Evening Star Newspaper, May 19, 1921, Page 25

THE EVENING STAR, WASHINGTON, D. ©, STEAMSHIPS, N S LOAN GN KEAL l.n‘A‘l‘l. Precailing lnterest and comimissions. FISHER & CO., oo ot mw. ON FIRST AND ey, Wodward bldg. D FOR LIBBRAL w_York ave. 1t you have proper s ¥ in D. C. real estate we can negotiate first or second trusts Guickly and satisfactorily. S| N & LUCHS, VACATION 1 RIPS Mount Vernon Steamer Charles Macalester Bate—Ticket, Too; 60 wir tex; admission grounds, 25¢ (no tax)—Total, $1.10. (Dispatches marking the progreas opened_at - May . at the Rureau of Stand- -, Jor painting. dorridors and_stairways of Proposal forms may fon o the Superin- Flaat, Bureau of Standards. NEW YORK TO EUROPE Sailings from Pier 7i. 33th 5t., N. R. PLYMOUTH—CHERBOURG—BREMEN AMERICA: — PLYMOUTH—BOU LOGN E—LONDON Luzyrious—Com) New—] PANHANDLE STATE; OLD NORTH STATE: X e Taly SUSQUEHANN, POTOMAG (Ex-Antigone] Old Glory is now on Seven Seas AMERICAN SHIPS ARE AVAILABLE "OR YOUR OCEAN VOYAGE. combination Passenger and t, Luxurious Steamers. number beside ship’s name indicates eperator slowa bottom of column. EUROPE. Queenstown, Boulogne, London. ¥rom New York. June 7 —July 12— Aug. 16— 0ld North Btate (159) May 2+—June 25—Aug. 2—Panhandle State a59). Bremen and Danzig. From New York. May 21—July 5—Aug. 15—Susquehanna (159). June” 25—Paotomace (159). les and Genoa. w York. From Ne June 4—July 16—Aug. Zi—Princess Ma-{ X June 30—Aug. 13—Sept. 24—Poco- hontis (15 SOUTH AMERICA. Rio de Janeiro, Montevideo and Buenos AA"-. From May 25—Huron_(91).. FAR EAST. Honolulu, Yokohama, Kobe, hai, Manila, Hongkong. F New York. Shang- (106 Shanghal, Hong- attle. ‘Wenatchee (108). WAl rnu,n-m\hs. EAST NDIES. “unlll Saigon, Singapore, Calcutta. From San Francisco. June 11—Wolv. State (106). COASTWISE AND HAWAIL Havana, Canal, Los Angeles, San Francisco, Hawaiian Islands. From Baltimore. eye S. (80). al, Los Angeles, San srancisco, Seattle, Yokohama, Kobe, Bkanghai, Hongkong, Manila. From New York. 80 Matson Navigation Co. 120 Market Street. an_Francisco, Cal. 26 South Gay Street. Baltimore, Md. ine. 01 Munxon Steamship Li 7 Hanover Sq., T e Green. 4830, n Francisco, Cal Smith Pidg., Seatile, Wash. S. Mail 8. S. Co., Inc. OLLAN 9 AMERICA LINE NEW—YUKK TO ROTTERDAM P’l;uovrfl nnl. I.UGNB-!I'J'B- H D - May 21, June 25, July 30 - May 28, July 2,Aug. 6! m June 4,July 9, Aug.13 . June 11, July 16, Aug. 20 Gen. Pass. ()lllee 24 State St. N. Y. Or Local Agents. Ticketsfor All Lines Choice Accommodations at Speci Tar:T Rates. et et Sty naccoring pae Sleeping car and Hotel reserva. tons ade n wivance, ot bome ¥ abroad. Send for *Ocean Satlings” American Express Co. 1328 F St §. Fuh D6 Sanderson Passenger New York. FRICA by UnionCstle Line. 26 . Or Any Stenmship Ticket Agents. BY WATER Norfolk Ocegn View Virginia Beach TWC GHTS ON RIVE AND CHE! BAY-TWO SEASHORE. Tickets and Stateroom Cards Now on Sale at "KET OFFICE, A5th St. N.W. NORFOLK & WASHINGTON STEAMBOAT (0. CITY LAMPORT &£ HOLT LINE. Regular sailings of luxurious steamers 17,000 0 a expecially desigoed for travel in the tro anpany’s Office, 42 Broadway, New York, . M. licks, 1208 ¥ st. n.w., AUSTRALIA onclulu, Suvs. New Zealsnd 517 14th St. N.! FRENCH LINE ‘ROUSSILLON )3 DAYS AT THE || y 2¢—June 28—Ang. 2 jaly 12—Aug. BREMEN—DANZIG N: May 28—July ls—du. 30 23—Sept. 7 June 15—July 28—Sept. 14 A: June 8—July NEW YOR K—BOS;ON—-N APLES— fl—"um 30—Au U. S. MAIL STEAMSHIP CO. Stewart Bldg., Baltimore. Ehone Calvert $460 New York—Liverpool May 28 June25 Joly 28 June 11 July 9 Aug. 6 N. Y.—Cherbourg, Southnmpton June 1 July 6 Aug. 3 June 4 June 25 July 18 New York and Boston—Azores, Gibraltar, Naples and Genoa Cretic . July 12 Canopie . une 17 AMERICAN LINE RED STAR LINE New Yerk—Plymouth, Cherbourg, Antwe: 8 20 rp June 1 July 2 Aug. Manchuria Mongolia . Migekahda '3 June 22—July 23—Aug. 24 GEORGE WASHINGTON July 30—Aug. 27—Sept. 24 18 ed its quota nearly threo times, total d, 13 8—July ”—»Au’ n *Does zot call at laln. ‘Eastbount of the defiation and readjustment process in business throughout the country, giving the conclusions of special correspondents, who have been instructed to present conditions and indications as they really exist, are printed daily in The Star). BY G. T. ROCKWELL. Special Dispatch to The Star. CLEVELAND, May 19.