Evening Star Newspaper, April 18, 1924, Page 28

28 GOOD FRIDAY HOLIDAY ON STOCK EXCHANGES Financial Districts Lose Customary Bustle, But Banks Re- main Gpen. BANKS OPEN TO BUSINESS Street Shows Little Activity in Finances. the Associated Press. NEW YORK, April 15.—With the x curity and commodity »f Good Fri- 1 district. today lost bustling activity. The open, inasmuch as it holiday, but the street promised to of financial exchan nee fi ts customary banks remaine legal the in the was not a (ietness of littl ransaction he New the curh tomorrow sion. The and sugar until Monda: provide way York Stock Exchange and arket will resume business for the usu es- Excuse for Bear Attack. ublication i t of an interview with ary Mellon, in which he stated tha England textile industry in a period of depression, was 1 as an excuse for a bear atta American Woolen, which was ham- mered down more than three points a new 1924 low. It railied later New lows also were estab- American Sugar Refining and preferred at % and st Sy New a lished by mmon ely firm, despit - 'in_domestic crude p: cial buying being and Phillips Petroleum. after opening at 41 per cent, dropped to 4, where it closed Time money and commercial markets were quiet, with no change ign exchange: sterday on the light volume of Demand sterling ruled just 5. and French francs were quote round 6% cents. Another down CHICAGO, April Stock Exehang ity markets were the money & markets were tn a recoml low, around 40% 18 —The Chicago security and com- losed today. in Friday. The nd foreig: open ance banks and Nehange usual 1 Saturday business hours d tomorrow. will be obsery PROPOSED NEW LAW IS BOOST TO WHEAT| Chicago Dealers Ascribe Price Rise to Possible Enactment of Me- Nary-Haugen Bill. Br the Associated Press CHICAGO, April i3.—Higher prices witnessed in the wheat market were largely sult of attention given to consequ of the possible actment of the MeNary-Haugen bill Wheat closed unsettled yesterday at % tvance, with corn shade decline to 1 in, and oats a shade to % up. In provisions the outcome 1 from 2 cents off to a rise of was contended by a leading au- that if the McNary-Haugen bill became a law an attempt would Jikely be made to establish $1.25, and perhaps $1.50 a bushel as the ratio price on wheat. Under such circum- ces, traders showed considerable position to avoid the selling side the market, and to purchase a 1 more freely. there were complaints of of reserve moisture in the spring 4 and of delay to seeding liberal re- ¢ domestic received hereto- rule, 50 likewis @id the fact that primary arrivals were less than half the total a vear ago. Near the end of the day, how- ever, part the advance was lost hrough sales to realize profits Cnrn averaged higher in svmpathy with wheat and owing to smallness receipts. Oats displayed indepen- Strength, all of the 2,000,000 shels stock at Duluth being report- od sold, except 225,000 bushels Provisions at first eased by the downward trend of hog values, but were later affected in the opposite directicn by grain. a nces en- to T cent net varying from a cent cent ada of the wheat fore heen the duction spring more this too. th WALL STREET BRIEFS. Py the Associated Press All security and commodity ex- changes in New York and Europe are ~loged today in obsorvance of Good Friday. The cotton exchange and the coffce and sugar exchanges will he closed Saturday, but the ock Exchange and the curb will open for tha usual two- hour sessions that day. sclidated Copper Com- net income of $2,004,676, for the year ended against net loss of r before Sherwood sident. stated quarterly reports hereafter would cover operations of Copper Company. en over last' February, and which in future would be oper- -~ ; laa a mining branch of Ray Con- Slidated reports or $1.05 a Tieeember 623 The south i3 as prosperous as it wad in the last two years and the outdook for 1924 is good, J. R. Kenly, resident of the Atlantic Coast Line id vesterday. “Last year of the hest we ever had,” d, “and in the first three mopths of this year business has heah as good, if not better. Not earn‘ngs of the Republic Rail- and Light Company and its diarics ‘for the first quarter of were $1,055,851, an increase of 28,615 over the corresponding pe- riod last year. The professional element’was con- stantly alert yesterday to openings, and one was found in both common d preferred shares of American Waplen, which were driven down to new lows for the year. The incentive sofned to have been discovered In ‘ecretary Mellon's reference to a de- I} ded textile situation in New Eng- «nfl, ulthough there was nothing in isf remarks with which the street wa§ unacquainted. i — | PROVISIONS MARKET. TMORE, April 18 (Special).— oes, white, per 100 Ibs., 75al.75 5 sacks, 1.23a2.75; new potatoes, Ubly 8.00a10.00; bu., 1.75a3.00% sweets nd yams, 036, bi., 1.00a 2.25; asparagus, doz., 3.0028.00: beans, a4.00; 'beets. bu.. 1.50a2.00: basket, 235a2.75; carrots, 4.00a6.00: caulifiower, crate, a3.25; celery, crate, 2.75a4.25; cu- cumbers, crate, 5.00a10.00; eggplants, crate, .00a5.00; kale, bu., 25a35; let. b 30a4.00; onions, per 100 1.25; 0; spring onions, hundred, parsnips, basket, hamper. 