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The Washington times. [volume] (Washington [D.C.]) 1902-1939, October 29, 1922, SUNDAY MORNING, Image 21

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?wmbt B U S I N E S S AND. FIN A N C E
' ?
LATEST NEWS OF
FINANCIAL WORLD.
IT?UT~~?ITTl "TTT T"?"""* ' '? "? * '* r i
Rail Stocks Strong
In Irregular Market
Heavy Selling Pressure in Evidence All
Week, Causing Declines in Almost
Every Department.
By W. S. 00U8IH8.
(Copyright. l?3l, by Co?mopoltt?n N?w? 8?rvto?.) ?
NEW YORK, Oct. 28.?For the greater part of the past week
the ?peculative market has been subjected to fairly heavy
?selling pressure, and, with the exception of tl?e railroad
k stock*, prices have moved irregularly over the whole list.
Much of this selling has been attributed to the bearish pro
fessionals, who never load themselves up with long stock, and
?re, therefore, in a position to exact a tribute fet evffry
" corrective" turn of the market, whether the general
direction of it? moTements are upward or downward.
The general ImpreMlon In the*
?Pucul&tlve district' hab been that as
the market haf had a good recovery
from the comparatively low prices
prevailing in the first part of the
month, had in v fact raised the aver
age price leVfcl to a higher point than
the previous peak of September 17.
* reaction was clearly In order. On
this assumption, and from the van
tage point of the new high price
level that had been established, pro
feaionals began to put out short
lines; and not Unnaturally, holders
of long stocks who beheld their paper
profits slipping away, were not slow
to Join in the selling'movement. But
as the majority of speculative lead
ers are still committed to the bull
side of the market, this selling was
the real basis for the recovery that
featured the closing sessions of the
Ralls in Demand.
By far the best showing this week
has been made by the railroad stocks.
They have not been nearly as spec
tacular In their movement, but have
followed a consistently upward
course, and have at all times been
in favor with traders who have be
come suspicious of the skyrocketing
tactics of the oils and industrials.
New high price records were hung
VP by a small number of the rails,
the most prominent being Reading,
while others duplicated their best
previous records on an excellent vol
ume of business.
Special weakness was in evidence
this week in the shipping stocks,
the chemicals, and a small number
of the individuals. Mexican oils
went Into higher ground, but Stand
ard Oils continued their reactionary
trend and closed the week with a
loss. Coppers held well In the de
cline and pushed forward with the
market at ths proper time. The
motor stocks made a poor show of
resistance to the heavy selling in
this department, with the possible
exception of Studebaker, which was
said to be under inside accumula
tion on anticipation of the con
tinuance of the special dlvidSnd, In
addition to the regular 10 per cent
dividend which was lnsxlgurated'ly
the directors at their last quarterly
meeting. Steal stocks fell away
somewhat abruptly in the first part
of the week, but they were In the
forefront In the subsequent recov
ery. The steel trade, as revealed
In the semi-annual meeting of the
Steel and Iron Institute this week,
is now In excellent condition and
production is proceeding at an av
erage of 75 per cent capacity.
There has not been lacking a
considerable element In the finan
cial district who appeae to be con
vinced that the bull market of
19X2 has been terminated. They
are not taken seriously, seeing that
the business revival has ' hardly
gotten under way; but it requires
a difference of opinion to make a
market.
Bond Market.
The recovery which featured the
Market did not extend to the listed
bond market where irregularity
continued right up to the clow of
ths week. The steady drop In
prices of high class Investment
securities, including government
bonds, has been somewhat of a
mystery to the financial district
and various explanations have been
forthcoming. Those who apply the
law of supply and demand to Gov
ernment bonds should remember
that this latest issue of Treasury
4\i'a does not add to the indebted
ness of the Government as it is
? entirely for refunding purposes.
^ New bond issues during the past
week aggregated about t4B.000.0A0
with public utility bonds In the lead.
The largest lsihie was that of the
112,000.000. five per cent bonds of
the New Orleans Public Service. Inc.
New railroad bonds amounted to
13,(75.000. State and municipal to
f 14,500,000 and public Utility to |
tlMOO.OOO. Twenty-two separate
municipal bond Issues were success
fully floated this week.
Other outstanding features of the
past week were:
The decline In conlnental ex
changes to the lowest points In the
vear. In some cases for over two
vears; the advance in domestic call
Innn rates, d^> to the shifting of
fund" away from New York; con
tinued expansion of trade activity as
reported by all the important
mercantile reviews; publication of
g number of reports of railroad
earnings for the month of Sep
tember which, for the most part
are not as favorable as had been
t eSpected. further advances in com
modity prices, more particularly in
textile*; general criticism of our im
migration laws by leaders of Ameri
can Industry who slate emphatically
i that their activities are being handi
capped by the shortage of unskilled
labor; Increase In the buying of
. manufactured products by jobbers
and large retail establishments.
