Evening Star Newspaper, April 12, 1924, Page 13

FINANCIAL. THE EVENING STAR, WASHINGTON, D. 3y SATURD. RAILWAY WAGE RAISE! THE THRILL THAT COMES ONCE IN A LIFETIME. —ByWEBSTER. (RETAILERS FORESEE SINCE 1916 SHOWN ' Statisties Compiled Giving Ad- vanges in Earnings of Employes *'in Eight-Year Period. #There has been some controversy regarding the exact measure of the changes in wages which have oc- currefl since before the great war” sa¥s the Railway Age, “this being due to the fact that hours of work, us well as wages, have undergene vubstantial changes. The Interstate Commerce Commission added to its tabulation of wage statistics for 1923, which was just recently made public, some data that make possible abso- lutely reliable comparisons of official statistics regarding the hours of work and the compensation of rail- way employes in the eight years, 1916 to 1923, inclusive. “The result of the reductions in working hours and increases in av- erage annual earnings is that the average earnings of each employe per hour increased from 27 cents In 1916 to 61 cents in 13923, or 126 ver cent. Considering 300 days as a working year, the average employe in 1916 worked 10.4 hours a day and n 1923 only 8.6 hours a day. The erage hours worked per employe n 1916_were 3,148 and in 1923 only £,584. The average earnings of each employe in 1916 were 3865 and he worked 3,148 hours. carnings of each employe in were $1,588 and he worked only hours. worked ‘in 1923 as many hours as in 1916 his total compensation in 1923 would have been $1,920, or 126 ner cent more than in 1916, and $332 more than it actually was in 1923. These statistics do not include the salaries or working hours of officers. “The average annual earnings of smployes increased rapidly from 1916 to 1920, when they were 107 per cent higher 'than four years previously. Thair annual carnings have decreased since then. but in 1923 were stil averaged 3 per cent higher than in 1916, The increase in earnings was ac- companied by a decline in hours worked until in 1921 the average em- 1923 4 plove worked 21 per cent fewer hours | than in 1916, while recelving 90 per cent more compensation. In 1922 and 1923 the average employe worked 18 per cent fewer hours than in 1916, while receiving 83 per cent more com: pensation. “The total compensation 'paid both officers and emploves in was $1,489,700,000, and of this officers received 74,000, or 3.6 per cent The total paid to all officers ind employes in 1923 was $: 0400 and of this officers recei 000, or compensation eral officers and _assistants was $45,416,000, or 1.6 per total pay roll. This figure includes the so-calied ‘fancy salariés’ The total pay roll jn 1923 was 104 per cent ater than in 1916. Since many way employes ap- sarently believe they were better paid inder government control than they have been under private operation ind long for a return to the former policy, it is interes! the compensation roccived and the hours worked by them in 1918, the last vear of government control, with \those for The average hours worked in were 2,629 and averag mpensation $1.461, or 5 raj ensation 3 per_hour. In other word the average hours worked were less i and the average compensa- tion greater than in the a 10" per MODERN MAGICIANS BRING RAIN AT WILL One Works in California With Secret Chemicals, Other by Electrical Machine. @pecial Dispatch to The Star. SAN FRANCISCO, April 10.—Has science finally triumphed over the alements and evolved means of pre- venting devastating droughts in the future? A lot of ordinarily level- headed people here in California, in- cluding thousands of farmers, are asking themselves that question to- day after two seemingly sucocessful | attempts at “rainmaking” in the last ton @ays, which saved California ‘armers millions in crop losses. Down in the Hanford district of the lower San Joaquin valley the farmers hired one Charles M. Hatfield, seif styled rainmaker of Los Angelos, to open the heavenly sluice gates for them. Hlis contract calied for 32,000 «n_inch for all rain he could pro- duce up to four inches. Nothing was to be paid unless and until was “delivered.” Today Ha 1i8 check for $8,000 and th ire wppealing to Pluvius o the job. Has Saved Crops. Here in the San Jose district, which is the heart of California’s big prune and apricot growing industry, an- other desperate group of soil iillers set W. J. A. Coilonan, a San Fran- cisco electrical enginesr on the job. Collonan has not “produced” as much rain as Hatfleld did, but there ha: heen enough in the few days to savi the crops. “The methods of the two rainmakers are utterly different. Hatfleld pro- coeds by setting up a tall tower, on the top of which he sprinkles certain secret chemical ases from these [chemicals, he laims. act upon the lupper air strata in such a manner as to release the moisture and precipi- tate it as rain. Indeed, his recent demonstration was followed by hail as well as rain. Uses Two Machines, Collonan’s method calls for the use uf two electrical machines which he lhas constructed. Setting these up in widely separated spots, he clalms to be able, through high-frequency im- pulses, to control atmospheric pres- sure and thus cause