Evening Star Newspaper, June 27, 1923, Page 23

FINANCIAL. \ LOWER L PRICES | FAST APPROACHING Sinclair President Sees But One Outcome to Piling Up of Huge Reserve. 5 BY J. C. ROYAL. Special Dispatch to The Star. NEW YORK, June 27.—Conditions in the ol industry are bad and get- \ ting worse, according to J. B. Me- Mahon, president of the Sinclair Ol and Gas Company of Tulsa, Oklahoma. Over-production, he said today, would continue for at least a year and lower prices for ol during the remainder of the summer and next winter appear inevitable, “World production today is greater than world demand” he sald. “As a result storage all over the country 1s being taxed to the limit.” He de- clared that oflmen had foreseen the necessity of purchasing agencies pro- rating their buying and taking only @ certain percentage of the produc- tion of each producer. Predicts Lower Priced OIl “Over-production, according to my bellef, is the result of improved re- fining methods and to output of a higher grade of oil rather than to a decreased demand.” McMahon added. acking processes now in general vield' approximately 25 per cent more gas than the methods in use & few years ago. From this it can be Been that 75 per cent of the oil pro- duced two years ago would be suffi- clent to supply the demand for gaso- lene. Asked where he thought present conditions were leading the oil in- dustry, he promptly replied “to low- er-priced ofl.” _“Purchasing agencies,” he con- tinued, will be forced to run the price of oil ‘down to a point where it will not be profitable to drill more wells Cut in Output Seem. Qil men here believe that the cu tailment due to prorating of pipe- line runs in the midcontinent field will result in a decided reduction in production as no pipe-line company will accept more oil from producers than it can sell to refiners. Efforts 10 lower output by voluntary action . ©of producers in the midcontinent fleld have not been successful, and if the prorating of pipe-line runs proves no more efficacious, lower prices are gen- erally anticipated. The announcement of the prorat- ing of pipe-line runs has been fol- Jowed by rumors of the sale and merger of many independent oll con- cerns in the midcontinent field. The object of such consolidations would be the cutting down of overhead and conserving of finances during the period of low ofl prices. Hard on Small Producers. It is also pointed out that during the period of higher oil prices some of the smaller producers deserted the large purchasing companies. Now they find that the Independent pur- chasers cannot absorb their output. N while the large concerus are taking care of their steady customers first As a result the oil of such pr ducers is going begging and they face the necessity of building stor- age facilities and storing oil with but little cash coming in to care for operating expenses. These facts, a cording to reports from Tulsa today. are making the smaller independents more willing to listen to offers for the purchase of thelr holdings. Re- cent visits of representatives of the Roval Dutch Company have led to mention of that concern in con- nection with acquisition of new prop- eriies New Wells Boosting Supply. To udd to the complexity of the sftuation In the southwest the new 11 Field in Navarro county, Tex. ming recognized as a factor in the industry. New wells brought in in the Powell Field are holding the Texas production up to a high mark despite curtailment of operators in other sectfons. In less than six months production at Powell has risen from nothing to 20,000 barrels a day and operators there express belief that it will become another { Mexla Fleld with an output of 75.000 to 80,000 barrels daily. In the meantime, steel companies are being pushed to the utmost to supply plates and other materials for storage tanks in a dozen differ- ent sections of the countr; On the other side of the picture stands the fact that gasoline consumption in the TUnited States Is increasing steadily. Columbia Motors Wants \ Liberty Motor Company Wpecial Dispateh to The Star. DETROIT. June —The stock- holders of the Columbia Motors Com- pany have authorized the concern to bid for the property of the Liberty Motor Company at the receivers sale to be held July 3. If the Liberty plant s acquired the Columbia com- pany will move from its present quarters. and both Columbfa and Lib- arty sixes will be produced at the % Liberty plant. As a result of further action by the stockholders, the capitalization of the Columbla com- pany will be reduced from $6,000,000 to $3,000,000. Two shares of old $10 par value stock being exchanged for one share of new no par value stock. The Federal Motor Company has in- creased its dividend rate to a 12 per cent annual basis from 8 per cent. Slump in Wholesale Trade Noted in New Orleans Epecial Dispateh to The Etar. NEW ORLEANS, June 27.