Evening Star Newspaper, April 6, 1924, Page 39

FIN Local Bankers Deny Existence of Combine| Resent Charge of Objectionable Prac- tices Applied Indiscriminately—Plans for Essay Contest—Nates on Finance. The loc banking and real estate leaders are expressing considerable ndignation in no uncertain tones at the embracing tenor of the recent harges that an “alleged banking and 4l estate combine” here is guilty pract S not consistent with nd business operations. At the ime time these bankers and realtors are urging an early expose of the guilty parties or firms, if any, and this, it is contended. would wholly vindicate the innocent, who, at the moment, are targets of much unjust riticism. Frankly admittix little doubt of th & which has al that there is xistence of such tended to keep ertain rents at exorbitant levels, rominent real estate firms and Lankers emphasize that those guilty of corrupt practice constitute the so-called “speculative real estate op- erators.” An Instance Ofted. Their mode of function is similar to a transaction which occurred here wbout three years ago which is cited here: An apartment house sidential s n of the city. which was valued at approximately $100,000, Was put on ihe market for zpproxis mately two-fAifths in excess of its vorth. People having this pr i sale, in a due course zed approximately the the property. but nazed n. almost simultaneously, frst, cond and third trusts approximating 30.000, or about two and one-half Times the value of the property, were placed on tie apartment. The second irust, representing very little actual valuc, was disposed of in the rural distriets, mainly among small coun- try banks, at a huge discount which, 1evertheless, realized for the seller handsome profit, while a like pro- ure was followed with the third rust, in & favorable ked price were common knowledge that majority of bankers and ors would welcome an which would expose and rout unscrupulous firms, and this majority, it safe . would nder every stance Uringing matters to an early head Bankers Plan Essay Contest. The annual District est, ope i chapter, the real in mployes f the a PRICES UNSETTLED BY PROFIT TAKING Sales Among Speculative Indus- trials Halts Period of Mod- erate Strength. By the Associated Press NEW YORK, April 5.—Heavy profit taking among the speculative indust unsettled toda stock market after eriod of rate strength during Which rail 1 shares made sharp gains. The s prompted by the wide- :ulative & that the discounted, at least tem- construction features of the Dawes report, which w made public over the week end American Agricultural Chemical is- w conspicuous weak spots. TLiquidation, prompted by fears of a roorganization, carried the common stock down almost 2 points to 75 and the new low prices for the year Jatest drive against the issues marked tnother step in the selling operations which have continued almost uninter- yvupted since the Virginia-Carolina Chemical Company went into receiv- ership more than a month ago. The sale un earlie and ¢ eal spr market porarily ompany's annual report. soon to be ! it was indicated would be disappointing than had d, and hopes held out for ent in fertilizer conditions to materialize. which nublished. cven mo heen exp mprove haye faile The irregularity trading was most ndustrial list High priced special- t hammered by professional trad- crs, sustained sharp losses, shares gave the most impressive demonstration of group strengt Atlantic Refining moved up 3, representing a gain of points for the week. Petroleum preferred 1, points and Standard Of and Houston scored moderate gains. A sharp rally in sterling featured trading in the foreign exchanges. After displayiag considerable slug- ~ishness for several weeks, while nther European currencies were set- ting mew prices for the year the pound moved up more "than 3 conts to #s high as §4.341. falling ack about a cent toward the close. ileavy buying was attributed to co fdence in the forthcoming Dawes r port. Other HKEuropean currencies were strong. PRINCE WILLIAM SEEKS ALBANIAN THRONE AGAIN Former Ruler, in Naples, Sends Envoy to Seund Out Nation. Assembly for Republic. Ry the Associated Press. NAPLES, April 5.