precipitation. Many of California’s savants are inclined to scoff at the rainmakers, particularly at Hatfield, who jealously Zuards the. secret of is process and is frankly in it for the money he can make. Colionan has _more _supporters. Among them is Father Jerome Ricard, famous “padre of rains,’ who for thirty years has been 'forecasting California, weather with startling ac- curacy, through study of the sun's spots. Collonan says he hopes eventu- ally to perfect his method so that he can control not only rainfall, but the matter of frosts as well NEEDS YEARS FOR SURVEY ficld has farmers ! Jupiter Five to ten years would be ro-!pber. to conduct a survey of the! quired nation's railroad freight rate struc- ture to determine what adjustments should be made, Commissioner Esch of the Interstate Commerce Commis- sion today informed the House com- merce committee. Reiterating his opposition to the Hoch resolution, designed to bring about & general revision of rates, Mr. The average | If the average employe had ( to | 1916 | 1 BETCHA WE CuD Die A TUNMMEL RIGHT UNDER ThHis OL GROUMD AN’ WHEM TH CIRCUS Comes WE CUup CRAWL RIGHT T RouGH 1T AN COME WP UNMER TH TENT AFTER T SHow STARTS Ar' SE€ TH HULL TING FER NUTTIM | | | | | OUT OM THE OLO C\RCU GOoSsH ALL FISHHOOKS * Gee! Le's 0o ! Krow WHERE THEY'S A SHoveEL Timmiey . ) CHeis'muss! WE CuD s€E TH SHow AGAIM AT MIGHT To0 A MEBBE wWE Cuo 0 A BRAMCH TunmeL UNMNER WHERE TH' 510€ SHow'S Gomma B! S LOT SCHEMING To GET FER NMUTHIN INTo THE SHow ‘FREE GRATIS Acceptance of Dawes Report ng to compare | Prompt Action by Factor in Financial World Allies Regarded as Event of Importance as Solution of War BY STUART P. WEST. ! Dispateh to The Star. W YORK, April 12—The quick lacceptance of the Daw committee ireport on German reparations by the {allied representatives should prop- ierly be regarded as the event of first limportance in the financial situation of the last week, For five years eco- {nomic writers have been saying that {the German collapse was the worst | feature in the world outlook and that rman reconstruction would be the catest accomplishment from the |standpoint of the general business { good. Now the recommendations of these {experts have been adopted by the reparations commission unanimously They consitute the best solution by |far of the problems growing out of {the war. The relief is that with the other nations so united and so prompt to render their decision, Germany will |agree. Therc has not been a moment where the chances for a solution of European difficulties have looked as ! bright as they do at present | Why Markets Have Not Responded. The markets, however, have not taken the news with any great do- |grec of enthusiasm, for the simple enson that they realize t even with the Dawes plan going through, the reconstitution of central Europ iy a long ways off. Germany is the imost important customer of the ! American cotton and copper trades. it means a great deal for thes in- dustries for German buying power {to be restored to normal. But how long, with the tremendous handicaps of increased taxation provided for | under the | to take for the their old-tim: iabroad? This is one of the questions which arise in a practical discussion of what the actual achievements of the |investigating committees slgnify for ithe present market. The ri on wh the markets have not enthused more is not because they have been skepti- cal bout Germany accepting, or ertainly not because they have min- imized the importance of effecting an jeconomic scttlement in Europe. They ave only felt that the prospective recovery was something too remote to bo regarded as a4 matter of first consequence. Business Home Less Encouraging. The thing of immediato concern is the business situation at home. For the last two monthw evidence has been accumulating that expansion, as it was proceeding at the beginning of the' year was going ahead over fast. Too much optimism was ex- pressed about the outlook in indus- trial lines. Too much confidence was expressed over the political future. The stock market of January, re- Germans' to regain purchasing capacity i on the side of advance. Important industries like steel and automobiles increased their output extravagantly. Now it has been disclosed that things were not as bright as they soemed three months ago. Consumers have persisted In their policy of buy- ing for immediate requirements merely. The result has been an-ac- ocumulation of a surplus on the harfds of producers, rewuiting first in in- | creasing _competition at declining prices and, second, in a ocurtallment of output. This is what is going on in the steel trade, in the motor in- !dustry and in other representative lines.” It has already begun to show in the general buriness data, espe- cially in the figures on rallway car loadings and bank clearings. Change in Political Situation. At the same time political affairs have undergone a change. At the start Pof the year, nine-tenths of Wall street was sure that a conserva- tive candidate on a conservative platform would Win next Novem. it was picturing in rosy colors what this would mean for gen- eral business and for the markets. Now, after what has been happening at Washington in the last two months, the feeling is quite different. It can not yet bg said that the recent di cline in the stock market reflects serious uneasiness as to the possibility of radical success at the polls. But it can be sald that ome of the reasons sch sald the cost of the inquiry would be considerable, falling on the + railroads as well as 'shippers,,and would have the effect of increasing transportation charges. The commissioner insisted the In- terstate Commerce Commission was doing its utmost to correct inequities o ghelght rates. 