Evening Star Newspaper, June 11, 1923, Page 24

F NPROVED CREDIT © 15 SEEN ABROAD 1. S. Exporters Pleased Over Austrian Loan—Cotton- seed Mill Men Worried. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, June 11.—The speed with which the $25,000,000 public of- fering of bonds of the new Austrian government loan was absorbed by the American public today brought increased confidence to agriculturists, manufacturers and producers for the stabilizing of export demand for their products. But a short time ago the financial condition of Austria appeared almost hopeless. The kroner had fallen so low in comparison with the dollar that the ability of that country to absorb and puy for American goods seemed non-existent. Recovery, how- ever, under conditions imposed by other nations which had been ap- pealed to for help. has been phe- nominal and the willingness of in- vestors not only in the United States but in eight other countries which will participate in the loan totaling 126,000,000 altogether, has encour- aged American exporters to hope that the credit condition of other war-torn countries iy not by any means hope- less. As to credit conditions in this coun- try, sus opinion _ex press v credit men repre senting the largest manufacturing and mercantile houses in the country gathered at Atlanta was that the re- cent slight lull in business activity had been overemphasized. This atti- tude was voiced by J. H. Tregoe, sec- retary-treasurer of the dit Men's Association, who said: “Our credit situation is absolutely sound, and at present there is not a single germ of inflation anywhere.” Confidence Among Retallers. No lack of confidence is being shown by business leaders and heads of large department stores throughout eountry. In fact, the contrar: case, accord to Varde Mc of Seattle, president of the Paci porting Company, wholesalers jeweli s Itias. beads, objects of art, porcelains and potte more ahe 3 Mr. McFar- land sald, “and this is practically the middle of the season. As we sell to 80 per cent of the department stores in the United States it is obvious that our business represents pretty ac- curately the conditions obtaining in general throughout the countr “The better and broader buyi merchants in linois, the § $u per cent or & by the central west, in II- ndfana and Wisconsin, for ex- ample, is especially noticeable. There is a constantly ‘increasing demand from those sections for siatic and European merchandise.” Cotton Seed Mill Men Worrled. Cotton seed crushers are facing a crisis and t fight for their ex- istence, F. Eismann, president of the Interstate Oil Mill Superintend- ents’ Association, stated today. “Mills have been hard hit by the reduction of acreage, the boll 1 and labor shortage.” he added. 'We must look for other products to manufacture y of us will have to go out Our one best bet at present is in taking advantage of the increased production of peanuts and soy bean which make good com- mercial of Thousands of peanut growers in Virginia, the Carolinas and Georgia have already signed contracts with their co-operative marketing organi- zations for this season’s crop. Ori- ental wood and vegetable oils are now being imported in record-break- | ing quantities through northwestern Pacific_p d shiped in tank throughout the remainder country for distribution. Many Cotton Fields Barren. Texas presented better prospects than other states for a_cotton crop | this yvear, according to J. W. Evans, large cotton buver of Houston, who has Jjust returned from a swing through the south. “I saw few clean nd few good stands | In the Lone Star | condition: ising. Great prosperity Texas should the general crop be short.” (Copsright, 1623.) GRANDSON IS JAILED : IN BALTIMORE SLAYING, Conrad Busick Sobs, “How Did I Do It?” Following Quarrel in Saloon. BALTIMORE, Md., June 11.—Conrad Busick, thirty-three, is in jail, charg- ed with the slaying of Conrad Nagrunes, seventy-eight, his grand- father. “How did I happen to do it he sobbed, “It can't be.” Nazrunes was an employe in his grandson’s saloon, where the killing occurred last night following a quar- rel. Nazrunes is said to have struck Busick with a_hammer. Just ag he fired the shots Busick’s mother, Mrs. daughter of tempted to rush between the men. The shots ba"sly missed her. CREDIT MEN GATHER. ATLANTA, June 11 (Special).