Evening Star Newspaper, May 18, 1923, Page 29

— CRUCIAL TEST NOW FACING RAILROADS Nation’s Huge Grain Crop Movement to Start at Once in Texas. BY J. C. ROYLE. Special Dispatch to The St NEW YORK, May 18.—The railroads of the United States will begin their big test Saturday, when the first grain ©f the 1923 harvest will fall before | the blades of the reapers in Hill county, Texas. The next six weeks will show whether or not the rail- roads are in condition to handle the crop movements of the country and at the same time keep the present great volume of other commodities and manufactured goods flowing into channels of consumption. Thelr abil- ity to do tbose two things will go far toward determining whether or not Dresent business prosperity s to con- tinue throughout the year. Oats to Be Cut First. ‘The oats flelds will be the first Téaped this season, the Texas crop Mving matured earller than ever be- fore in the history of the state. In- side of ten days the oats harvest will have moved up to the central and Northern part of the state. There Will be no cutting of wheat, however, before June 5. Within ten days after that time the knives are expected to be clicking through the Kansas crop. Gradually the movement will extend northward until the grain of . the northwest is gathered In August. The harvest this year will give em- ployment to scores of thousands of men who will move slowly northward as the summer advances. In fact, the m¢st pressing problem of the farmer, outside that of railroad facilities, is to secure sufficient hands for this work. Huge Crops in Prospect. Wheat production in the Lone Star state this year is expected to reach 21,000,000 bushels, while the oats yleld will “'be approximately 65,000,000 bushels. These figures are higher than the greatest previous yields in the state. Last year 7,000.000 bushels of Texas wheat and 30,000,000 1 s were harvested, but drought and other unfavorable conditions held down the totals. Acreage in Texas 1s But little larger than in 1922, but the yleld per acre will be exceptional- y_high. Oklahoma, which will swing next into the harvest line, is expected by Agriculture Department experts to yield 12,340,000 bushels of wheat. a heavy increase over last season. The prices farmers in the southwest will receive for their crops will be about the same as those which prevailed last vear, according to indications to . The middle west, and especlally the intermountain west, 1s expected to yield excellent crops, but the north- west is looking forward to reduced totals due to_unfavorable weather conditions_and an unusually late epring. _Spring planting has been nearly two weeks behind In the northwest and corn seeding has just | started in southern Minnesota and South Dakota. Business in that sec- tign already has begun to feel the re- sifts of these conditlons in a reduced volume of retail buying in the rural district. Railroads have made close esti- mates and calculations on the amount of equipment the crop movement will require in each section and plan to regulate car supply accordingly. In many centers every available me chanic has been put to work in the shops of the carriers to push repairs, and car builders and locomotive man- ufgcturers are being pressed to the utraost for delivery of new equipment. Special Plans for Cars. The car service division of the| American Railway Assoclation, issued an order last month to eastern lines providing that western-owned equip- ment must be returned immedtately to the western roads in preparation for the harvest. During the period from April 16 to May 2 the eastern roads sent back to the west 10,639 cars. This order still is In effect and 1 be rigidly enforced, according to telegraphic advices today from Chicago. From present indications there will be an ample supply of motive power available, but there still exists a danger of a box car shortage. It Is expected that loading and unioading of car: ill be conducted more ex- peditiously than ever before. TODAY’S SUGAR PRICES. Agriculture Crop Estimates Help Futures Market. . WEW YORK, May 18.