Evening Star Newspaper, June 16, 1923, Page 13

FINANCIAL. MILLERS DISAGREE ON FLOUR PRICES Further Cuts Depend on Size THE EVENING W YORK CURB MARKET Received by Private Wire Direct to The Star Office. BY WILLIAM F. HEFFERNAN, Speclal Dispatch to The NEW YORK, June 16.—The dull- ness that has been characteristic of recent week-end sessions on the curb exchange was in noticeable to- Professional operators did not at- tempt any further attack upon the oil_shares and there appeared to be a disposition to awalt developments over the week end before coming into the market on either side. ‘What trading took place in Stand- ard Ofl issues was at or near the STAR, WASHINGTON, D. C, SATURDAY, JUNE 16, 1923. Oil and Tire Situations Used To Pound Down Stock Prices Year’s Gains Wiped Out—Steel Orders Still Heavy—Copper Demand FINANCIAL. NG I' First M age Loans First Mortgage Loans| Money to Loz ! Thomas J. fl:hfs'm‘gf:{"""y’ Inc iy Becure¢ by first deed of trust 1 sstats. Prevailing intereat and commisal Yo Joseph 1. Weller {23,% MONEY TO LOAN final closing. Industrials were practically ne- glected and where cha occurred these were inconsequential. —_—— NEW YORK, June 16.—Following {s 8 Mex Ol an official list of bonds and stocks| 10 Mutual Ol Vot day. Floor attendance was unusual- 1y small and prices moved on a nar- row range. of Wheat Crop, Which Is Now Uncertain. ON FIRST MORTGAGES Improves—Trade Steady. EQUITABLE Co-Operative Building Association Organ:zed 1879 434 YEAR COMPLETED Assets wee . $4,637,959.58 BY STUART P. WEST. But the decrease of 317,000 tona in | AT CURRENT RATES OF INTEREST unflled busy reported by the steel | L L D corporation for May was extremely | NEW YORK, June 16.—The leading |moderate in view of the impression, | question In the markets this past|Drevalent a month ago, that new |orders were coming in very slowly.! |The steel corporation on June 1 stili downward movement on the stock |had on its books the unusually large exchange has been an accurate meas- | (otal’of nearly 7,000,000 tons of un- [finished business. It could easily {$1,180.880, N . m 6 of shrinkage without earnings being 2 - evidence In hand, It has not. Protes. |hurt. i sl Systematic Saving o steel manufacturers fe! ul e aaidl 't t fectis t slonal operators with the fleld o over the outlook for the third and || scenmuintiop money. — Resuits have themselves have been able to offer |fourth quarters they would have be- ||| tuiablisea this fact. Join we Equi down prices, but have n |gun by now to cut prices In effort and save systematically and you PR ot ‘"""i'd’dho attract new trade. The fact that i* arcomplian in & uncial way cing llquidation on any 1arge|this has not happened is significant. ||] more than ever. scale by actual holders of stocks. Decline In Sugar Means Little. Subseription for the Admittedly, they have had several| ‘The decline in sugar futures hn!( weak points to work upon. One is|been played up far more than it de- 85th Issue of Stock the state of overproduction in the ofl 8€rves. Being Recelved The fact Is that over three- Shares, $2.50 Per Month trade which 8o far has not yielded fOUrths of the new Cuban crop has EQUITABLE BUILDING to the successive price cuts of the|Deen disposed of and that speculators | last three months. Another is the|Dave been taking advantage of aj 915 F St. NW. JOHN JOY EDSON, President disappointing developments in the i FRANK P. REESIDE, Secy. BY J. C. ROYLE. o Bpectal Dispatch to The Star. traded In on the New York Curb Mar- B0 Noble 0l & Ga NEW YORK, June 16.—Sharp dif-|ket today: lg;-e'r'n?lncfinm.. ferences of opinion exist among mil- | Sales in Pennock Of lers in different sectlons of the coun- faie ) ¢ A5UE Foral o ot e 5 week has been whether or not the try as to the future prices o . They disagree vigorously as to the di- Al Z Royal 0 Santa Fe 0 & G. oy B8 Anglo A rection in which “the staff of lite” is Ot Beaboard Ofl . Sou " States OI Ar & Co of Del & pointing. At present the Industry is| 34 Asd 8im Hard 6iks in & perlod between old and new f Turman Oil Wilcox Ol & 6% 1 Beaverhoard 1 Beth Bteel wheat crops and analysis of the situ- ation 1s difficult. INDUSTRIALS. 