davidaulloa/AmericanStories huggingface dataset:
Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-06-07

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Evening star., 1924-04-12
GOLD DISCOUNT BANK
WILL OPEN APRIL is
Germany's New Institution to Be
gin Operations With Capital
of 10000, 1000.
By the Associated Press.


By the Associated Press.
BERLIN, April 1c.-The newly
founded German gold discount bank
will begin operations April 16 with
a capital of f1o.oo0,o 900.
The statutes of the new institution
designate it as purely private bank,
wholly immune from German or for
eign political control Its primary
function will consist in extension of
credits to German industry, com
merce and trade. 1t is not permit
ted to extend credits to the central,
federated or local governments.
Supervision Of its operations will be
assumed by trustees designated by
foreign banks Of issue.
The discount bank will be permit
ted to issue notes in denominations
of f5 and higher, DR.. Hjalmar
Schacht, president of the Reichsbsnk
and federal commission of currency.
is chairman of the new banks direc-
torate. the members of which in
clude several directors of the Reichs-
bank. The bank will have it's quar-
ters in the Reichsbank building.
DR.. Schacht is at present negptiae-
ing with New York banks for rediS-
counting accommodations No def
mite arrangements in this connection
have yet been completed.
Evening star., 1924-04-12
EVERYMAN'S
INVESTMENTS
By George r. Hughes
THIRD ARTICLE.

THIRD ARTICLE.
A bond issue that never reached
the public and why it became COM
mon stock issue.
An old college friend, one Of the
squarest and most capable men 1 ever
knew, asked me to introduce him to
an investment banker. He had built
up a profitable manufacturing busi-
ness that was growing so rapidly he
wished to issue 100000 in bonds to
care for new business. / was present
when my friend laid before the in
vestment banker complete report
was the whole truth and nothing but
the truth
Excellent. but Rejected.
Excellent" said the investment
banker, but / would not touch il.
1t is a common stock proposition.
Your security would make the bonds
safe if you had no misfortunes or Sc
we're depressions. but it isn't suffi-
cient to assure absolutely full pay
ment of the bonds should you fail. ]
don't think you will fail. A man could
afford to take the fair business risk
in buying your stock because the
probability of excellent dividends
would pay for the risks. There is
every indication that you will con-
tinue to pay excellent dividends But
bond buyer could not assume the
same risk for the lower yield of
bonds"
You have three economic weak
nesses,' the investment banker said,
indicating the report. Labor trou-
bles could cripple you. Your patents
are exceedingly valuable. Suppose
ed that make yours obsolete. Your
patents would be worthless as secur-
ity for your bonds.
That's on the bond buyers side II
wouldn't be fair to your business to
bond you so heavily 1t would risk
bond issue, If feasible. would be the
cheapest way for you to obtain capi-
tai, but 1t wouldn't be wholly fair to
my customers to let them take even a
slight risk, and It wouldn't be fair to
your business to tie 1t up in a loan
that might make future loans diff
cult. Issue stocks. In your business
they are an excellent buy
Banker Handled Bonds Only.
This investment banker handled
only bonds. took my friend to an
investment banker who handled both
stocks and bonds. A stock issue was
sold quickly to well-to-do-business
men who knew the investment bank
ing house, and who recognized the
stock as an excellent purchase.
My friend, like great many other
good business men, up to that time
had known virtually nothing of cor
porate finance, which is the proper
arranging of stock or bond issues of
an enterprise 50 that the enterprise
will have the best opportunity for
success and the investors the great
est opportunity for safety or profit.
That is one example of how sound
scientific procedure. It is wholly diff
ferent from the make-believe stocks
and bonds that glib crooks offer the
inexperienced with promises of i'm
possible returns.
Copyright. 1924, by Consolidated Press As
sociatiou)
Evening star., 1924-04-12
LIOUIDATING SALES
FORCE GRAIN LOWER
Week of Persistent Pressure in
Corn Affect the General
Market Quotations.
BY the Associated Press.

