Evening Star Newspaper, May 10, 1921, Page 24

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, TUESDAY, MAY 10, 1921 .| Fudge NEW YORK REPORTED OVERRUN WITH OUT-OF-TOWN BUYERS Unusual Spectacle Seen of Merchants Doing Their Own Purchasing. Situation Elsewhere. Pure Cream “It’s Delicious” 14th at G prorries and having lost quite a few of m, Teetli, u friend gave me a bottle of McHsle's lief was immedia BURLINGTON HOTEL 380 Rooms, De Loxe Table d'hote Sunday Special Table d'hote. small caf Cuticura Soap For the Hands Read This! Prompt Relief Guaranteed emedy. 1'1 siill have my remainiug feeth. The re- (Dlapatches . marking the progreas|than ever that the trick cannot be of the defiation and readjustment | turned in any such way a8 this. process in business throughout the The report just made by the de- country, giving the conclusions of | fense council of the National Associa- | apecial correspondents, who have been | tion of Credit Men As a result of its instructed to presént conditfons and | sprin, survey strongly supports this indications as they really exiat, are ! opinion. This report lays emphasis printed dafly ih The Star), |on the fact that savings. which had 5 steadily increased until recently, are BY JAMES ALLERTON. now being drawn upon, and that oa Special teh to The St Jthr whole there has been “little sign DipeceL mEMsUE. of the new life in industry and distri. NEW YORK. May 10.—New York is| bution predicted in the winter." literally overrun with out-of-town ' Finds Reassuring Prospects. buyers. To an extent never before| This is. howéver. not true of all approached merchants are doing their _si_t;'cxlo:'s of the '“"-"’"(’““"{,fi‘:}."?.'e jown purchasing. and doing it at the | xue Manufagiurers Aseociation of primary market. Orders sent in from | the road by salesmen have fallen to a Point out of all proportion with the sufing. “General conditions,” it {volume of trade actually being done. Dinner and Music. 1120 Vermont Avents $2: with bath, $3 to $5 .31.30 - 1.00 IS IDEAL ‘show improvement. so that capital being encouraged to invest. Peo- ple are being encouraged to pure!!:;? EEOE The s Y el a8 they observe the price of commodi- et ion o e e ea"i 30ds | ties dropping. They how feel that they oncning in an cffort o fix it at-a[See their way clear to g0 ahead. pen ® [ Adjustment of wagzes will tend to re- time when the largest possible num. Stire Confidcnics. aad busthess: Wil ber of buyers would be in town. More advance for Pyorrhea or Founa® hust s Them castomers by | The manufacturers feel thet the t 0! . Jound. Just as o AL ¢ nation is on the verge of one of the Rigg’s Disease T L e e e | most prosperous periods it has ever seen, calculating from =& normal Home Rem: 1e forts are being made by wholesalers i ' aud _sate. s |ana jobbers to put forward bargains | Standpoint. - In six months the coun ered afier pati that will appenl to their visitors. try will be back close to normalc and tests by a eche | Situation In Extraordinaty. The situation altogether is one of wich remarkable resalts | the most extraordinary that has vet ol e of gralilsdy 481 g izen to the period of read- Don't suffer from gum troobléd | justment. S e o In the meantime the New York re- Recommended | By Wash- | iailer is finditig quite as much rea- M. O'Brien. pastor, | SON as before to offer real values if he himself. i onght relief confinuous pain. hieer from {St. Paul Trade Leaders See Some Improvement BY McKENNA. Spécial Dispatel to The Star, ST. PAUL. Minn, Mey 10.—Action lof the ninth district federal reserve iniense. o The remeds i ington Dentints st peiere Warntaptar : gy ¢ | bank directors in just reducing the Kindis permitted us to pabiiey | 'OPES 10 Eet bis mecessary share of | g, L@ rom T to 635 per cent Bie latter o nae as followee D { trade. Although some merchants are | [(SIONRL HGE TEOm b 0 ter tone to “Having suffered for a long time with|stjl] loath to concede the fact. the| business and further advance the northwest in to a pre-war basis. b | The rate on agricultural paper will bs reduced as well as that on com- 7 | volume is going to those stores and its rcadjustment to those departments of stores where the offerings are most attractive. Those who are keeping their e This ‘Was more than & yesr ago. and_permanent. Large site