Evening Star Newspaper, May 12, 1923, Page 15

FINANCIAL CHECK UPON SALES PARTLY SEASONAL . 'Business Caution Spreads, But Produetion s Still Run- ning at Top Speed. HY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, May 12—The motive \power which drives business has been cut.down to some extent since May 1. The business machine, however, is still running at top speed on the mo- tum already attained, and it may bLe expected to continue to do so until eariy autumn, if not later. The chieck to sales has been partly a seasonal one, such as is to be ex- pected at this thue of year. Consump- tion is still of record proportions, and Praduction in reality Is still several months behind deliveries owing to the heavy volume of orders piaced arlier for future delivery. Costs are igh and prices also have advanced. There ave few indicatians of the ve- duction of either this summer. Nevertheless, producers, distributors aud consumers are moving cautiously. The mouvement to induce consumers . to cut down the use of sugar had only A temporary effect on the sugar mar- aud demund Ket, for world supl move patent fa . the case with which the move entum gave pause o producers and merchand score of other lines an fud of y followe ou the part which might assume proportions of buyers’ strike. Some merchants declared today that price ctions this autumn might be nec- v to stimulate sales, Abandonment of many large build- ing programs because of the increas- ing costs of labor and materials, also has had a similar cffect on other lines. Sugar Prices Malutained. The technical position of raw sugar has been improved rather than im- paired by later estimates and by the increasing European demand. Only forty-two Cuban mills are stili grind- ing out of the 182 centrals which op- erated this year. Their reports indi- sate thut preliminary estimates of production were high rather than low. Sugar Leets already are break- ing through the ground in the west- ern states, where weather was favor- able to early cultivation, and reports of over planting {ndicate the farmers re determined to make arecard crop. Field agents of the three big sugar companfes of Colorado and states in the eastern Rockies say that 280,000 acres have been contracted for, a con- uiderable increase over the area plant- ed last year. Cammadity Prices Below Peak. Many of the basic commodities have recorded decidad drops in price. Cot- ton is fluctuating in & way not ex- perienced since the civil war. Some of the cotton goods manufacturers having nearly caught up with bac orders, are reduging working sched- ules. Silk has slumped steadily from the records attained in recent weeks, affected sympathetically by the cot- ton market and the dullness in ‘Japan. Wool continues at the top on the western_ranges., and the mills are busy. Sales continue to be made at from 50 to 55 cents a pound in the grease. This is accounted for by the fact that manufacturers have dealt direct with the producer and cut out the dealers’ profits. Metals Productions Steady. 1, Steel mills are working at capacity but the payment of premiums is be- coming the exception instead of the rule and some price reductions ure expected. Coal is soft despite the opening of the lakes season. Petrol- oum and its products have not yet begun to feel the stimulating effect of output curtallment Thorughout the entire Industrial situation runs continued demands for higher wage scales. In the majority of instances these are being granted On next Tuesday, for example, 10,000 maintenance of way men of tha Great Northern ratlroad will begin draw- \ing increases ranging from $5.84 to 316 a month. (Copyright, 1923.) —_— e at 149%, 10 at 149, AFTER CALL. Capitol Traction- AT ishington Gau 7581000 at 94, "NLISTED DEPARTMENT. vings Bank—50 at 11%. BONDS. Bid and Asked Prices. PUBLIO UTILITY. Bid. Asked & 917 lm'i 98 115 American Tel. & Telga. 