2.00a4.00; crate, 3.00a5.00; radishes. bu., 1.00a 3.00: " spinach, 'bu., 50ai5; squash, crate, 4.00a4.50; tomatoes, crate, 3.00 a5.00: turnips, bu., 40a50. Apples, packed, bbl., 1.7525.00; bu., 50a1.40: box apples, 1.75a2.25; grape. fruit, box, 1.75a2.75; oranges, box, 2.25 a3.76; strawberries, qt., 30a55. No' grain quotations; chamber commerce closed today for holiday. cabbage, hundre peas, of erday in the finan- | noted | paper | held relatively | Japanese ven carried them | ? FINANCIATD. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY BOSTON, April 18.—The Pacific Tex- tile Mills now are working at 75 per cent of normal capacity, a gain of 10 per cent in the Jast month. The wor- | sted departments are showing the Ereatest improvement. Cotton de- partments, both in the morth and south, are running full time. Print- ing and dyeing divisions are on a 60 per cent basis. KANSAS CITY, April 18.—Large or- ders for automobile seat covers de- signed for Ford cars with right-hand drive are coming in from Athens, Greece, ST. PAUL. April 18—Competition afforded by privately owned passen- ger vehicles bas resulted in the re- moval from service of 7 per cent of the street cars of the Twin Cities Rapid Transit Company. The de- crease in operating revenues, which is running about $3.000 a day below those of last year, means that 50,000 residents here who formerly rode in street cars now are riding in automo- biles. Applications for increased street car fares now ate under con- sideration. HARRISBURG, Pa., April 18.—B. G Eynon, registrar of the state motor vehicle department, togay predicted that by the end of 1924 15,000,000 au- tomobiles would be in use in th United States. He added that al- ready his department was preparing for the rush for 1925 licenses. WILMINGTON, Del, April Thirty-five million quarts of berries will reach market from this section this year. The acreage planted has increased 15 per cent, and already orders have been placed with rail- roads which will require 4,000 re- | frigerator cars to handle | | |owing NEW ORLEANS, April 15.—The un ttled condition’ of the local and uban markets is held accountable for the drop in refined sugar prices to 810 cents w pound, a loss of 30 cents a hundred. Refiners have ac- cumulated large stocks recently, to_the hand-to-mouth buying policy of jobbers and grocers. DENVER, April 18.—Twenty-five thousand people visited the radio ex- position here this week, and dealers report that sales of radio equipment have been the heaviest in the history of the industry hei SHREVEPORT, La., April 18.— Louisiaha farmers have times much fertilizer to use on the 1924 cotton crop as was purchased in 1 The farmers have determin- ed to grow more cotton to the acre without an incre: in acreage. 188 The orth, SAN FRANCISCO. April number of oil wells iband in this state since January 1 has been treble the bandoned last year in onding period. Thirty-two new drilling operations were started in the last week. a gain of four from | the previous week, but the total new | is understood | gressing. wells 8o far this year is thirty less than for the spring of 1923 PITTSBURGH, April 18.—Improve- ment has appeared in wire product demand for which now appears steady. Order backlogs are not so large” as they might be. However, small nail deliveries are from four to five weeks deferred. While the special terms granted on fencing and barbed wire were designed to stimu- late buying on the part of the agri- cultural trade, this effort was only partially successful. Prices are un- changed at $2.75 for wire and 33 for nails, base Pittsburgh, respectivel Cement-coated nails have sold at $2.60 base Pittsburgh, although $2.50 to have been done on some particularly attractive business, $16,6317,7877 iN EARNINGS. Gross Returns of Cities Service Company for Year. The gross earnings of Cities Serv- ice Company for the twelve months ending with March 51. 1924, were $16,631,787, as compared with $15, 643,278 in’ the corresponding period of the preceding year. In the same period net earnings amounted to $16,156, . as compared with $15.- %, and net to common stock and $8,651,546, as compared This was the a share earned on the average amount of common stock outstanding. In the twelve months ending March 31, 1923, $16.65 are was earned on the common Preferred dividends were 3 times, as compared with equivalent ing March In March gros earnings totaled $1.803,418, as compared with $1, in March, 1923. Net was $1.766.- $1,725,973, and net_to and reserve was $1.