Evening Star Newspaper, June 29, 1923, Page 29

o THE EVENING STAR, WASHINGTO D. ¢C, FINANCIAL .- FLAYS STEEL PLAN | | Bl: IZ_HQUR SHIF | Si BY WILLIAM F. HEFFERNAN. hat upp s NEW Y e 2 Por ime |Mmade their appearance in Cities Serv- L] ' B YORK, June 29.—Fo me | o < % (during the early Standard 0il Magraie Finds% Far Better Results in 8- | B | Hour Working Day. | BY J. ll(i\';« W YORK., June port for the eight industries was g .neth R —Strong in by nt -hour day Kingsbury rd Oll Compuny of Califor is the largest producer s more men than any of the | ‘wo-called Standard Oils. Mr. K bury took issue with those company exeeutives who recently e pressed the belief that the twelve- hour day still was a n ity in some employments, and declared more effic fewer accidents and in- creased loyalty on the part of the employes have resulted from short- ened working hou “This company -believes in the eight-hour day,” he said in his stat ment directed primarily to the em- ployes of his company. “On Junu- ary 1, 1917, the elght-hour adopted as a company policy are now three shifts instead of two | where work is continuous. in no case was pay of the lessened hours of work, results have been highly benefic both to the company and to employes alike. Although Big Advantages Result. “It was found that after the first six months of the operation of this policy, the cost per foot of drilling wells in tne oil flelds. was less t before the change was made. were fewer accidents, and the men became better workmen, healthier and More contented.” The Standard of Californi: has had a strike. Even in 1921, when rlotous strike ‘conditions prevailed in nearly every field where the com- pany -operates, its properties we never affected in any way. Kings- bury attributes this to the fact that more than 11,000 of the employes now own stock in the company shich &dds 50 cents to every dollar so in- vested by workers tenance of sick, accident benefits and a pension s Makes Men Yothing is more cessful never nd to the main- and death impc administratf Kingsbury continued in this connection, “than continuity of serv- ice which, of course, means workers. In one of our largest partments, the labor turnover is than 8 per cent annually. To cite .pxample, the average length of jce for men emploved In our bi finery. at Richmond, Calif., is teen vears.” LABORING MEN LARGEST AUTOMOBILE PURCHASERS Bpecial Dispatel o The Star. DETROIT. June 29.—Laboring men now are the largest purchasers of Paige-Detroit cars, according to a survey just completed by that com- pany. Farmers, who led the list in February, taking 8 per cent of the output, have been replaced by labor- ers. who are taking 10 per cent. The agriculturists In Mayv dropped to 5.7 per cent. Marufacturers and plant executives rank second to the labor- ers; merchants come after the farm- ers with 5.6 per cent and building trade artisans next with 4.7 per cent Women are next in rank with 4.2 per cent and salesmen follow them with nearly as great purchi —_— Washington Stock Exchange SALES. (Capital Traction Ss—$1.000 ‘st 98, $1,000 an - re- si —$1.000 at 97 | a0 ref. 65 of 105 Potomae Electrlc 1st Potomac Electric g $500 at 102 ardman Park Hotel 6s—$1.000 at 99, { tal Traction—10 at 100%, 1 at 1o1, 10| st 1007, Washington Rwy. & Washington K c. com.—10 at g0t DA 10 at T2, | 10 at 48, Light 4 at 48, Real Fstate Tnsurance Co. Lanston Monotype—10 at 8 at Y. AFTER CALL. Capital Traction ¢ at 1007 Capital Traction 5s-$1,000 at §87, Washington Rwy. & Elec. com B ot Ol Money—Call loans, 5 and 6 per ceat. BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. & Telg: American Tel. & Telga. 4 Am, Tel. & Tel. ctl. tr. Bs. Am. Tel. & Tel. conv. 6s. Anacostia & Potomac 5 & Potomac g C. & ‘Telephone Bs.. C. & P. Telephone of V: Capital Traction R. R, City & Suburban 5% Gaorgetown Gas 1st Os.. Metropolitan T it at 1007 at 661, Bld. o135 Asked. 