Evening Star Newspaper, January 25, 1924, Page 29

LIMIT ON COTTON EXPORTS ILLEGAL Officials Here Say No Such Move Is Planned—English Spinners Worried. [ ¢ BY J. C. ROYLE. Bpeclal Dispatch to The Star. NEW YORK, January 25.—Feelers &ald to have been put out by the International Federation of Spinners under American textile men looking toward a curtailment of cotton con- sumption have not met with a par- ticularly encouraging response. The proposal of the federation, which has «headquarters (n Manchester, England, \ (that prices which such a shortage contemplated an international agree- ment for the restriction of cotton Boods manufacture with the idea that the price of raw cotton would be held within bounds thereby. Alarm Felt in England. Tt has been known for some time that English spinners and good man- ufacturers have regarded the raw cotton situation with considerable alarm. A world shortage is predicted by some before the 1924 crop can «ome on the market and the English Jnanufacturers are known to feel ' would entall would menace their trade sewously. Many of the Eng- lish mifls already are on a part- time basfs and undoubtedly have felt 1o dome extent the boycott exercised iq[lndha against English-made goods. t is reported on excellent authority from English textile centers that Engligh spinners are accepting seri- ously a report that the United States Eovernment may attempt to discour- age or restrict exports of cotton on the grounds that the American mills will need all that is available in this country. No Limit on Esports. Offclals in the textile division of the cotton section of the Department ©of Commerce, and connected with the Department of Agriculture and the Federal Trade Commission, asserted today that thev have not been able to run down the details of the rumor. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. NEW YORK, January 25.—It was not 80 much the raising of Pennsyl- yania crude oll quotations another 25 cents a barrel . that -account- ed* for the _further strength in oll stocks on the curb market today. The steady decline in output has been closing the gap between demand and supply so that the price advances have been anticipated. Rather, more attention was glven reports of im- pending mergers between - individual companics and shares of such com- ranfes were especially in demand to- day. Included among these were Mutual and Continental Oil. The former crossed 13% on a large turn-over, while Continental was at its best above 53, where it was up 5 points the week. Pennock Oil was bought at top ptices, above 15. The R e — NEW YORK, January 25.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket today : Sales tn thousands. 8 Allled Packers 6s. 7 Allied Packers 8n 2 Alum 7e new B3, 23 Am Gas & Elce 6s.. 5 Anaconda 6x ...... 1028 8 Aswo Bim Uaw Gl 011 BLALG & WISS3s 48 4 Beth Steel Tu °35.. 108% 18 Chic & North 5w wi 83 36 Chi Ml & St P 0s wi 08% 1Chl RT & P Stn 00% 12 Chi Un Sta B % Wi 03ty les Service Ts 8% fes Service Tn D.. #0% 1 Graph 8s pr cfs 183 ons Gas Talto Gs A 1028 Conn Textilew ta ... 93 udahy 3¥is peere & Co BONDS. 725922232 s Gair, Rovt, Ts . 8 Gulf 0il of Pa s 5 Gult Qil Pa 5% 1 Inter Match 8i3n wi 2 Kennecott Cop Ts 2 Laclede 61 Le VI H 1 Liby MeN & 1 Manitoba Power 2 Morris & Co 7i4s Nat Leather 85 .... 12 New Orl Pub Ser 53 831 3 North St Pow 6. 2 Ohio Power 5% B. 1 Phila Elec 6 25 Pure bl 6%u But they declared any attempt to re- strict exports would come clearly within the scope of the Sherman law and could not be accomplished. They also asserted that any restric- tion of consumption here or abroad, if attempted, would serve to increase the price of ‘the staple and of cotton ®oods. They laugh at the idea that any such plan as that proposed by the federation would receive govern- ment sanction, or that any infraction of the Sherman law would be wink- ed at. As to the reception of such a pro- posal by the American mills, it is ointed out that New England plants n many instances already have cur- tailed output to a large degree. Un- employment is on the increase in Bos- ton, according to the director of the municipal employment bureau there. 