Evening Star Newspaper, October 16, 1921, Page 40

40 A THE SUNDAY STAR, WASHINGTON, D. C, OCTOBER 16, 1921—PART 1 -~ TURNOVERSINWEEK - MAINLY MINOR OILS Financial Markets Fail to Keep Step With the Trade Barometers. NEW \'O‘RK. October 15.— The financial markets this week failed to keep step with the further improve- ment shown by such trade barometers as steel, iron, copper, textiles and oils. Dealings In stocks were more evi- dently of professional origin, and the demand for bonds slackened. A very considerable proportion of the daily turnover In stocks consisted of minor domestic oils, whose irregu- lar movements toward higher levels resulted chiefly from successive ad- vances in prices of crude and refined products. Many Issues Hesitant. Steels, equipments and other issues of like description were hesitant when not heavy or reactionary. The Sep tember statement of the Unlited States Steel Corporation recording the first increase of unfilled tonnage in more than a year seemed to be neutralized by the unfavorable quarter]y report of Lackawanna Steel. Motors, tobacco, rubbers and leath- ers owed their sluggish tendencles to trade conditions, these suggesting a halt in the recent revival of those industries. Sugars suffered addition- al severe depreciation for more or less patent reasons. Heaviness among rails, which later verged upon actual weakness, was ac- centuated by threatened labor trou- bles arising from another proposed cut in wages. Medlation by federal authorities, it was believed, would prevent a crisis. Forelgn Trade Report. The September foreign trade report, in which both imports and exports disclosed a falling of about 50 per cent in comparison with the same month of 1920, merely confirmed fore- casts of informed observers, despite the inereasing outflow of cotton and grains. I Although the reserves now held by federal banks are larger than at any time in the past seven years, money rates held relatively firm. Crop- moving requirements and extensive payments to the foderal government contributed mainly to this condition. Further collapse of the Germ: mark to an unprecedented low le: and concurrent demoralization of ri mittances to central and eastern E rope, including Italy, were the dis- quieting features of the foreign ex- changes. Sterling rallied buoyantly, however, regardless of the more omi- nous aspects of the British industrial and labor situation. —_— ANOTHER LOW FOR MARKS, NEW YORK, October 15.—German marks made another low record to- day preliminary quotations being 0.6775 cents. NEW YORK DRY GOODS. NEW YORK, October 15—Cotton goods were quiet, with prices fairly steady in the gray goods division. Branded lines were quiet, with prices firm. Yarns were firm. Lines of fine dress goods for spring offered out during the | day showed slightly changed prices. Knit underwear was quiet, with large advance sales of athletic underwear. An official state- ment of the burlap shipments from Calcutta to the United States in Sep- tember showed a volume of 86,900,000 yards, or 2,000,000 yards in excess of early reports. Burlap markets were easier. —_— COFFEE MARKET STEADY. NEW YORK, October 15.—Coffee— Rio No. 7, 8%; futures, steady; De- cember 7.64; May, 7.81. Uncommon Values—Liberal Terms Causing a Tremendous Business at Grogan’s Meeting the Demand for a Period Walnut Bedroom Suite That May Be Bought as Separate Pieces Genuine American walnut in Queen Anne design. Con- struction and finish are strictly high-grade in every particular. Every piece is specially priced, and there are but nine suites in all. Bed, $35.00; Dressing Table, $47.50; Dresser, $57.00; Chifforette, $45.00 The four pieces total $184.50—a big reduction from regular prices. Buy the suite, or as many pieces as you want, and you may be sure of getting unusually good value. T his 8-Piece Bed Room Suite ;69_7§ Have It Charged. Special Here is a complete bedroom outfit at a very special price. Solid oak Dresser and Chiffonier with plate mirrors; Steel Bed; Combination Mattress; Reinforced Woven Wire Spring; Pair of Pillows; Oz room economically and well. Oak Chair. A suite like this will furnish your bed- B This Bedroom Suite Walnut or Mahogany 2372 (Use While You Pay) A handsome suite in genuine American walnut or brown mahogany; an attractive design of the William and Mary period; has a beautiful, full size Vanity Case, Large Dresser, Chifforette and Bed. Continuing Our Great Mattress Offer A Very Special Price, With Easiest Terms We are continuing this sale because of the demand for a high-grade layer felt mattress at this unusually low price. We¢ want to give all our old customers a chance. be found at our price. These mattresses are built, layer upon layer, of genuine felt. They are covered with a strong, handsome art ticking and are finished with the durable roll edge. Their unusual resiliency invites restful sleep, and we absolutely guarantee them to There are all kinds of mattresses—there are different qualities of