Evening Star Newspaper, June 12, 1921, Page 27

FINANCIAL, WISE POLICY MAY SUGGEST - PASSING CORPORATE DIVIDEND { il ; Conservation of Resources May Be Neces-|™= sary to the Weathering of the Lein Year. Financial News of the Week. 1 BY L A. FLEMING. There has been much disappoint- the discount, as the case might be. ry year emormous sums of cur- rency were shipped from New. York ! ment at the continued passing of div- | eity and other eastern points for the , ldends and declines In stocks, but the | Crop movement, and the return move- | general fecling is that this essential | et would start with the marketing and repayment of bank loans. | liquidation, the mear final unloading | *Not enly was (he oparation asatly “of the “last ditch” security holders, |from the standpoint of axpress and ‘Who have declared their intention to hold to the bitter end, and who, see- insurance charges, but there was no interest return on the funds in the period of transfer. { ing that Ditter end coming nearer| All is changed and different mow. | wnd nearer. have at length decided to | ®ave part of their money—reduce | mothods. The federal reserve systam has | their losses, in other Words. Comparatively little money passes banks in thess days of mod- Not all the dividends that are being | made _{sfld changes in banking, ! cut and passed are of necessity {prced | Practi iminating the transfer ; action. It is a wise corporation that | Of large amounts of money through can tinance itself and doesn't- have |the actual shipmemt of the currency, 10 g0 to the bunks too often or for [just as the checks and letters of 100 large amounts. credit have lessened the need of trav- | _1f it is a lean year for business, it |elers carrying funds. Will be a lean year for corporations. { In prosperity ' many of them were reckless in putling out new securi- ties, and new securities add to fixed charges in a most amazing manner. 1f necessary to conserve the share- Tolders' property, it is much better Tor the corporation’s directors to pass @ dividend, or cut it, that it may be stronger in cash. Many dividends are cut and passed ‘because there is no help for it—it has ot been earned. Not only that, but ihe fixed charges, the payment of in- terest to the creditors of the corpo- Fationm, has not been earned. In a condition of this kind the di- Fectors, if they have been conserva- ’tive and careful, may pass or cut the 'dividend without compunction, but if they have been reckiess it may jar 1he sense of moral responsibility. It may be that some of these cor- porations may be forced to go throush a reorganization and in it &et_down to hard rock basis, but it 35 better for shareholders to know the worst than to be lulled into se- curity, only to wake up some IOrn- ing 1o realize the appointment of a Teceiver. Money has been decidedly easier during the week, despite the large novement of money incident to the 15th instant, when thesecond install- Jnent of iicome taxes must be paid. When miliions of interest and Treas- ury certificates mature and when 3$500,000,000 new government sequri- iies are about to be marketed. Some writers refer to the easier Joney conditions as a market in- fuece. As a real matter of fact money is Mot the cause of the present depres- sion in stocks, nor yet for the exi ing conditions in business, save as it applies to the agricultural com- munity, where the shortness in cash is restricting buying; to the unem- ployed and more than all else to the Toreign situation Adjustment going on In the rail- Foads is full of promise. Wage re- dictions are progressing all over ihe country, especially where col- lective bargaining has not to De reckoned with, and where it has ne- gotiations are very generally on for the needed reductions that the cost of living may be brought down. Big sellers of little things and of Jarger and more important anticles at moderate prices report that their Dusiness