— The raw sugar market was quiet again early today, but the undertone was firmer and offerings were light. It was sald that 6% was bid for Cubas, cost and freight, equal to 7.91 for centrifugal, but holders were asking higher levels. The steadier feeling in the spot arket and bullish crop advices led 0 scattered coverings in raw sugar futures and prices at midday showed of 21 to 24 points on active The bullish crop advices report by the Secretary of Agriculture that the Cuban crop out- turn would not exceed 3,500,000 tons &nd the closing down of another cen- tral with an output 35,000 bags below earlier estimates. There was no imprévement In the demand for refined sugar and prices were unchanged at 9.50a9.90 for fine granulated. In second-hand quar- ters some little buying is going on at prices as low as for fine granu- lated. Jue 1 May 1 June 1 May 1 June 30 June 3 une § Crucible, Bteel pf. June 30 June Foundation C: ' nal 8 ‘Juie 15 May 31 June 30 June 15 [P .. ABRZAR/RE 23R - » & a. rola Pete (325 ). a&‘:‘l, Cigar, deb. F'l General’ Motors, q. o . jcan_Seaboard OII, a. & Hellbrooer, pf., q. y 38— u Stores, stock. elsware & Hudsos, 4. ing_Co., 1st pf., q. stm ayes & tern, q. ‘nited Olgar Stores, pf., q. 3 FINANCIAL. | BY WILLIAM F. HEFFERNAN. NEW YORK, May 18.—For a time @uring the early dealings on the Curb Exchange today, it looked as if pro- fessional operators had abandoned their efforts to get prices down. Stocks, for the most part, went slightly higher. But as the day went on renewed selling made itself felt and & number of new low records ‘were established. Fay Taxicab was readmitted to trldlns under new auspices. This stock first made its appearance on the curb exchange on February 26 last, and was traded in until March § on a when-issued basis. At that time the issue consisted of 50,000 shares of common stock of no par value, and was offered for public subscription at 332 per share. Trading was sus- |pended and sl transactions ruled ‘vold. This followed announcement by interests handling the subscriptions that further investigation did not warrant them going ahead with the NEW YORK, May 18.—Following is an official list of bonds and stocks traded In on the New York Curb Mar- ket today: Bales in thonsands. 1 Allted Packers 6s. 3 Allied Packers 5 Alum 7s 23, 1 Am Cot Ol B 8 Am Gar & Elec k.. 9% 3 Am Rolling Mills 6s. PAMT & T 6 2. 100 2 Beaver Products 734 ® Beth_Bteel Ts '83 § Can Nat Ry by 5 Can Pa 2 Detroit City Gas fa. 27 Detroit Edison ;;\u; Tltr; & Rub ederal Sugar 6 10 Fisher R"fl; ;l M ;Gulr. Robt, 7s . 2 Kennecott Cop 2 Libby McN & Lib 1 Lig . “Win, Ley t e 11 Toutaville G & E Pet Tiyn w't ub Rerr of N I Pub Serv EI Pow Shawsheen 7s . 1 uth Calit T4 5s.. SO NY 75 '30.... 10 FOREIGN BONDS, 3 Argentina_7s 'B. 2 King of Nether 30 Mexican Govt 6s 1 Russ Govt 6l U 8 of Mexico & Sales in STANDARD OIL ISSUES. units. 800 Anglo Am Ol . 100 Atlantic Lobos 40 Ruckeye P L . 25 Crescent P 35 20 G 1680 Imp OIl of 10 Ind P L P .5TY 26300 Inter'l Pet Co Ltd 16% 0 Transit By Sales in bupdreds. City Serv 9 Creole Syndicate .. 2 Derby 0 & R w 1. 4 Derby 0 & R nt wi 20 Hudson Oil 1 Humphreys Ol . 320 Kavstone Range y Pet . 6 Lafayette Oil 7 Mount Prod 60 Mutual OIl vtg cfs. 13 Wilcox Ofl & (1 INDUSTRIALS, new 54 = Paper Rrldgeport Mach wi Ruddy Buds BB Satea BRER RS BEBno! BB aBaEEnaaS e Faoegne S8, FE FFE, R STREREE Fay Taxt . Federal Telegraph. 