Evening Star Newspaper, February 15, 1925, Page 90

10 EXODUS OF CAPITAL GROWS IN FRANCE Many Different Factors Given as Cause of Present Lack of Confidence. By the Associated Press, PARIS, February 14.—The continued exodus of capital, ascribed to decreasing confldence in the French banking circles for the sharp flurry in exchange, which sent the dollar to 19 francs 35 centimes at noon todas This exportation of capital is said to be soing on largely through banks es- tablished for that purpose in Monaco, and also through the purchase of for- eign securities on the Bourse. Tt is esti- mated in banking and official circles that 14.000.000,000 francs have been ex- ported since the bolshevik scare around Christmas. The Bank of France has not yet in- tervened with the proceeds of its Amer- ican credits to defend the franc, because the movement originated in France, and declared to be entirely devoid ’ of speculative features. The general opinion is that nothing can stop the movement except the restoration of confidence. “The present situation results from accumulated circumstances of the past few months, all of which are calculated to frighten capital.” said a leading banker today. “There was the com- munist scare; then the provision which required the holders of coupons of French bonds to make out a list when the coupons were paid and hand it over to the authorities for purposes of taxa- tion: then the vote for a budget of 34.- 000,000,000 francs—which is really more than 35.000,000,000 if the loan to pay increased pensions were taken into ac- count, and absolute uncertainty as to how the government intends to raise the money BOND PRICES STEADY. Saturday Market Sees Many Frac- tional Gains. NEW YORK. prices held steady is February 14.—Bond today. ‘with trading interest ntered largely in railroad cbligati Gains generally were limit- ed to’ fractions, but reflected increased buying of standard investment issues such as New York Central, Illinois Cen- tral. Atchison and Southern Railway bonds, as well as the more speculative descriptions. Reactionary tendencies in the stock market contributed to the unsettiement of individual liens, which have been fol- lowing the trend of shares. Oil com- panies’ bonds yvielded readily to profit taking, Skelly and Sinclair issues show- ing marked heaviness. Preparations were completed ale early next week of a 5.000,000 & per cent loan for the government of Poland. Negotiations also were completed for several important corporation bond issues, and pen deals for other foreign loans :E:;:“x‘ag closed in time, to permit their flotation next week L=l COTTON SELLS LOWER. Market Down 22 Points in Satur- day Trading. NEW YORK, February 14.—Bullish factors in the cotton market early to- day appeared to be offset by relatively easy Liverpool cables and a disposition 10 take profits on recent purchases. Prices sagged under comparatively small offerings, May selling down to 24.60. or 23 points net lower and 30 boints below yesterday's high figure. That delivery closed at the lowest, with the general market closing barely steady at net d&lines of 20 to 22 points, today BALTIMORE PRODUCE. Special Dispateh to The Star. . BALTIMORE, Md., February 14— The egg market continues to fluc- tuate almost daily, being purely a weather market at this time of the year. but under moderate receipts t!\_fi latter part of the week the situ- ation today has a steadier tone, with a good demand prevailing for all de- sirable stock at 49 cents a dozen for firsts in free cases. sold cases | returned, sell from to 1 cent a dozen less. Shippers should keep | their eggs moving to realize top values, as buyers are very critical as to quality at the high prices ruling and held eggs will not draw full quo- tations. Demand continues good for all lines of live poultry and the market rules ‘firm under light receipts gen- Prall__\' of desirable stock. Turkeys are in very light receipt and, under a good and constant demand for me- dium sized stock, prices are well Sus- tained at 45 cents a pound for hens and 10 for young gobblers. Heavy old toms gobblers, however, are not desirable, even at 35, while poor and crocked breasts are slow sale at Winter chickens, two pounds and under, meet with ready sale at 3 to 35, while capons are scarce and wanted at 38 for large, seven pounds and over, and to 37 for small to medium Large smooth young hickens in only moderate receipt and #00d demand prevalling at 30 to 