Evening Star Newspaper, September 20, 1924, Page 23

FINANCIAL. " RALROAD A SHP LIES AFTER GRAM Hope for Big Profits Handling Heavy Exports—Rush Al- ready Under Way. BY Dispateh to The Star, YORK and round goes the body knows wher! body profits from the at present and who is going running to and Baltimore opera garner p gestion be that wheat checked Mo river rat from May St about 3 ce Sept little ball it will fall. Every- for a piece of the American grain crop not at all knowing to get them. Railroads New York, Philadelphia and shipping concerns those ports hoped to ofits when the shipping con- so scvere at Montreal exports American through that gateway was and no- s look o by reason of lake and enjoys during the season to December a differcntial ts a bushel as compared with the Atlantic ports. But the rail- roads' hopes were shattered to some extent by orders of the United States Shipping Board putting more vessels on the grain- carrying rc from New Orleans, Galveston and Houston Normally, between 25,000 000 and 000,000 bushels of westefn Ameri wheat are shipped via Mor The 1t ports n ire getting a goodly share of this tr Wheat Shipments Heavy. tes shipping their wheat as to take high market Farmers are rapidly » 1 advantag prices obtaini These o test an economic vears ago. At sible, in ex the T world o eclared that harvest If , the only on lo be star will put economist, ¢ a defect may raise the that is true, of the the crop that of three to one harvest” of ¢ The crop he 28,000,000 3 cord 0 be pri this wheat promi larger to benefit cts in the around that of e 923, while the world wheat erol to ate ts from 21 the Depar than | 500,000 bushels | a world harvest | 000,000 b 2,419,000,00 last ompared with 1she! season 2 Yield Lower. vield closest in as rival of this cc € u ported most dar The vield pare 000 by deper atest »ment 1s ds promise to ave less wheat she exported The Chinese of normal crops have mnot enough to determine indications point Australia and Ar- of the equat progressed far the though to an wse i gent The amou of the world year is yield of rye and rye c smal in G big producers grain Russia Big Rye Exporter. bushels remainder the next by t 1t of wheat the will *need in very largely ia running articularly which umers of that 2 exported 40,000,000 rye last year, but this rye has been affected by the and climatic conditio the production the European while last normal its son me weather ch have checked wheat. In potato crop i it was far below There small doubt trade and industry of thi turning upward at prese result of the rele into e from the sale crops. Pig iron, production has nths. < dings cent less than at st t vear and a tende 1 firmness T! i emp nearly seem cffect ¢ existed mand pas: crop gener that country largely of huge the and other autc E the six 1 dustrial on de- has duri or food d. Query the Promoter. Determine how much of his own money the promoter is putting into his scheme bef vou decide to ris yours. Don't word for it.— make ] STOCK MELON HELD UP. Western Pacific Waiting on Sale of Denver and Rio Grande. NEW YORK, S mber laration of idend by the Corporation tion of the Western rec voted by the road hos 1 harged Pacific offic court in fixing an 700 and ordering i withir dicated a fir end of the year. Western Pacific touched a new 1 tak director en 1 and the receiv cording to Action of t price 1uction of 38 to 70 days had in- settie before the On t stock als erd 24 top price at 2 COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY LANSING, gust sales of the oration wer: within 10 per cent of the peik month of August, 1923 Orders shipped so far this month have been at en higher rate and the outlo: a1l business is fair. The company’s plan now are em- ploying 1,700 men September 20, Motor W Corp- an s here N FRANCISCO, September 20.— of fruit and vegetables central 1 northern Cali- fornia is about completed with in- dications that this year's pack will he considerably under that of 1923. Prices are on the upward trend. TOPEKA, September 20.—Kansas corn is maturing slowly but the bulk of the crop is now safe from frost from Wichita and Fort Scott, south. Two weeks longer will be required to put the north eastern and north central sections out of danger. KANSAS CITY, September 20.— Zinc ore has remained firm at $43 a ton and lead ore is stationary at $110. Belgian demand aided the zinc posi tion. Packing through NEW ORLEANS, September 20.