Evening Star Newspaper, July 7, 1921, Page 25

{ FIN REGARD CUT IN NCIAL STEEL PRICES AS STEP TO BROADER BUSINESS Cleveland Traders Foresee Renewal of | cas uinir ot wx. Buying and General Betterment. Situation Elsewhere. BY GUY T. ROCKWELL. Bpecial Dispatch to The Stan CLEVELAND, July 7.—Reduction in stesl prices by the United States Steel Corporation and Independents is considered by business men and bankers here as the stepping stone to better business. They feel that the cut is sufficlently deep to start a renewal of buging, riarked first by demand from raflroads for material to repair bad order cars for the harvest season. Chamber of commerce figures showed a slight decrease in employ- ment during June, but some plants make a favorable Teport in this re- spect. Reports from the automobile tire industry at Akron are encouraging. Manufacturers have increased pro- duction to meet the additional sea- sonal demand, as tire wear s always heavy in the hot months. The Good- year plant is working three eight- hour shifts, six da a week, with production nearing 25.000 tires a day. Goodrich is working two ten and eleven hour shifts, five and a half days a week and Firestone is pro- ducing 20,000 tires a day. Pacific Coast Prospects i Put Traders’ Hopes High; BY PAUL HEDRICK. ! Special Dispatch to The Star. SEATTLE. July 7.—With granarfes | opening to receive the greatest har-! vest of wheat in years and with In-| tensively cultivated apple orchards; of Washington, Idaho and Oregon! almost overburdened with fruit, busi- ness revival in this territory awaits only restored confidence and revived foreign trade. Markets for these food products must be sought, for there is more than enough to feed the Pacific| northwest. Farmers are being asked to contract for fall grain at 90 cents to $1 a bushel. They are holding back, although bankers have warned them against repetition of last year's; congestion of bank loans and un- liquidated paper. Pacific northwest jobbers in bufld- | ing materials are hopeful of a strong fall building season and lumbermen anticipate that the country as a whole will soon witness an actual revival in building operations. Hopes are high that canned and: fresh frult and fish will move in large volume this fall, aided by use of re- frigerator ships to the Atlantic coast vis Panama. Midcontinent Oil Industry Continues Rather Critical BY DICK SMITH. Bpectal Dispatch to The Star. KANSAS CITY, Mo., July 7.—Th¢ situation in the oil industry in t! mid-continent fleld still continues somewhat critical and has caused & drastic cut in wages. Roustabouts ‘who received $365 a month when oil prices were at the peak now receive $i25. Mechanics have been cut on half to 65 cents an hour and tool dressers have been reduced from $15 to $7.50 a day. The workers gen- erally are accepting the cut, prefer- ring reduction in wages to complete shutdown. That there exists a substantial buy- ing power which will make itself felt with increaseq stabilization {s indi- cated by the immediate response of buyers whenever retailers offer spe- cial inducements. Improvement in the flour trade con- tinues, both bakers and jobbers hlv-! ing been forced into the market by depleted stocks. Bank deposits in national banks here total $265,148,- 580, seven million dollars more than two months ago, but thirty-three mil- lion less than a year ago. Loans are sixteen million less than a year ago, although the banks have just financed the new harvest. Commodity Reports From Various Sechonsl OeaL. | ALTOONA, Pa, July T—All officers and employes of the Pennsylvania Coal and Coke Company, both at the mines and at the offices In New York, are affected by a 20 per cent wage re- duction just announced, The com-! pany owns thirty-four bituminous mines, but only nine are in operation. Seven thousand workers in the Con- nellsville coke district have been re- 10 per cent. ofL SAN FRANCISCO, July 7.