Evening Star Newspaper, May 31, 1923, Page 29

FINAN LUMBER BUSINESS AT RECORD SPEED l)gll in Building Causing No Worry—Summer Tourist Outlook Very Bright. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, May 31.—The check to building, both actual and prospective, brought no uneasiness to the Jlumber producers of the country. They are confident, according to re- liable reports received today. that de- mand will keep loggers and miils moving at top speed for months to ome. “The lumber situation in the Pa- cific northwest is wholly satisfactory @ manufacturers and loggers,” Rob- ert B. Allen, secretary-manager of the West Coast Lumbermen's Asso- ciation and an authority on western lumber conditions, said today. “This is so because mill output is sufficient to keep all plants running. Both American and foreign buying is being well maintained and prices at mill tracks, according to all reports, have -not changed materially. “There has been a backward season in the middle west, but the check to lumber demand there is not unusual and will be corrected. Production of lumber continues well above normal There is no surplus of logs in north Pacific coast waters and the mills u‘( that section have unfilled orders, both for domestic use and for export, aggregating over 150,000,000 board eet." Shingle men of the Pacific northwest are not so thoroughly satisfied, however. The general manager of one of the lead- ligg Oregon shingle mills, which utilizes Fotric power and has a capacity of 500,000 shingles daily, declared today the plant had closed down because it was impossible to cut shingles to sell at $2.45 a thousand out of $20 logs. Reports from southern mills indicate Zthat demand is being well maintained and that the mills have a large volume of unfilled business on their bOOKS. Heavy Rail Equipment Purchases. nnouncement that the Atchison, Tppeka and Santa Fe railroad is in the arket for from thirty to thirty-fiv locomotives served today to empha- size the efforts made by carrlers to mect the demands the present business situation is imposing upon them. Samuel M. Vauclain, president of the Baldwin Locomotive Company, who is mow on a business trip in the west, in letters to business associates received today declared that traffic on all the roads is very heavy and is making ex- traordinary demands upon equipment. While the carriers, he sald, had ex- tended themselves to repair bad cars ard locomotives, traffic is so active that additional equipment is Imperative in order to provide for future requirements. Mr. Vauclain reported business good in the west, with favorable pros- ‘pects for a continuation of general prosperity. President H. E. Bryam of the St. Paul road predicts tremendous tourist .traffic to the northwest, Puget sound territory and Alaska this summer, sand this statement was confirmed by “offictals of other northern lines in St Paul 4nd Portland. Commercial _bydies are providing numerous free Zafitomobile camps along main western highways for motor tourists, and hotel managers declare they have ‘agreed on a policy of moderate - charges. Cement Production Rushed. Brick plants throughout the Atlan- “tic coast section have been seriously affected in some Instances by labor disputes, but the cement makers are 1gshing production to the utmost to eet demand occasioned by exten- sive highway construction, which has more than made up for the loss oc- casioned by the check to building. FIRST DIVIDEND VOTED. NEW YORK, May 31.—Directors of the Wanner Malleable Castings Com- pany have declared an initial quar- terly dividend of 62% cents a share on class A common stock, payable July 1, to stockholders of record June 13. Current earnings from the Ham- nd, Ind., plant alone are reported by the company to be at the annual rate of 36 a share. The South Beloit, 1L, plant will be in full operation June 4. Washington Stock Exchange SALES. Potomac Blectric Cons. 5s—$1,000 at 97, 2.000 at 97. Capital Traction—10 at 9815, 10 at 981, Lanston Monotype—1 ac 79%. AFTER CALL. Ncapital Traction 5s—$1,000 at 94. Washington igh t 501, 30 at 15, 100 at 501, 70 at 30. Washington Gas 5s—81.000 at 94 o Sashington Ruy. & Elec. ptd—5 at 7214, 5 7215, Continental Trust Co.