Evening Star Newspaper, June 7, 1923, Page 29

FINANCIAL * CUR I UTPUT TOHELP INDUSTRY +Only 16 Wells Started in Week in California—New Efforts to Push Auto Sales. BY J. . ROYLE, Special Dispatch to The 8tar. * NEW YORK, June 7.—Fear for the life of the gooSe that lays the golden : egs is having a marked effect at last in cutting down the tremendous ofl | production of the California fields. | Only wsixteen new wells have been started in that section in the last week, the lowest number begun In any similar period since January 1. In the meantime Great Britain, tak- ing advantage of the slash in prices which has already taken place, is buying immense quantities of Call- fornia gasoline and light crude ofis and storing for future use, at the same time conserving her own sup- plies, in expectation of 4 future short- age in world supplies, which ofl men here declared today was sure to come. This fact was established by Teports both hetre and abroad today. Furder Cats Predicted. Conseyeative bankers and oil pro- ducers in California stated today that a further cut in crude oil prices Was bound to co and predicted a Price ag low as 25 cents a barrel. unless those producers who have not heeded the warning curtail opera- tions until the huge surplus of Call- fornia ofl is reduced. The larger Callfornia_companies are pinching in most of their wells in an effort to help the situation and rushing work on new storage facilities to the ut- most. Strong pressure on is being exerted by business men and | bankers in that state, who point out that stupidity might bring disaster to & industry” which ylelds the state over $265.000,000 annuaily, emplo¥s i5.000 workers In the southern field alone and involves an a of $95.000,000. S Drilling in the Pennsylvania and mid-continent field have checked to Some extent but not to as great a degree as expected. In the meantime, gasoline consump- tion i increasing and automobile manufacturers are determined that it shall not diminish if production of new cars and selling efforts can keep it up. Incrensingz Auto Sales Efforts. Manufacturers are watching closely the results of the plan for selling Studebaker cars on a $10 weekly pay- ment put into effect by the New ark, N. J., agency of that com-| pany. The plan in general resembles the Ford 35 a week bank deposit plan, Which gives purchasers possession of the cars while paying for them, It is expected that if the Newark experi- ment proves successful the Stude- baker Company and others will adopt it to a widespread degree. Immediate slackening of activity 1s not expected, according to many large makers.” E. 8. Jordan. president | of the Jordan Motor Car Company of Cleveland, waid today that from pres- | ent indications the demand woulq be maintained at least through June and | July. with a possible lull from late in | v to September. Manufacturers generally centered their programs of production twith July 1 in mind,” he sald. “They are now making their plans for the sec ond half year, and because of lubor | conditions operations are expected to be con ued on a moderate scale during the summer, with an increased production after September 1. De- mand for closed cars is now close to 75 per cent of productlon throughout the industry. The supply of bodies s still short’ Warmer weather has stimulated buying of open cars and we look for good business in June and July.” Materinis Easfer to Get. | George W. Booker, president of F. B, Stearns Motor Company, o\l‘;:‘: &sked about material prices. sald: 1 do not know that we wiil realize much of a reduction in materials, but we find that they are easier to get than they were. Our May business Wwas better in dollars than that of April, but we ran to capacity both months.” . In the opinion of Alvan MacAuley, president of the Packard