Evening Star Newspaper, September 28, 1924, Page 81

FIN TREASURY INCOME AMAZES EXPERTS Figures So Far Above Predic- tions That Further Tax Cut Could be Made. HARDEN COLFAX. National Treasury is much better than the experts pre- dicted. More money than they ex- pected is flowing in. The balance on hand is larger than they estimated it would be. Expenses are being held down to the minimum. Early est mates are being checked up and re vised. The tax cut of last June will not amount, apparently, to more than half of the amount forecast All of which, as interpreted here, indicates that Congress could safely make another reduction in taxes next December if it cared to do so. Whether it will or not is another auesticn, with the accent probably on the not. It a holdover Congress, passing out with the 4th of March. he election will be past when it mects again and there will be little t0 be gained in a political way by reducing taxes then, hence such a tion ix regarded as unlikely, although possible. BY The doing star Nevertheles contly made pu the Budget are ng Rtevimions. the revised figures r - by the Bureau of almost startling in their revelation of the extent to Which the experts overshot the mark of their estimates of the effect of tax reduction on Treasury receipts. They had estimated, it will be recalled, tha tax reduction as proposed and finally cnacted would cut down the Govern- ment's receipts by from $300.000,000 $400,000.000 @ year. That was the “lastic estimate when the tax reduc- tion bill was under discussion Now the cxperts have changed their minds. They no longer expect a re- Juction amount to even $300.000,000. Their revised figures. according to the Burcau of the Budget's annual report, forecast a reduction in Gov- «rnment revenucs amounting to only 5.000, or something like 43 the' smallest reckoning nths ago Difference of $142,685.000. That is the amount of the reduction expected in income tax collec- tions and other taxes collected by the reau of Internal Revenue. Last December, before tax reduction was forced on an unwilling Congress, the experts predicted that the Bureau of Int 1 would take in 3 ,585.000 during the current fiscal rear. Ten months later, after tax re- duction has become the law. they estimate that the bureau will take in $2.885.000,000. The difference. rep- resenting the effect of tax reduction, is $142.685.000. These and other pertine contained in the Budget Teport of conditions during fizcal vear. recently off the Experts Fooled on Tariff. nt estimates Rureau the past press. From this document it also appears that the experts have revised some of their other estimates of receipts, nota- bly those expected from the tariff. lLast December the experts predicted that the tarifi would bring to the National Treasury during the current ear totad of $493,000,000. Today they have raised their estimate to £500,000,000, an increase of $7.000,000. The actual showing, however, as orded in the Treasury's daily atement covering approximately the first three months operations during the present fiscal vear, goes the experts still one better. Up to and including September 24. latest date for which figures are available. the Government had collected nearly £120,000.000 from the tariff. At that rate, it would collect about $540,000,- 000 during the present year, or $47.- 000,000 more than the experts pre- dicted. Heavy Balance Likely. The Budget expenses and present year, last, indicates tions at the a Bureau's estimate af receipts during the revised as of June 30 a balance on opera- year's close of about §25,000,000. To this will be added $83,000,000 additional as the result of economies in holding down ex- penses under a program ordered by the White House, making a total of £108.000,000. In addition to that sum there will be collected from Great Britain and other foreign debtors about $137,300,000 in interest. Most of this money, it is expected, will be collected within the next month or so. These collections would swell the alance on the year's operations to 45,000.000. And as the last tax re- duction will cut but $142.585.000 into national revenues, observers here arc pointing out that the situation will he such in December as to warrant another cut of equal proportions and still have a balance of more than £100,000,000 on the year's operations on June 30 next. (Copyright, 1924, by Consolidated Press.) S S T COTTON IS ERRATIC. Saturday Market Winds Up With Lower Quotations. NEW YORK, September The cotton market today was extremely nervous and irregular following ves- terday's big advances. After