Evening Star Newspaper, June 3, 1922, Page 20

CIAL.” NEW YORK - Recelved by Private Wire Direct: té The Star Office RATHER ERRATIC)szaz=: ee BY STUART P. WEST, NEW YORK, June 3.—It was another |, day of excitement on the stock ex- change, a repetition of the markets of ._previous days, but with trading setting .0 even swifter pace. There was no dis- guising the fact that, flushed with suc- “gess, the Wall street pools were carrying *’4n their campaign in the same reckless manner that they were in April. As was the case two months ago, the center of OF : WEEK'S FINANCIAL FEATURE British Progress in Adjusting Gold Basis Significant to Foreign Trade—U. S. - Back to Pre-War Status. BY STUART P, WEST, against n::nu.ooo in {1 an A i A _ Second Trust Notes Are Purchased by - The National Mortgage and Investment Corporation On A Fair Basis Special Dispateh to The Star. * Brat oo, paonthe oF iha year this new | ; . NEW YORK, June 3.—From the eached the prodigious total N i (Temporary Offices) standpoint of the general financial|of $1,877,981,550. . situstion, the important incident of | Whers the investment market has Tllll’d Fl samb Buil s the last week has been the resump- h T} oor ul'y 19% | tion of the recovery in sterling ex- |1 change, carrying rates well above the | U % have all along be fl“':l"“Y 1 A 1418 Eye Street. N.W. LLHERERRH P L Y Ergyfy g2 tispeculation was the oil shares. Friday’'s “frgent updidding of stocks like Califor- pia Patroleum and Pacific Oil was fol- .lowed this morning by less aensatio But nevertheless rapid advances in other numbers of the oil group, while these new leaders were being pushed up on J enormous transactions, the stock of the * Pacific company was heavily sold. H 3238%%;s N'Y Shipbuilding. .. 2t Norfolk Southern.. 19 19% 19 Norfolk & Westrn. . 107% 107% 107% North American. 6 €% o North American pf. #% &% % Northern Pacific... 76% 6% 6% previous high of 1922 and to the|ermfe Shecotats caprer o highest since the early summer of | more connected with the development 1919. The fact that sterling has|Of the trade situation. R FLERE LT RE TR TP ST - he bond market turned th BEuyingiund Sellag: . u% uk gone up independently of the other|fhe Pond market tu 15% % D pendently ot tha fully two months before the All through the list, there was the B foreign exchanges simply goes to X % 8% show how much more progress Great | Darket That was because o #£ame sort of conflicting price movement | Am snin & Com. as there was in the oils. A score or | Am Smelting. more of specialties were brought to the | Am Steel Fdy. front, while heavy unloading was going | Am Sugar. . on in the favorites of other days. Am Sumatra, Shares of coal companies were actively Bought in some instances on favorable _-drvidend prospects and in otaers in an- ticipation of an early ending of the coal strike. The stocks of can manufacturers Were responding to reports of good busi- ness and increasing earnings. The mer- ®er craze swept some of the low-priced | Am Woolen pf. . ralls, especially the Lake Erie and West- | Am Zinc & Ld pt “ern and Wheeling and Lake Erfe. - Ann Arbor pt. Sugar stocks were very strong at the opening, but later were mot as promi- nent. While these and various other ehosen issues were moving forward, the general list. “while it did mot yield |Associated Ol Fround, gained little or nothing. These ison.. - « AU < -are the characteristics of a market in a | Atlanta Bir & Atl. ghly speculative day. Au;mlccmé.l'u»hl Ofls Again Lead Atlantic Fruit Co... % ® 2 a% There were no developments In the oll :3::‘:;15““).. i1 & ] & 2 * 1374 W% WK [Britain has made than the other P i e ) st allacitns ot ot | 8105 T St "0 e’ v | OFFICE ROOMS % B ST s ines, Rrieia ar m.::‘t:":-cl‘l‘wh prhat FOR RENT Even birds know enough to line their nests with some- e 12 | Sut