Evening Star Newspaper, June 12, 1923, Page 25

FINANCIAL NEW YORK CURB MARKET Recejved by Private Wire Direct to The Star Office. POWER MEN NOTE “GREAT PROSPERITY + Demand for Electricity Shows Industrial Boom—61 New Plants Under Way. BY J. C. ROYLE. Special Dispateh to The Star. NEW YORK, June 12.—The United States has entered upon what prom- a period of general pros- perity, according to M. S. Sloan. president of the Brooklyn Edison Company, and chairman of the com- mittee on electrical resources of the wation of the National Electric Light Agsociation. The electrical industr: nation’s b ices to be is u baro- siness con- today “The pro- electric light and companies shows accurately the prosperity of the country. In fact, it does more; it forecasts the condition of industry in general “Por the manufacturing establish- ments of the United States are so station meter of the ditlon.” he said duction curve of generally operated by central s electrical energy. that a heavy in- crease in the demand for current is proof the manufacture of ma- terials and goods subsequently to be Kold in the markets here and abroad This is a surer proof of conditions than a firm's order books, for orders are sometimes cancelled. Big Demand for Power. “According to this guage, we have entered upon what promises to be & period of general prosperity and what already is a period of con- siderable business activity. I talked with utility company executives from 211 parts of the country at the Na- tional Electric Light Association con- vention. All reported the same thing —a constant demand for more power, Buch as we are meeting in this state.’ This demand,” Mr. Sloan stated, “was causing companies all over the land to increase their plants and equipment bevond any scale of ex- ransion the industry hitherto has attained. “There are sixty-one power plants now in course of construction. he added. “which will have a total in- ctalled generating capacity of more than 3,500,000 kilowatts. This means an increase in the generating ca- pacity of the nation of more than double the expansion recorded last year. Also, this only takes into sc- count the bix plants under constru tion. There are scores of small ones being built, both steam and hvdro- electric Will Spend $800,000,000. “The industry will spend this year more than $600,000,000 for new Jants, transmission and distributing It is estimated that at the rate_attained during the five months of this vear the al vutput of energy in the United s will amount in 1923 to .000.000 kilowatt hours A sure and constant supply of cheap power is one of the basic ele ments of the maintenance of i dustrial prosperity. The electric utilities have never failed in doing their part and they will not fail in this new era of activity if they have he co-operation of the publ The program of the electric light and power companies involves pring- fng in vast sums in new capital.” he explained. “Money does not grow on bus We have to go out and huy it in order to put it to work for the benefit of the public. It has been estimated that th the country will have to $1.000,000. about rical industry demands on it Expects Sufficient Capital. “We of the industry do not believe there will be any difficulty in obtain- | Ing this capital if the public under- stands the situation. Light and power company securities are being more and more widely distributed through purchases by customers and emploves so that they are literally publicly owned “What T consider of vital ance in this situation is that it be generally recognized that the utilities themselves are entitled to their share of the prosperity they are instru- mental in producing for the nation.” Copsright, 1 “EX-DIVIDEND TABLE. import- Atvany. & Sus Jmerinan Hi American American Amverican Ameriean ehatina ote pL.s 4 Car & Foundrs. 