The Seattle Star Newspaper, November 27, 1923, Page 18

PAGE 18 THE SEATTLE STAR THE STAR’S PAGE OF NEWS FOR BUSINESS MEN New York Stock Market WALL BTRERT JOURNAL FINANCIAL REVIRW Speculative attention wan attracted at the open: {the #tock market today to the constructive character of the incom: which showed important gains over the SHIPBUILDER IS IN SEATTLE Big $2,000,000 Liner to Be Built in Tacoma William H, Todd, millionaire ship- builder, and Amos 8, Hebble, of New Orleans, chief of the construction department of tho steamship service of the Southern Pacific railway, ar rived in Seattle Monday night, tn the Todd private car, Commonwealth, Todd is well known In Seattle, where he maintains shipbuilding and re- pairing yards, as well as in Taco- ma, Now Orleans, Mobile and New York. Todd and Hebble stopped at Taco- ma to Inspect the Todd shipbuilding plant, where, in the next few days, they will commence the construction of a new $2,000,000 passenger Hner for the Southern Pacifie Co. The new ship will be a palatial vessel and will be one of the largest Mners constructed in Puget sound yards, ‘When it ts completed, ft will be op- erated between New York city and Gulf points, according to present plans, The Tacoma plant secured the contract for building the big ship In competition with the big shipbulld- ing plants in other parts of tho country, “The Pacific Northwest is to be congratulated,” Hebble said, “in hav. ing a plant that can enter into suc- cessful competition with the many shipyards of the United States from which the Southern Pacific recelved tenders.” ATTACHE WILL VISIT SEATTLE ‘The newly appointed commercial attache to Mexico City, Alexander V. Dye, will visit Seattle December 6 and 7. Mr. Dye has just arrived fron] London, where he has been as- sistant commercial attache, special- faing in lumber, coal and machinery. He has had long experience as American consul In Mexico, represen: tative of the war trade board at Co- penhagen, and also served as Euro- ‘pean representative of the American International corporation, with head- quarters at London. Financial Flashes From James Macfarlane & Co, 811 Second Ave. pe ee ay Forty leading bonds average 86.56, @ decrease of .0 20 industrial stocks average 92.60, an increase of AT; 20 rail stocks average $1 decrease of .05. St. Paul October net increase, $401,690; ten months net in- crease, $5,022,698. Reo Motors for year ended Aug- ust 31, profit after federal taxes, $5,603,478, versus $3,140,529 In pre- ceding year. : General Electric perfects elec- tric locomotive capable of 99 miles an hour. Daily output of Powell field last Week average 265,000 barrels produc- tion, November was about |. 245,000. In brokers’ opinions, carried in week-end newspapers, it is } pointed out that the oil indus- try is emerging from depression and stocks should be purchased with confidence on setbacks. Chairman Topping, of Republic Steel, says: ‘I feel very much en. couraged over the outlook. Decided improvement is evident which {s not confined to activity in pig iron.| There is growing strength in other lines. Volume of business this season of the year being considered, it is better than was expected. I can see Mo reason why there should not be normal business next year.” Foreign Conditions Reviewed by U. 8. Departm Commerce 25 a. European cables to the depart-| ment of commerce report caution} *in Belgium, inspired by political! and exchange uncertainties, tho in- dustry is generally active; a steady| decline in German imports; dull-| ness in Scandinavia, except in Sweden, where the outlook {s good, and financial stringency in Poland| and Finland, which is being re- laxed in the named country, Business is brisk In Spain, export trade is qulated by the exchange value of the peseta, a Spanish trade with France, both| import and export, is much larger than at this itme last year. Far Eastern cables show that conditions are gradually becoming| settled in Japan, all the homeless are now temporarily housed, the financial posi construc! five 000,000. Australian trade is reported qulet,| m is strong. om estimates for the rs are first] now placed at $5 but building 1s generally ac approaches boom proportior Melbourne. | TRADE