Two Contracts Awarded
On West Virginia Roads
CHARLESTON, W. Va., Oct. 28.?
Contracts for the construction of
roads in McDowell and Pleasants
counties were awarded to the low
est bidders today by the State road
commission, as follows:
project J15S. McDowell county
two snd eeven-tentha miles of the
Welch-Ooalwood road, grading,
draining and paving with rock as
nhalt: awarded to Rogers and Shum
way. Worthlngton. W. Va., at tltl,*
"project 61. Pleasants county?two
jnllea of the Grape Island-River
Rock road, gravel surfacing: award
Mi to Smith and Quynn, Parkers
Mr*, a' Ml.W0
1 TOBACCO SUES
SHOW URGE 61
More Than Million and Half
Pounds of Leaf Sold in \
September.
RICHMOND, V*., Oct. 28.?There
were 1,686,81$ pound* of leaf tobacco
of the 1922 crop sold for produceVa
during September, according to the
Virginia crotf reporting service.
Last year 1,719,208 pounds were sold
in September by fifty-eeven ware
houses, while this year only fifteen
were operating. In 1920, seventy
seven warehousea sold $4,817,118
pounds during September. Reports
were received from the bright mar
kets only, as none of the dark opened
before October 1. , v.
Prices have started off well and as
early sales are usually of the poorer
grades, the averages made in Sep
tember are considered good. The
average price of all tobacco sold dur
ing September was >,}20.84 per hun
dred, which compares with $18,(9 per
hundred for September, 1921, and
$20.14 the season's average last year
for bright tobacco. The Martinsville
market reported an average of $27.68,
which was the highest made during
the month. This market also report
ed the best grades of tobacco, having
only 10 per cent common, while some
markets, on the eastern edge of the
belt reported as much as 60 to 70 per
cent common.
According to estimates of the ware
housemen the September sales
graded 20 per cent good, 40 per cent
medium and 40 per cent common,
compared with 22 per cent good, 84
per cent medium and 44 per cent
common last year.'
The latest estimate of the United
8tates Bureau of Agricultual Eco
nomics for Virginia's 1922 crop is
173,063,000 pounds, which compared
with 98,634,000 pounds sold last year,
?and 179,680,000 pounds In 1920.
Ensis
FAITHFUL TO SPUDS
Low Prices Hit Farmers Hard,
But They Stand by Their
Specialty
PRINCESS ANNE. Va.. Oct. ?.
?Farmers oYi the. Eastern Shore of
Virginia have achieved their sucoeas
by specializing In potato production.
And. like all specialists, they are
fond of their specialty and have un
limited faith In its opportunities.
They are. In consequence, con
firmed potato growers. . Twenty
years of satisfactory returns from
white and sweet potatoes have led
them to cultivate those crops almost
to the exclusion of everything else
except enough corn for their own
use and moderate acreage in straw
berries, beans and cabbage.
The extent to which farmers in
Accomac and Northumberland coun
ties have placed their reliance In
potatoes Is disclosed In the reports
of the Eastern Shore Produce Ex
change, which show that of 2,800,
000 packages of farm products
shipped last year, 2,400,000, or six
sevenths, were either white or sweet
potatoes. - , i
White potato prlcee dropped very
, sharply last ye%r and this season's
experience was not much better.
Sweet potato prices are lower now
than they have been for years. It
' Is ho longer a question with the
farmers a? to whether they will be
able to make a profit, but whether
their returns from this year's crops
will meet expenses.
Even under these circumstances
there is little sign of any wavering
> In the farmers' faith In potatoes.
larger returns received from this
year's strawberries have extended
the cultivation of that crop to a
greater extent, but the tendency
I toward diversification has not be
I come marked, although the fact that
other crops are grown on the East
ern Shore is advanced to show con
clusively that their culture on a
wider scale Is a matter of easy
accomplishment.
Japanese Honor First
Briton to Visit Them
YOKOSUKA, Japan, Oct. 48?
AJlnsuka Pilot Hill), where the body
of Will Adams, the first English
man to come to Jpaan, and his
wife He burled, Is to be turned Into
a public park as a memorial to the
famous Kngllshman.
There already Is a mounment to
Adams at the foot of the mill, hut
j Baron sufa, commander of Toklo
Bay and others who consider that
Adams has not been sufficiently
I honored by his Japaneee citlsens,
have decided upon the park near
the great naval base as a more
fitting memorial to the flrat Europ
ean to teach them tomethlng of the
outside world.
FINANCE
and
BUSINESS
CHICAGO. Oct. Here'*
funny one about Ford:
Henry, they tell you In Detroit, to
quite boytoh. not to aay childish, la
many respects.