4 ar & Foundrs pr agiator. |- Totling Miils pf, American Steel Fonndr Ainert = Amert { Rutte & Superior. Bangor & Aroostock pf.. q. Bultalo & Susquehanna, q. Ty & Susauehanna” exiza & Susquehanna’ pt. n-Am._Sugar, pf. Domlnion Textile . Sforage Rair.! ndicatt Jolinso Adlestt-Jahnsn f. reat Went Great Wt vantanamo Sugar pf. neral American Taiik | General Americs Tnland Steel pf.. q 1\. Corp. 1at pf.. “mo Jonex & Loughiin pf. Kresge, & 8. ... Kresge! & & pf.'a Tebigh Valléy. q...... Tohigh valles pf: 4.i111l1 Lonse Wiles Riseult T80 0.4 Torillard, P.. 3 . Lorillard, P, pt. il * Liggett & Myers Tob. bf..'a Manati Sugar pf.. o s Dept. Ntores pf. jonal Lead. q & Harlem. s'a . & Harlem pf. Pacific Ol %8 Philips Petroleum, Philips Petroleum, Pierce-Arrow_prior p! Fure 01l 814% ot.. a Pure il 4% b1, Pure Oil 8% Ters Marquetts i FPublic Rep: Tioyal Baking Co., 1. Toyal Raking Co.” o Touls-Sonthwestern pf. Stifte T ail Siores pt South Porio Rico Sugar al & Ck. pf.. town Joungaiown Sheet and Tube n? a DIVIDENDS. Perlod. Bate. 302 Tone 18 July 2 Jupe 18 1 June 20 5 June 30 15 June 30 1 July 18 2 Jyne 15 16 July 22 July July July Torl Batton e Mach. .. Kere Lake Mio.. McGrory St Montreal Wi Pow., o hll‘lll July 2 June 16| Reecs But. July 2 Juce 15 July 2 June 16 'ZM July 2 Juse u #1.00 dug—3-duly § estors of | the next five | BY WILLIAM F. HEFFERNA | NEW YORK, June 12—Low priced mining shares were the leaders on the curb exchange today. Spearhead Gold Mines, Howe Sound, Continental Mines and others of this class were more active than they had been in some time and this activity was accompanied by an upward tendency in prices. L In the case of the copper stocks the motive for the buying was found in im- provement in the market for the metal. Copper was very strong in London to- day and quotations here were quick to respond with an advance to 1514 cents a pound as against the recent 10 to 14%. Zine stocks, however, failed to share in the improvement and were more disposed to discount reports of cur- tailing production. It was further Stated that close to fifteen plants have ceased operations within the past ten days as the result of lower prices and higher operating cost. Quotations for the zinc metal ‘!, present range from 3§35 to 338 for 60 er cent grades. Amalgamated Lead inc, whigh had held firm slightly above the $6 level declined well be- low this figure today. New Jersey zinc opened where it had closed on Monday, but thereafter was neglected. Goodyear was depressed by the weakness In rubber and tire shares on the stock exchange, following Monday's price cut by the Firestone company. The stock was not as weak, however, as other members of the group.. One odd-lot transaction in Firestone Tire, the first in a period of several months, occurred. the stock changing hands at 70%, which was practically the prevailing figure at that time. ‘The motor stocks did nothing. Well through the forenoon there had not been a sale of Durant of Delaware and scarcely any trading in other motors. NEW YORK., June 12.—Following is | an officlal list of bonds and stocks traded in on the New York Curb Mar- ket today: ales in BONDS. thousands. High [ g Low. ¢ 50 10 1058, 0 041y 81 208, 10015 03 W AT & Co of Del Sign 18 Beaserboard s Ity Eq s, we fs ‘ent Steel Bs. Cit Serv 7x D 1 Cons Textiles 8x Deere & Co Detroit City 5 Detroit Edison 6s. Dun Tire & Rub d_Sugar 6s deral Sugar 6s 1 Fixher Body wher Body 6y air, Robt 78 en ‘Asphalt Sk eneral_let s aibo 011 Leather sn 1 Ntagara F Power 6 5 N O Pub Ser Su..... 1 Ohio Power fu T I Penn Pow & Lt & & PhilaElee 1 8hawsheen # Tnited 03 Prod 8s. | 3 L | 900 Vacaum Oil new... 181 NEW YORK TRUST COMPANIE j o sitable - 1941 194 | Sales INDEPENDENT ol in hundreds. 10 Allied 011 1 Ark Nat Gas 1 & Roston-Wro Oil. 1 Cardinal Pete . Washington Stock Exchange SALE: Wachington Rws. gen, 65—$1,000 at 99%; Washington Gas 55—$1,500 at 9315 Capital Traction—10 at 100%,. Washington Rwy. & —10 ar 601, 10 at 6915, 10 at 6975, 10 At 6015 10 nt A9L.. Washington Gas Light—1 at 30, 10 at 5, At 193,010 at 4915 AFT Wasiington Gas Tig Washington Rys 10 8t 6975 Capital Traction Washington Ry, & Liec. com.—10 at 691 10 at 6915, 10 at 6013, 10 4t 691 10 ar K1y 9i3. 10 at 613 10 at o 10 at e 040 10 at 8913010 at B9l 10, at 891 10,3t 70, {0 at 70 16"t 70, 10 ai 7010 2170, 10 at Washington G 10 av w9y, x—$2,000 at 97 . 5 At Movey—Call loass, 5 and 8 per ceat. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Rid. Asked. oty 82 103 a2 uz wR1, § 5513 Amicostia % Totomac Anacostia & Potomac guar. C. & P. Telephone by . & P. Telephone of Va. 3s.. ital Traction R. R. B8 Cits & Suburban 5 S Georgetown Gas 1st Metropolitan R. R. Potomac Elec. ist Potomac Elec. cons. Potomac Elec. deb. 6x..... Potomae Elec. Pow. g m. 8s Potomac Elec. Pow. g m. 3 Pot. Elec. Pow. K. m. & R L Alex. & Mt. Ver. ow.. Alex. & Mt. Ver. ¢ & Ani ‘9314 onn, 100 Ralt. gton Gas & ehington Gae 71 sh. Rwy. & T Rws & h. Mkt. Cold Storage n Park Hotel STOCKS. PUBLIC UTILITY. American Tel. & Tel| Capital _Traction shington Gas. Norfolk_ & Wash, Wash. Rwy. & Elec. c Wash. Rwy. & El Terminal Taxi com, NATIONAL BANK. Capital Columbta Commercial District Farmers & Mechanics’ Fhderal-American Liberty coin Nitiona1 " Metropoiitan ilggn | Becon X Nation: T 200 TRUST COMPANY. American Security and Trust... 310 Continental Tru 0 Sferchants Bank..... Natiooal Savings & Trut Union Trast. Washington SAVINGS BANK. Commerce and Bavia, ington. ! Columbia Title Insurance.. Real Estate Title. MISCELLANEOUS Col. Graphophone com. Col: Graphophone pf Lanston Mon Security Stora, Washington Marki Xellow Cabeeeuascaceonss 4! i l 4345 December 15, 1037 ! 1 Cit Sery serv ptd Serv "R o Rocaltl liand 011 - n Rock Oil Granada Ol 0 Gulf Oil of P 10 Hudson 01 ... 5 Interstate Royaities tone Ranger . yette Ol . d : 10 Midwest- Mouut Prod 1 Mount Guif B # New Rradiod Oil, 1 New Mex Ly 10 Noble 0l Omar 74 Peer 0 e | Penn Beaver Ofl & Pennock Oil Phillips Pet_new Red Hank Ol new. Royal 1 Texax Kansas Oil.. 40 Turman Ol ..... 143 Wilcox 01l & G INDUSTRIALS } Am, Writing Paper. 1 Archer Dan 1 Armour (%o Del bia «n\ 2 Armour Co Del ptd \ Atlantic Frait . 2 Rridgeport Macl i Rrooklyn ity 8 Tuddy Ruds . Camphell Sou 13 Car Light e 1 Car Light pfd cresn 4 Chic Steel Wheel Iy Clese Auto pfd 16 Congolenm sba Co n 3 Dubilier ¢ & Radio 12 Durant Mator ton Axle Firestone Tire 8 Gillette S Hanna M A T-pe Hesden™ Chem Hydrox_Corp ... Inter Cont Rubber Lucer Mfg .. : McCrory Stores new Mercer Mot . o Corp pfd.... epetti Candy guenay P vannah Sugar ... © & 1 new 3 Tobacco Prod FExiis nderwood Ty pe Unit Pft Shar new Unit Retail Candy.. nited Shoe Mach S Lt & Heat . Arizona Belcher Hoston-Mont atte & Western. Calumet & Jerome Canario Copper. Continental Mines. . + Con Cop Min tp cfs Fiobe. Cop - Cortes rosson n Reserve riana Mines oldfield Cons toldfield Developmt Goldfield Deep Mine ldfield Florence idfield Jackpot Mining Henriotta_Silver. HIll Top Hollinger 3 Hecla Mine Howe Sound . Independeace Lead 2 Jerome Develop Kes Keystone of Utah.. Lorrafo Shver . Mohican Cop o0 10 40 50 ilser M of Amer. Stand Rilver Lead.. 13 ar Spearhead G Sutheriand Tov Min 5 Teck Hughes ..... Touo Relmont * Tonopah Divide Tonopah Extens Tonopah Min United FEastern 3 United Imp Minex. 3 United Verde Ext.. U 8 Contl ow w i West End Consol 3 Yukon Alaska tr ¢ 3 Yukou Gold TREASURY CERTIFICATES. (Quotatious furnished by Redmond & Co.) Rate—Maturity. s June 15, 192 100 90 31.8 100 1l 100 1-18 100! 158 1o-16 1001 3 3 3%s Beptember 16, 1923, 41,s September 15, 1073 4s'® December 15, 1923. 430 March 15, 1924 545 June ‘16,1924 4% 4138 June 15." 1925 4%« December 15, i s Maren 15, 1026, eptember 16, 193 March 15, '1b27 1007118 98 31.1 100 1132 100 7-18° 90% 0% —_— SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) lAlmmnum Co. of Amer. 7s 19: Amminum Co. nt Amer. 7s 1 Ameriean Cotton 01l 1o me; Central Argentine Rwy. 6e 1f Gentral Leather 6a 1 "H it SO Bt L Chicago Tel. bs B Fout Tice 1001 Goodyear Gread Northera ot oph. Hocking Valley 6 102 Humble Ol Oigs 1982, Kansas City Term. s 1023, Kennecott Copper Ts 1930, Livbr, MeXeil ‘fi Labby e 181 B P, & 8, s 1981 & Co. Toso Tidewster Ofl 6! Dnion Tank Ca Baax Carsfa 1980. Weaters Dston, %2. Tnghouss B £ M- 7 1081 British Cotton Men Declare New Measure Unjust—Sure to Be Confusing. ted Press. June 12.