Evening Star Newspaper, May 29, 1923, Page 17

FINANCIAL. RALROAD EARNINGS IN APRIL STUDIED Passing of $83,000,000 Mark Vital Question—O0th- er Wali Street Briefs. By the Associated Press. NEW YORK, May 23.—Wall street i eagerly scanning the April earn- ings statements of class 1 railroads 1p find out whether their combined net income will exceed the $83,000,- 000 total reached in March. Of the twenty-six roads that had reported up to last night twenty-one showed an increase in net income over April of last year. The Erle rallroad, which reported today, showed & sur- njus of $744,797 In Avril, after fixed charges and sinking fund, as com- .pared with a deficlt of $1,927,000 for the same month last Net rail- way operating income for « April amounted to $2,139,000 and was the largest this year, comparing with $1,609,882 In March. Net earnings of the Maxwell Mo- tor Corporation in April, after all charges but before depreciation, were $1,037.000 or $11.000 in excess of the total net for the first three months of this year. For the four months to April 30 the ‘company earned $2,063.333. as agairnst com- bined net in 1922 for Maxwell xnd Chalmers companies of $831,662 before minor adjustments. The Foundation Company! reports $27,500,000 unfinished business on its books. The company has cloged con- tracts for construction of power houses in varfous parts of the coun- try, including one for the Tilinols Central Light aud Power Cympany at Peorla, 1ll. and another for the Kentucky Utilities Company at Pine- ville, Ky. The Plerce Arrow Motor Coempany has declared an initial quarterly dividend of $2 on its prior preference stock, payable July 2 to steck of record June 15. Mid-continental reflners have an- vanced the price of new Navy gaso- line 13 cent a gallon, making the new price 121; cents for the 56-58 grade and 13 cents for the 58-60 grade. Prices on all grades were raired from 113 to 2 cents a gallon last week and additional increases are expected. SI.UMP IN EARNINGS _OF PACIFIC OIL Drop Laid to Cut in Market Price of 0il, Due to Over- production. By the Associated Pross. NEW YORK, May 29.—The de- crease In gross earnings of the Pa- cific Oll Company for 1922 is at- tributed to the reduction in the mar- ket price of ofl, due to overproduc- tion in the Callfornia fleld, In the company’s annual report, made pub- lfe today. Gross earnings totaled $21,422,003, compared with $30,853,257 tn 1921, Net earnings from operations ag- gregated $13,209,181, compared with $18,826,146 for the previous vear. Other income, including dividends from subsidiarles, raised the com- pany's total income to $15,426,379, egainst $16,261,293 in 1921. Net profit carried to profit and loss account, after deducting provisions for de- ‘preciation and payment of federal taxes, was $11,792,225. Dividends NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. | BY WILLIAM F. HEFFERNAN. NEW YORK, May 29.—Operations for the rise were suspended in today's curb trading in view of the coming holiday, and the general list moved with a good deal of hesitation. Pro- fessional operators were inclined to split up accounts, and this, coupled with a large amount of realizing sales, resulted in an irregular price movement, with no settled tendency. Reports that further readjustment in the shape of another cut in Penn- sylvania crude oll was not far off, brought about lower prices for oil ‘1 shares generally, but losses for the most part were small. In other re liable quarters, however, the feeling was that the readjustment of the oil Continental Trust Company Capital One Million Dollars l4th & H Streets LTI Ifyw.\-umqh non..n-.a.&fimsh Mye-ummyowpro- sttuation had been completed. ~+ Announcement that the proposal to increase Turman Ofl stock from $1 par value to $10 par value by reducing the authorized capital stock from 6,000,000 to 600,000 shares had been approved, brought about active trad- ing In this stock at a small advance. Maracaibo sold off somewhat on reallzing sales but was within less than 2 points of its best prices. Efforts to bring about lower prices In Durant of Delaware were successtul, the stock breaking the fAfty level in the first half of the sesslon, but rally later. _— EW YORK, May 29.