Evening Star Newspaper, January 11, 1924, Page 29

F WORLD PRODYCTION OF TEA INCREASING Grocers Differ of Qutlook for Busi- ness in United: States—Coffee Now More: Popular. IMPORTS GAIN SLOWLY Type of Immigration Vital Factor in ‘Seles Here. BY J. C. ROYLE. Bpecial- Dispatch to The Star: NEW. YORK, January 11.—Differ- ence of opinien mot only makes horse races, . but tends to create competi- tive business effort in many lines, ac- cording “to grocers throughout the country. * For example, a wide dif- ference of opinlon exists as to .ghether the American public as & hole. “feels like & cup of tea.” T. F, Whitmarsh, vice president of Francis H. Leggett & Co. large wholesalg grocers, is quoted as say- ing chat the demand for tea in this wountry has slumped rapidly in late rs, as compared with coffee. He ttributes this, it Is sald, to the fact that the Nordic races no longer are the main element in the volume of fmmigration into the United States, Lut have glven way to the prospect- tve citizens from southern Europe. H. P. Conaway, vice president of Austin Nichols & Co., equally large and prominent ‘In the grocery fleld. R the other hand, sald today that, hile he was unable to speak except for hils own company, sales of tea by that company h Leen growing steadlly and are now larger in vol- ume than at any previous time. Finds Tea “Of course, it tinued, 4 not and never has attained tc gree of popularity that pre Great Britain—possibly ne Neverthel re of the opinion that the average consumption of tea in the United States has not dimin- ish, but rather t as it properly shou Sir Charles Higham, special repre- Scntative of the tea growers of Brit- 1sh India, who has just arrived here, dec], t! t! American people w in ds to increase, INANCIAL, ; BY WILLIAM F. HEFFERNAN, NEW YORK, January 11.—Ctles Service issues, especially the common and bankers' shares, came in for con- siderable attention on the curb market today. The former advanced to around 1150, where it compared with the pre- vious close of 116, while the bankers' shares rose to a new high on the move to 16. Merchandise sales of the company from December 1 to December 23 are glven as $552.679. Total merchandise sales for 1923 are expected to approxi- mate $4,800,000, & new high record. That the recent recovery in the ofl stocks had not fully discounted the im- provement in the of] trade was borne out by the action of this group in to- day's market and active demaod ap- peared for various Standard subsidia- ries and the independents were active NEW YORK, January 11.—Following is an official list of bonds and stocks traded in on the New York ket today : Sales in thousands. 10 Allied Packers Alum Ts '25. Alum 78 new Am Cot Oil 6 i Am T & T 6s Am Thread Co Anaconds Gs . Anglo_Am _ofl Avso Sim Hdw ETOONN. FDTSL JOT -1 Cit Berv Ts <5 Col Graph Con Gas Balt 5is Cons Balto 7s 1 Cons Textiles Ss.... 5 Deere & Co Thys. .. 2 Detroit City Gas 8s. 19 Detrolt Edison 8s Dunlop T & R Fisher Body 6s Fisher Body 0s r, Robt 7 Grand Trunk BYas Hood Rubber 7s.. Intn Match 6% w i. Keunecott Cop_Te. Leh Val Har 5s w Libby McN & L Tn Manitoba Power s Maracuibo O] S 60.000 worth more of In- dian tea in the last ten months than ever before in a similar period. Sir ¢ Cha xpected to conduct an ad- n gn to stimulate the Indian teas ia this country, in course of which several hundred thousand dollars will be expended. World production of teas in_the last yvear showed a gain of about £2,000,000 pounds to & total of 769,- 600,000 pounds. In spite of this many Iimporters declare the market today is in a thoroughly sound position. Londen now has about 100,000,000 pounds in reserve stocks, but this s a world reserve uwnd is declared to represent not more than a three- world supply. Imports into 4,000,000 teas were previous ve, aithough of congou than in the mora pounds brought here year. Buying in Small Lots. % Warehouse stocks in New York are falrly large, but this is attributed to the fact that much of the tea import- ed now comes via Panama canal and stocks form kept on the Pacific coast now a tored here. try, they are declared to have Alzappeared, owing to the mouth buying policy prac- ng the last year. consumers in this country ap- o understs )r over the counter. for example, refers rance of the under of the buds of the ia plants. Ceylon tea & to the sleve. ned by the top slove are called Souchong and form the cheaper grades; the second sleve retains the pekoe; the third, orange pekoe, and the fourth and finest sleve, flow: orange pek Most Popular Brands. The bulk of China tea sold in_this country & known as congou, or En lish breakfast tea. The green Chin teas are calle puwde. £ which that having The term to the downy ends lon and In is classified The leaves re L s round leaves is cluss oung Hyson and the larger and more loosely twisted leaves as Hyson. The Formosa oolong is a black tea, semi-fermented. The Japanese teas are class as pan fired, basked fired and natural leaf. Tea experts warn consumers of the ! danger of keeping teas near other | foods, such as coffee, butter, oils, cheese, onfons —or anything from | which odors arise, as teas are ex- tremely sensitive. 