Evening Star Newspaper, June 23, 1923, Page 13

MORE TIRE FIRNS MAY CUT PRICE Expected to Meet Latest Re- duetions, But Possible Trade War Is Doubted. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, June 23.—Announce- ment that the Goodyear Tire and Ttubber Company, one of the largest {actors in the tire industry, has made reductions to meet competitive prices is expected to bring all the other tire producers who -have not taken like steps out into the open with similar announcements. The Goodyear cut, as protection to dealers, is made re- troactive to June 11 Rumors have been rife in the tire industry that many makers who had not fermally reduced prices had been shading list quotations, but the Fire- sione, Miller, Mason, General and other tire companies, have made for- mal reductions. The movement is not expected to develop a trade war at present, according to some tire com- pany executives. They declare that the volume of sales today would not support a war, and reports from Akron and some other centers indi- cate that production has been cut since the lower prices were an- nounced intead of increased. The out- put of the Akron plants now is down 10 80,000 casings a day. On the other hand, some Penn- sylvania manufacturers stated today that the volume of business since the cut was announced Was “enormous, sales running 50 to 100 per cent above last_season's records. Competitors emphatically deny this, pointing out that the majority of -dealers were stocked up for six to eight weeks in advance and that there has not been time even for extraordinary sales to Do reflected in factory demand. Some of the largest makers asserted that there was no big business reported . anywhere and that sales were not above seasonal expectations. Shoe Business Prospering. Shoe manufacturers are working at top speed in practically every sec- tion of the country except New Eng- land. Distribution i proceeding ap parently without regard to territorial advantages. The Endicott-Johnson Company, with factories in New York state, have shipped 135,000 pairs of ghoes to the St. Louts section in the st ten days. St. Louis, one of the largest shore centers, is shipping to New England, where the factories at Lynn and other cities are turning out shoes by the thousand. John L. Norvell, shoe manufacturer of Huntington, W. Va., and president r ational Association of Credit tatod that the wise business policy today was “full speed ahead.” . “Commodity prices have been fairly well stabilized at present levels,” he . “There has been no appreciable inflation and there will be no defla- Chedit conditions reflect con- fidence. With & freer interchange of ledger information through a central bureau and with more frequent re- course to friendly liquidation, instead of bankruptey proceedings, still bet- ter conditions should prevail.” Shoe sales are expected to be 15 per cent above 1922 for the current year. In spite of this fact, however, hide prices are showing a softening tendency, due to large production in outh America and increased cattle receipts at American stockyards. Nom-Ferrous Motals Weak. The lead and zinc markets have shown 2 weaker tone in the last few days. The American Smelti It-fining Company’s reduction in the price of lead from 7% to 4 cents is taken as refizcting the increased im- vorts of that metal from Mexico, while the weakness in zinc is due to the sharp increase in production ind failure of producers to sell heavy tocks on hend. Copper production s increasing steadily and the market is quiet, but the known requirements of hoth domestic and foreign con- sumers are having a stauilizing tendency on prices. Woolen Mills Well Engaged. Woolen mills are working at a sat- iefactory rate, but buying of raw wool on the westera ranges has elackencd perceptibly. Buyers were 1ot permitted by their principals to #o above a certain figure, which nrowers declined to accept. As a Tesult many of the fleld men have Leen recalled and the growers storing their wool or preparing to ship on consignment. Overproduction of crude oil still is unchecked and is straining even tte sreatly expanded storage facllities in rractically every field. (Copyright, 1923.) —_— TODAY’S COTTON PRICES. Market Shows Renewed Firmness During Short Session. NEW YORK, June 23.