913 102 4s. MISCELLAN “D. C. Paper Mrg. 6 - Risgs Reaity o (lon o4 Riggs Really 5s (sho 98 Bec. Stge. & Safe Dep. fs. ash. Mkt. Cold Storage s, Wardman Park Hoel Gs.. STOCKS. American Tel. Capital Traction. Washington Gas. Norfok & Wash Rwr. & Elec. ptd. Terminal Taxl com. i i { NATIONAL BANK. } Capital Columbia, Commerclai . District ... Farmers’ & Federal-Ameri Liberty Lincoln National Metro Riggr National Bank of Washington. TRUST COMPAX eriean Securit; tinen! Merchan! aion. Trust Washington Loan & Tru . BAVINGS BANK. Comme Savis S eningtone e Becurity Bav. & Com.. Seventh Street. polita. . _ FIRE INSURANCE. MISOELLANEOUS, jumbla Graphophone com. g-cng Sraphophone ptd ferchants’ Transfer & Stor thaler LAROCTDS. ..ovrrr Duten. Markes 7a- ‘Monotype. e Btorege. b, . . *Bx-dividend, NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. t exchange today i suficlent quant slightly higher leve and some the early ggins in were more than lost ard Oil issues mon a ing on the curb | nd instances were especially 6, that stock to advance well across the day the price fe tes, after reaching 1 Letween sales, while Mountain Producers and Mutual were NEW YORK, June 2 an official list of bond nd —Following stocks traded In on the New York Curb Mar- ket today Sules in thousunds 1 BONDS i 6 Am Am T 4 Am T & Anacondn Auglo Am_ Oil 6 Textiles ts € Clty Gas 65 troit Edison 6s wlop T & R 75 Grand 1 Hood Ru 1Inter R T Inter R T §s cf dep. 5 Tnion 1Un Ry 3 Vacuum Oil 65 B of Ha oil Fo 10 Argenti 13 King of 37 Mexican ( 1 Swiss Gove Gis .. 27 U S of Mexico 45 & R Minois ¥ L new Tmy Oil of Can . 1 Vacuum 011 ne NEW YORK TRUST 10 ales INDE in bundreds, e prd]. 11l v Rerip. . . 1 Gen Pet 17 Glen Rock 0il 3 Gulf Ol of Pa 1 Harris Cons Pete.. Hudson 011 a Gult 162 Mutual Oil Vot vf 6 New RBradford 0il. 40 Noble Of] & 1 Noi 20 O 18 Pean Beaver Oi .. 18 Pennock .0il. 2 Phillips Pet new 3'Red Bank Oil new. 8 Roral Can 0 & R.. 5 Ryan Con .. Sou_States 0il 1 Torman Oil ...... Wilcox Ofl & Gas. INDUSTRIALS. 1 Acme Coal new Allied Packers new Amal Leather Am Cof Fabric pid Am I & Tract of Dol ptd F 2 Brit-Am 1 Erit-a 1 Brit Inter Corp B.. 1 Bkisn City R R .. 5 Buddy Buds ...... 1 Campbell Sonp ‘pfd 14 Chicago Nipple Chicugo Nipple B tr “hic Steel Whey Cleveland Auto ... 1 Cleveland Auto pt 2 Cox Cash Stores .. 1 Curtiss Aero C 0 D 16 00 ..s..: 5 Dubilier € & Radie 8 Durant Motor . Durant Mot of Tnd. 18 Goodyear Tire .. .. 3 Hanna M A T-pe pf Rubher tone. Solether . ‘ont 1 Key 15 Lehigh Coul & Nav ibby MN & L nw reont Wire Can Mesabi Tron ... & Midvale Co 1 Miss River Pawer. 34, Moter Whee! Co b N Y Tele Co ptd.. 3 Peotiens Mogor - i Prima Radio Co 51 Radlo Corp . 18 Radio Corp pf 4 Reo Motor . 5 1 Rosenb Graln Corp 2 Roamer Motor 3 Todd Ship ... 10 Un_Retali Candy 51U S Lt & Heat 1 Wayne Coal, . 3 West Feed Mfgrs 3 White Rock U R. &R g 0%, 011 011 1021, COMPANIES, 15 101 11214 S0 1 5 10615 431 o3 247 ™ 13% e 1001 100 MINING. 34 Alas-Brit Colo 3 Am Exploration 90 Ariz_Globe Copper .30 810 Belcher Extens . 80 Big Jim Cons. 20 Black Hawk Cons 10 Bound 'Red Mount 3 Butte & Western 5 Canario Copper 20 Cundelarin Min 2 Continental Mines. 7 Con Cop Min te cf rtez Silver ... ker Jack on “Gold - 1 Davis Daly . 2 Dolores Esper . 