—Prince W Wied, former ruler of Albania, who s visiting Naples, has sent an emis- sary to Albania to ascertain the pos- sibility of his return to Albania. The yrince claims that he never renounced his rights to the throne. Attempts previously made by the prince to return to the Albanian throne have been unsuccessful. A ma- jority of the members of the Alban- jan constituent assembly are un- doubtedly of republican tendunciss. ————— RAMMED BY U. S. SHIP. By the Associated Press. ANTWERP, April 5—The Ameri- can steamer West Inskip, a 5,500-ton freighter, from Baltimore and Nor- folk, March 20, for Rotterdam and Antwerp, collided in the river Scheldt foday with the Belgian steamer Sierra. marked noticeable in the Grande of 2,291 tons gross, the Bel-| zina vessel being so badly damaged that she sank in the channel. Her crew was saved. y The damage to the American vessel had not been reported up to this ngon. e NEW YORK DAIRY MARKET. NEW YORK, April 5—Butter—U peitled. Receipts, 12,018 tubs. Cream- ry, higher than extras, 40%adl; do., extras (92 score), 40; do., firsts (88 to 91 score), 383a39%i. Firm. Receipts, 26,720 cases; greeh gathered, extra firsts, regular pasked. 25226; do., storage. packed, 2614a27; freah gathered, firsts, regu- packed, 24a24%: do., storage Vaaqiced, 25%a2; fresh ' gathered, weaonds and poorer, 23a2i; nearby and nearby western hennery Thites, firsts o extras, 27ad hennery browns, extras, 3 Tagific ceast whites, firsts to extra firets, 29a32. STATY Cheese—W eak. $oxes. [ Receipts, N e preferred 415 points to 203, ! The | ANCIAL and Realtors usual this vear, the subject to be dis- | cussed being “Service Versus Serv- | fce.” . In clatifying the theme to be dis- cussed, it is pointed out that service is given without cempensation, like- wise sold for compensation. The| same service that is sometimes sold for compensation is also given at times without compensation. One idea to be developed s whether banking service freely given in volume without compensation Is appreciated as much as that which must be compensated for. Service s s0ld to the banks by statistical or- ganizations, and is also given away with an enormous amount of time in- volved. Another thought can be ac- centuated by contrasting free serv-| ice with paid-for service rendered by the professional man—the merchant, manufacturer and the personal ser- vant, Three Prize Awards. Three papers will be selected as prize papers, and the successful con- testants will be sent by their respect- ive institutions ta the annual con- vention of the District Bankers' As- saoiation to be held at White Sulphur Springs in June. Tl contest will close May 1. und the papers must be in the possession of Harry V. Haynes, president of the association, by May 3, in sealed en- velopes without the name or anj indication thereon of the writer Pinned to each cnvelope, however. | shoula be another in which the card | of the writer may be found. : Winners will be announced on May 12 “Bid” and “Ashed” Prices. The following latest “bid" and “asked” prices for unlisted securities are quoted for the guidance of hold- ers of these issue BONDS. Asked: Army apd N (s Metropolitan Ciob 438 STOCKS. tie Ruleigh Hotel Ce Tepattmentai Beak tie Tns. Co. Frauklin Nations! Ba Munsey Trust Oo.. North Capitol Potomac Savings ndard National Bao Washington 1 Washington Ba Woodridge & Lanj CONSERVATIVE BUYING. Baltimore Merchants Supplying Only Immediate Needs. BALTIMORE, April 5 (Special).— Local merchants are adhering to a conservative buying pelicy. In ather | words, they are supplying only imme- diate wants, leaving the future to take care of itself. It is said that some of the big manufacturers are planning sales campaigns of greater | magfitude than usual, in order to keep up the volume of business that is necessary to balance the big over- | heads that mow obtain. Just how ! far the pressing for volume business can be profitably pursued is a ques- tion that is open to considerable | | argument, and one that finding | { more opposition than usual. h In some trades there has come into { heing well founded feeling that it is better to restrict production and | maintain prices on this limited cutput | {than to try to work up a large volume by reducing prices. " Business has _been hesitating, { awalting change in tax legislation. | Gutlook for adoption of Treasury tax- Teduction program is more hopeful. ! When this matter is out of the w there will be a rapid revival of pro dunction and trade, with correspand- fng demand for credit, it is asserted LIVE STOCK MARKETS. BALTIMORE, Md, April 5 (Spe- cial).—The general live cattle market rules steady to firm, especially on -grade beef caftle, which is light IoPiEly. recelpts, most arrivals being | ot common to ordinary stock. Spring | ambs, and wanted at full val- | des. Stockyard quotations _slightly | | higher than the following prices at | Light street wharf today | “'Beet cattle, first quality, pound. &} to 9: medium, pound, 6 to 7. -Bulls,| las to quality, pound. 