Evening Star Newspaper, February 26, 1921, Page 16

Page views left: 0

You have reached the hourly page view limit. Unlock higher limit to our entire archive!

Subscribers enjoy higher page view limit, downloads, and exclusive features.

Text content (automatically generated)

WEEK OF MANY FLUCTUATIONS, INFLUENCED BY CROSS CURRENTS Business on Restricted Order, With No | Large Buying—Industrial Corporations Put in Order for New Conditions. BY SIDNEY P. WEST. Special Dispatch to The Star. NEW YORK, February 26.—The past week has contributed very little new to the discussion of the financial | outlook. It still is a waiting mason} for general trade, with the business | community disinclined to buy beyond | the barest immediate needs. The price cuts have had varying results as be- | tween different lines. They have stimulated the textile industry of New gland; they have not in- cre sed the buying movement in steel. h the latest reports are that the steel companies are | plac fewer new orders than ever on their books and that porduction is going further down hill The most startling occurrence of the week has been the break in cot- ton to new low records for the vear, 10 levels which represeent the wiping ‘out of nearly all the war advance, bringing prices back to where they stood in 1915. There is no mistaking er of this line. It is ing of th ssitous sort the stoc o like last | ardless of | pne motive of raising On contrary, need Cotton Liquidation Factor. There is no question that this liqui- i@ation in the cotton market has car- ried pr down well below cost of Product s figured out by the gov- ernme nd yet it keeps nn; unche the cotton growers recog: d the plain facts of their| position three months ago, they would | ‘have fared much better. As it was, they allowed themselves to be buoved up by the hope t throush federal! id they could escape the losses of the veadjustment period, which was the! common lot of producers throughout| the country. and the sacrifice eco- | nomic law demanded for the abnormal prosperity of the war year: The uel is now being witnessed. | TUnable any longer to hold on. cotton growers have had to let go at prices which look low beside those of last November. The attempt to influence | prices by holding cotton back from market has ended in a costly failure. How long it will be before this forced selling is over cannot be predicted, but_this much certain—no com modity can for long remain below what it costs to be produced and that in time buying by investors who'base | their calculations upon this truth will restore equilibrium Grain Mark ‘The grain marke: Influenced. which are in much the same position as cotton, have been influenced by the laiter's decline. They, 100, have been consistently weak and for’ a similar reason, namely, the in- ability of the producers to longer hold on. Even in the grain trade it now be- &Ins to be seen that an emergency tariff, were it _to pass, would do very little 8ood. The main thing is that American | wheat raisers are forced to compete with other countries having cheaper labor and a depreciated currency. This competition would keep prices down regardless of tariff carriers or the NEAR EAST PARLEY alternative would be an almost total loss of the export trade. Stocks, Money, Exchange. The attitude of the financial markets on the eve of the London conference to dis s German reparations is one of much caution, combined, however, with a quiet refusal to accept the misgivings and even pessimism expressed in the press dispatches. The foreign exchanges lost ground early in the week under selling by speculators who wished to be clear of the market until the outcome of the London gathering could be fore- seen, but the way in which most of this loss was subsequently recovered expressed the real judgment in bank- ing circles. Like ail diplomatic situa- tions, however, this is one which promises to alternately blow hot and cold. It suggests moments of concern for the markets of the next few weeks and other moments when the uncertainty will seem to be relieved. Breathing Spell in Stocks and Bonds. Both bond and stock markets have fulfilled in every respect the antici- pations of a week ago. Finally, the syndicates bringing out new