Evening Star Newspaper, August 17, 1921, Page 18

AT TR — I BY A. D. WELTO) teh to The Sta: August 17.—Further liquidation, the crop movement and gold imports have rendered the credit situation_in this section decidedly easier. Funds show a tendency to accumulate and this would have a! had notl,f ercction, and several contracts in wider effect on business closed plants, falling prices and ur- gency of the tax demand made capi tal timid. Price readjustments not been entirely completed. While the all commodity index number has dropped to 1438 and farm products stand at 113, with iron and stecl at 132, house furnishings are still up to 250 and building materials at 202, Furniture prices at Chicage d Grand Rapids factories, however, have fallen approximately and manu- facturers are well pleased with in creased sales. Building locally shows no improvement, the home building Where Can You Equal i materials are the principal deterring The satisfaction of owning an Overland is out R e I R Ch producing at less than capacity, retail of all proportion to its low price. trade has slowed up, but retailers are cutting and leveling out prices. On the assets side of the business balance sheet are higher railroad ef- ficiency, crops better than the aver- age, stabilization of prices, strong bank reserves, low money rates, de- pletion of merchandise stocks and the abounding confidence of the American business man. Not Yet Recovered From Strikes in First Half of Year BY FRANK D. McLAL Itis a fine car in every sense of the word. ‘The details are such as you expect in expen- sive cars. ‘The riding qualities of Triplex Springs are superior to anything you ever experienced in a light car. § ] ] O. B Tolede Special Dispatch to The Star. o 2698 » n PHlLAADELI"HlAI. August 17.—Cus- YTeuring - - . < toma ugust sales are bringing a Readster = 695 ‘The economy is beyond your expectations. Kood trade to the Philadelphia de ” - 1000 partment stores and periodical furni 5 5 ture sales have been so successful Sedsn - 17 25 miles per gallon is common. that the principle has been extended to other lines with advantage to mer- Formerly chants. The incustrial situation here The touring car gives longer service with less cost PRI ] is not much improved. Textile plants e ee e W tw'lt ;I‘! not runlningdkldcaplrilr’und some EEeE ave experienced difficulty in getting 2“ o than any car ever g back old employes after plants have resumed operations. ernment nav Both the gov- yard and the Baldwin less than capacity. Bullding been resumed in & very moderate ay P This city's industries suffered ® greatly from strikes in the first half of this year, disputes causing a wage loss of over $:3.000,000. Over $14,- % 000,000 of this is attributed to unem- - ployment, voluntary or otherwise, in g the building trades. The lcather trade shows hesitanc: because of the uncertainty as to , whether hides will be placed by Con- P gress on the free list, but a good business is being done in sole leath- ers and oak bends to Pennsylvania shoe manufacturers. A price war in the retail tobacco trade has resulted in organization of 7,000 retail deal- ers in a local body which will strive for better control of that business. Unemployment Has Ceased_ to Be Factor in New Orleans BY L V. SHANNON, Special Dispatch to The Star. NEW ORLEANS, August 1 Un- employment has ceased to be a factor in commercial life here. Less than 4 per cent of the workers are un- emploved. This is due to the 695 HARPER-OVERLAND CO., Inc. 1528-30 Conn. Ave. Telephone Franklin 4397 Touring Car Leave €40 Waeshington 75PN, | arrive Chicago 3 - following afternoon . This Baltimore_and Ohio solid through Observation train enables the traveler to spend the entire{day’in Washington and be in Chicago ferthe— 4 Rgl or in ample time for important Westen; train connections. The 786-mile journey > being covered in exagtly Sé=hours: 25 min, Regularity of schedule and a comfortable and safe journey- are insured by high-powered loco- motives—heavy rail—double track and auto- matic electric block signal system over the en-, tire route. 