—10 at 90. Money—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. Capital Traction City & Suburban 5s. Metropolitan R. R. Potomac Elec. Potomac Elec. deb. Potomac Elec. Pow. g. t. Elcc, Pow. g. m. 1953.. Biec. Pow. g m & ref. T + Alex. & Mt. Vernon L Alex. & Mt. Ver, ctf. . Balt. & Annap. 5 Washington G Weshington Gas 7} T35 ‘Wihshington Rwy. & Elec, 4s. D. C. Paper Mfg. ... TRiggs Realty bs (long) . Riggs Realty 8s (short). e Wi . Wardmen Park Hotel 6s. STOCKS. PUBLIC UTILITY. American Tel. & Telga. Tractios ) 0 TRUST COMPANY. American Security & Trust. Continental Trust... erchants’ Bank. ational Savings & Trus fon Trust st Washington. Weurity Savings & Neventh_Street. United States Washington r’{nmm & Savings. 30 FIRE INSURANCE. American “orcoran Firemen's . ~National Union. TITLE INSURANCE. Columbia Title. i Real Estate Titl 125 MISCELLANEOUS. Columbia Graphophone. com. Columble Graphophone pfd. > C. Paper pf ; h Transfer & Storage. 1 enthaler Linotype. 1 [Dutch Market com. Nutch Market pfd. % CIAL, THE EVENING STAR, WASHINGTON, D. C., THURSDAY, MAY 31, 1923. 3 PR NEW YORK CURB Received by Private Wire Direct to The Star Office. By WILLIAM F. HEFFERNAN, NEW YORK, May 31.—Trading on the curb exchange proceeded quietly today. It was evident that the un- derlying tone of confidence which has characterized the market for the past ten days had not been impaired. The upward movement predomi- nated, although operations on the buying side were confined to caretully selected stocks and involved no gen- eral upturn. After midday the mar- ket became dull, but nowhere was there any weakness to speak of. The strength in the new American Locomotive stock was based on ex- pectations that the dividend rate will, a_few months from now, raised to $6 apnually. Dividends on the old stock were advanced to $10 from the prevailing §6 rate, when the new shares were brought out and placed on a $5 annual basis. NEW YORK, May 31.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket today: Sales. in thoussnds 4 Allied Packers 6 3 Am Cot Oil 6. 12 Am Gas & Elec BONDS, Hy AL G & Beaverboard ~ 8s.. Beth Steel Ts '35. raph s ... o Bal 5izs E Cons Textiles s .. Detroit City Gas 68 5 Dun Tire & Rub 7s Fed Sug 6s "33 Fisher Body @s Fisher Body 6y ° Fisher Hody 6s ° ir, Robt Sig 0] 2 Grand Trunk 6 Gulf 0il of Pa Hood Rubber 7 Kennecott Cop bby. McN & L Lig Win Lev r e 1 09,0000 b 15 R et ge n Oil 68 B et 8 of Mexi 100 Gal Sig Ol ... 35 Tilinois Pipe Line... 140 Imp Oil of Can 115 Indiana Pipe Line.. 3 Inter'l Pet_Co Ltd 10 Magnolia Pet. 40 X Y Transit..... . 80 Northern Pipe Line. 0 Ohio 0l new 1 120 South Penn Oil. 25 Southern Pipe Line. 1T 8 0 Ind ... 2215 Vacuum Oil new. Sales INDEPENDENT OIL STOCKS. in hundreds Syndicate. 0 & Ref w'i. 2 Equity Pet ptd Engineers Pet mphreys 0! Interstate Royalties Keystone Ranger. Kirby Pet. Lafayette Lance Creek. Livingston P Lyons Pet... Mammoth Oil. Mariond e WO IR TV NI, utusl Ol vot New Bradford O Noble Oil & Gas NYoi... S Omar 0il & Gas Peer Ofl Corp .. Penn Beaver Ol on .. B L P TR P& E FREE Salt Creek new Santa Fe 0 & G. apulpa Refin Seaboard Ol : Southern P & R. Sou States Ofl Turman . Wilcox 0il & Gas, “Y" ool LIPSy @ F 2 =Bl FEF 5 Brseo B FFEIEE AR % 5 =2 INDUSTRIALS. Acme Coal ne Acme Pack Amal_Leath Am G & Am Drug ....... Amer Stores mew.. ) Amer Loco new w i 1 Ar & Co of Del pfd 2 Archer Dan Midland 1 Atlantic Fruit .... 2 Bridgept Mach w i 16 Brit-Am Tob Co reg 1 Brookiyn City R R 1 Bucyrus Co . Light 1l E new 6 Checker Cab Mfd A 43 Chicago Nipple ... 