Evening Star Newspaper, May 22, 1923, Page 29

-~ RAILROADS T0 TAP RICH FARM LANDS U. S. Forest Service Limits i Yearly Cufting in Big Timber Regions. BY J. C. ROYLE, ~ Epecial Dispatch to The Star. NEW YORK, May 22.—The United ! States forest service, through trans- | aotions just. completed, has assured | two new raiiroads to the nouhwen‘[ which will open magnificent agricul- tural and timber regions, and have preserved to the nation a timber sup- Ply and reserve which cen never be- come depleted These results have been obtained thraugh the sale of 960,000,000 board feet of timber in the Matheur national forest of Oregon and the Coeur d'Alene National Park of the pan- handle of Idaho. The timber on the Mathenr forest tract was sold to Fred Herrick of St. Marys, Idaho, who pur- chased the 890,000,000 feet of timber under a contract which calls for the pavment of $280 a thousand feet. About 87 per cent of this timber is in vestern yellow pine. Yearly Output Limited. The Ohio Match- Company of Spo- kane secured 70,000,000 feet in the Coeur d'Alene district, of which 80 per cent is in white pine, at the top-notch price of $11.4¢ per thousand feet. Herrick, Wy the terms of his con- tract, notonly must pay $3,000.000 tor the tindér, but must build a railroad seveqty-five miles long to open up the et He ls restricted to cutting §5.- 00 feet per year. The Ohio Match ‘ Company can cut but 15,000,000 feet * weather is needed. N Payment. in the Idaho tract and must also build a railroad ten miles long. The Her- rick road will cost approximately the #same amount that he will pay for the timber Under the restrictions imposed, for- est officlals Arclared today. neither buyer can possibly denude these tracts of timber. Choppers must spare the seedlings and young trees and burn the brush. The new timber which will replace that cut will assure a ermanent source of lumber supply. he rai s must he common cars riers. . While tha 890,000,000 feet sold in the Matheur forest comprises but a portion of the total in that reserve, lumbermen expressed the belief today thay, raflrond and present con- tract would probably a'd in bringing all of the 7,000,000,000 feet under the same control If that is the case, rotative cutting and reforestration would assure running of a mill for- ever, with a cut of 65,000,000 board feet annually. Farmers to Use Railroads. Each railroad is expécted to mean much to the agricultural development of the northwest. Hundreds of men wil] be emploved immediately, and when the roads are completed farm- ers of a rich region, now suffering from a severe depression, will be pro- vided with a cheap and convenient means of transporting their products to_market. Forest service officials predicted to- day that in a brief space of time prac- t ¢ all the lumber used in the TUnited States must come from the forests of the w. Northern Idaho ell the white the country. e is now advertising for The serv s n bids for 685.000.000 feet of timber in the Cascade National Park of Ore- gon, 90 per cent of which is Douglas fir’ ' Not less than $2.25 a thousand feér will be accepted Canada ls Increasing lumber pro- duction rapidly in British Columbla, and the reserve in the Frazer valley is estimated at 4,200.000,000 feet. The cutin that section will approach 100.- 060,000 feet this season. The reserve in the Coquitlam district is estimated at half a billion’ feet, and the cut this year will exceed 25,000,000 feet, while 750,000,000 feet is a conservative es- timite of stumpage in the forests north of Mission and Dewdney. Awalt Chester Concession Plans. Oil men and government officlals are watching intently for announce- ment of the plans for financing and development of the concession se- cured by Admiral Chester in Turkey. These plans are expected to have a widespread effect on the development ot the oil industry both in this coun- try and abroad, especially In view of the development by other American oil men in the near east and soviet Russia. Will Refuse Wage Demands. CHICAGO, May 22.