32, Leghorns, where large and smooth, will bring 26 to 28, but rough poor stags have to be sold at 22 to 24, Old hens in light receipt and, with the demand fairly ac e at to the market holds firm Small, poor old hens and Leghorns, how ever, wi'l not bring over 20 to Old roosters in fairly good demand and a shade higher at 16 and 17. Fat ducks con- tinue in good demand at 28 to 32 and even small and poor stock is moving fairly good at 24 and 2. Geese in ample supply and slow sale at 23 to 26, with Kent Island stock bringing top values. With the ex- ception of capons, which bring a premium of 3 to 5 cents a pound. dressed poultry will not bring any more than live, and in the case of sell slightly under ducks and geese live stock Receipts of white potatoes continue liberal and market rules a shade Jlower at 1.40 to 165 per 100 pounds and 1.25 to 1.35 for McCormicks and reds. No. 2 stock slow at irregular values, while culls are not wanted at any price. Market for sweet po- tatoex and yams ru’ dy under fair receipts and mand for No. 1 stock at 4.30 to 5.50 a barrel for the former and 3.00 and 4.00 a barrel for the latter. stock ells mostly 250 to 3.00, as to qual- ity and condtuon ¥ative and nearby garden truck in moro liberal receipt the past week and while movement is fairly active, prices generally are in buyer's favor at the following quotations: Sweets, 6.00 to 8.00 100; brocoli and kale, 50 and 60 bushel; savoy cabbage, 75 1.00 bushel: carrots, 5.00 to 7.00 onions, 3.00 and 3.25 per 100 pounds: oyster plants. 8.00 to 10.00 100; parsnips. o0 to 65 basket: spinach, 1.00 to 1.50 bushel, and turnips, 50 to 80 bushel FRUIT PROFITS DECLINE. NEW YORK, February 14.—The Hawaiian P'ineupple Co.'s net profits in 1924 declined to $2,359,370, equiv- alent to $7.86 a share on the $20 par value stock, compared with $2,760,010 in 1923, or $9.20 a share: - The com- pany is the ploneer in the industry, which has grown to be the second {committee heads has | were BY CHAS. Col. Joseph W P. SHAEFFER. MclIntosh, “controller of the currency, will be the guest of honor at the twenty-first annual banquet of the Washington Chapter, American TInstitute of Banking, to be held at the New Willard Hotel next Saturday night, R. Jesse Chaney, gen- eral chairman, announced last night. All arrangements for the affair have been completed, the announcement said. The seating committee, with Frederick H. Cox as chairman, however, will not complete its work until all reservations are received. A ‘“reminder” recently dispatched to resulted In a deluge of reservations, which bid fair to_exceed all previous dinners. The entértainment committee, head- ed by F. P. H. Siddons, announces a well-balanced program. The enter- talners include Miss Goldle Grainger, Mulroe’s _terpsicorean quartet, Arthur Plerce, Everett Hardell and Raymond | Hendricks. Robert Lawrence will act as song leader, and the dance music will be furnished by Happy Walker's Golden Pheasant Orchestra, North American’s Output. Ap increase of 8.13 per cent in the electric output for 1924 over the previous vear is reported by the North American Company. This gain compares with an average increase of 6 per cent for the entire country, according to the United | States Geological Survey. Stock of the North American Com- pany is one of Washington's favorite “out-of-town™ issues, it gaining con- siderable prestige here when the com- pany was revealed as the purchaser of 27,500 shares, or almost half, of the common stock of the Washington Rail- y and Electric Company some years ago. The price at which this block changed hands, approximately 621 considered exorbitant by many at that time, but the present market for Rail- way common, which is 100, proves the good business judgment of the North American interests. Due largely to the fact that 50 per cent of the North American's system is steam-generated electric its output is produced in the latest type of sta- tions equipped to burn pulverized fuel, new records for fuel economy were established during the vear. For the entire United States, Govern- ment figures show 2.2 pounds of coal burned during 1924 for cach kilowatt hour of electricity produced. Against this, the average for all the North America’s stations was 1.85. The best record for the year was made by the Lakeside plant in Mil- waukee which burned only 1. pounds for each kilowatt of epergy. The saving in coal resulting from the increased operating efficiency of the North