is steadily decreasing. ‘The buyers' strike is still on, with #ome loosening of the pursestrings, and it is also a fact that the public 1aste has passed from the era of Juxuries to the era of necessities. Reference has been made in this wolumn to the emormous flotation of foreign securities in this market, ‘until there has again developed a Stage of undigested securities, as a Fesult of thess and domestic issues. The proceeds of foreign securities smarketed here are not used in the | slightest toward advancing our own dndustrial interests—that is, no part | Bankers' ©f the proceeds are used for the pur- | <hase of either raw or finished prod- wets. In every section of the country financial men are considering what they can do to advance the sale of | products, to the upbuilding of for- | eign trade, to the disposition of the | surplus production, the need of in- creased production’ and the employ- ment of American effort. 1t is encouraging to find that the ad- ministration will take a hand in this Security business. Bankers and bank- ing syndicates, with sure profits, hesi- tated to give approval to such action, but no more loans to foreign govern— ments will be made until the ap- proval of the administration has been Becured. Nor will the co-operation between the government and the bankers carry any assurance of the venture. A conference between bankers and the adminisiration to discuss the latter's policy on business and finan- cial matters will be held in the near future, with western bankers being &iven ample opportunity to be heard. Naturally the viewpoint of western financial interests will vary somewhat Irom that of the eastérn contingent, as the former are not promiment in the disposal of foreign securities, but know the needs of the great @nd cattle raising sections. i These Harding gatherings with portant men in the business world ars ® £ : 2 S 13 8 H d through combined effort. It cannot be ao- complished in a month or a year. It took five years of inflation, of high ! prices, reckless spending and junk- ing of the railroad systemsof the country to create the conditions that led to deflation and hard times, and it will take months and, mnormal. President Harding but follows the lustrious sors in his business discussions, an: it is evident that he is so much in . earnest that he will find a way, and the whole strength and resources of the government will be placed back of it when assured that it has been i M displayed finan- Secretary Mellon has cial ability not unexpected in the $500,- and reissuance of Treasury certifi- | cates, and it may be taken as an as- s . g 3 g L BB %flt g & W iz (4 § g § ¥ i H at a lower rate will be marketed be- | Bothlehom Steel ruf. 06.. .- oe—m=t fore the summer wanes. In evidence of the statement made | Central Leather 58 ... .-~ regarding the condition of money and , Central Pacific relative ease in rates, etc., it is more | evident now than ever that the in- vesting public has stepped out of ‘Wall street and into the avenues of safety, where the solidity of the in- vestmeny, is made the chief study in \ lacing funds and the return there- from secondary consideration. cons. This recalls the statement made by | Dominion of Canada 58 (1981).ecoeome a corporation manager a few days ago, that his concern was sailing close to the wind: that he recognized the | Finoie Contral ret. da. . 22 ——veer i ms of ean signs and symp! = year | Interborough Rapid ‘l'r-""' e & and would seek first a3 cellations, and then business. The “Transfer” of Money. InChe earlier days of banking one Missouri, - the chief troubles of the officials of | Missouri Pacific gen. %‘nn was to transfer money from |Montana Power 5e.. one point to another, which operation, ‘Wwhen necessary, was more or less ex- pensive, according to the amount to e Shipped and the distance between | Normers Faciflc 34 coribers points. It was also controlled in no small | Pacifie Tel. and Tel. bs.... as to cost, by the abundance | Peansylvania consol. €¥8.