Evening Star Newspaper, June 14, 1921, Page 23

( tures of the Day's Quiet Trading. r BY STUART P. WEST. NEW YORK, Jane 14—Yesterday’s indications that the stock market had Teached a turn were borne out by to- day’s price movemenf. This did not refer indiscriminately to the general list. There were a number of points of special weakness, which were a re- minder that a good deal of unfavor- able news in the shape of dividend cutting and poor earnings reportsatill lies ahead. But _the greater part of the indus- trial list and a fair percentage of the railroads continued to rally through the early part of the day in a manner to suggest that the speculative cam- paign for lower prices had been sus- pended because the experienced oper- ators back of it realized that they ‘were meeting with formidable oppo- sition. Rafls Check Recovery. For a time the recovery was held in check by another outburst of selling in Northern Pacific and Great North- ern preferred, which represented Wall street’s forecast that the rate of dis- tribution’on both these stocks will be reduced. It was significant that they both reached prices which put them on a level with other old-line rails paying 5 per cent. The weakness in the Hill shares caused some selling of other rails during the first hour. Then the buy- ing movement was actively renewed in_the industrial stocks, which had led the way in yesterday's rebound ——Studebaker, American Wool, Mexi- jcan Petroleum, Central Leather, the tobaccos and some of the American oils. Steels and sugars went along with the rest, but more perfunctorily, because their trade situations still ap- pear some distance off from the turn- ing point. Money Rate Drops. The main incident in the news of the day was a further reduction in the call money rate, this time to 5% per cent. Such action has been fore- shadowed, to be sure, by the free of- ferings of this class of funds in the outside market as low as 5 per cent. Still, coming the day before the heavy tax payment and distribution of liberty bond interest, it was a rather remark- able Gevelopment. A fortnight ago there were many who were predicting considerable of @ strain over this period. The ex- planation for the easing of the money market is threefold—first, that interior banks have ceased to draw down their New York balances as they were do- ing at the outset of the month; sec- ond, that funds involved in some of the recent syndicate offerings have now found their way back to active use, and, third, that the credit supply has been increased by the liquidation and heavy decline on the stock exchange. Studebaker Leading Faector. Studebaker plainly was the leader from which the entire market took its cue. The big reaccumulation in the stock ocurred just under 70. Bear traders found, when they offered the stock down below this figure, that it was very readily taken. There is no doubt that the buying came from the same interests which were re- sible for the move across 90 in erday asernoon Studebaker was pacemaker ana looked as it did two months ago, when it was being pushed ahead at every opportunity. The same characteristic of vigorous forcing tactics was apparent again has been pointed out several times before that despite the check Wwhich came over the motor industry 2 month ago, Studebaker earnings have held up well and will run about $9 for the haif year. This is at the rate of $1S for the full year, and means that the entire twelve-month dividend will be considerably more than covered from the operations of the first six months. Having a highly favorable statement for the second quarter to look forward to, those back of the market for the stock feel that they have abundant ammunition with which to work. Heavy Selling in Rails. Action on the Northern Pacific divi- dend is expected tomorrow. While it has been given out semi-officially shat no decision has been reached as to what _the rate will be. the street { has been