Evening Star Newspaper, November 23, 1924, Page 42

UMMER APPEALS |BROADER DEMIAND | ¥-=- J44FOR SHP SUBSIDY iTells Mayflower Society arPresent Operation Plan Is i Bad Business for U. S. =1 “Because we have allowed ourselves 4¢40 be frightened by the one word: substdy—the Government is spending practically $15 per ton per year to .- keep in operation those ships which fhe Emergency Fleet Corporation Is operating, . Plummer, vice chair- man of the United States Shipping Board, said at the annual meeting of the Society of Mayflower Descendants at the Ebbitt Hotel Friday night. ‘When it Is considered that the Roosevelt commission, after ex- haustive investigation, found that $5 «-per gross ton was amply sufficient to +Put American freight ships on a com- y:Peting basis in our foreign trade, the ~ mignificance of these figures becomes +apparent,” he said, “and the Roose- ~oVeit figures provided for interest and depreciation, £o that as ships were out and became obsolete their owners would have on hand sufficient funds left by such ships to pay for replace- ments C ‘ers Ounly Expenses. The cost of 815 per ton, as now ex- fstinz, Mr. Plummer said, covers noth- fng but expenses while these a vorn out. fund is being ereated, and when th ships hiave hecome useless th husiness of this country will have to “le surrendered to the foreigner again, " unless Congress can be persuaded to appropriate large additional sums for building new ships, he stated. t i3 highly appropriate that the Society of Mayflower Descendants consider the problem of an American merchant. marine, for it was the Plymouth colony which first put this ndustry on a permanent basis in the New World,” Mr. Plummer con- tinued. Made First Regulations. “Then they cnacted the first New World regulations to insure the bulld- ing of high-class ships; regulations which, in more elaborate form, gov- - ern world shipbuilding today. Under heavy penalties they made certain that nothing should ‘be defective or &miss in any materials or work- manship.’ lhe result of this businesslike proceeding was such a successful - hipbuilding industry on the shores of Massachusetts Bay that as early as 1668 Sir Joshua Child, in his official report to Parliament, gave notics that there was a maritime compet- tition that England had cause to fear We know, as they knew, that ships built, owned and operated by Amer- fcans are a national necessity. We know that because of American higher standards of living such ships nnot successfully compete for the earrying of our cargoes in foreign trade unless financially aided by the Government. We know that our seople are paying out annually for freight and passenger transportation upon the ocean six hundred .million dollars. These facts ought to be sufficient to awaken Americans to the need for more ships, but now comes an additional fact which hits the public pocketbook so heavily that even the blindest of our people ought to be able to comprehend. Two Million Gross Toms. The Emergency Fleet now is super- viging the operation of about 2,000,000 tons of ships. Its personnel of with saiarfes of $7,396,712 and office and other incidental ex- s of nearly $4,000,000, make a 1 annual experse for this organi- tion alone of about $11,000.000, or more than $5 per vear for each gross ton of vessel operated. -ss than hal? the amount now le- ng spent by the Government under Bmergency Fleet supervision, if ex- pend-d as provided in the Roosevelt Commission report, would not only enable the Government to sell the fleet now in operation, but would in- permanent merchant marine ¢ owned and of a constantly improving type of ships. “Rut the Roosevelt method is called ‘subsidy,’ and so is not to be util- ized, and the present method of keep- ing our fiag on the sea, while less éffective and more than twice as ex- pensive, is employed really because many congressmen are afrald of a business word. “In other words, shall we spend $15 Per ton per year to get nowhere in the end or spend less than half that sum in a businesslike way and get somewhere?" he concluded. travel “Compact” Is Ready. Invocation was given by Rev, John T. Huddle, after which the “‘compact,” signed in the cabin of the Mayflower, was read by Thomas F. Whittelsey, in observance of “Compact day, celebrated by Mayflower descendants all over this country. John Balch Blood and Mr. Whittelsey, secretary and treasurer, respectively, read their annual reports, aand Mrs. Bertha M. bins gave the soclety's history for the year. A nominating committee, composed of Gilpert P. Brown, chairman, Mrs. Daisy W. Monroe and John K. Parish, presented the following nominees, who were unanimously elected: Gov- ernor, Frank H. Briggs; deputy gov- crnor, T. F. Whittelsey; captain, J. B. Blood; elder, Rev. J. T. Huddle; secretary. Kenneth S. Wales: treas- “ urer, Edwin C. Blanchard; historian, Mrs. B. M. Robbins, and