4 to 6. Cows “hoice to fancy, pound, 4% to-3%; { common to fair, pound, 2 to 4. Oxen, as to quality, pound, 4% to 6% Milch cows, choice to fancy, head,| 50.00 to 75.00; common to fair, head, 50.08, Calves, veal, choice, ; ordimary to medium, 9 l'_’l rough heavy common, pound, 7 to's. Sheep, choice, pound, 7 to §; iold bucks, 5 to 6 'a pound; common, pound, 3 to 4 Lambs, fall, choice, pound, 15 to 16.; fair to good, pound. 12 to 14: common, thin, pound, 9 to Spring, as-to size and quality, nd, 18 to 22. = 1 Hogs, straight, pound, 7 to 8; sows, 5 to 6; stags and boars, pound, 3 to 4: live pigs, as to size and quality, pound, 10 to 12; shoats, 8 to 8. is | | 1 1 pou: CHICAGO LIVE STOCK MARKET. CHICAGO April 5. (U. 8. Depart- ment of Agruculture).—Hogs—Re- Ceipts, 6,000 head; strong to 10 higher, Qquality _considered; bulk desirable | 160 to 325 pound weight, 7.45a7.60: top, 7.60: better grades 140 to 130 pound averages, largely 15a7.40; bulk packing sows, 6.75 0; good to.choice strong weight killing Digs, mostly 6.25a6.75; estimated holdover, 5.000; heavyweight hogs, 7.35a7.60; medium, 7.40a7.60; light, 7:3587.60: light light, 50; packing sows light light, 6. 0: packing sows, rough, 6.50a6.: aughter pigs, 5.00 26.75. Cattle—Receipts, 500 head; com- pared week ago beef steers and yearlings, 15 to 25 higher; spots, more on weighty steers; extreme top ma- tured steers, 12:35; yearlings, 12.00; fat she stock, 25 50 er; canners and cutters firm; bulls, 40 to 50 higher; vealers. uneven; good and choice kind, steady to strong; com- mon and medium lightweight, weak to 25 lower; stockers and feeders| slow; steady; week's bulk prices fol- low: Beef steers and yearlings, 8.25 al10.50; few she stock, 5.50a8.0 ners and cutters, 2.85a3.85 calves, 8.00a10.50; stockers and feed- ers, 6.25a7.75. Sheep—Receipts, 3,000 head; re- celpts practically all direct: market e wooled lambs, steady; few na 16.00; wooled ewes, 8.00a12.00; oliDped ewes, 6.00 210.50; for week fat.lambs, mostly 10 to 25 higher; top, 16.85 sheep, generally 25 to 50 higher: best wooled ewes, 12.00; week's bulk prices follow: woolgd lambs, linped lambe, 14.00 a14.60; a11.75; fee bs, 15.25815.6 Ll SUGAR RECORDS ADVANCES, NEW YORK, April 5.—Further ad- vances were recordéd in the local raw sugar market today with. Cubans quoted at 6.65 duty pald. Sales were 28,700 bags of Cubans and 13,000 Porto Ricans for second half April ment to a local refiner. oL Raw sugar futures were firmer, re- flecting the advance in the spot mar- ket. Prices advanced 9 to 12 points on covering and commission house buy- ing, but met increased liquidation at’ these levels and partial reactions fol- lowed, leaying final prices 5 to 10 points net higher. May closed . 4.97 July, 5.12; September, 5.08; December, 457 s Refined su:aa’wu unfihange? at 8,20 to 8,40 for fine with o Eaad S maties venoriad ai the Tnolas figure. Refined futures were nomin; il QL SHARES JONP < Y= INSTOCK MARKET Shares With Rails Dominarce of Trading on New York Exchange. BY STUART B Dispateh (o The Star. NEW YORK., April 5.—0il shates and certain of the rails dominated the stock market today, Gossip persisted that after the oil inquiry had reached the stage where it no longer attracted keen public interest oil prices would be marked up again. Despite conflicting esti- mates regarding the present relation of demand and supply, Wall street is inclined to accept the statement made a while ago by the president of the Standard Oil of New Jersey, that an equation would be reached Dby the first of April instaad of by the first of June as was calculated last autumn. The entire _American oil group reached the best prices since the cul- mination of the midwinter rise. This was the main feature of the two- hour day. Rail Shares Show Aetivity. _The second was the active buying in a few of the rails, particularly Norfolk and Western among the diyi- dend pavers, and Missouri Pacific pre- ferred among the non-dividend pay- ers. The financial community has ali manner of ideas of what the terms of the Pensyivania-Norfolk and Wes:- ern lease will be, but these are all guesses. In the case of Missouri Pa- cific it has been repeatedly pointed out that when maintenance appropri- ations get down to anything like nor« mal the road will begin to show a surplus ample to commence dividend payments. The upward movement in the select- ed sellers was no. hampered by the clear-cut statement in Bradstreet's Mercantile Review that the general volume was running behind hoth Feb- ruary this year and March . year ago, while the ‘'recession in_ com- modity prices has continued.” But it was noticeable that outside of these two or three groups, which were in a specially favorable