Evening Star Newspaper, April 21, 1923, Page 15

INAN Danger of Inflation Biggest Problem in Financial World Feared High Prices for Goods—Money Situation Good. Trade Pause Called Desirable. BY WILLIAM F. HEFFERNA NEW YORK, April 21.—The curb market was subjected to heavy selling throughout the session toduy, despite the optimistic attitude and confldence h ‘al situation expressed in d trade review: continued under pressure, a number of the group reaching new lows for the movement, while offer- ings of industrials were 1 to bring about number of thes - Mammoth was a feature of the oils, May Check Demand NEW YORK CURB MARKET Received by Private Wire Direct to The Star Offi breaking . mors than 5 points over n:sh?- ith the exception of !!ln%- ard of Indlana, which advanoed 'l.!g:l . 1y, the Standard group bore its re in' the general unloading of stocks. The selling in the motors practically ran its course before the end of the first hour, but most of these shares were off appreciably from the Friday close. It took little effort to brin about further decline in Durant of Délaware. Cleveland at 33 was off 1% points from the recent high Mllnln' shares were decidedly irreg- ular. SATURDAY, 'APRIL 21, MORE CARS IN SERVICE. M | avo a1 ae o ViONeEy to Loan; $8,237 cars o|f ,P;'lvl:‘l enou.‘;n flq\llap!- ment to satis ppers’ lemands, the Amerioan Rallway Association La_rge Amounts reported today. This was a decrease o{ ,z.,-“. care | chp"id ;.rm.‘ z‘:‘: Business and Investment Properties Shortag e wsok. previous. $i0a'07 hs wnsatianed demznd was Lowest Rates oF box cars sultable for COAL g On"April 7 a total of 16,168 cars Prompt Action were scattered over nes at points where no demand for them existed. WEAVER BROS. SMALL LOANS = Legal Rates only on home furniture, motes, stocks, real estate and personal security up to $300. No brokérage. You do not have to INTEREST AND POSITION in ‘well establisched, large corporation dolng intaresting constructive work, mostly ‘man able buy. stock. VIRGINIA FINANCE AND BMALL LOAN CORP., facing new Key Bridg: Phone Clarendon 421. Take "INANCIAL, Established 559 Ip Copuepient Depemipatiops For Ipuestors an by mail, for ca) BY STUART P. WEST, to invest $10, Address Dispatch to The Sta NEW YORK, April 21.—The fore- most topic of discussion at the close | of the present week is whether or| %ot the general business movement been set forth and discussed. can continue at the pace set during |first is the increase in wage the last two months without involy. ing the dunger of inflation and an- other unpleasant experience like that of three years 4go In this articie a week ugo. opinion was given that trade expan- sion had gone about as far as it was B With the steel mills operating above $0 per cent of capac- ‘v, with the manufacturers of woolen «nd cotton goods working overtime, vith a record tput of pig iron and vith the railroads ~handling the argest traffic ever known at this wagon of the year. there was little nore to be espected in the way of ease the | | week has seen easier rates for | money and for bankers' acceptance | and decidedly larger offerings of time funds at the concession demanded by borrowers. The two features which must be re- rded us unfavorable have often e ‘which now has become nation wide, the other is the excessive outpour of new securities. A condition where wage costs are on the increase and where | business men are afrald to meet these spells | with a further price advance, smaller profit margins. This 18 & con- | sideration which unquestionably Has been in the Wall street market for the last month. It means that the enthusiastic culations of - two months ago regarding company earn- ings have had to be