Well, annoyed by other care pass
im ?*./1,VVV 1? *-1,y <u>d *? Often
the father of the fllyver conceived
the notion of installing a racer engine
in one of hto care and then aalllng
forth to provoke other driver* Into
trying to pasa him. Henry, 'tto.aald.
acted with hto dtoguiaed racer much
of trotting horses do on
a broad boulevard when they want
to pick up a race.
His apectol delight to aald to be
J? J?1? owner of some very
high-priced car Into attempting to
shoo him out of the way and then to
atep on the gaa of hto own qulck-aa
T f? race5 "?<>. with a merry
ha-ha, scoot like a flaah of light
nlng paat hla annoyed and astounded
speed rival.
Ford'a biggest ambltloi) to to be
Preeldent of the United Statea.
That's the emphatic declaration
made by men who ought to know.
One beara on all aldee that money
la already going out from Detroit
to all parte of.the country to or
E,'nUJt "F!?rd 'or Preeldent" clube.
The Far Weat la receiving first at
tention, but (ha funny part of It to
to?1Henry atlll doeant know
whether he la a Democrat or a Re
S?? #' .1. ***" know' however,
aoma, of the anawera to the quee
tlons he tripped up on so badly
d"?"? his famous ' libel caae in
court. He now knowa when the
war of the revolution waa ft>ught.
In thia, and in other waya, 'tla aald
Henry la qualifying for the Preai
uency.
nth'i ??urM'1 men and
m at and ridicule
the idea of Ford aeeklng the Preai
r'f1' how *r??ely Ignorant
he la of hiatory and of everything
etoe except the making of cheap
JS?^ J"010' v*hlclea. Never
'"'7' lf doean't change hto
mind and if be roea after the
Prealdencv |n earnest, he will un
factor bw?ms a formidable
Although Ford'a running for the
?e! iXy ,tr,ke mo,t People
bI noJ joka may We" tUrn out t0
I faced the p roe peel of staying a
night at Jackson. Mich., with soma
S L w"n't quite sure
th.i mi otel ?commodations
they might have there. I we*
the exc#?*nc?
I s??nt JL . u Jackaon. where
V1* n,ght- lts equipment
and appointments would do credit
to any first-class club in New York
? Boston. San Francisco, or
other large cities. *
It was peculiarly gratifying too
lt?y "existing fr'end,1"e"" ?"<> cordial-'
It ? *,/mon.!r the members.
It waa man If eat that in thia town
of affairs take time to live,
to i loSJS.1* frtend,y' Uk# ,,n"
Incidentally I waa told there Is
ln'Thls'eit'v6*"^ *i? unemployment
reJlnn *nd th*t' wlth the ex
? on* rather important in,
duatry, all the local factorlea are
doing quite will.
the^r-*? 'hat big mill over
m? -i. J**?b Klndelberger aaked
1 ?*ched Kaiamasoo.
Y.?" don 1 k"ow it. but you were
SS
,,j" 1 aaked him.
ev.nlnfifWtrJ^nd th?f m'? one
evening arter reading an article von
gsa?
paper mill. The new mill will cost
close to ft.000,000. It' will be the
k'nd *lnd - ?tructur?? of Its
kind In the world. Imagine one
machine alone wiM cost $210,000.
reairte? ? ^r<rT"'^who '? tod<iy
regarded as the leading and most
public-spirited cltlien of Kaiama
soo. and whose book paper, writing
paper and other exp^; papers
idhJnST" ?V.,r th* worM
ln a P*P?- mill when
was only ten years old. When
fifteen, ho could scarcely read or
Zm, -"'ndinra church
ambit on? ?,,dden|V conceived hi*
ambit one. He would start sohnni
'ng himself and then put himself
through college. And he did
It Is only about ten years since
^? Marled his first puny ?
Kalamazoo Today It turns out
more dollars' worth of paper than
m,i n"
. *5? h* """nt $50,000
In building and eoulpping a com
munity house. I have visited manv
company and community club
houses, hut T have never seen a
more attractive one than this It
caters to all classes and all sixes
of neoole. from the little children
?in. In view of his own earlv handl
c-r? throurh the lack of education
Mr Klndelhercer takes apart*!
nalns to afford educational facili
ties to his neonle. starting with
sewing and similar classes for little
girla and carpentry and other
classes for voting hoya.
At the close of a tunchfw, or
ganized bv the Chamber of Com
merce and attended bv r?r>r?aenta
tiyes from eve rv organization In
^ * man cajpe un to Mr.
Ktndelberger and remarked to him
"The wav the neonle here brought
down the house when Forbes men
tloned vour name is th? kind of
monument I would like to re
ceive."