by the Associated PresS.
CHICAGO, April 12.-Persistent
liquidating sales by holders Of corn
have had much to do with making
grain prices this week average lower.
Compared with a week ago, corn this
morning showed q to / Is decline. with
wheat at q off to Il gain; oats y to
Ss down, and provisions ranging from
12 drop to advance.
Selling pressure in corn was espe-
cially evident from dealers having May
delivery contracts. Notwithstanding
the approach of the opening of lake
navigation, the demand for corn ap-
peared to be far from urgent, and
optimism as to the outlook for a pos
sibIe sharp advance seemed to be
rapidly fading. In this connection,
gossip was current that gluten ana
other manufactured feeds were being
heavily substituted for corn. with re-
ceipts increasing rather than falling
off, even the advent of snow, rain and
unreasonable cold at the end of the
week failed to have more than tenn
porary bracing influence so far as
the corn market revealed.
Although it was recognized by grain
traders that all commodity markets
were likely to be helped upward if
German finances were repaired by the
Dawes plan, the absence of any specif-
ic provision looking to increased pur-
chase of food supplies from the United
States tended to prevent the report
from having any noticeable results on
the wheat market in particular.
Seeding progress gave a downward
slant to the price of oats.
Provisions were governed chiefly by
the circumstance that stocks on hand
were liberal.
Evening star., 1924-04-12
GRAIN AND PROVISIONS.

BALTIMORE, Md. April IL (Spe-
ciaD Potatoes, white, 100 lbs, 75a
LIS; 150-lb. sacks, 1.2a1.65; new
potatoes. bbL. s.ooa1o.5o. Sweets
and yams, bbl, 2.5Oa6.5o; bu-. 1.oOa
800. Asparagus, doz., 3.ooaS00 Beans,
bu., 3.00a4. 90. Beets, bu.. 1-5oa2. 90.
Cabbage, basket, 2.2sa2. rs Carrots
hundred. 4.00a6.00. Cauliflower, crate,
sSSasss csls5s srs1s seosoos eooss
plants, crate. 3.o0a5.o0. Kale. bu, 20
a30. Lettuce, bu., 2.5oa4.o0. Onions
per 100 lbs. .25a2.50. Spring onions,
hundred, 1.25a1.50. Parsnips. bas-
ket, 60a7o. Peas, hamper, 2.eoa4. 90.
bu.. 1.50as.00. Spinach, bu, 50a75.
Squash, crate, 4.0oa4-5o Tomatoes
crate, S.o0a5.50. Turnips, bu-, 4.0oa5. 90
Assoc.
Apples, packed. bbl- s.ooas.oo; bu.,
0a1.50: box apples. 1.75a2.25. Grape
fruit, box. 1.75a2.75. Oranges. boz.
2.25a3.75- Strawberries, at. 15a40.
Settling Prices on Grain.
Wheat--No. 2 red winter, spot,
LOS; No. red winter, garlicky,
spot, domestic. 1.osA; no quotations
on No. 4 or No. red winter, gariicky.
No sales.
Corn-Cob, new. 425a4.so per barrel
for yellow and 4.10a4.15 per barrel
for white: No. corn, spot. 81; No.
3 corn, spot "a; track corn, yellow,
No. 3, S91sa90
No sales.
Oats-No. white, 5sassA; No. .
white, new, 55a55h n.
Rye-Nearby, 70aSo: No. rye, spot,
75A. -.
Hay-Receipts, rs tons. A large
proportion of hay on sale here at
present is more or less damaged and
poor in quality. in consequence of
which prices are irregular and grad
ing equally so. Demand Is fair for
sound hay of medium to good quality.
Low grade and damaged dull at
prices Quotations.: No. l timothy,
27.00a27.5 so per ton; No. 2. 26.00a26.50;
No. 8 clover, 23.00a24.00; No. 1 clover
mixed, 25.50a26.00 No 2 clover mixed,
%. .0Oa225O No. / clover. 26.00a26.50.
Straw-No. 1 straight rye. 24.ooa
$500 per ton; No. l tangled rye, 1900
a2o 90; No. 1 wheat 1S.00a1S.50; No. 1
cat, 17.00a18.00.
Evening star., 1924-04-12
CHICAGO GRAIN MARKET