— The Cetotex Co., maker of wall board from the refuse of sugar cane, will increase its output from 350,000 feet a day to 1,000,000 feet, as soon as new machinery can be put in place, prai- | are | year | | 3 { bond issues called for payment dur- | ture | packing sows, 8.50a8.75; better strong | weight sl NEW YORK CURB MARKET || Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, September 20.—Public utility issues were the feature on the curb exchange today. Some of the individual advances were remark- able. On comparatively small trans- actions East Penn Electric ran up from 47% to 53. American Power, new stock, which a week ago was selling at 29 and which Friday morn- ing was quoted at 40, s0ld up arvund | 49. Western ower which had closed at 38% Friday, jumped up across 40. There was an ‘advance of some § points in United Light and Power —_—— NEW YORK, September lowing is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in thousands, 3 Allied Packers 6s 1 Alum_ 78 107 Am Gas & 93 Am Iee s ol 4 Am Pw & Lt 013 68 3 Am Power & Lt 6s Asso Sim Tdw 6lys ALG & WSS by Atlantic Fr as Ine B& 05y : Heaverboard <5 3 Beth Steel 7s 2 Can Nat Ry E 20.—Fol- BONDS. High. 70 Low. 0 1073 1037, 41 9415 a4y 9413 oy 4 ] 1033 1 73 % 102 1045 108 108 03 21y D1t 106% 1007 99% 01" g 8635 1017 101 56 24 81y 103 0314 it 1041 T804 108 i 105 Tire Body 1t 01 Corp E Match 15 Kennecott Cop 2 Lebish Lower ZLe Val Har 3 Le Val Ry 5s 2 Nat Leather 8s 1 New Or Pub Ser &y h Cen Ry fs A 5 No St P s C 2 Ohio B i Ph ¥ 11 Pub t Pub Sery of N Iy 1 8615 10173 10115 of Hav Tl aim 011 Ts 1S 6is. 103 1031, tank Japan s p of Poland 1 Russian Govt 5 2 Solv & Co 6 1 Swiss Govt Sigs. 1 Swiss Gove 3 1011, 16013 STANDARD OIL ISSUES. 200 Buckeye P 1 100 Imp Oil of Can 50 Indiana P L ... 600 Interl Pet Co Litd olia Pet ... Transit 100 Ohio Ol ... G0 Prairie 06l & Ga 40 Prairie P L ) Southern P VS0 Indiana sales INDEPENDENT OIL STOOKS in’ hundreds, 1 Ark Nat_Gas 1 Boston Wyo 0l 2 Carib Synd 13 Cities Service 1Cit Sery B efs .. 3 Creole Synd 2 10 Engineers Pet 10 Federal 0il Hudson 0il 3 Lago Pet ..... 160 Latin Amer Oil 4 Mount Prod 1 0il_vot cfs Mex Land Beaver Oil ek Oil . eree et . Red Bank Ol . 7 Koy Can Ol & Ref 1 Sait Ck Cons .. .. Wileox 01l & Gas. Woodley Pet MANY DIVIDENDS NEAR. October to Be Record Month of Present Year. NEW YORK, September 20.—Divi- dend distribution in October, it was estimated, will be the largest of any month this year and also will swell the total for the last quarter to the highest level of any three-month period. The release of this heavy volume of funds has raised some con- jecture as to the probable effect of the money market. It is expected, however, that this will be upset by . comparatively small amount of month. ing the CHICAGO LIVE STOCK MARKET | CHICAGO, September 20 (United | St tment of Agriculture).— 1,000 head: receipts xcessive; largest of vear at 11 mar- Western ss run, 15,000; aiso of year; compared week ago, heavy fat steers, 50 to 75 lower; most- ly 1.00 to 1.50 for two weeks; better grade fat yearlings and handy-weight steers, steady to 25 lower; Western zrass steers, stockers and feeders and fat she stock, 25 to 50 off; spots more on grassy heifers; canners and cutters, weak to 15 lower; bulls, mostly 25 lower; veal calves, 50 to 75 higher; bulk prices follow: Fat steers and yearlings, 8.10a10.60; Western grass eers, 6.40a7.50; fat cows, 3.7585.50; canners and cutters, 2.75a3.25; heifers, 5.50a7.50; veal calves, 10.50a11.00; stockers and feeders, 5.25a7.25. Hogs—Receipts, 2,000 head; steady 10 10 higher: desirable grades showed strength; top, 10.10; bulk, better, 160 to 230 pounds weight, 9.80a10.00; good and choice 250 to 350 pound butchers, mostly 9:5529.75; bulk desirable 140 to 150 pound averages, 9:55a%:75; bulk wtes Depa Kets; aughter pigs, largely 8.75a 00 ated hold-over, 6,000 head; 1vy-weight hogs, 9.4029.90; medium, 9.60210.10; lights, 8.90a10.10; light lights, 8.00a9.85; packing hogs, smooth, 8.55a8.90; packing hogs, 12h, 8.00a8.55; slaughter pigs, 8.00 29.10 Sheep—Receipts, 2,500 head; today’s receipts mostly direct; for week, around 9,000 direct and 338 cars feed ared week ago, fat lambs lower; sheep, firm; feed- steary to strong; week's buik prices follow: Fat lambs, 12.75a 13.50; week's top, 13.85; closing top mbs, 13.25; fat range ewes to 6.00a6.65; top, 6.65; fat native desirable feeding s, 12.75a13.25; top, 13.25; full- mouth breeding ewes, 6.50a7.50; feed- ing ewes, 5.0026.00. s 1.00 to ing lambs, ler: BETTER COPPER BUYING. NEW YORK, September 20.