T.Ike manv busv men. Mr K'n
rtetberr*>* fn^a lota of tln>? for
civic and nh'lanthroptc actiyittos
If anvtbln*. moat hn??n*aa men
In the Middle Weat strike me as
belna a trifle over-optlmlatlc
rripyrlfiht. ISM, by n C Vort?. >
U. S- Cuts Tolf
Ball Price In Britain
LONDON. Oct. 18.?Oolfera are
the only persons In England who
get any satisfaction out of the new
American tariff law.
The new tariff flxea a 45 per cent
duly on golf halls, and fearing that
'hair export market will h? out off
?he manufacturers have reduced the
nrlce Of tolf halls in England by
10 par cant *
t
Washington Stock Matket
Business of 1922 up to and including Friday, Oct. 27:
Furnished by W. B. Hlbbs A O*.
BONDS.
4,100
4,000
1,800
159,100
"14,000
?.004)
If.Oi
30.0
181,000
84,(00
188,800
164,800
1.000
24,000
801.000
106.200
878,000
104^000
PUBLIC UTILITIES.
????????
? ???????a
Anacoftla * Potomac River R. R. ?'?.
Chesapeake A Potomac Telephone Is*
Chesapeake A Potomac Telephone of Va. 8'a
Capital Traction let I'a
Cltjr ft Suburban Ry. lat 6'a..
Georgetown Oaa Light let 6'a
Metropolitan R. R. let 6'a.
Potomac Electric Power let I'a...
Potomac Elqptrlc Power cons. ('?
Potomac Klectrlc Power deb. ('?
Potomac Electric Power sen. ft
Potomac Electric Power sen. mort. 7'q....
Washington, Alexandria ? Mt. Vernon 5's.
Washington Baltimore A Annapolis 1st >'?-?
Washington Gas Light gen. 6'a
Washington Oas 7*'s ;
Washington Ral.way A Electric cons. 4'a..
Washington Railway A Electric gen. I'a...
?eeeeeeee
S
s
M
H%
81
M
?I
?1
H
78
?1
?
11%
??
x::a
ii
78*
88*
1
?7%
104
|ftf|
100*
100*
108*
18
88*
88
?ns
100
Low
H
IS
SO
84
78
81
M*
?1%
88
M
88*
104%
81
78*
88*
?as
m.
81
88
?8
80
?7%
100
88%
100
100
107
18
II*
??*
106
74
MISCELLANEOUS.
10,000
1,000
1,100
11,000
Rlggs Realty (long) 6's,.
Riggs Realty (short) fa.
Washington Market Cold Storage t's
XXTm - " " *
Ward man Park Hotel
-lotel 6 s. ?
STOCKS.
88
88
90
101*
86
88
87
102
81*
**?
Isol
im.
81*
81
87
102
PUBLIC UTILITIKH.
10
10
7.882
4,424
US
6,897
JLiil
American Tel. A Tel.\
American Tel. A Tel. lights, w. 1
Capital Traction
Washington Gas
N. A W. Steamboat '
Washington Railway A Electric com
Washington Railway A Electric pfd
eeeeeee?
116*
J*
*6
49*
180
88
64
"SS
104
61
BOO
68
80
111)
8)
84)
48)
180
?S
"55
101*
17
188*
68*
77
NATIONAL BANKS.
11 American National Bank.
1 Columbia National Bank.
270 Commercial National Bank.
189 District National Bank.
114 Federal National Bank.
4 Lincoln National Bank.
16 National Bank of Washington.
17 National Metropolitan Bank.
7 Riggs National Bank.
68 Second National Bank
160
226
180
188*
171
180
180
226
610
1*1
181
2>6
160
176
210
180
180
140
611
[UO
160
816
ISO
168
171
180
188
116
610
146
1U
III
148*
174
108
100
180
840
611
110
TRUST COMPANIES.
437
821
176
122
American Security A Trust.
Continental Ti*ust
National Savings A Trust...
Union Trust
Washington Loan > Trust.
222
88*
281
118
270
290
98*
800
rl46
286
111
80
181
118
m.
280*
84
281
141
111
S A VINOS BANK.
10
Merchants' Bank.
147
147
147
147
Tire insurance
7
46
Firemen's Fire Insurance.
National Union Fire lneurance.
H
I*
IT
I*
IT
l
IT"
_!*
TFrLfc lNsuhANcE.
"288
77
Columbia Title Insurance...
Real Estate Title Insurance.
MISCELLANEOUS.
100 Columbia Oraphophone com
100 Columbia Oraphophone pfd
10 District of Columbia Paper Mfg. pfd.
1,616 Mergenthaler Linotype.....
263 Old Dutch Market com
216 Old Dutch Market pfd
4,496 Lanston Monotype
170 Waahlngton Market
90*
~T
120
I*
10*
86
129*
I
8
71*
35
?%
10*
86
180
8
8
81
40
>0*
r
ISO
.!?
86
111
I
7
70*
86
.SS
86
17S
I
7
10
IS
REPORTS IUESS
BETTER III WEST
? '
St. Louis Bank Points Out
\ Many Favorabts Factors in
Trade and Industry.