—~Jobbers and wholesalers have received a few cancellations of orders in the last two days from country merchants. The reason assigned for these cancella- tions which were not numerous enough to cause alarm, was unsatis. factory crop outlook and disappoint- ing business. It is the belief of the wholesalers here that they were in- fluenced by unsettled conditions in he New York stock market and some €t the commodity markets. These mne being watched almost as closely by the average merchant in this section as by speculators as an index to the probable course of merchandise walues. DIVIDEND INCREASED, NEW _YORK, June 27.—Directors “ of the Federal Motor Truck Company liave declared ‘a quargrly dividend of 3 per cent, payable July 10 to stockholders of record July 3. Pre- viously 2 per cent had been paid quarterly. “The dividend declared vesterday thus raises the stock from an § per cent to a 12 per cent an- Dual basts. BUILD NEW TRACKS. SHELBY, Mont., June 27 (Special) ~—Parking trackage for 300 spec! { cars, three temporary depots, a tel graph station and other temporary Luildings are being constructed by the Great Northern rallroad to han- dle business, occasioned by the YDempsey-Gibbons fight. Telephone lines are being increased and ex- tended. — U. S. TREASURY OERTIFICATES. {(Quotations furnished by Redmona & Co.) ~—N Bhi1.00 OEF. 100 158" 100 338 100 " 457 Septemy 556 4%e Marca 10, 1 Ao 4168 Decomber 15, 1927 W .YORK CURB MARKET THE EVENING Received by Private Wire Direct to The Star Office. BY WILLIAM F. HEFFERNAN. NEW YORK, June 27.—Losses of a point to 2 points occurred on the curb exchange today before there were any signs of the downward movement halting. There was not, however, the same degree of weak- ness as there was on the stock ex- change. Recent announcements of pro-rat- ing of pipe line runs in the mid-con- tinent territory by leading producers were construed as a favorable step in the way of righting the present overproduction in the oil trade, al- though the market for this class ot stocks failed to reflect this action. In fact, the oils again bore their NEW YORK, June 2 Following Is an official list of bonds and stocks traded in on the New York Curb Mar- ket today: 12 Am Cot Ofl Gs..... BONDS. Migh. o1 021 01% Bales In thousands. 10 Allled Packers 6s. 1 Allled Packers 8s 8 Alum 78 new '33 12 Am (ot Oil 8s. 4 Am Gus & Elec 6s.. 2 Am Rolling Miils 8s 8Am T & T 6s 2 Anaconda 6s 2 Anglo-Amer Oil Tigs 15 Ar & Co of Del 538 17 Assd Sim Hdw 8% 7, Beth Steel s '85. 8 Cent Steel 8s 2 Citles Service 7s C. 11 Citles Bervice 7s D. 1 Con Bal & 8 Cons Gas Balto 6s A 4 Cons Textiles Su 1 Deere & Co Tis 1 Detroit City Gas 8s. 2 Detroit Edison 6s 11 Dunlop T & R 3 Fed Sugar 6s 17 Fisher Rody 6s 8 Fisher Body 6s '2] en Asphalt 8s U Low. 80 854 108 Hocking Valley 8s Hood Rubber 7s Kennecott Cop 7s . Libby. McN & L 7 Touistille G & Maracaibo Ol 7s '25 Morris & Co Tiis. New Orln Pub Ser & Ohlo Power fs Phila Elec 65 Pub Serv_of Pub Ser EI Power s Shawsheen T8 Lo 1 EYET 5 000 00 B oit Tn O Prod S« Un Ry of Hav Yacuum O3l Valvorine Oil Ts. FOREIGN BONDS. 3 Argentina Tn '23 ... 3 Nether fe. 1000 a8k STANDARD OIL ISSUES. in units. 800 Anglo-Am 100 Atlantic 10 Buckese B L . 10 Cheschorough Nifi: 400 Humbile 0 & R new 30 201 P L ... t 430 Imp Ol of Can.. 40 Ind P L 0il 1815 Lobos .. % 130 Prairie 15 Solar Refin O Ind .. - ithern P L. . 0 Kansas ne 7008 0 Ky < 0 N Y new 0 S 0 Oblo . 1000 Vacuum Oil new. . 6% NDEPENDENT OIL ISSU ndreds. ri Nat Gas 7 Barrington Off 2 Boston-Wyo Ol . 4 Brit-Control Ofl Fie iy & 10% 80 Crenle Synd .. derby O & R pf w i ity Pet ptd ‘ederal 01l . 40 Hudso 2 Humy Interstute Rosalties exstone Ranger... 14 Lafayette Ofl Livinzston Pete 0i Lyons Pet . 49 Maracaibo 0l ....0 1 Margay OIl ....... .| 1 Mex Eagle . 5 Mex 0N ... 1 Mex Panuco 10 Midwest-Tex O 8 Mount Prod .. 5 Mount Gulf : ual Ofl vtg cfs. w Rradford Oil. ew Mex Land ew Mex Land ... oble Ofl & Gas. . ob Ol & Gas pre 10N Y ol % 5 Omar O & 1 Peer OIl Corp 2 Penn Beaver Ofl 5 Penock Ofl ........ 19 Phillips_Pet new. . 24 Royal Canad 0 & R 1 Ryan Con . 2 Ralt Ck Cooa . 14 Balt Ck new. 12 Santa Fe 0 & G. 3 Sapulpa Refin 22 Beaboard Ofl . 