Evening Star Newspaper, June 5, 1923, Page 29

FINANCIAL, HEAT AND COTTON GROPS BACKWARD, Peaches Improving—Sugar Cane in Good Condition. Corn Delayed by Weather. Some deterforation in winter wheat in an except parts of the southwest and on the Pacific coast s reported by the United States Depart- ment of Agriculture in its semi- monthly view issued today.| The erop Ally is reported a backward. “Drought heavy ralns have caused areas crop gene in some sections and and floods in others injury,” the department says. “Cinchbug and Hesslan fly are at work in localities. Har- vesting has begun in the southwest. “Condition of the rye crop general- Iy good. The crop is heading quite generally and is ready for harvest in the southwest. Spring wheat mostly stands, but backward are in fair condition unshine and warmer is in excellent con- though somewhat damaged Ly drought in California Corn planting has been delayed by rains, while early planted corn is weedy, and drought and floods have caused injury to the crop in the south and southwesst. Stands generally are the crop as a whole is many Barley dition as a rule avd. on is showing deterforation in with considerable sary, and growth has rains and_ cool weathe areus. Weevils are at work in southern Texas. “Peaches are showing improvement while apple: have good promise, though dropping heavily in Atlantic coast orchards. The outlook for fruits generally is kood. “Live stock generall; is in good condition though rather thin in east- ern areas due to short pasturage. Sugar cane gencrally is in good condition and sugar beets promise a large acreage. The general shortage of farm la- bor continu SANTA FE WILL SPEND $24,000,000 Double Tracking and Other Im- provements Planned in Two Statec. Special Dispateh to The Star SAN Santa ¥ 24,405 double-tracking Provements i and Ariz the line between Winslow, Barstow, Calif, is the largest single item and will cost about $20,000,000. When completed leave only 125 mi ot double-tracked betwegn Chicago and thls city The Los Angeles-San Diego line will be retracked with ninety-pound steel rails. About $1,300.000 will be <pent on refrig plants, $740.-! w00 for shop ement at San mprove eat- £1.500.000 in Los Angeles Pedro. BROKERS GUILTY OF CONSPIRACY Three Admit Attempt to Rig Curb Market and Drive Up Fruit Stock. 5.—The announced today ent this year | and other im-| uthern California | ation Berr ; ing ilities and - from and san tendi Br the Associnted Pross NEW YORK. June brokers — William Spitz and 5.—Three stock | Herman, Henry James Graf—accused of conspiracy in connection with their manipulation of the curb market, pleaded guilty in general sessions yesterday. Judge McIntyre will im- pose sentence June 18. The charges grew out of their alleged attempt to Tig the curb market and drive up the prices of California Crushed Fruit Company from 361 cents a share to $7_in December, 1921, They were members of the now de- funot brokerage firm of Graf & Co. 14 COMPANIES SEEK TO HALT $1 GAS RATE By the Associated Press. NEW YORK, June 5.—Fourteen gas companies of greater v York have filed suit in the federal courts to en- Jjoin state officials from enforcing the $1 gas rate fixed for them by the bill which Gov. Smith signed last Satur- day. Temporary and permanent in- junctions were asked for by all com- Panies with special stress being laid upon the 630 British thermal unit standard required, in the bill and the abolition " of service charges. The maintenance of present rates pend- ing a hearing was also requested. Attorneys for the gas companiles contend that the $1 rate is confi tory, and that the 650 B. T. U. stan dard would be dangerous, if applied. —_— SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) —NooB.