Evening Star Newspaper, January 26, 1924, Page 15

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. . L and $100 a month \ { FINANCIAL, §67,000,000 CROPS INGREAT DANGER Japanese Land Laws in Cali- fornia Will Slash Fruit and Vegetable Yields. BY J. C. ROYL Spocial Dispatch to The Star. NEW YORK, January I6.—Spring ‘planting of the ninety-five varieties of agricultural products which have been grown in large part by Japanese in California in the past is far behind the usual time in that state. Moreover, un- Jess some adequate financial arrange- ments can be made by the white land- owners there to meet the situation created by the anti-alien land law, the amount planted promises to be far smaller than normal. These facts have distinct bearing on producers and consumers in other sec- tions of the country, since it is esti- mated that 65 per cent of the fruits and vegetables produced through the agenc, of Japanese are consumed in eastern and middle western markets. Just what this means may be judged from the fact that the Japanese Association of Californfa in 1921 admitted Japanese controlled 230,000 acres of land in the state through cropping contracts, and another 75,000 acres through rentals or leases. The association al that time. when 1t desired to minimize the totals s much as possible, admitted the Japa- e-grown crops had an annual valua- tion of $45,000,000. Crops Values at 867,000,000 At the same wwe thas California state board of $7atrol decluved that | 455,000 ucres = alifo 1 were | controlled by sfpanese, and that the annual value of their crops w 000,000, There are no ‘vffici ures since that time, although s employes who have kent close tra may the acreage controlled up to the lacing in effect of the alien land law had grown to 535000 acres, and the value of their products to $73,000.000. Even with the production placed at the lowest figures the California landowners face a loss in revenue of a large pert of $45.000.000 unless they can induce white farmers to come to California and take the land on shares or can finance themselves so as to be able to employ the Japanese farmers ay day laborers The Japanese farmers have had . scores of urgent offers to transfer “ their activities to ther states where prohibition to the holding of land by men 6° their race does not exist FHowever, nany of them are conteut to remain ead wosk as farm laborers -—but at a definite and sizeable price. Labo™ix Get 3 a Day. The Japanese are demanding a mini- youm of $6 @ day for short-time jobs for stendy work The_ difficulty faced by the own- er lies not only in h to pay these wages, hut in securing sufficient backing to finarte the working of the reage thrown tack on his hand Before the antt nd law apheld by the Un s Supre Court, the Japanese who farmed lands on shares, financed his own agricul- tural activities, All the white land owner did was fn have his land for % o when the crop was sold coll percertage. Now the land owner has to do all the financing and is finding it extremely difficuit to make the necessary arrangement: B As a result of this it is probable that New York, Chicago and bther centers which absorb large quantities of California products will face a scarcity this spring and sum- mer and that consumers feel the effedts in prices. The similar produce from other sections may find a wider market, but a decided increase In pro- duction outside of California is hurd- 1y probable in view of the shortage of farm labor, which exists in nearly every state. Seek Japanewe Labor. So great s this shortage that twenty states have made bids to in- duce the Japancse farmers to migrate to their communities. in most cases have been on a crou share, rental or easy-payment ba and the amount of land involved oxceeds 600,000 acres. *Florida has offered 65,000 acres of fruit and garden truck lands near Tampa and Gainesville. Georgia has offered 33,000 mcres, Mississippi 20 000, Alabama 11,000 and Louisiana over 13,000° A big estate in Dor-| chester county, Md., has asked Japa- nese to farm 2400 acres and owners near Corning, N. Y. desire tenants for 640 acres. Virginia owners will consider proposals _involving 10,000 acres near Norfolk and 500 near| Chester. Offers in Middle Went. The land offered in the midwest in-| cludes 4,000 acres in Michigan, 3,000 in Indiana, 1.000 in Ohio, 10.000 in Wisconsin and an ecual amount in Missourl. Arkansas, Kansas and! Jowa would like to turn over 6.000. 