Evening Star Newspaper, January 16, 1924, Page 29

FINANCIAL, d LUMBER AND STEEL| [~NEW voRK cuRe maRKET ALREADY IN JAPAN Heavy U. S. Shipments Wil Be Great Help Following Latest Earthquake. BY J. C. ROYLE, Epecial Dispatch to The Star. NEW YORK, January 16.—The fact that large shipments of lumber, steel and other supplies have been shipped tg Japan in the last six weeks and are now avaiflable for use there or are in transit will prove of tremen- dous benefit in coping with the sit- uation brought about by the latest earthquake which has shaker that country. While much of this raw ma- terial was intended for permanent Teconstruction work in the district shaken by the September disturbance, it is of such a character that it can be made to serve for immediate tem- porary repairs. ' Business Little Harmed. So far as American business men af- fillated with Japanese trade have been able to learn, the latest seismic disturbance has not materially dam- aged the great silk and tea produc- ing districts. While the damage to transportation ard communication lines undoubtedly {will throw Japa- nese industry Into confusion, the latest temblor, it Is thought her will not permanently affect Japane Production. There {s small question, however, " that it will ndd to the balance of trade now standing heavily in favor of the United States. Huge orders for =steel sheets, lumber, rails and electrical supplies and ' machinery now are being filled in this country. And there is every indication that these will be stfll further increased by the most recent disaster. Confidence in the ability of Japan to make full recovery and to pay in full for supplies necessary for re- construction has not heen shaken In the slightest. Even the silk market here has been only slightly affected. Some houses suspended trading until more_ definite news of the extent of the damage In Japan could be se- cured, and some ralsed prices about 10 cents a pound, but many traders maintalned prices at the level cur- rent previously. Silk for Immediate Needs. Silk stocks in storage and in the hands of manufacturers at present are regarded as sufficient for imme- diate needs and have recently been augmented by large shipments from the orient totaling about $20,000,000 in value. These facts served to sllay fears of a shortage. . American {nsurance companies prac- tically were unaffected, and even the English underwriters suffered com- paratively lightly, it is belleved, since rates put into effect after the Sep- tember quake have been adequate to protect the companies involved. The damage to electric power lines, electric railways and street car serv- fces and telephone and telegraph lines apparently was heavy, but the Mitsubishi Electric Manufacturing Company, which was formed by the ‘Westinghouse Electric and Manufac- turing Company in conjunction with Japanese interests, |5 now in opera- tion and will be able to turn out clectrical goods right in the country, under Westinghouse patents. Ameri- can firms also are in a position to furnish additional equipment prompt- ly. Engineers of the Westinghouse #taff now are acting as advisers in the reconstyuction of the electrical systems in Japan and their servh undoubtedly will be utilized In th Ppresent emergency. 01l Blockade Probably Short. Whether or not a protest from the American State Department to the de la Huerta faction in Mexico Is effective in raising the embargo on shipments into and out of Tampico, which went into effect today, {s not believed in ofl circles that shipments . will be long interfered with. The Tampico oil flelds are the goose which lays the golden egg in Mexico. Neither side is anxlous to see them injured, as they form the most available source of cash revenue to those In power. Tankers do not usually go into the port of Tampico itself. “They load from the roadstead through pipe lines The de la Huerta faction has no ships and would have difficulty in interfering with vessels, but is able to make the blockade effective by seizing the pipe lines on land. How- ever, they demand that export taxes be paid to them and they can scarce- 1y hope to galn such revenue if they permit no exports. In times past 8imilar situations have occastonally been met by paying to both sides. It 1s regarded as probable, however, that the Obregon government will make a special effort to clear the Tampico district of rebels and so adjust the situation. s—— A Fool and His Money. The fact that a stock certificate is 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 thelr money if they simply had asked their banker to tell them what he knew of some supposedly wonder- ful investment. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY BOSTON, January 16.—Oil men here attribute the recent advance in gaso- line prices 2 cents a gallon to 19 cents at fllling stations to the advance in crude oil “prices rather than to the open winter. HOUSTON, January 16.—The price of crude ofl in the Powell and Mexia flelds of this state to $1.40 a barrel has placed those flelds on a par with the midcontinent producers. The Parker et al. No. 1-B test well in the Powell field has been completed with an initial flow of 3,000 barrels & day. PITTSBURGH, January 16— A premium of 10 cents a barrel is being vaid for top grades of Pennsylvania crude ofl here and in the OIl City- Franklin district. Northwestern Penn- sylvania refiners have advanced the price of motor gasoline to 11% cents per .gallon. CHICAGO, January 16.—The recent col spell has caused & record-break- ing demand for skates, skits, sleds, toboggans and other winter sports cquipment. ST. PAUL, January 16—The rail- roads of the northwest have author ized a round-trip rate of one 24d a Lalf fares for visitors to the annual motor show here February 2. ATLANTA, January 16.—Practicaily all available space has been engaged by exhibitors at the southern auto- mobile show here February 16-23 MANCHESTER, N. H., January 16. ~—The Amoskeag Manufacturing Com- pany is advertising for help to fill the night shift of its gingham mills. textile circles this is taken as an 1 dlcation that thé curtsilment of ging- ham production last fall has cleared the company’'s mnarkets of fancy ginghams ROAD’S EARNINGS DROP. BALTIMORE, January 16 (Special). ~—Estimated earnings of the Western Maryland Railway Company for the first week of January amounterd to $330,668.50, a decrease of $8,271.60, or 2 per cent. This was due to de- creases of $25,350.32 in coal and coke earnings and $9,126.66 in miscella- neous receipts, which were only part- Y offset by Increases of $26,618.27 in ‘earnings from other classes of freight and §685.26 in passenger revenue. Received by Private Wire BY WILLIAM F. REFFERNAN, NEW YORK, Januery 16.—Specu- lative interest today once agatn cen- tered in the'oll shares. An Incident contributing to the strength in this quarter was a very bullish state- ment made by the president of the Sinclatr Oil Company. Standard of Nebraska led the! Standard group, advancing 13 points to 234 before the rise was checked. At the recefit annual meeting the plan to set aside 3,000 shares for em- Dloyes' stock ownership was ep: proved. Terms of subscription will be similar to those adopted by other Standard Oil organizations. Others especially prominent were Standard of Kentucky, across 112, Direct ¢o The Star Ofics where it was up more than 3 points on filu G’A.y and Prairie Oll and Gas, up § to 261. South American shares were the leaders of the independent mur notably Petroleum and b‘ Syndicate. rroponu- are lo- cated in the Ma bo basin In Vene- BT gor amediate - developmeRt of m l‘::yholdrlnl"l.. consisting of 2,390,000 acres. Other parts of the list failed to join e the upturn to the same ex- tent. But the majority of stocks re- mained firm, and hll‘:or::l: there slight advances were rc . Dubiller Radio, which had beeo conspicuous Tuesday, continued in demand across 14. ‘There was nothing new in the situation of the company to account for the strength in this stock. NEW YORK, January 16.—Following 1s an official list_of bonds and stocks traded In on the New York Curb Mai ket toduy: Sales in thousands, 29 Alifed Packers 6s. 1 Alum 7a 1923.... 3 Am Cot OUl 6. L Bumatra To 7 Thread Co Gs. 2 Anaconda 6a . 