Evening Star Newspaper, May 9, 1921, Page 22

FINANCIAL. THE EVENING STAR, WASHINGTON, D. DEPARTMENT STORE BUSINESS DECLARED SUPRISINGLY GOOD Boston Survey Says Volume of Merchan- dise Moving in Excess of Year Ago—Other Sections. - BY SON B. SMITH. { has caused a curtailment of the force = | employed in the mills and woods. pecial Dispateh to The Star. | _The announcement of the Western BOSTON, Ma —Confidence in| Pacific of the proposed construction hanking circles is growing that the| of four short feeder lines tapping borssesrge g - ustrial @epression Nas) the. he fruit and vegetable pro- s the industrial depress | ducing sections of the central part been seen. With improvement injof the state heretofore dominated by credit conditions and a lowe ot | the Southern Pacitic has attracted costs, the feeling is that business witl | Wide attention. be a good deal more active. | NEW YORK, May 8.—Despite price It must be admitted, however. that | .y¥iine and the advance of the sea- to date in New Kngland the improve- | son usually m:vrIuI*d b .xlv.urmw op- i 3 s el ental. | ions, the building and equipment ment has been largely sentimental | frations. the build The ret of automobiles. | in 1 buying a way which which was on a very good scale dur-| time freight ra ing the latter part of March and ”‘“‘"""’.T..A.‘?,';;L‘. ; ' t April. has flattened out this month, | thient Bt feent ites i due largely to the announced price | made seems certain. but it appears reductions by several known makes|to be equally certain that the re- of cars nd the public expectation)!adjustment will come too late to be that other price cuts are to follow. |00 benefit in the present building Hide Mucket Advamcen. [seasen. Buiding ie decidedly a sea- Business of the department Stoes ! holds up singly well. The vol The cond ume of o ng in Boston is in e excess e period a ¥ e -t has had a_subst 2 ve ‘Boara the last fortnixht ah explorution as to why naturally has put the leather ot eoporie market in better shape, although the | from this c ned so high supplies of le er are so large that|arter jr known that the trade no material advance in quotations is - off. wiving two reasons. looked for immediately. The shoe that de in the monthly business has quieted down from its itions by the Department of spurt in the early spring. Commerce necessitated the inclusion Women's Footwear Features. jof some es from previous mont The buying has been centered in| i} the totals of subsequent months. he buying has been The other is that numerous ship- women's footwear and spec | of goods, which were reported the orders for these have fallen off |10 01 FG0GS, Shioh were, feported with the filling of the spring demand. | refuscd by their foreign consignees, B WU Ehe D8 Bhoe D e through inability of the im- it all. Labor costs. therefore. i * t0 pay or because e Was un- high as they ever have been a to face I due to a fall public is frankly refusing to bu il they come do W YORK, May —Commodity The building trades are still out onisituations here at the beginning ations e 2 e g of strike, which has been in cffect since ek are asroie e January, altlough the contractors a Cotton goods—Market steady, with trying to run with an open sShop.'prices or unfinished goods’ Some of the big building jobs in Bos-|qivision showing exceptional strength ton are being worked in a desultory fand small zains, Trading not latge, fashion. | but demand continuous. Open Shop Labor Issue. ilks—Passing through the usual The printing trades are on strike |late spring let down in activity, but because of the master printers' re-|l1ATEe producers are confident of a fusal to adept a forty-four-hour|=00d fall season which will begin late week. Here, 100, the employers have | this month. Raw silk prices again cut off relations with the unions and [Show unstability. Silk hosiery is ex- £ to operate open Shops. tremely active and all retail lines are The clothing