down (haL. reckoning In Il the | BUt even the speculative movement . " thing that will keep out the storms and make the place items in_the bal sheet, it began o ome sl International Building habitable for their families. They invest in feathers, a forelen tride. Becond. It was (Copyright, 1922.) FORMERLY INTERSTATE BLDG. few at a time, but the total keeps them from harm's way. Pan-Amer Fate 0 18 able to bring about an_equalization 1319-1321 F St. N.W. » -Am Pata (B) .. vern; 3 P::h:n"'fl P ST e aant b bl B v PRAIRIE OIL SHARES DROP. A Few Very Desirable ‘What do you invest in, to keep the storms of life away T‘nkl‘r’:{b?rovgflgnflto‘mu; ite Ameri- NEW YORK, June 3.—Prairie ON Offices Left from yourself and your family? Our First Mortgage n 8. rd, for the last two|and Gas for year ended December 31, Notes are on the safest real estate in the country—ime years it has beer steadily reducing | 15; gnown total aspets and Habilities Reasonable Rents oras moperty o, Tho Natios's Home Tews. Thess :x" p'war & ote {ssues and thereby of' $130,905,758 red with $153, MCK drawing oloser to the normal gold ,905,758, compas with $183,- eever Notes are a sure way of feathering your nest, and as safe as they are sure. 076,981 In_last previous years state- Call or Write for Detailed Information Rater ot Prewar Buate, | Eie KT Contisaiad wite $03407i13 || 1415 Eve St. Main 4752 . 1 133 H i S R LT Of these achievements, the reduc- The 1921 statement of liabili- (l’on I|n the paper currency is the most | ties shows capital stock of $18,000,000, significant for the example it must | bills and accounts payable of $26,108.- give to the rest of Europe. After |07, compared with $4 869 in 1920, all, the value of a metallic currency|and surplus of $86,796,851, bringing depends upon the degree of converti- | total to §130,905,758. bility of ethe note ciyculation out. 3 ”% 4% Don't take chances when ine ! trade ation to account for the dig ' vesting your savings. 5 % 16k standing against it. With a propor- 2 2 W. pecul; in oil shares, which kept on | Raldwin Loco. . P! L thaar “Popular imagination had been | Baldwin Looo Df. .- 112 ut ‘::” to nng:o:e ot .:)v"ru B sold holdlngs| WORTHINGTON NEW HIGH. 1 N.W. .gaugat by the next extraordinary case . 8% e United States is back’ o wrire 1i| NEW YORK, Jume 3.—Worthington irst 727 15th St . l'rgg\"!: and }s»;occmf onehad been marked 3% 37% | Postum Cereal 88 :'!"subafrorel éh war. At the close |Pump is in new high ground, and ‘Washington, D. C~The Nation’s Home Town up in Friday's session. A ready follow- 78 T |Postum Cereal pfd..110 OF 67 per e oritain had a gold cover | Broadway commission house wires ortgage otes 53 Years Without Loss to an Investor g accoraingly was attracted to many | Beth Stee] SO0y uz 18| Producere & Ref... {4 this had falien to 26 ey crome °f 1919 are again bulliah on the theory that 4 ail stocks which showed signs of getting " % ™ present time it stands at about 40 % tability of the dividend will |} _and get the added protection Booth Fisheries The market ended with quite as|Bkiyn Edison. many net losses as gs\ns.q Prices | Eklyn Rapid Qa . under way e serve to attract fMcient buying to PThis ‘Goss not mean that the goia |MmEINtain & turther advance. o |J of our past record of not ever ratio must get ail the way back to|Same time Worthngton Pump has (| having 2 client lose as much as where it was elght years Sgo befo 0| shown very little recovery from he || a single penny in either principal sterling returns to its pra-war parity, | 0P8 and drastc decline, and on sur- (| or interest. But it does show the essential part face indications it appears to be se! e down quite generally in the | Bklyn Rap T ctf: Jast quarter of an hour, and the close * was unsettled but not weak. DAVID J. HOWELL BEAUDRIC L. HOWELL.C.E. _— % i bit out of 1i i - The attending to details, such " s0c.C. v Assoc. M. AN. 80C. €. B which reducti ng a bit out o ne with other sp e I'4 , ROUT OF GRAIN TRADERS | Butte Gopver. 