—Aside from the fact that the decline in bank de- posits has been checked temporarily at least, one of the interesting devel- opments this week is the liberal sub- scription to the government issue of certificates of indebtedness just an- nounced. The Cleveland district oversubscrib- subscriptions aggregating in excess of $52,000,000. The fact that this issue, which bears 5% per cent interest, should be so heavily oversubscribe especially in this distrct, where money has been firm of late, indicates that many corporations are in sufficent funds to take advantage of a safe short-time investment. The certificates mature in February. Detter Business Shown. ‘There are other indications of bet- ter business hereabouts than the steady Iimprovement financially as shown by federal .reserve bank statement. More railroad cars are be- ing loaded here than last month, more building permits were granted in Apri! than in any other month this year, and up to the time the building trades struck some Progress was being made in overcoming the shortage of lower- priced homes. A survey of nineteen of the larger industrial plants reveals gains in em- ployment, production and in sales. The average wage for common labor in these plants in April was 50 cents an hour, compared with 51 cents in March and 55 cents in May, 1920. 100 Per Cent Gain. The president of a large manufac- turing plant making pumps and soda fountain equipment reports that the plants of his company are working 60 per cent of normal, which is 100 per cent gain over last November and December. Steel business is quiet and more dividends are expected to be passed following the action taken by Re- public Iron and Steel Company and Cambria Steel Company directors. President Campbell of the Youngs- town Sheet and Tube Company says lower freight rates and generally lower production costs are needed be- OVERSUBSCRIBES ITS QUOTA OF ISSUE NEARLY. THREE TIMES Gratifying Financial Straw in-the Cleve- land District—Situation in Other Sections. has also retarded retail trade, ac- cording to W. T. Kemper, chairman of the board of the Commerce Trust mml?l-ny. the midwest's biggest “Many consumers are withholding purchases of wearing apparel until actually forced by a depleted ward- Tobe, presumably anticipating lower prices,” Mr. Kemper said. ‘“This is true in a large measure of the re- tailer in his buying from the whole- saler and also is the trend of buy- ing by the wholesaler from the manu- facturer. “There is becoming noticeable a tendency on the part of the rural merchants to accumulate small stocks in anticipation of ~increased farm buying after the harvest, but the ab- normal relationship of prices is an insurmountable handicap. Price levels are not yet sufficiently equal- ized to warrant the expectation of an immediate revival in agricultural and commercial lines. May readjust- ments must be completed.” Reduction in Loans. A contribution toward bettering conditions in this territory has been made through the united efforts of agricultural and business interests in strengthening the reserve position of banks by a reduction of loans. The month just passed is normally a period of expansion to meet require- ments of farmers and stock men in seeding and grazing operations. In the last tairty days, however, farmers and others were 80 {rugal in the use of credit that a decrease in loans reBulted. Bankers look upon this as an encouraging sign for Kan- sas City's trade territory. It aiso reflects to a degree the continual slack in general business. Shortage of Homes. One of the outstanding features of the perfod of depression has been the continued activity in real estate. This is largely due to the shortage of homes and the demand has resulted in a boom in new additions, which are being platted and sold off rapidly to persons who plan to have homes of ir own. is condition has resulted in an improvement in the lumber trade. Yellow pine has reached an average of 90 per cent of normal against 75 per cent a year ago, despite the fact that the railroads are out of the mar- ket and major building operations are being held up by the dispute over wages with the building trades. Pacific Grain Qutlook Fine, Also Plenty of Farm Labor BY PAUL HEDRICK, JR. Special Dispatch to The Star. SEATTLE, Wash., May 19.