Evening Star Newspaper, July 27, 1922, Page 25

LOCAL SECURITIES HOLD VERY FIRM Business Light, But Outside Prices Rule—B. & 0. Earn- ings Satisfactory. BY L A. FLEMING. While waiting for further develop- ments in connection with the Inquiry for the 27,500 shares Rallway common, if there be any coming, the market does not show any uneasiness, but is just as firm as it can be. Business was rather light on today’s sesston of the exchange but the dullness was not attended by any pressure of stocks for sale. Transactions were generally restricted to small amounts and the aggregate was much lighter than usual. Capital Traction shares firm at 101. The only sale of Railway common was odd lot at 57%, the full top of the mar- ket. The preferred sold at 783j. Potomac debenture s brought 99% and Capital Traction 5s 97%. Lanston Monotype shares rose to 79%, & new high on this movement. y;Federal National Bank snares sold at 7. Columbia Graphophone. For the first six months of the year §24.900 shares of common stock of the Columbia Graphophone Com- pany have been sold and bought. and 140,700 shares of the preferred stock. not far from the capital stock. Prices have ranged from % to 5% for the common and 5 to 21 for the preferred. Personal Mention. John B. Larner will spend another week at his summer home in Pennsyl- vania Harry Meem of the Washington Loan and Trust Company will be away an- other week Albert F. Fox, president of the Co- lumbia National Bank, is resting at Buena Vista for a few weeks. Staudermann, secretary of the District Guaranty Corporation, _is spending a short vacation with Mrs. ) Staudermann at Virginia Beach. Capital Traction Earnings. June earnings of the Capital Trac- tion Company were $115,698, a de- crease of $6,000 from the May show- ing and $16,000 from June, 1921. Shareholders do not nor should they show the slightest uneasiness over the apparent drop in earnings, as the expenses will probably show a cor- responding increase, maintenance of track and way being something of a hobby of the company at this time, \ probably more so than for several years. Baltimore & Ohio Earnings. Railway operating revenues of the Baltimore and Ohio system -for_ June produced gross revenues of $17,580,- 000, an increase of $1.264.000. Operat- ing expenses, $13.776,307. decreased in comparison with the same month of last year by $1,210,798. Net revenue from operation, $3.803,- 608, showed an increase as compared with June, 1921, of §2.475.289. same comparison the net operating income for June increased $2.345.199. For six months the net operating income was $14,580,295, showing an increase for the first six months of 1921 of $6.949.831. SEES BIG LUMBER TRADE. R. A. Long Says Outlook for Indus- try Is Very Promising. KANSAS CITY. July 27—R. A. Long. chairman of board of Long-Bell Lum- ber, declares, speaking from statistics, that the per :nent outlook for the lum- is more promising than before within his memory. He that underproduction dur- the war and the unusual v residential building are re- sponsible for the consumption of all the lumber produced during the last two vears. “Since it would require some twelve ever pointed out vears of work at 25 per cent ove rormal to make up the country-wide housing shortage,” said Mr. Long, “it is clearly evident that the demand for lumber certainly should increase rather than fall off. In addition, there is the demard for railroad material, which has been better during the last few months than for a long while. and this demand still is increasing. Then, t00. general conditions are better now than they have n for some time. As there are no new sawmills of consequence under construction, stocks of lumber in the hands of retailers and at the source of production are below normal.” e Washington Stock Exchange SALES. Potomac Electric deb. 6s—$1.000 at 99! Capital Traction—22 at 101, 25 at 101, § at 01, 5 at AFTER CALL. Potomac _Electric deb. 6s—$1.000 at 89%, $3.000 at 99%. Washington Railway and Electric com.—10 at 5T%. al Traction 55—$4.000 at 973, ington Railway and Electric ptd.—10 oney—Call loans, 5a8 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid, Asked. . American Tel. azd Telga. ds... 91i4 = 93 American Tel. and Teiga. 