invest- ment issues recognized that they were overdoing things, that the market was congested and that the public appetite had been satiated. Accordingly. a halt was called upon new offerings to give time for the newly issued se- curities to pass out of the hands of dealers into those of permanent in- vestors. It will be well if this breath- ing spell is allowed to continue for a while longer. The investor has at Fg THE EVENING STAR, WASHINGTON, D. y TEST OF RULERSHIP length learned that he is in danger of missing a golden opportunity if he goes slow. s for the stock marl pected, been a very d The decline which culminated ber measured very thoroughly the processes of readjustment in the finan- cial situation at large. The recent de- ne has been a secondary reaction which has not been due t ses but rather to special c partic r issue: Where dividends have been cut or passed, or else where al reports have appedred, making a worse showing than looked for, stocks have made new low records. But the list in general is well above the December aver- age, and at no time has there been any sign of renewal of the sort of liquida- tion which characterized the panicky times toward the close of last year. Market Insues. The modern market is so big and con- tains So many more issucs subject to varying busine: conditions that is less apt to have a general movement either up or down. Rather, it is in the habit of moving by groups, and when the question is asked: When is the turn coming? the answer is that for some classes of stocks it came two | months ago, for others, a month later, for others still it probably has come | within the last week, and finally, for others it may be yet some distance off. The general rule is that after the worst is known about a company, even if this involves the absorbing of a huge inven- tory loss with an accompanying enor- mous draft upon profit and loss surplus and entire passing of dividends—provid- ©d, of course, there is no question of re- ceivership—this company’s . securities have struck bottom. (Copyright, 19: ALLIESTO DISCUSS ti in Decem-| . 3 . HEARS ARMENANS onference’ Marks Time While Awaiting Greek Re- ply to Proposals. By the Associated Press. b LONDON, February 26.—Armenian srepresentatives were heard this fore- oon by allied representatives gath- red here for the near eastern con- erence. Later. questions affecting vArmenia and Kurdistan were taken tup with the Turkish delegates. ! While it was generally expected the :"Drelentiliveu of the Turkish na- ‘tionalist government would agree to the proposals for a solution of the near eastern question, it was predict- ed the Greek answer would be in the #egative. It was stated at the foreign “office, however, that M. Kalogero- poulos, head of the Greek delegation, would be appointed a member of the interallied commission, which will conduct an investigation of conditions in Thrace and Smyrna, and that the fact this inquiry would be made did not imply that the Greeks would be compelled to evacuate territories they Joccupy. Greek occupation of strategic points mlong the Dardanelles, it was said, “would not be affected, necessarily. Moreover, the London Times points lout the fate of Thrace and Smyrna “will not be determined by the com- ,mission, but will be settled by the ‘allied governments after a study of its report. 2 Sforza Is Given Credit. Foreign Minister Sforza of Italy is ‘credited with the success attending the allies’ efforts to impress the Turks -ssity of moderating their bluntly told them that, proposed investigation, & st refrain {rom raising great- ‘er difliculties on other points. News- papers here published today a cabled appeal from citizens of various locali- ‘ties around Smyrna, complaining of ‘Turkish nationalist cruelties lo na- tive Christians. w Bekir Samy Bey, chief of the na- tlonalist delegation, who has definite dy taken the place of head of the “Turkish delegation, reiterating ac- ceptance by the Turks of the allies’ suggestion, asked for time to com- ‘“municate- with Angora _respecting other parts of the treaty of Sevres af- Yecting the economic life of the coun- ry. He said he hoped to obtain a re- vly by Monday, and the conference ceded to the request. Premier Lloyd George assured