Evening Star Newspaper, August 31, 1921, Page 24

OIL STOCKS. Quotations furnished by W. I.HI‘.M i Anglo-American Of1 Co. (new). —_— FOREIGN EXCHANGE. Selling ehegthnou-r values at noon md-y London sEEE;!: <1 =4 22eae FF &8 REMINGTON TYPEWRITER PROGRESS Forty-eighth Year of the Organization’s Business Life is Made Memorable by Announcement of the Improved Self Starting Remington for Office Use, and the New Remington Portable. The fact that the Remi dard BY A. D. WELTON. Special Dispatch to The Star. CHICAGO, August 31.—There has Dbeen improvement in the banking position throughout the midwest and there are now in the centers ample funds for the legitimate needs of sclvent borrowers. However, financier feel that stronger reserves and lower rates alone will not prove a panacea for all business complaints. They point to tne fact that reduced freight rates on fome articles alone did not serve o iIncrease business. Bank clearings show that business is smaller ns measured by dollars than it was last vear. Even when busi- ness again bulks as much the dol- lar showing will be smaller, for the single dollar does more work than it aid a year ago. Unemploynient shows no diminution #md employers are independent when labor is plentiful. All kinds of busi- nesses: have Lulhdovll)n forc:!.,‘so%gflo‘ R bank’s pay roll has been cu! i initial a year. Efficiency, however, has in i creased. In many retail lines, par. ticularly women's wear and men's full goods, active business is reported. Steel and iron have not responded to lowered prices as yet. Factories are runnirg on short time. Cropgaare moving, but the cash returns are low. Ir. some ‘ines there is a lull charac- teristic of the end of the summer, but ‘|September business 18 expected to be riore significant of future prospects. Better Business Seen, But Progress Is Slow +BY FRANK D. McLAIN, Special Dispatch to The Star. ‘Within the last few months O.he Remington - “writer Company has made two noteworthy contribu- tions to typewriter progress. First, is the improved Self Starting Remington, the ‘sum of 48 years of experience in the manufacture of machines. Sec itk ness conditions generally are improv- { ing in this section, although the rate ! of progress is slow. A generous amount of business is being done in hides and calfskins, and prices those commodities are firm. shoe manufacturers are busy and | well supplied with orders. Jobber: who have been waiting for the trends to develop now are coming into the market with belated orders. The strength of the primary cotton market has stimulated buying of yarns and cotton goods. Still, spin- ners_find it difficult to raise prices an dthere is some hesitancy about making up products at the new and higher range for raw cotton. Full fashioned hosiery mills are now able to work at about 25 per cent of ca. pacity and production is being in-! creased as fast as manufacturers can get skilled help. Prices for full fashioned silk hose are firmly main. tained, and the cotton hosiery mar: ket also has stiffened. It is expected that all labor diffi- culties in the carper and drug_trade will be settled by September 15. The resumption of the mills, which now are working on a moderate scale, has strengthened the raw wool market and more wool is moving into con- sumption. Cooler weather in August has hastened clearance sales to make way for fall goods. There have been weight and a. refinemen| construction involving a mEamlnmde . evidence of the combine ‘The crowning triumph of ¥h proved Sel; :;fkemngwn is the quahty of its work. bunnxnlmongm and carbons but it circumstances. The :kwnu: under all ci 3:“ mhe of mis-operation are so com seems bound to turn out good Do matter how operated. The improved Self Starting Remington is a machine for the expert but not the “Already many wdmmmmp wnlhlvohoan sold and everywhere the buyers are e e et et ————— A nothing but America’s smarlest car e s ce at the price of an ordmmy automobzle is a pencil. The gold nib — —_— — ————e (O — B e where. zp’aans,mnkrz,lm f.o0.b. Kalamazoo Allmodehnowanaverageofssooluothanaymago— actually back to pre-war prices. Wé guarantee the Roamer atthmremarkablenewpflcetobcidnmalhmdctdl > with the models which have won unquestioned recognition among fine motor cars. '+~ Why This Price Is Possible ‘The makers of Roamer parts have agreed to accept reductions of from 109, to 30% on all materials on unfilled contracts. Every Roamer dealer has agreed to accept one-fourth reduction in his regular (always conservative) selling commission for a period of six months. 