—Cotton futures opened firm. July, 27.72; October, 25.13; Desember, 24.70; January, 24.3 The cotton market showed renewed firmness during today’s early trading. Apprehensions _that the approaching zovernment report would point to a lint crop of less than 11,000,000 bales, were evidently increased by the publi- cation of another private set of condi- tion figures, This was issued by a south- western authority, who placed the co: dition of the crop at 69.7, the increase in acreage at 7.21 per cent and the in- dicated yield at 10,850,000 bales. ,, NEW ORLEANS, June 23.—Cotton futures opened steady; July, 27.75; Oc- tober, 2458 December, 24.20 January, 24.00; March, 23.90. Advances of 22 to 41 points were made by cotton in the first half of the session today, July bulging to 28.05 and October to 24.86. Buying was caused by further talk of unfavorable end of June condition reports and by the organized support offered in the financial market. 1t was considered that too many show- ers fell in the eastern division of the belt and buying increased when the fore- cast was posted, as it called for fur- ther showery weather over Sunday. NEW YORK, June 23—Cotton futures cloned steady; July. 27.46 to 27.85; October, 25.38 to 25.40; Decem ber, 3685 o’ 230; January,” 3081 arch, X otton, s . middling, 29.10. pORTiRieNLY NEW ORLEANS, June 23.—Cotton futures closed steady at net advances of 18 to 26 points; July, 2 October, 2476 to. 248 y 24.37 to 24.42; January, .16 to 24.18; Spot cotton quiet, 2i sales on the spot, 98; low ‘middling, 28.50% 00d Iniddiing, 28.76. and Marec] .00, points higher; 10 arrive, none; sniddling, 29. FINANCIAL NOTES. MINNEAPOLIS, Minn.,, June 23— Forty from Milwaukee and amo! passed through here last w. en route to Fargo, N. Dak. It is the ment in months and is an encouraging sign of improved conditions in the agricultu- ral industry, The train made fre- quent stops en route instill an optimistic spirit in farmers and busi- hess men, RALEIGH, N, C., June 23.—Reail- yoad income taxes in North Carolina for 1922 were more than double the 1921 total. Taxes for both years are payable this year, and a: result budget commission’s estimate of 3,500,000 bids fair to be exceeded. NEW YORK, June 23.—Middle States Ofl Corporation and subsidiar- ies, for quarter ended March 31, 1923, report net income of $1,888,357 after expenses and reserves for federal taxes, otc., but before deplotion. This is equivalent to 46 cents a share ($10 aro | March, | ed in the last week of May, accord- carloads of farm machinery [} L, s the | Co.; Lee Higgl FINANCIAL. THE EVENING ST NEW YORK cUrs MARKET | |WEEK SEES GRAIN Received by Private Wire Direct to The Star Office. BY WILLIAM F. HEFFERNAN. NEW YORK, June 23.—The ourb market ¢nded the day with few net changes of consequence. Traders Were evening up their position over the week end and this involved a Beries of varying pri movements without any important results any y. After Friday's rally Prairie Oil and Gas had a sharp drop and this was NEW YORK, June 23.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket today: BoNDE Packers 8s.. 65 2 Alum Ty 25 Federal Sugar Gs '338 7% Fisher Body 6s '28. General et 6s 7 Kennecott Cop 7s. 93 Southern Cal Ed 5s 00 ON Y Ts '39.... 105 FOREIGN 1 Russ Gove 8% 1 Nwiss Gort & B BTANDARD OIL 1SSUES. in unite Continent Ofl pew. B35% ent P L 25 mp Ofl of Can’... 100% 1000 Inter’l Pet Co Ltd 17 200 Nat Transit 2% 400 Ohio Ol new 80 Prairie Ol & 1400 Vacuum Oil new. 50 Washiogton Oil Sales in " hundreds. INDEPENDENT OIL STOCKS. 1 Arkansas Nat Gas.. 5 Barriugton Oil. 2 Boston Wyo Oil 2 Cardinal Pete. 888822, 58, 0B, LS 2 e %a 10 Midwest-Tex ~Ofl.. 8 Mount 17 Mutual O V efs TWO MORE TIRE FIRMS JOIN IN PRICE CUTTING, U. S. Rubber and Kelly-Springfleld Hasten to Meet Other Reductions. NEW YORK, June 23.