Evening Star Newspaper, September 30, 1922, Page 21

F -§TOCKS ARE SOFT UNDER PRESSURE War News Admitted as Factor—Speculative Fa- vorites Are Weakest. BY STUART P. WEST. By Special Leased Wire to The Star. NEW YORK, September 30.—The strain of the situation at the Darda- nelles was admittedly greater on the markets today than at any time since the war cloud loomed on the near east horizon. The market viewed the situation only short of actual warfare. No cal- culations affecting the day's markets could well have been made without ‘aking into account the possibility of iclash between British and Turks be- snning over the week end. If there ms to be a war scare it seemed as 11it must have come tod: Vhat actually happened, however, Ws a series of moderate price move- mats, indicating uncertainty and un- ealncas, but no serlous alarm. Serling went lower, but did not get dovn to its low polnt of the previous day British government bonds sagged offa bit, but they did not equal their recmt low. French and Belgian bonds wep off fractionally, but as against thisthe continental exchanges were all geady. Sone rather active selling in the cotter market was directly traceable to th cahle news. So, too, was the Tesutption of the rise in wheat. Thebond market, with the exception of librties, which were again notice- ably woft, was inclined to do better. Action in Stocks. On tie stock exchange trading was quiet curing the first hour, with prices only sightly lower. Thep operations for thedecline were tried again with some siccess, particularly in the In- dependint steel stocks. Republic Iron and Ste'l and Bethlehem Steel B were the weikest. Their decline, along with a sharp drive asainst Mexican Petroleum and the Pai-Americans, had an unsettling effect tpon the entire list. Prices went gradually lower, and in the #peculative leaders the losses were rather substantial. Still tiere was no violent unloading of stocks, as there would have been in a geruine war scare. Over Week-End. The m:in point was that people who might hive bought ordinarily were delaying purchases over Sunday to see what woild happen in the near east. ‘This temporarily weakened the buy- ing power, and it was curtailment in ‘buying, rzther than any keen desire to sell, that was responsible for such weakness as occurred. National Biscult. National Biscuit today added an- other 5 points to its advance of near- 1y 12 pomts Friday and once more got into new high ground for the Year. Th: movement in National Bis- cuit. which now pays $7. is due to re- ports that the company is about to recapitalize and that the present stock will be split up on a 4-to-1 basis with the new stock on a $i dividend basis. The §4 dividend on the new stock would mean $16 a share an- nually. Great Northern. When Great Northern preferred on Friday got down below 90 it ran into substantial buying orders. The stock has not regained its old-time standing as one of the reliable divi- dend payers. But - it has various points which rank it in the class of so-called busi- ness men's investments. It stlll pays the full 7 per cent and now, taking its transportation earn- ings plus share in the regular Burlington dividend, it_Is earning slightly more than this 7 per cent. The revival in the northwest—in farming, in the lumber industry and in mining production—has built up a satisfactory tonnage for all the roads in that section. with every in- dication that it is going to last. Even if there were any deficiencies it could be made up, as it was last year, out of an extra dividend from the Bur- lington treasury. DIVIDENDS. AStock ot Pay- record. able. Oct. 16 X Edison Elec. Tluminating a. 3. 3 a Gharal xotors~ Cor. deb., q.. 81 General _ Mot Oct. BAR SILVER QUOTATIO! NEW YORK, September 3 elzn bar silver, 657 S. —For- Mexican dol- September 30.—Bar sil- Dence per ounce. Maney. 