Evening Star Newspaper, August 14, 1923, Page 25

FINANCIAL, WAR ON GASOLIE PRICE SPREADING. Likely to Extend Beyond Ter- ritory in Which Reductions Were Achieved. BY J. C. ROYL Bpecial Dispatch to The Star. NEW YORK, August 14.—The gaso- ltne price war gave every indica- tion today of spreading beyond the territory in which Standard Oil in- terests and independent refiners al- ready have made reductions. How Jong the reduced prices will remain in effect and to what extent they will spread is problematical, but con- and state and city officiuls are taking steps to full advan- tage of the situation in widely sepa- rated sections. Refiners continued to assert vigor- ously that the reduced prices were below cost of production and dis tribution, and to declare that the sale by state officials in South Dakota was made possible by "the purchase of distress stocks of gasoline, due to overproduction and lack of storage tacilities. Crude oil producers as- serted in reply that the refiners had been able equally to buy up distress stocks of crude oil at mdvantageous yrices as a result of similar conditions W the midwest flelds. Wansan and Missouri Alert. Kansas and Missouri may enter the struggle to force gasoline prices Tower. Gov. Hyde of Missouri issued A statement today promising that he would take the matter up immedi Iv. but did not indicate wheth #xXpected to place the State in com- petition with ofl companies us a re- tailer. or to invoke court action. At- fliths of Kansas action that state the mayor of Kansas City is making a local investigation. Gasoline now is selling in Hutch- nson and other Kansas towns at 18 gallon, ax against 21 cents as City. In a recent war in r place between the Standard interests and independent refin- rs the price dropped to 16 cents, but ‘ter was hoosted ba Independ- there say at 9 cen harges amount tation margins 2 cents a gallon, but {ndenendents have hesitated 16 cut price for ' fear their supplies ould be cut off by the refineries. Price In North Texas. oline in than since selling_to s at t« a gallon. The rity of companies, however, were 11 cents. @ drop of 2 cents st week's price and drop of ents in two weeks. There are sume NEW YORK CURB MARKET | Received by Private Wire BY WILLIAM F. HEFFERNAN, Special Dispateh 1o The Sta NEW YORK, August 14.—An accu- mulation of overnight selling orders in the oil stocks followed the an- nouncement by Standard of Indlana that it had reduced gasoline prices 6.6 rents a gallon. Standard of Indiana was the most heavily sold of its group, getting below 50 agalnst the close last night of 52. However, sales were ex the 6215-cent dividend, which came off the stock today. Laosses of a half point to two points were re- NEW YORK, August 1 ollowing | is an official list of bonds and stocks | traded in on the New York Curb Mar- | ket today Sales in thousands. itigh Alum Ty o Dom 10 Am Gux & FI 3 13 Am T & T 6 1003 1 Anaconda ts BTN o8 Auelo Am 011 1 BONDS. Close. 1081, Tow, 1001 i alena Sig Ol T~ 10 Gult Oil of Pu 4 Louisville G & E 1 Maracaibo 01l 7a '3 2 Ohio Pow, 1 Phil Pet b Ser ars, 1018 1% Rding Coal 4153 W i N Sloss Shefl 6 Wity South_Calif E a0l 103t 1081 cuusy O Fa.. FOREIGN BONDS 100 Continent Of} new.. 100 Humble 0 & R new 0 Impl Oi1 of Canada, ady 3085 011 Indiana. . Southern Pipe Line. )8 0 Kunxan new wum OIl new mounts of reserve oil and gas- in storage there and the pro- of pipe runs and of wells have been counter- balanced by the bringing in of gush- ers in the Powell and Navarro dis- tricts. Some Texas oil men pre- dicted the price war would continue until reserve stocks were diminished materially. The Atlantic Refining Company led ptice-cutting in the Pittsburgh dis- trict with a drop of 1 cent a gallon shutting | Sales INDEPENDENT OIL 1o hundreds. ities Sersi 7 Cities Servic 9 Citien Serv $2000 Cit Serv Serip 9 Creole Syndicat Derby 0 & R pf w_i 3 Equity Tet ptd ... giicers Pet deral Oil lilana Oil’. en Rock 01l Sulf Ofl of Pa.. at rvetail, which other companies fol- lowed. The Detroit city council has taken steps to see if it can legally go into the gasoline busine Several councilmen can sell ga carload rate laim 13 which the eity y the city cents, the ey U. S. RUBBER COMPANY PROFITS, NET, $4,572,861 Financial Statement Covering (First Six Months Present Year Compared With 1923 Report. NEW YORK, August 14.