4 015 102% d Tel. % 1% d Tel. 5 116 ostia and Potomac gua d P. Telephone 3t . and P. Tel. of V. Capital Traction R. K. City and Suburban Ss. Georgetowa Gas Ist 5 Metropolitan R. R. 5x Potomae Electric 1nt 5: Potomac Electric cons. 5 Potomac Electric deb, 6s. 3. . 88 | 28 FEEE WF & 2. 538 32 Potomae Elec. Power g m. 6s. Wash., Ales. and Mt Ver. 5. Wasn., Balto. and Aa. 5 < St Washington Gas B5s. i Washington Gas 7ii 1 106 ington Rwy. an 76 ‘Wash. Rwy. and Elec. g. m. 6a. MISCELLANEOUS. Riggs Sealty 3s (long). Riggs Realty Os (short). WSk, Cold Storage 55.. STOCKS. PUBLIC UTILITY. American Tel. and Tel; 1 Capital Traction Washington Gas Steam] 283 $2ERELRRRSERgegRRE 3 nd and xi com axi ptd. NATIONAL BANK. * Termioal Terminal > 5 American Security and Trust. T Continental bia Title gd'.nlll' Titl Silnegs ok DY FINANCIAL In the | FUEL SHORTAGE IS BEGINNING - TO BE FELT IN'STEEL MILLS Higher Prices Reported for Stcel Products Because of Scarcity and Boost in BY GUY TROCKWELL. Special Dispatch to The Star. CLEVELAND, July 27.—The short- age of coal and coke has not been felt here with any great keenness, s0 far, because the majority of the large mills and factories use electric power furnished by the Cleveland Illyminat- ing Company. That institution atill has about thirty da: fuel supply on hand. The shortage is beginning to be keenly felt in the steel mills of the Mahoning Valley, however. Higher prices are reported for steel products because of the scarcity and increased prices for coal and coke and the uncertainty under which the mills are operating. Pig iron has risen $1.50 a ton to $26 this week. Coke has jumped to $14.50 a- tom, Connellsville ovens' basis, and talk of $20 a ton is heard in trade circles. Coal sold today at $8.756 a ton at the mines or $11 in Cleveland. Announcement that Otis Steel is preparing to construct four open- hearth furnaces, blooming mill, & sheet bar mill and a cold-rolled strip mill, indicates the confidence steel men have in conditions here. The new construction will involve ex- penditure of more than eight and & half million dollars. ments of the Otis company have been operating at 65 per cent of capacity or better, while the sheet mill has been running at 100 per cent. Slowing Down of Business More for Fear of Future BY DICK SMITH. Special Dispateh to The Star. KANSAS CITY, July 27.—The delay in the threshing of ‘wheat caused by wet weather throughout the south- benefit to corn and pasturage. Crop conditions, usually the outstanding influence this season here, continue encouraging. but the depressing in- fluence of the coal and rail strikes continues to grow, although the slow- ing down of business has been more the result of fear for the future than any immediate transportation or fuel shortage. The significant development of the business situation has been the smal ness of the demand for funds to finance the wheat harvest. With the harvest over in Kansas, the natlon's are greater than they were when the harvest began. this fact the development of more efficiency and economy on the farms and draw the conclusion that the wheat crop will mean more than in other years in purchasing power. Wholesale and retail trade in dry goods and kindred lines has declined { moderately, but if the strike situation clears, the outlook for the remainder of the year is hopeful. Special end- of-the-season sales are stimulating retail trade materially just now. |Fall and Winter Buying Is Record for Three Years BY PAUL C. HEDRICK. | Special Dispatch to The Sta SEATTLE, July 27.