Evening Star Newspaper, April 28, 1921, Page 25

FINANCIAL. PRONOUNCED TRADE BOOM BY CLEVELAND ’I'EXTILE MILLSi- Demand for Fall Lmes Causc Factories t0| Speed Up to Capamty—Sltuatlon ! Elsew}lere. i T. ROCKWELL. ch to The Star. LAND, April Statistics | o gathered threughout the fourth fed-y eral reserve district show that the number of employed in March this | year i3.7 per cent less than m‘ March ago. that i were red 54 per cent the av wage of emplo) elow that of one Y A& Rside from continued increased | § activity utomobile plants. with up in ity federal ack affecting industry herc that emplores ed forty w year and one Wee t provided for the re manufacturers will rate of two- e time they are facturers . but the plan k 2 by the workers as! the thirds of no. idle. The cepted the not ac is believed t will have rding | th by one large chain | ment ol who shows 1 v tore president. s for twenty-s 1 items on April 26 this ve 4 per cent lower than on the cor- | last vear. an hour. | wage adjust-; twenty-one | S 1. and from will be a gen- the entire building trades ends M present appearances eral buildir owing to the reluc- tance of labor to take a reduction in pay. Pacific Northwest Shows Curious Trade Currents BY PAUL C. HEDRICK. Bpecial Dispatch 10 The Star. TTLE. Wash, 1 ous cross currents in and commercial activ the Pacific northwest, puzzl casual ob: but when carefully the concrete fact brings the comst re every nearer to better times and | tr.‘des more stabilized conditions. At a time when printing c northwest th about May 1 an inst reduction in wag- » have determined to re- all summer. living costs | _continue 1o deciine. & demand for food in this territory | stern and foreign | d for fiour and mild cured s Salmon Prospects Fine. Salted salmon from Puzet sound and A an waters, in pre-war days | by year's produ Fiour. eggs, packing house products, | butter and meats are lower in cost ¥ than at the beginning of the month. 'MWWWN,E One of the largest packers on the | Pacific coast, Charles H. Frye, stated | that cured and pickied meats | d_will go still lower, unless ion of German reparations ickly settled. Frye dis- wist in the tide-rip of hen he declared hides pro- d on the coast are now shipped water to Maine. for tanning, | times these were | ornia or Michigan. jown, the same as V. H. Parsons. vice ¢« Dexter Horton Na- tional Ba “No means have ever, been found to arrest the law of sup- v and d d in its application to now merely a ques- z until labor realizes wages of war times t be maintained in the face of 1t supply. -Industry has in the process of de- | has labor.™ lower 1 her off ng costs and| t to the north tustion s the fact that sav- | ks report incre rather es in savings depc ile factories are watching ng demand now for plates - report- 0 per cent basis, el products are A there is gen- fact that the orporation ped for a long S —That rs placed than ecommod. =8 right liq_ every commodity — labor as a commodity— basis for new opera- ched and prosperity about.” h rubber specialties for the ade are reported dull, the toy manufacturers are having the ave experienced for ¥. The eariy spring ht children out into the parks and zoos and the balloon men, always picturesque and colorful, * wera quick $0 take advantage of the situation. They found the demand far in excess of the supply as a general thing. and a rush for balicon rubbers has resulted. WEST BADF\' Ind., April 28.