—The United States Rubber Company has made public its financial report for the first six months of this vear. showing net profits, after interest and ali other char, including depre- s 61, compared 2018 the rrrhuhdhu!{ ciation. of Wwith perind first six the as in Sales for th me unted to § an incre t half of la T hort states ontlook the la s enconraging adds, has more it the husiness Half of the year The compa it | than maintained its i in the tire trade, but the re- been unsatisfactory, due to weneral conditions in the industry Th mxolidated surplus, as of fune after providing for the divi dud on the preferred stock pavable july 31, 1 mounted to “Fhe baiance ‘sheet shows et 51 including $o4.- 93,000 in unts receiv- bl posi EX-DIVIDEND TABLE. August 14 Manhattan Shirt Myer Tob. Mertin Parry Cor De it Stores. a4 (pay in’ United W il =t I8 Nat. Dept. Stores Standard 0il of Augnst 1 Am. Window \an. M Hrook i Tart schaffner & Marx 1-Rand : Npw_ Rive #c Al G Spalding & Bro, Van Raalte Co. 1at pf., q August 20— Am Metale pf, ... Brown Shoo. .. Tuckeye cal | Cal : Cenpury Ribbon L., a-. hate ' Geroral Motors, q.......... e Mining, mo. ... = . Inc., pf Standara 4 Timken g Timken Roller Bearing, TOBACCO MARKET DELAYED. N. C, August 14—The oy o hstSaktai Canalian o] bacco market here was postponed from August 21 to August 28 at a meeting here vesterday morning of eagern Carolina tobacconlsts, the postponment being made, it is said, on the request of several buyers. The lateness of the crop was given as the reason of the request for the post- ponment, MOTOR MERGING DENIED. DETROIT, August 14.—Eddie Rick- enbacker, president of the Ricken- backer Motor Car Company of this city, today denied reports of an im- pending consolidation involving his concern, Durant Motors and Stewart- [Warner Speedomet:r Corporation. CHICAGO, August 14.—Reports ‘of an _impending consolidation involving [Dugant Motors, the Richenbacker Motor Car Company and the Stewarts Warner ~ Speedometer Corporation were declared by W. J. Zucker, secre- tary of the Stewart-Warner Company, © be without foundation, i Humphreys 011 . 20 Keystone Ran, Aammoth 3 Marland o v Oil & 0l “Corp. Penn Reaver Ol Kk 0il ad 0 & Ret Seaboard 0il Sou States Turman Oil. Fiwwabian & 8. monr & Co pfd 3 Armour Co Del pd. ity 3, Werden & Co 118 7 Brit-Amer con. 2314 4 Rrit Tnter Corp Rrooklyn ¢ 1147 Washlngton Stock Exchange. saLis Rizgs National Bank Rights at 100, 1 at 100, 1 at 100, 1 at 100, 10 at 100, 1 at 100, AFTER CALE. Washington Gas Light—10 at 487, 4 at 49%. Mo —~Call loans, 5 end 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid. [ Capital Tr 3t 10015 Asked. American Tel 921, American Tel 1" Traction & ¥ and_Suburban rgetown Gas 1st Metropolitan R R. Potomae Elec. 1st m_ & ref. Tx. Alex. & Mt. Vi Alex, & M Wash. Wash: Rwy Rwy. Riggs Riggs Realts 5 (short). Ntorage & Safe Dep Wash, Mkt. Cold Storag Wardinan Park Hotel t.. STOCKS. PUBLIO UTILITY. Amer. Telga & Tel Capital Traction. . ‘Washington k& Capital . Commerclal District Farmers and Federal-American . Liberty . Liucoln 1 National Me Riggs d Nitional’ Bauk ot W TRUST COMPAN American Security a5d Trust . Continental Tru { to %everal points in the {in Gulf Oil and it also Merchant National 5 Beventh St. United States Washington Mechanics” FIRE INSURANCE, Fireme: National Und MISCELLANEOUS, Columbia Graphophone com. Columbia Grapliophane ped. aper € Bicehanta: Trasfer & Biorage 00 nthaler Linotype. 3 014 Dutch Markot Lai M THE EVENING STAR, WASHINGTON, D. C. TUESDAY, 'AUGUST 14, 1923. Direct to The Star Office corded in Standard of New York. Im- perial_Oil of Canada and Prairie Oil and Gas. Independents bore their share in the selling under the lead of Southern States, which was down al- most two points before the end of the first hour. Happenings in the oil situation di- verted attention from the industri section and trading here was unusu- ally dull. No sales occurred in the motor group until after the first hour. Belcher Extension continued the ac- tive leader of the mining stocks, a block of 67,000 shares changing hand a point under the Monday close. Ray Hercules also was actively dealt im but was little changed in price. 