1 » The return of Russia as a factor in| the world’s tea markets is expected to | have a material effect on consumption | and prices when and if it occurs i You Invest—Investignte. that the fellows who quick are always Before Ever notice try to get rich broke? MANY AUTO FIRMS EXPECTED TO UNITE Loanable Funds Abundant—New Copper Sales Plan—Other Wall Street Briefs. E5 the Associated Press. NEW YORK, January 11L—Wall street leaders express the belief that the present year will see many mer- gers in the automobile industry and probably in other lines. Arrangements have been made up to handle the outputs of the Ray Con- solidated Copper Company and the China Copper Company, which prob- bly will be merged soon through the Metal Sales Corporation. Guggenheim Tuhm have handled the output of these companies in the past. The supply of loanable funds is un- i Shawsheen Ts Solvey et Cie 50N Y18 80 % Swift & Co by ... United O1i Prod 8& Vacuum Ol Tx%... . Virginia Ry Bs w i Webster Mis 83y wi 101% FOREIGN BONDS. Govt of Argen 6w i 00T Huns Govt cfs Sls.. Biy Russ Govt 6lus prity Russ Gov Glgs cfs oa 10% wise Govt Sigs.... O wiss Gove Se....... 93 5U S of Mexico 4s... 80 Sales STANDARD OIL ISSUES. in units. 70 Buckeye P L.. 10 Chesbrough Mfi. 2000 Continent Ofl nie 10 Enreks P L ... 850 Gal sig Ol . 1100 Humble 0 & R new 35% O PL . s 14T 1845 Imp OMl of ¢ 20 Ind P L 6500 Inter] Pet 140 Magnolia Pet 100 ) 20 30 1100 1105 wrrneabirr afZ8amon i i an et Habins Board 2600 Vacuum Oil nes Sales INDEPENDENT OIL STOCKS. in hundreds. 5 Carlb Eynd 10 Cit Berv 1 Columbian Synd 1 Cons Royalties . 15 Cregle Synd . 10 Engineers Pet . Federal Oil BR1ni58 i€ EF Washington Stock Exchange. SALES. Co.—5 at 943 Light—2 at s, 4 at 40%, AFTER CALL. ington Gas 6s '33—$2,000 at 1001, ital Traction Co.—10 at 943, 10 at 94, 5 ut 943, 1 at 84% 6s of 10586—$5,000 at 1014, $5,000 at 101%. Money—Call loans. 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Ameriean Tel. & Telga. 4s.. American Tel, & Telge. 438, Am. Tel. & Tel. cil. ir. Bs. Am. Tel. & Tel. conv. bs. Anscostia & Potomac 3s. Anacostia & Potom: C. & P. Telephone C. & P. Telephone of Capital Traction R. R. City & Suburban Be. Georgetown Ge: Metropolitan R. K. Bs. iec. 1st Bs. 838!;‘8233&5; 558 2 & & ¢ Elec. & 19 lec. Pow. g, m. & ! Balt. & Aunap. Washington Gas os hington Gs 6s. b, Rwy. & Elec. 4s. 2RERE, = 2 FE STOCKS. PUBLIC UTILITY. ‘Washington 0 usually large just now, according to call money lenders. Bankers said that more than $20,000,000 was available onthe floor of-the exchange yester- day for venewal at 4% per cent. Later call money declined to 4 per cent. Today the rate opened at 4% per cent. The return flow of Christmas gold to the banks, reflécted in the in- creased gold reserves, together with a Bubstantial reduction in loans and discounts and note circulation, sent the reserve ratio of the local Federal Reserve Bank up 112 per cent to 2596 per cent, the highest figure feached since the war except in 1923. H. M. Byllesby & Co., beading the syndicate which today oftered for public subscription an issue of $10,- 500,000 Standard Gas and Electric Com- pany convertible §3 per cent gold debenture bords, announced ~soon after the opening of busines that all of the bonds had been placed and the books closed. - ; Net income of the Middle States Ofl Company for the quarter ending Sep- tember 30, 1923, totaled $756) as compared with §1,033,632 for the third quarter of 1922 nouncement by the company. Directors of the General Cigar Com- pany, Inc, today declared a quar- terly dividend of $2 on common stack, @ 60-cent increase over the last-pay- ment. They also declared the regular quarterly preferred and debenturs préferred dividends.of $1.75 each. i __BOSTON, January 11—All repair shops of thé Boston and Maine, in- ~“olgding those t“l Billerica, Concord, Fitchburg and Lyndonville have been put on a forty-hour week basis, a reduation _of._sight Bours. work: we - : S Norfolk & Wash . & Elec. com. Vash Rvy. & Eiec. vid Capital Cofumbia Commerctal Diatrict - Foderai-American Liberty Lincoln Nationsl Higs Becond e National ‘Ban S TRUST COMPANY. rican Security ‘& Trust. Inente Hank. i’f{fm’} 'cavings & Truat. Unlon 'Trus ‘Wash. Loa & Becurity Sa R Wintagton Mechanics... according. to” an- |. lombia tle. . S e Titte. MISCELLANEOUS. D. C. Paper pfd. Rienchanty Tra thaler _Linotype. ol Eleh rket com. ol arket ptd. Lansto: t acority Borage.. ‘Washington Market.. k1 5% 3 72 ‘. THE EVENING STAR, WASHINGTON, D. C, FRIDAY, JANUARY 11, 1924. _FINANCIAL. , __________ THE FVENING STAR, WASHINGTON, D. C, FRIDAY, JANUARY 11, 1924 _ ____ FINANCIAL % 20 NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office at higher prices. Standard of Nebraska was_exceptionally st and was bid up 10 points to 220. ntinental Ol and Imperial of Cahada were substan- tially higher. - Amalgamated Leather preferred and common were taken up, the latter advancing to 16. Todd Ship Yafds moved into new high ground, reflecting the improved gllwk for the s D’%lnl’ trade, but her speclalties such as American Light and Traction and United Bakeries were under pressure. Rub- ber and tire shares continued active with Intercontinental at its best. Mining stocks were in supply, not- ably Walker, Cortez, Mohican and United Verde. Transactions in the capital stock of Homestake Extension were suspendod until further notice. The new issue of Chicago, Milwau- keo and St. Paul 6 per cent bonds re- cently offered for public subscription at 96% were admitted, and sold above 97. The bonds are dated 1934, and will yleld over 6% per cent at ma- turity. _——m 21 Gult Oil of Pa ... 12 Guif 8t O & R wi 10 Hodson O .. 0 Keyatone =Ranger 60 Lago Pet . 87 Mariand 50 Mex Ol 1 Mex Panuco .. 18 Mount Prod . 2 b3 'u;.'s‘z. rd Ol 17 Wilcox Ol & 20 oil... INDUSTRIALS. 1 Acme Coal new 5 Amal Leathe 4 Bklyn City R R... 1 Campbell “Soup pfd 17 Candy Frod Corp wi eutrifug lron ripe ic N (g 47 Dubilier € & Hadio 2 Durant” Motor 1 Du Pont Motors 3 Gieasonite Prod 2 Glea Alden Coal 20 Gold Dust_Corp A;G‘ fhwdyt“ ar Tire Gt West Sug new. 3 Hayden Chem ..... 1 Hudwon & Mann Kt 'l_ Inter Contl Rubber. 2 Kresge Dept Stores 9 Leader Produc 1 Lenigh Fower & 1 McCrory St war ofs 3 Mes 1 MuY .; Co_new ‘el Co ptd. N Y T L ory Tilford 2 Repertt 2 Rosenb Grain ¢ 60 80 C & 1 mew 1" 2 Ktandard Motos 4 Btutz Siotor 4 Thread o pfd 2 TUn Bakeries 1 United G & E new Unit Prof Shar new it _Retail: Candy 08 Lt & He S Cities A. Ernemen seo o 98 b Rk Mn 8p nw wi 10 liye Co'Lat pf c d 107 eliow Texi Co rts 36% Lk E o : l | 1o, 5 Chief Con Minin, 97 Cortes Stiver.s. 3 Cresson Gold %) "3y 40 Diamondfid Bik But .06 2 Dolores Eaper ..... 110 Bly Cons . 0 Fortuna Mines .0 o7 10 Go'dfd Development 03 20 Goldfield Deep Mins .07 10 Goldield Fiorence. oldfield Jack; 100 Gold Zane o ror, 210 Hardahell Min 38 Hawthorne Mine Ine 3 Holllnger 5 Hecle Mine .. 000 10 Independeace Lead. 30 Tron Blossom . 2 4 Indiac Mine 80 Lone Ktar - 80 Mohican 50 National ! & 55333283 'w Dominlon Ct 1 Nipissing 3 Ohlo Cop iymouth Lead Mia 850 Red HiR 10 Bliverdale .. 10 Tonopah - Divide 19 Tonopah_Ext . B 34 Florence.. | 6 Wenden Copper ... 20 West End 25 20 West '.'LIIE?‘ —_— Car Loadings Even Pass 1922 Figures. Record freight car loadings, top- ping the previous high mark by more than 4,000,000 cars, are indicated by complete reports of rafiroads for the year 1923, the American Rallway Ac. soclation announced today. The total loading for the year was 49,814,970 cars, exceeding by more than 10 per cent the previ freight traffic during 1950 Peoc and paper experts of the assoclation have figured out that the number of cars loaded In 1928 In exceas of 1950 would make & solld train more than 35,500 miles In length, or a distance equal to once around the earth at the equator, with enough left over fo ex- tend from New York via the Suer canal nearly to Hongkong, China. Moving at an average rate of twenty miles an Hour, would require seventy. four days for such a train to pass a given point, A3 compared with 1922, the num- ber of cars loaded with revenue frelght was an increase of 6607409 cars, or 16.3 per cen:, while loadings showed an' increase of 26.7 per cent over 1921, ‘WOOL MARKET QUIET. BOSTON, January 11 (Special).