40 Southern P & R. 20 South States 011 Tidal Onage Oil. Turman Oil . . Wilcox 01l & 81 INDUSTRIALS. 1 Amal Leather . 5% 1 Amer Stores ....l. 211 1 Armour Leather .. 7 5 Armour Co Del pfd 861 60 Borden & (o 11815 1 Bridgeport Mac w i 141 11 Bkiyn City R R. 11 Buddy_Buds 1 Cent Teresa ...0. . 4 Centrifug_Iron Pipe 50 Chicago Nipple ... 2 Chic Nipple B tr.. Chicag Steel Wheel Chi Steel Wheel pf Colo Pow & Lt. Common Pow & Cox Cash Stores .. Curtiss Aero C 0 D Cuba Co .. 4 D U & W Coal Dubiller C & Radio Durant Motor ... Durant Mot of ‘Ind El Bond Share pf Eaton Axle S Federal Light . Gillette § R Glen Alden Coa Goodyear Tire . Hud & Man R Hudson Co pfd Imp Tobacco ...... Inter Cont Rubber L BED) adatRus 8 23 Saea ;'k 5 24 EEOFS oE8aak 2 '* ® - 10088 5 1 B0 0 B 13 e 0 08 3 o i 09 0100 e B R 1 10! 9% 18% 18 4 8 N 18% Miss River Power. . 18 Munsingwe Inc w i Nat 8up Co of Del. New York Tel Co pf Paige Motor ...... Peerless Motor . Prima Radio Co. Radio Corp Radio Corp pfd =2 i 823 o1 3 Roamer Mot BoO& L. Standard Motor Stuts Motor . 1 Swift Jntl . % Switt & Co ... 1 Tenn Elec Power.. 1 Tob Prod Exports. 3 Todd Sh 5 Un Pft Shar new.. 15 Un Retail Candy.. 1 Un_Shoe Mach Corp 3US Lt & Heat.... 80U S Lt & Heat 3 War Hat Mfg w i 197 Western Feed Mfg . 60 Arizona Globe Cop. . 100 Belcher Extens .... 10 Boston Mont Corp. 10 Butte & Weatern . 10 Calumet & Jerome. 1 Canario . 20 214 bied 98 13 8% 493 i 89 1 My 07 .08 ishare of the selling with the rest of the market. This ofl-run restriction is the first occurrence of the sort in a period of three years, and how far it will go toward curtalling overproduction 18 a matter of speculation, In some quarters it was stated that the pro-rating would mean a falling off of approximately 30 per cent of the present output of crude. Standard Ofl shares moved irre larly during the first hour or so. but what early advances occurred failed to be maiintained and losses of & half point to & point or more became general as the day went on. Imperial Oll of Canada, Buckeye Pipe Line and Vacuum were off fractionally, while still larger losses took place in the Kentucky stock and some of the higher-priced issues. 130 Fortuna Mines ldtield Jackpot § Hill Top Nevadu 7 Hollinger . 4 Howe Nound . 130 Independence 1 Jerome Develop . 5 Zib Cons .. p o ... . w Dominion Cop w Jersey Zine.. X Porcupine ... .56 9 ‘opper 1 Premier Gold Min. 2 Ray Hercules Inc. 60 Red Hill Florence 10 Rochester _Silver. ¢ Salida Mines 1 Kt Croix Cons 610 Spearhead Gold 3 Teck Hughes . X Tonopah Divide 6 Tonopah Extens 4 Tonopah Min U R. 5 United Eastern ... 2 Un Imp Mines ... Thited Verde Ext. U Cont new w i ity Gold . 5 nden Copper ... West End Cons Yuk Alas tr o Yukon Gold NEW COTTON PLAN SURE OF ADOPTION By the Associated Pres: MANCHESTER, England. June —The directors of the Manchester Cotton Association have unanimously adopted the report submitted by the members who recently returned from America after presenting Manches- ter's case for modification of the new United States cotton standards act. This means that the Washington agreement with the delegates will be ratified and signed and that Man- | chester will take Its place with the other cotton exchanges of the world. e, TODAY’S COTTON PRICES. NEW YORK, June tures opened barely steady 27.10; October, 24.88; December, January, 24.00; March, 23.89. market was comparatively quiet, but generally steady during today's early trading. The opening was barely steady, at an advance of 14 points on July and 40 points on August, but from 2 to 10 points lower on later deliverles, which were probably In- fluenced by expectations of a favor- able weekly report from the weather bureau. Futures, steady Decembe: March, EW ORLEA June futures opened steady. October, 24 1 1 14 59 32 22 3 28 0 Beato camSnSe 27 11:45 a.m.—Bids .80; October, January, barely 24.57 23.78; —Cotton July, 27.35; ; December, 23.83; Jan- uary, 23.60; March, 23.52. Poor cables and ' favorable weather over the greater part of the belt caused mod- erate selling of cotton in the early session today. Under the offerings prices lost 20 to 27 points in the first_hour of the day. July dropped to 27.20 and October to 23.98. ures, 11 a.m.—Bids steady. July. 27.05; October, 2 December, 23.41; January, 22.24; March, 23.15. NEW —Spot cotton “utures closed to 26.95; Oc- ember, 23.86 7. March, 23.52. —_— Washington Stock Exchange SALES. Park Hotel middling. pirregular: _Jul Wardman $1.000 at 9. Washington Rwy. & Washiugton Loan 65—3$1,000 at 99, Elec. pfd.