CHICAGO, April l2.-AI gram
averaged higher in price today during
the early dealings. Firmness of Liver
pool quotations led to. a lack OF
selling pressure on the wheat market
here. Besides wet weather over the
tended to strengthen prices of corn
and oats, and had an indirect eject
on wheat values. Wheat opening
prices. which ranged from to 7s
higher, with May 1.015s to 1.0l 70 and
July I.O31s to 1.o35 Is, were followed
by slight further gains and then
something of a setback.
Corn opened unchanged 70 y up:
May, n to TN, and with reports OF
GOOD demand at Omaha scored
moderate general advance
Oats started unchanged to
higher, May, 46S to 46A, and later
continued to harden.
Provisions were firmer in line with
the hog market
Evening star., 1924-04-12
Acceptance of Dawes Report
Factor in Financial World
Prompt Action by Allies Regarded as
Erent of Importance as Solution
of Var Problems.

ground of a necessary readj Stment
to a less favorable trade position and
less certain political position. On
the other hand. remembering how
Wall street during the last two years
has habitually gone TO extremes, and
has oyerrated outside business
changes, first in one direction and
thep in another, it is well not to take
too seriously the pessimism which
has been fashionable this last week
The elements of real business de-
preston are not present. There is
no credit overStrain, but on the con-
trary, credit conditions are the easiest
the country has ever known.
Only Moderate supply.
There has been no oyeraccumula-
tion of high-priced goods in the hands
of merchants and manufacturers, such
as helped bring about the catastrophe
of 1920-21. Even there has been no
period of excited buying at rising
prices like there was in February and
March. 1923. The whole trouble is
that there has been overproduction in
certain quarters, and that. to correct
this, there has to be a cutting down
and a lowering Of prices This has
been going on for the last two
months. and with little doubt it will
have to be carried further. But the
decline of ten TO twenty points on the
stock exchange from the highs of
January must be considered as hay-
ing done much in the way of dis
counting these changes.
Evening star., 1924-04-12
COTTON MARKETS.

NEW YORK. April 12-Cotton fu-
lures opened firm; May. 31.30; July,
$3.50; October, .25.S5; December. $3.50;
January, PASS.
The market recovered a good part
of yesterdays losses at the opening
today, owing to relatively firm Liver
pool cables reports of rains in east
ern and central sections of the belt,
higher foreign exchange and reports
that the German government had ac-
cepted the Dawes plan for repara-
tions. Renewed covering by old-crop
shorts sent May to 31.59, or 62 points
net higher. A better demand for
crop pos lions also carried the
vance of SO points. First prlces were
25 to 81 points net higher, and the
general list showed net advances of
81 to Sd points during the early trad
ing
NEW ORLEANS. April 12.-Cotton
futures opened steady; May, $3.50;
July, 1858; october, 2S.2o; December,
24.S5; January, 24.70.
The market opened higher in sympa-
thew with strong Liverpool cables, ia
vorable British boards Of trade returns
for March and the report that Ger
many would accept the provisions OF
the Dawes report. Trading was very
active in July and October. First
trades showed gains of 81 to 30 points
over the previous close, and the mar
ket continued to advance immediate
iy after the opening call, until May
traded up to 31.75 and July to 29.93,
or Sc and So points, respectively,
above yesterdays close, October con-
tinued to trade around the opening
price Of 25.25, or 80 up.
LIVERPOOL, April 2.-Cotton-Spot
fair demand; prices easier. Good mid
ding, 1887; fully middling, 1912;
middiing, 1892; low middling. 1907;
good ordinary, 1907; ordinary, 1857.
Sales, 5000 bales, including 5000
American. Receipts, 5000 bales, all
American. Futures closed steady
April, 1879; May, 1s.47; July, 1916;
October, 1881; December, 14.S3; jan
uary, 1856; March, 1852.
Evening star., 1924-04-12
MODERN MAGICIANS
BRING RAIN AT WILL
One Works in California With
Secret Chemicals, Other by
Electrical Machine.
Special Dispatch to The Star.

