Evening Star Newspaper, May 19, 1923, Page 23

FINANCIAL NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. LATE SPRIRG.BIG . BLOW TO TRADE Brides and Graduates Help- ; ing to Make Up Losses. ' ' Other Business Notes. BY J. C. ROYLE. Bpeciai Dispatch to The Star. NEW YORK, May 19.—The crop of June brides and sweet girl gradu- &tes can be depended on with almost absolute certainty, according to exe- cutives of large department stores here today. The prospective brides NEW YORK, May 19.—There was nothing new in the oil situation to explain the persistent selling of ol stocks again today. It was set down as part of the general unsettlement that was characterlstic cof the entire market. New low records were common, but although offerings were large In Standard of Indiana, New York and Vacuum, the losses were confined within & point. Mutual and Gulf were I BY WILLIAM F. HEFFERNAN. NEW YORK, May 19.—Following Is an officlal list of bonds and stocks traded In on the New York Curb Mar- ket today: Bales in BONDS. thousands. special objects of attack among the independents. Professional operators were suc- cessful in bringing about lower prices. in the motor group. State- ments thit the Maine state bank commistioner had denied the Durant Motor Corporation’s application for eglstration as a dealer in securities for the purpose of selling Flint Motor Company common stock in that state furnished an incentive fcr a further drive against Durant issues. The In- alana shares dropped off about a point, whila a similar loss was record- ed,in the Delaware stock 7 Salt Ck Conw 8 Santa Fe 0 & G A Sapulpa Refin .. 1 Seahoard Ol ... 0 Ronthern P & R .. 5 7 1t 81, 3lg sou Rtates 011 Wilcox Oil & Ga SHORTAGEOFCORN | LTS GRAN PREE Receipts Lowest on Record in Chicago—Wheat and Oats Also Higher. By the Associated Press CHICAGO, May 19.—With receipts of corn here &0 scanty as to be almost | &t the vanishing point and with com- plaints current that much of the new | corn crop is rotting in the ground, | the corn market has shown a nota- Dble bulge in price this week and h also to a considerable extent been Money to Loan First Mortgages L.W. Groomes, 1416 F St. Foreign Exchange Quotations By Radio Daily at 10 o’clock from Sta- tion IAY of Woodward & Lothrop the latest quotations will be broadcasted. Rates by private wire from New York. Special phone. Foreign Depar- ment, M. 8222 One Million Dollars 14th & H Streets —take a chance in any inves! ment that might result in a lo When —there is available such secur- itles as Giit-Edge 7 First Mortgage Notes in Amounts of $250 up to $100,000 We have on hand subject to prior sale & limited amount Certificates of titles furnished with ail notes. Full particula FINANCIAL MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST, Randall K Hagner & Ca 1+ 1207 Grnectiout (Bonus and graduates are off-setting the check to retail buying which is gen- eral in nearly every section of the United States. They are factors in the trade vol- ume not only of dry goods. clothing and shoe dealers, but in the business of watchmakers and jewelers. Some idea of the volume of trade attri- butable to them alone may be found in the fact that over 700,000 wed- ding veils, each containing from two to five vards of materials, are pur- chased in this country every Year. Buying of trousseau graduation out- fits and presents is in full swing to- day and is making up materially for trade l0st through thelate spring. A good portion of the business which failed to materialize because of un- seasonable weather in the last two months never will be regained, how- ever. Trade leaders estimate that the cold and storms have reduced the volume of spring goods sales 30 per nt. As consequence. goods deliv- ered for April and May sales are on the shelves while orders ced for June sales are contin pour in. Buying at whole- ale has been so well judged. how er. that stocks will not become ex- mely large. 1 In wholesale lines there ie a decided ement in the demand for cot- ton and silk sport dresses. Grocery Business on Stable Basis. Grocers from all over the countr + oA High 2 Allicd Tackers 6n.. 1 Allied Packers 8x.. 8 Alum 7x new °'33.. 106 10 Am' Cot’ OIl 6s ... 90 1 Am Gan & Elec . 1 Am Sumat Tob Tis BAm T & T 6 '24.. 