Motor Car Company. present year will be| & record breaker in every line of in- dustry.s He has just completed a sur- vey, directed by means of a ques- tionnaire to leading business men in every section of the country, which . he declared, that the United States ‘as a whole had never faced # more favorable year for business. The answers Indicated that demand for automobiles would keep up with- out abatement FOUR SEATS ARE SOLD ON BALTIMORE EXCHANGE BALTIMORE. June 7—Four seats on the Baltimore Stock Exchange, formerly owned by members of brokerage firms which met with financial difficulties, have gJeen sold at_auction at prices ranging from $1.300 to $1,425. The seats were pur- ehased by George M. Scott, who pald | T. Stockton Matthews, $1,400; ! Fenhaken, $1,350, and John P. Baer.'$1,300. The seats have been posted for ‘transfer. The seats were formerly owned by R. Tynes Smith of Smith, Lockhart & Co., A. Craw- ford Smith, Jr., of Smith, Andrews & Marston, Charies H. Mueiler of Muel- ler & Sfout, and John O. Kaderly of Kaderly & Finnan. The last pre- vious sale of a seat on the Baltimore exchange was at $1,850, FINANCIAL NOTES. The Newark agency of the Stude- baker ~ Corporation announces $10 weekly payment plan for Studebaker cars. In general plan it is like Ford $5_weekly payment plan The United States Tobacco Com- pany has declared regular quarterly dividend of 75 cents on common and 1% per cent on preferred, both pey- able July 2 stock, record June 18. Seaboard Air Line rafllway May car loadings totaled 46,088, an increase of 3666 over last year and 1278 over Apri %V stern Maryland aver: car loadings in May were increase of 1,810 over last year. was best May in six years. Kelsey Wheel has declared regular quarterly dividend of $1.50 on com- mon, payable July 2, stock record June 20. Penn Seaboard Steel Corporation Mey shipments were 51 per cent greater than April and 134 per cent above May, 1922. Orders on hand June 1 were 12 per cent in excess of May 1. © * President Dawes of Pure Ofl Com- pany will recommend to directors a reduction in common dividend from 8 to 6 per cent per year. ADDS MILLION TO PLANT. NEW YORK, June 7.—The Stude- baker Corporation in the first quarter “of 1923 added over $1,000,000 to plant and property investment. Construc- tion program for 1983 calls for ex- penditure of $5,250,000 from earnings. Net earnings of between $14,000,000 and $16,000,0000 in first six months of 1923 would not only cover the full| vears $10 dividend on the 750,000 shares of common stock, but take care of the above program with a substantial margin, leaving the en- tire earnings of the last six months to be applied to surplus or for such extra distributions as directors may determine upon PARIS MARKET STEADY. PARIS, June 7.—Prices were steady on the bourse today. Three per cent rentes, 57 francs 70 centimes. Ex- change on London, 71 francs 65 cen- times. Five per cent loan, 76 francs 19 centimes. The dollar was quoted -15 francs 53 cemtimes. the producers the e daily ,457, an It BY WILLIAM F, HEFFERNAN. NEW YORK, June 7—Trading start- ed more dctive on the Curb Exchangé today, with operation on the buying side showing a elight increase over recent days. The buying movement, however, subsided after the first hour or so and the market again lapsed into comparative dullness. It was evident that those working for lower levels in the oil shares were reluctant about renewing activities. Although price changes in the group were for the most part small, the general disposition was to cover in short contract: Prairie Of] and Gas held most of the time above the 200 level, Standard of New York, Imperial Ol of Canada and Vacuum were about where they stood at Wednesday's closing, while Prairie Pipe Line had a small advance. Declaration of the regular quar- terly dividends of twenty cents a THE EVENING STAR, WASHINGTO. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. shere and the usual extra ten cents' disbursement on market producers fafled to affect the price of the stock. Realizing sales mude themselves felt for a time In Maracaibo while the movement of other of the independ- ents was unimportant. Yellow Taxi was a feature of the Industrials, getting up about four points, although there was nothing new to account for the uctivity in these shares. Durant Motors of Del- aware came off & point or so #nd Checker Cab was fractionally lower. American Locomotive new stock was In_demand at its best prices above 72 in response to continuzd reports of increased business. The new issue of Cuba Company op=ned two points higher, but subsequently lost most of the iain. Walts Rock Mincral Springs came off a_point. 1t was learned from official svurces that earnings so far this vear are considerably higher than the 1922 av- erage. _— NEW YORK, June 6.—Following is an officlal list of bonds and stocks traded in on the New York Curb Mar- ket today: Sales 1n thousands. 1 Allied Packers 8 Alum 7s ‘25 . 11 Am 8 Am Gas & Elec 8s 5 Am Roll Mills Os.. 09% 2 Anaconda Os 1011 § Anaconda 7s “E9... 1081 1 Auglo Am Ol Tis 102% 18 Ar & Co of Del Shs 901, 4 Beaverboard &s 4 Beth Steel Ts 1 Boston & Maine 1 Can Pac Gn 1005 3 Charcoal Co Am B8 04 c 8! .. % Dal 68 A 102% Gas Bal Ts ... 8 Cons Textiles 88 2 Deere & (o 14 Detroit City (¢ 11 Dun Tire & K BONDS. High. Low. Close. 83y 681 0815 1 Fisher Body e '3 4 Grand Trunk 6! € Humble O1l 7s 1 Manitoba Pow Ti 1 Maracaibo Oil Te '25 230 8 Morrls & Co Thw 2 New Or Pub Sery G Tl Elec @ .. 9 Phil Pet Thin wi 17 Pub Serv Bl Pow #s 074 Roeb_Tx '28. 308 0N Y 6% 28 Swift & (o 1 United OIl Prod 2 Un Rwy of Hav 7igs 1081y 3 Vacuum Ol 7s...... 100% FOREIGN BONDS. . 100 Cioes 18 81y P 8% 3 Repub of Pan of ‘53 95% 15 Swiss Gort 5% 100% STANDARD OIL ISSUES. 10 Argenting 26 King of N Sales in units, 1300 Anglo-Amer Ol ... 5 Rureka 1 ~ Tilinofs ine. . Imp O ¢ 0 Indans P L . 0 Inter Pet (o, Lt 20 N Y Transit Ohio Ol new . Prairic 011 & G Pen Mex Foel . Pratrie P L § 0 Indiana 5 Southern I' L B0 N Y new 30§ 0 Ohlo ... ... 1800 Vacuum Ol new. . Sales INDE in hundreds. 1Ark Nat 9 Rarringtor 10 Carib Syndicate % CIt Berv ... Cit Serv prd. : reole Syndicate... Equity Pet pfd..... Eugineers Pet Humphreys Ol ... Interstate Royaities Latayette Oil....... Lyoos Pet. Marafaibo Ol Mex 01l Mex Pannco t Prod t Gulf Peer Ol Corp Penn Beaver Oil Pénnock Oil ...... Phillips Pet new .. Roy Can Ol & Ret Salt Ck Cons Balt Ck pew ... Sunta Fe 0 & G.. mipa Refin rd BulReamnnwssSa 2 Sou States Ofl .. irman Oil tura_Cons flcox Ol & 2hmea Am Cot Am Hawailan S S 1 Amer Loco new w i 7 Am_Writing Paper 243 Arch Dan Midiand 34 Ar & Co of Del pfd 1% Atlantie Fruit ... 1% Torden & Co ..... 119% Bridgeport Mch w1 Bklyn City R R.. Buddy Buds Bueyrus . Car’ Light Centrifuga Checker Chicago I“g.lplv,l: B Chicago Nip) . Chi Steel Wheel pfd Cox Cash Btore Congoleum Cuba Co D L&W 5 Dibilier C & Radio Durant Motor .. purant Mot of ec Bond & 8h pt tings RTINSO JUPRRRU SO aebiE B, 'R Gillette Bafety Glen Alden Coal Heyden (hem! Hoson & Man Hydrox Corp. Impl Tob ?lnl . Totl Contl Rubber.. Intl Carbon mew.... P I Munw'gw' N Y Tel C Prima Radio Co. 12 Radio Corp 4 Radio Corp p 1 Repetti Candy . 5 Reo Motor . 4 Shelton Looms pfd. 60 8o O & T new ... 1 Penn Elec Power.. 12 Tobacco Prod Expts 1 Todd BRID ......- 20 Triangle Film .... . 9 Underwood Type .. 15 Un_Retail Candy.. 12 U 8 Lt & Heat 8 U 8 Lt & Heat p niv Pipe pfd w | 62 1 West Feed Mfgrs. 4 1 White Roek . 87 1¢ Yel Taxi Corp N ¥ 142% MINING. 18 Alaska_Brit Cole.. b Amal 14 Zine Smit cher Extens ... . 10 Boston Mont Corp.. 70 Bound Red Mountn . 