—The alarm of ! cotton trade in conse- quence of the United States cotton standards act is featured by the Morning Post today. ' It quotes Liv-| erpool and Manchester cotton men as saying that the operation of the act, requiring interstate and forelgn cot- ton sales and shipments to be based on American official standards, is Lound to result in confusion. Some of the provisions of the act are declared to Impose injustice upo European buyers. Opinion in Live pool is represented as being free from any fear that the United States | will Le able to establish a selling headquarters for the world's cotton trade, and believing it idle America to suppose European buy will be willing to pay cash for - ton under the provisions of the act. PRICES FOR HOGS DROP STILL LOWER, By 4 ted Press. CHICAGO, Jume 1 touched $6.75 yesterday price since January, 1912, nounced by the United States partment of Agricultur STEEL MAKERS REPORT STABILITY IN INDUSTRY Special Dispateh to The Star PITTSBURGH. June 12.—With pro duction tipping peak figures, steel is |. Mill operations are | ned with schedules they have not rea y and where man power Is available. The buying for immediate delivery is not in large volume, mills are catching up on shipping schedules. Buyers are more inclined to hold orders until near the time 1of need than they were two months ago. Makers believe there is an ele- ment of stability in the market which will prevent price changes for some time 100,000 FORD $5 ORDERS. | Plan in Operation One| Month—Output Figures. | DETROIT, June 12.—More than 100,000 enrollments have been sold in the Ford $5 per week plan in the month in which it has been in opera- tion Final figures on May productio the domestic plants of Ford Company show 170,992 trucks. compared April and 121.07 the British ' LONDON. | l | values lowest —Hog the it was an- De- | | i | New for Motor s and 159,920 192 with in May, FINANCIAL NOTES. BALTIMORE. June 12—During May coal exports established from this port. or 2 ships which cleare, here were fortv-four loaded | with coal. France received nineteen | of the cargoes, Germany eight. Italy five and the remainder went to South America, Africa and the orient. 1 H RICHMOND. VA.. June 12—Shoes| and other footwear will be manufa tured on an extensive scale by the W. H. Miles Shoe Companv. which has been incorporated, with C. B.| Snow as president. The company has a capital of $500,000. IRON MOUNTAIN, Mich.. June he Ford Motor Company will build eighteen miles of railroad from its mills at Lanse to the large hardwood timber tract recently purchased | SAN FRANCISCO. June 12.—Ship- ping entering and departing from San Francisco bay during the_month of | May smashed records, 571 vessels | departing and 522 arriving, according to statistics announced by 1. M | Daily, manager of the marine depart ment of the chamber of commerce ! MANY CARS ORDERS. | EwW YORK. Jun | placed last week by ars of an estimated value of $500.000, and of 1,500 freight cars of an estimuted value of $4.500.000, ac- cording to the Railway Review In- quiries are reported for 30 loco- motives and 527 freight cars. LIVERPOOL COTTON. LIVERPOOL. June 12.—Cotton spot fair demand; prices firm. Good mid- dling. 17.38; fully middling. middiing, 3: low middling. good ordinary. 16.38; ordinary. sales. 8.000 _bales, including Orders] railroads American. Receipts cluding 100 America barely steady. 15467 O((nhrr January, 13.00: 1266, Second Trust Notes We have clients who have funds amounting from $3500 to $100,000 for pur- chase of second-trust notes. Low rates if secur- goml Il| e Mortgage Dept. 713 14th St. Main 2345 Copper Mining Co. 15-Yr. 7% Conv. Debentures Due Feb. 1, 1938 Direct obligation of the world’s largest producer of copper, ind owner of the American Brass Com- pany. Controls output of Chile Copper Company through majority stock ownership. Offered to yield about 6.80% Complete ciroulor wpon- request. The National City Company Washington—741 15th St. N.W. - Telaphoss—Main 3178 Continental Trust Company Capital One Million Dollars 14th & H Streets LT Al When you are sick you consult a doctor. When you need advice regarding rental properties consult us. That’s Our Business. RENTS B.F.SAUL CO. 1412 Eye St. NW. Phone Main 2100 Send For Our List of 7% FIRST MORTGAGES We lave o hoice £3.000, $4, 000 ng. for three vears. At 7% Interest Ready for Delivery in a Few Days CHAS. D. SAGER 924 14th M. 36 Mortgages. Investments. several very .00 loan Loans, Home Furniture LOANS From $50 to $200 on household goods ch 7 per cent interest. No charged. Come in and let our method of making small Comumercial Loan & Finance Corporation Boom 211, 221 15th Bt. N.W. Sysiew Copyrighied & Patent EQUITABLE