16,000 and 11,000 acres, respectively, to Japanese. In’ the far west, Utah would provide 37,000 acres, Colorado 43,000, | Nevada 11,120, Idako 20,200, Arizona| 11,000 and’ Netw Mexico 110,000. The Tatter offer, however, includcs un- irrigated tracts. er: J . Ask Your Banker How much real value stands back of the stock you are asked to buy? Are you sure that the nice, honest- Jooking stranger is telling you tha truth? Ask your banker to look into what he claims. Tips for Taxpayers No. 24, Innumerable avenues of infor- mation for checking up delin- quents are furnished, the bureau of internal rovenue. One of these is the “information at source” provi- sion of the revenue act. Under this provision report must be made by all persons, corporations and partnerships of payments of in- come to others during the year of $1,000 or more. Information re- turns are carefully checked with the individual return of the tax- payer to whom such payments were made. ‘Thousands of de quent and additional taxes agg: gating hundreds of thousands of dollars have been discovered as the resuit of this audit. The act requires report of pa ment_of all “fixed and determi able income,” such as wages, sal- commissions, royalties. etc. The requirement Is not limited to perfodical payments, but & single paymept of $1,000 or more must be reported. A separate return of information for each employe whose salary or wage for 1923 was $1,000 is required ot employers. Payment for overtime, fees, com- missfons, bonuses and the fair Value of board and lodging fur- nished 8 Part payment for serv- fces should be Included. Fraternal organizations and as- noclations are required to report salaries paid officers. Banks are required to report interest paid or “Ib"l.c & depositor ::«"" total u e year equaled or ex esded $1.000, » Colluctor wuthoriend 1y how roued | These offers | THE EVENING STAR, WASHINGTON, NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN, NEW YORK, January 26.—Opera- tions on the buying side were ag- gressively carried on in today’s short curb market session. New high prices were common in both standard and independent olls. Solar Refining moved over a range of § points and reached 230, against the previous close of 222, Standard of Indlana was actively bought above 67 and special strength appeared in Buckeye, Vacuum, Continental and Ohio Ofl. New Mexico and Arizona W YORK, January 26.—Fol is an official list of bonds nnfl“:t:é“ traded in on the New York Ci Jded in on the New York Curb Mar- Sales in thousan Ttan. 11 Am Gas & Elec 5 & Aunconda: g o0 2038 17 Anglo_Am Fidy 102" 8 Asso Sim Hdw 6iga 02 JMALGEWISS 2 Reaverhoard 8¢ Beth Stecl 7 n Nat Ry E Chic & Norlh & wi Chi M & St P 6 wi 41 Glie T ke o 58 31 e Un Sta 1 G Cit ‘Serv a € T 3 Cit Serv 7s D . Col Gr S part 2 Con Gas Pal BONDS. 7 Eisher Rody 6n 1 Fisher Rody s ‘2 3 Fisher Body Gn 2 Fixher Body_ds Robt 7s . nd Tronk 63, Rubber 72”2 utch Bigs cort Cop ¥ Vil oy R Leather 8¢ New Or Pub S io Tower s 15 Pl Elee Sas ‘33,0 27 Dure 0Nl @i .. & Pub Ser of N J'7x. 5 Pub o Va Ry Co 3s wi... Web Silis ‘610 Russ Govt c 10 Russ Gost 614 63 Ru Govt 83 cf 1 Swiss 18 Swiss Saley STANDARD OIL ISS in_units. 440 Anglo Am_0il 13% 1 Magnolia Pet ) Nat Transit ) Ohio Of new 5 Prafrie 01 & 100 Penn Mex Fuel . Washington Stock Exchange. SALES. Nutional Bank~5 at 200, ntbaler Linotype—10 at 150, AFTER CALL. Washington Gas s '33—$3500 at 1001, $500 065, $1,000 300 at 9%, $1.000 1.000 at 9315, $4,000 pital Traction—10 at 9675, 10 at 961, 0 at 06, 10 at 96. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid. AU, capital Traction 5e—8$1,000 6%, $500 at 988 S1.000 at 96 ngton Asked. 94 Am, X Anacostia & Potomac 5t Anacostia & Potomac g 5. & P. Teleplone & P. Telephione Capital Tract.on City & Suburban 5s. getown Gas Iat 58 Metropolitan . R. Bs. Potomac Elec, Ist 5s. c. Pow. g m. Alex. & Mt. Ver. ba. Alex. & ME. Ver. ct Balt: & Anoap. 