- in March, 94, against $1,083, FRENCH INDUSTRY GROWS. Steady Progress Noted in Metal- lurgical Furnaces. The French metallurgical industry is making steady progress, the total number of blast furnaces in action having risen by February 1 of this year to 134, as against 125 on Jan- vary 1. Figures recently compiled by the comite des forges and transmitted to the Bankers' Trust Company of New York by its French information serv- ice also show that the production of pig iron for January last totaled 585,978 tons, thus showing increases of 21,323 tons and 72,690 toms, re- spectively, as compared with the months of December, 1923, and De- cember, 1922 (the last month pre- ceding the occupation of the Ruhr). The production of steel is also pro- The amount turned out in January last exceeded the December production by 15513 tons and that of December, 1922, by 126,425 tons. DEMAND OF SHOP CRAFTS. B. & 0. Workers Ask Restoration of 1921 Wage Scale. BALTTMORE, April 18 (Special).— Twenty thousand members of the Federated Shop Crafts organization on the Baltimore and Ohio railroad, approximately 3.000 of whom are on the payroll of the company in the Baltimore district, have filed a re- quest with officials of the road for a restoration of the pay scale in effect on July 1, 1921. The increase demand would amount to 3 cents an hour in the case of me- chanics, 4 cents for stationary engi- neers and 5 cents for other class of em- ployes. The men also ask for time and one- half for Sunday and holiday work. The request will follow the usual procedure—that is, a conference will be arranged between officials of the company and representatives of the men. No date has been set for this meeting, but it is understood that it will be held shortly, probably in Baltimore. BRIEF BUSINESS ;OTES. PHILADELPHIA, April 18 (Special). —Many of the farms in this vicinity, although they are close to a metro- politan market, are without tenants this year. Farmers say their children demand that they be given the advan- tages of city schools and amusements. The small country places devoted to raising poultry and breeding dogs and other fancy live stock are eagerly sought, however. ATLANTA, April 18 (Special).—The fact that the grand opera season will open here next week at the same time one of the largest hotels in the south will open formally has led to the largest list of reservations from out of town ever known at the local hotels. ST. LOUIS, April 18 (Special).—The supply of farm labor in this state is only 94 per cent of the demand, ac- cording to state labor officials, ordered six | | Richmond, | view | poorer, | steady ‘'THE EVENIN EASTER EGG DEMAND NOT YET IN EVIDENCE Local Wholesale Dealers Say Usually Popular Commodity Moves Slowly. FOOD PRICES SHOW DECLINE Department of Agriculture Reports on Vegetables. If there is to be »rush for eggs in eonnection with the public observ- ance of the Easter spirit, dealers on the Washington wholésale market, both jobbers and commission mer- chants, have not yet felt it, as far as could be learned today. Ezgs were moving along at an ordinary pace, with very little change in price. The quotations ranged from 22 to 25 which includes various types of sales with two separate classes of mer- chants. The hen market was said to have picked up a little, the price reported being from 24 to 26 cents. The meat market was understood to have been just about cleaned up and nothing | new in the way of prices or volume of business could be looked for before SMonday. The Department of Labor today de- |clared wholesale apd _retail food | prices decreased in March, as com- pared with February. Ifs figures showed the index for wholesale prices of 404 commodities was 150 for March against 2 for February. Reasons for Price Declines. A 4 per cent drop in farm product | prices as a whole for March from the preceding month was attributed to declines in cotton, cotton seed, ks, hides, wh atoes and tobacco. rtment re- port also 5% b cent in all commodities in March, 1924, from March, 1923 Retail food price statistics, made public by the Department of Com- merce, showed an average decline of 2 per cent for the month, due largely to the drop in egg quotations. Decreases were given as follows: €S, 30 per cent; butter, cent; sirloin steak, rib roa roasi, pork chops, canned corn and sugar, each, 1 per cent The average family expenditure for food decreased 4 per cent from K ruary 15 to March 15 in New York, 3 per cent In Boston, Cleveland, De- troit, Memphis, Philadelphia, Pitts- burgh and Washington; 2 per cent in® Baltimore, Chicago, Cincinnati, Den- | ver, Kansas City and St. Louis, and 1 per o n Dal . Houston, San Francisco and Seattle The highest increases were 52 per cent, in a. Review of Vegetables. The Department of Agriculture's re- | of the vegetable market here follows: Apples—Supplies modarate, demand moderate, market dull: barrels, Mary- | land, Virginia and West Virginia, No. 1. 2% ‘inches up, Winesaps. 