3 We have agreed to accept-a loss of thousands ot‘dollanonou.rpremtm- ventory by reducing its book value to the lowest estimated worth in 1922. We have further agreed to keep Roamer quality intact; in fact, we have added _ certain refinements at this new price. ] TbeRmmymbnytodlynqflendldlympemrmdeup materials and work- manship. Ithtmly-cutombm!tcarwlnchmllmymmnofmufym(. trouble-free service. 2 arrange value.” Option of color and upholstery wif.h?nt added cost. : BARLEY MOTOR CAR COMPANY, Kalamazo, Michigan’ 'GREER MOTOR CO. 1226 Connecticut Ave., Wasbil_lglon, D. C. 5o - _|MIDWEST BANKING POSITION SHOWS MARKED IMPROVEMENT z [Ample Funds for Legitimate Needs of Local | Made by the Makers of Eversharp The reason you have heard ‘Wahl Fountain Pen is be- cause we are so particular It comes out of the same factory that makes the famous Eversharp, and itis as good a pen as Eversharp strong. It glides smoothly overthesurfaceof thepaper. Get your Wahl Fountain Pen today. Dealers-every- THE WAHL COMPANY, Chicago WAHL FOUNTAIN Solvent Borrowers—No Dnnmutlon Noted in Unemployment sweeping reductions in retail prices at these sales. Rise in Cotton Prices Stimulates Business BY L V. SHANNON. Special Dispatch to The Star. NEW ORLEANS, August 31.—Im- provement in marketing conditions for cotton and the big rise in cotton prices in the last two weeks have re- stored confidence and stimulated busi- ness throughout the entire south. When it is realized that for every cent added to the price of cotton seventy million dollars is added to the pur- chasing power of the south, some idea may be gained of why the effect of the advance is felt in every line of trade here. Local dealers in dry goods say that they have not enough stocks to sup: ply the demand which has sprung up since the advance started, even if they were willing to sell at prices quoted a week ago Wholesalers are placing larger buying orders than at any time this year, as they realize the re- tail buying soon will absorb all wholesale stocks. : Stockyards here report the heaviest receipts of livestock from this and adjoining states that they have had this year. Prices for cattle, however, are very low. Argentina and Japan have bécome active purchasers in the market_for naval stores. Notes of Commodities in Various Centers Coanl PHILADELPHIA, August 31 (Spe- clal).—Retail dealers state that the | smaller domestic sizes of anthracite tcoal have been in little demand for PHILADELPHIA, August 31.—Busi- | domestic use and they and the pro- {ducers have becn compelled to store i broduction in these sizes. Independ- {ents have been reducing prices. | DULUTH, August 31 (Speclal).—A survey of ‘the coal situation in the northwest shows that the supply of | fuel on hand at the head of the lakes inow is sufficient to obviate any {shortage throughout the territory this winter after the close of lake naviga- tion. PITTSBURGH, August 31 (Special). | —Between 3,000 and 4.000 employes of | the Pittsburgh Coal Company will un- dergo a wage reduction of 15 per cent tomorrow. The company is pro- ducing about 50 per cent of the normal amount of coal. Produce. A, Ga., August 31 (Special). i uth Georgia Sweet Potato Growers’ Association has perfccted its { organization and expects to cure and | market about 200,0¢0 bushels of the potatoes during ** “oming season. | PITTSBURGH, Augusl 31 (Special). j—German toys have invaded this ma ket. Representatives of importers with special success. Stores, large and small, have bought, and declare itheir offerings will represent cuts Iranging from 50 to 80 per cent over praise for the is flexible and ———— have thoroughly covered the district | ' recently prevailing prices. 8o low are the German quotations that stores which never handled toys are opening departments. ‘Tollet Articles. NEW YORK, August 31 (Special).