American system over the average for the country amounted in 1924 to 329,000 tons. North American added to its system last year steam- electric generating installations with a total capacity of 111,850 kilowatts, bringing the aggregate up to 878,963 kilowatts. Title Insurance Complicated. The functions of a real estate title insurance company present the most serious, complicated and exacting dealings in the history of real estate, according to George O. Connor, vice president of the District Title Insur- ance Co. Further, Mr. Connor states, the estates and interests .involved, Dboth present and future, exhibit the most intricate of all questions known to the legal profession. A thorough knowledgs of wills trusts, mortgages, equities, ban! ruptcies, bills and notes, encyclope- dias of the law, not to mention re- ports of the Supreme Court of the United States and the District Court of Appeals and Supreme Court, are all necessary in the conduct of the business. Familiarity with tables of land measurement and some knowl- edge of surveying is also a vital in- gredient in those who ply the trade. Review City's History. In tracing the work involved in the examination of a title by his company Mr. Connor begins with the history of Washington. ‘“Pursuant to article 10, section 8, of the Con- stitution,” he says, “and subsequent acts of Congress and the Legisla- ture of the State of Maryland, the present site was selected and the lo- cation directed by proclamation of George Washington.” The original proprietors of the tracts of land em- braced within the present limits of the City of Washington, entered into an agreement, to convey all thelr holdings to the United States upon condition that the Government lay out the city into squares, lots, streets and avenues and divide the lots so laid out with the original proprietors. In accordance with this agreement deeds were made by ‘the several own- ers and the division was made and the Government received 800 acres of the 7,100 acres comprising the en- tire area of the city. The plan of di- vision was that the proprietors do- nated the land necessary for the streets and it was generally under- stood at the time that in view of the extraordinary generosity of the pro- prietors, that the private property would never be taxed for the improve- ment of the streets. Instead of he-l ing benefited by the location of the| Federal City upon their lands, the| proprietors in nearly every case were re- duced to poverty and forced into bankruptey. This division between the proprietors and the United States is the conceded point of beginning or starting point of land titles in the District. 5 “Roughly speaking, the land lying between Florida avenue (formerly Boundary street), Rock Creek, East- ern Branch and the Potomac River, comprises the City of Washington, and the land included in the city limits was surveyed and divided by streets and avenues 'into 17 reserva- tions and 1,269 squares. The land without the above boundary lines was, for convenience, spoken of as being _in the ‘county’ er ‘George- town." " in organizing the company, ex- and the land in the city was tabulated | according to lot and square, and that in the “county” in alphabetical ac- cordance with the names of the parties. Tracts in the “county,” sub- divided into lots, were indexed in nu- merefal order according to the lots and squares. In addition, extracts were made of all proceedings in the clerk’s. office of the District court, having reference to all property and persons affected by litigation. Execution of Orders. When an order for examination of title is executed it is turned over'to an employe, call ! a chairman, who prepares what is known the “chain of title.” In examinations which are new to the office, the chalrman ascer- tains the correct description of the property, then sets out all the mat- | ters affecting the title from the di- | vision of the city to the present time. | This proceeding requires great care ! and technical knowledge on the part| of the chairman. His work is checked by another chairman and sent to the record office where the items in the chain are compared with the official records and such irregularities and legal defects in the record are noted on the chain by the offices’ exam- largest” in the territory of Hawall, iners, who.are all duly qualified and experienced members of the bar. The being exceeded in value only by the|chain is then- placed in the hands of