— Raw wools moved slowly in Summer street today, with medium and low ades figuring principally in what usiness was transacted.. Low skim- med wools were selling at 40 to 55 cents. The better grades of twelve months Texas wool were quoted at $1.25 to $1.30. Receipts for Boston for December were 20,643,000 ‘pounds against 11,676,000 in November, and 42,643,000 in December, 1822, Thurs- day's receipts were 1,120 bags of do- mestic and 23 bales of foreign wool. DRY GOODS DO BETTER. NEW YORK, January 11 (Special). —Slight improvement in the demand for unfinished goods was noted in the eotton goods market today, but sh ings continued slow. Print cloth quotations held at 11 cents for 64x60s and 123 -cents for 68x72s. Second- hands, however, were offering conces- ions of about a quarter cent. Pric n the raw silk market were steady, but trading was light. GASOLINE ADVANCED. COLUMBUS, Ohio, January 11.—The Standard Oil Company announced to- day that the retail price of gasoline in Ohio will be advanced one cent & allon tomorrow. e 19 cents. ‘The new price will Told Too Much. From' the London Weekly Telegraph. It was the msid's first day in her new ‘Bituation, and when the first caller came. to see her mistress, as instructed, she informéd the visitor that her mistress was not at home. “When will she be back?’ inquired the iady. *1 - don' W, ma'am.” answere not gone out yet!™ ENORMOUS BRITISH LOAN ASKED BY SOVIET HEADS Becret TR g % l g | CCRNER IN MAMMOTH OIL NOW ALLEGED | of Year for Stock. By the Associated Press, NEW YORK, January 11.—Several conferences wers held yesterday be- York ‘Curb Market brokers and members of the Mam- moth Oll Company Stock Syndicate in an effort to arrive at a private settlement price for the 3,300 share which the brokers were sald to have been “short” when trading was sus. pended in the stock recently. The lust transaction recorded on the curb in the stock was at 58, the highest price reached during 1923. It is understood that brokers who had sold the stock “short” have objected to paying that price. While no official announcement has been made by curb officials since the suspension, it was stated that the limited trading supply of the stock was in effect “a corner” and that the “shorts” will be forced to obtain stock from either the Sinclair Con-~ solidated Ofl Corporation, which owns the Mammoth Oil property, or from the syndicate which offered ‘the stock publicly, said still to shares in the company. Investigation of the stock by the curb was started after testimony at the Senate inquiry into the sale of the Teapot Dome naval reserve re- cently that Harry F. Sinclair, noted retain 272,000 “§horts” Making Every Effort to Avoid Paying Highest Price turfman, chased virtuuily all of the stock orig- inally sold to the public. JAPAN IS ALARMED OVER DROP IN YEN and associates,” had ' repur- Necessary Imports May Be Serious- ly Hindered by Break in Exchange. By tiie Assoclated Press. - TOKIO, January 11.—The recent steady decline of the exchange rate on the yen {s causing anxiety among the business men of Japan, especially the forelgners and Japanese import- ers. The yen today touched 44 cents, and nobody expects a halt in its descent until it at least reaches 40. The drop already is affecting im- ports, and expert advisers pointed out that this holds disastrous possibili- tles because the imports that are being checked are necessaries, not luxuries. This, they say, may re- tard recomstruction of the districts devastated by the earthquake and fire because of Increased prices for lumber, steel and machinery. Krassin Tells of Negotiating for $30,000,000 to $50,000,000. Predicts Early Success. January 11.—Speaking be- fore a forelgn trade conference, Leonid Krassin, forelgn trade commissary, an- nounced that during his recent stay in London he carried on negotiations for a joan to moviet Russia amounting to from $30,000.000 to $50,000,000. “In all probability during the com- ing year soviet Russia will on certain congicions obtain lo from foreign counwcies” he said, “as the capital- istic weates themselves are Interested in the re-establishment of Russia's national economy. Such loans would first go toward the re-establishment of agriculture.” WARNS OF BOGUS NOTE. Service Chief Describes Counterfeit $20 Bill counterfeit $20 federal reserve note. In his circular letter to banks and others Mr. Moran described the bogus note as follows: On_the Federal Reserve Bank of San Francisco, check letter “A” fa. plate No. 109, A. W. Mellon, Secre- tary of the Treasury; Frank White, Treasurer of the United States; por- tralt of Cleveland. This counterfelt is apparently printed from zinc etched plates of crude workmanship on two pleces of which silk threads have been distributed, Little of the fine line work of the genuine shown in the counterfeit, most of the printed matter being in solid color. The seal and numbering seem to bs handmade and are very poor. Altogether the note is 8o poor that a more detailed description of it is deemed unnecessary. paper between Il. S. LIGHTING WORLD. 