Evening Star Newspaper, February 23, 1922, Page 27

FINANCIAL, THE EVENING RATES FOR MONEY HINING ON BONLS_ Furthar Reduction Predicted Should Soldier Matter | Be Deferred. Tocal banking opinion 1is that! should the soldiers’ bonus matter be- BY GUY T. ROCKWELL. Special Dispatch to The Star. CLEVELAND, February 23.—Im- provement in the rubber and steel in- dustries 1s apparent in this territory this week. Reports from Akron, the hub of the rubber fndustry, indicate that steady increase In production has taken plare. The output now has reached a point equal to the peak of last year's production. Steel ingot production in the Ma stabled for the time being all classes "un)n:f: \ul}v mill 1s nk:-rl\-“ d - g . - siightly, and now running betwee of muney rates would come down |5y%na'ss per cent of capacity. Prices further. It is doubted, however, that | generally are firm, but there has been reserve bank rates will be altered |Some shading on bars and sh With orders closed at 1.30 cents F burgh base. One of Cleveland's auto- mobile factories has reached capacity production, another Teports business fully equal to thdt of a year ago, while two others feport that orders are increasing rapidly, and already are i of those for a similar period of 1921. Still another com- pany is contemplating an increase in price early in March. until early spring. The New York Reserve Bank, ac- \cording to the Wall Street Journal, o all probability will take the ini- tiative in marking its rate down to 4 per cent. It is not expected that this action will he taken at this ‘s meeting, however. ¢ York cuts the rate, it result in declines’ in other district The Ohio public utilities comm!s- Action of the Bank of England In at there was an in- marking its rate down to 4% per cent t in the electric is viewed a fact that will hasten Cleveland in January the downward trend here in America. the corresponding 3¢t 1s the cousensus of epinlon that|mionth last year, and this tendency 1s the condition of the federal reserve|noticeable in all the industrial cen- banking system warrants further re- |t of northern Ohio. This 18 be- ductions in bank rates. lieved to be an accurate Indication of Senator Shortridge to Speak. increasing activity. By WA i, evairman of the com- | Heavy Rains Southwest Save Millions in Wheat mittee in charge of the eighteenth an- nual dinner to be given at the New }\'lll'\rd Hotel, Saturday night, nr the Washington Chapter, American Insti- Y ') tute of Banking, that Senator Short By SaITaL. ridge of California would be the speak- | Special Dispatch to The Star. er of the evening. AS CITY, February 2 More than 500 local bankers and their brought refoicing to the whes wives are expected to atgend the din- Y as, where ner, which it is predicted will be one! arly this week broke the £ the most pretentious ever attempted winter droughts on recor by the loc: nization. Roe Fulker- cctions high winds hav son will preside, and, following Si blowing the dry, unpacked soil tor Shortridge’s talk, the floors w and with it the wh cleared and dan¢ing will feature the|rain has stopped this .nd saved mil- remainder of the eveninz. Tickets|lions of acres that were on the verge may be procured from R. Jesse Chaney | of_ruin. &t the Commercial National Bank Business generally in this section Dexter has been assisted in|is marking ti The winter rules making arrangements by the follow-|have ended and the spring busincss 3 t opened up. But, with the M. outlook improved,” an _op- ic feeling prevails among both nd retai nsas oil refiners are protesting against present freight rates, which tiiey ass riminate in favor of Wyoming the Colorado DICK John Norm: William_R. Cox, C. Bo Nagel, Fred Hank well and L. Calvo. Personal. mer, president of the n and Trust Company, w. from Wich merce Commis The oil indust period of pro R of Crane, Parris & Co. are both serving as jurymen in the Criminal Court. _ ashington Stock Exchange of the which, with it { the Citie ub- inde pendent produc it nent field. He said he looked for no decline in prices this spring, as the indications pointed to a constantly iu- creasing demand for refined products. Seatfle Retail Stocks Near Vanishing Point AUL C. HEDRICK. BA Wnshmgwu Gas 531000 at 89, $1,000 at anmc Electric g. m. 6s—$1,000 at 99, SEATTLE, 3 wgain