1% Proportion to Sold an babg haw iyed | clalties and the standard groups a3 insurance, taxes and re- . wasK. oc. c. £ . wasx. soc. €. €. Butte & Superior m‘“ Remington Typr. in the recovery of sterling rate: mitting interest on the day due, sty is part of our service. Notes now on hand in de- nominations of $250.00 up to $5,000.00 CHAS. D. SAGER 923 Fifteenth Street N.W. Loan Department, M-36 .BRINGS BREAK IN PRICES | Butterict--- % CHICAGO, Juns 3—Ending of the| S2adoOfl.. “Big May wheat deal of 1922 has made s week a notable one for the ¥ Chicago Board of Trade. After a sirugsle which had lasted for two Taonths. speculators who believed that scarcity of supplies would force .a big advance in prices here ware finally driven to abandon their Posi- . -tion. The surrender brought about & swift 10-cent break in prices, and wheat this morning as compared with 2 week 250 was % to 8% down, corn Off 13§ to 13, oats vary from % de- cline to'% advance, and provisions tnchanged to 5 lower. 4 Instcad of the predicted scareity. | Chi&Northwa. .. fmmense shipments of wheat glutted | Chi R1& Pacific, the market here, and it was estimated {CRIRI&P 6% pf.. 84 that 14,000,000 bushels of wheat had | Chile Copper. s ESTABLISHED 1887 DAVID J. HOWELL & SON ENGINEERS UNION TRUST BUILDING WASHINGTON, D. C. SUBURBAN DEVELOPMENT—COUNTRY ESTATES £ J Renolds (5). 04 a4 % | with a rafio of 63 per cent in 1913, 33 = 4 French note circulation, too, has g::‘;"‘“:""sml' 7% TNA 8% {18% [been coming down, but only to ai Rep Iron & BUDE. .. 96k 96% 94 944 | slight extent. The ratio of gold to D R Oror Truck... 14% 104 1% 13% [notes is now something over 16 per D s smrlnt &% 41 45W sk [ Cent as against 15 per cent in th ‘Reynolds Sp: .. year 1919-1920, but still contrasts Six months before the war Italy h a gold cover of 84 per cont. This sank L ctius Sroanage t0 2 minfmum of 5 per cent in 1920, your Rental Prop- from which it has risen now to only 6. | erty. Overa Quar- Germany’s Loan Hopes. Where paper note inflation has not ter of a Century been checked, Experience. of the countries of eastern Europe REAL ESTATE ENGINEERING en, nor can there be, . :{,‘.’,’,’ S amaoh Wy iy excanEes C Thy B. F . SAUL CO- WATER SUPPLY AND PURIFICATION—SEWERAGE SYSTEMS as not depreciated further durl . PROPE! 'WNE! ROADS—STREETS—PAVEMENTS the last month or 80 s because Ofene 1412 Eye St. NW. GARAGES ARE §xTY 21' L&E‘zs e e sy Al ALS—REPORTS— hope of an international loan which ARE_PREPARED TO utnx{‘%n ox SANITARY ENGINEERS, ARLINGTON COUNTY, VA. will enable Germany to balance its Main AND BUILD ALL TYPES, PU A3 budget and put a stop-to its terrific 2100 PRIVATE. Every __been piled up in Chicago elevators or | Chino Copper. “tn loaded cars on railroad sidetracks | Cluett Peabody. within the city limits. Speculators | Goca-Cola. ... striving for higher prices had exer- | oo ' 'southern HLFH A S U SR R SR cised their prerogative of demanding : Stand Ofl of Callf. last week. Liberty bond 3 actual delivery of wheat whicn had e e Stana Oll ot N 3 Rave sold again &t thelr high of tos ,been contracted for. and sellers found | AUVl Gragn pf. so% Stand OfI N J pi [nonths ago, but the general mun of | To Buy iniie cmplind o o e A et Rl 8| Departmental Bank St inary Sterling Products. as rallway first mortgages, have gain- | partme: ock parent that the assumption of an end- Stewart-Warner. ed no ground since the middle of of-the-season scarcity was without nes : April*and, indecd, have fallen some- || State number of shares and 2 s e e | Seudebaicr. wPat Depind e, hare fallen some- Finance Your B ¥ . Emergency rules about car-lot de- liveries have been invoked, but other- wise the board of trade functioned @& usual, and nothing came of sug- gestions that an arbitrary settle- ment price should be fixed by the board’'s directors. After the memor- able May delivery was over, indica- tions of better export and l;lillin‘ ze- mand helped to restore the market “10 a normal basis, with the crop out- | De Beers Mines Jook a leading factor and spacial|Del Lack & Wstn... 124 Rotice being taken of news about|DomeMines....... 