Evening Star Newspaper, September 13, 1921, Page 18

mon to medium. 3.25 to 4.00. Cow: 5.00 to.5.36; fair to good, 3.76 ; common. to medium, 1.50 to OIL STOCKS. Quotations furnished by W. B. lo-American Oil Co. Anglo- on (new) Borne Scrymser e Line 0o, a mand the market advanced on_all prices. Steers—Choice, 3:25 to 8.65; good butcher, 7.00 to 8:08; medium, 5.25 to 6.25; common, 4.25 to 5.2, Heifers—Choice, 6.75 to 7.26; falr to good, 6.00 to 6.50; common to medfum, 5 to 5.50. Bulls—Cloice. 5.60 to ; fair to good, 3.7&'to 4.76; Bom- .- BALTIMORE LIVE STOCK. i BALTIMORE, September 13.—Cat- tle—Receipts for the week ended noon today were 3.006 head, against 4.943 head last week. Receipts. 115 ‘carh)lds for market for the weeka| 5 "With lighter receipts' and active de-! 5. 325, Sheep ana lambsRecelpts for the week ended noon today were 9,809 head, againet 5,376 head last week. Light supply, market higher. Sheep, 1.00 to 4.25. Lambs, 5.00 to 11.00. Hogs—Receipts for the week ended noon today were 8,184 head, against Crescent Pipe Li ‘Cumberland Pij Eureka Pipe Galena-Signal Oil ine Ge. ‘com. td Wi e e b Stendy. Lighta. To1b; | niensigcal Olf - market a 1016 | Titino 1 Will Restore Your Teeth Monium, 1015, Plgs, 9.15. Roughs, | lodiana p,nlf,'e Line Co. 5.00 to 7.50. National Transit Co. . to their former soundness and beauty by the application of the fie dixcoveries. All my dental operations are ahso- s and are performed with the greatest of care and 2l at the lowest cost. Calves—Receipts for the week end. | N ed noon today were 2,036 head, | yortherm bive against 2,016 head last week. Fair supply, market higher on good veals; other grades steady. Calves, 5.00 to 13.00; extra, 13.50. Ga Prairie Pipe Line Solar Refining Co Houthern Pipe Line Co. South Penn. Oil Co.. Southwest. Penn. Pipe Line Co. Standard Oil Co. California. Standard Oll 8t Terms of Paymenmt to Suit—Examination Free Large electrically cocled offices—cleanlineas is one of sur many striking features. ~All work done without the slightest semblance years' experlence. PASSES DIVIDEND ON COMMON BOSTON, September 13.—The direc- tors ‘of the United Drug Company have passed the current 2 per cent quarterly dividend on its common shares. The 1% per cent quarterly dividends on the first preferred and 11, per cent on the second preferred were declared as usual. ’ Reason for passing the common dividend lay in shrinkage of the com- pany's profits, which accompanied marking down its inventories June 30 ta Standard Ojl C Standard Oll Co. Standard Ol Co. OhI 500 to $1 Fillings. In goid, aiiver, ama gam or porcelain. Yacuum 0il Co. ‘Washington Oil PARIS BOURSE HEAVY. PARIS, September 13. ;n Every Evecirg Until 8 0'Clock, and cn Sundays 10 A.M. to & P.M. Ledy OB hasde n sttirdsneo. Al Work Fully Guaraatced for 30 Years. Kindly ‘kcep name and location of our office in your mind. e e P Dr. WYETH, 427-29 7th Street N.W. Opposite Lansburgh & Bro. and Grand Uzion Tea Co. , Largest and Most Thot- Phly Fauipped Parlors in Washington. FPhene Main 7066 {1ast to market prices or lower, in con- | formity with renéral declines in v lnos since the first of the year, Louis K. 1 president, expla. Exchange on London, 51 45 centimes. bat 18 francs 79 centimes. I’s Your Right to Know ~ if Coal Prices are Wrong S the price of anthracite coal unfair? The public is entitled to all the facts: Here are some of them as they relate to the price of anthracite at the mine. Others will follow. ‘ Trace the course of a dollar t today for anthra- cite. The price situation unfolms you go forward. For examile, the minie owner takes the dollar and puts it to worl ‘What Is the Anthracite Producers’ Profit PER TON? The facts as established by the U. S. Federal Trade Commission are published broadcast. They are known to all men. Anthracite owners’ “margins,” according to that authority were less than 39 cents per gross ton in 1918. This represented operations producing 95 per cent of the total tonnage of fresh- mined