— United| States Rubber announces a reduction | averaging about 11 per cent in prices | to consumers of its complete line of autompbile casings and tubes. A re- duction of approximately 10 per cent 15 also made effective on solid truck tires. These cuts fully meet reduc- tions recently announced by other tire manufacturers. Kelly-Springfield Tire has revised prices on fabric line, which consists | of Ford size casings and other four- inch sizes, to meet cuts by other manufacturers. They have made a nominal reduction in gray tube line of a few cents a tube. Balance of list remains as of May 15. PURCHASE OF AUTOS GAINS IN COUNTRY Reports Show Slowing Down in Demand Is Only in Larger Cities. NEW YORK, June 23—The output of passenger cars and motor trucks for the first week in June shows the same level of activity as was record- ing to Automotive Industries. It is not expected, however, that the shorter working month, with a se- quence of unusually high production records behind it, will reach the 405,000 mark established in May. It is pointed out that seles are taking a greater swing toward agricultural districts, and whatever slowing down in demand is evidenoed in the larger cities is being made up to a large extent by more active buying In farming regions. CONDITION OF TRADE. Bradstreet’s Notes Small Gain in Retail Buying. NEW YORK, June n—nuameec'si Review today says: A very fair measure of improve- | ment in crops and a smaller gain in retail buying and in reorder trade with jobbers of summer goods fol- lowed clearing skies in the south and west, while needed rains have made for' a better crop outlook in} the northwest. These natural de- elopments in a favorable direction for the week are to be considered over against some, at least tempo- rarily, " disturbing features in the ;‘ ape of failures of two old financial nce, at which means for ol taining better prices for this product were discussed, and sympathetic or [ al weakness in other commod- which seem to make it fairly cel n that June will another decline in price index n rs. ‘Weekly bank clearings, $7,808,1 MORE FARM LOAN BONDS. is reported that a syndicate d by Alexander Brown & Son f Baltimore, will announce a new issue of $45,000,000 435 per cent Fed- eral Farm Loan bonds, due 1933-1953, Monday. The offering price will be fli;hlly above par, it {s understood. 'he last Federal Farm & Son, Brown Bros. & Co., the tion City Company, Harris, Forbes & igginson & Ci ty Company of New York 75,000,000 4%s st 10060, to ield 4.45 per cent. Dated January 1, 923, the April flotation was redeem: able’ in 1953 and due in 1983. ‘WILL DECIDE ON BANK. A decision by the Federal Reserve Guaranf offered | bound to increase for some time yet | and that relief was a long way dis- | cials have ordered rigorous curtail- jable to maintal Loan issue | Arizons Oom ‘was April 16, when Alexander Brown | Bost he Na- |Cal Ce 0. and_the | Cou one of the few features of the two hours of tradins. This was set down to selling of the left-over sort; that is, selling which had not been com- pleted during the period of severe d cline in the middle of the week. No material change occurred in the rest of the olls. In the industrial Dublier Radio w. moving up from 7% W . Eton Axle was strong above a0 Ol . 18 Wileox Ofl & INDUSTRIALS. 11 Acme Coal bew. 5 5 Amal Leather 15: 14m G & E new w 1. 14 22 mer Btores . 8 Atlantic Fralt ridgeporf 2 Bklyn City B 2 B uddy Buds 8 Cent Teresa 4 Chi 1ppl 4 Trust 20 Chic Bteel 20 Chic Bteel Wh % Colorado P & Lt 23 Dublller C & Radio. 2 Durant Motor ... 2 Durant Mot of ind. ton Axle rp 2] 1 McCrory Stores new 45 14 McCrory Btores ... ¥ Y Tele Co o sualusSiBued FREFFS 100 Booth Mining. 1 Butte & Western, 3 Canario Copper . 460 Candelaria Min ... 4 Con Cop te' et 12 Cortes Siiver . 80 Cracker Jack 80 Fortuna Mines 710 Goldfield Deep Min 241 Goldfleld Fiorence. .65 10 Hardshell Min . Bo eenaes ok 18 N 10 N Y Porcupine . 13 Ohlo Covper .. : 2 Ray Hercules Ine. 150 Red Hil 10 Ban T 8 Bilver 10 Bilver L3 pet 10 Tonopah Divide 10 Tono Midway . 1 Trinity Coj 8 United Eq 2 Un Imperial M 2 United Verde Exi 8 Cont new w 1 . ® = B2 3R2RERERR. U8 Apex ... End Cons End Ext COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY SAN FRANCISCO, June 23—R. E. Cullom, state gas and oil supervisor, said today that with 652 new wells being drilled in the state, and esti- mating that it takes seventy-five days to complete a well on the aver- age, overproduction in California was tant. Standard Oil ot California offi- ment of all their production. | NEW ORLEANS, June 23.—Men's| and boys' summer clothing is selling in large quantities today throughout | the south, but sales of women's ma- | terial, millinery and silks have fallen | off since June 15. Fine cotton goods are active. { PITTSBURGH, June 23.