73 £ | the entire gain since Octpbe: why prices have sunk to the lowest of the year, losing the better part of is that influential interests in Wall street regard the presidential campaign with uncertainty instead of -with the com- placency they formerly felt. The downward movement is, there- fore, quite intelligible on the double E 17 Jawes program, is it going | flecting this attitude went to excess | Problems. ground of a necessar to a less favorable t a less certain political position. On the other hand, remembering how Wall street during the last two years has habituaily gone to extremes, and has overrated - outside business changes, first in ono direction and thep in another, it is well not to take 00 seriously the pessimism which has been fashionable this last week. The elements of a real business de- pression are not present. There Is no credit overstrain, but, on the con trary, credit conditions are the easicst the country has ever known. Only Moderate Supply. There has been no overaccumula- tion of high-priced goods In the hands of merohants and manufacturers, such as lelped bring about the catastrophe of 1. Even there has been no period of excited buying at rising prices like there was in February and March, 19 The whole trouble is that there has been overproduction in certain quarters, and that, to correct o be a cutting down a lowering of prices. This has been goi on for the last two months, and with little doubt it will to be carried further. But the ne of ten to twenty points on the stock exchange from the highs of January must be considered as hav- ing done much in the way of “dis- counting” these changes, | FOREIGN EXCHANGE. By the Associated Press. NEW YORK, April 12—Foreign & changes irregular. Quotations (in United States dollars): Great Brit- ain, demand, 4.33 5-16; cables, 4.33 9-1 sixty-day bills on banks, 4.311-16. France, demand, .0604; cables, .0606. Italy, demand, .0444: cables, .0444%. elgium, demand, .0512; cables, .0514. ermany, demand (per trillion), Holland, and, 2; Norway, de- mand, . Sweden, demand, .263 ark, demand, .1651; Switzerland, : Spain, demand, .1345; Greece, o Poland, demand, Czechoslavakia, — demand, Jugoslavia, demand, .$124% .000014: Rumania, demand, Argentina, demand, .331 demand, .1140; Toklo, demand, i Montreal, [98 1-16. e HALTS WORK UNTIL APRIL 21 LUDLOW, Mass, April 12—The plant: of the Ludlow Manufacturing } Associates, jute -products manufac- | turers, employing 2,500 to 2,800 per- sons, was closed today until April 2 No reason was given for the closing. N. Y. BANK STATEMENT. NBW YORK, April 12.—The actual condition of clearing house banks and trust companies for the week show a deficit in reserve of $8,582,370. This is an increase of $2,573,120. — e BALTIMORE DAIRY PRICES. BALTIMORE, April 12 (Special).— Live poultry—Young_chickens, pound, 25835; leghorns, 25a30; winter, 40ad springers, 50a55; old hens, 35a2 | horns, oid, 24a25; old roosters, 1 |ducks, 25a34; pigeons, pair, 45850; guinea fowls, each, 30aé! Dressed, * poultry—Chickens, pound, 28a35; ducks, 30a35; old roosters, 16a i17; capons, 35a4b. | Eggs (loss off)—Native and nearby dozen, 22; southern, 31; duck leggs, 42, | _Butter—Creamery, good to fancy, ia42; prints, 42a44: nearby creames 35a38; ladles, 30a33; rolls, 26a28; store packed, 25; dairy prints, 26a28; proc- ess butter, 3637, PRICE OF LEAD REDUCED. NEW YORK, April 12.—The Amer- readjustment e position and | | demand, -00000012; (02063 ; Austria, ) Ty, ican Smelting and Refining Company | today reduced the price of lead from 8.50 to 8.25 cehts per pound. REV. BULLOCK T0 PREACH. Rev. George O. Bullock will preach at Third Baptist Church, 5th.and Q strects northwest ,tomorrow, at 11 a. m.,; on “Christ Moved the City.” At 6 P, M. the Christian Endeavor will be Ted by Miss Mary Samuels and at 8 p. m. The sermon is “The Joy of Salvation.” Wings Are Tnvalusble. J. 3. Moutague in Kansas City Times. If the robins had to come from the south ovér the roads in that section they’d never get DOrth. 1 - - uMmER A NELEPHUNT | Ross, hostess. 