2.05 aQ o 7 Four solid through trains leave Washington for Chicago daily. Arrive Chicago: 8:00 = Leave Washington: 900 Moming . L2 205 4205AM—/( 70 PM. FHLEM 740 Evening Night The Baltimore and Ohio serves a territory famous for good living and we try to maintain a diring service in keeping with the traditions of the territory. {ze prices are reasonable and the service intelligently, quietly and cour- teously rendered. Telephone—Main 556—and the office of the Division Passenger Agent— Mr. V. Shipley, 323 Homer Building, 13th and F Sts. N, will have your tickets prepared——make your reservations and lay aside until called for. ickets, reservations and information may also be obtained from city ticket office, 13th and F Sts. N. W., and Union Stafion. ® x 4 ® o Baltimore € Ohio * America’s firs# roilroad “ Established 1827 i i I i 1 locomotive plants are runing at far;iS expected that thi has | l© care for dom THE EVENING STAR, WASHI)?GTON, D. C., WEDNESDAY, AUGUST 17, 1921. ; —r—— |CREDIT SITUATION IN CHICAGO REPORTED DECIDEDLY EASIER Many Diverse Conditions, With Funds - Growing, But Capital Continues Timid—Other Sections. s_building activities, G well sus- tained port business, absence of |strikes of consequence and the fact that manufacturers have not radically curtailed working forces. As wages have not been widely reduced, the nurchasing power of the general vublic is unimpaired. Many small dwellings are in course volving over half a million dollars ch have been let. Residential con- rtruction now is double what it was at this time last year. neral business aml trade con- ditions continue to show improve- ment. There are more country buyers here than at any time within a year, and they are purchasing in such a way a8 to bring keen satisfaction to Jobbers and wholesalers. Many country merchants are ducing debts of long standing. sales “continue the steady increase which has been maintained since the first of the year, with retailers re- porting increases in sales of 50 to 60 per cent over last year. Commodity Reports From Various Sections Conl, POTTSVILLE, Pa., August 17 (Spe- cial).—The Philadelphia and Reading Coal and Iron Company has begun the stripping of one of the greatest anthracite beds in the field, located at Rausch creek. Mine experts pre- dict that a hundred million dollar: worth of coal will be laid bare by this operation, and opened to min- ing unattended with the usual pit aangers. In addition operations of the Reading company at Swatara will open six miles of coal above, water level to the miner's pick. ~ PITSBURGH, August 17 (Special).— One of the features of the coal mar- ket here is a special demand for slack. This demand is exceptionally large in proportion to coal purchases. Pan Handle is quoted at $1.90 and Youghiogheny gas at $. LONDON, August (Special).—It is-estimated that the British produc- tion of coal for the next several years will probably run in the hood of 50 per cent of normal, and it will be sufficient needs until in- \re- <tic dustry full recovers, Coke. PITTSBURGH. August 17 (Special). —Demand for coke shows improve- ment, with enlurged iron and steel plant operations. Connellsville fur- nace cok. quoted around $2.90 and foundry at $4. Chemicals and Drugns. W YORK, August 17 (Special).— The drug and chemical market here showed a fair demand for caustic soda and soda ash, although there was lit- tle activity. Prussiate of soda was in demand at prices ranging from 11% to nts a pound. Blue vitriol re- mains unchanged at $5.62'; to $6 a hundred pounds on standard brands. American saffron is a firm feature of the drug list and has advanced to $1 a peund with increased demand. Fruit. FRANCISCO, August 17 (Spe- The pear crop is small and es are being paid in the east for good stock from this section. On the Pacific coast $80 a ton is of- fered. Plums are moving freely, with £00d prices in the eart, and farmers are being well paid for good fruit. nned Good NEW YORK, August 17 (Special).— California canned fruits of the 1921 pack have advanced from 5 to 15 cents per dozen throughout the entire list over the prices named July 21. Prices on 1921 pack Alaska salmon while lower than last year showed the poorer grades quoted at fairly high prices. Potatoes. ST. PAUL, August 17 (Special).—The Minnesota potato crop is far below the average, the total yvield being esti- mated at 25,000,000 bushels, against 3 Prices have ad- ‘0. August 17 gn and tern aused a steady advance in the price of hops, sales being recorded at from 25 to 28 cents for the best north- ern product. (Spe- Live Stock. OMAHA, Neb., August 17 (Special). expressed today that reached by conferees representing the packers and the cutters and butchers’ unfon, now in session here, for a wage scale to go into effect September 15, when the present agreement ex- pires. The packers are seeking a wage reduction, which is vigorously opposed by tie employes. ST. PAUL. August 17 (Special).— The farmers' co-operative selling agency in the first week of its opera- tions here handled one-tenth of all the cattle sold at the local stockyards. Hides. NEW YORK. August 17 (Special).