Evening Star Newspaper, May 7, 1923, Page 23

I"INANCIAL. THE EVENING LOWER OIL PRICES ALARM PRODUCERS + Amazing Cahforma Output Shakes Whole Industry. Will Check Supply. BY J. C. ROYLE. ®pe-ial Dispateh to The Star, NEW YORK, May 7.—The steady . cliwb of the daily average of oil pro- duction in the California and mid- continent fields is held responsible 1or the almost universal cuts in the prices of crude oil and gasoline w have been a feature of the T date Overprods the new California swamped storage tank tion lines and refineries with crude petroleum. The executives of prac- ¥ Plally every bik ofl company on the wecks. wuthorities in other pro- | ce on this view. | The new Calito wmoni the most kable in the Listory of oil. In the last duetion has jumped a month tg surplus Drilling at black gold, as crude ellow gold without nta Huntington Beach, ignal Hill ieks almost touch fields that At today that the opportun able v compelled to put down a of liis own to keep the Jake of oil beneath his prop from being drained through the first opening. Will Limit Output. reement has been . owners to check pro- alifornia and this b n furthered by announcement by e nies that they will only on contracts already ximum amount fix- has cut down the | Is started in the last| »ne-third. e been put into rude since s reduced n §$1 to 83 cents a aindard Oil of Cali- Union, Associated and other 1 S tornia now expending mor 330,000,000 on pipe > the than rrols each, three comudate a million bar- rels apicce, in additlon to hundred of steel ta 56,000,000 Pipe Line. 11 Company's pipe, rogram will cost § sions of the t double that Petroleum Compar % holding 80,000 available tanker service to carry line and 00.000, Unior 0 Calitorni building e barrels ench. is being pressed i il through th production in 10Vl incrensing no corresponding in- nand. and_crude Production 500,000 ¢ week and { 50,000 | dropp all in K. ity has brought prices to 151: tations and 13'2 from (llll Gasoline ha. : Wyoming follows e trend in and Montana flelds usually that of the midcontine: and this has been the case recently. However, Denver is paying 22 cents for gaso- line, authough much cioser to supply than Kansas City. Five Months' Pennsylvania mething ar gh the Gil suppiy gruuu:l today is equivalent to nearly five months' consumption. They be- Heve that there wil be an adjustment in a few months that wil jus ficld operatio £ upply Ahead. g Some of the pr «I\lrv1~ are of the opinion the price | ‘cuts are the result of recent investi- gations at Washington. Others point pecial state tax heaped on g and_stili others hold the opinion that refiners do net want to put their product up to prices so high that consumption will be reduced. OHIO OIL COMPANY AGAIN CUTS PRICES By the Associated Press. FINDLAY, Ohio, May 7. 0il Company today reduced the prices of Wyoming and Montana crude oily 10 cents a barrel. The new Wyoming quotations ar: uvia.\s Creek, $1.8 PEACE WITH JAP/ JAPAN f_A\ SOUGHT BY SOVIET By the Associated Pross. TOKIO, May 7.—Adolph A. Jofte, plenipotentiary of the soviet government ©f Moscow, returned here yesterday from | Atami and, despite his serious illness, | resumed negotiations today with \J{:.\r: Shempe Goto looking toward the restoration of Russo-Japanese re- lations. Baron Goto insisted on a settloment of the fisheries dispute, hut M. Joffe replied he must insist upon recognition by Japan of the sovict government. The fisheries question is uppermost in the minds of the Japanese because he fishing season opens on May 16. . The soviet government granted the ipanese a member of licenses to h off the Siberian coast, but has since imposed regulations which, the Japanese declare, make fishing im- possible. Japan has asked for revocation of the objectionable regulations and has suggested that if their wishes are not carried out they may send a war- ship to protect the Japanese fishing fleet anta Fe | arrived at | the | e ‘companies in Cali- | oil_men feel that| {prices to yield COMMODITY NEWS - WIRED STAR FROM ENTIRE COUNTRY ATLANTA, May 7.