--eeeemmcmmecn gl’!;:nda at one central point and the scarcity at another. ment of $1.000 currency from New York to Chicago, or Chicago to New York, in the '70s. To Frisco the cost must have been very heavy. currency In transit in those days. Currency was not shipped from Chi- cago to New York, or vice verss, un- Jess warran the Express robberies are less nu- merous, with the government the chief victim of hold-ups now, in reg- istered mail robberies, securities and registered packages of all kinds. while the big liberty bond issues in their transfer and distribution );:v;’ given the thieves a new lease In the olden days there was no such shifting of money as there is in the present, but now it s not the money " itself ' that is shifted, but credit, ownership of the money and the federal reserve system tranafer most of the millions by wire snd without the actual shipment of a cent. - Banks keep big reserves with the twelve regicnal reserve banks and their branch institutions. They may add to by simply going to one region- al bank and depositing for their credit in one of the other banks in the system, where they need the funds. They may have one regional bank credit cash to any one of the others and charge to balance with that bank. - These transfers are accomplished with electrical speed over the wires of the federal reserve system. and cost nothing. The Chicago merchant pays his New York bill with a draft on New York, the Chicago banker wanting to send $1,000.000 to New York will tell the Chicago reserve bank to make the remittance and charge his account—all in a moment by wire. . There is a gold settlement fund Wwith the Treasury of the United States, part of the reserve of the twelve regional banks and branches. Taking from and adding to each of these banks’ shares of this $450,000,000 gold fund is a daily operation. The shipping bank takes a debit, and the receiving a credit—the fund is 000,000 note and certificate OFering, | U 5 2 reapon eoms although It seems he has been over- | U. & . regWtersa. generous in the rate of interest on | U. §. & eoupon- | the three-year notes. It s the initial | Pinama 3, regiared effort to avoid the constant issuance | Panama 3e. the premium~an and Co. cv. “-liknilflts_{"!«km "Bid. $0fsmed, unchanged. An enormous saving of interest resuits from this settiement un, . Every day the gold settlement fund works for the entire country. It is part of the great system that has revelutionized the American currency and banking system. Settlements via this fund have in- creased with each year from 1915, $556,000,000 to $1,933,000,000 in 1919, and in 1920 to $48.841,000,000. A tithe of the old-time interest or exchange charges on the enormous volume of business may well be im- agined, and should be credited to the great em. An average of 712 wires transfer- ring (?) money pass through the New York Federal Reserve Bank daily. Elected a Director. Charles W. Darr, a well known at- torney, has been elected a director the’ District National Bank. Personal Meation. H. A Offutt, jr., cashier of the District National Bank, has returned from a ten days’ outing, during which he motored to Buffalo, and attended three sessions of the Reserve Cities’ on. Leeal Securities. As a rule local securities during the past week have acted well. There has been no sympathy with the weak- ness in New York. Our market, how- ever, has been a local utilities mar- ket only, with utility stocks and bonds moving rather freely at steady prices. COTTON MARKET REVIEW. NEW YORK, June 11.