revised. It has also been recognized that the fssuing of new wecurities has bee! carried too far likewise. Trade Pause Desirable. Nothing has cropped out in the trade news of the week to warrant any feeling of pessimism. Such pause Price Movement Big Factor. ! But it is quite a different thing to| say that the business volume has ! qeached its peak. and to say that “erfous downward turn is imminent Everything nds upo future halt is not called | nodity prices eded_ou les that con- samption will be « d. and then a | serious reaction will se ontrar tend ces coked, look for any m present condit The Departie marizing results fc that production in many lines was vhell up to the top of three vears 8go, but it has also pointed out that whole- | sale prices on the average jers of steel no | ket ave still | | as ‘has occurred from the feverish a tivity of last month is altogether de- sirable. It is & good thing that buy- longer have to pay premiums for prompt delivery and that prices have been shaded. Thé breal in the speculative cotton mar is favorable for the outlook in These are two impor- which point toward a check upon advaucing prices, and whick, accordingly. are an assurance that the situation has been taken in time to prevent a recurrence cof the bles of 192 Sugar Position Stromx. Tie sugar trade is in a quite dif- ferent position, for here all the recent data tend to support the lowered es- timates of the Cuban crop and hence indorse the view that if there fs cotton goods. tunt instances. per cent away from the Ligh of |10 actual shortage in 1923 the hat time. | tion This iy one of the two most im- portant elements of difference be- ween the situation now and that of The second is that, so far, cither the great enlurgement of irade nor the advance in pyices has brought any ri Epended upon eot the increused ave been very sparing in ¢ the rediscount facilities o al reserve There is in round numbers : dollars of gold more in the ¢ oday than there in 1919 while this constitutes a temptation to nflation, it is, nevertheless, an im- ense extra credit reserve Call Money Easier. Tnstead of the marking up of official iscounts which Wall street was ap- prehending u month ago, the past MILLIONS AT STAK IN RAILWAY FIGHT ids, and | heir use the fed- Pennsylvania and Associate Lines Oppose Sale of Prop- | erty in Chicago. Lie Associnted Press. NEW YORK, April aggregating more than $10,000,000 annually was said today be in- volved in the suit filed by the Penn- | sylvania railroad and other lines to nullify the Interstate Commerce Com- | mission’s order per: York Central Lines to purchase the stock of the Chicago River and In-| diana railroad | Knowledge of the suit, which waw filed in the United States district court of northern Tllinois. became | public yesterday when the New York | Central filed an answer. The Pennsylvania wa the backing of the Baltimore and | Ohfo, Chicago, In polis and Louisville, the Grand Trunk Western, | the Pitteburgh, Cincinnati, Chicago | and St. Louis and the Wabash. Appli- ation is made for a temporary in- ‘junogion pending a permanent order. v virtue of its order, the Inter- state Commerce Commission becomes | 4 defendant in the action. 