skeptical about these as- i surances right alons. There was very | heavy selling in both Northern Pa- | cific and Great Northern preferred | again this morning. and the fact that both stocks at one time sold two { points under Chicago and Northwes! ern, the dividend on which was cut & year ago from 7 to 5 per cent, and § points under New York Central, pay: {ing 5 per cent, indicated what the market had in mind. | Northern Pacific has not sold where { it did_today since 1900—the year be- ! fore the historic corner—when the { stock was paying 4 per cent Great Northern preferred has not sold at 80 in twonty-five years, when it was on a 5 per cent basis. Passing of Loew Dividend. Passing of the Loew dividend scarcely came as a surprise in view of the low selling price of the stock. It was given out that the manage- ment had been unable to obtain mort- gage money on some of its new build- ings and had to borrow $2.500,000 at the banks. AS a result it was found ry to conserve cash resources pend payment to the share- Loew stock is very widely distributed in small lots, owing to ! the sale of a large quantity some time age to the patrons of the company’s jazo ot Prica cutting_in_raflread equipment { while not so widely advertised as the Pprice cutting in the steel industry, is | Rovertheless going on and It is esti- | mated that quotations will be further Toduced before substantial buying is Attracted. It was figured today that | focomotive prices. while not yet down ' to pre-war levels, are much below the peak reached last year when they { were %5 cents a_ pound. The main T.'ng which is keeping equipment prices well above the pre-war level 15 the nigh cost of labor. LR OIL MARKET. Quotations furnished by W. B. Hihbs & Ce. Bid. Asked Anglo-American Oft O0. (new)... 16% Attantic Refining Co. 45 20 4 Borne-Scrymser Co. - il ¢ Buckeye Pipe Line Co. ¢ Cheseborough Manufac 170 { Ceontinental 0il Co.. 108 Crescent Pipe Line Co.e.o. 29 ; Cumberland Pipe 120 i Pi 80 ! a7 . 93 Tiiin 53 V Indiana Pipe Line Co.. = National Transit Co. b4 New York Transporta 130 Northern o2 xio Ol Co. =8 | Pennsylvania- 5 Prairie Ofl and GAS Cow.-ooees 450 450 Prairie Pipe Line Oo...c.coc.. 162 165 , Solar Refining Co. S 370 Southern Pipe (] Soutn Penn, on & Standard 0il Co. lwnmfky Btandard 0il Co. Nebras | Standard Oil Co. New York.o.. 1z Co. Ohibueeviannns 380 40 100 270 = FOREIGN EXCHANGE. Eelling checks—Dollar values at noon tofuy: i yield to l"l.t.her Jnhnl Kndlcln.-—‘d- LJortisement. 1330 Atlantic Gulf..... Atlantic Petroleun 16% Austin Nichols.... 8% Baldwin Loco..... 7% Balto & Ohio. % Balto & Ohio pf. Bklyn Rapid 'rrn. . 10 Butte Copper..... 4% Butte & Superior.. 1:‘ California Pcl' CaMfornia Petrol.. &% California Pet pf.. T Canadian Pacific.. 110% Case Plow Works. 5 Central Leather. .. Central Leath pf.. 'II'A Cerro de Pasco.... 26 Chandler Motor. .. ‘l% Ches & Ohlo.... Chi Great W pf.... l'l Chi Mil & StP..... 25% Chi Mil &St P pf.. 39% Chi & Northwn.... 6% Chi & Northwn pf. 100 Chi Pneu Tool. . 56 Chi RI& Pacific.. 30% ChiRI&P6%DL.. 61 ChiRI&P7%pt.. 'flK ChiStPM&O Chile Copper. . Chino Copper. Cluett Peabody... 40 0% Cons Cigar. . Cons Intl Cal Min. Gaston Williams. . Gen Asphalt. . . W% Gen Asphalt pf. Gen Electric. Gen Motors. Goodrich. . Goodrich pf. Great Northern pt. m;‘ Great Nor Ore.... Gulf States Steel. . Haskell & Barker. Hendee Mfg.. Houston Oil.... Hupp Motors. Illinois Central. Indiahoma........ 4 Indian Refining... 7% 8% % Interboro Met pf.. 9% Intl Agr Chem.... 7% Intl Agri Chem pf. 38% Intl Mer Marine pf Intl Nickel........ 14% Intl Paper. 56 Invincible Oil..... 18 Iron ProductS..... 27 Island Oil..... % Jewel Tea. . Th Jones Tea. ceem 18 Kansas City Sou.. 24 Kansas C Sou pf 50% Kelly-Spring Tire. 38 Kelly-Spr 8% pf... 5 19 1 tan . 8 Market St Ry pr pf. 38 Marland Ofl........ 1% Mathison Alkili... M4 Maxwell Motors... 