Evening Star Newspaper, June 18, 1923, Page 21

FINANCIATL, JAPAN TO INCREASE o LUMBER BUYING .Greater Demands Will Be Placed Upon U. S.—Colored Labor Returns to South. BY J. C. ROYLE. 1 Dispatch to The Star. W YORK, June 18.— yurchases of lumber will be made from the United States by Japan within the next few years, according to M. B. Nelson, vice president of the Long Bell Lumber Company of Ore- gon, who has just concluded a trip o7 fnspection through the orient. “The annual consumption of lum- Ler-in Japan,” he said today, “is about 2,500,000,000 board feet. Of thfs amount approximately 30 per cent is bought from the United ates at present. The Japanese orests are being depleted, however, and from this time on the amount hipped to Japan from America will inerease rapidly “China is using approximate same amount of lumbe sut produces about $5 its own needs, whereas Japan pro duces only 40 per cent of her re ments. As a consequence, the rbed conditions in China ha 1ot been felt so acutely in lumber me other lines of business. The capita consumption in China is v low.” Sustained v ot forced F A Spee normous the Japan, per cent of in the logging and Washington Washington Iron rgest makers e he Paci 50 te of produc t rding to . and secretary ietivity Oregon the accc wsident of the se in business not on itire Pacific coast, but so takes in our trade in the Phillp- pine Islands, he aid. “We see no ngeswf w recesston. On the other and, we anticipate that expansion Will go even further and have made sur plus accordingly. 011 Shipments to China Continue, hipments of ¢ oil to China throuxi the port of Philadelphia have teen little cffected by recently polit- 1 disturbances in the Chinese re- ublic, oil men stated today. These hipments are made in <tallinents long-term and thus far nges in arr s expressed then itisfied with regard have ngements. Ives as ful- to the finan- the importers to gned. The pres shipments are comparatively small Philadelphia, but ar rler years. rpet wools has the belief that may result in The mark rdened slightly in ¢ Chinese disorde: ome curtailment of supplies with an ttendant inerease in demand, espe- clally on the part of British manufac- turers, The sale independent Pittsburgh while Chin manager of the largest steel producer in the district said today that buyers have proceeded the lust two weeks in- s from the far eust The larger part of Japan, but China vas represented s this tical iffected | s from | { Negroes Returning South. { Negro 1 which was drawn to northern tor und _industrial plants by prospects of high w <" beginning to aritt back slowly to e cotton fields and southern fac- tarfes. From Cleveland comes a r port that the number of negroes g employment in local factorie: steel mills has fallen off one-half. The extent of the migration from the south may be judged, however. by the fact that negro leaders estimate there are 13,000 of their race now in | Cleveland. Heads of personal relations depart- ments of industries in other northern clties which have been depending ‘argely on negro labor make similar reports concerning the movement he territory south of the on line. all over Cities that t Many of the south indicate field hands are returning. the workers say they wer misled by labor agents in regard to wages and working conditions in the 1orth. Nevertheless, in many sections s do not yet counterbalance SAN FRANCISCO ADOPTS NEW COMMISSION RATES By the Associated Pross. SAN FRANCISCO, June 18.—A new schedule of commission rates charged for the sale and purchase of stock and bonds by the San Francisco Stock | and Bond Exchange became effective today. On low-priced stocks the rates are lower than those charged by the New York Stock Exchange, while on me- dium and high-priced stocks the rates virtually are the same. —_—_— SUGAR PRICES BREAK; RALLY SOON FOLLOWS By the Associated Press. NEW YORK, June 18.