1. C. C. Ruling of 1921. In the face of concerted opposition, e commission, in May, 1921, decided that the v York Central could ac- quire the stock of the Chicago River and Indiana railroad and obtain con- —Business aid to have | rol of the Chicago Junction railroad | linder & nincty-nine-year lease. The latter's tracks the Chicago sgock yards und adjacent manufactur- lg territory, while the Chicago River and Indiana, a road three miles long, connects the stock yard tracks with outside lines. Control of the two by the New York Central, rival roads held, gave the latter road a strategic position In the heart of the Chicago packing and manufacturing districts, Bearing on Other Cases. The action was considered of e treme importance in railroad circ in that the resuii.of the sult may have a bearing on other similar in- stances. It was pointed out that if he action in connection with Chicago Junction lease, which is for ninety-nine years, is upheld In the courts, there might be u basis for a Similar actlon against the Peonnsyl- Yania ftself. The latter road has a Jerwse on the Pan Handle properties. %° was declured by rallroad men that were all such leases, both east Uh3 west of the Mississippi river. to Po contested on like grounds, prac- sically every railroad In the country be accepted. WUl e B¢ the piaintift’s arguments was to the effect that the New York Central's success in acquiring termi nal properties has virtually given it 2% strangle hold on business arising in Chicago manufacturing districts. RAW SILK AT NEW TOP. Prl‘oau Touched Highest Mark To- day Since 1820. Special Dispatch to The Star. ] NEW YORK, April 21.—A peak which cas unexpected was reached in the Taw silk market today when XX 13-15 denier rose to $9.60, the highest figure_touched since 1920. Excepting for XXB and extra, which were each up,§ oents to $9.50 and $9.40, respe: "Rlely, other prices remalned un- changed. Yokohama was firm and qulet. It was difficult to make trades at today's higher local figures. 418 FAILURES IN WEEK. NEW YORK. April 21.—An upturn in commercial fallures is reported this week by R. G. Dun & Co. The current week's total is 418, compared with 362 last week and 485 in the Yike week a year nfo‘ The increase ‘was general in 1 parts of the ntry. O detaults involving more than 35,000 in each case are also more nugerous, though not in proportion; nfs week they amount to 56.7 per cent of the total compared with 63.5 per oent in the preceding week. In the oorresponding week last ve similar insolvencies amounted 10 595 per +ent, ¥ / of}the American beet sugar industr: urity | cause Y o | supposed to fe credit struciur ilcs huve [ OuE ot prices w urces to | ynd are therefore in no between world production and -ousumption is going to be abnormal- 1y amall. Sugar refiners have fought against this conclusion, as is not sur- prising. 5o have representatives of be- beets are well sold 1 under the present position to : of the advantage of further rise. »w the government has taken [steps in an attempt to restrain what 11t ix pleased to call an “unwarranted speculation” in sugar futures. The outcome of the court proceedings will be awaited with the utmget interest. If the sugar trade is right and the |government Is wrong on the question {of demand and supply and the justice [uf the recent price advance, it will be one of the worst flascos in years. (Copyright. 1923.) Washington Stock Exchange SALES. growers of sugar have pretty Washington Ga Washington Ry American Securi AFTER CALL. Washington So— 5. B s tax 5—$1.000 at 95 Wushington Rwy. & Elee. ¢ - ‘ Washingion Kwy. & Elec. i 4 at o BONDS Bid and Asked Prices. PUBLIC UTILITY. 748y ¢ 828, $1.000 at Bid. Ay American Tel. & Telga. 48 oii, Ao American Tel. & Telga. 4 * 10 Am. Tel. & Telga. cd. tr. Sa. 1| & Tl conv. fs.. and Nuburban’ B, Georgetown Ga fetropol | Potoniae Potomac FPotom, aeb. 6s.. Pot. e, Pow. g. m. 6s. e:.‘ Pow. ex. & Wash % Wash Washington Washington Gas 71y B Wash. Rwr. & Elec. 4 Wash. Ruwy. & Elec. g. m. 8] MISCELLANEOUS. D C Riggs Re Riggs Reai 101 STOCKS. PUBLIC UTILITY. 