—Thir- teen cents a pound was an attraction yesterday for copper consumers, who laid in new requirement for Fall de- livery to the extent of several million pounds. The earlier advance in the metal to above 13% cents had the appearance of receiving “stimulating support,” and immediately this slack- ened the demand for copper fell away. HEADS CASUALTY FIRM. NEW YORK, September 20.—J. Sco~ field Rowe, formenly vice president of the United States Fidelity and Guar- anty Company of Baltimore, has been elected president of the Metropolitan Casualty Company of New York to- day. He succeeds Eugene H. Wins- Tow. e WEEKLY BANK REPORT. NEW YORK, September 20.—The actual condition of clearing house banks and trust companies for the week show an excess in reserve of $60,440,670. This is an increase of ,746,130 compared with last we THE EVENING STAR, WASHINGTON, D. C, SATURDAY, SEPTEMBER 20. 1924. Direct to The Star Office class A shares, and of 2 points in Amcrican Light and Traction The radio stocks were very strong. At 56% Dubilier equaled its previous high. Hazeltine stock was very tive at an advance of over 2 point Durant Motors advanced quite sharply. There was a brisk upturn in Buckeye Pipe Line, and Vacuum Oil crossed 68 again. But with these exceptions the oil group was neg- lected. Among specialties Swift tional after closing Iriday at 27% crossed 30. The new Gillette Safety Razor gained 1% points to 52%. Interna- INDUSTRIALS. Gas & Bl pra Am Guw & El new 3 Am Tlawaiian S 8 Am L& Traet Am Fow & Lt nw Am & Fen Uower.. Appalac Tow & Lt Atlantic Fruit Bradley Firepreg. Burr Add Mch nw Check Mg Chi. 5 Chic B Cleve Com' 1 Com P Com Pow Cont Tob 1 Con Bat uew Am 4% ab Nip A Ny A Doch Die ¢ Dubilier € & Radio Durant Motor DULICoEA ool st Penn Elec Co 529, El Bond & Sh pfd 101 Fed Meta £ F & W Gr &t Film Inspect Mach Foundation (o pfd illette Ginter (o ....... Goodyear Tir Huzeltine Corp Heyden Chem Hudson Co prd ... Inter Ocean Radio Inter Cont Rubber Jones Tadio Keystone S Lehigh Pow Tehigh Ie Val Meagel Box Middle West Ttil t Distillers Prod Nat Power & Lt Nick Plate nw wi Gmb Corp vt tr ofs Pathe Exchange- A Prophy Brush 5 | Radio Corp ..... Radio Corp pfd.. Radio Corp new A Kad Corp nw A pf Reo Motor Rova Rad ¢ 0 C & 1 new ... South “Xal Edison lish Co A aneir Elec Power.. Tower Mfg wi United Bakeries Un Iakeries pfd . Tn G & E new.... Un Lt & Pow A Ward' Rak Co B.. Ware Radio Corp. . Western Power € ofs d M Ltd Lod Croesus ... ns .0l Hawth Mincs Inc.. Hollinger Jeroue 3ib ¢ Kay « Lorr Sily Synd Ltd Nevada Hills Min. . Ohio_Copper Far Porc Mines Ltd Ply Lead Mines Red Warrior Reorg Div. Annex, Rek Mt Sm & Kef Rek Mt S & R pf Silverdale 2 lver Horn Min So Am Gold & P Tonopah _Divide Tonopuh Extens Tono Jim Butler, Trinity Copper U Cont Unity Gold ... Walker Mining nden Copper West End Cons West End Ext COTTONSEED REPORT OUT Supplies Crushed in August Far Above La® Year. Cottonseed crushed during August totaled 63,541 tons, compared with ! 55,096 tons in August last year, and on hand at mills August 31, $2,649 tons, compared with 123003 tons on August 31 last vear, the Census Bu- reau announced today. | Cottonseed products manufactured in August and on hand August 31 were: Crude oil produced pounds, compared with 15 vear, and on hand, compared with Refined ol 17,922,241 pounds, ear ago. produced.” 11144, pounds, compared with 12,066,749 1 year, and on hand, 54,201,292 pounds compared with 63,690,534 a year ago. | = A POTATO MARKET WEAK. CHICAGO, Sepetmber 20.—FPot —Trading fair; market weaker; receipts, 98 cars, total United States shipments, 979 cars: Minnesota sacked and bulk sand land Ohios, 1.10a1.20; sacked Red River Ohios, 1.30a1.35; sacked round whites, 105a1.15; Wisconsin bulk round whites, 90a1.05; sacked round whites, 1.10a1.20; Idaho sacked rurals, 1.25a 1.50. CLOTH MARKET STRONG. NEW_ YORK, September 20 (Spe- cial).—The market for cotton cloth was quiet today, but showed decided strength 64 by 60 print cloths being quoted at 83 and 68 by 72s at 8. cents, an advance of %. The silk market, on the other hand, declined fractionally, with XXA 20-22 denier at $6.25, XXA 13-15 at $6.15 XXB at $6.10, extra at $6.00, best number 1-X at $5.95. NEW THEATER PLANNED. ATLANTA, September 20 (Special). —The Kieth Theater interests, accord- ing to announcement here, have se- cured a site in Atlanta and will erect a new theater to cost $1,934,375. I S AUGUST INCOME DROPS. NEW YORK, September 20.—Rail- way operating income of the Kansas City Southern Railways Company de- clined $117,606 in August compared with the same month last year. Op- erating revenues dropped $283,789. For the eight months of 1924 operat- ing revenues showed a decrease of $1,154.454 and operating income de- | clined $283,323 in comparison with the corresponding period of 1522. BOSTON STOCK MARKET. BOSTON, September 20.