surgeon, Dr. “ Charles Henry Stokes. The board of assistants is composed of: Jason ‘Waterman, Miss Carlle E. Marsh, Mrs. Henry B. Patten, Willlam C. Dennis, Henry Crocker, Harry H. Semmes and John Altheus Johnson. Carter B. Keene, the retiring gov- ernor, expressed the desire that the # members would afford his successor % the same support as was given to him. He installed Gov. Briggs, who viassumed the chair. A musical pro- jgram was given by Miss Carolyn -=-Manning and Miss Glennon. OBREGON PLANS TO ENTER COMMISSION BUSINESS Upon Expiration of Presidential Term Will Handle Garbanzo, Important Food Product. By the Associated Press. NAVAJOA, Sinaloa, Mexico, Novem- ber 22—Upon the expiration of his presidential term, Alvaro Obregon will enter the garmanszq business in Na: : joa, his home town, according to the Ppresident’s friends. Strictly speaking, he will become & commission merchant for the hand- ling of the garbanzo, one of the most important food crops of Western Mex- ico. Senor Obregon, who gives up the ceins of government December 1, is ! expected to reach Navajoa about De- cember 15, to start his business activ- itdes. ~ ibe president, who is much inter- asted in the agricultural development 3¢ nis native section, was born 20 miles from Navajoa and is himself a farmer and an expert on modern rming methods to develop the re- sources of the nation. B RO A I2 the movement to have all the , children of London remain at the schools s successful the additional esst W Be $35,000,000 a year. 1 | been | tive INSTEEL MARKET Evidences of Greater Activ- ity in All Directions Are Noted During Week. By the Associated Press. NEW YORK, November 22.—The demand for steel continued to broaden rapidly during the past week, and there were evidences of increased activity in all directions. Prepara- tions for larger production were dis- played by leading producers, and prices developed & strong undertone with advances in most descriptions and the trade was very optimistic relative to the future. Pig iron was active with a good demand and most producers are well sold up for nearby delivery and oftering sparingly for the future. Prices were firmer and in sellers’ favor. Copper Demand Weak. The demand for copper has fallen off following the increased business noted during the first half of the month, and some shading of prices has been reported during the past few days. Offerings, however, have been comparatively small, and pro- ducers were still asking 13% to 14 cents for forward dellveries at the end of the week. although sales have reported at 13% cents for de-! < extending over the balance of the vear. According to one of the leadaing statistical authorities, world | smelter production for October was 128.507 tans, against 116,817 for Sep- {ent open-hearth furnaces will be mak- { put still at about 60 per eent of capa 130 will be working, with Bessemer pro- | |he sald should quash reports widely tember, Including a production of 80,908 in the United States, against 74,390 in September. Prices of Tin Shaded. Tin showed but little quotable changes. Consumers and dealers ap- peared as buyers every time prices were shaded. Lead remained unchanged. Buying was less active, but movement into consumption continued large, and the general situation was viewed as sound. Zino less active and prices a shade lower, although offerings from pro- ducers are not large. Antimony with some reselling at concessions. STEEL OUTPUT PICKS UP. Orders Better Than at Any Time | Since Last April. By the Assoclated Press. YOUNGSTOWN, Ohio, November —S8teel production by the independent steel mills of this district will be higher t week than at any time since March, it is revealed by the week's mill sched- ules, made public tod: Sales execu- tives for most companies said that or- ders this week were better than at any time since April. Thirty-five of the fifty-two independ- ing steel next week. as compared with 34 this week. with Bessemer steel out- Of the corporation open hearths, 2 duction at gbout 80 per cent. Sheet mill production will show a marked improvement. Of the 127 in- dependent sheet mills 86 will be working at the opening of the week and prob- ably 90 by the end of the week. More tin plate and bar mills also will be put into operation. OLVANY SAYS TAMMANY BACKED DAVIS 100 PCT. Publishes Letter From Candidate's Aide to Silence Reports That Support Was Casual. By the Associated Pre NEW YORK, November 22.