8 Butte & Western.. 8 Canario_Copper 140 Candelaria Min K 10 Comstock Tumnel .. 4 Continental Mines.. 18 Con Cop Min tm ef 81 Cortez Silver 1 Qresson _Gold 5 Crown Reserve 30 Divide Extensio 20 Emma g 200 Eureka Oroesus. 150 Fortuna Mines .... 140 Goldfd Deep Mines, 80 Goldfield Florence. . 40 Goldfield Jackpot.. 80 Gold Zone. . S DA e b e 20 s213 Raw = FE 3 .o?‘ % T TN * g** a1 24 10 41 ‘39 08 2 1 5RERERL2 EEET I I s .85 3% 170 Independence 28 26 Keystone of Utah. 20 Lone Btar . 17 Lqrrain Silver.. 10 MtKin Dar.. 17 Mohican Copper. 90 National Tin 2 New Cornelia . 12 New Dominion ‘Cop. ew Jersey Zin 5 N York Porcupi 47 Ohlo Copper 10 Prince. Cons. 3 33325 L | tures open 1 Premier Gold Mine. 57 Ray Hercules Inc.. 10 Red Hill Florence. 10 Richmond Coppe! 10 Salide Mines. 10 Sandstorm Kes 10 San Toy.. 1 Sheldon Min.... 10 8ilv Qun Min € 60 Silv Mines of Am. 10 Stand Silver Lead.. 20 Nimon Silver .. 180 Spearheod Gold 10 Success Mines. 10 Sutherland De: s 11 Tonopah Extension. 5 Tonopah_Mining . 2 nited Eastern . nited Imper Mines .| 1 t Verde Ei 10 U S Contl new w | 8 Unity Gold 80 West End Conmol.. . 20 Wett Lorrain 8il.. .00 KL 10 White Caps K 07 9 Yukon Gold ... 1t ih —_— TODAY’S COTTON PRICES. Continued Strength Shown in Near Positions, YORK, June 7.—Cotton fu- steady; July, 27.05; Oc- December, 23.84; Janu- March, 23.47. The feature 4% 95 NEW tober, 24.2 ary, 28.54; carly trading was the continued strength of near positions. The open- to 9 points on July and August, while later deliveries were 2 to 12 lower under scattering liquidation Futures, 11:45 am. bids—Stead July, 27.54; October, 24.29; ber. 23.81;" January, 23.53; NEW ORLEANS, J 7.—Cotton futareg opened steady; July, 27.40 October, 23.70; December, 23.35; Jan- uary, 23.22; March, 23.09 Realizing by the long element re- suited in declines of 1 to 4 points on March, e 4 | the opening call in cotton today, but almost immediately the influence of continued large spot trading in Liver- pool was feit and the market ad- vanced. Liverpool sold 10,000 bales on the spot. By the end of the first hour of business prices here were 10 to 47 points higher than the close of yesterday. July_sold off to 27.40 and then rose to 27.77. October sold ff to 23.70 und then rose to 23.90 Futures, 11 a.m. bids—Steady: July, 27.70; _ Octob 28.7 December, 23.39; January, 23.21; March, 23.06. R Forelgn Exchange. NEW YURK, June changes easy. Quotations in United States dollars: Gr 14.62; cab 46215 L 4,603 nce, | cables, .0645%: Italy cables, .0468: Belgium ©: 0556 0000127 ; demand, demand, demand, (46 demanc ermany 100013 by cables, .3923; Nor demand, .1673; Sweden, demand, .2660; Denmark, demand, .1820; Switzerland demand, .1802; Spain, demand, .1510 Greece,” demand, .0255; Poland, de mand, * .000018; ' Czecheslovakla, a 10299351 Argentine, .8550; Brazil, 'demand, treal, .97%. CENTRAL ORDERS RAILS. NEW YORK, June York Central railrond has ders for 150,000 tons four demand, -1030; Mon- piaced of rails with companies—Bethlehem Steel, land Steel. CALL MONEY STEADY. NEWa YORK, June 7.—Cail mone ow. 4% ; ruling rat: call loans agains! ‘time loans stea 60-90 days, 4Xa6 prime commercial TODAY'S METAL MARKET. acceptances, 4i; mixed collateral, 4-6 months, § paper, 6. electrolytic Tin firmer; futures, 4 spot and futures, 15. sopt and nearby, $2.50; 5. iron steady, prices un- chanded. Lead stead spot, 7.25. Zine quiet; East St. Louis spot and nearby, 6.30a6.35. Antimouy, spot 6.7526.85, —_— BOSTON STOCK MARKET. BOSTON, June 7.—Following is a list of today's highest, lowest and clos- ing prices for the most active stocks dealt in here: High. Ahmeek . 70 Am Tel & 1 Amoskeag . Arcadian Cons . Arisona Com . Tioston Elevated . Calumet & Arizona Calumet & Hecln Garson Hilll Mia . Txland Creek . Isle Royale Libby, McNell & Libby. Massachusetts Gi Mohawk . New Cornelis North Rutte . 