Evening Star Newspaper, May 25, 1922, Page 29

FIN TRADING SLOWSUP: | GAINS AND LOSSES Rails Generally Easier and | Neglected—Money Easy. - | Minor Stocks to Fore. BY STUART P. WEST, NEW YORK, May 25.—Discussion . today was chiefly busy with the effect s upon railway earnings of the 10 per cent rate reduction and the postpone- ment of the Bethlehem Steel-Lacka- L ‘wanna Steel merger pending investi- gation by the Department of Justice. Opinion was divided on the subject of the new rate schedules. Evidently some speculative holders of rail stocks were intimidated into selling by the unfavorable comment which appeared from some of the railroad executive But the best judgment still fastened upon the conclusion that so long as the Interstate Commerce Commissfon stood committed to a 5% per cent re- turn on property value, there was nothing to be concerned about. If the new rates do not produce this re- turn, there is an implied promise that they may be revived upward enough to repair any deficiency. Rail Shares Semsitive. Railway stocks and the lower grade of bonds were somewhat more sensi- tive than they had been Wednesday, but_there was no important decline. After losing a half point to a point in the early dealings. the general run of these securities was simply left alone, while attention was directed 10 a fresh series of pool operations in low-priced rails and the industrial section. ¢ _ Naturally, the enthusiasm for “steel mergers” was chilled by the news + that the Attorney General proposed to look thoroughly into such combi- nations before giving his approval. There was hasty unloading by the speculative following in stocks like Republic Iron and Steel and Midvale. But this did not discourage the bid- ding up of a number of other indus- ¥ trials. Call Money 3 1-2 Per Cent. Call money was somewhat easier again, with the rate on new loans down to 31; per cent. There was no change in time funds, the market re- maining on a 4 to 4 per cent basis; that is, quarter of a point up from last week’s extreme low. The signs of a halt in the invest- ment market were again quite plai Liberty bonds. foreign govern- ments and the higher class of rail- way mortgages were all virtually siationary. New capital offerings, however, the largest of the week so o far, found a ready market. Minor Shares to the Fore. Revival of speculative interests in shares which are not ordinarily very prominent in the deaiings caused some notable advances. Meantime the rec- ognized leaders fluctuated within a very narrow radius, but with the un- dertone steadier than in the morning. Burns Brothers A and New York. Chi- cago and St. Louis first preferred im- proved 4 points each, New York, Chi- cago and St. Louis second preferred. 4%: Willys-Overland preferred, 3%: Lima Locomotive, and Emerson Brant- ingham preferred, 2%, and LU. S. Realty, Brooklyn Union Gas, North American, Sears-Roebuck, Union OIl, Thillips Petroleum and Jones Broth- y ers Tea, 1% to 2%4. Wabash common . ' and preferred A were extensively bought and gained a point each. + OILS LEAD TRADING ON CURB MARKET, Br Special Leased Wire to The Star. NEW YORK, May 25.—Trading on the New York curb market today was less active and price movements generally were irregular. Commis- sion house business, however, was again on a fairly large scale. Petroleum stocks continued the im- portant features of the trading, especially the Standard Oil issues. Prairie Pipe Line was in urgent de- mand, and moved up about ten points in response to the statement of earn- ings showing net, after all charges | for 1921, equivalent to $58.37 a share on the capital stock Canada moved up a_fraction. Standard Oil of Kentucky early in the session was in liberal supply and yielded over 3 points. later regain- ing a good part of the loss. Stand- | ard Oil of Indiana was about steady. Independeént Ol Lower. Independent oil issues were irregu- Jar, with Kirby Petroleum and In- ternational Petroleum both selling off fractionally. Fensland Oll was firm. Price movements in the industrials also were irregular. and Schulte stores were der sure and suffered fractiohal lnlsel ‘Tobacco Products Exports was strong d higher. Radio issues were in strong demand, Amal, + was easier and inciined to sag on ¢ profit taking. Motor issues were heavy and generally Jower. Mining stocks were firm. Independ- ence Lead was again the feature in this group. selling up to a new high. Mother Lode coalition was fairly ac- tive and slightly higher. Boston and Montana issues were exceptions and ‘were again under pressure. LUMBER RISE RESENTED. SEATTLE, May 25.