—The cotton t showed more {rregularity than any well defined trend during today's lrldhli and business was attributed chiefly to the evening-up of aecounts for over the week end. e price of October fluctuated be- tween 13.04 and 13.18 closing at 13.15, with the general market clos- ing_very steady, net 4 points lower to 5 points higher. The market opened steady at un- changed prices to an advance of 2 points, and active months sold up a point or two right after the call on reports from London that British coal miners would probably vote next week to return to work Monday, June 20. July was relatively easy, selling off to 1233, or 13 net no change news, the market rallied on a furry of_covering at the close. NEW ORLEANS, La. Jane IlL— Liquidation of the long interest, spe- cial offering of July, which was ac- companted by talk of hr:-'tud::- , and sellin hat - Dt ho lregular weakness in the mayhap, years to bring it back to l.l‘e:::d the ‘mhl\\d o acredes the price of cotton today. Harly example of many il " | tion market, at one and points under the close of —_— NEW YORK BOND LIST. NEW YORK, Jme 1L— 2, FEEIStANed . av cmmema—soemmese- Baltimore and Ohie ¥ . Central of Georgia COBS. B8 emmm—emme-= Copper Qity of Paris 6s......- Denver and, Rio Grande ‘o ... s gen. General Blectrie 56 . Great Northern 18t 4%8. . coneoeoem—eecs New York Central deb. Norfolk ead Westera Pucifis ] Oregon Shart Line ref. 48.-. Ponnsylvania £on. 58 .-« cepmeeemememes Reading Bepetise Tron 8t Louis and Besboard Air Soutbers Beil Southemn Southern Southern Texas . Low. 1921— 2814 3% 4215 395 254 38 1% 874 I 203 7035 6515 35% 207%% 651 371 3 25 8 T 1295 120 1734 53 120 8 4014 2 343 8 2 0l 81 (3 034 347y 681§ 124 9% 204 72 108)5 953¢ 1203 112% 1273 110 87 82 57 93 393 2004 8 2% 3% 24 1074 94 815 T4 5§ T5Y 89 7 2515 4% 21 MY 75 255 82254 _— T M¥ 4 Comp Tabulator.ees 25 — Adams Express — Adv Rumley. Advance R pf. Ajax Rubber. Allied Chemical Allied Chemical pt. Allis-Chalmers..... Allis-Chalmers pf Am Agri Chemioal. . Am Beet Sugar. Am Bosch Magneto. lwawala Am Car &: Fay. Am Cotton Oil. Am Druggist Syn I8l el o Am International Am La France,. AmLinseed. ..4.oae Am lacomoxlvy Am Safety Razor... lalml ol Am Tobacco (B) Am Tobacco pt (n). Am Writing Ppr pf. Il luwoBBoadawenal | Asso Dry Goods Atlantic Cst Line. Atlantic Gulf.. Atlantic Guif pf 1374 2}4 Atlantic Petroleum. Baldwin Loco. Sunoaos Beth Steel (B) Beth Steel 8% Pf.. Booth Fisheries Bklyn Union Gas. Butte Copper & Z Butte & Superior. Caddo Central.. Calif Petrol pf. Canadian Pacific. Chi Mil & St P pf. Chi & NorthWhe.... Chi & Northwn pf... 10026 Chi Pneu Tool 60 ChiR1& Pacific. CRI&PE%HDL... Chi R1& P 7% pf... Chile COPPer. . comes Chino Copper. ..eee Colo Fuel & Iron. Colo & Southern. Columbia Gas- - Columbia Graph. Colum Graphonet pt. 30 llolwlll laalowsallllaalewl IBalallll 7 Consol CIgar e oeae Consol Distributors. Consol Gas. ..ccenee Cons Inter Callahan Crucible Steel oo Cuban Am Sugar.« Cuban AmSug Pl Cuba Cane Sugnr.. Cuba Cane Sug'pf-.. Elk Horn Coal Endicott Johnson, Erie.....cceommesss Erie 18t Df. oommeme Erie 2nd pf.caecemat Famous Players.... Famous Players pf. Fed Mines & S pfeee. Gen Am Tank Corp.. Gen Asphalt. cceeem Gen Asphalt pf.ee. Gen CIERT COuoeems Gen ElectriC. comeee 138K *126 12674 — 344 0 9% 64 62 62 35% 3BY BY— 2% T T 154 — 24 2% 20% 204 — 1% 6 654 68 M MK - K By 2 2 WE— 1K Gen Motors. - . c comm Great Northern pf.. Great Northn Ore. .. Greene Cananes, Guantanamo Sug... Gulf Mob & Nor. coer Interboro Con Inter Agri Chem... Inter Marine. Inter Marine pf.i.._ Inter Motor Truck., Inter M Trk 1st pf.. Inter Nickeleeoemaw . 147 137 1434 Inter PADOT. coceees 0834 Invineible Ofl.eeeas 1836 133 133 — I B B— K Kan City Sou. Ean City Soupf.. Eelly-Springfield.. Low. 36 18K 42% 2014 51% ms 10 0% 6% — B 544 86 a8 b3S llgl,.!lld'. B % 223§ 17% 214 125 16435 136 2735 — 284 {1104 BRA=R &8 i =28 au‘§=a=s§gu§=§§§g.a§.§ & By B 301 1,/ 41 3% 63§ L] 13 84 lel laal ol walllovlaaosnl vl ecew! caoal ol e R e Ta) ow L 3 Texas Co.eeesiimn.. = Texas & Pacifie..... 234 1 Texas PacC &Ofl.. — Third Avenue..—... 16 354 884 Sineclair Consol....., Sloes-Sheffied....... . 6 Southern Pacific.... 