—Following is an official list of bonds and stocks traded In on the New York Curb Mar- ) ket today: Sales in thousands. Allied _Packers 8 Alum 75 ‘25 .. Amer Light 6s . A Anaconda 65 Anglo Am Off Tiga AL Coof Del %is Beaverhoard 8s Teth Steel 7s Toston, & Maine Cent Steel 88 . Cit Serv 7s D. Cons Gax Balto 6s A 1 Fisher Body 6s 1 Fisher Rody 6s "2 28 Fisher Body 6x '25. Kennecott Copper Louisville G & E Manitoba Pow Manitoba Pow Pub Ohio Power s B.... Penn '|"|l|l| (l-u;.'» s, Union Ol 6s B Union 0il 65 B Un Ry of Hay Vacuum Ol 7s . Wasne Coal 65 ‘uuu Gove 6 5 Swiss Gort 24U S of Mexico 4s.. Rales STANDARD OIL in units. Anglo-Amer OIl ... oil ..o 2000 Vacuum Oil new. . 165 INDEPENDENT OIL STOCKS. 1 Bquity Pet pfd 40 Engineers' Pet . 249 Federal Of] 38 Gilliland 0il aild amounted to $10,500,000 and the salance December 31, 1922, was $6,- 606,766, against $5,384,534 December 31, 1921, The corporation had 739 wells in operation at the close of 1922, eight- een new wells were being drilled and seven wells were being redrilled. CANTALOUPES, PEACHES AND APRICOTS ARRIVE First Shipments of Season on Sale in New York—Flood of Strawberries, teh to The Star. YORK, May 29.—Approxi- 2,700 carloads of fresh fruits and vegetables were received on the New York wholesale markets during the week ending May 26, from many parts of the United States as well 4s_from foreign countries. It is interesting to note that straw- berries, with 435 cars, again held first place among the fruits, while white potatoes, with 571 cars, con- tinued to be the most important among the vegetables. sCalifornia cantaloupes, peaches and apricots made their first appearance on the New York city markets this morning. Prices declined fully 50 cents per box for California cherries of black varieties, whereas Royal Ann cherries were 75 cents to $1 per box lower. REPUBLIC MOTOR TRUCK REPORTS REORGANIZATION By the Associated Press. ALMA, Mich., May ment is made of the reorganization of the Republic Motor Truck Com- pany, with 0. W. president, Maurice Rothchild, Chi- cago, vice president, and Glenn Crisp, Alma, secretary and treasurer. M. . Buckner, an official of the New York Trust Company, is chair- man of the board of directors, CLERKS GIVEN RAISE ON LEHIGH VALLEY R.R. By the Associated Press. HAZELTON, Pa., May 29.—The Le- high Valley railroad today announced a salary increase for clerks on the entire system, effective as of May 1. The advances are as follows: Four cents an hour for those who hiive served more than five years. Three cents.an hour for those who have served from two to five vears. 0 cents-an hour for those with the coffipany from one to two years. Mes- sengers, train callers, crew callers and baggage clerks are given in- crease of from 1 to 3 cents an hotr, based on length of service. 3 —_—_— AGREE TO $1 A DAY BONUS. c;lrpantm Reach Settlement With 26,000 Men. NEW YORK, May 20.—A wage mgreement ‘has been reached between the Master Carpenters’ Association and. representatives of the 26,000 unionized carpenters of this city, the Union agreeing to continue the pres- ne scale. The master carpenters, under the agreement, will_pay the workers:a bonus of $1 a day from June 1 for the rest of the year. SUGAR PRICES LOWER. NEW YORK, May 20.—The early swimigns market was quiet today and ces were unchanged, with Cubas held at 6%, cost and frelghts equal to 8.28 for centrifugal, while duty-free sugars were quoted % low- er. » No sales were reported. Raw sugar futures were easler un- der liquidation by trade interests and eomm ion houses for over the hol- day. Prices at midday were § to 123 .olnu uet lowen - 29.—Announce- | 17 Glen Rock 011 10 Guit Oil of Pa 1 Humpbreys 0il . 5 Inter Royalties . 70 Kesstone Ranger - 2 Lowry Ofl 3 Marland .. 36 Maracaibo 011 3 Mex Panuco . dwest Tex O ¢ Mountain Prod . 3 E w Bradfd Oil wi 30 Omar 0il & Gas 8 Penn Beaver O1l. rd 2 Southern P & R 27 South States Oil 136 Tarman O, 20 Wilcox Ofl & Gi INDUSTRIALS, 4 Acme Coal n e 24% Writing Paper. 2% Loco new w i.. 71y 2 Ar & Coof Del pid 016 3% Borden & Co. 13 Bridgept Mack w i 7 Brit-Am_Tob 1 Brie Tt Corp 13 Buddy Buds ‘ent Teres 3 Centrifug Iron Pipe 8 Checker Cab Mfd A. 28 Chicago Nij 10 Chic Steel ‘hi Hayes of Alma, as, 4| by ‘manufacturers'in this district as 14 Hydrox Corp 2 Imp Tobacco % MeCrory Stores ... 1 McCrory Stores new 4034 1 Mercer Motor ... .80 1 Peerless Mot . 10 Prima Radio 00 b Motor n Re - % C&l 1 Sthwest Bell 1% ot. wa 2 Stutz Motor. 