Evening Star Newspaper, June 3, 1923, Page 32

FINANCIAL. ' Speakers to Address District Bankers Are Made Public Dr. Freeman Heads List=S. P. Gilbert of Treasury Also Booked—Heavy Cus- toms Revenues—Drop in Exports. and since January 1. and the receipts for of the District Bunkers' '\Ss"‘l;“i'”‘,Tl'bu.lur\ officials that the total for > 5 Vi L DT ve: publie by the program committee y Customs revenues for the eleven ¥reeman, Bishop of Washington, who | corresponding months of the preced- assessed by the administration tariff Gilbert, undersecretary of the Treas- timated receipts of $540,000,000 for ginia, now general counsel for the branch of the government may turn publisher editor of the United[recent estimates by Secretary Mellon and Oscar Cooligan, president of the [ 000,000, Industry and Its Probler tablished a savings deposit depart- ers have been secured, and especiall; since then employes of the system to attend the conference. Dr. Free-|warg of §12,000,000 to their credit. In Much elation was expre to assist them in acquiring homes and ager of the American Bankers' Asso-|ing. The department pavs 5 per cent tion, and that an important paper. jis on department. which, of The latter will be unable to be pres-| has paid upward of $5,000,000 in pen- in the world. age is seventy-three years, will be the reading of papers for and | stands at 76.1 per cent, compared with bers of the Washington Chapter,[ The higher ratio shown for the anged for the trip: Leave Union|§35000,000, but partly due to an in- day morning at 7 o'clock, where| For several months there have been Bunday night, June 24, at 10:30 o’clock | uneasiness or enthusiasm. Cash re- Pullmans has been arranged for|about $15,000.000 lower than a year and Ohio lines .oans increased about $30,000,000 from 9:30 am. to | pm. and during | crease for year has therefore amount- the fullest. A large “family dinner” owned. so that total loans, about ings nk is chairman of the trans During week under review, the gov- ernment in writing, care of him. ing operations Names of the five speakers who sir d cipts for ; ess the @nnual convention|the month, aggregating $52.417.362, Wil address the annual conventlon| O WMETH SRErCE radiction” by at Hot Springs this month and the|the current fiscal year would reach subjects they will talk on were made | abproximately $560,000,000 Z : Y€S- 1 months ending June 1 total $511.906.- terday. They are Rev. Dr. James B.[352 compared with $317.551.561 in the & e 3 ing fiscal year. The Increase was at- il take as his theme “A Broader|, i oio 13rgely to the higher duties Outlook for Washington™; S. Parker lay ury, “Government Finance'; J. J.[, Customs officials previously had es- Cornwell, ex-Governor off West Vir-| the ‘current soar. The Muy recelpte, however, fndicate that the collecting Baltimore and railroad. “Rall- 3 o e o S i an additional $20.000.000 into the road Situation”; Frank P. Bennett, jt. | Treasury, increasing by that amount States Investor, “Finance Companies | that the government would finish the and Their Relations With Banks,” | Year July 1 with a surplus of $125. P. W. Motors, local representative of B. & 0. Employex’ Deposits. the Packard’ car, “The Automotive| rThe Baltimore and Ohio railroad es Those in charge of the convention | pient hnd bulidimee . g and loan plan in feel highly gratified that these speak- | § Pt e AT Sents pleased are they that the newly elect- | have placed on deposit more. than ed Bishop of Washington will be able | §35 000,000, and at. present have ap. man will also open the convention|the same time emploves have bor with an invocation rowed $30,000.00 from the department a later announcement that F have paid back $22.000.000, leaving Shepherd, the popular executive man- | $3.000.000 loans. on. h utatand. ciation, had wired his acceptance of | interest on deposits. an invitation to attend the conven-! In 1388 the B, & O. also established would be read from President Puli-] separate from the depe cher of the national nization. { and loan department. The company ent, but has sent a letter wishing | sions and has on its pension rolls the local financial men every success| 1,230 former employes, whose average Branch Banking Special Tople. _Reserve Ratio Advances. One of the features of the meeting | Combined federal reserve ratio Iy mgainst the establishment of branch|75.6 per cent a week ago and 78 a banking institutions, written by mem- | year ago American Institute of Banking., week is largely a result of