5.00a5.50,4 over 1913 | Chicago and extra fancy Winesaps, 2.50a2. bination extra fancy and fancy Yel- low Newtons, 2.00a2.25, some show- ing waste, 150a1.75; C grade Wine- | saps, 1.7522.00. Asparagus—Supplies moderate, demand moderate, nmrkfli California, ecrates dozen nches, large size, 6.50a7.00; medium | size, mostly 6.00] South Carolina, dozen bunch mostly 650 | fanc 5 mostly 3.50; culls, 2 ~Supplies mod- erate, demand moderate, market | steady; Florida, 112-bu. hampers Co- penhagens and pointed type, a 3.00; Texas, bulk per ton round and flat type, 95.00a110.00. Onions—Sup- plies ‘very light, demand light, mar- ket steady: Ohio and New York, 100- {1b. sacks yellow varieties, No. 1, fair condition,” 2.00a2.50. Suppliex Moderate. Potatoes — Supplies moderate: mand moderate; market steady; stock, Michigan, 150-1b. rurals, U. y New Yor whites, U. mostly '3.00 per sack; ‘new stpck, Florida, double head barrels Spaulding Rose, U No. 1. mostly 10.00. Spinach - iberal; demand moderate: mar- fairly steady: Virginia, Norfolk section, ‘cloth top veneer barrels 1.50a2.00; mostly 1.75a2.00. Straw abbage round | 3 berries—Supplies light; demand good for good stock: market steady: F | 4, pony refrigerators best, 50a55; | wide range in prices. 30a35 | omatoes—Supplies liberal: | _moderate; market fairly | Florida, sixes, ripes and turn- | wrapped. best fancy count, 4.30a | choice count, 3.50a3.75. Beets— | upplies moderate: market steaq, Texas, bu. hampers, mostly 2.75. | tring beans — Suppiies moderate: | market steady: Florida, 7-3 bu. pers, green; 3.0026.00; 5.00." Sweet potatoes demand moderate North Carolina cloth rels, Porto Rican white yams, 7.00a7.50. Cars on Track at 8 A.M. Today. Apples, 4 broken cars on trac Cabbage, 4 broken cars on track Celery, "2 broken cars on track. Potatoes, 2 Michigan. 1 New York freight, 18 barrels Virginia boat, 8 broken and 7 unbroken cars on track. Lettuce, 65 crates North Carolina ex- press, 4 broken cars on track. Grape- fruit, 1 Florida freight, 4 broken and 1 unbroken cars on track. Oranges, 1 Flo freight, 4 broken cars on | track. Tomatoes, 1 Florida freight, 6 broken cars on track. Carrots, | broken car on track. Cauliflower, 1 broken car on track. String btans, 260 baskets Florida express. Radishes, 35 baskets South Carolina, North Carolina express. 7 Virginia boat. Peppers, Florida express. Spinach, 388 bar- rels Virginia boat, 1 broken and 1 unbroken car on track. Mixed vege- tables, 2 broken and 1 unbroken car on track. Mixed fruit, 1 broken car on track. Strawberries, 50 crates and 5 refrigerators Florida express. Squash, 20 crates Florida cxpress. Asparagus, 125 crates South Carolina, 100 crates Pennsylvania reshipped, and 225 crates New York reshipped express. Brussel sprouts, 15 crates New York express. Cucumbers, 75 crates Florida express. CARGO FROM GENOA. Italian Steamer Makes Initial Landing at Baltimore. BALTIMORE, April 18 (Special)— The steamship Giovanna Florio, from Genoa, Italy, is at Locust Point and is discharging the cargo brought by it on its first voyage here. Its ar- rival marks the establishment of a new steamship service here. The vessel is operated by the L & V. Florio Steamship Company of Pal- mero, Italy. 5 per qt demand ing, 4. market top stave bar. Yo 1. 8.00a8.50; | barrels 85 crates The company's vessels hereafter will ply regularly between Baltimore and Italian ports, it was announced by G. Schiaffino’ & Co., the ship's agents. e DAIRY PRODUCTS. BALTIMORE, Md., April 18 (Spe- cial).—Live poultry—Young chickens, pound, 25a35; leghorns, 25a30; winter, 40a45; springers, 50a55; old hens, 23a 26; leghorns, old, 23a24; old roosters, 16a17; ducks, 24a30; pigeons, palr, 45a50; guinea fowls. each, 30a50. Kggs (loss off)—Native and nearby firsts, dozen, 23; southern, 22; duck €ggs, 35. Butter—Creamery, good to fanoy, 33a38; prints, 41a43; nearby oream- ery, 36a41; ladles, 28a30; rolls, 26a2 store packed, 25; dairy prints, 26a: process butter, 36a37. & — ASKS $1,370,000 BOND ISSUE. The Central Railroad of New Jersey applied to the Interstate Commerce Commission today for permission to issue $1,370,000 in 5 per cent equip- ment trust certificates. The proceeds will be used to buy fifty-five passen- | Comm G . WOOL PRICES STILL , AT LOWER LEVELS Reports on Trade Conflicting, But TUndertone Good, Commercial Bulletin's View. By the Associated Press. OSTON, April 18.—The Commer- cial Bulletin will say tomorrow: “Further business has been done this week on the lower level of prices noted a week ago and, while there is no particular snap to trade, there is a fairly good undertone to the market. Reports on the goods market are conflicting, but there seems to be a little response noted for cloth. In the west there is scattered buying of the new clip at about the same clean basis, landed Boston, which has been in evidence latterly. “Forelgn markets keep generally steady, although Bradford reports trade ‘as somewhat less active, es- pecially with the Easter holidays at hand. "Exports of well over a million pounds have been cleared the past week and further considerable ship- ments are to be made. “Mohair is in fair request and very firm on the higher level, recently ob- taining. _The Commercial Bulletin will pub- lish the following wool quotations tomorrow. Domestic: Ohio and Pennsylvania flecces—Delaine, unwashed, 55a56; half- blood, combing, 56; three-eighths-blood, combing, 54a55; quarter-blood, comb- ing, 52453; fine unwashed, 48a49. Michigan and New York fleeces— Delaine, unwashed, 53ab4: fine un- washed, 47a48; half-blood, unwash- ed, 54a55; three-eighths-blood, un- washed, 53a54; quarter-blood, un- washed, 52a53. Wisconsin, Missouri and New ngland—Half-blood, {hroe-eighthia-blood, 63a54: average 52a53; quarter- Scoured basis months, 1.30a1.35 1.15a1.20. California — Northern, middle county, 1.15a1.20; 1.05a1.10. Oregon—Eastern, No. 1 stapl fine and f. m. combing. 