— Tanners appear unwilling to meet the terms of sellers and the hide market here has shown little change and lit- tle activity this week. The existing supply of packers’ hides and calf- skins is light. Leather. BOSTON, August 17 (Special).— There is some increase in the day-to- day buying of leather in this market. | This buying covers a widely varying line of stock. Dealers feel there is a tendency toward revival of movement of leather to shoe manufacturers. Textiles. .NEW YORK, August 17 (Special).— Prices for crash lines of the Ewing Textile Company for the summer of 1922, just opened. show a marked re- duction from those for this year's trade. Coolkenny cloth, thirty-inch widths, is priced at 52 cents a yard, as against 92 cents a year ago. The com- pany also introduced for the first time the Havana cloth, a tropical weave having an unusual luster due to spe- cial mohair filling. . Cottons. NEW YORK, August 17 (Special)— Sellers of sheetings and sheets a sert that they are booked ahead as far as the mills care to go at the R ['nl Little plrb—fi('m BORG & BECK CLOTCHES “HY-DUTY"" AGTOMOTIVE FANS neighbor- § demand | Motor Get Them Here—In a Jiffy Aatherised Agents for QuaerCiryMoror PARTSCo. - troit. The action was taken on com- 121335 Marviera 'S PHILADELPIIA, PA. ¢ Somth 1ith Sureet piaint of Vice President Hoagland of i 3513 D= Broad 8% Detrait. who hegan cquity proceedings | Ko in accordance with a vote of stock present scale of prices. Jobbing buy- ers of fancy cottons are arriving hers In Increasing numbers this week. IBERLIN BOURSE SUSPENDS OPERATIONS TEMPORARILY NEW YORK, August i7.—The Berlin bourse has temporarily suspende operations because of the mecent hig pressure of activity. according to vices received here today By interna tional bankers. In the last three weeks speculation on the bourse has attained enormous dimensions. exceeding in volume al- most any pre-war period. Shares of numerous industrial companics ha been most favored on reports t control 1x being sought by forcign in terests. In some instances industri issues have s0ld at highest prices in seven years, advancing 10 to 50 points in one day Berlin bankers and speculators have been heavy sellers of the mark. That fact probably accounted for vester- day’s low rate of Gern Bills on iderably tod reporting an ac lin, Hamburg and Frankfort. SUCCEEDS WRECKED BANK Equitable Trust of Chicago to Open Doors Monday. CHICAGO, August tabl Trust ompany ago, s cessor of the wrecked Michigan Ave- nue Trust Company, will next Monday, it wi 3 The company’s capital will be § 000 and it will occupy the qu formerly oce by the ba which Spurgin, fugit d STOCKS ARE QUIET, WITH PRICES EASY Support to Market. Bears Raid Industrials for Profits—News. BY STUART P. WEST. ¥EW YORK. August 17.—Toda movement on the stock exchange was for the most part a repetition of the previous session. Prices continued to sag, without any large volume of busi- ness such s to indicate important liquidation. but more because of either unwillingness or inability of sub- stantial interests to offer support New low levels were reached in a rumber of industrial stocks, and the success attending speculative efforts) on the short side kept the market i ’ a state of dejection. l Dry Goods. CHICAGO, August 17 (Special).— Both sales and collection in the mid- west dry goods field continued to show betterment this week. Burlaps. LUDLOW, Mass., August 17 (Spe- al).-—The jute yarn department of he mills of the Ludlow Manufactur- ing Association has increased Its schedule from four to five days a week. The gunny bagging depart- ment, however, will be closed down for several weeks. No Steel. PITTSBURGH, August 17 (Special The steel market is still a buyers’ market. Tiere is a disposition on the part of manufacturers here to cut the price to secure busines: Hemp. NEW YORK, August 17 (Special).— The elimination of the lower grade of Manila hemps, it is felt here, will result in increased production of grades which are of importance to trade in the United States, although it will probably cut the total Philip- pine hemp production about 15,000 lales a month. Paper. SPRINGFIELD, Mass., August 17 (Special).