Evening Star Newspaper, May 5, 1921, Page 23

FINANCIAL. LOOK FOR BIG IMPROVEMENT | TO FOLLOW STEEL'S WAGE CUT| Cleveland Business Leaders Think Read- justment Period Well Past the Peak. London Condltwns Elsewhere. Lando RBerlin 1 Rome po Christiania . (Dispatches marking e progress| which looked dark Sunday cleared | Madrid ... Stockholm .. of the deflation and readjustment up. to a degree. Zurich .00 Amsterdam process In business threughout the Statistics compiled by the Kansas |Athens (000 helgrade country, giving the cenclusfoms of | industrial court show that unem- | Yieoua . Montreal . correspondents, who cted to present conditions ey really exist, are pritned daily in The Star. BY GUY T. ROCKWELL. Special Dispatch to The Star. CLEVELAND, Ohio, May 5.—Believ- ing that the wage cut announced by the United States Steel Corporation is one of the most important factors of the readjustment program of the year, Cleveland business men look for kreat improvement to follow within a reasonable time. Resumption of business has progressed as rapidly as it was hoped for, but with the banks in better pos ton to assist iinancing of the essen- tial sort than they have been in months, many agree that the read- justment period is well past the peak. Bank Strength Shown. Lowering of rediscount rates by the New York Federal Reserve Bank indi- cates the strengthened position of the banks. No reduction in rates is look- ed for here and credit in Cleveland is likely to remain tight for some time owing to the great demand for money now coming from the farming dis- tricts. : Re-employment progressing steadily. but chiefly among the motor plants. There were 22.3 per cent more persons employed in local automobile plants April 30 than on March 31, ac- cording to the Chamber of Commerce survey report. Textile plants reported an increase of 329 employes during the month. but slight decreases were reported by plants dealing in food, iron, steel and lumber. The White Motor Company resumed | operations on a four-day week May 1 after having operated three days a week since March 1. Auto Signs Signific Announcement that the Peerless Motor Company had wiped out its finished inventory which last Novem- ber consisted of 1.100 cars, and that the Jordan Motor Company had work- ed off all its high-priced inventory. are significant signs that the end of the readjustment period is being reached. Strike of the building trades and printers is tying up business in those lines and it is hard to predict when either difference will _be settled. Among _other jobs being held up is that of the Federal Reserve Bank building. Figures compiled in 140 manufactus ing. construction and public utility companies throughout the fourth federal district show that the number of employes has decreased 43 per cent and pay rolls reduced 54 per cent as of April 1, this year compared with April 1 a year ago. Seattle Area Active With Goldseekers for Alaska BY PAUL C. HEDRICK. Special Dispatch to The Star. SEATTLE, Wash., May 5—Trekking to the north hundreds of gald hunt® ers are on their way to southwestern Alaska, or are in Seattle awaiting transportation when the routes for steamship traffic are open to Nome. Prospecting in the northland came to a standstill when the war broke out and prices. of eovery commodity the miner uses soared out of reach. Old- time Alaskans say that at every cycle | I of hard times and unemployment, the hegira of placer miners and prospec- tors searching for new diggings in the northland is as certain as thé tides. Every northbound steamer of late has carried a full quota of miners and prospectors. s While retail business continues “streaky” merchants scem satisfled with the first wave of price reduction, yet it is believed the Pacific north- west is several months bebind the east In retail price deflation. Lumber and other forest products have touch- ed bed rock, as have