selling off to 24.62 in the early trading, De- cember advanced to 13, a new high record for the movement, but later broke to 24.45, and closed at 24.50, the general market closing weak at 4 net decline of 34 to 42 points. October broke to 25.20 and January to 2450 in the late trading, making net declines of about 35 to 55 points on the active positions. The opinion among most local traders appeared to be that it was too early in the weason for anything like killing tem- peratures in the South, but that the day's weather news as whole had tended to strengthen ex- pectations of a further reduction in estimates of the crop. Cotton on shipboard awaiting clearance was estimated at 103,000 Lales, against 127,000 bales last year. New York Stock and Bond Averages. Saturday, September 27. STOCKS. Total stock sales, shares. Twenty industrials averaged 102.95; net loss, .03. High, 1924, 104.13; Twenty railroads 91.65: net gain, .15. High, 1924, 93.15 436.000 low, 90.27. averaged low, 81.00. BONDS. Total bond sales (par value), $6.870,000. Ten first grade rails averaged 89.75: net loss, .07. Ten secondary rails averaged 88.62; net gain, .02, Ten public utilities averaged ; net loss, .03. Ten industrials averaged 95.13; net gain, .02 Combined average, 91.19; net loss, .02. Combined average month ago, 90.38; year ago, $6.07. 91 per | of six | ANCIAL. BY L A F 183 | Out in Chicago, bankers in attend- | ance on the American Bankers' Asso- | ciation are debating this week the matter of the handling of unprofita- tle deposit accounts, and in many sections of the country the same sub- ject is interesting the fraternity At the last convention of the local Bankers' Association, held at White Sulphur, a complete analyses of the accounts of the various local banks was given to the delegates and many were the surprises thereat It will also be. remembered that the statement of one large bank, not more than thousand miles from Washington, reported that 36 per cent of its deposit accounts paid 96 per cent of its total deposits, which might suggest to an economist the wizdom of eleminating the non-pay- ing accounts and consistent reduceion sxpenses—so that the profits—for banks are in the business for profits— might be vastly enlarged. But it is hard to tell just where to apply the pruning knife in the matter of non-profitable accounts. In a lar city there are so many counts, deposits that accumulation, that it hardy to interfere that promi e worth having a show would with a to produce an account These accounts are worth very careful and consistent nursing along. They will pay. Never Profitable—Dangerous. Then, too. there is the small count that will never be but that is always dangerous, always costly. Take the deposit account, and this one actually existed, where 70 de- posits were made every three months “Overdrawn” was reported every two or three' days and. “not sufficient funds” stamped on returned with almost painful regularity—an account that would not be allowed in a New York or Chicago bank for the | second day. Why not eliminate this| class of business promptly” w gton ,is a peculiar city for| the banking Lusiness from yet an- other point of view and always has been. Brothers, sisters. cousins and other relatives are numerous, many with fat bank accounts that are wel- come, some with small accounts that are not worth while, but that must be carried along, forsoothe. for some relation might feel hurt if it was climinated Would Aveid Hardships. It is not the intent of bankers enforcing a service charge to any hardship on the small depositor. whose account is kept in good or- der, and not too active, with a rea- sonable balance i honored by its sponsor to maintained in respectability The intent is to make the irregular, erratic, active small account that can- not pay for its bookkeeping through accrued interest therefrom, meet its legitimate share of the profits of the institution One of the larger banks of this city gave to an assistant cashicr the task of analyzing the deposit ac- counts. After careful consideration and a report that startled the direc- tors in the number of deposit ac- counts of the non-paying order. The assistant cashier was ordered to com- mence climination and apply remedy—fixing a service charge A list of accounts. all more or less active, all more or less dis- honored through repeated repudia- tion, was submitted to the various of- ficials of the bank and from the num- ber 25 names were stricken as likely to come through. or where afliliation made it obligatory The other 100 depositors were call- ed to