— Aluminum Co. of Amer. Ts 1025. Aluminum Co. of Amer. 7s 1838 1924.... Copper 7s 1929. Anglo-American Ofl 7398 192 Bell. Tel, of Canada 7s 19: Canadian Northern & Cent. Argentine Rw, Central Chnicago Tel. Du Pont 7igs 195 Kansas City 1 Kennecott Copper 7 1830..... 00 il & Libby 7s 1981 . M., Bt P. & 8. 8. M. 8lgs 1031 Morris & Co. 7328 1930. 5 R. R. 7s 1930. Cliewater Off 6%n 1031 Tnion Tank Car 7s 1630, 158 103 . Westinghouse E, & M. 7s 1831.. ——— TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ~———Noon.—— Bid. Asked. 99 15-16 100 W‘f 100 100 1-32 lm\f 89 16-16 100 1-82 100116 100 5-32 1014 101716 168 101 1004 100: 99 18-16 100 99 09 1118 100" 100% .. 9813-16 99 00" kY Rate—Maturity. 338 Sepiember 48" December 15, 435 March 15, 1024 648 June 15, 1 BY WILLIAM F. HEFFERNAN. NEW YORK, June 5.—The market on the curb exchange today was one of the most uninteresting that has been witnessed for some time. Where prices changed at all these changes were only fractional, except in a few instances where special operations were in progress. The professional element working against the ofl stocks, showed less disposition to continue their activi- ties. 1In fact these shares for the most part were fractionally the closing quotations Monday. Standard of Indiana_ had a fair rally, Prairie Oil and Gas got back to its high of the previous session and Standard of New York also moved forward. Vacuum, however, was the leader, advancing 1% points as the result of short coverin; The short interest in the curb oil, as in the same class of stocks on the stock exchange, s believed to be un- | usually large. It has taken its stand | NEW YORK, June 5.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket Sal BONDS, H), Low. Close. w60 M0 69 1008 100 13l Bl“ " 9 o4 Mills 85 il 24.... 1001, Angio-Am 01 Tigi. 9017 Armr & Co Del 3w 801 A G & WIS a0 3 Beaverboard 8 8 Reaver Products 10 Reth Steel 7s Cent Stee] 8500000 Chartoal Co Am' 8. City_Sers Tn ¢ Cit Serv 78 D001 Con Gas Balto fis A Con Gas Il Tn. Cons Textiles Sa Deere & Co Tign.... 2 Detroit Clty Gax 65, Detroit Edison 6 . Federal Sugar 83 "33 Fisher Hody 6s 7. Fisher Bodr 63 3 Gen Asphalt Bn.. Grand Trank 8145 Gulf Ofl of Pa Bs. . Kennecott Copper 2 Libby, MeN & L Lig, Weh, Lre e Loulsville G & E Manitaba Power Maracaibo 0i1 5 Narl Acme N Orinw 1" 280N ¥ Al Sun 011 7 Tnitsd Ofl Prod 3 Un Ry of Hav FOREIGN Argentina Ts '23 .. < of Netherlands 6x 1011, Sales in units 1100 Anglo Am 0il 10 Buckese P 1, 10 Continental 01l new 41- 10 Cumberland P L.... 102 10 Enrekon P L. 10415 Humble 0 & R new 31 P L NDARD OIL ISSUES Magnolia Pet.. N Y Transit 108 Northern P L ... 103% Ohlo Ol new . &7 Prairie Ol & Gas 200 Prairie Pipe Line.. 104 South Penu Ol 5 S 0 Ind.. Southern Loor S0 Kansas new | 44 f015 40 INDEPENDENT OIL STOCKS. in hundreds 3 Ark Nat Gax ... 61 10 Barrington Oil ... 14 Boston Wyo Ol .. 6 Carib Synd z 1 Cities Service ..... 154 2 Citles Service ‘pfd. 1 Cit Serv B cfs 10 Creole Syndicate 5 Derby 0 & R w 50 Engineers Pet . Federal 0il Granada Oil ulf Ol of Pa Tudson Oil 1 Humphress 01 ] Tuter Rovalties Kexstone Ranger .. . afayette Ol Lisingston Pet 6y 10 e 10 Margay o1 18 Mex Of1 ... ount Gulf - 74 Mutual 0il veg cfs. 8 New Bradford O wi 17 Omar 0il & Gas, 2 Peer. Ol Corp...... 8 Penn Beaver Oil . 8 Pennock Ofl .. 4 Red Bank Oil new. 28 Roy Canad O & R. 4 Sait Creek new 7 Santa Fe 0 & 5 Sapulps Refin 44 Beaboard Oil . 9 Sou States Oil sas O 7 Turman Oil 25 Wileox Oil & Gas.. INDUSTRIALS. 1 Acme Coal mew.... 3 Acme Pack s Alum Mtg . Amal Leather Am G & B uew 5 Amer Loco new w i Archer Dan Midland Armour & Co ptd 3 Bridgept Mach w | Brit Intl Corp A... Brit Inter Corp B Buddy Buds ...... 