220 £ ™ Terminal Taxi pfd. NATIONAL BANK ncoln ational ‘Metropolitan. Riggs .. Second TRUST COMPANY. American Security & Trus Continental Trust. Merchants, Rank. e ational Savin 2 Union, Trant ot & Truat. Washington Loan and’ Trust. SAVINGS BAN Commerce and Say FIRE INSURANCE. American . Corcora: Firemer National TITLE Columbia Title.. Real Estate Title MISCELLANEOUS. Columbia Graphophoue com. Columbia Graphophons Drd D, C. Paper pi Yerchanta® Tian Morgenthater Lino 01 Duten Market com 01d Duteh Markat pfa Lanston ‘Monotype. Security Storage. NEW YORK DAIRY PRICES. NEW YORK, April 21.—Butter— Weak; receipts, 14,833 packages; creamery higher than extras, 43a431; creamery extras (92 score), 42%: creamery firsts (88 to 91 acore), 413% a42. Eggs, steady; recelpts, 33,008 cases; nearby hennery whites, locally candled, extras, 3. Cheese, steady. recelpts, 152,742 pound et BAR SILVER MARKET. LONDON, April - 2).—Bar _silver, 323-16d per ounce. Money, 1% per cent. Discount rates, short bills, 1% al% per cent; three-month bills, 2 per cent. NEW YORK, April 21.—Foreign bar siiver, 86%; Mexican dollars, §0%. BANK DEPOSITS JUMP. SEATTLE, Wash., April 21 (Special). —Bank deposits show a substantial improvement as between the Dub- lished statement of the banks at this time and one Vear ago, the increase in deposits in the past year aggregat- ing more than $18,000,000. pretty close index of general business and industrial conditions is found in the fact that bank deposits are now $15,- 000,000 more than in March, 1818, at the approach of the war boom. *isix wore cars and trucks were pro- ;, | bered 318 * | hominal or pan value in lieu of 100,- NEW YORK, April 21.—Following an official list of bonds and stocks. raded in on the New York Curb Ma: ket today Sales in BONDS. 1 Allled Packers 8s.. 743 1 Alum 7 new ‘83.. 108 2 Am Lt 6 w't war 1013, AR Mol ST 10 A 0 MU 2 Apaconda O ... .. 102 Anglo Am_ Ol Tize 1027 Ar & Co of Del 5:,5- w01 asowrin 5 Beaverboard & ... 801y Beth Steel Ts '35.. 1027y :hnl mxm qu ceoe 108 2 Charcoal (o Am B8 0% Cons Gas Balt 6s A xm‘-: 11 Pennock 011 . Cons Textiles #s.. 0813 951, 98| 30 Rov Can Ol & Deere & Co T . 9 Sait new . Detroit City Gi B Santa Fe 0 & G Detroit Edison . ,% Sapulpa Refin . Dup Tie & BubTo veti 0% 20X | 30 outhers £ a'R ; pr 0 g 27 Sou States Ol . PI-I’:, Bfi'{“(o“u = 180 Texon Ofl & Grand Trook 6 B Gulf 0il of Pa oo 4 Lowry Of1 . 1 Mammoth_Oil Low 3 Marland T4iy 108 1011 o Close. | 77 Mex OM1 . 1 Mex Panuco . 10 Midwes 10 Mount Prod . 1 Peer OIl Corp. 3 Penn Beaver il Y ol . 2 Acma Coal Fhila Eiec H Phillip 3 B 7w A 1 & Atantic Am Drug Fruit Buddy Buds . Shawsheen Po1soN Y { 150Xy 2 | s ooy 103 5 Checker Switt & ¢ . Chi. Tuited Oil Prod s 104 Cent Terewa b Mfd ipple . veland Slotor Cosgrove Ex ! Curtins Aero . Cuyamel Prutt DL & W Coal Douglas Dubilier € & Durant Motor . Durant 3ot of Vatvoline Ol 4. . 10 FOREIGN BONDS. {13 King of Nether 6u. 903 5 Mexican Govt Ga. G0 0 Reguviic. of Tern & 100, b Swise Govt dige... 108 8 U8 of Mexico 5. 40 Sales STANDARD OIL ISSUES. o, unita. 300 Anglo Am Ol . faatic Lobos = SO0 Gardner Mot . Glllette S R Glen Alden Coal Ers- Hydrox' Co; 400 Hum Ol & Re new F0NEPL 266 Jmp 011 “of " Cun 180 Intert pet, (o Lid Beetors am 20 Magnolia e 5 Prim o 100 Nat Tranit : 45 homa Radlo Co 400 Ohio Oil new 3 19 Radio Corp ptd 30 Eratrie’ 01l & 2 < Hepett Caoh 10 Prairie ¥ L . 31 10K oto; 10 Bouthern P L 1om G091y J Motor - 8600 5 O Ind 6ty 300 8 0 Ky L 18 BRSO N ¥ pew s AL 20 Swan & Fioch 3 3 foSmin. 2100 Vacuum Ofl mew .. s I Mot Motor .- Sales INDEPENDENT OIL STOUKS Timken Aule” . o xport Ttah 1a Waring 2 West Power . 3 Yel 1 Cities Service fties Nervice pfd. It Nery B cfs 103 Creole Synd .. 