60,000 Men Out of Work. It is estimated 60.000 men are out o work, and conditions are such that the T'nited S ates Voterans Bureau is finding difficulty in finding places where (* can put men in training, even though the bureau pays their wages. About one job is available for every ten applicants. ening in the textile industry and dif- | ficulties within the shoe industry are held responsible. New Tngland manufacturers are not 1lkaly to increase the serious charac- ter of this situation. Als some mills | creasing output, finding | e demand warrants it, can operate at a profit. { Some of the big textile men see little | to fear in the business situation in general and are making their plans accordingly. Southern Mills Busy. The plan probably would be even ss favorably reccived among the uthern mills, the majority of which operated at a fine profit in 1923. Few manufacturers afe planning curtall- Went, in spite of the high price of cotton, and the new mills being built indicate an increase rather than a decrease in production this year. This trend is illustrated by the fact that the Georgia Light, Power and Rallway Company, which furnishes power 'to many industrial plants, showed a gain of 191.7 per cent in net carnings In the last twelve months. As to cutting off shipments of cct- ton abroad, exports from all the southern ports continue heavy. The Russlan government has cntered the market and has ordered 20,000 hales through St. Louis and Montgomery, that the: Al The slack- | 2 Pub Serv of X375 1010 30 Pub Serv El Pow 65 933 3 Sloxs-Sheft. Ge...... 67 2 Salve, @ ° {0 TETRPRN Klag of 1 Rep of Peru 8s. 5 Russ Govt 5in. 15 Russ Govt Gigs. 68 Russ Nation.l . & Swies Govt 5is . 18 Swiss Gove 5 Sales in units. 200 Anglo-Am_ 0!l . 200 Atlantic Lobos ©00 Atlantic Lobos p! 60 Buckeye P L.. 10 Chesebrough Mfg . 3000 Continent Ol 30 Cumberland P Eurcka P L. Gal §'g oil. 11l 200 Humble O & R new 101 PL.... . 1080 Imp O: of Can. NDARD OIL ISSUES. 1% 15 3 3 il . 8 s an, new L. 3 th | 14900 Interl Pet Co Lt 30 Magnalla Pet 300 Nat Transit 160 Northern P L. 1800 Ohlo Ofl new. 450 Prairie 0 & G 505 Prairie P L.. 170 Solar Refin .. 110 Soyth Penn Ol 6700 8 0 Ind. 20 Southern 600 8 0 Ka BALES. . $1,000 at 9315, $1,000 at 9833, 37,000 Washington Gas 6s '33—$1,000 at 100% City & Suburban 5s—$1.000 at 9%, 31,000 3¢ T9%. 1,000 at T9%. $5.000 at 7913, $2.000 5. istrict Nationsl Bank—3 at 162, 10 at 162, 5 at 182 American Security and Trust Co.—3 at 303. Washington Market Co.—1 at 45. AFTER CALL. Washington Gas 6s ‘33—$200 at 10035, Chesapeake & Potomac Tel. 58—$2,000 0714, $5,000 at 07, $5,000 at 87, 33,000 at at 98 at g Washington Stock Exchange. | Washington Gas 5s—$1.000 at 9315, $1,000 | THE EVENING | talk was that this company is ‘to figure in a combination with.one or more larger concerns. Advances of as much as 11 points occurred In the high-priced Standard Olls. Standard of Ohlo was the leader, but Solar Refining and Ohio Ofl also were among the favorites. Tobacco stocks came in for more at- tention, especially the new Continen- tal Tobacco. This stock, which had held around 25 ever since trading started in it, ran up over & point. Dunhill International was nearly a point up at one time. These tobacco stocks have not shared in the recent advance to the extent of other indus- trials. Realizing sales in Dubilier Radio during the past few days appeared to have been absorbed and the stock re- sumed the upward tendency, getting to a new ton. Recent speclalty fau- vorites of the type of American Gas and Electric néw, Glen Alden Coal and Todd Shipyards were bid ~up Somewhat further, but were not as active. s Sales INDEPENDENT OIL STOCKS. in hundreds. 2 Boston Wyo Oil. 11 3 Brit-Con 01l Fld: flfi:z 5 5% e 3 Carib 8ynd Cit Serv .. Cit Serv pid Cit Serv B cfs. Creole Synd . Dedby 0 & K Engineers’ Pet Gen Pet ... Glen Rock Ofl 5 Latin Amer il Livingston Pet Mex OIl.. Mount Prod Mount Gl 1 Mutual 0il Peer 01l Corp, 5 Pennock OIl Salt Creek G Kalt Ck Prod Sapulpa Refin Seaboard Ol . West States 0l .. Wilcox 0l & Gay INDUSTRIALS. Amal Leather 16% Am ¢ & E ow A3 Am Multigraph Co. 223 Bridgeport Ma w i 121, Brit-Amer Tob_cou Brookiyn City R R 1314 Candy Prod Co w i B P Ch 1ds Contl Tob Co . Cubn Co BR%.8 s o Dunhill Intl In Durant Motor . Poat Motors N Lo 4 11 G'en Alden Coal ... 10 Gold Dust Corp wi. 2 Goo 5 7 Grt West Sug ne 9 Heyden Chem ..... 2 Hudson & Mann RR 3 Hud & Man RR pf 1.Hudmon Co ptd..... 7 Imperial Tobacco... 7 Int Conc ‘Ind Corp 6 Kreage Dept Stores 8 Leh Pow sec.. 4 1 Conl 11 Coal nw 'wi Ie VR R rts wi 1 Lig Myers nw wi 1Lig My B nw wi 4 Lndlum Stell wi.. 2 Midvale Co ....... 2 Rosenb 1 Rosal T+ MEE . sinn Tonew dard Motor a1l Cands. .. T8 Lt & Heat. s -8 S Dis nf n er Pipe wi. Pipe pfa wi. wi 1 Waring Hat 4 Wayne Coal 5 24 Warner Rros Pic. 1 Willys Corn st nt 1 Yel Tax Corp NT.. 7 Am Explo-a‘ion ... 30 Arizona_Globe Cop. . 10 Tostan Mot Corp.. i { 2 Cons Cop Minw 10 Cons Nev Utah. 43 Cortez §'Ive 18 Crewson Gold. . 