davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
EARNING POWER
TESTS STOCK
VALUES
Cousins Finds It to Be Better
Gauge Than Market or
Book Valuations.
By w. S. COUSINS.
Copyright. 1923. by Cosmopolitan
NeWa SerYice.l


NEW YORK, Oct 22.-Book val
uation of securities is not an ac-
curate gauge of either their real or
their market values, and investors
who base their calculations on book
valuations may often be led far
astray.
The book value of a common
stock is ascertained by calculating,
at fair market price, the actual
tangible assets behind each share,
taking no account of such intangi-
BILE factors as good will, productive
capacity, etc. 1t involves fair
appraisal of plants and equipments,
cash and securities, accounts re-
ceivable, inventories, etc. It makes
no allowance, however, for such
changes in Industrial conditions as
would render the product of an in
dustrial concern less valuable or
desirable or would destroy it's
market.
Test Is Earning Power.
In the Industrial world the most
rigid test of values is the power to
earn. A machine that can turn
out twice the product of any other,
though costing but little more than
it's competitor is entitled to a
higher valuation. The rapid rise of
speculative stock in the listed
market, accompanied generally by
flood of exaggerated statements,
is based on expectations Of higher
earnings and larger dividends for
holders of the stock. Often the
dividend policy of the directors of
a corporation will determine the
public demand for the shares and
thus have an important effect on
prices.
Contracts between market values
and book values are seen on both
sides Of the equation. Thus,
United States Steel, with a book
value of 257, commands a market
of only SO, while American Tobacco
with book value of 81 is dealt in
inactively at $50 and Woolworth,
which can show a book valuation of
only 20 is much sought for on the
stock exchange at 255 a share.
Remington Typewriter has book
valuation, according to a reliable
calculation, of less than 81 a share,
but sells actually in the stock mar
ket at SO, while Pittsburgh Coal
with a book value of 327, sells at
about go q share.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
COURT FREES MARINE
BLINDED BY DRINK

Having completely lost his sight
several days ago after drinking a
bootleg connection that he bought on
the train while en- route here, Martin
Marshall, a marine stationed at
Quantico, was brought to Police
Court today to answer charges of
tntoxication. Judge Robert Mat
tingly said that he thought Marshall
had been sufficiently punished, SO
placed him on probation.
Marshall was arrested upon his ar.
rival at Union Station and taken to
the station house, where it was
found that he was completely blind.
He was removed to Gallinger Hos
pital, where it was feared by physi-
clans that he might never regain his
sight, but careful treatment there
has effected cure and his physical
condition was pronounced perfect by
attendants.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
STOCKS SHOW
STEADY
TONE
Due to Accumulation of Buy.
ing Orders From Saturday
Stocks Go Higher.
BY HI. j. DUIZEND..
Copyright, 1923, by Cosmopolitan
News Service.1

NEW YORK, Oct. 22.-The favor
able impression gained from Satur-
days cheerful market action was
reflected in steady tone in the
first two hours trading on the
stock exchange today. Much was
heard of the return into the market
of important financial interests
which according to reports. had
formed a group to exploit the over
sold condition Of the market under
the leadership Of a prominent opera
tor. Whether true or untrue, this
rlimor had the effect OF discourag-
ing further transactions for the de-
cline, although it cannot be said
that much Roadway on the con-
structive side was made. No doubt
the news Of the blishment of a
Rhineland republic with all the
grave possibilities which such a
move implied exercised a restrain
ing influence on trading.
Due to an accumulation OF buy
ing orders over the weekend, in-
spired by Saturdays strong close,
stocks were higher at the opening.
There was a marked absence of
weak spots to which the financial
community had grown accustomed.
Although gains were not large in
the general list, there were differ
ent issues, which registered adj
vances running as high as three
points, including Woolworth, Sears
Roebuck, Hartman, Reynolds To-
bacco "B," Kresge and Dupont
de Nemonrs. Trading was fairly ami
mated and conducted with a GER
tain degree of confidence, as far as
the industrial group was concerned.
Price movements in the railroad
list were more or less mixed, initial
firmness being impaired by some
selling in the shares OF the North
western carriers, especially North.
ern Pacific and st. Paul preferred,
New Haven was also under pres.
sure, declining about q point.
The reactionary tendency in this
quarter had a saIutary effect on
the 1ndustrials in the second hour
Good support was forthcoming on
all recessions, however, and the
steady appearance OF the market
was well maintained. Rubber and
tire stocks were exception, giving
way moderately under light pressure
Call money renewed at az pei
cent.
The alarming cables from Ger
many found expression In the for
eign exchanges, which were gener
ally lower. Sterling, guiIders and
Norwegian kronen made fresh low:
for the year.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
Chicago Grain Market.