— Salesmen will start out late this week to book orders for the regular Christ- mas trade in toflet articles and acces- sories. Buying from wholesalers has responded ‘satisfactorily Tecently to price reductions. Shoea. BOSTON, August 31 (Special).—Up- per leathers are in fair demand and firm in price. Supplies of sole leather, however, are so large that the price for these grades keeps close to bot- cial).—Business in both new and used motor cars has been spotty in this section, but has been light in the gen- eral aggregate. That aggregate has been pulled down by poor business in this city. & on. CASPER, Wyo., August 31 (Special The Midwest Refining Company, a sub- sidiary of the Standard Oil Company of Indiana, has contracted with the Pro- ducers and Refiners’ Corporation to construct jointly a twelve-inch gas pipe line from the Ferris, Mahoney and Wertz fields of the latter com- pany to the Midwest refinery here. The distance is ninety miles and con- struction will begin at once. PITTSBURGH, August 31 (Special). —Refined oil products are in better demand in this city. The gasoline market is brisker, with prices around | 25 cents a gallon. This is from 1 to 4 cents above prevailing figures in nearby towns and cities. | Oysters. BOWERS_BEACH, Del.. August 31 (Special).—Examination of the Dela- ware Bay oyster beds indicates that while® the big “prime” oysters have ot grown rapidly this summer, the s or moderate sized bivalves, | have had a fine year. Prices, it is indicated, .will be reasonable. The gun opening the season will be fired Thursday morning at sunrise. ullens,” Rubbe: NEW YORK, August 31 (Special).— Despite the reports of activity in manufacture, crude rubber is very dull in the local market, with nom-, August and eptember ribbed smoked sheets at 133 cents a pound. inal quotations for spot, Steel SHARPSVILLE, ¥ August (Special he Shenango Ful Company will light stack No. 3 in a week. The Valley Mould and Iron Company will resume operations within ten da: The plants have been idle since January. Cottons. FALL RIVER, Mass, (Special).—No contracts made beyond September present market by cloth manufact- urers here. The market has been very active and mill men are demanding an increased schedule of prices. August 31 are being 30 in_the Drugs. NEW YORK, August 31 (Special).— The market for botanical drugs is gradually improving, as supplies of m.{lr:y"artllclesiare exceedingly small. etter inquiry is noted for hen ’leave! and prices are firm. e Business Toples. PITTSBURGH, August 31 (Special). —Bids received today have opened the eyes of county officials to the extent to which readjustments in commodity prices and labor costs have progress- ed. The estimate for the erection of the proposed Sixteenth Street bridge | rere as high as 33,000,000, but the| bids received today indicate the struc- ture can be completed according to specifications for one-third of that sum. PHILADELPHIA, August 31 (Spe- cial).—Withdrawals have been heav- fer than deposits in the savings ac- counts of the third federal reserve district territory in the last few months, but the deposits still are well ahead of the totals accounted for in August, 1920. The savings reported by twenty-four banks last March to- taled $310,001,78S. The report made this month showed the total decreased to $291,248,162. A large percentage of withdrawals have been invested in securities paying a larger rate of interest than is allowed on savings deposits. There has been a decided in- crease in the number of bonds owned by savings depositors. CHICAGO, August 31 (Special) —in- terviews with manufacturers, jobbers and retailers have served to reveal the fact that if business is active the margin { of profit in many lines of trade is ex- ceedingly narrow. *Our July business netted us $194,” said a retail merchant Wwho nominally does an.annual business of $2,000,000. " “Multiply that by twelve and see what the dividends will be on 2 half million capitalization this year.” NEW YORK, August 31 (Special) Daily airplane passenger service between New York and Washington is expected to start early in September, when a fleet of Fokker planes carrying six pas- sengers and 1,000 pounds of baggage Will be put in comrission by the: Sea- Consolidated Airlines Company. FARRELL, Pa., August 3% (Special Ten hot mills of the American Sheet and Tin Plate Company went into operation | U. this week. ‘YOUNGSTOWN, Ohio, August 31 (Spe- clal).