4s American Tel. & Teiga. 4} Am. Tel. & Tel. ctl. tr. oa..... Am. Tel. & Tel conv. G nucostia & Potomac b5 macostia & Potomsc gu ©C. & P. Telephons o Telephone of Traction R. R. ty and Suburban bs.. . Georgetown Gas 1st 3s. Metropolitan R. R. 5 Potomac Elee. 1st 5. Potomac Eiec. cons. bs. Potomac Blec. deb. 68 ... Potomac Elec. Power g m. ox . . & ref. 7a. 97 973} 1005 ‘Wash. SE e ‘Wash. Rwy. & Blec. & m. 6s.. MISOELLANEOUS, Riggs Realty Riggs Realty Security Btor Wash. Mkt. Cold Storage Wardmsn Park Hotel 6s. STOCKS. THE NEW YORK CURB MARKET Received by Private Wire Direct to The Star Qffice. BY WILLIAM F\, HEFFERNAN. | NEW YORK, May 12—The curb market closed the week under another wave of selling, which did not, how- ever, Invalve the entire'ilst, but made tself feit ¢hiefly in a number of in-{ dustrigls and the majority of the Standard olls. Such stocks as Mid- vale Company, American Lgcomotive, new; Warner Mallaable and Universa Pipe common and preferred felt the effects of statements in the weekly | Mercantile Review, where slackening in the demand in general business Was reported. 1 NEW YORK, May 12—Following is an officlal list of bonds and stocks traded in on the New York Curb Mar- ket today: Sales in BONDS. thousaudy. Tixh. 1 Allicd Packers Gs.. 61 2 28 . .0e 1033 [7eN D 1% Dana et s oy Low. Close. @ 6l T8 08y | uily Db | et o6 ooy, 100y, | Toi o | 19 -y Auaconds 7a %0 D 1 Anglo Am ' ON The Ar & Co of el Bigs At G & W 1835 Heaverboard _Sa_ ... Beth Stoel 7o ‘38 Hoston & Maloe 6, Can Nat Ry Eq 7 Cent Steel 8 .... Charcosl Co Awm Ss Cit Serv 7s ¢ . Con Gas Balt 538 B Con Gas it 68 A 2 Cons Textlles 8s . Detrolt Edison 6y Dun Tire & Ru :_‘»ql Sugar s t 0l of n Peta 6s Kenuecott Cop 7y flle G & E i aibo O Tx Morcls & Co 7. Nt Leather Sg ... . vy | New Or Pub Serv Thila_Elec 83 Bub serv of X § e Southern Cal SONY fun 0il 78 Swift & Co Taited 01} Tn Ry of Vacuum Ofl 78 .... Waype Coal 6s .... FOREIGN BONDS. Mexican Govt Gs... 62% Swiss Govt Sigs. .. 101 U'S of Mexico 4s.. 427y les in te STANDARD OIL 18SUES 400 Auglo Am Ofl . 6 100 Atlastic Lobos . E 3 330 Gal Nle O | 900 Hum Oll & Re uew B anRR Sio Ind P L. Inter'l Pet Co Lid Magnolia Pet Ohlo Ofl uew ... Prairle 0il & Gas. Penn Mixed Fuel . Prairie P L 78500 Sl Ay 3400 Vecuum Ol new.. 473 Bales INDEPENDENT OIL STOCKS. in hundreds. Indian 01 b Syud . ties Service ... Clties Service pfd 2 Cit Serv B cfs .... Creole Synd ... .. Derb 0 & B pt w i Engineers Pet .... Federal 0il Gilliignd 011 < len Rock Oil . .. to Harris Cons Pet Hudson Oil .. Keystooe Runge 2 Lafavette Oil Marland ... Maracaibo 0il Sex Oil .. Mex Paguco [l Mutual 01 vot cfs 5 Pennock Ofl ...... Roy Can 0il & Ret Salt Ck new .. pulpa Refin Seaboard Oil ..... Southera P & R.. . { Sou tates 01 ... % A P Texou 0§l & Land. 2 Turman Ofl ...... Wilcox Oil & Gay. ther pfd.. 8 Am Gas & EI pfd 43 Am G & B new w i Am Drug S Am L & Tr Archer Dan_ Mid.. 3 | Bridgeport Mch w | Brit Ioter Corp A Bilyn City R R Buddy Buds Car Light Centritu Checker € Tion Pipe " 4| | 133, | 01y ' 15 Fed Telegraph % Gillette §H G Glen Alden Co 12 Goodyear Tire 8 Griith, D W 10 Hesden Chem 4 Hydrox Corp . 