sugar production. the reviewers, who, taking note of all the items and facts set forth in the chain, the condition of the title. three distinct ways. termining whether cumbered or not; secondly, the prepa- ration of deeds and other papers, and lastly, This latter function acts in the nature of a buyer and seller, or the borrower and lender, his money, while the other deposits his deed to the property. vestigation of the property pleted, given and the money changes hands. Co. aggregating $300,000,000. Joint stock land banks present w close scrutiny of every factor entering into the agreement, which should rid the in- vestor of skepticism as to agricultural land banks, it was explained by Thomas farmer muet present a detailed applica- tion to the bank, oath b one other land owner. the supervising appraiser at the joint | stock land bank this application is re- terred to a Federal appraiser, who sonall; eral-approved title that the Federal appra mended the loan, then examines the title and, that the applicant is owner of the land and that the proposed loan will be a first and valid lien. ready to pass upon the application for a tracts were made of all conveyances, |- ‘THE SUNDAY STAR, WASHINGTON, .D." C.,, FEBRUARY 15, CONTROLLER TO BE HONOR GUEST AT BANKING INSTITUTE BANQUET North American’s Output Larger—Title W ork Diffi- cult—Joint Stock Land Banks Loan Rules Rigid. write the final opinion as to Most title’ companies function in First, the exam- nation of title for the purpose of de- good, bad, en- the settlement of the cases. clearing house between the with one interest depositing When in- is com- a_final certificate of title is During the last year the District Title handled approximately $50,000.000 in cash, and handled property titles Joint Steck Bank Rules. Methods of obtaining loans through values. . 5 To obtain a loan through joint stock P. Hickman of the Franklin National Bank, who is a director in the local Potomac Joint Stock iand Bank, the authenticated under v the farmer, his own banker and If approved b; per- inspects the property. The Fed- | attorney, assuming er has recom- if satisfactory, iesues a statement land bank The joint stock is then Ne this S ial Si Its low pricé is due to Studebaker’s uniquely fortunate manufacturing facili It is produced complete in large: volume in Studebaker plants, where pro- duction costs are shared by three distinct models, which are offered in 19 body types. Don’t make the mistake of buying before you know what Studebaker has to T this new low price—the Special Six Sedan stands out as the most com- pelling value that Studebaker has ever offered. Here is a car that provides all of the per- formance, all of the comfort and all of the dependability that any car can give—at a price that no other producer can even ap- CURB STOCKS HIGHER. Baking Shares Reach New ngvh' Levels for Move. NEW YORK, February 14.—Per- sistent. buying in Continental Baking is- sues, with the quotations moving to new high levels, was the interesting feature on the curb exchange today. United Profit Sharing and Swift & Company were also in demand, while the rest of the: Industrial shares was qulet and gen- erally below the previous closing. After a fairly strong opening the petroleum group was supplied at con- cessions. Cities Service sold at 212 at the opening, and then yielded about 3 points. Prairle Oil dropped 4% points on small dealings. Illinois Pipe Line Wwas an exception to the general trend, moving up 3 points to 147. All through the week the curb market was of an unsettled character, and al- though there were displays of strength in some groups the majority of the list showed substantial losses as a result of the week’s operations. PROBES STIR STREET. Financiers Woénder H'ow Far In- vestigations May Extehd. NEW YORK, February 14—With the Senate requested to authorize a thorough investigation of pending and recently completed railroad con- solidations. Wall Street has begun to wonder how far the present series of inquiries into proposed mergers and the conduct of corporations would ex- tend. The projected combination of the American and National Sugar Companies recently was blocked by the Department of Justice, and since then the Congress has instituted in- vestigations of the General Electric and American Tobacco Companies. Meanwhile the American Telephone and Telegraph Company has been having Jts troubles in Massachusetts, where a rate investigation has been sought loan. If the executive committee of the joint stock land bank approves the loan the papers are forwarded to the Fed- eral Farm Loan Board for approval. After such approval the original note and recorded mortgage are filed with the Federal district registrar and are held by him, not by the bank itself, as col- lateral security for the joint stock bank bonds. Ay | stock | OYSTER INDUSTRY LOSESSI0mOD Maryland Packers. Estimate ‘Normal Crop for Year Is Worth $20,000,000. BALTIMORE, Md., February 14.