special Dispa tch TO The Star.
SAN FRANCISCO, April 1O.-Has
science finally triumphed over the
elements and evolved means of pre-
venting devastating droughts in the
future? A lot OF ordinarily level
headed people here in California, in
Guiding thousands Of farmers, are
asking themselves that question to-
day after two seemingly successful
attempts at "rainmaking" in the last
ton days, which saved California
farmers millions in crop losses.
Down in the Hanford district of the
lower San Joaquin valley the farmers
hired one Charles NJ. Hatfield. self
styled rainmaker of Los Angeles. to
open the heavenly sIuice gates for
them. His contract called for $4,000
an inch for all rain he could pro-
duce up to four inches Nothing was
to be paid unless and until the rain
was delivered. Today Hatfield has
his check for $4,000 and the farmers
arc appealing to him to call Jupiter
Pluvi1s off the job.
Has Saved Crops.
Here in the San Jose district, which
is the heart of California's big prune
and apricot growing industry, an
other desperate group of soil tillers
set W. j. A. Collonan, a San Fran
cisco electrical engineer on the Job.
Collonan has not produced" as much
rain as Hatfield did, but there has
been enough in the few days to save
the crops.
The methods of the two rainmakers
are utterly different. Hatfield pro-
ceeds by setting up a tall tower, on
the top of which he sprinkles certain
Isecret chemicals. Gases from these
chemicals, he claims. act upon the
upper air strata in such a manner as
: 10 release the moisture and precipi-
Etate it as rain. Indeed, his recent
was followed by hail
as well as rain.
Uses Two Machines.
Collonan's method calls for the use
of two electrical machines which he
has constructed. Setting these up in
widely separated spots, he claims to
be able, through high-frequency i'm
pulses, to control atmospheric pres
sure and thus cause precipitation.
Many Of California's Savants are
inclined to scoff at the rainmakers,
particularly at Hatfield, who jealously
guards the secret of his process and
is frankly in it for the money he can
make.
CoIlonan has more supporters.
Among them is Father Jerome Ricard,
famous padre of rains" who for
thirty years has been forecasting
California weather with startling ac-
curacy, through study of the suns
spots. Collonan says he hopes eventu-
ally to perfect his method so that
he can control not only rainfall, but
the matter of froStS as well.
Evening star., 1924-04-12
DIVIDENDS.
COMMODITY NEWS
WIRED STAR FROM
ENTIRE COUNTRY

PITTSBURGH, April 12.-Close bid
ding rules in structural steel and re-
vised bids are requested in almost
small. Plain material prices are 2.4o
cents to ESQ cents base Pittsburgh
SHREVEPORT. La. April 12.-Re-
covery from the damage done by the
recent storm is shown in the i'm
provement in oil output of Arkansas
and Louisiana this week, which rose
to daily average OF 169.440 barrels,
a gain of 5,493 in average daily pro-
duction. Thirty-two new wells added
16,4oO initial production
AKRON, April 12-Curtailment of
automobile production threatens to
affect tire output here. Local manu-
facturers are discussing the possi-'
bility that the present capacity out
put of 10000 tires daily may prove
the peak of the year; Original equip
ment absorbs about 20 per cent of the
Akron tire output
PHILADELPHIA, April 12.-work
will start in the next few weeks on
the largest power station in the
world, Whlcn Will DC Dullt mere by
the Philadelphia Electric Company
1t will be equipped with twelve
so, 000- -hlowatt turbo generators.
DENVER, April 12.-The United
States forest service will plant 1,000,-
600 young evergreens in the Colo
RADIO national forests this spring.
WINCHESTER, Va, April 12.-Con-
tinued cool weather is cheering fruit
growers. Young buds have not had
a chance to swell, hence will not be
damaged by a late cold spell
CLEVELAND, April 12.-Following
the acquisition of the Newman Com
pany of Chicago, the Bond Clothing
Company of Cleveland, with stores
in fourteen cities, has announced
plans to extend it's chain of stores
and factories throughout the coun-
try.
SAN FRANCISCO, April 12.-Cali-
fornia's 1923 olive crop now being
marketed will total approximately
$1,000 tons, according to the Cali
fornia's Olive Growers Association.
Prices are lower than for several
previous seasons
Evening star., 1924-04-12
NEEDS YEARS FOR SURVEY