0id Colony . U S Smelt U 8 Smelt pfd Ttah Metal Ventura 0il W orf . w . National Leather . MANY ARTICLES FOUND IN GREEDY CODS’ STOMACH From the Labrador Magasine. The largest single cod of which Wilfred T. Grenfell has a record weighed 102 pounds. The record on Newfoundland banks is held b; sh taken in 1838, which weighed, after being gutted, 136 pound 31 434 20 160 pounds, - Every summer on the Labrador coast the great schools of cod run inshore to feed on the caplin, and “the water is then often literally black and the air over the echool alive with fish jumping after their prey, Thelr voracity is astonishing.” Mr: Grenfell has himseif taken thirty fish from . the stomach of a large cod. A book in three volumes wae extracted from one caught on the English co to an officer of Cambridge University. Two full-grown ducks have been found in a cod's stomach; a Capt. Hill_once, losing his keys overboard in the North sea, had them returned inside a codfish; and a Newfoundland fisherman, some years ago, forwarded a wedding rlns, found in a cod, to_the family of a lady lost in the steamshi; Anglo-Saxon off the Newfoundlani coast. Great Pickings. ) From Loew's Weekly. Dink—Have any luck in the poker game last night Bink—Yes, there was a doctor in l:\e game and I won eight. prescrip- tions; 2o in the cotton market during today's | ing was steady at an advance of 3, points | Decem- | | reign ex- | t Britain. demand. | ; sixty-day bills on ! de- | 7.—The New | or- NEW YORK. June 7.—Copper quiet; | American record by a fish weighing | Y¢ t, and was presented ! RAILROADS SHOW ENORMOUS GAINS Operating Income for April Nearly Double Last Year’s. Return of 6 1-2 P. C. Class 1 railrouds of the United States In April had a net raflway operating income totaling $83,197,800, which represented a return on an annual basis of 6% per cent on their tentative valuation, according to re- perts filed today by the carrfers with the Interstats Commerce Com- misston, In April I&at year the same car- riers had a net operating income of $49,979,000, which was equivalent to an annual return | The net operating income. in March was $83,487,000, or 5.96 per cent. Operating revenues in April totaled $522,955,700, an increase of more than {26 per cent, compared with the same month last 'year. Operating expenses totaled $403.869,000, which was an in- crease of more than 20 per cent over April last year. Reason for Increase. This increase In earnings over April last year, which was the first month of the miners' strike, was due ported in April this year, tentative reports indicating an increase of more than 55 per cent, measured in net ton miles. With this 55 per cent increase in traffic, operating rev- enues of the raliroads increased only 25 per cent, reflecting reductions in freight rates that have been made during the past year. Class 1 raflroads during the first four months this-year had a net oper- ating income totaling $266,246,000, which on an annual basis would {Tepresent a return of 5.49 per cent. During the same perlod last year their net operating income was $210,- 842,900, or 4.44 per cent. Operating revenues for the four months' period totaled $2,006,923,000, an Increase of 18.80 per cent over the same perfod last year, totaled $1,606,142,000, of 18.15 per cent Fine Showing in South. The net operating carriers In the s thern district, | cording_ to complete reports, totaled 112,281,700, which would be at the anniual rate of return of 7.18 per cent while in April last year it wa | $9.722,000, or 5.81 per cent. Operat | ing revenues totaled $69.284,000, or an increase of 20.36 per over the same month in 1922, e or an increase ac- {increase of 19.38 per cent over April |1ast year. |, Twenty-nine railroads in had operating deficits, of whic {were in the eastern, two in the ern and twenty in the western dis- !tricts. In march thirty-five railroads {had operating deficits, | Washi ngton Stock Exchange Washington R com.