5 | reducod. I FURNITURE STORES ARE STAR, WASHINGTO. WADSWORTH LAUDS MELLON TAX PLAN Treasury Official Says Tax- payers Will Be to Blame if Cuts Are Not Made. Special Dispatch to The Star. BALTIMORE, January 25.—Y*There s too much talk and not enough! work in Washington,” declared El- llott W. Wadsworth, assistant secre- tary of the Treasury, vesterday at the luncheon of the Bond Club of Baltimore at the Emerson Hotel.: “While every one seems agreed that taxes should be reduced, the fight Is over the method of the reduction.” He praised Secretary Mellon’s plan of tax reduction and sald that tax- payers who mako no effort to enlint thelr representatives in active sup- port of the plan are alone to blame if rates are not reduced next year. “Lowered surtaxes will cause great- er nvestments in taxable securities, and increase government revenue, without adding further tax,burdens to_investors,” said Mr. Wadsworth “The high surtax defeats its own ends by allqwing greater net {ncome through tax-exempt securities.” Mr. Wadsworth outlined the finan- clal status of the Treasury, declaring that the national debt and annual interest payments were fast being The policy of paying off debts adopted alone among nations by the United States had brought about conditions where tax reduc- tions were possible, he sald. Mr. Wadsworth yald that continued cutting of expenses and practicing frugality in government expenditure might eventually make this country a debt-free nation, as it was for a foew years mrior to the Mexican war. FOREIGNERS MAY TAKE STOCK IN WARSAW BANK Polish Government to Have Part in Financing—Heavy Sub- scriptions Expected. By the Associated Press. WARSAW, January 25.—Individual subscriptions for stock in the new | Polish bank of issue will be accepted only In gold or forelgn currency to a maximum amount of 100 zlotys or $19.30. Forelgners are permitted to scquire an Interest subject to the veto of the president. Government participation is fixed at 25 per cent, but {f, when the books | close, 60 per cent of the desired capital of 100,000,000 zlotys has not been subscribed, the govern- ment will increase ifs interest and the bank will cease to be & private institution. | However, the cabinet expects the. manufacturers and business men who have insisted that the bank be pri- vate will subscribe largely. The| subscription lists, which will probably | open Monday, wiil close on March 31, but the government may open the bank before that date. Before You Invest—Investigate. Ever notice that the fellows wh try to get rich quick are alway broke? IN TOO SMALL TOWNS! Investigation Shows Waste Present Distribution Methods in Ohio. Spectal Dispateh to The Star. NEW YORK. January Z5. ample of possible waste in tion has been established marketing division of the Interna- tional Magazine Company by a re- search of the furniture business. In the state of Ohlo alone out of 1.535 furniture retailers listed off- cially, 438 are located fin com- munitles too small to support furni- ture stores. Consequently these 438, in addition to beimg furniture dealers, occasfonally are also undertakers, general stores and hardware shops. In other words, 29 per cent of the retailers listed as furniture dealers— and usually covered by manufacturers in their selling and advertising cam- paigns—is a possible waste. . in! | subsidiarjes provide for the raising of $1,000,000 | D. C, FRIDAY, JANUARY 25 1924 Tips for Taxpayers No. 23. ‘While the word “depreciation” is not used in the revenue act, it provides that in computing net in- come, there shall be allowed as deductions reasonable allow- ance for the exhaustion, wear and tear of property used in trade or business, Including a reasonable allowance for obsolescence.” In claiming depreciation, the following fundamental principles must be observed: Only such de- preciation as results from the ex- haustion, wear, and tear of prop- erty resulting from its use in busi- ness, trade, profession, or voca- tion is allowed. Depreciation in the value of the taxpayer's home or property, such as an automobile used for pleasure or convenience, cannot be claimed. Reduction of value due to changes in the soclal or business condition of a nelgh- borhood, or change in street grade, or fluctuations of market, value can not be claimed. Depreclation in the value of land, whether im- proved or unimproved, cannot be clalmed. Depreclation may be claimed on all business property, which in- cludes not only busldings, but ma- chinery of u permanent character, automoblles, farm tractors, mine and mill equipment, office furni- ture, and books. The value to be cared for by depreciation 1s the cost of the property. However, in the case of property acquired prior to March 1, 1913, the deduction shall be computed upon the basis of its falr market price or value as of that GREAT NORTHERN R. R. 1923 EARNINGS JUMP] Southern States 0il Case Near Ad- justment—Other Wall Street Briefs. By the Amcciated Press. NEW YORK, January 25.