5 Bquity Pet pfd i Federal it i Gilliland ol 0 Glen Rock Of1 L1.. ® Gulf Ol of Pa .l 20 Hudson 01l - 4 Independ 0 & G nd M Boston” Mont (o . :‘ tte & Western. |AUTOMOBILE QUTPUT | = ifiie s, " HIGHEST ON RECORD Cons “Nev Utah | 'Mnmh Figures Beat Production of Last June—Other Wall Street Notes. 28! 2EIBETBLEE Gold Ktate Howe Bound . Independence Lea Mammoth_Djy Mohican Cop . anJll Tin vew Jersey Zi; N'Y Porcupine Obio Copper -+ " 59 Ray Hercules In Special Dispitch to The Star. (EW YORK, April 21.—The March | automobile output was the highest on record. Sixty-four thousand and duced than last June. Cars num- 24 and | against 254,650 and 21,815, ively, in February. 100 Superstition. a1 Petroleum oil imports into the| "8f Tonopah Divide . united kingdom for the week ending Tonopah Exte April 16, totaled 18,300,000 imperial Tono North ta lions. &2 Hlas Powder stockholders on June 13 'will vote on a proposal to create 300,000 shares of common without 70 8t An Gota 80 Sil Miges n?":n-‘a respect- 70 8il K D Min re Unity Gold .. Yukon Gold - 1000 shares of common $100 par stock ( now provided by the charter. New York bank clearings, $761 1000,000: New York bank balance {$84.000,000; New York Federal R i serve Bank credits, $64,000,000. SUGAR FUTURES G0 | 20 POINTS HIGHER Probable Reduction in Cuban Crop Strengthens New York Market. By the Associated Pre NEW YORK, April 21.—Sugar fu- tures advanced 9 to 20 points at the opening of the market today. An estimated reduction in the Cuban { crop from 4,100,000 tons to 3,735,000 tons by H. A. Himely, one of the leading authorities on sugar, and the continued strength in the spot mar- ket were influencing factors. RAILROAD WORKERS ASK INCREASED WAGE LEVEL Negotiations to Be Opened With Roads to Raise Salaries of Employes. CHICAGO, April 21.—Negotiations en all roads for an increase ln‘ wages to the level in force prior to July 1, 1921, will be opened by gen- eral chalrmen of the Brotherhood of Railway _and Steamship —Clerk: Freight Handlers and Station Em- ployes, it was decided at a meeting here of representative general chair- men, who left after a two-day con- ference to open ngeotlations with their respective road officlals. The conference here was the last of four held in various sections of the country. General chairmen from castern roads met in Buffalo on April for higher wages, and meeting of expre nati on April 14 of southern general Atlanta April 15. The increase which the clerks now ‘ nd at a meeting l\-nt if granted by the roads, will chairmen in wipe out a cut by the United States Rallroad Labor Board on July 1, wages from 6 to arious classes, and 1922, 1621, cutticg the 13 cents in the other on July I, them from 3 to 4 cent A committee representing mainte- nance of way men in the northwest- ern region of the Pennsylvania rcad met here today with road officials in an attempt to gain an increase of wages. About 4,000 men are em- ployed in this branch in the north- western region and their action is expected to be followed by the 26,000 men in the other regions of.'the road. indications were that an in- crease would be altowed hy officials of the road. ———— Don't try to Uve tomorrow and to- day at the same time. reducing 0 Invaders Ol of Del Land. . INDUSTRIALS. ¢ Am G & E new w i Ar & Co of Del pt Brit-Am Tob Cou. Cellulotd Co ‘pta ! Centrifug Iron Pips orado Pow & Lt ol Carb Co vot of Brew Perfection Equitable Trust "o Grifith, D w .. . Un_Retail Candy. . L SLt & Heat.. Lt & Heat prd o Suger... at Mrg! Ariz_Globe Copper Copper. Goid Coin Mining. Hill Top Nevada. 70 Red Hill Florence trucks 34,693, as| 10 Richmond Covper United Eastern ... Un Imperial Mines 7 United Verde Ext. West End Consol. . Box 231.-W, Bi o8y o s Commercial Loan & Finance Corporatien Room 811, 921 15th Bt. N.W. System Copyrighted & Patent Pending, Mortgages. If you have money to invest, we can safely place it on gilt-edge first D. C. Our record of 30 years insures your pro- tection. Courteous treat- ment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. Money to Loan Secured by firdt deed of trust on real estate. Frevailing interest and_commission. _!oseph I Welles (W o Daily at 10 o'clock from Sta- tion WIAY of Woodward & Lothrop the latest quotations will be broadcasted. Rates by private wire from New York. Special phone, Foreign Depar¢~ ment, M. 8222 The Washington Loan and Trust Company 900 F Street 620 17th Strest “When Investing” Consider First Safety. the rate of return your earnings will_yleld. You will find First Mortgage Notes always foremoat in recommended safety. Send for full information concerning our 1% First Mortgage i Investments in Amounts | of $250 Up to $5,000 Guaranteed Title furnished to all investors, with collection remitted e day due. D. Sager 924 14th Loan Dept. M. 36. A Caltivate = ¥ Fo Becond, BEEWRL 1T 3 TR | T in ; th : .| Chas. 7% First Mortgage Notes Secured on Improved D. C. Real Estate d. | A Good Investment. . i First and Second Trust Notes or 811 Vermont Avenue N.W. OO L F TR E 54 Years Ago 'ai,v.:r having finished the magnificent structure, the extended Treasury Building, A. B. Mullett, the Supervising Architect of the Treasury, planned and commenced the great State, War and Navy building, the cost of which was about twelve millions of dollars. Afid - Now there are approximately fifty gavernment buildings in the Nation’s Capital, representing an expenditure. of hundreds of millions of dollars. ~For 34 years in Washington we have specialized in First Mortgage 6% Notes and have handled millions of dollars in these securities without a single loss to an investor. L4 3 Swartzell, Rheem & Hensey Co. 727 15th Street Northwest Washington, D. C. 54 YEARS WITHOUT LOSS TO AN INVESTOR WILL PURCHASE EQUITABLE Co-Operative Building Association Organized 1879 43d YEAR COMPLETED $4,657,950.56 -$1,180,880.91 Snvi;xgs With Best Results the habit of systematic savings and you will accomplish more than ever in a financial way. Subscription for the 84th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. I have a few first trusts which will yield 8%, se- cured on hemes occupied by the owners. All papers furnished. WILLIAM P. IRVIN 1410 G St. N.W. Phone Main 3908 GILT.EEDGE SECURITIES Appraised by Experts of 35 Years’ Experience Without a Loss Offered in Denominations of $250 and Up Warehouse Receipts and Make Construction Loans National Mortgage & Investment Corporation If You Believe in the United States You Believe in Washington Per7 Cent First Trust Notes For the investor who desires the entire loan on a property, we have a few moderate size offer- ings. Also— Notes, $100 to $1,000 813 15th St. N.W. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Randal I Hagner & G 2 2207 Crnecticat Boence et CONSUMPTION versus INVESTMENT A DOLLAR SPENT is « dollar GONE ‘% _but a doffar invested in our FIRST MORTGAGES Quarter i a dollar plus 674% FOR EACH YEAR of a you invest it. Century Without N a Loss. B. F. SAUL CO. 1412 Eye St. N.W. In amounts oi $50.00 and up Main 2100 RARENIZENYRIERRNERARNRAE R ARRRRRR AR, Save and Invest When you can smell oil oozing out of the ground or dream of gold push- ing its way out of the ground, it's an excellent time to buy safe, gane investments and these notes are known to be SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY Paying 6 and 612% (PAYABLE SEMI-ANNUALLY) Shannon & Luchs First Trust Notes Built on a Straight Line of Return Not a Fluctuating Value Sold in Denominations of $100, $500, $1,000 FULL INFORMATION Since 1906 MORTGAGE DEPARTMENT 713 14th St. N.W.