Evening Star Newspaper, March 10, 1923, Page 21

FINANCIAL, Wall Street Price Advances Proving Puzzle to Traders Many Fear Rise Has Discounted Trade * Improvement—Concern Over Money Rates—Bond Demand Slack. BY STUART P. WEST. Special Dispateh to The Star. NEW YORK, March 10.—The whole question before this week's Wall street market has been whether the in prices has or has not discount- :d the improvement in outside trade. Tpon this subject there is much dif- ference of opinfon. In ultra-specula- tive circles there is continued talk of & further boom regardless of the ultimate consequences. In other quar- ters, more sober-minded thought has been taken of the violence of the re- cent advance in industrial shares and of the likelihood that speculative interests have abused the opportunity afforded by the favorable business news and easy credit conditions, and hiave forced prices up to an extreme not warranted by actual values. Many things that have happened during the last week or so have brought remembrances of November, and April, 1920. Some of the up of industrial epecialties 1 quite as wild and reckless vthing witnessed in either of periods. {11 there are very important difter- in favor of the present situa- One {x that credit {s now abun- here then it was scarce; an- other is that there has not developed yet anything like the public craze speculation that there wus at that time, Danger of Higher Money Rates The principal danger In the situa- that Wall street speculation ecp on at the present pace, vhen, every day, rising prices and ex- panding production in trade are mak- ing larger demands upon the money market. If this combination were continued for very long it would car- tainly bring about restrictive meas- ures in the shape of further advances in federal reserve rates. Much is made of the decre: e lust month of some § e rediscounts of the Ne bank, This is pointed to as proof that the Wall street speculation has in- voived no strain whatever upon bank r nd that consequently there son to santicipate efforts to nce of the ¢ - . however, i3 to be set the fact that the speculative demands 50 far have been handled by tha me ¥ banks, which had large uge: alances released by the perio on beginning in the fall of But if the the business tinue th. would n * movement and were to con- are golng it ore the federal s began to feel the No Inflation in Industries. In the country’s industries general- cannot be said t degree of s, like ir 4 woclen gands, truction and railway manufacture, have oroduction and ke ace with ti capacity i : unable to . orders pouring In. WEEK SEESPEAK PRICES IN STOCKS Industrial Averages Highest Since Soring of 1920—Rail Shares Sluggish. S | Assoclated Press. NEW YORK, March 10.—Confiicting price movements characterized this K's stock market, in which the ndustrial averages again establish- ices since the epring The reaction, which was tarted on rumors that another in- ease in the local federal reserve re- ount rate was impending, was| strued correct of thej akenod al position which | result of the re- celul stocks the rising including Sta with Cosden Oil cott with Utah coppers; tend announcements, including the ncrease from $5 to $7 annually in mberg carburetor, and the excel- owing made by varfous indus- ¢ latest series of income reports, Hallroad Shares Sluggish. Trading in_ railroad shares was =luggish, with price changes mixed deepite the fact that tho latest car | adings statistics revealed that mors were handled the weelk ending than in any other cor- week on record, that the i verago of February loadings e CoUntry came Within 5,094, nml f earning the 5.7 per cent designated by the Interst Commerce Com. ssion as a fair return on the ten- tative property valuation. Pig iron production, generally re- @arded as barometric’ of the course of trade. was highor last month than STATEMENT OF THE CONDITION COMMERCIAL cuuu.'n' INB! AR URANCE Capital stock. Capital stock, pa $41,000.62 - 15904398 estate. L 385.000.00 Jtenl estate mortgages (first llen) . 1,160/650.00 Htocks and bonds (market, value). 3,675, 706.00 Premiums uncollected and in hands of agents .. 