— Losses to Maryland's oyster indus- try through the false typhoid scare will amount to $10,000,000. That is the estimate of leading packers. The State's normal oyster crop is worth $20,000,000 a year, they say. Even if the industry partially recovers toward the end of 1925 they expect a 50 per cent decrease in busi- ness over the normal year. At present the business of Balti- more houses, at least, has been cut from 75 to 90 per cent on outside ship- ments. “Our house is accustomed to mak- ing 700 to 800 shipments a day, and we are not making over 100 now,” one packer said. He said the season is practically over .now, as shipments drop off greatly in the Spring, although they do not end for the Summer until the end of April. By next Fall the industry is ex- pected to have partially recovered from the effects of the scare, it is said, but full normal business is not expected even then. o ST IRON PRODUCTS' PLANS. W YORK, February 14.—Stock- holders of Iron Products Corporation have been notified that the preferred will be redeemed at $§110 a share and all accrued and unpaid dividends on May 15, 1925 RATES ON BAR SILVER. LONDON, February 14.—Bar silver, 321,d per ounce. Money. 2% per cent. Discount rates, short bills, 3%a3 11-16 per . cent; three-month bills, 3%a 313-16 per cent NEW YORK, ver, 683 ; Mex Februa 14.—Bar can dollars, 5 algaaqhnadaadaiAa proach. But why mention the distinctive fea- tures of this car, when the American public itself has established the greatest of all selling arguments in its favor by buying it? Reduced Prices Closed Models B 3-Pass. 5-Pass. Duplex-Phaeton .. 1145 er before a va ties. offer. price. any car. STANDARD SIX Duplex-Roadster. .$1125 5-Pass.Coach ........... 1295 On All 3-Pass. Country ClubCoupe 1345 5-Pass. Coupe 5-Pass. Brougham ...... 5-Pass.Sedan .......... 1445 1465 1545 1600 1925—PART 6. BUTTER PRICES DECLINE. Eastern Markets Weak Due to Very Heavy Receipts. CHICAGO, * February 14.—Heavy butter receipts and an unsatisfactory trade Tesulted in a half-cent decline at Eastern markets during the week, while Chicago registered a half-cent advance. .The nervous, unsettled un- dertone and difference of opinion as to future trend caused operations at ross purposes. Holders of storage butter, especial- Iy in the East, became anxious sell- ers and pushed their stocks, which were less in demand since- chain stores and large distributors have switched from storage to fresh: but- ter. Storage withdrawals were sat- isfactory, but there is still a large surplus over last year. The monthly storage report, released yesterday, showed 45,812,000 pounds on hand February 1, compared with 15,246,000 February 1, 1924, and 29,252,000 for the five-year average. Closing wholesale prices and range, 92 score, were: Chicago; 1 higher at 39; New York, 1; lower at 393:; Bos- ton, 1% lower at 40, and Philadelphia, lower at 40 L GRAIN COMES BACK. ‘Wheat, Corn and Oats Make Good Gains in Chicago. Epecial Dispatch to The Star. CHICAGO, February 15—Wheat made a strong comeback after the weakness shown in the week. Market today was strong and sharply higher, and a re- covery of 10 cents was noted from the low point of Wednesday. Sentiment was bullish, and all the trade hope to secure outside assistance in efforts to put wheat back to the $2.00 mark. Corn and oats was helped by the strength in wheat and also scored good recovery. Provisions rallied. SEES GREAT PROSPERITY. NEW YORI February 14.