Evening Star Newspaper, January 15, 1924, Page 29

. . FINANCIAL FRANC'S COLLAPSE { VIEWED CALMLY U. 8. Business Men lxpm to Con- tinue Selling Many Baw Ma- . terials to France. BY WILLIAM F. HEFFERNAN. NEW YORK; January 15—The sc- tion of the curb market today showed that & good part of the speculative element were of the opinfom that Mon- day’s reaction had been sufficient to istrengthen tho = market position. =l l:t -l'll:l district with Marscaide's n_Venesu ‘The outstanding pa“ of -u%u in the misdellaneous group was i Ilnr Ih.al;,u vhleh rose to & new high M brought -(endlly inc sales, bout by the expanding use of the :c::“unyyt preduan. Radio - Corpera- U. S. TRADE BALANCE NOW $376,948,917 Year'’s Record Announced by Com- merce Department Very Favorable. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CLEVELAND, January 15.—Methods of overcoming the annoyance of tags on ready-made clothing will be one of the subjects discussed at the Ohio Retail Clothiers and Furnishers' As- sociation which will meet here Feb- FOOD. EXPORTS IAY DROP: Transactions Made. on Dollar In- L stead of Frano Basis. BY J. C. ROYLE, Epecial Dispateh to Th NEW. YORK, Jlnulr)' 16,~The sharp-decline In the value of the franc &S compared with the dollar aroused comparatively little anxiety in Amu- ican -business circles today. move seemingly had been -nucluua both by business men who handle 'm.l A portation of French manufactured | #00ds and those who have been ship- PINg American raw materials to France, The situation, the men pointed out,. corresponds closely to that which became evident in: Ger- man§ some time ago. So long as French manufacturerts ‘were able to use raw materials bought with the francs and to pay their workmen in {rancs and to_sell their ®oods on & basis of the doliar and t! vound sterling they held a temporary advantage in _world markets. consequence French factori busy, a flood of goods was turned out and French manufacturers were stor- ing up profits. _Franee Able te Buy Bonds. Now, however, Germany, French' manutactu: unable 10 buy raw material: on the basis of the dollar = ge corresponding Increase In workmen's compensatio ‘Thi Wwhile it may serve to check manu- facturing activit s not expected 10 curtall them entirely. French man- ufacturers have sold their goods on dollar and pound bases and there is every expectation that they will be able to buy raw materials on the same baees from the dollar and pound credits which they have piled up. The heavy shipments of cotton, cop- per and other American raw mate- Tials last year to Germany ‘showed 2‘2;'. this was the case with that coun- May Purchade Less Food. It 1s regarded as probable {n some lv tion common and preferred alse were -efiu around previously uovnlllu uotations. q‘l'hQ new Ward ukln“ ..l‘ stocks were firm, with 20 again. United um Dis- ributing new, was another strong spot, crossi; 3, for & gain of almost 4 pointa. e ronousced selling _of . the previous. day in Gold Dust &orz‘or‘; tion kept on f::lfl time, but the stoc! bssquent AT Styts 14 no r'uuce its rnr;nl loss, tin in -hlrel ‘wers compa WHN noimportant changes. Liquidation continued in & number of speclal stocks, but the decline was comparatively small, Oll shares again moved uncertainly. Some of the'Standard issues, which had been under pressure Monday, re- traced part of the loss, while Imperial of Canada and a few of the pipe line l(l:cl:l, were down a halt polnt to a oini Carib Syndicate was Influenced by the strength in Maracalbo on the big ‘board. The Colon Development Cor- gornlon properties, in which Carib a8 & 25 per cent Interest, are located H o o » u“‘ % NEW YO! January 15.. —Follovlnl .l an official list of bonds and stucks raded in on the New York Curb Mar- Kot md-y. BONDS. Tcasands, g .“* 4 08 !.h;;'s ] & 1 3 % .85 25 .80 1% .l:‘ 13 B GRaRERRR, ®F 1 Galens m. oif lied Pa 1 Grand_Trunk 38; 5! 0 pgeara s I3 b TTHE 525 “ - e B g 2ERGY, ... 