Evening Star Newspaper, October 8, 1921, Page 16

e : CHANGE FOR BETTER IN MANY i TRADE LINES BEGETS OPTIMISM " General Survey of Justify More Business Seems to Confidence in the Future. BY STUART P. WEST. NEW YORK, October 8.—The inci- dents of the past week have been malinly favorable, taking the situa- tion as a whole. A further advance in oil prices. continued improvement in the posaition of the copper metal ang another enlargement of opera- tions at the steel mills have been the important contributions in the trade movement. They furnish further tes- timony to the change for the better in ihe general business outlook. Three successive advances in oil quo: tations within a ten-day perfod, mak- ing a total increase of 75 per cent, point to a much greater degree of Suoncss 'n the camprign for reducing output than anybody outside of the truuc hau velieved possibie. For the change in the copper industry much credit is due the Copper EXport Asso- clatien, the aetivities of which have made possible the large trading with Germany and Japan, and more re- cently with France, which is mainly accountable for the heavy inroads which have been made into the enor- mous unsold supply of six months ai_o. 'he Steel Corporation is now oper- ating on an_average of 38. per cent. as against 35 a week ago—a very re- spectable gain. Another five-dollar advance in sheet steel prices i scheduled for October 15. In thesd ways it has once more been demon- strated, &s it has so often in the past, that consumers will not buy on a falling market, that the Influx of new buying comes when, after a pro- longed decline, the mills begin to mark up their quotations. The simultaneous recovery in ster- ling exchange, in franc exchunge and in ’r mch government bonds indicates Avail Argonne Terrace.- 1z offering as this. unbelievably low. tional quality of fixtures, in 713 14th St. NW. They are of pleasing red tapestry bric in the kitchen); full width living room; 3 comfortable bedrooms, with wardrobe closet in the master bedroom: tiled bath; hot-water heat and electricity; cement front porch; an excep- |a rather better feoling in financial clrcles regarding the German repara- tions problem. What the baals for this feeling i3, however, has not heen disclosed. 1t may be the negotiutions reported under way between Ger- man manufacturers and merchants and an American banking syndicate for a loan wecured by German mer- chandise. On the other hand, If these promise a successful issue, it is hard to understand why there has not been more of a recovery in the German mark. ‘We still have both in Germany and in Austria the rare spectacle of panic in the shape of a furiqua buying movemeny. The population seeing the currency sink to comparatively noth- ing—measured in outside values—Iis drawing its cash out of the banks and flinging it into &ny form of -invest- ment that can be purchased. Securities are bought, regardless of value, because the purchaser feels that, however unsafe they may be at their present heights, they are a bet- ter chance than cash or bank de- posits redeemable in the currency of the realm. The result is an anomalous situation where, for this army of desperate investors, any rise in the value of the mark at the present juncture would be a calamity. It would surely be followed by a fear- Iful collapse in the inflated security Iprices on the hourse. Against the Improvement which the week has brought in oil and the metal trades must be set, as a depressing in- tluence the extreme weakness in the grain -markets. I'rices of wheat and corn have fallen to the lowest of the season, The export trade is not what it was & while ago, and deliveries from The Surroundings of Argonne Terrace At Sixteenth and Columbia Road N. W. Make It a Location of Sustained Supremacy Argonne Terrace Homes were built by adhering to the sound principle of quality first. A home of the first quality in this unsurpassed location must speak convinc- ingly as to its merit and unparalleled value. An inward glow of satisfaction naturally follows the enjoyment of the possession of a home of the best type and highest grade. ourself of the final opportunity to possess a home of this description at ‘- -One Left Out of Seventeen Built Exhibit House—1652 Argonne Place Open Daily Until 9:00 P.M. WILLIAM S. PHILLIPS REALTOR 1409 New York Ave. N.W. Phone Main 98 4600 to 4608 Eighth St. NW Built by Cahill & Byer : Any number of Washington families have postponed buying a home, waiting for just such an This is_the first announcement of 5 new houses (one has already been sold) of the best location, design, construction and finish in town—with