—George W. Olvany, leader of Tammany Hall, yesterday made public a letter which | clrculated since the election, to the ef. | fect that Tammany failed to give full | support to John W. Davis, Democratic presidential nominee. The letter was recelved by Mr. Olvany from Thomas J. Speilacy, manager of | the Davis Eastern headquarters. It | had been dictated several days after the elections, when returns were quite complete. “Mr. Davis, Mr. Shaver, the Eastern bureau of the Democratic national com- mittee and myself desire to thank you profoundly for the hearty co-operation we have recelved from you and all your associates In the campalgn Just closed,” the letter read. “We realize that from you and your organization the national ticket received 100 per cent of enthusiastic support.” In commenting on the letter, Mr. Olvany sald: “I think this letter an- | swers fully and completely the stories that_have been repeated around the country, and that have even been pub- lished, to the effect that Mr. Davis falled to get the full support of his party in New York County, for I have nothing to add to it. It speaks for itself, I am glad Mr. Spellacy sent it.” BRITISH VESSEL FACES FINE IN MANILA HARBOR Arrives in Port Without Bill of Health Due to Cargo of Liquor, Collector Reports. By the Assoclated Press. MANILA, November 22.—The Brit- ish steamer Metelaus arrived today from Glasgow via Hong Kong with- out the customary bill of health, but carrying 703 cases of whisky, 75 cases of gin and 20 cases of port wine, consigned to Manila. The ship had been refused bills of health by American consular ggents on instructions from Washington, be- cause of the liquor consignments. Insular collector of customs Vicente Aldanese announced that due to the circumstances surrounding the faflure of the Metelaus to secure bills of heaith, only a nominal fine would be imposed, but that further violations of quarantine regulations would be dealt with severely. In taking such action Collector Aldanese disregarded the recommenda- tion Dr. P. F. Smith, chief of the Philippine quarantine service that the maximum fine of $2,000 be imposed upon the Metelaus to prevent other vessels bringing liquor to the Philip- pines, The question of application of the elghteenth amendment to the United States Constitution to the Philippine Islands has not been definitely de- cided. The State Department's order to consuls not to issue bills of health to ships carrying liquor to the Philip- pines was based on an opinion from the Department of Justice to which the Philippine Insular government has wade objection. S ACTORS TO VISIT ROME. NEW YORK, November 22 —Frank McGlynn, vice president of the Catho- lic Actors’ Guild of America, an- nounced that 800 members of the guild and thelr families would take an elght-week vacation in next Summer and participate in the Jjubllee-of the Roman Catholic Church, which occurs at intervals of 25 years. They will sail July 1 on the President "Wilson of the United States lines. 1924 to Date on the Washington Stock Exchange Furnished by W. B, Hibbs & Ce., Hibbs Bldg. Up to and Including Saturday, November 332. Rales. BONDS. Open. High. $12,000—Ana. and Pot. River R. R. 65 88 91 60,000—C. & P. Telephone 1st bs 28 100 23,000—C. & P. Tel. of Va. bs 93% 96% 300,600—Capital Treetion- 1st ks 94y 99 12,000~City & Suburban Ry 1st bt 9% 82% 78,000—Georgetown Gas Lt. 1st bs... 85 90 36.000—Metropolitan R. R. 1st bs... % 100% €6,800—Pot. Elec. Power 101% 104% 33,600—Pot. Elec. Power ref. 78 1061 107% 30,000—Pot. Elec. Power 1st 58 97y . 99 223,000—Pot. Elec. Power cons. 97 8% 24,000—Pot. Elec, Power Deb. 6s g 99% 100% 1,000—Potomac Joint Stock Land Bank 6s... 101% 101% 3:000—Wash., Alex. and Mt. Ver. s, flat. 30 .30 4,000—Wash., Balt. & Annap. 8, 71 219,000—Wash. Gas Light gen. 5 303.500—Wash. Ry. and Elec. con 273,500—Wash. Ry. and Elec. gen. 6s. 300.300—Wash. Gas 6s, 1933. 1.000—Wash. Gas Lt. 6s, reg. 7,000—Dist. of Col. Paper Mfg. 20,900—Riggs Realty (long) bs... 10,000—Wash. Market Cold Storage b: 19,500—Wardman Park 68........... 15,500—Southern Bldg. 6%s... Shares. STOCKS. 1,875—Amer. Tel. and Tel. rights 6,765—Capital Traction .969—Washington Gas . 166—N..and W. Steamboat..... 4,044—Wash. Ry. and Elec. com. 9,353—Wash. Ry. and Elec. prd.... 1,000—Wash., Alex. and Mt. Ver. ctf: 3—Terminal Taxi com. . 112—Capital Nat. Bank 641—Commerclal Nat. Bank. 206—District Nat. Bank....... 20—Far. and Mech. Nat. Bank. 5—Federal-American 15—Liberty Nat. Bank.. 56—Lincoln National Ba " 3 98% 0% Natlonal Banl 41—National Bank of Washington. 18—Natlonal Metropolitan Bank.. $52—Riggs National Bank.. G6—Second Nat. Bank. 647—Amer. Sec. and Trust. 471—Continental Trust 58—Natlonal Savings an, 365—Unlon Trust ... 27—Wash, Loan & Trust . 445—Merchants’ Bank & Trust. 102—East Wash. Sav. Bank. 61—Washington Mechanics 79—Firemen's Fire Insurance 112—National Union Fire Insurance 1,306—Columbia Title Insurance. 117—Real Estate Title Insurance. 20—Dist. of Col. Paper Mfg. com 114—Mer. Trans. and Storage 1,156—Merganthaler Linotype 850—Lanston Monotype . 66—Security Storage Co. . 632—Washington Market .. 19,411—Nat. Mtg. and Inv. pfd. Bhares. 88—Chapin Sacks 8% pfd. 3Chapin Sacks 7% ptd. 58—Departmental Bank. 270—District Title Insurance. 5—Franklin National Bank. 150—Standard National Bank ashington Title Ins.. 10—Chris Heurich Brewing . 