Evening Star Newspaper, March 10, 1921, Page 24

FINANCIAL., ‘THE EVENING STAR, WASHINGTON, D ¢, THURSDAY, MARCH 10, 197T. FINANCIAL, CLEVELAND PARK DELICATESSEN 3300 Wisconsin Ave. Home-Cooked Food and Pastries Take advantage of this store by saving work and mon Alexander Dacy, Propriet:)-_-. ) Bordens EAGLF BRAND Condensed Milk We were the first to reduce the price of paint in Washington. Paint Creates Prosperlty Paint saves the surface and you save all. Use Acme thty Paint—it’s stand- W. H. Butler Co. MAURICE F. FLYNN 607-609 C St. N.W. Established 1845 MRARRARARRARRAG Straight down the street from the G. A. B, Monument at 7th and Pa. ave. : : & aoaamamo “.« . advertised by our . . frien MNo.29) °- “Not" ese piece was broken or scratched. We have moved elevén times in thirty-two years, and this is the only perfect move we have ever experienced.” . Consolidated carload . o freight service Saves waste of freight car space, waste of shipper’s money, waste of time and provides greater safety and speed. If A is moving to Chicago and has 2 or 3 vanloads of furniture he would charter a car for his B, moving o the same Blace with 2 or 3 loads. would the same. Two cars to carry what one would hold, and if one <ar was loaded full the goods Would travel safer. Freight on two cars paid where one would suffice. We are trying to stop some . of this waste by our consolidat- ed car service. We welcome in- \quiries, and as the service grows we czn be of larger service. Smurity Safe Deposit for Silver- ware and Valuables In our burglar-proof vaults, un- der guarantee, and for furs, clothing, rugs, etc, in our dry cold storage rooms. Buriry Storage for motor cars (dead), for pianos and_paintings, for luggage and houschold effects, Securify Brorage Gompanp | i Watablished 1890 as the Storage Department American Security and Trust Company 1140 Fifteenth St. C. A. Aspinwall President Sore Gums - Pyorrhea or Rigg’s Disease McHale Remedy = | remarkable resiits tiat b expressing devp gratitude for U et from sufferiox a: dertul home rewedy Lae bru MeHale's Lemedy wan sewearch and lests by & pract Bimeell, suaght relief suifering The remedy s garaateed 1 brig quick aag lasting relief. Don't suffer Hale's Home Remedy briogs sweet relief, BECOMMENDED AND USED BY WASHINGTON DENTISTS Rev. J. M. O'Brien, pastor of b Cnareh, Washingtos, w resnits of McHale ..n. his letter, as foilows' suffered for & long ') nbl 1\- ich this won- are fowiag in. ed after long S mere than & year. ago. it my remaioiog teeth. The rellef was im permaneat.” Large size bottle. 0 relicve, §2.00, 08 sale st yoss Home Pyorrhea s m National nk B4, 17 D s 5 LABORIS PROBLEN IN TRADE EQUATION {Chicago Reports Better Con- ditions in Business—Sit- uation Elsewhere. BY A. D. WELTON. Special Dispatch to The Star. CHICAGO, March, 10.—Banking con- ditions are showing steady improvements as liquidation goes on. The demand for money is less insistent and loans are being gradually reduced. The demand for permanent capital, however, shows no abatement. Issues of notes by strong concerns are selling steadily if not readily. There is money to be had if the requests for it carry tempting re- wards. Deflation has proceeded concurrently with lowering prices. The temper of the business world grows better as the or- derliness of the process comes to be un- derstood. Assurances of improvement in merchandising lines finds justification in s which show depleted stocks. hor and its disinclination, particu- larly where strongly organized, to sub- mit to the trend downward. is the un- solved factor in every business equa- tion. The railroad men, it is said, will surely strike if present agreements are abrogated. Chicago carpenter: a reduction from $1 Stockyards employ through their leaders they will strike rather than work for the wage scale just an- nounced. The packers say they must reduce wages to cut out waste. Builders say high wages in building trades