—Thel petroleum Industry of California willl yleld not less than $225,000.000 this year, according to bankers here. One financial leaddr pointed out that gaso- line In a period of shortage last year did not go above 37 cents. At present it is quoted at 85, with the public paying that price without noticeable decrease in consumption. Steel. . BALTIMORE. July 7—Bight hun- dred workers, of whom 200 are wom- en, have been notified that their serv- ices no longer will be required at the Edgewood arsenal, near here. The men were chiefly laborers and the women engaged in making gas masks. NEW YORK, July 7.—The Balti- more and Ohlo railroad has resumed operatfons at its shops, placing 3,600 men at work at the Mount Clare, Cum- berland, Keyser and Glenwood shops. Two thousand Delaware and Hudson mechanics have reported for work at Colonie, Oneonta and Carbondale, Pa., shops. CLEVELAND, sentiment in the steel trade is much improved, the average price of four- teen dierent steel products has fallen materially in the last ten days, accord- ing to statistics gathered here. ST. LOUIS, July 7—Additional shut- downs have been reported in the last few days among the steel manufac- turers. Prices have been unchanged here, but there are indications that price reductions will be made. July T~—Although Paper. NEW_ YORK, July 7—Equipment now is being put into commission for resumption of work at practically every paper mill in the United States and Canada. The inills have been closed since May 1 by a strike brought about by a wage reduction. Most of the mills will be operating within |! the next two days. Many resumed un- der an arbitration agreement, while the International Paper Company sim- ply opened its plants to give workers an opportunity to return on the basis of a proposal made by the company. Sugar. July 7.—About 600 packers at the Sllnt of the American Bugar Refining Company are on strike as a result of & wage reduction of about 10 per cent. BROOKLYN, Grate, BUFFALO, July T7—The Great Lakes, Hudson & Atlantic Water- way Association has made a request of the state canal board to furnish free wharfage to ocean vessels loading and unloading at barge canal terminals as an aid to bringing bagk to the state waterways the grain-carrying busi- ness it formerly enjoyed. ST. LOUIS, July 7.—The grain mar- ket is unsteady here, but export de- mand is expected to increase shortly. Red winter wheat has advanced com- pared with a week ago, and oats and ‘Wwhite corn have shown some advances. PHILADELPHIA, July 7.—Flour is quiet and unchanged here, with soft winter, straight, nearby, at 6.00t06.40, pad bard wi tcrltnhnmh 7.40 & barrel. Wheat has fallen to 1.31 to 1.36 for No. 2 red in elevators, while corn is steady at 71 to 72 In ex- port elevators for No. 2. Bullding Materials. ALBANY, July 7—Over thirty Al- bany ocontractors and builders have announced that hereafter they will conduct their businesses on an open | P The union carpenters ! \V! shop basis. and painters had refused a proposal of 87 cents and 82% ocents an hour, respectively. Dairy Products. PHILADELPHIA, July 7.—Solld packed butter commands 38 to 40 and sweet creamery prints 40 cents. Eggs, nearby firats, bring 31 cents at whole- sale, and fancy New York cheese 16 to 17 cents. Poultry. PHILADELPHIA, July 7.—Spring broiling chickens of two to two and a half pounds bring 40 to 45 cents each, ltve. and fresh killed fowls 36 cents. Nearby spring ducks sell at 27 cents. Automobiles. BUENOS ATRES, July 7.—American motor vehicles valued at $1.440.000 have accumulated in warehouses and open lots here becauss of the general freight congestion -at this port. ‘Window Shad NEW YORK. July 7.—Prices of window shade cloths have been re- duced by one large producer, who forecasts similar cuts by other manu- facturers. The fall in the price of gray goods is the reason assigned. Pencils. SANDUSKY, Ohio, July 7.—The American Crayon Company has an- nounced that its plants wiil close to- morrow for at least two weeks. Exact date of resumption has not been de- i termin Textiles. NEW YORK, July 7.—Cream colored flannels and serges are in good de- mand In the plece goods market. Prices have advanced materially, with buying Interest shown in fine checks and plalds. Shoes. NEW YORK, July 7.—Retallers who count on shoe deliveries in August may be disappolnted in part, it is said by manufacturers here. Some fac- tories will close until July 11 for in- ventory. Some plants do not work Saturdays and there will be five Sun- days in July. MINNEAPOLIS, July 7.