—Wholesale dry goods concerns throughout the Pa- cific northwest have already begun to place their orders for hosiery and underwear for 1923. Active buying of fall and winter merchandise by the wholesalers in the Puget sound territory stands out as a record in comparison with the business done bers in dry goods, millinery and men’s furnishings are booking orders for winter and spring merchnadise on a basis larger than in pre-war years. The business in shoes, however, is an exception to this trend. which is attributed to the drastic clean-up of stocks by retailers during 1921 and the first half of this year. Trade is booming in ice cream, candy and confectionery, both at wholesale and retail. Seattle never before had sixty days of consecutive hot weather, and as a result the soda fountainn and ice cream dealers are cleaning up small fortunes. The mo- tion picture houses, however, have suffered, the afternoon audiences, es- pecially in the more expensive thea- ters, having fallen off decidedly in the last two weeks, There is almost double the tonnage of strawberries and other small fruits in cold storage this year than was stored in 1921. This fruit wdll be manufactured into jams and jellies. Commodity Reports From Various Sections Clothing. PHILADELPHIA, July 27 (Special Manufacturers of men's and boy:i clothing have substantial or for fall delivery. Women's cloak and suit manufacturers are anxiously awalting development of fall busi- ness. Jobbers of woolens have good prospects for fall, with a fair volume of advance sales. Frait. GRAND RAPIDS, Mich, July 27 (Special).—There is continued anx- iety over possible failure of the rail- roads to provide transportation for Michigan's fruit crop. - Reports from northwestern parts of the lower peninsula indicate the cherry crop is Tipening faster than it can be han- dled by canners, and also that the size of the crop is greater than any one expected. Long truck lines load- ed with cherries can be seen daily on roads into canning centers around Traverse City. PITTSBURGH, July 27 (Special).— Western Pennsylvania this season has its greatest crop of blackberries. es are of unusual size and in abundant supply. : Lumber. NEW ORLEANS, July 27 (Special). PE- lumber orders, which dropped to about 70 per cent of normal pro- duction early this month, largely b Cause of tho rail strike, are again ex- panding. Bullding construction and an increase in export orders are re- sponsible for gain. ‘Tobaeco. LANCASTER, Pa., July 27 (Special). The 41,000 acres in tobacco in this state show a condition of 98 per cent of 1821 cm& and :Ive indications of a yield of 60,370,000 pounds. Quality is expected to be excellent. Leather. CHICAGO, Juiy 27 (Special).—Im- provement shown here. in all leathers, but actual business has been somewhat retarded because tanners are asking at least 2 cents more than buyers are willing to pa; Ceal. LONDON, July 27 (Special)— American demand for British ceal continues active, the call being main- ly for prompt supplies, which are available in only limited quantities here. Many sellers are completsly covered into September. Newcastle loaders are declining further Ameri- can forward business until they have looked after needs of their regular customers. PHILADELPHIA, July 27 (Speclal). ~—While there are no large stocks of do!nntlcn size anthracite coal in for substitute, pro- wided the public is judicious In its demand and all do not insist on hav- ing c;ll delivered at the same time. DETROIT, July 2Y (Special).— First_indications that cosl nortage had affected mining operations in upper peninsula Michigan wis the announ nt that Charcoal Iron had reduced its forces by 150 men at the All the depart- west has been more than oftset by the | | greatest wheat state, bank deposits} The bankers see in| Coal and Coke Rates. Yale mine and would 4rop back to one-shift basis at once. Steel. CHICAGO. July 27 (Special).— There has been no let-up in buying of steel in this district. Orders for track fastenings have been partic- ularly heavy and higher prices are being quoted on bars, sheets and plates by the leading producer. The leading independent is entirely out of market on bars and sheets, being sold up. v GIRARD. Ohlo, July 27 (Special).— Twenty-ohe A. M. Beyers puddling furnaces are closed down on account k of plg iron. Remainder of plant may be forced to close within .nexl ten days. Furniture. PHILADELPHIA, July 27 (Special). —Local merchants have made great preparations for fall furniture sal and a large trade is anticipated. Offe ings are most attractive and prices are below those of recent years. Rice. NEW ORLEANS, July 27 (Special). —Rice Growers' Association estimates this vear's crop will be 5.000,000 bags larger than that of last year, or about 15.000,000 bags altogether. Old stocks are negligible and foreign crops are short. Good prices are forecast. o Dry Goods. “HICAGO, July 27 (Special).