5 o Papee Mrg. 6s. Riggs Rerlty o3 (lon Riggs Realty 5 (short] Wash. Mkt. Cold Storage rk Hotel s, STOCKS. PUBLIC UTILITY. American Tel. & Telga. Traction. pi ashington_Gas orfolk & Wash Bu..ll Steamboat. com. Terminal Taxi com, NATIONAL BAN! C District Farmers & Mechanics' Federal-American ot Washington... TRUST COMPANY. American Security & ‘Trus Trust ¢ Bank . & SAVINGS BANK. Commerce & Savings. ast Washington.. arity Savings & Com. eventh Street. American Corcoran Firemen's .. National Union. MISCELLANEOUS, D. C. Paper pd. Merchants' Transfer & Stovage. Stergenthaler L Ola Dutch 3t 1d_Dutch B FIGHT RIO GRANDE PLAN. Colorado Officials Call Railroad Re- organization Unfair, Attack on the reorganisation plan of the Denver and Rio Grande West- ern rallroad, now in receivership, be- fore the Interstate Commerce Com- mission was resumed today by Colo- rado state authorities. Attorney General W. C. Willlams argued that physical valuation of all properties owned by the Denver and itlo Grande Westérn Company Indl cutes n worth of approximately §109,- wanisation he of the railrond | for about 3 ritles having a Cotal par viulue of §130.000,000, und, In ndd it Lo lwsuo 300,000 shares of 1 which no her value J 3 attors 1o the peaple of Land, Gulf Oll. of Pennsylvania and Pennock were the most prominent in the independent group, the first pamed gotting to a new top around , while Guif Oll continued to feel the effect of recent crude oil price advances. The buying of New Mexico and Arizona Land was based on bellef that, according to progress of devel- opment work, & new ofl fleld will be proven up in this territory in the near future. Oll shares, generally, however, came off from the top in the last half hour under profit taking. Motor stocks continued to lag be- hind the rest of the market, while mining shares also were exceptions to the general tendency. 285 Prafrie P L 300 Rolar Refin 40 Routh Penn Ofl 11400 R O Tndiaua 20 Routhern P L 1110 600 80 Kansas new.. 500 8 O Kentucky 310 & O Nehraska . 21008 0 N Y new . % 150 8 0 Ohio . . 835 5000 Vacuum Ol new.. 64% O4'§ Sales INDEPENDENT OIL STOCKS. s. 2 05 L 1o Tom? Lim 715 0 00 i 7 Ark Nat Gas .00 6% 10 Atlantie Guif Oil.. 1% % (3 1 1 3 D . Cities Service 158 Cities Service 70! 2 Cit Rerv pfd [ 5 Git Berv B cts 40 Engineers Pet 2 Glen Rock OIl 20 Gulf Oil of P: Kevstone Rauger. Mount Prod Mutual Ofl Vot cfa 3 1 Kid Penn Tieaver Ol Pennock 011 S Phil Pet new wi... Salt Ck Prod. K va Refin ol Am G & El new wi Brit-Am Tob Cou... Relyn City R R... “andy Prod Corp wi NIp B tr new wi Dubilier Dunhill Intl Inc. Durant Mot. Gillette Saf Raz. Gold Dust Corp w 1. oodyear Tire. Hud & Man R Rpf. Lehigh Pow Sec Lehigh Val Col.. Ieh Val new w Lehigh Ruwy rt Leather Park & Tilford. Radio Corp Rudio Corp pfd Singer Mtg Standard Moto Transport Trick Un_Retail Cand: MINING. Canarlo Copper ... Diamondfid B8 Butte. Eureka Croesu; Independence 1 Kelly McKin D Mohican Cop : New Dominiou Cop. 35 Ohlo_Copper. 0 Silverdale 2 07 a4 18 11 United East 20 U R Cont new w 1. 30 Victory Divide Min, 90 Wettl Lorraig Siir.. RATES ON BAR SILVER. NEW YORK, January 26—Bar sil- ver, 63%. Mexican dollars, 48%. LONDON, January 26.—Bar silver, 33 9-16 pence per ounce; money, 2 per_cent; discount rates short bills, 3 5-1a3% per cent; three-month 3 7-18a8%; per cent. bills, DRY GOODS VERY BUIET NEW_ YORK, January 26 (Spe- clal).—The market for cotton cloths was very quiet today, with no change in prices. Quotations on 64x60s were 10% cents and on 6Sx72s, 12 cents. The raw silk market also was quiet, both here and Yokohama, with prices slightly lower for cantons. WOOLEN OPENINGS AWAITED. BOSTON, January 26 (Special).— The wool market wound up a quiet week with trading very dull today. Prices, however. were fully main- tained. The duliness is attributed to mill resistance to present levels and to the desire to await the American Woolen opening next week. Terri- tory wools are in good demand. FOREIGN EXCHANGE. (Quotations furuished by W. B. Hibbs & Co.) Nominal Selling checks, London. pound. Mont Parls, a thousand 818 Stockholm,” crown. By the Assaciated Pres NEW YORK, January 26—Foreign a'xchnnxss irregular. Quotations (in United States dollars): Great Britain, demand, 4.22 13-16; cables, 4.23 1-16: sixty-day bills on banks’ 450 -6 France, demand, 04493 ; cables, .0450. Italy, demand, .0433%; cabl S43¢. Belgium, " demand, 0405 s, .040536. Germany, Z $00800000000023: cablom, 0005600005005, Holland, demand, .3705;: Norway, de- mand, .1370; Sweden, demand, .258 Denmark, demand, .1614; Switzerland demand, .1725; Spain, demand, .1268: Grecoe,” demand, .0195; Poland, de- mand, .00000012; Czechoslovakia, de- mand, .0289: Jugoslavia. demand, |01 Austria, demand, -000014; Ru; i fl;ml_ d, .0050%: Argentina, de’:'na:‘r:s. .3262; Brazil, demand, .1100; Tokio, demand, .44%; Montreal, 971 < COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ST. PAUL, January 26.