Bekir Kamy that the allies would carry out the investigation with compiete fair- ness and impartiality, and decide the ‘puestions at issue between Greece and urkey on principles of justi + At yesterday morning's session Bekir [Pamy expressed thanks to the su- preme council for admitting the prin- eipal Turkish claims, which he de- clared led him to hope that the full Blaims of the Turks would receive qual consideration. : Mr. Lloyd George explained that no <laims had been admitted, and to this Bekir Samy replied that the Turk regarded the suggestion for th Vestigating commission as tanta- amount to admission of the claims. '$1,360,000 FOR 44 HULLS. Shipping Board Also Sells Three * Tugs for $220,000. The Shipping Board last night an- nounced ale of forty-four uncom- pleted wooden hulls for $1.360.000 and Xhree tugs for § 040 to the Northern Fransportation Company of Baltimore fM'wenty of the hulls we sold at $35.- 000 each and the rest at $25.000 each. With the sale of these hulls, officials #aid, the board completed the disposal ©f the fifty-six uncompleted wooden hulls at Atlantic_and gulf ports, al- re still remain seventy- on the Pacific coast. The Northern Transportation Company of- Sicials plan tp eomvert the hulls into ‘barges. 4 GERVIANPERALTE Wilson and Foch Will Confer With Premiers at Week- End Party. By the Associated Press. LONDON, February 25.—Field Mar- shal Sir Henry H. Wilson of the im- perial staff and Marshal Foch, who will accompany Premier Lloyd George | to Chequers Court for the week end, | will be occupied especially in an ef- fort todraw up an agreement regard- ing measures of force to be taken against Germany, should she fail to meet the wishes of the allies. The week end party also will in- clude Premier Briand of France, Gen. Wigand and M. Berthelot, who will discuss with the prime minister the conference with the Germans on rep- arations. Baron d’Abernon, British ambassa- dor at Berlin, will arrive in London en Sunday to advisc on the situation in Germany. The German reparations delegation will reach London on Mon- day, but the full conference will not be opened until Wednesday. GUARDS TOLD OF DUTY. Germany Taking Measures Against Revolt on Reparations. BERLIN, February 25.—Maj. George Escherich, head of the Bavarian “orgescl or citizen guard, who is in Berlin, has issued a letter to the organization urging members to bear in mind, in view of possible disorders following the London conference of March 1 on reparations and disa ament, that its primary purpose “to support the constituted govern- ment. A special dispatch from Munich says Bavarian government circles feel that the warning of Dr. Simons, the German foreign minister, against a possible coup d'etat in connection with the London conference is un- Jjustified. At present, the dispatch states, there are no differences be- tween' the central and Bavarian gov- ernments and, in all events, Bavaria can maintain order. Bavaria's_unoflicial representatives who are going to London express the hope that they will be granted per- mission to expalin to the conference the real purpose of the Einwohner- wehr and other civic protective asso- ciations. WANTS NO WORK MARCH 4. Employes’ Union Would Close Stores Inauguration Day. Following the lead of the Women's Trade Union League yesterday in ask- ing that local stores be closed March 4, the Labor Department branch of Federal Employes’ Union, No. 2, has adopted resolutions asking the same action. ASHER FIRE PROOFING CO, $13, SOUTHERN_BUILDING about unchanged from its previous closing figure. Ryan Consolldated continued heavy under a moderate supply. Texas Company rights were dull at about the closing price of yes- terday. There were no transactions TRADING ON CURB in the Standard Oll group during the among the various foreign nations, first hour or more, but the bid and it declared that the expansion of sked quotations were, about un- the shipbullding industry in Great H anged. Britain since the war “seems to have | mewhere Irregularity. NEW YORK, February 26.—Short| fThere was quite some frregularity in 0., SATURDAY, FEBRUARY 26, 1921—PART o b4 least the peak of shipbullding in for- elgn countries as well as in the United States has passed Britain Led the Way. Discussing the shipping situation FOREIGN BONDS taken hold of the imagination of the other nations of the world Japan, which was hardly NEW YORK, February a factor 26.