Evening Star Newspaper, July 24, 1932, Page 22

"6 BANKER PINS HOPE ON FARM PRICES Believes Live Stock Industry Will Lead Nation to Recovery. Special Dispatch to The Star KANSAS CITY, July 23 (NANA). ~An empire of life-giving green grass and streams and pools full of life-giv- ing water to defy the demons of drought, which is the picture of the Western range country at this t'me, has become in about 30 days the land | from which the live stock industry is | to lead the Nation 'nto financial re- | covery. | That may sound like somebody pleasant dream to many who are won- dering when the parade is going to start. Yet it is the opinion of a banker who has been for many years in the very center of the live stock business—that is. in the matter of financing. nursing loans, sitting up | nights and applying cold packs to the throbbing temples of fainting, hope- exhausted live stock credits “Live stock is leading the way.” said | H. L. Jarboe, president of the Drovers' National Bank of Kansas City. “The increasing of the value of live stock, which is the principal item of wealth in this area. by about $500.000,000 will | start the steady uphill climb of all! business. That is my earnest belief. I see it and every banker at the stock | yards sees it." Forsees Upward Climb. Mr. Jarboe asserted that hog and cattle prices will go still higher, al- though there will be fluctuations from time to time. The banker cited the decrease in farrowing of pigs in Ger- many and Denmark and decrease in farrowing in five States in the West- North-Central group ranging from 11 per cent reduction in pig farrowing in Jowa to 40 per cent in South Dakota He cited that reduction in the produc- tion of hogs will have its effect in maintaining a steady market. “The rule of supply and demand.” Mr. Jarboe said. “is going to govern the market and as the supply falls off the price will go up. I would urge the farmers, however, to keep their - on the farms so that more pigs may be produced on the farm and be fed on the big corn crop. which we are go.ng to have in this section. “The way to put wheels under a corn crop is through live stock. A sustained price on hogs will accommodate the crop of corn and make it profitable for the farmer to fatten hogs on corn. The best price paid on hogs at the stock yards is on hogs weighing from 180 to 220 pounds. That shows the way to handle the corn crop. Market the corn in the hogs. Mr. Jarboe cited that the reason for a shortage of finished cattle at this time was chiefly due to the problem of financing and the declining market Supplies Also Low. “The man who could finance was afraid of the declining market,” Mr Jarboe continued. There was devel- oped a shortage of finished cattle at ihe same time the packers were getting low on storage stocks. Reports show they are lower on stocks of frozen beef than at any time in the last four years. There we have a demand matched by a decreased supply. Such a combina- tion means increased prices. | *As to financing, I will say that the | increase in prices of hogs. cattle and | sheep has been a wonderful stimulus | to the business of this country. It | not only has taken the live stock man out of the rut, but has taken the banker out, too.” Mr. Jarboe placed a piece of paper on his desk and began to figure with a red pencil. He put down the figure | 250. That, he explained, was the| weight of a hog brought to the Kansas City market before the price began to increase. The red pencil scribbled 3 cents beneath the 250 pounds of the imaginary hog. He multiplied out the preblem and placed $7.50 as the price a farmer received for the porker be- fore the price began to climb. “At that time.” said the banker, “the farmers were in the depths. They were in doubt about everything. They saw no way out. The price was below the cost of production. Now let's do some more figuring.” So the red pencil went to work again. Mr. Jarboe put down another 250, and beneath it in multiplication formation, wrote 5 cents. the top price of the market in the recent increase in prices. The answer was $12.50. $5 More for Each Hog. “There you are!" the banker ex- claimed, “that's the whole story right there. The same hog has gained in value in 30 days, literally changed from $7.50 to $12.50. Now let's sub- tract. We find our friend the farmer has $5 more for the same hog than he could have obtained a month ago. Now then—there were 20,000 hogs re- ceived at the Kansas