2 per’ cent. - Discount rhte, short bills, 2%a25-16 per cent: three-month bills, §9-16a2% per cent. Other Financial News on Page 19. e ——— We Offer for Investment Real Estate Notes ©of responsible makers secured by 1st liea e lm‘froud property. TO YIELD 0% rxom PAYMENT OF INTEREST GUARANTEED, Bank of Bethesda, Md. Phones: Cleveland 1919 and Bethesds 81. Let us manage your Rental Prop- erty. Over a Quar. ter of a Century Experience. "B. F. SAUL CO. 1412 Eye St. NW. Main 2100 EQUITABLE Co-Operative Building Association Orgaaised 1879 43¢ YEAR COMPLETED ASSEtS . coce cwes me . $4,408,630.00 Surplus meeoccocs. $116440489 Adopt O Cousidet what others Bave sceom plished who adopted savings plan and_remember you can accomplish much If you persevere. Shares, $2.50 Per Month - 915 F St KW. INANCIAL. LOCAL wnomu.: PRICES. ctly fresh, selected, u‘l.\M per dozen, !8140 average recelp! southern, 37. Live pqul(ry—l!nonen. p-r lh turkeys, b., ; fowls, 25a2¢ ressed poultry—Fresh km.fl Ivfln( 7 Gmen frults—Apples, new, per bbl. 00a5.00; per bush el bastet, hearby, 50a l 50, California oranges, per crate, 7.00 Lemons, per .0087. Peache, per basket, 1.50a250. Cant; loupes, Rockyfords, 2.00a2.50; flats, 7 1 ZVSQ‘h?n;lydewl:. 1.7522.00. BB etables—Potatoes, per 200::60 per sack, 2.00a2.50; No. 2, 502 Sweet potatoes, North Carolina. 1802 00; nearby, 2.00a3.25. Lettuce, per crate, 1.00a%.00. Romaine lettuce. Cymblings, per crate, 1.00a2.00. Onions, per sack, 1.75a2.00. Cabbage, West Vir- ginia, 1. 0 per bbl: nearby cab- hngei wznm 1.00a1.50. Cucumbers, per .00a2.00.” Eggplants, per crate, 1.00. Tomatoes, per bu. box, nurby. 50a2.00. “Beans, 2.50a5.00 per bbl. Peas, 2.0023.00 per basket. Peppers, per Cra 40a65. Kale, 50a75. Spinach, per crate, 50a1.25. Lima beans, per quart, 25a40. Celery. per dos., 50a1.00. Corn, per doz. DAIRY MARKETS. RALTIMORE, Sevlamber 30 (Spe- t 1ive—Spring chickens, hite leghorns, 20a23; old hens. 18a26; white leghorns, 18a 20: old roosters, 156a16; ducks, 21a36; small and poor, 18; pigeons, pair, 20a 25; guinea fowl, each, 40a60. Eggs (loss off)—Native and nearby firsts, dozen, 38 thern, 36. Butter—Creamery, fancy, pound.d4a 45; prints, 45a247; nearby creamery, 36 ad40; ladles, Safl rolls, 26a2 packed, ry prints, 26a28; proc- ess butter, 13234. CHICAGO, September 30.—Butter— Higher; creamery extras, 42; firsts, 34 a37; extra firsts, 38ad1; seconds, 32a33; standards, 3 2 receipts, 3,337 No. 1, casy Poultry, alive—Higher; fowls, 14a23; springs, 19; roosters, 14. FRENCH WHEAT CROP OFF. More Than One-Fourth Short of Last Year's Yield. By the Associated Press. PARIS, September wheat crop for 1922 is more than one-fourth short of last year's pro- duction and nearly one-third under the customary annual requirements, according to statistics prepared by the ministry of agriculture and pub- licity. The rye crop also is insufficient, but oats and barley are more abun- dant than last year. The wheat vield is estimated at 64,000.000 quin- tals as compared with 88,000,000 last year and the country’'s normal re- quirement of 94,000.000. This is due to & reduction of 600,000 acres in the area (planted, the small yield per acre and bad weather. Remedial measures already include a decree compelling the mil- lers to utilize a larger percentage of wheat grain in flour and preliminary purchases abroad already amounting to 17.000,000 quintals. “These were bought in the United States and Cana- da at less than the prices prevailing here. For the last month France has been ll\lnt on her old reserves be- cause‘of the late harvest, so there actually_are only eleven months to cover. It Is estimated, therefore, that the shortage would have been only 24,000,000 quintals, and as 7,000,000 were bought abroad there remains meeded 00,000 quintals. 30.—France's taken SAVINGS GAIN 100 PER CENT. NEW YORK, September 30.