—There is a strong demand In this section for ox- fords and canvas shoes. Manufac- turers are being pressed for delivery in those lines and orders are numer- ous. Notes. UNIONTOWN, Pa., July 7.—The Isa- bella plant of the Hillman Coal and Coke Company has resumed opera- tlons after a shutdown since Decem- ber. During the past several days there have been more price inquiries for coal and coke than for the pre- ceding several months. Fue] authori- ties claim the situation has consider- ably improved, and belleve inquiries are forerunners of liberal buying. NEW ORLEANS, July 7.—Cuba has 1ifted the embargo placed by the gov- ernment on the importation of Ameri- can-grown rice into the island mar- ket. The Cuban ports have been closed to this product for over nine months, and the old stocks of rice in Cuba are exhausted. She is a PMIfge consumer, and the action of the Cuban government is expected to open an other large outlet to the rapidly d! minishing surplus now held fn Amer! can warehouses. . NEW YORK, July 7—Announcement by the Brazilian government of its in- tention to support the coffee market in an effort to secure better prices for Brazilian growers has falled to stimulate demand here to any marked extent. Stocks all over the country are reported to be low, however, and importers look for a sudden revival of demand as soon as the Brazillan government demonstrates an ability to control the output from Brazil. PHILADELPHIA, July 7.—The sales department of the Midvale Steel Com- pany today announced prices meeting the cut recorded by the Bethlehem Steel Corporation and the United States Steel Corporation. Other in- dependent steel producers, it is un- derstood, are meeting the price re- ductions, although they have not made formal announcements to that effect. Republic Iron and Steel put a new price schedule into effect today. Wage reductions are expected to fol- l1ow. —_— OIL STOCKS. Quotations furnished by W. B. Hibbs & Oo. Bid. Asked Anglo-American 01l Oo. (newdw. 18% 17 Atlantic Refining Co... 825" 850 Borne-Scrymser Co.. 340 860 Buckeye Pipe Line Co. -3 80 Cheseborough Manufacturing Co. 160 170 Continental 01l Co. 105 10 Crencent Pipe Line 27 28 Cumberiand Pipe Lin s 130 Eureka Pipe Line .. 82 8 I gnal Ofl Co. com...... 31 31 Gnlena-Signal Oil Co. 20 95 Tilinois Pipe Line Oo. 155 Indiana Pipe Line 75 National Transit Co. 243, ew York_Transportation Co. 140 Northern Pipe Co. 92 Ohio 0il Co.. 252 Pennsylyania-Me 25 Prairie10i1 and Gas Co. 425 Prairie Pipe Line Co....cicoces 188 Bolar Refining_ Co. 350 Southern Pipe Line Co. 8 South Penn. Ofl C0. Southwest. Pe: 85 72 6 550 390 155 810 380 Swan & Fineh Co. 30 Unfon Tank 95 27 Washington Oil 32 DIVIDENDS DECLARED. 3 Aug. Miami r Co., q., 50c....Aug. 1 Aug. 1 Bhell Tr. & Factory, $1.85% July 13 Jul Shnertar Steel Corpy. g Thec.Jay 13 _Abg NOTICE OF DIVIDEND Ta Stockholders of Florida Finance Corporation. At a meeling of the board of directors of the Florida Finance Corporation held June Eleventh, 1921, a semi-annual Dividend at the rate of EIGHT per cent on Preferred Stock and ONE per cent on Common Stock was declared payable July Ninth, 1921, to all fully paid stockholders. FLORIDA FINANCE CORPORATION Of Tampa, Florida By B. L. Hammer, Vice-Pres. V. W. Helm, Secretary. Washington Stock Exchange. Washington Gas 7%s—$500 at 108%. g0y st tn, BT St iooo'se S $1,000 at 953, m{l‘tom‘ente ro'u*mfl, ®at 95, g 4; $1,000 a 3 at 96, $1,000 at 95, “§1.000 ¢ Wasblngton Hallway and Electrle ptd.—5 at at ‘Washingt GA"P% it 108%. ashington Gas a 2 Captial m:finn—l*ll 88. Mergenthaler Linot Money—Call loans, Bid and Asked Prices BONDS American Tel. and Telga. ‘American Tel, and Telga. 434e. Am. Tel. and Tel. etl. tr. Am. Tel. co C. and P. Telephone Capital Traction R. R. ba.... City and Suburban Metropolitan B. R. Potomac Electrle Li Potomac Elec. cons. Potomae Elec. o4 otomac Elec 9 | Washington Ga kid hington Gas This..........