are-largely responsible for housing conditions and the lack of building. Wages in Dispute. In all these lines wages are in dis- pute. In other lines the question has not yet come up, but will. The cloth- ing ‘industry in Chicago is marking time. “If there is to be any business,” said an officer of a big concern, “prices to the consumer must be brought to still lower levels.” In no line is there so much seething be- neath the surface as in the clothing industry. The orderly process in business has no reference to methods followed in par- ticular cases. The process may be or- derly and the methods so disorderly as to include strikes, lockouts and threats, or both. Business was a long time in adjusting itself to war conditions. Dur- ing that process there was some con- troversy and much easy surrendering to even inordinate demands. During the reversal of conditions there is also con- troversy, but the yielding promises to be slow and reluctant. Then, necessity for large production pressed hard, and cost was disregarded. Now curtailment of production may be profitable and cost is vital. High prices stay business. The railroads complain that high rates are having that effect. Tariff experts even are declaring that higher rates ‘will bring less revenue. California Rice Growers Helped by Court Decision BY LYNN S§. SIMPSON. Speclal Dispateh to The Star. SAN FRANCISCO, March 10.—Re- will not accept to $1 an hour. fusal of the United States district TODAY’S BOND PRICES. Noon prices reported to The Star over direct New York-Washington wire by Redmond & Co. City of Paris 6s 1921. French Government fs. Government of Switzeriand 8. Kingdom of Belgium 71s.. of G. B. and Irelund b: of 54w 1922 ind Ireland 5igs 1929, U. K. of nd Ireland 538 American Tel. and Tel. conv. Armour & Co. 4158, Atchison, Topeka and Santa Fe gei Atlantic Coast Line 7s. Atlantic Refining Co. 6i4s 1981 Baltimore and Ohio couv. 41gs.. imore and Ohio 6. Baltimore and Ohio 8. W. Div. 3%u. Bethlehem Steel refd. bs. Central Leather 5s. Central Pacific 45 194 Chesapeake and Ohio conv. 414 Chesapeake and Ohio gen. 4las. ii., Bur. and Quincy jt. 4s. Chi; Mil. and §t. Paul refd Chi, Mil_and St. Paul conv. 4 Chicago Northwestern 7s 1930, Chi., Rock Island and Pacific ref: Chicago Union Station 6las.. Consolidated Gas. Delaware and Hudson Erle general lien 4s Genernl Electric_6s. Tllinois Central 514 Internationsl Mercantile Marine @s. Inter. Rapid Traneit 1st and ref. & Louisville and Nashyille 7s 1930, Mo., Kan. and Tex. 1st s Missouri ew York ew York Contral del ew York Telephone fs. orfolk and Western con orfolk and Western con: Northern Pacific 4s. Pennsylvania Pennsylvania ¢ Pennsylvan Pennsylvania gen. mortguge 4145, ‘ading gencral Touis and San Louis and Sun I'r: eaboard Air Line refc Seaboard Air Line adj. pany here today. “The miners are getling the same pay and overhead expenses are the same. In these cir- | cumstances the prospects for even a slight reduction are not bright. The market is very slack. The railroads and shippers have little or nothing to do. Still, the railroad rates are u and all of our expenses are such a to make summer reductions impos sible. Coal will have to be bought at present prices for next winter.” * ok Xk X I CHICAGO, March 10.—Crude drugs) at last are beginning to feel the effcct of the downward trend of prices. | This is largely the result of buyers | holding off until reductions were of- fered. ~ Importers have come to the point where they must liquidate cer- | tain obligations, #nd_the break in prices has followed. Tn the chemical trade the same conditions may be noted. Consumers have been holding off, and such purchases as have been | made have been in extremely small | lots. Dye manufacturers are holding out for established prices, but job- | bers in dyes are said to be quolmr:, prices lower than the producers’ fig- | ures ordinarily would justify. * X *x % | MINNEAPOLIS, March 10.