2 Middle States ou.. Midvale Steel. Minn & St L (n MinnStP&SS Montgomry Ward. Natl Conduit...... Natl Enameling... i[“ Natl Lead...... Natl Lead Pf.coeee m Nevada Copper.... 11 New Or Tex & M. 53 N Y Central. L4 N Y Dock. N Y Dock pf.....cu 61 NYNH& Hart... 17 Norfolk & Westra. Northern Pacific.. Nunnally Co.. Nova Scotia M- Ohio Fuel...cecees Oklahoma oee Ontario SilVereees Otis Steel.....cene Pac Gas & Elec.... Pullman Co. - Punta Alegre Sug. Pu i'!iafi'E'i!i’iifi’ii“fi;‘i !i§°F!%3’fi'§E§¥i§a"§i!§!i;s§§§§‘“"'fi“ga !Efll Remington Type.. Replogle Steel.... lsg: .3 Bgs §ergavgegyp-n §ll3l§§=§}l_fi. isgss i FELEETEHL L L 2 ¥ FEERU R HL PR Y O U LR R HE SEgisi: g NEW YORK STOCK EXCHANGE. Received by Private Wire Direct to The Star Office.’ RALLY CONTINUED 5= Allled - 0fis and Motors Are the Fea- [ams Noon prices reported to The Btar over direct) Penneylrania Ts of 1030 Nk ‘_‘w"m[ Tt o X Common & Preferred New York-Washis 5 nnayivant 99 wnhLle‘l . . 1o oo ‘:' e “:‘l“"‘ i by medauad “m":‘ Reading generai 100% | Joseph I. Weller £2 Wam. L & Tromt Bought, Sold, Quoted ReplIron & Steel.. 41% 48% 46% 4T |French Government & T13 |8t Touis and San Francisco 60 ) - Inquirics Invited gev Bll:)!nr'l'hrn:k.. T T TR U] (':dv-;men’ of Bwiseriiadda! % | 8. Lonis and Sa Franciaco nc. 6 99 e oyal Dutch. . s | Kingdom ot o ca F Line rofds. ; o7 RVICE SECURITIES Wilkam StJoseph Lead.... 1% i 10% Tw“’ Beasdj Sinciats Cons, O Corp. T 30l | Bear, Rocbuck & o sox || CITIES SE CES J. Hoey & Co. StL&SanFran... 2% 28 224 rthers e 73% | Bouthe H Qu Members New York Btook StL&San Frpf... 30 0% 30 30%|U. K of G B and tresand 3 ,-,: 1957 e A Y | Eoerm Ay i 160 " Bought, Sold, Quoted Ezchange StLouis Southwn. 25 25 2% 4% [ American Tel. and -k" Southern Railway gen. 4s % & €O StLoulsSownpr.. mu 3 = i |Amow s Co onthorn Railway i 0 ten || THOS. W. BRAHANY . SantaceciliaSug. ;3% 2 26| Rt oI Talon Facitc conr. i u 1008 Investment Securities Sax . . tie fini) Co. 8% Unie Pacific 1 53 Sears Roebuck.... 763 7 7T6% 76% | Baltmore ani Ghio cons: 418 United States Rubber 5. 7 %% 510-11 Evans Building Seneca Copper. 15 1% 15 15% | Baltimore Ohio 6s. United States Rubber w,u 98 ‘Washington, D. C. Shattuck-Arizona. 6% 6% 6% 6% | LA Ay oblo B Vit Ol Corpe 75 10 ot Main 6159 5 : thichem " Steel refd Vacaum il Corp. 5 15 Shell Trad & Tran. €3 &2% 2% 42% | Canadian Northwest Virginia-Carolina Chemical % Sinclaie Ol .. 24 214 2% | Central Teather 55, Wion"& Co. Tat ‘sarmme ] LIBERTY BONDS oss-Shemeld. . 35% 34 85% | Central Pacific 4v 1049 R s St Established 1887. Chmtupedks ana Nl BOUGHT AND SOLD FOR cASH HoBortol RicoSug. & 45 v’lfi}:",t."- 258 Oblo son: SHORT-TERM SECURITIES. ‘e Also Lenm fberty Bonds DAVID 3. HOWELL & Sox., e o Chesapeake and Ohio conv, % Re] 'd by Reds d & Co.) Engineers, Unl Trast bl 3 Southern Railway. 19% 19% i Qe e _. (Ramoctediby Bedwmond & Co), G e hbertyBond Exchmge Ten i The Mepicts eutany o tanian] Southern Ry pf. “ d SE. Paul refd | American Tl and 7ol 6g 1022 974 #T4 o ik e m development. of subufoan propercies. - onss ot Mi and St Paul cont. &5 15 | American T "ana e e 1 98 % -W. 284 pavements) Wate works und sewersge Rock Island and Pacific refds. 4s.. 64% | American Thread Co. .,"’x;?.', - 100 = - ‘ago Union Station 6l 1013 | AT ican Tobacce Co. Ta 10230 903 w?z ;g:\t fimeflr;n m-«m ('"r.z; 1923, m& ~ o A.rl:.llt:nAm;r}‘unfill" 5 % o8 A ‘0. T8 % o | cofl el S Solanas ool o StN S John L. Edwards & Company 33% | Tilinois Central 5% 87 z 284 L 8 20% 116% 89% ms% United Retail Strs. 567 M USCast Ir Pipe... 13% U S Express. .. . % 6'31 U 8 Food Prod 19 18 B5% 4% 5% % 31% U S Steel..... 6% U S Steel pf. 107% Utah Copper 5% Utah Securitiés. 10 10 Vanadium Corp... 21% 0% Va-Car Chem..... 6% B4 Vivadou.... - T A Wabash. 7% T Wabash pf A . 203 20% Wabash pf B...... 13 13 Webber & Heilbr.. 124 12% Wells-Fargo Exp. 55 52 Western Md. 9% 9% Ve 2% 26% Western Union.... 87 & Westhse Air Brk... s1 1 Westhouse E & M.. 45 s Wheeling & L E. 8% 9 Wheeling & L Epf. 15% 15% White Motor. Uy White Oil... 5 10% Wilson Company.. 