k, 20 feet wide, hardwo cluding a Flemish Glass front door. The Sample House May Be Inspected - Today and Tomorrow - Priced at $7,950-~0n the Easiest Terms Take the Georgia Avenue car to Buchanan Street—walk 1 block east. SHANNON & LUCHS Exclusive Agents negotiations are really far along and: the farms have been exceptionally heavy. It can no longer. beyaaid that the farmers are rushing wheat to market because of the difficyity of ob- taining credits. & They are selling mow bedause they have given up hope of seeing. prices at 2 higher level and are afraid of a still further decline in case thé Argentine and Australian harvests turm out as heavy a8 now are promised, thus bear- ing out the forecasts of a world over- supply. There is no money for the live stock man and the raiser of corn, and very little for the wheat grower under present conditions. This is 4 fact which must be reckoned with seriously in con- sidering the general purchasing power of the country and its bearing upon the general trade outlook. As it looks now, the position in the cotton trade is approaching some- thing of a deadlock. On the onc hand the mills are using up their low- priced staple and will soon have to advance their own prices, in order to cover the increased cost represented by the present twenty-cent raw cot- ton. This may readily Involve a fall- ing off :in the demand for cotton goods, with a similar curtailment of the trade demand for cotton itself. Have Unloaded Stocks. On the other hand, the southern cot- ton growers have unloaded a lot of what they have been carrying all |through the period of depression. They have greatly improved their standing at the banks and will be able to obtain abundant credit if they choose to hold out for high prices, relying upon the shortage as shown by the world's statistics of supply. The stock market, that is the main body of stocks, continues to mark time. It neither gains nor loses any ground to speak of. When we ob- serve that steel common has been i moving for the last two weeks with- in a range of little more than a point we get the proper picture of the mar- ket's immobility. Prices are up enough from the bottom to measure thetrade recovery that has occurred so far. The market is' now waiting to see whether this recovery will go further or not. Meanwhile, the in- vestment demand _continues very keen and, along with the quick ab- sorption of new security lesues, a large number of listed bonds have sold this week at new high points for 921. (Copyright, 1921.) . price and terms almost od floors on first floor (even Main 2345 T%IE EVENING STAR, WASHINGTON, D. C, How to Torture Your Husband. AT Tom, \F You'RE THROUGH W T THE LIGHT INTHE BATH REOM WON'T You' PLEASE TuRN T OUT ? Tom ,'T DOES SEEM TH ME You Coul.D GET ALOMG: WITH FEWER LIGHTS INTHIS Room THE CEILING LAMP O THE READING LAMP, OUR ELECTRIC SimeLy a8 LAST LIGHT BILLS N AWFuUL: Mo TeM, 1 THine. You LEFT THE LIGHT BURNING N THE BASEMENT. WILL You PLEASE « YOU'NE 60T AS WELL AS SATURDAY, OCTOBER 8, 1921—PART Tom! Dovou Krow WHAT You D10 7 You. LEFT THE LIGHT BUuRNING- IN THE HALL CLOSET! ISIT Any WOMNOER OUR. T8Il S ARE 9 —By Webster. T2M ,\WON'P You PLEASE PUT THAT LIGHT OUT AND GO \ou HAVE MO 10EA THE AMOUMNT OF ELECTRICITY YOU CONSUME == READING Iy BED To SLeEP T DIL SHARES FIRM; MARKET 15 SLOW Producers Follow Pennsylva- nia’s Lead—Low-Priced Shares Favored. BY N ART P. WEST. NEW YORK. October S.—Further cather active buying of oil stocks was the main point of interest in the market again today. Outside of this group trading was very dull and prices, while firm, were iittle changed. Some short covering \ppeared in the tobaccos, and two or three specialties of the type of Famous Players and Lee Rubber were bid up. The steels, the equipments and a good part of the railway list were virtually neglected. Yesterday's advance, the third in little more than a week, in crude oil prices was followed by oil operators country. What was quite nt, in view of the fact that Standard Oil took the lead in marking down prices during the time of acute depression, was an increase of a cent a gallon in gasoline ! quotations announced by the Standard il of lidiana. Except for Houston Oil, which ran up with considerable violence, the advances in the oil group were not particularly large. The striking feature, however, was the steadiness with which most of this class of stocks, especially the low priced and medium priced igsuee, were absorbed. Sterling Firmer. Recovery went further in the foreign exchanges, with the excep- tion of German marks. Sterling got above 3.79, at which figure it was up cents in the