—Newcomb ariton, president of the Western Union Telegraph Co., sailing on a European | business trip today, said America faced a vear of great prosperity, basing his prediction on an increase of 20 per cent in the company’s cable business and 8 per cent in telegraph business. This, he said, was the best barometer of condi- tions he knew of. _. SPECIAL SIX CENSUS BUREAU REPORTS ON COTTON CONSUMPTION Cotton consimed during January amounted to 589,725 bales of lint and 51,800 of linters, compared with 532,047 of lint and 46,182 of linters in December last, and 578,468 of lint and 40,589 of linters in January a year ago, the Census Bureau today announced. Stocks of cotton on hand 31 were held as follows In consuming establishments, 1,- 433,814 bales of lint and 137,634 of linters, compared with 1,319,265 of lint and 118,924 of linters on Decem- ber 31, last, and 1,637,524 of lint and 120,394 of linters on January 31 a year ago. January Cotton spindles active during Jan- | uary numbered 16,965,378, compared with 16,785,629 in December, last, and 42,508 in January, a year ago. ARMOUR TO SELL S:I'OCK. Plans to Dispose of Third of Pack- ing Company Holdings. CHICAGO, February 14.—Armour & Co one of the largest of the pack- {ing concerns, will be owned by a large their | | divided into 2,000,000 shares of clas x Come in and see the Special Six Sedan—Ilearn what it offefs at its reduced Get all the facts before you decide to buy body of investors and will cease to be a family corporation with the working out of plans made known today, the Chicagh Tribune say It is understood that about a third of the total stockholdings of J. Ogden Armour will be bought by the banking group which conducted the financial reorganization of Armour & Co. two years ago and then offered publicly to | investors. Later on, and as market conditions permit, further public offer- ings of stock will be made, it is said. The common stock capitalization of Armour & Co. is virtually $100,000,000, A stock and the same number of clas shares, each of a par value of all this stock is owned b; or members v Mr. Armour of his family WEEKLY BANK REPORT. NEW YORK, February 14.- actual condition of clearing banks and trust companics w (five davs) shows an e reserve of $50,646.120. This is an increase of $69,951,030 over last week when there was a cit of $19,- 305,810, The hous for the fenders were mirror. GINGHAMS IN ADVANCE. Goods Market Displays Firmer Price Trend. YORK, February 14.—Cotton were steady today, with firmer Gingham advances were gen- eral. Print cloths for April delivery were in demand, but mills were slow to sell at bid prices. Wash goods were more active. Silks continued active for Spring. Development in wool goods for the Fall was slow, and Spring goods were not selling freely save in flannels r dress goods. Burlaps held steady with a firmer tendency. Yarns ruled quiet Cotton NEW goods trend. e WHEAT EXPORTS SOAR. Very’Much Heavier Shipments Than Year Ago Are Noted. Wheat exports of the United States for the year ending June 30 probably will total 250,000,000 bushels, the partment of Agriculture estimated yesterday. Exports last year were 128,385,000 bushels. Increased demand for American wheat, an announcement sald, was caused by short crops in some foreign countries, notably Canada and Ar genti Canada’s exports this year were estimated at 185,000,000 bushels against 343,000,000 last year. ports from principal producing countries this year will total between 000,000 and 645,000,000 bushels, the department said, compared with 781,- 000,000 last year. GOLD FOR ARGENTINA. NEW YORK, February 14—The gold export movement switched to Argentina yesterd with shipment of $100,000 by the Equitable Bastern Banking Corporation, which South American dispatches last indlcated | wourld expand to $5,000,000. A ship {ment of $300,000 to India also was | consigned by the Mercantile Bank o | India | NEW EQUIPMENT ORDERS NEW YORK, February 14 road equipment orders during | secona week in’ February had an cx mated value of $4,500,000, accordin to Railway Age, and included 11 loc motives, 1 freight cars and passenger c Sedan—at $1985 Full-sized balloon tires, for which steering mechanism, body . lines and even the especially de- signed. Automatic spark control. Lights controlled from switch on steering wheel. Upholstered in gen- uine mohair. Natural wood wheels. Dome and rear- corner lights. One-piece windshield,automatic wind- shield cleaner, rear-view Inspection lamp. Motometer, heater. Instru- ments, including clock and gasoline gauge, in single kick plates. 3-Pass. Duplex-Roadster. $1450 5-Pass. Duplex-Phaeton . 1495 3-Pass. Sport Roadster . 5-Pass. Brougham ..... 4-Pass. Victoria ....... 5-Pass. Sedan . 5-Pass. Berline All prices §. o. b. factory Terms to meet your convenience - .JOSEPH McREYNOLDS Commeréial Auto and Supply Co., 14th and R Sts. 1535 1795 1895 1985 grouping. Step pads and - TUDEBAKER ‘T HIS: 1.§ . A 'STUDEDBAKER YEAR