—Atlantic sea- ‘board lumber buyers have resented last advance of $3 per 1,000 feet, while compelled to face advance of $1 per 1.000 in water freights. Orders for Atlantic_account had begun to slacken off before the advance was instituted. Placements for that ac- count for last week were 22,262,000 feet, against 28,500,000 feet for the preceding week. Cut for week was 85,570,000 feet and sales 95.916,000 feet. Production is above normal for the first time this year. The total falling off in sales for all account, compared with pre- vious weck, was 7,500,000 feef. FINANCE AND TRADE NOTES. Tmperial Ottoman Bank of London Bethlehem. Palestine.. It will _cpen :lnother subagency in Nabious, Pales- ine. Lake Erie and Western for April re- ports net operating income of $57.604, compared with deficit of $19,616 in April a year ago. Net operating income for first four months of this year amounted to $220.718, against deficit ot $322,527 in like period of 1921. Coca-Cola declared its rey quar- terly common dividend of payable July 1 to stock of record. June 15 Net earnings, in April were $705.000. and for three months ended April 30, $1,600,000. While all straw hat manufacturers in New York report that “business is good" this season, some of them state that they have been practically “swamped” with erders. The Blld'll Locomotive Lias Just rC- ceived an order for nine engines for Argentina. The locomdtives are duph- of those shipped to Argentina last December. declared its regular quarterly dlvunfll of three- quarters n(.l o:m o common -;.la :l T cent oh preferred, payable 3 ”to stock of record June 14. BAR SILVER QUOTATIONS. 2 , May Imperidl Oil of | Phillip Morris | pres- : amated Leather | announces opening of a subagency in ! ANCIAL INSUFFI Dema.ml for BY GUY T. ROCKWELL. Special Dispatch to The Star. CLEVELAND, May 25.—Increastd demand for labor, both skilled and semi- skilled, is a significant indica- tion of industrial development in this section. Automobile production is particularly affected by this demand and some factories are running at less speed than production schedules call for because of insufficient labor of the right sort. Help wanted ads. are increasihg in the Cleveland pa- pers. These show a gain of 4 per cent for April this year over April, 1921, and a gain of 24 per cent for the first half of May over the similar period of last year. ‘The automobile accessory business, one of the leading industries of Cleveland, is still behind autemobile production. ~Manufacturers attribute this to the fact that accessory makers had heavy inventories to liquidate before théy attempted new produc- tion. Now, however, two axle plants are ‘operating at 75 per cent of ca- pacity and another, making truck producing at 60 axles exclusively, per cent. Frame makers are working at from 55 to 60 per cent of normal. The Fisher Body Company of Ohio is working full time, and while pro- duction of the other body builders is somewhat irregular, all report busi- ness improving steadily. Distinct im- provement is noted in the production of mechanical rubber goods at Akron. Kansas City Improvement Is Reflected by the Banks BY DICK SMITH. Special Dispatch to The Star. KANSAS CITY, May 25.—Crop con- ditions and the prices for farm prod- uets continue to strengthen the hope- fulness of the business communities throughout this section. The demand for the additional equipment just or- dered by the American Refrigerator Transit Company consisting of 2,000 refrigerator cars was created by the large movement of strawberries, but- ter, eggs and poultry from this terri- tory and by the outlook for a record fruit crop. The refrigerator transit company is controlled by the Wabash and Missour! Pacific railroads. Continued improvement in business cial position of the banks. The loans of the Federal Reserve Bank here have decreased to about $25,000,000, as against $83,000.000 a year ago, and $120,000,000 two years ago. In the past month loans of the War Finance Cor- poration in this district have totaled only $3,000.000. Bankers are beginning to experience a demand for money to finance purely speculative purchases, but there-is a well deflned tendency among them to discourage such bor- {rowing. Reports of a possible merger be- twaen the Chicago and Alton and the Missouri Kansas and Texas railroads were denied today by officials of those companies. The repaort started from W trip made by officials of the roads over the two systems. North Pacific Lumber Trade at Highest Point in Years BY PAUL C. HEDRICK. smm Dispatch to The Star. | SEATTLE, May 24.