100,000,000 Lamps Exported Dur- ing Past Decade. Special Dispateh to The Star, NEW YORK, January 11.—The United States is lighting the world. Its electric lights twinkle in a hun- dred different countries, colonies, pro- tectorates, mandated territories and island communities literally the world over. To Iceland at the far north, to the southernmost communi- ties of Africa, South America and Oceania and to all the countries and colonles lying between those ex- tremes the manufacturers of the United States are sending millions of dollars’ worth of electrical lighting appliances. t was only in 1913, says the Trade Record of the Natlonal City Bank of New York, that the exportation of ed of sufficlent importance to war- rant mention in the export records of the country, and in that year the number of “incandescent lamps” ex- ported was leas than 3,000,000 with a value of & half million dollars, yet the total number of lamps exported from the beginning of 1913 to the end of 1923 s more than 100,000,000, and their value, in round terms, $26,000,- 000. — TRADER IS EXPELLED. Harry Glazer Put Of Consolidated ‘Exchange in New York. NEW ¥ORK, January 1lL.—An- nouncement that Harry Glazer, a floor trader, had been expelled was made from the rostrum of the Consolidated Stock Exchange at the opening of business today. Glager, who traded only for his own account, was expelled for fallyre %0 appear before the board of g6v- ernors for examination, exchange offi- cials stated. He was given thirty days in which to apply for reinstate- ment. $6,000,000 IN FURS FOR SALE. EW YORK, January 11.—Raw fi ok gating _some Qflou.o‘o'; . e i here the lattdr part of will be hel ut the many contrary opinions pre- vailing in the trade regarding prices and stocks. Frederick Huth & Co. of London will put on thelr first American sale at the Hotel MecAlpin, starting January 21, the offering being valued at upward of $2,000,000. The sale of the New York Auction Company starts January 38 at-Ma- sonic Hall and the offering Is valued *at $4,000,000. Tips for Taxpayers No. 11. To determine his net income s taxpayer must first compute his gross income. Regardless of the amount of net income, upon which the tax s assessed, a return is re- quired of every individual whose gross income for 1923 was $5.000 or ‘more. Gross income includ salaries, wages and compgnsa- tion for personal services ren- dered, and “gains, profits and in- come from professions, vocations, trades, businesses, comnferce, sales or dealings in property, real or personal * ¢ * or the trans- action of any business carried on for profit, or gains or profits, and income derived from any source whatever.” Net Income (s gross income less certain specified de- ductions for business expenses, losses, bad debts, contributions, ete. Taxpayers may be divided into four ganeral classes—the wWage earner or salaried class, business, professional and agricultural. All compensation for personal serv- ices received by a salaried person or wage earner is income, in- cluding salaries, commisafons, bonuses, fees, pensions pald re- tired cmployes and tips. The gross income of the usual business consists of the gross profits on sales, together with in- come from investments and from incidental or outside operations or sources. The return must show the gross sales, purchases and cost of goods sold. To reflect met in- come correctly in any business in which the production, purciase, or sale of merchandisé is an in- come-producing factor, inven- tories a1e necessary at the begin- ning and end of ecach taxable year. The lawyer, doctor, architect, author, dentist, clergyman, or other professional man must in- clude all fees, salaries and com- pensation for professional serve ices. The farmer is required to re- port as gross income all profits derived from the sale or exchange of farm products and live stock, whether produced on the farm or purchased and resold. The fair market value of groceries or mer- chandise exchanged for farm products must be included, also profits from renting a farm on the crop-share basis, and the ren- tal and sale of farm lande. FRENCH FRANCS DROP TO NEW LOW MARK By the Associated Press. NEW YORK, January 11.