Evening Star Newspaper, May 2, 1921, Page 27

v, *OCAL BANKS WIL SHOW 600D BAINS Controller Calls fbr State- ment of Condition April 28. - Increase in Savings. BY L A. FLEMING. Controller Crissenger this morning notified thie national banks of the country and all banks in Washington that a statement of condition as at the close of business April 28 was de- sired. The forms for the call have been in the hands of local bankers over one week. Between the call of February 21 and April 28 there have been numerous financial movements of importance. Chiefest of these was the payment of the first installment of the income and excess profits taxes for the year, 1920, made March 15. There have bees, numerous withdrawals = of moneys vn account of the March 15 tssue of [Freasury rcertificates and more shifting of deposits incident to the April 15 certificate sale, although this money still remains in banks as & government deposit, intact. Despite the heavy withdrawals for income taxes, etc, it is practically certain that the total deposits of the banks of the District will show a very handsome increase between the dates named. Some of the trust companies and national banks will show small Josses, but these will be wiped out in the big gains of other institu- tions. Between calls the new adminis- tration has succeeded its predecessor, with the shifting of some monies in- cident thereto, but with a net gain as_the probable result. - The Riggs National Bank will take its place as the leader, based on the amount of deposits, its increase of practically $1,500,000 making up for most of the early losses indi- cated. Two of the uptown national banks show small losses, but others report good gains. ) The American, District and Com- mercial National, National Savings and Union Trust, with the Merchants and Citizens Savings, have added largely to their totals. B If the uptown ratio of increase is maintained throughout the city the total deposits will not be far from the higa record mark o fthe local insti- tutions. The thrift of the people as exempli- fled by the showing of the federal reserve bank of Richmond in $44,000,- 000 savings in district has been main- tained at an increased pace during the last sixty days. The forms for the statement pres- ent all needed queries for a report of conditions of banks, but are much less cumbersome through the elimination of twenty-eight questions than for- mer forms. Street Notes. w A cutof 20 per cent is effective in Marmon'cars today. Nindty per cent of the oil produc- tion of -the United States in 1920 came from west of the Mississippi d_10_per cent from east of the river. In 1900 conditions were just the revers The_Interstate Commerce Commis- sion has certified to the Treasury $2.000.000 payment to the Norfolk d Western and $400,000 to the Western Maryland. The Cunard Steamship Company earned £1,181.620 in 1920. v The. American Chamber of Com- merce for the Levant is the title of a_combination formed to establish trade relations between Turkey and the ¥nited States. Constantiriople is said to be slated to become the “Chi- cago of Europe.” A far eri 5 net &ronu “the first of 1921, $2,110,677. - Trading_on today's: session of the local market, was. exeeedingly .m‘ Activity and strength en Wall #lreet ;n-y :l‘n“l 'flrgr-vn some ‘attention , fromw oend- BORLPE: 3, v ¥ Sales madé weré prac m- mon, 105 and 105% for Comtinental Trust Company snd 120% for Mer- genthaler. 3 > Opeaing of the proposed call money market was postponed for one week in order to give George O. Walson, chairman of, the committee, an op- portunity to attend the executive council meeting of the A. B. A, Asso- ciation at Pinehurst. o Personal Meutfon, . : John L. Edwards & Co.."