10 Chicago Nipple B.. 11 Chicago Steel Wheel 40 Chi Steel Wheel pf. 7 Cox Cash Stores 7 Goodyesr Tire . 17 Heyden Chem 6 Hudson & M R 5 Hudson Co_pfd 1 Hydrox Corp 12 Inter Cont Ri 1 Intl Carbon ne 3 Lehigh Val Coa % Leader Production 10 Prima Radio 43 Rad! Bwift & 2 Technical Prod . Unit Prof Shar new Unit Retail Candy. Unit Shoe Mach (o U8 Lt & H U 8 Lt & Heat pfd. Univ Pipe w 12 Wayne Coal . 14 Western Feed Mtgrs 2 Wilige Co st gt 1 Yel Taxi C N Y.... MINING. 20 Alaska_Brit Col 4 Amal Zine Ld 25 Arizona Globe Cop. ‘q 1 BaonbeuBaaBusal FRF, & AR = Substantial advances ooccurred in Standard Oil issues, the Indiana stock getting well above 60 before the raise was checked and the New York shares gaining 1% points to 40. The $1 dividend that came off Vacuum Oil today was more than made up, while Imperial Oil of Canada and Prairie Ol moved upward. Reports that refiners in the mid- continent flelds had again advanced the price of wholesale gasoline & half | cent a gallon possibly acted as an in- centive for further buying in thi group. This latest increase makes total advance of 3 cents within the last ten days. Reo Motor, selling ex the 75 cents dividend and 10 per cent extra divi- dend fluctuated around 16, against the previous close of 18%. Operations in Durant issues were suspended, with only a few sales occurring up until a late hour. Metropolitan Power Company of Pennsylvania 6 per cent gold bonds of 1553 were admitted to trading on a when tssued basis. 20 Black Hawk Cons.. . 100 Boston Mout Corp. 24 But 1 Cal L Columbia Emer Continental *Mines Con Cop Mi tmp of Cons & Cresson_Gold ' Crown Reserve Davis Daly .. & Extension Esper Fortuna Mines Gold 828 8uBuBEnaRRuniE &5 F Goldtield Jackpot. Gold State ... Harmill Div . Henrietta Silver . 3 Hill Top Nevada Hecla Mine . Howe Souna Independence Lead. . 5 Iron Blossom ... Y Sa & 2 Premier Gold . Hercules In Ked Hill Fiorenc Richmond Copper 02 Rochester Silver. Salids Mines ..... St. Croix Mipe ... Sil Queen Min Corp . Teck Hughes ... Tono Belmont Tonopah Divide. Extens 7 Yukon NEW YORK TRUST COMPANIES. 4 Equitable . L1868 156 METAL MARKET WEAK. NEW _ YORK, May 31.—Copper weak. Electrolytic spot and futures, 14%als. Tin firm; spot and nearby, 42.62a42.75; futures, 42.37a42.50. DECISION RESERVED. NEW YORK, May 31.—Supreme Court Justice Lewlis reserved deci- son today on a motion of counsel for | George W. Baker, shoe manufacturer, and other Investors for the appoint- ment of a receiver for Syndicate B, an oll company operating in OKI: homa. The request for receivership was based on charges that J. Alexan- der Dingwall, jr. promoter of the syndicate, had diverted its profits to his own use. 186 CLOSING IS IRREGULAR. Selling of 0il Stock Lowers Prices. Sales, 700,000 Shares. By the Associated Press. NEW YORK, May 31.—Conflicting | price movements took place in today's stock market. rength was followed by a reac tionary spell induced by sentimental selling of oil shares following the filing of a bankruptey petition against the largest curb market house. An the close. shares, The closing was irregular. Sales approximated 700,000 Opera- vigor in the late dealings in Cali- | fornia Petroleum, which established & new high for ali time, 11 some of the other dividend-paying in- dustrials. Marland_Oil and Phi Petroleum continued weak. Market Flashes at Today’s Close NEW YORK, May 31.—Cotton— Spot quiet; middling, 28. Futures closed barely steady. July, 27.12a 27.14; October, 24.63224.65; December, 24.14a24.15; January, 23.80a23.83; March, 23.73a23.78. NEW ORLEANS, May 31.—Cotton futures closed steady at net declires of 20 to 21 points. Close: July, 27.33a 27.35; October, 24.01a24.04; December, 23.60a23.65; January, 23.43a23.44; March, 23.30. NEW ORLEANS, May 31.