City market in the last three days. Multiply that number by the $5 gain on each hog. ‘There you have $100.000. That is new Wherever you go The St 77111 follow... with the important happenings of the day * Rates by Mail Payable in Advance Marzland & Virginia One month Evening a Sunday 85¢ Evening S0c One week 15¢ Sunday 40c 25¢ All Other States and Canada One month 75¢ One week 25¢ 10¢ $1.00 50c 30c 15¢ | was awarded his medical degree in 1889. THE SUNDAY STAR WASHINGTON D." ¢ PART TWO. 5 i Retired i SPENT FORTY-EIGHT YEARS IN TREASURY. DR. ELMER E. JACKSON, Assistant chief of the section of admin- istrative accounts, office of the com- missioner of the public debt, Treasury Department, is spending his first ex- tended vacaticn in 20 years. following his retirement under the economy act. He is at his cottage at North Beach, Md., but expects to return to Washing- ton to emter the practice of medicine. Dr. Jackscn was appointed to the Treasury Department in 1884. He was one of the group that tcok the first Civil Service examination ever given. A native cf Blanchester. Ohio. where he was born in 1861, he attended National Normal University, Lebanon, Ohio, and money—100.000 shining new dollars. And don't you doubt t.” ) Mr. Jarboe also figured out the in- crease on a steer weighing 1100 pounds. At 6 cents the ammal. brought $66. At 9 cents the steer brought $99—an increase of $33 on one | animal. As Mr. Jarboe explained it, it docsn't take a banker to figure out the gain in value on a carload of such cattle, “It just goes to show,” Mr. Jarboe asserted, “that there is. actually and definitely. a point to which a commod- ity can descend in price and then take a turn “Think of it ‘The price of live stock went to the point where it was lower than the cost of production. And right then is the time to begin thinking of the turn. And right then is the time to lend money, t0o0, now that we ‘come to think of it. “And_when something hits a point below the cost of production, it is time to buy it. too. I say now that there are ample funds and there will be ample funds to finance the live stock in the feed lots this Fall. This is not a false start. We are turning upward from the bottom. And live stock is leading the way for the rest of the country. You people in other business just watch us go (Copyright. 1932 North DaDe American News- FIVE ARE SENTENCED Woman A;nn;\; Quintet Given| Terms for Counterfeiting. CHICAGO. July 23 (#)—Five per- sons, including a young woman of 26, were sentenced to Federal penitentiary terms yesterday on charges of dis- tributing _counterfeit _currency from coast to coast and in Canada. The woman, May Avery, was sen- tenced to five years in prison ’ —INSTANT— GAS STOVES Burns Gasoline best under sun, Ehie stove the Guaranteed fuel tank lTong life vaporizer, e conomical | operation, in- expensive to Beau- models in porcelain enamel. | (Made by Coleman) own. tiful See These Remarkable Cooking Stoves W. S. Jenks and Son 723 7th N.W. Nat. 2092 Washington’s Oldest Stove and Hardware Store You'll enjoy your va- cation all the more because of The Star . . . no matter how full your day will be, there will be time to follow national and local events in The Star. Mail or leave your address or itinerary at The Star Business Office, and The Star will be mailed to you as promptly as you receive your Star at home. :Most of Cities Report No Sur- REALTORS FORESEE BOOM IN BUILDING plus of Homes With Busi- ness Improving. By the Associated Press. | CHICAGO, July 23.—America. the | National Association of Real Estate | Boards indicated in a report today, is | ready for a building boom. ! Even a slight improvement in busi- | ness conditions, the association said in commenting on a National survey, would serve to release a large amount of building construction. An appreci- able business recovery would leave | practically every city with some short- age of buildings, the report said. | “Even under present pinched condi- | tions of family income,” the associa- | tion reported, “and consequent ‘doub- | ling up’ of families, 10 per cent of 358 cities surveyed in the United | States and Canada report a shortage | in homes. | Normal Supply Reported. | “Seventy six per cent of the cities | reported a normal balance of supply | and demand in private family homes, | and only 14 per cent have an over- | supply. Six per cent have a shortage of apartments and 66 per cent a bal- anced condition.” Even