—Net Iin- come of the Great Northern Rallway Company for 1923 {s estimated !n the preliminary report of the president at $18.000,000, as compared with $10,- 856,6 in 18 The earnings are equivalent to .22 a share on the $249, 50 outstanding stock. Reorganization plans of the Habir- shaw Eiectric Cabie Company and have been amended to additional cash with which to meet texes, .obligations and liabilities of reccivership and to furnish additional working capital for the company. Official announcement is expected | 8con of settlement of Southern States Oll stocks contracts left unfulfilled when trading in_the stock was suspended on the New York curb market a month ago. Terms are understood to provide for the accept- ance by New York Stock Exchange with brokers and firms of part cash and part col- | lateral for their securities. The Stewart Warner Speedometer Corporation is negotiating for the purchase of the Jones speedometer plant, affliated with the Johns-Man- ville ' Corporation, it was announced today A stock dividend of 331 per cent has been proposed by the Brooklyn City Raliroad Company. It announced today that it would apply to the transit commission for authority to issue $4.000,000 additional capital stock. which it would issue to stock- holders who had foregone dividends in greater amount in the past. GOODS MOVE FASTER. Mercantile Buying Shows Gains All Over Country. NEW YORK. January 25.—The re- vival in mercantile buying which came in with the new year continues unabated, according to the weekly merchandising activity report com piled by the credit clearing hous Buying this week, the report show gained 3.6 per cent for the country s a whole over last week, which, in turn, showed a gain over the previous week. All sections of the country showed gains this week, ranging from 1.4 per cent in the mountain section|to 25 c to 5.8 per cent on the Pacific coast. o FORD PRODUCTION PLANS. 1 | | yards NAMING NAVY SHIPS IS JOB FOR FRANCE Designations for Cruisers, Destroy- ers and Submarines Prove Tax on Ingeunity. ITEM IN DEFENSE PROGRAM Vessels Permitted Under Washing- ton Naval Agreement. By the Associated Press. PARIS, January 25.—French In- genuity has been severely taxed in the choosing of names to be gliven to the three cruisers, six destroyer: twelve torpedo boats, six submarine crulsers and six submarines for coast defense now in course of construc- tion as the first part of the naval program allowed undecr the Washing- ton naval accords. The names of renowned admirals of the French navy were resurrected and will be carried again to the con- fines of the far seas which they vis- ited while alive by the three fast cruisers, one of which, the Duguay- Trouin, was launched last August. The other two, to be known as’the La Motte-Picquet and the Primau- g:e!.h Wwill be in commission during the first months of 1925. They are 8,000-ton ships and are expected to develop a speed of thirty-six to thir- ty-eight kuots an hour. wila \ofimals of the jungle were o service fn th 1 the grim dentroye sicistning ey are the Jaguar, the Pai the Tiger. the Leopard, the Lyax i the Chacal. The first two will come out of the Lorient shipyards Decem- ber, 1924, and January, 1925, respec- tively. The last three are being con- structed at Saint Nazaire and the Tiger at Nantes—in the reglon wheres Clemenceau was born. They will all be ready for service before April, 1924, If the twelve torpedo hoats now in course of construction are ever gath- ered together into the same fleet the report of the admiral in command Wlil read like a recital of all the at- mospheric disturbances ever recorded upon the seven seas. The Bourrasque {Squall) will be launched at Dunkirk Maren, 1025, e Cyclone and the Mistral—a cold wind from the north which brings chills to the Riviera several times a ‘car—will leave Havre shipyards February and Aprll, 1925, The Orage (Storm) and ‘the Ouragan (Hurricane) are in course of con- struction at Caen; the Simoun and the Sirocco at Saint Nazaire; the Tempete (Tempest) at Nantes; the Tornade (Tornado), the Tramontane 2 northern wind blowing over the