—on- tinued conversicn of French francs into dollor Lills in France, Eng'and and Switzeriand influenced another drop In francs in the local foreign exchange market today. Francs w. quoted at 4.81 cents, a new low ;‘525 for all time, and comparing with ves- terday's low point of 4.833% oents. Demand sterling opencd et $4.21%, duplicating its low price of yesterday. OCEAN RATES CUT ON CANADIAN FLOUR By the Associated Press. OTTAWA, January 11.—Discrimina- tory ocean rates on shipments of Canadian flour to the United King- dom have been removed temporarily and efforts are being put forth to make the change permanent, the min- ister of trade and commerce announe- ed yesterday, Bhippers of flour from Canadlan ports have had to pay a rate aver: ing 10 cents a barrel higher than was charged against United States ship- ments. A permanent reduction would cut 2 cents a bushel from the Cana- dian wheat cost basis. CROMWELL TO QUIT AS EXCHANGE HEAD By the Associated Press. NEW YORK, January 11.—Seymour L. Cromwell, president of the New York Stock Exchange for three terms and one of the outstanding figures in the exchange's campaign against bucket shops, will retire from the pfesidency in May. He will be suc- ceeded by E. H. H. Simmons, vice president and, in the absence of Mr. Cromwell, chairman of the board of governors. Mr. Cromwell, it was understood, will retire =0 as to devote more of electric lighting apparatus was deem- | this month and the results will test, his attention to his private business affairs. It is believed he will remain a member of the board of governors. WOOLWORTH BUILDING, WORLD’S HIGHEST, SOLD Deal Follows Wishes of Founder of Stores—Assessed at $11,- 250,000. By the Associated Press. NEW YORK, January 11.—The Wool- worth building, highest office structure in the world, was bought by F. W. Woolworth &' Co. The purchase, which wiil become ef- fective in April, was from the com- pany_which erected it, the Broadway and Park Place Corporation, and wi made to carry out the desire of the late F, W. Woolworth that the com- pany bearing his name should hold title to it. The buflding is assessed at $11,250,000 on the tax books. MAY RESUME DIVIDENDS. Special Dispatch to The Star. BALTIMORE, January 11.—Resump- tion of dividends on Western Mary- land railway's preferred stock is in sight, according to belief in the flnan- clal district. This belief is based largely upon the splendid operating results reported by the company dur- ing 1823, Figures avallable indicate that the year was the biggest in the history of the company in both gross and net earnings Eleven months' gross was $21,344,- 418, which is in excess of $20,205,681 for all of 1920, previous best gross year. Surplus after charges totals 31,549,354, and it seems most likely that for the twelve months surplus will be more than the $1,641,285 in 1917. Earning rate for the year will probably be about $10 a share on the $17,742,050 first preferred stock, on which there {s now an accumulation of back dividends of 33% per cent. POOR WOOLS IN DEMAND. BOSTON, January 11 _(Speclal).— The lower grades of wool continued in the best demand here today. Bids of $1 clean basis for domestic quar- ter blood clps are reported to have been made, and some Ohio dealers and fine staple territory have found buyers within the range between $1.36 and $1.40 clean Boston. Re- ceipts at Boston yesterday totaled 1,064 bags of domestic and seven bales of foreign wool. v FIRM IN BANERUPTCY. NEW YORK, January 10.—An in- 'voluntary petition in bankruptcy was filed here in. federal court against Louls Weinstein & Co., manufactur- ore and jobbers of cloaks and suits. Liabilities were listed at $700,000, with essets §400,000, 28 (Labor MACDONALD SPEECH | HITS AMERICAN AID Daily Telegraph Comments on “Curious Omission” of This Country. —_— “COURT ISSI;E DELICATE” French Greet Labor Government With Open Mind. ! By the Associdted Press, LONDON, January 11.