1 Adglo Am 01l SAUG& WIS 1 Heth Steel 7 '85... 108% 4 Can Nat Ry Eq 7a. 1083 13 Can Nat Ry S (134 4 Charcoal Co Am #a. 901y 71 Chl & Northw 5S¢ wi 92 6 Chi M & St P 6s wi 97 5 Chi Rock I & P Bisa 98 20 Ch Tnlon Bt 1 Ge wi 98 4 Cit Berv 75 D . . 89 1 Cons Gax Balto 64 A 1027 2 Deere & Co THs ... 100% 2 Detrolt City Gas ‘65 100ty 2 Detrolt Edwon 6n... 10414 1 Dunlop T & Rubd o1 2 Federal Sugar Ox ‘83 98 4 Fisher Rody fx '28.. 100 14 Fisher Hody 6x 15 Fisher Body €5 '28. 5 Grand Trunk 6%4s . 14 Int Match 6ya w 1. B4 4 Kan City Term 5igs 100 D Kennecott € 108! o s 07 A o 22 Leh Val Ter bs w i 2 Lig, Win, Lig r = 78 103 1 Morris & Co T%s... 9 3 Nat Leather 88 i Orl Pub Ser 80 North 8t Pow 6 4 Phila_Elee 5t 14 Pure 0il o8 1018 101 lgu K 2] outher 90 2999220 1008 1081 i ’g* ”2 71 72 108 1084 99k 9 101 1018 " lfl* 14 14% 14 90 o7 30 STANDARD OIL ISSUES. 1By 18% 18% 02 L s . % new. 47 48% 47 L 14 1 Dl 102 02 @ a8% 38l 3R 148”140 3% 116 921 923 205 20% 108 T £ ft & Co'3n 5 ited 0l Prod 8s m 01l T ..... 108k an Ry o8 wi. 99! ter Mis 0%a w1101 FOREIGN BONDS, Govt of Argen Gs wi 100 King of Nether 6. Grt 6 C 0 D @19 F 1N h e 0a. Mex Ruj Rog - 32 Rus Gvt 6igs nat cof 13 Bwise Govt 0%s ... 19 Swiss Gort bs 20U Sof M 4s C Sales 1n unita. 100 Anglo Am Of1. 100 Atlantic Lobos . 30 Ruckeye P L. 300 Continent 01l 30 Cumberland I 10 Fureka P L. 20 Gal 8ig O11.. 000 Humble 0 & R new 1001 P L. v 240 Imp 011 of 25 Ind P L 4900 Int] Pel 70 Magnolia Pet 20 XY Translt . 10 Northern P L. 1800 Ohlo Ol new. 1260 Prairie Ol & Gan.. 200 Penn Mex Fuel. Prairie P L 20 Bolar Refin . 80 South Penn Ofi . 10400 & © Ina. 68 ey 1100 8 O Kansas new % 41K — e Washington Stock Exchange. BALES. "xnx:ln"“r';‘xn‘- Gas 0s '33—3$2,000 at 100%, rdman Park Hotel fe—3$300 at 99. pital Traction Co.—10 at 94 o n;gq....l dwy. & Blec. com—i0 at 10, a at 30, 10 £ 10_at 70, 10 at 703 " e a Vashington Rwy. & Elec. pfd.—10 at 75! 90 at 75%. 10 at 75%, 10 at_73%, & at 75 iu . 20 at 75 10 at ’-?@5' 10 at 75 e ;‘a” A 10 at i de it T Tahd s ‘rust Co.—} 108t 12, 20 at 129, 20 8t 125, ¢ LA AFTER CALL. Capital Traction—10 st 945, 10 3 1 at700m, I3 N Ge, 10 ot basge °f 4% Vashington Gas 6a ' 100 at 100%. American, Secarity asd Trust foede PP tal Traction Co.—10 at 04%. hington Gas s ‘33—$1,000 at 100! & Elec. ptd—10 at 15%. Money—Call loans, 5 and 6 per cent, BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid. Asked. Awerican Tel. & Telga. 45 American Tel. & Telgi Am, Tel. & Tel. ctl. Am. Tel. & Tel. conv. 6s.. Anacostia & Potomac Bs.. ... Anacostin & Potomac guar. 5a.. 0O. & P. Telephone 3s.. : & P. Telephone of Va. Gs.... Capital Traction R. R. 35 George Metropolitan R. R. Potomac Flec. lut Fotomac Ele Potomac Ele X otomac Elec 63 1083.. ;m. . Pow, & Wi 2 3 w W Ba. wi wa - MISCELLANEOUS. . C. Paper Mfg. Ge. 'fi‘.s- Realts o' (lon Riggs Realty Bs (short). Wash, Mkt. Cold Bt Wardman Park Hotel STOCKS. PUBLIC UTILITY. jean Tel. & Telg “Tractlon TRUST COMPANY. American Security & Trust.... Contmental Trost..... A Bank - },“_{fi?,‘."."g.lvmn and Trust. Urten Toun & Trist 3 BAVINGS BANK. Commerce & Savings. Past Washington. Security Savings th 8 3 EE0 I * FIRE INSURANCE. American - Sirmens = Natiooal Usion. TITLE INSURANCE bia_Title Seal Eatate T MISCELLANEOUS. Do bunts: Tramter & Bioree. Mergenthaler Linotype 0id Dutch Market com. Old Duteh Market pd. Lanston Monotype Wa How C TR ol 112y 100% 112 =1 3% i3 i o8% 58% Fa 0 ol ] 313 4 24 18% 13% 5% E n 4 Teade 3 Marland . 20 Mez Oll ....... 22 Mount Prod . 1 Mount Gult 101 Mutuat New By 738: 2% 1% 1% % 4 2% Tank Oil new. Canad © & R. 3283 £ 12 ;‘i T Tone— 272REREST 2 42, 3| 2 > 10 Woodburn Ol 20 “Y" Ol .. INDUSTRIAL lom My mal_Leather m Gas & FI m L & Tract tian Froit w Ot i E?m o Sirfus flu-"rln Chie Mip ew wi.. tr nw wl uda” Co “naw Wi SEBE B8 =73 13! it B 204 fit 1 2% i 20 2 fepe et 5.5 255 3;\6 bty 3 1% 3y 430 279 11 kit 107 1% 4 12% Durant u otars Ford Motor Co, Can 430 Glllette Bafaty Raz 270 -asonite Prod Co. 10 Gien Alden Coal . 8 Goodyear Tire . 1 Hudson & Man R 1 Inter Cont Rubber. 1 Intl Con Ind Corp, B Kreage Dept Stores 2 Lehigh Pow sec. 1 Lupton, F 5 1 McCrory 8t war cfa 3 Meaab Tron . 