Evening Star Newspaper, June 2, 1923, Page 15

FINA SSPECLATION VERY ACTIVE N SILK Short Sales Cause of Sharp Break—Crude @il Firm. Vital Wage Pacts. BY J. C. ROYLE. Spacial Dispatch to The Star. NEW YORK, June 2.—The movement of commodity prices, plainly apparent in some lines during the last week, has not us yet affected production in the *industries involved, but it is inspiring caution today in both buying and sell- ing This situation is fully exemplified | in silk. Raw silk in this market has{ ‘siumped 30 cents a pound in five trad- ing days. In two days of trading on thie Yokoha bourse the price \here’ has dropped 120 yen, or about $60 a he Japanese market, according Elliman of Elliman & Bache, large dealers and importers here, is entirely in the hands of speculators. The new crop of cocoons is about to | come on the market, and is estimated | as fully up to normal. Filature men and | reelers in Yokohama are using every rt to depress the market. At the t high prices of silk they would e compelled to-pay correspondingly igh prices for cocoons. ¥ ing this factor in the market panese deals sold short in k at price: ging from tk tremendous ecorded th & possible c ember 31 of £500.000,000 gal- has not served to raise crude ices. In fact, ths influence has ease crude oil pro- e of efforts in several to seture curtailment. As | consequence crude oil has shown no yesponse to the advance in gasoline r has slumped badly, but the | tistical position of the red metal | weighing the immediate price | n the minds of producer: but of the mines is in ing | an decreasing i Tin Smeclting to Cease. | , of the most important tin! smelters in the United States, that of | the American Smelting Refining Company at Perth Amboy, J.. and| that of the Harvey Company in kiyn. will cease operations in- | nitely on or before July 1. owing! British competition. he American companies claim that lower lab costs in England have e Abicat Briten Smiltrat R bi0 ne | s to a point where there fiv in will is them for American | have iittle imme- ate and can in najority £ manu- | rs alr J 23 require Raiiroad Wage tilements, 1 Deep significance is attached in rail- | road circ| to the private settlement of e controversy of the North- with its maintenance of | » the final surrender of Central shopmen n the | »ps. who have returned to | onth strugg!c. | private set-! men d in- | pproximately | mpany’s annual | means the with- cation of the em- | railroad labor board | e. Typical increases clude a raise a month for car- and increasing the | of from $100 to $125 | a range of from $10 1.54 per month for section for: fen and bridge foremen. Carpenters ere sted from 57% cents to 61| ts an hour. Track watchmen of | year's service got 2 cents an hour | crossing watchmen, | temen an increase of | All common labor | cents an hour (Copyright. 1 BUTTER MARKET GAINS STRENGTH DURING WEEK More Free—Jobbers Car- rying Larger Stock—Output Up 10 Per Cent. Br the Associated Press. | ‘HICAGO, June 2.—More strength | 3 noted in the butter markets as week ending today drew toward lose i he declines of previous weeks, be- | ginning < sh' season contracts, | Which fixed the price of many arriv-{ als, improvement of quality to the ex- | nt of making many lots sutiable for | atorage and the season's outlook, which appeared favorable to many, ali served (o give the market a firmer | tone and to dissipate the unsettled | s which has prevailed for some | | ! Buying speculative element was lack- { . but jobbers bought more freely ! eivers were willing to carry | r stocks. An active consumption | nd also helped to give the mar- + more settled appearance. ction was indicated from manufa E rly 10 per the pr weck, Compared with the cor- nding period last week, howev decrease of 7 to 8 per cent was shown by re- | increa NCIAL. —— NEW YORK THE EVENING STAR, WASHINGTON, CURB MARKET Received by Private Wire Direct to The Star Office. BY WILLIAM F. HEFFERNAN. NEW YORK, June 2.