2N: eircles that the shipments of food- stufs to France may be cut down as & reeult of the fall of the franc, for France is in a.position practically to feed herself. However, it is felt she is not in a position to keep her ins dustries running and her - workmen occupled unless she continues Impor- tation of raw materials. Therefore, the threat contained in the demand by an important Paris paper that every F¥renchman boycott forein goods {s not taken too seriously. It is felt that if France boycotts for- elgn raw materials, she will be une able- to turn out manufactured ma. terials for sale to foreigners. As to foodstuffs, reports from the large -Americal plcke .l show that their trade with been on a dollar basls for lome time. Farmers and Manafacturers Closer. There seems small doubt that so far as this country is concerned, the farmer and manufacturer are closer together than ever befo This Is indicated by the attitude shown at the farmers-manufacturers’ confes ence now in session in Chicago. Farm- crs and manufacturers from two score states admitted today that when the get-together mesting was first proposed they did not think any ma erial good could come of it. - No however, they seem a unit in declar- ing that the meet{ng portends & new era in Amerlcnn ndustry and f: produetion. The fact has been impre many of those attending for time that farmers and manufacturers are both employers of labor and that each- is the -best customer of the other. An unexpected feature of the conterence has been the utterly frank manner In which delegates d Bcussed their respective problems with each other. There was an astonishing ab- sence of suspicion of each other's motives. Delegates expressed small doubt that the convention, which bida falr to become an annual fixture, would 1sad to some sort of an economic and ‘business relationship. Whether it will lead to a modified sort of political al- | llance is much more uncertain, but certainly that idea will be discussed a8 2 result of the meeting. sl s Yol Have You Been Stung Yet? Some men have to get stung good rn to be cau- 8 GIVES LANDING FIELD. North Carolina Man Pushing Air Fight on Boll Weevil. TARBORO, N. C. Jenuary 15—So ansious ie br. 7. 3 Baker tnat the government be equipped to conduct « &n airplane fight on the boll weevil ' in this section that he has given’ twenty acres of his farm as a lande ing fleld for airplanes which may dust poison down on the growin cotton. - All authorities concerne have approved the gift. More than | half & milllon bales of cotton nre] made yearly in this neighborhood. FARM LOANS INCREASE. ST. PAUL, January 15 (Special).— Loans made_to northwestern farmers : by the St. Paul Federal Land Bank in 1923 showed an increase of $2. 275,700 over 1922. Federal farm mort. gage logns in this district now ag- gregate $104,152,900. Short-term notes to the Federal Intermediate Credits Bank have reached $2,819,267 in the last ninety days. —_— GEORGIA RESORT SOLD. ATLANTA, January 15 (Special).— The sale of Warm Springs, & resort in western Georgla, to the George F. Peabody interests of New York, has been confirmed. e new owners will erect two tourists hotels and spend a | total of $2,000,000 in development of the property. EX-DIVIDEND TABLE. January 17— Amiigemated Sugar 1st of, . Cerro de q International !l!‘l'l Hl!“ Traps. & Tra January 18— Alsbama Gt Bouth. pf,” s Btvom Brow. pF e Gron Bro. pr. e robaie Pewie; Nemoors Jlomestake ~Mining, wmo HM Rubber Co.. pf., . & Foatena: Fipe . Ioome-W. Bis. 24 px.. n'“m- Comp. e A EnL8BR R3S =, il Un Task-Gar f.. & 1N% Gleasoaite Prod Co 4 Glen Alden Coal.. Duat. i - 5 108 wobeies % Coln A% FOREIGN RONDS, £ of Argen € wi 100 Govt ! 1 ] ok nited w413¥ 390000 = Mex Fuel 183 Bramty Lo 58 e 8! :s..-w'...s.»#-.;:s-._s:..t-—-u— Canario Copper Central Amer Min Con Mines new 88 Cortes Riiver B-; BoBrens E H & Penn’ BL 210 Yathom 01 new.. Bales in Busdreds. L8R BEEEEEE Washington Stock Exchange. SALES, Washiagion Ges 6 '35 200 at 100 2t 100%. 