— Elaborute preparations have been made to entertain delegates to the National Credit Men's Association, which will begin Tuesday. ~Delegations of Atlanta business men met_incoming delegates at Chattanooga, Montgom- ery and Charlotte and escorted them to” this city. The delegates include representatives of practically all the large mercantile and manufacturing establishments in the country. SHORT-TERM SECURITIES, (Quotations furnished by Redmond & Co.) oo of Kennecott. Copper 7s 1030 Libby, McNeil & Libby 7s t. P. .M. 6, . 7x 19: . Pau o Depot Sears. Roebuck & G jon . §. Rubber 7% Western Union 0% Westinghouse E. & M. —_———— TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ——Noon.—— Bl Asked' 903132 100 99 15-15 10014 00 1-16 100; Rate—Maturity. June 15, 192 99° 100 991732 90 11-16 [ 1009-16° 1001116 08% 09 1-16 100 11-82 100 7-16 90% 0y It is estimated that about $30,000,000 is spent every year in the United States in the drilling of dry holes, by persone searching for oil. yield 4.25 to 4 f INANCIAL." PRICE RECESSIONS RELATIVELY SMALL Dun and Bradstreet Review Whole- sale ‘Commodity Rates for Month of May. By the Associated Press. NEW YORK, June 11.—Publication of the index numbers of wholesale commodity prices which are prepared by Dun and Bradstreet showed that the recessions which occurred during May were relatively small. Dun's index declined only 0.8 of 1 per cent, and Bradstreet's, which is more heavily weighted with raw materials, fell 2.1 per cent. Close examination of the indices makes it clear that the declines have occurred chiefly in raw materials, which always are more sensitive to fluctuations in buying, and that the prices of manufactured goods have remained comparatively steady In some quarters it was held that the behavior of the indices was consistent with the theory that business is now experiencing a lull in buying rather than the beginning of a major downward movement. SON OF WAGNER PLANS TOUR OF UNITED STATES May Appear in Large Cities as Director of Father’s Music. By Wireless to The Star and News. Copyright, 1 BERLIN, June 11.—Siegfried Wag- ner, son of the great Richard Wagner, probably will make his appearance as a conductor in New York, Chicago, Bos- Chicago Daily 923, | ton, Philadelphia and other large Amer- fcan cities next season. Negotiations ure going on between him and Julius Daiber, the American concert manager, who is trying to ar- ange a tour for Wagner to conduct some of his father's operas, the pro- ceeds of the concerts to go to defraying the expenses of the Wagner festival in Bayreuth in 1 IMPORTANT NEW BONDS. NEW YORK. June 1l.—Important new offerings last week were: $22.- 000,000, six-month to nineteen- year 4% per cent state of JTowa bonus bonds at prices to yield 4 to 41 per cent: $8,000,000, twenty-vear 6 cent Belgo-Canadian Paper Co. i mortgage bonds at 97 to yield 6l per cent, and $4.274,000, one to thirty four-vear 4% per cent Jersey City, N. J. improvement bonds at prices to 5 per cent. LAKE TONNAGE HEAVY. DETROIT, June 11 (S the Sault Ste. is taken by business men here to indicate the extreme activity to he expected In the copper and timber districts of the northwest this fall. The total going through the logks in May was three times the amount in Mas 1922, although navigation “We” —have on hand, ready for im- mediate _delivery, about thirty thousand dollars in gilt edge 7 First Mortgage Notes in Amounts of $250 Up to $7,500 A splendid opportunity to in- vest your funds with absolute safety and get the maximum return 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 Foreign Exchange Quotations By Radio Daily at 10 o’clock from Sta- tion WIAY of Woodward & Lothrop the latest quotations will be broadcasted. Rates by private wire from New York. Special phone, Foreign Depar'~ ment, M. 8222 The Washington Loan and Trust Company 900 F Street 620 17th Street No loss to any investor in 50 years Reservations Accepted Now for July Funds EXAMINE at your leisure the booklet describing our current offerings, make your selection #s to issue and maturity, and reserve theinvestmentyoudesire FOR FUTURE DELIVERY it your funds are not available at NO DEPOSIT is required on investments reserved for 30days, though upon peyment of 10% of the purchase price