anthracite. The first call upon it—and therefore mentioned first —comes from mine workers. They take approximately 65 cents of it for wages. Wages are fixed by the 1920 award of the U. S. Anthracite Coal Commission, de- ;Bczezmg that the scale remain in force until March 31, Thirty five cents of the dollar is now available. To be spent how? Fifteen cents goes for various supplies necessary 1;1 mamt;,mmg the mitfie, it; l::li::kers at:l\lcel pumping plants. ot a penny of profit clings to mine owner in these purcg:a. ; The dollar now is down to twenty cents. These gb for insurance, taxes, selling expense, depletion, depre- ciation of plant and equipment—and such uninsurable risks as strikes, mine fires and fl What remains is the “margin” out of which the profit must come. The U. S. Federal Trade Commission says: From 1913 t0 1918 inclusive (covering the war period) margin on which mine owners depended for profit was 42.8 cents per ton. From this had to be paid interest, selling expenses, Federal taxes, etc., before anything was available for dividends. In other words, whatever the price you paid for coal —say $7 to $14—the mine owner on the average never retained more than 43 cents per ton on your total eoai.il:ill. This shows that there were no inflated war-time profits. Today the average “margin” in the anthracite region i “Margin must not be confused with what is often_ does not exceed 60 cents a ton. The operator is for- ! fl“gz;fi S.:l mmmmflggdm tunate whose margin approximates that figure. Only it before the net profitavailable for dividends or a few exceed it, most of them make less, and many are surplus from the operation can be determined.—" operating at 3 loss. o : These desiring further information cam obtain # by addressmg General Policies Committee s : ANTHRACITE OPERATORS 437 Chestnut Street, Philadelphia 8. D. Wosrinr, Pressdant, C. 7. Huber, Presidens, Percy C. Madeira, Presidons, ‘William Collins, President, Lehigh & Wilkes-Barse Cosl Ca. Madeirs, Hill & Co. . Sasquehanna Collieriss Co. W. W. Inglis, President, ‘W. A. May, President, Alsa C. Dodson, President, D. B. Wants, President, Juba M. Hampirey, Puskient W. L. Alies, Presiens, John Markle, Praid W. L. Connal, Presdons, Lebigh Valley Conl Ca. Scranson Coal Compeny Jeddo-Highlgnd Coel Compeny Gresn Ridge Conl Co. ‘WY, J. Richerds, Presidenc, <& & B, Thorns, President, Fita. & Reading Conl & ren Ca. “Thome, Neale & Ca. Prices were heavy on the bourse today. Three per | cent rentes, 56 francs 56 centimes. francs 70 cantimes. Five per cent'loan, 81 francs The dollar was quoted DUE TO THE New York Reports Keeping Pace—B > per and Gr: BY JAMES ALLERTON. Bpecial Di ‘h to The Star. NEW YORK, September 13.—Retail trade, with no_holidays to interrupt it this week, has taken a decided spurt in this section and the stores are full of customers making their autumn purchases. Wholesale buying, espe- clally in the textile trades, has not kent pace, as many cotton goods manufacturers still are withdraw from the market until the trend of the situation in cotton shall have manifested itself definitely. Export business has been brisk in cotton, copper and grain, while the demand for fuel, both for industrial and domestic uses, is increasing dail Steel products are still in slow de- mand, but inquiries indicate that the situation in those manufactures is on the upturn. Automobile sales are above expectations, and this is true not only of cars which have been th objects of recent price cuts, but in the higher priced vehicles. exgeeded in the firat elght months of this year the total for the entire year of 1920. In fact, the borough of Man- hattan alone probably will see more money expended in this way than was put into buildings in the five boroughs last year. Nearhy New Jersey towns have benefited by recent adjustment in freight rates on building material. Building in the Northwest Showing Decided Revival BY L. S. McKENNA. Special Dispatch to The Star. ST. PAUL, September 13.