2 Anaconda 6n ... o Ar & Co of Del 5 6 Beaverhoard s 1 Reth Steel 7 1 Can Xat Ry Eq 2 Cent Steel §a ... 1 Col Gr 8e guar trust 1 Cons Gas Balt Ox A 10 Deere ‘& Co Tian. .. % DetroltClty [ 3 Detroit Edl : S » Cox Cash Stores -. 8 Fod Sumr e cu. 554 % T 13 Dabiberc & Radio Fisher Boly 6a 23, 9013 rant Motor .. o Big ol 7 Durant Mot of Ind 12 Bix oIl 7 Dupont Motor ... B Eaton Axle & Sp. Glliette 8 R Goodyear Tire | Heyden Chem Hud & Mann B R INDUSTRIALS. Acme Coal new Amal Leather ... Amal Teather pfd Ar & Co of Del pfd 1% 2 Archer Dan Mia... 871 Atlantic Frult ... 215 Hridgeport Mcb w i 18 uddy Buds ... Centrifug_Iron Pipe Chicago Nipple Chic Steel Wheel Chi Bteel Wheel pt Cleveland Motor Mot pi The Washington Loan and Trust Company 900 F Street 620 17th Streat cftective in lifting the value of wheat. Compared with a week ago, wheat this morning was % to 1% higher- corn, 1 to 2'; up; oats %a’s to 1% off and provisions at 36ai7 to 47 ad- vance. The infrequent apectacle of corn | Froving the l:ader in the grain mar- f} Chas. D. Sager 924 14th Street Main 36 and 37 e Investments GILT.EDGE SECURITIES 7%, First 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 Good Investment. WILL PURCHASE First and Second Trust Notes Warehouse Receipts and Make Construction Loans National Mortgage & Investment Corporation 811 Vermont Avenue N.W. {2853 FEEGTE TF =Z VICTORY BONDS Called for Payment On May 20th all interest stops on Victory Bonds and principal is available for other purposes. Merchants Bank & Trust Company Main Office, 15th and H Sts. N.W. Branch, Branch, Dupont Circle . 12th and Newton N.E. Will collect without any cost to owners who are customers of their institution or for those desiring to open a Checking Account or Savings Account paying 3% interest compounded semi-annually. | kets wan preceded this week by a| decrease of 3,760,000 bushels in the | United States visible supply of corn and by indications that the stcok of corn in Chicago would dwindle rap- fdly from this time on*as a result ©f lake vessel shirments on a liberal scale. Arrivals of corn here mean- while have been only a few carlohds a day, ihe smallest amount or rec- ord, high prices paid by rural feeders being too tempting a counter-attrac- [y P ..... TR tion. Toward tne end o. the wes Kuppen B & Co ptd 92 liowever, forecasts of a warm wa Lehigh Power sec. 23 belped to ease the corn market some- D e ey what, Inasumch as cold, rainy weather 4 " 175 has been largely responsible for fears 50 arding the new corn crop and for © sy increasing the demand from feeders. % Oats were depressed by favorable up Co of Del weather for the oats cro N e icousd Provielors went higher with corn s itoe end on account of the bullish show- ‘Hadlo ing of the semi-monthly report on stocks of lard here 03 o100t iime ba BAY ST13 1011, 1008, 1041, 10435 01 L0y 1043 B e L T 10 Penn Po 10 Ph Pet 7% 3 Rears-Roeh 1 Shawsheen : 2 Rolvet et Cie 8a. 1 Nouthern Cal Ed Repetti e Motor . FOREIGN BONDS > Hosenb Grain Corp 40ix Nether 6y, 993 Tcan Gove Ge .. A1 Swiss Gort 51 1003 5 U S of Money to Loan Becurec oy frat deed of trust oo Prevailing {ntereat and_com; Joseph 1. Weller 25,7 = , &otablished 1889 Fust Morlgage Loans ibtioglfl::d‘(;ufrr::md of N2 Sifleenth Skrect Main 6838 gathered in _conventlon at St. Louls. asserted today that their business w was stabilized on a profitable basis for the first time in three years. They declared that in spite of ¢ fact that there have been twice as rany declines in prices of various iines as there have been advances in e last ninety days. and notwith- sianding that the trade is operating a declining market, sales show | ihe largest net profit in yvears. They attribute the improvement in busi- ness to the wide general employmeny prevailing in this country. =z ropper Expected to Advance. 5 R Botte” Ny Buying of copper. which has been 3 4 . 2 tte v 2t a low ebb both for export and for | 74 Northern P.I ... 1 enmloroamet demestic consumption, is showing | 130 Prairle Oil & Gas e iines: signs of renewed life, and slightly gt Len Cop Min te cf better prices are expected in some E quarters. Production, although ad- vancing steadily, is still far below mine capacity. Confidence In the situ- ation on the part of mine operators is indicated by the equipment orders being placed by some of the large Pproperties. The future of silver, less bright. as the amount to be turchascd by the director of the mint at $1 an ounce under the Pitt- man act is extremely smail and such purcrases probably will be co. Pleted within the next three weeks. Wool at New Hiah Figures. Woui prices, bbth in Texas and in the northwest, rcached new high fig- ures for the vesr in the last week. Much of the buying on the ranges continues to be dcne by the manu- facturers, who are eliminating the middle man and his profits from their calculations. The English woolen trade is ex- Ribiting scme trepidaticn over the fact that America is serding Brad- fprd some of the South American Wools bought early in the season by Americon firms. England is pros- vering through America's business #ctlvity, however, for the exports of woolen ‘goods ard linens from Great Eritain at present are about 40 per cent heavier than at this time last year. Silk Prices Drop Sharpiy. pContinured reduction of prices in = the Yokohama raw silk market have : at last been successful in reviving | . buying there. The movement hass waShIngton Stock Exchange been followed by a lowering of prices here, which has carried quotations 45 cents a pornd below tue high of the year. COTTON SELLS OFF |’ IN FINAL TRADING | Poor Cotton Goods Reports and; Weak Stock Market Help Decline. 2 Timken Axle . Todd_ship ales in units 1300 Anglo Am OiF Atiantic Lobos STOP AND THINK MINING. Alas Brit-Colo . Amal Zinc Lead )l & Re new HOTIERSG = s 400 Imp Oil of Can ... 19200 Inter'l Pet Co Ltd 100 Megnolia Pet 1 30 years insures your pro- ID you ever stop to think that 1o gt tection. Courteous treat- ment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. anywhere in this world oi ours you must put some of your income for you? to work MY0S O Ind ....... 200 S 0 Kansas pew 7008 0 Ks ... 2700 &8 0 N'Y new 5000 Vacnum Oil new 130 Washington Oil Sales INDEPENDENT in hnndreds, is 1 Ark Nat Gas Big Indian 0Oil Boston Wyo Oil . Rarrington 01t A man may earn a good salary or mahe a good profit from his profession or busi- ness, but if he spends all, what is there for him to fall back on? %n@yfis@l,c@&m T | First @Second Mortgages Fortuna Mines Goldfield Cons . however, Quarter o You can purchase our 6149, FIRST MORTGAGES Gold Zote [ Humill Dig Henrietta 3 3 a 10l Top Nevada .. | i of a Hecla Mine Century Homestake Howe Sound Independence Ext Without on the Partial Payment Plan and have an income working for you. Lead 1334 -H-ST.NW/ a Loss sk ok o Kevatone taier - First Mortgage Loans Lowest Hates ~f Insterest and Commisslon Prompt Actien Thomas J. Fisher & Company, 1ac 38 16tk Btreet. LOANS on D. O. real estate_and househeld goods or chat.’ tels. 7 per cent intersst. broken. charged. Come in and us e Min our mothed of ‘muking smal 2 foans. 5 ‘Commercial Loan & Finance Corporation Room 211, 931 15th Bt. .r%. System Copyrighted & Patent Poading. tional Tin .. T New Dominion Cop 1 yons Dot i Maracaibo Oil 5 Mex Oil Mex Damico .ol Midwest-Tex Oil .. Mount Prod ... Mutua! 01l vot efs New Brad Oil w i New Mex Land XY ol . Omar 0il Teer 0l Corp Beaver 0il ppe Ray Hercules Red Ml Floresc Rex Cons .. 3 Richmond Copper.. Salids Minex ... il Queen Min Co.. Sil Mines of Amer . iver King Cons Spearhead Gold . Tonopah Divide Tonopah Extens United Eastern U8 Cont mew w i Un Zinc Smelting West_End 3 Yukon ¢ —_— BOSTON STOCK BOSTON, May 19.--Following todas’'s highest, lowest the most Our First Trust Real Estate Notes bear a nominal rate of interest. It is a normal rate that a normal loan demands. They are conservative. But they are known to be SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY —$1.000 at 103, 300 y. c. DG 3 ot Wasiington Gas Light—10 at crchanis Dauk and Trust C is a and active .10 at 50, 10 at 130, | list of closing _prices for stocks dealt In heve: High. AFTER CALL. Close. EQU]TABLE Paying 6 and 615% (PAYABLE SEMI-ANNUALLY) Co-Operative Building Association Shannon & Luchs First Trust Notes Organ:ised 1879 434 YEAR COMPLETED $4,657,969.56 $1,180,880.91 Allovez . Anmeek . Amer Tel & Tel AMOSKPRE .. .coceee readian Coas - Arizons _com . Boston & Albany Hoston & Maine . RBoston Elevated X i Calumet & Arizon . 