— Slight advances have been reported in prices on the local dry goods market. Sentiment is notably better in agri- cultural sections and many lines are being freely booked for delivery the first two months of this autumn. Wool. BOSTON, July 27 (Special).—The Wwool market has quieted down some- what and there is some shading of prices in the lower grades. The higher grade wools, however, are not only very firm, but very scarce. Rubber. AKRON, Ohlo. July 27 (Special).— The demand for cord tires continues to increase and it is estimated that cord tire production now represents more than 50 per cent of the total tire output of this district. Gas. MINNEAPOLIS, July 27 (Special).— Minneapolis gas rate will be reduced from $1.02 per 1.000 cubic feet to 99 cents, effective September 1. This ra will continue four months and is e pected to result in a saving to co; sumers of $30,000 a month. Potatoes. STATE COLL Pa. July 27 (Special).—The state’s potato crop was increased about 1,000.000 bushels last year because of spraying, and a similar course is helping this year's crop. Notes. PITTSBURGH, July 27 (Special). IRREGULAR ACTION - ON CURB MARKET By Special Leased Wire to The Btar. NEW YORK, July 27.—Trading on the curb exchange today was only moderately actiye, with irregular fluctuations throughout the entire gession. During the early trading ofls were under considerable pres- sure. Citles Service issues continued to decline, the common stock show- ing a loss of 7 points at one time and the bankers’ shares were off % a point, at 19. The preferred was down only fractionally. International P troléum and Stand: Oil of Indiana were the active leaders of the Stand- ard Oils. The Indiana shares above 88% were up over 13 points, and In- ternational Petroleum after starting lower regained its loss. # Smashing Alcon Ofl. The outstandng incident of the in- derand‘nl oils was the second bear drive within 8 week against Alcon Oil. After opening at 14, this stock broke to 3, where some support was encountered, but later the atock touched & new low of 2 The other oils were {rregular. Carib Mutual and Simms held steady. Motors Wanted. Stutz Motor$ featured the dealings in the motor group, the first sale tak- ing place at 20. During most of the session the sfock sold between 11 and 16. A good demand appeared for the Durant issues, while Moon Hayes Wheel and Reo ruled about steady. oston and Montana continued to be purchased, and again passed the $1 mark on heavy transactions. Motherlode, National Tin and Ray Hercules were active and firm. Philip Morris Gains. In the miscellaneous section Phi lip Morris attracted attention, with a sharp advance from its low. The buying on the upturn was by houses Supposedly acting for insiders. United Retail Candy and Goldwyn Pictures were quiet. Radio common was com- paratively heavy, but Dubiller was Wwell held. Acme Coal encountered some profit-taking. TARIFF ‘TALK . AFFECTS. Has Strengthening Influence in Boston Market. BOSTON, July 27 (Special jTess of wool tariff legislation at Washington had a strengthening ef- fect on the wool market today, but did not result in materially increas- ing the volume of trading. Prices were firm. The demsand for medium scoured wools and twelve-month Tex- as continued good at firm prices. The trade is watching for the resuits of the sales at Cokeful, Wy where 31 and August 1. to determine the trend of prices in the west. South Dakota wools are selling at from 31 to 37 cents in the grease, with about 400.000 pounds still unsold. The trend of carpet wools at Liver- pool today was also closely watched, as buying is expected for American account. Collections in this section have }slowed up somewhat, according to local merchants and manufacturers, but this movement is attributed more to seasonal flatness than to conditions resulting from the railroad and coal strikes. ! DULUTH. July 27 (Special).—In- junction proceedings in the federal district court have halted the increase in the street car fare here to 6 cents. The hearing on the injunction pro- ceedings will be held July 29. The company asks for & 7-cent fare and the state utilities commission granted an advance of 1 cent from 5 cents. CHICAGO, July 27 (Special).