Evening Star Newspaper, June 11, 1921, Page 16

T ‘Park'Place Facing Beautiful Soldiers’ Home Park $75 Monthly INCLUDES INTEREST Big_Bedrooms Lots 22Y; Fget Wide 33 Ft. Parking sor enough to make mbove monthly ments Open and Lighted Until 8 o'Clock P. M. Daily Phone us for closed ear to in- spect. You are under mo oblization to buy H. R. Howenstein Co. 1314 F St. N. W. 910 to 918 LongfellowSt. N. Tapestry brick, 7 well-ar- ranged rooms, tiled bath, hot- water heat, electric lights and gas, hardwood floors and at- tractive fixtures. Very deep Iot to alley. A small cash payment and the balance in monthdy pay- ments that will seem like refit— DON'T MISS THIS UNUSUAL OPPORTUNITY. Take 1ith Street car-(marked Takoma) to Georgia Avenue and Kennedy St. and walk rorth one block: or Georgia Avenue car to Longfellow Street and go cast half block. Walter A. Brown 1400 H St. N. W. Main 1653 i There’s a Cottage or Two Only Left Nothing could more clearly pronounce the popularity of Arms- leigh Park—and the at- tractiveness of these DETACHED homes— than this one fact— that of all there are but two or three leit for sale. The location is a tremendous factor— 7 A 2 Armsleigh Park ~ lies just north of Cleveland Park—is handy to downtown ; adjoining is everything need ful— stores, churches—pub- lic and private schools —high elevation, beau- | tiful view, pure air. { The price is a big magnet—because $1,000 Cash is all_that's required ‘and balance can be paid in modest monthly amounts. The Cettages them- selves are>snug and cozy—modern in every appointment; complete in finish; superior of construction — and wholly -detached. "Come and see them —phone Cleveland 1490 —or I'll be found every day and evening at the Park office—4415 39th Street. Take Chevy Chase cars to Albemarie St. (first stop beyond U. S. Bureau of Standards), walking west; or Wisconsin Ave. . cars to Windem St. ‘lindustry that the meducti 'SECURITY MARKETS HAVE YIELDED TO BEARISH NEWS ‘Clipping and Passing of Dividends -and| Weakness in Exchange Have Been the Dominating Factors—Money Easier. BY STUART P. WEST. NEW YORK, June 11.—This wesk’ ‘develonmenu in the markets have | been ‘some of them encourag! i Others depressing. with the net resuit jithat financial sentiment is very much mixed over the outlook. On the favorable side are further marked improvement in federal reserve hamk ratios, a decline in money rates and rates on commercial paper, further progress toward more normal pri for wheat and some other farm prod- ucts. and better reports regarding rallway trafMic and thi: actitude o railway labor toward wage d On the unfavorable fresh price cutting in various com- mercial lines, notably ofl, automo- biles, farm implements, sugar and steel. accounts of the steel trede showing production down 1o the low. est in a decade, with no indications of any early turn for the better; the unwillingness of the Mexican govern- ment to consider revising Its oneraus fax measures until’ Washingion ke | consented to formal recognition; the reduction and passing of more divi- dends carrying the fear of still more to come .and finaliy the acute uuset- tiemen in the foreign exchange in the course of which the entire recov- ery since last December has been undone. Money Rates and Stock Prices. stock market has plainly shown that the unfavorable factor: for the time being. were in the ascen dant. The relaxation in money rates has. to be sure, réemoved one of the matters which ware causing much concern a week But easy money can never by itsel t stocks up where earnings are poor and dividends doubt- ful. Parts of the list seem to have got down low enough to measure the worst in their trade situation, while others have not. This is the simple explanation for the week's declining stock market. Sentiment in speculative circles ha: become demoralized by the spectacle of continuously falling prices, in pre- cisely the same way as it was in- toxicated by the predictions of un- limited advance when the murket wa: at the top of its upward swing. i October, 1919. Just as the price jmovement then, overestimated the ex- tent of trade inflation and swollen prof- its. and made no allowance for the re- jadjustment demanded by the return to peace, $o the Teverse movement now is exaggerating the extent of trade depres- sion, and giving no thought of the turn which is bound fo come. The rise in the federal reserve ratio to 58.3—the highest percentage since the spring of _1918—foreshadows an- other cut before lonz in official dis. count rates. Last time the reduction wae from 7 to 612 per cent; this time it will be a drop to 6 per cent, and both in the call loan department and | in the market for commes preparations for th