10 Emma Silver 20 Eureka Croes 170 Fortuna Mine: 10 Goldfield Cons 620 Goldfeld Deep M 35 Goldfleld Florence 10 Goldfield Jacket ©0 Hardshell Miu .. a5 1 Min 100t 101 3% 3y 15 18l ul il 1007/ 101 1 } {Calu & Ariz . Calu & Tecla . hort covering came | to bring about | which held firm. the ofls | »f the industrials, but there- |to a number of brokerage houses to after the market turned irregular many vored at the start, notably pipe Iine stocks. Included Mo these {were Illinois Pipe Line, up 31 points at one time, Fureka, Prairie and Buckeye Pipe Line. An active de-: mand for Standard of Indiana caused 28 o1 Viite s 08 Yukon Gold 18 e | BOSTON STOCK MARKET. ] | .. BOSTON, Jun —Following is a 1 01d Dominion .. e ———— — somewhat lower. Supporting orders ice common, erial change in the selling price. aboard Ol and gas was another The bearish telegram sent out today the effect that price cuts by automo- bile concerns were about to be an- nounced, failed to have the effect de- sired upon this class of stocks on the curb exchange. Trading in the motor shares was unusually dull, but thére war no renewal of efforts to bring about lower prices. Gillette Safety Razor. which had ken sharply earlfer in the week, un into some further selling, while Alldvale Company sold oft with othe of this class on the big board. Copper mining shares went some- what lower in response to a slacken- ing in the demand for the metal. I 18 Hill Top Nevada.. S Hollinge Howe Sound Iudepend Les Jerome Devel 5 Jib Cons .......... Kewanus Mning .. Kuox Divida . | Porcup! i pissing . Ohlo Cop . Ray Hercaies Tne. "~ 114 i H 1 Florence... .04 v Sles e 1S rolx Cons L. 14 dstorm Kenduli. .01 er Mines Amer. Siiver Lead.. a (ffir!nr and_frosted, 4.00a4.50; sound k Huxhes M { common, : good ‘ommon. Bt elment - £.00218.00; . 18.00a28.00; good 1 b Extens o ¢ !to fine red, 28.00a42.00; fancy, 43.00; | Min!: A ‘¥ | seconds, common to medium, 4.00a ! i seconds, good to fine, 13.00a | TS Contin new Uity Gold W 1 4 t, lowest and clos- ing pr most active dealt in ¢ Bistocky ign : Arcadian Cons . i e Roston & i 143 131 76 48 a2y 108, 2010 21 Albany Boston & Muine Toston-Elevar, BT pper Range North Butte Ol Colony Osceola Quiney : Marsiand Mach Wolverlne STOCK HEARING PUT OFF. $3,000,000 Said to Have Been Of- fered for Overland Shares. NEW YORK, June 29.—A hearing before Federal Judge Knox today to show cause why Franels B. Cassery, receiver for the Willys Corporation, | should not be authorized to dispose | 9,000 shares of Willys Overland | stock tol was adjourned until} Monday. Judge Knox declared au- thorization was within the jurisdic- tion of the New York district court. During the hearing it was stated | that a private banking house had made an offer of §3,000,000 for the stock in question, TODAY'S METAL PRICES. NEW YORK. June 29.—Copper | quiet; electrolytic, spot and nearby, 143,al13. i spot a nearby, 3 Tron steady: | Lead steady; spot. | st St. Louls spot | Antimony, spot, | ne qui d nearby, 5. 7.00. 10 W COMMERCIAL {t0 4.41% cents, the lowest this year. 1000 bales, . Central: Northeast: * Southwest: Northwest: FOREIGN EXCHANG VERY WEAK TODAY Four Currencies, Including Sterling, Drop to New Low Marks for Year. By the Associated Pre BOSTON, June 2§.—The Commercial Bulletin will say tomorrow: “The unexpected strength which | gp¥rom 350 to $800 on D_ G, real extate, has been shown in the London wool | §pcent interest. brokerage charged. By the Assoclated Press. NEW YORK, June 20.—Four for- eign currencies, Including demand sterling, dropped in the local market today to mew low records for the year. Demand sterling was quoted at) 4.57%, an overnight decline of 1% cents. The British rate has been on the downgrade since the middle of February and the decline has been at- tributed to the continuance of low money rates in London and the diver- slon of funds to other centers. Other European rates weakened in sympa- thy with sterling, French francs fall- {BETTER TONE SHOWN auctions, while it has not actually strengthened the market here, has| gPCommercial Loan & Finance tion undoubtedly made the wool trade feel Room 211, 921 15t w. more cheerful. For the week there System Copyrighted & Patent Pending. has been little change locally. Prices still are more or less at variance and