a decrease The following itinerary has beAn ar- | in deposit account amounting to about Btation & o'clock Wednesday night, | crease of about $7,000,000 in cash re- June 20, reaching Hot Springs Thurs- | serve, breakfast will be served. Returning, | no changes in the federal reserve ra- the party will leave the springs | tio sufficiently large to cause either und arrive in Washington Monday | serve is only $65.000,000 more than it morning at 7 d'clock. A special {rain | was A vear ago: earning assets are and will be in charge of James B. Ed- | ago: notes in circulation are approxi- munds, general agent, Chesapeake | mately $23.000.000 greater. i The business sessions are scheduled | and stand at §730.895,000. A vear ago for Thursd: duy and Saturday.|loans amounted to $471.400.000. In- the interim the usual sports featured |ed to $259,005,000. This has been at such resorts will be indulged in to! offset by 4 decrease in investments will b ved Saturday evening. |and investments aggregate Fernand Petit of the Citizens’ Sav- | $15.000.000 less than a vear ago portation committee, and all applica- drew heavily on depository tions for reservations should be sent | banks in connection with its refinanc- Customs revenues In government drafts out of their own talned the high levels resources, thereby reducing their re May main- | established N ‘||||H||||"' g ] (| discounts | Member hanks naid | THE SUNDAY serve account with' federal reserve bank. As a result of these opratitons, total deposite stand at $1.951,586,000, compared with $1,986,250,000 a week ago. Federal reserve notes in circula- tion stand at $2.250,217,000, compared with $2.227,700,000 a weei ago and $2,141,184,000 a vear ago. Increasing volume of notes is a reflection of ex- panding business. Sharp Drop in Exports. Exports to Europe during April showed a sharp falling off in com- parison to the figures for April, 1922, but at the same time there was an increase for practically every other area on the globe. The detafled statistics as made pub- lic vesterday by the Commerce De- partment foliow nd divisions. April, 1923, + - §156,404,839 PLE2AINT 2.833.003 1 840 7,121,078 April, 1922 $1R3,143,378 71124.082 18.366.372 83,696,278 K178, Afriea Countries, United Kingdom, .. France : Germuny .. Ttaly ... mpin vaves China AR Russis in Europe. . Canada . ey Belgium Spaln Sweden exico . ‘uba caauas Dominican Kepublie Argenting 58.459.962 1.354 Central : o1z Philipine " Tstands L M Southern Railway Commeon. n some quarters the opinfon is ex- pressed that the common stock of the Southern Rallway may soon be | placed on a dividend basis. Approxi- mately $50.000,000 has been reinvested in property development by the com- pany in the last ten years and this reinvestment is beginning to show The company has approximately 7.000 miles of road, which is capital- ized at $64.000 u mile, compared with the average per mile valuation of $80.000 of all the railroads of the United S With gross from January to 24 per cent ahead . earnings on the common re running at the rate of $9 a share. Earnings on the common were at the rate of $7.10 a share In 1918, $9.20 a share in 1917 and $11.30 a share in 1915. The company made a poor showing during Government op- eration, but last vear it made a sharp recovery, earning approximately $5 a share for the common. WILL MEET IN NEW YORK. Southern Trade Congress to Hold | Convention June 9 to 11. The Southern Trade Congress, i was announced here vesterday, will hold its annual convention in New York city, July 9, 10 and 11. Mayor Hylan was announced as honorary chairman of the convention committee. A conference is planned during the convention between southern gover- nors and mayors, the diplomatic rep- resentatives in this country of the Central and South American republics, and New York business leaders, with the purpose of stimulating the whole- sale, jobbing, shipping_and manufac- turing trade of New York with the southern and southwestern states and those countries. _ A cynical bachelor observes that a | fellow must be mighty near-sighted i to kiss the wrong girl by mistake. STAR, FIGHT IN GONGRESS Watson Says It Will Greatest Issue Before .Next Session. The railroad question will be the outstanding issue before Congress at its next session, in the opinion of Sen- ator Watson of Indiana, republican member of the interstate commerce committee, who has just returned to ‘Washington from his home state. “That is, provided the league of na- tions issue is mot