2 2 5 . Calumet & Hecla . Carson Hill Min . :\‘nnnnr. l’( T‘e . opper’ itange .. . jAw. Tel Fant Butte .. con 31, | Bastern : Tha eotton | Anacost Hood' Rubber .. R Inter Port Cemen :':.n?( (‘rfek e Hoyale 0.1l Libby. McNell & Libh Massachusetts Gas . New Cornelia .... North Butte . uincy it Marylaod Shoe Mach Kwift & Ce U R Bmelt © U S Bmelt Ventura Oil ‘Waldorf 5 Warren Bros .. ..... —_ Among the Eskimos of Baffin Land, if there is a shortage of food. the old people of both sexes will wiling- Iy face death by starvation. Departmental Bank—1 at 7% BONDS. Bid and Asked Prices. PUBLIC UTILITY. Built on a Straight Line of Return Not a Fluctuating Value Sold in Denominations of $100, $500, $1,000 FULL INFORMATION Builders of Washington can Tel. & n Tel. & Telga. - & Tel. ctl. tr. 5s.... [ | Amer § Ame Systematic Savings Accomplishes Most —Adopt our wystematic saviog plan. 1t is the plan that has been followed with the ~greateat success through years by innumerable patrons. Subseription for the 84th Issue of Stock Being Recelvea Shares, $2.50 Per-Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON. President FRANK P. REESIDE, Secy. 6. John H. Sanford B the Associsted Piess NEW YORK. May 19.- ‘elephione 33 market opened steady at an advance | ‘Telephone of Va. 5 & 0 13 s c 1 Capital Traction R. R, of & to 13 points. with active months ! Capital Traction & selling 11 to 23 points net higher | Georgetown Gas lst right after the call. on trade buying | Metropolitan . It 0. of July and covering inspired by |botomac Elec. cons. Pprospects for unsettled and showery | Potomac Elec. deb. ¢ weather in the south over the week end. This advance carrled mic EL g & re "ua : Pot. £ m & ref. July, up) ;w? h., Alex. & Mt. Vernon Bs. to 2550 and Qgtober to atter 23.14, but H Whash., Alex. & HAL Ver. cif... the initial buying orders had | Wasningion Gan pa b i been supplied, there was apparently | Washington little demand; and prices soon caseq | wau- 4 off under scattering liquidation pro- St~ o moted by the unsettled ruling of the ! MISCELUANEOD stock market and unfavorable re-|D. C. Paper Mfg. 6s..... ports from the primary markets of | Rigks Realty 0u (long).. ‘otton goods. July soon sold down to { RikEs Reaity 28 (Shor). o 16 and October to 22.81, making |wash. Mkt. Cold Storage 5 net declines of about $ to 16 points | wardiman Park Hotel b8 on the more active positions. Busi- Ress was comparatively quiet after STOCKS. the first few minutes and prices cor- ;enpondlnlly sensitive to small or-| . .m"ffl-f,lf e ers. °y t Cotton futures closed steady. IS 26.93; July. 25.43. October. Norfolk- and Wi December, 22. anuary, 22.4 ton, spot quiet, middling, 27.1 NEW ORLEANS. May' 19.—Cotton | HERE are a great many cor- porations whose business is the building of homes, and these are generally known as construction companies. But John H. Sanford is president of a corporation which has no construction department, but which is, nevertheless, one of the large builders of Washington. He is president of a savings bank and as the bulk of their investments is in First Mortgages they really make possible Since 1906 MORTGAGE DEPARTMENT 713 14th Street N.W. Aoril 20, 1923, To Stockholders of - Duesenberg Automobile & Motors Co., Inc. ay, 23.10; Cot. You have perhaps learned through the newspapers or other- wise that last week a stockholder named Peter A. Pfisterer filed a petition for a receiver in the Superior Court of Indiana. This party owns only two shares of preferred and one shade of com- %, | MORTGAGES BANK . Rwy. & Elec. com. e Rey. & Eiec. pra. Terminal Taxi com opened steady. May, 26.91; July, ATIONAL 20.45: October, 2247; December, 2.1 January, 22.00. Considerable rainfali in the belt caused enough buying on the onening of the cotton market to- day to put prices 11 to 23 points over the close of vesterday, but the circulation of May notices for 800 bales and the unfavorable tone of weekly reviews of the general trade of the country resuited in selling movement and 2 quick reaction to Jevels 9 to 13 points under yesterday's final_prices. Cotton futures closed eteady at net advance of 7 to 9 polnts. Closing May, 26.05; July, 25.52; Octobe: December, 22.18; January, 22 EW YORK, May 19.—Cottonseed ol closed firm; May, 11.50; June, 11.25; July, 11.25; August, 11.23; Septembe. .64; October. 