—Building in the northwest has seen a marke revival. Figures compiled today sho: that even although construction slow- ed up somewhat in August the record for the first eight months of this year in this section exceeded by 331-3 per cent the general average for a simi- lar period for the last five years. The total amount of building contraci for in the eight months in Minnesot North and South Dakota, was more than $58,180,000. Contracts for dwell- ings exceeded all others. Directors of the federal reserve bank for this district have deter- mined to maintain the present count rate of 6% per cent, indicating that liquidation is not yet completed in this section. Efforts of the traction company to advance fares in St. Paul and Minne- halted by a temporary injunction oX tained by the two cities. The in- the ruling warehouse commission, on intra-state s' Co-operative Sell- ing Agency during the first four weeks of its existence handled 15 per cent of the live stock marketed at the South St. Paul yards. Pittsburgh Sees Business in Constructive Course BY H. B. LAUFFMAN. Special Dispatch to The Star. PITTSBURGH, September 13.—Busi- ness in this section is traveling along a constructive course. As measured by the movement of freight in this section, there has been a decided im- provement, which promises to con- tinue throughout this month. In August the average daily car move- ment over the central division of the Pennsylvania system was 23,423 cars, an_increase of 500 cars daily over July. The Ptitsburgh and Lake Erie road shows a 10 per cent improve- ment for the period. The view of the retail trade as to the future of business is indicated by the award of a contract by one of the largest department stores for an ad- dition which will cost approximately $3,000,000. This contract was placed despite unsettled conditions in the building trades, where wage scales still are in controversy. Mill schedules have increased in practically every iron and steel cen- ter and_ price shading, while still practiced, is less pronounced than a week ago. Public improvements are being encouraged by a drop In costs and bids on public work. are low enough to encourage individual build- ing operations. Contracts are being %. The building association " \SUPERIOR “Just What the 33%% Discount ON FORD SIZES S made. Note the @ nonskid design the casing—one son why you exslly § over the guaggn mileage. Building in_the greater city has far| apolis from 6 to 7 cents have been crease had been approved by the state | transportation. | Interest on Your Saving: Compounded Twice method for systematic saving. Even government bonds are now selling far below par, while shares in this association can be withdrawn any time at full face value and interest added. One dollar will start your account. Columbia Building Association 716 11th Street N.W. Under Government Supervision Special Sale Until Saturday NON- SKID attain well wso |RETAIL TRADE TAKES SPURT AUTUMN BUYIN Textile Trades Not risk Cotton, Cop-~ ain Exports. arded on cily work at about cent under the original estim Work is being rushed on fifty dwell- ings. per 5. |Notes of Commodities in Various Centers Lumber. NEW YORK, September 13 (Spe- cial).—There has been an increased fir flooring in this district in the last {two weeks. Tement. fER, Pa.,’ September 13 ¢ The plants of the Besse- mer Lime and Cement Company here are operating now at c: turning out more t barrels of cement a an one month LYNN, Mass., September 13 (Spe- cial).—The business is still struggling to adjust labor costs to present day conditions. Those con- ditions have improved materially { since summer, but manufacturers feel | that wages must come down before normal production can be reached. The are no jobber will load up on shoes, the cost of which is based on war-time 1 | FORTESQUE (Spect Hand-line ermen are making a strong effort to secure enactment of state laws which w! | curb the activities of net fishermen on the Delaware bay and contributory streams. It is estineted that Sports- {men spend a million dollars a season { fishing in this vicinity, and the fish, it is claimed, are being rapidly de- pleted by use of loose mesh nets. ptember 13 Paper. l"(QSTU\. September 13 (Special).