—The early ! sugar market was unsettled. | Tuyers und sellers were apart and prices were nominal. The raw sugar futures market was irre After opening 34 points low to 10 point: et higher, u steadier feeling pre- vailed and at midda prices were unchanged to 16 voints net higher. The weakn was confined to the near positions and was due to re- newed liquidation and selling for Japanese account. After the early selling had subsided prices rallied on_heavy covering and trades buy- ng. CABLE EXTENSIONS PLANNED BY ITALY! By the Associated Prexs, ROME. June 18.—Conferences be-' tween the managing director of the Bank of Italy and representatives of other financial institutions have regulted in the formation of a con- sortium to increase the capital of| the Undersea Telegraph and Cable ‘ompany to permit the construction thin three vears of a cable con- necting Italy, Spain, Brazil and Ar- gantina; another line from the Azores to North America und a third from Italy to Greece. NEW YORK EGG PRICES. *NEW YORK, June 18 Steady; receipts, 14,416 crates gathered extra firsts, 25a26; 231824 do., seconds, 2! Baz6li: ey heimery rxtras, 38a4l 2512 New Jer- locally ~ selected state nearby and near- white, first to Jersey hennery Pucific coast unquoted; do., firsts 28 browns, whites to extra first STOCK PLAN APPROVED. THE EVENING STAR, WASHINGTON, D. ¢, MONDAY, W YORK CURB MARKET Received by Private Wire Direct to The Star Office. BY WILLIAM F. HEFFERNAN. NEW YORK, June 18.—The one im- Pportant piece of news which had con- siderable bearing upon tho curb trad- ing today was the announcement shortly after the beginning of busi- ness of a further cut of 25 cents a barrel in the price of Pennsylvania crude oil. Although it had been generally an- ticipated, professional operators used the news as a club against the oil shares, and prices fell away sharply, numerous issues touching the lowest of the year. It was evident also that a good deal of forced liquidation was golng on in this and othef sections of the list. Prorating of ofl runs/in the mid- continent und eastern flelds is now current gossip, coming from persons supposedly well informed in the oil trade situation, and it is generally conceded that 'such action will be essential unless immediate steps are | taken to bring about curtailment in output. Prairie Oll and Gas, the la of the mid-continent group, was spicuously weak, dropping 11 points to 182, where it was within 2 points of its low for the r. Losses in other of the Standard group ranged NEW YORK, June 18.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket today: “High. " Low. 8 Light 6s .... Roll Mills #e. Anzlo Am 0il Ar & (o of Del Assd Sim_H'd 8 At G & WIS Beaver Prod Cons Textiles 8. 5 Deere & Co Detroit Cit. Detroit Edison Dun Tire & Rul Fed Sugar 6y ' Fisher RBody #s Fisher Body Fisher Bod, Trunk Louiwville ¢ & E Maracaiho 0il Tx Morris & Co Tiys Xew Or 1005t T o FORE] Argentina BONDS. kS L1001 ethlds 65 1003, t 6 91 12 100 3935 Sales STANDARD OIL 1 in units Am_0il ickeye P T, ) Crescent P 1, 100 Mumble 0 & R new 13 & t Transit io Oil ne 140 Prairie 0l & 170 Praitie P L ... South Penn Oil.... 0 -lud - O Kansax new. 0 Kentucky 0 N Y pew S Barrington Oil 1 Boston-Wyo Oil.. 5 Carib Syndicate.’. Citir | Washington Stock Exchange SAL Capital Traction Co. At 98, 10 4 2 at 981, Washington Gas Light- American Security and Continental Trust Co. AFTER Potomac Electric 1xt 55—$1.000 at 971. Chesapeake & Potomac Tel. 55—$1,000 at Washinglon Gas Ts—$1.000 at 9315, Capital Traction Gx—$300 at 96% Money—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. & Telga. 4s..... American Tel. & Telga. 