ST. LOVIS, Oct. 18?The general
situation in its major aspecta la dls
ttnctly better than thirty days ago,
aays the monthly review of the
Liberty Central Truat Company of
St. Louis.
"This ia shown not merely by fig
ures, but also In a changed mental
attitude," says the bank. "We are
further away than ever from the
use of auch phrases as "depression'
(fnd "hard t:mes.' Obstacles to com
plete normal conditions still exist,
and It would be far from correct
to amy that no more Improvement is
needed. We do feel, however, that
business is making excellent head
way, and that the coming months
may be faced without apprehenaion
on the part of those who have put
their house in ord
It Is pointed out that while the
estimated yield of some crops Is
somewhat less than hoped for. 1922,
la still expected to be a good year
in agricultural production. "Bum
per" cropa are few, but In most In
stances yields will exceed 1921. The
hardware business Is pointd to as a
good barometer of general condi
tions; six reserve banks, report
sales In this line from 8.8 per cent
to 81.2 per cent better than for July,
and 5.5 per cent to 28.7 per cent
kbove August 1921.
In the field of retail trade It la
pointed out that It is diflcult to
form reliable concluslones. because
no figures are available for sales by
country dealers. The leading mall
order houses did about the same
amount Of business this September
as last: Sears-Roebuck shows a
small decline, and Montgomery Ward
an increase. The ten-cent store
systems bettered their sales sub
stantially. Federal Reserve data
covering August business by 489
department stores Indicate an Im
provement of 3.2 per cent over
1921; eight districts show advances,
and four declines.
Industries Are Active.
Available statistics Indicate that
Industrial activity is good. The steel
industry shows partial recovery
from the effects of the strike, there
being material Increases during
September In the output of pig iron
and unfilled orders of the Steel
Corporation. Petroleum production
Is manifesting a rising tendency,
j The Government report for August,
however, shows a change In the
I relation between production and
[ consumption; there was a definite
[check to the rate of. additions to
I storks.
{ The hardwood lumber market is
I considered to be In a strong posi
tion. The chief problem Is to meet
' existing demands. This Is due
chiefly to transportation difficulties.
I During the four weeks ending Oc
tdber 18. production of Southern
i Pine was 16.8 per cent below nor
j mal, while orders wefe 85 per cent,
and shipments 85.4 per cent under
i that level.
. Great price discrepancies ?til1 eji>
1st, and the farmer's purchasing
power, while slightly above the
moftth previous, Is no greater thap
a year ago. This constitute* one
of the obstacles to complete nor
malcy.
Respecting the foreign situation
reference Is made to the budgets of
ttr. ,*>n cwntrie.. of Europe for
1M8. With ? few exceptions ex?
pendltures win exceed revenues, the
latter, moreover, are often uncer
RESEHHGIi BILL OF
INDUSTRY GDOW1
,/ | , ? I
$70,000,000 Now Spent An
nually for Scientific
Inquiry.
American Industry la spending
about $70,000,000 annually on sci
entific research, according to the
fabricated production department of
the Chamber of Commerce of the
United Statei?.
About one-half of this sum Is spent
by American manufacturers In the
conduct of laboratory research, while
i the remainder is expended In exprl
mental and development work In
plants, the department points out In
a bulletin on research.
As a result of scientific research
work, it Is explained by the depart
ment. approximately one-half billion
dollars Is being saved annually by In
dustry In this country.
Value Beyond Meaaur*. '
"The value of sclenUflc research,
both from an economic and Industrial
standpoint," the department says,
"has never been s<* fully appreciated
an at the present time. The problems
of the recent war forced science and
its research activities to the front In
all civilised countries. It It now real
ised by leading manufacturers that
scientific investigation is a necessary
adjunct to efficient co-operaUon. A
utilisation of the scientific knowledge
now available, and a systematic co
operation In the free Interchange of
such Information will lead to the
adoption of improved manufacturing
processes and do much to obviate
the danger of ignorant, destructive
competition. The realisation of this
fact Is shown by the S00 or mote
firms now maintaining laboratories
for industrial research.
"If there were no correlation of ef-1
.cation might result. The logical
cation migh result. The logical {
solution, therefore, is to have the'
trade aasoclatlon make this correla
tion. This enables a pooling of re
sources to maintain a central labor
atory to render service to a larger
group than is possible with only In
dividual laboratories. Another and
very Important factor, especially
valuable in strengthening trade as
sociations. is that such centralised
research work makes it possible for
the small manufacturer, financially
unable to support an individual
laboratory, to profit from the ln
I vestlgations carried on.
Trades Are Co-operating.