makers are stil! on|moving actively, strike, while the clothing manufac- | Woolens—Have shown little change in past few days. Spring se is bout ended and jobbers are making ome concessions to clear remnants. Mpvement of raw wool somewhat accelerated, turers are attempting to operate open shops. This last strike has been on for months, with the result that many large clothing manufacturing con cerns have moved away from Boston. In the textile industry woolen mills are busy, while manufacturers of fine cotton goods have a fair volume of business. The cheaper grades of cot- ton goods continue very dull. Cotton Sales in Germany has been Apparel—The wholesale apparel trades are affected at the moment the normal drop of “between seasons The men’s clothing market will en- ter the fall season next week. Jewelry—Retailers have begun at last to place orders and are calling Hoo. for early June dellyczizs, Whole- Boost Texas Optimism | &o7ce%ny viving From ti manutac: ture: ing and altogether there is increas- activity —_— CURB STOCK:! BY JAMES R. RECORD. Special Dispateh to The Star. FORT _WORTH, Tex., May 9.—The sale of 700 bales of Texas cotton in Germany, increased optimism on the | Quotations furnished by W. B. Ifibbs & Co. part of ‘mohair and wool growers. he first etirring of better retail | Aetna Explosives business in the fruit districts and | Af3 557 a bettering of the employment Sit- | Amesican uation are the features of the com- | Atiantic F mercial situation in this section of |Bic Heart . the southwest. Big Ledge . Boone il A cut in the price of oil discouraged producers and drillers, though this was partly offset by the bringing in of several medium-sized gushers. Big Shipment to Hamburg. The cotton sale to Germany may mark a new era for the Texas pro- ducers, though it is too early yet to make any prediction about future trading. Bell county farmers last winter pooled 1,500 bales of cotton, employed a selling agent on a com- mission basis and shipped the entire lot to Hambur| The cotton w; and brought, respectivel» 11, 10, S and 7 cents per pound net ta the owner. A fifty-bale lot had been previously Aisposed of and the remainder of 400 ®ales is expected to be sold soon. When the cotton arrived in many it is said that conditions were decidedly adverse to a profitable sale, but of late there has been marked improvement. Mohair and Wool Confidence. The confidence of the mohair and Wwool growers is based upon the pend- ing tariff bill, under which, they think, they will be amply protected. A delegation of Texans from the wool Canada Coppér Carbon_Steel . Carib Syndicate’ arib Trading r Light and Power. ities Service (new). ities Service (old) ities Service pfd Cremon Gol sold W four grades | {F30 ¥ 0il Durant Motors. Dominion Ofl . Elk Basin rtel Oil . ureka Croesus iland 0il Ienrock Gil oldwyn Pictures . Interna Jerome Vi district has just returned from Wash- | Kuy Count, ington with encouraging news. Lake Torpedo Employment is increasing. Farm- | [#lizh Coal and Na ers are calling for cotton choppers. and grain growers will soon start the | \ threshing gangs to work. Already | some of the harvesting has b though on a small scale yet. The firs central Texas wheat will be cut this month, while the big grain-growing |} territory on the Panhandle and| north Texas will be ready for t harvesters in June. It is estimated that 10,000 to 15,000 workmen will be needed for this year's harvest. *Plenty of men are available, however. Rates to Eastern Markets e Stir Pacific Coast Traders | s ot | Kay Hercu BY LYNN C. SIMPSON. §Hyan ¢ 8pecial Dispateh to The Star. SAN FRANCISCO. May 9.