—The annual convention of the National Wholesale Jewelers' Assoclation, to Abe held hers May 5, 6 and 7. will de- vote itself largely to a discussion of methods to prevent fraudulent adver- reasin and tankag, forces 10 to ber of employ | dustry, {vear, and n elected as pre ional stamping Distribution tive, and is holding record of 1920 in th Packing hous St b The building situation wi Ll dus. | crisis May 1, when e n the textile indus- gy ompe 1o return to the 1 g I : A g {scale. The wor We have rounded out 52 years of dealings in Reductions in Food Prices. | they il resist. A First Mortgage Notes on improved Washington e promised strike 15 expected icate conditions, |We~<lern road sderabl - = | Woternron conmderabe 797 15th Street N.W. rn\(r H\( me mon . i1 26 fol: |avite = decrena in o Washington, D. C n to cut|36.149.710. as azainst $5.6% and de to the holders of our FIRST NOTES Inter 7% th and wi —arrives due, or annoyance of any kind. Get full particulars from Shannon 713 14th St. Main ing of jewelry a rs who are associate members of | the organization will attend, Kansas City Trade Grows With Advance of Sprlng BY DICK SMITH. operation re workinz larger forces production ix running even or jakead of the same period a year agg. | Increase in Building. { works are runninz wi ORdratingie Losses are unknown STAR, WASHINGTON, GRANT F. CHASE, Public Accountant and Auditor 247 Woodward bidg. Tel. Main 1850. Systems Installed. Perlodic audits. Income tax mutters. THE EVENING lcompany has been paying the dividend fin scrip, convertible at par into class Iis common, since last September. vings bank deposits in Maryland, of December 31, . totaled $124.- ording to the report of ‘ommissioner George W. se of about of deposits | STATEMENT OF THE S CONDITION of AND FIRE 'm!vnu!c!: | Tox10 oMARINE .mumm June 30, 1902, 1 deponit ... ital deposit paid P I NI Ao LI R A L l | Casly in bank .. | Stocks and bond i Premiums uncollected a | of agents | Interest due an | All othier assets . Harriman & Co. MEMBERS: New York Stock Exchange 111 Broadway, New York act Suring : £4.0 franancond sk nssumed during, e yoar 19 sustained Washington Office COLORADO BUILDING Telephone Maia 1643 the sear NOR T. COLLINB, 0, New York Counts. N 1922 INC, tary T'ubl Ttegtnier Commission Expites Match 30, EDW. P. SCHWARTZ, G. B. CHIPMAN What Our 52-Year Record Means To Your Investment Just as insurance companies figure from millions of cases the exact death rate for men of given age and weight, so you can determine from our record the safety of your investment. oap plant<. boiler | nt below the num- | 0. Increased | shown by r real estate without 'oss to any client. No other form of investment has a more flawless record. Swartzell. Rheem & Hensey Co. 1 to ser of the Norfolk 'j Secured by First uem of Trust on Real Estate The Nation's Home Town directors Lee of presi- Nor‘hern nt W. s e tim vice I the rea- per cent ! The Open at 8:30 AM. Every Banking Day Columbia National Bank 911 F Street Surplus, Capital, $250,000.00 $250,000.00 TRUST est at No Fortune Teller Is Needed —to forecast the future of the “free-spender.” ool Nine times in ten, he becomes the slave of want. 1 15 worry e day thout or < : rday. 5 l'urn over a new leaf next payday,and start banking regularly in Our Savings Dept. It may entdi! a little self-denial, but your reward is sure—self advancement. 3% $l & Luchs Compound lntercn P.ld on S-vmn You can open a Savings Account at this convenient Bank with as little as 2345 THE TREASURY A HE vast amount of currency which passes through this Ffl building daily—the unbelievable swiftness and accuracy H ) with which it is checked — make it a place of wonder @ to visitors from all over the country. But even more wonderful is the wide-reaching influence of this department over national finance; its activities and control extend to the remotest villages in the land. The American Security and Trust Company has always had many customers among the members of the Treasury Department. For they find here those qualities which they have learned to respect in their work : accuracy, competency, helpfulness—reinforced with capital, surplus and undivided profits of $6,000,000, and thirty-one years of r:sponsible banking service. % Compound Interest on Savings Capital and Surplus 5,400,000 ¢ AMERICAN ¢ SECURITY & TRUST COMPANY 15th Street at Pennsylvania Avenue HOME SAVINGS BRANCHES 7th Street and Massachusetts Avenue, N.W. Eighth and