—Lumber manu- {tacture of the North Pacific coast |this week reached the highest point | {in years. Production has been 5 per jcent above normal capacity and mew . {business booked ran 18" per cent| above production. { " This tells the story of the forward { movement in general lines of business | !in this territory, for lumber is to lhel Pacific northwest what cotton is to ithe south and corn to the middle i west. i seem to agree that the lower freight rates from the Pacific coast to trans- | Missouri territory ordered by the In- {terstate Commerce Commission will ¥result in still further increase in pro- |duction of the chief industry of this | section. | Manufacturers of overalls for rough work in the woods and mines are working at top speed and are in the !market for supplies of denims and {ing held back by a shortage of labor. Mine operators are troubled by con- {stant detections by thelr workers, many of whom are leaving to pros- i pect new creeks in Alaska for placer | gold. Egg storage is slack because of the demand from New York and other eastrn points for fresh eggs from this section. |Commodity Reports From Various Sections ‘Wool | SEATTLE, May 25 (Special).—Wool shipments from northwestern stat jare being rushed to Boston and Phila- delphia via Panama can: One llne' is carrying 400 tons & week. Shirts. NEW YORK. May 25 (Special).—, {Manhattan Shirt, which has just {opened its lines for fall, 45 suggest- ing to retail customers that shirts {with collars to match retall at 35 !cents more than shirts withont such | collars. i Automobiles. DETROIT, May 25 (Special).—E dence that a new record is to be es- i tablished this year in motor cur sales 1is seen in figures made public by General Motors. In first four months of 1922 various corporation units turned out 115,000 cars, or double f;?lducflon of first four months of Hats. NEW ORLEANS, May 25 (Special). j—Jobbers of headwear say spring {business has been much better than last year, although still under nor- mal. ~ Orders for fall delivery, how- {ever, are coming in very satisfac- torily. Frait. KEY WEST, Fla., IAI 25 (Special). —Shipments of Cuban pin lpplmrok Key West to Chicago are being de- livered in from 56 to 111 hours in through-train lots. Cotton. cial).—Early cotfon in 'reu. is badly in need of cultivation. The rains and floods made flelds too wet to permft entrance of hoemen. LUMBERTON, Miss., May 25 (Spe- ¢ial)—The branch factory ot The Martin Parry Body Corporation of !ndllnnpoll- will be in operation Rere than ¢h munun. The pl '3 n 18 eompla!lon. will mlkn !ruck odtei for southern ter- age may, be cut down, how: about the amount planted T 1san. " Textiles. CHICAGO, May 25° fractional reduction in yrlu of dark ercales has been made by Chieago Jobbers to merchant nmmnn.' 3 ‘Men’s Clothing. 'NEW YORK, May 25 (Special CIENT RIGHT LABOR OWS UP PRODUCTION PLANS Both Skilled and Unskilled|s Increases in Cleveland Area. Situation Elsewhere. conditions is reflected in the finan- iy Authorities in the lumber trade | W! other textiles for work clothing. “Y Copper production in Alasks is be-| i | heavily scaled and that saving thus poor FORT WORTH, Tex., May 25 (Spe- | year for the railroads, particularly in and July shipment at that level to sual | and July S P, (Special). —A | interests, February as por _cent | l\ofl fllvldond on 310.0 ,Ml) in .tock outstanding. cided increase in demand for men's | Becu sults with two paira of trousers ool Joseph Kait Goeds, PHILADELPHIA, May 25 (Special). —Hosiery manufacturers here are basing designs and colors for fall goods on recent displays made by shoe manufacturers in the belief a demand for low shoes and fancy stockings will continue, on. FORT WORTH, May 25 (Special). Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Sécurities 510-11 Evans Building —Oil_production i th and west Washiagton, D. C. y . Texas "has .z:}':m':“a'.!uy Sincrease Main 6180 MEMBERS: Organized 1879 e last en days, e to .VOr! )= weather and completion. of _more New York Stock Exchange SEEAR OO TELITRD FOR RENT: International Building FORMERLY INTERSTATE BLDG. 1319-1321 F St. N.W. A Few Very Desirable Offices Left Reasonable Rents McKeever & Goss Rental Agents 1415 Eye St. Main 4752 BOSTON, May 25 (Special).