—10 at 72%. & G R AFTER CALL. Capital Traction Hs—$1,000 at 9614 Lanston Monotype—10 at 75%. Riggs National Bank- 0. Money—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIO UTILITY. Bid. American Tel. & Telga. 4s. American Tel. & Telgn. 4%4s. Am, Tel. & Tel. cl.tr. . Am. Tel. & Tel. ¢ Anacostia & Potor Ased. 1 103 07 116 Georgetown Metropolitan R. R. Potomac Elec. 1st 5 Potomac Elec. cons. Bs. Potomac Elec. deb. s. Pot. Elec. Pow. g m. 8s. Pot. Elec. Pow. g. m. 6a 1 Pow. Washington 1 Washington Gas 7% Wash. Rwy. & Elec. 4 Pty D. C. Paper M, Tealty 55 (log Wash, Mkt, C e Wardman Park Hotel 0s. STOCKS. PUBLIC UTILITY. American Tel. & Telga. Capital Traction Wash. Rwy. Wash. Rwy. & Elec. ptd Terminal Taxi com Capital . Columbla. Commercial District .. Farmers' & Mecl Federal-America Liberty .. Lincoln National Riggs Natlonal Bank of Washington, TRUST COMPANY. American Security & Trus Continental Trust. BAVINGS BANK. Coms Savings. an Waaniston s Becarity fav. & Gom.. Beventh Btreet........ United Btates ‘Washington Mechanics. FIRB INSURANCE. EEEEH s o258 Columbia Titl Real Estate, * Columbia Graphophone pfd. D, C. Paper pfd. oeease. Merchants Transfer & Storage. Mergenthaler Linotyp 0ld Dutch Market com. STAR, WASHINGTON, BUSINESS REMAINS NEAR TOP NOTCH Reserve Board Reports Heavy Movement of Goods in May and June. Production and shipment of general merchandise’ and manufactures con- tinued in heavy volume during May and the first half of June. A sum- mary of general business and finan- clal conditions made public today by the Federal Reserve Board also re- vealed that the sustained high level of production had been reflected in the volume of employment, and in many instances advances In wages. Wholesale commodity prices de- clined to some extent In the six weeks ending June 15, the reduction being carried in some lines into the retall trade, and the holdings of bankers’ acceptances and government securities by the reserve banks wero shown to be lower than at any time in more than a vear. Production of iron and steel, cement and petroleum was larger in May than In any previous month, and the rate of production was reported con- tinuing in the early weeks of June. Mill consumption of cotton was close to a maximam in the same period. New Bullding Holdx Up. A further decline in the value of building permits granted in the prin- cipal cities was cited in the summary, but awards of contracts, representing actual undertakings rather than pros- pective operations, Increased in most citles. Slight increases in employment have accompanied the industrial activ- ity In most lines, according to the board's reports. The advances were most marked, however, in the cotton, steel, meat packing and sugar refining industries. The condition of both winter and spring wheat was regarded as less fa- vorable than a year ago, but the cot- ton crop, as a whole, was sald to be In a better situation than at this time last year, due chiefly to favorable Erowing conditions in Texas. Heavy Freight Shipments, Active distribution of commodities was reflected in the heavy movement of merchandise and miscellaneous freight by the transportation lines. Car "loading continued in the period covered by the summary to exceed all previous seasonal records. The volume of both wholesale and retall trade increased in May and in the early weeks of June, as compared with April, with wholesale dealings in meat, hardware and shoes showing particularly large increases. Decreases were reported, however, in the sales of clothing and dry goods. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY SAN FRANCISCO, June 27.—Ap- proximately 61,000 refrigerator cars will be needed to care for the Cali- fornia grape crop this year, according to @ survey just completed by the state agricultural bureau, which estimated the crop at 1,900,000 tons. Of the 352,000 tons of table grapes it Is estimated 325,000 will go east, while the east and middle west will take 300,000 of the 353,000 tons of wine grapes. BOSTON, June 27.—The hot weather cut into the industrial output of this section. Some of the mills have closed down during the extremely hot days and others are preparing to shut down for the usual vacation periods. Among the latter are the Arlington, Hamilton Woolen and Sharp Manufacturing Company mills. | DULUTH, june 27.—The MeDou- gall Terminal, which cost $2,000,000, has bu-dn np!n;d here and now is be. ing used as a base for handlin i and other freight from the Wesd of the lakes through the New York {tate barge canal to the Atlantic sea- oard. { FORT WORTH. June 2 {demand for cotton gin and chinery continues today through the former Texas ranch countr; Home seekers are arriving daily at many of the (;llld;‘llma v;;aul» shipping towns near which ranches are c into farms. ReiEETCIC op DETROIT, June 2' that the Ford sales w Hon-car mark for This prediction is 7.