—Grain prospects In the Pacific northwest are found to be -surprisingly excellent after a survey by state grain officials A Pamsenger and Freight Services Connections Encircling the Globe Drafts and Foreign Money Orders For Sailings and Full Information Apply COMPANY'S OFFICE NCHOR f]' ‘Washington But Real Estate Is Active BY DICK SMITH. Special Dispatch to The Star. KANSAS CITY, May 19.—Manufac- turers and distributers of mercantile lines continue to complain of trade. is a factor in this, unfavorable and bankers. Predictions that the wheat farmers of Washington and the whole inland cmpire, consisting of the panhandle of Idaho, eastern Washington and__ eastern = Oregon, would “back pedal” In 1921 have proved unfounded. A wheat crop in Washington in 1930 of approximately 35,000,000 bushels will be duplicaled Unemployment while fore the steel companies can operate at a profit. Depression at Kansas City, spring weather New York, Havre, Paris New Quadruple-Screw Oil Burmer THURSDAY, this year, according to reports from the grain fields made to Seattls banks, milling and grain exporting con- cerns. ‘Will Equal Last Year. Indeed, the report shows that the 1921 acreage in the Walla Walla val- ley and the Palouse country in east- ern Washington will equal that of last year. Sixty days ago. ihe farm- ers were in the doldrums with wheat selling around 87 cents a bushel at the sidetrack, compared with $2.50 during the boom days after the ar- mistice. Today the price and crop prospects are most encouraging, with the grain selling at tidewater around $1.40 per bushed, equivalent to a promise of $1 or more per bushel to the farmer for his 1921 crop. In sharp contrast to other sections of the west, the banks of the Pa- cific northwest grain districts are in funds to carry the farmers for spring wheat seeding, without discomfort or excessive redlscounting with the federal reserve bank. Winter Wheat Promising. San _Francisco reports from the grain fields in this territory show a big stand of winter wheat in splendid shape and insured by a ‘million- dollar rain” during the past week, the heaviest in more than thirty years. Farmers expect a plentiful supply of labor . Lumber production has been creased, although exports in coj wise vessela have been held up e Sahip Strike. Evidences of AwaK- ened activity in the Japanese market are seen in recent demands for space for lumber and actual purchases of other raw products. in- nl- NOTES. NEW YORK. May 19.—Railroad ex- ecutives appear to be agreed that the decision to reduce wages of common labor on the railroads under new clas sification July 1 will be of great as- sistance to the carriers, provided, they say, the cut in wages is not fol- lowed immediately by a cut in freight rates. The public expectation has ibeen that reduced rates would follow the wage onts very shortly, but now that the cut is assured, the railway executives declare there should be a period of recuperation allowed them. It is estimated that the wage cuts and reductions in force may wipe out the last $600.000,000 increase awarded to employes by the government. There |1s a further estimate that a total sav- ing of $1,000,000,000 a year is needed to put the carriers on their feet. NEW YORK, May 19.