the tone of the market means strong, but no further decline in prices is noticeable anywhere, “The goods market is In its usual between-seasons dullness, old orders are still consuming consid- erable wool. e tion is still more or less deadlocked. Further exports are reported. ‘Mohair is slow, but stead. LUMBER COMPANY PLANS $7,500,000 BOND ISSUE | By the Associated Press. KANSAS new issue of $7,500,000 of & per cent twenty-year bonds, here today by the Long-Bell Lumber Company. provide for extensive improvements | of the company in the Pacific north- | west. IN WOOL MARKETS 'Come in and let us expiain our me of making small lon 1s by no SO Prevatling interest and commission. Joseph 1. Welle: In the west the situa- bldg., th & F N.W. EQUITABLE Co-Operative Building Association Organized 1879 43¢ YEAR COMPLETED Ansets 84,750,762 Surplus $1,207,281 CITY, Mo., June 28.—A was _announced It is presumed they are to | ing 3 points to 6.08% cents, or about one-quarter of a cent above the year's low. Italian lire also dropped 3 points New ‘lows since 1921 were estab- lished by Swiss francs at 17.70 cents and Spanih pesetas at 14.59 cents. —— LEAF TOBACCO RECEIPTS. BALTIMORE, June 20.—Maryland leaf tobacco receipts for the past week were 439 hogsheads and sales 405 hogsheads. All desirable grades | continued in good demand. Maryland prices per 100 pounds: In- upper country, alr-cured, nom- | inal; ground leaves, new, 3.00a28.00. | N B—Unsound and badly mixed | }‘mckage: from 1 to 3 cents per pound | ower. : | LIVERPOOL COTTON. ! A !fl\'ERmDL June 29.—Cotton—Spot T prices steady. ood middling, tully middling, 16.67; middling, ' low middling, 16.27; good ordi- . 15.77; ordinary, 15.47. Sales, 7 including’ 5.000 Americar Receipts. none. Futures closed stead July. 15.22; September, 14.20; Octobe 13.68; December, 13.26: Junuary, 13.08 Mare 12.93; May, 12.80. Noon—official closing—June, 15.67 ver a Quarter termined. of a Century Without a Loss Main 2100 ill be glad to confer with you. 3% ON SAVINGS CAN SECURIT AND TRUST COMPA 15th and Penna. Ave, BRANCHES 8th & H Sts. N.E. 486 Tth-St. 8. W. 1140 16th St. N. W. Letters of Credit ATTENTION, PLEASE Thoroughly experienced in- surance man, stal ma sid Save As You Earn. 1f you make up your mind to save systematically you will accompiish much in a finaucial way. Join the Equitable. controlling sub- ntial business, desires to ke change, or would con- er partnership with respon- 182-H, Star Office | Subscription for the 85th Issue of Stock Being Recelvea Of Our First Mortgage are servative valuation: one as We collect and remit Interest the title Can accommodate investors witl $5,000 or more, bearing 7% in- terest. *‘Invest in first mortgages and be safe.” Chas. D. Sager Loan Dept. | M- F4 92414thSt. f 33 || { principal or Interest. i { i | Shares, $2.50 Per Month /|EQUITABLE BUILDING 915 F St. N.W. i | JOHN JOY EDSON, President Investments f placed on the most con- never has FRANK P. REESIDE, Secy. of our clients lost as much a single penny in either day due, furnish insured certificates. ANY AMOUNT Reasonable Charges on ‘Trade Acceptances, Warehouse Receipts, Manufacturers’ Accounts, h amounts of $250 up to American Finance Corporation Money to Loan ] Secured by rst deed of trust om real estate. r 420 Wash, L. & Trust Short-Term First and Second Mortgages or Approved Collateral. TRUE VALUE To find the neal basis of safety in investing, consider, first of all, the value of the property back of the mortgage. Satisfy yourself that it has been accurately and conservatively de- We have consistently adhered to an ultra-conservative loan pol- icy, kn(;\\'ing it to be the only way of insuring absolute safety to our investors in our FIRST MOBTGAGES B. F. SAUL CO. I - Do not Wait until Fall to have your Will Drawn and Executed. This Should be One of your most Important Considerations before Vacation. Any of the officers in our Trust Department NY Capital and Surplus, $5,400,000.00 7th & Mass. Ave. N.W. { Within the past few days.a cus- tomer told us he woud like to purchase some of the new Sinclair 01gs if we could work out a trade from among his holdings of lower coupon issues. We suggested an exchange of a 6% bond which he particularly wished to sell when- ever his original cost of 98 could be obtained. The present market for these bonds is 9434, or a 6.90% s. ba By trading them for Sin- cair 615s at 94, he would have dis- posed of bonds with which he was not particularly pleased, replaced " them with others that he preferred, invested no additional funds, and raised his yield to 7.15' 5%. Yet the whole transaction failed of com- pletion becausezhe customer could not bring himself to part with bohds at 944 for which 98 had been originally paid. Doubtless if both bonds had been selling at 98 he would have made the exchange. <~ This is typical of a con- fusion that exists in count- less investors’ minds as the result of which orig- inal cost price is permitted to be an undue factor in determining whether or not a bond should be held or disposed of. L NAW- o~ Because of the mature of things, there must be trends in bond prices * generally—up and down—during their progress to maturit: The wise investor, after safety has been made the first consideration, naturally seeks the bonds which, irrespective of the trend in all bond prices, will maintain as fav- orable a position as possible in re- - relation to the general market. Where a paper loss has been curred, the very same reasoning should, of course, be applied. There is little logic in assuming that a loss can only be made up in the same bond which sustained it, or that a loss attains lorger proportions by a trade into another bond which at the time, by all good judgment, seems. to have a better likelihood of recovering it. The correct question is always, “At its present price, would [ rather have this bond or that?” TRUST ~ As cosditions alter from time to time, we frequently suggest to customers. ex- changes from ome bomd to another, based simply on a weighing of the relative position of the two in the . current situation of the market. / GRAHAM, PARSONS - & Co. ‘ 405 Hiess BLpoG. Ferelgn Exchange 6% and 7% UR First Mortgage Investments will pay you 6¥%2% and 7% over a period of years when interest rates in all prob- ability will be much lower than they are at present. These investments bear our unqualified .recommendation---a recommendation that has back of it a record of no loss to any investor in 50 years. Denominations: $100, $500 and $1,000 Federal, State and D. C. Tax-Free Features Cash or Partial Payments NO LOSS TO ANY INVESTOR IN 50 YEARS Call, write or phone Main 6464 today for our Current Offerings Booklet ke F.H.SMITH CO. CFounded 1873 FIRST MORTGAGE INVESTMENTS SMITH BUILDING 815 FIFTEENTH ST. Reinvest; 1% Your Il FIRST MORTGAGES Funds in ! The Safest Security on Earth | Every mortgage is less than 50% of the ready market value | of the property | 1. Absolute Safety. i 2. Reliable Security. 3. Liberal Income. ‘ 4. Insurance Against Loss. 5.. Protection Against Depreciation. i 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. N.W. Main 4600 irst 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 | | Dean, Onativia & Co, COTTON GRAINS COFFEE SUGAR \ . MEMBERS New York Stock Exchange Chicago Stock Exchange Associate. Members of New York Curb Association Y. Cotton Exchange icago Board of Trade Y. Produce Exchange Minneapolis Chamber of Commerce WASHINGTON OFFICE . Main Floor, Woodward Building 5 £ Office Open Until 5:30 P.M. Phone Main 2040 JOHN TALLAN O'LAUGHLIN CHARLES R, ALLEY Manager Assistant Manager