canned salmon and fruits. Movement of lumber and salmon for export from Puget sound is practically unhindered by the sea- men’s strike as Japanese and British boats are unaffected Leads im Orderly Defiation. According to banking authorities, the call for a statement of condition issued by Controller Crissinger re- veals the significant fact that Seat-| tle leads the coast, if not the whole country, in orderly deflation and liqui- dation of so-called “frozen” credits. Reports from Seattle member banks of the federal reserve system shows | total borrowings from federal reserve bank now only $2,515000 as com- red with $5,931,458 May 4, 1920, and 626,739 December 29, 1920. Reduc- tion of barrowing is almost 60 per cent from May last year and nearly 80 per cent from January 1 1921. Some Wage Reductions. Bankers see in this gituation an rly prospect for the Puget sound district to take first advantage of the expected upward swing in business cause the banks have a clean slate @nd are ready for such new business @s may be offered. Wages of skilled and unskilled orkers in the Puget sound sections ave been reduced Jittle, although ob- Servers report rallroad cmployes on coast lines expect an early readjust- ment downward. In the logging camps and lumber mills employes ap- pear to be willing to accept lower pay and mills are running short time until labor is deflated. Kansas City Labor Issue for Decision by Tonight BY DICK SMITH. Bpecial Dispateh to KANSAS CITY, May 5 — will know by night whether it is to weather without serious diffic ulty another stage of the readjusiment pe- riod, the controversy trades wages At a meeting this afternoow final efforts will be made to work out a plan for arbitrating differcnces be- tween workers and master builders. Contracts expired Sunday. Em- Ployers had served notice they were &oing back to the 1919 scale. a re- duction of about 20 per cent. Mon- day morning most of what work was under way stopped. A on Over Wages. At this point. the chamber of com- merce and other civic organizations stepped in and demanded that the question be arbitrated. As a result, the men went back to work at the 1920 scale, pending the outcome of meetings of representatives of the men, the builders and the public. The employers demand that all crafts submit to arbitration at this time. The bricklayers, stone masons and plasterers, who have independ- ent contract: insist upon separate tion in their case. The representa- ves of the public have appealed to international officers of three unions. A _reply is expected today. The Workers have been demanding that building material costs investigated by the proposed arbitra- tion committee, but it has virtually been decided 10 request that such i probe be made by some government body. Several Strikes Averted. Meantime the threatened strike of the printers was avoide When the workers backed down from their de- termination to demand u forty-four- hour week. and a strike in the bak- ang industry was prevented by the employers continuing the 1920 wage scale. Midweek thus over building finds a situation have | not | also be | DIVIDENDS DECLARED. Stock of Record. Can. Pacific, q. $2.50.. Tovest.. pf. a. $1 gerown blaaning, Reports on and economical THE EVENING STAR, WASHINGTON, D. C., THURSDAY, MAY 5 1921 REPORT OYO}'H‘:!COHDITIW NATIONAL SAVINGS AND TRUST CO.. hington, 1n the District of Columbia, at Established 1887 DAVID J, HOWELL & SON, Engineers, Union Trust blds. lopment Roads { " suburban _properti Water works Reports, Valuation. Mai At W Lanston Mon Otis Blevator B tt & Whitney pf, q. § 1st pf. q. 3L Elec Gold Stock Tel. (e M. ations furnished by W. B. . k& Iilar values at noon tod ployment in that state has been re- duced one-half since January. from 12000 o berween 000 " and HOLIDAY ON BOURSE. X . . PARIS, May the . bourse toda 5.