Evening Star Newspaper, March 14, 1921, Page 24

T4 CALIFORNIA TRADE | - JMPROVES STEADILY Efforts to Market Gooas at Prices to Stimulate Buying. The Star publishes today further @ispatches marking the progreas of the defiation nnd readjustment process 4n busineas throughout the country. The reports record the conclusions of ‘ pecial correspondents who have been instructed to present conditions indications as they really exist. The wsurvey represents the work of ex- perts.guided by facts and not by in- dividual bias. BY LYNN C. SIMPSON. Special Dispatch to The Star. SAN FRANCISCO, March with increased building, California. Official figures, 14— Steady but gradual improvement in both wholesale and retafl business, is a brief summary of business conditions in compiled by the Canners’ League of California, remove all doubt as to stocks of canned fruit remaining unsold in hands of the packers. This statement shows that about 27 per cent of last season’s pack is still on hand. Material Price Reductions. In round figures, packers still have 3,066,000 cases of canned fruit in warehouses. The total pack last sea- son was 11,382,000 cases. In order to hasten the marketing of this surplus stock, to clear the way for the new crop, material price reductions have been made. As to the coming crop, it is recog- nized that with falling wages and general decrease in_activity, people cannot afford to buy high-priced food. Every effort will be made to put goods on the market at a price which will stimulate buying. One feature of the situation worthy of comment is that practically all of the 8316000 cases of canned fruit sold by California packers last season was absorbed in the homes of the United States. There was little export. 5,000,000 Cases of Vegetables. California turned out over 5,000,000 cases of vegetabled in addition to canned fruit. i Fast express service through the Panama canal to the Atlantic sea- board is certain to furnish serious competition for the railroads in the contest for nearly 100,000 carloads of fruit which comprise the yearly crop of California. A single steamer loaded at San Pedro this week carried thirty-one carloads of oranges. This method of shipment will be used ex- ' tensively in the forwarding of mnom- perishable products and experiments with less perishable articles indicate that the water route will be used largely for these also. Railroad rate adjustments are declared necessary by shippers. Reduced Tomato Acreage. Indications among tomato shippers are for reduced acreage. Uncertainty as to demand tends to discourage planting. The attitude of the can- ners, who are frankly uncertain as to the ent of their operations this year, is also a factor in the acreage problem. Early shipments of asparagus to New York markets brought handsome returns. There is a_large crop in sight of fine quality. Rains have kept the ground in fine condition all wi ter and asparagus should be of ex- ceptional quality. It is coming on the market rapidly and the volume o shipments should show a big increase if the demand in the eastern markets contigues good. Sound Conditions Seen in Distributors’ Small Stocks BY A. D. WELTON, Special Dispateh to The Star. CHICAGO, March 14.—1If small stocks on the shelves of distributors are a good indication of sound funda- mental conditions, fundamental con- ditions are sound. In this case, how ever, small stocks are accompanied by a disinclination to buy. In this the manufacturer, jobber, and retailer Bigger and Better Values Than Ever Before A tremendous outpouring of super-val- ues—Dby far the greatest we have ever of- fered in any one of these great events. If past “Dollar Days” are an example to go UNION SUITS Made with elastic belt in back. Two pairs. for BOYS’ KIDDIE ALLS In blue and khaki with short or long legs, sizes 2 to § years. h Assorted col- . ors, also plin i white. Sizes 4 to 8 years. BOYS’ WOOL Genuine H Hose, ‘Two pairs for. .. with CLOCKS to match. Per Pair . by, you will be wise to COME EARLY be- fore the bargains you want are completely sold out. \ WORK GLOVES | 1 Only one pair to a customer They have