—Slow | deliveries of merchandise in various sections of the northwest may result in shortages and @ demand for goods which will be of inestimable value in Washington Stock Exchange SALES, Southern Pacific Ist ref. 4s.. Southern Pacific ‘conv. 4s. Southern Railway gen. 4s.. Southern Railway Unfon Pacific 1st 4s.. Union Pacific conv. 4. Tnion Pacific 6s 1923 United States Rubber 5. United States Rubber 734s. . Unlted States Steel 8. F. 55 Virginia-Carolina Chemical Wilson & Co. 1st 6s. SHORT-TERM SECURITIES. (Reported by Redmond & Co Tel. & Tel. Tel, & Tel. Thread Co. ) 1id. Tobacco Tobacco Co. Copper 6s 1 American_0il 7 A erican Argentine | Cuicago, I 1. & Facitic Gulf 01l Corporatio H. J. Heinz Co. Western Electrie Westinghouse E. 99 getting markets back on their feet. Retail merchants, as a_tule, have been holding off for reduced prices until their stocks have reached serious degree of depletion. with the Easter trade find themselves short in many lines. The result is a widespread demand upon wholesale houses and carriers to rush orders to their des ion regardless of the expense involved. healthy sign a Now, setting in, they This demand i 2 very in the business situation. * % ok % NEW YORK, March 10.—H. Gor- don Selfridge of London, is authori for the statement that France ha begun to buy German goods freely, much more So than England. This is but a reversion to old channels of trade. France is very open-mind- ed when it comes to trade and the favorable rate of exchange as be tween the mark and the franc ha induced French merchants to buy largely of German concerns. Mr. Selfridge says that in England there still is a great amount of feeling on the subject of buying goods made in Germany. The difficulties of the ex- | change situation also are a deterring factor. Mr. Selfridge placed an order in Germany for goods amounting to about 4,000,000 marks. By the time the goods were shipped the mark had advanced many points and the bar- ' gain was not such a bargain. OIL STOCKS, Quotations furnished by W. B. Hibbs & Co. Washington Gas 7ies—$500 at 1001, 3300 at }‘0'0 $500 at 100%, $100 at 1021, $100 t 5 ‘Washington Railway general 6s—$1,000 at 90, $1,000 at 90, $1,000 at 90, $1,000 at 90, ";m e Plectri $1,000 at 83. otomae Electric cons. fis— Poiomac Electric general mortgage 6e—#.000 court here to issue an injunction u(. ital Traction—10 at 85, 10 at 85, 25 at aj i vers' ia- at Sainst the Rice Growers' Associa-|Si%. 0580 ‘fi.nny pra.—2 at 58%, 2 at tion, restraining it from alleged vio- lation of the anti-trust laws, is giv- ing new heart to farmers' marketing organizations. While the decision of the court is not fidal, ultimate vic- tory for the rice growers is consid- ered certain. Renewed activity char- acterized the rice market following the decision, as it leaves the associa- tion with a firm grip, since it controls 80 per cent of the rice production of this state. A part of the business stagnation here has been due to the determined holding of the growers. New York interests sought to break the dead- lock through judiclal, edings, but their failure to da 80°## resulting in sales on the growers' terms. Nut Prospects Exeellent. The California Walnut Growers' As- sociation today announced that prac- tically all of the crops of 1919 and 1920 have been cleaned up at associa- tion prices. Prospects are excellent for a big harvest this fall. New crop nuts will find the market practically bare. Cantaloupe growers of the Turlock district, in San Joaquin val- ley, report that there will be a large reduction of acreage in melons this year. Last season growers suffered heavy losses, owing to the swamping of the market and reduction in de- mand. The new high freight rates are oppressive to the growers, it is claimed. Wool growers are seriously dis- turbed over conditions. They have on hand practically the bulk of two years' clip and there is no market. At the same time imports are reaching here in considerable volume from Australia and New Zealand to fore- ::xu&l prospective tariff increases, it is Readjustment by Railways Awakens New York Traders BY JAMES ALLERTON. Special Dispateh to The Star. NEW YORK, March 10.