—Active —It is expected 11l pass the mil- this year in July. based on sales for the first flve months of this year, which totaled 732,850 cars and trucks, an Increase of 322,005 over the cor- responding period of 1922, i 1 2W ORLEANS, June 27. at the southern pine miily fo oo 14.8 per cent in the last week, ac- cording to reports of mills today. Production decreased 11.1 per eent and shipments 13.5 per cent . Ordope on hand amount to about 289,000,000 feet. Reports from 134 mills shoswed §5,580,842 foet wero ordered, 50,626, shipped and 69,400, - ’dured in"the ‘week. o> feet pro PITTSBURGH, June 27— - bile manufacturers have mactomo: buying steel on a large seale for third-quarter dellvery. However, slowing down In auto sales 1o com. ing much later fn the y, v ing siuch Year than was SAN PEDRO, Calif, Ju, 7. — fact that crude ofl 13 avalianis Tere at lower prices than in Atlantie sen. board ports or at the Panama canal is serving to make this harbor one lof the largest ship refueling stations in the country. Ships of all na- tionalities are into port for these supplies. — MOTORS FAST REPLACING MULES IN COAL MINES Special Dispatch to The Star. WILKES-BARRE, Pa., Electric motors the place of the June 27.— are rapidly taking mine mule i mining in this state. Recent cl:llvfo:: in equipment, showed in a compila- tion of statistics today which indl- cate that 11,000 electric motors now are employed under ground in coal mines in this area and that more than 3,000,000 horsepower in elec. trical energy is in d: s laily use in the PEOPLE USE 100,000,000 ELECTRIC LAMPS IN YEAR Bpecial Dispatch to The Star, NEW YORK, June 27.—Figures of manufacturers made public today fn. dicated that the people of the United States will use approximately 100,- 000,000 electric lamps this year. The rbon filament lamps are fast dis- appearing In favor of the mezda lamps and the partly frosted globe is 1le popular todl{ than the full ;rod.: dr.t pe, where indirect lighting s POWER PLANT nxmi:n. MONTGOMERY, Ala., June 27 (Spe- cial).—The Alabama public service commission hag denfed the Alabama Power Company a franchise to con- struct a $10,000,000 hydro electric power plant on the Warrior ri near Tuscaloosa, on the grounds that it might interfere with the ultimate development of the Muscle Shoals property by Henry Ford. —_— Mrs. Carrie Chapman Catt. noted recently completed her N@?fllp across the At- farm ma- | D. T, WEDNESDAY, JUNE 27, 1923. DIVIDENDS VOTED " BY NICKEL PLATE Disbursements Made on New Com- mon and New Cumulative Preferred Stock. By thie Associated Press. NEW YORK, June 27.—Directors of the New York, Chicago and St. Louls railroad (Nickel Plate) ‘today de- clared a dividend of 3 per cent on the new common stock and a dividend of 3 per cent on the new cumulative pre- ferred, both payable July 15 to stock of record July 7. payable to stockholders of record of the full shares of the new company and to certificate of deposit holders of the constituent companies. Earnings available for dividends in the first five months of 1923 will more than cover the dividend requirements for the full year. SEEKS T0 REFORM STOCK EXCHANGE Consolidated Head After ‘Unworthy Members—War on Bucketeers Renewed. By the Associated Pre NEW YORK, June 27.—Laurance Tweedy, who vesterday succeeded Willlam 8. Silkworth as president of the consolidated stock exchange, to- day assumed active charge with the promise that he would Institute “various reforms” to protect the public. “For a year working to correct condlitions { had their inception three or four years ago,” Mr. Tweedy said. "It has made great progress in elim- inating unworthy and undesirable members. Mr. Tweedy said, however, that the reorganization was not com- pleted. He asserted that events of the past year “will never ocour again.” Meanwhile District Attorney Ban- ton and United States Attorney Hay- ward yesterday formed an alllance to prosecute suspected bucketeers. Under the agreement the prose- cutors will act together. At a bankruptey hearing into the affairs of S. S. Kuskay & Co., cus- tomers of fch are “said to have lost nearly $5,000,000, it was brought out yesterday that the firm had paid out ‘money and turned over large amounts of securities a few days be- fore the crash on February 23, 1922, NORTHERN FRUITS IN NEW YORK CITY Oswego County Strawberries Market—Prices of Cher- ries Drop. the board has been that in Epecial Dispateh to The Star, NE WYORK, June 27.