35 3 Willys-Overland.. 7% 7% Willys-Ovld pt % 3% Woolworth. .. m Worthington Pmp. 4 5% High. Low. Last. Call Money..... * 6 bl bla HOURLY SALES OF STOOK! 1l1am. 195 700 1p.m..... 519 400 CAPITAL TRACTION AND GAS LIGHT ARE FEATURES Stocks and Bonds of Both Compa- nies Charge Hands in Day’s Trading. Stock and bond sales of the Wash- ington Gas Light and Capital Trac- tion companies featured the trading on ‘the local stock exchanze today. One hundred and fifty-three shares of the gas stock chang-d hauds at prices ranging from 43% to 44%. while after call cash sales of 62 sharcs of Capital Traction were made at $8. In the early trading, ten shares of Mergenthaler ~Linotype brought 119%, !E%’iii“ii'i‘i'éfi!!*ifii"iiiafii;i“"ui‘f and after call ten more shares of the stock brought the same price. Six $1,000 Capital Traction cent bonds were sold at S7; one $1.000 | || Potomac Electric Consolidated 5s at | 831% and two $1,000 Washington Gas Light 7%s changed hands, one at 102% and one at 102%. SOUTH PENN CUTS WAGES. PITTSBURGH, June 14—Announce- ment was made here today of a wage reduction of 10 per cent, affecting some 3,000 officers and employes of the South Penn Oil Company in New York, Pennsylvania and West Vir- ginia. Employes not affected by the reduction were those whose incomes had not been increased 10 per cent over the 1917 scale. . OMAHA DEFERS DIVIDEND. NEW YORK, June 14.—The Chicago, St. Paul, Minneapolis and Omaha Raflroad today deferred its semi-an- nual dividends on common and pre- ferred stock until September pending adjustment of accounts with the government. LONDON WOOL FIRM. LONDON, June 14.—The wool auction sales were continued, with offerings of 10,562 bales. Good grades were firm and active at unchanged prices. Lower sorts were quieter and irregulas You Show Good Judgment When You Invest in FIRST |MORTGAGES They give you freedom from worry and annoyance and yield 7% In Denomlnnl}ons of $100 Safety is unquestionable when placed by Shannon & Luchs, 713 14th St. Republic External Loan 20-Yr. 7%9% Gold Bonds Due 1841 Direct obl on of the French (lowmm'. not be-: called. Strong sinking fund payments. Offered, subject to prioe-sale, at a price to Yield over 89 Ofrciiar on request for ML-397 &atxonalfity D. C, TUESDAY, TODAY’S BOND PRICES. JUONE 14, 192L H. J. Hel 'h!-"by FINANCIAL. .23 Dunn-Penn of Trost ou Real Eweate. International Mercantile Inter. Rapia Tranwit 1st and ref. Loulsville and Mo., Kans. and Misiouri Pucific general 4s. New York Central 7s 1980, New York Central deb. e ow York Telephono de Pennsylvania Pennsyivania R. s 1068, R. MEMBERS: Give-up business invited EQUITABLE Co-Operative Building Association Organized 1879 41st YEAR COMPLETED Save If You Would Succeed —Save as you earn, and yon will begin to get alead in a fnancial way and be prepared for emergencies that may e Teter! Subscriptions for the | 81st Issue of Stock Beiag Recelved Shares, $2.50 per Month 4 Per Cent Interest New York Stock Exchange Normal Times 111 Broadway, New York 7 % Washington Office N | rie, meniser o o, COLORADO BUILDING N || ¥iiPiraw 3% hrousil the seurs when lower interest rates pre- Telephone Main 1603 V2 fhe shrewd Investor is look- G, B. CHIPMAN Sflu—['::‘r:::“—cléunl— Manager 813 Fifteenth St. N. W. Chicago, B 1. & P Gin G ot New York 8 1 Copper oA Qopper Export A7 8 102 R 2 6. and Bt. Louls 6 1920, 85 1924 Intere:t on Safety Plus Investment As America Returns to ing ahead. Amounts $250 up. Allan E. Walker & Co., Inc. Main 426 the dividend be followed by other corporations that look to the farm for business? We have studied this situation and have important data of wvalue to you. is Chalmers 9 Earned at the annual rate of $7.52 on the common stock in the first quarter this year, We have interesting addi- Members New York Stock Exchange Washington Stock 1416 H Street Northwest Washington, D. C. under the management of