—Holid: on Reopening of Mines. Upward tendencies in the ore mar- ket have resulted in the reopening of a number of mines in the Missouri, Kansas and Oklahoma lead and zinc fields. On the whole, business may be said to be going forward again after the post-Easter pause and settlement of the building controversy would give it impetus foliowing the rush of sea- sonable buying at that time. Business seemed to halt to get its breath and REPORT OF THE CONDITION 0f the CITIZENS SAVINGS BANK. t“ Washincton. in the District of Columbia, st the cloge of business April 28, 1021 RESOURCES. | p 1.al s | take bearings before moving ahead | ' *sam - wnd | s i Fdiscounts (escopt | bank call_found Kansas fhose shown in better off than at the t vear. The season- able decrease in deposits was §15.000,- 000, against $44.000,000 a year ago and | $14,000,000 in 1919, boand o). Total loans Ovenlrafts, unsecured. . U. S goverument securities | ’ ¢ Cupiedged | Washington Stock Exchange e SALI ment securities. Capital Traction He— Washington Gas Light 4. a Bonds, securities. 41%. 10 at 4T%. 2 at 4 el other than Lanston Aonotype- U. &.. including pre- 720 at 77, 15 At 7 wium on same. ... .$136.632.50 AFTER CALL dties aie.. Potomae Electric Ist 5s—$1.000 at S8. Total cie, bonds, securities, other thun U. S...... Dapking house ..... ruiture and fixtures. . u Due from patiobal banks ... Bid and Asked Prices BONDS | PUBLIC UTILITIES, American Tel. and Teiga. 4s. changes for clearing house.. Merchants’ .. Security Savings and Commercia Seveuus Streer NSaving Union Savings 1T 8. Savings Washiogton Mechanics’ cm e FARD CINAURANCE. rling fon . . . i Three American Tl and Telgu, 415 © Checks and other cash items.. 1100971 provide. than for mouey b Miss V. du V. B.—Three Gold Bonds, due 1936. ! Amarican Tet, and Tol. coms. s, L Pam You can then be frec ). 31 and cxperience. ~Graduate = Seore- || > ary. Dictation. words 1 rEt :;:"Jf.‘?.“-";u'.r % Total from all worry and man- minute. Typing, 70 wards =)~r | Prices at Market, to yield about { Chesapeake and Potomac Tel. agement minute. Bookkeeper. File Ex- 2 Canital ;l‘r’:c;ml;-fi. 2o LIABILITIES. e g i 53 o solemnly swear that i pert. H 5 ?"“’“”:‘:"““: urban 5. Capital stocksaid in. 4000000 In amounts of $250 and i e ot bext of w3 ADDRESS BOX 209-B, STAR OFFICE. Joint Convertible 6%’s 6.87% Potomac . a Undivided profits. up. gt IN. T ’ ; 'y e ; g CULAMRORN, Trenwures our years Fotomac : blens Ccurent ex b A LA BOR e Miss M. C. W.—’:wme“ce_ ! Northern Pacific 6 6.20% Potomas Elec. Power G. fetses Dteen and B F SAUL Co duy of May H Graduate Secretary. Dictatio: Wash.. Alex. and Mt. Ver. ou.. taxeninel i . I o || Mlsenti S e o o Great Northern 7's 7.40 | 100 words per minute. Typing, Naskinglon Cox o - Amount reserved for all taxes | [, il 60 woras per minute. Book- i i: nglen R.x El -80% 3 Alfi'(;lurv:‘l-‘lrv;er\'vd for all in- J’ 414371 Mortgage Laans ! oot v;f“v 5 W figfil&' !ggajinesx;h OFFICE. Descriptive Circulars upon request a wy. and Ele 2 terest 4ccrued ......o.eo.s | Fran Btous e 0 it J ELLAN e Freghald €. Hajdekoper Charles Minshall, i Riexs Reatty 5t aborisrenre 93 R ate s and 934 N. Y. Ave. N.W. Wil 1 Walkie, W. V. Miss E. D. S.—~ine years || Washington Market 58 (1827).. 80 bunkers $500.00 | e X perience. Washington Market 5s (1941).. 75 L0000 a Duete trust com: | Graduate Secretary. Dictation, STOCKS panies and savings —_— | iduatel Secretaiys Disation. b anks . B ‘ il 50 words per minute. Book- PUBLIC UTILITIES, REPORT OF CONDITION i b . . American_Ti st ... + fhca che il keeper. Fine Expert. merican_Tel and Telga i (3L Cortten cheeka. Of the R I e w ovss0E i Washington Office x| o SECOND NATIONAL BANK Guarsnty Company of New = e ztds able within 30 days i iss H. L. M.—Six years’ i nd Elec. com. 31 23, Individuul drwll:’lub)ect to A i istrict of Columbia, at the cluse of business on M experience. u n CO p y Of e Yotk und Elec. pfd. o check 412,873.07 | At Washington, in the Distric! of Cotumbia, Graduhte Secretary. Dietation, i americen , NATIONAL BANKS, 4. Certincates of depouii due'ia ek I April 28, 1221, 120 words per minute. Typing. 