—The vania €%s were freely supplied at their low of 96. Chicago and Northwestern 6%s, which came out soon after the Penn- sylvanias and offered to the public at the same price of 993, are being held at that figure. Traction bonds were heavy again, with the Interborough Rnpid {fransit 5s at 52, and th Brooklyn Rapid Transit stamped T at 383, session on the curb today was dull, | the miscellancous Iist. Durant Motors . . before the war, the board said, is market for foreign government is- e e but there was a steady undertone. tduaily, Jebes Sod Sione Nations Relax After Period of | now in the front ranic as a shipbuild- | quos snowed agamn today as it had MONEY AND EXCHANGE. Commission houses had but a few American Tobacco. United Int Shibuildi L e e L e e e LR RS February 26 —Prime 2 A q e States & B cen a pbuilc 3 rday, a disposit 3 ercantile paper, 7%a7%; exchange small orders, and about the only busi- s Steamshlp, United States shin| INLENSE ipbuilding, Fed- |iwe” i tas for disturbing developments and a|irregular: sterling 60-day bills and ness was by the professional element, . aslearatEouhil | before. F s turned f | possible upset at the London confer- | Commercial 60-day bilis on_banks. which evened accounts over Sunday.) thero ure in evidenc eral Reserve Board ISayS ey Rreauctionifoty wear maatian e S A e s‘:fi“"::z‘t e B e ey P A ence > an rej ativ emand, cables. 3.863%. P Nl‘::x'wdglsx“»m|.ff: it eens \Iu'.'(l\:r}“ g li(v“h:vl‘ng‘ order,| A Derlod of fntense competition in which begins next Wednesday. There | demand, cables, 7.13. Lrderadlinds AEpstvAnce s s et o U R AL e : s further heavy selling of French, an francs, demand, 7.42; cabies, an ‘enter Tendency in ailors which | offerings being scarce at the previous| world shipping was for today etat A D Vs s Guilders, demand, 34.00° cables, ave been strong recently on profit- | close. 5 bl ¥ lsian and Danish bonds. Fre uilders, g 3 5 l;tklnk sales. Insiders did little in .\Imlu‘rnh\‘ar-(l\('l'.:; r:fled_ln the min- DY the l;‘rdvm_l Re 4 Ss ‘wml.‘(;\\"ouf‘i:‘in ‘}‘%,l-.;n “I};rk& ‘:1 _r:xm::l. :::::: market. s department, bu ce changes| survey reign ¢ : s o »ped a pol 91 to p . ‘demanc fraction, due to covering of short! was in fair demand and establishe AT > s s down ne: a point, to wh S contracts put out d e past few | fractional advance. production, they said, there M- kin poral the Bs lost a full point to 97. Unit AT OO days. This covering was at a loss,| Dealings in_bonds were comp probably will be for Lt 2 s were not affected, the g S because the stock has b tively quiet. The tone was steady e AN elaL oAty e holding around yester- bonds steady; railroad changes were small. —_—— BAR SILVER QUOTATIONS W YORK, February 26— Domestic, wn dolla unusually well in the market. Guffey Gillespic pric | ot ter of a dispute between the traders, | cult and it was dif figures on the However stock was le: rtive than he and moved over a range of a Petroleums Steady. International Petrol and was compar: Oil scored e and Simms to_get tio con oun rates—Short 3-month bills, per nt . 5% bills, 7% 6 13-16: Petro cu final of $6. was per cent. g Nearly Two Million Dollars —worth of apartments have already been sold under THE WALKER PLAN. The purchasers of these apartments are our best advertisers —they are thoroughly satisfied with their investment in every way. In- deed, many purchasers of apart- ments under THE WALKER PLAN have been offered increased prices if they would re-sell their apart- ments. Others—while we do not en- courage the practice of buying in order to sublet—have, with the con- sent of the Board of Directors, rent- | ed their apartments at a figure that amply takes care of their monthly payment and makes an excellent re- turn on their cash payment. No bet- | ter investment can be found than ' an Allan E. Walker Apartment. | i | | | | i | | | I --Note the Character, —of these representative Walker CO-OPERATIVE Apartments. Manifest- ly, not ALL of the apartments are as large as those have smaller apartments for those who desire them. fered under the Walker Co-operative lently constructed and modern in every respect. Offering apartments in four different buildings, to 8 rooms, 2 baths and porch, it is possible for us to as to size as well as architectural design. 