—More than 18,000 men are employed day and night in the Carnegle Steel Company lants at Homestead and Dugquesne. ere is a shortage of labor in the valley today, but the big plants are n full operation. The blast furnaces of the district are in full operation. BELMONT, N. C. June 23—The | Art Clothing Mill Company of this!: lace has let a contract for a new | §1,000,000 textile_ plant which will | manufacture the finer grades of cloth. ATLANTA, June 23.—There I8 lull in the shipmaents of Georgia peaches for the time being, but the Carmen variety will commence to move to market next week. More than 1,200 carloads of early fruit have been sold. Within two weeks the Elberta peaches, which constitute the bulk of the state crop, will begin to move, [ — BUTTER PRICES NERVOUS. Only 8light Changes Reported During Past Week. CHICAGO, June 23.—Only slight price changes were recorded in the butter market during the week end-.| ing June 23. Trading was marked by nervousness and unsettled condi- tions. Dealers generally were free sellers, while jobbers, as & rule, bought only for their current needs. ‘Wholesale prices for 92-score butter cn the principal markets were un- changed, except at Chicago, where a one-cent loss was registered. Closing prices were as follows: Chicago, 88%; New York, 39; Boston, 40; Philadelphia, 40. CHICAGO STOCK MARKET. CHICAGO, June 23.—Following is a report of today's saies, high, low and closing quotations at the Chicago Stock Exchange: 8 High, Low. 175 Armour of Tl pfd. i6% 15 18 Commonw'en Blieon 1371 121% 100 Gill Mfg . 20 19 BOSTON STOCK MARKET. June 23—Following 35 1 UER outias PRICES SMASHED Helps to Overcome Part of New Low Records. CHICAGO, June 23.—Smashing of low price records for the season has been witnessed almost daily in the wheat markst this week, but revival of export demand h partly over- come the effect. The sharpest break in values accompanied the announce- ment of a heavy failure on the New York Stock Exchange. Compared with a week ag0, wheat this morning was 4 to 6% lower, corn % to 3% up, oats % to % off and provisions at 20a22 to 35 decline. Opinions expressed by Secretary Wallace of the United States Depart- ment of Agriculture that low prices for farm products were largely due to overproduction were seized upon by bears as a ground for selling wheat, and then the shipment of the first car of new wheat from Okla- homa this year was made the basis of a further selling movement. Rains in the northwest, where drought had been complained of, gave additional emphasis to bearish sentiment, and 80, too, did the fact that crop reports from the southwest were less un- favorable than for some time previous had been the rule. Attacks on trading methods alleged to have been practiced here were asserted in some quarters to have been largely responsible for subse. quent breaks in the price of wheat, but the breaks referred to followed much more closely the new: unlooked-for important suspe: Wall _street. Meanwhile estimates that the probable yield of wh 1 Europe this season has been reduced 000,000 to 40,000,000 bushels by bad T helped to acoount for the timely renewal of export demand, and bulls were also aided by unusual absence of hedging against new win- ter wheat. Scarcity of offerings lifted corn t & new hizh brice record for the sea. . Oats mon ! mirrored the action o Hot weath, Bes B er curtailed demand for BAR SILVER QUOTATIONS. NEW YORK, June 23.—Forel; silver, 643 ; Mexican dollars, T8 B NDON, June 23.—Bar silver, 315-16 per ounce: money, 13 per cent: discount rates, short bills and three- month bills, 23-16 per cent. DIVIDENDS, Stock of record, 23 23 Pr. Raf Q 2 S Company. Arlington "Mills, Auburn Anto, Auburn Auto Famen R SRAJZTANES Beswows| Dominion Steel pf Q Fid-Phenix F Ins.sa ... Q en Disc Corp. Hollinger Mines mth Jones Bros. Teac. Q Jones Bros T. pf..q F M Lupton X ¥ &i¢ Brake Phila. Ins Wiresa Pacific Tel & Tel Q Procter & Gamble Q R ...':: smmns 833 e e 7g885a e B E R ZER | s Rz RN pREs Proc & Gamb.stex Pr & Gamb 8% pf Albert Pick new. 254 - B R A 27838 4 2 U 8 Radiator pf. J § Indis Ale pf. Mortg & Te.. EQUITABLE Co-Operative Building Association Organised 1879 434 YEAR COMPLETED Assets $4,657,059.58 Surplus $1,180,880.91 Savings With Best Results. Our systematic plan has proves to be the most effective method of sav- ings. Join the Equitable now, Subseription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Seey. ““ td Of Our First Mortgage Investments are placed on the most con- servative valuation; never has one of our clients lost as much as a single penny in either principal or interest. ‘We collect and remit interest the day due, furnish insured title certificates. Can accommodate investors with amounts of $250 up to $5,000 or more, bearing 7% in- terest. 