—Mont- gomery Ward & Co. reports that sales this month are 15 to 20 per cent in excess of the corresponding period last year. Sears-Roebuck also reports a big gain in business. This is taken to indicate that middle west farmers are buying again with bumper crop 1 prospects and that purchases will not De confined to mail order houses. PHILADELPHIA, July 27 (Special). —The steamship Greater Maryland, which was recently launched in the Delaware, is rapidly nearing comple- tion. When placed in commission she will ply between Norfolk and Balti- more. A sister ship will be launched in a few weeks. ! KINGSLAND, N. J. July 27 (Spe- cial).—The heavy repair shops of the Delaware, Lackawanna and Western railroad here were reopened today. ' LIBERTY BONDS WEE THE LEADERS By Special Leased Wire to The Sta: i NEW YORK, July 27.—Conflicting influences were responsible for the irregularity throughout the bond market today. The abundant supply of money induced further buying of the United States government issues. Foreign government external loans moved unevenly, as our own domestic troubles overshadowed in importance the news from European centers. Railway securities became more un- settled as the continued uncertainty of ‘strike difficulties partially offset the effect of June railway earnings and last week’s favorable car loading statement. The upturn in Consolidated Gas convertible 7s following the company's declaration of a $2 quar- terly dividend was the feature of the § industrial list. 7 Libertys Strong. Liberty bonds were strong, and the advince of the fourth 4%s was most conspicuous. This issue got to a new high record, while the other members of the group equaled their top fig- ures for 1922, or sold near their high points. The action of the called and uncall- ed victory 4% per cent notes attract- ed attention, although neither was much changed. In the foreign group losses of a point occurred in theé Mexican go ernment 5s and Brazil 8s, and half- point gains and declines were nu- merous in other issues. The Japanese .4 per cent sterling loan bonds were strong. Action in Rafls. In the railway section, the Seaboard Afr Line stamped 4s went up over a point and Atchison general 4s, two of the St. Paul issues and Erie D's rose substantially. Buch issues as Rock Island refund- ing &s and New York, Westchester and Boston 4%s receded fractionally. New York city traction securities were duil, but held their ground well. The dividend action of the Consoli- dated Gas Company directorate brought the-stock from a 7 to an 8 per cent annual basis, and the improvement which-it caused in the shares was re- flected in the convertible 7 per cent bonds. Consolidated Gas stock had been paying $7 since 1915 and the ‘l'& of $6 had obtained from 1911 to 1! ’lk A Sugar Bonds' Slow. Less interest attached to sugar bonds today. Punta Allegre Sugar 7s ‘were the strongest. Oil issues were moderately active and weakness a in the Mexican Petroleum and Marland Oil securities. Pan-American Petroleum and Invh cible Ol bonds kept steady. Brooklyn- Edison 6s, General Electri¢ 58 and American Telephone and Telegra convertible 6s were the. features of the ublic utllity group. Market Street Pafiway consolidated §s so1d off. LONDON. WOOL ACTIVE. LONDON, July 27.—At -the woal auction sales, 10,463 bales were" of- fered. .Competition again was active throughout the home and fors! soctions. Prices continued on & basis for all descriptions. CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building Washington, D. C. Main 6189 We Offer for Investment Real Estate Notes e makers leflgafl xb! 1st % on roved property-. IELD oy PROMPT PAYMENT OF INTEREST @UARANTEED. Bank of Bethesda, Md. UEERTY BOND PRICES $100 Bonds Today. Victory 4% 3 NO DEDUCTIONS MADE. Beods Bought in All Denominations, LIBERTY BOND EXCHANGE 604 14th St. N.W. Hours, ® a.m. to 5 pm. Main 2997, SR SHIITITIRZS As compared with choice of investor. MAIN 2100 invests its funds. their complete safety. ISTH&HSTEN.W. 1,000,000 pounds will be offered July ! Bank Selected Investments * to Yield 7% " E 