the subcaptain’s office and given a heart-to-heart talk on the neces- sity of building up their deposits to a minimum regular balance of $200, pending which desired minimum, a service charge of §2 monthly would be made. It was made plain that there was but one alternative—if the depositor did not care to pay the charge or maintain the balance indi- cated, he or she might withdraw his or her balance. There were some es- pecially unprofitable depositors who were not given any alternative but the closing of their accounts. Splendid Results Attained. The result was a better bunch of depositors, nearly all. willingly meet- ing the minimum and actually endeav- oring to build up their accounts That assistant cashier says: “There is no sense in a b0-cent charge on minimum deposits. Fifty cents a month does not meet the bookkeeping expense of caring for such an & count and is not of sufficient im- portance to impress the depositor with the need of respecting a bank account “Our second list of 123 for submission to our officers and there will probably be a third. We have found that some of our hitherto unappreciative depositors, now be- lieve that it is worth while to have their accounts in this institution.” Government Workers Reliable. To the credit of the thousands of employes of “vour Uncle Samuel.” they are rarely found wanting in their relations with banks and bank- ers. Once in & while a worthless ac- count may be charged to an individ- ual case, but as a rule, the Govern- ment workers are careful not to give steady be and vd be is now ready grow steadily in importance. Considering the enormous number of worthless checks given in the Dis- trict annually one may rightly won- der where they do come from and the only suggested answer, from irre- sponsibles, gives small satisfaction. Investigation among the banks shows that the §2 service charge has been adopted by more than one insti- tution, but there has also been intro- duced in the fraternity a much more business-like treatment of the ‘“no funds” depositor and the sneaking fraternity, in the respectful sugges- tion, “Kindly remove your account from this bank,” that has been freely adopted. Each account in a bank is an expense according to its activity, the cost of bookkeeping and its pro- |D0rflonull‘ share of the overhead. Costs Difficult to Fix. While it is a delicate matter to fix this cost it can be found, and z it will be placed the profit, if any, from the account. Before there can be any profit, there must be deducted from demand deposits in national banks 10 per cent for the legal re- serve and from time deposits 3 per cent. On demand deposits a certain in- definite but sufficient amount must also be kept in the till of the banks ready for the demands of the depositor and it is up to the wi gmple cash or credits available. This is also true of any other banking in- stitution they must all be prepared for the checks coming over the coun- failure which will closure. Here is an interesting problem worked to a conclusion by the Guar- anty Trust Co. of New York City, showing the method of finding the profit on a deposit account of $10,000, on which an annual rate of 2 per cent paid by the bank for the deposit. In this case a deduction of 13 per cent is made for reserve. It is also assyned that the return on the de- posit is 43 and that the average bal. ance is $10,000. Also there is no 4% to meet growing ac- | ool- | ‘srowth | put | the | trouble and frequently their accounts | gainst | banker to keep | ter and through the clearing house, | force | THE SUNDAY Unprofitable Accounts Prove Difficult Problem to Adjust! Local Bank Has Rare Success With New| Method—Small Balances May Some Day Grow Fast. per cent money in Washington, which makes some difference. Earnings on u $10,000 deposit after de ducting 137 reserve $8,700 at 4127, Interest on $10.00 deposii at 2 nterest carnings. . £191.50 penses Cost of maintaining At $2.00 per a Cost_of activity e annum, n Overhiead ut $.0626 on $10.000 L S0.00 Profit £113.50 This profit is thus equal, on & $10,- 000 balance, to 1131 per cent The costs as used in this computa- tion are worked out in the manner heretofore explained. The Guaranty Trust Co. has been using this method fot a number of years, and has found that it is not a long process to figure out the costs and prepare the nce or twice a year. Novelty in Fixtur John Toole, president of the Fed- 1-American National Bank, led the discussion at the midweck ba luncheon, choosing his subject ment of Interest on Checking counts. Naturally cverybody part and it furnished