—An in- crease of 100 per cent in three years was shown in the school savings bank system operated in varlous cities in_ the United States, accord- ing to figures made public by the savings bank division of the Amer- ican_Bankers' Association. A total of $5.500,000 was deposited by school children during the yvear 1921-23. The number of depositors in the lact school vear was 1,271,029, compared with 8 06 the preceding year, and the number of schools participating increased from 3,316 in 1920 4,582 last year. g NEW YORK BANK STATEMENT. NEW YORK, September 30.—The actual condition of the cléaring house banks and trust companies fo; k™ ahows that they hold $55,53 750 in excess of legal requiremen This is an increase of $18,953,900 from last week. to \ THE EVENING RTAR, WASHINGTON, ¥. U, NXTURDAY, SEPTEMBER 30, 1922 ' Grain. Produce and Live Stock GRAIN AND, ‘MVIIIONI b :lALTIMORE Beptember 30 (Bna- b el :onun b hundred, 5.00 savoy cl.bb&'e, ‘bushel, 55a60. Carrots, hundred, 0024.00. Cauli- flower, barrel, 4.00a6.00. Celery, do: en, 30a80. Corn, dozen, 10a3l Cu- cumbers, bushel, 2.50a8.00. Eggpladts, basket, 50a75. Lettuce, basket, 1.50a 2.50. Onions, 100 pounds, 1.0021.75. Peppers, basket, 30a50. Pumpkins, each, 4a9. Squash, basket, 65a75. To- matoes, basket, 60a75. Packing stock, bushel, 90a1.00. Yellow basket, 25a 30. Turnips, basket, 50a60. Apples, packed. barrel, 2.50a5.00; loose, 1.00a2.00; bushel, 5021.00; bas- ket, 20a30. Cantaloup crate, 1.60a 2.00. Crab apples, bushe Damsons and plums, bush Gnnu-, 1.20. Grapefrult, Oranges, box, 5.50a7. ket, 50a75; b lhel 100l175 basket, 16a4! ushel, 1.00a2.25. Closing Prices at 12130, ‘Wheat—No. 1 red winter, spot, no quotations; Z\o 2 red 'lnler, spot, 1.20; No. 15; N red winter, garlicky, t 1.11; No. , red winter, garlicky, spot, 99 per bushel; Septem- ber, 1.11; October, no bid. Sales—b5,000 bushels of No. 2 red winter, spot, 1.18% per bu.; car lot of No. 2 red wintea spot, 1.20 per bu.; car lot of No. 2 red winter, garlicky, spot, 1.11 per bu.; car lot of No. 3 red winter, garlicky, spot, 98% per bu.; 3,000 bushels of No. 3 red winter, gar- licky, spot, delivery next week, 9834 per bu.; 5,000 bushels of No. 3 red win- ter, garlicky, spot, delivery next week, 981 per bu. Corn—Cob, 3.75 per barrel: con- tract, spot, 74% per bu.; No. 2, con- tract, spof ; No. 4. mo_quotations; tnc.k. 2 or better, Pears, Oltu—whlte No. 2, 49% per u.: No. 3, new, 49. R)’Q—Ne«lrby. no quotations; No. 2, western, export, spot, 84% per bu.; No. 3, no quotations. Hay—Receipts, 19 tons; market firm for fair to good timothy at 16.00a19.00, and fair to good mixed, 15.00217.00 per ton. Stra No. 1 tangled rye, 15.00a 16.00; No. 1 wheat, 9.50a10.00; No. 1 oat, nominal, 12.00a12.50. CHICAGO, September 30.—Higher quotations at Liverpool in the face of better political news in Europe was reflected in the wheat market here to- day and values showed some strength, the December delivery being in the lead. Fluctuations were rapid, how. ever, because of evening up on ou: standing contracts. ‘The opening which varied from unchanged figures, to ¥ advance, with December, 1.04% to 1.04%, and May, 1.07% to 1.08, was followed by a slight decliné, then something of a general rally. Corn and oats followed the course of wheat, the active dellveries showing the most strength. After opening % lower to a like advance, with Decem- ber, 58% to 583, the corn market scored moderate gains all around. Oats started 13 lower to %al up, with December, 36% to 36%, and later scored slight general gains. Provisions were slightly lower in line with a decline in hog values. Potatoes—Weak; receipts, 142 car: total United States shipments, 1,272 cart ‘Wisconsin, sacked and bulk, round whites, 75290 cwt.; Minnesota, sacked and bulk, sand land, early Ohlos, 75a%0 cwt.; Minnesota, bulk Red river Ohios, §0a90 cwt.; do., sack- ed, 90a1.00; South Dakot. cked and bulk early Ohios, 80a90 ewt.; North Dakota, sacked, cobblers, 95 cwt. —_— e DRY GOODS SLUMP. Some Falling Off in Week-End Trading—Prices Firm. NEW._ YORK, September 30 (Spe- cial).