—, - mately $1,000,000 will be l::::-oxbjy the Great Northern rallroad this year for additional safety appliances, of ‘which $350,000 will go for an auto- matio train control test ordered by the Interstate Commerce Commission, CLEVELAND, January 26— 1and automobile parts mmurucu‘n?-:; expect to profit from the increased Schedule of production of the Ford company. The Cleveland Hardware Company, now operating at 90 per cent of capacity, is instaliing new equipment to meet the demand. KANBAB CITY, Janu heavy recelpts of "Ye hogs have resulted In fur declines in the wholesale prices for fresh beef and pork cuts in this.market. JACKSONVILLE, Januar; Florida, below the freesin ’lln:.’ s virtually the only part of the south east where ‘agricultural interests have not suffered severely from un- favorable weather In the I ten days. Those s¢ctions which did not experience severe cold had farm work delayed by heavy raine. AKRON, Ohio, January 26.—Ti; - duction 1 holding about steady here at the rate of 95,000 tires u day. Some plunts are speeding up balloon tire output and the present schedule calls L500 of this type daily, Junuary | 4-—Michigan 1 26.—Recent CHICAGO, Unemployed Funds BY -STUART P. WEST. Spectal Dispateh to The Star. NEW YORK, January 26.—In this dispatch two weeks ago the statement was made that the impelling motives in the Wall street situation were three fold. First, there was the ex- pectation that business reports would steadily grow brighter as they usual- 1y do on the approach of spring. Sccond, there was the accumulation of unemployed funds in the money market. Third, there was the Im- proved feeling regarding politics which meant not only confidence that no radical legislation would pass at this session of Congress, but also that nothing seriously upsetting to busi- ness would come out of the presiden- tial campaign. The same analysis applies to the position now after a week of rapidly rising prices. Emphasls should be particularly laid upon the piling up of money supplies. There have been no very large fssues of securities like there were a year ago to take up the slack. Neither has there been, nor does there seem likely to be, a trade expansion sufficient to require a 1ot of new mone, Consequently the supply of available funds exceeds the demand, with the result that the un- 1 surplus is pouring into the in- 1 to some extent ulative quarters. tes to Lower Rates, Money rates have been tending downward, and the possibility has been suggested that federal reserve rates, especially those at New York, will have to be lowered accordingly. The reserve board is fighting against this step for fear that it would be considered an invitation to specula- tion to go ahead under full steam. The alternative is for the federal re- e banks to exercise their control T the money market, as they have been accustomed at times' to do, through_operations on security ac- count. By selling some of their se- rity holdings they force the outside rket to devote part of its surplus funds to absorbing these offerings. In other words, by this process they create more of a demand for money and thus tend to prevent undue do- cline in rates. Precisely the opposite occurs at periods of threatened strain. Then the reserve banks turn buyers and help out the money market by taking off its shoulders part of the load of se curities it has had to carry. This is the reserve system in action, pattern- ed after the great central banking systems of Europe. The trouble now at security holdings of the re- rve banks are low and hence their powers of control through the sale of these holdings, is not what they ordi- narily would b Business Situation Healthy. Tho general business situation con- tinues to work out along