2 Checker Cab Mfd Chicako Nipple Chicago Nipple Chi Steel W pfd veland Auto Coly Pow & 1. Cox Cash Stores. Congoleum Co. DL'& W Coal Douglas Pectin . & Dubilier C & Ra Durant otor aliBaal-E30 CRESFEG AR TP R RS & PEER Goodsear Tire . Heyden Chem ... Hocking Val Prod.. Hudson & Man R R Hudson Co pfd. Hydrox_Corp Inter Con Rul Lender Prod . Tehigh Pow sec. Lupton, F M .. Mereer' Mot...".. Jidvate Co Tl nsingwear inc wi Nat Leather ...... Sup Co “Del Nk, Teisphone Peerless Mot . Prima Radio Pyrene Mfg Radio Corp Radio Corp pfd Repetti Candy . Reo Motor .. Rosenb Gratn Corp Shelton Looms pfd. 8o G & 1 new. Bav Sugar pfd Stuts Motor . Switt Intl. Tt 85 ‘obacco, Dt Underw'd Ty nw wi Un Retall Candy.. Tn Shos Mach Corp U § Lt & Hea T 8 Lt & Heat ptd. Warner Mall O'w { e Coal ... Western Feed M, White Rock . MINING, Alaska-Brit Colo ... 2! Amal Lead Zine i Belcher Extension.. . Boston Mout Corp.. .15 20 Boundary Red Moun .29 1 Butte & Western. 0 A0 3 g D S R P ETIONC PN &= U T = o b ;;;-23'13 S s Bra iz aBamd SEEEER aiziey 555 [orore Saumron:! SunbeBaBusBIREE FE FFRFNRRE FEE TEFFIEES [ O JF Banbe B! 1 * F# 7 Con Cop Mi tmp cfs 20 Cons Nev Utah. 48 Cortes_SBilve 8 Cresson Gold & BB Buou L E5Ra ¥ THE EVENING STAR, WASHINGTON, D. C, TUESDAY, JUNE 5 NEW YORK CURB MARKET Reocelved by Private Wire Direct to The Star Office. on the supposition that ofl supplie: are still on the increase and tha while this is true, further price cuts are lkely Littie or no featurs attached to the dealings in independent oils. Mutual was actively traded in. a block of 2,700 shares changing hands at the closing price of previous seasons. Maracaibo, which has stood out prom- inently in'face of recent weakness in others of the oils, was again Strong. while Royal Canadian, one of the lower-priced e, reached a new low record at 4. The curb exchange admitted to trading 400,000 shares of Underwood Typewriter Company common stock of 525 par value. The stock, however, fatled to attract much attention. After opening & half point under the sub- scription price of $45 a sharc a fur- ther decline of a point or more oc- curred. According to the circular ac- companying the listing, the condition of the company is satisfactory. Net earnings fell from a high of $2,600.000 in 1919, to a low of $1,186,000 in 1921 They recovered, however, to $1,701, 000 in 1922, and for the first four months of 1923 were $975,000. 90 Fortuna Min 10 Goldfield “Cons. E 00 Goldtield Deep .. 80 Goldfield ~Florenee. b 30 s 2 40 Henrletta Silver. 4 Hill Top Nevada... 210 Independence Lead Tron Blossom. . Mohtcan Cop . Motherlode Co ational Tin . 3§ ew Dominton Cop ew York Porcupin . Nixon Nevada o Nipissing Ohio Cop 1100 2 Park Utah Min Premfer Gold Min. . Ray Hereules Tnc. Tted Hill Florence. . Hex Cons ... Richmond Copp Rochester Nilver. Salida Mines t. Croix nTey Coo.....o il Mines of Amer . 81l Kg Dv Mn reor Stand Kilver Lead . .2 nowstorm 8il Lead Spearhend Gold . Sutherland Dev Min Teck Hoghes . Tonopah Divid Tonopah Touopah Min - Tuolumne . United Eustern 2 Un Imp Minex Tnited Verde Ext T Contlnent n wi tory Divide Min. West End 2 Yukon ¢ $5,000,000 BOND ISSUE FOR ROADS Michigan Plans Big Highway Con- struction Program to Begin at Once. Br the Associated Preas. LANSING, Mich., June 5.—A $5.- 000,000 bond issus for highway con- struction work in the fiscal year 1 24 was authorized today by the state administrative board. Action of the board makes possible the car- rving out of at least part of the highway construction program for which the legislature failed to pro- vide furds To meet objections of bond houses to Michigan bonds. the administra- tive hoard arranged for the transfer of a sufficient sum from the automo- bile license fee fund to bring the sinking fund total for the yecar up 10 $2,400,000. VEGETABLE PRICES TURN DOWNWARD Cantaloupes Higher in New York. String Beans Are Refused. Special Dispatch to The Star. NEW YORK, June 5.