pound from a week ago. This movement appears to have direct relation to the heavy Ger- man buying which has been going on in all foreign currencies, but which 3 has lately favored the pound rather than the dollar. ‘Wabash Preferred Firm. Wabash preferred came to the front today, rather taking the place that had been occupied Yesterday by Mis- souri Pacific preferred. The reason in both instances is much the same, namely, a decided improvement in recent earnings. The change on the Wabash has, however, been still more violent than on Missouri Pacific. Up to the end of July the Wabash was not earning its fixed charges, but the August statement showed a re- markable gain. Gross earnings rose to $5,406, from $4,863,000 the month before and the net income in- creased from $238,000 to $70%,900. Superior OIl. Superior Oil was one of the leaders in today’s market, which again strongly favors the oil stocks as a group. A stack which in two davs cun g0 up three points, starting from such a low level as is worthy amnnnmm I Price, ington. Boss & Phelps The Home of Homes SHITHRHTITHRRHH A Genuine Individual Col onial Home 1834 Vernon St. N Washington Heights A home in a class by itself. The exterior as well as the interior probably represents one of the finest reproductions of the colonial style of architecture to be found in Wash- New and Open for Inspection I $15,750 1406 H St. N.W. Tel. M. 4340 bl LAmP A DEAR ! 1| PICKED 1T UP FOR #58.25 . DONT You JUST LOVE 1T, Tom 7 of attentlon. Those in & position to Know what is going on inside the company declare, however, that they know of nothing to put Superior up, except the turn for the better in the trade, which is affecting all the oil concerns. The last earnings report, which was for the three months end- ing June 30, showed a deficit of $182 506. But this was after depreciation and depletion, and was not altogeth- er bad, considering it covered the period when the oil industry was at its worst. There is stion of any deal in which Superior might flgure, for the Atlantic Refining Company has an agreement under which a majority of Superior_stocks 18 tied up for two years. Besides, it has a contract to purchase the entire Superior output at going prices With Lee Rubber around its top for the vear gossip is being heard that the dividend rate may be increased The situation iu Lee is one that has been so often told that it should not need repeating, but it is one that is also so pleasing in this bad carnings and poor bu; it is refreshing. Lee. unlike some other rubber and tire companies, cleaned house before the depression in its industry and today is in good financial state and doing an increas- ing business each month. The com- pany has cash and negotiable se- curities on hand of 0000, and is while operating at close to capac sales are going along at a record rate. WEEK’S GRAIN PRICES AT NEW LOW FOR 1921 - CHICAGO, October S.—All grain prices have fallen this week to a new low record for 1921. Heavy supplies on hand threatening to result in se- rious congestion of elevators, appear- ed to be largely responsible, Com- pared with a week ago, wheat this morning was 10% to 12 cents a bushel lower, corn off % to 1%, oats down to 2%, and provisions varyving from unchanged figures to a decline o f 30. Notwithstanding rallies at times owing to a decrease in the stock of wheat afloat on the ocean and be- cause enlargement of the domestic visible supply total was less than in the previous week, the downward sweep of values was practically with- out any decided interruption. With European demand very slow for United States wheat, bears put spe- cial stress on the big stocks at Kan- sas City, and on the possibility of shipments being made from there 1o Chicago. Sharp attention was, t - fore, directed to rgported scarcity of available storage room, especially here and in the south and southwest. In this connection, talk was current of a possible rallway embargo against wheat shipments to New Orleans. Meanwhile, general liquidation by holders took place, and no lasting progress was achieved by speculators, who had hoped for a reaction in view of the severe fall in p Disappointing husking advices tend- ed to retard the decline in corn. Oats were but little affected by suspension of a leading firm in aie oats trade. Provisions weakened with grain. —_— BAR SILVER QUOTATIONS. NEW YORK, October 8.—Forei, bar silver, 713%; Mexican dollars, LONDON, October 8.—Bar silver, BOOST IN PRICE | FELT IN MANY TRADE ARTERIES Business Dispatches Indicate Marked Revival in Industries. Special Dispateh to The Star. NEW YORK, October 8.