the line ex- pected. There is no rush to buy be- cause there is no deficiency of gods. As the result there is no pronounced rising tendency in prices. The char- WEEK SEES STOCKS BOUND FORWARD Industrials Rise While Funds Are Plentiful and Money ° Rates Remain Low. rilowini into sp Board Hest | By the Associated Press. EW YORK, January 26—Prices of Industrial stocks bounded upward this week, buying being influenced by a plethora of funds at low rates for stock market purposes and a series of favorable trade developments. Ralls lagged behind the rest of the list, announcement of wage Increases by some of the eastern roads and the renewal of agitation for a decrease In freight rates on agricultural prod- ucts having a dampening effect on speculative sentiment. High-priced industrials were in good demand at rising prices. Gen- eral Electric sold at its highest price in more than twenty years and Corn Products, National Lead and Ameri- can Can created new high records for ail time. Accumulation of these is- <ues was based on speculative expec- tation of extra dividend disburse- ments. Ofl Advance Checked. Ofls showed temporary strength in response to another series of crude oil and gasoline price advances and a Yurther reduction in crude output. but the upward tendency was checked somewhat toward the close of the Week following publication of the testimony involving ~Pan-American and Sinclair companles before the Senate committee investigating leases on naval ofl reserves. ‘Steels started for higher ground on reports that new orders were exceed- ng shipments and that the price trend for iron and steel products was defi- nitely upward. U. S. Steel common reached jts highest point since last spring, and a number of the independ- ents aiso made good gains. Fresh Buying in Sugars. Prospects of higher sugar prices and a resumption of dividends by some of the producing companies brought con- siderable fresh buying into the sugar shares, which developed marked strength. Coppers stiffened on higher prices for the red metal. Motors and motor accessories were subjected to bear attacks by prominent speculators, but they showed good recuperative Chemicals turned heavy on blication of relatively ~poor ts by one of the larger powers. the pu earnings repor companies. Lehigh Valley was one of the most } active railroad shares because of the speculative possibilities arising out of the segregation of its coal properties. Speculative interest in some of the western roads, particularly Frisco, was increased by the possibility of oll dis- coveries in their land grants. SHORT-TERM SECURITIES. (Quotatioas furaished oy Redmond & Oo) . G Clowe Atuminum Co, of Amer. Te 1035, 1031 100 101 121 102 101 100, ey 7s 1933, o7 Jumis Co. of Amer. 75 an‘;ml\:‘l::r !i':lton ;).II ‘a-“xm e ugar o Alcrican Tol & Tel, Os 1033, Anaconda Copper 8s 1029.. Anglo-American Oil 7' Bafimore & Ohlo 6 1024 g Northers, 54 1054 8 n Cent, Ilml' s 11 Obl., R. I & Pacifie & Du Pont 71 1081 1 %! nlle; Hoetbee o lge 108, euhecott Copper To 160 oy, & Ly [ in e Tol de 1024 WO O L T mu" it B ™ 10y D. C., SATURDAY, JANUARY 26, 1924. Piling Up of Money Supplies Biggest Factor in Wall Street Lead to Very Heavy acteristics of January, 1923, are whol- Iy absent. Business men have learned their lesson and are very careful about buying much ahead of immedi- ate requirements, but this is alto- gether a welcome thing. 8o long as it Continues there can be no fear of inflation or over expansion to be fol- lowed, as was the case a year ago by more or less severe relapse. Examining the main features of current trade, they are satisfactory but contain nothing to be enthusi- astic about. Steel orders are on the increase, production is up to 80 per cent of capacity and yet new orders are running ahead of output. On the other hand, the steel companies have Not been able to pass on to their customers the whole increase of costs which they incurred last year through raising wage scales “and changing from the twelve to_the cight hour day. Copper prices have hardened somewhat, but there is no chance of copper producers making much money at the current price level, and there is little chance of much of a price advance while out- put continues on the present large