— Officials of the American Writing Pa- per Company announced today that orders are becoming more numerous and prices are stiffening. They be- lieve the turn for the better has come in the fine writing paper trade. . Jewelry. NEW YORK, September 13 (Spe- cial)—Wholesale jewelers report a somewhat better demand for clocks following a price reduction by many manufacturers. September 13 ich will impose a reduction per cent between Septemebr { 20 to December 31, will enable west- ern growers to market their stock advantageously after the fall round- ups, which are just beginning. FORT WORTH, September 13 (Spe- cial).—Stockmen of Texas suffered a decided setback, when the Mexican railroad placed a temporary embargo on shipments of Texas.cattle. Mex- ico has been a profitable market for the Texas herds this summer and yielded excellent prices. Fi SAN FRANCISCO, September 13 (Special).—There is a heavy demand for peaches, both for canning and shipping. Canners declare a shortage in all lines of canned fruit is im- pending and may be serious_before next season’s crops move. Picking is_beginning in a few sections in muscat grapes for raisins, and is well under way in the seedless varieties. Demand is strong and prices firm. Silk. NEW YORK. September 13 (Spe- cial) —Silk__prices are somewhat stronger this week and business seems on the upgrade. While hosiery and broad silk manufacturers are buying to cover nearby requirements, the volume of business is not large. Produce. SAN FRANCISCO, September 13 (Spe- cial).—There has been a sharp advance in the prices of potatoes in this section owing to a shortage which has developed in the crop. Prices of onions have doubled in the last few weeks and fur- ther advances are anticipated. e b e A controversy between San Fran- cisco and Los Angeles as to which city possesses the most skillful automobile drivers among the fair sex has led to arrangements for a competition to decide the issue. a Year is the world’s safest and best CORD Name Signifies.” TIRE ON OTHER SIZES Wa 5 UPERIOR CORDS are the most flexible tires zlr'ne mo?-lo.“ On rough roads they, take the bumps | Wiight Aero with a maximum of shock absorption, giving you i G greater riding comfort and at the same time elimi- Armour. nating stone bruises. Guaranteed 8,000 Miles thick, of rea- can teed SEgRISEEE 8538258858 demand for vellow pine and Douglas | pacity and are | million { reight rates on | | DIVIDENDS DECLARED. | = BANK DEPOSITS ARE tock ot Am. Wholesale Corp. pf., a.. i H3iT Sept. 1 N 14 1 i Endiiott i $1.25. pi ‘i' Llil i ‘J Endicott Johnson, .2 L. | Endicott * Johmson * pe. 4 y (A $1.75 . Oct. 1 Hendee — « Toiperial ot iperia E e g, 57 seoe. 30| GaiN Between Calls, $1,145.- fal Tobacro Co. B0 mda, interim, 1% Bept. ’” McCrory _ Stores Corp — = .75 Oct. 1 741 Heavy With . .15 sest drawals. Oct. 15 BY L A. FLEMING. Those who predicted a very serious LiE loss in the deposits of local ban x the last previous call of the con Washinoton Stock EXGhame. of the currency for a statement of —— condition, basing their opinion on thes ‘apital ®Traction—1 at decreased number of employes of the e e Ak Salp gton—10 at 180. !govemmem. that natural loss of in- # | genthaler Linotype- at 119%, 2 at|crement during vacation time and the heavy expenditures of the xeason, wers GAI’II;EE F.Q‘I.A'L. 102% entirely wrong. Bton Gas 7i38—8500 at 102%. Bankers have expressed surprise artans R Eaction Be W00 srEIy time and again that deposits have kept piiet Terea 1o ot sak. up as well as they have. o | ional Bank of Washington—10 at 180, The call of June 30 found the ;i:. :ll ‘l,;u'i, ll“(l :l"l‘l:li.“:lb I,.‘lém‘ 10 at 180, of Washington with $166. . 