—Manu- facturers of rubber goods in New England report stocks in hands of Jobbers and retailers smaller than normal. Steel. CHICAGO, May 25 (Special).— S. Steel plants in thie district are now operating at 85 cent of ca- pacity, and the leading independent has increased output to 70 per cent. _PITTSBURGH. May 25 (Special).— While regular quotations on blue an- nealed sheets are $2.40 on black, $3.15 on_galvanized, $4.15 on auto steel, $4.55 on the gauge base, sales are being made at $5 to $7 & ton above these figures. Market is strong. Pig- iron is quotable at $26 for Bessemer and $24 for foundry, valley. Notes. NEW ORLEANS, May 25 (Speclal).— Employment status here has improved 50 per cent since January 1. Marked GENERAL GARAGE CO. Washington Office COLORADO BUILDING. Telephone Main 1603 G.B.Chipman Manager M IN 4481. Reem $10_Ov 3 Phons 'A% CASH OR TERMS. Trast sisg Association ¥ 2 financial way. Belng Received 915 F St. N.W. JOHN JOY EDSON. FRANK P. Preside: REESIDE, lny. EQUITABLE Co-Operative Building Excellent Results From Systematic Savings you make up your mind fo sate ‘stematic manner and stick to It, I accomplish more than ever in 83d lasue of Stock Shares, $2.50 Per Month EQUITABLE BUILDING Increase in building activity and ex- penditure this year of several millfon dollats in raising levees to protect city from flood waters are expected to add materially to improvement. CHICAGO, May 25 (Special).—Illi- nois retail merchants are being urged by leaders of their organization to carry heavier stocks in_ anticipation of increased demand. “Keep the lid on, but don't nail it down.’" is the advice given them in regard to buy- ing by men best informed as to con- ditions of mercantile fleld in middle FIRST MORTGAGE | NOTES SECURED BY FIRST DEED OF TRUST ON IMPROVED DISTRICT OF west. With this is coupled the ad- monition 1o 'get down . to. bedrock COLUMBIA in prices and give service with quality. & s REAL ESTATE VANCOUVER, May 25 (Special).— SOOPOCIO0 a udxlon BlydLDm‘Dlfllt is preparing to levelop trade of Siberia. Steamers = 3 now are loading here with goods and Denominations supplies of every description for Siberian trading posts. A number of $1,000—$500—$100 launches are being taken aboard. PRSI These will be used to penetrate the Siberian rivers in hitherto unde- veloped trade territory. —_— Washington Stock Exchange SALES. AFTER CALL. Riggs Realty 3s (long) ,000 at 93%,. Potomac Electric g. m. 65—$5,000 at 100. Potomac Electric deb. 6s—$5,000 at 1001 Potomac Electric cons. 5s—$1,000 at W' B James M. Carter & Co., Inc. 1311 H St. N.W. Tel. M. 657-658 Buying First Mortgages on BONDS. = Plan Bid and Asked Prices. Our Partial Payment e LUBLIC CTITIEY, Ainad) Did youhknow that the small merican Tel. and Telga, 9115 amounts that might otherwise ARTa: and Tap vt 18" Slip through your fingers, if deposited with us regularly, will soon pay for one of our fi.;,n‘.‘.’:‘i.‘ o First Mortgages? Tel. of V 9115 You will not only pay for :,“ your mortgage, but interest Georgetown Gas 1st 5s. m on your money will commence Telephone e . iy the day you make your first Main Potomac Electric cor payment. 8091 Potomac Write for booklet Over a Quarter of a Century Without a Loss B. F. SAUL CO. Mortgage Loans 1412 Eye St. NW. Main 2100 Tl Washingion Bwy. snd Elec. 4o W wy. and Elec. g. m. MiscErzg Riggs Realty Bs_(long) Blegs Realty Se (anor M. Cold Storage 5s STOCKS. PUBLIC UTILITY, and Telg 12: TRUST : American Security and Trust.. 236 240 Coatinental Trust 5 National Savin g Trust ! Washington Loai BAVINGS BANK Commerce and S N e oy Cow lv..nlh Street . TIT! Columbia Title . te Title MISCELLANEOUS. hnlm H.QIWW Becurity Btorage w-"-mn'm; Merket Yellow Cab . .El"l idend. NORTHERN PACIFIC EXHIBIT. NEW YORK, May 25.—Net corporate income of $22,065,399, an increase of §2,971,215 over the previous year, is shown in the pamphlet report of the Northern Pacific railroad for 1921. In his remarks to stockholders, Chair- man Elliott says expenses have been effected overbalanced very e country between Lake Superior #na Puget sound.” A saving of more than 323,000,000 was achieved by scal- ing down expenses from $109.983.87¢ J in 1920 to $7 ,630,867 for 1! ‘Total gross business was $9. 