—The selling movement was carried somewhat fur- ther in the early trading on the curb exchange today, but the losses at the most were not over a point. At the lower level effective support was encountered in some of the speculative favorites and in the final trading there was a fair rally. The action of Durant of Delaware fitted In with reports that the short Interest has increased considerably within the last few days. When the NEW YORK, June 2 —Following Is an officlal list of bonds and Stocks traded in on the New York Curb Mar- ket today: Sales n BONDS thonsands. PSuen 2 Alum 7a new '33..."108% T Am Gas & Elec 6s....0415 S Am T & T A 24 1008 2 Anglo Am 0il Tiis 108 11 Ar & Co of Del 5%a 903 SALG& W 1883 47 2 A% S H 65a 83 w | 1 Reaverboard s \1 Reth Steel Low. 1035 Close 1 Can Nat Ry Eq 7 1 Cent Steel 8s ... 2 Charcoal Co Am 8 1 Cit Serv Te D .... 4 Con Gax Bal 33a E 1 Cons Gas Balt T 1 Cons Textil 2 Deere & Co 1 Detroit City Gas 83 5 Detroit Edison .. 2 Federal Sugar ... 2 Fed Sugar 6 '3 1 Fisher Body 6s '28. enpecott Cop Libhy MeN & L Win Ley r o sville G & nitoba Pow 3 Ohio Power 5s B 1 Pub Serv of N J 11 Swift & Co 7w @ Tnion ONl 8 B ... 1 United 0l Prod 8. 2 Valvorine Ofl S FOREIGN BONDS. 14 King of 1 Rep of Pan 5ies ‘33 073 3 Rep of Pern S 9514 2 Swiss Gort Slas | 1007 ales STANDARD OIL ISSUES in_units 500 Angte Am Ol 4 Buckeve P L 100 Continent Oil mew. 41 T Siz 0il 6y 200 Aum Ol & Re new 3 101 P L 182 &0 Imp Oil of Can ... 10514 200 Ind P L E 4400 Inter] Pet Co Lid 40 X Y Traosit 15% say 20 Prairie Ol & B0 Prairie P L 5800 8 0 Ind K1 700 Vacuwm Oil new .. 4% 4413 Sales INDEPENDENT OIL STOCKS 2 hundreds. 11 Barri 10 Big Indian ON ... .13 & Carib Synd Cities Service tes Service prd Creole Synd Equity Pet pfd Federal 0il Harris Cons Pete 2 Hudsoo 0il Tuterstate Roy Kesstone Ranger Lafayette Oil Lowry 0l Marland Maracaibo il 2 Mex Oil Mex Panuco Mount Prod Mutual Oil vot cfs 3 New Hrad Oil w i Omar 0il & Gas reer 01l Corp Penn Beaver 0il Pennock Oil Phillips Pet new Roy Can Oil & Ref @ Salt Ck pew . S Santa Fe 0 & G.. 1 Sapalpa Refin Seaboard Oil 110 Southern P & R 15 Nou_ States Oil urman Oil Wileox 0l & Gas 0T Ol ......on COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY SEATTLE, June bile licenses collected during the | first four months of this year totaled | $2,149,000, or within $150,000 of the total for the entire vear of 1922. L. D. McArdle, director of the state de- partment of efficiency, stated today there now was a motor car for every six persons in the state. HOUSTON, June 2—The tomato fields of Texas have greatly improved lin condition in the last few days and plants are now making excellent progress. The general shipping movement, however, will be late, starting in a small way about June 5. The watermelon crop still is un- certain on account of the late start, but plants are attaining excellent growth. port by i 1 line from Cebu, now is on its way by rail to eastern manufacturers, DETROIT, June 2.—The local market has been so oversupplied that sixty-five carloads of fruit have been ship back from Detroit to 2.—State automo- | pressure was lifted from the rest of the list, Durant ran up sharply, getting weil above its previous close. The Standard Olls, as a group, did not do as well as most other things, Standard _of Indiana went down nearly a point at the start and, while it hardened later, failed to make a full recovefy. Among the independ- ents Southern States appeared to be well supported. . There was very little selling in stocks like Reo and Stutz. They were practically unchanged all day. American Stores, hqwever, lost al most a point. The new issue of Associated Sim- mons Hardware 63 per cent notes were admitted to trading. INDUSTRIALS. Acme Coal new ... 5 5 Acme Pack . an a7 Am Cot Fabric pta 101 101 Am Drog 134 Amer Loco new w i 69 Amer Stores new.. Arch Dau Mid .. Ar & Co of Del ptd Bridgeport Meh w | Brit-Am Tob_ Cou Brit “Tiker Corp B Buddy Huds Car Light ... 