—Strawberry shipments from Florida, Georgia and South Carolina are becoming extreme- 1y large and prices have yielded satis- factory returns to groweys. Garden truck also is moving north in good Qquantities. PORTLAND, April 7 s are facing a runaway market for Chinook Salmon to: Fishermen are getting from 15 to 17 cents a pound, although it has beer generally agreed that purchases thi on would be at 14 cents. Fr and processers are bidding 16 cents at Columbia This means the actual ning fish to the packers will be $5.75 per dozen cans, and a wholesale selling price of $1 to $1.50 per dozen for Columbia river flats would not be unexpected. FORT WORTH, jewelry business ‘in the southwes 5 to 15 per cent better today than at this time last year. dealers arriving here Tex., May 7. 3 -Higher « | e rf g with building co on throughout the middle w nning e & requiring larg: s and much heavy tim- | CRYSTAL SPRINGS, Mich., The Ford Motor Company ha rt Iling for iron ore here, npany has thousand: undeveloped mineral is_believed to be the sive development ed a second d {where the start of exte FORT WOR' M. OE { has | selitn \f pure bred men. ¥ for profit- expansion of this trade with Xico was increasing as the Mexi- were awakening to the necessity grading up their herds ! DE ¥ T—Stock dividends 4 alue of $9,000,000 will be distributed May 15 by the Moun- tain Producers Corporation and the t K Inc. The Qividen ta mede possible through the disbursement of the stock of the new Bradford Oil Com- pany, a holding corporation having lnterests in the mountain and gulf and Salt Creek consolidated compan- ies. v 7.—The style that shoes mateh has for glazed kid of | |demand ‘which pr. and gowns shall a_ brisk demand bright hues, and tanners of t sXtremely busy turning out | these specialties. | ATLANTA, Ma sxpected [ that freieht rat plements ast will be reduced s result confere: between carriers and Steel rates from Pittsburg Atlanta will be reduced $3.90 a ton effective July 1 on farm in nderwear, tion and v ving n in {E00d Guantitics in this w holesale mar- { ket {APRIL FINANCING TOTAL $304,682,620 est Since January—Down- ward Bond Trend. jception of the e | ernment trend in bone | Prices g the past week on the {Xew York Stock Exchange was jdownward, influenced largely the {break in the upward jstock pric New offerin {the week agregated § a single exception, during 000, the largest e {amount offered here since the week ending January 20. 1923 The total | compared with $54.000.000 the pre. vious week, and §1: corresponding period a year ago. New financing for totalled $301.6 0, as d_with $334 com- 00 in March, and $32 900 in ,\pru 19; _ Important new is ment trust certificat Milwaukee and 98 per cent; per cent thir- Illinois Power and Lizht Corporation at par; $8,5 per cent one to fif- teen-ye: equipment trust certifi- | gates of the Chicago Rock Island and 5 0 5 per cent one to fifteen-year equi ment trust certificates of the V. ginian Railway at prices to yield to 5.45 per cent, 4% per equipment Union Pacific cent five to fifteén-year trust certificates of the Railroad Company at 5.10 tv 6.1% per cent. —_— SHORT TERM SECURITIES. (Quotations furnished by Redmond & Co.) —Noon— g, Ofter: Aluminum Co. of Amer 7s Aluminum Co. of Ame can Cotton Ol 6s Anaconda Anl(ivmdu Simons 1dw et} el of_Canadn Bethlehem Steel canadian Northern Cent. Argentine Ltw; Ceutral Leather 5 Kansas Clty Term Morrls' & Penna. K. —Eggs—Steady; Fresh gathered, ; do., firsts, 27% “BIG ASPHALT SHIPMENTS BEING SENT TO ORIENT Special Dispateh to The Star. AN FRANCISCO, May 7.—Exports of asphalt from San Francisco to the ovient in the last week have exceed- ed more than 1,000,000 pounds. Many cities in China are buying here the supplies needed for street paving. Japan has purchased over 250,000 pounds for that purpose this month. To Singapore and Java were ship- ed today more than 600,000 pounds f paper supplies loaded aboard the steamship M. S. Dallar. The South- ern Pacific railroad is transporting material and workers to Bakersfield for construction of twenty-one miles of railroad which will tap the new il fields of that district. The new Aine will cost more than $500,000, turage packed, extra firsts, 31a31 do., firsts, 29%a 30%; New Jjersey hennery whites, un- candled extras, 39a41; nearby hennery whites, locally candled extras, 38a39; state, nearby and nearby ivestern hennéry whites, firsts to extras, 31a36; nearby hennery browns, extras, 33a3 Pacific goast whites, extra: Qo., firsfs to extra firsts, 32a37. —_— TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) 3%s June 15, 1928 3%s September b3 S«':lcmh@r 15, 1923, 5 | Deewner 18 it 4%s June 15, 1 ".fi December 13, s March 13, 192 4 8 September 4145 December 16, 1827. according to or structural steel is| declare ,|' ilings and ai] tion WIAY | Past Week's New Offerings Larg- | prices | movement of ! with | the month of | offered dur- | * cent one to fifteen-year eauip- | ty year debenture gold bonds of the ! and $5,687,000 { BUSINESS STAYS AT HIGH ] PITCH IN NORTHWEST Special Dispateh to The Star. ST. PAUL, May 7.