—J. Ramsay MacDonald’s “curious omission of any | reference to America” in his Albert | Hall speech s emphasized by the diplomatic correspondent of the Daily Telegraph, who assumes that 1abor's experts on foreign affairs have glven due weight to the consideration that the summoning of league in- tervention means the exclusion of American co-operation In solving the problems of Europe in the present circumstances. “The question of the world court will be a delicate one,” the writer continues. “here labor would have to devise means to reconcile its de- votion to the league with America’s decision not to join the court offi- clally unless the court is entirely dissociated from the league, but I am told that labor’'s devotion to the league does not imply wholesale ap- proval of its present machinery and methods. “Labor Not Satisfled.” “Labor 18 not satisfied with the pres- ent constitution of the league council, which it regards as ollgarchical and ultra-diplomatic. To democratize the counefl ‘hile strengthening the au- tonomy :.,i‘m"‘ the court and the as- sembly y be the keynote to labor’'s attitude toward the league. Such structural changes, however, will re- quire time, as also will the admission of Russia and Germany unless & spe- clal extraordinary meeting of the as- sembly is contemplated.” An appreciation of the approaching responsibilities of office, which has brought a tone of moderation to the language and sentiments of the Jead- ers and most of the members of the labor party, has not yet extended to some of the extremists of that party. The humdrum proceedings of parlia- men, which was engaged yesterday in swearing in the members—a process which was still Incomplete when the house adjourned—was broken by the vielence of John Joseph Jon (Jack Jones), labor member for West Ham, who, because of some fancled griev- ance against the house of lords, came into conflict with the speaker and thereby earned the openly expressed disapproval of the other members of his party. Jones Registers Complaint. The occasion was the procession of the commoners to the upper house to hear the king’s message of approval and thte election of the Rt Hon. John Henry Whitley as speaker. This is a mere formality, and only a sprinkiing of peers 'were present. This seems to have incensed Jones, who with the other members of the Fouse of commons was in the gal- lery, from which point of vantage he sudibly voiced his resentment. On the members returning to their own house Mr. Jones, on a point of order, complained to the speaker that the peers had treated the commons with contempt. The speaker vainly tried to mollify the angry member by promising to inquire into any grievance, but Jones persistently continued the altercation, to the evi- dent embarrassment of his fellow members, who tried to induce him to resume hi sseat, which they even- tually did and the incident ended. There wero other trifiing disturb- ances of the proceedings owing to the the laborites ignoring the proper or- der in presenting themselves to the speaker to take the oath. During the Jones incident another laborite be- gan to whistle “The Red Flag, was_brought to order by a chorus of shouts. Uncertainty for Future. All political activities of the pres- ent moment reflect great uncertainty brooding over the future. The labor party at its meeting today merely re- elected its officers temporarily, pend- ing further developments, and this 2ir of unreality surrounds the doings At Wi lot the parties. The king's speech has still to be drafted, and until its terms sre known Ramsay MacDonald cannot draft an amendment, which will pronounce non-confidence in the government. It is even alleged that the ministers are trying to word the royal speech in such a way as to prevent Mr. Mac- Donald from framing & non-confi- dence amendment that would secure the support of the liberals. The news- papers are busy making Mr. Mac- Donald's cabinet, but up to the pres- ent the labor leader has effectually kept the secret of his proposed ointments. AP Bne question much discussed is whether the labor party on coming into power will maintain the same scale of salaries for mirnisters as heretofore. Many 1eferences are made to the dictum of the famous laborite, John Burns, that no man was worth more than £500 per an- num, and it is belleved that some of the labor men are disposed to make a big cut in the scale of ministerial os. e racalled, however, that when the opportunity presented itself John Burns accepted £5,000 per annum as president of the board of trade. is stated, apparently on good au- thority, that Mr. MaecDonald has de- cided to make no change, because to Feduce salaries, although it might be popular with the working classes, Would bring labor into needless con- filot with the older liberal and con- servative parties. STIRS FRENCH INTEREST. Government Experiment Greeted With Open Mind. ARIS, January 9.—J. Ramsay Mac- Danaid's speech Tuesday night in Al bert Hall, London, has created great interest in France. There is a gen- eral disposition to meet the experi- ment of & labor government in Great Britain with an open mind. If Mr. MacDonald’s_idealism and optimism strike most Frenchmen as exaggerat- ed, they are nevertheless determined %o give him a square deal and judge him by his acts. The labor leader's “expression of friendship for France” has created a favorable impression. SOUTHERN'S BONDS SOLD. NEW YORK, Januery 11.