1.2 eastern clothing, 1.15a1.20; Texas—Fine, twelve fine, eight months, 1.30a1.35: southern, 1.35 al.30; valley, Montana fine, staple, half-blood, combing, 1.25 al.28;" three-eighths-biood, combing, ;flf.;l,m, quarter-blood, combing, 2295 Pulled—Delaine, 1.30a1.35; al.28; A supers. 1.10al.15 Mohair st combing, carding, 65. LABEL BILL OFPOSED. National Wool Growers Protest | Measure Pending in Congress. Passage of the French bill provid- AA, 125 75a80: best | ings for the labeling of woven woolen | fabrics to show the woolen content | was opposed today before the House sommerce committee by John T. Wood, Philadelphia, representing the National Wool Growers of Boston. The measure, which designs “to prevent deceit and unfair prices that resuit from the unrevealed presence of substitutes for virgin wool,” Mr. Wood said, could not be cnforced, as chemical laboratories seldom agreed on the analysis of woolen fabrics. INDORSE INVITATION. Senators Favor International Union | Conference Here. A resolution by Senator McKinley, Republican, Illinois, proposing an in- vitation to the International Parlia- mentary Union to meet in Washing- ton mext year was ordered favorably reported today by the Senmate For- eign Relatins Committee, The union has for its object the submission to arbitration of all inter- national disputes. A House measure proposing Ameri- an participation in an aference for the suppression of the traffic in habit-forming drugs also was approved by the committee. — e OATHS TO BE RENEWED. Rudolph and Oyster Commissioners will renew: their oaths as heads and utility commissioners at 10:30 o'clock Tuesday morning, with- out public ceremony, in the office of foner Oyster. The oath of Commissioner will administered to Mr. Rudolph by Dr. William Tindall, veteran official of the municipal ser til a few years ago as secretary to every board of Commissioners since the establishment of the present form of government. He is now di rector of the bureau of information. Daniel E. Garges, present secretary to the board, will read the oath to Commissioner Oyster, and Morgan . Reach, clerk of the District Supreme Court, will swear them both in as members of the utilities board. FOREIGN EXCHANGE. By the Associated Press. NEW YORK, April 18.—Foreign ex- changes firm. Quotations (in United States dollars): Great Britain, de- mand, 4.35%; cables, 4.35%; 60-day bills on banks, 4.32%. France, de- mand, .0626; cables, .0627. Italy. de- mand. .04431; cables, .0444. Belgium, demand, .0535; cables, .0536. Germany, demand (per trillion), .223%; Holland, demand. .03718; Norway, demand. .1383; Sweden, demand, .2633; Den- mark. demand, 1662; Switzerland, demand, .1761; Spain, demand, .1382 Grecee, demand, .0192; Poland, de- mand, .00000012; Czechoslovakia, de- mand. .0295; Jugoslavia, demand, 01241 ; Austria, demand, .000014; Ru- mania, demand, .052%; Argentina. de- mand, holiday: Brazil, demand. holi- day; Tokio, demand, 40%; Montreal, holiday. NEW YORK DAIRY MARKET. NEW YORK, April 18.—Butter— Firm; receipts, 13,436 packages; creamery, higher than extras, 37a 37%; extra (ninety-two score), 36%; firsts, 35a36; seconds, 33a34%. . Eggs — Firmer: ' receipts, 37,030 cases; fresh gathered regular packed firsts, 23%a24; do. storage packed, 25a25%; fresh gathered seconds and poorer, 22%a23%; nearby hennery whites, closely selected, extras, 35; nearby’ and nearby western hennery white, first to average, extras, 29a34; Pacific ‘coast whites, extras, 35a37; do., firsts to extra firsts, 30a34. Cheese—Steady; unchanged; ceipts, 141,892 boxes. N. Y. RESERVE BANK REPORT. NEW YORK, April 18.—The state- ment of the condition of the Federal Reserve Bank of New York at the close of business April 16, shows: Total gold reserves, $941,009,000; total reserves, $967,579,000. Bills discount- ed secured by: Government war obli- gations, $50,770,000; all other, $2. $05,000. Bills bought in open mar- ket; $52,550,000; total earning assets, $183,289,000; uncollected items, $167,- 083,000. Due to members: Reserve account, $736,330,000. Total deposits, $757,705,000; federal reserve notes in actual circulation, $359,728,000; ratio of total reserves to deposit and fed- eral reserve note liabilities combined, 86.6 per cent. U. S. JAPAN ISSUE HITS SILK. NEW YORK, April 18 (Special).