4 Gillette Safety Glen Alden Coal 3 Goodyear Tire st Baoo rer Kuppenheimer B Lake Tor Boat 1 pf. 4 Lebigh Power sec. 3 Lupton F M FLPCI R B PERARE R 283 u88Eus S & & FSEE . Sagnpis 1900 900900 8 1 B B TFE FFF wnBaa s, i THE EVENING STAR, WASHINGTON, D. C. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Ofice. sale of the atock, although It was further stated that this action was not a reflection upon Fay Taxicad in- t capital no par value mitted today, first taking plac at 333. At the same time trading started in Fay Taxl Cab per cent notes. Detroit Edison eights were also ad- mi today, sales oc around ts. Those working for the de- ngled out International Petro- leum among thé Standard Oils and uccessful in depressing the stock over a point. The selling of Seaboard Ofl and Gas, which had been going on during the general reaction in the olls re- cently, was abruptly checked. It was reported that the company had com- pleted new wells and has more in prospect in the near future. This will materially increase its productlon. A _concerted drive against Durant of Delaware resulted in a decline of 2% points, but the stock rallied from the lowest. The action was set down as a bear rald. 10 Cons Nev Utah..... a1 10 Cork Province Mines .11 28 Cortex Bllver ...... 17 Cresson Gold . 18 Dolores Esper 20 Emma Blleer . 100 Eureka Croesus 100 Fortuna Mines "... 80 Forty Nine Mines.. . 10 Qoldfieild Develop. . ¢ 10 Goldfleld Cons . Bt B 1 Jerome m Develop b Con ide ason Valley . Mursh® Mines McNam Cres M ELTTE L e F Nizon NY P EBReNEYRE L Bignn 85 e as L 22 25 a S FE R 0B & g2-at33.02 19 Ray Hercules Inc.. 80 Red Hill Florence. 60 Rex ZaB..BEE2BRERR w8 H L J L} F 10 Southwest Metai . uthwest Metai .. 200 Spearhead Gold 10 Success Minen .. 80 Sutheriand Dv Min 10 Tonopah Belmont - 57 Tonopah Divide Pe ShTa Gold ... ... ry Divide’ Mia . Mine Mill.. al Mide ... t End Consol B 10 West CTtah . - ; 4 Yukon_Gold 1 1 ,NEW YORK TRUST COMPANIES. % Equitable .. . 187% 1 Market Flashes at Today’s Close Stromberg declared regular quar- terly $1.75 dividend, payable July 2 to stock of record June 8. Mother Lode declared regular semi- annual 50¢ dividend, payable June 30 to stock of record June 8. Dow Jones, average eight impor- tant {ron and steel products, based on Iron Age quotations, declined this week to $59.49 a gross ton, from $61.02 level of two preceding weeks. Locomotives shipped from principal manufacturing plants during April totaled 217, compared with 282 March and twenty according to reports to Department of Commerce. Unfilled orders on April 30 were for 2,204, against 2,316 on March 31. LATE COTTON PRICES. NEW YORK, May 18.—Cotton—Spot steady; middling, 27.00. Futures clos- ed barely stea 25.26; October 2! January, 22.27. NEW ORLEANS, May 18.—Cotton futures closed steady, 1 point up to 23 points down, net.’ Closing: 26.05; July, 25.45; October, 22.46; D cember, 22.09; January, 21.97. BOSTON STOCK MARKET. _ BOSTON, May 18.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: Allonez T IR L SRR SRR - Calumet & Arisons met & Hecla Cc::mw. 3T T - Davle. Daty™ i EF EESS LaeuSeas L w2u8aas 3. B8N0 3988 Caal . Hood Rubber’ Inland Creek Libby, McNell & Libby. Massachusetts Gas Mexican Int New Cornelia North Butte 014 Do; ETTEN 3588 ST RRAEE FFEESRE FER 4 o o523a (3 St Aaryiand Shoe Al .- L1113 = [ 532:.-.:: BuEnsesRne, = L SRERREEBRBERN s TREASURY CERTIFICATES. (Quotations furnished by Redmond & 3 i June 18, 1923 September 10 ptember 15, 1023. 1923, EEIEEERE EF asEsaBEsEEast EEEEILVERRE b1 in | § ne in April, 1922, | MILLION RAISED BY PIGGLY SALES No More Stores to Be Dis- posed of at Present—0th- er Financing Plans. By the Associated Press, MEMPHIS, Tenn., May 18.