ready have begun. That the prospect of lastingly easjer money rates has not been the stimu- lus that it ordinarily would be to the investment market, is to be explained first on the ground of the exc output within the last month or new securities. and second on the ground of the uncertginty of the new revenue legislation. “While most of new syndicate offerings have gone reial paper is lower level al- Business skies are clearing and the barometer of trade conditions is ris- ing slowly but steadily. Statistical repores received here and business dispatches from various sections of they country within the last twenty- f4ur hours, reflect that comclusion. {Ahat there are still clouds in the | petgveavers of this sedtion. who have business firmament 18 equally evident but the silver lining, even of those dark spots. is plainly revealed in the light of general comditions. Perhaps, nothing is more indicative of those conditions or more promising for improvement, than the attitude of both wholesalers' and retailers. This attitude is indicated in the words of merchandiser to his subordi “The business is there. Go and get it In nearly every section of the country there has been evinced a disposition to mako up in volume of ‘business any decrease in prices that has oocurred. are = ing more economical methods of pro- duction and marketing, increasing speed in turnover and cutting expenses to meet the decrease in cash received for their individual products. Steady Liquidation of Leams. This policy, it is reported, has been specially marked in the automobile industry. The effect of widespread cutting of motor car prices in the first ten days of this month is report- ed to have convinced members of that | as are go- ing to work out te the eveatual good of all. Immediate stimulation of sales has been re] ed In various sections. Banks in many sections note the steady liquidation of commercial loans, and in some sections the ab- sorption of sound securities is cited as an excellent siga of financial com- ditions. While bullding operations, _from late reports. are confined generally to small dwellings, the resumption of construction has been widespread, with consequent improvement in lum- ber demand. With the clipping season in full swing in the west, wool prices have stabilized themselves te a large extent. Trade in furniture and effice fixtures is repofted active in seme sections, while jewelers indicats in many cases that. whife the buyers are selecting . lower-priced" _articles, the Volume and ‘cash value®of their sales nearly approach these. of 1820. . ng:? Spots ot _St€ustion. Liquidation ® practically has completed by: firm$. manufacturing woolen goods-and shoes and those in- dustries,-among the first attacked by depression;‘now Afe Wwell out the convalescent-stage.. Among the dark spots of the sit@ationsthis week have been@he fuels—eoal il- irom and. steel. “Even in° these industries, the situation has a brighter side. ‘While_ unfilled ordefrs in steel have decreased or working on part,time, buying for repairs by the' railroads is ed to increase demand materially before July, . Incréase of on over consumption inithe mid-continent oil fleld has brought & price reduction of crude:oil, but this is offset some- w&lt by the possibility that the new ta#kes decrsed by Pre nt Gbregon will curtall n in the Mexi- can fleldx. , ucers are seek- ing new trade: 40T S e Lol 3 RS trade to South America been heavy: this méAth. been CLEVELAND; garments for ti factured in this 1 pected, will be fabricated at lower prices than last year. Prices, it is expected, will, paraliel those of la: February, which. of course, Were be. low the pre-holiday prices. June - 11.—Prices of fa]l' trade manu- | Ve | feeling is rather more confident at the of jcicse of the week that the men williThis age cut and | was said, f:h threat of & {of the he: GENERAL TRADE CONDITIONS SHOW STEADY IMPROVEMENT Dispositi:n in'Nea;ly Every Section of the Country to Make Up in Business Volume for Any Price Cuts.