Co-Operative Building Association Organ:zed 1879 43d YEAR COMPLETED : 24,657.959.58 - -8$1,180,880.91 Save As You Earn Sestematic suving is most effective We nee 1t & leads 1 pendence sstrated evers das. 1t financial strength and inde eription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 5 F St. NW. JOHN JOY EDSON, Prealde: FRANK P. REESIDE, Secy. | Becures Dy firat dred of trust on real estats. $100 or $10,000 | During the life of nearly every man there comes a time when he can store up funds for future necessities by wise investment. ‘Whether this sum is $100 or $10,000, it will pay you to send for literature at once that will explain in detail an issue of First Mortgage Real Estate Bonds we now offer for sale yielding 6'5%. “Iwill do it tomorrow, ” never builds homes or futare comforts. Write today about this attractive issue. Ask for Booklet W.S.5 AMERICAN BOND & MORTGAGE Ca. INTERNATIONAL BANK Correspondents 807 Fifteenth Street, N. W, Washington, D. C. 7Monrery to Loan | Prevailing interest and commission. Joseph 1. Weller {23, %oh & 1 420 Woab 1. & Tumt | rm'[ Wise Invest- ment is Family Protection Safe bonds are a pro- tection to your family. They guarantee financial ymnmmm to which vour fam- ily is entitled. They provide regularity of income which insures the comfort to which the family is accustomed. Gilt-edge honds are the ideal estate, as in addition to their income feature they per- mit of an equitable division without disturbing the princi- pal. They likewise possess a defi- nite value, readily negomble should the occasion arise. Numerous estates have been, and are being, created with safe investments of our selec- tion. Reliable investment s will be placed at your disposal for the asking. Edwin D. Flather Manager 813 Woodward Building WASHINGTON Calvert and Redwood Street: BALTIMORE - FINANCIADs MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF Randald K Hogne: & Ca. i 2207 Cnnecticut (Brenue Sound 7% Investment Real Estate is one place for investment where speculation is lacking—and in the form of First Trust Notes you have no worry or bother. The return, too, of 79 is gencrous—and bhe- cause it is SURE, it's attractive. We are offering First Trust Notes on one of the best pieces of downtown real estate in the National Capital. It's value is far greater than the trust itself—so you are doubly protected. Notes are available in $100, $250, $500, $1,000 denominations and larger—bearing 777 interest. Details upom inquiry of Mr. Boss. Mr. Phelps or Mr. Webster. Boss and 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 issice of I'irst Mortgage Real Lstate Loans at 7%, interest, secured on well selected, newly constructed residential property tn Northwest Washingtoi. Call or write us for full informa- tion concerning these loans. Capital & Surplus. $2.000.000.00 There Are No “Days Off” —for the dollar that’s work- ing in an interest-earning account. on the job three hundred and <ixt days a vear. ¢ This time-tested bank paying interest to some forty-two thousand deposit- ors and wants you to join them. Almost any amount will open an account. It's is T Travelers Checks for Vacationists Natlonal Savmgs & Trust Co. 56th Oldest Year GILT-EDGE Savings Depository in Washington Cor. 15th and New York Ave. 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. MORTGAGE MONEY WE’VE got it to loan on new build- ings or— in refinancing of present loans. Main 2100 SAUL CO. 1412 Eye St. N.W. CONVENIENT DENOMINATIONS §250 $500 $1,000 Ask for Descriptive Booklet “S"—It’s Free WILLIAM S. PHILLIPS First Mortgage Investments 15th St. at K St. N. $100 Main 4600 Sotabliched 1889 . | J€.L. Rust Company In Convenient Denominations 912 Fifleenth Strecl Main 6888 lain 8 Save and Invest We advise getting 6150 interest with safety as against a promise of 9 or more When vou don't get the 9 the chances are vour principal is gone. too. SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY Paying 6 and 615% s (PAYABLE SEMI-ANNUALLY) Shannon & Luchs First Trust Notes Built on a’ Straight Line of Return Not a Fluctuating Vaiue Sold in Denominations of $100, $500, $1,000 FULL INFORMATION , HANNON - & LUCHS Since 1906 MORTGAGE DEPARTMENT 713 14th Street N.W.