38| morning session. YEAH, BuT S'PosIN WE WENT T ROUGH TH TuMNEL AN COME uP ? EVERYMAN’S INVESTMENTS By George T. Hughes THIRD ARTICLE. A bond issue that never reached the public and why it became a com- mon stock issue. An old college friend, one of the| | knew, asked me to introduce him to an investment banker. He had built | up a profitable manufacturing busi- | ness that was growing so rapidly he | wished to issue 3200000 in bonds to care for new business. I was present | when my friend laid before the in-| vestment banker a complete report of his business. We all three knew it was the whole truth and nothing but! the truth “ cellent,” but Rejected. ent.” said the investment banke “put 1 would not touch It is a common stock proposition. | Your urity would make the bonds safe if you had no misfortuncs or & vere depressions, but it isn't su cient to assure absolutely full pay- ment of the bonds should you fail. 1| don’t think you will fail. A man could | afford to take the fair business risk | in buying your stock beécause the probability of excellent dividends | would pay for the risks. There is| evgry indication that you will con- tinuc to pay excellent dividends. But | a bond buyer could not assume the | same isk for the lower yield n!" xi it | have threo economic weak- ness the investment banker said, indicating the report. “Labor trou bies could cripple you. Your patents | are exceedingly valuable. Suppose | other patentable devices are develop- | ed that make yours .obsolete. Your| patents would be worthless as secur- | ity for your bonds. “That's on the bond buyer's side. It wouldn't be fair to your business to bond you so heavily, It would risk your future credit. Yes, I know that a bond issue, if feasible, would be the | cheapest way for you to obtain capi- | tal, but it wouldn't be wholly fair to | my customers to let them take even a | slight risk, and it wouldn't be fair to | your business to tie it up in a loan that might make future loans diffi-| cult. Issue stocks. In vour business | they are an excellent buy.” | Banker Handled Bonds Only. | This investment banker handled | only bonds. 1 took my friend to an | investment banker who handied both stocks and bonds. A stock issue was sold quickly to well-to-do-business men who knew the investment bank- ing house, and who recognized the stock as an excellent purchase. H My friend, like & great many other £ood business men, up to that time had known virtually nothing of cor- | porate finance, which is the proper ' arranging of stock or bond issues of | an enterprise so that the enterprise | will have the best opportunity for | success and the investors the great-| st. opportunity for safely or profit. That is one example of how sound securities are made. It Is a carefal, scientific procedure. It is wholly aif- | ferent from the make-believe stocks | and bonds that glib crooks offer the | inexperienced' with promises of im- | possible returns. « bt, 1824, Copyright, -;'z’ Consolidated Press As ation.) PR PR CALVARY WOMEN MEET. The Woman's Missionary Society of Calvary Baptist Church will meet in the adult room of the Sunday school house next Tuesday morning at 11 o'clock. The speaker will be Miss Clara W. McQuown, who will tell of her personal obseérvations in the far east. Mrs. E. G. Mason will lead the devo- tiondl service; Mrs. Ruby Potter will be the soloist, and Mrs. George A. Luncheon follows the Women of other churches invited. DR. MONTGOMERY TO TALK. Palm Sunday will be celebrated ap- propriately at the Calvary Methodist Church tomorrow. At the morning service Dr. James Shera Montgomery will deliver a speciai sermon on “Jesus—The King By Divine Righ The_choir will render special music. At 8 p.m. the choir and quartet will give “The Crucifixion. ‘WILL DELIVER TWO SERMONS The pastor of the Church of the Pilgrims, Rev. Andrew R. Bird, will preach tomorrow on two questions suggested by the Bible account of Palm Sunday. At 11 am., “Would Our Lord Jesus Approach Washington With Joy or With Tea#s?” 7:30 p.m., “Does the Savior Need My Co-opera~ tion e yard d th d are the onty “twe. tndepondent” standards for { ®oods Yo wholesalers, } chose concern squarest and most capable men 1 ever | « | to ethyl gas, manuf. | se | duction. { 16,400 initial production. BIG PRE-EASTER WEEK Shopping Cen_ters Planning for -Trade Equal to Christmas Period. RN » GOODS OF QUALITY ON SALE ‘Wholesalers Engage in Liberal Ad- vertising Campaign. ° BY J. C. ROYLE. Special Dispateh to The Star. NEW YORK, April 12—There is ‘every evidence that the retall trade in thé shopping centers of the country the weel before Baster will be fully equal to the week before last Christmas, which was one of the most active trade periods in a deeade. At least, it is known that no advertising effort will be spared to raise sales to the utmost. In the larger cities preparations have already been made, and appropriations made, for the largest volume of news- paper advertising since last December. Papers in most citfes will be of the largest proportions. in history. This de- velopment has been aided by the fact that Easter this year comes far. later in the epring than usual, by the fact that department stores are prepared to place before their customers the lighter- weight goods usually reserved for post- Laster sales effort and because the full value of ne: per advertising is flnally becoming fully kpewn to the merchants. Refase to Stock Heavily. Retailers have shown manufacturers and wholesalers that they are confirmed in their policy of refusing to stock heavily on prospects of what the consuming public want. In order to sell large Job! tailers, producers and have had to stimulate demand from the consuming public. More and more they orders of s afd re- |are turning toward