felt. Every one who has seen these mattresses admits our claim to the biggest value that can be exactly as represented. All sizes are here. Remember that we will gladly extend the most liberal credit terms to all who wish to avail themselves of this special bargain opportunity—a fine layer felt mat- so low that you can buy as many as you need, and use tress for $9.85. The price i our liberal credit offer without extra charge. ' Odd Dining Chairs Various styles and finishes % Price 1866 Y This Tea Wagon . $22.50 A period design In American walnut . or brown mahogany: equipped with separate glass tray; mounted- on . rubber-tired wheels, This Desk Table (Convenient Terms) $22.50 A most convenient style, fitted with back rack and long drawe either quartered oak or mahog- any finish. Genuine Mahogany Telephone Stand and Chair $18.75 A Windsor pattern of genuine mahogany; very convenient and ornamental. Peter Grogan & Sons Co. JROGAN'’S 817-823 Seventh St.,N.W. ' Established June 24, 1 (without borders). Gold Seadl Congoleum Rugs Very Specially Priced * 9x12 Gold Seal Congoleum Rugs Sale price.... 6x9 Gold Seal Congoleum Rugs (without borders). Sale price.... 6x9-ft. Genuine Gold Seal Congoleum Art Rugs; nationally advertised at.. $9.75 7%5x9-ft. Genuine Gold Seal Congoleum Art Rugs; nationally advertised at..$11.85 9x10%4-ft Genuine Gold Seal Congo'eum Art Rugs; nationally advertised at. .$16.60 9x12 Genuine Gold Seal Congoleum Art Rugs; nationally advertised at..$19.00 $8.95 $5.95 Sale price. $7.95 $9.85 $13.80 $15.95 This Walnut Dining Room Set (Convenient Terms Arranged) 982 Consists of Walnut Extension Table, with 48-inch top extending to six feet; five Side Chairs and large Arm Chair; all have genuine leather seats. This Living Room Suite (Convenient Credit Terms) 67 Here is an attractive Living Room Suite with heavy frames in colonial pattern, finished in brown mahogany; choice of black or black imperial leather upholstery. Luxurious Living Room Suite § I 79__1_0 (Open a Charge Account) A beautiful suite of massive proportions; comprises a " 6-foot Sofa, roomy Arm Chair and large Rocker; has soft spring seats. The all-over upholgtery is a handsome fig- ured blue and gold velour.. This Rocker (Have it. Charged) $5.45 - A good-looking and very com- fortable Rocker, with broad panel back and saddle ?a mahogany nish. 1921 Odd Bedrocom - Chairs Various styles Special Maimgany Smoker $4.75 An artistic design. with turned legs; strong and nicely finished; a conven- ience every smoker will appreciate. and finishes % Price WASHINGTON WILL ENJOY ITS LARGEST WINTER'S BUSINESS Outlook Never Was More Promising. Broker Offers Plan for Street Railway Merger—Bankers' Club Proposed. BY L A. FLEMING. In less than one month Washington will start on an era of prosperity such as it has rarely known; pros- iperity that will be sustained for |many months and will reach its zenith in the most wonderful Christ- mas season our merchants have ever experienced. o A number of conditions will make this much-to-be-desired prosperity probable. First and of chiefest importance is the international conference on the \limitation of armament. This will bring thousands of delegates from foreign countrfes, with their secre- tar] their stenographers, interpre- ters and the members of their fam- ilies, many of them on their first trip to_the United States. From all sections of our states will come thousands of our own people, to participate in the gayeties and cere- monies of the occasion, to see the noted, foreigners and to be present at the open events of the conference. An estimate has been made of 20,000 visitors and they will be here continuously, probably several months—people who will have money to spend and who will certainly leave it with our merchants when they go home. ‘Twenty thousand is not an inaug- ural crowd, but when the length of the stay is considered, when the further fact that they have not paid all their available cash for the trip here, many having their expenses met with perhaps approximate liber- ality to that permitted the United States peace commission on its visits to Paris, the whole season of shop- ping incident thereto may &pproxi- mate an old-time inauguration ball, parade and reception inaugural, and these, though gone, are pleasant re- membrances for Washington mer- chants and tradespeople. European merchants make the most lavish exhibitions to catch the Amer- ican dollar, and Washington mer- chants should prepare for this trade, perhaps not so generously, but with confidence that the season will be better than ever. Washington savers are preparing to do a big bunch of Christmas buying on their own account, entirely sepa- rate from anything that our many guests, distinguished and otherwise, may do. Christmas savings clubs will have over a million of dollars saved up for the buying meason, and the greater part of it will be spent over counters. Owners are already planning what are going to do with the funds