scale. Rafironds Spend Less Than Year Ago. It {s well confirmed that the rall- roads will be spending less on cars and locomotives than they were a vear ago. Consequently, the equip- ment makers cannot expect to make the profits they did in 1923 ~The succession of price increases in the oil trade has completely changed the outlook for the ofl producers and re- finers, Many of theso companies find themselves with large stocks of low- cost oil on hand with a resultant big advance in inventory values. The prospects for the sugar trade also look bright, because the market for sugar futures indicates the expecta- tion that the sugar producing com- panies will get the same highly profitable prices they recelved last year. ¥4I the meantime, Judged by the data of rallway carloadings and bank clear- fngs, the general business volume is running about level with a yea: which means that it is quite att! tory, although nothing extraordinary. European Situation Still Uncertain. Interest in the European political and economic situation has “quieted down for the time being, and the ex- changes have ceased to fluctuate with the violence to which the financial community has grown sccustomed. There has, however, been very little recovery, and_the proper conclusion is while there Is not the acute ty of a fortnight ago, the future Tegarded as still very uncertain. In eat Britain the disposition is to it, the full program of the new labor ministry. In France the inclina- tion is to awalt the outcome of the contest already begun in the French chamber over the proposal to increase taxes. The government is certainly not go- ing to have plain salling in putting through its plans for balancing the extraordinary budget. If it falls to do S0, it is hard to see how renewal of the decline in the franc can be avolded. If it succeeds and so becomes inde- pendent of German reparations, the franc should be definitely stabllized. (Copyright.) FOOD EXPORTS DROP, OTHER GOODS GAIN Above Shipments Abroad Dur- ing Previous Year. Foodstuffs exported in 1923 de- creased from the total of the preced- ing year, but increases in manufac- tured goods and crude materials brought up the total of exports to a point well above 1922. Imborts for 1922, though considerably larger than those of 1922, were almost identical in the proportion of commodities taken, Department of Commerce figures made public today show these com- parisons: Exports—Raw foodstuffs, § 000 in 25 foods ready for consumption, $583,366,000, against $587,987,000; raw materfals for use in manufacturing, $1,201,952,000, against $081,355,000; nanufactured commodities, §1,478.- 198,000. against $1.292,307.000; partly manufactured goods, against $437,730,000, Imports—Raw foodstuffs, $362.791,- 000 in 1923, against $329,809,000 in 1922; foods ready for _consumptlon, $529,577,000, against $387,419,000; raw materiais for use in manufacturing, $1,389,033,000, against $1,161,075,0 manufactured commoditles, $770, $552,677,000. STOCK SALES STOPPED. Ban in New York. restraining the Sanitary Service Cor- poration, a Delaware corposation, from offering for sale any more of its capital stock was_ signed yesterday by Supreme Court Justice Guy. The Sanitary Service Corporation was capitalized for $24,000,000, of which_$760,000 had been issued. Of this $350,000 represented certain pat- ent rights. The public, papers filed in | the suit sald, had invested some $160,- | 000 in the concern, which was &0 in- ivested as the result of fraudulent practices. The allegation was made that the corporation was insolvent. it TWO0 REPORTS FILED. CINCINNATI, Ohlo, January 26.— The assets of Channer & Sawyer, de- funct Cincinnati brokers, total $342,- 507, it was announoced yesterday by Thomas H. Morrow, receiver. Two separate reports of the llabilities of the firm were made by the auditors for the recelver. One report, with August A. Steinkamp, Cincinnati fur- niture dealer, as a creditor, gave the liabilities as $1,132,374. The other, with Stelnkamp as a partner, esti- mated the liabilities 3686,856. Commerce Finds 1923 Totals Well 1923, against $458,611,000 in | $563,722,000, Sanitary Service Company Under CORN PRICES SOAR ITONEWHIGH MARKS Trading—Business Reports Improve. " |Grain Vies With President in Less