strongly rein- forced tips, leath- er cuff and back strap. Sizes 8 to 10V Worth $250 a pair. George's Dollar Day price to 17. orsehide| “Mechanics” Union-made, in blue, white, brown and blue and'white stripes, with or without aprons. All regular sizes. BLUE SHIRTS ‘Without collars, sizes 14 MEN'S AND BOYS’ CAPS Artificial Silk -Half- in all shades. Fiber Silk Half-H: BOYS’ WOOL PANTS Neat, dark patterns; some are full-lined; very hard wear- ing; sizes 7 to 16 years. BOYS’ KHAKI PANTS Olive Drab; our own make and particularly big value. sizes from 7 to 16 years. BOYS’ JERSEYS High neck styles, in Navy and also Gray, with body stripes. Sizes 30 to 40. “Headquarters For *1 We Request the Return of Anything Bought for Less MEN'S HOSE with linen heel and toe. In black, 2 white and navy. 6 pairs for $I’ AND KHAKI Uniforms at Lowest-In-City Prices.” In the latest styles, with plain and pleated backs. BLOUSES In blue cham- bray and light stripes. Sizes 7 to 16 years. In MEN'S CANVAS LEGGINGS $ Army patterns in all sizes. and lace 1 910 Seventh Street N. W, ing That Can Be Elsewhere consumer says—and he is talking a great deal—that he can wait for & §ood many things. The retailer catches the idea and is influenced by it. The jobber gets the infection from the retailer, and the manufacturer catches it from the jobber. The pro- ducer, whoever he may be, is bearing the burden. “Take leather,” said the president | of & big leather company. “It was one of the very first commodities that got a bump. ‘I thought then that it would be the first to recover. But I ! have changed my mind. Leather not only got the first bump, but it has had a bump every time anything else got bumped. We are getting new demonstrations of the interrelations of business. Crack the motor indu try and leather feels it instantly. Hit textiles and leather reacts to it. Gov- ernment reports tell us that the shoe manufacturers have 600,000 sinks on hand and the tanners have 10,000,000. Tanners Carry Load. “The tanners are carrying the load Stocks ought to bhe evenly divided between them. Prices for hides are lower than they have been since 1902. Leather prices vary, but they avera; around the costs in 1913. But buy ers hold back in the belief that prices will go lower. That is the general { sentiment. Some of the shoe manu- loonmmer are equal participants. The to week. But the shoe business is getting better. I suppose it is human nature to buy on a rising market and to refrain from buying on a falling or even stationary market. If the buyers thought they could not got leather they would bid up the price. However, the leather situation is better. There is movement. Sales are increasing and certainly the basic condition is good.” Time Unknown Factor. The time element, bankers say, is the unknown factor. Bankers are more confident than they were a few weeks ago, but they will not make predictions. “If crops promise well in the early summer I will think we are coming to the edge of the woods,” said Vice President Bruckner of the Continental and Commercial National. “A lot of our customers. who were fearful two months ago are riding easier. Prosperity is not going to return with a rush, but I look for a gradual improvement, perhaps by facturers are buying only from week | THE EVENING STAR, WASHINGTON, D. C, MONDAY, MARCH 14, 1921 TODAY’S BOND PRICES. Noon prices reported to The Star over direct New York-Washington wire by Redmond & Co. City of Paris 6s 192! * French Government 8s. Government of Switzeriand 8s. Kingdom of Belgium 7isx A 1 B Baltimore and Ohio 6s. Haltimore and Ohio S Bethlehem Steel refd. Central Leather entral Pacific 45 Chesapeake and Olio conv. 4 Chosapeake and Ohio gen. 41gx.. Chesapeake and Ohio s Chi., Burlington and Quincy jt. 4s. Chi; Mil. and Si - Chi.. Mil, and St. Northwestern 7s Rock Island and Pacific refdg. Chicago Union Station 6 Consolidated Delaware and Hudgon 73, 16 Inter. Rapid Transit 1st and ref. : Nasville 7s 1930. = ! Northern Pacific 4« Pennsyl 1 Pennsyl o8 <100 ® St. Louis and San Fi Louis and San 8t. Louis and San Francisco in: Seaboard Air Line refds. 