@ceupied their own building on H street mid- on the south side of the street They now have one o fthe finest offices in the city and are close associates of Lindley & Co., and Thomson & Mc- Kinnon. gt Wt CURB STOCKS. Quotations furnished by W. B. Hibbs & Co. g & H way between 14th and 15th streets. osives Aetna Expl Allled 0 Colonial Tire . Columbian_Ewmerafd Columbia Syndicate ©ensolidated Copper Oresson G Durant Motors . Kik Basin Ertel 0il . Eureka Croesus Farrell Coat e 11 ral il Gilliland 0i1 Clearock 0l Goidwyn, Pictirés International Petroleum ( Jerome Verde Kay County Gas. tar @ Livingston Petroleum L Yagma Copper . icalbo Oil . and Reflnery Mawn Valley Merrite 0i Midwest Oil pfd fidwest Refining . Ne P s £ 12 2 3 49 £ 17 & 2 : 1 4 2 2 5 CELETS FEET e m Ximma Petrol . Kielly 0it .00 3 Eweets Co of Americ Bwift Internationa Tonopah Divide PR E aited Retail Candj ted Texa i F a AEE e B0 w wad v Leather com. r Leatier prd. e pfa ¥ Teather . Luion Carvide . Smith—Einstein Lroker, died and le Lis wife. Jones—Poor loan widows .the rich wn- ft the business to FINANCIAD,: - - : NEW ENGLAND SALES IN MARCH | help ¢ conditiong ' - u-mmmmeuu:hv noted, and s 40 PER CENT ABOVE FEBRUARY Bostfin Survey of Retail Trade Is Gratify- ing Exhibit—Situation in Other Sections of the Country. BY EDSON B. SMITH. Special Dispatch to The Star. BOSTON, May 2.—Complete figures for March for twenty-four represent- ative retail stores in New England. including the eight largest depart- ment stores in Boston, as compiled by the federal reserve bank of Boston. show sales for March of 40 per cent tore than in February. In the case of the Boston tsores sales were in ex- cess of those of March, 1920, and way ahead of March, 1919, Retail sales outside of oBston in March were al- most up_ to those of a year ago. whereas for several months they had been running under 1920. Stocks of goods on hand in the stores both in Boston and outside are materially less than a year ago. Buy ing by the stores continued of a hand- tomouth variety, although as whol sale prices have held steady for sev- eral weeks, there is a growing dispo- sition to become more confident that on the average commodity prices have seen their lows. Woolen Mills More Active. The woolen mills are more active than any other important New Kng- land industry, the current output be- ing substantially up to that of a year ago. Most mills are pretty well sold up_to fall. Cotton goods aremoving better, the consumption of cotton by the New England mills in April being _the largest since last September. ~Fine goods, particularly standard brands, are selling fairly ‘well. Some of the manufacturers of gingham are sold through the summer. Cotton yarns and coarse goods continue quiet. The wool market is steady. There is too much wool to hope for early improvement in price. The tariff is expected to help the situation, but prices continue very low. Leather Trade Is Quiet. Leather holds dull at about the low prices. Supplies are large, but the feeling in the trade is that current quotations will be the lowest. The boot and shoe industry is operating at a scant 30 per cent of capacity. Some of the Maine factories have cut wages 20 per cent. but the Wage scale in the Brockton district, the largest manufacturing _center of men’s fine shoes in the world, has not been re- duced at all. The building trades unions have apparently lost their strike against wage reductions because building is slowly increasing under open-shop conditions. Building mechanics are paid 90 cents an hour, whereas they struck for a continuation of last year's rate of $1. The employes of the Boston Elevated, the local street railway, have unanimously accepted a 7 per cent cut in wages effective July 1. Reports From Texas Area Show Trade on Upgrade BY JAMES R. RECORD. $pecial Dispatch to The Star. FORT WORTH, Tex., May 2.—De- partment store sales have gained, business of the wholesale houses has jncreased and both bank clearings and building permits are on the up- grade, according to the report of the federal reserve bank for the Texas! district, just announced. The past month_in Texas has been notable for the liquidation of indebtedness through the sale of commodities, chiefly wool. The wheat crop in Texas, estimated: at 30,000,000 bushels, will _be ‘barvested within . the next month: . The wool ‘clip.Jn New Mexico and West Texas, estimated at from 3,000,808 to 3,500,000 pounds also will P while o great wage reduction h: been the general tendency downw. and some large plants througheut the district haVe started retrenchmen by making cuts in their