4145.. . Am. Tel. & Tel. ctl. tr. bs. American Tel. & Tel. conv. Anacostia & Potomac 5s. ‘Anacostia & Potomac guar. 5 & & Pot. Telephone Tel. of Capital Traction R. R. City and Suburban Georgetown Metropoll Potoma: Potomac Ele 9114 1 Alex. & Mt Alex. & Mt. Wash.. Balt. & Annap, Washington Gax 5x MISCELLANEOUS. D. C. Paper Mfg. bis. Riges Realty o8 ( Riggs Realty s (short Sec. Storage & Safe Dep. Wash. Mkt. Cold Storage Wardman Park Hotel 6s. STOCKS. PUBLIC UTILITY. American Tel. & Tel Capital Traction Washington | Wash. Rwy. & Elec. pfd. Terminal Taxi com.. NATIONAL BANK. Farmers ) Federal-American . Liberty = Lincoin National Metro gRS second 5 e National Bank of Washington. . TRUST COMPANY. American Security and Trust. Contimental T Baok. Washington Loan & Trust. SAVINGS BANK. Commerce and Savings. East Wi vings. eeurity Savings & Com. Seventh Streef American Corcoran MISCELLA! Columbia Graphophone com. Columbia Graphophono pfd. TORONTO, June 18.—A majority of stockholders of the Dome Mines, Ltd., has authorized the proposal to split up the present stock issue. Directors presently will authorize the issuance of two shares of new stock for one of the old, it is said, and eventually place the exchange four shares of wew to one of the old. ) \ D. C. Paper pfd Merclants’ Transfer & Storage. Mergenthaler Linotype. 0ld Dutch Market com 0ld Dutch Market pfd. Lanston Monotsp Se L Yel 1 from 1% point to 3 points. Cities Service common dropped off over 4 points and special weakness appeared in Southern States and Phillips Petroleum, the former at & new low for the present movement. When it became evident that those working for lower prices in_the oils were meeting with considerable success, the weakness quickly spread to other sections. Motor stocks which have practically been neglected for the past week or so were offered freely, Dupont establishing a new low. Cleveland common got down almost a point and Durant of Indlana a like amount. Reo also was under pressure. Cable udvices today reported a slackening in the demand from for- eign sources for the copper metal and although quotations in the out- side market remained where they were at the close last week, this served to check whatever buying might have entered the market for this class of stock: Goldfield, Florence and Spearhead among the gold mining shares were exceptions to the general tendency in the mining group, but for reasons pertaining to the situation in the companies themselves. The former reached its best prices in over a weck, while the latter held well above twenty on reports of increased production. 1.City Serv 61 City Serv *R! 14ty 4 14 g 33 i & 2,885,528 ulf Ol of Pa. Hudson 0l 4 Interstate Royaitles Keystone Ranger. ingston Pet . $8B5.52 T & 1 2 ut 0il Vot ‘¢fs ew Hradford ¢ Omar 0il & G Peer 0il Corp Pennock 011 . Phillips Pet new States 011 Texds Kunsas 0il Tidal Osage Oil. Turman OIl .. Wileox Oil & oniz:: INDUSTRIALS. Amal Leather . & o Dl prd Fratt Bridgeport " Mo Brilvn City & Tt Budds Huds Celluloid Co Gent Terera 10 cutrifug dron Pipe 14 Checker X Steel Wheel pt d Auto..... Auto prd Aero pfd 3 r €& % Duraut Mot of Ind Du Pout Motors . Eaton Axle ... Federal Telegraph, Firext'e Tire s pf- & Alden Coal.. ar Tire en Chem Co ptd.. Corpy T L I Rubber 415 211y 41z 1 Mesabi Iron. Midvale C Nut Leath unsiamp . Na p Co of Del. N XY Tel Co pfd. Prima Radlo' Co. Radio Corp. .... 5 Radio Corp pfd. Repett] Candy 4 1914 iton Looms ptd. o C & 1 new . Swift & C: 2 Timken Axle ... Un Shoe Mach Corp TS Lt & Heat. TS Lt & Heat 3 Univ Pipe w i 1 Warne Coal ... West Feed Migrs. White Rock ...... 