presented.” added Senator Watson. He said that the people In Indiana seemed to be just as much opposed to American par- ticipation in the league as they had been in the past “I hove to see the court problem solved by the adop- tion of reservations which will en- able us to accept it without en- trance into the league Senator Watson sald. Several weeks ago he strongly wrged President Harding not to make the world court an issue, predicting that it would split the republican party. “There are two questions occupy- ing the attention of our people,” said Mr. Watson. “We must do some- thing for the farmer. There is a great spread at present between the producer and the consumer which must be narrowed. The railroad sit- uation must be st ghtened out We must decide how we can strengthen weak roads without giving the gtrong ones too much. remedy consolidation The railroad question will up early in the next ses- Congress and will take menths to solve. In my judgmeet it will he the greatest issue before the next Con provided the loague of nations issue is not pre- sented.” DRY AGENTS SLAY TWO RUM RUNNER SUSPECTS international be sion of By the Associated Press. MADISON, June 2.—Federal prohibition agents shot and Killed two men here last night, when, suspect- ing liquor running, the officers mounted the running board of the automobile the men were driving and were met with a_ hail of bullets Ninety-six gallons of intoxicants were found In the motor car. Efforts to identify the men failed Efforts of officers to identify the two men who were shot and killed continued today. The shooting oc- curred when the officers ordered the driver to halt. Henry Gastley, one of the officers, opened fire and killed the driver and his companion Word was received from J. T. Rose of Athens that first descriptions of the men resembled those of two Smith brothers of th city. The men were described as “being rough look- ing.” One was in the early twenties and the other was probably forty or fort. e Two Helpful Books For Home Builders “CONCRETE HOUSES"—published WASHINGTON PREDICTS RAILROAD BETTER HOMES Are Built With Concrete HIS is an age of Concrete. Wherever strength, permanency, = beauty, fire-safety and freedom from costly maintenance are desired, Concrete will serve as can no other construction material. Whetlfer large or small, your Concrete home can reflect your person- ality in architectural attractiveness; and the refinements and conveniences so dear to the heart of the home-maker are obtainable even more readily than with other types of construction. Your satisfaction will be increased by the knowledge that maintenance will be almost negligible, that fuel bills will be reduced, and that depreciation in value may be forgotten for many years to come. : A well built Concrete home, with its weather and fire resistant advan- tages, its maintenance-free permanency, its greater beauty and durability, and its added ability to successfully defy time and service, can be secured at a cost that will compare favorably with any other type of construction. 1f you intend to buy or build, this year or any time in the future, give full consideration to the Concrete house. Such a home will give greater returns in satisfaction, service, comfort and economy. SECURITY CEMENT Made at Hagerstown. 5,000 Bbls. Capacity. Made in the largest and most modern cement plant serv- ing this territory. More Security Cement than any other brand used in this territory because Security has unequaled fa- cilities for rendering service to builders, contractors and home owners. SECURITY CEMENT & LIME CO. wasuineton HAGERSTOWN BALTIMORE PORTLAND by The Portland Cement Association. Contains plans for 25 houses, large and small, suitable for city and country, with floor plans. Also much informa- tion about Concrete for homes. Sent postpaid upon receipt of fifty cents. NVESTIGATION and REPORT on CONCRETE HOUSE CONSTRUC- TION"—published by Security Cement and Lime Co., gives much detailed and technical information on _Concrete house construction and available sys- tems for such construction. Of inter- est to architects, engincers, builder: contractors and the general public. Sent free upon request. (Please use business stationery when making re- quest.) D. C, JUNE 3 1923—PART 1 RANGE OF MARKET AVERAGES PQUARSQUAR i Pt 40 Q QUAR. HAEER™ R 7oA The chart above shows the high and low. by weeks, of forty representa- tive stocks dealt In on the New York Stock Exchange, from the first week of 1921 trials and outline curve 20 rafls all stocks. up to and including the past week. Solid curve represents 20 indus- Lower section indicates volume of sales of Averages used are those compiled by the Wall Street Journal The Year 1923 to Date on the Washington Stock Exchange. Up to and includl ng June 1. 