TERMS ————— ee STOP-LOSS ORDE This term is best unde examples: A person bu of stock pt 100. It goes He expects it to go h not take his profit. To be r KS | against a sudden drop, ho with his broker er” at 103. This me soon as the stock declines to 10 broker must sell his 100 shares at the best price obtainable — maybe 107%, or, maybe, much lower—de pending on the condition of the mar ket. If, after buyir 100, it decti 5 ling to conti: of a rise, b more than 10 po op-loua orde h is executed in th same way. If he haa “sold short at 100 and the stock, after declinin to 96, starts sudden ward he may place a stop-loss buying or der at 95. More than 99 per cent of the o inal supply of coal in the U States is still unmined, recent stal ties reveal, | Reports Indicate A ctive | will cos Modern Homes Exhibit Opens With Big Crowd “Tt’s Not the Show, It’s ’s the Idea Behind | 1p Bolton Over 2,700 people visited the Model Homes Exposition tn the Terminal Sales building at First ave, and Vir- ginia st. Monday night, when {t was officially opened with a short talk by Mayor Brown, Representatives from the Chamber of Commerce and other civic bodies were present, and the crowds Were enthusiastic, Th complete five-room bungalow built on the first floor drew tho in- terest of the visitors. It was rushed to completion Monday afternoon and Was all ready for housekeeping by the time the exposition opened, It contains, they say, more bullt-in fea. tures than any house of its sive ever constructed, The house ts not a mere toy, but Is & regular honost-to-goodness bunga- low of adult size, with plasterboard walls, fireplace and all the modern trimmings. The only difference be- ‘tween it and its outside plan Iles In the fact that its roof is the second floor of the Terminal Sales building, and many of {ts outer walla are the walls of the Terminal Sales building. From the bungalow, the crowds wandered to the second and third floors of the exposition, where the various things that go into a home were exhibited at more detail and In greater variety, Stoves, refrigerat- ors, Vacuum cleaners, tilings, electric appliances, and al! the rest of the many items that go to make the modern home were exhibited, demon- strated and explained. “The idea behind the exposition In bigger than the exposition Itself," Harry B. Bolton, assistant general manager sald yesterday. “Home own- ership is not a ‘boom’ idea, nor mero- ly a commercial movement. It is one of the strongest constructive weapons with which a community N neg y YORK, Nov whowing fot the ¢ carrier stocks the center of New Owing tom the Btudebaker York Central, Comments can arm Itself In {ts battle for proa- perity and civic expansion. “Now just what are the commer: by outcome of negotiations, + ORM Consolidated Gan, OO", oft 104s, Mp as Maxwoll A, 68 Bouthern alway, a Noy. 26—Rogor | OU, CRISIS 18 Glal posalbilities of this Mod 1 G' stoot, SS up i; Southern Pacific, 89, off; Northern Posto, hi Romer) Ovi NOW Homes exposition? It will undobted- moco Products, 68 % up 4; Texas Company, 41%; Cuba Cano ‘W. Babson's re-| urn crisis, however, 1s over and ly result in many people building a| Suwaty 144, off %. , j home within the next few months. i In one city where the exposition was recently held, there were actually under construction, within 60 days after the expouition, 5,200 new homos, Monday's Quotetlons Furnished b & $10 Becond A Atock Mish Low “Think of what this meant. It}. 00) ee “4 meant the turning loose of some $25! qv. ty Saou 30 000,000, It does not stop there, for) Air Reduction OOS on | Ajax Rubber t 1 after the home 1s completed then} Ajax Hubber rg comes tho furnishings, dishes, plo} {iis Chalmers re anes 4 tures and many other items. Am, Aqr, Chomtoal.. 