1 Cent Steel 85 . Amal Leather .... 10% 1 Charconl Co Am '8 Amer Storen pew.. 234 40 Relg_Can Paper 0s Arch Daniels Mid. 88 Mill managers in the southwest sald | 1 Cit Rerv 7s C . Bridgeport Meh w | today that low flour quotations in the| 1 Cit Serv 7s D ... Buddy Buds 5 northwest might be reflected in their[ 1 Col Graph 8s par ct Chicago Nipple' .. section when the movement of the| 8 Cons Gas Bal 6s A Chicago Nipple B t new wheat crop gains full propor-i 7 Cons Textiles fs .. Chi Bteel Wheel tions. The southwestern and Texas| § Detrolt Clty Gaw Gs ELg s . millers right now are in an attitude selea of walting, one Kansas City miller Pustnt Mot said. Raing, he continued, had de- Goodyear Tire layed harvesting in the southwest to Teyden Chem some extent, but the wheat market Hydrox Corp had been dull and weak recently. The Lupten, 31000 eventual movement of the market Membl' Iron (1100 T when the real flood of grain from the Jat Bupply o Del 87 fleld strikes, it will determine the Ningara Falle P rts course of flour prices with modific Rudio Corp tions from a number of other factors, hadle &P p notably the demand for feed. Eep ura & R From St. Paul comes word that tea Motor .. northwest wheat crop conditions are good but the acreage has been re- duced from 15 to 20 per cent. Grain and milling experts there declared today that a stiffening of prices was due when the growing situation w revealed as it would be in five or six weeks. Prices Lowest Since 1915. The drop in flour prices recently to the lowest point since 1915, they continued, reflected the low figures for wheat, but it is believed the low 1 . A point now has been reached and the | g5 Crogeent P L outlook of the Furopean situation I8 | 10 Eureka P I ndelarla Min .- declared to favor better prices when [ 650 Imp Oil of T g the new crop gets to market. 10 Ind P L‘ o : 2, Any settlement of the German situ- | 500 Interl Pet " . atian, grain men say, would make| o0 Surthern I T Fortuoa Mines Germany a big wheat buyer and| O3 Pue Of pew .o 02 Goldfleld "Develop: . ~s-gruse a jump in the market. If or-| 170 prairie P L xa odfeld Deep Min dinary foreign demand prevails, as| 10 solar Refin .. oldfeld Florence. is expected, prices they feel may be [ 20 Sonth Penn Oil. Boaoel Jacket: expected to hold at about present| 6000 S O Ind SIS SC leyels. B i 903 Independence Lead. The annual freight-car movement ay P 2 v glv v ers con- 20 Kewanss Mining iy fen e and Crtorts are beine made. t0 L Kot “Bivjie tall, thero are very few signs of un:| tha offect that there has been some 20 2 e 3 soundness. The oil trade I8 a case| jat-up fi o &3 Lt $ i i 2 2 isise E fous ? et-up from the extreme high of May, e aninoms of the 13 ve adjusted by the e iaetsigstiing | Sllgnt and no. S I > ot o i i B nE | allg g s normal a middlewest admit that it Is doubtful together and agreeing to curtail their | 7 £, TAd Bo Mor if this can be accomplished. Nt o n buying of crude oll. The altern by Farm Implements Sales Improve. 6 Barrington Ofl Fundamental Position Sound. uid be further slashing of prices - g ing iu the weaker companies 1 ners S ieent. 68 today reported | 20 Big Intian Ol elther going (o the wall or belng | thern Shas been 1o pvestomine o large increases in sales from January @ Carib Synd goods in the hands of merchants and | forced to redu rations to the 1 to date. W. L. ms of Kansas| 43 Citles Rervice longer | nanufacturers. There has bLeen no Close. rufaosmimn T-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 Seccnd Trust Notes Warehouse Receipts and Make Construction Loans National Mortgage & Investment Corporation ,i 811 Vermont Avenue N.W. l‘ 83 Fisher Hody s '28. 