5—Munsey Trust . . 9 UNLISTED DEPARTMENT. 94% nz onz nz How Newspaper Advertising Reflects Business Activity BY L. SETH SCHNITMAN. Washington has long been favored with monthly fizures on the number of agate lines of newspaper advertis- ing. And though thousands of news- paper readers have found much more comfort in the advertisements them- selves than in the “dry” statistics which indicate the extent of those advertisements, there lles, notwith- standing, a real economic significance | In the data on newspaper advertising. As measured quantitatively, by the number of agate lines, advertising in Washington newspapers was on the decline from September, 1919, to August of 1921, whence it moved up- ward till January, 1922, when the downward trend was once again re- sumed, only to again change its course in August of that year. From January, 1923, through May. the upward movement was again in evidence, when a definite, yet brief, recession was noted, after which the forward movement remained uninter- rupted until Aoril of this year. From May, 1924, until August a definite downward trend was exhibited, while the September data exhibited & strik- ing recovery, which, in all probability, wiil continue to at least the end of the year, if not longer. Striking Comparisona. There is, perhaps, no well defined month-to-month correlation as be- tween advertising and business, tak- Ing the figures in their unadjusted state. After adjustment for seasonal conditions, however, as has been done for the purpose of this article, the reflection of general business in this not widely used indlcator s of strik- ing significance. Comparing adver- tising with bank debits the latter half of 1921 markedly reflected the In- creased commercial activity which had begun to arrive on the tide of recurring confidence in the business outlook. Curiously enough, after this activity had received sufficlent impetus and was even continuing, newspaper advertising was markedly trending downward throughout the year 1922, though that year, on the .whole, was larger than the previous one. When one realizes that the inertia had been overcome in the late months of 1921 and that no practical neces- sity for sustained advertising existed since business was progressing with- out it, this apparent divergency is easy of explanation. Here again, as in my earlier article on postal re- ceipts, if adjustment in bank debits for upward price changes be made, the year 1932 in Washington wouid probably have more nearly coincided with newspaper advertising. * Great Activity Noted. The early months of 1928, with re- spect to both advertising and bank debits exhibited great activity and this, so far as advertising is con- cerned, may in no small measure be attributed to the desire of adver- tisers to again overcome the Inertia which was noted in business in the late days of 1922. Since May, 1923,! and throughout the remainder of that year bank debits were in the decline while but a three-months’ relapse in advertising was noticeable when re- newed vigor again was brought to bear upon the busin somnambul- 1sm of the latter h: ¢ 1923 by in- creased advertising. While it may be too sanguine to suggest that the in- creased commercial activity of early 1924 was a direct result of earlier ad- vertising, there is sufficient historical evidence that advertising played no small part. .But when business failed to respond to the extent hoped after 8 months of effort terminating in April, 1924, advertisers apparently had begun to realize the utter use- lessness of attempting to stem the tide, for the time for business revival was obviously not ripe. September, 1934, marked the turning point. Coming now to the actual figures. In 1923 49,175,000 agate lines of advertising a) red in Washi N papers as com- pzpr:; with 07.M.WIH 1922 and 4 275,000 in 1921. The successive in- creases in’ the figures closely coincide with those of bank debits, and while no figures are avallable to indicate the amount of money expended for news- paper advertising, the figures on lineage, at the average rates, indicate {n rough outline the huge annual expenditure for advertising in Washington through this medium alone. To be of barometric value the monthly statistics on advertising must be ad- justed for the seasonal element. News- paper advertising is usually at its height during October and November, when the lineage is normally 11 per cent above the average. Coming next is theé month of May at 10 per cent above, with March and December sharing the honors at 6 per cent above the average. ‘Next'in order is April at 5 per cent ahove, with the Summer months of July and August at 14 per cent below. January, Febru- ary and September are also below the average, with September at but 2 per cent below and February at 12 per cent. Aside from this seasonal movement, which In a very definite