H Streets, N.E. 436 Seventh Street, S.W. Member cAmerican Bankers cAssociation FINANCIAL. | LIBERTY BONDS | | BOUGHT AND SOLD FOR CASH Liberty Bond Exchange 604 14th St. N.w. D. C, THURSDAY, APRIL 28, ESTABLISHED 1857 | David J. Howell & Son, ! Engineers, Union Trust bidz. Town planning, reports on and development of ~suburban proper and pavements. Water works a: systems. Reports and valuations intereats. Mauagement. Money to Loan 1921. “Gilt Edge” 1% First Mortgage Notes Now on Hand In Amounts cf $250 Up to $5,000 Now is the time to invest. but in securities that are abso- lutely safe. Don't take chances and gp-culate with your savings. We look aft. Il detalls and furnish guara; d titles with all notes, Chas. D). Sager 923 15th St. N.W. Loan Dept., M. 36. Z ENS ’AVINGS BANK Provailiug Interest and commission. Joseph 1. Weller &2, CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building "I “LIBERTY BORDS- BOUGHT AND SOLD FOR GASH We Make Liberal Loans on Th m Liberty Bond Purchasing Co. 920 F St. Maghiz Seate- N.W. 1336 N. Y. Ave. EQUITABLE CO-OPERATIVE BUILDING ASSOCIATION Oreantzed 1970 ¢let YEAR COMPLETED 27200087 | | . #1.005.322.80 You lel Accomplish More Than Ever in Sav- U T O ing -by adoptine the arstematic Tian of the Euttabie Muild | INSURANCE ECUADOR ""r'l‘nr!;rr' for thousands. Every kind you In 1910 Ecuador's imports ubscriptions for (b need for your pro- from the United States 80th Issue of Stock i e totaled 3312444, By 1019 quote you rates B. F. SAUL CO. | 934 N. Y. Ave. N.W. HBelng Recelved H Shares, $2.50 Per Month 1 4 Per Cent EQUITABLE BUILDING, 915 F St. N.W. JONIN _JOV EDAION. Prestdent FRANK P. RE Secy. her total imports from us had grown to $8.900435 ALL AMERICA' CABLES has had a great share in developing our exports Central and South America. Interent JOHN L. MERRILL, Pres. Cable Office. 1126 Conn. Ave. Telephone Franklin 1169 $230,000,000 (Total Issue) Northern Pacific - Great Northern Joint 15-Year 614% Convertible Gold Bonds (C. B. and Q. Collateral) To be dated July 1, 1921 Interest payable January 1 and July 1 To mature July 1, 1853 Convertible at any time, at the option of the holder, as more fully described below, into 69, Bonds of the Northern Pacific Railway Company and/or 7%, Bonds of the Great Northern Railway Company Redeemable at the option of the Companies, as a whole o~ in amounts of not less than $5,000,000. at 1031 % and accrued interest at any time on 75 days’ notice. -Any Bond s called for redemption, in order to be converted, must be presented for conversion fifteen days before:the redemption date. Coupon Bonds in denominations of $1,000, $500 and $100, with privilege of registration as to principal. Fully registered Bonds in denominations of $1,000 and authorized multiples thereof. Coupon and registered Bonds and the. several denominations interchangeable. THE FIRST NATIONAL BANK OF THE CITY OF NEW YORK, Trustee The following summarized description of these Joint 615 Convertible Bonds has been prepared for us by Howard Elliott, Esq., Chairman of the Northern Pactfic Railway Company, and Louis W. Hill, Esq., Chair- man of the Great Northern Railway Company, from their letier to us dated April 25, 1921: chusetts, Connecticut and Vermont. Both such Northern Pacific Bonds and such Great Northern _ Bonds are, in the opinion of counsel, a lezal in- ‘Veftment for life insurance companfn nthe Stite of New York. Security The Joint 15-Year 6147 Convertible Bonds are to be the direct and joint obligations of the Northern Pacific and of the Great Northern Railway Companies, and are to be secured by a pledge of 1,658,674 shares (approxi- mately 97% of the outstanding stock) of the Chi- cago, Burlington and Quincy Railroad Company (which percentage of stock has heretofore consti- tuted the sole collateral security for the matur- ing “Burlington Joint 4s”), and in addition by $66,000,000 of mortgage bonds of the two obligor Companies, the deposited