10% 134 do pfd aR cat “Wo have every reason to antic | eee ii ig pate an attendance of over 60,000] Amer, Hank 100 eople. r to ajAmer, Car & Pndy..16iM 160% people, If we could only create aj Amer. Oar & Fs 240% desire to become a home owner) AWS" 108 among just 10 por cent of this 60,000| Amer. Chicle attendance it would mean the build Ane ae ou! ing of 6,000 new homes, Basing tho| Pe Ros A cost of cach home around $4,000, It) am, Hide & Lr, pfd. would mean a total expenditure of | Ar Int. Corp, 20,000,000. Amer. La Fran $ 000, |Amer, Linased , In every city where the expost-| Amer, Loco. Ht tion has been held during the past| Amer. #hip & Com,. mer, Ameltera com two years {t has resulted tn ono of | Amer Hmelters: the greatest civic propositions imag-| Amer. Sugar inable.” OF MOTs pacceed Amar, Steel Find The Modern Homes exposition is| {ier steel, Nady being put by the Seattlo Real) amer. 1 bacco com Estate asso of whose members have been greater part of their tl: Woolen past few weeks to secure an , exp. : Pood os Me tion that is worthy of Seattle, and,|2perensn «a. needless to say, they have succeeded. | Asad The reception committee Includes) Atl 6 Albert B. Lord, C. B. Dodge, Frank | 4! mature ©. Case, B. C. Baird, Harold Black, | atenisor Avatin . Auto Kaitting . Baldwin Loco . Robert 8. Faris, C. W. Hart, G. W McCauley, M. R. Rood and J, W. THANKSGIVING TO BE BIG DAY Buying in Turkeys SAN FRANCISCO, Altho early buying has been light, It looks like a big Thangsktving in San Francisco. The state bureau of markets re. ported that turkeys are arriving quantities. The result {s that grades of dressed young were quoted today at 31 cents, the| lowest, with one exception, in five| years. Poultry dealers declared they | were prepared to meet a last minute rush of buying, which they were confident will come. No | | in top| turkeys | KANSAS CITY, Mo, Nov. 37—| Record sales of food products for the Tranksgiving table were thruout the Southwest today. “More turkeys, ducks, geese and other produce are being sold for| reported | | Thanksgiving use than ever befor,"'| stated H. Smith, superintendent of Wilson & Co.'s packing plant here, | “Our volume of business in poultry | thruout the Southwest has reached | |new high records.’ | aes Ohio, the central nksgiving COLUMBUS though Th N Vv. 27.—Al-| Yigure on the r table—turkey— | Ohloans just as much prices on the mmin's" will be generally lower, Paul T. Barnes, state federal market inspector, said today. | Building Permits Ne Goth at., frame rest-| . year, 45th st, frame| Dawson, Hides and Wool Buying Prices, F. 0. TB. Seattle Calfakins, green or saite 1 up to 15 Ibs en oF malted 15 up to 25 Ibe $1.00@ 2.00 ed about the real es attle. ‘Follow the W 1 see how many homes are old, Ask yourself that ques. | tion and then consider || that our modern electric Safe Deposit Equipment offers you the last word | in protection at a very | ee NATIONAL NK a Wheeler. | Beth. PRAISES De = at Coast Unity “Aided by aa | ference, Andrews Deciares ration unities: Successful Pacific sult from the Pacific Forels co-op between coast comr w sn Tr conference, In the opinion of F Andrews, pres of the Port-| land Chamber of This few was expressed in a letter to A F. Haines, president of the China] cpiceke $ } . | ett of Seattle, written to express = “co appreciation of the club's partici > 69 ‘ i pation in the conference. be tion has successful cific coast commun | spirit that ts ung | tual benefit. “Portland bustness men are high ly appreciative of tho splendid re- sponse that your club mado at the 4 the program put on » Chamber of Commerce Inst ’. s tho ex- work that is being accom Intiated a co-operation b m« nference at th = cellemt lished.” \Ship 1ip News aah in Seattle | MONDAY TURSDAY | NOV. 26 NOY. | ,wittt lew Tide | First Low Tide f 0.4 tt First High ‘Tide 1:66 a m., 12.0 ft Second Low Tide 1:40 p.m, TA ft Second High Tide 6:06 p.m, 9.6 ft] . n High D. m., 10.6 . | Weather Bureau Report ain; wind | ¢ poe Ses and Departures ‘Arrived Alameda tro m Ban Diego via at 7:40 p, Francia Vessels i in Port at Seattle Terminal —Pler 41—str| tra Pr Hol Term Grant, Eldridge, ftr Owego, ‘Terminal @ Board M Str De Himrod. Sry! Beatth ing ratiroad reports for October, rresponding month last activity In the early dealings and fractional gaing were scored by numerous representative issues under the leadership which maintained the highout levels since 1916. ings today to consider the acquisition of Maxwell Motor prporation but the stock's action in the firat 16 minutes furnished no ¢ Baldwin, _ Chicago. Car Li ots AY New York Stock Market Clone 6 130% ath 43 8 169 101 90 4% 244 on the stock exchange included; American Can, 101%, 129%, up MM; Mack ayer, 84%, up ets te | ‘| "| Bearish Tendencies Over- | closed | | pit, at the close, | earlier |Chicago Board of Trade Better Year for Oil Is Coming Babson Declares Companies Are Getting Readjusted After Unexpected Overproduction BLLESLEY HILLS, Mass, yoar, Thin factor made the watched, w to the movements were carefull af ed. Many a small producer and re- finer will be forced out of business. 