measure is directly assignable to the weather, there is another very {mportant factor that must not be overlooked which in no small degree affects newspaper adver- tising. No one on reflection will doubt the importance of Sunday advertising. and it is with this factor that the greatest difficulty lies, for some months have but four Sundays, while others are gifted with five. Then again, the same month in one vear may have but four Sundays while in another year it has five. Because of the fact that advertising in Sunday | papers Is 8o out of line with other: days a refinement in the reported data to allow for this factor was aiso found necessary in the present study. After adjustment for the conditions which may be attributed to the weather, or to hollday considerations, and for the Sunday element above sketched, the data on newspaper ad- vertising strikingly reflects the trend of business movements. When it is remembered that sporting dopesters have not Infrequently gone far afield in their attempt to prognosticate the outcome of a given game on the basis of comparative statistice, the figures on newspaper advertising, since in the past they have been £o remark- ably accurate, should afford much in- terest to that business man who would follow this most interesting of all games—business conditions. COTTONSEED OIL UP. NEW YORK, November 22.—Cotton- seed ofl was higher today on active buying of May contracts that sug- gested removal of hedges against sales of cash ofl, possibly for export. A feature was the advance in November to 11.75, or 75 points net higher, re- flecting a scare of shorts. Crude mar- kets were firmer, while higher lard and grain were factors. g S WOOL TRADING DULL. BOSTON, November 22 (Special). —The raw wool markets quieted down today for the week end, but prices continued firm with especial strength in tops. Fine tops are in great demand and a small amount of South American second clip wool has been sold at 38 in bond, grease basis. Boston buyers are active in Austrian markets. WABASH 1924 EARNINGS. NEW YORK, November 22.—J. E. Taussig, president of the Wabash Rallway, estimates the road's 1924 net income at $4,600,000, which would be equivalent to $6.61 a share on the 5 per cent preferred A shares. - Net operating income for October would show a gain over October last yvear, he sald, but gross would be lower. o FLOUR PRICES STEADY. MINNEAPOLIS, November 22.— Flour unchanged to 10 cents higher, at 8.15a8.25 a_barrel. Shipments, 46,450 barrels. Bran, 27.00. Wheat—No. 1 Northern, 1.50%a1.52%; Decembér, 1.51%; May, 1.57%. Corn—No. 3, yel- low, 1.11%a1.15%: Oats—No. 3, white, 48%a49%. Flax—No. 1, 2.66%a2.67%. OLDSMOBILE OUTPUT. NEW YORK, November 22.—General Motors Corporation announced that de- spite lower production for the automo- bile industry as a whole, Oldsmobile, in the 10 months this year, showéd a gain of 15,000 cars over the same perfod of 1923. CANAL -TRAFFIC IMPROVES. SAN FRANCISCO, November 22 (Special).—The Panama Cina] route is becoming so popular for passenger traffic that the Trans-Marine Corpora- tion plans to increase its present inter- coastal fleet from 12 to 14 vessels.and put into effect a schedule of regular weekly sallings. ST SRR DRY GOODS MARKET. NEW YORK, November 22 (Special). —Quiet prevailed in the cotton goods and raw silk markets today as the week ended. What Iittle trading there was was done at unchanged price levels. Print cloths were quoted at 97% for 64 by 60 and 10% for €8 by 72. S | good for handy-welght BONDS 60 HIGHER _ * IN LIVELY TRADING Wilson & Co. and St. Paul Jssues Are Features in-Strong Satur- day Session. By the Associated Press. NEW YORK, November 22.—8harp rallies in Wilson & Co. and St. Paul Rallway bonds were the outstanding features of today’'s bond market. Re- newed accumulation of semi-speculative rall {ssues counteracted the effects of profit-taking in other sections of the list, and prices generally held firm. Reports that Wilson & Co. was mak- ing good progress in overcoming the difficulties which threw the big packing company into receivership earlier this year, brought spectacular advances in its bonds as well as its stocks. The convertible 6s mounted 7 points and the 7%s scored a net gain of 5. Although no definite development: were sald to have taken place in the St. Paul's refunding program, the im- proved outlook for solving this problem, a result of the success of the New Haven's plan, was reflected in & sharp upturn in the road’s bonds. The 4s of mounted 4% points, the 4s of 193¢ 3% points, and several less active issues moved up 1 to 3. 