11 100 Budds Buds . | Campbeil Son pm FEFRREEE and_Auto .. Pow & Li & Radio Durant Motor . Dupont ~Motors rd Motor of Cu Lehigh ¥ 3 Lib, MeN &L new 5 Radio Corp bl Reading Coul Reo Mot baceo Prod Expis odd Nhip Unit Prt Wasue Rutte & 5 Canario Copper Candelaria Min.. Continental Mines . Cop M 10 e Gold. . . Keserve .. Dolores — Esper Fortuna M oldfield ¢ oldfield T ldtield Deep M oldfield Florenc old Stae old Zone. ...\ old Road ‘Annex Top Nevada.. .13 Tadependene 6 Jerome Devel Lone Star. McNamara Cres T New Dominion o New Jerse N York Po Nevadn Nipissing oper Premier Gold Min Kay Hercules Tnc Cons er Qun’ Mine Co iver K Dy Mines imon Silver....... . S0 Amer Gold & P Spearhead Gold .. ewart Mines . rland dev m.. . k Hughes .. Tonopah Beimont Tonopah Diside ... Tonopah Extens . wolumne ... United Fastern . 3 Unit Imp Mines U 8 (untin new wi Unity Gold . : West End Consol 30 West End Exten . 01 o ol ' ON THE CURB MARKET | Petroleum Prices Break, Higher- Valued Securities Participating in the Slump. Associated Press W YORK, August 14.—Following the extension of the gasoline price-cut- ting war among Standard and leading independent oil companies in the mid- dle west, heavier selling developed in petroleum stocks on the curb market today and prices broke large fractions X higher valued sceurities. While was shavs, the fresh neentrated Ol securit ere wa shares there was stock by influential Standard Oil of Indiana bore brunt of speculative selling and sold under 30. Yesterday the stock clos- ed at but today it was selling ex-dividend 62% cents. Praire Ol and Gas dropped 2 points to 1.75 and uum lost a point, to 43. Ohlo Oil sold from to 52!z, but only frac- tional fluctuations ruied in others in the group. Inthe independent oil section net declines were confined to_fractions v, although some of the W. issues appeared weaker than There was heavier selling lost a point to arround 50. In view of the in- terest in the oil section, little trading developed in industrials, which pre- sented an irregular price appearance. Metal stocks were qulet and there was only a light trade in bonds. CONVICTED BUCKETEER selling largelry on and to u le no overthrow of no overrhrow o holders. movement TAKEN BEFORE JURY | By the Assoclated Prems. VEW YORK. August 14.—William F. McGee, convicted stock bucheteer, whose whereabouts have been un- known since he and E. M. Fuller were removed from Governors Island, whence they were taken from Ludlow street jail, today was taken by Fed- eral Attorney Hayward before a grand jury hearing evidence against the two bankrupt brokers. Mr. Hayward sald that McGee, who was Fuller's partner in the firm of E. M. Fuller & Co., probably would be a witness before the grand jury most of the day. He said Fuller would not be calied as a witness. Proceedings_ of the jury, which is inquiring into confessions alleged to have been made by Fuller and McGee, probably will not be completed untii tomorrow, Mr. Hayward said, adding, however, ‘that this did not preclude the possibility of indictments being returned today. FOREIGN EXCHANGE. August 14, 1923, (Quotations furnished by W. H. Hibbs & Co.} Nominal ' Selling checks. wold valve. . London, . mark. Rome." lirs Zurlch, franc. Athens, drachi Stockholm, ' crow: By the Associated Press. NEW YORK, August 14.