0 Cellulold_Co 'ptd hicago Nipple . Chicago Nipple 1. Chic Stéel Wheel Chi Steel Wheel pt Colorado Pow & Lt Cox Cash Stores Curtias Aero ... Touglas Peetin 5 Durant Motor . Fed Telegraph ... u Alden Coal 5w 101 12 B 20 00 e Hevden Chom Hud & Mawo R R Hudson Co_pfd Hydrox Corp .. Inter Cont Rubiber uppen I & Co ptd Munsing Inc w Nat Sup Co of Del N'Y Tel Co ptd . Patter Bros Tob A Peerleas Motor Perfection Tire Prima Radio Co Radio Corp Radio. Corp pfd Repetti Candy Reo Motor So C & T new Stutz Motor Swift & Co Tob Prod Bxports. Todd__ Ship . Tn Retail Cands Tn Shoe Mach Corp T S Lt & Heat n Mall Cast w | War Hat Mfg w i 5 Wayne Coal West Feed Mfgs MINING. Alas Brit-Colo Awmal Lead Zine Sm Ariz Globe Copper Belcher Extens Boston Mont Corp Calumet & Jerome Canario Copper Candelaria Mo Continental Mines Con Cop Min te cf Cons Nev Utah Cortez_ Silver Cresson_Gold Daris Daly Diride Extens Dolores Esper 120 Fortuna Mines 10 Goldfield Cons 180 Goldfield Doep 3iin 16 Goidfield Florence 20 Goldfield Jackpot 10 Gola State 10 Hurdshell Henrietta Bammaiinavisage®—m Suan P £ 823, 5% Yo 13 W%, 111y a3 Iriel 2238 Min independenee Jerome Devel Lone Star Lorrain Sil Synd m Cres Dev n Cop ...:- Morington_ Mines National Tin New Dominion Cop N'Y Porcupine Nevada il Horn Ohi pper Ray sles Lnc Mines il Mines of Amer il K Div Min reor imon Silver rhead Gold Belmont Touopah Divide Tonopah Extens nopah Min - ri Bullion .. Tuolumpe Sas United Eastern Tn Imp Mines . United Verde Ext 20T S Cont new w i 3 Unity Gol 1 Verde Mine & Mfx 5 West End Consol 10 West End Ext |RAIL SHARES MORE | ACTIVE IN MARKET | Weekly Review Shows Failure of Broker Firm Halted Stock Recovery. a8 o By the Associated Press. NEW YORK, June 2.—The recov ery in stock market prices was halt- | ed this week by heavy liquidation resulting from the failure of largest ourb markets house. Trading was largely of a professional nature, with neither side showing any dis- mitments, pending a more definite in- \mé\rksl | Qivided as to whether the major bear | market has begun. ods of strength in reflection of th unusually favorable April earnings reports. The first fifty-six class 1 roads to report showed combined net income of $61,200,000 in April, as com- pared with $60,600,000 in March and dication of the ultimate trend of the | Expert observers are still | Railroad shares enjoved brief peri- | [TEXAS MAN BUYS 19 PIGGLY STORES Sale Gives Saunders $250,000 With Which to Help Meet Obligations. By the Assoclated Press. KANSAS CITY, Mo., June 3.—Nine- teen Piggly Wiggly stores in Kansas City, Mo., ‘and one in Kansas City, Kans., are belng purchased by Arthur S. Bird, manager of the Dallas, Tex., Piggly Wiggly stores, and his asso- clates for approximately $250,000, Mr. Bird announced here last night. The Piggly Wiggly stores at Chicago, San Antonio, Wichita Falls, Denver and Kansas City were put on the market recently by Clarence Saunders of Mem- phis, Tenn. to raise money to meet stock-trading obligations. [MONEY MARKET FIRMER ‘ DURING PAST WEEK Month-End Help | Conditions—Brokers’ Loans Requirements . Lowest of Year. By the Associated Press. NEW YORK, June 2.—The money market was a little firmer because of month-end requirements. Brokers’ {loans, however, were estimated at $1 ,000,000, the lowest of the year, {and comparing with $1,750,000,000 on May 1 year ago brokers’ loans were Time money per are still on a 5 per One of the fea- tures of the irregular foreign ex- change market was the further col- lapse of the German mark, which dropped below the pegged quotdtion for the Austrian crown. Marks were quoted as low as 00133 cents, repre- senting a depreciation of over 25 per cent for the week. Demand sterling held fairly steady around $4.62%, but French franes closed last night around | 6.50 cents, as against 6.60 a week ago Norwegian and Greece - exchange made sharp recovery from recent reaviness. SIXTY MILES OF GAS PIPE. NEWARK, N. J.. June 2 (Special).