- Well, there has been too great eager- ness to gather the cream off the in- vestment demand. Securities Market Cougented. As 3 resuit the miarket has bécom congested in the seme manner as | was last February and {able to resist as well !would, the competition of the new | [ o t government and New York state. The success of the latter issues has been promoted by the unsettl:d fiscal out- look, which has mede investors feel ¢ more inclined toward securities like the notes taxes, per cent Trrasury re free from normal and the New York state 5s, which are ifree from all taxatio) in the market gemerally both { for ‘bonds and stocks one thing which i Which ordinarily would have been and in their obligations toward lwollll cut down expendityres and re- { whither this can be done. in view of and will be a continuing feature, cer- | the new Treasury program for year period from 1923 to 1928 proves jhas' told against the buying power. iwhich has kept down tne support forthcoming at such very low prices, iis that rich men do not know where | they tthe government. They were assured that the new regime at Washingtoh !d_uu tazation on the larger incomes. N they have begun “to doubt | the great shrinkage in’ both corporate and private profits that har occurred tainly for another six monihs. The problem will be simplified if tributing the redemption of the 500,000,000 floating debt over a five- a success, and the results of the first offering of the new three-vear notes intended to accomplish this purpose are certainly éncourazing. Still. even elimindting the consideration of any part of this debt retirement having to be met through taxes, it is going to be a hard job, with the slump in revenue, to make both ends meet.and relief from the present tax burdens becomes every day more and more unlikel; Dollar Credits and Exchange. In the light of the latest statistics of British and French foreign trade. and considering these along with the continued _heavy imports into this country of gold, there is no excuse for trying to read into the recent break in the exchang: that the conditions w a recovery all through the winter and spring huve been changed. Purchase of dollar credits and the setting up in this country of a large cash balance in favor of the recip- fents \of the German reparations money, coming upon an inflated spec ulative situation. furnishes complete explanation. There is nothing se- riously ‘disturbing about the decline, because it could be instantly stopped if it threatened unfavorable conse- quences, by the reparations commis- on ceasing their buying of dollars and agreeing to accept other curre! cies as cover for bills which they hold against the German government. As for the railway situation.s the agree to the 12 per cent that there will be no re: strike. (Copyright, 1921.) May, aggregated from 200, .000 tons. Lately there has been a better demand from America. between 60,000 and 7 tons being shipped the first week in Junc. Between 35.000 and 40.060 tons have gone 1o Italy this month. Ma land. in to 40 WORCESTER. June 11.—Car- asked for a 121 per cent cut in wages instead of the 20 per cent cut de- manded by manufacturers. and who are on strike, are now considering a communication from the Wilton and Brussels Manufacturers’ Association anrewncing that, commencing June ‘members of the association will operate their mills as open shops at a reduction of weavers' wages of 20 per cent and a reduction of loom fix- ers’ wages of 10 per cent. NEW YORK, June 1l.—Increase by the Mexican government of the export tax on oil ma ive the effect of closing down Mexican oil production, according to officials of the Mexican Petroleum and Pan-American Petro- leum companies here. The tax in- crease, they sald, would bring the total levy up to about 30 cents a bar- rel, which is regarded by American I producers in Mexico as prohibi- tive. According to private cable ad- vices, the tax would amount to 1% cents & gallon on crude gasoline the same as at present. Fuel oil is taged 15.8 cemts a barrel, an increase of 1.8 cents; Panuco crude, 1 cents., am increase of 2 cents. and southern erude, ,19.9 cents, an iacrease of 4 cents a barrel. : Millinery. NEW YORK, June 11.—Manufac- turing miljiners: report much larger orders for pheasant tails for fai than was expected. ol NEW YORK, Jume 11.—Reliable re- ports received here indicate that Great Britain 18 expanding a move- ment to substitute oil Jor coal for fuel wherever possible. Many loco- motives already have beem con- verted. KANSAS CITY, Mo, June 11— There has been a comtinued increase in oil productien in the mid-conti- nent field, acompanied by a further reduction 'in the price iof crude oil to §1.25 a barrel far there has been no corresponding reduction in gasoline and other refined products. —_— ¥ BAR SILVER QUOTATIONS. NEW YORK, Jume 11~—Bar silver: Domestic, 99%; forgign, 59%. Mexi- oah dollars, 45 LONDON, June 11—Bar silver, 35% pence per ounce. Money. & per cent. iscount rates: Blort bills, §3; per cent; three-month bills, 5 9-16 per COLONIAL BEACH PROPERTY. TOR ISBED COTTAGES. PROPOSALS. PROPOSALS will be received Standards and at Iw - & %, 1921, fer afie “of rusbie meter ratisg fank and miscellancous in ‘Northwest and Industrial Build- T T nical u o B ashingten, D 5 31-3t,d.exSu WALTER REED . GENERAL HUBPITAL— lod lionte will be received: then opened, for const at Walter Reed Genersi