Five to ten years would be re-
uuired to conduct a survey of the
nations railroad freight rate struc-
ture to determine what adjustments
should be made, Commissioner Esch
of the Interstate Commerce Commits
sion today informed the House COM
merce: committee.
Reiterating his opposition to the
Hoch resolution, designed to bring
about a general revision of rates. Mr..
Esch said the cost of the inquiry
would be considerable, falling on the
railroads as well as shippers, and
would have the effect of increasing
transportation charges.
The commissioner insisted the In
terstate Commerce Commission was
doing its utmost to correct inequities
in fssixht rates.
Evening star., 1924-04-12
CALVARY WOMEN MEET.

The Woman's Missionary Society of
Calvary Baptist Church will meet in
the adult room of the Sunday school
house next Tuesday morning at IL
o'clock. The speaker will be Miss
Clara w. McQuown, who will tell Of her
personal observations in the far east.
Mrs. E. G. Mason will lead the devo-
tional service; Mrs. Ruby Potter will
be the soloist, and Mrs. George A
Ross, hostess. Luncheon follows the
morning session. Women of other
churches invited.
Evening star., 1924-04-12
CANADA RAILWAY BOND SALE

MONTREAL April 1.-THE Cana
dian Pacific railway has announced
the sale of s12.000,000 of its ten-year
5 per cent collateral trust bonds to
a powerful Canadian syndicate head
ed by the Bank of Montreal.
The sale. road officials announced,
came after a period of ten years.
during which no financing of any
kind had been done in Canada by the
railway.
Evening star., 1924-04-12
NEW YORK CURB MARKET
Received by Private Wire Direct to The Star ONCE

resumed later when weakness broke
out on the big board.
Trading started in the common no
par-value stock OF National Tea, the
ffrst sale taking place at 322, with an
advance of POINTS later. Accom-
panying the listing was the report
that net profits in 1929, after taxes
and preferred dividends, were equal
to $5059 a share on the common.
Oil shares, after early improvement,
were under slight pressure, especially
Standard of Indiana and Ohio Oil.
Evening star., 1924-04-12
FOREIGN EXCHANGE.
By the Associa ted Press

BY the Associated Press.
NEW YORK, April 12-Foreign ex-
changes irregular. Quotations Gin
United States dollars): Great Brit
ain, demand, 4.33 5-16; cables, 4.s3 GIG;
sixty-day bills on banks, 4.31 Lie.
France, demand, .06o4; cables, .o6o6.
Italy, demand, .0444: cables, .0444h.
Belgium, demand, .0512; cables, .0514.
Germany, demand (per trillion), .22.
Holland, demand, 1922; Norway, de-
mand, 1872: Sweden, demand, .2639;
Denmark, demand, 1861; Switzerland,
1888; Spain. demand, .1345; Greece.
demand, .0174; Poland, demand,
u0000012; CzechosIavakia, demand,
.0296h; Jugoslayia, demand, .s124A;
Austria, .000O14; Rumania, demand,
.0052%; Argentina, demand, .3312;
Brazil, demand, .1130: Toxic, demand,
.41H Montreal, .9S 1-16.
Evening star., 1924-04-12
DIR. MONTGOMERY TO TALK.

Palm Sunday will be celebrated ap-
propriately at the Calvary Methodist
Church tomorrow. At the morning
service DR.. James Shera Montgomery
will deliver special sermon on
"Jesus-The King BY Divine Right"
The choir will render special music.
At pm. the choir and quartet will
give "The Crucifixion.'
Evening star., 1924-04-12
COTTON FUTURES AT CLOSE.

NEW YORK. April 12.-Cotton fu-
lures closed steady-May, St.14 to
s1.17; July, 1866 to 1858; October.
1851 to 1855; December. 25.os to
25.o5; January, z4.7e to 24.78.
futures closed steady at net advances
of to to IS points Close: May.
312s-31.35; July, 2s.46-2s.51; October,
2495-24.9s; December, 24.65-24.65; :;
January, 24.45.
Evening star., 1924-04-12
BY WILLIAM r. HEBF,ERNAN.