—Spot cotton steady and unchanged. Sales to arrive none. Sales on the spot 281 bales; low middling, 21.75; mid dling, 28.50; good middling, 29.00. R ceipts, 3,976 bales; stock, 97,602 bales. s BOSTON STOCK MARKET. BOSTON, May 31.—Following is a list of today’s highest, lowest and closing prices for the most active stocks dealt in here: Am Tel & T¢ moskeag. Arcadian_Cons rizona Com Boston & Albany. Boston & Maine: Boston-Elevated . Calumet & Arizona Calumet & Hecla Carson Mill Min Connor J T o) PREESE An early perfod of | irregular recovery took place toward ! tions for the rise were conducted with ; HOLIDAY TUMBLE IN GERMAN MARKS Now Quoted in New York Market at 70,175 to American Dollar. By the Associated Press. NEW YORK, May 31.—German marks dropped nearly 2% points over the holiday, being quoted in the local forelgn exchange market today at .000014% cents or 70,175 to the Ameri- can dollar, a new low record for all time. —_— To hold all the water in the oceans, lakes and rivers of the world, & tank 690 miles square would be needed, while if the water were allowed to flow away at the same rate as Ni- agara Falls it would take 70,000 cen- turies for the tank to empty. Safeguarding the Investor HE business of Hensey Company during the entire 54 years of its existence has been charac- terized by conservatism, stability and an honest and a successful effort to safe- guard its clients’ interests. Our First Mortgage Notes constitute intelligent investment. on new, high-class property and have as security a tangible asset which you can see for yourself. Available in denomina- tions of $100 and upward. Save and The Investor in you do both? Swartzell, Rheem & Hensey Co. 727 15th Street Northwest 54 Years Without Loss to an Investor earns over twice as saver In Savings Accounts. SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY Paying 6 and 612% (PAYABLE SEMI-A 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- & LUCHS Since 1906 MORTGAGE DEPARTMENT 713 14th Street N.W. APRIL CAR LOADINGS WERE 19 P. C. ABOVE NORMAL Car loadings of revenue freight during April were 19 per cent above an estimated normal which makes allowance for usual seasonal fluctu- ations and year to year growth. This, according to the monthly review of the local federal reserve bank, is the h rur nce became n January, 191 nd in- {icates slightly heavier traffic than in the spring of 1918, when the move- ment of war materials was at its heighth. The total shortage of cars was decreased about 50 per cent by the placing of new cars in commis- sion, progress in repair work and more economical operation. FINE FRUIT OUTLOOK. SEATTLE, May 31 (Special).—! County horticultural commissioners in the two chief fruit districts of the | state, the Yakima and Wenatchee | valleys, today completed surveys which indicate a heavy crop this sea. son. Thelr reports for the Yakima valley forecast a record crop of 2.400 cars of pears, 1,200 cars of peaches and 1,500 cars of apples. i Swartzell, Rheem & They are secured Invest Real Estate notes much as the But can't UALLY) investing. NUMBER OF YEARS FROM NOW £ EBeReRa 8L, 8,285 = 853! * Nat Leather SEEKS RECEIVERSHIP FOR KU KLUX KLAN By the Associated Press. ATLANTA, May 31.—Receivership for the Knights of the Ku Klux Klan was asked in a petition flled in the Fulton county superior court today by David M. Rittenhouse and othes of Phi lphia, who charged gross ment to W. H. Evans, im- perial wizard. The petition also charged :hat the imperial wizard and W. J. Simmons, Klan emperor, entered into a collu- sion lln- ”l"l‘nl:' the r;:o:-ht eon:m- rsy involving control e organi- 10 Larger or smaller monthly savings grow in proportion. Call, write or phone Main 6464 for a free copy of our booklet, “How to Build an Independent Income” ke F.H.SMITH CO. Founded 1873 When Will Your Boy or Girl Be Ready for College? There is only one way to insure a college education for your boy or girl and that is to have the necessary funds available when the time comes. For most persons this necessitates careful planning and systematic The accompanying table shows how money (principal and compound interest) accumu- lates when invested monthly in our 6%% First Mortgage Bonds. . $20 Invested Each Month TOTAL ACCUMULATION $1,398.23 1,733.79 2,093.07 2,479.59 2,887.59 3,321.81 LIVERPOOL COTTON. LIVERPOOL, May 31.