position. no at- tempt was made to eXtend uperations for the rise. Outside of the serurity markets the most important happening was a rise over § cents in the pound in sterling exchange, bringing rates to the highest in two months. Normaliy this is the season of heayy imports, when the exchanges run in favor of Great Britain and against the United States International Paper Jumps. International Paper had & sharp ad- vance in anticipation of the 1823 earnings report, due next week. It has WE! ibeen estimated that the company will on the common up- wards of 310 a share. The balance sheet also is expected to discluse better financial position than inany have looked for. Late in 1823 it was calculated that instead of a defiuit Internationsl Peper would show at least $5 a share on the commaon for the vear's operations. Since, however, the ‘estimate has been raised The street today wab still ewaiting the announcement of another advance in California crude oil prices and it was said that when this would be a good sized in stocks as P Oil and & of California were favorably enced. At the same time it wia pre- dicted that following any uvturn in California crude higher pricos for mid-continent oils would be establisii- ed show a bala BALTIMORE PRODUCE. BALTIMORE, Md., April 5 (Spe- cial)—While receipis of native and nearby cggs have been light the past week the demand generally has also been light, but prices held steady at 31 cents a dozen for strictly fresh firsts. Market appears to have reach- ed its lowest level, as with warm weather cold StoTage Operators are taking hold more freely, which gives the market a firmer tone. Duck eg&s continue in good demand under light receipts and clean up daily &t 40 a dozen. Shippers are udvised that the best prices will prevail until next Saturday, when the market is ex- peoted to go decidedly lower. The general live poultry market rules steady to firm on most lines, ut shipments of turkeys, except in small lats, are not advisable, as the demand Js fast thinning out. Spring chickens, 1 to 1. pounds each, are scarce and wanted at 53 and 60 a pound, while winters 2 pounds and under also continue in good demand at 45 and 50. Large, smooth young ickens are aotive at 35 and leg- horns 30, but rougl: stags or thin fowls will not bring over 25. Due to appreach of Jewish holidaye, old hens are in better demand and values rule a shade higher at 27 and 28 for medium to large and 24 to 28 for small and Leghorns. Qld roesters also showing more activity and higher at 17. Choice fat ducks are in good demand at 30 to 34, with Peking bringing top prices and 25 for small and poor stock. Pigeons and guinea | fowr ‘are steady at 45 and 60 a pair for the former and 40 to 60 each for young and 30 for old of the latter. Active meason for dressed poultry is about over, and, with the exception of capons, values are mostly nominal, depending entirely on quality, and few bringing any premium over live stock. Large capons, 7 pounds apd over, scarce at 43 and 43; medium, 38 (o 40, and even small slips sell; readily at 35 and 86. The white potato market continues casy under ample yeceipts, expeaially of Maryland and Virginia McCormicks and reds, whigh will not bring top quotations of 1.50 to 1,75 per 100 pounds and 250 to 2.5 per 130 pounds, with- No. 2 and ungraded stock selling mostly half price. While the market for sweets and yams is steady, demiand is light generally and receipts are ample for trade wants at 4.00 to 6.50 a barrel for the former and 4.50 to 6.00 for the latter, No. £ stock of both sells mostly 2.50 and 3.60. Bushel haskets of both sweets and yams are moving better than barrel stock at 1.00 to_3.00 as to quality and condition. With receipts of early southern vegetables increas- ing. demand for native and mearby garden truck iz easing off, with prices mostly in buyers' favor at the following quotations: Carrots, 4.00 to 6.00 hundred; horse- radish, 250 to 4.00 bushel; onions, 108 to 250 per 100 pounds, oyster- plants, .00 to §.00 hundred; parships. $0 and 70 basket; kale, 15 and & buahel; spinach, 2.00_and 3.00 barrel, and turnips, 40 and 50 bushel. Box apples are mostly in demand now, and unless best :zl q\uaty no{: varisties of ve eat appies an nearby moeknl._nua\‘etloozfi ’9? morth- ern and western brands. TWO KILLED IN STRIKE. v, ‘Ktnini Wage Dispute Provokes Clashes in Poland. By the Ampcigted Press. 3 ‘WARSAW, April 5.