—Following is a list of today's highest, lowest and closing prices for the most ac- tive stocks dealt in here: Low. Close. Amer Tel & Tel Amer Wool . Amoskeag Arcadan Co Arizona Com Hoston & Ma Calumet & Hecla . clif S Edison Elec Hardy Coal . Isiand Creek Isle Royale ... M s ptd . Mohawk . National Leather New Cornelia . New Dominies 4 New Englan NY NH&H. North Butte . Orpheum Circuit . Pacific Mills ... St. Mary's Land . {is but a fraction of what we admitted ghtly |4 CALLS LOWER PAY |Wall Street Traders Display HELP T0 WORKERS Babson Says Higher Earn- ings by Mills Means More Steady Employment. BY ROGER W. BABSON. e HILLS,” Mass, Sep- When the Ameriean pany recently announced pend its dividend and the stack dropped 20 points the tion was largely due to the action of the company In the Spring of last vear in increasing wages 121¢ per cent when other woolen companies felt there should be wage reductions. The American Woolen Company then stood out alone inst wage reduc- tions when other New England mills felt that such reductions were in the interest of waus carners, stockhold- s and the public_generally. The American Woolen Com y is now suffering for its action at that time. Wages Highest in History. During the war wages increased very rapidly early 1920 they stood | at what was then the highest point in | the history of industry in the United States. The panic of 1920 resulted in some wage cutting. In 1922, how-| ever, wages again began to increase until at the present moment they nd at approximately 10 per cent above the peak of 1920 and at the| highest point, both in dollars and in purchasing power, ever reached. Km- ployes are determined to keep them where they are a to push them even higher. Moreover, cer n em- ployers have co.operated with the| wage workers in this attempt | In _the since 1914 grea changes have come over the indus trial situation. The producing power | of the country has tzemendously in-| creased In eve manufacturing | town great new ctories stand as monu nts of the al of war time, while other pre-war factories are idle | and are placarded with “for sale’ signs. It will take years for the con- suming power of the country, through domestic and foreign trade, to catch up with this development. This fea- ture is against the wage ambitions of the employes i Immigration Law Aids Employes. On the other hand, during and since the war we have entered upon a plan to it and regulate immi- ration Not only do we select who all com but the total admissible Specinl Dispateh to W tember 2 Woolen <or that it must g fa before the war. This into the hands of emplo battle goes on between those who want wages kept up on the one hand, ind those who would reduce them on the other. Wage rates are what an employer agrees to pay his employes, and it is over wage rates that employers and employes fisht. Earnings—what the mploye gets in his pay envelope— re the result of multiplying wage rates by hours worked or by product urned out. In a year's time this product constitutes the yearly in- ome of the worker and determines whether he can afford to buy an au- tomobile. Real wages are what the employe can buy with his earnings, Real wages are much talked about academic people, uplifters and the ke: but they do not cut much figure n wage contests. industry mless it is hat it doe can pay naking money not have real wages enough xo to cut corner. | Wage rates are what employes are nterested in first of all, ther they ire interested in what is carned un- | der the rates. It is of no great im portance to have wage rates high varnings are low. New Tendency Appenrs. In the past two years a now ney bas appeared in industry. ccords show that in that tima firms have reduced wages from k of 1t Thus wage rates h n reduced in 37 textile m hoe shops, in 14 iron and steel mills, n 12 metal trade shops, in 10 lumber . and so forth. These do not ent all of the cuts. The total number of wage cuts is much in ex- ©ss of these figures. While cmployers have been raising wages r allowing them to stay where they these textile mills, shoe shops steel mills have been reductn | it ten- the ind N down is orders, ty to sel ‘pon makes sarnings go up or ork. What makes work What prod ers is abil- | 1 ab depends s wever truer i to “hat is the posi- ion of the textile man who has raised or 1d up wages as a seller of goo« ared with the 2 textile mills that have cut wages? What