—Cotton—Spot better demaund; improved busines prices steady. Good middling, 16.12 fully middling, 16.02; middling, 15.92; low middling,’ 15.67; good ordinary, 7; ordinary, 14. by including 4,900 15.1 Sal, al Amerl Receipts, 1,000 bal no American. Futures closed quict. June, 14.99; July, 14.75; October, 13.40; De- cember, 12.99; January. 12.86: Ma 12‘65; Officlal noon closing: May, 1 value. FURS BRING $2,200,000. ST. LOUIS, May 31.—The auction of the Fur Merchants' Sales Company, which opened Monday, closed yester- day with sales totaling $2,200,000. !"llll“l""ll"l i s £ Continental Trust Company Z Capital One Million Dollars 14th & H Streets (T T e Money to Loan -First Mortgages L. W. Groomes, 1416 F St. TS e CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building Washington, D. C. Main 6189 LOANS If you aave money to vest, we can safely place it on gili-edge first D. C. Mortgages. Our record of 30 years insures your pro- tection. Courteous treat- ment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. Send For Our List of 7% FIRST MORTGAGES We have cn hand_ several vers choice $3,000. $4,000 and $3,000 loans running for three years— At 7% Interest Ready for Delivery in a Few Dava CHAS. D. SAGER 924 14th M. 36 Mortgages. Loans, Investments. Home Furniture LOANS to $200 on bousehold goods or chattels. 7 per cent interest.. No brokerage charget Come in and let us explaia our method of making small 1 Commercial Loan & Fizance Corporatioa Boom 211, 921 15th Si. N.W. System Copyrighied & Patent Money to Loan Mobelal Prevailing interest and commis aah. L. & oth ]oseph_l._ Weller "fu‘."‘; Tus Organ:zed 1879 EQUITABLE Co-Operative Building Association 434 YEAR COMPLETED Ausets . e....$4,637,959.50 Surplus . $1,150,850.91 Hello—Savings!! T'm giad that T systematically some Tears Azo—now I can take it easy. So can you in a few years if you begin now began to save Subscription for the 84th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON, Pre FRANK P. REESIDE, Secy. AT . CHAS. @. FIRST MORTGAGE 1414-1416 EYE STREET, N, W. e of trust on real estate | on. J. H. RALSTON FRANK P. REESIDE HUGH REILLY E. FRANCIS RIGGS WM. H. SAUNDERS. HERBERT T. SHANNON H HERID. ¥ & TUCKERMAN Capital, Surplus and Undivided Profits, Over $1,700,000.00 15th St. Opposite U. S. Treasury—109 Years Old FINANCIAL. FIRST MORTGAGE NOTES FOR SALE IN DENOMINATIONS OF S00 DOLLARS AND UPWARDS Kondold T %flefi 7 %. 7207 %flnnfi&al .%z;me GILT-EDGE SECURITIES 79, 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 Secend Trust Notes Warehouse Receipts and Make Construction Loans National Mortgage & Investment Corporation 811 Vermont Avenue N.W. &otablished 1889 N2 Fifteenth Street === Main 6338 MORTGAGES 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™- $100 '—It's Free WILLIAM S. PHILLIPS First Mortgage Investments 15th St. at K St. NW. Main 4600 A", T Open Until 5:30 P. M. Today & Tomorrow The Oldest National Bank in the District Takes an Active In- terest —in its depositors, large and small, giving to all full use of its facilities, extending to each the privilege of consultation on money matters, whenever it may be desired. §If considering the opening of a Savings or Checking Account THIS PAY DAY, we invite you to become a ‘“Metropolitan” patron. Initial Saving Deposits of One Dollar or more are invited, and Small Check- ing Accounts also handled. Extra banking hours for your convenience today and to- morrow—we’ll look for you. 3% Interest Paid on Savings AMITH, Jr, B O o