—10 at 64, 10 at 64, 10 at $4is, 10 ut 64l 10 at 84t .10 at 841, 10 at G4%, 10 B41y) 10 1 )10 at 4yl 10 10wt (AL, 10 at 15 100 at 65.°10 at 65, 1 . 10 at 06, 100 10t Gy at 6. 10 at 10 at 2 10 at 728, o American Securits and Trust Co Lauxton Monotype—10 in 79, 5 .10 at 7. AFTE] Washington Gax €. & P Te PotomacEleetric $5.000 ut 10134, Money—Call loans, 5 and 6 per cent BONDS. Bid and Asked Prices. PUBLIC UTILITY. nid LY CALL. K 0 & aud prd. 6s of 1953— Asked B 102 on 15 Tel. & Te'ga 2 Tel & T . Tel. & Tel. ctl 15, 98 Ilinols Steel, Carnegle Steel and In- || 4| Plums from California, Potomac Potomac { Potomne | Potom: por E Electric cons. 5s . Electric deb. 65, | ashington hington e Washington Rwy. & Elec. 1800 h. Rwy. & Elec. g. m. Os.. MISCELLANEOUS. D. C. Paper Mfg. G Riges Realty Security. Wash s Wardman Park Hotel 8. i STOCKS. PUBLIC UTILITY. American Tel. & Telga......... Capital Tract Washington Gas..... 3 Wakh. Steamboni. .l Wash. Ry. & Elec. pfd.. Terminal Taxi com........0! ATIONAL BA Ccapital Corumbia ... Commerciui District Farmers & Federal-American { Liverty ‘Unculn | Becond { Nauonal Bank of Washington.. TRUST COMPANY. American Security and Trust. Coutinental l;l'n i thStreet. | Uicea sntes { Washington Mechanl Americal | Corcoran Firemen's tional Union. TITLE INSURANCE. i Cotumbia Title Insurance enthaler Linotype. 0ld Duteh Market com, § 0ld Duteh Market ptd. Lanston Monotype . Security Stors Washingtou Market. ellow Cab. *Ex-dividend. LIVERPOOL COTTON. LIVERPOOL. June 7.—Cotton—Spot good demana, but business moderate; prices firm. Good middling, 16.21 fully middling, 16.11; middling, 16.01; low middling, 15.76; good ordinary, 15.26; ordinary, 14.96. Sales, 10,000 baies, including’ 7,500 American. = Re- ceipts, 1,000 bales, including . 960 American. Futures closed very steady. June, 15.10; July, 14.83; September, 13.88% October, 13.38; December, 12.92! Ju‘n:mry, 12.77; March, 12.60; May, 12.44. * RAIL WAGES RAISED. SAN FRANCISCO, June 7 (Special). —The wage increases put into. effect by the Southern Pacific railroad. this week are affecting about 13,000 men of the shop crafts and will add 750,000 annually to the pay rolls of the company. Bkilled mechanics were raised from 70 to 75 cents an hour, helpers were given a 8-cent-an-hour advance, and blacksmiths, boilermak- ers, electricians, sheet metal workers, coach cleaners and apprentices were given correspondingMcreages. of 23.99 per cent. ! to an increase in freight traflic trans- | while operating expenses | income for the | Wt | L 10 at G4dg, | . 10 ut 611y, (ance on the market this morning and | at @i, 10 | s | s8i | THURSDAY, COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ATLANTA, June 7. — Farmers throughout this section have been strongly influenced by the pessimistic statement issued by the state de- partment of agriculture on the cot- ton crop prospects and today are con- sidering sowing former cotton acre- age to peas and legumenous crops. Irish potatoes are being planted in many counties. ST. PAUL, June T7.—Construction work on the Ford assembly plant at High Dam here will be actively be- gun June 11. It is expected that the plant will be employing 1,000 men by the end of this year ST. LOUTS, June T.—Retailers who advertise vigorously and who are of- fering bargains are obtaining a moxt | satisfactory business throughout the south and west today and have more than made up for any loss due to un- favorable spring weather. CHICAGO, Jun heen begun here b city council to reduce the cost of ice’ to consumers. It Is asserted that manufactuers charge retallers prices ranging from $3 to $4 a ton Where 32 and 33 and that retallers usk consumers 40 to 45 cents a hundred, whereas 25485 should be high enough. members of the NEW ORLEANS, June 7.