Mediterranean from the Pyrenees and Alps—the Trombe (Waterspout) at Dordeaux and the Typhoon at Har- fleur. These will all be turned over to the ministry of marine by the bufld- cre during’ the first six months of The original namesakes of the six submarine cruisers will have an op portunity of reading their own nam on the bows and sterns of the ocean- of £oIng subs, as they cavort about their | larger steel comrades. The Requin (shark), the Souffleur (a species of vhale), the Morse (walr val (narwhale), are being built with all speed at Cherbourg and will take the water this year. The Brest ship- are putting the while the Dauphin (dolphin) is prac- tically completed at Toulon. Gentler names of a more feminfne nature have been chosen for the six weaker submarines. They will b called: the Ondine (watersprite), the Ariane, the Circe, the Calypso, the Sirene, and the Nalade, They be finished in 1925. CRUDE OIL PRICES ARE AGAIN BOOSTED Pittsburgh Announces Advances of 10 to 25 Cents on All Grades—Quotations. By the Associated Press. PITTSBURGH, Pa, January 25— All grudes of crude oil, quoted {n the market here were advanced from 10 ents a barrel today by the leading purchasing agents. The new prices are: Pennsylvania grade oll York Transit Company lines and in New the Nar. | finishing | | touches on the Marsouin (porpoise), | wilt { FINANCIAL. “GLOS” NEW TRADE NAME. Goods Men Adopt Term in Place of “Artifical Bilk.” NEW YORK, January 25.—Arti- ficial silk will no longer be used to designate the various cellulose fibera that formerly passed under that name, by deoree of a special com mittes representing flve trade asso. ciations that have been working for close to a year to find a suitable name to replace “artificial silk The new name chasen 15 “wlos. This generic_term was announced yesterday, following a_final meeting of the committee on Wednesday at the offices of the National Retall | Dry Goods Assoclation, which {nau- gurated the move to find a name that would be more expressive of the fiber than artificlal silk. The trade has taken the stand that “gloy’ is not a substitute for real silk, but a fiber that is entitled to a name and place of its own. s iig: AR SALES DROP IN SOUTH. New Orleans Reports Weather Greatly Retarding Business. Bpecial Dispatch to The Star. NFW ORLEANS, January 25—Cold, wet weather is restricting sales of mer handise in the country districts. Salesmen have been unabie to move | froely, and farmers are backward in crop preparation. Very few of them have completed arrangements for 1924 financing, and this has had a tendency to reduce sales and to make country mershants more conservative in stocking dry goods. hardware, shoes, clothing and hats. The weather, however, has stimulated sales of overcoats, heavy _underwear clothing in the clty. —_— FEAR AUTO SALES DROP. Dealers Worrled on Limiting Al- lowances on Used Cars. Special Dispatch to The Star, ATLANTA, January 25—Although automobile sales have been good since January 1, considering the weathe; some men in the trade expect that restrictions on the allowances for used cars, which go into effect Feb- will check the volume of business. However, all the space at the southern automobile show has been disposed of, and some local dealers are preparing for the largest spring business they have had since the war. Dry and -~ Eskimo dogs haul sleds at from twenty to forty miles a da: | Trust Phone Main 1403 JOINS -CHEVROLET STAFF. - — DAYTON, Ohlo, January 25.—R. H. Grant, president and general man ager of the Delco Light Company, has been appointed assistant to .the president of the Chevrolet Motor Company, to announcement made at the offices of the General Motors Company today. He wiil ‘l‘li sume his dtties February 1, but wi not relinquish his interests here. Money to Loan Becured by first deed of trust on resl estats. ';D'I\"nl interest and commission. Joseph I. Weller 3745 & § ¥%" Mortgage Money to Loan On Real FEstate. Let us finance your property. FIRST MORTGAGE NOTES For sale. Consult us If you have availsble funds for ipvestment. THOS. E. JARRELL Member Washington Real Estate Board 837 Woodward Bldg. —of 23% net on the cash in- vestment. A modern Apart- ment House near Dupont Cir- cle, containing 24 apartments rented at less than $I5 per month per room, assuring steady income of $15,300 Annually ‘We will gladly tell you more about it. QUINTER, THOMAS & COMPANY Real Estate Financing 819 15th St. .W. Main 8416 We Have Ample Funds For the Purchase of First and Second Notes and Collateral Notes Secured on Real Estate ‘ Construction Loans Made at Reasonable Rates Real Estate, Mortgage & Guaranty Corp. 26 Jackson Place Washington, D. C. ment. SIMPLICITY FIRST MORTGAGES —secured by income-producing real estate are not only safe, but the simplest form of invest- 20 Diamond8d B Batie . o3 Do'ores” Fuper....0 Just a mortgage promising after a definite period of years to pay a certain sum secured by deed of trust and safeguarded by restrictions which our 31 years of experience in the mortgage business have taught brokers. This is in addition to quantities of the staple bought os- : tensibly by German firms and re * shipped to Russla through Germany. $800,000 BOND ISSUE BY POWER COMPANY DETROIT., January 25.—The Ford Motor Company’s February produc- tion schedule has been set at 8,260 ! cars and trucks a day, practically the, same as January. This schedule| means a production of around 210,000 | vehlcles in January and 205000 in Fotruary. SUGAR AGAIN CLIMBS. Over a | FURS BRING $2,000,000. Big Auction Sales Concluded in New York. NEW YORK, January ~The major furs offered yesterday, the closing day of the raw fur auction conducted by Frederick Huth & Co. 8733 Mérgeathater Linotzpe—1 st 157. ingion Rws. & Elec. 45—$§1,000 at 71%. pital Traction—2 at 96%. 1 at 90 ston Mouotype—3 at 2%, b at 723, ashington Rey. & Elec. prd—10 at 5%, 7 at 5% Money—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices, Bradford district oil in National Transit Company lines, $4.25; Penn- sylvania grade oll in National Transit Company lines, Pennsylvania grade ol in_Southwest Pennsylvania Pipe lines, Pennsylvania grade ofl in Eu- reka Pipe Line Company lines and Pennsylvania grade oll in Buckeye Pipe Line Company lines, $3.75, an advance of 25 cents each. 40 Goldfleld Cons.. . . 20 Goldfleld Deap_ Min 5 Golden Cscle Mine. 0 Hardshell Min..... . Hollinger s 2 Hecla " Mine = 40 Tudependence Load. . 10 Indian Mine .. - 2 Jerome "V Develop. 20 Kelly Bxt Mines .. . Quarter of a Century Without 4 ¢ v \ Annapolis and Chesapeake Bay Funds Are to Pay W., B. & A. for Plant Improvements. BALTIMORE, January 25.—An $800,- 000 issue of Annapolis and Chesa- peake Bay Power Company first mort- age sinking fund series A 6 per cent Bold bonds, due June 1, 1948, is being offered today by a syndicate com- posed of Otis & Co., Coftin & Burr, Inc, and Brooks, Stokes & Co. The bonds are offered at 95 and interest to_yield 6.40 per cent. The stock of this company is owned and the property is managed by the Washington, Baltimore and Annapolis Railroad Company. Prior to 1923 the company was known as the Annapo- lis_Public Utllities Company. The rporation does the entire electric lighting, power and gas _busineas in and around the city of Annapolis, supplying electricity to Laurel, Bowle, Glenburnie, Harmans and other com- and_also to the United adio Station at Annapoll proceeds of the bond issue are 10 e used to reimburse the Washing- fon, Baltimore and Annapolis for advances made to take care of t crection of a new and up-to-date plant at Annapolis in 1921 and for re. cent expansions to the property, and also to retire an outstanding issue of $188,000 Annapolis Gas and Electric Light'Company bonds. The Erowth of the business of the Annapolis and Chesapeake Bay Power Company Is Indicated by an increase in grose earnings from $68.161 in 1913 | to $323,556 for the year ended Novem- | ber 30,'1923. Net earnings of the com- pany for the year ended last Novem- ber were over two and one-quarter times annual bond interest require- ments of issue DRY WEATHER DEPRESSES | TRADE IN FAR WEST Epecial Dispatch to The Star. SAN' FRANCISCO, January 25— The unusually dry vear in California is having a depressing effect on wholesale trade In nearly every line. Stockmen are faced with heavy lozses and buylng by farmers, it is estimated, has decreased from 25 to 50 per cent. Precipitation is about 400 per cent under normal. Auto sc- cessory dealers report a decline. | Wholesale butchers declare that an | early rise in the price of lamb and b;etalul lne\;lubl;, Farmers are| abandoning plans for the pu: of new equipment, purchage PARIS MAREET STEADY: PARIS, Janusry 25.—Prices were steady on the bourse today. Three yler cent rentes, 54 francs 25 cen- times. Exchange on London, 93 francs, 50 centimes. & Five per cent loan, 70 francs 75 centimaes. hm dollar was quéted at 22 PUBLIC UTILITY. Aweriean Tel. & Telga. ds. American Tel. & Teiga. 