—The mid- month review of the Irving National Bank declares that business prospects are better today than they were four and a half years ago—before the up- setting influence of the war really was felt. The bank holds that a num- ber of adjustments and many changes must take place before business can be called normal, but holds that all recent events are pointing in that direction. The review says, in part: “Accept- ance by tha United States of an invi- tation to participate in the delibera- tion of the supreme council, the con- ference of ambassadors and the reparations commission is a most im- portant step in_our foreign policy. Seemingly it indicates that the ad- ministration recognizes that the wel- fare of our country cannot be pro- moted by a policy of isolation, either political or commercial.” CHICAGO, May 19.—Something new in the line of ideas for increasing the sale of juvenile merchandise has just been put into operation by Mar- shall Fleld & Co. It consists in fos- tering “tooth birthdays,” suggesting that when a youngster loses a tooth he or she should get a gift in return. Mentioned among the kind of things the tooth loser ought to get are whit- tling sets, mechanical dogs, bicycles, dolls, surprise boxes and things to wear. Trustee’s Auction Sale 170 RESIDENTIAL PLOTS PARIS 332 Zterom: June 23, .lllly 27. Aug, ll . LORRAINE §ae WILL BE SOLD SEPARATELY Aug. 4! gfifé To close the Marshall Brown Syndicate, by order of Havre—Hambu:g Col. Myron M. Parker, sole surviving trustee. .July 16 Sept. 3 Nov. 5/ New York Vlgo, Ha avre oo!ll’.\vv’s onu,n. 1419 New York Ave., Washington. 8th and 9th Streets. Ideal SUMMER VACATIONS Including 8 Days $91.00 13 iins .es Cool in Summer—No Passports Sailings Every Five Days via 3- S. “Fort Victoria” S. “Fort Hamfilton” Bend fw FPI ial Summecr Tours Folder FU “5-"""“!‘[ DA 34 Whiteball 51 . ‘ ADVANTAGES ! These lots are located on Buchanan, Crittenden, Decatur, 8th and 9th Streets—adjoining Georgia Avenue N. W. Lots are situated on a high, healthful elevation, overlooking the city and sur- TOURS rounding country, therefore affording EUROPE, 1921 Switzerland, Ttaly: 67 d Travels in England, Holland, Belgium, France, 5. beguuning June 30, t ex exceptional drainage facilities and mak- ing them absolutely healthful for home sites. Constant trolley service passes the property, furnishing unsurpassed fa- cilities for access to all parts of the city. The lots are surrounded by thousands of beautiful homes, and many new homes are in course of erection. All the city conveniences, such as water, sewer, gas, electric light and telephone are available. SALE ed. Thisisa simpleway’ to guarantee freedom : ) asecaser Sieamers E R. M. S. “Makura™ 20. 13,500 Tons “SATL TKOM VANCOUVER, B. 0. For fares aud_ sailings apply Canadian Pa® Ry.. 1419 New York Ave., Washington, of te. Canadian Australasian Royal Mail Lige, Seymour St., Vancouver, B. Gy JF PREVENTOL:ssprav-- Terms: WASHINGTON OFFICE 406 District National Bank Building 1406 G Street N. W. TELEPHONE—MAIN 4535 The lots are located on Georgia Ave. N. W., Buchanan, Crittenden, Decatur, {| This Gives You a Money-Making Opportunity ABSOLUTE SALE ‘This means that the property must be sold—regardless of cost, regardless of value, regardless of price, to the highest bidders. This is one of the opportunities of a lifetime and will be talked about for years to come. sold now—you fix the price. Unheard-of bargains are bound to be secured by those who attend this sale ard buy, and those who in the- future want any of these well-located lots will have to pay a profit to the buyers who take the time and trouble to attend this Auction Sale and buy. This property must be The Absolute Auction Sale furnishes the speculator, the investor and the home-builder equal opportunity to buy at his own price. R SRS =, Wednesday Afternoon, May 25th Thursday Afternoon, May 26th atThe Arcade, 14th St. N.W. and Park Rd. VISIT THE PROPER&'Y TODAY ——— SELECT YOUR LOT at 2:30 15% on Day of Sale—15% in 30 Days Balance, 24 Monthly Payments WRITE FOR BOOK-MAP MAY 19, 1921, LIGHTTRADING AT DECLINING PRICES: Shorts Prevent Big Losses in Certain Stocks—Hills Under Pressure. NEW YORK, May 19.