— The fall in Japanese exchange, caused by the immigration differences with the United States, showed its effect in the raw silk market today for the second time. Prices which had de- clined from 15 to 20 a pound Thurs- day went down another 5 to 10, de- spite the fact that trading was sharp- iy curtailed by observance of Good Friday. The cotton goods markets re- ger and sevepteen baggage cars were quiet and unchanged. international | be | qucer, STAR, WASHINGTON, D. C | District | who served un- | | state Commerce Commi, | ence has been made | a charter. HIT BY ADVERSE WEATHER Pittsburgh Distribution of Gom- modities Below Expectations. PITTSBURGH, April 18 (Special). —Distribution of commodities pre. duced in this district is not up to ex- pectation. Adverse weather condi- tiens have affected demand in vari- ous sections of the country and bad roads have also been a factor in re- | ducing buying. The jobbing hard-| ware trade is lagging because of in- different attitude by farmers but this trade is expected to improve shortly. Household utensils and paints and olls continue in steady demand. Iron and steel have slowed down_until large stocks are liquidat- ed. Buyers are not placing orders for large shipments and apparently are nmot worried about securing fu- ture requirements on advantageous terms. Nevertheless, mills are receiving a steady flow of small orders for new tonnage. The coke market is quiet with prices showing no signs of hardening. CAPPER MARKET BILL PLANS CO-OPERATION Measure Introduced in Senate Pro- poses “Orderly System” for Producers. IS BACKED BY FARM BLOC Federal Supervision of Selling Agencies Primary Aim. The primary purpose of the federal marketing board, proposed in the bill introduced in the Senate yesterday by Senator Capper of Kan chairman of the farm bloc, is “to certify, super- vise and link together in an orderly marketing system, three classes of marketing agencies organized on a commodity basis, namely, co-opera- tive marketing associations of pro- ducers; co-operative clearing house associations, through which the pro- ducers’ associations co-ordinate their commercial activities; and terminal marketing associations operating at distributing centers. “In the federal marketing system developed under the proposed ac said Senator Capper. “the producers’ marketing associations will function as commodity inlets to trade channels of which the terminal marketing as- soclations are the outlets, while the clearing houses will assist in guiding and regulating the commodity move- ment. By such co-ordinated agencies many of the w to which refer- | n be effectively ste reduced. Associations to Be Chartered. “Alls associations included within the federal marketing system will accredited through charters issued b the federal marketing board. A association heretofore or hereafter | formed that shall meet the require- | ments set fort hin the bill, and which | shall apply therefor, will be granted | And for their mutual pro- | tection and in the public interest, all| chartered 4 ciations will under the supervision of the “In order to ease the flow of modities through trade channe the bill provides for standards and grades, official inspection, dissemi- nation of market information, and the arbitration of disputes by meth- ods instituted or approved by the board. Provision is also made for | market wire service or other ade- | quate means of communication be- tween chartercd associations. “In so far as possible, all facilities already provided by the Department | of Agriculture will bhe fully utilized. | And, further, in order to eliminate| gluts and famines in particular mar- | kets, the co-operative clearing houses are authorized to allocate consign- | ment shipments! Board to Consist of Seven Members. “The federal marketing board is to consist of seven members, namely five members appointed by the Presi-| dent for term of five years and| ex-officio the Secretary of Agri-| culture and the Secretary of Com- merce. Three of the members <o ap. | pointed will represent the producers’ marketing associations and two the terminal marketing associations. The latter will be composed of termingl distributors and the representatives of producers’ associations and pr ducers’ clearing houses. The pro-| as the party for which the marketing system is primarily creat- | ed, is given dominant representation on the federal marketing board.” BONDS TOTAL $10,400,000. | The I«high Valley Railroad Com- | pany was authorized by the Inter- on today to issue $10.400.000 of general consoli- dated mortgage bonds and to pledge them with $5,000,000 additional bonds with the tiustee of the gen solidated mortzage. Receivers' certificates for 2.170,000 | and a promissory note for $339.771.25 may be issued by the Pittsburgh. Shawmut and Northern Railroad Company, the commission-ordered. TRENTON POTTERIES SOLD. TRENTON, N. J., April 18.—The| Trenton Potteries Company has pars- | ed into the contrul of the Crane Company, a plumbing supply corpo- ration, it is announced. The Crane Company for years has bought al- | most_the entire output of the Tren- ton Potteries Company. com- eral con- CHICAGO LIVE STOCK MARKET. . CHICAGO, April 18 (United States Department of Agriculture).