newspaper adver- tising for this purpose. The California peach and fig growers' associations, which have experimented widely with various forms of advertising, are pre- paring, July 1, ta confine virtually all their selling appeals to consumers to the pages of newspapers. Recently tanning and leather Inter- ests, whose advertising campaign, de- signed to move surplus stocks of leather long hanging over the market, had not proved satisfactory, came to one of the outstanding adverti: country f¢ “In wha products They gestions. ways. principally, are yoyr used?” they were asked. replied in shoes and belting. “The surest way, th leather,” the expert advised them, “is to sell more shoes, and your advertising campaign, therefore, ought to be di- rected prin to that end through iocal newspapers. ame Policy in Other Lines. Whether that advice is to be fol- lowed in leather has not vet become known, but the same policy advised is being adopted in some more com- modities. Armour & Co. has just started on a campaign of advertising which promises of extensive character. is a heavy space tives of tate frankly that but for the incre in_ the individual consumption of meats in the last year throughout the country the packers could not F the tremen dous numbe sent o market without trous effects to themselves, the grow- ers and the public. Advertising in magazines and class ications, however, does not seem | tire hope of attracting college men to | Surope under | take vacation trip the prospect of specially named rates. Instances Cited. The east local papers are beingex- tensively utilized by the Standard Oil Company of New Jersey in an effort to induce automobilists to give a trial ured under ar- rangement with General which owns the ethyl patent. munity advertising through the new. papers of other ions has taken ¢ film_hold, and paigns now under headway by cities and states from New Iingland to California, setting forth the attractions of each from the viewpoint of a tourist or a home- s er, involve the expenditure of millions of dollars before December 31, — CANADA RATLWAY BOND SALE MONTREAL, April 12—The Cana- dian Pacific_railway has announced the sale of $12,000,000 of its ten-year 5 per cent collateral trust bonds to a powerful Canadian syndicate head ©ed by the Bank of Montreal. The sale, road officials announoed, came after a period of ten years, during which no financing of any { kind had been done in Canada by the Pay- Stock of Corporation. Butler Bros... Calif Pkg Corp.. Copper Range. Klec Ut com. St 0il Ohio pf. Tex P & L pt. Apr. 18 Apr. 30 coccocryy COMMODITY NEW'S WIRED STAR FROM ENTIRE COUNTRY PITTSBURGH, April 12.—Close bid- ding rules in structural steel and re- | vised bids are requested in almost every case. Awards have all been small. Plain material prices are 2.40 cents to 2.50 cents base Pittsburgh. SHREVEPORT, la., April 12—Re- covery from the damage done by the recent storm is shown in the im- provement in oil output of Arkansas and Louisiana this week, which rose to a daily average of 169,440 barrels, a gain of 5,493 in average daily pro- Thirty-two new wells added ARRON, April 12—Curtailment of automobile production threatens to affect tire output here. facturers are discussing the possi- bility that the present capacity out- put of 110,000 tires daily may prove the peak of the year. Originial equip- { ment absorbs about 20 per cent of the Akron tire output. PHILADELPHIA, April 12—Work will start in the next few weeks on the largest power station in the I world, whish will be built here by the Philadelphia Electric Company. It will be equipped with twelve 50,000-kilowatt turbo generaters. DENVER, April 12.—The United States forest service will plant 1,000,- | 000 young evergreens in the Colo- rado national forests this spring. WINCHESTER, Va., April 12.—Con- tinued cocl_weather is cheering fruit growers. Young buds have not had a chance to swell, hence will not be damaged by a late cold spell CLEVELAND, April 12.—Following the acquisition of the Newmann Com- pany of Chicago, the Bond Clothing Company of Cleveland, with stores in. fourteen cities, has announced plans to extend Its chain of stores and factories throughout the coun- try. SAN FRANCISCO, April 12.—Cali- fornia’s 1923 olive crop now being marketed will total approximately 21,000 tons, according to the Cali- fornla's Olive Growers' Association. Prices are lower than for several Drevious seasons. producers, | may | manufacturers ! ng experts of_ the | n, to sell more | Local manu- | PRIL 12, 1924 FINANCIAL NEW YORK CURB MARKET Recelved by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, April 12.—The report that Germany had accepted the Dawes committse proposals did not appear fo have an {mportant influence upon operations in today's brief ses- !sion on the curb exchange. It did, however, check operations for a short time at the start, but ‘selling was NEW _YORK, April 12—Following Is an officlal list of bonds and stocks traded in on the New, York Curb Market today: . Sales 1o thousands. N Hign. 1 Allied Packers Gs.. 60% 3 Alum s new °83.. 