—The week ended in the dry goods market with prices for cotton cloths firmly maintained but with some falling off in the volume of business transacted. Print cloths were active with strong demand for the narrower constructions which also showed strong price tone. Sheet- ings were firm but inactive. Sateens, drills and twills continued in excel- lent demand. The raw silk market was only fair- ly active but the tone of the trading was encouraging to holders and im- porters who predicted increased volume of business next week. Prices were steady. —— DISCOUNT NOTES 4 1-2 P. C. BRUSSELS, September 30. 'our and one-half per cent was the rate at which the German treasury notes for 96,000,000 gold marks in payment of Germany’s reparations obligations to Belgium for the current yvear were discounted, it is announced. All the notes were handled by a Swiss con- sortium of bankers. new, - FEDERAL STOCKT RECEIVE A BONUS Stockholders to Get Six|a Shares for Every Five Owned. BY L A. FLEMING. In the Federal-American National Bank merger both institutions put thelr entire assets into the merged .| bank. Shareholders of the American Na- tional receive share for share of new bank stock for their present hold- ings and the stockholders of the Fed- eral National will receive 1 1-5 shares of new stock for each share of pres- ent holdings. This means that each shareholder in the Federal National will be given six shares of the merged bank for every five shares of the Federal Na- tional stock néw owned. September Clearings. The clearings of local banks for the month of Eentemhcr were $79 ,479, as compared - with $75,801, 903 for the month of Augu: d $66 1331029 for the month of September, Each year September clearings show increases, marking the begin ning ofithe fall business recovery. Thus for a series of years the clearings in September have been as follows: In 1920, $65,663. : in 19819, $62,576,902; in 1918, $57,897.969; in 1917, $42,036,968, and in ' 1916 $35,- 563,910. \ Assistant to President. This title is held by William C. Johnson of the ‘ederal National Bank, and will be retained by him when the merger of the two banks becomes effective. WHEAT PRICES LOWER, DESPITE CRISIS OF WAR CHICAGO, September 30.—Notwith- standing critical conditions at the Dardanelles, wheat prices have slip- ped down this week, owing latgely to seeming prospects that actual fighting might after all be averted. Compared with a week ago, whea this morning was 3% to 4% lowe corn, down %al to 1% oats, off %al to %al, and provisions varying from 20 decline to a rise of 1.02. Heavy selling from time to :ime in the wheat market accompanied indi- catfons that open hostilities between the British and Turks were being re- strained. Chances, howeve?, for some sensational war-like development were so apparent that few traders proved venturesome enough to risk acting very long on the basis that a peaceful outcome could be taken as assured. In this connection efforts to utllize Liverpool quotations as a gauge of the war crisis met with but little success. Decrease of 6,000,000 bushels in the amount of wheat on ocean passage. leaving afloat enough only for two weeks' actual needs, tended somewhat to check the downward tendency of values, but had an offset in the fact that terminal receipts both in this country and in Canada remained heavy. On the other hand, gossip was current that the lake vessel strike would hinder free movement of the Canadian crop and would increase the call for wheat at the Gulf of Mexico and at eastern United States ports. Corn and oats averaged lower with wheat, but showed stubborn resist- ance 'to selling pressure. Liberal eastern orders for all-rail shipments of corn from here were difficult to fill, owing fo car scarcity. Better shipping call for lard and meats was reflected In the provision markets. SHIFT HITS U. S. DOLLAR. MONTREAL, September 30.