—Traction offi- cials here have decided to motify the leaders of the street car men who are asking an increase in pay of 10 cents an hour, beginning June 1, that their demands cannot be granted, as city and state authorities have given no encouragement to a plea by the street car lines that the fare he raised from 7 to 8 cents. It is said that some of the union men are stronily opposed ta the strike threatenel for June 1 if the wage demand is not granted. NEW BY WILLIAM F. HEFFERNAN. NEW YORK, May 22-—What hap- pened today on the curb exchange was precisely what was to be expected after the severe break of Monday. The ma- Jority of stocks went materially lower during the forenoon on offerings by those who were forced to liquidate their accounts. As the day went on a general rally occurred. nternational Petroleum, among the Standard ofls, was conspicuous in the recovery, getting well above 16 against its low of 15 Monday. Imperial Oil of Canada, which had broken sharply dur- ing the recent decline, moved upward foliowing the statement that the re- moval of ‘the bounty offered by the Canadlan government would have no effect on this company inasmuch as it has arranged for a schedule of royal- ll:s to be paid upon all crude produc- n. Resistance displayed by Maracaibo NEW YORK, May 22.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket today: Sales in BONDS. thousands. figh. Low. Close. 3 Am Cotton Oil @s... 91 91 91, 4 Am Roll Mills 64) 98% 981 081 4Am T & T 65 '24.. 1008 10013 1008 2 Ansconda 6s 8 Anncondu 7s 03 1 Anglo-Am Oil ‘7T3s, 33 Ar's oot Dei B 4A1G&WINSD 6 Beaverboard 8s ... 4 Beth Steel Ts '35 3 C B nt Steel Ss 1 Charcoal Co_Aj & Detroit Edison 68 15 Dun Tire & Rub 25 Fed Sugar 6s 6 Fisher Hody s 3 Kennecott Cop 13 Louisvitle G & 4 Vacuum Oil FOREIGN BONDS, 3 Argentina Ts 100% 100% 1004 T Mexican Govt_Ge . @1 A1 & Russian Govt Sigs . 1l 111 11 e e tle: 108 108 o s Gove S13s”o.. 1008 1008, 1008, 20 U'S of Mexico 48.. 41% 415 41% Sales in units. STANDARD OIL ISSUES. 2000 Anglo-Amer OIl 5% 1% sty 40 Cumberiand P L 10015 Eureka Pipe Line, Gal Sig Oil .. Magnolia Pet . ) Nat Transit Prairie P L 0 Tndian S 0 Kansas new 0 Keatuck Sales INDEPENDENT OIL STOCKS, in hundreds. 10 Am Fuel Of1. 8 Ark Nat G 8 Barrington Oil 21 Carib Synd 5 Cit Serv 14 Cit Berv pfd. 14 Cit Serv B cfs R Der 0 & Re ptd w quity Pet ptd i i 230 Hudson 011 2 Humphreys Oil 240 Keystone Ranger 1 Kirby Pet ... 1 Lafayette Oil . 40 Lacce Creek 3 Livingston Pei 10 Lowry Ol 2 Marland ... 38 Maracaibo 0il . 11 Mex Pamuco . 40 Midwest-Tex Ol 20 Mount Prod .. 189 Mutual Oil vot ew Eng Fuel Oil ew Mex Land.... ble Oil & Gas. . Brad Ot w i Advances in wages In seventeen of the building trades. are expectsd June L. Bread Wheat Acreage Reducedd ST. PAUL, May 22.—The acreage ad wheat and durum in the north- west is considerably less than last ‘year, according to official reports just made public today. Grain in the southern districts is showing a good stand and moisture has generally been sufficient, but continued warm The notato acre- Bge of the northwest has been great- Jy reduced this year, owing to the Poor prices for the 1922 crop. (Copyright, 1923.) SAUNDERS GIVEN TIME TO MEET PIGGLY LOANS St. Louis Pool Members Are Will- ing to Wait for $1,250,000 By the Associated Press. ST. LOUIS,” Mo., May 22.—Clarence Baunders will be given all the time he wants in which to repay the $1,250,000 Joaned him by the St. Louis group of “poel holders,” it was announced today by W. C. Sipple, jr., head of the local group, 3 54 Omar Oil & G 2 Peerless Oil Corp. 18 Penn Beaver Ol 2 Am Gas & Elec pfd. 0% ZAmO & Enewwi 374 I Amer Dru o Wi Am L & E’rl(‘l ... 