I' "It Is not surprising, therefore,
that a continually Increasing num
ber of trade associations are re
alizing the value of resttrch at
one gf thelV most' constructive ac
1 tivitita. Of the sixty-five to seventy
! associations now engaged in this
I worn to whom a recent Inquiry
| was sent by the fabricated produc
' tlon department, thirty-three gave
specific replies. indicating that
; eight were conducting their re
| search work Independently ami
twentyfive were acting in co
operation with some other agency,
i The general leaning Is toward the
: scientific aspect of research work.
Nineteen trade associations are en
gaged exclusively In that class,
three In the general problem class,
while' eleven give attention to both
types of problems.''
tain: spthe expected revenues fall
to materialise, wholly or In part.
it -hi not likely that there will be
any- market change for the better
in European affairs In the near fu
ture. and the foreign situation la
likely to remain for some little"time
an additional barrier in the path of
prosperity at home.
I
I
IRE FIT F
$4,000,000 Yielded In Income
for Fiscal Year, Bureau
Report Say*. '
In hia role of millionaire oil Pro
ducer, your Uncle Sun received In
August ths tidy turn of $77S,S7S.ll
In royalties from tho production of
oU. natural gas *?d natural gas gas
oline on Government land* to tho
Wast, aocordlng to tho Bureau of
Mines. v
Total not raraltloo aocrulng to tho
Government to August tl from theoo
source* amounted to |7,lS7,4tS.7T.
The bureau received from the Gen
eral Land Office to August S71 oil
and fM proa pec tine permits, bring
ing the total number of permit* rs
oelvod to 1,(11 Five - leaoeo wore
received, making a total of S07.
"The Oovernment'o eliding royalty
scale on oil produoed from Govern
ment looped land*, u provided by
tho leasing acta, la an Important
innovation for tho petroleum Indus
try," aa official of the bureau said.
"Under It the Government's royal
tlea vary from 12V4 to SS 1-S per
cent, according to the rataa of pro
d action. . .
Deepite the bualneaa depression
and curtailed production* tna bu*
reau aald. field development* have
proceeded rapidly to the Rocky
Mountain district. where on June SO
of this year there were S?? pro
ducing well* on Government'land,
of which J?7 were In the Salt Creek
field In Wyoming. On that data
100 new wella Were being drilled In
the Salt Creak field.
Active preparatlona alao were in
progreaa for the drilling program
required under the Mammoth Oil
Company'a leaaa of Naval Reaerv*
No. Ion Teapot Dome. The bureau
haa under conatructlon a camp ad
jacent to the town of Salt Creek In
order to maintain a aupervlaory
force of competenet men adequate
for auch large-acala operatlona.
Development* hate alao proceed
ed rapidly tn Montana, where at the
end of the flacal year flfty-aaven
wella were producing from Govern
ment-leaaed land* in the Cat Creek
field. By these developmenta the
Cat Creek field became the third
largeat producer of oU In the Rocky
Mountain district.
PUB III UN
FOB III. IPPLE DIYi
Fruit It Plentiful and Cheap,
While the Quality Was
Nevsr Better.
RICHMOND. Va.. Oct. IS.?The
campaign for Increasing the con
sumption of Virginia apple* a* set
forth by the governor * proclama
tion aettlng aaide October SI aa Na
tional Apple Day. la rounding Into
ahape. Everyone la talking applea
and taking advantage of the quality
of Virginia applea and the low price*
at which they Can be purchaeed tht*
year.
First class applea can be bought
from |4 to $& per barrel and every
one la laying In a aupply of tht*
health-giving fruit. Meaaured by
the purchaalng coat, the appal la the
cheapeat article of diet. It la nutri
tioua and wholeeome and ahould be
eaten to a greater extent, than It la
at preaent. Surely no one would
conacientlouBly discriminate against
the quality of. Virginia applea for
one of inferior quality, but perhaps
a little more attractive In appear
ance. The conauming public need
not look To the other aectlon* for
their supply of applea. when nature
haa ao kindly given Virginia all the
natural advantages, which go to the
development of a fruit nt for a
queen's table. ? .
A Virginia apple a day. not only
keepa the doctora away, but keepa
the whole family good natured a*
well. Experimenta have ahown that
10 canta expended In apples will fur
nish three time* a* much In energy
calories aa 10 cents spent for por
terhouse steak. About II per cent
of the apple conalata of nutritive ma
terials. There are very small quan
tltlea of protein and fat, both not
exceeding 1 per cent, while more
than 14 per cent of the ripe fruit
conslsta of carbohydrate* in the
form of sugar. Physicians and hy
glenlstg are agreed that the apple
la a very beneficial food to eat, in
that it promote* a vigorous diges
tion. Nobody ever got alck from
eating ripe apple*. They cure, but
never cause indigestion.
Government to Sell 1,600
Acres of Land at Nitro
CHARLESTON. W. Va? Oct.SS.?