3 Rock Island refunding 4s followed the trend of the road's shares by advanc- ing 1% points, and other rallroad issues which tallled net gains included Sea. board adjustment 5s, New Haven con- vertible 65, Northern Pacific 4s and Rock Island, Arkansas & Loulsiana 4%s. = $7,000,000 BONDS ISSUED. Will Be Sold for Construction of Chicago Station. NEW YORK, November 22—En- largement of the original plans for the Chicago Union Station, now under construction, was followed yesterday by the sale of & $7,000,000 bond issue, proceeds of which will permit the station compdny to complete the con- struction of terminal - properti: More than $5,000,000 above the initial estimate will be expended to con- struct an office structure'above the station and an adjoining bullding for handling United States mail. A banking syndicate headed by Kuhn, Loeb & Co., purchased the is- sue of 5 per cent bonds and will place them privately at 98%. Four rail- roads, including the Pennsylvania and Burlington, which will use the sta- tion, guarantee the bonds. -e. BALTIMORE PRODUCE. Special Dispatch to The Star. BALTIMORE, November 22.—The live cattle market rules steady, although demand has eased off owing to approach of holiday and centered on first quality stock. There is very little demand for common to ordinary cattle, and all such move slow even at the lower valucs quoted. Demand veal calves and receipts light of this sert, but ample of heavy, rough calves which are slow sale at irregular value Receipts generally light on wharves, but ample at stock yards. Quota- tions today at Light street whar Beef cattle, first quality, Ib.. 7af medium, 4a6. Bulls as to quality, 2a4. Cows, choice to fancy, 3a4; com mon to fair, 1a2. Oxen, as to qualit 3a5. Milk cows, choice to fancy, head. 50.00a75.00; common to fair, head, 30.00250.00. Calves, veal, choice, Ib. 11al1%; ordinary to medium. Ib. 10a101;; heavy fat, 9a10: rough and common, 5a6. Sheep, choice, 4%a5'; Ola _bucks., 3a4; common, 1%az. Lambs, spring, choice, 13; fair ®ood, 10a12; common, thin, 7a9. Hoge, straight, 9a10. Sows, 6%al and boars, 4a5. Live pigs, Shoats, 7a8. b G SO ST FOREIGN EXCHANGE. By the Associated Pre: NEW YORK. November 22.—Foreign exchanges steady. Quotations in United States dollars—Great Britajn, demand, 4.63% ; cables, 4.63% ; 60-day bills on banks, 4.60%. France, demand, .053015 ; cables, .0531. Italy, demand, 04331, ; cables, .0433%. Belgium, de- mand, .0484% ; cables. .0485. German, demand, .2331 (per trillion); Holland, -4017; Norway, demand, .1485; Sweden, demand., .2686; Denmark, demand, .1765: Switzerland, demand, .1930; Spain, demand, .1380; Greece, demand, .0178: Poland, demand, .19% ; Czecho- slovakia, demand, .0301% ; Jugoslavia, demand, .0145%: Austria, demand. .000014% ; Rumania, demand, .005215 Argentina, demand, .3800; Brazil, de. mand, .1162; Tokio, demand, .38% Montreal, 1.00. —_— COFFEE FUTURES GAIN. NEW YORK, November 22.—The market for coffee futures today re- covered part of yesterday's big loss and as a result of covering promoted by dier Brazillan cables than ex- pected. The opening was 15 to 60 points higher, and active months sold 5 to 86 points net higher. FRUIT PRICES STEADY. NEW YORK, November 22.—Evapor- ated apples, steady. Prunes, more de- mand. Apricots, firm. Peaches, firmer; standard, 10%; choice, 102103 ; extra choice, 11a12. Ralsins, steady. ‘WEEKLY BANK REPORT. NEW YORK, November 22.—The actual condition of clearing house banks and trust companfes for the week show an excess in reserve of $28,894,080. This is an increase of $24,353,470, compared with last week. FISHER BODY’S NET. NEW YORK, November 22.—Net In- come of the Fisher Body Corporation in the six months ended October 31, declined to $4,874,369, equal to $7.58 a share on the common, comnared with $10,015,694, or $16.14 a share in the corresponding period last year. CORN CROP UNDER 1923. A cut of about 14 per cent from last year's corn crop is reported in the aggregate production in 41 countries that produce most of the crop in the Northern Hemisphere. Late dis- patches from the International Insti. tute of Agriculture at Rome to the Department of Agrioulture bring the figures for the 11 countries up to 3,- 087,348,000 - bushels - -compared with 3,594,098,000 bushels last year. —_—— FLAX CROP. The first forecast of the Argentine flax crop is 52,400,000 bushels com- pared with 58,600,000 bushels last year, according to cable vise just received by the Department of Agri- culture from the International Insti- tute of Agriculture at Rome. The crop is the third largest since 1911-12. CHICAGO BUTTER HIGHER. CHICAGO, November 22.—Butter— Higher; creamery extras, 6; stand- ards, 43%; extra firsts, 41%a44; firsts, 37a39; seconds, 32ai5, Eggs—Unchanged! receipts, 3,405 cases. MORE WHEAT PLANTED. The area seeded to Winter wheat in Canada up to October 31, is reported by the Dominion bureau of statistics to the United States Department of Agriculture at 832,200 acres compared with 767,200 scres on the same date last year, and with a harvested area of 773,945 acres in 1924, 5 to | - {market for live chickens is slow, and CURB STOCK TAKES " 2PONT UM National Power. and Light Leads Restricted Trading on Saturday. By the Associated Press. NEW YORK, November 22.