107 4 Am Gas & Eloc Ga. Am Sumat Tob 7% ‘anaconds Gs .. Anglo - Am 0N 74 Anso’ Sim" Haw Gis AVG W 1 Belgo Can Beth Steel Can' Nat GIt Serv 78D 1. ‘ons Gas Balt 8 & Cons Textiles S . CP D M ks 4 Cudahy " 5 Deere & €3 T%s Detroit Cits Ca Detrolt Bison 6 .- Dug L P s B g 0N 7 Hood Rubber 75 Inter Mateh 648 Kennecott Cop Ta -- Tehigh Power 6 Libby McN & L Low. Switt & Uo Tidal Osage Tn Ol Prod Se .. Web Mills Glgs wi FORBIGN BONDS. Mex Goxt 65 efs dep STANDARD OIL ISSUES. 16% &K"‘ Sales in onits. 400 Angio Am Ol ... 40 Buckeve P L . 100 Crescent P L 1200 Hum 011 & 130 Imp indiana P inter’| Pet Nat Trapsit .. Ihio 0l new 01l & ithern P 1, 0 Indizoa 0 Kenffcky 0 Nebrasks | Sales INDEPENDENT OIL STOCKS. { o Bundreds. 1500 { { {10 Livin 2 Mo 1 Mount Gulf 2 Mutual Gil vot cfs { ) Ohio Ranger 1 Omar 0il & G LIQUIDATING SALES FORCE GRAIN LOWER Week of Persistent Pressure in Corn Affect the General Market Quotations. By the Associated Prees. - CHICAGO. April 12.—Persistent liquidating sales by holders of corn {have had much to do with making grain prices this week average lower. Compared with a week ago. corn this morning showed % to 1% decline, with wheat at % off to % gain; oats % to % down, and provisions ranging from 12 drop to 5 advance, Selling pressure in corn was espe- cially evident from dealers having May delivery contracts. Notwithstanding the approach of the openingz of lake navigation, the demand for corn ap- peared to be far from urgent, and optimism as to the outlook for a pos- cible sharp advance seemed to be rapidly fading. In this connection. gossip was current that gluten and other manufactured feeds were being eavily substituted for corn. With re- eipts increasing rather than falling off, even the advent of-snow, rain and unseasonable cold at the end of the week failed to have more than a tem- orary bracing influence so far as he corn market revealed. Although it was recognized by grain traders that all commodity markets were llkely to be helped upward if German finances were repaired by the Dawes plan, the absence of any specif- tic provision looking to increased pur- chase of food supplies from the United States tended to prevent the report from having any noticeable results on the wheat market in particular. | Seeding_ progress gave a downward slant to the price of oats. Provisions were governed chiefly by the circumstance that stocks on hand {were liberal. s O COTTON MARKETS. NEW YORK, April 12.—Cotton fu- tures opened firm: May, 31.30; July, 29.80; October, 25.85; Decumber, 25.30; January, 24.88. The market recovered a good part of yesterdiy's losses at the opening today, owing to relatively firm Liver- pool cables, reports of rains in east- arn and ocentral sections of the belt, l".(zher foreign exchange and reports that the German government had ao- | cepted the Dawes plan for repara- | tions. Renewed covering by old-crop | shorts sent May to 31.59, or 62 pomts net higher. A better demand for new-orop pos‘.ions also carried the price of October to 95, a net ad- vance of 33 poin t prioces were 25 to 37 points net higher, and the eral list showed net advances of 7 to 64 points during the early trad- ing NEW ORLEANS, April 12—Cotton futures opened steady: May, 31.50; July, 29.63; October, 25.20; December, 24.85; January, 24.70. The market opened higher in sympa- they with strong Liverpool cables, fa- vorable British boards of trade returns for March and tha report that Ger- many would accept the provisions of the Dawes report. Trading was very active in July and October. trades showed gains of 31 to 35 points over the previous close, and the mar- et continued to advance Immediate- traded up to 31.75 and July to 29.93, or 66 and 65 points, respectively, tinued to trade around the opening price of 25.5, or 32 up. LIVERPOOL, April 12.—Cotton—Spot fair demand; prices easier. Good mid- dling, 19.87: fully middiing, 19.42; middiing, 18.92; low middling, 18.07; Food ordinary, 17.07; ordinary, 16.57. Sales, 6,000 balcs, ' including 3,200 American. Receipts, 5000 bales, all ‘American. Futures closed stea April, 18.72; May, 18.47; July, 17.76; | October, 15.31; December, 14.83; Jan® uary, 14.66; March, 14.52. BAR SILVER QUOTATIONS. NEW YORK, April 12°—Bar silver, 64; Mexican dollars, 487 LONDON, April 12.—Bar silver, 331-164 per ounce. Money, 1% per cent. ‘Discount rates: Short bills, 3 per cent; three-month bills, 3% per 1y after the opening call, until May | above yesterday's close. October con- | Direct to The Star Office resumed later when weakness broke out on the big board. Trading started in the common no- par-value stock of National Tea, the first sale taking place at 322, withan advance of 3 points later. Accom- panying the listing was the report that net profits in 1923, after taxes and preferred dividends, weré equal to $50.59 a share on the common. Oil shares, after early improvement, were under slight prescure, especially Standard of Indiana and Ohio Oll. 2 Peer Ofl Corp ... 1% 10 Pean_Beaver’ Ofl.. .40 14 Red Bank Oil new 21 2 Roy Can Ofl & Ref 3% Ealt Ck Prod 13 a7 885, Am Hawsiian 58 97% Am L & Tret ... 191 Arch ‘Dan Midiand 21% Atlantic Froit wi.. 1% Bridgeport Mch wi Brit-Am Tob Cou.. Bkiyn City B & . Cand Prod Corp wi Checker Cab Mfd A Chic_Nip new wi.. Nip B tr aw wi ower & Lt Cuba_Co ... Doe Die Cas Go w Dubller C & Radio Dushill Int Inc .. 