CHICAGO, Oct. 22.-There was
slight change in grain markets at
the opening today. Corn was lower.
Wheat started unchanged to u
cent higher, with scattered trade.
Commission houses sold at the out
set, but locals took hold on the
break that resulted.
Corn started II to II cent higher,
with scattered commission house
selling on the fine weather. Trade
light.
Oats started h to Nc higher
with cash houses buying December
and offerings light.
Opening prices here were:
Wheat - December, $1.05% @
1.05%; May, $1.10A @1.1011.
Corn-December, 75075Ac; May
72B Q72Ac; July, 72A @72%c.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
AND CITY
BONDS To De
FLOATED
Lull in Industrial Financing
Brings Flood Of Municipal
Improvement Issues.
By MUNROE ROBERTS.
Copyright. 1928, by Cosmopolitan
News Service.)

Copyright. 1928. by Cosmopolitan
News Servics.)
NEW YORK. Oct. 22.-Municipal
and State officials are taking adj.
vantage of the lull in industrial
financing to flcat municipal bonds
for which the authorization was
given earlier in the year.
In the current week, the aggre-
gate OF such offerings will he
So 200, 900, including $2,45O 900 Ale
cheney, Pa, tunnel and highway
AXIS; Minneapolis, $650,O00 park
Ans; State of Oregon, $1,000, 900
highway Ans, and South Bend, Ind,
100000 Az per cent water bonds.
A total Of $21, 500, 900 of State
and municipal issues has already
been advertised for competitive bids
in November. The State of Mis-
souri, will dispose of $4,000, 900 of
Az per cent road improvement
bonds November /; California of
SO, 00O.0 900 Of Az per cent highway
bonds, November 8; Pinellas county.
Florida, OF $2,SG3,00O bridge and
Hillsboro county, Florida. of
81 500, 600 Of per cent highway
bonds, November 16; Columbus,
Ohio, of $1,493.000 of 5aper cent
general improvement bonds; Dade
county, Florida, of 1896, 900 of 5h
per cent highway improvement
bonds.
The general elections in Novem
Der offer a convenient opportunity
for taking q vote on proposed mu-
nicipal bon1 issues. The sanction
or disapproval of voters can be sa-
cured with little extra expense.
New bond proposals this year will
exceed $200000,000.
New York States So 600 900 for
soldier bonus and building will be
voted on. Phila delphia will vote OH
total of $4,000 900 improvement
issues, embracing a broad program
Of city improvement. The issuance
Of these bonds will, If authorized,
doubtless be spread over a number
of years. Baltimore will ask its
voters to authorize a $4,000, 900
bonded obligation for a new police
building. Grand Rapids, Mich, plans
to raise 100000 for a sewer;
Saginaw, Mich, seeks $4,000, 900 for
sewer system, Reading, Pa,
100000 for schools, and Colum.
bus. Ohio, 31,OOC,0OO for road i'm
provement.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
TWO MEN CHARGED WITH
ASSAULT ON POLICEMAN

Benjamin Allen, "a Everett street,
and James j. Smith, 220 New Jer-
sey avenue northwest, were charged
with assault last night, following
their arrest by Policeman H. F.
Hampton, of the Sixth precinct
after they had knocked him down.
Hampton had arrested the pair
for disorderly conduct in a store
on G street near First street north
west and as he started out Of the
door with them they began to
get unruly, he charges. Both were
released on 1925 collateral, Hanp-
ton was treated for bruises at the
Casualty Hospital.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
WORLD TRADE
i PROGRESSES
SMALL
Department of Commerce Re-
ports Show Lack of Stability
From Political Troubles.
By TOM EvERRITT,
Cosmopolitan News Service.