Worry Over Congress. Giving Aid to Farmers Dur- ing Past Week. By the Associated Press. CHICAGO, January 28&—Corn vied with President Coolidge this week in giving ald to the farmpr. The corn market continued to surpass previous high price records for the season, and carried other grain values upward— oats as well as corn reaching a new tcp record. Indications were that winter accumulations of corn at Chi- cago and otker chief distributing centers would be the smallest in years. Compared with a week ago, corn this morning was lall to 1% up, oats unchanged to 1% higher, wheat at % to % gain, and provisions varying from 30a32 decline to a rise of 2. | Better Buying Power Seen. It was current gossip that continued high prices for corn would Increase rural buying power much more than an equivalent advance in wheat, and | it was a popular opinion that to a| large extent the remarkable buying which had been witnessed of late in| the corn market was part of a gen- eral campalign affecting other lines than grain. A different reason ad- vanced was that feeding require- ments had proved far greater than had been estimated early in the sca- #on, and that the quality of the corn crop in many sections was compelling the use of three bushels to accom- plish what has ordinarily taken but two bushels or less. Highest prices of the week and of the season in the corn market went hand in hand with government action in the northwest, which appeared likely to put an end to fear of forced liquidation of grain. Subsequent heavy profit-taking sales in corn were withstood by the market at only a fractional setback of values, ‘Wheat and Oats Gain. ‘Wheat and oats followed the lead- ership of corn, and were influenced also by scantiness of receipts and by | apprehension that winter wheat had been damaged by the succession of cold waves, Less active foreign demand tended to weigh down provisions. FINANCIAL. L 15 First Mortgage Loans Secured by fl'." (doea ot trost on rent ewtata Lowest Bates of i rest and Commission. Joseph I. Weller 420 Wb L. & Trum | Thomas J. Fisher & Company, Ine. Money to Loan ON FIRST MORTGAGES AT OURRENT RATES OF INTEREST Randall K Hagner & Co. 1207 Gorncolicut (Benue —to financial independence will not be difticult to negotiate if you START RIGHT. Begin at once by purchasing one or more of our First Mortgage NOTES on improved real estate, paying 61/2 and 7% —interest, and thus be assured of a liberal income with absolute safety and insurance against depre- ciation. First Mortgages $250 and Up Write or Call for “Booklet.” William S. Phillips ISTH ST. AT K N.W. Main 4600, [EQUITABLE Co-Operative Building Association Orgnanised 187D 44th YEAR COMPLETED Ansets « . . $4755,170.82 Surplus $1,248,320.(% Accomplishes Most Systematic saving s the most effective _means of accumulating money. Joint the Equitable and save ‘with best results. 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 P. REESIDE, Sec'y. NEW YORK, January 26.—An order TAKE YOUR FIRST STEP TODAY | . By Consulting Our MORTGAGE DEPARTMENT SHANNON- & LUCHYS| i 713 and 715 14th St. N.W. Main 2345 ’ Sotablished 1389 T2 Rust Conpany In Convenient Denominations For Investors Interest 6Y2% N2 Fiffeenth Streck Main 6888 —J| We Are Now Offering 6%2% First Mortgage Notes E feel particularly fortunate in being able to : offer these Notes which are so well secured and which yield such a good interest rate. As many of these First Mortgages are sold and many more of them held on reservation, we suggest that, you communicate with us at once so that you may take advantage of this opportunity for the safe investment Mortgage Money to Loan On Real Estate. Let us finance your property. FIRST MORTGAGE NOTES For sale. Consult us if you have availabls funda for tavistment, THOS. E. JARRELL Member Washington Real Estate Board FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN- VESTORS BUY DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Lowisians Ave. N.W. If your you. of your funds and get the present yield. funds are not available at the present time, we will be pleased to make a reservation for Swartzell, Rheem & Hensey Co. 727 15th Street Northwest 54 Years Without Loss to An Investor

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