—The hear- ing of the interstate commerce rep resentatives here on freight rates has forced attention on the condition of | North Amer. 1 Northwestern 01l Sult Creck (new) Saupulps_com. Simms Petro v Oil weets Co. wift fafern: of " Kmierica. the fruit and vegetable grow. of | Tonopah Di California who have built up an | owpeh EX enormous trade wited ern markets are prohibitiv reduction the situ which furnish thes come critical Cantaloupes are now b move. but the shipm small to be important in shipments to east- Present frei ion i products will be- ' 1 s 1 v 1 1 to} ) too es ! pri were high enough to make freiphts o minor matter, but the bulk of t crop, declare Erowers, t r main in the flelds if freights are notl materially lowered j The situation in the onion market is #hown by a few instances. At one of the interior shipping points last w 8.000 sacks of the best onions destroyed. They cost $1 and the best price offered BANKERS END SESSION. cents a sack. A large part of the tato crop was not harvested Canners Make No Contra, 1E. M. Stevens of Baltimore Reports The representatives of the canners | have gtudied conditions in the peach | on Syndicate Contracts. belt, but have refused to make con- | oo JR SPR tracts. They confirm the reports of | WHITE SULPHUR SPRINGS, damage in the Sacramento valley re- | Vi, M Special).—In a thre gion, which produccs a large part of the canning peaches. Frost claimed ex-offic, s" and : e Committees of the Toan, the xic Investment Bankers' Asso represent America discussed financial crs Association, ons of 4 paramount importan. acres, which is 3 colf tourname B igedr Bl S Ry Bolf urnament b nation a broker for this | of the report of the heavy i3 that even at the nts committee, present low prices rice will pay bet- ,A,,‘..’,',’;";;vl.m.' ter than ¥ and the demand is y considered by more certain The rapid decline of farm prices in | n:\llrn‘ll; nf‘ll'l‘ll: the country is well jllustrated by | T future issu- alfalfa. which 18 selling as low as $6 1 The conference @a ton in the = where last it P a resolution advocating brought $25 reduction of federal expenditures Far From Discouraging. and the adoption of a federal budget Tn epite of an increase in unemploy. | !N detail sufficient to disclose to the ment and the almost TPIOY- liountry the benefit to be derived from pension of shippin 1 expenditures whole, in this distriet n far from | —_— discouraging. Thera re few ures, and while credits are somewhat strained. business is reported fair. Thers is a distinct revival in gold mining, more miners are at work fall- | The Mexican for automobil from 1 peso ( duty on rubber tires s has been fncreased cents) per gross kilo 10 1.50 pesos (75 cents) per gross kilo of 2.2 pounds, and on rubber tires for motor trucks from 0.50 peso (25 cents) {o 976 peso (37% cents) per gross o. than many months. There has been an apparent slack- ening of demand for lumber, which [ I [T - 1921, were at 4.8 cents per pound against 8.3 cents in March, 1920; cof- fee, 9 cents per pound against 22 cents GERMANY SEEKS TO GAiN LEAD IN METAL MARKETS ST. LOUIS, May 9.—Germany is tak- ing active measures to once more gain ascendancy in the non-ferrous metal imarkets of the world, and is only de- laying her plans until the reparations question is settled, according to Ste- pound against 18 cents a year ago. On the export side lower prices are also responsible for a considerable part of the big decrease, the state- ment says. —_ A decree of the Austrian national hen S Tuthill of New York, secre-|council authorizes Austrian join tu\ of the American Zinc Institute, [Stock companies to transfer their who addressed a convention of the|Dusiness to foreign countries, pro- organization here today. Mr. Tuthill uttered a warning to American pro- ducers that their trade is threatened. He asserted that at present Ger- nd Belgium a conducting ne- Eotiations for a re-establishment of their former trade relations in the metal market. “The American Zinc Institute.” the secretary said, “through private chan- and confirmation in Washington, obtained proof that German: S to re-establish her once famo ' or European convention-s te control. better known as allgesellschaft. with headquar- at Hamburg and Liege. and with in the principal cities of the vided sufficient cause can be shown. Money to Loan Secured by First Deed of Trust on Real Estate. Prevaiing interest aad_commisslon. Joseph 1. Weller £2 Wi L & 0%. REPORT OF THE CONDITION Of the NORTHWEST SAVINGS BANK. At Washington. in the District of Columbia, at the close of business April 28, 1921 world. 