10 Midvale Co Motor . Fd SR K s e e BB ] 42 38 8 axn 7 1101 29 - o T — izizizl.] e B3y 35 AT it ed Pt Bhat nw Retall Candy. Lt & Heat. E Citlex Oorp A Dist aw wi Dis pfd sew wi ard Bkg A wi... ard Bkg H wi... ard Bkg ptd wi.. .R“ Coal ...... . k M 8p nw orp 1st p 3 Yel Taxi £0 Arisona o lelels oo =R 3% i a (PR} 0ok el 2005 e 19100, 4494549~ i d N Y INING, Globe Cop .07 FESE FEF 3 25enB23u8N H H ® 3 ¥ F & E'iih'a'i.i;i-il H 453322528, 8u8u8 2 Cresson_Geld 3 120 Diam_ Black Buiie lores Eaper 5 40 Eurek: T 60 Fortuna Mines ... 10 Goldfield Develop. . 10 Goldfield Deep Min 1,20 Gold 5 5B i BB B .25, 8285223583.8uRu 5 L ®x # S82.322322BR0 Lkb. 8 8t ERORTe F i e . 30 Rilver Horn 10 Bilver Plek . 80 Simon Bliv 2, B2 RRRRIRH 158 [ # oz 3. 55k 322%820R 3. uhE.B.2 s 5 >3 *F F TODAY’S COTTON PRICES. Market Again Nervous and Unset- _tled, But Higher. NEW YORK, January 16.—Rather an unsettled and fregular opening was followed by rallles in the cotton mar- ket during today's early trading. First prices were 13 points higher to 22 points lower, active yresent crop positions hsing generally 3 to 10 points lower un realising or over- orders. Liverpool, how- ade a fairly steady showing, soon as the- initial offerings here iad been absorbed Ces_ st ened up from 34.15 to 34.27 for March and from 34.30 to 34.35 for May, mak- Ing net advances of 4 to 6 points. NEW ORLEANS, La., January 16.— Unfavorable weather over the belt was the dominating influence in the cotton market in the early tnfinf today, and ft lifted prices 4 to 1 points over the close of yesterda: after declines of 16 to 24 points o the opening. March fell to 34.06 cents & pound and came back to 34. tober fell to 28.02 and came 28.30. The w er ‘was wet and coid practically everywhere in the cot- ton region. NEW YORK, January 16.—Cotton fut\lrc;'l'l GIHL.HI. nl'l“ol““‘" '.z.'l;- uary, 33. roh, 34.02; May, 34.32; July, 33.22; October, 33.61. NEW ORLEANS, La., January 16— Cotton futures; noon bids steady. January, 33.85; March, 34.08; May, 33.88 asked; July, 33.09; October, NEW YORK, :nu:’r: 1 —Ec:l{ un- cases: umhea m nf-'- 88 % Eathe; extra s, B4 ; do. firsts, 37a37%; do., seconds and Poo: er, 31al6; nearby henmery brown: extras, 44nd coast whites, extras, 48 do., firsts to extra 3& 4348; refrigerator firsts, 26% \ TRADE PICKING UP IN BALTIMORE AREA Retail Business Larger Now Than at Same Time Year Ago, Merchants Say. WEATHER AIDS BUILDING St. Paul Reports Improved Spring Outlook. Bpecial Dispateh to The Btar. BALTIMORE, January 16.—Mer- chants and manufacturers in Balti- more territory report that activity has developed to a high point during the first two weeks of the new year and that the outlook for the first quarter at least is unusually prom- ising. Industry {s well employed and new orders are belng booked every day. Turnover of department stores and other retail establishments is larger than It was at this time a year ago. There is comparatively little un- employment and wages continue at the peak. The open winter stimulat- ed bullding operations. Local rallroad executives regard the present freight movement as more nearly normal than it was last fall, and feel that while loadings for some time to come may run below the 1923 Tesults, in the ciosing months of the year they are likely to break all pre- vious records. St. Paul Outiocok Bright, ST. PAUL, January 16 (Speclal).— Prospects for spring trade for Twin Citles wholesalers, jobbers and manu- facturers improved materiully this week. Salesmen representing iudustries centering here report an excellent volume of orders. This is especially true in clothing, shoes, dry goods and general merchandise. Confectionery sales ure good, and buflding materials are moving briskly. Railroad freight traMic has decreased somewhat, but passenger traffic has grown heavier. owing to the inability of many bus iines to give service be- cause of heavy snows and zero tempera- ture. Logging camps are in full swing, and the employment situation is Detter. Value of Goods Holds Up. BEATTLE, January 16 (Special).