Paper* filed for record In the office
of the Kanawha county clerk trans
fer 1,600 acre* of land and the build
ings thereon In the federal govern
ment reservation at Nitro to the
Charleston Industrial Corporation.
For the property the corporation
Issued to the government first mort
gare bond* amounting to $1,450,600,
bearing six percent Interest and ma
turing In three years. The govern
ment Is still reserving 11,000,000
worth of property at Nitro none of
which Is real estate. A large
amount of It consists of platinum
maaa and other chemleal materials
Approximately |7,#00,000 had been
realised by the government from
the sale of proporty at Nitro, so that
the deal With the industrial corpora
tion brings the government's receipts
up to 11,41(^006.
American Farmers Pay
$700,000,000 in Taxes
Profit Goes to Support Government* Says j
, Farm Bureau Federation.
By OKOftOE W. H^NMAN.
CHICAGO, Oct. 28.?The president of the Farm Bureau
Federation figures that two years .ago the farmers of the -
United States Daid taxes' amounting to about 6Vi per cent
of their gross income.
That la, with something over ten<
and a half bllllona of gross'Income,
tha farmer* paid naarly JTOOvOOO.OOO
to aupport Ipcal and national gov
ernment. If ona lncludaa aome of
tha Indirect taxea. Ilka tha tariff,
whose affect nobody can calculate
exactly, the total doubtleaa would be
ralaed above $700,000,000.
.What do these tax figures mean
to the average farmer? ,
Mr. Howard aaya that the farm
er's average profit In 1120 was only
(111. And hla taxea apparently
Amounted to almoet $100. One
hundred dollara In taxes and leaa
than 9200 proflt.
That la something to startle an
economist and make a statesman
alt down and think.
Where the Burden Lies.
Yet the fkrmer is not the hardest
pressed by present taxation. The
small townman hss to pay not only
moat of the taxea that a farmer pays,
hut also some stiff village taxea and
a let of special assessments. How
these growing burdens press down
m#iy families, every intelligent man
must havs noticed. For instance: ,
The Writer knew a widowed mother
and widowed daughter in a suburban
vUlace. Their regular Income was
only $4,200 a year?1700 from In
vestments and |1,tOO from the daugh
ters occupation in Chicago. They
owned their home and lived decent!^
until the. taxes of the last five years
were levied on them. Last year In
taxes and local assessments they
paid <700 out of the $2,200 and then
gave up the etruggle. They sold
thslr home, retired to that part of
the country where they qould live
most cheaply and now are apendlng
their capital or principal for their
dally bread, clothes and lodging.
Such cases are only too common Just
now.
In a few years the expenditures
of the National Government have
tripled. Those of the State gov
ernment have doubled?gone from
half a million to a full billion.
Ohio's budget, for instance, Is
three items what it waa; Pennsyl
vania's nearly four times; Wash
ington's nearly six times. Counties,
towns, and villages have spent
money Just ss fast?sometimes
much faster.
T|xes Tripled.
The writer knows small Eastern
villages, barely mentioned on the
map, where the taxes and assess
ments are three or four times
what they were a few years agp,
and ths rage for "improvements"
at the taxpayers' expense has
gone on through bad timea and
good as If the public purse' and
privats contributions had no limit
or bottom.
Only when one- seee the victims
of this extravagance selling in
brokers' offices their little certifi
cates of stock?one share, three
sharss. five share holdings?in
order that they may, keep going,
only when one wltneeaee the pain
ful economies and the distressing
reluctance to draw down past
I savings for the payment of cur
| rent household bills, can one realise
, how vicious the waste at the State
and national capitals and how
| cruel are Ita consequences.
Western Ranch Cattle
Arriving In Maryland
HANCOCK, Md.. Oat., 28.?Cat
tie are beginning to arrive here
which have been purchased direct
from ths western ranches, foi
distribution among farmera who
will feed the mfor the market In
the spring.
Some time ago the Farm Bureau
sent out E. P. Cohlll of town and
Mr. Oriffith, of Montgomery
county, to Colorado, Wypmlng and
the Oskotas, to purchase cattle
for this purpose. It was the in
tentlon to buy at least 40 car
loads but It is understood on sc.
count of the prevailing high price,
only about 20 carloads will be
forthcoming East as a result ol
their visit. '
PUTS & CALLS
14* to 1111 controls 104 shares of tni
listed stock on N. Y. Stock Hxchsnte No
further risk. Move of t points from op.
tlon pries gives you opportunity to Uk<
??#? profit; I, |I4?, etc. Writs for Fres
circular.
?OBKBTS ? 00? M BROAD ST., M. T.
WE WILL SELL
I4S Fl*allty Savlafa Caaisaay ??