4% AmeTel. & Tep. ctl. tr. da. Am: Tel. & T, s Amucostia & Potomac Auacostia & Potoma; ¢""&". "Teiepboue Gx & & P Telephone of Gapital Traction &. B. City & Suburban 3 Gearsctown Gas 1 Setitan Potomac Elec. st S Fotomac Ele. Elec. Pow. 1., Alex, & Mt. V Alex. & Mt. Ve Balt. & Anoap. Gs. ngton Gas Bs. ngton Gas_Ge. wy. & Blec. MISCELLANEOUS. w Washis ‘Wash. STOCKS. PUBLIC UTILITY. American Tel. & Telg Capital Tracti w hlnll:nwg Wath. ¥y & Elec o Capital jumbla Commercial Federal-Americ Liberty Lincoln Natfonal B Natlonai ‘Bask of Washington. TRUST COMPAN merican Security & Trust. Continental oT: Merel ted Btates. e gton Mechanics’ 3 FIRE INSUBANCE. American ~ Sircmens National US! TITLE INSURANCE. Soal Botata " e MISCELLANEOUS, Paper pfd...... < hents’ Travsfer & Btorag D..‘C reenthaler Linotype. francs | y, £0 MeKin Dar 0 Mohican Cap 20 National Tin ew Dominton Cop Jervey Zinc.. Y Porcupine Nevada THIl - s Ohlo Conpe 10 Silverdale 10 Simon Silves 01 120 Spearhead Gold . 1% a* & United Yerde Ext.. 30 G 8 Contln new wi 20 Vie Divide Min. o1 10 Walker Mine 3 7 Wenden Conper . 1 4 West End Consal.. 64 10 Wett Lorrain Silver .20 20 TREASURY CERTIFICATES, (Quotations furnished by Redmond & Co.) ~~——Nooa.. Rate. Mat-rity. Bid. 41s March 13, 1924, 414s March 15, 1024, 48 June 16, 1t 5%s June 13, 1 8145 Beptember 13, 43s December 13." 1924 March 15, 1625 Ofter. 1003-33 20.8: 101 532 1002132 101 932 100 2582 —— SHORT-TERM SECURITIES. (Quotations furnishea by Redmond & Co.) ~—Noon. o Amer. Ts 1925, Amer. 7a 1933 == | Aluminum Co, Aluminum Co¥of American Suj American Tel. & Tel. 8s 1925. Anaconda Copper 8y 1929, B Anglo-American OIl 7igs 1975, Rafiimore & Ohlo G 3 Canadian Northern Si4s 102 Central Argentine Rw¥. 6s 1 ‘Central Leather 5s 1923 Cbi., R. I & Paclic 3% Du Pont 7%s 1931 Edieon Iil. of Hoston Sts 1 Federal Sugar Ref. 65 1933. isher Body Corp. 68 1927 sher Body . Ga 1928, Goodyear T. & R. 85 1931, Great Northern Ts 1036. Hocking Valley 6s 1924 Hymble Oil 5is 1832, Eennecott Coprer 18 Libby, MeNell Michigan State Tel. M., St P. & 8. Morris' & Co. 7 Penga. E. t & Coq k! 1024, ik - Cas 8. Rubber 7 ‘Western Unioh ‘Westinghouse E. YORK EGG PRICES. NEW YORK, January 35.—Eggs— Steady; veceipts, 11,434 casel Jersey and - other _hennery whites, closely selected, extras, 54aS5; stats, nearby and nedrby western hennery T e firata 10 sxire Avets, (Tas0 0 00 ! Smackover fleld will be inaugurated in brought close to open market price. Stone marten, opossum and musk- rat were the chief features of th day, and bidding on all three was keen and spirited at times. Russian sable sold falr, marten was strong and_baum marten also sold well. A £mall offering of Alaskan seal showed | a lack of a market for this article. About $2,000,000 worth of raw furs| were sold in the four days of thej auction here. 1 BANKS GAIN STRE_NGTH. NEW_ORLEANS, January 25 (Spe- clal).—Figures compiled by the state banking department show resources of $402,800,000 for the state banks. This is an increase of $38,000,000 in the last year, and is $22,000,000 larger than the 1919 figures, heretofore the! record tota COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY MONROE, La., January 25.—Move- ment of freight by water between New Orleans and Monroe over the Ouachita | river was resumed this week, after a suspension of fifteen years. A barge! line for handling ofl shipments from the a few days. i TOPEKA, January 25.—Announce- ment was made today by the Kanaaul Co-operative Wheat Marketing Asso- ciation that Judge Robert W. Bingham, publisher of the Louisville Courier- Sournal, is coming to Kansas to aid in | the drive to pool 44,000,000 bushels of the 1924 wheat crop. Judge Bingham was a leader in the movement to form the Burleigh tobacco pool. SAN FRANCISCO, Calif., January 25. —Local building material dealers expect 2 slight increase in the price of lime, cement and brick, in the manufacture of which fuel ofl is used, as a result of the advance in California crude oils, They anticipate a slight decline in the price of other materials. 'HICAGO, January 25.—Local retaf ..?m. Teported today that the largest single item in swelling gross receipts since December has been the sale of ‘women’s two-plece suits. The three- quarter length coat has been the most popular. PORTLAND, Oreg., January 25— Demand for potatoes for ‘carload movement is quite favorable here, With prices for No. 1 £.0.b. common terminal at $1.25 a hundred pounds. Growers are showing ‘more disposi tion to-sell CHICAGO, January 25.—Most of the Increased steel tonnage produced in this district i3 going to automobilo; and farm implement manufacturers and to railroads. 1 l ‘to reprovision NEW YORK, January 25.