is the position of the shoe maker who has not reduced wages going to be as a seller of shoes in competition with the 24 shoe shops that have cut wages? Orders Decide Working Hours. Put in another way, that question means: How much are the employves of those textile mills and those shoe shops going to earn during the next months compared with the total earnings during the same period of the people who work in the mills and shops that have cut wazes? And what is going to be the result when the salesmen of these high wage plants report to their boss that they can- not get orders because the low wage shops are selling for less money than they can offer goods for? Every low wage shop in any industry is an ar- gument for lower wages in the other shops in that industry, because prices are the determining argument in get- ting orders. Qrders determine ‘to what extent the factory is to operate Employes who have these wage rates are going to be at work, when others with higher wage rates are going to be working part time or not at all. It is the factory that can sell at a low price that will get the business during the coming months. and it is the employes of such fac- torfes that will have the largest earn- ings during the vear even though their wage scales are lower. Regrets Reduction in Wages. It is considerations of this sort thut have influenced my thinking about wages. I as as sorry as any one to see wages go down. I know, how- ever, it is not wages that, in.the last analysis, interest the wage earner. It is earnings. With our immense pro- ducing capacity, the sooner we get into line to sell goods at lower prices. the better for the workers. Wages may not go down much in the next few months. In the long run they are bound to. No matter what happens to wages, the advantage now all lles with the factories and communities which are enjoying lower costs. The process is tnevitable. The farmers have had their medicine in the way of defla- tion. Most business men have had theirs. It is simply impossible that the working man, alone out of our entire working population, shoujd hang on to his peak wage rates and at the same time have work. The fact that he is trying to do this largely accounts for the present stag- nation in industry and largely ex- plains why the Babsonchart continues to register 12 per cent below normal. To avoid what has happened to Amer- fcan Woolen, other corporations are now making wage reductions which Switt & Co ...... 8wift International United Shoe Mach . U § Smelt pfd Yentura Ofl Waldor? ... Warrew BOEFER FEER gruseeBein, pg will ultimately be a benefit to both stockholders and employes. Sl “Sastrugi” are long, dunelike ridges of snow fornged by the wind. | but | conraged to work again for rising| [ ter [ street conditions were emboldened to ling test of what politics amount to { months | ing in a cancellaaitno of some of the Little Worry Stocks Only Slightly Higher During Week’s Advance—Farmers Hasten to Sell Grain—The Outlook. BY STUART P. WEST. 1 Special Dispatch to The Star. | NEW YORK, September 20.—Com- paring present stock exchange prices with those of a week ago, the fact is ather striking that there has been little change, A number of in- dividual stocks bave been bid up, in more than half of the list quotations are not far away from what they were at the close last Saturday. This means that, while the main drift has been upward, there has been no disposition to resume the main for- ward movement of the Summer. Speculative interests have been en- prices, because the reaction in the first 16 days of September accom- plished a decided change for the bet- in the market position. It did away with the undue optimism of the Summor, it satisfied the tradition of p September decline following an upward move in July and August, and it took proper cognizance of the un- eveness of the trade situation Therefore, shrewd judges of Wall renew activities, with the result that there have been many Impressive gains in individual stocks, yet no re- vival of the general upswing which as brought to a stop at the begin- ning of the month. Little Worry Over Election. The week has furnished an interest- as a market factor. Had there been anxiety regarding the third party, it would have shown at the formal launching of the La Follette campaign in the Mast. The market the day after the Madison Square Garden meeting was more or less unsettled, but practically everybody in Wall street agreed that this was not due to fear over La Follette Wall street has been reading for about the possibility