4 ifall, but T can't set a time. There are too many things to consider.” Readjustment of Wages Dominating Trade Factor BY JAMES ALLERTON. | Special Dispateh to The Star. | NEW YORK., March 14-—The new | week opens, with wage readjustments | still the dominating factor in the Everything Under One Roof Seaboard Air Line adj. - 2% outhern Pucific 18t ref . outhern o conv. 4s outliern Rujlway gen. 45, tiern Lailway ufa Caroling Wilson & Co. 1 SHORT-TERM SE! (Reported by Redmond & Co.) Rid. American Tel. & T | American Amer Am, an ican American Anaconda Copper 6s Angio-Amer; Armour & ( Bethiehem Bethlehem = Kennecott Copper L Myers Southwestern I Nwift & Co. g Union ‘Tank Caur Co. Western Electric s 19; : Westinghouse E. & M. 75 1831.. s situation in the metropolis. » start of surprise with which New York realized that these read- justments were to strike here as well as everywhere else has been followed by a period of appraisal of the prob- able effects. This has not done much to ft spirits, but expected to prove alutary. till, the new wages will act direct- Iy on trade. Last July, when the Iroad men were given their raise, it was figured that it meant $1 per NOW Is the Time to EAT VEAL ACar of Frederick County MILK FATTED CALVES On Sale Tues., Wed. and Thur. Shoulder Roast, 77 D% Rib Chops, Pure Pork Sausage, Breast to Roast, 22¢ Ib. | Cutlets, 35¢ Ib. | Shoulder 20c Ib. | Bouillon 25¢ Ib. | Pure Lard, 55¢ Ib. Chops, 30c Ib.. Roasts, 42¢ Ib. | SOUTHERN STYLE BACON, 18c Ib. e picee 14cIb. Fancy Breakfast Bacon, 28¢ Ib. | Smoked Picnics, small, 173c Ib. By the Piece MILLBROOK EGGS, 38c DOZ. Shoulder Lamb Chops, 25¢Ib. | Rib Lamb Chops, Breast Lamb to stew, 12cIb. | Shoulder Roast, FULL CREAM - CHEESE DERRYDALE BUTTER 30c Ib. 20c Ib. PALMINE Nut Butter 36¢ b.|56¢ 1b.|27c Ib. California PEACHES 19¢ ez Eagle ASPARAGUS Large = 29¢ BEETS POTATOES .. « Holland Belle FLOUR 6 Ibs., 38¢ 12 Ibs., 74c Old Dutch C 0) No.3Canl1¢|25¢ 1b. ONIONS Grade 30c Peck - | Apples z;u‘l’k. Y Pk. Stoek, 250 2::! 4 lbs. for $1.00 CAMPBELL'S BEANScan10c POST TOASTIES rackage 10c KELLOGG'S CORN FLAKES, 10c pke. N 22 Early June PEAS 25¢ Plantation PINEAPPLE Z for 2 N\ SPINACH 222 \ Yellow Globe Tcpl N\ W California 5c Oranges, 30c doz. day per man. The roads propose to take this increase away, which will mean an aggregate reduction for the country of ' $600.000,000, practically every cent of which would have gone to merchants in one line or another. The wage conference to which the printers of New York have been called by their employers contemplates a reduction of 25 per cent April 1. The officcrs of the union estimate this to mean a cut of $11 a week per man. About 9,000 men would be affected, involving approximately $100,000 a week, which again will be withheld from the coffers of trade. Another Side to Plcture. inthe close of the week saw still another ndustry drawn into the current of liqui- dation. This was the misses’ and chil- dren’s dress industry, forty of its largest factories having closed by a strike of employes belonging to the Ladies® Gar- ment Workers' Union. The 6,000 opera- tives involved may that reductions ranging from $3 to $7 a week have been made by the manufacturers. the whole amount “being around $30,000 a week. horhere is another side to this picture, however, for it must not be inferred {rom the prominence that may have een given in these dispatches to re- adjustments that nothing else is trans- piring. Just as rising wages were linked with rising prices in the “vicious circle” we talked about so much during he war, so falling wages will be linked with failing prices. Ar-me. Keep Step With Wagen. n_intimation of what the fall in prices may be was given at the much discussed hosiery auction. Some 5,000 cases of goods were disposed of amid spirited bidding and the goods them- 2:1;';&:[ :‘gir;hnr:»duc;d when costs were t est so far 2 terials are concerned. ApabeE e ard on the heels of the hosiery auc- tion came the sensational cut in prices of napped cotton goods. This averaged s falr {wo-thirds and will rank among e historic incidents the his of the liquidation