— Bankers here declare it is a grate ifying fact that recent Inventories have shown that goods on the shelves and counters of merchants in this territory are at present worth fully as much as was paid for them. Whole. salers and jobbers report their cus- tomers already are in the market for spring_goods. Cottons and muslins for early delivery are in special de- mand. Reeord Bank Deponits. FORT WORTH, January 16 (Spe- cial).—Depoaits {n Texas banks are larger than ever before, and money Is easy. Farmers, as a rule, have enough surplus cash after paying their debts to carry them through another sems son. Buying among country retailers continues cautious. Detroit 8tfll Growing Fast. DETROIT, January 18 (Special).— Bullding permits here last week cal ed for expenditure of $1,635,930, com- pared with $1,251,450 for the previous week and $1.080,345 for the corre- sponding week of‘last year. FORD TO BUILD BIG PLANT IN MEMPHIS Auto King Will Expend Over $1,000,000—Work to Be Done in Six Months. By the Associated Press. MEMPHIS, Tenn., January 16— Contracts have been awarded for the construction of the $1,200,000 assem- bling plant which the Ford Motor Company will build here. The plant, consisting of three units, will be com- pleted within six months, Plans call for a plant capable of turning out 170,000 cars annually. The plant will be located on the Missis- sipp! river, south of the city, and the company will construct its own ter- minals, officials said. — WILL REVIVE SEARCH FOR OIL IN TEXAS Higher Prices for Crude Have Brought Optimism Back to “Wild Catting” Areas. Bpecial Dispateh to The Star. FORT WORTH, January 16.—With production falling off and crude oil prices showing advances, oil men have regained some of their optimism and predict a revival In development in the southwest. Some of the more enthuslastic Independents even are redicting extensive “wild catting’ n_Texas oll areas by midsummer. ‘This prophecy. however, is predicat- ed upon a still further increase in ol prices. The . feeling iIndicated has been strengthened by the in- crease in gasoline prices. Supply houses today reported increased de- mand for drilling materials and there has been a gain in general business in the oil towns, NEW POWER PLANT MAY OUTDO MUSCLE SHOALS Special Dispatch to The Star. 8T. LOUIS, January 16.—The North American's new Cahokla super-plant, on the Mississippl river opposite St. Louls, will equipped to generate year-found electric power in amount three times greater than Muscle Bhoals. The estimated total cost is placed at $35,000,000. Indications are that this plant, representing a cost to date of over $12,000,000, will upon completion be the world's largest ca- pacity electric generating station de- signed for full operation with pul- verized coal. : i OUTH. —_—— . Recent Advances Are Spreading All Over Country. LOUISVILLE, Ky. January 16.— An advance of two cents a gallon In the price of gasoline in Kentucky, Mississippl, Alabama, Georgia and Florida is' announced here by the Standard Oll Company of Kentucky. The increase is effective Thursday. The advance follows increases in crude ofl ‘prices and the marking up of gasoline prices In_various states recently, 8. W. Coons, president of the company, sald. Officials of inde- pendent companies here indicated ad- vances to a level set by the Standard would be made. The two-cent increase brings the filling station price in Loufsville to 18 cent: lion, which includes a one-cent tax. N. & W. ANNOUNCES PLANS. ROANOKE, Va, January 16.—Ex- penditures of $15,000,000 will be un- dertaken by the Norfolk and Western rallway this year, according to re- ports yesterday. Included in the im- rovements planned will be the lay- ng of 20 miles of track and the plac- ing of 107 miles of new signaling. LIVE POULTRY HIGHER. CHICAGO, January 16.