of the election being thrown into the House and even ultimately into the Senate, but it has ignored. this possibility completely. It considers the election result as virtually certain, this re- WEEK SEES UPTURN IN STOCK MARKET Steels Start Rise—Motors Show More Life—Broker Failure Acts as Check. By the Associated Press. NEW YORK, September 20 —Stock prices, which had been fluctuating with. in a narrow trading area for two weeks, broke out on the upside this week on a argely increased turnover. Failure of an old-established Stock Exchange house, however, had a somewhat de- pressing effect on sentiment, result- earlier gains. The turn for the better came follow- ing the declaration of regular dividend on’ Crucible Steel, which had been re- ported to be in danger. Bear traders, who had soid stocks freely on the theory that the dividend wouild be omitied, found a scafeity in the floating suppi when they endeavored to cover th commitments. Steel Active in Advance. Steel shares took a prominent part in the advance, buying of those issues being stimulated by reports that the United States Steel Corporation was >perating at 60 per cent of capacity, the highest since last Spring, and that the independents were on a 50 per cent basis. Larze railroad inquiries for aquipment also had a favorable effect on sentiment. Some profit-taking took place n the issues later, however, on the Steel Corporation’s decision to abandon the o led “‘Pittsburgh plan, | uncertainty as to the effects of which nspired the se Oil shares held despite ther drastic midcontinent crude prices, combined | with further readjust nt of ga | line quotations. There was a wide- spread belief in oil circles that the est cut would actually be of bene- fit to the oil trade, as it would tend to discourage production and thereby help to reduce the enormous surplus of crude stocks on hand. Motors Show More Life, Specialties for which there is a thin market made some of the most spectacular gains, this group includ- ing such issues as American Tobacco A and B, American Express, Worth- ington Pump, Kelsey Wheel, G. E Kinney and the baking shares, Motors showed signs of life on re- ports of increased automobile sales. This also helped the rubber shares, many of which established new peak s for the year. Unusually heavy movements were reflected in strength of the western carriers, which also received some stimulus from merger reports involving the Rock Island, Southern Pacific and some of the other roads traversing the grain-growing section of the country. Official denial of reports that the Lackawanna Railroad was to be taken into the new “Nickel Plate" system checked the rise in that stock. relatively firm, reduction in REPORTS BIG ORDERS. NEW YORK, September 20.- The Western Electric Company re- ports billings of $195167.00 for the first eight months of 1924, an in- crease of $37,676,000 over the same period last year. Orders received amounted to $198,892,000, a gain of $7,566,000. LIVE POULTRY LOWER. CHICAGO, September 20.—Poultry, alive, lower; fowls, 16a23%; springs, 22; roosters, 15. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST | nigh return Over Campaign sult being what the great majority In the financial district wants it to be. Money rates have been lowered this week and an increzsing supply of funds has been pressed upon bor- rowers at the reduced levels. This has happened in the third week of eptember, a period in the past which has been notorious for falling bank reserves and a tightening money market. It is only surprising that invest- ment values have not been more re- sponsive to this extraordinary money position. The bond market has been stronger, and &0 has the market for purely Investment stocks. but even so, prices are not as high as they averaged in the closing week of July. The answer which most bond houses give is that values will eventually work up to a parity with Interest rates which they do not occupy now. Renewed Advance In Wheat. The rencwed advance in wheat has heen one of the most impressive in- cidents of the week. It has occurred with full knowledge that the new American erop will run well over 800,- 000,000 bushels, that is, far above the average. Wheat prices have gone up hecause of the evidende that the in- crease in the United Stattes will be more than offset by the deficiency in the Canadian northwest and by the larger need of Europe. The Amer- ican farmer, rushing his crop to mar- ket at an unusually early date, is de- riving the full advantage from the advance in prices. He is getting a on a big crop for the first time in four years. In view of this, the propaganda indulged in by all parties to “help the farmer” is humbug. The cotton trade has adjusted itself to the idea that the new crop will exceed all totals since 1914. But the decline of 12 to 14 cents a pound from the season’s high has discounted a £00d deal. Unquestionably it has brough prices to a level where the mills are willing to buy freely again. This renewal of trade demand is the important steadying factor in the market. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. LANDLORDS OF DOLLAR: ! Seventy-Second Article. 1 If you owned a six-room bungalow | that would rent anywhere from $25| 10 $100 a month, according to whether it was in a small town or in a smart | waterfront suburb, you'd be very sus- picious if a man came along and of- | fered you $600 a month rent for it, wouldn't you? You'd be afraid he might purpose to use your bungalow | 45 a bootleggers' rendezvous and thus | damage your property. You'd be sus- | picious that he might burn the house | to collect insurance on his household | 00ds or commit some other overt act | that would cost you money in damage | to your property. You'd know that no honest person would pay $600 a month for a bungalow with a max- imum rental value of $100 a month If some one comes along and offers | you a security that promises 10, 15, 20 and 50 per cent or more for use of your money, that person is likely to be in the same class with the man who would pay $600 rent for a $100 bungalow. He wishes to rent your money and offers to pay on outra- geous rental for itbecause he Is going | to put your money to a very hazard- | ous or a dishonest use and the hazard great. No honest and capable man | or business will pay such big rents for money. They don't have to do it. Call money—that is—loans that may be called for payment at any time—has been renting for around 2 per cent for some time | Time loans have been renting! around 4 per cent. The rent rate for money has been low for many months and no safe and desirable stment enterprise has to pay high The g00d investments can rent all the money they want at between 4 and 7 per cent. The so-called in- vestment security that offers big re- turns isn't a good investment. Consider yourself a landlord of dol- lars when You buy securities or rent your money. Look in the financial pages of ncwspapers and see what the going or current rents are for money, and govern vour action ac- cordingly. (Copyrizht. | 1824, by Consolidated Press.) | WORRY IN OIL CIRCLES. Gasoline Reductions Put Check on Rise in Share Values. i NEW YORK, September 20.—Fresh | reductions in gasoline prices. coun-| teracting the good effact of a con traction in crude oil production, -rday curbed what speculative usm had been built up for an advance in stock prices during the week. The disconcerting oil situa- tion, which recently had appeared to be improving, had an unsettling ef- fect on the entire list. FINANCIAL NOTES. NEW YORK, September 20.—Di- rectors of Bucyrus (‘ompany have de- clared a dividend of 1 per cent on ccount of accumulation on the pre- ferred stock. Accumulated dividends are now reduced to 6 per cent. First shipments of new crop cotton by the All-Russian Textile Syndicate, Inc., are now on their way to Russia Consiznments of 12,000 bales have #one forward within the past fort- night and cargoes aggregating 23,500 bales will leave from Galveston and other Southern ports next week. Further strength in Worthington Pump stock yesterday was attributed to new sources of revenue which had been opened up in appurntus to be installed in locomotives, oil or coal burning, and for which the company ready has received orders. 1207 %W enes SUNSHINE BR Spectacular FINANCIAL 23 l'g[ S MARKET FOR GORN Smash Stirs‘ Grain Trade—Lard Prices | | | Also Lower. By the Associated Press tacular smashing of the thas taken | this w pared with market this morning was lower, decline to ing from 13 off to 1o visions all CHICAC cptember r radn o share rain K ag lion's in the with wheat a like ranging from advance oats vary gain, and pro from’ 60 cent the way down to a rise of 20 cents. of place warmth to dispel fear about menaces to the crop, it has been parent for some day making little or no Although the biggest flattening out ilues in”the corn markel took simultaneously with sudden and sunshine which tended frost and other ap that prices were response to re ports telling of widespread abnorma ficld had reports had Dbeen countgd for at leas ing orders to was one result from