—Strawberries from Oswego, &8 well as Monroe county, made thelr first appearance on the New York city markets today. The offerings showed a wide range in quality and condition. Hudson river berries were in liberal receipt. but the bulk of the stock {showed inferior quality and condi- [tion. The demand was slightly im- proved, but prices showed no ma- terial advance since yesterday. Prices ranged as follows, per quart: Hudson river. lower and upper sec. tions, from 10 to 30, mostly 15 to 25 Oswego county, 15 to 30; Monroe jeounty, 15 to 20; Long Island, 15 to 35 The season's first shipment of Hud- ison river raspberries was received today and sold from 10 to 16 per pint. while New Jersey brought from 7 to 15. The sharp decline in joherrics Trom the noFthwestern Srutos jat the auction yesterday created a jless active demand for Hudson river sweet cherries, which resulted in lower prices this morning. SEE STOCKS GOING INTO STRONG BOXES i Market Observers Note Buying for Cash at Present Lower Levels—Briefs. By the Associated Press. NEW YORK, June 27.—Close ob- servers of the stotk market are of the opinfon that the short interest outstanding is larger now than at any time previously this vear. Much of recent buying at the lower levels has been for cash, and shares so pur- chased probably went Into the strong boxes of the buyers. Trustees of the Great propert report a sugplus for 1922 of $4.380,350. as compdved with $5.- 989,706 in 1921. Earnings in 1922 were equal to $2.92 a share, against $3.99 the previous vear. Directors of the Commercial Solvents Corporation have declared an initial dividend of 2 per cent on the pre- ferred stock for the period endl June 30, payable July 1 S FREIGHT RATE CUT ORDERED BY I. C. C. orthern Ore Rallroads were ordered today by the Interstate Commerce Commission to reduce to 19 cents per 100 pounds, on or before September 20, the rate on wheat moving from Kansas City and St. Joseph, Mo., to Duluth, and milled- in-fransit'at Minneapolis. The new rates will apply only to wheat and its milled products intend-. ed for transshipment over the Great Lakes at Duluth. The present rate Is 24 oents per 100 pounds, but the Kansas City producing points clalmed that the existence of a rate of 17.5 conts from Omaha to Duluth via Minneapolis with the milled-in-transit provision constituted a discrimina- tion, and the commission agreed. — PENNSYLVANIA RAILROAD EMPLOYES TRANSFERRED| Special Dispatch to The Star. PITTSBURGH, June 27.—Demand for dwellings is not diminishing: Sales records here show. Recently the Pennsylvania rallroad ordered 1,100 of its office employes to Phila- delphia. Many of them lived and owned their homes in Crafton, Ing- ram and other suburbs. A large per- centage is selling property here with the idea of buying in Philadelphia, where it is difficult to find vacant houses for rent. Real estate agents report that all houses placed on the market are readily sold to people who find it l2ss costly to p ©ld dwellings than erect new ones of the same descrip- tion. | i ALEXANDRIA. ALEXANDRIA, Va., June 27 (Spe- clal)—Fifty per ceni of the brought before the Juvenile Court in! Washington are for petty theft, and ! are boys, and in the mafority of cases | are due to broken homes, according | to Judge Kathryn Sellers in an ad- dreas delivered before the Alexandria League of Women Voters at a meet- | ing held last night in the rooms of the chamber of commierce. Judge Sellers told of the great aid 1n this work being given to stamp out this evil by the members of tbe League of Women Voters. A review of many of the cases coming under her observation were given by Judge Sellers. Mrs. T. Clifton Howard, local pro- bation officer, delivered an address in which she told of conditions existing in_this eity. Mrs. Howard declared there is a crying need here for a day nursery. The dividends are{The league went on record as favor- ing the payment of a salary to Mrs. Howard for her week. Mrs. C. E. Nicol read a number of letters from Mrs. Maude Wood Parks, president of the National League of Women Voters, on the necessity for voting. It was announced that the next meeting of the league will be held at the residence of Miss Helen Calvert, Arlington county, the afternoon of July 24, and will be followed by a pienic. Mrs, O. Ashby Reardon pre- sided over the meeting. The Potomac Trust mpany at a meeting held last night