1 Furnished by W. B. Hibbs & Co.. Hibbs Building. Sales. ’ BONDS. $2.000—C. and P. Tel. of Va Pot 6 [ na. and River R 000—P. E. 200—P. E. P 6.000—. and P_T 00—Capital Tract )0—Georgetown Ga 000—Metropolitan R. 42.000—Fot. Elec. Power 1021000—Pot. Elec. Powe 14,500—Pot. Elec. Power 58.600—Pot. Elec. Power 7.000—Wash., Balt 76.500— Wash.' Gas 173500—Wash. Ry 21000 —Wash. Ry. and Elec. gen 46100 Wash. Gas 7'es.......... 500—Dist. of Col. Paper Mfg. 65 00—Riggs Realty (long) is 4.600—Wash. Market Cold Stge 000—Wardman Fark 6s STOCKS. pital Trac 3 —Washington - 406—N. and W. Steamboat...... 3.486—Wash. Ry and Elec. com 917—Wash. Ry Elec. pfd —Commercial National Bank strict National Ba arm: and Mech. Nat. —Liberty National Bank 51—Nat. Metrapolitan Bank 3—Riggs National Bank Fedaral-American Amer. Security and Trust 304—Continental Trust g 35— Nati Savings and Trust —Union Trust —Washington Loan and Trust. 229—Merchants' Bank and_Trust 20—East Wash. Savings Bank 20—Sec. Sav. and_Com'l Bank 20—Washington Mechanies' ... 23—Firemen's Fire Insurance.... 36—Real Estate Title Insurance. 016—Mergenthaler Linotype $78—Lanston Monotype 3—Security Storage Co 420—Washington Market 4.000— 25 P. | R 1st bs cons. deb, gen and Aunap. Light gen and Elec. cons Gs.. 6= . 1st 58 30—Banking Trust and Mortgage 150—Citizens' Savings Bank 1—Departmental 1k 46— District Title Insurance —Munsey Trust ... Washington Title SALVATION ARMY'S Insurance - TASKS ARE VARIED More Thorough Knowledge of‘ Work Is General Need, | Says Commander. | Few persons realize the extent of the work of the Salvation Army in this country, according to Brigadier David Stitt, “local commander, who last night expressed the belief that a more thorough knowledge of what the army is doing would forward the cause greatly in the District. “There are hundreds of nece; enterprises developed in forty 3 of experience in handling those who are down but not out,” sald tthe com- mander. “We have highly specialized officers of the army to give practi- cable advice and willing service for rvelief of almost every conceivable form of social and moral distress. “The field, or evangelistic, work is the most familiar phase of the army's work, because that is the more pub- lic. It is the poor man's church, and it accomplishes the spiritual and moral regeneration of those who could not be reached in any other way. Give Necensitie “Our relief work comprises the dis- tribution of free ice, milk, coal and | other necessities to those who reaily need them. Christmas dinners are served ‘to poor families in need. In | our industrial homes the unfit are re- habilitated through the performance of useful tasks until permanent em- ployment can-be provided. Workingmen's hotels provide poor men with clean beds and clean sur- roundings at a nominal price, which relieves them of any stigma of cha itv. The young women's boarding homes_for self-supporting girls away from home. where they find suitable lodging and homelike surroundings at 1a cost within, their means. Fresh-air | Camps, conducted in the summer, benefit the poor women and children of the cities. “The work among service men fs extended to the present forces of the government and will remain a per- manent policy toward the Army and Navy in the future. Our free employ- ment bureau struggles with the prob- lem of the temporarily or chronical- ly unemployed. Afld Depressed. “Anti-sulcide work 1s a department of every Salvation Army Corps, and has ' practically demonstrated _its value in the reduction of self-mur- der through - spiritual and physical encouragement td the depreased. All these phases of Salvation Clifton, Low. 94 87 100 L Open. a4 1011, 10613 agty R, High. UNLISTED DEPARTMENT. 10 Army work are conducted in gton, and it is for the needs of this ork that the committee of Wash- ington citizens have kindly under- taken the task of raising the $30,000 budget fund Contributions continue to come in to_Salvation Army headquarters at 607 E street northwest from persons wishing to help in the work and to gontribute to the $30,000 campaign und D. C. ATTORNEY RELEASED ON BAIL IN LIQUOR CASE John W. Clifton Pleads Not Guilty to Charge of Gotham Rum Conspiracy. By the Associated Press. NEW YORK. June 2.