under present economic con- ditions, the survey report goes on to | say. “there are traces of an inciplent building shortage.” | Abnormal business conditions have | resulted in an oversupply at present of commercial buildings, the report said but better business probably would pro- vide tenants quickly for now empty stores and offices “Rents in general are at a lower level than they were a year ago.” the report stated. “but in most cases have shown a greater holding power than have selling prices of real estate. Mortgage Money Short. “Central office properties and apart- ment structures show the greatest rent stability. In 21 per cent of the cities apartment rents are on approximately the same level as last year, while cen- tral office building rents hold steady in_27 per cent.” Discussing_ sale _conditions in _the real estate field. the report listed an almost total lack of mortgage money supply as the dominating feature in holding prices down and retarding ac- tivity. In practically every city loans seeking capital were reported Interest rates were reported as hold- ing steady or rising_ slightly in most communities. Canadian cities gener- | ally reported a balance in supply and demand for real estate. with activitv on the same general basis as last year. JUNGLE FLYER TO LEAVE Clarence McElroy Will Be Taken to Mexico City. MEXICO CITY, July 23 (P)—Pan- American Airways officials here were informed yesterday that Clarence Mc- Elroy, American avistor who was lost for nearly three weeks in a jungie of Southern Mexico, will be brought here on Sunday by airplane. Roy Gordon, his companion on a flight to Tegucigalpa, Honduras. was killed when their plane crashed in the jungle last month. His detention in accordance with the law has delayed his | departure. arn ann. Ave—Eighth and O St » i Seasickness Hits Veteran Sea Dog On Lake Superior | By the Asscciated Press. SAULT STE. MARIE, Ontario, July 23.—Count Felix Von Luck- ner, noted former German naval commander and veteran sea dog, suffered his first attack of sea- sickness—on Lake Superior, it was learned today. ‘The count at first refused to admit it when Comdr. Eugene F. MacDonald'’s yacht Mizpah docked here, but fellow guests on the yacht gave hith away. “I have never lived in a house since I was 13 years of age,” said Von Luckner, “but the fresh water was too choppy and the short, choppy swells got the best of me.” FRATERNAL ORDER DAY PLANS MADE Knights of Pythias to Have Part in Parade and Ceremony October 27. Plans for participation in the parade and ceremonies to be staged here in connection with celebration of Fra- ternal Order day. October 27, are being worked out by the Krights of Pythias, who initiated the plan to incopo- rate the day in the George Washing- ton Bicentennial program A proclamation issued by Supreme | Chancellor L. E. Crouch of the Domain | of the District of Columbia, calling for universal observance of October | 27, by the Knights of Pythias as Fra- ternay Order Day, has had the effect | of stimulating widespread interest in the event | A parade under auspices of the Dis- trict and United States Bicentennial Commissions in collaboration with fra- ternal bodies in the Capital, will be! a feature of the day's program in | ‘Washington | Edgar C. Snyder. chairman of the: executive committee of the Knights| of Pythias, has been named to handle that group's preparations for the ob- servance SO THE LADDER FELL! DETROIT, July 23 (2 —Mrs. Ma Rush. 55, was not one to bow to perstition. When she encountered a ladder leaning against a sign on a downtown street yesterday she walked right under it A gust of wind blew the ladder dovn It struck her on the head and she was taken to receiving hospital with fractured skull Karey SPECIAL s’ Dresses, $1.00 6 for 50c Men's Suits Overcoats, 15¢ ea, Hats Cleaned and Blocked, 50¢ Don’t Forget Our Laundry Service 9 A Sale of Just 22 Free Westinghouse Electric SEWING MACHINES Which Have Been $124.50—N ow— 599.5() —An attractive walnut finished console table model—suitable for either a living room. dining room or bedroom. Equipped with the Famous Westinghouse “Built in the Head” electric motor; adjustable Bradleystat knee control for utmost sewing comfort, automatic rotary spool pin and automatic tension release, of sewing attachments. complete with a full set Let Us Do Your Hemstitching While You Shop—Prices Moderate Ask About Our Machine Repair Service SLAVING N ASSE CASE 1S DESCRBED Mrs. Fortescue Says Plam1 Was to Get Confession. Opposes Lynch Law. Special Dispatch to The Star. | NEW YORK, July 23.