one of the tables took most profitable, | | ne checks | | the | interesting det | at | stock | hundred; spin | fi tes of the many nted at these that have mect- ings. Subsequently bankers present American Bank, where, in the dire tors’ room, there was on exhibit something of a novelty in fixtures A section of a long counter own, foy front of which rly 7 feet high, the “window" receiving and paying is the length of the counter, plate glass about a foot high and en- tirely without brass railing or other fixtures, The money been pr Mr. Poole to the invited the Federal- n was full counter is at a reason- |able elevation, but a considerable dis |tance below ' the paying window, | Which is not much more than a ledge, {and with a wide counter for the prep. aration of money to be patd out, or reception of the deposit. This counter scheme adopte yet. but ation. It s designed o make Sniping” of the tellers’ funds difli- cult, and is lacking in ornate beau- ty but may be practical. has not heen ix under consid- BALTIMORE PRODUCE. BALTIMORE, September 27 —There is a scarcity here of desirable fre nearby exzx and the daily of t sort keep closely The market has held firm and closed today at 44 cents for first in free cases, 415 cents over last this week totaled making it necessary to supply the trade with Western and Southern stock. Prompt shipments are advis able. as the market will no doubt hold, if it does not go higher, the coming week, but carcful grading it n ry to bring best results a only eggs grading firsts sell at top values. Fat old hens. 4% pounds and over, continue in good demand in the live poultry market und are arpremium over Spring chickens just present, selling at und while fat springe 15 pounds and over, sell 24 and Medium old hens bring to 24, but small poor stock and Leghorns are slow sale at 16, Medium sized Spring chickens and Leghorns are selling 22 and 23 but of small common springers the supply is excessive and the trade does not want this sort of at any price. Old_roosters plentiful and move slow at 15. Cholce fat_ducks are in fairly good demand at 20 and 21, but common thin ducks are hard to place at 16 to 18 Guinea fowl increasing in receipt and values rule a shade lower, selling 75 each for large young and 50 each for smaller. Pigrone in ample supply and slow sale at 20 and 25 a pair for both young and old. Green fruits are nearing the end of the and with Northern stock making ap- pearance on the market it take choice quality to sell at top quo- tations. * Apples continue in ample supply. but under a fair movement on smooth large stock the market holds steady at 3.00 to 4.50 a barrel and 1.25 to 1.75 a bushel, with No. 2 stock bring- & about half price. Peaches are only in moderate receipt of choice to fancy fruit which is selling more briskly at 1.00 and 1.50 a basket and 2.00 to a bushel. Bartlett and continue in good demand a basket and 150 to 50 a bushel, while common varie- ties sell mostly 25 to 40 a basket Cool weather continues to keep down demand for watermelons and the mar- ket rules easy and lower at 25.00 and 30.00 @ hundred for Anne Arundel selects, 20.00 and 25.00 for Eastern Shore selects, $.00 to 15.00 for primes all sections, while culls are not want- ed at 3.00 and 5.00. Damsons mov ing fairly well at 3.50 and 4.00 per 100 pounds, while crabapples and common grapes are in fairly good de- mand at 50 and 75 per 4-8 basket for the former and 60 and 1.00 for the latter. Market for white potatoes continues sy under ample receipts and de- mand centered on No. 1 well graded stock at 2.00a2.25 a barrel, 1.25al.5 per 100 pounds and 75285 a byl 2 stock brings a little over .alf pr Receipts of steady incre an easier tone for the former latter, it 1.50a2.90. Native and nearby garden truck has been in lighter receipt this week and with demand fairly good on most lines the market rules steady at the following quotations: Stringless green beans, 90al.25 bushel; lima beans. 2.0023.50 bushel; beets, cabbage and carrots, $.00a5.00 a hundred; corn, 20a30 a dozen for sugar and 15a20 for field; cgeplants, 75a1.00 a basket; onfons, 1.75a2.75 per 100 pounds; pep- 10250 a basket for green and for red; pumpkins, 5.00a15.00 a ch, 40250 a basket, and tomatoes, 50a80 a-basket for sfound ripe and 1.20a1.30 a bushel for pack- ing stock. is sold u 1 ok a dozen an advance of week. Receipts on 5,395 cases. and che market has 2 3.50a4.50 a barrel and 3.50a4.00 for the o. stock bringing CRUDE OIL BEDUCED NEW YORK, September 27.—Prairie Oil and Gas Co.. has reduced prices of crude oil in Kansas, Oklahoma and Texas 10 to 15 cents a barrel. BUTTER PRICES FIRM. CHICAGO, September 27.