10 at 180,10 at 160, deposits. Between the tw Washington Gas Light—2 at 44%. | Treasury certificates to the ’ Bid and Asked Prices :izs,un».onu Were sold, of $300,000,000. BONDS through July and A PUBLIC UTILITY. months, and the banks o American Tel. and Telga. 3s.... o0~ Asked lat the close of business S “ American TeL and Tolsa: $%s.. 88 8% | had total depo its of $165,140, .. Am. 1. and Tel. ctl. tr. 5s.. 861, &7 |NeL Bain of $i,145.741. A juies 1005 101 | Three new Banks international IAnlcuulll R Klfl- 5 change, Departmental and 1 C. and P. Telephone 50 apital Traction B R 5 =2 the next comparison, but are omit | City and Suburban 5s. o in_this. n Gas Iat 5 7 The savings banks showed the oS =3 largest gain, $652.461.50, most of the 8 institutions reporting saine, whick = may be taken as an evidence of thritg % and, furthermore, would sccm to ba 2 something of an argument in favor T a of the theory that the thrift brikuds | Wasi s is_employed. 1“-::;:::2:| ¥ o l";, The trust companies came through Wash. Kwy. and Elec. G. M. 65, 934 the two months with SCHE S N BonsY posits of $381 374, while ynal | Riggs Realty 55 (ahors z banks showed an increase of bul Wantington Market 2 $68.596. Washington Market a7 The reason f. {'W. M. Cold Storage 5 k3 showing of 1k STOCKS the loss of 1 PUBLIC UTILITY. S BT Rl . | American Tel. and” Teiga...... tirely to the - Capital Traction ERaEe] certifi Washington Gas has it pure | American . ’ Capit Columbin September 13 Securities Sold ! Commercial e Secretary Mellon announces Fatmers combined " issue o Federal cates and thr }:}:‘t"\: oversubscribed. S No announcement has been made as Pisloaal Metoopertes to allotment, but the first orders Second placed were cared for and ords Washington - still coming in. Many banks UST CO! been unable to secur: a suffic American Security and T lotment for their mers Continental Trust - endeavoring to from o more fortunate = That they ar well is eviden n 155 they are in the op:r Dy certificates when i L 147 With call money < 205 and but little cb = manent adva: 3 per cent notes, £ market at all a par borrowinz v American . 230 times, furnish 2 desirable investment Arlington 9 for a bank. The notes are likely to Corcor: us sell at a premium. 4 % Calls for $129,000,000. e TITIIT 3 % s Secretary Mellon Colum tle called upon the nat. Real Estate Title 89 «oe-ling credits arising MISCELLANEOUS. August Treasury v Columbia Grapbophose com- o into their respes federal Teserae o o s banks by Tuesday of mnext Gree nes $129.000.000, being 75 per cent of Merchants’ Transfer and Storag =3 the balance held to the credit of the AcrEentialer Tanoispe TS e e e e Oid Dutch Market com. 8 as they have had the use of : 01d Dutch Market pfa. 9 L s Lanston Monotype . 74 |millions since August 1. e e SRS T After Tuesday the banks will hol Washington Market 2877 | $43,000,000, proceeds of the Au *Ex-dividend. sale, at the rate which they pay o government deposits. 2 per cent. sub- CURB STOCKS. Quotations furnished by W. B. Hibbs & Co. ~12:15 p.m.—~ Aetna Explosives . Allied Oil ‘Arkansas Natural Gas. Caledonia Calumet and Jerome. Carbon_Steel Car Light and Cities Service Cities Service (old). Cities Bervice pfd. Columbian Emerald . Commonwealth Finance Commouwealth Finance pf¢ Consolidated Copper Continental Motors Cressen Gol Davis Daly. Dominion Ol - Durant Motors . FEOFE 8 Intercontinental Rubber = International Petroleum (new).. Jerome Verde Kay Coun! Laky BEaasEER R 08 alann 0 B8 SR Midwest Ol ptd Midwest Refining 1t Sapulpa_com. Simms Petrol . Skelly Oil Southern Coal and Sweets Co. of Ameriea Bwift International Tonopab Divide . ‘Tonopah_Extension Bre m 1B 5 - bl P L el “ United Retail Candy. 1 TUnited Texas . . 12 rren Bros. e Ty 20 2 CHICAGO— rmour Leather com . 12% R Lesther ptd ) rmour L . 9y Cudahy Backisg - i * 6% 961, “i VISIBLE SUPPLY OF GRAIN. NEW YORK, September 13.—The visible supply of grain shows the fol- lowing _changes: 3,359,000 bushels, corn decreased 26: 000 bushels, oats increased 1,947,000 bushels, rye decreased 195,000 bushels, barley increased 509,000 bushels. NEW YOR KSUGAR PRICES. NEW YORK, September 13.