—Price re- ductions in millinery throughout this section have produced large sales i {this line, both at wholesale and r tail, in the last week, although si goods sales have fallen off. ATLANTA, June larly_carloads of watermelons from Weir, Fla., now are passing through here to northern markets, where they are bringing fancy prices today. CHICAGO, June 7.—Leading steel interests in this district have booked |suMcient rall orders to Insure a high rate of production for the remainder of the year. | CHATTANOOGA, June 7.—Many new mines are being opened today in the coul flelds of eastern Kentucky and Tennessee along the Louisville and Nashville, the Carolina, Clinch- field and Ohio and the Atlantic Coast Line. The improved condition of those lines is expected to further hoth the coal and lumber industry in {the Appalachlan region. W YOR! ment that th the International Paper Company for the second half of this year will {remain at $3.75 a hundred has {stimulated buying and production is running at a rate 15 per cent that of June, 1922, NEW FRUITS REACH NEW YORK MARKET ‘First Gooseberries Sent From Mary- § land—Huckleberries Also June 7.—Announce | ‘ on. Sale. Special teh to The Ktar. W YORK, June 7.—Long Island vberries made their first appear- | | st | brought 22 cents per quart. New Jersey {and Maryland strawberries were in | rather light supply, approximately thirty {carloads being unloaded. The arrivals [ showed very wide range in both quan 10 ai | tity and condition, partly on account of | the unfavorable weather conditlons. Sales ranged from 8 cents to 30 cents | per quart. | The on’s first small shipments of | govseberries arrived from Maryland to- iday and stock was mostly of very small size. It sold at 18 cents per quart. | North Carolina huckleberries brought {from 30 cents to 40 cents per quart, | while blackberrics, which were of vers irregular quality and _condition, sc {from 10 to 30 cents per quart Cherries of both s w_Jersey . but are rieties per_twenty-pound basket { from §2.50 to $3. ~California ntinued in adily increas and sour weet cher- |rles advanced fully 15 cents per box since yesterday. the Beauty, jApex and Clyman variety, sold from [$1.10 to $3 per box. containing twenty * | pounds, while California royal apricots | | brought from $1.70 to $2.05 per box. | WESTERN MARYLAND $1,500.000 Equipment Certificates to Be Used in Purchase of New Equipment. BALTIMORE, 600 Western Ma i ment trust were sold { i ] | ] ne 7.—The $1.500,- land railway equip- 6 per cent certificates in less than 45 minutes esterday. when offered by J. 8. Wil- | son, Jr. & Co., indicating that there irre abundant funds awaiting in- {vestment. The certificates were sold {by the Western Maryiand to partly | finance the -rebuilding of 2,000 all- - | steel hopper coal cars. They were of- fered a cent. JUMP IN CAR LOADINGS. BALTIMORE, June Average dally car loadings on Western Mary- 1snd during May were 3.457, increase of 1,810, or 110 per cent, over last year, when coal strike materially af- fected the road's traffic. It was the best May In six years, being 837 cars per day above 1920, Coal dumpings of 236,000 tons over Baltimore piers were the best in the company’s history. t prices to yield 5.50 to 6.05 per FIR on financin modern only in | 1 Over a | Quarter of a Century Without a Loss safety Main 2100 A campalgn has | would be a fair price | price of newsprint fixed | and sour varie- | NOTE ISSUE IS SOLD! WE SPECIALIZE improved property JUNE 17, 1923. FINANCIAL. n 3 rtment o! nte- — CRUDE OIL OUTPUT |2 Stoorson rena iy s smovse:| Money T . GAINS DURING WEEK Receipts at Atlantic and Gulf Ports Also Show Heavy Increase. By the Assoctated Press. NEW YORK, June 7.