bottle, at vour druggist. $2. Re | shut to this condition are using ex- | mercial paper. The directors decided et guaranteed or money refunded. Get 8| ireme measures to maintain their, on the reduction after a lengthy bottle today SURE. margins. meeting. Some of the directors, it is McHale’s Home Pyorrhea| 817 District Natiosal Bank Bidg. | <aid. opposed the reduction, asserting | that credit conditions had not | changed enough to warrant such | action. Biank Raté Drop Helpful. The lowering of the rediscount rate will not mean that more credit will Sharp Reductions Made. Sharp reductions are being made in personnel. deliveries are being held |to the closest limits possible. and | every available excess in overhead is being trimmed. Yet shrewd observ- ers are more firmly of the opinion Remedy, Inc. ‘Washington. D. N | 7 7////////////// 7 Good Looks Coupled With Good Performance and An Opportunity to Save $195 We have several Model 15 Dort demonstrating cars that we are selling at a reduction of $195 from their original price of $1,190, making the delivered price to you on these cars .00 These cars have seen practically no service and are guaranteed to be in first class mechanical shape. The paint, top and uphol- stery is in perfect shape. The tires show no signs of wear. The same factory guarantee and service goes with these cars as is given with the new Dort with which you are all familiar. This is your opportunity to own a Model 15 Dort car that will give you service and satisfaction at a saving. Our partial ~1yment plan 15 available on these cars and makes it very easy for you to own a Dort, Dort Distributing Company 1017 14th Street - Telephone Main 2153 CURB STOCK! Quotétions furniéhéd by W. B. Hidbbd & 05, mi2:15 p.m.~ Bid.| Asked. .8 9 be available to country banks as wéll as commercial banks, but it will re- sult in lowering the commerclal in- terest rates in the Twin cities, which is now 7%per cent. Retail and wholesale business and the unemployment question in St Paul and Minneapolis continue about the same as a week ago. Retail mer- | chants are carrying small stocks as a result of another check on buying. Sending Drummers Out. Wholesalers see some improvement Aetna Esplosives Allied Gl Atlantic Pef Boo Boston snd Mon (an, Buston dnd Wiomin, NEW YORK. May 10. ‘anada Copper . In trade. Many houses | carbon Ste: s and & majority of the loea] choe fac- | AT Seadicaté tinued strength in various foreix tories are sending their men out on government issul he u the road again. This would seem to indicate that these merchants see & steady improvement. Crop conditions in are better than they movement in Mexican 5s apped light on the question of when t sumption of interest on the ex Colonial Tire . Columblan Bme: Columbla_Ssndicate the northwest were at this /ALL FOREIGN BONDS ;. ADVANCE SHARPLY —The feature in today's bond market was the con- halt at the 50 level to await further | FINANCIAL. Washington Stock Exchange: AFTER CALL Railway 1o at a6l Bid and Asked Prices BONDS PLIC UTILIT pw red he re-| i ternal | e A year ago. Several surveys |(o R ER 8 s 1ade within the past ten days show | (onselidated Conper .. }" loans may be expected. that the farmers are planting mere | iavie baly Had some of the principal buy " wheat acreage and abandoning flax SRR e S| e s re has co growing. Durant SRt ey ap [these bonds re . . ; Bk Il(lul]n : r$H ® | the Pacific coast ; 1s m rde 1 : ¥ HE Ertel Oil ... i nfw high record. getting up fro s 9 Pittsburgh Mines Active; Bureka Croesus e = ol A Ihe Alueny lonu i i 2 .. | Were also very strong up to 847 Lake Shipments Resumed A% | Thete apanese iisues. which ar BY H. B. LAUFMAN. 1% 1% | payable principal and interest in 5 t et 58 1847 0 R o 4 3 8! » ds, ere naturally helped by Special Dispatch to The Star 1 I;P. ;n}: Tew high record made L ,”S'T?C"flsl PITTSBURGH, May 10.—Resumption . 4 sterling exchange. The cc ) o TeI e of shipments to lake ports has had aj Hercules . . g covery in the exchanges w s substantial effect on coal mine oper- [ AIne e 11 sponsible for the acvance W These bonds clos and jumped to 9 Intel 1 interns 65 of 1 terday at 961; morning. While the French 8s are an Am, ations in this district, and some of the larger companies are operat at capacity. A downward revis freight rates. ing the movement this district and the lakes.!ls nto effect last week, and it is| e Star | Max Maracaibo Oil . Marland Refinery . Muson Vail . Merritt 0il . Midwest Oil com. . Aidwest Oii ptd. | fining ... 