3 “The object will be again to obtain dominance over the non-ferrous metal RESOURCES. 1. 8 Loans and discounts inel ¢ trade, particularly z T (oot hooccunts “One of the highest officials in 18 b Avd o 4221.340.68 Washington has confirmed this and he o 2k informed the institute a few days ago that prospects for a foreign market for American zine are not_bright” [ 2. Overdrafts, unsecured, $.80. Prior to the w Mr. Tuthill ex-| 3 U. 8. government securities plained. the “Metaligesells et excf o iemeds erted an influence _in non-ferrous Dledged.s metals reaching across the world, con- Totul U trolling the output of zinc in Ger- ernment many. Belgium, France and England ties This. he said. left little market for the American output. 4. a Bonds, securities, ete., other than R e . inclnding | IMPORTS VALUES DROP. Bank’s Exhibit for March Is Ex- plained in Statement. t of the reduction in of imports or exports from the United States during March s due to the reduced prices at which other than Ranking honse. and fixture national Furnity a Due_ from banks . Checks and other ca Cash in vault .. . Other ussets Interest earned but not collected the merchandise entered or left the ¢ country, according to a statement to- Total day by the National y Bank of bes New York Imports for March, says the bank’s | 15. Capital stocl tatement, show w fall of 52 per cent |16 Surplus fund as compared with the same month of | 17. divided ‘profit the preceding yvear, but when con- T sidered by groups it is found that S raw material for use in manufactur- Al gaxes pald- o 401080 ing” shows a reduction of 62 per cenl: |19, Amount reserved for all inter- foodstuffs, 52 per cent, and manufac- est accrued . tures, 45 per cent. In the foodstuffs|22. Cashier's checks mll-lundmz Eroup sugar is by far the biggest| ~Demand deposiiy (deposity pay: actor. Imports in February, able within 30 days): of- Imports of sugar: in February, 23. Individual deposits subject to check 71,946.36 REPORT OF THE CONDITION Of the TERMINAL | COMMERCIAL AND | ihject o 30 days® or notice) : 2 of deposit (ather for money horrowed) 15,500.00 | above named bank. do solemnly s above statement is true to the best of my { knowledge and_belief. GRI C. BURNS, Cashier. Subseribed and sworn to before me this Tth day_of May. 1921 (Seall) HU Correct—Attest (ox- cept those shown in b and ) Notary Public, SAVAGE, Total loans . $35.114.57 Overdrafts, unsee 167.54 aBonds, securi- ties, ete.. other i than U.'S,, in- i cluding premium on same are ALL, “Total honds, Directors. other than T Ranking house . Furniture and fixtures. a Due from na- tional banks i ¢ Due from all i other banks . [P Last Year's Earnings of California Packing Corporation reviewed circular. . Cash_in vault . Other assets, if | Total $202.130.56 LIABILITIES. 5. Capital stock paid in £58.119.00 . 7 in our recent Copy on request »|A. A. Houseman & Co. 20 Broad St., New York MEMBERS: New York Stock Exchange New York Cotton Exchange N. Y. Coffee and Sugar Exchange New York Produce Exchange Chicago Board of Trade Associate members of Liverpool Cotton Association. Washington Office Main Floor Corridor WOODWARD BUILDING, Phone Main 2040. plus fund ... tified checks . Cashier's checks ontstanding. Demand deposits (deposits pay- able within 30 days Tndividual deposits subject to . Deposits requiring notice, less than 30 days . Other demand de but 31.373.01 20000 30 days, or subject to 30 davs’ or mare notice): Certificates of deposit (other than for money borrowed).. Other time deposits. al of time deposits, items 29, 30, 31 and 32 . $9,179.10 Liabilities other than those above stated . 