—The wage scale for puddlers for the next two months will be $9.12 a day as against $11.38 for the last Ywo months. The scale is fixed according to the sell- ing price of bar iron. NEWCASTLE, Pa., August 31 (Spe- clal).—It is officially announced that the Standard Steel Car Company plant will resumie in three weeks and 400 men will be given employment at that time. tom figures. It is asserted by manu- facturers that labor costs in the shoe industry still are far too high. Pos Awrtos, SAN FRANCISCO, August 31 (Spe- Washington Stock Exchange. l;acwmu Blectric gmnl mortgage Ge—3$200 w.xnlnm c. u(m_z at 451, 5 at 45%, 5 at 45 Disterns’ Nattonal Bank 10 o 170, Money—Call loans, 6a7 per cent. Bid and Asked Prices BONDS PUBLIC UTILITY. B4, Asked. American Tel. and Telga. 4s. Ameriun Tel. .m nln 4 fil . tr. bt 86 Am. Tel. and Tvl mv 8s. w% 100% Anscostia and Potomac s Anacostia Georgetown Gas It & Metropolitan R. R. Potomac Electric Lighi 893 otor 88 Potomac Flectric Bower i 95 Potomac Elec. Power G M. fs. 961 Alex. ‘and Mt. Ver. 5s.. 25 e Wanhiugton G 77 i Washington Gas 7% 1023 103% Washington Ruy. and % ey wy. and Ele 021 MISCELLA! Riggs Realty 58 (short) 94 STOCKS PUBLIC UTILITY. American Tel. and Teiga 5% 165 American .. Arlington . Columbia_Title Real Estate Title MISCE! Columbia Graphophone ~com olumbia phone pfd C. Paper Merchants Transfer and Biorage Mergenthaler Ol *Duten Market com Old Duteh Market Lanston Monotype Security Storage CURB STOCKS. Quotations furnished by W. B. Hibbs & Co. Aetna Explosives Allied 01l rkansas Bis Leage Boone Ol oston and Boston and Caledonia . Calumet and Jerome . Commonwealth Finance Consoliduted Copper Continental Motors Dominion 011 Durant Motors Elk Basin . Empire Food Engineers’ Petrol Eureka Croesus ‘arrell Coal Federal 0il . Fensland 0il illiland Ofl len Alden Coal lenrock 011 uffey Gillexp 2 Hecla . iy Hercules Pape: 5 9 Intercontinental Kabber - 3 o1 International Petroleum (o 0% 105 Jerome Verde. 5 20 Kay County Ga % 1 Lake Torpedo . 1 Lone Star ¢ 20 Magma_ Copper 19 oil 18 1 i Midwest Oil pfd. 3 Midwest Refining 130 Mountain Producers” . & i 38 ue - 1o m O Omar 01l (new). 1316 Pennok Ofl 4 Per_ection Tire % % 1% = 30 0% 3% oy 3y 2% Swift International 2210 Tonopah Divide . ® Tonopan Extension 13 ted Eastern . 2316 13 Ix 13 2 ] 16 T 70 74 3 5 =% gg!( 8% 7!6 Lot Swil Co. Union Carbide ressed tokeep hem FRESH Rabbitt-Hunter Co. 919 D St. N.W. Washington, D. C. , {ment of Labor e ¢ j[eec 4 4|MIDVST DANKING POSTION _Je e oot oo ACGHFSRN ATHIGHER PRICES Some Trade Comparative* Figures—New York City Near Price Adjustment. BY L A. FLEMMING. Washington Gas -shares monopol- ized the interest on today's session of the local stock exchange, a num- ber of sales being reported on an adg vancing scale from 45% the imme- diate opening, to 45% the closing. This stock has been decidedly strong for a number of days, the offerings being light and increasing only es values are advanced. District National Bank stock at 170 a share furnished the only other stock sale of the session. Polomac Electric general 6s brought Tha rest of the list was entirely nominal and without important change. Charles C. Glover, chairman of the toard of directors of the RIiggs tional Bank, has returned from Y. Harbor, greatly improved in health. Messrs. Crane, Parris & Co. are sending out cards announcing that Y. E. Bocker, jr., a well known locai newspaper man and writer on finan topics, - has become associated organization, Mr. cial with their effective Booker has a amons the bankers und investment interests Washington who wish him well in kis new field of effort. F. A. Linger Heads New Bank. A group of citizens of Woodridge and vicinity met and decided on the formation of a community savings bank to be known as the Woodridge Commercial and Savings Bank. At the meeting Percy Foster, who is interested in the formation of the Bankers' Trust and Mortgage