—The govern- ing influence in the stock market again today was the decision regard- ing the numerous industrial company dividends which are to be acted upon during the next few weeks. The ] efect of adverse dividend announce- ments, current experience is showing, is felt more in anticipation than in realization. This point was again em- phasized by the way the market re- celved the dividend cuts which were announced yesterday. The short in- terest in_ these shares checked the downward trend. Cuban American Sugar did not do New York-Washington wire by Bedmond & Os. City of Copenbagen 538 1044.. City of Paris o 1921 = Erench Government 8. jovernment of Bwit [ witserland 1922 K. of G. B. lnd IRI.“ 5".! 1929. U. K. ot G. R lnd Ireland 5% s 1937. American Tel ind Tel. coav. Armour & Co. 43 Atchison, Topeka and Athantic Coast Line 7¢ Atlantic Refining Co. Baltimore and Uhio con e S ore and o B. W. lv. 8 Rethlehem Steel refd. he Canadian Northwesters 1 Oentral Leather 5', fic 48 cf -n-uw-:- and 8""" i Chesapeake and Obio gen. 4%a%.. Chempeake and Oblo coar. 32: Chi., Rock Island and Pacific Chicago Union Station 6% Consolidated Ga TODAY’S BOND PRICES. Noon ried to The Star ever direct, Sinclalr Oms. oI Tipe 1955, Ppeices repo e Facinc O-p *- 9% | Soutdern Raitwn n Routhern y E‘. 505 | Tton Pacifc 152 4a. 108% | Union- 991y | Unton “ 'IThh-&ld-hMIul Tige uu." Pactte conr. do.. & Co. 1st 6s. SHORT-TERM SECURITIES. (Beperted by Redmond & Cs. quite'as well, but the halving of its | Miwmouri Pacific general g | Hamble onl Ty 3 8! amount of | New York Central 7s ennecott Copper 7a -n . na 24 vdv‘:::‘llg-."e:sbmugm BojsrcataE New York Centat den o — Ligreee & I‘y rs Tob. s 182i.. L 99% The stocks, which ‘were more sensi- | Yew Xork Telephone 6o 5 B tive in the market of the day were | YoTolk and Western conv. 4. 1008 those on which the dividends are be- | Norpern " Pacific. 4x. -}: lieved tobe in danger, but where the| Packard Motor Car 9% announcement is still some time off. l:unn!ylun(l S5 196, 3 Among these were Great Northern |Pennsylvania R. R. 6 078, preferred and Northern Pacific in the | Pennaivania 7s of 1930, ] railway section and Punta Allegre| peyging ‘,,,""';I e apejasbe: 3 Sugar, Chandler Motors, Bosch Mag- | se. Louis and San Francisco 4, reries A, 04 neto and one or two other indus- St. Touls and San Francisco 6s 1 m S 6% A twenty-five-cent a barrel cut in nc Pennsylvania_crude oil following the Scaboard Alr Line adj. 1o persistent reduction of the last week or 80 in other grades, had a depress- ing effect upon most of the oil shares. There was a sharp reaction also in stocks which have recéently been run up at the expense of the short interest, such as American Sumatra, General Asphalt and International Paper. WIINESSES ATTAX HEARINGS GRILLED]._. Credentials Are Questioned. Told Senate Committee Is “Tired” of Their Testimony. First witnesses today at tax hear- ings before the Senate finance com- mittee came in for grillings by Chair- man Penrose and other committee members. ‘W. M. Clark, who said he spoke for the four railroad brotherhoods, and who protested against repeal of the excess profits tax, Chairman Yenrose for his credential from the brotherhoods. The witne: May Go to Court. On the other hand, fertilizer stocks were actively bought on the sug- gestion that the worst possible was known regarding their industry, and had been measured in their market valuation. The coppers held steady, and most of the rails were compara- tively unaffected by the weakness in the Hill stocks and by the assertion of the railway labor unions that they intend to carry the decision of the Labor Board into court. ‘While this will scarcely affect the final disposition of the railway wage question, it may cause considerabie delay, which, the way things are now going, would be most unwelcome to railway executives and to investors. Northern Pacific—Great Northern. - Dividends on the Hill stocks will be acted upon in the early part of June. Despite the brighter railway outlook. now that some readjustment of wages is certain, it is still believed