Wespital, Washington, w. Information upon application to Guartermuster, Room 2416, Wer T ash! D. 4 TREASU! DEPARTMENT, Arciitect’s Office, ton, Phone 12 by the 2 p.m. small breast Dew roof on inti .s.w,i e 1 any inference ich worked for | the three-month | South 70.000 | tax exemption issues of the federal. i i 1 | b\\e dded. “and internal and i | {members wof the board. witit A. D. mports into Santiago de Cuba from ermany during 1926 -amounted to $275,231. Dutch vessels brought about 90 per cent of the imports and Amer- ican vessels § per ce OAK STREET NORTHWEST Just West of 14th ’ Four Blocks North of Park Road Six and Eight Room Homes We have sold five of the first group of six, beforescompletion, and another group will be started immediately. Will be ready for delivery about October Ist. Let us reserve one for you. Each home has a built-in garage; the plan, finish and. con- struction are different from the ordinary stock house. The Price, and Terms must be unusual or we would not have been able to sell so far in advance of completion. Ii you are in the market for a home it will be to your advantage to investigate. One corner home, 22 feet wide, with unusually large rooms, and an arrangement and finish only to be had in homes selling ior double the price. CHARLES M. WALLINGSFORD 10346 Woodward Building Telephone Main 299 French ‘West Africa. hccording to federal figures, presents a Erowing market for the cheaper grades of cot- ton clothing. Declared exports of Jamaica to the Tnited States during April were only 42 per cent as great in value as those for April, 1920, this year's figures be- Ing $304,252. There Was a lurge increase in Jap- anese purchates of Australian wool. whept and flour during 1920 and the first two months of this year. For three months ended March 31 1921, Columbia Graphophone Manu- ifacturing Company reports net deficit, after . depreciation and all other charges. including taxes, of $652 This compares with the net income of | Slr.TlHngJG in the corresponding nerfind} of 1920. : \ E i N OFFICE SPACE FOR RENT Interstate Building™! 1319-1321 F Street N.W. / [; N 13 Large house at 1707 N street nesthwest ax it will appear after exte: I rem odeling Willinm A. Hill, of Mogre & HillL It will contain mimeteen Tootns, seven baths and two Iavatories. George N. Ray ix the architect. HOUSE BEING REMODELED HIPPING BOARD = e e VERY LOW RENT. © Open for Inspection Daily and Sunday: ¥ Now Available y Nine Upper Floors Devoted Entirely g 9 to Offices Single or En Suite Units in Any Desired Footage A Modern Fireproof Building High-Speed Elevators. Electric Light, ‘Steam The Service in This Building Will Be Notable - Make Your Reservations Now CKEEVER ¢GOS Meain 4752 ($20 to $50 Per Room and Up) " - Large, Medium and Small Rooms, Heat and Janitor Service Furnished Exclusive Rental Agents ervice B | since 1 government tion. This loss was estima differencer between the war cost of $3,000,000,000 and the present esti- mated value of tre Shipping Board's assets of. from $750,000,600 to 31,080, BACK BAY BEACH Washington’s Nearest S-—_:r Salt Water Colony Motor Down Sunday ALL LOTS ARE 50 FT. FRONTAGE Prices $235 to $350-Terms —large enough for vour summer bmngalow, with nice groungs around it. The planning of the colony. together with the development. has made this one of the most ideal moderately priced bungalow summer colonies near lish Basement Residence. | William A. Hill of Moore & Hill is | W ) | remodeling the large house, 1757 N | "W | street northwest. into a modern, five- 5 | story. English bsement residence. to ;u;l]!nln flln(“lel‘n roome and seven | athroems in addition 1o two lava- Need®for Fullest Co-0pera-:|torics’on tne cround foor |~ o =" ! y One of the featwres of the house A i ill be a combination library and | tion With. Commercial U R 3 2 | finished in dark oak. There will be Intey'ests Emphastzed. a formal drawing.room, with a stone ! - fountain. and un open balcony. with Administ ration plans coneernmg the | {1 iTon railing: leading from the din- - . throu; rench window: Sipping Eioard have been outlined in | Fuch sieeping el e high official.quarters for the first time | vate bath. and two will be equipped they appotntment of the new | With separate shower baths. The size |of the bedrooms will runge from sixteen by eighteen feet to eighteen Lasker of WChicago as chairman. :":wemy feet There will be 2 sun! B : S or on the second floor, inclosed Necessity” for- the fuilest co-op e e ticn with commercial interests was| ' The mervants' part will contain six emphu&zeddhy l:n;cm.]sl:'fl Yaw! :gmm- rooms, maids’ bath: butler's what was dascribed as the “virtual | room, butler's bat (s di shipping. und ! room: laundry, ele o oL dining tie Shipping| The first two stories of the front e 5 10f the house are to be of Indiana Objectyof tthe new administration. it | limestone. and the purt above of red was ststed, would be to place the!brick, with the windows and cornices board om & strictly business basis.