923,124.61 Jnterest due and accrued::6 ..l 49,960.42 ALl other mssots: Cesh 1o sus- Cash in effice. tash in bank. e Commissions, brokerage, eté. Capital ~stock. Character Fear Dlute s Tame 1922 uoney Perso der Tuvs, Nability, ‘auto proparty’ dam. eflivion, teams . d-» DuFgIAry, Bdeticy ety. Sustained during th PRI HORA E EBALI Vlc. President. ;u%“% This situation necessarily has r S ed in a more or less rapid advance in prices. But the point is that the ad- vance has not been aggravated un- duly by speculation. Rather it has been the logical result of the zbnor- mally depleted stocks on hand as they stood in the summer of 1921. Consumers persisted in buying from hand to mouth—that {=, covering only Immediate requirements, because they could not see the business recovery that lay shead. The sequel was that they were caught short of supplies for future use when they at length awoke to the fact that the tide had turned. Labor Shortage Pressing. At the moment one of the disturb- ing problems is the scarcity of labor, | - unskilled as well as skilled, for which the restrictions in the new immigra- tion laws may_ be thanked. Thir threatens to lead to a general press- ure for higher wages. In fact, there is already talk of wage increases. particularly in the fron and steel and textile {ndustries. If this happens tha whole viclous circle will begin m‘ operate over again, higher wage costs leading to higher prices, higher prices to higher cost of living and nnding | with renewed demand by the laboring class for fresh upward in their pay. It would seem from the standpoint of the security markets. us well as from that of the business outlook in general, that there could | be no more unwelcome news at thel present time than the announcement of such & serics of increases in wage | scales. | Slack Demand for Bonds. Anothe matter to consider more seriously is the let-down in the de-. mand for investment securities. This | has -steadily become more of a fea- ture during the lust six months, but it has been partfcularly emphasized during the past week. To the extent| that the weakening of the investment | market 18 due to higher money rates, present and prospective, it is nutl especially serious. But to the extent that it is due to, the enormous output of new Se- | curitles, it is a subjeot deserving| more _attention. The suggestion 13, that if new flotations keep on «s they | have been, without regard to u—.-l dences of satiety in the lnw\umanl demand, the inarket will become | overstocked with securities which will be very difficult to sell British Finances Improve. lutest reports about business conditions abroad are ending Febe ot recelpts 000 000, A t the close of the fiscal year large enough to warrant further reduction in the per- sonal income tax and the possible extinction of the corporations profit tax. Improvement continues in Itallan finance and business and within the last few months Czechoslovakia has able change for the bet- would mean much for ’s forelgn trade If it were not for the doubt regarding our future price levels. As it is even now, rise in prices has been so much great- | er here than it has in Europe that we aro finding increasingly diffi- cult to compete with other countries in the export markets. (Copsright, 1923.) in any other February on record, belng $3 per cent over that of Feb: i ruary, 1922, The weekiy steel and iron” trade reviews reported milis operating at 90 per cent of capac the average price of steal products about $2.75 above tha high established in September of last year. The marking up of the independent steel shares was partly in reflection of thosa reports. Motors Heavily Bought. Motor and motor accessory sharcs were heavily bought on reports that February production and sales were unprecedented in the industry, fluc_ tuations {n the latter group being practically violent. Equipments mov- ed into new high ground in response to heavily increased orders. Cop- per shares were inclined to weaken, | the price of tho red metal being | i stabllized around 17 cents a pound. Cotton also established new peak prices. Foreien exchanges moved larly within comparatively limits. BAR SILVER QUOTATIONS. LONDON, March 10.—Bar silver, 32 3-16 pence per cunce. Money, 23 per cent. Discount rates, short and three-month bllls, 2 7-16a21% per cent. NEW XORK March 10.— Forelgn bar silver, 67%; Mexican dollars, 51%. AMERICANS BUYING WOOL. LONDCON, March 10.—At the wool auction sales today 11,657 bales were oftered. There was a good general demand at current rates, American buyers obtained a fair quantity of medium cross-breds and slips. “When Investing” Constder First Safety. the rate of return your carnings will yleld. You will find First Mortgage Notes always foremost in recommended safety. Send for full information concerning our Fi First Mortgage Investments in Amounts of $250 Up to $5,000 Guaranteed Title furnished to all investors, with collection remitted the day due. Chas. D. Sager 924 14th Loan Dept. M. 36. irrogu- narrow Second, Money to Loan SECURITIES 7% First Mortgage Notes i bSccured on !fm3 rove rais Exgem of P O{i’ere the! ¢ Years' Denominations of $250 and A Good Investment. THE EVENING STAR, WAS NEW HIGH RECORD SET FOR PANAMA TRAFFIC! A new high record for Panama canal trafic waos established during the week ended February 17, when 188 vessels, including 81 ships of the, Atlantic flect, were transited. The! naval craft passed through to join ships of the Facific fleet for joint | maneuvers in Pacific waters with out delay to commercial trafiic. Despite the heavy load, reguiring ' operation of the locks until late at' night, the trafiic “was handled by the regular organizations without any special arrangements being made," according to the current Issue of the Canal Record, “and no merchant | vessel failed to prompt transit on account of the possage of the fieet.” The bulk of the traffic was one way, although the commercial business of the canal was heavier than usual for the week, aggregating 414,667 tons, whilo the navel vessels totaled 314,946 tons. —_—— For cutting binder twine in harvest flelds there has been invented a sharp blade mounted on a strap that can | be worn on a worker's left hand. First Mortgage Loans Lowest Rates of Interest and Commisslon. Prompt Action Thomas J. Flnher & Compnny. Inc. Mong:gen For Sale in small and large amounts Cory & Cory, 719 15th St. N.W. WEAVER BROS., Real Estate, Loans, Insurance, 735 15th St. N.W. STATEMENT OF THE CONDITION OF THE Boston Insurance Company of Boston, Mus. achusetts, on the 3lst day_of December. 1922, as roquired under the District of Co: lumbia Code, amended June 30, 1902, and August 18, 1911, Capital stock | Capital stock, paid up 1,000.000.00 Incashil "1,000,000.00 Cash in office. Cush in b Real e Real estate mortgage: Stocks and bonds (market Bills receivab Premiums uncol Total assets ....... . LIABILITIES, Net unpaid clalme 5 Saiaries, rents, expenaes, taes, c « Capital stocl P Cther Tiavilttie lotal Habilities . ter of Lueiness transacted dnring the marize and inland (including ce. Subseribed and sworn to before me this 26h day-of Fedruary, 1023 (8eal.) WM. J. CHISHOLM. Notar, lie. (My comm'sslon expires Jan. 15, 19: WEAVER BROS., Real E-tate, Loans, Incurance, | 735 15th St NW. oF ' 1 | anried under the | Cote, amended June . ‘und At 16, 1011, stock. 1 #00.000.00 Capital stock, D ©00,000.00 12, A Collateral loans.. Policy loans. . LIABILITIES. Net unpaid claims. Resere us required b aries, rents, expens Total Habilities $2.410,627.20 Character of business transtcted during the year 1922: Industrial, life, health, accident and ordinary life. Amount of risk assumed during the year 1922 -$15,383,518.00 Losscs” sustatned duriag the yeur 1,739,501.93 r bseribed and sworn to before me this 14th day of February, 1023, {8eal.) ). C. DOYLE, Notary Public. H. A. HOLLINS, Dist. Supt. w. one Frankiln 468, REAL ESTATE The Foundation of All Values Shrewd investors have been selling bonds and investing their funds in centrally located business properties in various cities throughout the United States; hence the slump in bonds and steady increase In the value of real estate of every description. Consult Our List Of gilt-edge investments yield- ing 5%, 6%, 8% and 10% net in- come with every prospect of increase in value. Quinter, Thomas & Co. Specialists in Real Estate for a Quarter Century 819 15th St. N.W. d D. C. Real Estate Experience Wnt{x’out aLoss P WILL PURCHASE First and Second Trust Notes Warehouse Receipts, and Make Construction Loans ational Mortgage & Investment Corporati 811 Vermont Avenue N.W. NGTON, D. “BeforeYou Invest. INVESTIGATE" You are responsible for your own money, therefore it is up to you to decide what to do_with it. Suppose you come in and discuss the District Guaranty Corporation with me. There are many vantages in having an invest- ment account with it, and the only place to learn all about it is herc. WilliamBWestlake FISCAL AGENT ton - - D.C. Tel.Main 6719, If you have money to lnvest, we can safely the it on gilt-edge first C. Mortgages. Our record of 30 years insures your protection. Courte- ous treatment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. EQUITABLE Co-Operative Building Association Organized 1879 43d YEAR COMPLETED Ansets 84,657 .950.50 Surplus . 