—No fur- ! ther sales of units of Piggly Wigsly | Stores, Inc, will be made “for the | present, at least,” Clarence Saunders, president of the corporation, declared tonight. The reported sale of the ninety-seven Chicago stores “will stand as already announced,” h |added. The Chicago unit, he pre- viously stated, had been disposed of for more than a million dollars. Negotiations have been in progress for the sale of Piggly Wiggly stores in other cities, it is understood. The sale of th icago unit was pro posed as a means of obtaining momey to liquidate loans recently ma to cover the company's operations in Wall street ral weeks ago. Mr. Saunders declined either to deny or affirm & report that the Chi- cago unit had been purchased by the Natlonal Tea Compaany, asserting that he had promised not to make public the name of the purchasers. “Because it appears possible to work out some new flnancing :]A for the company,” the president statement declared, “no more sales ‘will be made, for the present at least, of any out-of-town units of the stores.” Definite plans with regard to the new financing will be announced in a day or so. PHONE COMPANY’S NET $25,613,006! New York Division of Bell System ! Reports Huge Earnings for Year. By the Associated Press NEW YORK, May 18.—The New York Telephone Company. the largest of the twenty-five assoclated com- panies which, with the American Tele- phone and Telegraph Company, com- prise the Bell system, had net earn-| ings of $25.613,006 {n 1922, according | to its annual report, made public today. This compared with $21,393. 036 in 1921 After deducting interes! of $8.6¢3,173 on notes and bonds out- standing the corporation showed net | profits of $16,969,832, compared with | $13,244,543 the previous year. Divi- dends ‘totaled $16,816.091. leaving a balance for surplus of $153.740. | Plant additions and construction | work in progress during the vear| called for an outlay of $63,000,000, and . President H. E. Thurber estima: the company must spend $300,000,000 within the next five years for new facilities. Total assets on December 31. 1922, were $516,144,808. Total telephone operating revenue was $109,612,619 and the operating expenses were $95,738,797. WALL STREET NOTES. Boston & Maine Seeks Issue of Notes—Stocks Ex-Dividend. Special Dispatch to The Star. NEW YORK, May 18.—The Boston and Maine hi petitioned Massachu- setts authorities for permission to issue $2,115,000 of 6 per cent equip- ment trust certificates. representing approximately 75 per cent of the esti- mated cost of equipment not to ex- ceed $3,000.000. The road now has 7.265,000 equipment notes outstand- ing. i The Pullman Company has received an order for 500 sedan bodles from Moon Motors. Dividends today: United Paper Box Company 6 per cent on perferred: Do- { minion "Iron and_Steel preferred. regular quarterly; Truscon Steel pre- ferred, regular quarterly: kard Motor preferred, regular quarterly; City Investing Company, regular quarterly, common and preferred; Foundation Company regular quar- terly on preferred. Ex-dividends I toda. American Metal, common and preferred; Home- stake Minin Mohawk Mining; Onyx Hoslery preferred; Standard Milling common and preferred. Timken Roller Bearing: Wells Fargo & Ci New_ York bank clearings, $746,000, 000. New York bank balances, $81,000, 000. New York Federal Reserve Bank credits, $64,000,000. Boston bank clear- ings, $80,000,000. BUTTER GOES LOWER. CHICAGO, May 18.—Butter—Lowe: creamery, extras, 4013 standards, 41; extra firsts, 39%3a40; firsts, 38%a39; er: cases. 24224 22a22%: i celianenus, 235 634; ato age-packed, extras, 26%; storag packed, fli 26%. LIVERPOOL COTTON. RPOOL. May 18.— Cotton— Spot, small business; prices steady. Good middling, 14.94; fully middling, ‘middiing. 