3 Yel Taxi Corp N Y 1 Alaska Brit-C A L Zine B Arizona G Belcher Extens Butte & Western. Canario Copper . Candelaria Min Comstock Tunnel.. Continental Mines. . Cons Cop Min t cfs. Cortez_Stiver Cresson Gold . Dolores Esper ... Emma Stlver Eureka Croesus . Fortuna Mines Goldfield Developmt i Goldtield Deep Mi; Goldfield Florence Goldfield Jackpot Gold_Zone Henrietta_Siive Hill Top Nevada Hollinge iccla Mine | Homextake Ext . Howe Sound ... Independence ‘Lead. Tron Blossom Kewanas Mioing Knox Divide Lone Star . La Rose Mino reh Mines . hican Copper tional Tin bob_Cons . Cornelia w Domin Copper N Y Porcupige . Nixon Nevada 1 Nipissing Ohio Coppe: Premier Gold ) Ray Hercules Inc £ Rex Cons ... Richmond _Copper st Croix Cons. Silver Queen M C.. . Stiver M of Auier, Bliver King Cons. 8o Am Gold & ¥ Spearbead Gold Stewart Mines Teck Hughes . Tono Relmont ', Tonopah Divide Tonopah Extens. Tonopah N ta Tnited Eastern % 3 Uo Imperial Mioes .89 United Verde Ext.. 341 U S Contl new w i Tnited Smelt. "3 nity Toan 04 ':5_-:‘2'2_. § E 5.5 7% 5 West West End Ext .... .01, Yukon Gold . 5,206 e VISIBLE GRAIN SUPPLY. NEW YORK. June 18.—The visible supply of American grain shows the following changes: Wheat decreased 1,596.000 bushels; corn, decreased | 946,000; oats decreased 1,196,000; rye decreased 160,000 bushels; barley de- creased 21,000 bushels. BAR SILVER QUOTATIONS. LONDON, June 18.—Bar silver,| 321-16 pence per ounce. Money, 1% per cent. Discount rates, short, 2 1-16 per cent; three-month, 3%. NEW YORK, June 18.—Foreign bar silver, 6 ; Mexlican dollars, .50%. CALL MONEY HIGHER. NEW YORK, June 18.—Call money stronger; high, 5%: low, 4% ruling rate, 4% closing bid, 514; offered at 5%: last loan, 5%: call loans against acceptances, '4; time loans stead: mixed collateral, 60-90 days, 4% ab; 4 to 6 months, b; prime commel paper, 5. {ment on foot to create a base supply 143,450 GERMAN MARKS FOR §1.00 Another Sharp Drop Today. Less Than Half Rate of Austrian Crown. By the Associated Press. NEW YORK, June 18.—German marks made another sharp drop to- ward the vanishing point in today's foreign exchange market, being quoted at .0006% cents, less than one- half the rate for the Austrian crown, | which is pegged at .0014 cents. At today's price the American dol- lar would purchase 145,450 German marks, which at the normal pre-war rate would have been worth $39,617.10. ALARM IN GERMANY. Mark’s Further Collapse Causes Consternation in Berlin. By the Associated Press. BERLIN, June 18.—The mark fell to 143,000 to the dollar at noon today, causing serlous concern in_financiai and business quarters. The rate opened at 130,000 and had advanced more than 10,000 within an hour. A report is current that the Reichs- bank discount rate will be increased shortly from 18 to 30 per cent. EXPORTS OF GRAIN SHOW BIG SLUMP Last Week’s Figures 2,857,000, Against 4,019,000 for Previous Week. Grain exports from the States last week amounted to 2.857.- 000 bushels, compared with 4,019,000 bushels the week before. Figures given out today by the Commerce Department made the fol- lowing comparisons of grain exports last week with those of the week previous: Barley, 000 bushels, against 52,000; corn, .000, against 344,000: oats, 17, gainst 18,000; rye. 336,000, agal B adian grain in t to 763,000, against 7 week before. FREIGHT MILEAGE SETS RECORD SINCE 1920 Performance statistics of freight cars for April show that the daily movement per car was the greatest for any month since the fall of 1920 when freight traffic was heavy, the bureau of rail nomics announced yesterda The daily average for the month was twenty-eight miles, which also vas higher than the average for any since tabulations of theseé sta- tistics began in 1917. The average for April_was_an_increase of one mile over that for March. 1t also an increase of 6.7 miles over the average for April last year and 7.4 miles over the “average for the same month in 1921 BRISK MINING REVIVAL PREDICTED IN WEST Special Dispatch to The Star. FRANCISCO, June 18.