—The market and prices for most varleties of fresh green vegetables showed a downward tendency this morning, partly on account of the warm weather, with the exception of fancy lettuce, tomatoes, cucumbers, aspar- agus and green peas. Strawberries sold from 10 to 25 cents per quart, blackbreries from 16 to135 cents and huckleberries from 30 to 40 cents. California_cantaloupes advanced $3 per crate of forty-five since yester- day. Prices for California cherries declined from 30 to 50 ocents per box under more liberal receipts, and sales mostly ranged from 3$1.50 to 32 per elght-pound box for Tartarian Va- riety, whereas Reval Annes brought from' $1.50 to $2.91 About 1,600 boxes of California apricots sold at $1.65 to $4.80 per box of about twenty pounds, whils approximately 2,000 boxes of Cali- fornia plums brought from $1.50 to 34.05 per box. Five carloads of Georgia Uneeda varlety peaches wero recelved today and offerings sold from $2.50 to $5.50 per crate of twenty-four quarts. Thousands of hampers of South Carolina green string beans wers re- cefved by express this morning, but not accepted by commission mer- chants beoause of their inferior quality and condition. Shipments of New Jersey green peas have increased and prices real- ized were from $2.25 to $3 per bushel hamper. FLOUR PRICGES DROP LOWEST IN 6 YEARS One of Largest Firms in St. Paul Makes Cut of 15 Cents a Barrel. By the Associated Press. MINNEAPOLIS, Minn, June Flour prices dropped to the lowest in six years when one of the largest mills here cut the price 15 cents a barrel on family patents today. The new low was $6.25 a barrel when sold in car lots in ninety-eight-pound cot- ton sacks for the highest grade of family patents and milling official #ald that not since prior to the worlq war did such a figure obtain. Weak- ness in the wheat market was the cause for the decline, millers sald. SUGAR DEMAND PICKS UP. NEW YORK, June 5.—The early raw sugar market was quiet today. Prices were unchanged at 6% for Cubas, cost and freight, equal to 8.03 for centrifugal. The raw sugar futures market opened 3 to 7 points lower under liquidation, but railied on covering and renewed buying for outside ac- count prompted by the continued warm weather. Prices at midday were unchanged to 5 points higher. There was a fair inquiry for re- fined sugar, but it was still disap- pointing for this season of the yea Prices ware unchanged at 9.75a9.90 ‘Jon-fine gTagulated. CUBATO RE-PURCHASE $10,000,000 OF LOAN | Financial Improvement Makes Government Require Only $40,- 000,000 to Meet Needs. By the Associated Press, NEW YORK, May 5.—The republic of Cuba is negotiating for the re- .purchase of one-fifth of the $50,000 000 bond Issue which it floated In| the local market last year. It was originally Intended to close the syn- ]dlclla and distribuse the unsold por- tion of the bonds on June 1, but the marked improvement that has| taken place in Cuba during the last few ‘months, largely because of the |g00d prices’ recefved for the sugar jcrop, has led to the belief that the !Cuban government will require only 1$40,000,000 for current needs. The life of the syndicate has been extend- |ed to September 1 to allow suffcient time to complete the negotiations. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY KANSAS CITY, Mo., June 5.—Whole- sale dry goods houses throughout the southwest reported today that their business for the first five months of the year was upproximutely 20 per cent bet- ter than for the corresponding period in 1922. In some lines they have had dif- culty in meeting demand from retatlers. Stocks in hands of retaflers are lower than at any time for three years. PATERSON, N. J.. June 5.