—Raw sugar was quie® early today, at 4.36 for centrifugal for Porto Ricos and 486 for Cubas, with no business re- ported. The raw sugar futures market was a little lower under liquidation and trade selling. Prices at midday were 1 to 4 points net lower. Refined sugar was qulet, with de- mend limited. Prices were unchang- ed at 5.6585.65 for fine granulated. Refined futures were nominal.: 3 |each of the banks in the ject to the call of the Secretary of the Treasury. On the Bankers' Building. John B. Larner, president of the District Bankers’ Association, has ad- dressed a letter to the p; ent of and to {others who may be intere: proposed building to sociation, and the and security or; gested by Mr. Larner on his ind tion to office at the 1 vention of the bankers' association. The text of the letter foll “You have undoubtedly given some eonsideration to the question of th proposed building for the Banker: Association of the District of Colum- bia, and are prepared at this time 10 express your opinion of its usefulness and_desirabili or the enlightenment of the com- mittee and others, I am asking opinion on this question of the pres dent of each of our banks. I am 1 pleased at the expressions of opiniong that have already been given me, and I ask for Mr. Reeside, the chairman of the committee, Your hearty co- operation. “A reply will be very greatly appre- ciated. “Very truly yours, “JOHN B. LARNER, # “President of the District of Colui bia Bankers' Association. George W. White, president of the National Metropolitan Bank, was the first to_make reply to Mr. Larner's letter of inquiry, giving his enthusi- astic approval to the idea of a build- ing, properly designed, for the ac- commodation of the association and its members. Local Securities. An unusual series of sales w made on today's session of the loc stock exchange in the transfer of 1¢ shares of National Bank of Washinx ton stock. all at 180 a share The general market was quiet but steady, with sales of Capital Trac tion 5s at 87%, Capital Traction stc at 87 to 86, Mergenthaler at 119% and Lanston at 72. Personal Mention. It is definitely settled that Wash ington's_delegation to the Americ Bankers’ Association convention 5% | 1os Angeles in October will con of Mr. and Mrs. George W. White. and Mrs. B. F. Saul. Mr. and ) Joshua P. Evans and Tom is already in the west. Mr. and Mrs. White will leave to- morrow afternoon. _ $7,500,000 SECURITIES -, - SOLD BY GOVERNMENT Rallroad equipment trust certifi- cates held by the government, valued at par at $7,500,000, have heen sold with the approval of President Hard- ing, it was announced last night by Director General of Railroads Dav The certificates were bought by Kuhn, Loeb & Co. of New York through the War Finance Corpor- ation, which handled the sale for the Rallroad Administration. . The equipment trust certificates, the cor- poration said, bear interest at 6 per cent per year and mature serially from 1928 to 1935, inclusive. The: ‘were sold in equal amounts of $1,500,- 000 of the following railroad com- anies: Atchison, Topeka and Santa ‘e; Chicago, Burlington and Quiney. Norfolk and Western, Central Rail- road Company of New Jersey and Southern Pacific. Sale of the certificates, it was ex- plained at the Treasury, was the first of a series, as the administration is planning to market blocks of as many of the $380,000,000 worth of car trust ‘ securities held by the government ax can be disposed of at par. unds realized from the transactions, it was said, would be turned over to the Railroad Administration for the bene- fit of the railroads. This method of raising the money for railroad benefit Treasury officials declared, would les. sen the amount the War Financ Corporation_would be called upon to supply, if Congress passes the rail¥* road funding bill, by a sum equiva- ¥ lent to that received from sales of car trust certificates. -