811 Fifteenth Street, N, W. han 3 ys (of tl T o 60 words per minute. Book- Cepital omes borrowed) . 5.312.00 RESOURCES. o . | Gofumbia o ez deve 1 o Loans and discounts, including rediscounts (excent thoss keeper. File mxpert Telephone, Main 5815 { Commeret : =, 27 e T @nd . $2,396.985.11 -8, District i 4.35 shown in b and R gty ¢ Customers’ liabil X i C.—Four years Federal Ty ot suber 1o 50 daye: © “'this bank purchased or discounted by it...... 00000 Miss L. V. e x perience. oz g%, 0ots netice): Graduate Secretary. Dictation, National Metropolitan 20. Certlticates of deposit _(other Total 10808 i.ovsvinerarnans imeds b s Graduate, Seersiacy. Diclation, P £, Othot o depenit s "153.05|] 50 words per minute. Book- Becvad . e Potal of e eaice it 2. Overdrafts. unsecured . 8 & keeper. File Expert. Washiogto . 30, 31 and 35..§308,111 65 4 U. S. government securities owned: ) KB Roris BoX pis . SYAR OFFICE. TRUST COMPANY. 35. Bills payable, including certifi- a Deposited to secure circulation (U. 8. bonds, par American Security and Trust.. 221 230 cates of deposit ropresenting value) ... Miss M. R. G.—Dictation. |, Continerital “Trust 4 T0a% | money borrowed. deferred pay- b All other United States government securitie . 30 words National Savings 85 ment on real estate.. 30,000.00 er minute. Typing, 50 words || Taion Trust ther than those above 1 71350420 (f B Mute. Bookke Fil Washington ie i ] Total sevennsns Tiaa1520{] per minute Bookkeeper.- File |! & Rertgn. T tiom o eude and Ivestmsi S e e 'sz‘:\% oo FoAtiure and Aixtures, $16.6i 21568540 || EXPeTt . o soum, sTAR OFFICE. || A "' d't‘ f S ' t R Tt ; 157.435.27 | | AP - radiution o arety of 6, J: ear that the tement Is true to the best of my koowledge and_belisf. ENAND PETIT. Tregsurer. 10. ubseribed £ May, l sworn to before nfe this 2nd 1921 ) RAYMOND L. SCHRE Notary Puvtic, Correct—Attes Natioual Usion . TITLE INSURANCE. Columbia Title . Real Estate Titl MISC Colymbia Graphophone com Colambia Graphophone pfd X Trausfer 83d $iora eathaler Linotype OId Duteh Market eom. 0ld_ Dutch Market ptd { Lanston Monotype { Security Storage . Washiagton Market H —_— CURB STOCKS Quotations furnished by W. . Hibbs & Co. ~12:15 p.m.— CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building Washington, D, C. Main 6189 . 100 M T Aetna Explosives Allied 01l - m——— | American ¢4 Atlantic Pel bis flant ™ Money to Loan Iigone Ol .. Secured by First Deed of Trust on Real Estate. {:;mn and Prevailiug_interest .';"“’“H"' 25. <ton Joseph I. Weller $5,%4% LEFTS. | 26 EQUITABLE CO-OPERATIVE BUILDING ASSOCIATION Organized 1879 41st YEAR COMPLETED Axnets . .. .$4,272,068.87 Sarplas .. - .- 51,085 322.89 You Will Accomplish More Than Ever in Sav- g Car Light and ities Bervice (new): ies Bervice (old) ities Sersice pfd Colmial Tire .. Columbian Emerald Columbia Syndicute Consolidated Copper . Cresson Gold ... Davis-Daly Dominios 0il burant Motors Bk Basin . the systematic saving plan uitable Building Aswociation, a plan that has won financial independence for thousands. Subscripti for the 80th Issue of Stock Being Reojived Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING, 915 F St. N.W, isa Packing i ercontinenta 2 International Petroieum (new). Jerome Verde . Ky County Lake Torpedo " Leuigh Coal and Nav | Lone Star Ga: .. Livingston Petrolenn 3 ke SHiawest il b JONN JOY EDSON, President Nerata Gonpoag oo FRANK P. REESIDE, Secy. New ( I N b Nortiiwertern Oil'- Omar 011 (new). Peunok 0l : Feriection Tire - Producers and Helne l Radio com, 5 | iadio pta Ray Mercutes 1 Bien Convolidated . it Creek Producing Salt Crevk (new) Supnipa’ com Simms Petrol Skeily 011 Swests Co. o Switt Tatern Swopah Div | LIBERTY BONDS Liberty Bond Exchange St. N.w. N N N N N N N N N N N N N N N America janal . Harriman & Co. MEMBERS: New York Stock Exchange 111 Broadway, New Yark Light and Het s ted_Profit Shuring..... U. K. Steamahip. .0 United Retail Cundy. . United Texas ... Warrea Bros. | Co. [ Fail "I T3l SN el Wayland ¢ Ead Co Wright Aero CHICAGO— Armour Leather co Armour Leather pfd. .. " i 90 Armour pfd. .. . Ciduny Packing 4 b 914 100 51 RAIL WAGE CONFERENCE. ROANOKE, Va., May 5.