—Butter unchanged. = Eggs, higher: receipts; 5464 cases; firsts,36ail; ordinary sts, 32a35. TEA SALES INCREASE. NEW YORK, September 27.—Sales of the Jewel Tea Co., in the first 36 weeks of 1924 increased to $9.242,089 compared with $8,459.252 in the cor- responding period last year. RATES ON BAR SILVER. LONDON, September 27.—Bar silver 35d per ounce. Money 2% per cent. Discount rates, short bills, 3% -per cent, Three-month bills, 3 11-16 per cent. 00| was | for | surmounted | h| offerings | bringing | and | season | weets an ,ams show a STAR: WASHINGTON. CURB STOCK TAKES Z0PONT JUMP Gillette Razor Leads Satur- day Trading—Very Active Week Reported. By the Associated Press NEW YORK, September profit-taking movement that created some unsettlement in the course of prices late yesterday had no per- ceptible effect in the dealing in to- day's short session on the curb ex- change. Buying developed on a broad scale 4t the opening and new high records were reported in many parts. Most importance was attached to the ma- terial advance in Gillette Safety Razor. which rose 20 points on com- paratively small transactions. The new shares also moved up to a new high. sclling to 4. Consolidated s of Baltimore, when issued, im- proved about 1 point, selling to new | figures. Radio shares held steady laround the high levels reached on recent upturn. There was a pronounced broadening of business on the New York curb market during the week and many issues moved over a wide range, some | selling at new high records.” Public Utilities continued to demand most attention, some of those stocks ad- ing 20 paints or more, while howed equally extensive United Bakeries advanced 13 points, and Ward Baking, a new stock, advanced 7 points, mak- {ing a new high record | Tetroleum stocks were irregular | | —The i Ohio Oil advanced nearly 3 points and Prairie Oil after advancing 4 points lost all its gain. Vacuum Oil w traded in on the largest scale of the tandard Oil group, advancing nearly 5 points. Standard Oil of Kentucky rose 5 points. Wyoming Oil stock | were the most active of the cellaneous group, Mutual and Creck both being in demand. 1$183,000,000 GAIN IN COTTON RISE Bankers Figure Out What Week's Advance Means to Growers in South. | | ! Special Disnatch to The | "ATLANTA. = September 7 | week's appreciation in cotton prices will $153.000,000 more in buy ingz to the South if growers at the higher rates. it by local bankers. The based on a crop of 1 .000 bales. The holding movement Fains momentum with cach advance |and conservative bankers are aiding <pot cotton holders to hang on until | prices shall have passed cost of pro- duction. tar T mean - power can unload is estimated estimate is ! TOBACCO CROP IMPROVES. Rain Ccndltions in Vir- | Helps Cond ginia, Report Says. “Better growing weather of late Maryland,’ the Department of | Agriculture, “has helped the crop, but the prospects are for a production con- siderably less than last vear. “In Virginia cutting and curing_is general throughout the State. The carly crop is thin and light, but is color- ing well. The late has been greatly helped by recent rains and will make ! much better yields than have been ex- | pected. There is some frost damage {in a few sections in the southwest. The crop is all harvested in North Caro- lina and practically all cured, except | in the northern Picdmont | ROAD CUTS EXPENSES. | Atchison’s Record Reflected Active Stock Buying. Special Dispateh to The Star. NEW YORK, September 27.—No railroad reporting for August has given a more striking demonstration of the cutting down of operating charges than the Atchison. Its net was nearly $1,000,000 -higher than last year, while gross was up only $400,000. This result {along with the aitered prospects in the | grain belt naturally revived discussion ['of an increased Atchison dividend, at I the same time precipitating some rather | active buying in the stock. CAST IRON PIPE JUMPS. | Saturday’s Advance Due to Earn- | ings and Merger Talk. Al Dispateh ta The Star. v YORK. September State Cast Iron Pipe rose to a new high today, reflecting not only the highly satisfactory earning results and outlook. but also the confidence of well informed people that important developments in the company's affairs will occur | shortly after the windup of current litigation. When the court’s decision {affecting the interest of preferred and common stockholders had been given, a {new company is expected to be formed, taking in at least two other .manu- facturers of pipe. BIG EQUIPMENT MONTH. Railroads Have Been Generous in Placing Orders. NEW YORK, September 27.