at the Del Ray School house, Potomac, Arling- ton county, organized with the elec- tion of the following directors: Mr. Harold A. Wood, chalrman of the board of directors; J. C. 1lis, presi- dent; P, J. Conlon, sr., vice president; Pomeroy P. Clark, vice president; Dr. Samuel B. Moore, vice president; James Paul Casbarlan, cashie: H. Noel Garn general counsel; Bryan Gordon, assistant counsel. The capital stock of the bank is fixed at $25,000 as the minimum and $50,000 is the maximum. The stock was sold at $25 per share. It is announced that the entire capital stock has been sold. About seventy-five of the stockholders at- tended the meeting. The bank s scheduled to open July 15 in temporary quarters at Mount Vernon and Oxford avenues. | New quarters will be erected and ready for occupancy about Septem- ber 10, next. A quiet wedding was solemnized this morning at 11 o'clock, when Miss Anne Corcoran of Fauquier became the bride of Judge Howard W. Smith of the corporation court of this city. The ceremony was performed by Rev. Mr. Rotterer of The Plains at Ceda HIll, the home of Mr. and Mrs. W. Worth Smith, Fauquier county. Im- mediately after the wedding break- fast Judge and Mrs. Smith left for a northern trip. Those present Included Mr. and Mrs. Worth Smith of Loulsa, Mr. and Mrs. James Lewis of Culpeper., Mr. and Mrs. W. A. Lewis of The Plains, Mr: L. G. Robinson, Jacksonville, Fla. Mrs. John Brookfleld and Miss Lucy Brookfield, William P. Woolls of Alexandria, John A. Massle of Wash- ington and Mr. and Mrs, Richard Lewis. Gasoline is today 2 cents higher in Virginia than it was yesterday, the gasoline tax for good roads having become cffective today. On July 1 another cent wijl be added, making a three-cent tax. Local gasoline dealers report there was a heavy sale of gasoline yesterday, many motorists having stocked up on gas to avoid the payment of the tax as long as they could. The state will collect the gas tax from the distributing com- panies in the state instead of through the small dealers and small dealers are today paying the distributing companies two cents more per gallon than they did yesterda: Before adjourning yesterday after- noon, the state convention of Maca- becs elected these officers to serve for the ensuing year: W. Fleet Kirk, | state past commander; R W. Simms | { Alexandria, state commander; A. M. Newton, Norfolk, lleutenant com- mander; J. Walton Turner, Norfolk, record 'keeper; George K. Bender, Alexandria, chaplain; Dr. Howard Urbach, Richmond, physician; H. F. Leake, Charlottesville, master-at- arms: W. R. Barnes, Norfolk, ser- geant; J. N. Gentry, Newport News. first master of guard; Arthur Shaffe Alexandria, second master of guard; J. L. Roetting. Charlottesville, senti. nel; E. E. Teasley, Norfolk, picket. Announcement was made that the executive committee will select the place for the next annual meeting. Most of the delegates left for their liomes last night. “Taming of the Shrew,” a Shakes- pearian comedy, vill be presented at the chautauqua tonight. Last night Burnell Ford, sclentist and inventor, gave an exhibition and lecture on electricity. Musical numbers were glven by the Clark concert party. Friendship Council, No. 28, Sons and Daughters of Liberty, will hold a class initiation Friday night. All members are requested to have their | candidates in this class. The state council of Virginia, which will convene in Alexandria next May has adopted as its_slogan, “Ale: andria_and Eight Thousand Mem bers.” It Is announced that Frlend- ship Councll {s going to do its part in this increase in membership and hope Is expressed that each member will get busy and help in the pro- posed increase in membership. Not a single one of the three volun- teer fire companies of the city will quit their posts July 1 because of the fact that Fire Chief E. J. McDermott will be let out July 1. R. T. Lucas, jr., president and C. E. Davis, capitain of Relief Truck and Engine Company. No. 1. declare that | the company will stick, this being | the last company to makKe public an- nouncement of its intention. Thix statement was made by the officials | of the three volunteer fire companies | of the city owing to persistent rumors to the effect that they contemplated quitting July 1., The company, it was stated, has no complaint to make re- garding City Manager Rich, or Di- rector of Public Safety, Paul Morton and they expressed themselves as willing to abide by any decision the city manager may make regarding the workings of the fire department. This, therefore, puts