-108° ... hington Rwy. a % 61 Wash. Ewy. and Elec. G, M. 6s. o MISCELLANEOUS. Riggs Realty 55 (shor ‘Washington Market 58 1921 Washington Market 5s 1947. STOCKS PUBLIC UTILY' American Tel. and Telga. Amer. Tel. and Capital Traction 86; Washington Gas 4 rfolk and W b, Rwy. and 80 Wash, Rwy. and [ ! NATIONAL BANK. American 164 Capital Columbia Commercial District Farmers Federal Liverty Lincola National ~Metropolitan Riggs Second Washingt TRUST COMP. Continental Trust National Savings and SAVINGS BANK. Commerce and Savings. 185 East Washington . 12% Merchants® 147 Becurity Savings 202 Seventh Street 150 Union Savings 12 U. B, Suvings 200 Washington Mechanict 25 FIRE INSURANCI Arlington Corcoran, Firemen' German-American . Natlonal Union TITLE I Columbla Title Real Estate Tit MIS B Columbia Graphophone "com. ColumdiaGraphophone ptd. D. C. Paper Mfg. Co. Merchanta® Transfer and Storage Mergenthaler Linotype 014 Dutch Market coi 0ld Dutch Market pf¢ Lanston Monotype Security Storage Washington Market *Ex-dividend. Japanese vessels are now calling at the neutral port of Danzig. Two ar- rived there recently with a cargo of CITIES SERVICE SECURITIES Baug’lt, Sold, Quated THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building ‘Washington, D. G Main 6189 EQUITABLE Co-Operative Building byt Systematic Saving Leads to Great Accomplishments —8ave as you earn. and you will begia to get ahead In a financial way and be prepared for emergencies that may arise later. Subscriptions for the 815t Lssue of Stock Being Received Shares, $2.50 per Month 4 Per Cent Interest EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, Presideat FRANK P. REESIDE, Sec’y. “Gilt Edge” 1% First Mortgage Notes Now on Hand In Amounts of $250 Up to $5,000 We look after all detalle axd furnish guaranteed fitles with all notes. The Goly” absolately sate form of lavest- mea Chas. D. Sager 923 15th St. N.W. Loan Dept., M. 36. Bstablished 1887. DAVID J. HOWELL & SON, Engineers, Union Trust blds. Town planning, Eeports on and economical development of suburban _properties. Hoads and pavements. Water works and sewerage systems. Heports, Valuation. Management. make this test? —it may be to your advantage Ask us about the New York Curb Market stock in which you are interested and get a concise report on it Get a copy of our 12-page weekly containing special articles—the price range on many stocks—a review and the trend of the mar- ket. Call, phone or write for UU-460. If you will put_owr brokerage service to the test, you will pee why nearly 40 out of 100 of our new customers are introduced to we by satisfled old oustomers, BALTIMORE OFFICE 433 EQUITABLE BUILDING \ Telephone: St. Paul 8451 Direct Private New York Chicago Boston Philadelphia Pittsburgh Detroit Baltimore Gleveland JONES & Members New York Ourb Morkst riee trom Selgen | WASHINGTON, $1,100 BUYS $110 INCOME. LARGER 'RNS POSSIBLE, SPASONED We have some interest- ing data on this com- pany—operating now. at 95 per cent of capacity. Will it be the real leader in the industrial revival? CIRCULAR OURITIES CORP. F. UNLISTED SECURITIES BOUGHT AND SOLD I Wil Sell MILLER TRAIN CONTROL Bargain JAMES J. FRADKIN EVANS BLDG. ‘WASHINGTON, D. Phone Main 3683 8603. 1416 H 8T. N.W. How will the proposed import tax on foreign oils affect this and other American oil stocks Over a marketwise? Quarter Write and stk for BO-W. e ||l piLLON awp Co. Without STOCKS--BONDS 2 Broadway New York a Loss The Selection of the Mortgage Investment The safest and most sat- The Although first place among isfactory in- investments, as far as stability vestment se- and safety of principal and in- safest curities are terest are concerned, will un- First doubtedly be granted well se- ] il lected real estate first mort- nvest Mortgage gages by one familiar with in- ment Notes. vestment securities, at the same * Buyers of - these notes are time judgment based on knowl e frem the edge of general and local -con- e ios of risk dittons, 18 essential to & wise | or loss. They are secures by cholce. Like all other forms of 0 o seonred oY investment, mortgages vary in appraised im- relative destrability. proved wash- rough our own extensive ington Homes. organization we are offered & Call, phone All the details wide choice of mortgages and or write for | of supervision are therefore able