113 114 Amer Stores new. 24 24 3 A new w .. 68% 2 Armour Leathe » % 7 Arm & Co Del pfd.. 91% 91i 51 Archer Daniels Mid. 3780 371 13 Atlantic Fruit. 2 i Borden & Co. .. 1153 HS& 7 Rridgept Mach w i 151 14% 1 Brit Iatl Corp B. 123, 12% 1 Bklyn Oity R R T 36 Buddy Buds 1% 1% 2 Cent Teresa 1 1w & Centeit Tron Bipe. 125 124 1 Checker Cab Mfd A 46 440 0 Cuicaso Nipple...... 4% 4 16 Chi Steel Wheel pfd 68 6% 1 Cleveland Motor .. 28 28 1 Colorady Pow & Lt 4 Col Carb Co vig cfs 47 12 Cox Cash Stores. [ L3 The announcement was made fol-| 6 Douglas Pectin “;2 1 lowing an advertisement by Saunders| 2 Dubiller O & Radio 4% 8% headed “I am fighting for my life| 48 Durant Motar ..... 40% 37 and addressed to the Nashville, New | 1§ purent Mot of 1nd- 108 2% Orleans and St. Louis pool holders. 23 Eaton A & P =" "% \.Ihe loan was a personal ome ‘to| i Fast Sieel Ca 2 2 aunders to help him in his fight with | 10 Federal Tel - 1% 4% Wall street, Mr. Sipple explained. 1 Foundation Go prd. 93" 93 St I SR R slen len Coal BOSTON STOCK MARKET. 18 Goodyear Ti‘; . £ BOSTON, May 22.—Following is a| 3 Srfith. D 3 list: of today's highest, lowest and| <1 Hsuma M AT b cloding prices for the most active 2 13 stocks dealt in here: i 4 201 : High. Low. 5 8 Alliiez 5 oty el 9 3% B 2214 122 { T ’7’ ) 62" 162 ) 90 .10 116 s - % e 8 16 153 7 % B B% 51% B1% Sy 2 e T — 13;2 1%* 1094 S . 2 a8 2% ? 0% I B 3 4 3 Pt 10 L] TR 3 o AL 9093 98" g8 1 .32 8 55 B8 84 3 8 001 10415 104 1 0N 34 2% 2240 22 1 1% 1% Y Ty 7w |- 15 T 3 3y 31 4 491, 49 503 49 49 30 20 .28 17 1% 1 7 18 Uy Pl 1 6% @ 82 4 Timl 104 101 14 Tob 4 3 13 Todd 9% 45 2 Uni 27 24 2 0n . 71 Un 5% & 14 Ui 8. . b 3 Un ay HUY i 1 us I 14 T By u 80 . R 18 W % e YORK CURB MARKET Received by Private Wire Direct to The Star Office. and Pennock in face of selling in other of the oils was noteworthy. Southern States was another that was firm in response to nouncement that the corporation had declared a free stock alllotment of 10 per cent for tha current quarter in addition to the regular monthly cash dividend of 1 per cent. The selling that was so persistent in Durant issues Monday kept on to- day, but in a moderate way. The Delaware shares lost over a point but hardened later. while the In- diana stock was elightly improved, Checker Cab Manufacturing broke 2 points, while others of this category were little changed. Goodvear Tire was rather heavily offered following reports that tire production at va- rious plants had been curtailed. Deolaration of a $2 dividend by Glen Alden Coal Company brought about a sharp advance in this stock. The company declared an _initial dividend of $1.30 a share on Decem- ber 20 last. varner Mall Cast.. 2T 26 27 2 Yel Taxi Corp N Y 125 124 124 MINING. 12 Alagka Brit-Colo .. 21} 25 Amal_Zinc Lead Sm & Arls Globe Cop .... 48 Helcher Divide 30 Belcher E: 10 Big Ledg 16 Boundary 10 Boston Ment Corp Butte & Western 1 Cala g b Cortez_ Silver . Cresson_Gold . own Rewerve Davis Daily Divide Extens mma Silver 5 Fortuna Mines Goldfiela " Cons. ) Goldfleld Develop. oldfield Deep Min, oldBeld Florence. . Independence Lea; Iron Blossom . Jib Cons Kerr Luke ington Mines . fonal Tin ... Olilo Cop S Premier Gold i s Ray Hercules Ine % Hill Florence.. . 1 Queen Sil Mines o 3 Sil Ki Div Mi reorg Iver Kiog Cons... Min 3 Sno Suther Dev Min 7T Teck Hughes .. 5 Tono Belmont .. Tonopah Diide Tonopah Extens 9 Utab Apex | West End Consol White Rock Cop pf . 5 Yukon Alas tr cfs E; 8 Yukon Gold ... 1% NEW YORK TRUST CQMPANIES. % Equitable 187 1861, 187 Fairly Heavy Selling. NEW YORK. May 22.—Cotton fu- tures opened firm: May, 27.45: July, 25.80; October, 23.15; December, 22.77 January, 22.55. There was active co ering at the start, with Liverpool Wall street and western interest. credited with buying, but the ad vance to 25.82 for July and 23.19 for October ran into considerable south- ern selling and_realizing, resulting the early trading. Futures—11:456 a.m. bids: Steady May, 27.41; July, 25.93; October, 23.29 December. 