—Siik man- ufacturers here are finding demand from consumers only fair, but the downward movement in the raw silk market has been a decidedly encouraging factor anc production has not decreased materially. SAN PEDRO, Calif, June 5.—Aus tralia is in the market in a big way 1or gasoline and motor spirits and shipments made to the Antipoles are increasing steadlly. One vessel sall- |ng today carried 45,000 cases of gas- oline. CHICAGO, June 5.—"The miller’ chief problem formity is getting uniformity of product,” according to M. F. Dil- lon, secretary of the Association of Operative Millers, now in convention here. “Every carload of grain pe §ets differs in guality and some have (koice collections of bolts and tacks Which don’t make good bread.” 3 ORLEA 5.—The Southern Pine Association mills for the last week shows orders recelved decreased 2 per cent, while produc- tion was up 6.6 per cent and sinp- ments Increased 1.4 per cent. Orders on hand at the end of last weex amounted to 306,265,778 board feet. PITTSBURGH. June 6.—The rail- roads today are consuming large amounts of steel. Ralls purchased last full are now being laid and or- ders wre being placed for dellvery in the second half of the year. Car repalr shops are busy and such work is callitg for heavy tonnages of 1a- terials ~Production of bars is ru ning in high figures and the price continues at 1.40 cents, with plates and shapes quoted at 1.30 cen BUILDING OPERATIONS SLUMP STILL FURTHER Carpenters’ Strike Hampers St. Paul Construc- tion. June &pecial Dispateh to The Star ST, PAUL, June 6.—Building oper tions in the Twin Clties which begin to sag in May. have slumped stiil further this week due to a strike of unfon carpenters who demand 31 an | hour. On June 1. employers gave the carpenuters a voluntary increass of 10 per cent, 10 8713 cents an hour This is a strong open shop town and the number of strikers heer is esti- mated at less than 1.000. Despite the recent falling off in building, permits issued for the first five months In this city involved ex- penditure of over $10,000,000, com- pared with $8,000,000 last year. Min. neapolis permits ' totaled $18,300,000, compared with $12,700,000 in 193 LIVERPOOL COTTON. LIVERPOOL, June 5.—Cotton-—Spot. good demand, but business moderate. rices steady. Good middling. 15.72: ully midling, 15.62; middling. 15.52; low middling. 15. good ordinar. ordinary, 14 Sales, m,ooo' bales, including 6,300 Americun. Re ceipts, 4,000 bales, including 2,600 American. Futures closed barel. steady. June, 14.56; July, 14.28; Se tember, 18.55; October, 12.7. ber, 12.39; y, 12.10; Ma: Money to Loan Becured by first deed of trust on real estats. Prevalling interest and_commission. Joseph I. Weller e o & 0w 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. o] o} Home Fumiture LOANS 50 to $300 on bousshold good: fi":'n'mumv ur.tn‘ont inte: o ek epitin ouf ethod of making smell 8. O e 451, 831 1508 B tem Copyrighted & Patent Pending, EQUITABLE Co-Operative Building Association mediate delivery, about ‘thirty thousand dollars in gilt edge Th First M e Notes in Alm::{:‘ of $250 Up to $7,500 A splendid opportunity to in- vest your funds with absolute safety and get the maximum return of {nterest. Title certi- cate insurance policies issued to all our loans. For_ full Loan Dept., Chas. D. Sager M. 36 924 14th St. M. 37 Mortguge Investments 96 Timely Investment Sug gestions particulars apply “We” —have on hand, ready for im- ! i 1 Yields ranging from 3.37% to 7.14% Send for our June Hello—Savings!! T'm glad that I began to save systematically some years ago—now 1 can take it easy. can you in & few years if you begin