at rest the con- tinued reports that some of the vol- unteer fire companies contemplated quitting the service upon retirement of the fire chief. Statements regarding their position previously have been made by Nor- man Roberts, president of Columbia Company, and J. M. Duncan, jr., pres- ident of Motor Company No. 5. The weekly luncheon of the Ki- wanis Club will be held at 12:30 o'clock tomorrow afternoon in the Westminster building. President S, Randall Caton promises no set speeches. Mrs. Izman Payne, thirty-one vears| old, dled yesterday at the Alexandria Hospital. Her . funeral took place this afternoon from Wheatley's mor- tuary chapel. Services were conduct- ed by Capt. J. F. McIntyre of the Sal- vation Army. Burial was in Bethel cemetery. - An important special business meet- ing of Potomac Lodge, No. 38, Odd Fellows, will be held tomorrow night at 8 o'clock at 0dd Fellows Hall. Money to Loan Secured by first deed of trust on real estate. mmnnwnmt and commiwxion. 420 Wash. L. & Trust Joseph I. Weller {ig, "o AW [ All” 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 Inte: 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. “Invest in first mertgages and be safe.” Chas. D. Sager i o gk I WILL SELL 1,000 Miller Train Control at $1.60 a share. 40c a share cash, balance by the month. Thomas L. Hume Broker 1412 G St. o] Home Furniture LOANS rom $50 to $800 on D. C. real estate, household _ goods cent interest. . 'Come in and let us explain our method' of ng small loans. 'Commereial Loan & Finance Corporation! Room 211, 921 15th Bt. N.W. System Copyrighted & Patent 10%~Ten Per Cent--10% High-grade real estate mort- gage notes, secured by im- proved income producing property in best northwest section. Denominations of $1,000 and $500. Will sacri- fice for immediate sale to re- turn the investor Ten Per Cent (10%). Address Box 305-V, Star Office EQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED 84,750,762 1,207,281 Save 'As You Earn. If you make up your mind to save systematically you ~will accompiixh much in a fipancial way. Join the Equitable, Subscription 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, Secy. Until July To Reinvest. July is known as a reinvestment period because so many interest coupons, dividend checks and bond redemptions are made in that month, It is unwise, how- ever, to wait until your July funds are in hand before arrang- There are two advasmtages in making reservations with us now for remnvesting funds coming to you any time in July. 1. You avoid interruption of interest. On the day your old investment is paid your new one begins to eamn 6Y2% 2. You make certain of getting the exact issue and g maturity that meet your pu\icufir requirements. give you our Current Let us is booklet. Then tell us what you want reserved until July and we will hold it for without any deposit. jext month you can take up your First Mortgage Investment for cash or on our Investment Savings Plan. Denominations : $100, $300, $1,000 Maturitie years to 15 years Federal, State and D. C. Tax-Free Features Call, worite or phone Main 6464 today for our current offerings booklet ke F.H.SMITH CO. ounded 1873 First Mortgage Investments Smith Building 815 Fifteenth St. No loss to any investor in 50 years | First Mortgage Loans | Lowest Rates of Interest and Commission. Prompt Action ‘Thomas J. Fisher & Company, Inc. 738 15th Street First Mortgage Loans Made On Improved Properties (Including Residences) In the District of Columbia 51/2% Interest Reasonable Annual Curtailments Required Loans for Less Than $50,000 May Be Paid in Whole or in Part at Any Interest Period Without Charge H. L. RUST COMPANY Main 6888 912 15th Street Loan Correspondent for the Prudential Insurance Company of America Reinvest Your Funds in FIRST MORTGAGES The Safest Security on Earth Every mortgage is less than 50% of the ready market value of the property 1. Absolute Safety. 2. Reliable Security. 3. Liberal Income. 4. Insurance Against Loss. 5. Protection Against Depreciation. 6. Prompt Payment of Interest. 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. NW. gt Main 4600 WEFW" WHY WORRY? Why should you borrow trouble and invite investment worries when you can obtain relief from both by investing in mortgages with absolute safety of principal and interest? The policy of this company is investment highest degree. insurance of the With this ab- solute protection, our FIRST MORTGAGES bearing 6%:% interest are of- _ fered for your consideration. B. F. SAUL CO. Main 2100 1412 Eye St, N.W.