— About sixty miles of new gas pipe has been ordered by the Public Serv- ice ¢ Company for delivery August {1. This supply. aggregating 3.500 | tons, will permit immediate installa- | tion of mains made necessary by de velopment of new residence and fac- forvdi plain our method of making small Comumercial Loan & Finance Corperatien Room 311, 921 15th 8t N.W. Bystemn Copyrighted & Patent Pending. If yov lave money to invest, we can safely place it on gilt-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. First Mortgage Loans, R | Thomas J. Fisher & Company, Inc. 1S _15th_Street Send For Our List of 7% FIRST MORTGAGES | _We have on hand_several vers choice | 33,000, ¥5000 and $3.000 Ioans ranning | foF tufee Sears— i At 7% Interest Ready for Delivery in a Few Days CHAS. D. SAGER 924 14th M. 36 Mortgages, Loans, Investments. the | | i i position to greatly extend its com- | | D. C, SATURDAY,- JUNE 2 Money to Loan Syt S0 Sf S i, e Joseph 1. Weller @755, 1 4 Sue Capital T One Million Dollars ‘ 14th & H Streets LU LT D LU MANAGING PROPERTY For owners of rental prop- erty to obtain the best return they should have their rental properties managed by a thor- oughly experienced organiza- tiom. RENTS Over a Quarter of a Century Experience B. F. SAUL CO. 1412 Eye St. N.W. Phone Main 2100 EQUITABLE Co-Operative Building Association Organized 1879 LT d Assets Surplus . Hello—Savings!! T'm glad that I began to mave matically some yeurs ago—now I can take it easy. 8o can you in & few years it you begin mow. » Subseription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. In Convenient Donominations N2 Fifleenth Street Main 6888 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. ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Rttt H Hgnor & Cu ffi\\'kfilfllllIlll(lIfllfii\'fi'fll}{flflIlmffi\'!rllllfllll T e T ParKing Space _ Is available near the Northwest ! Branch (Security Storage Building) | . . | K4 of the American Security and Trust FINANCIHAL. Safeguardingsthe Investor HE business of Skvartzell, Rheem & Hensey Company.during the entire 54 years of {ts existencd has been charac- terized by conservatism; stability and an honest and & successfal effort to safe- guard its clients’ interesds. Qur First Mortgage Notes constitute intelligent Investment. They are secured on new, high-class property and have as security a tangible asset 'which you can gee for yourself. Availableyin denomina- tions of $100 and upward. Swartzell, Rheem & Hensey Co. 727 15th Street Northwest 54 Years Without Loss ta an Investor FIRST MORTGAGES The Safest Security on Earth (o] 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 Booklet “S"—It's Free WILLIAM S. PHILLIPS First Mortgage Investments 15th St. at K St. N.W. $100 Save and Invest You don't have to rush for the newspaper to see what our Real Estate notes are worth. An up or down Wall Street Market has abso- lutely no effect on them. SAFE INVESTMENTS WITH 4 WIDE MARGIN OF SECURITY Paying 6 and 614% (PAYABLE SEMI-ANNUALLY) Shannon & Luchs First Trust Notes Built on a Straight Line of Return Not a Fluctuating Value Sold in Denominations of $100, $300, $1,000 FULL INFORMATION ,'SHANNON -& LUCHS Since 1906 MORTGAGE DEPARTMENT 713 14th Street N.W. D A e Muring the past week, | $30.200,000 in April, 1922. Car load- STEEL MILLS RUSHED. Carnegie Plants After Orders for Third Quarter. Epecial Dispatch to The Star. PITTSBURGH. June 2.—While there is a shortage of labor in the Mono- + mahela vaiiey, the Homestead and Duquesne works of the Carnegie ] Steel Company are operating in full today. All of the rpills in the big plants, where 15,000 men are em- ployed. are operating day ai Merchant blast furnace’ owners e < poct to close some large contract for third quarter delivery. At pres. ent buying is in the lightest volume of the year. 3 e HORT- RM SRCURITIES Aluminum Co. of Am. Ts Aluminum Co, of Amer. Ty 1 American S 3 American © Amer. Tel A y “Ang| Hell Tel. of Canada s 1925. adian Nor. 5%s 1924... Cent. Argeugipe Kwy. 6y 1937, I Leatior 5a 1925...... . C. & St L. 0a 1020, Tel. Gs 1923, t Tis 1981 T. & K. thern Ts 1936.. ng Valley 6s 1924, Humble Oil 5is 1932 Kansas City Term. 6s 19230 Kennecott Copper 7s 1930... ... Libby, McNell & Libby 7s 193i. M., St. P. & 8. 