2 Gen Asphait 8s 2 Grand Trunk 6 & Manitoba Power 7 8 Maracaibo OIl 7n 2 Morrls & Co T 8 Nut Leather . temporary lull in the demand to drive | tire industry which have made it ap- |t market down. But the sales of pear that the optimistic referencen to |j.c{Ual sugar below the six-cent level this class of stocks during the for- have been small. The decline has ward movement of the winter were|mecant little for the earnings of th much overdrawn. sugar companies, cause most o their product for the year has al- Unnettlement in Industrials. ready been disposed of and on terms Exploiting the situation in these|Which are entirely satisfactory. l two quarters to the limit, Wall{ Southern Muls on Full Time. street speculators have been able to| A month ago a lot was being eald bring about considerable unsettle-!2bout the slowdown in the cotton ment in the Industrial share list gen-| £00ds trade. IHow\far this talk was erally. The one danger is lest busi-|justified was established by the cen nesamen throughout the country take|sus bureau figures on cotton con- | this stock market decline too seri-| sumption during > v. These showed ously and let it affect their calcula-| 43,000 bales more consumed than in tions. April, 125,000 more than in May last | If they were frightened into think-| year, and save for March, footed up ing that the fall in Wall strect prices | the largest total in the history of was anticipating an important trade | the country. The truth here is that ction later on, and were to begin| some of the New Engiand mills have elling orders and cutiing down| been shutting down for a few d;\)n‘ purchases, it might lead to some such | at a time, as they ordinarily do at result as the present propaganda of | this season, but that the southern pessimism is pretending to expect. mills are running full time and are (&% on the other hand, they take|maiing no pleas for curtailment. filo conditions as they stand, whai| p,CoPPer Demmnd Pleking Up, is happening now will not go beyond | r"d "“:,f"’ copper has picked up a reasonable slowdown, partly inci- | COnsiderably and prices have im- dent to the season and partly correct- ! Proved. On the other hand, condi-| ing the too rapid expansion of Feb- | tions in the zinc industry are less Tusry: and Mareh: favorable. * So far as the general volume of distributtve trade is con- r"“ Output Must Be Adjusted. | .orned the testimony of railroad Zxamining the business data in de-| carnings and bank clearings is to s w w. Power (s 3 & F e g Southwest Rell 7a pf 4% 'n Pft Shar new. § 'n Shoe Mch Co pf 33% U S Lt & Heat.... 1% " \(Vll : forp N Y ‘White ll) Min Sp 44 1 King of N 1008, SNANG 2 Bwiss Govt 5lgs 100 Alvadarado Min Sales STANDARD OIL ISSUES, Belcher Extens . Butte & Western.. andelaria Ain ... MoneytoLoan 219 First @Second Mortgages witt & Co Tidal Onage 7 Unit 01l Prod S FOREIGN BONDS. 80 Argentina 7 B8, 085 wmlamamnSanataSemmne St SEEAR =8 1334-H-ST.NW/ | Send For Our List of 7% FIRST MORTGAGES Ve have on hand several versy cholce 3,000, $4.000 and 85,000 loans runaing for three years— H At 7% Interest Ready for Delivery in a Few Days CHAS. D. SAGER 924 14th M. 36 Mortguges, Lowns, Investments. 0 Oulo .. cuum 011 45% Sales INDEPENDENT OIL STOCKS. in hundreds, MeKin Dar Mohican Cop ational Tin ew Dominion Y Porcupine. Nizon N e Ray Hercuies Inc.. Red Hill Flore ® Rie P TR o2 er of the . and_Ed- the Rock ‘ompany, made U I I Apartments— T heir Management Experience has enabled us to improve our service as a re- sult of coming into direct con- tact with all phases of this business. 