7% First Mortgage Real Estate Notes sold by the Merchants Bank and Trust Company have been subjected to the same careful scrutiny that is given to all securities in which this bank Before offering these notes for sale each issug is purchased by us in its entirety, and a considera- ble part of each issue is retained for the invest- ment account of the bank. We feel that we can give no higher expression of our, confidence in For sale in denominations of $s00 and $1,000 BANK & TRUST CO. Capital and Susplus $1,250,000 MAIN: OFFICE DUPONT BANK BRANCH _ DUPONT CIRCLE ILLINOIS TRACTION EARNINGS Tllinois Traction reports for 1921 & surplus of $1,485.861 after charges, depreciation and taxes, as con- d with $1,476,199 in the previous The income account earnings of $22,600.8: 31. After the payment of there remained a surplus $168,046. in compariton with $200.. Th ©o! was $1,388,577, lltll'n-! $1.245,458. showed , against ei- of 84, pany's profit and loss surpius Co-Operative Building e sy T s eores betpron tabie, o Bo 2" otsants Sad will help you. Subacriptions for the 83d lssue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN . JOY EDRON. President FRANK P. e —— EQUITABLE REESIDE, Seey. ! The Star has censored the ad- this tigation. The Star strongly recommends that you consult an offiver of some bank or some member of the local stock exchange before making any izvestmeat at any Peace-of-Mind FIRST Mortgage Note have an especial appeal to the man who is endeavor- ing to acquire financial peace-of-mind. Our First Mortgage Notes are not temperamental in- vestments. They are un- fluctuating, safe—tbeir in- terest is paid promptly. | Let Us Tell You About Them Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 53 Years Without Loss to an Investor AN AU ST THE INVESTMENT TRIED AND FOUND SECURE new ventures and all the hazards that unavoidably attend them, we are offering conservative investors a FIRST MORTGAGES —that have stood the severe test of time and the careful scrutiny of both the large and small In Amounts of $250 and Up B. F. SAUL CO. 1412 EYE ST. NW. has one of our clients lost as much penay it - PR in Our-First Mortgage Notes loan is of "our long-eutablisned “potiey” of absolute safety. Write or call loan departmest for tull information. g Notes of $250 Up to $5,000 Now on Hand Chas. D. Sager 923 15th M. 36 Loans and Investments. IN ‘revailing erest and L Joseph 1. Weller 8 Wamh. L. & Trost FINANCIAL FORrR SaLi DENOMINATIONS OF 800 DOLLARS AND UPWARDS Randalt I Hoprer %, 1207 %imect'fcm" .%zm(e FIRST at nltuflly. Cheice First MORTGAGE Every mortgago is less than 50% of the ready market value of the property. Prompt Payment of Interest. of Principal in Full Mortgage Investments $100—$250—$500—$1,000 WILLIAM S. PHILLIPS 1409 N. Y. Ave. NW. Main 4600 Capital, $250,000.00 3% at 8:30 AM. Ev Banking Columbia National Bank 911 F Street Helping Dollars Grow g Compound interest is an energizing force that multiplies dollars. Our Savings Dept. pays 3% compound interest. @ Become a savings depositor at “Columbia National” Next Payday, and let us get to work helping your spare dollars grow. b . . - Travelers’ Checks for Vacationists $1 Compound l-t .il on np. You can open a Savings Account at this convenient Bank with as little as Inviting vs. Accepting Banking Business I accepted. N earlier days the banking institution held aloof from the daily life of commerce—a place to which the merchant came, hat in hand, and his business was accepted, or not TODAY every up-to-date, progressive bank realizes that its own wellbeing and growth hinges on the exteat of its usefulness to the business life of the community. It INVITES business. Just as every merchant is eager for as large a volume of trade as his establishment can properly handle, so we are eager for the banking business of reputable merchants, manufacturers and individuals, to the limit of our ability to care for it—and WE INVITE IT. Our officers welcome conferences on any business or bank- ing question. EVERY BANKING SERVICE COMMERCIAL 7th and Mass. Ave. 3% ONSAVINGS 8thand H Sts. N.E. Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES - . 436 7th St. S.W. . Surplu $250,000.00 SN A i | }