45!8 039. com- pared with $113,084,407 in 1920, by us. SUGAR MARKET FIRMER. NEW YORK, May 25—The raw sugar market was firm, and prices for Cubas were advanced 1-16 to the basis of 2%. cost and freight, equal to 4.28 for centrifugal. There were aales of 96,000 bags of Cubas for June '.:mh (u' 3 -l:tdlll llquldltan in Main Office: . e : S (hat dalivacy: the Taw sione]ot Guaranty Trust Company futures market was firmer on con A . ing by trade m‘ud o-:t;:; Building {7 140 Broadway, New York —that frees you from worry as to safety, as to collections or other details, and the neces First Trusts Shannon & ‘Luchs On Washington, D. C., Real Estate An Investment annoyance sity of follow-up of stock market or business conditions. 713 14th St Take | LL Victory 3%% Notes are called for . DENSMORE, Presideat. M G OWINGS, Vice President. If You’re Ready to the Second Step— THE first step toward financial ‘Indqpende t you the To invest your capital in the General Fi and Security Company, Inc.. is a second s real wisdom. directed by well known local business men. growing so rapidly that eapunl is required able it to expand In keeping. This is an established company. stock is now paying a 9 per cent dividend. If you're ready to take the second step to cial independence inquire. INCORPORATED Frank J. Davis, Director of Sales —OFFICERS— McCORMICK, Treasure Assistant Treasurer. Have You Redeemed Your Victory 3%% Notes? redemption by June 15th. If you are planning re-investment of the proceeds of your holdings of ‘these Notes in other bonds with tax-exempt features, we recommend the following: Federal Land E 41%% Bonds : Due May 1,1942 Not Redeemable before May 1, 1932 Full particulars of the above and other issues will be furnished upon request. We will accept at par and interest Victory ! 3%% Notes in exchange for bonds offered Guaranty Company of New York | 811 Fifteenth Street, N. W. ’ Washmgton, D.G 3 nce is —the second inance tep of This organization is officered and It is o en- 1ts preterred finan- General Finance & Security Co. National Metropolitan Bank Bldg., Washington, D. C. 3 PRESTON ATKINS, Secretary and FINANCIAL. Columbia National Bank Caphal, $250.000.00 It Sometimes Pays 911 F Street —a business man to get a look at his enterprise from a different slant: He may be doing well but not see the opportunity to do better. qIn such a case two heads often prove superior to one, and many heads still better, suggesting the wisdom of maintaining good standing at a live bank, where interested officers are ever on the qui vive to further depositors’ welfare. Compound Interest Paid on Savings. You can open a Savings Account at this convenient Bank with as little as 3% $1 Experience The men who make dictionaries tell us that experience is practical wisdom gained by personal knowledge or action. The men who have lost fortunes in get-rich-quick schemes tell us that the wisdom gained by their ex- perience forbids them to speculate. During our 53 yedrs’ experience in the financial world we have been investing the funds of wise and conserva- tive citizens in our First Mortgage Notes on improved Washington property. They are to be had in denomina- tions ranging from $100 to $100,000. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. Washington, D. C—The Nation’s Home Town 53 Years Without Loss to an Investor Organized in 1814 One Advantage —you’ll appreciate when affiliated with The Metropolitan is the result- ing centralization of all your financial matters. { Washington’s OLDEST National Bank provides for your convenience, all under one roof, the facilities of a Commercial Bank, a Savings Bank, a Trust Company and a Safe Deposit Box dept. &% I your time's of Importance, you'll do well to make banking connections at The Metro- politan. 3%, Paid on Savings Accounts National Metropolitan Bank Capital, Surplas & Undivided Profits Over $1,500,000.0C 15th St., Opposite U. S. Treasury—108 Years Old FIRST MORTGAGE NOTES iN FOR SALE DENOMINATIONS OF 500 DOLLARS AND UPWARDS Thondidd H Hopnor # % Second Trust Notes 7207 %MM&«( Mext@ Are Puarchased by The National Mortgage and Investment Corporation On A Fair Basis (Temporary Offices) Third Floor Sansbury Building 1418 Eye Street, N.W. FIRST MORTGAGES est Security on Earth Every mortgage is less than 509 of the reldy market value of the property. Absolute Safety. Prohdw; Against Dwmn. Prompt Payment of Interest. Mlm‘:‘ of Principal in Full at Maturity. Choice First Investments $100—$2 500—$1,000 WILLIAM S. PHILLIPS Realtor 1409 N. Y. Ave. NW. Main 4600