—The daily av- erage gross crude oil production of the United States increased 32.900 barrels for the week ended June 2, totaling 2,034,960, as compared with 2,002,050 for the preceding week, ag- cording to the weekly summary of tha American Petroleum Institute. The daily average production east of the Rocky mountains was 1,309,950 barrels, as compared with 1,292,050, |an increase of 17,900. California pro- duction was 725,000, as compared with 710.000, an increase of 15,000. Recelpty at Atlantic and gulf coast ports for the weok ended June 2 to- taled 1,289 barrels, a dally average of 184,143, against 485,000, & dally av- erage of 69,714 for the week ended fay 26. BALDWIN GETS BIG ORDER. CHICAGO, June 7.—The Atchison raliroad has ordered thirty locomo- | tives from Baldwin Locomotive | | Works to be delivered last quarter | ! this year. Purchase involves approxi- mately $2,100,000. RECORD GASOLINE OUTPUT. Petroleum refineries of the nation produced gasoline at the rate of 20.- 1608,766 gallons a day during April, a record daily rate, it was an- CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building ‘Washington, D. C. Main 6189 Home Furniture OANS From $50 to $200 on household goods, or chattels. 7 per cent interest. No brokerage charged. Come in and let 'us explain our method of making small loans. Commercial Loan & Fi: Room 811, 321 Bystem Copyrighted I EQUITABLE Co-Operative Building Association | Organized 1870 | 434 YEAR COMPLETED | Hello—Savings!! I'm glad that 1 began to save ||| ssstematically some years ago—now Il 1 can take it casy. %o can you o a I}l few sears it you begin now. Subsecription for the 85th Issue of Stock il Shares, $2.50 Per Month EQUITABLE BUILDING ; 915 F St. NW. JOHN JOY EDSON, Prealdent FRANK P. REESIDE, Secy. | 1 WILL SELL 500 Miller Train Control At $1.75 Thomas L. Hume 1412 G St. N.W. Main 1346 | » “We il ~—have on hand, ready for im- thediate delivery, about thirty thousand dollars in gilt edge 7 First Mortgage Notes in Amounts of $250 | Up to $7,500 | A splendld opportunity to in- | vest your funds with absolute ||| safety ana get the maximum | ||l return of interest. Title certi- ||| cate insurance policies issued il to an our loans. ’ For _full particulars Loan Dept., Chas. D. Sager I | { I | M. 36 924 14th St. M. 37 ‘ Mortgage Investments apply | in ST MORTGAGES In g the construction of buildings we operate such localities as are recognized to be desirable. This form of an investment pays the highest interest return procurable with safety. Our requirements cover every point which years of ex- perience has suggested. i In amounts of $250.00 arid up. B. F. SAUL CO. 1412 Eye St. N.W. us LOan a) estate iamien L& ed to X.ll!.u'l,lwlllonl. also a new high record. uction ‘of kerosene in April was reported at 181,948,359 gallone, a decrease of 7,000,000 gal- | lons from April, 1822. el iatetest Joseph 1. Weller FIRST MORTGAGE NOTE FOor SaLrk IN DENOMINATIONS OF S00 DOLLARS AND UPWARDS M/‘%%/ner v %. 727 %m:wé&af %m 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"—lIt's Free WILLIAM S. PHILLIPS First Mortgage Investments 15th St. at K St. NW. $100 Main 4600 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. Save and Invest Literally millions of hard-carned savings are wiped out in specula- tion every month. Cautious people buy our First Trust Real Estate Notes to avoid chance. SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY Paying 6 and 61,% (PAYABLE SEMI-ANNUALLY) Shannon & Luchs First Triist Notes £ Built on a Straight Line of Return Not a Fluctuating Value Sold in Denominatiéns of $100, $500, $1,000 FULL INFORMATION SHANNON - & LUCHS Since 1906 MORTGAGE DEPARTMENT 713 14th Street N.W.