MR. CHARLES CARROLL MORGAN Formerly of * RAILROAD, MUNICIPAL, PUBLIC UTILITY, INDUSTRIAL, UNITED STATES AND FOREIGN GOVERNMENT BONDS Morgan, Williams & Company, Inc. —your rental property will be given close supervision by our own organization, which has specialized in this business for over a quarter of a century. During this time, we have improved our methods con- stantly as a result of experi- ence obtained, and we offer this experience to you at no additional cost when we man- * age your rental property. B.F. SAUL CO. Property Management 934 N. Y. Ave. NV, N Travelers’ Checks Deposit Boxes Open Until 5:30 P.M. Tomorrow and Thurszl:z_y Being Forever “On a Salary” —is not a pleasing prospect to the up-and-going type of American. wants a wider field, bigger oppor- tunities, a business where he's boss— there” and to money. Trust “get Dept. Safe so, you're the OFFICERS: GEORGE W. WHITE jueee comeass oeo- - President 0. H. P. JOHNSON ..oceoomemanne- 1 Are YOU saving for a purpose? If whom Washington’s OLDEST Na- tional Bank wants to join forces. Get acquainted here This Pay Day. One Dollar identifies you with Our Savings Dept. | He he saves his thrift-worker with senssaecacasreneniansnnsnsvranrirssannl® DIRECTORS: JoE¥ MOORE 3. BUGB REILLY EQUITABLE 915 F St. N.W. HLING, JF. «oomenmme- ¥. GUDE LAWRASON RIGGS Slooal ind 2: : I:::"“E—‘" oo emem e ee O Bormiine gvu N SAUNDLRS : Write and ask for §3-W J. GALES MOORE B B Siraivan t BUILDING P CHAS. E. BRIGHT RUDOLPH KAUFFMANK C) G. SMITH, Jr. A DILLON 23 CO. - i . | STOCKS—BONDS B 32 Broadway New York you will find numerous investors in our First Mortgage Notes on improved Washington real 1f you inquire, you will be likely to fmd they have added recently to their holdings. This tendency is quite general among persons who have divided their capital between our mort- gages and other investments. financial depression, as is always the case when values fluctuate, the steadiness and absolute reliability of these notes make a strong appeal. estate. Swartzell, Rheem & Hensey Co. Rate of Interest Paid on Large and SmaH Accounts. 55th Among Your Associates 727 15th Street N.W. Washington, D. C. The Nation’s Home Town 53 Years Without Loss to an Investor Capital and Surplus, $2,000,000.00 Does Vacation Time Find You Financially Unable to Have a Respite from Work? Make up your mind to remedy the another summer— become a depositor forthwith at this situation before interest-paying bank. ([ Practically any sum will begin an account at this old bank, which offers to all its 41,000 depositors the same protection, service and friendly counsel. OFFICERS WILLIAM D. HOOVER...........President W'OODBUBY BLAIR..First Vice President FRANK W. ETO! Second Vico Preaident CHAS. ERCIVAL WILSO! FRANK RULLMER Asst. DIRECTORS ‘Woodbury Blair James A. Buchanan William ‘Whalter C. cleplnno William V Cox Willlam E. Reginal At the end of a H. Prescott Gatley ‘William D. Hoover 'A._H. Church Victor Kauffmann Charles Minshall Edmonsto! ds.nuldekopar Henry K. Wi National Savings & Trust Co. Oldest Saving Depository in Washington. Corner 15th and New York Ave. Open at 8:30 AM. Every Business Day National Metropolitan Bank Capital, Surplus and Undsvided Profits Over $1,500,000 15th St., Opposite U. S. Treasury—107 Years Old You DON'T NEED A PASSPORT FOR CANADA— Butyouduneedquxk,mhflblemflnsofobunungfimdswdmutunymgxnnl laround with you. Let us supply you with Travelers’ Cheques—univer- throughout the world. Then you need have no concern about sall amepmd loss{&lcfi,ord:hrmenashmmn 15th Street at HOME SAVINGS BRANCHES th Street and Massachusetts Ave., N.W. *Eighth and H Streets, N.E. ¢ AMERICAN ¢ SECURITY & TRUST COMPANY of these dates falls on Sunday ora holiday, the bank is open until 5:30 on the following business day. On Saturdays we close at X nonn,hudnszn:l,thnst.mdSmdn west Branches are open Saturday evenings - from six to eight. Pennsylvania Avenue . 436 Seventh Street, SW.