8t Croix [u)llnil \\l\ar({“ [3 I-su-,l would no .l Cit Sery B cofs Silver 2 yield a profit. It Is some such pos- | o &5 5 City, the largest distributing center Creole Synd Bives A ofAmer aibility as this that eellers of the oil | frrebeculat! ’{H‘l""}" has not been £ jcultural imp! onts in the Equity Pet pf Bilver Plck 5 shares during the last few days have | [UllY corrected by the decline of the or agricultu mplements i (the Foderal Ol e Al Rad: n ming: | last’ three months. Almost the en- world, who is manager of the Inter- Gen Pet ... Spearhead Gold i & In other lines the testimony is|tire gain In the Wall street price list Ea i el AR M EE T i e Glililand 0L .. Teck Hughes ....0 9 s | somewhat conflicting. Pig_iron is|tince the first of the year has been & there, said_today the improvemen Glen Rock 01i. 1110 88 Divide. having a moderate siump. Stecl pro- | 105t Under these circumstances it | SIINANIEEIIIERIEVRINERNNIRIINE B G ness thle yehs will excesd that Tnterstate Royaities 145 ducers are operating at 42 per cent as | 18 dulte foolleh to talk about the | = = usineas this yes | 2 agalnst a high of 96, and new orders | dangers of inflation. - 1) = " vetone R eoe o 8 - , a normal year, Eivi eaton et k) are falling behind productio (Copr = of 1914 rmal year” he added Kevatone Raoger... .1 na o Continental Trust Company = “The farmer's condition i3 not nearly 10 Mariand - T3y 5 50 bad as It has been pletured.” 10 Maracaibo b Tonts new | Capital John “pecre T i REFER TO CRITICISM $2,000,000 DEAL CLOSED. i One Mnllioopletx A Down: | A PRICES UNCERTAIN 'D.C.LAWYER SOUGHT | BY CHIEF JUSTICE TAFT| . - Lith & H Streets statements, | By ihoiAssociatea Trens earst Declared Not Connected | ZjirnisiiiuiIIIIIs IS IIIIIINNNNY petaoc e s | INBUTTER MARKET, IN BAD-CHECK CASE|""s#iil i s mun oy crf With Guites Purcone. R e e ! the Canadian government to the plea | Special Dispatch to The Star. burgh s 3 . so far this | of the Grand Trunk shareholders fo KANSAS CITY, Kan., June 16.—The year, had been e minendy. "fl}" fac. | Import Situation Vital Factor Dur-| Harry B. Bachrach, Mentioned as|‘compassionate allowance” on the purchase by Philip Francis of Qakland, S o ments for Mayivore ihe lucgest . 4 common and preferred stocks of the | Cailf, of the Union Fublic Service Com- it History of the company ing Past Week—Sales ‘ Police Court Judge, Cannot Be | company recommends 1‘-1‘5"1":5‘.:;('2,,,‘:;.";‘ operating public utilities in several “All of our plants are oper: o 2 i e N 1 g the | Kansas towns, has been consumated. continued, “and last n ach- ministration. The reply advises the|X g X he ‘continued. “and last month reach- Pushed. Found in City. oekioliers to read the criticiam of | The consideration was 2,060,000, Francls filled o rs are sufficient to keep the that management by Chief Justice!has denied empl atically that his former Fictoute Willlam Howard Taft, who repre-|emplover, Willtam It. Hearst, was o By the Associated Press Harry B. Bachrach, member of the this rata for several months, gardless of the fact 1e building projects have been held up on the At- lantic board, our eastern plants have more orders on their books than any of our other works. They have business to run them at least five months.” WILL HONOR COUPONS. MADRID, June 16.—The government has agreed to honor without delay the coupons of government honds of cvery description, which during the war_could not be pald to foreign bondholders. FLOUR OUTPUT LIGET. MI A i June The Northwestern Mi ent flour quotations here are the low- est in seven years. S les as have been made are at concessions from open auotations. This does not apply to flour made from =oft winter wheat, which {8 seliing relatively higher. The local mill output is the lightest of the crop year.” ~ FIRST CROPS READY. DALLAS, Tex, June 16—Texas' first bale of cotton of the 1923 crop will be sold this week in the south- wedtern part of the state. The first car of watermelons moved June 6. The first oats, sold last week, brought 50 cents a bushel. The blackberry crop will be the largest in the his- tory of the state, with wholesale prices ranging around $1 a crate. Fast Texas began shipping tomatoes last week. STRIKE IS DELAYED. DENVER, Col., June 16.