29. 82 36. Total District of C : 1. SIDN cashier of the | above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. SIDNEY THOMPSON, Cashier. Subscribed and sworn to before me this 7th day_of May, 1921. (Seal.): JAMES P KERNAN, Correct—Attest: otAEy'Public. CHARLES R. ALLEY, Manager. JOHN RROSNAN. Jr.. CHAS. H. TOCKWOOD, ‘ C. M. TOWERS, Directors. & year ago, and cocoa, 8 cents per | At 32. Other time de .613.14 § SAVINGS BANK, |* " DAVLL 5 5 30, 31 and At Washington, in the District of Columbia, at Total the close of business April 25, 1921, | Disire ey Calonbla, iy o Webliomom o c 1. GREGG B cashier of the 42 particnlars at vour age. I-!- 610 Woodward Building. M. 340. 40. Send date of birth for illustration ‘3“5000 Life Policy, $57.35|, E ROY_GOFF, Insurance Alvhn Co-Operative Building Association Organtwed 1879 41st YEAR COMPLETED Ansets .. Surplus most substantial sums. Subscriptions for the 81st Issue of Stock Being Received 4 Per Cent Interest EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, FRANK P. REESIDE, EQUITABLE .$4,272,066.87 . .$1,065,322.89 JOIN THE EQUITABLE Thousands have adopted the stematic saving plan of the uitable and have accumulated Shares, $2.50 per Month President Secy. HEPORT OF THE CONDITION the BANK OF SAVINGS, ¢ bu 192 RESOURCES. is- the close o ess April 28, 1. aLoans and counts, including rediscounts (¢ Total loans Overdrafts, U. 8. unsecured, $113. government securitics ol ol £30,000.00 9 d War savings cer- tificates and thrift stamps.. 846.00 government se- other _than T.'S.. including premium on same Total bonds, securitie other than U. S. 6. Panking house Furniture and fi <mall steel banks laDue from na- tional banks . cbme from ail other banks ... . Checks and other cash items.. Cash in_vault . War savings account. Travelers' checks ... . Federal reserve bank " a Undivided profits b Less current «x- penses, _interest and taxes paid. taxes pai and sav- ings banks .... within 30 days): lual deposits subject to ook Dividends u’.-,m tal demand a Time depo days, or more notice): Certificates of deposit than for money borrowed) . Other time deporite otal of time depo 29, 30, 31 and 32.$638,031.23 . United States (othier than postal savings) b War savings certificate and (other District_of Columbia, City of W named bank, do nulenmly swear that the and belief. day of May, 1921. (Seal) Correct—Attest M. D. Rosenberg, HARRY 8. WOLF, Elie Sheets, M. A. Leese, Floyd E. Davi Irvin Owings 3. Randers, Richard L. Louis Bush, Harry E. M Albert S, Gatley, 7, REPRESENTATIVES b March 15, 1921. Cash on hand and in banks. Mortgage Loans Secured by Approved Renl Estate and R Mortgage Bonds. Loans Secured by Approved Collateral and other Lolm and q U. S. Bonds and Other Bonds and Securities........... 1 Accrued Interest Accounts Receivable—Bond Subscflpfions Bonds in Transit Through Banks for Collection..... Stock in Transit Through Banks for Collectlon TOTAL RESOURCES.. LIABILITIES Erected, or Other Requirements of the Company Are F Interest Collected but not Earned.. Real Estate Mortgage Bond Subscriptions....... Reserve for 7% Interest on Preferred Stock to April l, 1921 Reserve for Dividend on Common Stock.. Reserve for Future Taxes ey e Reserve for Bond Sales Expense................... ‘ Capital Stock: : PREFERRED | Authorized $20,000,000.00. Paid in. PO COMMON { Authorized 200,000 Shares Without Par Value. Issued standing 70,031 Shares. Paid in. TOTAL LIABILITIES.. Guaranteed Mortgages and Bonds Outstanding. (Not included in resources) .'l' General Offices Investment in Stock of The Cleveland Discount Building Company.... . The Cleveland Discount Company Announce the Opening of Offices 734 Fifteenth St. N.W., Washington, D. C. HOGELAND, RANDLE & SPEED, 4 FINANCIAL STATEMENT .. $337,691.96 eal Estate 8,845,454.37 1,435,57326 449,153.96 250,000.00 144,85313 268,517.30 12,975.00 1,790.00 Dm:onnu. Nothing «eeee..