—The paper mills of the Strathmore Paper Company at Mit- tireague and Woronoco have been cloged down for several weeks. Date of resimjtion, it is stated, depends on business conditions. As usual there was very little in the to in- shape of outside happenings fluence the movement. Word that the Senate committee had reported out the railway refunding bill and that Senate leaders would do all they could to secure its passage before the recess, occasioned no surprise. uch action had been shadowed by vesterday's dispatches. Might Help Matters. Doubtless if the financial community re as sure that the measure puttiv $500,000,000 into the railway treasuric and allowing them to go ahcad with the purchase of equipment, and with main- tenance and construction program: would go through before adjournm it_would have x stimulating oif The stock market after its projonged decline is in a position technically 1o give dec sponse Lo any picee of £00d new: so long as the early passage of the railway bill is doubtiui because of the shortness of the time to ork in, it does not enter into the im- mediate calculations of professional speculators who now have a monopoly of the field. Interest in the foreign exchanges and in the foreign financlal markets gener- ally centered again upon the extraor- dinary activity at Berlin. Local bauking houses were inform- ed that the Berlin bourse had been closed for forty-eight hours in order to permit catching up with the enor- mous business which had recently been going on. The excited speculation in German | securities resulting from the wild fHuctuations in marks, and irom the operations of the German ment secking to raise all cash for the indemnities, crtaxed the ordin facilities ¥, however, thi: whole of payment due August . for and followiniz this there violent rebound in the of Ch open unced t well fore- Jewelry. SW YORK, August 17 (Special).— Lccal silveiware macufacturers are altempting to stimulate buying b offering sets at prices less than the total which would be brough by the tale of each article separately. been granted wrecked bank liability the st collect ers to more 1 when Spu authoriti continuing Mexico million dc fled. Mea and private de the hunt for Building Materials. V YORK, August 17 (Spe k prices here remain unchange.d at $15 a thousand, with shipments eageriy snapped up. Wholesale lum- Ler prices are steady and firm, al- though trading is confined largely to the soft woods for construction pur- poses. Ol STOCKS, sished by W. 18 Quotations fu Hibin & Co, tinental Ol seent Pipe Line ¢ beriand Pige Live. .. u I NOTES. PITTSBURGH, August 17 (Special). —Coal operators are awaiting the re- turn of two prominent Pittsburgh coal company officials from Europe to take up the question of wage reductions in this district. This question has been raised by wage cuts in the Somerset county, Westmoreland county and Connelisville fields and the non-union mines of central Pennsylvania, which have placed the Pittshurgh operators at a disadvantage in production cost ! SLPHIA, August 17 (Spe- al) —Passengers over the lines of the Philadelphia Rapid Transit Com- 1vany fell off ten million in July and the loss of short riders huas pulled down the net income of the compan Unemployment and quiet industr | conditions have combinea o curtail flic. The fare of the company was ordered increased from 5 1o 7 conts with four tickets sold for 25 cents by the public service commission when the company was compelled fo pass its dividend. ST. PAUL, August 17 (Special).— The ‘assessable value of real estate in St. Paul increased from $113,732,370 in 1920, to $116,850,800 for the year, a gain of §3,115.430, but the assessed valuation = of personal property, amounting to $5.538,960, cuts the total property on which the city taxes will Ve levied 18,530 below that of CHICAGO, August 17 (Special).— Reports of the employment situation here show that there are five workers for every two jobs to be filled. The demand for labor from the agricul- tural districts tributary to this c ty has been negligible. Inquiries have brought replies that shortage of farm labor is quickly met at reasonable wages. —— URB STOCKS. Quotations furnished by W. B. Hibbs & Co. pe Line ‘an’ Fuel.. m )vern- possible has evi- ry stock Bouth Pean ard i1 wrd 011 it the billion-mark had been was reported | Washington SUGAR DIVIDEND PASSED. XEW YOI August 17— The Cuban-American Sugar Company to- day passed its regular dividend o ts a share I common st declared its regular dividend per cent on preferred The Na tinued slump in the Meaican oils was the entire_absence of any effective support. Pan American slid into new low ground with no resistance what- ever.” Mexican Petroleum did scarcely any better. There was a violent de cline in She!l Trading, which carried it to u new low. and Royal Dutch,| The Nu! was very weak. There was, of course, | PADY, todas 1 no news to account for the weakne: S in any of these issues. - = It has been seemingly the policy to MOVING. PACKING & STORAGE| attempt to support the Mexican