—A strike of shopmen on the Denver and Rio Grande Western and the Rlo Grande Southern, a subsidiary, to have gone into effect at 1 o'clock this morning, had been postponed until next Tues- day, according to advices received here early today from railway union - officfals in_Pueblo. It was asserted that Gov. Sweet has interceded, and that a postponement was decided! upon until he ascertains what can be done to bring about an agreement between employer and employes. EASY MONEY AHEAD. The increase in the federal reserve ratlo for the entire country to 77 per cent, against 75 and 77 last week, in- dicates the continuance of compara- tively easy money market conditions for some time. 1,000 MARKS FOR ONE EGG. BERLIN, June 16.—It costs 18,000 marks to buy a pound of butter, but oleomargarine is slightly less. Iggn cost 1,000 marks each. Price of pread is about to be ralsed 25 per | Boston-Elevated CHICAGO, June 16.—Wholesale but- ter markets for the week ending June 15 were easy and unsettled, according to the weekly report of the‘bureau of agricultural economies made public today. The import situation was given as the paramount cause for lack of con- fidence in the domestic market, In which current recelpts moved slug- gishly, and concessiong in some In- stances were the medium _through which sales were pushed. Some un- filled storage orders and a lighter supply of the finer marks helped to prevent more pronounced weakness. Exports of ‘more than 3,000,000 pounds to the United Kingdom, in addition to regular exports to South and Central America, wore made last year. This year, except for the reg- ular export: there has been no ex- port business, but the domestic mar- ket has been called upon to absorb 8,600,000 pounds imported from Den- mark, New Zealand and the Argen- ne. Closing wholesale prices yesterday for §2-score butter were 39 cents at Chicago, without net change; 38% at New York, net loss of %; 40 at Boston, net loss %; 39% at Phila- delphia, a net loss of 1 cent. WILL HONOR HEROES. NEW YORK, June 16.—Governors of the New York Stock Exchange have passed a resolution providing for the erection of a tablet in the boardroom in commemoration_of all members and employes who died in the world war. —_— BOSTON STOCK MARKET. BOSTON, June 16.—Foll list of today’s highest, lnwc:t'l:n‘d = ing prices for the most active stocks dealt in here: Low. Am Tel & Tel Arcadian Cons Arizona Com Boston & Albany High, Close. 1243 10% 15 S Calu & Hecla . 350 Carson Hill Min' . East Butte Iiardy Coal Inland Creek Isle Royale Libby McNeil & Libby! Mass Gas . Mayflower O North Butte 01d Colony . 014 Dominion Quincy .. Shos “Mach Bwift & Co . Teinity U S Smeit T 8 Smelt pfd Ventura OIl . orf . orth National cent and flour in proportion. Price of coal has been raised 53 per cent, owing to the difficulty in obtaining fuel since the French seized the German coal flelds. NEW YORK DAIRY PRICES. NEW YORK, June 16.—Butter— Bteady; receipts, 18,134 packages; creamery, higher than extras, 39%a 40; do., extras (92 score), 39; do., firsts (88 to 91 score), 37%assi. Eges — Irregular; receipts, 28,428 cases. Cheese—Firm; receipts, 230, 978 pounds; state, whole milk fats, gresh, fancy, 25%. FREDERICK COUNTY BONDS. BALTIMORE, June 16.—An issue of $62,000 4% per cent lateral road bonds of Frederick county, Md., was award- ed to Graham, Parsons & Co, on a bid of 102.51 or a 4.30 per cent basis. Other bids were as follow! J. B Wilson, jr. & Co. 102.087; Baker, SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) llose e Bid, Aluminum Co. of Amer. 7s 1025. 108 Alnminum Co. of Amer. 7s 1933, 105 American Cotton Uil Os 1924... American Sugar 0s 1937, . e Copper 7a_1929. AngioAmetican 0Ll Tige Beli Tol. of Canada 7s 1025.... Canadian Northern 5%s 1924, gentine Rwy. 03 1937.. Central Leathier Gs 1925, L, 0, O L. 6s Goodyear T. & . @reat Northern 7s 1936 Hocking Valley 6s 1024 Humble Oll 5i4e 1083 ansas City Term. 0s 1928 ennecott Copper 7s 1030... .0 Libby, McNell & Libby 7 E M., 8t P. & 8 8. M 01y 1031 Morris' & Co. 34 1080. Watts & Co., 102.02; J. A. W. Iglehart & Co.. 101.