forces. * = Wheat Reports Satisfactery. It is geperally believed that the cotton acreage reduction in Téxas will amount to from 25 to 50 per oent. Reports from wheat belts are generally satisfactory, and from the Rio Grande valley come reports of the shipment of 1000 carloads of onlons to date, earlier than onions have ever been shipped. Very littie change in range condi- | tions and a gain in hog receipts at Fort Worth featured the live stock market in the district. Ranges in the Pan Handle district wers damaged slightly from late heavy frosts, but are improving with warm weather. An early market on grass-fed cattle is expected. O1l Drilling Increases. An increase of 928,596 barrels of oil over February was noted in the dis- trict. Drilling activity has been in- creased in west Texas, a new flald was opened by the bringing in of a 200-barrel well In Archer county. No change in oil prices has been noted. General crop conditions for the past week have been influenced by con- tinued cool weather and storms. In east Texas much damage was done by high water and hail. In west Texas conditions continue better than l usual botk on the range and in the fleld crops. i Labor Troubles Threaten California Trade Revival BY LYNN C. SIMPSON. Special Dispatch to The Star. SAN FRANCISCO. Calif., May 2— With the bullding trades unions and employers in a deadlock over reduc- tion in wages and shipping crippled by a strike a halt in threatened in the business revival which had been in progress for some time but neither employers nor employes appear to re- gard either controversy as likely to be prolonged. After a hard campaign the Prune| Growers' - Agsociation has mecured signatures to contracts covering 78 per cent of the acreage of the state which means the pooling of the great bulk of thé crop In spite of the fact that a large Jnrlvn! ast year's crop is still unsold. These contracts run for long periods =o the control of this industry is sure to remain in the hands of the association. The prune crop has suffered from frost more than at firet reported. Surplus Can Stock. \ Inquiries among fruit canners this: week show that while the pack willl not be a bumper one, very few of the companies will keep their plants closed. They are still concerned with | the movement of their surplus from | last year, although good progress has | been made under the stimulus of re- duced prices. Frost damage promises being three weeks|w couraged the shippers, and several steamship companies are preparing to handle shipments this season. Success would mean the curtailment of the big fruit train across the continent. * NOT NEW YORK, May 2.—Retail mer- chants of the country again are at issue with a government agency. They are resentful today at the charges contained in the monthly report of the Federal Reserve Board, which de- clares the retailers are biocking the processes of safe readjustment by demanding continued high prices. John Wanamaker takes up the cud- Zels for the merchants and asserts that retail prices are down to a level swhere the people may buy with con- Generally speaking.” says Mr. Wanamaker. “prices in the United tates are approximately only 50 per cent higher than in 1913, while in Canada, Great Britain, Australia and Japan they are said to be nearly twice as high. In Sweden they are two and a half times as high, in France three times, and in Italy six times. Most economists agree that we will not be back entirely for some time to pre-war prices and it seems fair to assume that prices today are nearing a stable level. In fact, in some lines prices are stiffening and advances are being made because of scarcity. . * ok ok ok PHILADELPHIA. May 2.—Emplo of the Philadelphia Rapid Transit Company are at work today at a re- duction of 7! cents an hour in wages. This represents a saving to the com- pany of $1,000,000 a vear in operating expenses. Employing plasterers are said to have signed up employes at lal;lnni\:nrisfigle of $1.25 an hour, but er builders a ing 3l oiher bund re holding out for - * X *x % NEW YORK, May 2.—"Fruit of v , May 2.