9.97: November, 8.95: ecember, 8.79. Sales, 1,800 barrels. NEW ORLEANS, May 19.—Spot cot- don qulet and unchanged. Sales on be spot, none; to arrive, none; low foiddling, 25.50; middling, 26.25; good #11ddling, 26.25. —_—_— CHICAGO STOCK MARKET. CHICAGO, May 19.—Following is a report of today's sales, high, low and closing quotations at the Chicago Stock Exchange : Low. Close. Bales. High, 480 Armour of Ul prd. . 82y 82" gz 70 Armour_of Del pfd 92 82 874 Boone Weolen Milis 2415 24% 10 Commonw'th Edison 124 12y 180 Montgomery, ‘Ward 20° "3 140 Standard Gas pfd. oy B 585, 59 268 8178 Btewart-Warner 2000 Union Cur & Carb'n B 265 - 89% 904 Total mics, 18,00 b ; { capitat Columbia .. Commercial Liverty [0 Lincoln . National Metro Riggs { Second Nationa ‘ashington. TRUST COMPANY American Security and Trust... Continental Trust 5 SAVINGS BANK Commerce and Savin t_Washington. Becurity Savings and Com. Seventh Street ted States. ‘Washingtos Mechanics American Corcoran Firemen’ National Union TITLE INSURANCE. Title. state Title MISCELLANEOUS. ColumbM Graphophone com. Columbia Graphophore pfd D. C. Paper pfd. Merchants’ Transi Mergenthaler Linotype - 0ld Dutch Market com. ... 01d Dutch Market pfd. Tanston M Security Bt ‘Washington Yellow Cab. Colum| Real mon stock, and we do not believe that this small lone stock- holder, who is in most modest circumstances, of his own volition ever precipitated this litigation, running into thousands of dollars and necessitating the employment by him of a battery of high- priced attorneys, witnesses and expert appraisers. However, we gained such a signal victory that we deem it ot sufficient importance to our stockholders to send you a synop- sis of the Court's Decision. which is a complete vindication of the management and condition of the company and should forever prevent any similar attack by competitors or other unscrupulous person who may desire to acquire our property. This decision is not only a rebuke to the underhanded methods employed in this action, but is a complete vindication of the management, the engineers and the product that is now blazing the way for the entire automotive industry. During this hearing all of the books of the company were placed at the d'sposal of the court, 4ncluding all our minute books, contracts and records. During the entire hearing, cover- ing & period of three days, all the books of the company were placed at the disposal of the plaintiff without reservation and were thoroughly analyzed and dissected by a corps of experts em- ployed by the plaintiff for the purpose of locating any discrep- ancles. Every entry oh our trial balance was analyzed and re- analyzed by these experts, and we believe that this judicial in- vestigation and the wide public'ty given our business has done us more good than all the literature and statementssever sent out by the corporation. 1t not only proved to the Court but’to the entire city of Indianapolls, as evidenced by the newspaper articles, that the Duesenberg Company is safe and sound, and, In the words of the Court, i moving into profitable prouuction, and in ad- dition to this is in the hands of expert management and engi- neers whose entire aim is to be true to the trust confided to them by the stockholders. We are sure that after reading this statement the corporation will continue to enjoy your confidence. Yours very truly, DUESENBERG AUTOMOBILE & MOTORS CO., Inc. The Safest Security on Earth We offer, subject to prior sale, a limited issue of First Mortgage Real Estate Loans at 7%, interest, secured on well selected, newly constructed residential property in Northwest Washington. Call or write us for full informa- tion concerning these loans. CONVENIENT DENOMINATIONS $250 $500 $1,000 Ask for Descriptive Bookles “S™—It's Fr WILLIAM S. PHILLIPS First Mortgage Investments 15th St. at K St. NW. $100 Main 4600 the building of new homes, by furnish- ing the money for their construction. And if mortgages are a suitable investment for the funds of savings banks, they should meet your require- ments as to safety. You can be safe, and be, also, one of the potential builders of Washington. Swartzell Rheem&HenseyCo. 727 15 Street NW. 54 Years Without Loss to an Investor