—A brisk of metal mining in Nevada and California was forecast by promi- nent mining men here today. In ad- dition to activity in the gold and sil- ver properties there is a strong move- sit amounted ,000 bushels the of materials needed in building and industry on the Pacific coast. It was pointed out by C. E. Jarvis of the Western division of "the American Mining Congress that lack of power. chich had held back developments in outlying regions, had now been overcome by means of new hydro- electric syste MAY CUT OIL OUTPUT. SHR ORT. La., June 18.—Ac- cording to an official’ of the Louisi- ana-Arkansas division of the Midcon- tinent Oil and Gas Association here, a meeting of representatives of this divison is scheduled for next week to consider a proposal to curtail opera- tions in the Arkansas and Louisiana flelds. This official who recently visited Smackover, said the question of shutting down operations there for a while because of the low prices | is being agitated. DIVIDENDS RESUMED ] AFTER FOUR YEARS By the Associated Press. GRAND RAPIDS, Mich., June 15.— After a 1apse of four years the Amer- ican Public Utllities Company, with headquarters here, has resumed divi- dend payments on its preferred stock. Dividends on the various classes of preferred stock averaging 1% per cent quarterly were declared by the board of directors. The company controls extensive hydroelectric developments in Wis- consin and Minnesota, supplying some of the light and power for Minne- apolis and St. Paul, and large steam- power electric plants in west central Indizna, providing light and power for Indianapolis and many surround- ing towns and cities. It also con- trols twelve gas plants in several states, e GOODS GOING FREELY INTO DISTRIBUTION Car Loading Records Indicate No Accumulation at Mills of Serious Nature. By the Assoclated Press. NEW YORK, June 18.—Car loadings continue at 4 high recor@for this sea- son, this is interpreted in financial circles as an indication that goods arc going freely into distribution and not accummulating at the mills. There are other indications that industrial actlvity continues at very near the record rate in spite of the relaxation reported for some of the basic in- dustries. The census bureau’s report on cot- ton consumption for May showed to- tal takings by the mills of 620000 bales. This is only 3,000 bales less than the record figure for March, and 15 held to indicate that the temporary suspensions by a number of mills in the Fall River district had very little effect during that month on the total output of textiles. Dur-| ing the past week, however, there has been further curtailment by mills in other textile centers in New ling- land. PRICE AVERAGE LOWER. Prof. Fisher Also Announces Buy- ing Power of Dollar. Special Dispatch to The Star. HAVE: Conn., . Irving Fisher's weekly index number of American commodity prices. based on 100 as the average for 1913, is 159 for the | past eek, comparing with 160 one nd two weeks ago. with 162 on Ma %7 and with 168 for the week ended April 7. The highest of the present year to date was the 168 of April 7, the low- est 156 in the first and second weeks of January. The highest point rea since the war was 247 in May, and the lowest 138 in January, 19 The purchusing power of the dol Way 62.8 pre-war cents, e SHORT-TERM SECURITIES. (Quotations furnished by Redwmoud & Co.) ~—Noop —— ofe 1035 June 18—| copyrighted Aluminum Co. of Amer. Alnninum Co. ¢ Tiell Tel. of Canada Canadian Northern 515 Argentine Ry, 1 Leatbe § Kennecott Copper s 1030, Libby, MeNeil & Libb P, & 8.8, M. 61y & Co. Tigs 1030, Peopa. RB. K. Tn 103 St. Paul Union Depot Roebuck & Co. Standard OI1 of Calif. 7s 1631. Tidewater Ol 6'gs 1631....... ion Tank Car 7s 1 T, & Rubber 7ize 1630, 00000 Wextern Unlon 8lgs 1935.....0 108 Westinghouse L. & M. s 1931, 107% ——— TREASURY CECRTIFICATES. (Quotations furnished by Redmond & Co.) ——— Noun. Bid. M. Sorris Rate—Maturity. 