6300 at 1003 3300 at 100%%" oo gion Rwy & Hice, com 105t 0%, 2 To. 10 at 7034, 10 t 70 O e mngion T ¥ pfd.—10 at ™, fia s, 81 s‘:‘m. N P N nd Trust Co.—10 at 120%, SRBERRRRRLRLARR. hig H B 10001, o st 15k AFTER CALL. hington Market Co.—4 ital, Trastion So—i m Se—$ ‘.m ‘l‘rlellln €58 at M. lfi! ot N 2 et 0ex, 843, oa P A o ™Y, on Gae Light—t at 49 Ditas Traction—16 ni oatg: " Mones—Call loans, 5 and 6 per cent, BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bia. Wi Conl 45 0 8 Cont) mew 1at 18 Tnity Gold DRY GOGDS CHEAPER. Many More Buyers Reported En- tering Market. Special Dispatch to The Star. NEW YORK, January 15.—Urgent ‘selling of gray goods and sheetings by second hands was accompanied to- day by further !lllhl r!flllellnnl in uotatio ht cloths were at 10% o A& qunrter cent decrease, for llx‘b; "The ¢8x72s were 'h uoted at 121. The conventions of e National Goods Anoelntlun the Southern Jobbe have broulhl many whnln-x-n lnto mo market. Trading in’ the raw eilk market Wi practically l\upenaud pending some word from Ja American Tel. & Telga, 4s.. American Tol. & Teigs. 4%, Am, Tel. & Tel. ctl. tr. 5s. g3essasanrsisis F ¥ E> FFSR a8zenss FE latest earthquake, reported today. MISCELLANEOU! C. Paper Mtg. Gs Rirss Resity B8 (1oni) 1 cora Storage 5. k Hotel Bs........ STOCKS. PUBLIC UTILITY. n Tel. & Telgs oy rraciion wllhhfl'fl Korfdlk. gasss No. 14. In computing net income tax- payers are allowed to deduct from gross income deductions for losses incurred not only in the taxpayer's business but losses sustained in any tfansaction entered Into for allowed Only to the extont that they are not compensated for by insurance or otherw. Claims for lu- moma don- form closely to the \vbrfllnl ol the statute. While taxpaye: may lul e-ruln thu prvmrly owned m {8 worth less than r&n price, he 1s mot al- e a deduition” untl) the laos is ‘made absolute by the sale or other disposition of the property. Frequent claims are made for «lmann. for !«—u ln tho sale -.‘:.o- mau:“m -Ie ined in the ot n reei- mvhlfll at the time of pur- without inten- f.lon ot salting 1 not o deductibl “because it was not a trans- aonon wntered (i tor profit.” For the same Teason, a loss su: ined in the sale of an :rulbnluo pur-, oot BadamEsLEEsl TRUST COMPANY. Trust & ‘Washingtos. z:m, uvln‘n and ‘Com. Btree . ning of the venture. A manufacturer compelled to scrap machinery because it has ually become -ebsaiets may deduct the loss sustained if he has sold .or otherwise Abandoned the machinery. Usuall be Cc- uctible, a3 a lows, the assets hich the loss hae been eustatned uat have complvely disspearss taxpayer. a8 a resource to the lgl'l“- Firemen's re: National Unio . TITLE INSURANCE. umbla Title . el Eatate TIte sBE s!i§9§ 8%k et ol gainst a whist g ail the trumps are 1 ” to one. t, {months FiF - | I { DECEMBER SHOWS Guns ruary 18, with 800 members in at- tendance. Month's Exports Greatest of Any| DENIVER. S0l enueny, et Month Since 1921. Growers' Association to centrol the marketing of the wheat crop in this state will be officlally launched to- morrow at a conference attended by ‘The United States fintshed the cal- | Frank O. Lowden of 1ilinois, chair- endar year of 1923 with a favorable [man of the National Wheat Growers' forelgn trade balance of $375,948,917, | 8dvisory committee. | It was shown today in Department of | SPRINGFIELD, Il January 16.—. Commerce figures the twelve |The value of Iilinols® farm cropu ln i i o te’ s Nes “Corn whb. the Exports from the United States|jeady rav:r‘x’l:: producer, sccountin; aun;: December amounted to $425.- o 'if“o vobo > Hay was wecond 000, and were gleater than tho Wheat tl e s |of any month since January, I 000, and oats fourth, with §52,68! % Iney compared with fmports of $285,- 000,000, leaving a balance in favor of the Umited States of $140,000,000 | LiSh: for the month. For the calendar year the fi showed total exports of u.lu.uzl‘ “Mt‘h will make the com 132 Compared with Importa of $3.785.