—Hogs Receipts, 18,000 head; fairly active, 10 to 25 highe lightweight show most advance; shippers moderate buyers: big_packers inactive; talking steady to 5 lower than yesterday; bulk good and choice 250 to 340 pound butchers. 7.55a7.65: top, 7.70; better grades, 160 to 210 pound weight, mostly 7.25a7.60; bulk desirable 140 to 150 pound aver- ages, 6.90a7.20; packing sows, 5 to 10 higher; bulk, 6.8026.95; killing pigs, 15 to 25 higher; bulk better strong weight, 6.00a6.50. Cattle—Receipts, 3,000 head: all killing _classes inoderately active, about steady; top matured steer averaging 1,332 pounds, 1L75: bes long yearlings, 11.00; very few steers here of value to exceed 10.50: bulk fed_steers and yearlings, §.00a10.00; bulk fat she stock, 5.00a8.00; several loads heifers upward to 8.75; bulk canners and cutters, 2.85a3.90; veal- ers_uneven, about steady: bulk to packers, $.00a9.00; few upward to 9,50; stockers and’ feeders slow, un- changed. ' Sheep—Receipts, 7,000 head: fat lambs fairly active, 15 to 25 higher: sheep steady; early bulk desirable fat wooled lambs, 16.25a16.50; some held higher; good to choice clipped lambs, 14.25a14.75; bulk fat wooled ewes, 11.00a11.75; choice clipped ewes, 10.00 geveral ‘loads good shearing lambs, 50. ——— MONEY To loan At prevailing Interest rates. Secured on Improved real estate Loan Department Boss & Phelps Realtors 1417 K 8¢ | Americ FRIDAY, APRIL 18, 1924, TRADE CONFIDENCE INSPIRED BY DAWES Report Bearing His Name o Ger- man Reparations Encouraging to Commerce. U. 5. MANUFACTURERS' VIEW Germany Held No Longer Negli- gible Business Factor. BY J. C. ROYLE. Opportunity for a thorough analy- sis of the terms of the Dawes plan for the payment of German repara- tions and the rehabilitation of Ger- man industry has resulted in a de- cided spread of confidence in com- merce and trade circles in this coun- try. The concrete effects of the plan still are in the lap of the future, but the feeling of satisfaction among ex- porters, importers, producers and manufacturers is thoroughly in evi- dence. The first reaction to the Dawes pro- posals carried with it to merchants of this country the immediate fear that world markets would be swamp- ed with a flood of cheaply produced German goods. The danger from th Source was not so imminent in Amer- ican trading centers as in other mar- kets throughout the world. This fear, however, was wiped out when dis- tributors and exporters had a chance to estimate the real hold which Ame lcan commerce had gained in foreign ets since the war. View of Manufacturers. nufacturers now realize that they been able than their own again when Fre 2 and southern an £00ds were being turned workmen paid in a depreeiated currency. The Dawes plan gives every possibility of a stabilization of the “German monetary svstem, and this fact has encouraged Américan producers. T 1 manufac- | turer, they now see, can no longer pay his workmen in marks at a de- priciated rate and sell his goods for dollars in world markets in com- petition with goods made by dollar workmen Moreover, it is busi dollar's wortt nany turns out producers of proportion for has its most e wheat and copper 1 bei ess men of borne in on at forevery which she . certain This immediate bearing on Krowers, cotton growers ducers of this eountr There 16 4 heavs aupplis ot comery: and copper now . in the hande of American producers. Muck of the dies Lress of Thewheat growers nas b aue to the slackness of the. fore demand and any e ustrial ‘condition the reflection o he Temainder improve in is felt, flect on the ful > products abroad. > Become Buyer. is well known, has In most elaborate plan electrical po development will involve the pure ot fons of pounds of raw copper and copper products, and eventually mean a reduction in surplus stocks which will relieve the pressure on prices which has existed sinee the time when ke war was eating aw red meigl as fast as it could be 1 and smelted These effucts realize, necessarily must be logical for months to Dawes plan_presupposes th v of the Ruhr, but i cided when such’an ab: the French of this trem industrial district on wh ufactures of the remainder of many so largely depends will place. When plans to make more in indust , it erican producers psycho- Ger- take it does take place Germany the region produce efliciency than ever | before. A super-power linked by various industrial wu o one ast network of power wires eventu ally will run from the coal mines of | the Ruhr to the factories of the other | sections. This will speed up the buys ing of American raw materials, bui months must elapse fore the vol- ume of purchases can make itself fully felt | Negligible No Longer. Germany has been a negligible fac- tor in the markets of Central and | South America sinca the war. Busi- ness and bankinz connection . in | Buenns