§99; Alexander Brown & Sons, '101.852; ‘Gellet & Co., 101744, mnd Harris, Forbes & Co., 101.46. The bonds mature eerially from 1639 to 2947 ¥ Tidewater Oil Union Tank C U. 8. Rubber Western Union 6343 19} Westinghouse B. & M. T bar, with office in the Munsey build- ing, mentioned as the probable suc- sor to Police Court Judge Hardl- son, is named defendant in a warrant issued from Police Court yesterday. The warrant was turned over to De- teotives Cox and King, who reported inabllity to obtain any trace of him iast night. It is alleged that Bachrach gave a worthless check for $400 to Nathan Liberman, employed at the Hilton Clothing Company's establishment, 1201 Pennsylvania avenue. The check was given on the Munsey Trust Company, and, it {s charged, was returned as worthless. —_— CARFARES DOUBLED. Seattle Lines Put Back on 10-Cent Basis. SEATTLE, Wash., June 16.—Fares of 10 cents cash or three rides for a quarter went Into effect today on the Seattle municlpal street car sys- tem, the same rates in vogue when & reduction to 5 cents became ef- fective March 1. Officials estimated that the re- celpts would increase about $4,500 a day, as against a deficit of §3,000 to $4,000 a day with the five-cent fare, and that It would take eighteen months to get the system back to & praying basis. 29 RAIL PROJECTS URGED. OTTOWA, Ontario, June 16.—Legis- fation covering twenty-nine projects of construction on the Canadian Na- tional railway will be brought down in the house Monday. Appropriations include $3,500,000 for extending the Sunny-brae branch to Guysboro, Nova Scotia, and $1,260,000 for construct- ing a line from Medutio, New Bruns- wick, to the international boundary. —_— FOREIGN EXCHANGE. By the Associated Press. NEW YORK. June 16—Foreign exchanges irregular. Quotations (in United States dollars): Great Britain, demand, 4.61%; cables, 4.61%; 60-day bills on banks, 4.59%. France, de- mand, .0629%; cables, demand, .0459: cables, .0459 gium, demand, .0539; Germany, demand, .000008%. ~Hollan, deman cables, .3918. orway, -1660. ' Sweden, demand, .2650. Den- demand, .1770. ' Switzerland, Spain, demand. .1492. lemand, .0304. Poland, d mand, .000010%. Czechoslovakia, de- mand, .0298%. Argentina, demand, ;3600." Brazil, demand, .1050. Mon- treal, .97 21-32. CHICAGO STOCK MARKET. CHICAGO, June 16.—Following is a report of today's sales, high, low and closing quotations at the Chicago Stock Low. Close. sy sy 78 i Sales High. 1068 Armour Leather ... 8 20 Armour Leather 'pf 83% 85 Armour of IIl pfd.. 79 85 Borg & Beck . 20 80 Montgom Wa: 700 Pick & Oo 10% 85 Btandard 28 ' 28 1426 Stewart Warner 1% 88 920 Union Carb & Cai uu 863 100 Un Light & Ry ptd 83 83% 7 8% 94 lgu lfifi 19% 230 Yellow Taxi . Total sales, TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) Rate—Maturity. “Bid " Aeked axe September 35, 1098... 901510 10132 4%s Beptember 15, 1928... 100116 100532 4s, December 13, 1923... 100 100132 4% March 15, 1924, IW% 100 7-32 54(s June 15, 1924 101816 101 716 sie Beptember 15, 101316 101 516 418 June 1&'1‘»?‘.. in* s December 15, 1925.". i§ i tember 1028, .. Miren 16, oot 100 December 15, 1931 00816 ‘oo sented the Grand Trunk on the arbi-|terested in the transaction, BANK CLEARINGS UP. Industrial Boom Continues in Pitts- burgh Area. REPORTED IN BOLIVIA | soectet pispateh to ne sear. PITTSBURGH, June 16.—Industrial plant operations in this section con- tinue today at about plant capacity tration board The reply was in the form of a re- port by officers of the government and the Canadian National. BIG OIL CONCESSION By the Associated Press. BUENOS AIRES, June 16.