- | the Jargent In (his Hne of IndUstry in BLae \ this country. rade figures as given are prelim- inary and subject 16 torrection when| ATLANTA, Ga, January 16.—Geor- all of the port receipts are audited. lgl- naval stdres en are now settling | December Recor: idetalls of a co-operative marketing association through which it is hoped San et hart tatal for to handie more than half the na- 425,000,000 was 335,000,000 I escess n excess | tion's supply of pine tar and turpen- St any ether tine. Advice of government experts onth’ o Rearly $100,000,000 ih axcens of el the average monthly exports of 1932, | oyang, JC111" of the plan la being In February, 1621, last previous s ST. LOUIS, January 15.—Improve- month in wlilch the export total was excéeded, the figures were $436,- | ments contemplated this year by the Missourl, Kansas and Texas road will importa for Decembes were con- [involve expenditure of $5,500,000, siderably smaller than gn-s regis- | mostly for locomotives, cars and shop tered during early months of 1923, |and roundhouse facilities. About but were larger than those of av-)$2,460,000 will be devoted to frelght ;lMov:m;“Mlhv'n“l 1922 and 1931. In|car improvements. OI'. . Imports were valued t 8291, READING, Pa., Ja January 15, ‘l‘he afl-ct “of the reduction in|United States Army quartermaster at masthly import totals and the ex-|Ehiladelohia has awarded a contraet fon of monthly export totals|for 1,000.000 pairs of army shoes to J. to give B Uliman & Sons of this city. FOREIGN EXCHANGE TURNS UPWARD Rally in Sterling snd French Francs Partly Due to Action by Speculators. 5 *1000. CHICAGO, January ll ting Company, Inc. ted a consolidation wl(h rm- making and Installing )l'hl fix~ tures for show windows sn tery, —Th Curtis | eral millions of dollars, tarmed Tn faver of the United States. Cotton Big Trade The nu’: nvonbla i wi l that of 1922, d to $719,030,636, also in favor Ol lhn Unlled ‘St One | reason ivr the h ely in the export trade of lhB m:[..a States during fall and winter Ezports during December took a ol Jump. mounting to $426.000,000, By the Associated Press. NEW YORK, January 15.—Short covering by European speculators brought about & moderate rally in the local foreign exchange market this morning. Demand sterling mov ed up 1 cent to 4.24%; improved 6 points, to 4.43%, and Ital. fan lire soid 3 points Ill‘her. at 4.41%. DIVIDEND DECLARED. BALTIMORE, January 15.—At a A jspecial meeting of the Doard of di- rectors of the Maryland Motors, Ime., held yesterday, the regular quarterly were | jjvidend of 2 per cent was declared the preferred stock of the corpo- fon, which is distributor of Durant l‘fi P33fand Star automobiles in Maryland 8.297 'The dividend is payable February .1|o Imports for the month et Stess ::1“0' Ienvln" a balance s country for th - ty-one days of $140. 00:.’“0 R Geld Imperts Gain. imports of gold, smounting to 236 during December, wera arger than the average of recent rts Decem ik Al sater on the caiendar year of 1928 gotd |7l urut 785 In 1923 ' ana ) Ly a4 ito stockholders of record Januar; in1eat L daseiart ports for the year were 37 while exports were $72,468,78: ADVERTISERS TO MEET. NEW YORK, January 15 (Special). | —Fnu Asnociated Retall Advertisers the Aseociated Advertising Ciubs | World will tak n active part | thirteenth convention National Retail Dry Goods As- Seciation: to"be held February 5, 6, d 8, at Hotel Astor. The mem! lhe Associated Retajl Ad tisers p has accepted the Invit: tion Gf Oerdon Schonfarber, chairman of the Mvonl-ll'& up of the Na- tienal Retail D ods Assoclation, to attend all tho convention sessions. LIVE POULTRY HIGHER. CHICAOO. .Ylnulry 15.—Poultry, alive, hig! 3 8. springs, 20; roos! l ese, 13; lllrke)'l 0. 