1 Switt Intl Swift & C 2 Technical 2 Timken Axle - SR8 30 Roston Mont Corp. .1 7 Butte & c'“Vemm . hazas:!..m 5 Hil Top Nevada.. Hollinger . Hecla Mine 5 Homestake Bxt . Howe Sound . Independence 'Lead. Jerome Devel 3 Jib Cons Kerr Lakq Knox Divide Marxh Mines P 1% 65 3% 17 nu,r‘ Tercules 1o Richmond Copper. Salida Mines. 8t Orelx Mios. ilv Queen M Corp. Bilv Min of Amer.. Kliver King Cons. . Le: o8 23 hes Tonopah Telmon 3 Tonopah Divide 88,55 Thited Verde Ext ) U S Continen nw wi . BOSTON BANKS MERGE. New Firm One of Ten Largest in United States. BOSTON, May 29.—The directors of the International Trust Company have voted to sell its stock to the First National Bank of Boston, the largest bank in New England. The merged banks will form one of the ten largest banking corporations in the United States, it was sald today. PERMITS NEW FINANCING. I C. C. Allows Seaboard to Raise $7,737,998. The Seaboard Air Line railroad was glven permission by the Interstate Commerce Commission today to issue $7.787,998 in equipment trust cer- tificates. Of the issue, $6,600.000 will be sold at 951, and the remainder at par. The funds raised are neces- sary to assist the railroad in procur- ing new equipment. BANANAS FROM CANAL ZONE. After a lapse of ten years, bananas are again being shipped from Colon- Cristobal to New York in quantity, 72 bunches having reached the 1 Narrows from the jsthmus last year. Consul Julius D. Dreher, Colon, in- forms the Department of Commerce that the formation of a large fruit company has just been announced controlling nearly 5,000 acres of iand on branches of the Gatun Lake, which covers 164 square miles, embracing the valleys of the Chagres river and a number of smaller streams. DIVIDENDS. Pe- Pay- Stock of Record. s R See i M o1ug Licgett-Myers pf. Q 1% Sears, Roebuck pf @ $1.75 July 1 PARIS MARKET QUIET. PARIS, May 20.—Prices were easy on the bourse tod: Three per cent rentes, 57 francs 30 centimes. Ex- Irhange on London, 70 francs 6 cen- times. Five per cent loan, 75 francs |15 centimes. The dollar was quoted |at 15 francs 1313 centimes. June 15 COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY SAN FRANCISCO, May 29.—Growers of Royal Anne cherries now are re- ceiving $9 per hundred pounds from the packers, while soft white cherries are bringing $7 a hundred. ! DETROIT, May 29.—It is predicted today that the Ford production of 6,750 cars a day slated for June will be reached this week. Foreign sales of the Ford company totaled 76,142 cars for the first four months of this lyelr, an increase of 24,883 over the same months of 1922, Tractor sales were 4,634 for the same period, or double ‘those of last year. The de- mand from Scandinavian countries is growing fast. ST. LOUIS, May 29.—Stove manu- facturers reported wonderful in- creases in sales today. Improvement of as much as 300 per cent is reported compared with last year's demand. The inquiry comes mainly from agri- cultural districts. TULSA, May 29.—Operators in other ofl flelds of the Southwest are ex- pected today to follow the example of the fourteen producers in the Burbank fleld, who agreed to shut down 279 wells to prevent a further overpro- duction In high-gravity with a con- sequent further reduction in price. SPARTANBURG, §. C., May 29.— Contracts have bean let lor the new| million-dollar plant of the Arcadia cotton mills, which will have 20,000 spindles. BOSTON, May 29.—The New Eng- land coal market bhas turned heavy again as a result of very light de- mand. New River and Pocahontas x‘:onl now is offered at $8.25 a ton, Bos- on. FIRST MORTGAGES" We have on hand_several . D choice &m. “.000 and §$5,000 loans rumning' ree years— At 7% Interest Ready for Delivery ta a Few Days CHAS. D. SAGER 924 14th M. ! Mortqeges, technn. Courteous treat- Pe H. Russell Co. s.\v. Cor. 15th & “K” Sts. 2nd or 3rd Trust to $200—made on D. C. Real p-nbh monthly. 