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22 RAILROADS REDUCE HUGE FUEL BILLS j Rigid Coal Inspection Means Great Saving—Average Carloads Larger. in j. r. uovi.E. Spe.-iaJ Dispatch to Tito Star. NEW YORK, September 1* I*. —The oats and hay comprising the diet ot Kpinard, the groat French race (torso, and his American rivals arc not more I ( carefully selected today than is the | j fuel for the great locomotives which draw crack passenger trains on the J ; American railroads. The results are apparent on many roads in conserva t'on of coal and reduction of operat ing expense. On tlie New York Central lines, for example, a fuel inspection bureau! is in full operation. This organi-j nation consists of a general inspector | and II local district inspectors. Coal for the Central and altiliated | roads is bought only from mines j situated on the Central lint s and cannot be accepted until a favorable report has been turned in by an in spector after a thorough examination of the mine, its general operation and its loading facilities. Samples of all coal bought are sent to the re search laboratories of the company at Albany for analysis. Great Care in (trading. The highest grade fuel, chosen not according to the number of British thermal units it contains—a British thermal unit is the amount of fuel necessary to raise one pound of water one degree—-but for its adapta bility to locomotive use. is reserved i for the locomotives hauling the i Twentieth Century Limited and other fast trains. The IMebean engines of slower ■ passenger and freight trains have to j get along on a lower grade of coal, j but even the humblest switch engine, j under the present system, can be as- j sured of fuel which will enable it to • do the work required of it. I steal j fuel inspectors have authority to re- | ject coal at the mine which in their opinion is not up to standard, which contains an excessive amount of slack or which shows laxity in pre paration or loading. When such rejections become con tinuous, a rejection of all coal from the mine may result after a final recommendation by the Inspector in charge. This is a serious matter for the mine operator, since the Central fuel requirements in th- last year have ! been above 1a,000,000 tons of coal. Great lleilnelions \ehie\ed. It is conced'd by some railroad men that the Pittsburgh and Like Erie road leads the country in coal conservation. while the Southern Pacific road claims second place. I*. 3 Bedding, superintendent of mo tive power of the Pittsburgh and Lake Erie, does not advance that claim, hut says a remarkable reduction in THE ENGLISH SHOP OF WOODWARD & LOTHROP Business in ihe Morning, Golf in the Afternoon English Four-Piece Suits (Jacket, Vest, Trousers, Plus-4 Knickers) *55 JF golf interferes with business, land. They are in a beautifully get a four-piece English golf plain model that appeals to the suit; the trousers for office, the man who wants no kinks in his knickers for links. The new game. Distinctive patterns that imports that we arc now show- are exclusively English; shades ing arc of cheviots from Scot- that arc pre-eminently correct, land that were tailored in Eng- Otliers, SSO and $65 Thp Ensliak Shop, Seeoil floor. 'J'HE Oxfords are of smoked elk, tan elk trimmed; with genuine imported natural plantation crepe rubber soles. $lO. Uen'i Shoe Stetim, Secoafl floor. Uoohmarh &lCotKrop U See our other advertisements on pages 23 and 28. coal consumption and cost haa been achieved. L’p to the end of 1923 consumption of coal In freight service per thou sand gross ton miles had been re duced to 79 pounds as compared with 103.9 [tounds in 1920, 95 pounds in 1921 and 84.7 in 1922. This represent ed a saving to the road in 1923 of $284,305. In passenger service, the saving lias been equally as great. It amounted to a reduction to 26.6 pounds per car mile in 1923. as com pared with 27.2 in 1921 and 35.7 in 1920. with an aggregate saving of $103,644. The Southern Pacific road claims that since 1920 the railroads, through lower rates, made possible by coal and other savings, have reduced the cost of transportation to the country by $5,109,000 a day and have lower led their costs of operation $1,852,000 a day, with a consequent net return to the carriers of $2,185,000 a day. Wage Iliil Lowered. The wage bill of the railroads showed a reduction in June, the last i month for which figures are avail aide, of $1,710,000 a day as compared with 1920. This was due. it is stated, to the small number of men required because of efficient management rather than to wage reductions. Th>- Southern Pacific raised its ! average carload for the first half of I I this year to 29.1 tons, an advance of I half a ton as compared with 1923. : In June the highest number of cars j Per train in the history of the com i patty. 