— Poultry, alive, higher; fowls, 16a22; springs, n roosters, 14%; geese, 15; turkeys, No. 15. ‘Whether or not connected with his trade or business, & loss sus- tained by reason of fire, storm, shipwreck or other casualty is a deductible item. The term “other casualty,” within the meaning of the statute, {s one which arises from the physical forces of nature; for example, a flood or frost. If a. taxpayer's home or automobile is destroyed by fire, or it his summer bungalow Is damaged by a storm, he may claim a deduction for the loss sustained. Allowance, of course, must be made for any in- surance received, In event of a collision .between & truck and an automobile used for Pleasure or convenlence, the owner of the truck may claim & deduction for damages, provided at the time the truck was being used for busi- ness purposes. No deduction is al- lowed the owner of the automo- Dile, because the was not being used for busin neither is it a ualty” as defined above. Amounts expended by owners of automobiles used for pleasure or convenience in repairing damages thereto caused by negligent opera- tion do not constitute deductible losses. Loss of property by theft or bur- glary is deductible, also a loss for embezziement. Ordinarily a loss from embesaziement or theft occur- ring in_one year and discovered in another is deductible for the year in which sustained, Losses in {llegal transactlons are not deductible. “BUSIEST CANAL” HALTED FORWINTER Locks at Sault Ste. Marie Closed, Due to Freezing ‘Weather. “When the locks at Sault Ste. Marle closed down for tha winter a few weeks ago because Jack Frost's fin- Bers were getting a firmer and firmer hold on the north country the world’ buslest canal went out of busines temporarily,” says a bulletin from the headquarters in this city of the National Geographic Boclety. “Through this narrow gateway that joins the greatest of the t lake: to its sisters to the east and south,” continues the bulletin, flows for eight months of the year a ‘marine parade’ of huge vessels that dwarfs traffic streams elsewhere. The 66,000,000 tons of freight sent through in 1922 was something like five times as great a; the freight sing through the Pana- ma canal that year, and more than three times as great as that moved through Suez In its best twelvemonth. " Waters, flelds of Minne- sota, the Dakotas and parts of Cana- da, and the great iron and copper mines on the shores of Lake Superior are the chief factors that have bullt up this inland canal's tremendous business. Ore furnishes most of the welght in the year's freight total, but the grain handled 1s of greater value. “The 8t. Marys river, which con- nects Lakes Superior and Huron, has on its banks at the raplds towns named Sauit St. Marfe both in the United States and In Canada, each with a population of about 12,000, Though the name is spelled ‘Sauit' it is pronounced ‘806’ and many Americans both in and out of the town have insisted on spelling it as it is pronunced. Letters address- ed to ‘The Soo, Mich.,’ have never falled to reach their destination. The term means ‘the jump' or ‘tumble’ of the St. Marys. Old Trafl Now City Street. “The banks of the 8t. Marys at the rapids formed the site of a mis- slon and fur trading post in th early days of the French settlement of North America. After the British regime the first lock was buflt in 1797, a small affair capable of han- dling only cances and skiffts. Even this was destroyed by American soldiers during the war of 1813. “For nearly half a century all freight was taken past the rapids on the American side by portage, first in carts and later on a horse- drawn tramway. The American Sault Ste. Marle's principal business street of today grew up along this old portage, Broadway grew along the cow path of the New Amster- 3 rie is a typical modern, wide-awake American town through the week. but on Saturday's it takes on a color that proves that it is not yet wholly out of touch with its virile frontier days. Then numerous 1Indians join its street crowds and everywhere one encount- ers booted ‘lumber-jacks’ wearing colored flannei shirts, and if it is cold, generously checked makinaw Jackets. Origin of Hiawatha Legend. Near the 500, in the Taquamenon river country, among the Ojibway Indians. originated the Hiawatha legend: and each fall redskins gather to enact the delightful story made famous by Longfellow. “Even though the fall at the Soo is little greater than twenty feet, a large volume of water pamses out of Lake Superfor