—The notice just given by the Pennsylvania rail- road of ‘sweeping wage reductions, and that by the New York Central lines, east of Buffalo, of a cut in the Wwages of laborers April 1, has served to make New York city, as a whole, realize thoe wage readjustments that are going on throughout the country. Of ‘the 20.000 or more men aftected by the New York Central reduction, which ranges from 10 to 30 per cent, a substantial proportion live in the metropolitan district. Coming so closely on the heels of the 10 per cent reduction agreed on for the 20,000 men employed in the shipyards of Brooklyn, Staten Island and Newark he city understands at last that re ustment is something that must eventually strike everywhere. Oddly enough, the ‘metropolis has n persistently indifferent to the ats that for months past have been figuring in the news. 1f they affected the textile industry, that was some- thing for Fall River to worry abou if they affected the electrical indus. that was something of concern chenectady and Lynm, but not There was no measure to be found in the mer- P ¢ipts, 8o he passed the matter by. The cuts did not show in the manner of living of the man up- | airs, §0 the workingman forgot bout it as he.read. Changes in Other Lines. As a matter of fact, the new scales for the raliroads and the shipyards men are neither the first nor the most important of the wage changes \at have come in the metropolitan district. Recently all the laborers employed on the one big transit con- tract now under way here were in- formed on Saturday night that their employment was at an end. They were told that they might come back Monday morning it they wanted to but at the of 60 cents an hour cad of 90. It is significant that o at o8 shington Gas Light—25 at 44, 25 at 44, 44. 25 at 44, 15 at 44, 2 at 44 Security Savings and Commercial Bank—10 at 200. AFTER CALL. Washington Railway genesal 6s—$1,000 at 90%, $1.000 at 90%. Bid and Asked Prices BONDS PUBLIC UTILITIES, nd Telga, 4s. % Ameriean Tel. Andcostia Anacostia Chesapeake Capital Traction R. R. City and Suburban Gs. Metropolitan R. R. 58. Potomac Electric Light 5e. Potomac Electric cons. 5s. MISCELLASEOUS. C. Paper Mfg. 6s. iggs Bealty 5s (short) STOCKS PUBLIC, UTILITIES, Tel 273, B8 3 Washington Rwy. and Elec. Washington-Virginia Rwy. pfd. National Metropolitan Riggs Second Washington .. TRUST OOMP. American Security and Trus Continental . National Savings Union Trust. Washington BAVINGS BAN ity Sa Beveath Btreet Savings. Unjon Savings. United States.. Washington Mechanics Arlington Corcoran . Firemen's German-American ational Unlon.. Columbia _Graphophonie com C. Paper Mfg. Co Paper pfd. Merchants' Transfer and Storage. ioo Mergenthaler Linotype Old Dutch Market com 014 Dutch Market pfd. Tanston Monotype . Security Storage . *Ex-dividend. For His Life. “What happens when doctors dis- agree?”’ “Then the patient has a fighting chance.” PERPETUAL BUILDING ASSOCIATION Pays 6 Per Cent on shares maturing in 45 cvery one of the 1500 men returned for work Monday morning, but it is n’significant that 3,000 other n e ready and wiliing to take jobs had they been Another illustration of th ing times is found in the case 5. Three months ago 1'$1 an hour and were are cager to work or 60 and even 50 cents an hour. In brief, readjustment has gone far that the average for all workers in the measurably, if not subs luced. The surveys of the state industrial commission show that the average wage for the ntire state I8 lower than it has been in the past three years. *r e Notes. NEW YORK. March 10.—*“There will be no summer reduction in anthracite declared a representative of the Lebigh Coal and Navigation Com- or 83 months. It Pays 4 Per Cent on shares withdrawn be- fore maturity Assets Nearing $7,000,000 Surplus More Than $600,000 Corner 11th and E Sts. N.W. JAMES BERRY, President JOSHUA W. CARR, Secretary Bid. Asked Anglo-American Oil Co. (new).. 17 17% Atlantic Refining Co. .92 030 Borne-Scrymser Co. 375 Ruckeye Pipe Line Co. . 82 Cheseborough Manufac 185 100 29 135 Continental Oil Cv. Crescent Pipe Lin Cumberland Pipe Lin Fureka Pipe Line. aiena-Signal Ol Co. com. ena-Signal 0il Co. pfd. Tiigols Pipe Line Co. Indiana Pipe Line C ational Transit Co. ew York Transportation (o. orthern Pipe Line Ohio 0l Co. Pennsylvanin-Mexican Fuel Prairie 101 and Gas Oo. Prairie Pipe Line Co. Solar Refining 0. Southern Pipe Lin outh Pena. 0il Co. Bouthwest. Penn. P Standard Oil Co. California. Standard Oil Co. Indiana Standard Ol Co. Standard Oil ¢ Standard Oil Co. Vacnum il Co. Washington Of 88% . Conservative Investors Favor PUBLIC WILL TAKE NEW CERTIFICATES Issues—Capital Traction on 7 Per Cent Basis. BY L A. FLEMING. Local bankers are making very gen- erous subscriptions to the new issu of Treasury s, and is small question but what the offer- ing will be entirely succ ful. One national bank placed its subscription for $1,000,000, and followed this up by customers for 000 of Bank placing the will the directors ederal Reserv held today, where th the new certificates will ered. 1t is expected that the allot- ment for the fifth regional distri will be between $12,000,000 and $13. 000,901 ough the amount will un- questionably depend on the size of the subscriptions, as the aes are “$400,- 000.000 or more. Estimates of the posits of the national country show a ver, compared with the ne of 1920, some estimate as high 10 per cent. of ichmond be be consid- decr ban large t o se de- the in Ic 1l date of the leading national bank country, with deposits of and above $50.000,000 cach, lost more than $500,000,000. A oss of $1.000.000,000 in et de- posits of nationa over the entire system is in one year. This money has, in all probability, zone largely into Treasury certi cates, other than that portion which has heen lost in other ventures. Today there are thousands with money who will not pi funds in the usual channels of in- vestment. They consider bonds too high, the position of the stock mark is not to their liking and nothing peals quite 50 much to them as the government securities, free of tax as to mormal income, and an excellent security in the event of needing to use the certificates as collateral. The return is not in full accord with the money value of the day, but con- sidering the safety of the investment and the normal tax exemption. it is by no means lacking in that respect. The averages in the bond market seem to have crossed the high and | to be on the down grade. The digestion of recent flotations is still going on. | Thus a 7 per cent oil syndicate wa closed out with the notes selling at | 931, later recovering to 95, but placed in the initial offering of 98. Rail Situation. | Clipping of wages here and there | and rturther intent along the same | line with especial interest directed to the rails, has been in recognition of the falling off in railroad earnings | and the absolute necessity for econo- mies, closer than ever. It was said this morning that the President might send a special mes- fage in the near future on the rails but would probably wait for a study of | ¢ of conditions. reference to the net result Reports of impending govermment ownership needed but CURB STOCKS. Quotations furnished by W. B. Hibbs & Co. ~12:13 pm—~ Salt Creek (new) Sapulpa com Simmus Petrol s of the Skelly Ol . most recent attempt in this line, not Bid. Asked. | Sweets (0. of America ruuy known by the public, to quiet Astna a{mmm . . ‘:a"/. ® Switt Taseraaticoal . ' 2 Thmopah Divide P R"the stock market the ralls and | Ameican. Candy . } Tonopal: Extension steels, and, in fact, the list, suffered | Atiantic Petroleum Uniged