48.3 cars, was reached. Not only were more cars per train con taining heavier loads hauled, but they went at a faster pace. The gross ton miles per train hour, a figure obtained by multiplying the train load by the speed of the train, showed an increase each month this year over the corresponding month of 1923. ENGINEERS DOING WELL IN BANKING BUSINESS The Brotherhood of Locomotive En gineers is finding it easier all the time to organize more hanks. Organiza tion of the first hank in Oleveland | was difficult, for it was the lirst lime labor had gone into hanking on so j large a scale. But the achievements | ot the Cleveland batik make a strong | argument in promoting the new I trust company to be located in up j tow n New York. The flex eland hank, which lias bet n in business three years, shows line following growth in resources: ! November, 1920 J 050,971 December, 1921 10.042,096 •May. 1922 14.680.325 April, 1923 20.647,640 February 1. 1921 4,916,957 February I. 1922 1 1.179,998 December I. 1922 18.7C91044 November X, 1923 24.738,772 OIL OUTLOOK BRIGHTER. FOKT WORTH, September 29 (Spe ■ i iali. -There is a decidedly better ' feeling manifested today in the | Southern oil fields as a result of re cent developments. Oil stored during the period of restricted purchases by refiners in north and north central Texas will lie bought by the Texas Co. at the present posted price plus what practically amounts to a small pre mium. This is taken to indicate be lief in a strengthening of the market 'n the near future. THE EVENING STAR, WASHINGTON, U. MONDAY, SEPTEMBER 29, 1924. ELECTION GREATER FINANCIALFAQTOR With Voting Only Five Weeks Away Many Traders Are Using More Caution. By the Associated Press. NEW YORK, September 29.—Recent hesitancy in the stock market opera tions of large traders is generally at tributed to political uncertainties. It la generally recognized that the out come of the national election, which is now only five weeks away, is hound to play an important part in the determination of securities values because of the wide diversion of views among the leading presidential candidates. Many traders feel that to date political sentiment has not been sufficiently clarified to attempt I to discount the result and that ir regularity7 in price movements is to be expected until definite Indications make their appearance. Other Wall Street Briefs. Improvement In the shoe manufac turing industry is reflected at the plants of Endicolt Johnson Corpora tion. which are reported to be operat ing »» practically full capacity for the first lime in several months. About 16,000 workers are on the pay roll. Hoads Earnings Slump. August revenues of the Northern | Pacific dropped more than $ 1,000.000 j to $7,631,971. compared with August j last y ear, but net operating income | increased about $215,000 to $1,420,422. j Grostf-revenues for the eight months of 1924 fell nearly $6,000,000. Net j operating income, however, showed a 1 gain of $1,940,971. fire.it Northern’s Net Drops. Great Northern’s net operating in come for August declined to sl.- 603,21 I, compared with $3,005,799 in August. 1923. Gross revenues were $8,925,494, against $1 1,011,237. Gross Os $63,723,730 for the eight months was a drop of nearly $10,000,000. Net of $9,325,191. however, was held within about $40,000 of the amount a year ago. Ingot I’rodurtion Heavy. Steel ingot production by sub sidiaries of the United Stales Steel Corporation averages 80 per cent of capacity, with 22 and 30 open-hearth furnaces in the Youngstown district In operation. TREASURY CERTIFICATES. i yiiotal iocs furnished by Redmond A. Vo. I / —.NoOO. . Bid. Offer. 2-\s TV' err It r 15. 1024... 1003-32 lon - I'is Iv-embcr 15. 1924... fi«i T is p«n, * fit March 15. 1925 Dm) IM6 too-'5-3" l\s March 15. 1925 fill l-3j lot t_ 4-ss June 15. 1925 10p 4 pi] t 2*,h September 15, 1925.. too 100 I 16 fiks December 15, 1925... 101 11 16 lu| 13 lg t s March 15, 1926 102 3-32 102 932 4'-jS September 15. 1926.. B>l 19-32 10123-3'* 4\s March 15, 1927 102 9-16 102 1 1 16 4V-s December 15. 1927... 