87%, up ow York nt ra cont study of the production 1s now on the decline. ofl industry, sum- ‘The industry as a whole is gradually marized in al righting itself and the spring and statement tasued | summer of 1924, with increasing con- today, 1% of un-| sumption and lessened production, usual interest to the investing public, which has been tempted by by the recent low prices of oll stocks. should bring into view a more opti- mistic horizon than exists today in the oll industry. “Meanwhile, 15 of the better grade oll stocks have declined $1,000,000,000 in value from their high points for the year in March and April, or an average decline of about 30 per cent. A diagnosis of the trouble reveals two primary causes—the general bearish trend of the stock market, and overproduction of crude oil. “No one group of stocks can long withstand a bear market, to say nothing of warding off blows such as those overproduction has given the ofl group. During the last 10 months the world has witnessed the greatest period of overproduction the oll industry has ever, or probably will ever, sustain. “It is not expected that olls will take a noticeable spurt upward previ- ous to the general market rise. But, in the meantime, the better grade stocks should hold thelr own and, as overproduction becomes less and less a factor, by the time the general bearish attitude has lifted, these se- curities should be in a position to participate in the next broad rise, “General business as shown on the Babsonchart is running at 18 per cent below normal—an improvement of 1 per cent over last weck.” LOWER AGAIN BABSON “Overproduction 1» the outstanding characteristic of the ofl world for the whelm in Trading CHICAGO, Nov, 22.—Grain lower on the Chicago of trade today, With overwhelming bearish condi- tlons predominating, traders lacked courage to take the buying aide tn | wheat and prices for the day showed & loss, Some buyers who took on nmall lots at the opening left tho market and only sellers were in the current year,’’ says Mr. Babson, ‘To overproduction may be traced the majority of the troubles which beset the of! industry today. Tho high- water mark of ofl production in 1923 and for all time was reached in tho week ending September 8, when the daily production was 2,280,000 bar- rela. For the same week last year this figure was 1,493,700 barrels. “Consumption of crude ofl and gas- olino has continued to Increase, but it has been overshadowed by produc- tion from spectacular gusher wells in the Los Angeles basin. Consumption increased from last year's fig- 6 of 686,000,000 barrels to the pres- ent indicated rate of 760,000,000 bar- rels, a new high marie ‘To meet this unusual demand and to pravent a possible famine, the oll industry had undertaken very exten- sive drilling programs and planned to increaso its refinery output by building more refineries and by more | extensive use of the process known }as ‘cracking,’ which yields more gas- oline from crude oll, BIG OUTPUT WAS UNEX?PE n unlool cirqumatances overdid these plans. |very {ntensive campaign of spaced drilling into four California gusher sands, one of which was 1,100 t thick, threw the bulk of this ricés board A bett ket ald r feeling 1n the cash mar- orn to regain some of ita won causod by reaching of atop lons orders. Oats wan dull during the entire tossion but showed « better under- tone and closed lower. The visible] y dotaled 18,071,000 bushels, a bushels generally quiet on basis, with prospects ther heavy hog run, cables and lack of speculative | ont Monday's Quotations Wheat— Open High Low Leviathan Makes New Fast Record) NEW YORK, Nov. world’s record for oces A clone —A new e gusher pool on the market all at| was established by the United § Cash Wheat once. liner Leviathan, which docked here | IC AGO, Nov. 24.