—There was marked contraction in the volume of business on the curb exchange to- day, which W&s noted especially in the early trading in recent speculative fa- vorites. The tone in the general list displayed strength, and moderate vances took place in several public utility and baking shares. The feature wae & sharp upturn in National Power and Light, which rose 12 points. There | were violent advances in many curb is- wues in the first part of the week, fol- lowed by recessions. The trading was in waves at frequent intervals, a fea- ture being broad buying In the radio stocks, which made those issues strong. There were irregular movements in the baking issues. United Bakeries first declined from 153 to 139% and then rallied 10 points. Continental A dropped from 113 to 102, followed by a rally, and the B stock ylelded from 22% to below 20. In the last few days Lehigh Valley Coal hecame prominent and touched a new high record. New Jersey Zinc ranged from 176% to 185 in re- sponse to the strong tone in the zinc metal market. COTTON IN LATE RALLY. Early Saturday Decline Soon Turn- @ ed to Gains. NEW YORK, November 22.—A fur- ther decline of 15 to 18 polints in the cotton market early today was fol- lowed by rallies of trade buying and covering. January contracts sold up from 23.72 to 23.98 and closed at 23.88. The general market closed steady, net § points Jower to 15 points higher. December was relatively easy the en- tire day as a result of liquidation In advance of possible notices on Mon- day and closed 69 points under March, compared with a difference of 54 :n!nu at the close of the previous a; EW ORLEANS, November 22— Cotton futures closed steady at net udvance of 5 to 8 points. Close: De- cember, 23.96: January, 24.02; March, 24.20; May, 24.34; July, 24.35. Spot quiet, 5 points up; middling, 23.95. BALTIMORE LIVE STOCK. Special Dispatch to The Star. BALTIMORE, November 22.—With unfavorable weather prevailing to day, both the live and dressed poultry markets rule easy, but there is every indication of an active market from now until Thanksgiving. and unless there is an oversupp! prices are ex- pected to hold up fairly well on live turkeys, which will be the principal attraction. while prices on dressed stock will be governed by weather conditions as well as by receipts. Large, fat turkeys will sell best, and market demands scalded, undrawn, head and feet on. Live turkeys should be shipped to reach here Mon- day and dressed not later than Tue Young turkeys, 8 pounds and over, are selling at 35 cents a pound old toms, 32, and crooked breasts, 25 | With the exception of poor and crook d breasts, which will not bring any more than live, dressed turkey= sell from 2 to 3 cents a pound over live ! StocK. Outside of large fat springer: this condition will prevail until after | the holiday. Desirable size springers | will bring 25 and 2, Leghorns 21 and | 2, but small and poor are slow sale | at 18 to 20. Fat old hens continue lfall'ly active at 20 to 25 but small and Leghorns will not ing over 16 and 17 Old roosters are neglected at 14 and 15. There is a fair sale for large fat ducks and geese, the former at 20 to 22 and the latter at 20 to 25, but small poor stock is not wanted and slow sale at 17 and 18. Market for pigeons and guinea fowl firm at 30 a pair for the former and 40 to 80 each for the latter. Dressed chickens bring only about a cent a pound over live, but fancy stock ducks and geese sell from 2 to 3 cents a pound over ve. The market for native and nearby ©ggs continues firm under very light receipts of choice, freshly laid stock and the limited offerings of desirab'e FINANCIAT. Investors in Pirst Trust Notes are fovited to fnvesti- gAte our offerings, Banking Trust & Mortgag e Co. Ask for Our Pamphlet le bing Our Partial », Ba Plan Sutte 30, 1410 & St N.W. “When Buying” Our 7% First Mortgage Notes s on carsfully improved and & euaa “Semarvative. valsatien Netes Sow avallable (n amounts of § For the-Maximum Income Blly‘ LIFE ANNUITIES Aetna Life Insurance Co. 801-6 Woodward Blds. When You Need a Loan, Think of WELCH, Loan Specialist Money to Loan At 6 and 61,9 Interest Before Placing or Kemoving Your 1st or 24 Trust Consult WELCH, Realtor Loan Specialist 15th and N. Y. Ave. Main 4346 eggs from day to day clean up promptly at 57 cents a dozen and bet- ter. More liberal shipments are ad- visable the coming week while the |situation is so favorable, there being little danger of a glut of native and nearby stock. While receipts of new white potatoes have been running |samp'e the market rules steady under |a fairly active demand, but centered entirely on No. 1 well graded stock at 1.25 to 1.50 per 100 pounds, 1.50 to 2.00 | barrel and 1.75 to 2.25 for 150-pound sacks. Maryland and Virginia Mec- Cormicks and Reds. however, will