1 N YT Co pra > ‘el Co % Brima Badic’ o g 2 35 Radio_Corp. as% 81 A 12 Reo Motor . X7 Swift & Co Tob Prod Bxports. 1% Todd SAID ........ 4 Un Pft Shar new. 8 Un_Retail Candy 7 U 8 Lt & Heat 18 Univ Pipe w i .00 Pipe pfd w 1 vestern Feed Mfgs 9 Warn Mall Ce Ba®sae R ggan) BaBiveaZu? FEERE FOE | developing Standard of New York went lower agaln, reflecting announcement of the Jronomal to increase the capital stock v $15.000.000. Magnolia Petroleum, the minority holdings of which are soon 1o be taken over by the New York Standard on the basis of four shares of New York stock for each share of Magnelis responded with an opening jump of five points, but lost this gain in the last hour. Reports that Prairie Oil and G had cut crude oil amother 10 cent per barrel ulso acted as an incentive for further selling in the olls. Prairie Oll and Gus declined four points before there wam any sem- blance of a rally. MEN] 6 Alas Brit-Colo . 60 Arls Globe Copper . 10 Bikck Hawk (oos. .15 81 Roston Mont Corp .21 168 Butte & Wesatern. 10 Chino Ext +Miges. 84 Cortes Bilver . 120 I Salvador 50 Eureka Croesus . 130 Fortuna Mines . 640 Goldficld Tweep Mo 10 Goldfeld Plorence 10 Goldield Jeckpot. 3 (ld Colu Nin 30 Gold Bope . 10 Harmill Div ...... 18 Hill Top Nevads 20 Tutopendonie Load ependence ~Lead 40 honpzlmn'm . N B 1 Jei 83 12 e ohfcan Netioal T w Cornella E8.E5E. 2S SEIEE Biorable ERALAL F 7 i F 2B New Domiuion ‘Cop New Jersey Ziac .. N Y Porcuplne ... Nevada Ophir .. Niplssing Oblo Copper Prew Gold Min itd Ruy Hercule luc Red Tl Florenoe . Rex Copy 2 Sulida Mines 5 4 St Au Goid Min 1td 40 Sil Queen Min Corp 20 S K D Min reor . 10 Silver Kiug Cons 10 Silversmith Mioes . . 3 Soowstorm Sil & L Spearhesd Gold 55 Mines Teck Hughes . Toao Belmont Touopsh Divide 8) Toopah Exteoa 10 Touo Mizpah 3 Tonopah Xin 1 United Easte: 2 Un Imperial Minea. . 10 U 8 Cont new w i - 1 Caity Gold 1 Utah Apex : 3 Vai Deep Miuo 11 West Bud Cousol 70 West Eud Ext 30 Yerrfugton Mines 2 Yukon Gold ... FORD’S NAME LINKED WITH CHAIN OF BANKS NEW YORK, May 12.—The Tribune today says: A report reached the outlying dis- tricts of Wall street yesterday that Henry Forg wis considering the es- tablishment of & nation-wide sy of bauks, with the aim of ultimately an international group of such institutions. Tha report was not credited by a banker who has been identified with Mr. Ford in the past. He declared that he had heard nothing of the project and that Mr. Ford had never evinced any interest in _launching upon a banking career. The report 2o i ulo b, Ly Fulw T e EReannBBin Rt was belloved to have risen in con-| Mr. | nection with the utilization by Ford of savings banks in his plan for payment for the automobile which he manufactures. —_——— S ' TERM SECURITIES, (Quotations furaisbed by Redmond & Co.) ~—Olose —— Rid. Asked. Alumigum Co. of Amer. 7s 192 Aluminum Co. of Amer. 7s 1933. Awmerlcan Cotton Ol 6s 1924. American Sugar 6s 10 American Tell & Tel. |92 Amerlcan 1. & Tel. s 19 waconda Copper s 1020, onda Copper Ts 19 Am an O Tias Simmons Hiw Goodyear T. & R. B Great Northeru Te 1936, Hocking Valiey 83 1024 Humble 01l 5348 1062. . Kansas City Term, 0s 19: Keunecott Copper 7s 1030, Libby, McNeil & Libhy 7s 1031, M., St P. & 5.S. M. 63,5 1931, Motris & Co. 7345, 1930. Peuna. R. K. 78 1930 St. Paul Union Depot & Sears, Roebuck & Co. 7e 1923 Standard Oil of Cafif. 76 1931, & Hubber 7iis 1880. . Westera Union las 1835 Westlogtonse E. & M. TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) 8%s June 15. 