Aires ,\w nd other coun- tries of the wesg-rn hemisphere whera Eerlin and Frankfort once were domi nating factors have been broken and vears have given Ameri- 2 hold on the trade of south of the equator are confident they can maintain in the face of any ropean | competition. The revival of husines sia_undoubtedly will play a part in German rehabilitation, but even in this case, payment bme time to | come must necessarily be In goods ather than in money, whereas Amer- ica is in a position to insist that she have cash customerg for her com- moditie: The effect of the Dawes plan. how- ever, will be none the less real b cause it is mental rather than phy ical Confidence is the basis of busine The difference between prosperity and panic, as represented in actual sales in panio and normal years, is less than 15 per cent. But the adoption of the Dawes plan is leading to a restoration of confidence, which has been the one factor lacked by foreign trade since 1918, Before You Invest—Investigate. Ever notice that the_fellows who try to get rich quick are always broke? | with Rus- | TRADE SHOWS ACTIVITY. Many Merchants Placing Orders in Kansas City. KANSAS CITY, April 18 (Special). —The return of fair weather and the improvement in road conditions in the rural districts have been responsible for the improved activity in whole- sale trade here. Twice as many coun- try merchants have sought this mar- ket in the last week as in the previ- ous weekly period and there has been a substantial increase in mail orders. Traveling salesmen report conditions healthy with stocks low and pros- pects good for an active spring trade. Linens and suitings are holding front positions in the dry goods markets of this section, with normandies, dotted voiles and’ ging- hams in fair demand. _Ready-to-wear lines are active. The Easter openings of millinery houses have been well attended and heavy inroads have been made in millinery stocks with a special demand for trimmed hats. Money to Loan Secured by first deed of trust on Teal estate. Prevailing interest and commission. 420 Wash. L & Trust Joseph L Weller {7 Wesb I & Trux E T NOTICE We have money to loan in farge denomi- nations on business properties and apart- ment houses at— 5%% & 6% Loan Department BOSS & PHELPS Realtors M. 9300 1417 K St. AT R i L FINANCIAL. ST TRUST NOTES Eight Per Cent Interest Monthly payment of interest and curtailment of principal. Amounts ranging from $1.900.00 to $10,500.00. Secured on District of Columbia homes. All notes from one to two years old and endorsed by old and well established D. C. Corporation, JOHN H. WRIGHT | 1116 Vermont Ave. Main 2397 == Your Own Interests-— demand that your sav- ings be placed where they will earn the maxi- mum consistent with absolute safety. These conditions are ideally fulfilled in our EQUITABLE Co-Operative Building Association Organized 1879 44th YEAR COMPLETED Asnets $4,755,170.53 Surplus . .$1.248,320.98 Systematic Savings —Each pay day lay aside part of your salary at the Equitable. It is a method of saving that will prove most effective. Subweription for the 86th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915F St. N.W. JONIN JOY EDSON, President FRANK P. REESIDE, Seey. Every Property On Which We Place a First Morthgage Loan —ecarefully selected: coneerva- " tively appraised; followed by our established policy of tak- ing every possible precautio ary step rafeguard our clients. This fully justifies our valued record of never having a client lose as much as a single penny in either principal or_interest Notes Now on Hand $100 Up, Bearing 7% CHAS. D. SAGER 924 14th St. N.W. A i { | i | i’ f First Mortgage Investments | $100—$500—$1,000 JMORRIS CATMTZ: Ca 1418 K Street As You Could Want Are our First Mortgage Notes yielding 6129% & 7% You may invest any amount up 'd from $100. Your investment is secured by First Mortgage Noi. on District of Columbia im ved property. Interest paid on the date it is due Consult Our Mortgage Department Shannon & Luchs See Us About That Big Loan ve. Higbie & Richardson, Inc. 713 and 715 14th St NW. 816 15th St. N.W. Main 2345 We Loan Money on Apartment Houses, Office Bulldings, otels. Experxenc e-~ At the head of the Wardman Con- struction Company are men whose entire lives have been given to the extensive and successful handling of large rea] estate and building opera- tions. The full benefit of this unusual ex- perience is passed on to you in these 674 per cent First Mortgage Invest- ment Notes. Added to the property security s the ungualsfied recommendation of the WA MAN Constructio ompan INC. Ay If You Want to Do Your Ban]king Business With An Institution That Is Strong, Growing and Offers Every Banking Service Open an account with the MERICAN SECURIT B e e =~ AND TRUST COMPANY o 15th and Penna. Ave. Capital, Surplus and Undivided Profits . Over $6,000,000.00. BRANCHES Central: 7th & Mass. Ave. N.\W. Northeast: 8th & H Sts. N.E. Southwest: 436 7th St. S.W. Northwest: 1140 15th St. N.W.