22.87. NEW ORLEANS, May 22.—Cotton— Futures opened quiet; May, .03 July, 25.52; October, 22.50; December, 22.14; January, 23.02 a.m. bids: Steady; May, 26.61; 26.10; October, 22:81; December, January, 22.3 NEW YORK, May 22.—Cotton fu- tures closed stronz. May, 28.45; July, 26.91; October, 24.00; December. 23.55 Janvary. 23.35. Spot quiet. Middling, NEW ORLEANS, May 22—Cotton futures closed strong. at net advances of 96 to 136 points. Closing bid: May, 27.57; July, 26.92; October, 23.40; De. cember, 23.03; January, 22.89. NEW YORK, May 22.—Spot cotton steady. 75 points higher. Sales on the spot, 2,716 bales; to arrive, none. Low middling, 26.2! middling, 27.00; g middling, 27.50. stock, 100,097, LIVERPOOL COTTON. limited demand; prices barely steady. Good middling, '15.04 : tully middling, ‘middling, = 14.84; low middling, including 2,600 American. closed steady. May, 14.2 October, 1 uary, 12.2 Futures en Know ‘The man who has worked hard for his accumulations, the man who is born into the responsi- bllity;f&v:al;h, both know what it t of safe hm«fltw Indeed, they will tell you: “If you want to keep your first dollar, buy first mortgage investments.” Over a long period of years First Mortgage Real Estate Bonds have proved an excellent investment for those requiring safety of principal, We mow offer fer male n First Mortgage Bond issue ‘which yields 7% We shall de glad to sond let Jormation. dbovt ‘Tha”terse 4f wos. il Ask for Booklet W.8.3 AMERicaN Bonn & Morreace Co. INTERNATIONAL BANK Corvespondents 807 Fifteenth Street, N. W, ‘Washington, D. C. NEW YORK, May 22. and Electric Company 063, or the equivalent o a on ' the common stock outsta: during the first quarter of ti FIRST MORTGAGES $3,000 loans runniog for three years— Ready.for Delivery in a Few Di Send For Qur List of 7% We have on hand several very choice At 7% Interest CHAS. D. SAGER | 924 14th M. 36 Mortgages, Loans, Investments. Assets .. Save While You Have the EQUIYABLE- BUILDING L.W. Groomes, 1416 F St. To owners in renting and managing properties. RENTS B. F. SAUL CO. 1412 Eye St. N.W. D. O, TUESDAY, MAY 22, 1923.° Money to Loan e NLullny, imiagost aod commission Joseph I. Weller 423 Wagh, & Tust & Faw their ‘Railroad Equipment Bonds Yielding from 5% to 6% That’s Our Business MORTGAGE LOANS Maturities from three to thirteen years Phone Main 2100 EQUITABLE Co-Operative Building Association Orga ed 1879 434 YEAR COMPLETED 34,657,959.568 «v .. $1,180,880.91 Surplus Opportunity. ~You save with the best results by adopting our systematic saving plan. Subscription for the 84th Issue of Stock Being Recelved Shardy), $2.50 Per Month - ‘915 F St. N.W. JOHN JOY EDSON, Pre: FRANK P. REESIDE, Secy. ent to $300 on D. O. tate, and hossbold guods or' o cent_in o broken. charged. Come in and Iet us sx our method of making smad emmercial Loan & Finance Gorporatios Room 311, 921 16th Bt. N System Gopyrighted & Patent Pending, E of Money to Loan First Mortgages LOANS If you Jave money to invest, we can safely place it on gilt-edge first B. C. Mortgages. Our record of 30 years insures your pro- tection. Courteous treat- ment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. i TODAY’S COTTON PRICES. | B | Short Covering Soon Runs Into! in reactions of 8 to 10 points during | “We” —have on hand. ready for im- mediate delivery, about thirty s In gilt edge /c First Mortgage Notes in Amounts of $250 up to $7,500 A splendid opportunity to 1 vest your funds with abso. | lute safety and get the maxi- | mum return of interest. Title certificate insurance policies fs- sued to all our loans. For full particulars Loan Dept., i ! Chas. D. Sager | apply. 