1526 17th St. N.W. 1 Room and Bath—$1.700 to §1 sh payment, $600. Tot payments, §18. Rooms and Cash_ paymer Total monthly pay 1734 P St. NW. payment, $1,600. Total payment, $46.55. 4 Rooms and Bath—$7,000 $7.500. Cash payments, $2,300 2 Total monthly’ pi 3 to $78.12.% 5 Rooms and Bath—$7.500 0. Cash payment, $2,500 500, ments, $102.50 to $140.63.* Street Plan ARE admirably planned, excel- THE CAVANAUGH a4 Bath—34.100 to > iy sh payments, $1,400 to cach one is acquiring ownership at LESS : al “monthly nents, to $55.05. THE AVONDALE 3 Rooms and Bath—$4.500. Cash monthly yments, Total monthly payments, 188 “"“j“»‘;""l = ntial curtail on the princips Rooms an or nths— $10,000 and $13.500. Cash payments, 8 Rtooms, 2 Baths and Porch— $3 Total monthly $12.000. Cash payments, $4.000. an E. Walker & Co. = _ { commerce. in sweepi Hipping intarests the past few 1 g2 ties were scarcely changed at pRlnglnferests e the o fu wwrove- SOUTH PENN CUTS DIVIDEND. et R e PARIS TOURS fulCieiEh o ke SR S NEW YORK. February 26.—The re- s of present and reports S D i 5 ion in the price of crude oil and the - coming from ad of canee ment on income and profit taxes Will higy cost of drilling were responsible for n of shipbuilding contracts on have been paid. There i 4 th on of the South Penn Oi Com- isiderabie scale in several coun- n amount of 1 pany £ its quarterly dividend v group on the approach of from $5 a shars to $4 a share. The ould indicate,” tax-piying period Yividend of §4 was made payable March t for the time Among corporate issues, Pennsyl- |31 to of record on March 11 A nu ments. ments in sold. As an Investment New construction commands a first trust loan of more per room than our selling price, which proves our statement that we are selling at 60% of reproduction cost. have received offers of profit of $500, $1,000, $2,000 and $3,000. No apartment can be bought at the original price in the six buildings in which we have sold all the apart- ‘The same condition will prevail when the remaining apart- mber of our purchasers these four buildings are Add up your rent receipts for the last five years illustrated above—we But all apartments of- Charm, Spaciousness! / and ask yourself what they mean, and how much they are worth. You will find that you have paid several thousand dollars and you haven’t a thing to show for it. Your land- lord still owns your shelter, and you own a pile of waste paper. Break away from that rut now—as nearly 300 other families have—un- from 1 room and bath meet almost any desire OF REPRODUCTION VALUE. Talk to Some of the > Apartment Owners in Walker L RUTLAND COURTS 1725 17th St. N.W. Rooms and Bath—$3.100 td h payments, $1,000 to 4] monthly payments, 1900, Co-operative Buildings. Bath—$5.500. Cash Total monthly nent, You will find them enthusiastic because COST THAN RENT. Because each one ap- preciates the advantage of neighbors of the substantial class who are owners. Because each one is co-operating in a constructive way, resulting in a service and management impossible of attainment in a rented buiild- ing, which is an invisible yet a very potent THE LAMBERT 1791 Lanier Place 3 Rooms, Bath and Porch—3$4,300 h payments, $1,400 to . Total monthly pay- ments, §41.04 to $42.60.* 4 Rooms, Bath and Porch—S$ 00 5 to $6.000. h payments, $1.800 to asset. to $2.000. Total monthly payments, $52.40 to $36.50.% 5 5 Rooms, Bnth and Porch—3$7,400 and 7 i These monthly payments INCLUDE your propor- $00. Cash’ payi . $2500 and tionato share of taxes, heat, water, light, janitor 00. -,-m“,mg‘.}},',';;“,f:y,,‘,e,,w, ' and similar_expenses, 11 interest and @ sub- 5 to $T3.84.% Total monthly payment, $113.60.* N It will cost nothing to investigate—and to have us give you complete information about any apartments or the plan. Originators of the Perfected Co-opera- tive Plan of Ownership in Washington A der our Co-operative Plan of Ownership. These folks are buying at LESS PER MONTH than it costs to rent today—and they’re buying at only o7 /0 d

Other pages from this issue: