Evening Star Newspaper, May 3, 1921, Page 24

INTEREST on your savings, compounded twice a year. Thrifty people, deposit your savings with this association and keep away from the dangers of get-rich-quick ‘concerns and stock speculations. The Building ‘Association is the world’s best plan for saving money*and receiving full earnings thereon. One dollar will start your Account. Columbia Building Asseciation 716 11th Street N.W. Under Government Supervision. (Dixpatches marking the progress of the deflation and readjustment proceas | In business throughout the country, giving the conclusions of special cor- respondents who have been instructed to present conditions and indications I an they really exist, are printed daily lin The Star.) | BY JAMES ALLERTO | Svecial Dispaten to The Star. it passer. For Tired Feet | iy VBAUME BENGUE : T Relieves Pain Keep a Tube Handy ' Product o (Baume Thes.Leeming & Co.,N.Y. g ‘sne U. S. ROYAL CORD A famous tire—a famous “the world’s foremost ex- ample of Cord tire building. Always delivering the same repeated economy, tire after Ltire,and season after season. The stripe around the side- walls is asa trade- mark in the U.S. Pat. Office. NEW YORK, May 3.—The first really | definite statement regarding the Wage |and employment situation in New York Reports were received by the bank from 156 organizations representing six- in wages, the average for the entire group being 12 per cent. Comparison of Wages. pinch. THE EVENING STAR, WASHINGTON, D. LESS THAN 17 PER CENT RELEASED Federal Bank Exhibit Gives Reports From! 156 Industries for 1921 and Last Year. Conditions Elsewhere. not been has been any real slc is due needs only Some of these merc ing _could ho much more evidence {invitng troubic, come well in advan that many have thereby been ens to_make some sort of p to believe that the fat days are really| vast will have his own share of the C., TUESDAY, MAY 1921 are on a 30 per cent basls. Independ- | ent steel plants are operating a lare- lerp ntage of capacity than at any | previ time this year. The rate is th. in sertion ling m [ ket ren price schedules are be- zined. The longer the mar- ins s it Is belleved. re are 1o place of the small steel found in the urgent for deliveries by automobile builders. It appears that the buylng of cars is in excess of early estimgtes, and makers are insisting on hasty de- liveries of steel entering into automo- bile construction. Demand from this | #ource is one reason for the pick-up the buying power of the public has!in steel geneially altered and that if H % i No Worry Over Basic Price. | to & stiate _Pittsburgh steel men are not wor- to be h ried over the protest t the Pitisburgh base pri aaim A hase price of this character is stubbornly of the opinion th ssary. It is their bellef that the not be long before a defin upward | Price should be hased at the center trend in prices will be possible. Noth-| ¢f the industry and feel that Pitts- ss. The! burgh holds that position. They feel, fs overwhelming that the|NOWever, that a change In the base man who clings (o wuch a theory i #ould not seriously affect the Indus- I try. N g | The Y ct and Tube Dealing With Reductions. Compa e s R e - | Reduction of forces and reductions! hour of ‘Gne {is pudlished today by the Federal Re-| ¢ hay'are possibilities o tho men to! ) - fperttions, L Thi {serve Bank for the second district. 1t{\¢hom they have not already becom: for the purpose of giving employ- shows that many of the assumptions actualitics, and thousands aro gov-|:~ut o thiZs men nor regarding conditions were assumptions | €TRIing themselv, cordingzly. the concer roll. Ipu‘f,,l'“,:::fi Simple. 1t shows, too, that| It has been or ther outstandinz | Coal, coke and other raw materlals the estimates made from time to time | feature of the present readjustme . heav » s are buy- in these dispatches have been accurate. | that forecasts of the changz ing coke low while the of the fact average price of coal Wnxze Scales Big Factor. teen industries or groups of industries ' Which employed just a year ago 497.689 | Already indications o The explration of wige scales persons. Now they employ 415,034, a|the time is approac commanding sttention. fnelinz | decrease of less than 17 per cent. Ninety | “nest eggs” will ha £ tion is to postpone agree s, The 15f the organizations reported reductions | Then the merchant who has street car men's scale expired May 1 nd the men agreed to work under e terms of the old scale until June greement will th 1, hoping that a new titude that many merchants are still favorable than a week age. At Mer- | tion of the country having been avert- taking toward the buying public. Be-|cer. Pa., every industrial plant is} 5 s op e i 7 cause there has been no real change| operating at ‘e T Jority of cases by eteventh in the pay envelope thes Carnegie Steel Company plants at | hour agreements between the empio; b b ng on the th Duquesne and Homestead, how nd the worker, it is felt that bus - The Tire Situation Right Now THIN the next 24 hours American car owners will buy around $2,000,000 worth of tires. People will say that here’s another picture of Ameri- can buying power. Forgetting, perhaps, that the thinking power of the average citizen is the thing to be dealt with today. Spectacular money and runaway expense don’t go with him any more. When he sets out to buy o2 tire he is not interested in big sales figures, but in the one individual tire he is getting here and now, There is a movement among tire-dealers to make tire-economy a reality to the car owner. These dealers ara han- dling nothing but United States Tires. Gearing-up to meet the new thrift-times. A customer comes in and asks for, let’s say, a 35x5 Royal Cord. His size is in stock. No waiting. No be- ing talked into a “second- choice” make or a “job-lot”. Open good faith on botk sides of the deal. And the purchaser goes away with a fresh live tire of current manufacture. All this is economy and service. And there isn’t any other kind of economy and service. * * * There are thousands of dealers right now who are concentrating on United States Tires. Thousands more are getting ready to do the same thing. They believe in U. S. quality, in the U. S. square policies—to the full extent that they put their whole personal investment behind what U. S. stonds for. It is a pleasure to say that these tire men are laying the cerner-stone for a tire servicefar ahead of anything the motorist has ever known before. Go where you find the U. S. Sign and see. ‘United States Tires United States € Rubber Company Tire Branch, 1303 H Street N. W, ness can continue its work of get- ting back to a pre-war basis. There were a few labor disputes as the new contracts were put into ef- fect. but it is belicved that agree-| ments will be reached in each case| « by the end of the work. One of the Frenci Govérument M TODAY’S BOND PRICES. Neon prices reported to The Star ver direct ) wire by Redmond & Co New York- Washing: ty of Paris 6s 1 [ big surprises of the week was an an- ! gootn SV 0 I periand 8s.. 3 neuncement by the bricklayers,and| Kingdom of Belgium Ths....... 8Ty i masons’ union that they would adcept | U. K. of G. B. and lreland Sips 1021 vt {10 per cent reduction in wages. Other | U v b 1922 % funions accepted similar cuts. U ] { The beginning of the new month| {fins business slowly improving. Cur-| JEICE oy tis L. Mosher, assistant federal re-|xtchison, Topekn the northwest district. | \ of the country is en new period of pros- ®erve agent says this secti tering inte a perity. Coming Out All Right. “There is no reason to fecl uneasy during the progress of readjustmen for we are coming out all right, merely re « B tion.” Bankers scanning the flgures com- | ipiled today from the national bankj all statements. Bee & further move-lj ment toward sound banking condi pected am a result of spring demands. The figures from the bank call in- diéate & healthier banking condition than we have had for several months. A. A. McRae, vice president of the Northwestern National Bank, says. Bank Trend to Normal. “The fact that banks show deposit) totals more nearly equal to those of | their loans and discounts is an in- trend to normal bank- dication nf the Peting; o) 0T 0805 s Ihe lcomaitions.. THe ‘general?fall dn|Peanelranla 6 oB7a080.0 2. prices d consequent lessening the | peltin, " roneral 4x. demand for loans also is plainly re-|ge Loul d San Fraucisco flected In the decreased deposits and | 8t. Lou! 9 loans. Deposits inevitably fall with |8t Louls and San Francisco inc. 6s..... 1d because a large percentage of loans go on the books as deposits u til the money has been checked out. The monthly summary of the ninth particular size is in greater demand. PHILADELPHIA, May 3.—A notable reduction in the cost of living is an- nounced today with 6 cents buying the same loaf of bread formerly sold for $ cents. Flour has been down for some time and much pressure has been brought to bear upon the bakers to pass along the reduction on th important foodstuff. Fluctuations in the flour market have offered an ex- cuse for hesitation, however, but at ast the bakers appear to have ac- cumulated sufficient stock at low prices to warrant the cheaper loaf. PROVIDENCE, R. I, May 3.—The | sane view that while prosperity is not so great as a year ago, business is on a much safer basig_is taken from the May circular of the Merchants' National Bank of Providence, which says: “The price level today is much safer than a year ago. This is a con- sideration of prime importance and shows that the people are doing the things needed to re-establish trade upon a safe basis and to make it healthy and strong. The great factor to remember is that basic commodi- ties are 4513 per cent down. Reduc- ed business by the mail order bouses reflects the decreased purchasing pow- ing of the farming communities, but chain stores in the large cl are showing gains over last year. PITTSBURGH, May 3.—Department store busine trade, is on a remarkable scale in Pittsburgh. The department stores established a record for the fourth federal reserve district in March, with an increase of 7.6 per cent over March of 1920, regardless of the lower prices prevailing. For the first quarter of the year the local siores reported an late buying. Their newspaper ad- vertising is on an extensive scale. One large store, announcing a special sale, used four pages in all of the Sunday newspapers. PHILADELPHIA, May 3.—The larg- est and most comprehensive exhibi- tion in the history of the National As- sociation of Hosiery and Underwear Manufacturers has just been opened in this city. More than 200 booths are occupied by exhibits of knit good knitting machinery, yarns; dye: chemicals, mill supplies and acCes- sories. Business sessions of the con- vention began this morning. DIVIDENDS DECLARED. Stock of Iron Prod. Corp. May 16 Hollinger = Oon: v May 5 Mey 20 May 25 May 25 FOREIGN BONDS. Quotations furnished by W. B. Hibbs & Co. Closing prices Berlin 4s... 45, Vienna i Frankfur French Frankfurt Hamburg 3x. Hamburg 8%s. Hamburg 45 Hamburg 4%4s... Koenigsberg 4s.. 1 Belgian Rest. 5s. 11y Belgian Prem. 5s. 751 Atlantic Const Lin | Atlantic Refiniug Ce | Bultimore and Ohio conv | Central Leather bs..... ral o 4s 1940, nesapeake and Ohio conv. 4158 Chesapeake Mosher suys. “The war 2 Chesapeike Vealed our weak spots and this Teve-!cCpi, Bur. and Quincy Jt. 4. Inion s spurrcd the American busi-+ Chil MiLL wnd B Faul efu. Ao ss o by er founda- il and 8t. Paul conv. 4igs. ness man to build on @ Sronger ! ik, andSciraulcmny, 4 tions in the northwest. Deposits fell} General vin clt his was ex- | Illinois in the Twin cities, but th Iilinols Mo., Kans. and Te Missouri_Pacific g New York Northern Pacific Peunwylyania Pennsylvania Gigs 1030, Seaboard Air Lis Jerome Verd Lone Star Gas. Magma Copper Maraicaibo Ol , a barometer of retail | Marland Refine; Mason Valley Midwest Ol com Midwest Refining . increase of 11.4 per cent. Merchants | Pennok Oil are making special efforts to stimu- | Perfection A Producers and ¥ Armour Leather com. Armour Leather pfd. Armour pfd. . Cudahy Facking Swift & Co. Union Carbjde domesti doliars, 4 per ounc count rates—Short _bills, three-month bills, 5%a5% per cent. taltimore and Ohio_de. ey o2l 101 Inland aud Pacific ation 6. Consolidated Gas Ts... ... ... Jelaware and Hudson 7a 1930, general llen 4 iz ) N ew York Central deb. s, ew York Telepho orfolk and Weste orfolk and Western cony. 6s. i s 1968, refdg. 4n. MONTANA FARMERS LEAD. 5 IV reached by that time. is- e es a curious detail—the aver- | . s Y th ol district federal reserve bank, just is are ey catnings show a whaiy nee- | Pittsburgh Steel Conditions {1 a1, 2% 200 Srnters, XDy [sucd finds crop conditions of the : Tigibl. change. A vear ago the average s | May L They want the same weckl? |northwest good. an increase In general | Receive Most Aid From Federal B : iotie Vi prices” for for! s that they [ BOTthwe! % : e build- pay_was $it.ds: Quring the past month Create Optimistic Views | 1 0 ror Torty-cimmt hours. Part | Pusiness and 22 per cent mor Cash Seed Loan. 1ot this oddity is as interesting as is the BY . B LAvFMaN. | of the districts Job platis including o e N R L itsell ke Fadh TRt eNaYe ! Special Dispateh to The Star. closed yesterday. Three hundred of i OTE! l(armery have received the most aid| (3% ways: The \fatt that the eaffl| CoiprspURGH, Pas | The 950 job printers are on strike and | SCRANTON, Pa., May 3.—Retall coal: from the government seed loun of| inzs do not show any reduction is e | cpunges In the stecl industry & e 2 Noline meetings to de- |merchants will advance prices on|$2,000.000, according to figures made in the main to the Inclusion of Iaree|he direction of improver. I hmine “their course. The plasterers |anthracite 25 cents a ton May 9. al-|public by the seed loau office here to- numbers of employes oF Falli0ads io|toma Sections no .changes appear, | scale ulso cxpired Sunday 2ud em. )ibough pricce o the mine have been | day. : public utility companies and in the | (hil. {1 others plant operations nave | plovers and employes have not en. |increased only. 10 and 15 cents. Re-| Loans to that state totaled $827. printing_trades, in which there have | %00 O 0000 T I “ituation a | tered into @ new wage agreement. tailers declare that when the pro-|Saturday night, according been' prdctically no requctlons. in| botty complexion, entes | ducers decreased prices 50 cents a ton | nouncement, while loa rates of pay. Another factor has been | 1., a5 for an opt \Eleventh-Hour Trade Pacts {APril i thes iowered prices more than | Dakota farmors were $77 the tendency ofiemployers o ‘"f' arirte Trom tha’ Shesarse vilisy | =1EVE 50 cents in an effort to stimulate '?u, $57,508, and Washington, $5, charge the least competent and the|. S e & ey il 5 ing. Consumers have held back, how e Al et W indicate improveme Sheet plants C rs h ol poorly i workers Best when 1SR e e ot Hiver | HEIRS Tumn Cities” BUSINSS |over, and now il ve”compelid, to Cunn sTocKs. Curious Attitude of Some. (,\'.(‘;.ur[(f:',,l"?r(;..‘f acltawith anlarged ! By X McICENNAL need replenishment. The new prices Quotatins furnished by W. B. Hibbs & Co. S enera . » s e jcan in Plate | he Star at the mines are: egg. 5; chestnut, e o e this ‘Bitution An | Company. « Tin Diate output has me| ST. PAUL, May 8.—The big obstacle |$7.65; pea. 36, and sfove, $7.10. ‘The lana - ra - | creased. Johnstown reports are more | of labe bles promised in th s - Dlanation of the rather curious at-|creased. Johnstown reports are m »f lubor troubles p in this sec- [Areatel alvance;on Sione Olroat this Carib Syndic arih Trading S ar Light and Power ities. Service (new) ities Service (old) ities Service ptd ial Tire ... .0 ubian _Emerald Columbia_Syndicate lidated Copper scon _ Gold Davis-Daly_ . Dominion 0ii . Durant Motors 1k Basin rtel Ofl . Eureka Croesus . “arrell C Federal ( illila Pictures liespie oil per Indian Packing . Intercontinentsl ‘Rubber .. 07 International Petroleum (ew).. Kay Counts Gas Lake Torpedo S Lehigh Coal and Navigation. Livingston Pet; Merritt Ofl . evada Ophir ew Corneila ipissing Mine: North Amer. P. Northwestern il . Owar Oil (new). Radio cor Radio pfd.” . Ray Hercules Ryan_Consolidated Salt Creek Producing. 7. 8. Light and Heat. com . 8. Light and Heat. pfd. nited Profit Sharing . S. Steamshi Wayne Coal . West End Cons. Wright Aero . CHICAGO—- National Leather . FOREIGN EXCHANGE. Quotations furnished by W. B. Hibbs & Co. Selling checks: Dollar value— Greater Berlin 4s London Budapest - Paris gue Brussels Wanaw Berlin 1 Copenhagen . Rome . Christiania i Stockholm Zurich Amsterdam Vienna 4s. ey o ade 1 Ve fni Vienna % Montreal 89y —_— BAR SILVER QUOTATIONS. NEW YORK, May 3.—Bar_silver, 99%; foreign, 61%. Mexican LONDON, May 3.—Bar silver, 34%d money, 4 per cent. Dis- per cent; condition is Acid and a from your eliminant— 4 Natural Medicinal Mineral exclusion of all other water. to taste. Send us the name of your @lllen. The Gillen Co. 10 Mt. Vernon 976, Do you arise glowing with health? Perfect bealth is life’s greatest gift. It your body is half sickened by an fl accumulation of poisons, you certainly cannot have perfect health. Blood Pressure, Rheumatism, Uric Help your kidneys eliminate poisons Gilien Hot Bprings, Arkansas. Buy a case from your druggist and drink it to the Experience the joy of perfect health. NOTE. E. Center St. Baltimore, Md: * Such a a source of Diabetes, High thousand ot}mer ills. system. Use nature's Water from Gillen Springs, It is sparkling and pleasant druggist it he does not sell Air Line sd). 5s.... cific st ref. 4% | Seaboard Routhern hern Southern Southern Union Pacific 1st 4s. Union Pacific conv. 4s... Union Pacific 6 1625.... Unitea States Rubber 5. United States Rubber United 8 Steel 8 Virginia Wilson & SHORT-TERM SECURITIES. (Reported by Redmond & Co.) Bid. Offer. Tel. & Tel Tel, & Tel ™ C Canadian | Contral A | Chicago. R. . G, 10, I. & Pacitic s 192 | Kenne | Li | or & ¢ Procter & ¢ | R 3. Reynolds Tol | 8ears, Roebuck & Co. Roebuck & Co. Roebuck & (%, ir Con. Oil 714 Soathern Railway 961} Doesy 9w 1001, 1008 Mty 100 001 993, WILLIAWIF. GUDEIS NOT A CANDIDATE [Resigns From Federal Bank’ Directorship Race — Rail- way Commcn Off to 28 1-2. BY L A. FLEMING. ’ William F. ade, because of his ap- pointment by the President as a mem- ber of the District rent commission, has resigned as a candidate for the position of director of the Federal Re- serve Bank of Richmond, as the rep- resentative of group 2. It would have been perhaps unfair and certainly im- possible to have held hoth positions. Bankers believe that Mr. Gude would have been elected had he remained in the field, as he had the promise of a large number of voters from among the members of group 3. It is probable that the Washington clearing house will be asked to in- dorse a candidate for the posidion. E. C. Graham and. D. J. Callahan have been mentioned as prominent in the campaign for the position, which is | purely an honorary one and carries no salary. re Person: Mention. Eugene E. Thompson will attend a meeting of the directors of the Columbia. Graphophone Company in New York city tomorrow,, Returning he will