to sclect the detatls. ateattended:to best, investing our own funds in by our staff of the mortgage firat. Also our experts. In amounts of $250 and up. booklet, calhese motes “Safety First— in denomina- B. F. SAUI CO Then Profit» | tions of $100 BASTS; . and up. Mortgage Loans T A || e S. Phillips Real Entate Investments 1409 N. Y. Ave. Main 98 Open at 8:30 AM. Every Banking Day Columbia National Bank erooni 911 F Street $250,000.00 Further Yield From Your July Dividends {| Banked in Our Savings Department your July funds will earn more for you—be secure and readily available when the right invest- ment opportunity comes along. | Travelers’ Checks, Letters of Credit and Foreign Draft for summer tourists. 3% Surplus, $250,000.00 Compound Interest Paid on Savings, You can open a Savings Account at this convenient Bank with as little as The Wisdom of the Ages There are ways of summarizing the wisdom and experience of mankind on some particular matter so as to provide some guidance for the individual. Financially, this has been done in the formulation of our First Mortgage Notes on improved. Washington real estate. It is the wisdom of the ages that first mortgages mark the limitation of safety for those who cannot afford to take chances with their capital. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. . The Nation’s Home Town 62 Years Without Loss te an Investor. OUR July booklet describes a num- ber of recommended securities, yield- ing up to 8.60%. It also contains a White & Kemble mortgage map which visualizes the liens of the bonds of two important railroad systems. Wc:huhflumdm-m. ‘Washington Office Guaranty Company of New York 811 Fifteenth Street, N. W, ‘Telephone, Main 3815 z interest, fimn?w:mmdwu-ndnn Joseph 1. Weller &2V FINANCIAL. - /000—17¢ in sums 420 Stability . . 'THE heart often influences actions which the mind would never sanction, for an eloquent tongue fascinates the hearer. Brooklyn ?rldge has been “sold” hundreds of And so with securities. Inesti- mable millions have been lost in oil, mining and industrial stock in the t few years through the efforts of :?;hly imaginative salesmen with their alluring promises of wealth. Out of the maze of investments, our First Mortgage Loans stand out for their stability. They encourage no visions of riches and splendor for the small investor, but our notes do make certain the return of both the principal and a tidy i% interest. They are in convenient denomina- . Safety Ease of Mind Convenience In denominations of $100, $250, $500, $1,000 tions. ‘ LOAN DEPT. oo OLORUST coo SHANNON & LUCHS H1.RUS ¢ AMERICAN ¢ SECURITY & TRUST COMPANY WASHINGTON, D. C. Condensed Statement of Condtion at the Close of Business June 30, 1921 . RESOURCES Cash and due fromBanks. . ..............coeneneen...$ 3,596,234.06 U. S. Bonds and Notes and other Bonds and Secaurities. . . 6,538,433.75 Loans and Discounts. ..............coconineannnn 15,724,322.37 Clerks’ Pension Fund—Investment. ....... e 50,000.00 Customers’ Liability Account—Letters of Credit. ........... 124,954.40 Banking Houses, Furniture, Fixtures, etc.,and Real EstateOwned 1,659,317.84 $27,891,425.66 LIABILITIES Capital Stock ... e+ oo eeee et eeemees e e e an -2 $ 3,400,000.00 Surplus . ... e 2,000,000.00 Undivided Profits. . ...~ oeovveeeeeeeoeoeemeonsoemee 558,421.73 Clerks’ Pension Fund and Income Thereon. . . e s 51,637.52 Reserve for Interest and Taxes. .. ......ccoveuiennnn.. . 147,790.08 Letters of Credit. . ......ccioeimnimnee e meicme 124,954.40 Sundry Liabilities. .. .....c.coooeceeniiiimimiims 3,699.44 $27,891,425.66 RESOURCES Cash on$lend, in-Federal R Beok U. S. Government Bonds snd-Cestificates... ... 33,448,188.06 Public Socurilies . cccceeecceererncececmemmenneem 10,076,739.62 Other Securithes. . ... coco e cacoccssesovermeseeess 35,143,113.05 Puschased. ... ccocunvnneeeee.. 382,637,732.63 Capltll. T et e Surplus Fand . . ... e e Yadividod-Profits Taxes B York Office. ... coveccveneeee.. 26,744,565.20 . a Fovsign Offices . .cee e cooceveeenee 7,850,912.50 Outstanding Treasurer’s Chocks. oo eee...... 30,774,735.04 A asaqe MECTR SR 1 ATV AP ISTNT N I 13 BN IR MmN S L e ST ROURES N R TS SR et e s