P troleum group more by press agene 0 The Big 4 Transfer Co., Inc., 1125 14th St. N.W. methods constantly assuring the pub- | Phone Main 2034 lic that there is nothing wrong with | the oil wells and the outiovk settled production—rather putting in buying orders. i 3 e e e e et Specialists in E Long-Distance Moving i € 8 STORAGE e COMPANY 1eversed, and buying orders take the M place of publicity boosts. SEPARATE ROOMS, $1 Yerw At all events, however, the impre sion through the street that im- Local and Long Distance MOVING |Ry Careful Wen. portant buying power which ordinari- | Phoue Pac 104 "33 Iy might be counted upon has been seriously weakened by the tremen- Movi LITTLEFIELD,ALVORD &CO. A AW, ts qu 30 @ sha tor | than by | dous shrinkage in these stocks. ‘The bear drive against United Fruit, which began yesterday afternoon and continued this morning, had been very widely advertised. r a week or more the tip had been general that the bears were about to “get after” fruit. These attacks on former o« casions this year have not been at all successful, and it remain: whether the present demonstration will have any more profitable resuits. _— Aetna Explosives Allied 0il Arkansas Big Ledge Roone Ol Tioston and Montana Hoston and Wyoming. jonf umet and Jerome. vrovided quite a The outstanding fact about the con- to be seen Light and (new) (old) Coutinental Trust Company—10 at 10115, AFTER CALL. __Washington Railwsy pfd.—25 at 36, 25 at ik AND F N W ureka Croesus rrell Coal Federal 0il Fensland 0il illiland Oil len Alden Coal lenrock Oil uffey-Gillespie Granada Oil Money—Call loans. 6a7 per cent. Bid and Asked Prices BONDS PUBLIC UTILITY. Bid. American Tel. and Telga. 4s. ... ‘American Tel. and Telga. 43s.. Am. Tel. and Tel. ctl. tr. Am. Tel. and T Anacostia and Potomac b Anacostia and Potomac Gu C. and P. Telephone bs. Capital Traction R. R. 5. City and Suburban 5s Georgetown Gas lst Metropolitan R. K. bs. Potomac Electric Light Potomac Electric cons. s. Potomac Electric Power 8s Potomac Elec. Powee G. Washington Gas 5s. Washington Hercules Paper ... .. Intercontinental Rubber . International Petroleum (new).. Jerome Verde ai (f in LOCAL AND LONG-DISTANCE MOVING SHIPPIN WINTER BUILDING STORAG! 30,000 sq. ft. Finest Starage Space in City, 500 Rooms for Household Goods and Merchand se Expert Packers, Craters & Shipper: rban and Long |ll)|l:l]"1' ‘!I'-'m: 438 U a1 Magma Coppe Maracaibo Oil Mason Valley Merrit Oil Midwest Oii com Midwest il pfd. Midwest Refining MISCELLANEOUS. Riggs Realty 38 (long) Northwestern Oil Omar 0il (new) nok Ol . Perfection Tire Producers and Refiners. Radio com. . Radio pfd. Ray Hercules . Kyan Consolidated . Salt Creek Producing. Salt Creek (new) Sapulpa_co Simms Petrol Skelly Oil Southern_Coai ‘and Tro Bweets Co. of America. Swift International Tonopah Divide Tonopah_Extent United Eestern, an . Light and Heat pfd. nited_Profit Sharing. U. 8. Ship Corporation. S, Steamship. United Retail Candy. nd_ Elec. p NATIONAL BANK. ‘olumbia . Commercial Disurict Lincoln . National Metropolitan Riggs . Becond . ‘Washington TRUST COMPANY. American Security and Trust.. Continental Trus 3 National Savings and Trust. Union . Washington Loan £ SAVINGS BANK. Comme! - Eust W Merchants’ . Becurity Navings Seventh Street Union Savings U. 8. Savings Washington Me Armour Leather com Armour Leather ptd Armour pfd. . Cudahy Packiog - Libby E Y Yes? Then you will want to use our up-to-date. reliable transfer service. We handle all kinds o UE -1 & C 2 Arlington | Taion ‘Carbic - 434 Corcoran G "Paper Mt "mn|l|1‘l’l thater i *Duteh Market com. 0ld Duteh Market bl Lanston Monotype ity Storage . Witiington “Market RECEIVER FOR TRUCK CO. Phone Main 6900. PORTLAND, Me., August 17.—Phillip — . G. Clifford of this city has been ap- | GLEAN, DRY STORAGE FOR FURNITI pointed receiver of the Signal Motor o8 Estimates cheerfully given, pit c fii‘i'é" T%:m:o‘:fl 5 -f.'.‘.’:.':‘ l. d"e?"l"g: SeBIeR) dove. Main 1282 ey = °UNITED STATES STORAGE CO. sustalning a bill for the dissolution of MOVING. BACKIN: TES NS ESbeiNe the corporation, organized under the e < PHONES faiiic 3833 10 5 Firemer 19% of traveling outfits—trunks of Sonal Gaion % all kinds and sizes, bags and TITLE I 4 suit cases, boxes, ctc. ;\mc!e; Title . = BealEaate T ® and packages called for ant SRR MISCELLANEOUS. delivered promptly. Parts RS A phane ua 1o more” Lol Merchants’ Transfer & Storage Co. 920-922 E St. N.W. pa ready for you want them! HARRISBURG, PA. Maine laws and having a plant in De- holders. While business s caused closing of the plant, it claimed, the assets exceed the liabill- ties,