cosmopolitan news SOEVACcs
The swiftly changing currents Of
business in many foreign countries
are depicted in cable messages re-
ceived by the United States Depart
ment of Commerce. Some Of them
are as follows:
Australia: Australian imports in
August were f1S0,000 lower than in
July, and exports for the month
were the lowest of the year. I'm
ports from the United States were
valued at E500,00G more in July
than in the preceding month. The
wool outlook IS reported as better
than had been expected"
Philippines: 1.-The normal Sep
TENDER business revival in the
Philippines is absent this year.
Banks continue their pressure and
business houses remain cautious.
Sugar crop conditions are good.
The 1924 budget has been approved
by the governor"
Improvement In Spain.
Spain: ''The financial situation
of the Spanish government has M
proved slightly as indicated by re.
Gently published figures. The
deficit for 1929 was less than for
the preceding year. Income for the
present fiscal year is slightly higher
and expenditures slightly lower than
last year in spite Of an increase in
Moroccan expenses. Spanish in
dustries, except textiles and iron
mining, arc manifesting normal
activity
Denmark: Denmark has shown
no material change during the last
month. The completion Of the har-
vest assures better than the av-
erage yield, and continued rela-
lively satisfactory Industrial &C.
tivity is shown in low unemploy-
ment figures"
The Netherlands: Business de-
preston continues, although the
termination of passive resistance in
the Ruhr brought a slight relief to-
ward the end Of September. Prices
and stock exchange ratings show a
downward trend. Foreign trade. is
improved"
Norway: 'The unimportant
changes that have occurred in Nor
way during the past month show an
unfavorable economic trend. Unem-
ployment increased, the crown con-
N1nueO 10 sag prices are TlSIHSp anu
the harvest is predicted to be below
average"
Poland: "The continued sharp
depreciation of the Polish mark and
the scarcity of foreign exchange
have resulted in further trade and
Industrial stability, offset somewhat
by excellent crops, enabling Poland
TO resume its position as a grain
exporting nation"
In the Balkans.
Rumania: while the cereal crop
In Rumania is generally good, the
outward movement of grain is slow,
although special efforts have been
made to provide better transporta-
ton facilities. Raw cotton stocks
are very low"
Finland: 1.-The August foreign
trade balance of Finland was favor
able, although the export trade was
not so brisk, owing to reduced tim
Der shipments and weak markets for
paper and pulp. The money market
was tight, but the amount of notes
in circulation was unchanged. The
crops are proving somewhat unsatis-
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
STOLEN AUTO FOUND,
ACCESSORIES MISSING

Some folks will say that anyone
who RECEIVERS his car after it has
been stolen is lucky, but Robert L.
Moore, Of 213 o street northwest. is
of a different opinion.
His automobile was stolen and re-
covered at Conduit road and Ma
comb street northwest. But he
didn't recognize it as his car.
Five new cord tires, battery, a
kit of tools, a parking light and
motormeter had been stripped from
the car. They cost about SITS.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
Auto Grocers Bankrupt.

A petition in voluntary bankruptcy
was filed today in the District Su-
preme Court by the PeeKay Aut
Grocers, Inc, which had been oper1t
ing door-to-door auto trucks. The
petition is signed by John ]. Power,
as president, and sets forth that
the liabilities of the company are
$53,015.75 with assets at $33,171 &c.
Attorneys Simon, Koenigsberger &
Young appear Tor the petitioners.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
N. Y. Cotton Market.

NEW YORK, Oct. 22.-The cotton
market was firm at the opening to-
day. Prices advanced from 2 to Is
points on trade buying and short
covering in response to unfavorable
weather reports.
October opened at 29.90, up Is
points: December at 1855, up s
points: January at 29.15, up points,
and March at 1890, up 5 points.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
Asks That Name Be Changed.

Harry G. Cohen today petitioned
the District Supreme Court to change
his name to "Ritner." He is twen-
ty-two years old and is employed in
the income tax unit OF the Internal
Revenue Bureau. The petitioner
claims that "Ritner" Is their family
name. Attorney L. H. David mp
pears for tho. young man.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22

Foreign Exchange.
NEW YORK, Oct. 22.-Foreign
exchange opening:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
ON Stocks.