—The hepvy purchase of Canadian grain by erican firms for export abroad, re- sulting in a balance of trade in favor of this country, was responsible for the American dollar being quoted here at & discount of one-sixty-fourth of 1 per cent. The American dollar sold here early in January at a pre- mium of 6% cents. Thiz swing in Canada’s favor began soon after the coal strike was called in the United States in Aprll, which resulted in the Virtaal cessation of fuel shipments to this country. Since then shipments of coal have been partially resumed, but this has been more than counter- balanced by Canada's shipment of grain to the United States. What Happened to Mr Burton! R. BurToNn has been in the lumber business for a lang time. Particularly dur- ing the years of 1915 through 1918, he found it very profit- able, with a large surplus created from his excess earn- ings. Having faith in his business, he put all his money back into it, enlarging and laying in extra stock o that he could handlea larger num- ber of customers. 7 But, unfortunately, Mr. Burton was struck with‘a pro- longed and serious illness in 1919. Due to the lack of per- sonal attention and a sudden slump in prices, his entire surplus was wiped out and his associates were forced to sell his produc at a great loss. Mr. Burton’s only fault was not recognizing that set-backs such as illness, depressions or death, happen periodically in every walk of life. If he had been provident, he would have created a trust fund with his surplus, for a definite num- ber of years, which would have paid him a definite re- turn and provided cash at the time he and his business most needed it, Our Boahlat, ““Trast Fands You Can Trast, telle how Ae could Aave done-it, It will tell you, too ‘- Swartzell, Rheem & Hensey Co. 727 15th Street Northwest ‘Washington, D. C. 83 Years Without Lé_ss to An Inves'tor COTTON WEEK UNSETTLED PRICES WORKING LOWER September 30.—The co! ton murkot has been unsettled during the past week, with prices working lower under liquidation of old long acoounts and ocontinued hedging. The fallure of reduced crop unlm t neral pe: lwo n ent to earlier month buyers, while liquidation was also promoted by reports of continued free spot of- ferings at the decline and nervous- ness over the state of affaife in the near east. Before the decline was checked December contracts sold at 20.20, or approximately $14 per bale below the high record touched on the end-August crop figures and the low- est price reached since the middle of Alll'ul The market then showed evidences of a firmer technical position, and there were rallles toward the end of the week on covering, rather a more hopeful view of the foreign political affairs and reports that southern mills were buying spot cotton freely in the eastern belt. Up to the close of business last night thirteen of the private end-September orop reports had been issued with oondition fig- ures rangi from 40 to b52.4, and crop indications from 9,953,000 bales up to 10,597,000. According to local brokers, the markec {8 expecting a government report next Tuesday somewhere be- tween these two extremes, with a condition figure of around 50 and & crop indication of slightly over 1 (\oo 000. Very heavy ginning returns ptember 25 are expected the oenmus bure! ‘which. s also to be lu\ud on sday. Private returns were -u ‘to_indi- cate a ginning of approximately 3,700,000 bales, but some traders here are oxvonun‘ the officlal figures to show nearer 4,000,000. The weather conditions have remained vI!{ able for picking and marketing, and it is nporud that the ootton now rl»vldl the market is of h gh grade and in fine uou representing about the local stock were d aga! Dmb!r contracts on 'l‘uudn.y ond before they were stop- ped the difference between October and Dmmbor widsned to between 30 and 40 points —_— _ REVIEW OF TRADE. NEW YORK, September 30.