924 14th Street Main 36 and 37 Mortgage Investments ood | Receipts, 1,996 bales; LIVERPOOL, May 22.—Cotton—Spot | 1459 good ordinary, 14.09; ordinary, 1379 Sales, 8,000 bales, including | 2,400 American. Receipts, 3,000 bales, Itisa distribute. pany with Executor COMMERCIAL Central: 5% Certificates—Due 1929-36 The National City Company ‘Washington—741 15th St. N.\W. GILT-EDGE Appraised by Experts of 35 Years’ Experience Without a Loss Warehouse Receipts and Make Construction Loans National Mortgage & Investment Corporation What About Your Will? for it tells licw you wish your estate to be distributed. The American Security and Trust Com- of experience is well qualified to act as Write or Call for booklet, “When a Man Lets Go.” 3% ON SAVINGS ‘AN'I'RUS T PAN el [j Capital and Surplus, $5,400,000.00 Northeast: Southwest: Northwest: Preferred securities of leading trunk line systems, ranking higher than the best mortZage issues. > Principal and interest are set aside from oper- ating income, before mortgage bond charges. | Baker, Watts & Co. | Bankers Coungellors in Investment Edwin D. Flather (Philadelphia Plan) Baltimore & Ohio Chicago, Milwaukee & St. Paul 14% Certificates—Due 1928-37 Illinois Central 5% Certificates—Due 1934-36 Manager Virginian Railway 813 Woodward Building 5% Certificates—Due 1937-38 WASHINGTON Ficasoniappucsticn Calvert and Redwood Streets BALTIMORE Telephone—Main 3176 e A Good Investment for Your Bond Money When your Liberty Bonds are cashed it will be a problem what best to do with the money. We offer for your consideration First Trust Notes on exceptionally high-grade property, with downtown location, which will yield 7% interest. They will be issued in any denomination de- sired—$100, $250, $500 or $1,000. I Get in touch with either Mr. Boss, Mr. Phelps or Mr. Webster—they will go into details with you. Boss & Phelps *“The Home of Homes" 1517 K Street Phone Main 4340 e SECURITIES 7% First Mortgage Notes Secured on Improved D. C. Real Estate AR = = Offered in Denominations of $250 and Up A Good Investment. WILL PURCHASE First and Second Trust Notes 811 Vermont Avenue N.W. paper of the utmost importance It also specifies who shall its perpetual existence and years and Trustee under Your Will. Cvery Banking Service @ 15th and Penna. Ave. BRANCHES 7th and Mass.' Ave."N.W. -8th'and H Streets NE. 436 7th Street S.W. - . 1140 15th Street N-W. . FINANCIAL i | National avgs & Trust Co. S86th Oldest Savings Depository in Washington H Y Cor. 15th and New York Ave. N2 Fifteenth Strect Main 6888 Capital & Surplus, $2,000.00000 Does It Pay .—you to be continuously worried over the safety of important papers, when they can be given 1009 protec- tion at such little cost, in our Fire and Burglar Proof Vault? SAFE DEPOSIT BOXES at very Reasonable Rentals. 4 Wl be glad (o werve your GENERAL AC VT while you away this summer, collecting meeting fired charges, etc., dwect. Ask about this s incom as you \ { MONEY TO LOAN } ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST sure. (o) $100 $250 15th St. at K'St. NW.. Save and Invest When you are tempted with specu- lation stop long enough to consider the safety and ever steady return of a good real estate trust mote. They are known to be SAFE INVESTMENTS WIDE MARGIN OF SECURITY Paying 6 and 614% (PAYABLE Shannon © Luchs First Trust Neotes Built on a Straight Line of Return Not a Fluctuating Value Sold in Denominations of $100, $500, $1,000 FULL INFORMATION I [SHANNON & LUCHS MORTGAGE DEPARTMENT 713 14th Street N.IWV. MORTGAGES The Safest Security on Earth | We offer, subject to prior sale, a limited E issue of First Mortgage Real Estate Loans i 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. i I CONVENIENT DENOMINATIONS Ask for Descriptive Booklet “S"—It’s Free WILLIAM S. PHILLIPS First Mortgage Investments It WITH A SEMI-ANNUALLY) Since 1906 $500 $1,000