7 per cent interest. rage. Commrcial Lead & Finance Qorp., Room 211, 921 15th 8 Money to Loan First Mortgages L. W. Groomes,1416 F St. and 6% % Few investors have sufficient time to study investment op- portunities thoroughly and to know that they are purchasing only those securities that have proved safe. Many thousands of investors throughout the United States have purchased from the American Bond & M e Co. many millions of dollars of first mortgage [ cured by improved city les without the loss of & . You should be interested in this rvwd type of investment we offer for sale. Write today for full in- Central Argentine Railway, Ltd. Ten-Year 6% Convertible Gold Notes, due 1927 Yielding 6.60% Central Argentine Pre- hot 7 per cent inter brokerage charged, Come iz wsd i xplain our method of making small Comimorcial Loan & Finance ration’ Boom 211, 921 16th Bt. N. Bystem Copyrighted & Patent Pending, formation. Ask for Booklet W. S. 3 AMERICAN Bonp & Morraace T weserestiie INTERNATIONAL BANK Corvespondents 807 Fifteenth Street, N. W, ‘Washington, D. C. ferred Stock, which is junior to this issue, is selling in London on about a 5.40% basis. Complete information on request The National City Company Washington—741 15th St. N.W. Telephone—Main 3 EQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED Assets u.u1 isuu Surplu 81,180, Save While You Have the Opportunity. You save with the best results by adopting our systematic saving plan. 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 Subscription for the 84th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. Warehouse Receipts and Make Construction Loans National Mortgage & Investment Corporation o 811V A N.W. TheObligation ermont Avenue Upon Us Is Permanent The selection and sale of securities is only the beginning of our obliga- tion to customers and our interest in their financial welfare. NO RISK—NO WORRY A SAFE INVESTMENT—PLUS INCOME Each succeeding wave in the invest- ment ficld establishes more definitely the premier, position of our First Mortgages. Their favorable interest yield, their steady income at regular intervals, their prompt payment at maturity, and their safety make a strong appeal to careful investors. Our responsibility is per- manent. Our obligation to our customers includes safe- guarding their funds in re- spect to both security and yield. 1f you are interested in enjoying a high degree of security and a dependable in- come without worry, risk or loss of time, buy our FIRST MORTGAGES These safe mortgages sold in amounts- suitable to satisfy the small as well as the larger investor. Any information you desire will be given you. Circumstances warranting changes in issues in order to meet individual requirements receive our constant consid- Quarter eration. of a Century Without A request will bring our in- . vestment service to you. a Loss Edwin D. Flather Manager 813 Woodward Building WASHINGTON Calvert and Redwood Streets BALTIMORE B. F. SAUL CO. Main 2100. 1412 Eye St. N.W. Waste Neither Time Nor Money But Save Both At This Bank We believe that our customers’ time has a money value—that it means dollars to them, and that they are entitled to the best we can give in the way of service. When you save your money here we.are-making every effort to save your time. Every Banking Service COMMERCIAL \ 3 % ON SAVINGS AND TRUST COMPA 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 BRANCHES. 7th and Mass. Ave. N.\W. 8th and H Streets N.E. 436 7th Street S.W. 1140 15th Street N.W. AME]KI[CAN smumjy Central: Northeast: Southwest Northwest f FINANCIAL Capital & Surplus, $2,000,000.00 YOU’'LL BE SURPRISED —to see how rapidly small amounts _ steadily put in bank grow. Make the ex- periment—like others, you'll find that it pays well, I This thoroughly time-tried bank invites deposits in any amount—pays a uniform rate of interest on both small and large accounts. National Savmgs & Trust Co. 56th Oldest Savings Depository in Washington Year Cor. 15th and New York Ave. N2 Fifleenth Street Main 6388 MONEY TO LOAN ON FIRST MORTGAGES Save and Invest No city in America can offer a_more stable real estate security than Wash- ington city, the Nation’s Capital. All of our Trust notes are-secured by First Trust loans on its improved real estate, They are known to be SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY Paying 6 and 615% (PAYABLE SEMI-ANNUALLY) 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 SHANNON - & LUCHY Since 1906 MORTGAGE DEPARTMENT 713 14th Street N.W. (o The Safest Security on Earth We offer, subject to prior sale, a limited issue of First Mortgage Real Estate Loans at 79, 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 Booklet “S”=It’s Free WILLIAM S. PHILLIPS First Mortgage Investments 15th St.-at K St. N.W, $100