—The syn- diate which offered the Southern rail- Way issue of $20,000,000 bonds recent- Iy has been dissolved. A or:-point rise followed immediately, indicat- ing that some of the bonds had been sold short in the belief that the syn dicate had not placed all of thé bonds. Money to Loan Secured by first deed of trust on real estate. Frevetiag nterest and. commiasion. Joseph 1. Weller g3 ash & & zrom FIRST MORTGAGE NOTES . Comsult us if you have vailabie For sale. s for iavestment. s ™ T “American Telephone & Telegraph Co 187TH DIVIDEND St anuary 18, FEa s H. BLAIR-SMITH, Treasurese e Thursday, FINANCIAL, L o REPORT OF CONDITION Of the SEVENTH STREET SAVINGS BANK ngton, n tiie District of Columbl he closs of business on December 31, 155, UNDER UNITED STATES GOVERNMENT SUPERVISION Safety and Interest Guaranteed 49, Savings Deposits 4 % 5% Certificates of Deposit5 7' Free Checking Service Banking Hours: 8:30 to 5 P.M. THE DEPARTMENTAL BANK 1714 Pennsylvania Ave. N.W. RESOURCES, 1. 8 Loans and discounts, incivd- : ing rediscounts, acceptances of other banks wod forelgn Dills of exchange or drafts sold with indorsement of oy bank. s . Overdrafic, ‘secured, $568. umsecured, $60.80. 8. goversment securities . Other bon ete. . Danking furntture | $1,206,400.92 638.33 S 31,700.00 stocks, securities, B 145,118.70' $4.400 .. 91211 Cash 1n vauit and amount due pofiom atioual banks.. 2xchanges for clearing house. Total - of items 10 and 106, 727.06 4. Ttem: 10. 12, Total ... LIABILITIES. N A . Capitar stoek” paid in 79, First Mortgage Notes - Undivided prof Sectired by first deed of trust on high- class improved D. C. gew homes. for st and wale in depominations of $250 to- $5,000. P 3 w. EQUITABLE Co-Operative Building Association Organized 1879 44th YEAR COMPLETED Ansets $4,755,170.52 Surplus $1,248,320,08 Save If You Would Succeed Make up your mind to foin the Equitsble and save systemaiically. Subscription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, Fresident FRANK P. REESIDE, Sec'y 24. Cortified checks outstanding. ter's cliecks outstanding.. (other than to cheek ... 7 . Certificates of ‘deposit due in less than 30 days (other o for money borrowed). . ends unpeid of demand " depos (other than bank deposits) subject to reserve, ftems 26, and 30. 3600,064.85 Time _depos! bject to re- serve (payable after 30 days, or subject to 30 days’ or_more notice, and postal savings) : . Certificates of Geposit (other than for money borrowed).. . Other time depos! o Total of time depont to reserve, items 32 and 34 .$856,038.68 Total ...... 2 1,509,168.74 | District of Columbis, Clty of Washington, .: | 1, JOHN ©D. HOWARD, cashler of the | above-named bunk, do solemnly swear that the above stalement is true to the best of my knowledge and bellef. J. D. HOWARD, Cashier. Subscribed and sworn te before me this 10th day of 1 ¥ (Beal.) JAMES P. COON, | Nota: ublie. Correct—Attest: Y BOMERSET R. WATERS, AUGUST H. PLUGGE, JOHN R. WRIGHT, Directors. | We Have Ample Funds For the Purchase of First and Second Trust Notes and Collateral Noles Secured on Real FEstate Construction Loans Made at Reasonable Rates Real Estate, Mortgage & Guaranty Corp. 26 Jackson Place Phone Main 1403 Washington, D. C. AN EXPERIENCED FINANCIER and business man said to us recently: “Whenever 1 am asked for advice upon the subject of investments particularly by those inexperienced in such matters, [ invariably recommend FIRST MORTGAGES upon IMPROVED REAL ESTATE. Of course, this prei- erence for first-class mortgages is because of their higher rate of interest without sacrificing the se- curity in any degree.” This unsought endorsement fully supports our repeated claims that there can be NOTHING BET- TER than the FIRST MORTGAGE NOTES we are offering today—and the delight in ownership hanced by freedom from all care and responsibility of collection. We have some as low as $100— and they all pay 61,% per annum. We can arrange time payments should a pur- chaser desire. Consult Our Mortgage Department EXPERIENCE AND KNOWLEDGE On a legal matter consult a lawyer—that’s his business. When you have funds to in- vest, constlt us—that’s our business. Ouer a Quarter of a 4 Century Time-tested Without s a Loss FIRST MORTGAGES that- yield 7% in amounts of $250.and up. B. F. SAUL CO. Main 2100 1412 Eye St. N.W.