—Foreign exchanges irregular. Sreat Britain, de- . .67. France, de. mand, 6.50; cables, 5 og. taly, d .0428; cables, .0428 elgium, . cables, .045812. Germany, mand, .0000004; cables, .00000012. Hol- land, demand, .3927; cables ..y 0. Nor- way, demand, .J667. Sweden, demand, .2662. Denmark, demand, .1850. Swit- zerland, demand, .1809. Spain, demand, .1358. Greece, demand, .0180. Poland, demand, .000004%. Czechoslovakia, de- mand, .0293. Jugoslavia, demand, .0107. - Austria, demand, .000014%. Rumania, demand, . Argentina, demand, .3300. Brasll, Montreal, .97 33-33, 1" EXCHANGE TO OPEN the | the | |PAPER INDUSTRIES Trading at Newly Established [ Mart to Begin Tomorrow. Branches in Program. CHICAGO, August 14—Trading on the. floor of ‘the newly-established Paper Industries Exchange will begin here tomorro according to an an- nouncement today by John R. Mauff, executive vice president. New York ! and San Francisco will open branch exchanges. Mr. Mauff, who recently was given a leave of absence as executive vice president of the Chicago Board of Trade to organize the new change, | declared it would eliminate waste in} the paper industries and permit of greater public rvice. It is the first irdustrial exchange in the “The pugposes of the e sald Mr. Meuff, “are to provide trading place for members, to pr mote uniformity of trade customs, Lo provide expeditious ettlement of trade disputes on principles of jus- tice. to promote co-operution between producers and buye in standardiz- ation of products, and to provide an efficient method of inspection. “It also ix the m of the exchange to improve labor »nditions and re- lations between labor and industry and to build up a demand in foreign markets for American products. Marlket reports and other information will be gathered ond disseminated. “The exchange is organized under of 1llinois and grounded on of the Supreme Court clear- ding e ry principle, sald Mauff, adding that it would be e of the usual eriticism ed at stock and commodity exchanges o e The cynical bachelor observes that I thing In the world to a wife: the next hardest is a_hus) thing Equipment Trus Certificates Yielding from . 5.10% to 6.30% Maturities to 1938 —meeting to an excep- tional degree demands of careful investors as to security, market- ability and income. B of e included in erings, sent on The National City Company ‘Washington—741 15th St. N.W., Telephone—Main 3176 " 3-Year First Trust Notes Secured D. C. Real Estate Amounts, $1,800 Each Bearing 6% Interest Wil cent broker- money for ite und rep. renentative . Address Box 308-§, Star Offce. Money to Loan Secured by first deed of trust on real estal Prevailing interest and commission. Joseph L. \\ c)l(-r {,,";’,w‘.’.’i.klf\“"'y" HEQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED Assetn $4.750,702 Surplus 1,207,281 Join the Equitable and Save Systematically —You will find our systematic plan the most effective method of saving, Subscription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month {|[EQUITABLE BUILDING 915 F 5t. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. 1 in 18ie OFFICERS: GEORGE W. WHITE. . K. P, JOENSON. & ¥ 5 oomey. %’gg‘x! ‘LEONARD ToWNLEY A. McKEE G F B 06ILBY ‘National v WIMSA’ American Finance Corporation RETLLY E. FRANCIS R1GGS WM. H.SAUNDERS HERBERT T. SHANNON gk 6. BT R rucxu!u Money to loan on D. C. real estate. 1st and 2d trust loans made promptly. Usual broker- age commission. See Mr. Robertson 9 to 10 A.M,, 4to 6 P.M. Francis A. Crawford, Inc. 903-4 Continental Trust Bidg. 1a and et \Ub explain e method ng e mmorcis) Toun & Finknce Corperation Room 211, 621 15th 8t. N.-W. Bystem Copyrighted & Patent Pending. 3-Year First-Trust Notes Securgd on D. C. Real Estate Anmiounts, $2,500.00 Fach bearing 7 per cent. Will aell at §;per eent discount. Owner ne money for future bui Address Box 137-T, Star office. * Money to Loan ANY AMOUNT Reasonable Charges on Trade Acceptance: Warehouse Recelpts, Manufacturers’ Accounts, Short-Term First Second Mortgages or Approved Col- Iateral Commercial National Bank Bldg. ATTENTION INVESTORS —If you have money to invest, why not have it secured by first and 3econd trust mort- gages on real estate in the National Capital, where values are constantly increasing. We are in pasition to handle amounts of $500 to $5,000,000 on improved real estate with guaranteed ti interest at 6% to 7%. Francis A. Crawford, Inc. Real Estate Loans ané Insurance 903-4 Continental Trust Bldg. First Mortgage Securities —~—and " n enjoy the privi- lege being Included in our 1ine of Inventors RATED 100% SAFE never having lost a single penny in either principal or in- tereat. A wonderful record when you com pare these with those that are caus the loss of millions as frequently x e. antesd titles. tax certificates tnsurance policies. with all notes. $250 up to $5,000 Available CHAS. D. SAGER | 826 14th Loan Dept. M. 36 SECURED ON | WASHINGTON’S | BEST HOMES IN NiW. OFFERS THE OLDEST, SAFEST AND HIGHES PAYING INVESTMENT OBTAINABLE DEM. $100, $250, $500 AND $1,000 WRITE—PHONE—CALL For Descriptive Booklet W. S. PHILLIPS First Mortgage Investments . & K N.\W. Phillips Bldg. A |LOSS TO i AN INVESTOR 15th St Main ‘4600 THRIFT BRINGS INDEPENDENCE Few people “get rich quick.” Most fortunes are the result of saving regularly from the start, no matter how small the wage. You can now purchase our Quarter of a 612% FIRST MORTGAGES on the Partial Payment Plan. You save and invest at the same time and receive 615 per cent interest on every dollar invested. B. F. SAUL CO. 1412 Eye St. N.W. Century 1Without a Loss Main 2100 Open Until 5:30 P.M. Tomorrow and Thursday Loose Purse Strings —presage many a tight place for the improvident owner; while care- ful spending and’ consistent saving insure ease of mind, material prog- ress, success. f[Lay out a budget system of dis- bursing your money and put it on a working basis THIS PAYDAY. You'll find a Checking Account for meeting obligations, and a Savings Account to encourage thrift, of definite value. {Washington’s OLDEST National Bank will be glad to handle either your checking or savings account, or both. Payday’s 'round again— join the “Metropolitan” family now. Jr. 39, Interest Paid on Savings One Dollar or More Will Open an Account Metropolitan Ban Vedkor W, WHITE Capital, Surplus and Undivided Profits, Over $1,700,000.00 3 !Bth Slt’. Opponte U. S. Treuury—los Yurs Old T T FINANCIAL. Capital and Surplus, $2,000,000. The Mails Extend This Bank’s-Facilities Everywhere Many of this bank’s 42,000 customers have never set foot within our building. They find it more convenient, and just as satisfactory, to Bank by Mail. f[Accounts may be opened by mail, deposits made and all other routine banking carried on in the same way We supply necessary sta- tionery, self-addressed en- velopes and duplicate deposit slips, returning the latter with uniform promptness. We invite you to avail your- self of our Service by Mail. Same Rate of Interest Paid on Large and Small Accounts Special Payday Hours For the benefit of our many departmental patrons this bank remains open until 5:30 P.M on the 15th, 16th, Last, First, and Second of each month. DIRECTORS: Woodbury Blair Willlam D). Hoover James A. Duckanan Reginald S. Huidekoper Wiillam A. H. ChurchVictor Knuffmann Walter C. Clephane Charles Minshall H. Rozier Dulany, Jr. Edmund D. Rheem Wm. E. Edinonston Frank Stetson Sec. & Asst. Ir. | Iranklin H. Ellis Frank W. Stone Awst. Trst Officer | Prederick A. Fenning William . Walker Awst. Trust Officer | 11 Prescott’ Gatlev = Henry K. Willard National Savings & Trust Co. 56tk Year: OFFICERS: WILLIAM D. HOOVER ....President WOODBURY BLAIR ....1st V. Pres. FRANE W. A V. Pres FRA Trust Officer CHAS. C. FANBOIS, Treasurer WILSON " Necre DAVID; BokNET Oldest Savings Depository in Washington Cor. 15th and New York Ave. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Rendall K Hagner & G 1207 Gonnecticat (Brencua Save and Invest The purchasers of our First Trust Real Estate Notes lock them in a safe deposit vault and forget them Nothing to watch; nothing to worry about; no fluctuation of value. ' SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY Paying 6 and 612% (PAYABLE SEMI-ANNUALLY) Shannon & Luchs First Trust Notes Butlt on a Straight Line of Return Not a Fluctuating Value Sold in Denominations of $100, $500, $1,000 FULL INFORMATIO! Since 1906 MORTGAGE DEPARTMENT i 713 14th Street N.W. MONEY TO LOAN oN DISTRICT OF COLUMBIA AND CHEVY CHASE, MD., RESIDENCES 5%9, Interest H. L. RUST COMPANY . 912 15TH STREET N.W. MAIN 6888 LOAN CORRESPONDENT FOR THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 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 National Mortgage & Investment Corporation 811 Vermont Avenue N.W.