—John Washington attorney, who was indicted by the federal grand jury Tuesday with seven others in an alleged $1.000.000 liquor conspir- | acy, pleaded not guilty before federal Judge A. N. Hand yesterday. He was released in $5.000 bail. Clifton was said to have been a co-partner with Thomas C. Craven in (he alleged rum ring. PROBE FRAUD CHARGE. Paris w. i Authorities Investigate Claim Statue Is Bogus. By the Associated Press. PARIS, June 2.—A magistrate was instructed today to investigate the allegation that the statute of the Vir- gin and Child in the Church of St. Sauveur-sur-Ecole is not the original, but a substitution. M. Malgorotto, a restorer of statu- ary, made a depesition to the police in which he asserted that the statue was brought to him by an antique dealer who paid 1,000 francs for the making of a copy. Then the dealer took both original and copy. COTTONSEED OIL DROPS. NEW YORK, June 2.—Selling by cotton houses and locals on the heavi- ness displaved in the staple and in Wall street put cottonseed ofl lower. Western interests bought a little on the bullish position in lard. English oil was cheaper. The local market closed 4 to 10 points net lower. Sales, 7,600 barrels; prime crude, 10.00, nomi- prime summer vellow spot. 11.50; September, 11.10; Decem- ber, 8.91; all bid. HEAVY BARGE TRAFFIC. NEW ORLEANS. June 2 (Special). —The Mississippi Warrior Barge Line handled well over 80,000 tons of freight this month. That amount is 9,000 tons more than the best pre- vious record. About 35.000\ tons of thin was northbound, while the re- mainder eame to this port. FINANCI COTTONTRADE STILL ATVERY LOW EBB Unparalleled Depression Fails to Improve in Britain. High Coal Blamed. By the Ausociated Press. LONDON, June 2—The unparal- leled depression in the cotton trade shows no signs of improvement, says the monthly summary of business conditions issued by the American Chamber of Commerce in London. The Manchester mills are ground down between the increased costs of production and the decreased pur- chasing power of their chiet eastern markets. Wages in the cotton in- dustry have been fixed to remain at the present level until next January, and the manufacturers, in defense of thelr own interests, have fixed mini- mum prices for cotton yarns. The French occupation of the Ruhr, by lessening the supplies of coal and coke, has given British coal pro- ducers a virtual monopoly of the fuel trade, but the resulting high prices have reacted unfavorably on British iron and steel industries, which can- not compete successfully with the low-priced continental output. There is great activity in the coal flelds and new pits are being opened in South Wales. Coal is being mined at the rate of 58,000,000 tons per an- num, as against an actual output of 750,000 tons for the record year of 3. All available stocks of furnace coke are sent to continental iron- magters The steady upward tendency of raw materials is having its effect on the woolen trade. Cancellation of Ameri- can plece goods orders. as well as| offers of raw wool from Boston, are | Causing some uneasiness. There is a brisk American demand for certain linen goods despite the tariff. The United States is also lead- ing in orders for pottery. Unemployment is falling steadily. The cost of living in April declined slightly, reaching a figure 70 per cent above that of July, 1914. BALTIMORE PRODUCE. BALTIMORE, Md. Junme 2 (Spe- cial).—Native and nearby spring veg- ctables are increasing in receipt, and under a good. constant demand the market rules firm with no surplus of ©ood quality in the daily receipts Native asparagus wiil bring 3.00 to 400 a dozen, Virginia, 2.50 and 3.50, and culls to No. 2, 1.50 to 2.00. Cab- bage, 1.25 to 1.50 crate. Kale, 5 10 40 boshel. Yellow onions, 3.00 to 4.00 per hundered pounds and 2.07 to 2.50 for No. 25 Green Dpeas. 1.25 bushel Rhubarb, 2.00 to 4.00 hundred and #pinach. 20 to 40 bushel. Radishes are in good demand at 1.50 per hundred for buttons to 2.50 for long white. No native or nearb: new Dn(n(ufisk have appeared on the market as vet, hence old stock rules steady at 1.50 per hundred pounds. 