—Represent- atives of the Norfolks und Western organizatio of the Brotherhood of Railway Trainmen and the Order of Railway Conductors went into con- ference at 11 o'cleek this morning With General Manager W. J. Jenks of the Norfolk and Western regardin proposed wage reductions to be e fective June 1. Washington Office § COLORADO BUILDING R Telephone Main 1603 G. B. CHIPMAN Union Carbide ... OO 11 R n 9. Lawful reserve . Net amounts due from ban! . Capital stock paid in. . Individual deposits subject to check... . Certificates of deposit due in less than 30 days (other than . Other -time deposits District of Columbi 1. VICTOR B. DEYBER, president of the above-naied bank. do solemnly NW!I'I' that the above statement is true to belief. e 1. alLes cou clu HAND-TO-MQUTH LIVING live from hand to mouth. ve acthing saved, are always Most toard wen and 855 ¢ Slers 2t 65 Don'e b i chus, ‘aw « Unpledged Commen applied nd Potal T overnment s veloping trade with the P gnae el || nr s oo yeloping trade_with the Ting Ahesd s st Relping tepaindsvo. [ | & ® Jouis your cables “Via All Amer- financial dence. Sent free. than ica” Years of successful KRIEBEL &CO i on e 1,18, 15201 Citle Dmce 1118 Cann. operation have proved the 1 mivz on ¢ame.$1.318,152.01 5 Telephone Franklin 1169 eRciency of “All America” Investment Bankers Total bonds, pissiyicy 5. Stocks, including e Futniture 'and. xtures When you need a Secre- Quarter of a Checky and other casl feme We are in a position ts ! Trivestmait Masims : i :.";:;;}ifi el i S\ri‘;l Il))l;si;;; abl‘:f)tfh?rdas;ls‘;’:‘t? | —'Great Northel' n Do not expect more than i i ;E‘?'l:n'ni.i"fllm 10 ing any business which you Joint 15-Ycar your money is worth. 1S Awount reserved for tuse may wish to turn over to 6% % Convertible Gold Bonds Do not try to get a profit on principal when you in- vest. Your real object should be to put your money in a safe place where it will earn interest and not diminish in value. Tnvest in our First Mort- gages for the interest they earn and the safety they to Divid | rime federal reserve bank Ttems with federal reserve bank in process vailable as reserve)...... t amounts due from national ba 1 ks, bankeps an in the United States (other tha 1) . changes for clearing house........ ecks on other banks in the same ci bank (other than item 13). Total of items 9, 10. 11, €hecks on banks located outside of city or bank and other cash item: Redemption fund with U. S. treasurer . Other-assets Total or LIABILITIES. urplus fund . Undivided profits 3 a Reserved for interest and ta crued v e ac- ¢ Less current expenses, interest and. taxes Cireulating notes outstanding Amount due to federal reserve Net amounts due to national ban t amounts due in the I'nited cluded in items 22 or 23) Certified checks outstanding Cashier’s checks on own bank outstanding Total of items 22. 23, 24, 25 and 26. Demand deposits serve (deposits payable within 30 days): for money borrowed). Dividends unpaid . Total of demand depo: posits) subject to reserve, items 31 and 32 Time deposits subject to r subject to 30 days' or mo! rve (payabie notice, and po Tota) of time deposits s 34. 35 and 36.......- United States deposits (other than posial war loan deposit account and deposits of United bursing officers . a “Acceptances” executed by this bank for c tomers, and to furnish dollar exchange purcha: b Less acceptances of this bank discounted . Total Subscribed and sworn to before me this 4 WM. §. TORE! Correct—Attest: WM. M. HANNAY, JOHN C. ECKLOFF, ¥. W. MACKENZIE JOS. P. STEPHEN! W. V. COX, WALTER H. KLOPFER, E. J. SACKS, G, JO; B. Open at 8:30 AM. Every Banking Day Columbia National Bank 911 F Street This Is a Business Bank ~—wel]l equipped to render ficiency the many daily serv the banking requirements of others. 