—-Cash wheat—Wo |. “This production added to that of| yesterday. The Leviathan made the a 8 hard, Lets ane 3 > new fields in Oklahoma and two! run in 5 days, 7 hours and 20 min- . hers mn ane i Nerathgiactr ot | utes, 13 minutes faster than the rec- j tho glut in the crude oll market./ ord previously held by the Maure-| = waiverpool Grain aed i vad ehane 1g business just t| tania, Tho average speed of the | Dec.. an 10M Kd He10KG Me 10N4] he Mexican production waa on | yeyiathan was 24.10 knot Mar.. fe $d ta BUG fe THd Be the decline or a worse condition of praia SEPANG MES May. Be 4d 88 64a ‘ affairs might have resulted. . This overproduction of the crude METAL MARKE OCTOBER HAS @ GOOD REPORT Month Has Many Gains in Productive Activity Reports on October business re- celved during the past week by the bureau of census, department of commerce, show increased produc-| tive activity. Cotton spindle actly~| ity, reduced to @ single shift basis, increased from 93.2 per cent of normal to 95.4 per cent. Prelim-| inary reports on Western pins! operations show increased produc- tion and shipments with stocks in- creasing slightly. Production of automobile passen- ger cars at 334,966 machines com- pares with 298,911 Jast month and 217,566 in October, 1922. The total number of trucks produced was 20,141, against 28,632 in September and 21,796 for October. Production of glass bottles illuminating glassware, grindings corn, and production of both bitu inous and anthracite coal increased. Production of steel sheets by in- dependent mls, consumption of fron ore, and profuction of coke declined. Seasonal changes occurred in cold storage holdings. Holdings of beef on November 1 were 30 per cent over October 1, but 7 per cent below the November holdings iast year. Mutton increased 20 per cent from October 1, but shows a 42 per cent decline from Movember 1 last y Pork products were 21 per cent below last month, but 2! per cent above last yes: Butter showed e@ decline of 20 per cent from October 1, but re- mains about 4 per cent above Nov- ember 1, 1922, Cheese increased <2 per cent from last year and stands at 22 per cent above a five year average. Case eggs at 6,650,000 cases compared with 6,726,000 last year and a five-year average of 4,< 569,000, The weekly average of car load- ings for October at 1,078,085 com- pared with 1,039,018 last month and 992,651 for October, 1922. The net car surplus for the closing week of October was 12,141, against 26,415 for September and a net shortage of 175,528 in October, einen! IS STILL QUIE Reactions Show Influence of Foreign Conditions Se een en onde erae| Employes of Rhodes ‘crude olf prices in all the) Fave Annual Dinner | Gasoline prices fo: A s | entibtnued rolattoaly ge yrivicer’ Offictals of the Rhodes Bros, Ten ely) Governor McM: ra of South Dako.| Cemt store entertained employes of ta forced a reduction from 26 to 1g|the company at an annual dinner in ‘at state. ‘This {the Masonic club rooms in the Arcade waye of price | building Monday evening. W. lL. Bil- ether qrie {ser and W. H. Rhodes spoke. Lloyd n have prob. | Spencer told humorous stories, and y noi ¢ ie we. {An extensive musical program was | Bot yet quite reached the’ bot | provided. Over 200 attended the din- Boston, Wool antic cut started ‘gan’ wars, “These reductions in crude off and |" “ne prices have cut deeply into ‘ie | Portland Produce | Monday's Quotations a Tatter—4 the earnings of oll companies, ‘Inde-| TOO MUCH TIPPING sey Buying price Pb des.) sell-) pendents’ and ‘Standards’ alike.| WIENNA.— Excessive tipping 1s Cheese—224 ib | There been, and will be, further | driving tourists away from here. Dr. Heus—16 @ 2% house cleaning and revamping along | siegmund Munz, international writer | ms re | many Ines In the strong as well as|on economics, blames the three-| San Francisco Produce | the weak companies. Polidies of long| waiter system wherein food, drinks | Monday's Guetations | standing will be changed, a regroup-|and the t ‘© brought to each pa-| Dutter—r $c 1b; prime firsts, | Ing mt companies and|tron by separate waiters. And Dr. {the 4 nd- M » charges hotels are charg Eage-—-Rxtrea, 66 hosp Fpl eta, 38 c ions ners