1 Petroleum Verde ... Kay County Lake Torpado gh Conl and (newi improvement in franc exchang a settlement of the German 1 tions. The bonds touched par fi first time in 1821, Chinese Rallwa metting up bonds were all strong at their te ures. flow of co: son closes. to the lakes until th With stocks low freight cars plentiful, it is expected that the lake trade demand will be unusually large this year. The editor of the Coal Trade Bul- letin _estimates Pennsylva da Ophir coal production New Corneila o been made to appear stronger 53,561 tons, 2 new maximum. Nipissing Minex' Go. | light of the fizurex for the Danish for 9.°133.306,800 tons were produced. |North Amer. . and 3 {eign trade. For March the excess « Conl Produvers Prosperous. Nerthweutetn Ol . = imports over exports was oniy Oma 01l (n Pennok Oil Pertection : Producers and Refine! 000 crowns, whereas, in March, it was 128,000,000 crowns. Rubber Bonds Stendy. All authorities agree that never be- fcre did coal producers enjoy such large profits. These profits have loan, their market was helped by the | likewise by the favorable outlook for s were in demand. from 48 to 48%. Dunish The position of these bonds has Washingt Washingt &5 n-Virginia Rws. pfd | NATIONAL BANAS | American | Capital ! Columbia Commer and epara- or the | al op 1 in the hington L d SAVINGS 5 Radio com. . Lo f‘tlg _gglm:‘;flm t&h:m Sompanles .:2';, Itadio pfd. . Bonds of the various rubber and tire {ommerce amd Suviag g ere Ray Hercules r a hy st Vashingic feel it {8 not necessary to sacrifice | fiean Coneelidaied o2 companies were not affected by the|fuy, Wl 3 their product. Kalt Creek Producing. 30 | speculative seiling in the stocks. | Compere iy Improvement in steel production is!Salt Creek (new)...... 1415 | Goodyear 8 were steady around 101%¢ |3 ings Supulps_com. ... Simms Petrol | Skelly 0il Bweets Co. Swift Inten noted in various sections. The change in the direction of enlarged produc- tion is perceptible. and it is believed that the recent price revisions and and U. S. I, it 1015 35 | chanzed America. . tional convertible 6s broke sharply, g the geuaral reduction Ton ) [ Cor ! oropaly ivide down below par again, on the an- |vorcora: the steel industry will Tonopuh Extensim | nouncement o’; (hezm\\' stock issue, | iremen’s demana; an these | i 25 {Chile 6s were in demand in_cons o Amer considered necessary to stabilize the U. S. aL. £ market. One after another steps have | U. 8 od Heat, pfd been taken to readjust the steel in- . dustry to meet new conditions, and eéach stimulates confidence in the market. Manufacturers. however, are not anticipating pronounced im- provement until autumn per shares, and there was heavy ing in the Sinclair Oil fod1e Railway lward reaction. ! United Texas ... Warren Bros. land_0il issues were St Paul West End Cons.. | Chesapeake and Ohio Plans for New Dwellings. it e C e k it A4 Twutch Market fom 03, chambir. of commerce hasifars (. GG i ;":‘:)‘;5:‘:"‘;:‘: »!“o‘;.‘m;f".‘l gencral b Ok Dutel Market e 3 a s ., | wera actio ver at 7 New { Lanston ) mulated plans for the incorporation Armour Leather com 3% [ York Central debenture 6s lost a hal Armour Leather pfd.. Armour p of a company to erect dwellings. The Cudahy Packing ..l % plan calls for the erection of 1,000 fi‘rv""”“‘ {0 3335:.and .New. Tork, chester and Boston 4128 a = £8..22% homed by May 1. 1922 The first 1 14 buildings completed will be for the ., 5% |amount to 3913 use of industrial workers. ~All of the wi 10 —_— local building trades unions scales sk o2 FOREIGN EXCHANGE. June 1. The for at least The will have expired by unions are holding out a continuance of current scales. building of dwellings _under Quotations furnished by W. B. Hibbs Selling checks: London 3 Paris . | Brussels Berlin .. SUGAR MARKET STBADY. the || NEW YORK, May 10—There was no i business in raw sugar early today. e o e meree Blan will beibut the undertons was steady and there is a feeling here that the work | prices were firmly held at 4.77 for un- will g0 to out-of-town contractors, |controlled sugars and 3% for Cubas, unless local building trades agree cost and freight, equal to 4.89 for a cut in wages. centrifugal. i b It is announced by the city's largest | o 1€ TAW sugar {utures market was ife insurance agency that it wrote |fim and prices were 8 to T points more insurance in April than in any [ PIERET OF CORECIE AT DU 4 month in the forty vears of its ex- [ COmmissio y ympathy istence. 