—Industrial em- ployment in the northwest today shows an Increase of 12.7 per cent over this time a year ago, and the last month has shown an_increase of over 2 per cent above March and early April. There is a shortage of skilled workmen in this territory, and the market for untrained men is about balanced. There is a shortage of farm labor and an excess of clerical work- ers, while the men in the building trades are fully employed, but with no_actual shortage at present The freight moving through rail- road terminals here has increased 13 per cent over the volume of a year ago, the principal gains being In motor vehicles and accessories. farm implements, building materials and grain. “Why” -—take a chance in any invest- ment that might result in a loss hen able such secur- | | i —thera i8 av. [ ities as Gllt First Mortgage Notes in Amounts of $250 up to $100,000 We have on hand subject to prior sale a limited amount Certificates of titles furnished with all notes. Full particulars. Chas. D. Sager 924 14th Street Main 36 and 37 Mortgage Investments | First Mortgage Loans Ah'!.' Rates of Interest mnd Commisalon Prompt Actien (Tlmnm J. hsh:{. & Company, Iac "Jlll“lll“llllllll"l" i Continental Trust Company ST Capital One Million Dollars 14th & H Streets LT T AT LR = Foreign Exchange i| Quotations || By Radio - 10 o’clock from Sta- of Woodward & Lothrop the latest quotations will be broadcasted. Rates by private wire from New York Special Ivhmve Foreign Depar’~ ment, M. The Washington Loan and Trust Company 900 F Street 620 17th Streat Stock Salesman n that will bear the closet fnve only rienced stock salesmen nced {appy ar Office EQUITABLE Co-Operative Building i Association Organ:zed 1879 000,000 in the ! “Save While You Have the Opportunity” H Adopt the svstematic saviogs plan if] of the Equitable and you will sc- complish more than ever in savings. Subseription for the 84th Issue of Stock Being Recelved ! il| Shares, $2.50 Per Month /| EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, Presldent FRANK P. REESIDE, Secy. 5 Money to Loan ‘hrcuh-r! by first deed of trust on real estate. | ailing interest nrui‘gnmmultnu :]oseph 1. Weller 43} Invest Your Savings HETHER you have $100, $500, $1,000 or more to invest, investigate our First Mortgage Loans on Washing- ton Homes before placing vour funds. Never a Loss i Our conservative business methods have so perfectly pro- tected and safeguarded the funds of our investors that not a gle client has ever lost a dollar of principal or interest on any investment purchased through us. Send for Selected List. Let us send you full in- formation concerning our First Mortgages and our methods of handling them. No oblig; Wm. S. Phillips Mortgage Loans Phillips Building 15th and K Sts. N.W. STAR, LOANS If you Jave money to invest, we can safely place it on gilt-edge first D. C. Mortgages. Our record of 30 years insures your pro- techon. Courteous treat- Percy H. Russell Co. SW. Cor. 15th & “K” Sts. WANTED Experienced Teller For Small Bank Chance for Advancement Give Full Particulars iress Box 85-P, Star offics. WASHINGTON, D. . MONDAY, MAY 1923. A FIRST MORTGAGE IS LIKE A MAN— KNOWN BY THE COMPANY IT KEEPS FOR over a quarter of a century we have specialized in FIRST MORTGAGES Over a Quarter upon improved real estate, during which | Crane, Parris & Co. || of a time no investor has ever sustained a Century loss in either principal or interest. New Issue United States Treasury 4397 Notes Dated May 15, 1923 Due May 15, 1927 We shall be glad to en- IVithout a Loss B. Main 2100. F. SAUL CO. 1412 Eye St. N.W ter your subscription for these notes and will ac- cept in payment at par United States Victory 434% Notes, with inter- est in full to May 20, in the uncalled notes. Washington’s Oldest National Bank Equipped to Render You 100% Service In All Departments ¢ Busy men and women like to bank here because all their financial affairs can be centered, and their time and energy thus saved. 