8 Union Bag & Papr.. — Union Ofl...coemea 0% 10 Union Pacific. e 119 4 Union Pacific prea.. 65 WorthingtonPump. 41}§ ¢ 46(—3 dividend” ~ " ! % Week ending J Bigh. Kelsey Wheel...... Kennecott Copper.. 203§ Keystone Tire..... 13%4 Lackawanna Steel. 453 Laclede Gas o B4 Lake Erie & W. 13 Lee Rubber. . .9 Lehigh Valley. 51% Loews Inc 123§ Loft Ino. .. 1 Lorillard (P) L 18215 Louls & Nash 10043 Manati Sugar. . AT Manhattan Blev.... 404 Market St Ry prior.. 30 Maxwaell 3% May Dept Store: 84 Mexican Pete 15015 Miami Copper . 25 Middle States 12 Midvale Steel 253 Minn & St L (n) 1 Mo Kan & T pf... 4% Mo Pacific. . 2245 Mo Pacific pt. 4 Montana Power, ... 33% Montgry Ward..... 19 Natl Acme. 20 Natl Biscuit 12 Natl Conduit. o2 5215 % t1 R R Mex 2d. 5 Nevada Copper..... 11! NO Tex & Mex..... 6l 62 6 51 2)§ N Y Dock 313 — N Y New Haven 18% NYOntario& W... 173 Norfelk Southern... 10 Norfolk & Westrn North American Northern Pacific Nova Scotla Steel Oklahoma Prod Orpheum Ciréult. Otis Elevatof..ues. 147 Otis Steel. ., ....... . 1244 Owens Bottle ar - Pacific Develop. 1834 Pacific Gas & Elec.. 51 Pacific Oil. ... Pan Am Petrol. 65 Pan Am Petrol (B). 58Y% Parrish & Bing.... 12} Permsylvania 3474 Penn Seabd Steel. 94 Peoples Gas.... 51 Pere Marquette.... 23§ Pere Marq prior pf. 53 Philadelphia Co.... 31§ Phillips Petroleum. 22% Plerce Arrow...... 22l Plerce Arrow pf.... 48 Plerce Oil. ... 8 Plerce Oil Plevupmew 6234 Pitta Coal. .cvcmmmee 003§ Pitts & West Va.ees 29 Pond Creek Coal. Pressed Steel Car. Pullman Co.... Punta Allegre Sug Ry Steel Spring. 833 RY Steel Springs pt.. *10134 Ray Consol... ..., ‘13§ Reading........... 7% 7 Repir &Steelpt_., 88 54% 520 Royal Dutcheeeee. 50 1 Bt Joseph Lesd..., 12 19} — BtL & San Pran.... 25 St L& San Franpf. 32 St L Southwestrn.., 27% St L Southwn pteo.. 37 Savage Arms. . 15 — Saxon Motors—...... 3% Seaboard AfrLine. 6 Seaboard Alr Lptiy. 10.. 2% 19 = United Alloy Stl. 25 8 United Drug. 905 3034 350 United Drug 1st pr. 413§ 8 United Fruit....... 108% — United Ry Invst.... 9% . — United Ry Invpr... 3134 6 United Retail Strs, - 58} — U S CastIron Pipe.. 15 — U8F00d Prod...... 193§ 8 USInd Alcohol.... 61 - 51 8 64 8§ U S Rubber1stpf.. 99 — U S§meltRefin..... 33 '5 USSteelyeeanaecee 89 7 US Steel pf. Seera 108} 3 Utah Copper...ems 537§ = Utah SecCorp..mmue 10 — Vanadium CorPeee. 29% = Va-Carolina Chem.. 20 8 Va-Car Chem pte... BYK 6 ValronCoal &C-.. 804 = VIVAUQOUmiwmmee 8} — Wabash,.coememw 84 — WabashDfA..ceans 2§ — Weber & Hellbr.oa 13 491 250 Wells Fargo Exp..s 6134 0§ — Western Maryland. . 103§ - WestérnMd 24 pf.4 18% — Western Pacific...« 37§ 7 Westarn Union.—... 88 4 Westinghouse Elec. 48 — Whesl & Lake Bris. 01§ — Wheel& L Eriept.. 18 4 White MotoPemmmme. 343 ~ White Ollcceommiee 11X’ 5. Wilson & Co.ve- 36% ~— Willys Overland.. — ‘Willys OvInd pf. 8 Woolworth........ 6 3524 Week’s Price Range New York Stock Exchange Corrected to the Close of Business June 11, Saturday, at the Office of The Evening Star. 0 11, 1981, Ne une 11, Close. Low. 51 1854 1% 40 51 11 263 4815 10 05§ 147 100 4415 38 a7 29 i 128% 204§ 1 233¢ 1 4 1934 3 49 1754 1834 110 Selllng for both accounts and from | sible extent their cash resources, but | many quarters forced more than 100 | their oil resources as well. stocks to lowest prices of the year. ?| Among steels, equipments, oils, ship- pings and copers, minimum quo- sattons for, o 2° iz ee yes | Our 20-Payment Plan some steadiness on h | relatively moderate liguidation. .,:"l'.,.;":!...’