they have been accumulating ear, plus the Yave paid for they that weekly during the long interest that the banks |{the use of the funds. ! Bankers have been worrying not a little during the year, and more es- pecially during the last few months, as to the best Investment to make of these Christmas dollars temporarily intrusted to their keeping. it In the days of call money at 7 to 61 per cent and even higher; in the time of commercial paper at 7°to 8 per cent, and in the period of federal financing, when 6 per cent—later 5% er cent—Treasury certificates were ssued, they furnished an abundance of good income-producing use for temporary funds. But times have changed. A nation has learned the value of - Treasury certificates, and the compe- tition for offerings has resulted in gradual reduction of interest rate until it is probable that Secretary | Mellon, when he next asks for public participation in a certificate and note sale, will reduce the rate 1o 5 per cent or even lower. All of which does not interest the Christmas saver. He will receive back as much of his savings as he desires lus interest, and the total will add to the merchandising busi- ness of the holiday season. - Bankers have expressed the opin- fon that an average of 10 per cent of the savings of a Chrirstmas club member would be transferred to the regular savings account of the bank, perhaps more, but the savings, 1cgs the amount redeposited. will go for the holiday trade, and the merchants will be further obligated to the banks. The third factor in the season's prosperity will come from the very heavy semi-annual interest payments on savings and other interest-bearing deposits. 7 )ltwls a little early to estimate the volume of these payments, but they will exceed $2,000,000, and, while a larger portion of this amount will be reinvested in securities and carried in savings accounts, the merchants of the city will receive a share of it. All in all, it certainly looks as if Washington was in for such a sea- son of shopping as was never known before. And while it is going on merchants will be able to hold some bargain sales with “stickers” if they have any holdovers, but these should ‘be cleaned out early twn.\ce way for the trade- ting stocks. “gvlrlh :I.ll the outlook for business a French merchant would have show windows of marvelous beauty; & Monte Carlo or Nice jeweler would have windows that would tempt the big city bomb-throwers ‘beyond self-con- trol. In all probability some mercharts, confident of the outlook as to the fall, winter and holiday trade have start- ed preparations to meet it. There is, of course, just chance that these pleasant predictions may prove too optimistic, in which event merchants who stocked up might find inventories pressing again as they did a_year ago. z It wiil not be far along in Novem- ber before merchants will be able to gsense this wonderful expansion in business if it §s coming, as antici- ated. “Thll there will be a goud Christ- mas business is practically assured. For a Merger. Richard C. Claughton, a member of the Washington Stock Exchange, of- fers the following simple and ap- parently avallable solution of the problem of a merger between local street rallway companies: Form a new corporation, with a capital of $28,450,000 stock: Allow Capital Traction shareholders $125 a share for their oid stock in new shares; allow the preferred shareholders of the Washington Rail- way and Electric Company, $80 share for their stock In new stock and the common shareholders $50 a share. Capital Traction shareholders would receive $16,000.000 in new stock for their present capitalization of $12,000,- 000; preferred railway shareholders, $5,200,000, and common shareholders, $8,250, These prices are far above the present market values of these se- curities, which are 87%, 59 and 25 re- spectively, On this $23,460,000 of stock Mr. Claughton declares that it would not be a difficult matter to pay 7 per cent; that Traction and Railway pre- ferred would resdily sell to par and that the common would be not far {Irom that level soon after reorganiza- on. . Claughton's plan would not dis- turb the underlying securities of the present companies—that is, the bonded indebtedness—the new company being a holding and operating corporation. He recognizes that the main ob- stacles in the matter of a merger are the salaried positions in connection with the various corporations, the ex- treme difficulty in securing corisent of one set of officials to their own re- tirement, although either would be perfectly willing to permit of the re- tirement of the other—with thanks. It is understood that Mr. Claughton's plan has been considered with favor by the vi’lw Traction officials. \ ng from one set of officials would go & considerable distance in the annual gathering of 7 per cent Personal Mention. H. B. Byrd, general manager of the Fidelity Savings Company, “the Mor- 2| Consolidated Gas this city, and has left for St. to attend