and much water power is available. Big hydro-elec- tric plants have been developed on both sides of the river and the towns are of growing importance industrial- ly. While the throaty blare of the whistles on the lake steamers is lent in winter the r wheels still turn and keep woolen and lum- ber mills, carblde and chemical fac- tories a numerous small enter- prises busy. - DECREASE IN PLATINUM. Magnesite, Aluminum and Bauxite Show Increase. Magnesite, aluminum and bauxite production increased, while the out- put of crude platinum showed a slight decline in 1923 compared with the previous year, the geological sur- vey announcs. Crude magne ro- [duction probably will exceed 154,000 short tons, a threefold increase over 1922; aluminum production excesded the 1922 output which was valued at $13,622,000. due to the increased demand by makers of automobil and utensils, and 100,000 long tons o! bauxite was Yroduced. equal to the largest annual production befors the ‘war. Crude platinum production fell be. low that of 1922 when 1,008 ounce ‘were mined. Imports were expected to drop for the year due to a.total domestic stock of 41,900 eunces on hand January 1, 1923, NEW RADIATOR HEAD. NEW YORK, January 16.—Clarence M. Woodley resigned yesterday as president of the American Radiator Company and was elected chairman of the board of directors. Charles M. Parker was chosen president. Mr. | Woolley retired as president at his own request. PARIS MARKET ADVANCES. PARIS, January ‘16.—Prices were higher on the bourse today. ‘Three per cent rentes, 5¢ francs 80 times. . Exchange on London, 92 francs 20 centimes. Five per cent loan, 71 francs. The dolltr was quoted at 31 francs 34 cgntimes, “The vast wh cen- RUM RUNNER-IN BAD Arrest of Fothergill Brings Ugly Charges From Stockhold- ers in London. $50,000 PROFITS INVOLVED Englishman Caught When Gasoline Supply Runs Short. By Radio to The Btar and Philadelphia Publie Ledger. Copyright, 1923. LONDON, January 16.—Robert Gra- ham Fothergill, recently arrested in a thirty-ton motorboat oft Fire Island with about $50,000 in his pocket, is in 1ll repute with the London stockholdefs of his bootlegging busi- ness. For all they know a 600-ton auxiliary schooner which cleared for Bermuda sevéral weeks ago Is still lying oft the Jersey coast with 1,600 | cases of whisky aboard, while Foth- ergill does nothing to dispose of lheI valuable stock. ! Statement by “Backer.” i It appears from the conversation of‘ one of his backers and a disinterested | friend that Fotherglill, instead of em- | barking with his cargo like any ro-| mantic bootlegger, dispatched from | Britain an_ auxillary schoover pur-! chased in Germany and rellglered as | an English ship, bearing 1,500 cases' of whisky, while he himself sailed for | New York by a big liner. ' Like all the best bootleggers, the craft cleared for Bermuda, where on arrival the men struck for more y and a crew of Bermudans was signed on. At an appropriate time, so runs the story here, Fothergiil left New York, where he was living at the Waldorf, to draw the proceeds of sales. But, according to local infor- mation, he had neglécted to enlist the ald of authorities who could move to Interfere with the success of his trading. He simply chartered a bl“ motorboat, picked up the achooner twenty miles out and started back to New York with the cash. But when his gasoline ran out he was picked up by revenue men, who apparently ‘were trailing him. Interested perxons do not retendl that all the $60,000 was realized on 300 cases. Cite the “Better Way.” According to revelations in the best bmlle"ln“('lrclen in London, the prop- er way to do business is wll’hln the law—not unlr to_ keep outside the twelve-mile 1{imit, but to stay twenty or twenty-five miles out and thus avold contact even with revenue officersfof the most friendly attitude. Sir Broderick Hartley, say investors in the Fothergill scheme, might be ex- pected to fall in bootlegzing operations because his was really more of a stock obbing proposition than anything else, ut Fothergill, a former hostler who married well, was expected to produ(‘e] real resuilts. J ! 