—Reductions in wages and the guestion of the forty. six-hour week have caused etrikes, accompaniéd in same nplaces by vie- lence, in the mining regions of Silesia a-n: at Dabrowa. sanguinal % is reported fror m nineteen of the lice and & m Iatter place wi thirty-three . wouns Iatter being policemen. A government comim! sent to restore order. ‘Wauerttemberg Cabinet Quits. BERLI ARHLEane Wnfl"li;mtxepg 3N iRe" et 2T il dsaiing i the reduction of official staffs. ission has been I clash between the po- | tignaries for P WASHINGTON, D. C Stock E: Furnished by W, H Up to and including Ssturday, April 5. Bales. BONDS: $16,000—C. and P. Tel. of Va. 6s., 38,700—Pot. Elec. Power 6s, 1 00—Ana. and Pot. River R. R. 5 00—C. and P. Telephone st 5 ,500—Capital Traction 1st 5s..° §000—0ity and Suburban Ry. 1 ,000—Georgetown Gas Lt. 1st 5 9,000—Metropolitan R. R. 1st oa.. 23,000—Pot. Elec. Power ist 5 107,000—Pot. Elec. Power cons, & \500—Pot. Blec, Power deb. 6s. . ,000—Wash., Balt. and Annap. 1st 78,000—Wash. Gus Light gen. 113,000—Wash. Ry. and Ele 56,500—Wash. Gas d%, 1933, 13,000—Pot. Elec. Power ref. 2,000—Diist. of Col. Paper MY&. 15,000—Riggs Realty (long) bs... 10,000—Wash. Market Cold Storage 860—Wardman Park €s... Shares. STOCKS, 1.357—Capital Traetion . 1,081—Washington Gas ... 20—N. and_W. Steamboat 2,977—Wash. Ry. and Tlee. com 112—W, Ry. and Elec, pfd. 1,000—Wash., Alex. and Mt. Ver. 182—Commercial National Bank. 64—District Nationa! Bank...... 10—Lincoln Nationa' Bank. 187—Riggs National Bank 231—Amer. Security and Trust. 80—Continental Truit ... . 8—Nations! Savings and Trust —Union Trust . 2—Wash. Loan and Trust. 215—Merchants’ Bank. an 25—Bank of Com. and Sav 20—Washington Mechanics’ 20—Firemen’s Pire Insurance 7—National Union Fire Insuran 4—Columbia Title Insurance. 16—Teal Estate Title Insuranoe. T cons. 48 Trust, . xchange. e & Co., Hibbs Bl Open. High. 85 103 8§ 9714 973 i 893, 100 873 ‘871 100 71 - SaaanoeBde SI32255=0 ! | 1601 dn ® 295 304% 85 * 390 1671 280 1205 140 30 ce 41—Merchants’ Trans. and Storage. ergenthaler Linotype Lanston Monotype. ecurity Storaze Co... ngton Market : Mort. and Invest. pfd UNLISTED D! I—Departmental Bank ..... tional Bank & pfd 10—Chapin acks 75 pfd. 5—Chapin-| SHORT-HAUL TRAVEL BY RAIL IS SHOWN Commutation Passengers Handled in 1923 Totaled 446,538,000, a Substantial Increase. ! The number of revenue passengers | handled by the railroads in commy- tation service in 1923 was 446,538,000, says the Rail Age, quoting from monthly ‘bulletin of traffic stalistics published by the Interstate Commerce Commnission. This service repre . -nted the equivalent of carrying 6,400.7:9,000 passengers one mile, as compared with 5,131,784,000 passenger miles for the year 1922, *“These stalisties are regularly published by the comumis- sion,” the Railway Age. says, “but they seldom attract much attention, although-to a very large number of People the commutation service rep- resents the only frequent direct con- tact with the railroad business which indirectly affects them in so many ways. “The statistics show that the av- erage commutation journey last year was 14.53 miles, as compared with an average of §8.6 miles for other than commutation passengers, and the av- erage revenue per passenger mile to the railroads from cummutation serv- ice was 1.093 cents, as compared .with an average of J 409 cents per mile for other than commutation passen- gers. The number of passengers car- ried in_ commutation service was about 43 per cant of the total num- bef of passengers carried by the rail- roads, although, because of the short- | er haul, it represented only about 16 per cent of the passenger miles, and the revenue from commutation pas- snger service, $69.967.039, was about 6 per cent of the total passenger revenue, which for 1923 amounted to $1,147,365,98, “Is is quite common for those who are urging lower passenger fares ta base an argument on the fact that railroads voluntarily make rutes lower than their ordinary rates for excursions or other special occasions and to contend that the low special rates prove that the railroads could handle their ordinary passenger busi- ness at lower rates and increase their density of trafic by doing so. Ignor- ing for the present the question of whether commutation service is or is not profitable, It affords a sufficient extreme example to illustrate why the roads can make lower rates for some classes of traffic than they can make for others, and the fact that it is €0 familiar to a large percentage of railroad patrons ought to_ help them to an understanding of the larger problem. Commutation pas- sengers are ordinarily handled in rather crowded trains and the vol- yme of traflic is sufficiently regular that the raliroads know what to pre- :IPQ for and can organize themselves or it. In the same way, a ratlroad can orgamize itself