$11,746,008.98 Borrowers Loan Credits (To be Paid Borrowers as Buildings Are ulfilled)... $2,904,318.63 6,987.01 348,000.00 124,250.00 35,01550 50,000.00 3045133 7,100,000.00 and Out- 222,810.00 924,176.51 $11,746,008.98 507,250.00 Guaranteed First Mortgage Real Estate Bonds Cleveland, Ohio Washington, in the District of Columbi chuoge ac Total LIABILITIES. Capital stock” paid in 5100, Surplus fund 30, 18. Amonnt reserved for acerued . . 8. 19 Amount reserved for all fater- st accrued 1 20. a Due to national’ banks . $18.619.94 d Due to trast com thrift stamp deposit account 34. b Federal reserve bank bond 17, a3 ) ae. Total $1.417, hiington, 1. JOHN M. RIORDON. cashier of the abo COMMERCE AND at $679.409.78 11382 000.00 000,00 338 83 950,00 340.61 000.00 000,00 above statement is true to the best of my knowledge JOHN M. RIORDON, Cashier. Subscribed and sworn to before me this 7th Notary Public. Alexander Wolf, Frank W. Bolgiano, Directors. €. MONDXY, WAY & To7n. FINKNCIATL, ZENS vaS BANK CIT! Monthly State- ment Service 1336 N. Y. Ave. Over a Quarter of a Century Without a Loss Stop Worrying About Losses By investing your sur- plus funds in our 7% First Mortgages you can make a profitable and absolutely safe investment. They are legal for trust funds. In amounts of $250 and up. B. F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. 3% @ THE DEPARTMENT OF WAR NO department of government has ever:been subjected to a more severe test than the last few years u-nposed upen the Department of War. It has had to ex- pand enormously—to revolutionize methods in accordance with new practice—to keep its efficiency unimpaired in spite of new duties. The American Security and Trust Company has applied the same aims to the settlement of its problems; to care for new business with the minute it has always given; to guard ties; to keep well abreast of the banking needs of the community. SECURITY & TRUST COMPANY 7th Street and Massachusetts Avenue, N.W/. Eighth and H Streets, N. E. LTI et LA A 02 SAFETY —not only a promise, but an established fact when you invest in FIRST TRUST NOTES INTEREST 7% —in your mail the day it is due. SHANNON & LUCHS 713 14th St.—Main 2345 Harriman & Co. MEMBERS: New York Stock Exchange 111 Broadway, New York Washington Office COLORADO BUILDING Telephone Main 1603 G. B. CHIPMAN Manager e 2 27 Trust Dept. Foreign Exchange. There Is Prestige for You * —and your business in the fact that your check are drawn on The OLDEST National Bank in Washington—Dbut other advantages not lacking. {1 Management, fortitied by long experience plus com- plete .xulmcs and large capital, equip us to render service that is at once rc<ourccful broad-gauge and efficient. 24 YOU'RE invited to share in this service. %0 PAID ON SAVINGS are LADIES DEPT. National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,500,000 15th St., Opposite U. S. Treasury—107 Years Old have personal attention which against all possible eventuali- its methods up-to-the-minute and its service Compound Interest Paid on Savings Capital and Surplus $5,400,000 AMERICAN + 15th Street’at Pennsylvania Avenue HOME SAVINGS BRANCHES 436 Seventh Strect, S.W. Member American Bankers Association “European Unsettlements,” series written by Berlin. Steel Stocks,” “Union Pacific’s Recovery,” ““An In- side View of Wall Street,” “‘Investment Price 20c a copy on all news stands EDITORIAL OFFICE, 44 BROAD STREET, NEW YORK Out Today--- In this series Mr. Barron gets at the heart of the reparation problems. “British Soviet Smashed,” written by Herbert N. Cas- | son from London. OTHER FEATURE S— Washington Office, 1422 F Street N. W. - BARRON’S The New National FINANCIAL WEEKLY Edited by C. W. BARRON of The Wall Street Journal—Boston News Bureau—Philadelphia News Bureau first of a characteristic Mr. Barron from Paris, London and “Frisco Bonds,” “The Yuggestions” Subscription Price $10 per year Subscription may also be sent to