FURNISHED by w. B. Hibbs & Coz
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
Liberty Bonds.
When Opportunity
Knocks at Your Door

CUPPOSE the big opportunity should come
- to you one day when a certain sum of
money can purchase the one thing that will
achieve your successl Have you saved enough
money to do it? Or will you see the opportu-
nifty drift by, because you didn't start to save
soon enough?
This chance may come to you tomorrow,
next week, next year. But if you don't start
saving now, you will never be ready.
That's why you should inquire about our
First Mortgage Notes, because others have
grasped their golden opportunity by having
their money safely invested with us ever since
they had started.
Call or Write for Detailed Information
Swartzell, Rheem & Hensey Go.
TT 18th Street N. w.
81 Years Without Loss to an Investor
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-10-22
ING 81 SIN E S S A n d
Local Stocks.
SALES.

Washington Gas Is, 'S3, $1,000
1904.
Capital Traction Co, 10100A
1@10Oh, 10Q100A, 10@100A, 100
100H.
Washington Railway & Electric,
pfd., 5@70h.
After Call.
Washington Gas Light, 2@49.
Washington Gas IS, '3S, $1,000
100N.
Money-Call loans, 5 and 6 per
cant
The Birmingham age-herald., 1923-09-02
kA|MRAM BREAKS ALL GROTTO AND l W N R [ | ] R ]
Birmingham's Most EIabo- rate FraternaI Event
 Scheduled Sept. 6

Kamram Grotto. the baby Grotto of the state, a Birmingham organi- zation, Thursday, September 6, will break a worlds record, already held by Kamram. when they initiate into their order 2.214 candidates. the largest class ever initiated into the Grotto anywhere in the world.
 Kamram's amazing growth has as- founded the entire fraternal world Leaders in fraternallsm nave de- clared 1t has surpassed anything within their memory, and now comes a worlds record of 2,214 candidates, unequaled anywhere. and made by the baby Grotto of them all.
 The initiation of September will be preceded and followed by the usual Grotto pomp and splendor. The longest line of candidates and the largest number of visitors ever in Birmin gham for a similar event will parade the downtown streets at 3:30 o'clock in the afternoon. Can didates have been requested to re- port at the Masonic temple at l o'clock the banquet will be staged. the program will be conducted.
 In the parade will be Is units, or sections. three bands drum odps members of Kamram Grotton, and the over 2,000 candidates. attired as usuale in the grotespe candidat dress.
 During the afternoon at 4:3C o'clok the banquet wil be staged This Is to be the most elaborate feast ever spread In the Masonic temple, and many good ones have been held there.
 An address by Joseph Loveman vii be given at 6:30 o'clock, which will be followed by the ceremonial at 2 o'clock, all at the Masonic temple. Grotton ceremonias are riot of fun, yet impressive and in keeping with the high ideals of the organization. The ceremonial of September will be on exception. 1t is stated ,and promise to furnish one of the real fraternal thrills of the year. Mum bered among the candidates are more than 500 from out of town. Visitors are expected to run well into the thousands.
 C. D. Gentry, monarch of Kamram Grotto. has the distinction of being at the head of the fastest growing Grotto in the world. His officers and membes of, the organization are said to have shown unlimited in terest in the growth of the organi- zation, which accounts for the splen- did classes being received.
 In line with their policy of keeping enthusiasm of members at the top notch, Kamram will present in Bir- mingham for nine days, commence ing September 27. a three-ring cir GUS of the highest qualit& Thirty five professional acts will be shown daily under the enormous canvas tent. No Sunday shows will be given. The usual circus parade will be held on opening day, to which will be added, besides the circus uc- tors, the entire membership of Kam- ram Grotto.
 Advance sale of tickets indicates q banner attendance
The Birmingham age-herald., 1923-09-02
,GL [ N N RESUMES
 BIBLE GLASS WORK
Cordial Welcome Awaits Re- turn Sunday Of Beloved
 Teacher
DIR. c. B. GLENN

When the Mems Bible class of Highlands Methodist church meets at the Five Points theatre at 230 o'clock Sunday morning, 1t is urged that every member be present out of deferenoe to the greatly beloved teacher of the Mems Bible class for who will resume teaching after the summers vacation" said R. H. Scriv- ner, president of the class.
 Tt may be that at no other time this, winter all the members can be present at Sunday school" he con- tinued, "but let us make ar excep- tion this morning and turn out en masse." pr. Glenn has been the teacher for the Mems Bibls class for a dozen years and his work Is highly esteemed by all the hundred or more. members and in order to show their appreciation of his efforts. Mir. Scriv- ner has made the urgent requent that a full attendance be on hand to well come him.
 The Mems Bible class of Highlands Methodist church has grown so rapidly under pr. Glenn's teachings , that there Is no space in the church large enough to accommodate them, hence they are to meet at the Five Points theatre and a cordial invita- ton is extended by the class to the public to join in the Sunday school exercises.
The Birmingham age-herald., 1923-09-02
ENDEAvORERS AT OPEN AIR ME TING AT CAPITOL PARK
interesting Program Ren- dered By Combined DiS-
 triCt Societies