Bastern o000 e » quite severely with special pressure | B Heart . L Lizht and iieat com 3 dxmua against the rails. LR L Laght and Tieat pfd %01 Empire State Banking. Boston and Montana . b b3 1 s law has recently been placed on) fionton and Wyoming the statue books in New York state|(alnmet and Jerome. permittin tional bank changing | Canada Copper to a s ution to re Carbon Steel properts ry pow which posses as alCarib Trading .. ; i tand Fowe has be d along th re of the currency, re- qQuir inl salaries, when nd an- of a per- Capital Traction Dividend Increased. ! eting of the directors of the tion held yes- = Butterfl = r - Capital L k A ockets The increa e, and | J . , = to the We have just received is the stock e another shipment pof than the 85 SR Butterfly Lockets. They {Jerome. ¥ are exactly like those : Ky County Hich ] i Lake Torpedo & which we introduced to of it Cal and Nawigation: Washington some time 1 i1, te ago except that now ‘ Mare n 19; the the variety is even o per cent iy greater. Mountings of s otk Sterling Silver, Gold \ Dinner Committee Meeting. led d_n(! S olid Gold et IO vou have your choice A wiation District The National x 3 Remembrance Shop il (new)... 0 anok O (Mr. Foster's Shop.) e 14th St One door from = Pa. Ave. § = 0 Oopsclits t Creek I { FINE —Make this store your | \ for : BUILDA-LIMITLESS SERVICE Hihdbuirtors. for: | QUAL] l Y s —We sell B. P. S. P A l N I Paints—they are stand- ; ard in quality i 915 SOUTHERN BUILDING BARBER & ROSS 11th and G Streets AR s e Y/" cAMPUTUDE 9 ZX OF CONVERGENCE The extent to which the eyes can adapt to near and far objects is known as the amplitude of convergences. If the focusing muscles of your eyes do not quickly make ~ this shift you should allow us to make a thorough examination and prescribe the glasses you need. 7 OPTOMETRISTS 6i14 9T ST. N.W. Golden Oak Chiffonier $19:5 polizhed; full size; large plate mirror. irowers. any Credit Terms. service invoives a0 guesiwork: our diagnoses are correct because experts — not students — take care of every patient. Twenty- seven 'years of de dentistry, at lowest is a strong recommendation. possible Xy Perfect Buction Tuth ‘Will Net Slip or Drop, $5.00. Other Bets of Teeth, “00 Up. Gold Crown and Bridge Work, $3.00—$4.00$5.00 Por Tooth. Fiilings 50c to $1 up. In gold, silver, amalgam or poroslain. No charge for painless extraction when other work is done. Examipation and ad- vice always free. Open Every Evening Ustll 8 o'slock, and on Sun 0 A.M. to 4 P.M. Lady and it Teontanoe. &1l Werk Fully Guer- anteed for 20 Years. Kindly keep nsme and location of my offios in your mind. DR. WYETH Oppesite “Taneburgh & “re. and " Fhone Maln 9183, s Including Set of ‘Who else will make you offer as this? Large Buffet plate mirror, and a set of handsomely dec ware, all complete, for... Easy B | N Il il 'm I ighly polished Golden Oak Extension Table and four Durable Diners m. I ‘flflllfll 3-Piece Outfit Massive 2-inch Continuous Post Gold-Finish Metal Bed, with two-inch fillers, woven wire. spring. and. soft-top mattress. Easy R L i Seven-Piece Dining Room Suite $6 75 Dishes such a liberal h beautiful orated Dinner- Credit Terms TR T E A BR fhih llflmln ln'lm'n nlnfl&fl”fl %F REE B Seven Money-Savers for Friday Taken at random from the “National’s” to open an OI.D-FASHIONED Char e Ar.count. With every purchase of $100 or more, during the month of March, we will give absolutely free a 25-piece set of Wm. A. Rogers silverware, guaranteed for twen- i E e RICE EKETS 1] = ty years. Great Economy Spring Stock. No Red Tape herc ALL RUGS Greatly Reduced Special in Our Rug Department Room-Size Printec Illlll $29.75 Credit Terms = for $38.65. This handsome, well bullt and comfortable sulte consists of iarge Table, Armchair, Arm Rocker, Side Six-Piece Living Room Suite Just imagine completely $3 8:65 furnishing your living room Oak finish. - Easy Credit Terms HICH RENT DISTRICT, S-CBSII srnv