88% v 129 21 1 P M ) 2% 1 1% 21 875 18 “5 W LI 5% e e S it% 2y B3y s 75y o 138 15 1275 it N o5 am% i Foundation Co pfd. Gillette 8 R 0 Alden Coal oodyear Tire .. Hazeitine Corp wi 2 Helden Chem ... Hud & Mann B B Int Cone Ind Corp 2 Kresge Dept tores Libby McN & 3 Mo I'r Co pf ow 1 Radio Corp pfd . 2 fal Gil BNV wi Tenn El Pow 2d pt Tob Prod 'Exports Uni Retail Candy.. US Lt & He pf... Ward Bak Oor B wi 185 Woodward Iron Co. 8lig 2 Yel Taxi Gorp N Y 20% MINING. 2 Black Osk Goid Mas _ig 1% ‘o1 3% az 1% .08 2%, Cresson Gold ... Diamonand Rl Bu. . Buog Goid Mines.. Eureks Croesus . Harmill Div Holinger ... Howe Sound 2 5t 0% Mt Trouct Metas Prodn 30 1% 0 % e £ k3 1% ) ® 24 35 in |GOLD DISCOUNT BANK | WILL OPEN APRIL 1 'Germuy's New Institution to Be- gin Operations With Capital of £10,000,000. Mohican Cop . New Corelia New Dominion Cop Onio Cop ......... .T0 Pymouth Lead' Mia 45 40 Sutherland 18 Teck Hughes .. 1 Tono Belmont . ited Enstern 20 1 Unity Goid ... 1 Watker Mining 7 Wenden r By the Associated Press. BERLIN, April 12.—The newly founded German gold discount bank will begin operations April 16 with a capital of £10,000,000. The statutes of the nsw Institution designate it as a purely private bank, wholly immune from German or for- oign political control. Its primary function will consist in extension of credits to German industry, com- merce and trade. It is not permit- ted to extend credits to the central, foderated or local governments. Supervision of its operations will be assumed by trustees designated by foreign banks of issuc. The discount bank will be permit- ted to issue notes in demominations of £5 and higher. Dr. Hjalmar Schacht, president of the Reichsbink and federal commission of currency, is chairman of the new bank's direc- torate, the members of which in- clude several directors of the Reichs- bank. The bank will have its quar- ters in the Reiohsbank building. Dr. Schacht is at present negotiat- ing with New York banks for redis- counting accommodations. ~ No defi- nite arrangements in this conneotion have yet been compieted. R O GRAIN AND PROVISIONS, BALTIMORE, Md., April 12 (Spe- cial).—Potatoes, white, 100 1bs., 75a 1.75: 150-1b. sacks, 1.2al65; new potatoes, DbbL, 8.00a10.50. Sweets and yams, bbl, 2.50a6.50; bw, 1.00a 3.00. Asparagus, doz., 3.00a800 Beans, bu., 3.0034.00. Beets, bu, 150a2.00. Cabbage, basket, 2.25a2.75.* Carrots, hundred, 4.00a6.00. Caulifiower, crate, 2.50a3.25. Celery, crate, 3.00a4.25. Cucumbers, crate, 6.00a10.00 Egg- plants, crate, 3.0085.00. Kale, bu., 20 al0. Lettuce, bu., 2.50a4.00. Onions, per 100 1bs.,1.25a2.50. Spring onions, hundred, 1.25a1.50. Parsnips, bas. ket, 60a70. Peas, &iamper, 2.00a4.00. | Peppers, crate, 2.005.50. ~Radishes, 1Bu. 15023.00. " Spinach,’ bu. " G0a7s. L00a4. Tomatoes, rat ‘Turnips, bu., 4.00a5.00. 5.0, Apples, packed, bbl, 2.00a5.00; bu., 180a1.50; box apples. 176a2.35. Grape- ruit, box, 1.75a2.76. Orang 2.253.75. Strawberrias, gt 15at0cs Settling Prices on Grain. ‘Wheat—No. 2 red winter, spot, 1.08; No. 2 red winter, garlicky, spot, domestic, 1.98%; no quotations on No. 4 or No, 3 red winter, garlicky. No sales. Corn—Cob, new, 4.25a4.30 per barrel for yellow and 4.10a4.15 per barrel for white; No. 2 corn, spot, 87: No. 3 corn, spot, 84; track corm, yellow, No. 3, 8912a90. o' sales. Oats—No. 1 white, 56a56%; No. white, new, 55a55%. Rye—Nearby, 70a80; No. 2 rye, spot, 5% Hay—Receipts, 76 tons. A proportion of hay on sale here at present is more or less damaged and ipoor in quality, in comsequence of \which prices are irregular and grad- jing equally so. Demand is fair for isound hay of medium to good quality. Low grade and damaged dull at rices. Quotations: No. 1 timothy, 7.00a27.50 per ton; No. 3, 26.00a26.50; No. 3 clover, 23.00a24.00; No. 1 clover mixed, 5.50426.00; Nq_2'clover mixed, £2.00a22.50. No. 1 clover, 26.00a26.50. Straw—No. 1 straight rye, 24.00a 26,00 per ton; No. 1 tangled rye, 18, 220.00; No. 1 wheat, 18.00818.5 oat, 17.00a18.00. 0 you look in your husband’s pockets, thinking he might be getting love letters from some other woman? Mrs. Gayboy-—No, dear, When you have been married as many vears as 1 have all you'll look for is the change left out of a fivespot. WHOLESALE MEATS BRISK AT WEEK END- Beef and Fresh Pork ,Products Show Clean-Up of Stock at Close. FISH MAKES SAME RECORD Report on Vegetables by Depart- ment of Agriculture. Washington's wholesale meat mar- ket closed stromg today, and dealers in beef and fresh pork products were just about cleaned out. This als could be applied to the fish market Pggs have refused to move cither up or dewn, despite persistent report: that they are being “given away” in some sections of the country, ‘and despite also the approach of Easter Commission merchants declared they would not be disappointed if a slight advance occurred in their product within the next few days. The high est wholesale price for eggs today , was reported at 25 cents a dozen, and this from jobbers with graded fresh quality. Live hens were wezker today, bear ing out the prophecy of some mer chants of vyesterday. Twent cents was about the price the commanded. Official Report on Vegetables. Vegetables, as reported by the D partment of Agriculture, follow Apples—Suvplies moderate; demand moderate; market dull; _barrels— Maryland, Virginia and West Vir ginia, No. 1, 732 inches up, Winesaps best.’ 5.50.6.00; fair condition, some slightly sc.led, 4.5025.50; yellow New tons, 5.00a. 00; fair condition, 4.00a °8, '4.50a5.00; Ben Davis 2% inches up, Winesaps ; Ben Davis, 2.00a2.25; hoxes orthwestern, medium largze sizes, extra fancy. Winesaps mostly® ; Stayman Winesaps, 2.00a combination fancy and extra fan yellow Newtons, 2.00a2.25. Aspara- Bus—Supplies moderate; demand moderate; market fairly steady South Carolina, dozen bunehes Colos- sal. 7.00a8.00: fancy, 5.0026.00: choice 3.50a4.00; culis, mostly 3.00: California crates bunched green, large si 7.00a8.00. Cabbage—Supplies moder- ate; demand moderate; market firm Florida, 1% bushel hampers, point type and Copenhagens, 5a2.65 mostly 2.50: Texas, bulk, ton round and flat tvpe, most 96,00 few higher. Celery—Supplies light; de mand * moderat, market steady Florida, 10-inch crates, Golden Self blanching, in the rough, 3 dozen stalks, mostly 4.60; 5-6_dozen stalks. mostly, 4.50. Lettuce—Supplies light demand rAoderate; mar! California, crates, Iceberg type. dozen, mostly 6. light; demand _light; market Ohio and New York, 100-pound sack yellow varieties, No. 1, best, 2.40a2.50 fair quality, medium siz 00a2 Supplies and Demand Medorate. Potatoes—Supplies moderate: demand moderate; old stock, market firm Michigan, 150-pound’ sacks Russet Rurals, United States 1. 2.00a3.10, mostly 3.00 per sack; New York. 150 pound sacks Round Whites, United States No. 1, 3.00a3.10, mostly 3.00 per sack;new stock, market slightly weak er: Florida, double-head barrels Spaulding Rose, United States No. 1 11.00a12.00. _Strawberri Supplies light: demand moderate: market fir Florida, pony refrigerators, 40a mostly 45 per quart. String beans- Supplies liberal; demand moderate: market steady; Florida, 7%-bushel hampers, green. fair quality, 0:1 450; few best, 5.00a5.50. Peppers Supplies light: demand moderate; mar ket steady: Florida, crates, fancy, 500 a5.50. Tomatoes—Supplies liberal; de mand moderate; market steady; Flor ida, sixes, ripe and turning, wrapped best fancy count, 5.00: choice cou 4.00; fair quality and condition, 2.001 fov per Arrivals for Past 24 Hours. Apples, 4 New York, 1 Virginia freight, 3 broken and 6 unbroken car on track. Cabbage, 2 Texas freig 4 broken and unbroken cars track. Celery, 2 broken cars on track Potatoes, 3 Michigan, 1 New Yo freight, 7 broken and 9 unbroken car: on track. Lettuce, 122 crates North = Carolina express, 3 unbroken cars on track. Grapetruit, 1 Florida freight 4 broken and 1 unbroken cars or track. Oranges, 1 Florida freight, broken and 3 unbroken cars on track Onions, 1 broken and 1 unbroken car on track. Tomatoes, & Floridn freight, 2§ crates Florida express, o broken and 2 unbroken cars on track Carrots, 15 crates New York expres Caulifiower, 1 broken car on_ track Beets, 15 crates Florida express, ! broken car on track. String beans 236 baskets Florida express. Rad ishes, 66 crates North Carolina ex press. Bggplant, 40 baskets Florids express. Pepper, 65 haskets l‘!n\'vd.u express. Mixed vegetables, 1 Texas freight, 1 broken and 2 unhr'\k'p cars on track. Mixed fruit, Florids freight, 3 broken and 1 unbroken cars on track. Strawberries, 28 re- frigerators Florida express. ASpara- gus, 192 crates South Carolina and crates reshipped New YOTk express Bananas, 1 reshipped Baltimore, Md freight, 1 broken and 1 unbroken cars on track. Lemons, 1 broken car on track. Onions, Friday, April 11 unbroken car on track. CHICAGO GRAIN MARKET. CHICAGO, April 12—All grain- averaged higher in price today during the early dealings. Firmness of Liver ool quotations led to a lack Selling pressure on the wheat market Pere. © Besides wet weather over the west, causing delay to_ field work ed to strengthen prices of corn o sats. and. had an lndirect efTect on wheat values. Wheat opening Drices, which ranged from % _to Righer, with May 1.01% to 1.01% and July 1.08% to 1.03%, were followed by slight further galns and then something of a setback. _ Gorn_ opened unchanged to % wup, [ May, 77 to 77%, and with reports of good demand at Omaha scored a Foderate eneral advance. Oats started unchanged to % nigher, May, 46% to 46%, and later continued to harden. i Provisions were firmer in line with the hog market. COTTON FUTURES AT CLOSE. NEW YORK, April 12—Cotton fu tures closed steady—May, SL14 to ; July, 29.65 to 2968 October. to 25.68; December, 25.03 to 25.05; January, 24.70 to 24.78. NEW ORLEANS, April 12—Cotton fitures closed steady at net advanoces of to 2 to 18 pointa Close: May 31.26-31.33; July, 29.46-29.51: October 24.95-24.96; December, 24.63-24.67 January, 24.45. BOSTON STOCK MARKET. BOSTON, Aprll 12—Following is list of today's highest, lowest and closing _prices for the most active stocks dealt in here: High. Low. Close. Am Woel ... . 89 68, Am Tel & Tel Amoskeag . 'Arrlflllu Cons . Arizona Com Roston Boston & Calu & Ariz Bast Butte - Bdison Elec Shannon Swift & Co Swift Int United Shoe 5 United Shoe Mach pfd. U 8 Smelt . Ventura Ol Waidert Warzea