that the !rate of distribution will be decreased. was asked by A Both Northern Pacific and Great Northern preferred had enough of a short interest to be temporarily af- fected by the action of the labor board, made known yesterday morn- ing. Today these stocks yielded rap- idly when general market conditions became favorable again to the devel- opment of individual weak spots. The fact that Great Northern pre- fered is_selling only 3 or 4 points above Chicago and Northwestern, which cut its rate last year from 7 to 5 per cent, gives some indication of the extent to which a similar reduc- tion in the Hill share dividends has been anticipated. TWO JUDGES SELECTED. Judge Waddill Becommended to Succeed Late Judge Pritchard. Appointment of Federal Judge Ed- mund’ Wadaill, jr., of Norfolk, Va., as judge of the fourth federal circuit court was recommended to President ‘| Harding today by Attorney General Daugherty. -He will succeed the late Judge Jeter C. Pritchard of Asheville, N Lawrence Groner of Norfolk was recommended by Mr. Daugherty for appointment as judge of the federal district court for the eastern district of Virginia, to succeed Judge Waddill. CRUDE OIL DROPS. PITTSBURGH, Pa, .May 19.—The price of Pennsylvania crude oil was reduced from $3.50 to $3.25 a barrel, it was announced today by the prin- cipal oil purchasing agencies here. told of actions taken by various locals of the four organizations and said he was authorized by their executives to 'ulhx\n lw speak for them. “That doesn’ mean anything,” Mr. Penrose said. “Anybody can come in here and say they speak for a whole "‘m*“ lot of people. Tve seen it done in |Gabi politics many times.” ““There’s no politics in this,” return- ed the witness. Fed Benjamin C. Marsh, who said he u.:"“ represented the People’s Reconstruc- tion League and the Farmers' Na- tional Council, was the next witness. His statement that his organizations |Second represented 3,000,000 persons brought | Washiagton from the chairman a request for a list of members. Marsh replied that the lists were retained by local or- ganizations, but he assured the com- mittee he was speaking for more peo- ple than “anybody who has been here.” Heard Testimony Befeore. “There’s no evidence of that,” Sen- ator Penrose retorted. Senator Smoot, republican, of Utah lJ-h- h asked for details of the reconstruc- tion league. give them, and Mr. Smoot said, “O you're just one of those that farm the farmers. Later, Mr. Marsh attacked the muni- tions makers of spreaders of propaganda. “Oh, cut that out” exclaimed the chairman. over and over again.” Mr. Marsh continued his statement and was informed by the Pennsyl-| o vania senator that the committee | D o Papes was getting “terribly tired of such| Merchants’ ‘lh-tnmlm-p discussion,” and, unless it ended, the committee hearings on tax revision|9¥ would have to be brought abruptly to a close. “They have gone on too long al- vr-nhmn Skrnce ready,” he added. USED CARS In selling you a used car, we aim to make you a per- manent business friend. With a policy which thus looks to the future, you may be sure that we are not going to let you purchase a used car that will be anything other than very good value. Mr. Marsh attempted z; wml-sn- Gecianics ™ the country . as| GermanAmerican “We've heard that stuff] ‘;";,‘{‘-‘,'_., -m,, Washmgton Stock Exchange s B e o Bid and Asked Prices BONDS PUBLIC UTILITIES. A-oflnn Tel Tel. and Tel. Aumlh and l'.!‘-‘lem-‘ . guar. S5s. uupu e and Potomac m Capital Tractioa R B Socr o Clty ang lnmm. s etropolita: Fotomae Fectric iaoni Totomas Hlectric o sor Fotomac Electric Power Noctoln ooy ty . 165 National 25 o Cantin et Trost eat it C ational Savings Dhlon. Troet o Wa Loan e, o 147 Becurity Sevings 208 renth 150 2 T. 8 200 3 8 110 Firemen's 20 =5 ") CE. 4 £ Golumbla G phopbose.com 7% 8 umbla Grs 5 un, pra. 20 36 . Co.... 75 100 Mergenthaler Tinotype . 120 ch Market com. 0 Dutch "Market l.-x- Menotype Goon'VAruesiin SEMMES MOTOR COMPANY. 1132 Conn. Ave. NW.—613 G St. NW. Phone Main 6660