exhorbitant rate: Denver Live Stock Monday's Quotations Cattia—necsipts, 1 VEGETABLES Prices Paid Wholesale Dealers (The prices given are those made to re- | tall deniers by wholesalers. With a fow scanonal exceptions, prices to producers can be figured by deducting the cost of feeders, Wisconsin cream brick, Block Swiss . Vashington trip mook triplets, 4 Recetpts, | transportation to Beattle and approxi-/ - tater 106 for hauling, storage ana| POU! Lape t M | welling cont.) Prices Paid Shlppece | Artichokes—Per dor. 15 | Broflers—Per TM a | Beeta—Now, doe. bunches. |_ Local, new, per sack.. | Brussels Sproute—Per . | Cabbage—Per Ib. c be. Belgian Hares Tarkeys—Far Roosters—Old, Hoge— Ch 8, and up a. y live, per 1 0 Nght ‘0 heavy, 150 POULTRY AND MEA Prices Paid Wholesale Dealers Ducks—Dressed, 5 Yak Local, greon, doz Hens—Dressed, heavy . Dressed, light f Live, heavy, Live, light, Tb ‘ Drollers—Dreased, per 1d. ene—Dreased, per | Foreign Money Status Tarkeys—Fan Live, fi Belgian Hares Live, per Ib 2 Present Vales Veal —Fancy, light .... $4.8 tr $4.99% FRUITS Medium, dressed’: LIVE STOC K Prices Paid Wholesale Dealers | Quotations at Stockyards rae Apples . 1 vee 1.2 Liberty Bonds seen muuguad ccieci tein: stat Monday's in ; 7501 Furnished by Kind De Vtlo0@1 10 Becond Bannnne ' > 98.05 98.03 | Grapes—Crate 50 | 6h ' acy Btrained, per 1D. « Foreign Securities Hucklebertiee—-Per Ib. Monday’s Quotations Lemons—Fe Furnished by Logan & Bryan . 810 Second Ave., Senttle Oranges ' . A f nla Anked . . va | Flour. Ree eis, 1991 Kao | ewes — 1 . bie, 18 { 114 | Pineapples ° betas Sugar. P A 8 NUTS Be we " Prices Pald Wholesale Dealers HAY, GRAIL Gack Lots | Alfaifa Hay—First 9 per 20 | Straw ‘ iy 11 | Corn—Wit i I y 40 Barley ‘i Ww f * 42.00 1 a0 ft 20) a 4 i 25 ra 1 31 1} Jor i 4 7 Fa bud: i, per 2 Kingdom, 1 6 DAIRY PRODUCTS aes Prices Laid to Shippers AR atterfat BANK CLEARINGS ee arade Beattie delivery... 1 + | rene nrres 30 Seattle x lors a Clearings $6,326 Mink—Owt, Lo.b, Beattie auppiy 2.00 Balances 2064 FT. 0. DB. condensery 200 ; \Bedeserag : | DAIRY PRODUCTS 4,956.00 Prices to Metall Dealers aco Dotter—Local creamery, cubss..esees Tacoma Local prints, wrapped st 4 | "Mixed colors : +60 | mainly responsible for the lack of | prices dc THEY'LL LOSE NEW YORK, Nov. 27—The En- gineering and Mining Journal- Press in its current issue says: The behavior of the metal mar-' kets during tho last week has been an excellent illustration of the in- ternational relations of prices. Ow- ing to the weakness displayed in London metal circles, the sudden rise in copper was abruptly check- ed and the slab zinc market de- clined. Even lead 1s slightly quieter, al- tho there has been no reflection of this condition in prices. The un- certain political situation abroad is strength in the non-ferrous metals there. The copper market has shown n reversal of form. After fif ing with 13 1-2 cent price, market mi an almost headlong a plunge downward, scaring off near- ly all buying, aud as soon as it became apparent that the market had turned definitely toward lower the situation was aggra- 5 could only be made by pres« ‘om producers who were will- sell at daily concessions. Tho received was 13 3-8 d; the lowest of which ave any record is 13 cents. rices of producers ara by no means demoralized, and there ts a feeling in the trade that if ,the metal {s not pressed on the market for the next two weeks prices will again an upward tendency. Expc iness has been unsatis- factory, to prices dropping about as as those in the Sos a aempmenpen I marke THEIR DADDIES ne driver they A= LONDON call them enginee iron ste railway ofti¢ 'tis said, have dis No longer will the coaxingly to his now Polly, steady! -there's plenty neer will not @ permitted to remain at the throt of any particular locomotive long_ nough to get that fond of It L J. D. of Europe | ur eady, i girl ‘or an Re The anabl th asol te clu he ha deput: count, ing t provi dren Aftd story, fice: ing chargt van, § and n's tint ome with Henry H. .Deterding, di- rector-general of the Royal Dutch Petroleum Co., often called the ng of E in this country. It known whether his arr has ¢ industrial significance. ype, not $ buy t down, ment