—Rail- road equipment manufacturers had good business this month, bookings to September 27 aggregating 22,845 freight cars, 250 passenger cars and 115 locomotives, Railway Age says. This was a heavy increase over the same month in 1923. Orders for 103,- 443 freight cars, 1.405 passenger cars and 1,005 locomotives were recelved in the nine months this vear, against 71,876 frelght cars, 1,483 passenger cars and 1,536 locomotives a year ago. in Speci NE 27.—United | MAY GET MORE MILLS. | Southern Textile Men Predict Ex- pansion in South. Special Dispatch to The Star. | "BALTIMORE# September 27.—The belief prevails in textile circles here | that the experience of the Consoli- dated Textile Corporation in connec- tion with its New England properties is convincing evidence of the greater profit in operating textile mills in the South, close to source of produc- tion. The tendency of the industry to drift from New England to the South- ern territory, they believe, will be more marked as a result of this de- velopment. OIL MOVE APPROVED. NEW YORK, September 27.—Reor- ganization of the Pennok Oil Com- pany, providing. for liquidation and dissolution of the present organiza- tion and the transfer of its properties to the newly formed Pennok Oil Cor- poration of Delaware, was approved by the directors today. The company operates oil properties in Kansas, Texas and Oklahoma, b D. C., SEPTEMBER The Year 1924 to Da: ’ Furnished by W. B. Hil Rales. 12,000—Ana. and Pot. 52,000—C. and P. Telephone 1st 5s 18,000—C. and P. Tel. of Va. bs 259,600—Capital Traction 1st 5s. 10,000—City and Suburban Ry. 74,500—Georgetown Gas Lt. 1st 58 33,000—Metropolitan R. R. 1st 5s.. 29,000—Pot. Lllec, Power 1st 58 28,500—Pot. Elec. Power ref. 7s... 66,800—Pot. Elec. Power 6s, 1953.. 184,000—Fot. Ilec. Power cons. 5s. . 11,500—Pot. Elec. Power deb. 6s... 2.000—Wash., Alex. and Mt. Ver. bs, 2.000-—Wash., Balt. and Annap 187,500—Wash. Gas Light gen. 5s.. 279,000—Wash. Ry. and Elec. cons. 4 201,500—Wash. Ry. and Elec. gen. 6s. 255,400—Wash. Gas 6s, 1933. 1.000—Wash. Gas Lt. 6s, reg. 7,000—Dist. of Col. Paper Mfx. 6s 18,900—Riggs Realty (long) 5s. 10,000—Wash. Market”Cold Storage 5 14.000—Wardman Park 6s 500—Southern Bldg. 6'zs STOCKS. —Amer. Tel. and Tel. rights. 5.618—Capital Traction et 4,006-~Washington Gas. .. 155—N. and W. Steamboat. 4.009—Wash. Ry. and Elec. 8,453—Wash, Ry. and Elec. 1,000—Wash., Alex. and Mt. 3——Terminal Taxi com. 110—Capital National Bank. 476—Commercial National Bank 112—District National Bank. 2—Federal National Bank. —Liberty Nat. Bank 34—Lincoln National 41—National 13—Nat. Metropolitan Bank 706—Riggs National Bank 62—-Second Nat. Bink. i 70—Amer. Security and Trust. 70—Continental Trust 55—National Savings and Trust 322—Union _ Trust 7—Washington Loan and Trust. 430—Merchants' Banking and Trus —1ast Wash. Savings Bank. 61—Washington Mechanics 75—Firemen's Fire Insurance.. 107—Nat. Union Fire Ins.... §05—Columbia Title Insurance.. 1 Real Estate Title Insurance 20—Dist. of Col. Paper Mfg. com. 114—Greene Canaea Copper Mer. Trans. and Storage 1,266—Lanston Monotype. ... 66—Security Storage Co 632—Washington Market . Nat. Mtg. and Inv. pfd. L%, Chapin-Sacks 8s pfd. 5—Chapin-Sacks 7s. pfd 3%—Departmental Bank 190—District Title Insurance 5—Franklin National Bank.. 150—Standard Natlonal Bank 100—Wash. Base Ball 192—Washington Title Insurance 10—Christian Heurich Brewing. BOND PRICES HOLD BONDS. com pfd Ver. et Bank . | Foreign Issues Extra Active on Expectation of Early Loan to Germans. Ry the Associated Press, NEW YORK, September 27.—Trad- ing in today's brief session of the bond market ended with prices hold- ling around the highest levels of the ! week. Scattered profit taking at the | close reduced earlier gains of several high-grade railroad and industrial | issues, but the general list displayved a firm tone with greater activity in | foreign obligations. Indications that the German loan would be put in shape for offering at an early date brought a val of interest in virtually all European issues. United Kingdom 5'%s of 1937 and Swiss 51 achieved new high pric for the w«r, and a broadened inquiry embraced Austrian 7s, Bergian 8s and Netherland | 6s. South American honds | vlelded to the pressure of sales | Frisco income 6s were among the most active of the railroad mortgages, scoring a gain of more than a point in anticipation of inauguration of dividends on the road’s preferred stock next week. Heavy spots in- cluded