D. C. 9100 .M
21 Basklss Trest as* Itrtnia UN
M (Mfcasf* Sash I4.0S
I* later. risssss t% aalta BIS
M hslt Ssi as* Astllssaa... Mt
MS Millar Trsls Uatrel SM
I* Nstara Milk Prs*aata 12.44
MS Owaawae* Oil 0**4 M
MS Bsftsle Tessa H
M Ckassaa A**las Msaklas 1.44
14 Plffly WItaly Ink". st*. 714*
M Uslss Iters* Oars., at*.. D.C. tl.44
144 Rs*ls Car*? a? Aaarlea ... Mkt.
4Sk Saver* Oil Oaasssy N
>44 Cast Aaskalt * Pat., at*. SI*
74 laialra Fas* Pre*. C*r4- at*. 1.44
14 Asiartass Br wars' Seslaty.. 1.44
M* A*wasr Sato Os. 74
W4 Waakla*4as laa lift.. aaai. .4*
14 Natlassl Crs*lt Osr*.. sain 114.44
4* Tarsi. Osai'l as* a*v. Bssk SI*
WE BUY A SELL
Millar Trsls Csstrsl.
Plasty WItaly Osr?. at*. ss* aasi.
Bassilaastsl Sask. ,
Istarsattssal Flsssaa 4 sar aastasn*.
Ta?. as* Tal. Nasea aa* Sssk 4task?
UNLI4TCD
4taaa, BssSe as* SsasilMaa at every
*aa?1?tlasi Sss*kt SaM as* Basts*.
CALL. WRIT! OR PM0NI MAIN Uf
RIEMER & CO.
VNLIBTIB BICURITT BROKIRB.
1315 F ST. N. W.
WASHINGTON, B. C.
MIS PEOPLE I
"Blood Clot in the Industrial
System of the Nation,"
Says Bank President.
TOUNOSTOWJ*, Ohio, Oct. 28 ?
Present Industrial disturbances arc
giving the nation a diseane similar
to that which happens to an indi
vidual when the flow of blood la
checked by a clot, A. E. Keinman,
president of the Central Savings and
Trust Company here asserts.
"Batiks and buslneas generally
wer^ retting to the plaoe where they
were breathing easier," Mr. Relman
said. We could see prosperity just
ahead when the coal and rail strike
came.
"A sure sign that the mental at
titude of the people had changed?
a most- important factor In pros
perity?was the amount of gpld that
was handed in through bank win
dows by all kinds of people. In
times of depression there la always
a hoarding of gold. ,
"However, right after the first ??*
the year. It again made its appear
ance Gradually the flow Increases.
One of our customers deposited 1600
in gold he had kept hidden awmy
since the first hard times of 1*20.
"Then came ' the strikes a o d
threats of other industrial troubles,
and now gold once more is being
hoarded. It's the 'blood clot' In the
industrial system of the nation."
MONEY III GRAIN
lit.ft ban lurantH option os It.***
Suahala of weeat or corn. Na Farther
Blak. A movement of fe from optlaa
prlca slvaa you an opportnaltr to tska
Ifoo.oo; 4c, I40S0I; lo, fJOO.M, eta.
WRITE TODAY FOR PARTICULARS ,,
an* PME MARXIST LETTER.
INVESTORS DULY GUIDE Ssitbvisttruck
D<?t. AS. 1SS4 Baltlaaara. Kiaaaa OltrJb.
Gathering the Plums
IN
Standard Oils
What 90 point advances in (MM
day signify. How the "millionaire
stocks" are being populartoed.
Why tliey represent the soundest
and safest speculation* and in
vestments in present-day markets.
Thpse detail* and many more of
Intimate character sre elaborated
In pur special tevisw now ready
fee distribution.
Ask for 8. R. 42.
|i L WiNKELMAN 8 Opt
OmoUdlMd Stock Exchange of New Y<
Mew York Curb Market
21 South Street, Baltimore
Telephone i Caivart 3400
MAIN OFFICE: 6* BROAD ST.. NEW YOMC
Dkact Privart Wire* to B.-anch I
and all Principal Marieta
Undervalued
Overvalued
which ?
The October 28 issue
of the ' *
Investor & Trader
will contain a special
article on Per Acre Val
uation on some of the
popular oils traded on
the New York Curb
Efcchanyc.
Are oil companies under
valued or overvalued at
current quotations ?
Per acre price at eome
of the recent sales of oil
lands in the different oil
producing fields will be
contrasted with the per
acre value of these com
panies.
Per acre Talus' of these
companies is based on
the present market price
of the shares.
Thia 12-page gaper devot
ed exclusively to the New
York Curb Exchange se
curities will be of great
value to those who are in
terested in the stocks and
bondsof America's second
largest stock market.
s
Jones & Baker
Members NW york Curb Exchange
Direst Private Wiraa
Ma? Tart Ck lease laaaa mwartu
?|k Detr.lt gaMaaaa CleeeUae
BALTIMOIIB OFFICB
Hotel
h

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