3% Alack rust. Du Pont (EI).... 138 “Corn prices reflected in some de- pear readily enough. One is the evi- price Superior Oll. . dence that the & 1 mon: Swerlor Ol dence that the money market ctruck || Address Box 260D, Star Office Plans Through = Coen €6 ~ time loans a fortnight ago fell to & emtor Corn (A).. 2 3% per cent. This had the usual ef- Tenn Copper. 12% fect of a drawing down of New York the Texas Company... 5% |balances by out-of-town banks, the Texas Gulf Sulphur 4ok result of which has been seen within % v . sty et AL S > A [LAncals Navional money quotations, Co-Operative Building We will gladl e will ly make you a Big Output of New Issues. loan on approved collateral o arm Rafiway ¢ emission of pape; | GENERAL GARAGE CO. 'he Safest Security on Earth The check to the invest ! Southern Rai na Sheck o the tovestmont marke: e N A aggn mortgago is less than 509 of the ready market value of the properts. 1. Absolute Safety. 2. Reliable Security. 3. Liberal Income. 4. Insurance Against Loss. 5. Protection Against Depreciation. The second explanation for the halt Association .100% In the upward movement of bond LAl LU AL BERH LH LS RU AH SR ER LR L P EEL AR ER B L U e the downturn of the wheat mar- 219 19 184 18% prices lles in the competition | 6. Prompt Payment of Interest. £® ‘G vas tleddicr lped Y & Transue & Williia, @4 @% @4 % | e unparaiicled SuiSut of mew caor: | St padotscmest (ehathes;you 7. Repayments of Principal in Full -good shipping demand. ese Asset $4.408,830.00 i ~ N aCraaaio the stock o lard hare e Unton o1 month _aggregated $417.91 Jont are a depositor here or mot. at Maturity. checked any advance in the value of o Union Pacific P Provisions Endioitz Joxnsen <S8 a6 Choice First Mortgage Investments Eadicottalotn ve. - 18 o LIBERTY BOND PRICES 1% v L $100—$250—$500—$1,000 For $100 Bonds Today ‘LA EAYETTE MOTORS DEAL If you make up your mind to save in a Iy“lltl.-lm manner and stick to lb Tou Wil Secorspiith more. {han sver od..... ¥ ) 2088 |l Chtocui v Famous Players... 854 New Corporation Is Sequence to l-‘uncul?hynlnl.lm National Bank 53y w3Rzage Fyfy ganagly WILLIAM S. PHILLIPS Reorganization Plans. US Indus Alcohol. 57% s 7th & D Streets N.W. Real . ubscriptions for the W. i NEW YORK, June 3.—Reorganization yied NO DEDUCTIONS MADE. 83d 1409 N. Y. Ave. NW. Main 4600 of La Fayette Motors by the organiza- 6% : Bonds Bought ia All Denominatisns. Issue of Stock - flon of a new corporation to be known 2s the La Fayette Motors Corporation i announced by Lee, Higginson & Co., bankers. A special meeting of La Fa- yette stockholders will be held here June 20 to authorize the sale of its properties s to the new corporation and LIBERTY BOND EXCHANGE || Heing Ricetved S Shares, $2.50 Per Month Hours, 9 a.m. to 5 pm. Main 3997, W = ! :’n‘: 3:‘5:‘:‘::‘;-22{1 The Htar has censored the ad- EQUITABLE BUILDING 335533 #3833 ¢ F o nmnu in price not been to ratify tha transfer of stock by which 208 80 Va.Car Chem pt. .. 