not bring over 1.00 and 1.25 per 100 pounds, while No. 2 stock is not want- ed and hardly salable at any price. Market for Sweets and Yams ru'es easy under more liberal receipts and only fair demand for No. 1 stock where they run regular at 8.00 to 5.00 a barrel for the former and 3.00 to 3.50 for the latter. No. 2 stock sells mostly 1.50 to 2.00, but shipmenis of dark, mixed or rough stock have to be sold at discounts to move out. Native and nearby garden truck continues in good demand at the fol- lowing quotations: Beets, 4.00 and 5.00 100; cabbage and carrots, 3.00 to 5.00 100; broccoli and kale, 50 to 65 bushel; caulifiower, 2.50 and 3.50 bar- rel; lettuce, 50 to.1.00 bushel; onions, 75 to 2.10 per 100 pound: oyster plants, 7.00 and 8.00 100; parenips, 50 and 60 basket; pumpkins, 10.00220.00 100; spinach, 65 and 75 bushel, and turnips, 75 and 85 bushel. The de- mand for packed stock apples shows an improvement and market holds firm at 4.00 to 7.00 a barrel for standaid brands and 3.00 and 3.50 for No. 2s. Loose stock sells 1.50 to 3.00 a barrel and 50 to 1.00 bushel as to quality and condition. Nearby Kieffer pears in good demand at 20 to 30 a basket. LIVE POULTRY PRICES. CHICAGO, November 22.—Poultry alive — Unsettle fowls, 14%a3 springs, 22; roosters, 15; turkeys, 2 geese, 14; ducks, 17. "~ Maney to Loan ¥ ¥y first deed of trust om jeal estate. Jouogh LWeir 70 1 2 WE FINANCE WE ARE IN THE MARKET FOR FIRST MORTGAGE LOANS In D. O. and Maryland, on high-class business and residence property, im amouats frem $3,500 up. Banking Trust & Mortgage Co., Rovms 3031, 1410 G St. N.W. Prankiin 5706 Apply Loan Dept. Mr. O’Donnell, Mgr. Chas D. Sager Realtor 924 14th St. N.W. When You Have Funds to Invest, See WELCH, Loan Specialist Established 1599 Real Estate Sale ' in Amounts from $250 Up to $1,000 or More. Consult Welch, Realtor Loan Specialixt 15th & N. Y. Ave. Reference: Any Bank, Trust or Title Co. in, the loss to an Investor in 25 years. - First Mortgage Notes Invest Your Money Without Risk We offer you an opportunity of purchasing First Mortgage Notes, secured by first deed of improved property, where the more than double the amount trust. on of the loan. Furthermore, these notes pay 7% interest, which s unusually good, considering the excellence investment. tlons—$250, 2500, MOORE & HILL Tncorporated 730 17th Street N.W. Member Washington Real Estate Boord of th EXECUTIVE Now manager of large or- ganization, seeks new con- nection with reputable and progressive concern. Finan- cially responsible and thor- oughly competent as sales, adv.and bus. mgr., alsoacct. Address Box 118-B, Star Office. e 36 Main 37 Notes for Main 4346 trict. 'HE Christmas Savings Club has demonstrated to thousands of thrifty Washingtonians how easily money accumulates when saved systematically. Profit by this experience and apply the same prin- cipal to all of your savings. Invest regularly, each week or each month, in our strongly safeguarded 7% First Mortgage Bonds. Under our Investment Sav- ings Plan every payment that you make toward a $100, $500 or $1,000 bond earns the full rate of bond interest. Call, write or phone Main 60464 for our free booklet, “How to Build an Indepen- dent Income.” NO LOSS TO ANY INVESTOR IN 51 YEARS | Tne F. H. Smith Co. Founded 1873 PIRST MORTGAGE BONDS SMITH BUILDING 815 FIFTEENTH ST. Northwest curity is Metropolitan Housing Loans (Metropolitan Life Insurance Company) On Homes in the District of Columbia and suburbs in Maryland and Virginia. These loans may be made for 15 years and are very ad- vantageous to the borrower for the reason that they eliminate extensions, or new loons at the end of short periods. No life insurance requirement. Ample funds for loans in the District of Colum- bia on BUSINESS PROPERTIES APARTMENT HOUSES OFFICE BUILDINGS AND HOTELS Lowest Interest Rates—Brokers’ Applications Invited WEAVER BROS., REALTORS 735 15th St. N.W. Phone Main 1821 CONSERVATIVE INVESTORS —have ALWAYS been consistent owners of FIRST MORTGAGES on improved real estate as the sure founda- tion of security for their funds. This is equally true of the great insurance companies of the world, as well as the leading financial institutions. WHY NOT JOIN THIS SELECT COMPANY and arrange to “play safe” in the future? We can supply your needs, whether you have $100 or $100,000 to invest. MORTGAGE INVESTMENT DEPARTMENT SHANNON -LUCH bwfler of a Century Without a Loss B. Main 2100 FIRST MORTGAGES—A SOUND INVESTMENT Sound investment is largely a matter of sound thinking. The investor who seeks SAFETY should consider only security of principal and certainty of in- come, at a fair and logical rate of interest. 5 There is no need for any per- son to take chances when an investment, thoroughly secured by the best type of improved real estate, is obtainable in amounts of $250 and up. In- vestigate. F. SAUL CO. 1412 Eye St. N.W.