—A dis- patch to La Nacion says the Bolivian government has signed a concession involving twelve million hectares of land on the Bolivia-Brazil frontier in favor of the Bolivian Oll Land Syndi- cate, a British concern. The conces- and bank clearin new high records. clearings for the been about $6,500.000 in excess of the are establishing The average dnlly' last month have sionaires undertake to build a port record-breaking figures of a year ago. and shipyards at Laguna and to e: tablish river navigation to this city.} They are also to construct a railway, mineral ore smelting plants. sawmills, and will settle 8,000 European fam- ilies in the territory. ROAD SHOWS GAINS. ‘Western Maryland’s Weekly Fig- ures Ahead of Last Year. BALTIMORE, June 16.—Total esti- mated earnings of the Western Mary- land Railroad for the week ended June 7 show an increase of $174,418 over the' corresponding week of 1922, | or 59 per cent. For the current fiscal | year to June 7 the increase was $2,- | 845,654, or 39 per cent. i Coal and coke earnings for the week show an increase of $161,056, or 236 per cent over the corresponding week | in 1922, when the road's coal hauling was curtailed by the miners' strike. Other freight revenues increased $19.- | 480, or 11 per cent. There were slight increases in passenger and mil reve- | nues and slight decreases in mall dC-mfetaocmfwypetaom{wyptaopop | Ala, P. & L. pf, q, $1.75. Amer. P. & L. pf, q, 1%%. Bayuk Br. 1st pf. a. 18%%. d pf, a, 2% June 25 June 26 | June 25 June 25 i June 20 Farr Alpaca, aq, June 16 | Inter, Pete, 25¢ June 23 Irving Sav. Bank, q, lzm July 1 Kauftman D. 8. pf, q, $1.75. June 20 Mortgage . Co. 2%. June 18 Mot “Ratson of, 4, :;x.n Manuf, Tri 4 Okla. 3 1%, Ohlo Leath. e o Pa. Edison pf, q, 22 Pralrle P, L., a. ! Pavama P. & ?'(. Sloss-Sheffield Bteel-Iron pf, v % La United Al. Steel, q, 70c.. United Al. Btl. pf, q," 1% %. TODAY’S COTTON PRICES. NEW YORK, June 16.—Cotton futures opened firm; July, 37.95; Oc- tober, 25.00; December, 24.46; Jan- uary, 24.12; March, 2413. Spot cotton quiet; middling, 29.10. Futures closed barely steady; July, 27.85 to 37.88; October, 25.01 to 26.08; December, 24.45 to 24.50; January, 24.20 to 24.27; March, 24.20. WEEKLY BANK CLEARINGS. NEW YORK, June 16.—The actual condition of clearing hoyse banks and trust companies for the week shows an excess in reserve of $24. 630. ‘This is an increase of $30,191, BUTTER PRICES HIGHER. CHICAGO, June 16.—Butter higher; creamery extras, 3934; standards, extra firsts, 37a38%; firsts, seconds, 34add%. unchanged; receipts, 28,869 713 14th St. N.W. A Good Buy in Business Real Estate Near 18th Street and Columbia Road N.W. We have a building on 18th Street, very close to the proposed picture show, priced at a figure that should permit a v ery large profit withim a year. Details on Application. SHANNON - & LUCHS Business Location Department. Save and Invest Banks more and more every day realize the safety of a good First Trust Real Estate Note. They are bought by people who appreciate Safety First. SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY Paying 6 and 614% (PAYABLE BEMI-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 INFORMATICN Since 1906 * MORTGAGE DEPARTMENT, 713 14th Street N.W. RENTS B.F. SAUL CO. 1412 Eye St. N.-W. Phone Main 2100 Main 2345 | MORTGAGES The Safest Security on Earth 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"—lI's Free WILLIAM S. PHILLIPS First Mortgage Investments 15th St. at K St. N $100 Main 4600 Real Investment Service IN becoming & holder of our First Mort- gage Notes, we want you to feel that you have begun a relationship with us that will grow increasingly intimate and helpful as time goes on. 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 n::!g and profitably, build your estate R finally, take upon our shoulders the pro- tection of your estate for the benefit of your family. Our Officers Will Be Glad to Confer With You Swartzell, Rheem & Hensey Co. 727 15th Street Northwest 64 Years Without Loss to an Investor