2 “Invest in rst mortgages aad be safe.” Chas. D. Sager Loan Dept. | M. 3¢ 924 14th St. 38 We' have clients who | have funds amounting from $500 to $100,000 for pur- chase of second-trust notes. Low rates if secur- ity is good. WASHINGTON, D. O, SATURDAY, 5 First Mortgage Loans mhmdhm;‘:c‘-l—h Prompt Aet ‘Thomas J. fhhr Q.&my. Inc. fion, 23, 1923 To Investors An institution of high standing, id_dividends without ferred and Common Address Box 148.V, Star Office. 8% First Trusts 8% A thw% Flnll"l;ruu $1,500 to g.m All Papers Furnished Yoy Ve e s Phono Main 3908 Your FIRST MORTGAGES The Safest Security on Earth Every mortgage is lesk than 50% of the ready market value ; of the property ’Z Security. . Insurance Against Loss. . 4. 5. Protection Against Depreciation. Prompt Payment of Interest. P o Peading. Reinvest 6. 7. Repayments of Principal in Full at Maturity. Convenient Denominations—Write or Call for Information WILLIAM S. PHILLIPS First Mortgage Investments 1409 N. Y. Ave. N.W. Main 4600 GILT-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 Second Trust Notes Warehouse Receipts and Make Construction Loans B e Eotablished, 1889 N2 Fifteenth Street f’mam6888—a We offer a safe 7% Investment You cannot find anything more bas- ically sound than real estate—nor any form of real estate investment more attractive than First Trust Notes. Everybody concedes that. We are issuing a series of these First Trusts upon a most attractive piece of down-town realty—dividing them into convenient denomina- tions—$100, $250, $500, $1,000 and so on—which will return 7% interest. There's no speculation about it. Our Mr. Boss, Mr. Phelps or Mr. Webster will be glad to give details. Boss and Phelps ‘The H of Hi 1417 K Street RS THE OLDEST INVESTMENT First Mortgages are the oldest form of investment known. After four thousand years of usage they are still considered to be the safest form of invest- ment. Our FIRST MORTGAGES Quarter of & Century Without a Loss secuned by income-producing real estate, are further safe- guarded by thirty years of ex- perience. F. SAUL CO. 1412- Eye. St. N.W, B. Mair 2100 Taisrrapiitin ‘o, both i ‘0B .l"“'kl“lflflll stocl to fumnish those who are interested. No 4 to Phone Main 4340 J FINANCIAL, 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 gon- 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. Swartzell, Rheem & Hensey Co. 727 15th Street Northwest 54 Years Without Loss to an Investor Save and Invest We would advise immediate pur- chase of our Real Estate Notes while 64% interest is available. They will mature in three years or shorter periods if required. SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY, Paying 6 and 612% (PAYABLE SEMI-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 INFORMATION Since 1906 MORTGAGE DEPARTMENT, 713 14th Street N.IV. ON FIRST MORTGAGES “Over Thirty Years of Real Estate” Stone & Fairfax 1342 New York Avenue Main 2424 Member Washington Real Estate Board It takes experience to master problems There are no two rules that are exactly alike—yet the same general rules may be applied to_the various problems, like the rule of multiplication may be applied many ways in mathematics. It's Experience that knows how to work the rule. For over 30 years we have worked and studied Washington real estate. Every effort and facility of the organization is and has been directed to various solutions. There is practically no experience we have not met and mastered. Such service is the service you want, and profit by the as- surance of Success. WE SELL PROPERTY WE RENT PROPERTY WE PLAN INVESTMENTS Well known Real Estate Specialists constitute the personnel of this office John T. Meany, President Robert H.:Stone, Vice Pres. ‘W. W, Stewart, Asst. Sec. par value) earned on $30,000,000 cap- | Board within two weeks on the ap- Frederick Johnson, Secretary-Treasurer ital stock and compares with net in- | plications of the Boston and Atlanta ) come_of $1,767,008, or 77 cents a share | reserve banks for the privilege of es- [y on $22,870,651 ‘stock ‘in eorresponding | tabl ency 1 Waldact National Leatbier . s‘élex--g guag ishing an ag period of 1922, dicted by a board spo!