8 ,5880.91 Systematic Savin POPRREL 1 oo 4 g A plan to make saving easy— Save a little each pay day and you will be surprised at the amount uccumulated in a short time: Subscriptions for the 84th Issue of Stock Belng Heceived Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Seey, T o Phoenix Mutual Life Insurance Co. of Hartford, Conn. uired under the District of C and August 18, 1911, LIABILITIES. THE On the Sist day of Decens 78.415.48 | C., SATURDAY, MARCH 10, 1923. BTATEMENT OF THB CONDITION Of the Metropolitan Life Insurance Co. of New York City, N. Y. On the Blst day of December, 1922, & ro- quired under the District of Columbia code, amended June 30, 1002, and August 18, 1011. ASSE’ $861.665.02 16.149,710.11 465,008.6% Cash in office. Cash in bank. Real estate . Keal estate lien) 610,117,264.60 568,191,079.92 Stocks ‘and bonds (market o £04,910.64 20,340,316.94 and Lealth All other assety Total assets .. £4,500,303.4% 1,145,805,577.00 r lia und Lealth division. ALL othier liabilities, Total liabilitles $1,250. 5.23 T of business tranacted during the Life, sceid 1 Eigended during ihe’ Jear'l GEO._ . NORTHROP, nts Clerk's No. Kegistor'a No. Counts No, 9 58, cert. 5. Kings County ‘ filed in Queens My commission expires ry Public; 8. New' York Courty 4 filed In It 1y Register’ If You Believe in the United States You Believe in Washington Attractive Issue First Mortgage Notes 3 Years Totul #ssets. Character of business tra IN M. HOLC | L. E. ALBERT, Gen. Agent, District of Columbia and VII'KIIIIB: £t }m GLES, District A. AH/ \[ T. Ca 5% and 6 An unlimited amount to loan on desirable hotels, office buildings, apartments or centrally located business properties in Washington, D. C., in amounts of $100,000 and upward. LOW FEES PROMPT ANSWERS EARLY CLOSINGS 713 14th St MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST 1207 Grnecticat Dence INVEST sivines Whether you have $100, $500, $1,000 or more to invest, investigate our First Mortgage Loans on Wathington Homes before placing your funds. NEVER A LOSS Our conservative business methods have so perfectly protected and safeguarded the funds of our investors that not a single client has ever lost a dollar of principal or interest on any investment purchased through us. Send for Selected List We will be pleased to eend you full information concerning our first mortgages and our methods of handling them. 61%4% and 7% Interest Convenient Denominations Call, Phone or Write for It WILLIAM S. PHILLIPS First Mortgage Investments 1409 New York Ave. Main 4600 $100 to $1,000 Make Reservations Now VABKE 813 I5th St Main 2430 American Telephone & Telegraph Co. 4 arch reopen o0 AN __H. BLAIRSM'TH. Treasurer. _ Is Your Rental Property Producing the Best Results? RENTS Consult Us B.F. SAUL CO. Mortgage Loans 1412 Eye St. N.W. Phone Main 2100 FINANCIAL. Offices For Rent [n the Beautiful New High-class Fireproof Office Building 1417 K Street N.W. Immediate Possession BOSS & PHELPS Owners and Agents 1417 K Street N.W. Main 4340 There are many excellent opportunities for investing your surplus funds, but none safer than good first mortgage notes se- cured on Washington real estate. We are now offering an excellent invest- ment in notes of $500 and $1,000, bearing 614% and secured by first trusts on hfgh- class improved northwest property which will pass the most critical inspection. The interest rate on this offering is ex- ceptionally good, considering the wide mar gin of safety. MOORE & HILL, Inc. 1420-22 H St. N.W. Treading on Solid Ground I financially. NVESTORS in our First Mortgage 6% Notes are men and women who prefer to tread on solid ground Such customers are interested pre- dominantly in regularity and security of income. They appreciate, after repeated experience, that our Notes pay 6 per cent interest, plus 100 per cent safety. Maintenance of our relations with old customers is a vital element in our buai- ness. In this, our record of more than 58 years without loas to any fnvestor is ‘more weighty than any argument. &HenseyCo. 727 152 Street NW. 53 Years Without Less te an Investor — An Extension of Your comfort and handled. COMMERCIAL Business Judgment happiness of his dependents. means to an end. Every Banking Sertice 3% ON SAVINGS 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass..Ave. 8th and H Sts. N.E. A MAN amasses his fortune, be it large or small, by the exercise of his best business judgment. He amasses it, too, in most cases, primarily for the It is the But a great many men in the past have overlooked the fact that even a great fortune may be dissipated quickly without the protection of keen business acumen in handling it. Is it not logical that every man should afford the utmost protection to his dependents, after providing the material comforts, through an assured sound busi- ness handling of his estate? Such protection can be had by his making a will and having a strong Trust Company to execute it. It is the extension of his business judgment—the han- dling of his estate after death as he would have it 436 7th St. S.W.