for a special movement at a particular time and. knowing that ite cars will be used to capacity, can afford to quote & rate lower than the standard fare. “While {t is true that many rail- Way passenger cars in regular service are not filled to capacity and that ad- ditional passengers could be taken on at less than the average expense, any reduotion in the ordinary rate of fare would, of course, first reduce the rev nues of the railroads from the pas- sengers they are now carrying, and any increased traffic which might be developed by reason of the lower rate would natyrally distribute itself in much the same way as the presemt traffic is distributed, instead of fillin out the trains on which additiona passengers could easily be accom- modated.” el DRILLING IN SECRET BY GERMANS FEARED French Bring Practice to Atténtion of High Commission for Repressive Action. By the Associated Press. COBLENZ, Germany, April Measures designed to thwart the ac: tivities . of the German secret nation- alist and militariat organizations ‘which, with their headquarters in un- occupied Germany, are reported more. and mere menasing in their activities in the Rhineland gnd the Ruhr, have been brought before the Rhineland nigh commission by jts president, M. Tirard of France. The measures were worked out by President Tirard in asseciation with Gen. Degoutte, the ¥French com- mander. The activities of the organi- zations are declared to include & sys-. tam of EI¥ing mcret mill training te youmg Germans t! lflnn of death threats to a number of func- interfering with the na- tionalists' plans, y ‘The propesed measures inclyde sys- tematic surveillance af all the ofcers of the Reichswehr, bath on the active and reserve lists, and the close inspec- tion of all schools. An American girl, _Jean Tolle; while swimming in 'Nassau harb in the’ Bh&hl.mu lnla;l.du. dll:ovur:d -ehest, Wl 0 ot heve bt *inore, Fines the da¥s of Morgan and Capt. Kidd. EPARTMEN 94 40 SEES WAITING GAME DRAG ON COAL MARKET Stagnation Noted by Coal Age Journal as Due to Caution of Consumers. Coal Age, New York, reports the| coal market, as follows: The coal consumers little game of “walt and see” is being carried to such lengths that stagmation prevails in the coal markets of the country. Every one continues to hold back to see what will happen, but nothing happens. Even the closing eof con- traots, which ought to be in evidence 4t this time, is conmspicuously back- ward, and that despite the low levels that prices have reached. Running! time at commercial mines has drop- ped to three days a week oF less in most flelds, southern Ohio working at less than 20 per cent of capacity. In the Standard field and in eastern Kentucky manyv mines have closed down and many others are soon to follow suit, as a strike is expected in the latter field soon. An indef-! nite suspension ig looked for aiso in | the southwest pending the negotia- @ wage agreement. Central Pennsylvania and nerthern West Vir- | ginia have ironed out their differ-| guces, the existing agresment having | been reafirmod in each case, with | minor modifications. ~ An open-shop | pact has been signed for four vears! between the union and the Kentucky- Tennessee Operators Association. Preparations for the opening of the navigation season on the lakes lack the usual hopeful anticipation. With @hout 3,300,000 tons of coal on the docks &t the head of the lakes! March 15, compared with 800,000 tons &t that time a year ago, there is Itkely to be an oversupply when nav- | igation opens. As a_consequence a | considerable falling off in early lake trafic as compared with last vear is more than probable H A slight firming up of steam coals | is the only feature that has tended Lo relleve, in'a measure, the deadly | dullness that has settied over mid- | western markets. { Kentucky markels have developed | further weakness, due to mild weath- | er and lack of orders from retailers, and more wage cutting is reported in the non-union districts of eastern Kentucky. Eight thousand idle empty coal cars on sidings in the Cincin- nati district bear eloquent testimony of the dullness of the market there- abouts, There was a spurt of activity in the southeastern district, featured by heavy buving on the part of rail- roads and industries, due to the ex- pected shutdown during the wage parley. The Colorado market wes rea- sonably active. thanks to some cold weather, but the reverse is true of Utah, where the mines are working | less ‘than two days a week on an! average. Sluggishness characterizes the trade | in Ohio, and there is nat evidence of preparations for rush of early car- goes up the