14.74; low middling, 14.49; good ordinary, 13.99; ordinary, 13,69, Sales, 5000 bales,” including 2.900 American. Receipts none. Fu- tures closed firm. May, 14.11; July, 13.77; October, 12.66; December, 12.32; January, 12.31; March, 12.05. i COTTONSEED GAINS | IN NINE MONTHS Census Bureau Makes Report,; Which Includes Many Oom- parisons. Cottonseed crushed during the nine- month period, August 1 to April 30, totaled 3,132.688 tons, compared with 2,922,230 tons for the same period year ago, and cottonseed on hand at mills April 30 totaled 64,752 tons, compared with 46,140 tons & year ago, the census bureau announced today. Products manufactured in the pe- riod and on hand April 30 include: Crude oil proluced, 962,580,720 pounds, compared with 903,166,622 the same period & year ago, and on hand, compared with pounds, compared - with 790,763,810, 001,125 pounds, com- 2,079,067, Cake and meal broduced. 1,437.229 tons, compared with 1,320,318, and hand, 141578 tons, compare 133,810. Linters produced. 580,982 bales, compared with 356,366, an hand, 57,516 bales, compured with 123,027, Exports of linters for the nine months totaled 30,288 bales, com- pared with 93,138, LANDIS WAGE AWARD AGREEMENT ENDS SOON Chicago Threatened With Labor Troubles as Time Nears for New Contracts. Special Dispatch to The Star. { CHICAGO, May 18.—Labor troubles threaten here with the approach of May 31, when the nineteen trades' comprising the Building Trades Coun- cil cease to be bound by the terms of the Landis wage award. The council has taken in six additional trades, the cement finishers, fixture hangers, mo- saic tile layers, bullding laborers, | hoisting _engineers and. composition roofers, which recanted from opposi tion to the award, and will ask con tractors for & new agreement protect- ing these men from the open shop. Officers of the Citizens’ Committee to Enforce the Landis Award declare the committee will renew contracts only _with the nineteen original unions. LOANS If you Jhave money to it on ‘git-sdge ret B, C. it on gilt. st D. Mortgages. 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 First Mortgages L.W. Groomes, 1416 F St. SvYeao g LOAN to on D. C. real e a32" hevaald eeds oo et tels. 7 per cent imtersst. Ne Breken 'Come 1n 434 ot s i eur iethod of making smed axs. Conumareial Loss & Room 211, 931 16th System Copyrighted & P MENGERTHALGR LINOTYPE CO.. iyn, N Y., May 15. 1928—Dividend 110.— A fegalar quarterly dividena of 23 per cent on the caplial stock of Mergeatnaier Linotype " ¥ will be paid on June 30. 1823, to the EQUITABLE Co-Operative Building Association Organised 1879 434 YEAR COMPLETED . .84,657,969.58 - -$1,180,880.91 Systematic Savings Accomplishes Most —Adopt our systematic saying plan. It ie the plan that has been followed with the greatest success through years by innumerable patrons. Subscription for the .84th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON, Pres FRAXK P. REESIDE, Secy. FRIDAY, MAY 18, 1923. Apartments If you own an apart- ment you should go over our Apartment House analysis. It will be of interest to you. RENTS B.F. SAUL CO. MORTGAGE LOANS 1412 Eye St. NW. , Phone Main 2100 IXTY-FIVE Million Dol- lars of Victory 4%s called Iast December are still out- tanding, due ly to the inexperience of many holders, who do not understand that interest h The maturity, May 20th, of the remaining Victorys will also nndau:tddly be widely dis- ven large investors and estates often lose interest on called bonds, not through in- u{eriente, but through lack of knowledge of the call. It is part of our servios to e holdings of whick ws have record and wotify investors promptly when any of their bonds aro called. WASHINGTON 40S MisBs BLOG. Telephone: Main 2655 Money to Loan Secare¢ by @irat deed of trust on real estats | Prevailing_ interest a7d_commission. i Joseph . Weller &, %ot & Final Notice | Is hereby given to the invest- ing