NEW YORK, April 12.-The report
that Germany had accepted the
Dawes committee proposals did not
appear to have an important influence
upon operations in today's brief ses-
sion on the curb exchange. 1t did,
however. check operations for short
time at the start, but selling. was
Evening star., 1924-04-12
BALTIMORE DAIRY PRICES.

BALTIMORE, April Il Especially
Live poultry-Young chickens, pound,
25a35: leghorns. 25a30; winter. 40a45;
springers, 50a55; old hens, 25a2S; leg
horns, old, 24a25; old ROSTERS ~;
ducks, 25a34; pigeons. pair, 45a5o;
guinea fowls, each, 30a60.
Dressed poultry-Chickens, pound.
2Sa35; ducks. 30a35; old ROSTERS lea
IT: capons, 35a45.
Eggs Gloss off)--Native and nearby
firsts, dozen, %; southern, 81; duck
eggs, AZ.
Butter-creamery good to fancy, SO
a42; prints, 42a44; nearby creamery,
35a3S; ladies, 30a32; rolls, 2sa2S; store
packed, IS; dairy prints, 26a2S; proc
ess butter, 36a37. ..e
Evening star., 1924-04-12
Times Changes.
W
From Life.

From Lie.
Mrs. Nuwed-Do you look in your
husbands pockets, thinking he might
be getting love letters from some
other woman?
Mrs. Gayboy--No, dear, When you
have been married as many years as
l have all you'll look for is the change
left out of q fyespot
Evening star., 1924-04-12
HALTs WORK UNTIL APRIL q.

LUDLOW. Mass, April 1.-THE
plant of the Ludlow Manufacturing
Associates, jute products manufac-
turers, employing $500 to 2,Soo per
sons, was closed today until April FL
No reason was given for the closing.
Evening star., 1924-04-12
WILL DELIVER TWO SERMONS

The pastor of the. Church of, the
Pilgrims. Rev. Andrew R. Bird, will
preach tomorrow on two questions
suggested by the Bible account of
Palm Sunday. At IL am, would
Our Lord Jesus Approach Washington
With Joy or With Tears?" 7:30 pm,
Does the Savior Need My Co-opera-
tion%'
Evening star., 1924-04-12
REV. BULLOCK TO PREACH.

Rev. George o. Bullock will preach
at Third Baptist Church, 9Th, and Q
streets northwest !. tomorrow, at IL
a. m.,.. on Christ Moved the City"
At 6 P. NJ. the Christian Endeavor
will be led by Miss Mary Samuels
and at 8 p. m. The sermon is "The
Joy of Salvation"
Evening star., 1924-04-12
PRICE OF LEAD REDUCED.

NEW YORK, April 1.-THE Amer
lean Smelling and Refining Company
today reduced the price of lead from
$50 to S.25 cents per pound
Evening star., 1924-04-12
N. Y, BANK STATEMENT.

NEW YORK, April 12.-The actual
condition of clearing house banks and
trust companies for the week show a
deficit in reserve of S8,5S2,370. This
is an increase of $2,573, ,120.
Evening star., 1924-04-12
BAR SILVER QUOTATIONS.

NEW YORK, April 12.-Bar silver,
ga; Mexican dollars, 4Ss.
LONDON, April 12.-Bar silver.
cent. Discount rates: Short bills 3
per cent; three-month bills, as per
cent
Evening star., 1924-04-12
Wings Are Invaluable.

J. ]. Montague in Kansas City Times.
If the robins had to come from the
south over the roads in that section
they'd never get north.
Evening star., 1924-04-12
RoSTpN STOCK MARKET.

BOSTON, April 12.-Following is u
list of today's highest, lowest and
closing prices for the most active
stocks dealt in here:
Evening star., 1924-04-12

The yard and the pound are the
only two Independent standards for
weights and measures
Evening star., 1924-04-12

Z. NEW YORK, April 12.-FoIlowing
is an official list Of bonds and stocks
traded in on the New, York Curb
Market today: