Evening Star Newspaper, November 3, 1921, Page 30

rso e __ _REDISCOUNT RATE DROPS. Reduction to 5 1-2 Per Cent on All Classes of Paper. ATLANTA, November 3.—The Fed- efal Reserve Bank of Atlanta has announced that the rediscount rate of all classes of paper was reduced from 6 to 5% per cent. Announce- seent by M. B. Wellborn, governor of the bank, stases the action was in line with smilar reductions by federal reserve banks in other dis- tricts and was made in order to im- prove and assist business and agri- cultural interests in that district. “It should be borne in mind.” he says, “that the reserve ratio of the Cold, Frosty —the cheerful heat is a real comfort. Before the fur- nace makes itself felt, the instant effect of warmth where you want it takes the sting air. The radiant heat from the RAY-GLOW is the most desirable form of gas heatihg; so ch_eerful | | and vitalizing, without trouble, odor.or dirt. ‘ ‘The Portable Hot Spot copper reflector gas heater is invaluable in warming the chill corners. § Attach and light it—heat just where it is most desired, at once. “BotSpat™ *RELIABLE" federal reserve banks, as a whole, is higher than it has been in many months. Through this condition we :‘llve been able to make our reduc- on.” Reductions in rates of 1 per cent were sjmultaneously announced by the federal reserve banks at Chicago, St. Louis, Kansas City, and decreases of one-half of 1 per cent by the New York, Philadelphia, Richmond and San Francisco institutions. —_—— NEW LOW FOR MARKS. NEW YORK, Novembsr 3.—German marks today dropped to .48, a new low record. This was a decline of % point from the previous low record, made yesterday. Mornings of a gas heater from the chill Washington Sales Department CAR LOADINGS INCREASE. NEW YORK, November 3.—Cars loaddd with revenue freight in the week ended October 32 were 963,293, or 66,268 more than those of the pre- ceding week, according to reports of the American Rallway Association. Last week's loadings were within 46, 526 cars of the total loadings of the corresponding 1920 week, and only 14,759 less than the total for the cor- responding 1919 week. e ldon L Copper sales, foreign and-domestic, totaled 140,000,000 pounds during Oc- tober. This compares with 97,000,000 pounds sold during September and an We will be glad to demonstrate the effectiveness of these space heaters, and you can pay for your selection in small monthly amounts with your gas bill. 5%, Discount for Cash . average of about 75,000,000 a month during August and July. 1 Gas Light Co. 419 Tenth St. N. W. 1| Special Dispatch to The Star. THE EVENING STAR, WASHINGTON, D. o N C, THURSDAY, ICLEVELAND CREDIT INQUIRIES HAVE INCREASED DECIDEDL Collecfi,ons Also Are Keeping Up Well. I Motor Sales Have Situation Grown Since 1920. Elsewhere. . 1 BY GUY T. ROCKWELL. . Bpecial Dinpatch to The Star. ~ CLEVELAND, November 3.— Em- ployment here showed a slight falling off in October, according to a canvass of 100 large industrial plants by the ! chamber of commerce. The heaviest decreases were among workers hav- ing to do with food products. Em- ployment in those branches showed a loss of 18.7 per cent. Increases were recorded in the lumber, iron and steel, paper and printing and non-fer- rous metal industries. The White Motor Company reported that the October sales were the larg- est of any month siunce June, 1920, and |there has been a steady increase in production at the Fisher body plant, makers of automobile bodies. Depart- ment store.sales for the last month fwere light, being 26.9 under those for a similar period last year, but mer- ichnnls expect a_better business this month as a result of cooler weather. i The number of retail icredit inqui- ries, which is regarded asa barometer of the retail trade, have increased ! decidedly, according to W. H. Gray, jsecretary of the Cleveland Retail Credit Men’s Association, today. Col- lleflluns are keeping up well, he added. Unemglfiyment Situation ! Gains in Kansas City Area BY DICK SMITH. KANSAS CITY, Mo.. November 3.— | The reauction of the rediscount rates from 6 to 5 per cent by the Kansas “ity Federa) Reserve Board today ls Vexpeoted to give impetus to the up- ward climb of business. There has ;'been an improvement in the unem- ployment situation, an increase in the output of heavy manufacturing plants {and record-breaking building opera- tions in the last month. Both whole- sale and retail merchants have ex- || perienced improvement in business. | Coal mineg In this section have re- sumed normal production except in the Kansas field, where labor troubles have not been settled. The advance ’In crude oil prices, which was ac- ! companied by &Yevival in the oil in- dustry in the midcontinent fleld, has been followed by an increase in gaso- line prices of 1 cent a gallon here. ‘The flour mills of this territory are operating at_from 83 to 100 per cent capacity. ~ They produced 2,195,900 barrels in September, an increase of 53 per cent over September last year. Wholesale dry goods trade shows a decided improvement. Prices are |about 40 per cent below those of last |year, but the money value of sales is about the same. Wholesale grocers report that re- BATTFRIFS IN WASHINGTON J. J. Bartra 1204 New Hampshire Ave, N.W. Electric Storage Battery Co., 1823-33 L St. N, Ettenger Battery Service, Imc,, 1417 Irviag St.NW, BATTERIES Bright Lights on the Farm Out on the prairie, in New England valleys, on ons' - mountain sides, thousands of farm homes, churches, schools, and stores are now electrically lighted by the current from Exide Batteries. A large majority of all small electric light and power plants on farms and on yachts are equipped with Exide—the long-life battery. You use an Exide Battery daily—every time you telephone, it is the current from an Exide that sends your voice over the wire. Submarines are propelled under the sea, as are mine locomotives below the ground and street trucks and electric passenger cars on the ground, by Exide Batteries. Exide was the pioneer battery in automobiles as well as in the other fields where batteries are used. The result is a starting and lighting battery of long-lasting power—a matter of real comfort and economy to you in motoring. : When you require a new battery or repairs on any make of battery we hope for an opportunity to show you the calibre of Exide service. ANortheast Battery Shop, 1000 13th St. N.E. Willis B. Robinson, 34 13th St. N.E. Louis M. Stallings, 500 New Jersey Ave. N.W. MARYLAND ‘Takoma Park, Hendrick Motor Company. EXIDE SERVICE VIRGINIA Mitchells, Upperville, telle & Lueious, Central Garage Warrenton, Exide Bat(ery Service Station Factory Branch '1823-33 L St. N.W. sKing George, King George Motor Company i tailers are buying for actual needs lndl STATION vey Carpenter that goods are going directly into consumption. Seattle Retailers Buying Only for Immediate Needs BY PAUL C. HEDRICK. Bpecial Dispatch to The Star. SEATTLE, November 3.—Shingles| have dropped 30 cents a 1,000, and Wheat s Worth 9 cents a bushel less than it was a month ago. Despite those obstacles in the rbad of prog- ress business s moving steadily along toward complete recovery, es- peclally in lines of wholesale trade. Department stores handiing medium and low priced merchandise report j thelr average sales about the same in volume as those for a similar period last year. Staple cotton goods have jadvanced 25 to 30 per cent at whole- sale since September 15. Knit goods have gone up 10 to 15 per cent. Retailers in this territory are buy- ing close at home and.only for im- mediate needs, instead of making long-time commitments for merchan- dise produced in the east.” The de- mand for saddlery leather and shoe findings shows a steady improvement, with prices about 15 per cent above pre-war figures. These goods now are moving freely from Boston. Jewelry dealers have cut prices for recent sules 50 per cent below sched- 5. Commodity Reports From Various Sections | | | Steel. PITTSBURGH, November 3 (Spe- cidl) —The McKeesport Tin Plate Company, the largest of its kind in the world, is now operating all of its forty-four mills on full time. This will continue until January 1, at least. The mills give employment to over 3,000 persons. YOUNGSTOWN, Ohio, November 3 (Special).—The Carnegie Steel Com- pany here is warming up its fifth blast furnace and rushing repairs on a sixth, preparatory to placing them in commission again. It is expected that the fifth furnace will be making iron within a week and the sixth shortly thereafter. . - Sugar. NEW ORLEANS,, November 3 (Spe. clal).—Inability of refiners to mmdke deliveries promptly is proving a great boon to the planters of this state and is creating an unexpectedly good de- mand for Louisiana sugar. The offer of the planters to Sell their product a quarter of a cent under the refiners and allow payment to be made on n installment basis is stimulating busi- ness, and the new crop is moving rapidly. PHILADELPHIA, November 3 (Spe- ctal). — Notwithstanding the low prices for sugar, the Pennsylvania Sugar Refining Company, one of the independents, is thriving and has just acquired additional property on which to build additions to its plant. The company also hss bought an addi- tional pier, making four under its control. —The hide market here is very firm, and while little business is being done, offerings have been scant. The River Plate is reported sold up on frigorific hides to date and asking rates are very firm. Shoes. CHICAGO, November 3 (Special).— Shoe factories in this section are ex- ceedingly busy for the most part. One manufacturer is behind on orders, which have been coming in rapidly. Lumber. NEW ORLEANS, November 3 (Spe- cial).—The orders received in the last week by 130 of the largest lumber mills in this section show a decrease of ten million feet from the average maintained the first weeks of Octo- VIM-O-GEN Yeast Vitamine Tablets Rejuvenate Nervous, Tired Women Hides. ) & NEW YORK, November 3 (Special). | OVEMBER 3, 1921 ber. Prices have held steady, especial- 1y on interior finlshing material, as orders still have been running 20 per- cent above production. There is a feeling, however, that the edge is off the demand for the present and that prices may ease in the near future. . Ceal. PITTSBURGH, November 3 (Spe- cial).—Prices in the Pittsburgh coal |25 market are showing a little softness at this time following the flurry that came with the report of the then im- pending railroad strike. Higher prices are looked for. however. Spices. NEW YORK, November 3 (Special). ~—Cloves, nutmegs and mace are all strong in the local spice market. The white and black peppers are being closely watched, as the amount in transit from primary markets to this country is small. ‘Whent. PORTLAND, Ore., November 3 (Spe- cial).—The port of Portland set a new record for export of grain in October, when 5,133,708 bushels of wheat were shipped for off-shore destinations. These shipments were valued at $6,776,875. The feature of the ship- ments was the amount of grain ship- ped to the orient. Canned Goods. CHICAGO, November 3 (Special).— Prices of canned goods have been ad- justed to lower levels with the ar- rival of the new packs in many prod- ucts. With this increased supply Chi- cago is an attractive market for can- ned goods at low prices. Cottonn, BOSTON, November 3 (Special).— Word has been received here that large orders of cotton yarns have’ been placed with Lancashire spinners | for China. Horrockses, Crewdson & Company, large cotton manufacturers, have increased prices 10 per cent be- cause of the rise in raw cotton. Dry Goods. CHICAGO, November,3 (Special).— Collections ' throughout the middle west are better than for some time, according to credit men of the whole- sale dry goods trade. Men's Clothing. NEW YORK, November 3 (Special). —Overcoats continued this week to Jead the activity in the demand for *n’s clothing. The trade in suits is ver, but wholesalers express con- at there is no cause for nervousness about the future. ‘Wool. BUENOS AIRES, November 3 (Spe- eial) —Briti ket here 0 and_fine cross- |bred wools, and French buyers also ‘have made large purchases. The old Paper. BOSTON, November 3 (Special).— The New England pulp and paper companies have advanced the price on 1bleached sulphite fiber from 5 to 5% )cents a pound. | i e e SHORT-TERM 8| URITIES. (Reported by Kedmoud & Co.) B¢ 5-16 Asked. American Tel and Tel. 6s 1 100 1-1 i American Tel. and Tel. | Americun Thread Co. 65 | American Tobacco Co. 75 1 ‘American Tobucco Co Anaconda C Avglo-Ameri s 19: rs. Roebusk & Co. 78 192 Southern Rai s 192 stern Wes lectric Ts 19: Westing. Blec. & Mfg. 75 1981. heavy on the bourse today. per cent rentes, Washington Stock Exchange. SALES. Washington Gas 7144—$i00 at 108, w%‘:vml Traction 5s—$1,000 at 90%, $500 at Washington Rwy. 6. M. 6s—8$1,000 at 94%. ot B L. deb. S stio0o at 0%, ec. G. M. X . L)— $1,000 at 100%, $1,000 a¢ 100%. % 10 at §7%. 1 at 87%. and Elec.’ com.—3 &t 26, Capital Traction- Washington Rw. at 261, 5 at M? Washington Gas Light—10 at 49, 2 at 49. Washington Ga: If:“h(m'lll 1,000 at 103, s i $1.000 at 103, AT THA31,008 a1 % W ss:."m"m; Rwy. and Elec. pfd—10 at BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. and Telga. 4s. nd Telga, 41gs Tel. and Tel, et American Tel. and T, American Am. T tr. Be.. 90 conv. 6s. 10214 5 Ll Lwy. and d Elec. G. Riggs Realt; R gs Realty 5o (long). Riggs Realty Su (short). Washington Market Washiugton Market 5y W. M. Cold Storage STOCKS. PUBLIC UTILITIE! American Tel. and Telga.. Capital Traction . Rwy. and El Wash, Lwy. N, American al . Washiugton Loan ‘and BAVINGS BANK. Commerce and Savings. Arlington Corcoran T , TITLE . Columbia Title .. oAy Real Estate Title . D90 MISCELLANEOUS. Columbia Graphioplione com..... 3% D. C, Paper Mfg. C H Merdmats' Transfer and Storage Mergenthuler Linotspe 0ld Dutcli Market~ com 0ld Duteh Market pfe Lanston Monotype . Becurity ‘Storage Wasbington Market T. S. TREASURY CERTIFICATES. (Reported by Kedmond & Co.) Rate—Maturity. Deceniber .| | 9 | =3 Bid. Offer. 100316 1003, 100 11-32 100 7-16 1005 1001132 s March 15, s Juse 15, 533 June 1. 51,8 Beptember 15, ril 1 MILLIONS IN GOLD HERE. NEW YOR! November 3.—Gold im- portations by the United States from January 1 to October 20 totaled 593, 06, according to the Federal Reserve Board. In the same period $15.854.902 gold was exported. Silve imports from January 1 were $45.- 606,050, and exports $37.981.990. More than $5000,000 in gold has been brought by 8hips arriving in the last two days. P PARIS BOURSE HEAVY. I PARIS, November 3.—Prices were | Three l 53 francs 95 cen- times. Exchange on London, 53 francs 41 centimes; 5 per cent loan, 80 francs MARKET SPECAL - AND BONDS HEHER Effect of Rate Cutting—Gas Stocks Favorable—Gen- eral Price Gains. BY STUART P. WEST. NEW YORK, November 3. tion in the federal reserve discount scale to 4% per cent in the eastern district, 5 per cent in the west, and 1|5% per cent in the south, came pre- {4 cisely as expected. That the Bank of England should have promptly followed suit and put its discount rate down to per cent was also quite as anti & A, Tt is well understood. of course, that there is a two-fold aspect to this lowering of American discounts. First, it is the proper readjustment to the reserve ratio, which has been rising almost uninteruptedly from i to above 70 per cent, and second, it i in accordance with the avowed pur- pose of the reserve hoard to give the industries of the country the benefit of lower money rates as fast as it was permissiblc. Investments Higher. It was in the bond market and in the investment section of the stock market that the effects of the reserve s chief renewal on call adjusted to the 43 per s was all that happened . In the other 1 which “the United § k the lead. Both li sues sold at the be vear. The spee market has along flerent 1o the urse of ¢ rates. It has not uffered when call funds h, 4 it h comparatively thused wh cased. T e was Tone Is Better. S The general market during the Tt of the time was decidedly stronge the previous v There w lic interest wa tions for th most favore: last week or so—the stocks of chai ticularly Kresg dicott-Johnson, the « . like Corn Products and Sears-Roebuck, me frightened at the strength ol department store group and bi violently. Ice shar stock up <e of the ne were in active demand at highs for Ameriean International. u. corporation at 5 that on August 1 th company ha has jumped months 10 approx means _that could liquidate 1 show en marked down to ubout the same price. Shipping husiness, whiiy it has not 3 e a radical turd Lt for the better, is reported gradually improving. — ———— FOREIGN EXCHANGE. Selling cliecks—dollar values a2 noon todas London" 23% Budspest ..... .1 Parix . P 3 20 centimes. The dollar was quoted at 13 francs 60 centimes. RBrussels Berlin Rome Madrid Stockholm Zurich Amsterdam Athens Belgrade . 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