1 "FIRST Monmcé NOTES For sale. Consult ue if you have evailadie funds for investmesnt. THOS. E. JARRELL Wember Washingten Real Hetate Bossd Weedward Bldg. Mala 768 Secured by first Geed of trust on real estats. Prevailing interest and cotmiesion, Joseph I. Welle: £ 420 Wash. L. & Trost Bidg.. Stk & ¥ N.W. pital for any basiness oy pomibilities provided pro- o re 1o a Day etpeses in Connection with Fepintrat n ol Eagland, or advertisiag Write A 13, Tincotss Ton Ficida. London, England. A woman never becomes a pessimist until she begins to feel that she is too ©old to be considered handsome. o it . ' MONEY TO LOAN ON FIRST MORTGAGES AT OURRENT RATES OF INTEREST 1207 Gonncotliout (Branue The Largest Fortunes i—of today were started by men who pos- sessed only a few dollars, but who had the wisdom to invest for the future. START TODAY BY BUYING OUR MORTGAGE INVESTMENT NOTES These notes are safeguarded by first liens upon improved real estate in Washington, D. C,, worth double the amount of the loans—so that there can be no loss by depreciation. We have them in denominations of $100, $250, $500 and $1,000—with interest— 6%% and 7% ~—payable semi-annually on the day due. ASK OUR MORTGAGE DEPARTMENT for full information. D O 713 and 715 14th Street N.W. Main 2345 Freneh france | ¢ Total number of directors and trustees of this com twenty-four. THE EVENING STA& WASHINGTON, D. C, TUESDAY, JANUARY 15, 1924. NEW YORK CURB MARKET Recelved by Private Wire Direct ts The Star Ofica FINANCIAL, [ National Mortgage & Investment Corporation 6.50% Yield NORWAY 6’s Due 1943 Non-Redeemable except for sinking lnld Listed on the New York Stock Exchange Complete information on request The National City Company Washington— 241 15th St. N.W. Telephone Main 3176 EQUlTABLE Co-Operative Buildi Association Organised 1879 44th YTRAR COMPLETED Assets ... Surplus Save If You Would Succeed aitabeand " Subaceription for the 86th Iseme of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Se¢’y nd to foin the eystematically. ANNUAL RECORT OF THE UNION ncsr' Company of the District of Columbia o the goatslier of ‘fhe currency. as reetined by Bection 18, Act of Con: ber 1. 1800, for the 31, 1923, Capital stoek et prof M fl'd‘fllfl of Ahvvu Al. s 902.556.94 Edward J. Stellwa G. Themas Dunlep, - v 3. H. Craatord, George Hewitt K!!ll. A Kenny. D8, Porter. s B, Lamble, L aimer, John H. Small, Charies F. Wilson, 3.1 Hanna. District of Celumbla, l-a:nnn president; Irving 1y swear that the best of eur 8. Harban, mes B, Lamble. George E. Fleming, bed_Dbefore me this ohrem to | ? (xmml nm AN |Lui MILLE] | Noturs Padtic, Diateict of Colamnla, My commiasion expires Jaa. 25, 1927. Its 7% Main 2100 811 Vermont Avenue N.W. Deals in the Best Real Estate Securities Flnt and Second Trust Notes and Ware- house Receipts are purchased at fair rates First- \‘Kor:gage Notes, SECURED by Impm\ed Dlstrlct of Columbia Real Estate, Are a GOOD INVESTMENT. Offered in denominations from $250.00 UP. 12 Yom Believe ia the United Pintes—Tus Bellove l'-r8ccnt We recommend an {ssue, now being sold by our Securities Department, paying 8 per cent interest— payments being made quarterly. Many of our clients are making reservations in anticipation of their January requirements. Write, phone or call for complete infermation R O O Allan E. Walker Investment Co. J. E. White, Mansger Main 2690 Securities Department Seuthern Bldg. N THRIFT BRIMS INDEPENDENCE Few people “get rich quick.” Most fortunes are the result of saving regularly "from the start, no matter how small the wage. You can now purchase our 7% FIRST MORTGAGES Over a Quarter of a Century Without a Loss on the Partial Payment Plan. You save and invest at the same time and receive 7% in- terest on every dollar invested. B. F. SAUL CO. 1412 Eye St. N.W. Check up on your 1923 Savings Account. Has it grown? If not —make sure of a steady increase in 1924 by adding to it 3% ON SAVINGS This bank will be open today and ‘tomorrow until regularly. " 5:30 p.m. R MERICAN SECURIT 15th and Penna. Ave. Capital, Surplus and Undivided Profits Over $6,000,000.00. Central: Northeast : Southwest : Northwgst 5 BRANCHES 7th & Mass. Ave. N.-W. 8th & H Sts. N.E. 436 7th St. SW. 1140 15th St. N.W.