the annual convention of the Morris Plan Bankers’ Association, to be held in that city on October 17, 18 and 19. He will address the convention on the 18th. Mr. Byrd will remain in the west for the bal- ance of the week. Cancellation of Debis. On this subject a correspondent of the London Daily Chronicle, quoted by the New York Times, argues that British trade can only recover when the trade in other countries recovers, and that, therefore, Great Britain should take the lead in helping other countries to regain prosperity. “In regard to our allies” he says, “they are all financially indebted to us. Any repayment of their debt or interest on their debt made to us will have an immediate effect on the exchanges, 8o that their foreign pur- chasing power would be lowered. In other words, each payment to us of debt or interest has an effect upon our exports as bad for us as that of a tariff directed against us. Our allies’ misfortune turns out to be also [ unfilled orders repurted our own.” A further consideration which he points out is that it is extremely | broadening of demand ix unlikely that most of the allies, at least within any reasonable time, will have the means to repay their debts; that it is impossible to tell when they | ¢ast of lower rates in will be in position to repay, and in ris Plan” Company of Washington, |hold on the committe has been appointed a delegate from |believe it will bhe favorably receiv Louls {by bankers generally. ousles and rivalries among bankd a club would do away with all t remains. ‘ Daily association, dafly contact w a cred't bureau that may some day| formulated and daily interchango opinions could not but be helpful the banking business. Mr. Spaid holds that a hankers’ c! would immediately take preceden and that membership therein wo be demanded by representatives banking snd allicd interests. Mr. Larner and the committes erally are in favor of a tempor: location for the association and probable co-tenants for the time Y ing, the permanent structure to co when conditions are more favorablel The movement has taken a Stro itself, and th| UNFILLED ORDERS FOR STEEL GROWINS Volume of Business, Ho ever, Not Encouraging. Pig Iron Market Gains. NEW YORK, October 15—While 1} volume of buginess In steel has ni improved as much as many had hope or. the increase in the Corporation has given t more confident feeling & The reduction of freight fron ore is another favor: ture, as it is looked upon all commoditi for w Prices are firm, cspccially the meantime. it is doing harm to|and sheets, and in some quarters ad them and to Great Britain. “If they can repay tomorrow,” he says, “the treasury Discussing then the question whether America would join in an all-round cancellation, he says that even if America should not agree, he debts to Great Britain should be can- celed outright In the financial inter- ests of both England and the allies, and to the promotion of better un- derstanding and good feeling, and adds: “Nor is it likely that if we pur- sued the more generous and surely more enlightened course, the United States could long fall to follow suit. Could she long stand out to her own palpable disadvantage and discredit?” For a Bankers’ Club. Doesn't this sound cosmopolitan? it was one of the Suggestions of- fered during the preliminary discus- John B. Larner, president of the Dis trict Bankers' Association, in con- nection with the proposition for Lousing permanently or temporarily the different financial and security organizations of the city. W. W. Spaid of the committee broached’ this subject. will probably be fifty banks doing business in Washington, practically all members of the District Bankers' Assoclation. Mr. Spaid advances the idea that the Bankers' Club. if organized and housed in its own building, would at once take precedence; that every banker would be found on its register, that every investment banker would be anxious to join, that every bond salesman in Washington would be quick to meet the membership regu- lations. Bank directors would also be eligible. Some of the committee members were not inclined to approve of this view, but on the urge of Mr. Larner that it was the duty of the bankers of today to look after the interests of the bankers of tomorrow, and that unless they, the senlor bankers' 1ook- ed after the interests of the voung men and’ gave them an opportunity of banking and modern methods and helped them in the molding of char- acter, immediately agreed that a club ‘for the junior bankers should be consideréd in any housing plan agreed upon. Mr. Spaid contends that the plan for a bankers' club is sound finan- cially and could readily be financed. It would be in every respect a first- club, properly housed n home, with, in his opinion, a sufficient class of office occupants ready and anxious to take space, practically all available. The City Club rents suflicient store space to carry its building charges, the Racquet Club was made a suc- cess