public that after midnight tomorrow (May 19th) no more investment units of the present authorized capital in the District Guaranty ‘Will be offered for subscription in Washington. The allotment for this territory has been sub- scribed. All existing- reservations will be filled in accordance with terms of subscription. Reser- vations are not transferable and the terms of subscription are changeable only at the op- tion of the fiscal agent. A Word of Advice 1 have been offering these units to the public since the first of January, 1922. There are many people in Washington who have seriously considered 5 them but who Rave delaye upon the advice of friends or others who either did not know or were interested in other in- vestment offerings. Every prediction made for this investment has correct. vanced rapidly, the dividends have been generous and have been paid promptly, the com- pany has accumulated a con- stantly increasing surplus and the business is firmly estab- lished upon a profitable basis. ‘Without reservation I recom mend these units to people of large and small means as a per- manent income investment. ‘They are safer than most bonds on the market and the pros- pects for future increased earn- ings are very bright. The books will be kept open until midnight tomorrow and when they close there will be no further opportunity to buy. If you have money on hand or can lay aside $10 per month or more, it will pay you to Buy Saturday! MORTGAGE MONEY WE’VE got it to loan on new build- ings or— in refinancing of present loans. B. F. SAUL CO. Main 2100 1412 Eye St. N.W. First Mortgage Loans Made On Improved Properties (Including Residences) In the District of Columbia 51/2% Interest Reasonable Annual Loans for Less Than $50,000 M. Curtailments Required Be Paid in Whole or in Part at Any Interest Period Without Charge H. L. RUST COMPANY Main 6888 912 15th Street Loan Correspondent for the Prudential Insurance Company of America m The Oldest National Bank In the District of Columbia iThe Metropoljtan offers its patrons more than the prestige that associa- tion wi ith a historic bank carries. ([Our century of service, to the busi- ness community, our substznt_ial home and large resources—all inspire confi- dence Organized in 1814 in this institution. & YOU'RE invited to utilize o#r faoilities. Our Savings Deft. Pays 3% Compound Interest ational Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—109 Years Old Dean, Onativia & Co. Stock Exchange Building 2 : STOCKS and BONDS COTTON GRAINS COFFEE SUGAR MEMBERS: New York Stock Exchange Chicago Stock Exchange Associate Members of New York Curb Association New York Cotton Exchange Chicago Board of Trade New York Produce Exchamge Minneapolis Chamber of Commerce WASHINGTON OFFICE: Main Floor, Woodward Building Office Open Phone JOHN CALLAN O'LAUGHLIN Manager Until 5:30 P.M. Main 2040 CHARLES R. ALLEY Assistant Manager Have you ever forgotten to clip a coupon when it was due, or to collect the interest on a note or the dividends on stock? Let us explain our services as Custodian of Securities. MORTGAGES The Safest Security on Earth We offer, subject t issue of First Mortgage Real Estate Loans at 7%, interest, secured constructed residential Washington. Call or write us for full informa- tion concerning these loans. o prior sale, a limited on well selected, newly property in Northwest CONVENIENT DENOMINATIONS $100 $250 $500 $1,000 Ask for Descriptive Booklet “S"—lIf's Free WILLIAM S. PHILLIPS First Mortgege Investments 15th St. at K St. NW, COMMERCIAL Every Banking Service 3% ovsavines = 15th and Penna. Ave. Capital and Surplus, §5400,000.00 BRANCHES. Central: , Northeast: 8th and H Streets 7th and Mass. Ave. N.W. N.E. Southwest: 436 7th Street S.W. Northwest: 1140 15th Street N.W.