collateral being valued at an amount in excess of 1207 of the principal amount of Joint 6145 % Bonds to be issued. Earnings During thé ten and one-half - years from 1911 to 1920 inclusive, the com- ‘bined average surplus income of the Northern Pa- cific and Great Northern Railway Companies, after payment:of combined fixed charges, other than the interest on the outstanding joint bonds which are to be refunded by the new issue, was about §44,000,000 annually, and, in addition, the share of the two roads in the surplus income of the Chicago, Burlington and Quincy Railroad Com. pany, after the payment of its fixed charges, aver- aged about $20,960,000 annually, the total annual average being about $64,960,000 as compared with $14,950,000 which will be required annually for interest on the new issue of Joint 61%% Bonds. Conversion The Joint 615 Bonds may be con- s, verted, par for par, without charge, Privileges at the option of the holder at any time (upon presentation not later than fifteen days before maturity or earlier redemption), into 6% Refunding and Improvement Mortgage Bonds (Series B) of the Northern Pacific Railway Com- pany, due 2047 (callable after 15 years at the Company’s option at 1109 and accrued interest), or into 7% Fifteen-Year General Mortgage Bonds (Series A) of the Great Northern Railway Com- pany, due 1936 (with no option of prior redemp- tion) or into bonds of both issues in any ratio be- tween the two which the holder of the Joint 614 ¢ Bonds may desire, but not more than 5115,000.000 of either of such mortgage bonds will be issuable upon such conversion. Legality Such Northern Pacific Bonds are, == in the opinion of counsel, a legal Lo e senws investment for savings banks and Compantes " trust funde in New York, Massa- Equity Since July 1, 1901, the Chicago, Burling- ton and Qumcy Railroad alone has in- creased its surplus in the amount of approximately $200,000,000 against which no securities prior to the stock have been issued. The combined net assets of the Northern Pacific and of the Great Northern, after deducting their prior debts, to- gether with 97% of the net assets of the Chicago, Burlington and Quincy Railroad, after deducting its debt, indicate an equity, at book value, for these properties of close to $1,100,000,000. The above bonds are offered, subject to issue as planned, for subscription at 961,29 and interest, to yield approximately 67 % Discount will be allowed at the rate of 6% % per annum on the priricipal sum of the Bonds from the date of payment to July 1, 1921, from which latter date interest will accrue on the Bonds. Subscription books will be opened at the office of J. P. Morgan & Co., at 10 o’clock A. M., Thursday, April 28, 1921. The right is reserved to reject any and all applications, and also in any case, to award a smaller amount than applied for. The amount due on allotments will be payable at the office of J. P. Morgan & Co. in New York funds on or about May 16, 1921. Northern Pacific-Great Northern, C. B. & Q. Collateral 4% Joint Bonds, due July 1, 1921, with final coupon attached, will be accepted in payment at 100% and accrucd interest to datc of pay- ment on allotments. Temporary Bonds, exchangeable for definitive Bonds when prepared and received, will be delivered upon payment. J. P. Morgan & Co. Flm Nahoul Bank, New York The National Clty Company Guaranty Company of New York Harris, Forbes & Co. Mechanics & Metals National Bank Central Union Trust Company of New York. American Exchange National Bank The Equitable Trust Company of New York Brown Brothers & Co. . Kidder, Peabody & Co. Halsey, Stuart & Co. White, Weld & Co. J. & W. Seligman & Co. Blair & Company, Inc. Clark, Dodge & Co. g Hayden, Stone & Company | Kissel, Kinnicutt & Co. 4 Bankers Trust Company Lee, Higginson & Co. National Bank of Commerce in New York New York Trust Company Dillon, Read & Co. Spencer Trask & Co. E. H. Rollins & Sons Lazard Freres ougg <