St Paul and International Great Northern Railroad liens, Wick- wire Spencer Steel 7s and United States Rubber Tl2s. Willys-Overland 61%s, one of the few motor company bonds, touched par for the first time this year in response to the rise in motor shares. United States Gov- ernment bonds moved irregularly CROP ACREABE INC&EASED The flaxseed area in Argentina for the 1924-25 season is placed at 000 acres in cable advices to United States Department of Ag ture from the International Institute of Agriculture at Rome. The area last vear was 5,235,000 acres. The acreage devoted to this crop in Argentina has been increased steadily during recent vears, the area this vear being 42 per cent more than the average for 1909-10 to 1913-14. COTTONSEED OIL GAINS. NEW YORK, September 27.—Cot- tonseed oil was active and higher today. ~ General short covering and buying by the South, prompted by advancing crude, unfavorable weather news and the strength in grains caused the advance. Closing .bid were off slightly from the best but represented net gains of 10 to 32 points. Sales, 21,300 barrels. Ten- ders, 800 barrels. Prime crude, 8.25 sales; prime Summer vellow spot, 10.20a11.50; October closed 10.31; De- cember, 10.19; January, 10.20; March, 10.41, all bid. S e N SPOT COTTON PRICES. NEW ORLEANS, September 27.— Spot cotton steady, 30 points down. Sales on the spot, 702; to arrive, 1,608. Low middling, middling, 24.50; good middling, 2 Receipts 8,059; stock, 105,457. ADVANCE IN FLOU'B. BALTIMORE, September 27 (Spe- cial).—An advance of 10 and 15 cents per barrel of Western grades of Wi ter patent and Winter straight, and 10 cents per barrel on Spring patents | and Spring straights was announced here today. BUYS GAS UNDER 11 CENTS. ST. PAUL, Minn, September 27 (Special).—The St. Paul post office has bought a three-month supply of gasollne for its fleet of motor ve- hicles from the Sinclair Oil Company at 10.9 cents a gallon. This is 2 cents under the price for the last quarter. S ZINC MARKET DECLINES. JOPLIN, Mo., September 27 (Spe- ! cial).—General weakness of markets | has had its effect on zinc and lead ore prices in the tri-state district in the past week, zinc ore declining $1 to $42 ton and lead declining $2.50 to $107.50. RUSHES PLEA FOR SHIPS. HOUSTON, September 27.—Presi- dent H. M. Crosson of the Cotton Ex- change has wired the Shipping Board asking that more ships be sent to this port to handle the cotton.crop. Indi- cations are for a Texas yleld of about 4,237,000 bales, or about the equal of Igst years crop. Even at lower prices the crop should bring $500,- 000,000, 25.00. 28, River R. R, 5s. 1st Bs.... AROUND HIGH LEVELS| however, | realizing 1924— PART 6. te on the Washmgton Stock Exchan e. bbs & Co., Hn-u Blds. Up to and including Friday, September 28, Open. High. 38 91 96 9914 . 965 . 9 981 821 59 1060 ‘nat. 1st 5s. 1011 84 s s 100 232 14215 164 203 Bank of Washington TED DEPARTMEN a4 BUSINESS GAINS SLOW. Mercantile Reviews Causing Some Disappointment. W YORK, September —The week end mercantile reviews wers not altogether inspiring. They did not go against the idea that business expanding, but they did bring out that this expansion has been slower than expected As Dun’s says, “The chief disappointment scems to lie in the fact that trade has not broadened suddenly with the opening of the Fall | season. But the same authority immediately goes on to say that husiness is fol lowing the normal course. which i | slow recovery after a period of de | pression, and that the recent mod erate and irregular gains “have been | surprising only to those pected a rapid reviva | PLAN CANADIAI\IbRIVE. ‘Jullus Kayser & Co. ta Push Un- | derwear Sales. 1 w ateh to The Star YORK, September 27.—Julius Kayser & Co. manufacturers of Italian silk underwear and hosiery {and_operators of 13 mills in this county. are developing their | national trade on broader lines. An- | nouncement is now made of the use [of an extensive hosiery advertising | campaign in Canadian newspapers, in { Ontario, Quebec, British Colum Alberta and Manitoba. the adoption of a policy of Canadian distribution direct to the retailer, abandoning the middleman dcaling heretofore in effect. Canadian-distributed hosiery made in the Kayser factory at She brooke, P. Q. and is made entire by Canadian workmen. FOREIGN EXCHANGE. By the Associated Press NEW YORK, September eign exchange easy. Quotations United States dollars) demand. 1.46%: cables. bills on banks 4 05 cables, 043812; cables, 043 mand, .04831.; cables demand, (per_ trillion), demand, .38 Norway. 