go right through to White Suiphur, Va., to attend | the spring meeting of the executive coun- oy, [cil of the Investment Bankers' Associa- tion, which will be in session the last three days of the week. So far as known, there will be nothing' but routine business at the Graphopho meeting, progress in inventory reductigi will probably be reported. New Savings aBnk. Another new savings b launched this month, with w of syccess remains to be seen. . THe new bank will be known #s Union ¢ will be t measure Labor's Savings Bank and whj be lo- cated on the southeast corner of 1l4th and T stpeets northwest. Standard Ofil of Indiana. Controller Crissinger is making it still easier for the Jjunior bank officials charged with the operation of forms in response to the demand for a showing of conditions as of April 28. It is an- nounced that the same signatures of directors that appear on the sworn state- ment to the controller are to be used in the statement published in the public press, but that it is neither necessary that they be sworn to or that actual signatures be secured therefor. Dinner Committee Meeting. A meeting of the dinner committee of the District Bankers Association has been called for Monday of mext week, when all matters pertaining to the recent successful dinner will be finally adjusted. Standard 0fl of India This is the next corporation in line for an increase in stock. A meeting of the shareholders has been call for June 3 to vote on an increase $40,000,000, much of which will be ex- changeg for Midwest Refining shares yl at two to one. Rumors of a stock dividend are not given much credence. , Pald $390,325,504 to Rallronds. | Up to April 28 the government has) paid to the railroads of the country a matter of $390,325,564. Federal compensation for six months’ period for the roads that accepted’it was around $425.000.000. The operating deficit for the same roads was ap- proximately $200,000,000, which leaves & matter of $230,000.000 still due the railroads on the six months' period. This_is separate from accounts aris- ing from federal control. Railway Common Under Pres Js The feature of today’s session of the Washington Stock Exchange was the marketing of 200 shares of Rallway common, evidently a market order, as the stock sold down under it from 298 to 28% before the price displayed jany resistance to the offerings. There was nothing new to account for the display of weakness, it being purely a matter of the offerings ex- ceeding the demand until 283% was reached. Capital Traction shares were firmer at 87% to 88. Lanston Monotype sold :g‘arz and Potomac Consolidated 5s at 5%, | A number of odd lot transactions i were reported, but the chief business of the session was in the shares named. Personal Mention., R. Golden Donaldson is now in Chi- cago, en route home from Arizona., where he wintered. He is expected? home on Thursday. Soseeage S OIL STOCKS. Quotations furnished by W. B. Hibbs & Co. Bid. Asked. | Anglo-American 0il Co. (new).. 193 2 Adlantic Refining_Co. 10257 1100 Borne-Serymser Co.. 1880 Buckeye Pipe Line Co. Cheseborough Mfg. Co. Continental 0il Co. Crescent Pipe Line Co. Cumberland Pipe Line. Eureka Pipe Line. Gulena-Signal 0l Galena-Si 0il © Tilinois Indiana tional Transit Ce New York Transportation Co. 390 Northern Pipe Li 94 Ohio 0il Co. 5 315 Pennsylvania-Mexican 30 | Prairie Pipe Line C 195 | Solar Refining Co. 425 Southern Pipe Line C " South Penn. Oil Go. 235 Southwest, Pipe Line ¢ 70 Standurd 0il Co. Cr 8% 763, 30 415 178 Standard 0il Co. New Yorl 338 368 Standard Oil Co. Ohio.. 00 Swan & Fiuch Co. 5 U 1os | Washington Oil " Co. g —_— LIBERTY BOND NOON PRICES, EW YORK, May Liberty bonds at noon: 3%s, 8K.80; first 4s, 87.40 bid; second d4s, 8 bid; first 4%s 3 87.60; second 4%s, $7.44: third 43 30.60: fourth 4148, 87.56; victory 3% 98.00; victory 4%s, 98.02. :