|incased in stone. It i to be of Eng- would mean to begin with. it {lish architecture, of the Adams pe- e charging off to the war | rice. - losscs sustained by the, The lot is thirty by 158 feet. with ce the board's incep-|&n alley in the rear about forty-three | ted as the i feet wide. The lot is sufficiently deep to permit the crection of a large ga- rage in_addition to a good sized | { garden in the back. which will also be one of the features of this prop- 000,000. “The work is being done by Mr. Hill, ConSdimee in Merchamt Marine. theowner of the property. atfer plans Confidence in the future of the prepared by George N. Ray., arch Amerfean, merchant marine was ex-|tect. It is expected that the improve- pressed by Rear Admiral Benson om;ments will be completed for the early the eve .of his retirement from the|fall market. chairmanship of the snlp}nnxml!:lr:- —_— The new' organization, of which hel pppiange in theaters is growis ;iolll.‘d:;m member, Wwill be effected, llf.nw”nuem. owing. it is said ] s e grow. e RHipping Board is now passing | i, FIOWIaE Popularity of the silent through, the critical period of its career., 'he declared, with flrmldlly rowing! prospects for a more favor- Ebla future. Of the nearly 1,500 steel steamers owned by the board more than 50 per cent are NOw operating. the retfring chairman said, and the NEW Fade L actual operating deficit has been re- ! L ) duced toPbetween, $4.000,000 and $5,000, _ There are only a o 2 month. HOMES Smncd e o buyers lots—early will get the best se- lection. Come out in your car and see the beauties of the property, or write. call or phone and our represemtative will call on you Be “I beliewe s Optimistic. that as trade n'eks up. industrial | country anproach deficit will be re- cnditions in thi normal. the bonrd’ duced until it, is wiped out. There is no question n my mind but llllll American sHps can be operated | profitabl throughout the world im| competition with foreign vessels, al- | though it will require efficient or- ganization and careful operation.” RESERVE BANK STATEMENT. NEW YORK, June 11.—The state- ment of candition of the federa] re- serve bank of New York at the Close of bustnems June 8 show Total galld reserves. $810,084,354. “Total reserves, $896,09 9. Bills discounted secured by gov- ernment war obligations for mem- bers, $20%215.588. : 'All other, for members. $275.949.134. Bills bought in open market. $2 404.761. CUT THIS OUT Automobile Map with di- Back Bay Beach 36 Miles From the Capitol - SALESMEN ON PREMISESiAT ALL TIMES Take Annapolis Pike to Walnut Tree Inn—Turn Right Back Bay Beach Improvement Co. - HARRY C. ALLEN, Manager 921 15th Street N.W. Phone Franklin 6576 ——r CHANNING ST, JUST EAST NORTH CAP. $7,750 " . ;3::‘ 31\}:1:; .“.::f,,‘is»m;}%;. Monthly- Total earning assets. £591.365.524. Payments Uncolledted items, ‘ll'j_ 8,11 H S :6.?““:)’(:0 ;;-emher Reserve accoumt, S,JI!&;V'AIH‘ Total daposits, $693.037.036. orches 4 eu}r:;::\“ ;:?{'2;3“!:2 in actual eir- Pm:“;x: for gt o S The Shannon and Luchs || Treteteme New H Devel e | % ew Home Development ‘ J1H. R.-Howenstein Co. 1 h SHEETROCK [| st semet . 4th Street Terrace N.W. *The Fisvpepol Wallboard™ : It Can’t B : —Offers unusual interest to those who contemplate buying a New By Burs 2 Cheice Locations Home. s vura | N 1 4 i Bai d you aver T York Ave. KW. Here may be seen New Homes and New Designed Bangalows in all the various stages of construction. L Homes Priced from *12,750 to *18,500 Our terms are equitable and have meant success to every pur- chaser since 1906. % 1t takes but a few minutes of your time to see the new homes in this “Intown Suburb.” It Is an Ideal Location for the BusyMan The convenience to reasonable markets and the adequate school facilities, together with the cleanliness of the community, make it ideal for the family. —TO INSPECT— Take 14th St. car (best car service in Washington) to corner of Ingrahanrst. nw. Sample Homes open every day until 9 p.m, SHANNON & LUCHS 713 14th Street N.W. Realtors and Home Builders . AND 1226 to 1230 Shepherd St. 13th & B Sts. N.W. Main 5122 BUILD/-LIMITLESS SERVICE | T sy 3 e 5 <double bm . sleeping porch screened in; ce- ment front porch; lots 156 feet deep to wide aliey. Easy terms. Open daily and Sundgy untll 8 house bhas THOMAS A. JAMESON SWNER AND SUNLDER 906 New York Awe. N.W. Main 3526 After 5 PM. Lin. 6146-W ASHER FIRE PROOFING CO 915 SQUTHERN. BUILDING