1923..... 33e Reptember 15, 1923 43{s Septewber 13, 1923 s’ December 15, 1923 4 1924 100 3. 04 13-18 [y MAXWELL MAKES RECORD. NEW YORK, May 12.—Maxwell Mo- tor Corporation shipped 8,163 cars in April, a new monthly record. Ship- ments of Maxwells were 6,771 and of Chalmers 1,392. Record #s 1,000 cars above the peak reached the mid- dle of last vear and about 2,000 over March shipmenta. Total shipments in the first four months of 1923 were 22,113 Maxwell and Chalmers cars, of which 64 per cent were made in March and April. April shipments of Chalmers cars ex- ceeded the total for the pr three months. Save annvest EVENING Big insurance companies must hold safe investments to protect you. They invest millions upon mil- STAR, WASHINGTON, CHANGES N PRCES | IDEST INSDYEAR Stock Exchange Head Tells of Strange Conditions in Financial World. By the Associated Press. NEW YORK, May 12.—The extraor- dinary 'conditions which have pre- vailed during the past two years were paralleled only by the perlod following the civil war, Seymour L. Cromwell, president of the New York Stock Exchanpge, said in.a formal re- port to the exchange governing com- mittee covering the two years end- | ing May 1, made public last night. Not since that time, he sald, has there occurred any such precipitous and considerable decline in mercan- tile oney rates as was witnessed in 1 and 1922. Not for fifty ye 8 have price levels for many com- modities and forms of property, in- fiuenced by changes in money rates, experienced such considerable changes as in receut years, he said. Tells of Bucket Shop War. ! aturall he said, “the New Y i | 1y responded ta the unusually pewe: ful economic work. forces everywhere at The rise in Lond prices from the unusually low levels of 1921 has| been more rupid and extensive than similar price mov ent in ot d market for decades. Stock s, after u decline in price, which | eéndured for a period of alw lA.“ years, have since August, 1921, en- | Ji joyed & pronouuced appreciation in rice.” The report detailed efforts of the exchange to check the epidemic of bucketing by outside houses during the period of the long de and the later steps taken to protect (llal public from swindlers when stock prices started upward. Because of the growth of bucketing and ther fraudu- lent practices in the security busi- neas, the exchange has strictly en- forced its rules relative to wire con- uections, with non-member rms, ho said. york securities market has very complete- } | Ticker Yervice Removed. As the result of an investigation, the wir of members with outside firms were discontinucd in the cases of thirty-nine offices located at Bos- ton, Baltimore, Detroit, Columbu: Cincinnati and various other points in the middle west. Mr. Cromwell said there have heen fourteen failures of stock exchange firms duriog the two years he has Readed the exchange, and inaugur. tion of & questivnnaire whereby maem- ber firms are required to furnish on call and not less than twice - Iy a financial statement, has resulted in great benefit “It is confidently expected” he said, “that hereafter u failure on the stock exch e will be a very rare occur- FOREIGN AUTO FIRMS ENTER U. S. MARKET Deemster Cars, Made Seventeen! Years in England, Follow Plan of French Company. B the Assoclated Press. NEW YORK, May 12.