9[Our officers are practical men of affairs—a discussion with thém of you lems may point the way ta be Cempound lnung Paig e camventent Benk counts those shown in boand o).... Total loans. . albue from tional banks I ceDur other banks... . Certificates of dep n included in items 9, 3and 14,0 $106,139.20 o state banks, bankers a tes and foreign countries (other than in- her than bank depos@s) its (other than bank de- . 28, the best of m V. B. DEYBE ALEXANDER WOLF, SAMUEL J. PRESCOTT, CUNO H. RUDOLPH, with as liitle as ¥ FINANCIAL. close of businoss April 28, 192 RESOURCES. ns and dis nts. in- ding redis fexcept Our New Prosperity It will depend largely on our foreign trade. All America Cables is protecting and aiding American interest{ in de- government securiti ed: na- tary or Stenographer call ;;3 zan the phone—Main $142.014.47 1 from ali them. Every applicant from our School makes good. Do You Need Any of These? Miss W. A. H.—Three years' e X perience. Graduate Secretary. Dictation, 100 words per minute. Typing, 50 words per minute. Book- keeper. File Expert. ADDRESS BOX 296-B, STAR OFFICE. (C. B. & Q. Collateral) ‘To mature July 1, 1936 Convertible, par for par, into Northern Pacific R and Improvement Mortgage 6% Gold Bonds, due 2047; or into Great Northern General Mortgage 7% ek . lends unpa duys, or subject *or more notic 248,760.45 < Four years Miss M. B, M experience. Graduate Secretary. Dictation, 100 words per minute. Typing. 50 words per minute. Book- keeper. File Expert. ADDRESS BOX 305-B, STAR OFFICE. i —Eleven vears Miss F. M.—tleven soars Graduate Secretary. Dictation, 100 words per minute. Typing, of collection (not 33,328.8: 202,617.5; | Another year has just been added to the more than half a century of our dealings in first mortgages without loss to any client. This tradition is now 52 years old. Can you find apy- dtrust companies 10 or 5 41 50 town as reporting 16. i { tow n p ; s | B LGy Book: where a more trustworthy guide to investment 25.000.00 || ADDRESS BOX 308-B, STAR OFFICE. * dependability ? Swartzell. Rheem &!’ ngaey Co. 727 15th Street N.W. Washingten, D. C. The Nation's Home Town 1, $4.617.330.23 ¢ 71| We Stake Our Business Reputation On Their Ability Washington School for Secretaries 1419 F Street 0,000.00 03.73 paid nd trust companies 29, 30, after 3 days, or stal savings): $1.051,964.61 savings) includi 000,000.00 $4,617.330.23 at 8th and H Streets, N, E. THE BANK THAT MEETS YOU MORE THAN HALF WAY There are many ways in which a bank can minister to the conven- ience of its customers. Courtesy, a well-rounded service, accessibility of officers—all these contribute greatly; for this reason, the American Security and Trust Company has striven to attain them. But no matter how well a bank may play its part, its customers can not reap the full benefit unless the bank is conveniently located with relation to their business or homes. The foyr offices of the American Security and Trust Company so cover the ity that eur custemers may make every dellar work every day—earning three pes cent interest, compoundgd semi-annually. Capital and Surplus $5,400,000.00 ¢ AMERICAN ¢ SECURITY & TRUST COMPANY 15th Street at Pumxylvanu Avenue HOME SAVINGS BRANCHES 7th Street and Massachusetts Ave., N.W. Eighth and H Sugets, N. E. 436 Seventh Street, 8.W. Member American &m&u Association knowledge and R. President. th day of May, 1921. , Notary Public. M. EMMERICH, HN W. HULSE, F. COLLADAY, Directors. Surplus, $250,000.00 with uniform ef- ices pertaining to business men and r individual prob- tterment. n Savings. Account at $1