—Raw sugar was firm early today at 6.65 duty, pald, for Cubas, with sales re- ported of 50,000 bags for January and Corning grade ofl in Buckeye Pipe Line Company lines, $1.80, and Cabell grade oil In Eureka Pipe Line Com- pany lines, §1.90, an increase of 15 February shipment to a local refiner. i cents each. Further buying by Cuban interests end a llight demand from outside sources caused another upward move- ment_in the raw sugar futures mar- ket. Prices at midday showed net ad- vances of 5 to 6 points. e DRY GOODS PRICES OFF. NEW YORK, January 25 (Special). —Cotton goods were less active to- day, both fn gray goods and sheet- ings, and some price recessions were noted. Quotations on print cloth got Somerset medium oil in Cumber- tand Pipe Line Company lines, $2.00, and Somerset light oll in Cumbe: {1and Pipe Line Company lines, $2.30, up 25 cents each. Ragland grade ofl in Cumberland Pipe Line Company lines, $1.00, up 10 cents. TE s PENNSY TO ADJUST WAGES. NEW YORK, January 25.—Follow- ing the wage settlement megotiated between the New York Central rail- back to 10% cents for 64 by 60s and {road and fits engineers, it is under- quarter and a half cgn spectively, Thursday. | 12 cents for 63 by 72s, after being a stood that the Pennsylvania rallroad t higher, re- |soon will reach a similar agreement Weakness in | with 20,000 engineers and firemen the Yokohama silk markets sent quo- {and 25,000 conductors and trainmen. tations here down 10 to 15 cents a|The Wwage question will be handled pound. Buying was light. ‘WOOL TRADE SLACKENS. BOSTON, January 25 (Special).— Business slackened in the Summer street raw wool markets today to await _further developments, when it was learned the American Woolen Company’'s heavyweight goods open- {ng had been deferred to January 31. Sales of some wool held on consign- ment were reported, however, among the sales being one of 000 pounds of fine, medium and half blood Montana wool at 51 and 52 cents. Ohi6 quarter bloods are held at 51 cents, against 52 offered. Re- ceipts Thursday were 1,799 bags of domestic. and 308 bales of foreign wool. SAILED CANOES BY STARS FOR TWO THOUSAND MILES From the Los Angeles Times. Hawail's mariners of the olden days surpassed in daring the Vikings of the northern seas. No ages Into the unknown were ever made by the famous “hardy Norse- men” as those taken over -thousands of miles of tossing water by the Polynesians in their canoes. The achlevements of the Hawaliins In the days before the coming of.the white men indicated a high degree of intellectual ability. The men of to. day have tahe benefit of an accumu- lation of knowledge going back for thousands of years, and of al modern instruments and facllities, but the intellectuai ability of the Hawallans of old made up for lack of many modern appliances. ‘The Hn‘vv‘:llanl of old traversed the uncharted seas, sometimes voyaging as far as 2,300 miles without chance their great canoes. Gauging thelr ‘course by the atar they seldom went astray. i ospitals of benevolent societies in MH g‘n maintained from revenue largely derived from lottertes, ich voy- i | | { | i through the employes' representation system. FARM ACREAGE TREBLED. OTTAWA, Ont, January 25.—The acreage under fleld crops fn Canada has almost trebeled since 1900, nearly 37.500,000 acres of new land having been brought under cultivation—an area larger than tkat of England and Wales combined. More than 27,000,- 000 acres, or about three-quarters of the total addition to the cultivated area, was placed under wheat and oats, 8o records of the Dominion bu- reau of statistics disclose. EQUITABLE Co-Operative Building Association Organised 1879 44th YEAR COMPLETED Axsets -84,765,170.52 Surplus 91,248,320\ ¥ Accomplishes Most Systematic saving s the most effective me: of accumalsting money. ° Joint the Kquitable sad save with best results. Subscription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P, REESIDE, See¢y. a Loss. Main 2100 us to demand. B. F. SAUL CO. 1412 Eye St. N.W. handle the funds. l The 61/2 Every man or ‘woman about to invest money should exercise proper CAUTION in the selection of the security, but more par- ticularly in the choice of the firm which is to Our record prompts us to claim that the reason our patrons have never lost a dollar through us is because we always place their interests paramount. and 7% FIRST MORTGAGE NOTES —we are offering today are absolutely safeguarded, and we relieve you of every care and detail. INVESTMENT DEPARTMENT SHANNON 713 and 715 14th Street N.W. -& LUCH Main 2345