—Production in the United States of the Deemster automobile, which has been on the English market for seventeen )‘mra,; was announcd by Julius Keller, Brit. ish manufacturer, who arrived here on the liner Berengaria. Mr. Keller said that negotiations had been com- pleted to take over a plant at Hazel ton, This is_the second recent megotia- tion by foreign automobile concerns to enter the American'market. Andr. Citroen, French motor car manu- facturer announced several weeks ago, before his return to France, that he would erect a factory at Dotroit or Cleveland and an assembling plant near this city WALL STREET NOTES. Treasury Subscriptions Phillipsborn’s Sales. Special Dispatch to The Star. W YORK, May 12.—Cash sub- scriptions to the recent offering of $400,000,000 of 4% per cent Treasury notes. dated May 15, 1923, and matur- ing March 15 1927, closed today, but the books will remain open until further notice to permit exchange of vietory notes for the new issue. Phillipsborn, Inc., sales for the first two weeks in’ May totaled $1,400,000. This amount and the amount for the first quarter of this year were sub- stantially in excess of same period last vear. New York bank clearings, $745,00 York bank balances, $8. 000,000. New York Federal Reserve Bank credits, $68,000,000. The regular quarterly dividend of $1.75 on pyeferred stock was declared by Montgomery Ward. It is payable July 1, to stockholders of record June 2 Close. Quotations By Radio Dail‘x at 10 o’clock from Sta- tion WIAY of Woodlard & Lothrop the latest quotations will be broadcasted. Rates by ~ rivqtg v;llire f;_um 'NewDYork, pecial phone, Foreign Depart~ ment, M. 8222, B o EQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED o Save as You Earn ——Adopt the systematic savings plan of the Equitable and you will accomplish more thaw ever in a fuancial way. Subscription for the 84th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON, Presldent FRANK P. REESIDE, Secy. ML oney o Losn First @Second . Mortgages 1334 -H-ST.NW "Money to Loan Becure: vy frst deed vuiling interes P oseph I. Weller 43} JB'?)VWVVV\ T i B . a ol uha'l.wr‘ “3: lnt::uk;‘ l:”& . Come t ot o inetiod of ‘meting “amehi s Commercial Losn & Finan Room 811, 831 16th Bt. Bystem Copyrighted & Patent LOANS How to Invest at a Liberal Rate VERY investor who would like to get a liberal rate of interest, tanging as high as 7° should atonceinvestigate Miller First Mortgage Bonds. These bonds are secured by apart- ments, hotels, office buildings, and other income-earning struc- tures in leading cities. No one has ever lost a dollar in them or waited @ day for interest or principal when due. Miller Bonds are issued on a standard plan, thoroughly safe- guarded, and are owned by people living in every State and in more than 20 foreign coun- tries. Ask today for free booklet, “Creating Good Investments,” which completely describes how the bonds are made and ILLER protected. 30 East 420d Street, N. Y. Philadelphia St.Louls Atlanta Memphis Knoxvilie Resident Representative: HORACE BROWNING 215 WOODWARD BUILDING PHONE MAIN 1356 ““First— The Investor’s Welfarg" If you have money to invest, we can safely place it on gilt-edge first D, C. Mortgages. r record of 30 years yous pro- tection, treat- ?