79), First Mortgage Notes irst deed of trust on high- FIRST MORTGAGE NOTES sale. Copsult us 1 you have available - fands for tavestment. THOS. E. JARRELL Wember Washington Real Estate Board Woodward Bldg. Main 768 ANNTAL REFORT OF THE ANERICAN w5 Carity ‘and Trost Company. ot"the “Carrency av"renuired by Eection, 16 Aet ot ‘Congreas, Rpproved October 1. 1800, for the T !n."fflz“mdb;rnfll, 1023, ital 'k autl and ful i 55 7 $2.400,000.00 o 26,718.878.17 1,930,206.52 Due depositors i Gross earnigs for year ended December 31, 1023.... Amount rvaerved for trict of Columbia taxes ... Other expenses for year ended cember 31, 1923. Total expenses . C. 3. Bell, President. Corcoran Thom. Wm. J. Flather, jr. C. A._ Aspiowall ry T. Grayson, lbert FI. Grosvenor, mes M. Green, Wni, M. Coates. 3. Philip_Herrmaun, Fullam W Everett, MG G Fe, Charles J. Bell, :James F. | Hood.' secretary. and . F. ., " Corcoran | Thom $1. 39 Charles ‘A. ‘Spalding, B. F. Saul, Howard Moran, Wm. E. Shannon, G. Percy McGlue, W. . Corby ames F. Sh Cluronce F. Normeut, Directors. nd Howard Mora; ctorm, of the | American Recurity and Trust Company, do hereby solemaly swear that the above state. ment is true to the best of our knowledge and_belief. 23 Bell, i Ergaident. . 7 James ¥ MG tera Corcoran Thom, B. F. Saul. Howard Moran, 7 Directors. Total number of directors of this company, (menty-geven. | iia. us i umbla, ss: s no °‘un-;r2t:ea betore me this 15th t Janusry. 1924. iy o) VATRERT 1. SHILLINGTON Notary Public, District of Columbia. w Name ... WITH HIS BACKERS |rromas Joseph 1. Weller to the controlier | [ I | SMITH - BUILDING Please send me circulars describing your offerings of 6%% sfd 7 FINANCI First Mortgage Loans; tes_of Interest and Commission. Prompt 3'%-- : . F“hh' er & Company, Inc. Money to Loan Secured by first deed of trust om real estate. Prevaliing interest and commission. 420 Wash. L. & Trust | Bidg.. Oth & ¥ N.W. Security Salesmen 3 experienced salesmen of character, personality and ability wanted for local sales department of a progressive organization, offering the best proposition available today. This is an unusual opportunity for real security salesmen to make big money at once. See Mr. Davis, 824 14th St. N.W. First Mortgages $250 and Up Write or Call for “Booklet.” William S. Phillips 15TH ST. AT K N.W. FIRST MORTGAGES FOR SALE SECURED ON IMPROVED PROPERTIES, WELL LO- CATED IN THE DISTRICT OF COLUMBIA. In demominations to suit the con- vemence of both the large and small investor. JAMES F. SHEA 643 Louisiana Ave. N.W. EQUITABLE Co-Operative Building Association Organizea 1870 44tk YEAR COMPLETED $4,753,170.52 $1,248,320.08 Save If You Would Succeed Make up your mind to join the Equitable and save systematiostly. Subscription for the 86th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK F. REESIDE, Sec’y In Convenient For Investors Interest N Ffluenth Stz Main 6388 Denominations 642% Announcement safe.” NO LOSS EVER SUSTAINED BY A! Call, write or telephone our MORTGAGE INVESTMENT DEPARTMENT [SHANNON- & LUCHS, 713 and 715 14th Street N.W. Extraordinary OWHERE can you obtain any better rates of interest upon an absolutely safeguarded mortgage loan than you will find in the 61/2 and 7% First Mortgage Notes we are offering today. They are secured by First Liens upon improved busi- ness and residential property in Washington, D. C., worth at least double the amount of the loan. Resolve to stop speculative investments and “play N INVESTOR. Main 2345 (e Founded 1873 WHY TAKE LESS THAN HEN you can get thesc rates of interest with absolute safety on First Mortgage Coupon Bonds that are strongly secured by improved, income-producing propert Washingtén, D. C., why be content with lower rates of interest? Put your funds into investments that combine attractive interest rates yith thu_CompAny’. record of no loss to any investor in 51 years. Mail the coupon below or telephone Main- 6464 now for descriptive circulars. Denominations: $100, $500, $1,000 and $5,000 Maturities: 2 years to 15 years . n [ ke F.H.SMITH COMPANY 815 FIFTEENTH ST. . First Mortgage Coupon Bonds. ( 1)