5 the steadiness of the spot marke eEnen Refined_was unchanged at 630 to 6.40 fof fine granulated, with a bet- The mummy of the celebrated Egyp- | ter Inquiry noted. tian king. Rameses II. reposes in thé! Refined futures were dull and fea- Egyptian museum in Cairo. | tureless during the forenoon. Budapest Prague Warkaw | Copenhagen . Christiania Stockholm Amsterdam Reigrade Vienna, Montreal ... BAR SILVER QUOTATION dollars, 47. per ounce; money, 4% per cent. count rates: Short bills, 47 per mm“'" P Who is Swift & Company? Swift & Company is not a one man or one affair. Itis a company owned by more than 40,000 people scattered over the face of the globe-forty thousand share- holders with voting powers and a share in the risks and profits of the business. Most of the forty thousand live here in the United States. But some of them live in France, some in England, others in the Philippines, Hawaii, Alaska. 13,000 of them are women. Nearly 14,000 of them are employes. The average individual holdings are small--about 37 shares apiece. No one person or family owns a majority of the stock. In fact, it would take 900 of the largest shareholders pooled together to vote 51 percent of the stock! These shareholders are the men and women whose money, in the form of capital, makes Swift & Company possibie. They are jealous of the cheracter and reputation of their organization, proad of what it is proud to have a part in supplying to the world such ts as Swift’s Premium Ham and Bacon, Brookfleld Sausage, Silverleaf Brand Pure Lard, Wool Soap, Swift & Company’s fresh meats, etc. The executives of Swift & Company maintain the high standards of these products as an imperative duty not only to the 40,000 shareholders, but to the public. Swift & Company, U. S. A. Washington Local Branch, 1101-1103-1105 First St, N. E. D. T. Dutrow, Manager tubber 5s were uil American Telephone and Telegraph quence of the better tone in the cop- 71.s around inclined convertible | . ¢ | 4125 were down a half point to 6515, convertible Dollar values at noon todny. NEW YORK, May 10.—Bar silver: Domestic, 99%: foreign, 613%; Mexican LONDON, May 10.—Bar silver, 25d three-month bills, 515a5% per cent. G. §. Washingto | FIRE INSURANCE. etting | Ariinzton e TLE INSURANCH mhia Tt U Estate Title ™~ MINCELLANEOT S raphophone. com Paper Mfz. (o Merchants® Transfor and Sioraz crgenthaler | pe to- 1 columl West- imilar ALLEGES FALSE CHARGES Chicago Trade Board Head Raps K Grain Exchange Defamers. 1403 & Co. I as%| PEORIA, TNL. May 10.—Charges 18.00 " j against the nation's grain exchanges | 575 fare in the main baseless and have resulted from a prejudiced condition which has been created among the farmers through dissemination of false doctrines. Joseph P. Griffin, president of the Chicago Board of Trade, said today in an address be- fore the Illinois Grain Dealers’ Asso- ciation. Mr. Griffin declared that some farm- ers' organizations had become so Dis- cent; | prejudiced that they sought to para- Iyze the entire marketing system of the country without providing any substitute. He asserted that the ex changes were controlled entirely by the law of supply and demand. Touching on the futures market, Mr. Grifiin said, the economic value of hedging or price insurance was undisputed, and that the necessity of a futures market in which to hedge the farmers' grain was recognized. “No conservative bank will ‘make an unsecured loan to a small grain dealer who does not hedge his hold- ings, because a slump might otherwise bring ruin” he said. “The banker loans his money to business men. not speculators. Unprotected grain is a speculation. “Elimination of the futures mar- ket means destruction of the eco- nomic functions of the grain e changes; it means larger margin be tween producer and:consumer and ft involves the danger of price control.” l Experts to Serve You if You Need RUSSES If you need a Trass we have to it all con- new stoek. le