overnight, and, with hundreds of senior and junior banking and other financial interests with prac- tical resources in the hundreds of millions, & bankers' club should be bronght into being in xhort order. The junior bankers would graduate to the senior club as they advanced in their chosen profession, and the senior club would have a. steady growth from year to year. Association with any of the other clubs of the city loses the individu- ality of the banking fraternity The Bankers' Association has done much to do away with the petty jeal- & Following is a summary of the setback to our export trade would | @ noticeable 3 be greater than the benefit to our |Stocks are small the tone of the mar| would still propose that all allied | 3he, 4mount of actual business i Before the end of next vear there|{s, £:50 & to meet each other, to talk and think | vances are anticipated. The demand for pig iron has show improvement, und ket remains firm. Copper Improvement Keeps In copper -the improvement recently has been well maintained| The amount of actual business ha: show continued good expert demand, whild advancing prices have failed to brin out any offerings of o from gecond hands. Manuf. the central west as well those o New England are reporting some im provement in the demand for prod ucts, and increasing activity in this respect has naturally contributed to the generally firm tone rings of electrolytic for October shipment pear to have been pretty well abs ed. Lake copper is quict, but st while casting is in light supply firm, although demand is nearly slons of the committee appointed by | for €xport. Tin is steady, with only a moderat trade, 48 buvers hesitate owing to thel uncertuin change situation und liberal stocks in the far east. ead remains quiet und is still wel under the control of producers, th tone being firm, Zinc is tirm and act 4.60 e, all offerings Louis "having bee withdrawn. Smelters have booked o fully that they are now ou of the market. Antimony is firm on both spot and] future shipment, partly owing to the increased import cos at East St NEW YORK COFFEE PRICES. NEW YORK. October 15.— Thel mquul for coffee futures was ver quict today, with fluctuations corre spondingly narrow. The opening 2 to 8 points higher on a little cover- ing through commission house bro- kers, but prices later eased on reports that some Santos shippers had cepted bids at slight concessions. cember =old off from 7. the market closed net to 1 point higher. Sey ", quiet; Rio 7 a121 ale 4's, part Bourbon, was reported in cost and frelght market at 1125, American credits. Official cables showed Rio 18,000 bags for New Orleans cleared 23,000 bags for States and 500 bags for Canada. SUGAR MARKET QUIET. NEW YORK, October 15 e ra sugar marketl was quict and no sal were reported. Frices were un- changed at 4.00 for centritugal for duty-free sugars, and 4.11 for Cubas. Trading in raw sugar futures was very quiet today, but new low rec- ords were e: selling at local liguidation. sugar, with all refincrs basis of 5.30 for fine g | business was light. There transactions in_refined closing prices wer with December at later months, 5.30. unchapged. March aud’ THE WEEK'S BOND MARKET. fluctuations of the prices of active bonds on the New York Stock Exchange for the week ended yesterday: City of Paris 6s, 192, French government Ss. Government of Switzerland §s Kingdom of Belglum 7les U. k. of G. B. U. K. of G. B. Ul K. of G. B. U. K of G. B. and Ireland 5 Am. Tel. and Te [ Armour & Co. 4 A. T. and S. F. gen. Atlantic Coast Line 7s Auantic Renning %%s, 1931. Atlas Powder 71gs, 1936, Balumore and Onio’ conv. Baiumore and Ohio 68 Haltimore and Ohio S.W. Div. 3%s...0ecs Betnlenem Steel ref. 5s.. Burungton (N. P.-G. N. joint) 6%: Canadian Northern 7s, 1v40. Central Leatner 6 Central Pacitc 48, Chesapeake and Ohio Chesapeuke and Ohio gen. 4%s. Chesapcake and Ohio conv. 5s. Chi., Mil. and St. P. ref. ¢%s Chi, Mil. and St. P. conv. 4% Chicago Northwestern 7s, 1930 Chi,, R. L and Pac. ref. 4s.. ...... Delaware and Hudson s, 1930 Erie gen. lien 4s.... | General Electric 6s. Goodyear Tire and Ri Grand Trunk 7s. ret.. Great Northern 7s. 1936. Illinois Central 5%s.. International Mercantile Marine 6s. Inter. Rapid Transit 1st ref. 5s. Louisville and Nashville T: Mo., Kan. and Texas 1st 4s. Missouri Pacllc gen. 4 New York Central 7s, 1 New York Central del New York Telephone 6 Norfolk and Western cons. Norfolk and Western conv. Northern Pacific 4s...... Packard Motor Car 8s, 1931 Pennsylvania 5s, 1968. ennsylvania 6%s, 1936. ennsylvania 7s, 1930. . Pennsylvania g mort. 4% Reading gen. 4s...... o . St. Louis and San Francisco 4s A St. Louls and San Francisco 6s, 1929 St. Louis and San Francisco inc. 6s Seaboard Air Line ref. 4s. Seaboard Air Line adji. bs. Sinclair Cons. Oil 7%s, 1925 Southern Pacific 1st ref. 4s. Southern Pacific conv. 4s Southern Raflway gel Union Pacific conv. 48 Union Pacific 6s, 192! ity ¥ 'ar. Chemical 7%s, 1932 ‘Wilson & Co. 1st €s.