reserva- tions may be made for longer periods. All payments draw 6Y2% interestfrom datereceived. If you wish to pay in install- ments our Investment Savings Plan affords a means of earning 6Y2% on all partial psyments, with A MONEY BACK GUARANTEE of principal and savings bank interest in the event you are unable to com- plete the purchase. Demominations: $100, $300, $1,000 Maturities: 3 years to 15 years Federal, State and D. C. Tax-Free Features for our current offerings bookles ke F.H.SMITH CQ, 4 ounded 1873 First Mortgage Investments 1414 Eye Street THE EVENING STAR, WASHINGTON, D. C, MARYLAND GRAINS OFF. Early Crop Estimates Lower Than in 1922 Season. BALTIMORE, June 11.—John S. Dennee, crop statistician, says the crop-reporting board of the United States Department of Agriculture has approved the following figures re- lating to estimates of Mayland crop conditions as of June 1: Winter wheat—84 per cent of nor- mal, as compared with 88, the aver- age of the past ten years. A condi- tion of 84 on June 1 suggests a prob- able harvest of 8,300,000 bushels. Production last year was 9,637,000 bushels. Oats—Area sown estimated at 2 per cent more than the area sown last year, indicating a total area of 59,000 acres, or 1,000 acres more than last year. Condition of s wag 86 per cent of normal. against 89, the average of the last ten years. A condition of 86 on June 1 SUERests a probable harvest of 1,725,000 bushels. Production last year was 1.740,000 bushels. Area sown to barley is estimated to be 2 per cent less than the area sown in 1922, indicating a total area of 3,900 acres. Condition reported at 85 per cent of a normal, against 89, the average of the last ten years. A con- dition” of 85 on June 1 suggests a probable production of 113,000 bush- els, as compared with 128,000 bushels produced last year. Rye was reported at 88 per cent, as compared with 91, the average of the last ten years. forecasting a probable harvest of 250,000 bushels Production 258,000 bushels. The condition of meadows (hay) was 65 per cent, against 81, the aver- age of the last ten years. Timothy was reported at 70 per cent, clover 66, alfalfa 87. Pastures, 68 per cent, against 85, the average of the last ten years. Cow peas, 88; fleld beans, 89; cabbages. 80; onions, 85; water- melons and cantaloupes, 80. FRENCH ROYALIST DIES. PARIS, June 11.—The Marquis de MacMahon, prominent in the Franco- American Soclety and also an ardent royalist, last year was Second Trust Notes We have clients who have funds amounting from $500 to $100,000 for pur- chase of second-trust notes. Low rates if secur- ISHANNON & S LUCH Mortgage Dept. 713 14th St. Main 2345 He was born in| REPORTS AUTO SALES . ARE HOLDING UP WELL Optimistic Dealer Thinks Peak Not Reached—Hayes Wheel Company Rushed. Special Dispatch to The St N FRANCISCO, June 11.—More automobiles will be sold the last six months of this year than In the first six months, according to P. H. Greer, one of the largest distributors on the Pacific coast. He has just re- turned from a tour of the country and reported today that everywhere dealers have sales booked ahead and are confident the peak has not been reached. ATLANTA, June 11.—The splendia retail automobile sales in this state this season were reflected in the fig- ures made publio today by state offi- clals showing that 165,000 cars had been licensed so . as ar this compared with 140,000 for the year 19 JACKSON, Mich., June 11.—The rec- ord business done in May by the 1. ‘which fur- to many Hayes Wheel Company, nishes automobile w. automobile manufacturers, is fully maintained this month and probably will be exceeded before July RAIL VALUATIONS CUT. TOPEKA, Kans, June 11 (spe- cial).—Railroad valuations in this state have been decreased by $1.345.