—Mrs. Gran- | ville Fortescue, central figure in the Honolulu murder trial, describes in | this week's issue of Liberty Magazine the slaying of Joseph Hahahawai for the alleged assault of her daughter, Mrs. Thomas H. Massle. Mrs. Fortescue, whose sentence on a manslaughter conviction was commuted with those of Lieut. Thomas H. Massle, | her son-in-law, and two sailors, last April, expresses her regret for the opposition to lynch law as well as capi- tal_punishment. : She and Lieut. Massie had become convinced, she recounts, that if they could wrest a confession from Kaha- hawai that he participated in the out- rage of her daughter they could clear her name of “rumors and gossip” which they believed were part of a “hush-hush” campaign instituted by Honolulu politicians. Used Spurious Warrant. By means of a spurious warrant they lured Kahahawai to her home and Lieut. Massie began to grill him. The prisoner, pictured as sullen and defi- ant, denied knowing anything about the attack last September. After giving him the lie and threat- ening to beat him up if he did not tell the truth, Lieut. Massie is quoted as shouting: “You assaulted her! T know it! and the rest!" “Yeah, we done it.” the Hawaiian is quoted as admitting “I turned toward my desk to get You ‘Enter a Plea,” Says Court; ‘2 Years,’ Says Prisoner; So Ordered By the Assoclated Press. OKLAHOMA CITY, July 23.— Mose Lucas, colored, charged with burglary, was before Judge Sam Hooker. ~ “Are you ready to enter a plea?” inquired the judge. “yassuh, two years,” said Mose. “Phe court fixes the punish- men;, not the defendant,” replied Judge Hooker. “If that is agree- able with the county attorney, however, you Wwill serve two years.” It was. Mose will. paper and pen,” Mrs. Fortescue con-, tinues. “Suddenly the rocm vibrated with a shot. I wheeled around. Kaha- hawai was dead and, facing him, Tom- mie stood transfixed, the pistol at his feet, staring before him unseeingly, un- knowingly. “Unconscious on His Feet.” “I have seen men die. I have scen men dead in Belgium in the war, but | death of the Hawaiian and affirms her | never before have I seen a man moticn- less, rigid, unconscious on his feet.” She led the young naval officer into the kitchen and then the necessity for flight overcame her. The body was loaded into a car and taken toward the ccean. Before the party &eached their destination they were captured by police. I sincerely regret the death of Kaha- hawai,” Mrs. Fortescue concludes. “I do not believe in lynch law—I cannot state that too emphatically—and I am opposed to capital punishment. “Could I have lcoked into the future but a few hours nothing would have persuaded me to go to the Court House «where she picked up Kahahawai) that fatal day.” Bishop Kephart Dies in Nebraska. SHELBY, Nebr., July 23 (#.—Bishop Cyrus Jefferies Kephart, 80. of the Church of the United Brethren in Christ, died Thursday. He had been active in church work in Missouri, Towa, Ohio and Pennsylvania. “Oh, for some You ean el geant’ Kill bof der” FREE DOG BOOK Write for your free copy of the famous “Sergeant's Dog Book on the diseases, care and feeding of dogs. Our Free Advice Depart- ment will answer questions about your dog’s bealth. Write fully. There ice and ticks and are perfectly th dogs and cats. 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McKinnell sought to act as his o»n attorney, but was halted by Municipal Judge Thurmond Clarke whea he be- gan questioning the jurors on whether they would believe him if he named “the real slayer” of Hedvig Samuelson and Agnes Leroi. A public defender was summoned. Mrs. Judd was convicted in Phoenix, Ariz, of having slain the two woxen. Their bodies were shipped to Los Angeles in trunks, Your Home Jeeds ‘Murco’ Make it shine with a few coats of the Life- long Paint...the product that will shield it from summer's sun...and from all other weather. “Murco”™ Lif gives you more value for the money Why? forget that! long Paint ..don't Because “Murco” is 100 Pure...it is made for the hard job of weather fighting...it LASTS LONGER. Ask our experts about “Murco.” E. J. Murphy Co., Inc. 710 12th St. N. W. NA. 2477 RIENT- HONOLULU : Reduced Summer Round-trip Fares Direct Express on Empress of Asia and Emgress of Russia. 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