102 17-32 102 21 32 (EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. “ex-dividend.” Seventy-Sixth Article. A woman wrote me the other day complaining that she had failed to re ceive the extra dividend due on a cer tain stock of which she was the hold er. She explained that in the tables of stock prices on the financial page she had read that her shares were selling “ex-dividend," but that so far , this additional disbursement had | failed to arrive. Possibly there may be other people as ill informed. Os course, what hud happened was that her slock was quoted that particular day as selling without the dividend which had been going with the pur chase of the shares on the preceding day. The "ex” means minus the divi dend. not an extra dividend. This brings up the important dis tinction between the methods of trad ing in stocks and in bonds. The divi dend on a stoek belongs to the pur chaser who buys just before it sells "ex.” Generally the market price al lows for this, declining proportionate ly when the dividend comes off the quotation. Bonds, however, sell on an entirely different basis. I‘urchas -rs must pay in addition to the quoted I figure tlie amount of interest accrued since the date of the last coupon. In | the same way sellers receive the in- | terest accrued up to the date of the sale, it follows that there is no loss of interest in selling bonds between coupon paying dates, nor is there any gain from buying them just before the coupon is due. You may have seen in the adver tisement offering new bond issues that | i the price Is stated at a rertain amount, j “and interest.” This is the invariable j I rule except in the case of bonds in j default, which sell "flat,” as the cx- Ipression is. and in the case of income bonds. Tlie last named are securities on which payments are contingent i upon earnings. These tell on the same basis as stocks. tcopyrigbr. 1924. by Consolidated Press.) OIL PRICES CHANGED. SHREVEPORT, La.. September 29. Smackover. Ark., heavy crude below 24 gravity has been increased 10 cents a barrel by the Standard Oil Company of Louisiana, making the price 85 cents, while cuts of 10 cents were announced in all grades of Homer, Eldorado and Haynesvlllc crude. I Earning Profits for I 415,000 \ Retail Merchants p Every merchant has in his store certain Coca-Cola glasses are sold, and in 1923, : p goods that rise above mere merchandise and 3,400,000 of these glasses were delivered to H P inspire a friendly feeling. They’re goods the trade. The whole Coca-Cola sales force \ Ip that are on the move, as the dancing keys of of more than 300 constantly drives home \ E the cash register show. More come as the the point that one ounce of Coca-Cola syrup 3 E others go, bringing cheer. They’re his trade with five ounces of cold carbonated water | E leaders—goods that pay, year after year. makes a perfect Coca-Cola. I E • • ♦ A distinctive bottle was designed and pat- \ E Let us review the story of one. ented. It is shaped like a tenpin and you \ B Today It U sold by 415,000 retailers and It fan Identify it to the dark. This bottle I, | I brings to these merchants an average gross k ?° w " to ***** as a sterilized package | 1 revenue of $333,800 a day. that h “ been mied Bealed air-tight | E without the touch of human hands. | E OCa '^°^ a ‘ ¥ 9 * Coca-Cola helps its retailers display the 3 E Coca-Cola has capitalized thirst—because it £°°d s - = E delights taste and satisfies thirst. Three million pieces of dealer help advertis- 2 1 And Coca-Cola represents a merchandising ln^i^ns and decoration for show windows, I E plan that has become a model to the business B(X * a ounta l nß and refreshment stands are | E world. being distributed in 1924. There are 20,000 § E Coca-Cola walls and bulletins. Two and a z 1 Ptotribution i. provided for quick deliveries hal{ H 24 Coo-Cola calendars were I E of fresh goods, so that retailers may handle , . 5 E _ _ , „. , given away. Coca-Cola s message is earned - E Coca-Cola on a small investment and secure , . 3 E , in millions of copies of magazines and news- =s E maximum turnover. 3 E papers. 