- 313 by the state tax commission. The total valuation of all public utilities, however, has been increas- ed $7,742.378. The express com- panies were the only other utilities to be granted reductions. First Mortgage Loans Lowest Rates of Interest and Commission. Prompt Action Thomas J. Fisher & Company, Inc. 738 156th Street EQUITABLE Co-Operative Building Association Organised 1879 434 YEAR COMPLETED Assets $4.657.959.58 Surpl $1,180,8580.93 Save As You Earn Systemutic saving is most effective. We see it fllustrated every day. Tt lexds to financial strength and inde- pendence. Subseription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. Wasll;ngtan's O’Jest Natr'onal Banl Your Interests —become very much our interests when you bank at The Metropolitan. Mutuality of aims spurs us to be of utmost service at all times—insures efficienc, of your and dispatch in the handling usiness, f'We believe you'll benefit by becoming a customer, and you're invited to open Organized in 1814 an account at your convenience. Our Savings Dept. Pays 3%, Compound Interest National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—109 Years Old Dean, Onativia & Co, Stock Exchange Building New York STOCKS and BONDS MEMBERS. New York Stock Exchange Chicago™ Stock Exchange Associate Members of New York Curb Association N. Y. Cotton Exchange Chicago Board of Trade N. Y. Produce Exchange Minneapolis Chamber of Commerce WASHINGTON OFFICE: Main Floor, Woodward Building Office Open Until 5:30 P.M, Phone Main 2040 JOHN CALLAN O'LAUGHLIN Manager CHARLES R. ALLEY Asslstant Manager - FIRST MORTGAGES Absolutely safety, a maximum of convenience, and the most liberal inter- est return consistent there- with, the three essential features of an ideal invest- Quarter of a Century Without a Loss ment, are combined in our First Mortgage Real Estate Securities. Convenient amounts are available. B. F. SAUL CO. Main 2100 1412 Eye St. N.W. FINANCIAL. PURCHASING POWER OF 31 REPORTED BY FISHER Special Dispateh to The Star. ! NEW HAVEN, Conn, June 11— Last week's prices averaged 160 per cent of pre-war level. The purchas- ing power of the dollar was 62 4-10 | pre-war cents, Irving Fisher, econo- | mist, announces. | CITIZENS PLAN MUSICAL. Bpecial Dispateh to The Star. SILESIA, Md., June 1 brief session, at which all routine was disposed of, the Broad Creek Citizens' Association, at its monthly meeting, held at the Silesia School Saturday last, made final arrange- Fractional advances were recorded |ments for a musical and entertain- also in the case of public utility, [ment to be held at the school on industrial, telegraph and telephone {June 16. while liberty, Treasury and - foreign issues declined fractionally. MONDAY. NEW BOND OFFERINGS AGAIN SHOW IKCREASE Volume Greater for Fourth Suc- cessive Week—Austrian Loan Oversubscribed. By the Associated Press. NEW YORK, June 11.—While bond prices held relatively steady in the| ding last week, the volume of new offerings showed an increase for | the fourth successive week. Chief JUNE 11, 1923. issues totaled $34.888.450. an offering of $22,000,000 Towa bonds being the largest single issue. Reports in tbe financiai district in- dicate ‘that the $25,000,000 Austrian issue to be offered formally tomorrow already has been oversubscribed through informal subscriptions. MONEY REMAINS EASY. | NEW YORK, June 11.—Money con- tinues easy with no change in the rates for time funds. Statistics com- piled by a banking house showed the average price of 66 bonds on May 31 was .48 points above the average price of the same bonds on April 30, and .70 points below the average of December 31, 1922. Railroad bonds advanced 1.24 points during May. method of Commarcial Loas & Finazce Room 31! £ Bystem Co] After a interest in transactions in listed | bonds centered in rallroad mortgages, | which showed marked improvement. | Practically half of the total of| new bonds offered last week were| those of states and municipalities. The offerings aggregated $70,893,450 compared with $45,889,170 the pre- | bonds, ceding week. State and municipal Becure¢ by first deed of trust om real anuwmmn 80d_commisel | Joseph 1. Weller 43, Weg & Making small’ retion’ ERLRES Money to Loan tata, Real Investment Service MORTGAGES IN becoming a holder of our First Mort- The Safest Security on Earth gage Notes, we want you to feel that you have hegun a relationship with us that will grow increasingly intimate and helpful as time goes on. 