— th loom" muslin has been reduced a cent and @ half a yard by one of the big wholesale houses, according to an an- nouncement here. The cut brings the price to 16 cents a yard on the stand- ard width, and is expected to become general in the wholesale district. For gome time Jobbers and retailers have clamoring for bleached goods. * Eednstian fon * % k % NEW YORK. May 2.—The National City Bank circular, out today, de- clares that the cost of manufactured Boods is out of all proportion to the returns the farmer is receiving for raw materials. In the circumstances, u;e bank declares that either the cost of farm products and raw materi must rise to the level of manutee: tures and the prevailing wage scales in the city, or the latter must come —_— Washington Stock Exchange SALES. ington Raitwey com aston ailway ecom.—5 at 30, 25 at ay. 10 at 1 0 10 e aong o ot 10 10 Mergenthaler Linotype—2 at 120%. Bid and Asked Prices BONDS PUBLIC UTILITIES, i American T e American Tel, aad Telga; 450, Am. Tel. und Tel. et ir: Bu.. American Tel. and Tel. cons. ts. Anacostia and Potomac 3s. . Anacostia and Potoma gur “hesapeske and Potomac Tel Capital Traction R. R. 5 fton Rwy. and Eiec. 4. wy. and Elec. @. M. Ga. MIsCE iggs Itealty 3e (short)... . shington Market Ss (1937).. ingtoa Market Ss (1947).. STOCKS PUBLIC UTILIT] American Tel. llldc'l"li[‘ll IF! Capital Tracti R, Wi Wi o) d Elec. pfa. wy. ptd NATIONAL BANKS, UST C American_ Security nd Trost | Continental Trust National Havings Unton Trust . Washington Loan and ‘Trust.... BAVINGS BANKS. P+ i Commercial 197 Atlington . Carcora MISC Columbis Graphophone com {olumbls Graplophone pid. D¢ paper Mrg. Co. Paper ple | Transfer nthaler Linotype . utch Market com Old Dutch Market pf; 1 Mouotype . y Btorage . Washisgton Market FOREIGN EXCHANGE. Quotations furnisbed by W. B. Hibbs & Co. Belling checks: Dollar value— London . 397% Budspest . Paris Tu% Proane Brusseiy’ ] 788 W Berlin 1643 Home . 485 Madrid 1401 Zurich 17.70 Athens s, Viennx o to keep fruit prices higher than was expected a few weeks ago. The canners are showing little ac- tivity in making contracts. Strawber- ries, which were expected to be cheap, are holding up in spite of rapidly in- creasing receipts. The crop as a whole will be far short of what wi anticipated. Grain Crop to Be Short. Within the past ten days grain pros- pects in the Sacramento valley have suffered seriously from drought and high winds. Rain today relieved the situation ~somewhat, but the grain crop will be short.” While this will adversely affect business conditions it will permit the movement of last year's surplus grain Rice growers report that the total acreage planted this sewson will be between 90.000 and 100,000 acres. Last yeur 150,000 acres were plunted. Load- | ing brokers say there is no serious rice surplus here, but there is a goo. exl of rain-damaged rice. The suc- cessful experiments in sending fruit of the less perishable cluss to the At. lLanic~-coast wia have - terests of investors. Investment MAKE YOUR SAVINGS EARN From 7% to 8% Interest By Investment in % FIRST MORTGAGES Our conservative methods and the safeguards thrown around these mortgages by us perfectly protect the in- Partial Payment Plan, if Desired We Solicit Your Inquiry THE F. H. SMITH COMPANY 815 Fifteenth St. Forty-Eight Years Without Loss to Any Investor! LIBERTY BONDS POUGHT AND SOLD FOR e Hake Libersl Loasa ox Thes Liberty Bond Purchasing 920 F St. N.W. 777770777700 MEMBERS: New York Stock Exchange 111 Broadway, New York Washington Office COLORADO BUILDING Telephone Main 1603 G. B. CHIPMAN e Secured by First Deed revaliing (nierest and asicn. Joseph 1. Weller W L . EQUITABLE CO-OPERATIVE BUILDING ASSOCIATION Organized 1879 41st YEAR COMPLETED Axsets . .$4,272,086.87 Surplus . .