—Brad- street's weekly review of trade say. “Trade and industrial conditions very generally show further improve- ment. Expansion in fall buying. steady to higher commodity prices, a still faster pace in industry, employ- ment about the most widely diffused of the year, collections better and late northern crops ripening with trifiing frost 8, are among the notable features of the week. Out- standing special features in a week which has seen some of the lateness of the season e up for by more confident buying, are the reported heaviest *purchasing of steel ralls ever witnessed In one week; a very general increase in buying at pri- mary markets of all the leading tex- i with important advances wit- ed 1n several kinds of cotton k and raw wool National Mortgage and Investment | Corporation Will Puarchase First and Second Trust Notes Warehouse Receipts and Make Construction Loam On a Fair Basis 811 Vermont Avenue N.W. Multlple Service HIS BANK can serve_you in many ways. For instance— A courteous and help- ful Savings Depart- ment. A Checking Account “—the only safe way to pay bills. Loans for the build- ing and expansion of your business. Safe Deposit Vaulls for your valuable papers. Second National Bank s “The Bank of Utmost Service” 509 Seventh Street N. W. FINANCIAL, disappearance of the idie car from the railway records, with the largest total of loadings witnessed for eleven months past, and an increased coal output, this 1ore especially visible in the anthracits branch. Weekl)’ bank clearings, $6,490,332.000.” 1% o Money to Loan m"?‘fi* Sood of tramt on estate. Joseph 1. Weller§2, 75 L %™ FIRST MORTGAGE LOANS “The School of Experience” Many persons buy our First Mortgages because, as they say, “they cannot longer afford to take risks.” They have had their lesson in the School of Experience and have profited thereby. In Phillips’ First Mortgages the principal NEVER SHRINKS and interest at 7% arrives regularly when due. I convenient denominations. Ask for Descriptive Booklet “A”—| It’s free. William S. Phillips First Mortgage Investments 1409 New York Ave. Bexes at Very Moderate Remtals Capital and Surplus $2,000,000.00 You Should Capitalize Present Eammg Capacity Large and Small Accounts Earn the Same Rate of Interest. f OFFICERS: WILLIAM D. HOOVER —through a definite savings plan. You can’t expect physical and mental forces to remain “at par” all your life. QThe best way to secure yourself a comfortable old age is to join forces with a strong banking 1 institution, such as the “National Savings,”*and bank your dollars at in- terest as regulavly as you have a PAY DAY. @ Deposits in anygamount welcome. DIRECTORS: * s Piesidentn Witliam H. Walker William D, Hoorer 4 Woodbury Blatr Henry K. Wiilard roan Willtam A. H. Chureh ox V:aX on Victor Eauffmaun Aot Trust Officer | . Prescoit Gatley Charles Minshali t Officer Frank W. Stone Frederick A i\latlonal Savings & Trust Co, Fenning Oldest Savings Depository in Washington Cor. 15th and New York Ave. « $151,288.87 FOR AMERICAN SECURITY SAVINGS DEPOSITORS This sum represents the semi-annual payment of interest as of Oc- tober 1, 1922, on savings accounts, and will be divided ameng our Savings Depositors. The ability to save is an evidence of character and an indication of success. "April 1, 1923, will be our next interest payment date. What will be the amount of Your Interest? ‘American Security Savings Depsitors are requested to bring in their_ pass books as soon as possible, Uuzf we may properly credit their Share of these earnings. 7th and Mags. Ave. EVERY FI COMMERCIAL ANCIAL SERVICE 3 % ON SAVINGS 15tk and Penna Ave. Capital and Surplus, $5'400,000.00 HOME SAVINGS BRANCHES: 8th and H Sts. N.E. 436 7th St. S.W.