8. M. 8144 1981, Morris & Co. 734w 1880....... Penna. R R. Ts 1930. £t. Paul Union Depot 5 1923 Sears, Roebuck & Co. 7s 192 Standard 01l of Calif, 75 1931 Tidewater Ofl 6%s 1081. 1930, Rubber 7%s 1980, .. .00 Western Union 618 1086.. .. 1 Westinghouse E. & M. 7s 1031. The United States Department _of Agriculture agent here said today that the production of strawberries had been so heavy that farmers had been shipping into this market on consignment without waiting for or- ders from dealers, who in turn r shipped to Cleveland, Toledo and Chi- cago. ATLANTA, June 2—The 2d of June finds the cottop crop of Georgia and Tennessee less than half planted and farmers far behind in cultivation of those sections where the crop was put in before the protracted rains of the last two weeks. A movement has gained headway in at least twenty- five counties to abandon the cottomy crop and plant potatoes. ST. LOUIS, June 2.—Local whole- sale clothing manufacturers reported today that the demand for fall cloth- ing was upusually large throughout the south and west, but they com- plained that the call was almost en- tirely for the cheaper grade of goods. NEW YORK, June turers of talking machines and pho- nographs declared today that the pur- chase of the entire made-up Whole- sale stock of Columbia Grafonolas, made by the Columbia Graphophone Company, to Gimbel Brothers, operat- ing large department stores, indi- cated mo cut in prices by other makers. CHICAGO STOCK MARKET, CHICAGO, June 2.—Following is a report of today's sales, high, low and closing quotations at the Chicago Stock Exchange : High. Low. Sal Armour of Del ptd 92 91 180 Armour_of Il ptd §1 750 Boone Wool Mills. 26 25 Crane Co pfd ..... 108! 200 Montgomery Ward. 45 Standard Gas com 5500 Stewart Warner .. 1250 Un Catb & Carbon 583 70 Un Light & Ry com 156 725 Yelow Taxi ... 02% Total sales, 25,000 2815 881y e 154 LS 2.—Manufac- | ings for the week ending May 19, the | latest available, totaled 991,797 cars, a new high record for the vear and within ‘_"—;lper cent of the high rec- | ord for all time established Octs | 14, 1914 S i —_— { BOSTON STOCK MARKET. BOSTON, June 2.—Following is a list of today's highest, lowest and clos- ing prices for the most active stogks dealt in here: Righ. Low. Close. | Am Tel & Tel . 1251, 19 % ‘Amoskeag o "z-,% ’5_"’ Arcadian Cons . 2 9 Artzona_Com . 15% Bingbam Mills Boston-Elevated Calu & Hecla . Carson Hill Min . Copper Range . East_Butte Franklin Tardy Cosl Islund Creek Muss Gan .. Mayflower | Mobawk ew Cornelia lonal Leathe 0ld Colony ... Oscpola .. Shoe Mach Swift & Co Utah Metal YVentura oR ', Waldort Walworth Warrea Bros . Winone Pac Mills TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ——Close.—— 001516 108" September 15, 1923.... 99 100 September 15, 1923 December 13, 1928. s September 15, 4%s March 15, 1925, 4lzs June 15, 1925 s December 15, by 15, 1028, 4%4n September 15, 1336, 4%s Mareh 15, 1627, 4%s December 13, 1027. Company. Within a few blocks of the business center of the city—yet out of the congested district. COMMERCIAL o L 3% ON SAVIN;IS TRUST AWMCAN SEGURI AND TRUST COMPANY o 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 BRANCHES. 7th & Mass. Ave. N.\W, 8th & H Sts. N.E. 436 7th St. S.W. 1140 15th St. N.W. Central: Northeast: Southwest : Northwest : FIX A GOAL—THEN “SAVE TO IT” Our 6149, FIRST MORTGAGES which may be purchased on the Partial Payment Plan offer absolute safety of principal and yield in- Over a vestors an adequate return. Quarter If you can pay $25.00 a month or more for ten months, this plan should appeal to you. Without @ Loss Call'to see us about it. B. Main 2100. F. SAUL CO. 1412 Eye St. N.W.