$1,0853 You Will Accomplish More Than Ever in Sav- ing by adopting the systematic saving plan of the Baquitable Building Association, & plan that has won financial independence for thousands. Subscriptions for the 80th Issue of Stock Being Received Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING, 915 F St. N.W. JOHN JOY EDSON, President FRANK F. REESIDE, Secy. GRANT F. CHASE, {Public Accountant and Auditor 247 Woodward bldg. Tel. Main 1850. Systems installed. Periodic audits. Income tax matters. | “Gilt Edge” 1% First Mortgage Notes Now on Hand In Amounts of $250 Up to $5,000 Now is the time to invest, but oniy in securities that are abso- lutely safe. Don't take chances and speculate with your savings. We look after all details farnish guaranteed titles all notes. Chas. D. Sager 923 15th St. N.W. Loan Dept., M. 36. ITI ZENS SAVINGS BANK Monthiy State. ment Servies 1336 N. Y. Ave. TO MAKE | $25,000 | At least $250,000 will be my | sales this year. The profit will be net $25000. Need $5000 to | further exploit this business, which is distributing a daily :necessily bought by the govern- | ment, business concerns and in- | ‘dividuals in large quantity and i|| frequent repeat orders. Will | share profits. Write me today; if you have all or part of this ! $5,000 to put into a real busi-| ness like this. I Address Box 180-B, Star Office. | Department s - A B ¥ FINANCIAL. SEPTEMBER. 1 On Savings Accounts Open EVERY BUSINESS DAY at 8:30 a.m. Remains open on GOVERNM PAY DAYS AND THE TWO FOLLOWING BUSINESS DAYS UNTIL 6 P.M,, SATURDAY HALF HOLIDAYS EXCEPTED. Your Checking Account Solicited RESOURCES OVER $2,000,000 The Dupont National Bank Dupont Circle at Connecticut Avenue $5,000 Life I’oliq" $57.35 fl‘ Ssad date of birth igsers ties Boem 610 W Buildiag. M. M8. Compounded Semi- annually on the Ist Days of MARCH and Deposits Made on or Before the 3d Draw Interest From the 1st of the Month. o —not only a promise, but an established fact when you invest in FIRST TRUST NOTES IN;ROBT » —in your mail the day it is due. SHANNON & LUCHS 713 14th St—Main 2345 *'Management The Service We Render What can the B. F. Saul Ce. do for me? If you are a property owner it can do these things: Collect your rents, supervise repairs, pay taxes and insur- ance, select desirable tenants for your houses and business buildings, see that the premises are kept clean and attractive, act as receiver for property in litigation, make inspections of closed houses at frequent in- tervals, forward your money to you in any part of the world. In & word, we watch over your property just as you would yourself if you managed it—for a reasonable fee. Talk it over with us B. F. SAUL CO. Property Management 934 N. Y. Ave. NW. b3 LIBERTY BONDS BOUGHT AND SOLD FOR CASH Liberty Bond Exchange The Test of a Bank’s Worth Is the Service It Renders You —Test us in this way and we2will not be found wanting. 37 on Savings e tincates 0 Accounts of Deposit McLachlen Banking Corporation 10th & GSts. NW. Southwest Branch: 1350 B St. S.W. \\ STRENGTH —The Strength of great re- sources. —The Strength of a loyal, up- right personnel. —The Strength of a great insti- tution—of modern equipment. This isthe strength that works with you and protects you if you aljy yourself with this company. The two chief elements in investment are SAFETY and YIELD. The speculator sacrifices safety for possible high returns on his money. The too conservative man sometimes turns down a good yield because he fears it is not consistent with safety. The IDEAL INVESTMENT is the one that gives BOTH safety-and yield. . We are offering stock of the INTERNATIONAL FINANCE CORPORATION as an investment that in- sures safety and excellent return. Safety is found in the success of the institution and in the character of the leading Washington business men who are man- aging its affairs. The yield is present in the profit- able business which the ‘corporation is. conducting. PREFERRED STOCK PAYS NINE PER CENT. ill pay you to write or telephone for a booklet out- lining the progress of this Washington financial insti- tution. E. L. STOCK & COMPANY Investment Securities Main 736 734 15th Street ¢ AMERICAN ¢ SECURITY & TRUST COMPANY 15th Street at Pennsylvania Avenue HOME SAVINGS BRANCHES 7th Street and Massachusetts Avenue, N.W. 436 Seventh Street,S.W. Eighth and'H Streets, N.E. It 9% John L. Edwards & Company We desire to announce the removal of our offices to 1416 H Street Northwest Edwards Building MEMBERS New York Stock Exchang Washington Stock Exchange NEW YORK CORRESPONDENTS Hornblower & Weeks Harris, Winthrop & Co. Telephone Main 6320