—Black gold is pouring additional millions of its riches into the coffers of the country. The increases in the price of crude oil, which in some localities have reached 75 per cent in the last ten days, have changed the operations of many engaged in the great basic in- dustry from a loss to a profit and have chased a threatening cloud from the business sky. But the significance of this rehabil- itation of the oil industry is broader | than that, for it 1s based to a large, ‘extent upon the improved conditions | in gcores of other lings of commerce and manufacture. That fact has been made clearly evident by business dis- patches recelved within the last tiwenty-four hours. The oil operators could restrict production to a certaln extent and did =o, but only substantial increase in consumption, due to the speeding up of other lines of business en- deavor, could bring demand and sup- ply cloze emough to win the universal increase in oil prices. The situation also undoubtedly indicates a broader world demand for fuel oil and lubri- cants. Rail Sitaation a Factor. The situation of the railroads also reflects the improvement in the in- dustrial situation. Produce and per- ishable freight are moving in tre- mendously increased volume. Roads bare of refrigerator cars are handling these shipments in ventilated cars and, in addition to inci d_activit in repair work with attendant a tivity and employment in the shops many of the carriers are ordering thousands of new cars to take care of the rush of freight which they foresee. The position of the steel and iron industries grows more assured each day. The advance the price of steel sh previously forecast, will probably b¢ made operative October 15. The heavier steel products are feeling the increased demand and Jarge orders for pig iron are being foundries and consumers at firm prices, Iron and Steel Confidence. So assured seems the iron and ste situation for the winter that the c: riers have requested the Interstate ion to approve a cent in the rates ore, so that sufficient tonnage moved before the closing of ion on the great lakes to en- the mills to meet their demand able 0 and increase their operatione. The situation in wool and the wool- en textile irades may be accurately stimated from the results of the re- icent government wool sales, over 5,000,000 pounds of wool were sold at advances of from 5 to 10 per cent in price. Pottery mills are re- suming all over the east and middle west and are increasing their output. Building operations in nearly every section show not only a decided ad- vance over the records of last year, but continued improvement from week to wee: Wage scales and prices for materials are gradually being read- justed. Lumber orders are running ahead of production, and the mills are speeding up their saws and putting more men to work. The orders which are coming in to many of the shoe manufacturers are in excess of production, and some are readjusting their prices in conse- quence. New Life Into Trade. The first brisk cool fall days put new life- into both wholesale and re- tail trade throughout the entire coun try. especially in drygoods and cloth- ing. Coal also felt the improved de- mand, although shipments have not vet attained normal proportions. The otton textile manufacturers, while tll running energetically on ‘old tocks of raw material, have not vet defined what their policy will be with regard to the operations en cotton purchased at the new prices around the 20-cent level. The low price of wheat already throughout the winter, the betterment in industrial conditions will suffice to give work to the larger part of those now unemployed. :Commodity Reports From Various Sections Coke. UNIONTOWN, Pa., October 8 (Spe- cial).—Decided fmprovement in the coke industry is noticeable in the Connellsville region. In addition to the 310 ovens fired at Mount Pleas- ant, 314 ovens at other plants, long idle, have heen fired. The W. J. Rainéy Company has fired 100 ovens at its Elm Grove plant; American, added 50 ovens; Thompson-Co; ville, No. 2, near Republic, has put on 69 ovens, and the Junior Coke Com- pany fired 24 ovens. Other plants through the region that have been closed for a long time are preparing to resume. Cott NEW YORK, October § (Special).— Prices on wide sheetings. sheets and pillowcases for delivery in December, Januery and February ‘have been ad- vanced between 12 and 13 per cent by one large manufacturer here. Machinery. DETROIT, October 8 (Special). The American Bushing Corporation, makers of automobile parts, announc- ed today it had orders which would double present output for the next few months, at least. Building Material ST. LOUIS, October § (Special).