Compan now in process of formation, a dressed the gathering, holding forth on the advantages and possibilities of establishing a branch bank The assembly then voted for the community savings bank. A temporary organization was ef- fected, F. A. Linger being chosen as} president; Charles R. Allen, secretary, and Robert S. Campbell, treasurer. '} “The chairman then appointed a_com- mittee of five, Messrs. Torbert, Wild- pund, Campbell and Linger, to igate the banking situation, on other citizens and report September 1st. s New York Adjusted. It is encouraging when the Federal Reserve Bank of New York can find facts confirming the view that “an advanced stage in the process of re- adjustment has been reached.” “The evidence does not indicate complete price stabilization. One of the groups making up the Depart- index is almost at the 1913 level, while another is two and two-thirds times as high as 1913. “The index of the prices of twelve basic commodities, maintained by this bank, remained ~stationary during July, declined 2.9 per cent during Au- gust, reaching a_point less than 1 per cent above the 1913 average. The in- dex is made up of commodities which change rapidly from day to day. “The decline in prices remains fa in_excess of the decline in credit.” It is interesting to note the extent of the decline in prices of commodities from July, 1920, to July, 1921. Drug prices declined 25 per cent and the sales in dollar values in the same period decreased but a fraction. Shoes were off in the same compari- son 35 per cent. and the sales in dolf lar values 15 per cent. Clothing,_prices declined 44 per cent and sales 35.9 per cent. Hardware values 35 per cent offand sales reduction 41.6 per cent. Groceries were 50 per cent off; sales 43.4 per cent off. Dry goods declined 50 per cent, with 49.6 per cent reduction in sales, dollar values. Machine tools declined 35 per cent, sales off 79.3 per cent. These figures would seem to indi- cate that New York had proceeded far in its adjustment. In the District. The Richmond federal reserve bank! furnishes some trade comparisons, giv ing the figures for the District of Co- lumbia. Percentage of decrease in sales during 1921 under the sales of July, 1920, 4.2 per cent. The decrease in the value of stocks on hand July, 19' . compared with the same period ar ago, 23.9 per cent. There was S120 & decrease of 23 per cent from the close of June to the close of July. The percentage of average stocks on hand July 1, 1921, to the average monthly sales during the same month is given as 434.. Another item shows the percentage of outstanding orders on July &, 1921, to total purchases of mer- chandise, cost price, during the year 1920. Washington answered 7.6 per cent, Baltimore, 9.5 and Richmond, 12.5 per cent. Detailed reports from twenty-five leading department stores in this district, the fifth, show 11.7 per cent less goods in doliar values were sola)) in July, 1921, than during the same month, 1920. The decline of 11.7 per cent in dollar values is the largest decrease reported for any month this vear. Sales in July were 30.1 per cent less than in June. A year ago the decrease between June and July sales was 24 per cent. —_— i WARNING TO TAXPAYERS. Use of “Formulae” in Payments Works Harm. Taxpayers are warned by the inter-d nal revenue bureau against attempt ing to reduce their tax payments by the use of “formula Certain self-styled “income tax ex- perts,” the bureau said, are advising their clients that from 30 to 40 per cent of their excess profits taxes can be saved by the use of “formulae,” such as capitalizing all earnings in excess of the average capital employ ed and setting up this excess amount as good will. Amended returns are filed and the client is advised the matter is closed, the bureau explained, while as a_ result of the misrep- resentation harm is worked both to the government and the taxpayer. § BOURSE PRICES IMPROVE. PARIS, August 31.—Prices showed improvement on the bourse today. Three per cent rentes, 56 francs 50 centimes. Exchange on London, 47 francs 60 centimes. Five per cent, loan, 81 francs 45 centimes. The dol- lar was quoted at 12 francs 77% cen- times. EEv GEasREREREEE