1.25 to for Marvland and Virginia Me- rmicks, and 75c to 1.00 for No. 2s. | Sweets and yams are in ample receipt and with démand only fair for good stock the market rules easy at 250 to 3.50 a barrel and .75 to 1.00 per Iushel. Strawberries continue in heavy receipt, with prices mostly in Luyers' favor at 6 to 10 a quart for Rappahannock, 6 to 12 for eastern shore Maryland and Virginia and 7 to 14 for native. Season for apples nearly over, but all arrivals showing quality meet with ready sale at 5.50 to 7.50 a bar- 1el for No. 1 packed stock and 4.00 to 5.00 for No. 2s, bushel stock selling { mostly 1.50 to 2.25. Shipment of only choice stock advisable, as buversare itical now and fruit showing scald will not bring market value. Receipts of spring chickens have been more liberal the past week, but the general market rules steady with demand good for choice fat bir weighing 1l pounds and over, and | no oversupply of this sort, but smaller stock. especially leghorns, not ery desirable and on such prices rule easy. Large springs will bring 50 to 55 a pound, medium 45, and small and leghorns 35 to 40. Young stags plentiful at 25. Under only nioderate demand, 27: medium. 35 and 26, and leghorns, 24 and old roosters plentiful at 15 and 16; spring ducks n light receipt and in little demand at 28 to 30 a pound. Old ducks being main poor order are slow sale at 21 to 25, and 18 to 20 for| small and th Pigeons in fair de-} mand at 40 a pair for both young and old Under Increasing receipts the egg market eased off today, closing & shade lower at 24 and 25 a dozen for native and nearby firsts and 23 and 24 | for southern. The demand is fairly | active, however, and keeps pace with | daily offerings of desirable stock. Shippers are advised to send their| stock in promptly, as the warmer | weather makes buvers more critical, | hence more careful candling by the trade. i NEW ORLEANS COTTON. NEW ORLEANS. June 2.—Cotton futures closed steady 12 points down | to 11 points up_net. Close: July,| 26.14a16; October, 22.58a60; December, 22.30a32; January, 22.23; March, 22.15 bid. Spot Mid- dling, quiet, 100 points lower. 50. — DRY GOODS MARKET. EW YORK. June 2.—Cotton goods and yarns were quiet today, follow- ing an easing in the raw material and indifference on the part of bhuy- ers. Silks ruled quiet. Burlaps were frregular and qulet. Wool goods con- | tinued slow. Domestic linens were quiet, while dress linens continued | fair. 1 A FOREIGN BONDS ACTIVE. Saturday Trading—Sales Total $5,072,000. NEW YORK, June 2.—The contin- ued strength of foreign government bonds, which, however, recorded only moderate gains, featured today's com- paratively dull trading in bonds. Ac- tive United States government bonds were firm, with little change in prices. They wera bld up slightly in the early dealings, but sold off near the close. The major part of the trading cen- tered in raflroad mortgages, but fluc tuations were confined to very mar- row limits and were about evenly divided between advances and loi Total sales (par value) were § 72,000. Lead — s DECLINES ON CURB. Losses Largely to Failure of Big Broker Firm. NEW YORK, June 2—The feat of the curb market during the past week was the acute unsettiement that followed the announcement of the suspension of the largest member firm of the exchange. This action followed bankruptcy proceedings and was preceded by an investigation of the firm. There had been irregular trading and movements in the market prior to that announcement, but from the time the suspension was an nounnced many stocks were in Sup- ply and the majority of issues show- ed declines. COPPER PRICES SHADED. NEW YORK, June 2.—No improve ment has been reported in the de mand for copper, and there has heen further shading of prices. Producers generally speaking, are holding elec trolytic for the 15-cent level., how ever, and the tone seemed a littl. steadier toward the end of the weeh Iron was steady LOANS If you have 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. Money to Loan Becured br first desd of trust on real estats. Prevailing ioterest and commissios Joseph I. Weller {5,755 & %5 —have on hand. ready for im- mediate delivery, about thirty thousand dollars in gilt edge 0 First Mortgage Notes in Amounts of $250 Up to $7,500 A splendid opportunity to in- vest vour funds with absolute safety and get the maximum veturn of interest. Title certi- cate insurance policies issued to all our loans, For_ full particulars Loan Dept Chas. D. Sager M. 36 924 14th St. M. 37 Mortgage Investments apply Home Furniture LOANS From $50 to $200 on household goods, or chattel 7 per cent interest. No brokerage charged. Come in and let us explain our method of making small loan: ‘Commercial Loan & Finance Corporation Boom 811, 831 16th Bt HAW. 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