— The price of sand was reduced today 42 pence per ounce; money, 3 per ee,’.". Discount rates, short bills, 4% per cen onth bills, 4% per cent. = CHEAPER T & & Why Stop & Our Artificial Stone Construction Brings Building from $2.25 to $2.05 a ton, which com- ipares with $2.60, the price two years AR Coarse gravel was reduced from HAN BR CKa . Building? L 9& LY to a Pre-War Basis Let our 20 years' experience be of service to you. Three-way builders—% or contract or we furnish material, you do work. EDMONDS CONTRACTING CO., INC. 26th and Evarts Streets N.E. Phone N. 9081 Dealers in CEMENT, ARTIFICIAL STONE, LIME *"'*,,, “ Get Our Estimates Y O —===BETTER T| We Make Anything Out of Cement P and Be Convinced. HAN_BRICK===_ :l:ls had its rEul(‘linn ul:lnn the farmers i W. M. Cold Storage 3s.. n some sections an many grain | I-!rl)\\ré‘\ in the middle west are cut- | 'l',s,TOLCKS ting lown the acreage pk e o PUBLIC UTILITIES. Wheat this fall, ge. planted Americay Tel. unl Telga.’... o1 Unemployment is proving a les: SRRl ) serious problem than was anticipated | and conditions indicate that while| there will be some workers jobless i OF CRUDE OIL; From Many Sections e $2.20 to $2.10 a toy alio fell 16 centa &' ton. D /nder gravel i Toya. ILADELPHIA, October S (Spe- cial).—The first cargo of German tova for the local holl, toys uniosded her, CUAY trade 18’ being i Glass. KAN Pa.. October 8 (Special).—Fires have been started under No, 2 tank of the American Window Glass Company's plant, which had been idle since Jan uary. The Kane Window Glass Cop:- pany's plant, where eight blowine machines were installed during the summer, is expected to be in opera- tion before the end of the month 5:; Pennsylvania plant is in opera- Clothing. SEATTLE, October 8 (Spectal). chant tailors report business very stag nant and decllfe that it is necessary tc advertise salés in order attract adver, to attrac DETROIT, October 8 (Special).—Th- automobile factory of C. H. Willix & Co ix empioying 1,000 men and turning ou thirty cars a'day. The I3 lof the Holmes Foundry | which makes automobile c vlinders opened up this week with sixty men after a closs-down of thirteon mont and other units will be added shortl both at Romeo and Port Huron. — P ce, SOMERSET. Ta., October 8 (Special —The potito crop of this section “:-;;ul aar;‘cr cent below that of last se: 5 Vheat is sh Son. short and corn Notes, CITY, October 8 (Special) o of the Kan o KANSAS ti miners in striking in sympathy wi Alexander their president, in this territory. For the feet thme the miners have withdrawn pump men from the mines. It is claimer by operators that it will be week even befors the mines could be pump- ed out and put in shape for produ. tion, Fewer industriai plants and householders have put in winter sup- plies of coal than ever hefore in the | history of the distriet. Just how severe the shortage will be is de- pendent on the extent to w 1 has been adopted as a fuel. 'l!‘rlnihu?.-:' iers have blamed this substitution for the slowness of the market, say- ing that the low price of fuel oil had caused many such changes. —_— Washington Stock Exchange. Capital Tnzuonf“i‘z:’fiu-,; 25 at 88% Union Trust Company—10 at 11 - Mergenthaler Linotype—l at 120%. AFTER CALL. Washington Gas Light—10 at 48. BONDS Bid and Asked Prices PUBLIC UTILATY. American Tel. and Telgs. 4 bt American Tel. and Telga. 4 . Tel. and Tel. etl® ir. 1 o . s, American Tel. and Tel. cony. Anacostia and Potomac 3s. r. Ir al Tractin R R. 5% City and Suburban Georgetown Gas 1st Metropolitan K. Totoma Wasbington Washington Washington Rwy. Wash. ftwy. and ¥ 1 s Riggs Realty ~hington A whington Market ' | American Capital Columbia Commercial District Farmers aud Mechunis Federal Liberty TRUS' American Security Continentsl Trust 1 National Seveuth Union 4 0, 8. Saviugs % ] Wasliington ~ Meviiunics’ FIRE IN American 30 | Arlingion 9 | Coreoran 5 Firemeu's . E National Taion % TITLE INSURANCE, Columbia Title . % 5 Real Estate & MIS 15l Dute Lanston Mono Security ~Stora S Washington Market . “Ex-dividend. ——————————— H OIL STOCKS. | Quotations furnished by W. B. Hibbs & Co. Closing prices: Bid, Ashd n Oil Co. (mew).. 1% 6 ymser €y 325 Buckeye Pipe Line Co. Cheseborough, Aamutactiriag Co. 1 011 Co. ! Market pid. B0 45 08 Mexi Prairie Oil and tias Prairie Pipe Line Co.. Solar Refiuing Co... | Southern Pipe Line Co. i 8outh Penn 01l Co. | Southwest. Penn. P! 8 | Standard 01l Co. Bwan & Finch Co.. Unfon Tank Line Co. Vacuum Oil C . Washington Oil Co... s FOREIGN BONDS. Quotations furnished by W. B. Hibbe & Oo. Krupp 48 Bad. Aniline 41, Al EL Ges. 4