3 E There are 14 regional Coca-Cola syrup sac- * * * 2 | E tories, 24 strategic warehouses, 2,360 jobbers The highest quality possible in a beverage I E with floor stocks and 1,250 Coca-Cola hot- has kept the purity and wholesomeness of 3 E tiers. Coca-Cola constant for 38 years. Millions = \ A Service Section is maintained, composed 11 h “ the most wonderful flavor they I E of highly trained soda dispensers who go ever taste ”‘ J E behind the fountains of retailers and teach Thus Coca-Cola earns profits for 415,000 1* E the regular dispensers the most improved retailers. And no dealer has ever lost a 3 E methods of fountain operation. In addition, single dollar invested in Coca-Cola through E to standardize this beverage, thin, six-ounce lack of sale. I TTui aduertu«»*«»u ij N T o. sofairries 2 E- tefling tA< of or* of the mart 3 interesting o/ American industries 2 E' THE COCA-COLA CO, Atlaau, C* 3 E ITS DESCRIPTION, “DELICIOUS AND REFRESHING,” IS AS WELL KNOWN AS ITS NAME | r • ‘ WHOLESALE PRICES BIT LOWER TODAY ] Pork Off Cent Per Pound. Beef Demand Weak —Light Receipts Reported. j Inclement weather coupled with the Jewish holiday had a depressing ef fect on Washington’s wholesale mar ket this morning. Around center mar ket the dealers In fresh meats im ported no heavy volume of business and a weakened condition in prices on some products. Fork, for exam ple. was understood to be down about a cent. Jobbers in butter and eggs like wise shared in Lite quiet day. Eggs did not change in price over last weeks, being reported from 37 to 51 cents for storage. Western and nearby j fresh, and butter went down a cent I with some merchants. The range j of pt ice on this product was about 41 jto 16 for all grades. | The commission merchants probably j had the most depressing day in a long time. Shipments were null ow ing to the first of the week and wholesalers still had a few product® on hand, which were carried over ami could not move. The Department of Agriculture’s vegetable and fruit market report I follows; • I Apple Supplies Liberal. Apples—Supplies liberal; demand very light; market dull, account weather and holiday. Barrels, Vir ginia, No. I. Grimes 2G. inches up | best. 4.50a5.00; some- fair condition, j 3.50a4.00: 2 •• inches up. 3.00a3.50; | boxes, no sales reported; bushel j baskets. Virginia and Maryland, vuri- j | ous varieties. No. I, 75a1.25; few, 1.50. i Cabbage—Supplies liberal; demand 1 1 light; market dull, account weather j and holiday; New York. hulk, per ton, I round type mostly. 25.00. Cantaloupes—Supplies, light; de- j mand light, account weather and j holiday; market firm; Colorado, sal- | raon lints standards. 455. 3.50a3.75; jumbo mostly, 4.25: pink meats, stand- j ard flats 12s and 15s. 1.25a1.35; jumbo j flats, 9s and 12s, 1.25a1.50; honey j dews, demand slow; market, dull; Colorado, standard crates, 1.25&1.50. Grapes—Eastern supplies light; Western supplies moderate: demand light: market dull account weather and holiday; no sales of Eastern stock reported: California, crates Plarno Tokays, 2.00a2.25. Onion Market Dali. 1 Onions —Supplies light: demand light: market dull account weather and holiday; New York and Ohio. 100- pound sacks yellow varieties, No. 1, best. 2.29. Peaches —Supplies moderate: de mand light: market dull account weather and holiday: Pennsylvania, bushel baskets Belles, medium size, 2.00a2.25; New York, bushel baskets Elbcrtas, mostly 2.50; Maryland and Virginia. 6s and bushel baskets vari ous varieties, small to medium sizes, 1.00a2.00. Pears —Supplies moderate; demand light; market dull account weather and holiday. New York, bushel baskets Hartletls. 2.50a3.00. Western stock, no sales reported. Potatoes—Supplies liberal; demand limited: market dull account weather i and holiday. New Jersey, L*. S. No. 1. ! 150-pound sacks, Irish Cobblers, 2.50: Giants, 2.15a2.25. Potato Itereipta i.igbl. Sweet Potatoes—Supplies IlgW; dc-' mand lijhf; market dull, partly ac count weather and holiday. Cloth-top j stave barrels, yellow varieties. No. 1. Eastern Shore Virginia, 1.50a5.00; North Carolina. 4.00a4.50. Celery—Supplies liberal: demand light: market dull, partly account weather and holiday. New York, two third crates Golden seif-blanching, in the rough. 2.60a2.75. J.ettuce—Supplies moderate; demand ; limited; market dull, account weather | and holiday. New York, crates Big Boston type, 1.25a1.50. — • < | LARGE BUILDING PROGRAMS. j SACRAMENTO, September 29 (Spe jclall.—Nine cities in the San Joaquin j j and Sacramento Valleys now have | i 11.000.000 worth of commercial and i j industrial construction underway. | j This does not include residence con- i struction. which is estimated at [ j f 4.000.000 at present. AUTO SALES IMPROVE. ATbANTA, September 29 (Special) | —Automobile sales concerns are re j covering from their lethargv of the i last 60 days and report better busi | ness on all models. Closed car sales j are picking up rapidly. I Most of the tractors used in New I Zealand were made in the United 1 States. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ATLANTA, September 29.