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. We want you to look upon us not just as a big investment house, but as a friend, sincerely interested in your success. We can help you invest your savings safely and profitably, buflg your esntilbe u:x finally, take upon our shoulders the tection of your estate for the benefit of your family, Our Officers Will Be Glad to Confer With You 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. Swartzell, Rheem & Hensey Co. 727 15th Street Northwest 64 Years Without Loss to an Investor Main 4600 $25,000,000 Austrian Government Guaranteed Loan 1923-1943 Seven Per Cent. Sinking Fund Gold Bonds Dated June 1, 1923 Interest payable June 1 and December 1 Due June 1, 1943 Subject to redemption at par as a whole on any interest date after June 1, 1934, and in part through the Sinking Fund in any year. Coupon Bonds in denominations of $1,000, $500, and $100. Principal and interest payable in New York at the office of J. P. Morgan & Co., in United States gold coin of the present standard of weight and fineness, without deduction for any Austrian taxes, present or future. Guaranteed severally as to principal, interest and redemption payments, in the proportion stated below, the Governments of Britain, France, Czecho-Slovakia, Iraly, Holland. Before each issue forming part of the Loan is made, every guarantdr State will with the National Bank of Switzerland in the name of the Trustees its own bonds of like tenor and currency to cover the amount of its guaranty in respect of such issue. Thus, dollar bonds of the several States by which the i service of this issue is National Bank of Switzerland in the name of the These Bonds are part of an International Loan to be issued in Great Britain, France, Italy, Switzcr- land, Belgium, Holland, Sweden, Austria gnd the United States of America in bonds of various denomina- tions and in various currencies for amounts sufficient to yield in the aggregate an effective sum equivalent to 630,000,000 Austrian Gold Crowns, or about $126,000,000. clent to amortize the Loan by maturity will not exceed 67,000,000 Austrian The Austrian Government covenants to pay during the life of the Loan a fixed annnal sum which, after deducting the azunual interest on the Bends at the time outstanding, is to b sufficient to redeem the entire Loan in annual installments by maturity. The quota available for amortization of the American issue, increasing from about $600,000 in the first year to about $2,200,000 in the last year, will be used in the redemption of Bands of the American issue by lot at 100% and accrued interest, or, if the Austrian Government should so elect, in the purchase of Bonds in the market, if obtainable at less than 100% and accrued interest. GUARANTIES Of the total authorized Loan, bonds to the amount required to yield an effective sum equivalent to not more than 585,000,000 Austrian Gold Crowns (of which the present issue of guaranteed dollar bands forms part) are gnaranteed as to principal, interest and redemption payments by the undermentioned States te the extent in each case of the proportion stated: dition to the some of 585,000,000 Austrian Gold Crowns thus obtained, a further amount of up- 45,000,000 Anstrian Gold Crowns will be made available through advances to be made by the and Spanish Goyernments as part of the autharized total of this Loan. Thess amounts together are imated to be sufficient for the requirements of the Austrian Government. The advances above will rank equally on the pledged revenues, but will not have the government gnaranties. OFFER THE ABOVE BONDS, SUBJECT TO PRIOR SALE, AT 90% AND ACCRUED INTEREST, TO YIELD OVER 8 PER CENT. All orders will be received subject to the issue and delivery to us of the Bonds as planned, and to the sppreval by our eonnsel of their form and execution. The right is reserved to reject any and all applications, and also, in any event, to award a smaller amount than applied for. Amounts due on alletments will be payable at the office of J. P. Morgan & Ce. in New York funds to their order, ou ¢ about June 26, 1923. Trust Receipts will be deliverad pending the preparation of the definitive Bondy. Application will be made to list tbese Bends on the New Yerk Stoek Frchange Complete descriptive circular may be had on application to the undersigned J. P. Morgan & Co. First National Bank, New York Guaranty Company of New York Kidder, Peabody & Co. Harris, Forbes & Co. June 11, 1923. As all of the above bonds have been sold, this advertisement appears only as a matter of record Kuhn, Loeb & Co. The National City Company Bankers Trust Company, Nes York Lee, Higginson & Co. Dillon, Read & Co.