zow. Subseription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON, Presidest FRANK P. REESIDE, Secy. Recommendations Complete Investment Service Before recommending bonds to those whom we serve a thorough investi- gation as to the intrinsic worth, prospects of con- tinuing return and the status of the particular industry is made, includ- ing A study of the financial struce ture and underlying condition of the industry. An inveatipation of the erist. ing and future prosperity of the business— An analysis of trade conditions in relation to the permanency of the yield. and— 4An ezamination of the legal status of issues as well as other circumatances relating to desirability. A request will bring our in- vestment service to you. The Naticnal City Company Washington—741 15th St. N.W, Telephone—>diain 5176 Mastering Your Future Your future is largely depen- dent on the investments you make today. You can be master of your investments or you can let them master you. Those who buy First Mortgage Real Estate Bonds are masisring their future. A year from now or ten years from now they know that their principal will be returned to them and that they will receive their interest regularly in the meantime. ‘We now offer for sale an attractive bond issne yielding 634 %. You too should be mastering your future today. Write at once for full information. Ask for Booklet W. 8. § Aorracan Bowp & MORTGAGE Co. INTERNATIONAL BANK Correspondents 807 Fifteenth Street, N. W, Washington, D. C. BAxer Warrs & Compaxy Edwin D. Flather M xer 813 Woodward Building WASHINGTON Calvert and Redwood Streets BALTIMORE 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 Warehouse Receipts and Make Construction Loans National Mortgage & Investment Corporation 811 Vermont Avenue N.W. Eotablished 1889 Save and Invest Literally millions of hard-earned savings are wiped out in specula- tion every month. Cautious Eeople buy our First Trust Real Estate Notes to avoid chance. SAFE INVESTMENTS WITH A 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, $500, $1,000 FULL INFORMATION SHANNON - & LUCHS Since 1906 MORTGAGE DEPARTMENT 713 14th Street N.W. FINANCIAL. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST EMI & SurEIus $2.000.000.00 —Beyond —Harm’s Reach Valuable papers, stock cer- tificates, bonds, insurance policies, jewels, etc., can’t be reached by thieves or fire when kept in Our Safe De- posit Boxes. They afford 100% protection. Annual rentals are very reasonable. 4 Travelers’ Checks and Letters of Credit. National Savings & Trust Co. S6th Oldest Savings Depository in Washington Year Cor. 15th and New York Ave. The Essentials to a Satisfactory Investment If you are seeking a safe investment for your Libert Loan and other moneys we are able to offer it in Fi Trust Notes on one of the most substantial pieces of 4owntown realty. In point of fact the valuation is quite two for one that of the amount of the Trust. Investors may take any portion of it—in amounts of $100, $250, $500, $1,000 and so on. Our Mr. Boss, Mr. Phelps or Mr. Web- ster will be glad to consult with you. Boss & Phelps The Home of Homes 1417 K Street Phone Main 4340 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”~1It's Free WILLIAM S. PHILLIPS First Mortgage Investments 15th St. at K St. N.W. $100 Main 4600 MONEY IS A FAITHFUL WORKER Invested wisely, money never shirks, never gets sick, never takes a vacation, never goes on strike. Invested in our FIRST MORTGAGES —uvielding 635 per cent, it works twenty-four hours a day, year in and year out—and the wages Quarter are yours. of e Century Without a Loss You can buy them in any amount from $250 aad up. No coupons to clip or lose. Interest checks mailed punctually wher- ever you may be. B. F. SAUL CO. Main 2100 1412 Eye St. N.W.