the c conditions, ceordingly drawn The inference was | that the market | been overbought and that such | more than dis- | the time being. A drastice clearing away of stand- sell out corn and- to Beer: | Joseph 1. Weller MONEY TO LOAN Cn Improved Property in D. C. snd Md. ANY AMOUNT—THRZE, FIVE and TEN YEAR TERMS. Lowest Rates. BUILDING PROJECTS FINANCED, FRED T. Investment Bldg. FEDERAL-AMERICAN NATIONAL BANK RESOURCES £13000,000 1315 F ST Jomw POOLE Puesmem 000, 000, ey ner tead Ir 3 Mortguge Notes, ans part of in demominations of $1000 and bearing 61, per cent interest, able semi-annually, secured on ocor- businecs property. Title guaran. Real Estate Title Company. te celivery. Stone & Fairfax 242 New York Avenue N.W. | Money to Loan 1 Ly firat Aeed af tenst on real sgtute Prevailing interest and commission 450 Wash. L. & Trust Bldg.. 9th & F N.W. various definite limits | collapse of development | top losses at orn prices. Another was that after the market had drop- ped to the lowest August, buying on the part of re B lect profits helped thing of a rally. dicated a in nt ellers who were in a position to col- to induce some level since late Unofficial in in estimates that of wheat crop larger yield Canada than most traders here were prepared for had an unsettling e fect an b and with delays to the ment counter- balance. tion in Canada had a steadying the wheat market. Export uying, though, was on a broad scale crop move in Canada acted largely as a Bullish advices about oats produc in- fluence on the oats market. Lard reflected corn weakness, but meats held firm. w creased by 72.2 & Between 1912 and 1922 the national ealth of the United States wus in- per cent, according to British_statistician Prompt Action First Mortgage Loans Lowest Rates cf Interest and Commission Thomas J. Fisher & Company, Inc. 738 15th Street INVESTMENT SERVICE PAR EXCELLENCE All the e a financia] entials of vestment are to be found in the FIRST MORTGAGI NOTES we negotiate and offer to the pub- lic. They are absolutely secured by closed first mortgages on im- proved real estate in the Nation’s Capital worth DOUBLE the entire first trusts They bear interest rates that are very liberal for the security offered. ) They are usually of a very satisfactory maturity and can thus be disposed of to ad- vantage when neces- sary. Then, our super- vision and free collec- tion of interest relieve the investor of all care or worry. WE HAVE NEVER LOST A DOLLAR FOR AN INVESTOR. We solicit oppor- tunity to demonstrate our SUPERIOR SERVICE. Mortgage Investment Dept. HANNON & LUCHS 713 and 715 14th St. N.W. Main 2245 A Mark of HEN Washington was “When Buying” Our 7(70 First Mortgage Notes sour investment lected improved pro 3 sound. ww wvailab secured on carefully s and placed on Valnation. Notes in amounts of $100 up. Appls ©'Donnell, Chas. D. Sager Realtor 924 14th St 3 Loan Dept. Mgr. N.W. Second Trust Notes Bought Our clients are ready to pay ash for SECOND TRUSTS in any amount. The rates will please you if the security is sat-$ MORTGAGE DEPARTMENT SHANNQ.‘}LE LUCH 3 713 and 715 14th Street N.W. Main 2345 rly Ready for 1S N (CED s Saul Building 15th St. NNW. F. SAUL Co. 112 Eye St. NNW. Main 2100 WE FINANCE Apartment Iouses Business Property Residence Property Hotels, Ete. Higbie & Richardson, Inc. §16 15th St. N.W. Guaranteed 617 First Mortgage Notes Secured by Improved Real Estate Every mortgage we sell is guaranteed—both principal and interest—and provides these five investment fundamentals: Se- curity of Principal All the Time —Attractive Normal Income— Prompt Consecutive Interest Payments—Full Retuin of Prin- cipal When Due—Freedom From All Care and Management. Our written guarantee of ful- filnzent of all these fundamentals is backed by over $1500,000 re- sources. Real Estate Mortgage & Guaranty Corp. Resources Over $1,500,000 L. E. BREUNINGER, Pres. 26 Jackson Place Confidence young and her famous avenue still a street of the future, a dis- criminating public had aiready come to know and appreciate the first mort- gages handled by this house. Time is the real test of worth. Today, . more than a half name of “Swartzell, century later, the Rheem & Hensey Company” in connection with first mortgages inspires the same feeling of confidence as the “Sterling” mark on silver. We are now offering these Notes, secured by improved Washington real estate, in denominations of $100 and upward. They return 61%% and bet- ter. Swartzell, Rheem & Hensey Co. 727 15th Street, N. W. Washington, D. C. 55 Years Without Loss to An Investor ‘