.""p-“;‘.ig"‘:.' attended by confusing | stallments. movements in the leading commodity [ Build an Income With Your Savings alone showed . Few Unfllled Orgers. The fewest unfilled orders for more than two years were disclosed in the May tonnage report of the United States Steel Corporation. Pig iron production fell to the lowest rate in e than twenty years and price cutting in the basic industries be- came more general. A disquieting development, for which convincing explanation was lacking was the slump in foreign ex- In disinterested circles the this originated mainly from Germany’s indemnity payments was accepted with reserve. —_— R. R. Finances Conaldered. . ! Assurances by bankers that few, If LIBERTY BONDS any, loans to Europe would be made| BOUGHT AND SOLD FOR CASH the rest of this year directed renewed attention to raliroads’ financial r pressed that In the next few months 415 — 3, many junior roads would be put to their severest test in the last decade. relaxation of money = 3} rates ‘was shown, nterests believed t and Bcount rates mous tma || “Imvestors and 67% — 254 | present quotations, pending drastic liquidation of grain d 1t I 1 2% lauldation of grain snd eotion Joaus || Traders Guide GRAIN AND PROVISIONS. This 64-page book—sent CHICAGO, June 11—Trade reports on request—explains: of black rust in wheat fields in por- tions of Nebraska and lowa turned The General Rules of Trading i 5734 — 13| Brain traders bullish and made an D Rionte. of Stock aeh i 7| unsettied marke = i 78| Board of Trade today. Compared with Bond Holders—The Deposit |i yesterday's close Jul: | i ~ a2|-gains of from 1 to 1%; < G = 3| 'and provisions wera virtually un- Instructions—Broker’s Com- _ s ‘changed at from 5 lower to 2% high- mission Charges—How to In- ator on your car cools your 2l 1 v rofessional sellers held sway at the vest ine, jus is ¥ - . opening in wheat, bot N e e How to Group Investments. engine, just so is your tem- _ = our of price depression gave way 186~ 3| when the first rast reports came from agents in the fleld. 37% + 4% | the reports by a local authority added to the movement despite his explana- Will you tell us the stock in tion that the rust had appeared onl : are interested in matured winter wheat, and was || Whichyou andie as indicating a possible us give you late market news? % | spring whi and the bears took to cover and continued slow. and it Telephone St. Paul 8451 ed that Germany was out = | age to another’s property. of the market, bat this and the foi { for an upwerd tendency. NEW YORK, June 11— red, 1.72; No. 2 hard, Market I 934 N. Y. Ave. NW. | : 18}4 — 13§ |about _ended. Provisions were dull, but strenthened with grains in the late trading. SEABOARD IMPROVES. NEW YORK. June 11.—Improve- — ¥ |ment in earnings on the Seaboard Air Line continues, according to the aule;nan:htor Ap{'lll. Oper::idonmme"‘- Preferred Stock nue for the month amoun - : 551,336, compared with $3.636.626 for | || 8% Cumulative. 40,000.00 2,500.00 37,500.00 the previous April. Operating income 3 against a deficit of l“l",:ll for April ‘ corresponding perfod last year. This advertisement appears for record only as 5 —%| camapa waEAT EsTIMATES. ||| the above offering has been entirely subscribed to. Zrasr i | WOLBERG & CO., Inc. te. 72%'— 23| The estimate for fall wheat is 708,100 acres for this year, and the area under spring wheat 17,945,000 acres. TO PAY DIVIDENDS 1IN Established 1887, NOT ALL IS SERENE NEW YORK. June 11—Directors of DAVID J. HOWELL & SON, IN THE MA the Cities Service Company have Engineers, Union Trust bldg. RKETS | Gnanimousty approved the iracom- | Town planning. lieports on aod ecomsmient | mendation of President Doherty that |development of suburban properties. Roads - . ports luatiy. Management. ore Than 1 Btocks Forced to | script, instead of In cash and stock. Lowest Prices of the Money to payment of all dividends on its stocks | 4nd pavements at the prevailing rates be made in |8 — Mr. Doherty, in a written statement, was based upon “the present vailing interest and commiy Year. t ! ent ¥ 2 & moralized condition of the oil in-| = e NEW YORK, June 11—The finan- | dustry,” and that the present is the J?seph 1. Weller ash. L. & Trost clal markets were in commotion this | time when all oil corporations should = not only conserve to the greatest pos- | de dividend pay- all monthly