Reductions in kind if not in actual de- ETee are to be expected in kindres lines, from which it may be seen why this is spoken of as the other side of the pic- ture. If prices keep step with wages, s these instances promise, there will be no relative shrinkage in the volume of trade, EE NOTES. NEW YORK, March 14—The Mexi- can market for American goods is dealt with at length in a special re- port just made public by the Irving National Bank from Joseph Rowe, its representative in Mexico City. The report declares that a new under- standing must be reached between American exporters and Mexican buy- ers if a very valuable market, now open, is not to be lost to Europe. The abnormal conditions which have ruled the past few years cannot continue to dictate the commercial policy to- ward Mexico. Conditions are getting to the point where credits can be ex- tended,” Mr. Rowe says that if the Mexican buyer is compelled to pay for American goods sixty to njnety N|days in advance of delivery, and at the same time is compelled to extend credit for sixty days to his custom- ers, it is obvious that he will prefer the easier terms offered by our Eu- ropean competitors. Mexi the re- port_declares, should be treated as a perplanent domestic market for the United States and the credit require- ments should be studied from that point of view. * ¥ ¥ % PROVIDENCE, R. I, March 14— Seventy-five per cent of normal repre- sents the present condition in the tex- tile industry of Rhode Island. The situation has been on the mend ever since the first of January, and produc- tion steadily is increasing. One of the most notable features of the situation is the fact that the cotton industry in the state has returned almost to the 100 per cent basis. The larger con- cerns like the Knight mills, the God- dard mills. the Manville mills and others of like importance are running full time. . * * % % NEW YORK, March 14.—The very fine optimism of Harry Gordon Sei- fridge, the American-born London merchant, undoubtedly accounted for the wide range of dinners and lunch- eons which have marked his visit to this city. Mr. Selfridge is confident the worst of the depression is over and, speaking particularly for Eng- |al1‘ ., he sees blue skies ahead. ‘England,’ Mr. Selfridge, to the members of the Bond Club, “seems to be like a great ship—a wom- derful ship of undoubted strength and able to weather the worst storms. The ship still is in rough water, but the storm.is abating and soon we will reach an even keel.” The elimination of the excess profits tax Mr. Selfridge regards as essential to.the return of business to normal conditions. * % % X WILMINGTON, Del., March 14.—A step toward efficiency and economy Las been taken here, which may be followed in other cities having large industrial plants. Purchasing agents of a score of leading corporations here have formed an association which will act as a medium through which important supplies will be pur- chased for all the corporations repre- sented. The obtaining of better prices and the elimination of rivairy in bid- ding for supplies are the objects of the association. _= Goldwyn Pic Guffey-Gillemp) Granada O Intercontinental ternational i \ -2‘!-«*2;: 125 Perfection Tire. Producers and ‘Refiners. S ) stern. V. 8. Light and Heat com. © 8. Light and Heat pfd. nited Profit Shari U. 8. Steamsh United Retail United Texas. > samrps® B acFE FERS TAX OPINION NOT OF GREAT IMPORT Would Apply if Upheld by Court to Isolated Cases. Local Stocks. BY L A. FLEMING. The recent action of William L. ¥rierson, solicitor. general, referring to the matter involving the validity of a ruling by the commissioner of, internal revenue in the matter of the sale of 3,600 shares of B. F. Goodrich stock, with tax assessment based on value as of March 1, 1913, had as its basis the following: The plaintiff in error acquired this stock in 1912, with a certain amount of cash, in exchange for other stocks, which he previously received as a gift and by beques He thus received 3,600 shares of Goodrich stock worth $81 a share, or $291.600. He sold the stock in 1916 for $269,346.25, making a net loss on the entire transaction of $22,253.75. But it appears that after he had re- ceived the stock the market value very rapidly declined until, on March 1, 1913, it sold on the New York Stock Exchange at 341 a share. On thi basis the commissioner of internal revenue determined the total value of ;l’lg !!