7 You are invited to make use of our com- plete facilities, with the assurance that your business will be valued, whatever its extent. 39% Paid on Savings Accounts National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—109 Years Old case of Investment Bankers 823 15th St. N.W. - $1,000.00 CASH PRIZES Given away for best answer {0 this question How Can Stock Exchanges Safeguard Investors? For particulars on Contest write to THE NATIONAL FINANCIAL NEWS A Weekly Néwspaper of American Finance 120 BROADWAY NEW YORK text closex June 11, 19: Organized in 1814 Safety That Backs These First Trust Notes SEVEN PER CENT is the Earning—and it will be paid promptly upon the interest date. There can be no default—for we issue these Trusts only upon property we know all about—and which is more than equal to the charges imposed. Under this plan you may invest what you choose —$100, $250, $500—and so on—but whether; much or little—the entire property stands sponsor and re- sponsible for it. Indeed, you may be perfectly sure of your 7% knowing that the principal is fully protected. & Finance Corporation 21 15th Bt. oW System Copyrighted & Patent Pending. American Cotton Fabric Corporation 7% Cum. Preferred Stock This corporation —has no funded debt —camed the dividend on this stock 10% times in 1922 —furnishes a basic product to the largest tire makers —manufactures only under contract —has already sold its entire estimated output for 1923. Price 101 and dividend Let our. Mr. Boss go into specific details with you. We are placing Insurance upon everything insurable. Consult the Manager of our Insurance Dept. as to your re- quirements. (GRAHAM. PARSONS % Co | PHILADELPHIA NEW YOoRrK WASHINGTON 405 HiBBS BLDG. Telephone : Main 2655 Boss and Phelps The Home of Homes 1417 K Street Phone Main 4340 Banking confidence is created to- day, utilized tomorrow. The best time to establish the right banking connection is NOW., Lzvery Banking Service 3 % ON SAVINGS COMMERCIAL 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 . HOME SAVINGS BRANCHES 7th and Mass. Ave. < 8th and H Sts. N.E. 436 7th St. S.W. Letters of Credit- Travelers’ Checks Foreign Exchange FINANCIAL. 4%% Victory Note Funds in 62% First Mortgages All outstanding 4%% Victory Notes have been called for redemption on or before May 20. To prevent loss of interest any Victory Notes you have should be cashed and the proceeds reinvested by that date. Our First Mortgage Investments yield 6%% --1%% more than your Vlctory Notes. They give you the complete security of improved, income-producing property in Washington. We will take care of all details of the exchange of your Victory Notes for our First Mortgage Investments without cost to you. For full information, call, write or phone Main 6464. Maturities: 2 to 15 Years Denominations: $5,000, $1,000, $500 and $100 ke F.H.SMITH CO. Founded 1873 FIRST MORTGAGE INVESTMENTS 1414-1416 EYE STREET, N. W. NO LOSS TO ANY INVESTOR IN 50 YEARS Save and Invest Have you lost EARNED MONEY in stock speculation? That happened to buyers of these notes They are known to be SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY Paying 6 and 614% (PAYABLE SEMI-ANNUALLY) never 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 Ty N W B 1IN {SHANNON - & LUCHS MORTGA ng;ggARTMEN T 713 14th St. N.W. Builders of Washington i Walter McFarlane JFARLANE is employed in one of the Government Depart- ments, and has been drawing a modest salary there for some years. Every year, however, he has made it a practice to lay aside something from his income, and seeking a safe invest- ment, he has purchased our First Mortgage Notes secured on Waghing- ton property. As practically all of our First Mort- gages are secured on new buildings, he has the satisfaction of not only having made a safe investment, but of having helped materially in the construction of new homes in the city. You, too, by such investment, can, with him, feel secure as to your sav- ings and at the same time be one of the potential builders of Washington. Swartzell,liheemaflc 727 15% StreetNW 54 Years Without Loss to an Investor Co.