3% September 15 31(s September 3s*” Deceniber 43gs March 1 53s June 15. September 43 March 15 ias Gis i Capital One Million Dollars H 14th & H Streets O Reservations Accepted Now for July Funds EXAMINE at your leisure the booklet describing our current offerings, make your selection as to issue and maturity, and you desire FOR FUTURE DELIVERY if your funds are not available at this time. NO DEPOSIT is required on investments re- served for 30 days, though upon payment of 10% of the purchase price re for longer periods. All payments draw 6'2% in- terest from date received. If you wish to pay in ment Savings Plan affords a means of earning 6%% on all partial payments, with A MONEY . .BACK GUARANTEE of principal and savings bank interest in the event you are unable to com- plete the purchase. Denominations: $100, $500, $1,000 Maturities: 2 years to 15 years Federal, State and D. C. Tax-Free Features Call, write or phone Main 6464 today for our current offerings booklet ke F.H.SMITH CO. CFounded I873 reserve the investment servations may be made installments our Invest- FIRST MORTGAGE INVESTMENTS ‘ 1414 EYE STREET, N. W. , JUNE 18, 1923. First Mortgage Loans Lowest Rates_of Interest and Commission. Prompt Action ‘Thomas J. Fisher & Company, Inc, 738 _15th _Street ik, 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 grivatc wire from New York pecial phone, Foreign Depart~ ment, M. 8222 The Washington Loan and Trust Company 900 F Street 620 17th Strest Jowns. 1a1 Loas & Fi oo 313, ¥31. 155 Bt MW Gystoin Copyrighted & Fatent £ | aA AAE Money to Loan | Becurs: by first deed of trust on real estata. | Prevailine interest and_commission. I Weller @7t 55 & We Specialize in Property Management RENTS Over a Quarter Of a Century Experience B.F. SAUL CO. 1412 Eye St. N.W. Phone Main 2100 Send For Our List of 7% FIRST MORTGAGES We have on hand_several very cholce $3,000, $4.000 and $5.000 loaus runalng for three years— At 7% Interest Ready for Delivery in a Few Days CHAS. D. SAGER 924 14th M. 36 Mortgages, Loans, Investments. EQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED Assets . $4,657,959.58 Surplus . -« .$1,180,880.91 Systematic Saving —1s the most effectiva means of accumulating money. Results have establishied this fact. Join the Equi- o and save systematically you in a fnancial way 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. | FINANCIAEL, Wa:lu‘ngmn's Oldest National Bank How We Can Help —make your summer sojourn more restful, enjoyable, beneficial, is a matter we would like to discuss with you. 1 This bank does a general trust business, you know, and is prepared to act as General Agent, or in any other fiduciary capacity for you while you're away. g 27 Talk it over with our Trust Officer Organized in 1514 Qur 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 FIRST MORTGAGES The Safest Security on Earth (o We offer, subject to prior sale, g limited issute of First Mortgage Real Estate Loans at 7%, interest, secured on well selected, newly constructed residential property in Northwest Washingtoi. Call or write us for full informa- tion concerning these loans. CONVENIENT DENOMINATIONS $250 $500 $1,000 Ask for Descriptive Bookler “S"—It's Free WILLIAM S. PHILLIPS First Mortgage Investments 15th St. at K St. NW. $100 Main 4600 Your Maturing Investments F you have an investment about to be paid off, you will want to get the high- est return by keeping your principal con- stantly at work. Our organization is so planned that we can keep your money invested and re- invested in First Mortgage Notes on improved Washington real estate, so that your principal is earning for you without intermission. These Notes are obtainable in denomi- nations of $100 and upwards. Call today and arrange to reinvest promptly the funds made available by maturing in- vestments. 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