in primarily from Write for booklet. We also buy for cash prehensive frozen credits, dividend omissions or | upon conserrative margin 1 s and adverse indusirial OTT & STUMP situation that should be read by all SCOTT {Stock Exenmnge Bldg. Philndeihia 'l?"l hnkll or contemplate buying It will to CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. || Investment Securities 510-11 Evans Building || _WZ"}:"{‘,?;:’,L e KRIEBEL & CO. We Also Lend on Liberty Bonds Liberty Bond Exchange | 14th St. N.W. opinion was ex but conservative ‘on "the "Chicago Real Satisfaction wheat was up Requirements for Carrying Corn_netted ; Oats % (o 1 Stocks—How to Give a Broker Just as an efficient radi- dorse a Stock Certificate— | Call—phone—write {| per cooled with a check Confirmation of for No. UU-446 | | | complete automobile insur- for the northern | | T AR + e ¢ wheat flelds. Then another Telephone—writs—or visit our {| ance policy, which protects j— expert summarised a tour of the win- when Itimore ter wheat country and predicted that B Tou Are n || vyou from loss by fire, theft, 513 | the next government report would in- 433 EQUITABLE BUILDING 2% | dicate a “further shrinkage in the BALTIMORE !l accident or property dam- DIRECT PRIVATE WIRES Change situation R shadowed by the domestic crop news. || New York Chiogo Boston Fhiladelp) Hedging operations brought July || ~Fitsbarsh Detroit Bal i B.F SAUL CO ] Rk faliing of i meowipta | i i . ng of in Ipts i and the strength in wheat both made JONES & BAKER Antomobile Snserance Members New York Curb No. 2 mixed, durum, 1.70 _c.if track New York to arrive, and No. 1 Manitoba, 1.88 c.Lf. track New York first half June shipment. Corn—8pot, steady: No. 2 white and No. 2 yellow, 83%. and No. 2 mixed, 83% clf New York ten-day ship- ment. Oats—Spot, quiet; No. 1 white, 493. Oats followed corn and wheat, being lower early and higher later. bhold that 1 e $75,000.00 WashingtonIce Manufacturing Co.. WASHINGTON, D. C. iquidation has Public Authorized Onatstanding Offering Common Stock.. $100,000.00 $62,500.00 $37,500.00/ The purpose of this issue was to finance the con~ struction of Plant No. 2. of last year. For of this year the WASHINGTON, D. C. A Petroleum Investment Exceptional Merit -A well known Petroleum Engineer, who individually owns and operates one of the largest Oil-Producing Properties in the mid- continet field, the oil from which is marketed through his own Pipe Line, believes that now is a highly opportune time to erect a Refinery, thereby forming a complete cycle in the Industry, viz.: PRODUC- ING, TRANSPORTING, REFINING and MARKETING. The Producing Property comprises 3,230 acres, said to be the largest individually owned, solid block of proven acreage in the mid- .continent field. There are now 46 Producing Oil Wells, and new wells are being bqn_;pleted on an average of one per week. The owner is the discoverer of the field in which his holdings are " “located and has spent four (4) years and approximately $700,000.00 ‘in'bringing the property to its present state of efficiency. ‘Unfavorable banking conditions necessitate seeking the co-opera- tion of individual capital, thereby affording discerning investors an unusual and highly attractive opportunity for the profitableuseof their idle funds, with absolute security. The advertiser is regarded as one of the most successful independ- ent Oil Operators, and is prepared to furnish the highest Banking, Trade and Personal references. - Insofar as it is possible, particulars will be furnished to interested ', parties by the advertiser at a personal interview. Kindly address:’ ot PETROLEUM ENGINEER Box 220-R, Star Office ! explained that his recommendation Secured by First Deed of Trust oo Real Bemin. > Sl bids. 3tk ali § wW,, from us if you carry our I'. fafarhyd n fy1} shitatasia®ad & .‘lfi.b !"5 ' [ ‘l fo,t L ‘.','( A' A Ly e 5] o [} 4 A SUAAN - ) *!;l%lut;‘;‘hfiv 2> o