lakes such as was the case last year, when the docks were | cleaned up. Pittshurgh Is finding it difficult to meet competition from some of the West Virginia and Ke tucky fields, which are able to quote lower prices due to wage cuts. Trade w England and on the Atiantic board remains dormant. Production of bituminous coal dur- {ing the week ended March 22, amounted ‘to 9,308,600 tons, according to the report of the geological sur- vey, which was 318,000 tons less than was produced during the previous week. Output of anthracite totaled 1,804,000 toms, a decline of 137,000 tong compared with the preeeding week, when 1,941,000 tons was mined. IRUSSIAN WAR STAFF CHANGED THROUGHOU? Trotsky, on Return Fygm Iliness, to Pind Frunze as Chief In- stead of Lebedieff. By the Associated Press, MOSCOW, April 5. —War Minister Trotsky, who from his recent iltness, ed to retgrn to his duti X will find the war office staff entirely changed. By decree af the council of com sars, the assistant war minister, Frunze, has been made chief of the eneral staff in place of Gen. Lebe- ieff; Gen. Sergius Kameneff, who ‘was commander-in-chief of the red army, becomes army mcmn and M. chairman " Tormer tical police, ehlef of army | | | is- n. —— FIRM HELD BANKRUPT. Toronto Company, Associate of N. Y. Exchange, Under Custodian TORONTO, April 5.—The fi of 1. G. Beaty' & 'Co. ‘which has been engaged in the stock brokerage huai- ness here for mapy years as rp ciate m; rn!u y‘-‘v‘Yorv lu.'s th Eop oo e Sl y on the mm- ot D, '!fi;l fl‘vi: court. nt'l' “the n'uh Mm" ;‘LQ la'?“& "h&.k‘mn firm o : i R e of Bri l;’l intrusted with $80,000, l?@ capital for investment ‘in Canadian enterprises. - _ 1 i st S Mijss. Rose Rothenberg, who for the past fiye years has been assistant district attorney in New York city, Befors " tna" Bated Wlaret” dunreins APRIL 6, 1924—PART 1 3% 1924 to Date on the Washington|DEMAND LESSENS FOR FINISHED STEEL Tendency to Reduce Output Is Noted—Review of Metal Markets. By the Associated Press. NEW YORK, April &.—The demand for finished steel is slowly but steadily falling off, and, as leading producers are rapidly catching up in their orders, there is & tendency to reduce the output te conform with prevailing conditionsy Prices are irregular and there is a tendency to make concessions on some lines in order to attract new buying. Cur- rent business is fair in some direc- tions. Pig iron is very inactive and the undertone is easy, with buyers inclined to await lower figures. Copper has been steadier. Demand h? not broadened materially, but offerings from second hands have been smaller and producers are not pressing for business. The improved tone has been encouraged by the firmer ruling of foreign exchange and rallies in London, although no export inquiry of consequence has devel- oped. " It is expected that statistics for March will make a bullish show- ling. preliminary estimates placing the total deliveries into exports and homo comsumption at 20,000,000 in excese of estimated production. Tin is unsettied, but higher. Prompt strajts are scarce and some consumers are not covered against their future requirements, although they are not buying at the moment. Lead is easier, but concessions fail to stimulate: demand. as consumers are nst nearby require- Antimony I« easier. due to increas- ed offerings from China and a light demand Zinc is firm on firmness abroad and light offerings, although businces light NEW YORK LIVE STOCK. NEW YORK., April 5.—Cattle— Steady to firm; receipts, 490 head Steers, 6.00a11.00; state bulls, 3.00a receipts, 640 head. Veals, 14.00a14.50; culls and little culves, 4.50a5.50; butter milks, 4.00a 6.00. Sheep and lambs—Steady; receipts, 2840 head. Sheep, 4.50a7.25; culls, 0a4.50; lambs, 9.00a17. culls, §.00811.00. L Hogs—IMirm: receipts, Light_to medium weights, Digs, 5; heavy hogs, rough: 610 head £.10a8.30; 7.50a7.80; About— Pays 6% and 7 per cent Mortgage Investment Dept. HANNON & LUCH 713 and 715 14th St. Capital Required Active Interest of Investor Optional Local corporation engaged in cxceptionally high-class non-speculative business, na- tional in scope, with unlimited field for development and proportionate profit, having recently purchased well equip- ped foundry and manufactur- ing plant, requires additional working capital. Character' of business will aspecially appeal to experienced business man, and to such op- Pportunity is offered to acquire substantial interest on basis assuring exceptional return on investment. Address Box 263-Y, Star Office We Offer is! FINANCIATL, N. Y. BANK STATEMENT, NEW YORK, April 5.