hensey Co 727 16th Street Northwest " 54 Years Without Loss to An Investor