(:.ock on March 1, 1913, was §148,- 5.50. He therefore deducted this from the proceeds of the sale—$269,346.50—and oollected taxes on the remainder— $120,710. At no time during the entire trans- action or transactions was there a profit in sight for the owner of these shares. The law itself specifically cites that the date March 1, 1913, was decided upon “for the specific purpose of as- certaining the gain from the sale or other disposition of the property, real, personal or mixed, acquired beforc March 1, 1913, and the fair market price or 'value of such property as of March 1. 1913. shall be the basis for determining the amount of gain de- rived.” The solicitor general said: “It is difficult to escape the con- clusion that this provision can have no application until it is first as- certained, by comparing purchase and selling price, that there was an ac- tual gain.” The plaintiff in error was the plain- tiff in two cases. In the first instance he sought to recover on taxes pald on account of a transaction in United Verde Extension Mining Company shares. He purchased the shares in 1912 for $500, and sold them in 1916 for $13,931 On this transaction he made a clear gain of $13.431. From the time he , purchased it stock had increuz'd in value, by M:. ch 1. 1913, to $695. The commission of internal revenue construed the 1 w to allow him to withdraw as cap.tal value from the proceeds of the sale the value March 1, 1913, $695, and collected on $13.- 256.22. Plaintiff in error was plainly liable for this tax. The opinion of the solicitor general in this case, should it be sustained by the Supreme Court, would be ap- plicable to- isolated cases only, and would not cause any great 1oss to the government or any heavy refund of taxes collected, under similar cases. The government has yet to make refund on the Supreme Court decision on stock dividends, according to gen- eral report, although the settlement may have been made in some in- ances. ) Busy at Banks. This was a busy day at the banks of the city, most of the cashiers and * assistant cashiers being busy m: ing out income tax returns for c: tomers. All returns must be in Bal timore tomorrow, care collector, Maryland district, the last day, and belated taxpayers extended the ser- vice possibilities of the tax experts and other officials were called into service. Loeal Securities. ares were ex- ‘The 58 of the same company were firm at 87. Sales of Washington Market stock were reported at 18 and 17. Washington Gas notes were steady . at 100%. Washington Stock Exchange SALES. Washington Gas 7155—$1.000 at 100%. $300 shington Market Company—10 at 18, AFTER CAL Capital Traction—10 at 55, 10 at 85, 10 at 85, LCavital Traction 55—$1.000 st 87, $1,000 at " Bid and Asked Prices BONDS PUBLIC UTILITIES. American Tel. and Telgs. 4 American Tel. and Telga. Am. Tel. at at 1 283 ROR ® tomac Filectric Potomac Euec. P Wash.-Alex, and Wi ton Gi Washington Gas 714 Washington Rwy. and Wash. Bwy. 8z33828r3882 008 AR D. C. Paper Mfg. 6s. Riggs Realty 58 Riggs Realty bs (short). STOCKS PUBLIC_UTILITIES, S101% 543 ‘Washington Washington Rwy. and Elec. ‘Washington-Virginia Rwy. pf NATIONAL BANKS. e ies B8 TRUST COMPANY. American Security and Trust... 24 . 265 ica’ . FIRB INSURANCE. TITL® INSU] Columbia Title Real Estate Titie s MISOELLANEOUS. lumbla Graphopbone com. ...« O Faver bt o k¢ D. G, Paper ptd *Ex-dividend. BOURSE PRICES HEAVIER. PARIS, March 14—Prices were heavier on the bourse today. Three per cent rentes, 58 francs 90 cen- times. Exchange on London, 55 francs 40 centimes. Five per cent loan, 83. francs 95 centimes. The dollar was quoted at 14 francs 15% centimes. LIBERTY BOND NOON PRICES NEW YORK, March 14.—Prices of liberty bonds at noon were: 3%s, 56.50. 86,50 .04, 97.25 fourth 4%;s, ctory 4%s. ’ ‘ i