&fau; Russell Co. S.W. Cor, 15th & “K” §ts. Your Savings HETHER you have $100, p $500, $1000 or more ta invest, investigate our First Mortgage Loans on Washing- ton Homes before placing your funds. Never a Loss Our conservative business methods have so perfectly pro- tected 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. Let us send you full in- formation concerning our First Mnng-ul and our methods of handling them. No 'obligation. Wm. S, Phillips Mortgage Loans Phillips Building Where else can you get $280 to yield a cash return of $28 per year, and with it get the positive safety that rests in units? They are an ideal permanent investment for income purposes. Buy them before May 19th. After that they will be off the Washington market. FISCAL AGENT 728155 SCEw Tel Main6TI4 Have Your Bonds Been Called? With the decline in money rates many issues e FINANCIA We Have an Abundance Of Money to Loan on Real Estate at 51, Wm. H. Saunders & Co. 1433 K St. N.W. SECURITIES 7% Firqt Mortgage Notes Secured on Improved D. C. Real Estate Appraised by Experts of 35 Years' Experience Without a Loss Offered in Denominations of $250 and Up A Goed Investment. WILL PURCHASE First and Second Trust Notes Warehouse Receipts and Make Construction Loans National Mortgage & Investment Corporation 811 Veymont Avenue N.W. ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Randall K Nagne: & Ca. IMIW% MORTGAGE MONEY “YE’\’E got it to loan on new build- ings ar— in refinancing of present loans. B. F. SAUL CO. Main 2100 1412 Eye St. 3 Dr. Phillip Forsythe R. Foreythe is a specialist and enjoys a remarkable reputa- tion in his profession. Natu- rally, his tncome has increased rapidly a8 his gkill in surgery has become recognized, but his time is so taken up with hia werk that he has little time for business matters. ; But, unconscieusly, he has hacome a business man in additien to a prefes- slonal one. He hgaa invested in our First Mertgage Notes primarily be- cauge he knew that they were safe, You can still get a substantiagl return by . th and would relieve him frem any care invutin% e proceeds from called bonds in B Besiasets:. DI our 6%% Safeguarded First Mortgages. i mln'h . Bt § These inveffments tron| red b L e haa become ene e hiemhicins o6 o cahi £ o oo bullders of this eity. ode ,{nhev l.','l'l[?"'e th; f;.f"%"‘-‘c’ f A the f,fi Yeu, too, by sueh investment, ean, %ifr&lere‘l‘;‘;n;geldal;:n the eeqmvale:tu: 7%. with him, feal secure as to your sav ings and at the same time be one of Maturities: 2 to 15 Years sk 5,000, $1,000, $500 and 100 the potantial builders of Washington. o ke F.H.SMITH C Pounded 1873 FIRST MORTGAGE INVESTMENTS 14141416 EYE STREET, N. W. of bonds bearing high interest rates are being called for redemption, lions in First Trust Real Estate notes. They are known to be SAFE INVESTMENTS WITH A W'IP.E MARGIN OF SECURITY Paying 6 and 614% (PAYABLE SEMI-ANNUAELY) The Washington Loan and Trust Company 900 F Street 620 17th Street First Mortgage Loans lewest Rates of Interest ené Commission, Prompt Actien NO LOSS TO ANY INVESTOR IN 50 YEARS ! | l \ rmers 9ud Mechanice’ &amu‘-mx.. Laverty Shannon & Luchs First Trust Notes BrEsel YESERERNIELR If yeu own an apart- ment, you should go over our Apartment House an- alysis. It will be of inter- est to you, RENTS B.F. SAUL CO. 1412 Eye St. N.W. Phone Main 2100 Built on a Straight Line of Return Not a Fluctuating Valse Sold in Denominations of $100, SSOO, $1,000 FULL INFORMATION L3 Hecurity Street. Joiied intes.: Wabaston e8EEE FIRR INSURANCE. 727 155 Street 54 Years Without Loss to an Investor MISCELLANEOUS. Columbla Graphophone com..... 1% * Cojumbla_Grapbophove DAd. ° V.0, Paver pfd.. Merchants' Tvanafer & Gtorage. 100 Mergenthaler Linotype. 18% 01d Duteh Market com pfid 0ld Dutch Market pfd.... MORTGAGE DEPARTMENT, Tanston Honoiyve. - 713 14th Street N.W. Becurity Storage. " - e s Washington Mark 3 B = = = ¥ Bellew Cab..... Since 1906