Several hundred Christian Endeav- rers from the Birmingham district and their friends gathered at Capitol park Sunday night for the first gen. eral open air services ever held in this city by the Birmingham Chris tian Endeavor union.
 The service opened with an intro- duction by George D. Kitzinger, chairman of the open air service committee. Next came the overture by the Ensley Christian church Christian Endeavor society orches- tra. Marvin Jones. president of the Birmingham union. welcomed the members and friends and then fntro- duced MT. c. E. Bernard state presi- dent, who led the service. The open ing prayer was delivered by Dr. l.. D. Brubaker, president of the Pas trs' union. The audiepee then sang "Brighten the Corner" and Christian Endeavorers Will Shine Tonight led by J. A. McAfee of the Y. M. C. A. The Scriptures were read by F. F. Ballard and with the singing of Sweet Hour of Prayer general discussion of the topic, Lessons from the School of Prayer" took place. Following a brief but helpful talk by MT. Bernard there was generous response from the various societies present. During the dis cussion c. B. Bernard rendered a solo, "A Voice in the Wilderness" which was enjoyed by his hearers. At the close of the discussion, "In the Garden" >was sung and the Mig pah was pronounced by those pres ent.
 State officers of the Alabama Christian Endeavor union were in troduced by Mir Bernard. They were having a meeting in Birming- ham and declared a recess to attend the Capitol park service. The pro gram closed with the benediction by pr. T. s. Hickman and the singing of Have Thine Own Way, Lord"
The Birmingham age-herald., 1923-09-02
BISHOP NURRAH ID.
 PREACH AT WEST [ N ] METHODIST
Appropriate Program Arr ranged Celebrating Com
 pIetion Of Structure

Sunday September g, promises to be one of the red letter days in the fi"tory of the West End Methodist church. The new building, which is one of the most commodious and beautiful edifices in Birmingham, Is nearing completion. Work is being rushed as rapidly as material Is de- livered in an effort to complete by the middle of September the impos- i4;g and substantial building.
 At the time indicated above Bishop William B. Murrah, the presiding bishop of the North Alabama Confer ence. will visit this church and preach at the morning hour. At A:SO o'clock in the afternoon Bishop Mur- rah will lay the corner stone ae- cording to the ritual of the Meth oGist church. The hour Is fixed go that friends, former pastors and for mer members may attend without having to miss any service at their several churches. A general invita- ton is given to all of them, and to the public, to be on hand and witness this impressive and beautiful serv- ice. It IS desired and expected that the members of the church will be on hand.
 Another pleasing feature of this day, is that 1t will be observed by the congregation as a home coming dav Dinner will be served at the church for all who attend the morn- ing meeting, and tho church will be open the whole day for inspection by the public. The congregation has labored hard to build this great tenn ple and is justly proud of the sue cess achieved It will be pleasure to show visitors through and explain the plan in detail. A suitable pro- gram will be prepared for the serV- ices of the day.
The Birmingham age-herald., 1923-09-02
B|RM|NGHAM AND ATLANTA SHRINE RS WILL PLAY BALL
Zamora Temple Will Use Funds For Their Chari-
 ity Work

Baseball enthusiasts of Birming- han, are promised a real treat when zamora temple and Yaarab temple of Atlanta scrap through nine innings of the national pastime at Redwood park September Is.
 Zamora husl1ies have made quite a reputation for themselves as dia- mond celebrities, and only Thursday defeated Alcaymia temple of Mem phis in the latter city.
 Zamora temple will use the money derived from this game to swell its charity fund, which announcement is calculated to fill the park. c. M Stanley Leon Friedman and c. Fl Mandy have been appointed to han- dlo publicity for the event
 Tickets probably will be placed on sale at downtown drug stores and will be obtainable from members of Zamora temple. Detailed announce ments of the game will be made shortly by Truman A. MorrisFn, manager of the team.
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