—Recent developments in the cotton market have had the effect to encourage fanners to hold their cotton, accord ing to executives of co-operative marketing associations. These men | say the present price level is still ! below their estimates of what the present crop will bring. The co operative associations, therefore, are holding. | PITTSBURGH, September 29. —In the market for semi-finished steel products prices today range from 00 cents to $1 lower than recent levels, although there is some strength in products related to railroad require- I ments. Wire and tin plate mills are! operating slightly under SO per cent , of capacity. WASHOL'GAI. Wash,. September 29.—The I’hiladelphla Woolen Mills here now are working a night shift to finish rush contracts to supply blankets for two chains of hotels in j the northwest which are nearing completion. Some machines are be j ing run 24 hours a day. rillliAriKbPHlA. September 29. — A j record is being claimed here in the | unloading of lumber cargoes. The steamer Margaret Dollar discharged 950.000 feet in less than 24 hours. Dumber cargoes from the Pacific Northwest are rapidly increasing at this port. | KAN FRANCISCO. September 29 Higher fur prices arc forecast as a result of the loss of the fur ships Arieetic, Herman and Lady Kindera ley. all caught in the Alaska ice pack 1 and crushed. The value of the fur cargoes so lost is placed at over 11.- j 000.000 The furs comprised about I three-quarters of the Alaska field. KANSAS CTTV. September 29. j There is a brisk demand for farm im plements at present and some deal j ers declare sales for immediate dc ! livery are larger than sales for im j mediate and future delivery combined at this time last year. W K NATCH KK, wVsh., September 29.—The sale of commercial apples in the Wenatchee and Okanogan dis tricts so far this year have been double those of the similar period of 192:!. There is a strong Eastern de mand for Jonathans, Delicious, New tons and Winesaps. ! PROBE CLAIM TOMATOES | WERE PACKED IN WATER Special Dispatch to The Star. BALTIMORE, September 29. Inves tigation of reports that tomatoes oar, ned at certain factories In the Ktai, have been packed In water, in vioi.t tion of Slate food laws, is being made by the bureau of food and drugs of the State department of health. Dio to the high price of tomatoes th year, it was reported, several can nerics violated the regulations, Chemical analysis of the product will be made and other evidence y. cured in order to prosecute the a leged offenders, it was said. Accord ing to A. L. Sullivan of the State food and drug bureau, canncrs convict'd of adulenating their products with wa ter are liable, upon conviction, to .. fine of SI,OOO. . SHIPS FOR ORE TRADE i BALTIMORE. September 29 <Sp' cial).— The steamerj* Santore. K. Jto and Ki more of the Ore Corpora tin: Steamship Company, which have i at Sparrows Point for several month* are being preparrd for the ore trad- The need of ore at the Bethlehem Steel Works has been a factor In pulling the yhi{>s in operation. Sa r urday one boat clearer) for Chip and the others are expected to leave soon for Cuban or Chilean mines. , SHORT-TERM SECURITIES. (Quotations furnished b.t Kedmond a i 0 • Bid. OtTr- Aluminum Co. of \mr 7*- 192 T». ur.-* H>. 4 Aluminum r* t . »*f Aim*-. 7> VX/.j. l»»T-i l r »7 \ Sugar • * «<• v i» American Tel. A: T*»l. d* r.rj.7. . Ana<*om!a Copper IliC9 I*l k |<c . Anglo American Oil 7 ■ . 1903 •» r | Aa***iated 0:1 »»s lUBT. K»J IWI T>io. of 4'anada .’»« Uc".. . <<*».*•«, y,, 4>islral * f 4>ntra! Iscau.r- .*•> p*i*r, |m» • * jom , ChC. M?.. A St. Paul r>j* uc.-t . *.‘T v ;>h chi.. K I A Pacific :,« v s K-cn. i«n i**' Columbia r;as a Ki. Ist r*s itvj7 1«n• '- s joo s « onLinM.ta I Hu* A El. ll»-7.. !<■* !•*•• . l*u Pont 7 ‘-s IP:;) u» ]»).** ki Sugar Ref • - Iftff io»i - Either Borly Corp, M I!*_’7. . . . . l«rj ]o ► ifi/T Bod? Corp. »ia Krjs.. pcm, ioj-. Goodyear T A It. bs? mil. . . !•*;• . i«*». 4irra t Northern 7» UUifi. , . . Ji r.t\ ]•*. , (iulf ‘» i Corp. i#f Pa. )•»! : Ur Humb-e «*i. .V-«v 103i*. . ” 10-* FdW. Sor <0:7.. »*ms Pm"* !«>! , y.. Sf. I* A- S s. M. U<;j. lirj:. a M* rris A Co. 7C»* JfKU* pm New York Omral 4;„ mc*i. . 11 in*. , Short Is lb*jn t»7“ ta Pwinaylvania 11. It. 7« 1 S*c-J<• P?.i , purr- on •'*«* (August! r.ur. . i«»i i«»i Swift A Co s*“ 1(43- **' 1 TMfwatpr Mi! 0•* 1031. . . ]<(’) . 11*4 Union Tank Car 7k 103 i» .. HM’i lu* 1 . > liub'mr 7lp:;o I«aCi Wfisiprn T riion lU3K. . . 1 if 1 , B. A M 7s 11*31. |4*S- H ]*•■* Ok UKIK l»a»\ \» t \ t