10% vertising on this page for the 915 F St. N.W. Pprotection of its read How- o0 R e A h hat/eild anmrot. w1 Yalm CoMlA O ; i| vex, it there showid be any JOHN JOY EDSON, President 5 imately 1.000 cars since its incorpora- o aw vivadou. | FRANK OF. “REZSion, bt “tion in 1919, has borrowed nearly $1,000,- U% a full and impartial investiga- ' 4 ;‘220 égo Z?:“quéfih"’yr:é‘f mheuxnr:gnn‘?n? :“ ::: gabul pL (A) H The Star recommends ° T e e TN R rust ompany uJervice ?r?idecr;mzng‘n”;:"o}%‘:eés fa Fayetie %o o i Tocal stock exohange ber ¥ have tra 3 $the Nash organization. u u T o0 e preferted” sna. 30,000 3 % T 3 at 7. , 3 value. Nas . i by bscribi: 1 th 2% L - H ™ BT el e ook of, - ney - | WITHOUT EFFORT AND WITHOUT RISK Savings Our service is demanded, mot on, SO R ockholder of the La Fayette com- W% Wheeling & L E pf /26 o 'YOII can Make More M only b)f 'fl'le lmjge estate, Wh0§c PS0Y, new corporation will be under G s s} Wnis KasloRetn. ; - oney Facit compexities require the special abil- L L R e un e 011 10% 1% (| Invest So As to Get the Full Earning Power of Your Dollar XeEentor, ity which only a trust company can e ire cer. . " e T mfm:gm”.é: b | Rt With Safety. ° I ; adequately give, but also by the DECEIERIE St ducas S i&%1| Join With a Group of the Most Conservative Men of Washington nvestments small ‘estate, where the testator kg 5% ‘Wisconsin Central., 30% o5 . e in the : must be assured of the utmost of i‘g}.-clflmfll. q., pf, $1.75.June 24 July 15 105% 108% ‘Woolworth........ 160 1% L3 N R 2 r . f 1 d . o2 s st et B i IR wRemiieg 4 o2 i) NATIONAL MORTGAGE & INVESTMENT SeE a1 Mol st ‘;',gfla.'..’ S0 e g Wright Aero...... 8% 8% 8% X L ment. Today is noné n for crifas HOURLY SALES OF STOCKS. . . . 2 Ahine o @ July 1 e o 11810, 475 900 12M..cesee 81010, \ CORP ORATION Checking you to talk' this matter over ‘W“-h “1’;.'.‘.2“,‘;.,;‘,.‘?2 St oy me e . C your lawyer and to instruct him to Bralo. General Bieciie Co g ™1 QUOTA OVERSUBSCRIBED. : Fiscal Agents Guardian name this cempany as executor of t total mount ol ul o7y . i 5 G4 & |tions received for the 83 per cent HUGHES FINANCE CORPORATION : Lty who«“ Treasury certificates of indebtedness Transfer Agent 206 . 105% dated June 1, 1922, due December 1o, | 1418 Eye St. N.W. July 35 a% 8 22, ms‘m.gzo,]-&a“:n:fioa; ! z o1y 25 e et e Y : Every Banking Service pd 1 us: us | Subscriptions for the certificates | e et soneer i 1 et 5| s July 18 := m 0% thereabouts, "AIl of the federal re- | COMMERCIA . July 10 i 8 s :;?& istricts oversubscribed their ! ) 3 y o SAVINGS 0% W w4 Juy 1 a6 & 4 0 ko My VR o m : Shannon & Luchs o Bamport Co. o "B $1.June 15 Jaly 10 B4 1% 184 First Trusts 2 R l.‘ 2ynolds Co. oA :‘\t a ll:: in credit situation among hatters | - e A hat. . ' e ). fegueids habs e T T TR | e eria s o Sollections were On Washington, D. C., Real Estate JR."J. Reynoids Tobaceo 188 158 18 |better now than for two years past. q. pf., $1.75 Seees July 1 £ He satd thuonru cotlections were Torrington July 1 % B & |now repor in the New Epgland TR s Ao e e An Investment el TR R S - ®X w4 s | ging benind somewhat-owing to the . 5 Water Pr.Co.. D 0% Heckug. 1 Aug. 15 @% @h wy|Beavy rains which Nave hampered : / : 15th and Penna. Ave. In 134 % cash ‘and ‘6% intérest - % &% fo|cotton operations.. The best ‘—that frees you from worry as to safety, annoyance : : ™15 105, " Fabruary 5, 1984, 35 o e ot " Thers was overy as to collections or other details, and the necessity of : ; : - discharge arrears 5 s y T 1 bl o owoa oo T follow-up of stock market or business conditions. HOME SAVINGS BRANCHES ~ CAPITAL AND SURPLUS retal ly bad % COPPER OUTPUT FOR MAY. -~ 4| excaliant '."'.:'u'l‘“ tnroégnb’ut busl- . = / 7th and Mass. Ave. $5,400,000.00 NEW YORK, I 3.—Ma, ness in ot ems AlSO Was g x ; 3 Tand Bouth Amerl n'f.":%.mu.g.’&"&;m b Bl o TR TR R o B e W 8th and H Sts. N.E. : Safety Deposit Boxes erica se! 16 New ‘ork market is estimated at - 0Ty 1 year. 3 mately 105,000,000 pounds, . while pris oo £ 436 7th St. S.W. at Low Yearly Rentals, { shipments’ are placed at 130,000,000 5 W% wu \ j “vm!o‘:’-::gg."loun:m o NEW YORK, Juns 3.—A New York _fi:‘m-m: of Iu"nv.uuno. and =‘ ;‘. ?l June 3. ARG Tade