prices. MISS ZIMMERMAN / —an_ expert of wide experience, in here to werve the ladies. KLOMAN’ Imlal‘v.nznt 1114 14th St. N.W. Phone M 5088 MOTORS LEADERS N {the rapid 7‘ Inventories Still DOWNWARD TREND Fear of Price Slashing and Dividend Cutting Causes Industrials’ Slump. BY STUART P. WEST. NEW YORK, May 10 —The industrial n of tha n had been de- ~d yesterday cut- £ in the motor a which was a suge in one direction at least the signs of business recovery had not been sustained. Tod ¥ U was a further decline, but (his time it was the fear of more divi- dend reductions in a number of in- dividual cases and varied announce- {ments of new financing. actual and prospective. that were the principal Causes at work Motor stocks and related is<aes we n among aders of the dow jward movem Wing forward i» the {other companies’ fc their price s bad break Howed t time past that the st id presumab. v n to with fhe con her re nd w pos matri simil tion and by at least two of the companic ¥Financing. Conti- nentai ¢ Cuban sug New A report that Kel Springfield was lin the market for a new issue of se- curitiv w not officially nfirmed but was nevertheless rather genera {1y credited and caused hurried un- | loading of recently ated spec- ulative holdings in pringtield Istock. There was that ano | companies wou . with new finar with they | announceme Tel phone and Tel ph rs tha $90.080.000 in new siock was o 1 offered to shareholders at par. nat urally had a disturbing efiect, in view {of the fact thai the market posit Ihad become xomewhat exposcd afte Ivance la With American Telephone it wa case of providing - nor al requirements in th f new {capital and the new had {been foreshadowed ever since the dividend was raised. But with the tire companics, whilc there was noth ing unfavorable in their having o do new financing. it was a reminde |that the inventory problem-—so muc |discussed in the decline of two months !ago—has not. with some companies {at least. been disposed of vet Coppern w Strength. The strength in the coppers, which was very noticeable even while other industrials were weakest, was the ¢result of further accumulation of the same sort thai has heen going on for the last month The main in- centive for thix buying. as often pointed « is the knowledge that 1e copper surplus is rapidly melting laway and that this is bound to show }hofnr' long in an upturn in ices { The { more immediate speculative ex- planation, however, was the prospect of a settlement by tomorrow morn- 1ing of the German reparations ques tion, one of the first results of which would be. 8o it is expected, a very large addition to the foreign demand, for the American copper metal. Continental Can’s New Low. Continental Can broke througch low record of both this year and la when it dropped under 51%. The re port for 1920 showed that the 7 per cent dividend had been earned, but not by any very large margin. No authentic statements have been avail- able as to business conditions so far this year, but the severe damage done by spring frost to the fruit crop in various sections has foreshadowed a falling off in one department of the canning business. STOCK OFFERING VOTED. American Telephone and Telegraph Company’'s New Issue. BOSTON, May 10.—The board of d rectors of the American Telephone and Telegraph Company at a mecting here today voted to offer ab £90.000,000 new stock at par to the company's 151,000 stockholders. The issue will be in the proportion of one share of new stock for each fiv. of stock now outstanding. The s now outstanding amounts to approximately $445.000,000. This new issue was provided for at the annual stockholders’ meeting 4 year ago, when the authorized share capital of the company was increased from $500,000,000 to $750,000.000. Stockholders of record at the close of business Friday, May 20, will be en- titled to subscribe. VOTE TO CLOSE SATURDAYS. « NEW_YORK., May 10.—The New York Coffee and Sugar Exchange to- day voted to close every Saturday from May 28 to September 3, inclu- its Denckla Bldg. -ink roma Your lips are the first and last to touch the clesn, inviting Lily ‘Glass.” Used once and thrown away. Your children are safe when they go to fountains where Lily is served. PURITY SPECIALTIES CO., Charles L. Huff, Owner and Mgr. LILY Philadelphia, Pa.