—The actual condition of clearing house banks and trust companies for the week show a deficit in reserve of $11,155490. This i a decrease of $36,213,310. The statement follows: Loans, discounts, etc., $4,699,755,000; decrease, $14,850,000. Cash in own vaults me eral reserve bank, $46,9 crease, $15,000. Reserve in federal reserve bank of member banks, $483,965,000; decrease, $39.477,000. Reserve in own vaults state banks and trust companics, $5,408,000; in- crease, 3328,000. Reserve in depositories state banks and trust companies, $10,452,000; in- crease, $157,000. Net' demand deposits, $3,827,408,- 000; decrease, $19,615,000.' United States deposits deducted, $52,041,000.) ime deposits, $481,786,000; de- crease, $251,001 Aggregate reserve, $502,826,000; de- crease, $36,213,310. Deficit in reserve, $11,155,490. Summary of state banks and trust companies in Greater New York, not included in clearing house statement: Loans, discounts, etc., $543,168,- 000 increase 664,600. Gold, $3,469,800; increase, $20,500. Currency and bank notes, $20,963,- 300; decrease, $731,900 Deposits with ~Federal Tieserve Bank of New York, $12,936,400; de- crease, $1,013,900. Total _deposits, crease, $6,1 Total deposits, eliminating amounts due from reserve depositories and other banks and trust companies in New York and United States Deposits, $828,887,200; decrease, $10,166,200. Banks, cash in vaults, $30.388,100. rust companies: Cash in v 267,001,400, e Money to Loan Becured by first deed of trnst on resl estate Joseph 1. Weller $882,457,000; Bldg.. 9tk & ¥ N. First Mortgage Notes Secured On Improved Real Estate Absolutely Safe $100—$250—$500 $1,000 I Geo. W. Linkins 1719 K Street tablished 1886 Second Trusts de- | 420 Wash. L. & Truat | We have clients who have funds te plaes | in sccond trusts on which there is a reason- | able wargia of securiiy Loan Department Boss & Phelps 1417 K St. N | WATCHING AUTO TRADE. Baltimore Bankers Interested in Development of Industry. BALTIMORE, April Bankers here made 1o sec fact that they are watching the tomobile situation with more than ordinary interest They realize that thers kas been a loll in buying, caused partly by the backward spring weather, and are anxiously waiting to see whether the slump is only sonal or indicates that talked-of saturation point threatening. There i8 always a large amount of credit tied up both in the manufactur- ing and selling ends, and it is to be in the interest of the hanks to preven any “freezing” of loans thal cause 50 _much trouble thres year: i The schedule of car makers early in the year called for an increase in production over 1923 of approximate 35 per cent Unless a new buying movement starts soon it 1s realized that this figure may have to be re- vised downward. st We Loan Money on Apartment Hoases, Ofce Bulldings, Hotelx. See Us About That Big Loan Higbie & Richardson, Inc. 816 15th St. N.W. WE HAVE MONEY To Loan on Improve! Real Estate At % and 614% . H. Saunders Co. Inc. REALTORS 1433 K St. NW. MAIN 1015-6-7 The Clinton Bank Pays 57 On Its Special Educational Savings Club Accounts This is a savings system ori al with this bank. Members who deposit systematically will find that it means practically a guarantee that their children vill receive an education. $1.00 deposited monthly in ten years will amount to $15503 $5.00 deposited monthiy in ten vears will amount to $620.12 $10.00 deposited monthly in ten years will amount to $1,550.30 $1.00. deposited weekly in ten years will amount to $670.80 S500 deposited weekly in ten years will amount to $3,354.00 $10.00 deposited weekly in ten years will amount to $6,708.00 Memberships are from $1.00 up and amy ome is eligible to join. No Other Bank Anywhere Has It Educational authorities everywhere endorse it. Membership buttons for the children. Mail accounts solicited. For full particulars write THE CLINTON BANK Applications Invited for Loans on Improved Property In District of Columbia and Chevy Chase, V. INTEREST, 5% Apply to H. L. Rust Company Loan Correspondent The Prudential Insurance Company of America 912 15th Street N.W. Clinton, Maryland Main 6888 J Southern Building Company, Inc. First Mortgage 61/,% Sinking Fund Gold Bonds DATED APRIL 1, 1924. DUE APRIL 1, 1939. Secured by closed first mortgage on the Southern Building and the fee simple title to the land on which it is situated at 15th and H Streets N. W. A sinking fund of $50,000 annually for the first five years and $60,000 annually thereafter has been provided to redeem bonds, Application will be made to list the bonds on the Washington Stock Exchange. Price, 991/, and accrued interest, to yield 6.55% CRANE, PARRIS & COMPANY Investment Bankers