1102; Sweden, demand, .2657: and, .1721; Switzerland, demand, pain, demand, .1340; Greece, de- Poland, demand, .0019% Czechoslovakia, demand, .029914; Jugo- slavia, demand, .0139; Austria, demand, .00001414; Rumania, demand, .00513 Argentina, demand. .3575: Brazil, de- mand, .1050; Tokio, demand, .40%; Montreal, 1.00. For- in 44612 60-day E Italy, demand Belgium, de- 0481, Germany, Holland, demand, Denmark, PRAIRIE OIL CUTS PRICES. INDEPENDENCE. Kans., Septem- ber 27.—The Prairie Oil and Cas Company today announced a cut in the price of crude oil purchased by it at wells in Kansas, Oklahoma and northern Texas. The new prices: 30 degree oil, cut 10 cents, to 75 cents a barrel; 30 to 32.9 degree, cut 10 cents to 90 cents a barrel; 33 to 35.9 degree, new grade, $1.10; 36 de- gree and above, $1.25. 6'2% | Guaranteed Investments We have GUARANTEED FIRST MORTGAGE NOTES paying as high as SIX AND A HALF PER CENT. No in- vestment is safer, nor does any security include so many solid advantages. Your money is secured by the same income-producing property which secures our original invest- ment, with the added feature of ‘our guaramtee to you of prompt payment of both principal and interest. We relieve you of all , details. Inquiries invited. Real Estate Mortage & Guaranty Corp. Resources Over $1,500,000 L. E. BREUNINGER, Pres. 28 Jackson Place who had ex- | inter- | This follows | is Great Britain, | France, demand, | FINANCIAL, LARD PRICES ADVANCE. CHICAGO, September cial).—Lard advanced this week and 15 to 17 The feature of the week was the ing inspired by the strength tonseed oil and corn. The bullish feeling because of the lard producing qualities of the rent hog arrivals, 27 55 to 63 cent buy in co ) is WE FINANCE Apartment Houses Business Property Residence Property Hotels, Etec. Higbie & Richardson, Inc. 816 15th St. N.W. ‘Money to Loan Joseph I. Weller 420 Wash. L & BT Continental Trust Company Capital One Million Dollars 14th & H Streets AN Stocks and Bonds —of Old Established GERMAN INDUSTRIES are now being offered in limited quant s at a <mall fraction of their pre war intrinsic value. Information gladly Main 2867 435 Star Bldg. Al European Securities Bought or Quoted. 4 cents today Spe- s Secured by first deed of trust on real estate | 420 Wash. L. & Trust | WILL BUY Bonds on Investment Bldg., Smith Bldg., Roosevelt Apts., Jefferson Apts., Hamiiton Hotel. | Address Box 85-L, Star Office poor | cur- Investors Trist Notes are invited our offerings in First gate Banking Trust & Mortgage Co., Suite 20, 1410 G St. NW. Franklin 5794, RIS THIE MARKET FOR FIRST MORTGAGE LOANS In D. C. and Maryland, on high-class | businexs and rexidence property, i amounts from $5,000 up. Banking Trust & Mortgage Co., 20-21, to investi- Twe Rooms 1410 G Frankli SLONW. 5794, “When Buying” Our 7 ‘70 First Mortgage Notes sour investment in secured om carefolly selected improved properties and placed ou v sound ervative valuation Notes 20w @y in amounts of $100 up. Appls Loan Dept ©O'Donnell, Mgr. lable Mr. Chas. D. Sager Realtor 924 14th St. N.\W 36 Main 37 38 for Ren Now Nearing Completion 923-925 15th N.W. Long Lease Reasonable Rent B. F. SAUL CO. Main 2100 7 1412 Eye St. N.W. A Applications Invited for Loans on Improved Property In District of Columbia. Chevy Chase and Takoma Park. Md. INTEREST, 5%% Apply to H. L. Rust Company Loan Correspondent The Prudential Insurance: Company of America 912 15th Street N.W. 7 years. years— ‘ > 15th St. NW §, money. sulted. finances. us and you'll MONEY. = Metropolitan Housing Loans (Metropolitan Life Insurance Compam.r On homes in the DISTRICT OF COLUMBIA and suburbs in MARYLAND and VIRGINIA for fifteen No life insurance requirement. Business Properties Unlimited funds for loans on centrally located office buildings, hotels and retail stores. Apartment House These loans may be made for periods of 10 or 15 Main 6888 Z RRLRRRIR R R RS R R ] iRl R R RV R RR R R Low Interest Rates Weaver Bros., Realtors R lain 1821 USE YOUR HEAD But Never LOSE YOUR HEAD —when contemplating the investment of If professional advice is desired along any line an expert is, or should be, con- It is quite as important that a similar course be adopted in reference to one's We boldly claim to be “experts” in matters pertaining to real estate in the Nation’s Capital, and are in position to supply investments that are always thor- oughly safeguarded, and, at the same time, vield liberal rates of interest. “USE YOUR HEAD” by consulting never LOSE YOUR MORTGAGE INVESTMENT DEPARTMENT SHANNON - & LUCHS 713 v_md 715 14th Street N.W. Main 2345