is moving fre fic nprihwest to the ori rs frr-m Japan fell . but for th Ty 1%, ion booked orders for more n twelve million feet for e Thirty fotir per cent of the new ness reportcd by the West Lumbermen's Association livery by water. The total water ship- ment will aggregate 23,000,000 feet, of whie 11,000,000 feet will move ln coastal and intercoastal lanes. rail orders amounted to 1,300 cars. Five buyers from the larg partment stores in th o left for Surope today to buy men's furni ings, house furnishings, toys, leather toilet artic marble, br 1, jewciry, china and glassware. This is regarded as a fine indication of trade betterment northwestern Pacific stores have done little with foreign goods since th armistice. Stocks of merchandise in this sec- tion have been reduced near the i | vanishing point on imported article General_stocks of domestic lines are about 17 per cent less than were on the shelves a year ago. The whole- sale grocery trade is active in all lines with collections reported goood. Bank clearings indicate a gradual upturn in this territory. :1Commodity Reports From Various Sections Cotton. MANCHESTER, N. H, February 23. —It was stated today on good au- thority that the Amoskeag Manufac- turing Company, whose operatives now are on strike, will not recede from its intention to operate on a fifty-four-hour-a-week basis. _The company is in a very strong financial position, with cash assets of about $37,000,000, and consensus of opinion here is that the strike will not con- tinue over a month or six weeks. Dry Goods. CHICAGO, February 23.—Chicago manufacturers _and jobbers have joined in a plan for March sales. Invitations have been issued to buy- ers west and south, and reduced fares have been obtained on the rail- roads. Special displays of spring merchandise are being made ready. rawherries. NS, February 23.— Flas—S$LO00 at 1053 i, abd ref. Ts—$300 at “Miney~Cait Toas, 506 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. and Telga. 4s. American Tel, and Teiga. 4 N Bolf suits Capital Tractior City and Suburban’ Gs 1st 5 Potomac Electric cons. 5 Potomac Electric deb. U g Wash,, Alu ol B e g ‘Wash., 5 STOCKS. PUBLIC UTILITY. American Tel. and Telg: Capital Tractiou ahin; Union Trust ‘Washington Loan Commerce and East Wi Merchants’ Recurity Sav Kevent Stre Inion Savings L. B. Savings CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investmént Securities 510-11 Evans Building ‘Washington, D, C. Main 6189 TITLE olumbia _ Title teal Estate Title MIS Columbia Graphophone Graphophone pfd. PASSES COMMON DIVIDEND. NEW YORK, February 23.—Direct- ors of the National Enameling and Stamping Company today passed the gommon dividend of 6 'per cent an- fually. The regular quarterly divi- dend of 1% per cent on the preferred stock for the current year was de- clared. —_— PARIS BANK STATEMENT. PARIS, February 23.—The weekly the Bank of France decreased 28 treasury deposits fn- 16.000 francs; general de- decreased rancs; advances, decreased 38,750,000 rancs. The state repaid 400,000,000 rancs to the bank. e LONDON BANK STATEMENT. LONDON, February 23.—The week- v statement of the Bank of England hows the following changes: Total eserve increased £206,000; circula- ion, decreased £207,000 bullion, de- reased £982; other securities, increas. $1,000 Life lfl.lllh ance Without Cost ~—1it you save but 30c a day. And m get back all you sav. Learn the surprising detail -) obligations. no cost. Just 1336 N.Y. Ave. publio deposits increased .8 notes reserve increased 2 government securities de- ;eubld ‘kls ,880,000. The proportion of e bank's reserve lD Jiability this is 18.63 ver The i W ‘Tiaewater mills is for de-: RUBBER AND STEEL IMPROVE LEVELAND TERRITORY Fear that the strawberry crop of thi section would be forced 1; fruiting by weather has been_ dispelled by th cold spell of the last few days. good crop now Is assured. Steel. CHICAGO, February 23.—Steel mill In the Chicago district are operating at close to 60 per cent of capacity. Railroads are the heaviest buyers. In land Steel will have its new rail mil under production next week, and 11 linois Steel added another fur: nace, making twelve in operation. Eggn. (‘HI( AGO, February 23.—Fresh eggs dropped to 26 cents a dogen le, the lowest February price . The mild weather has tool- ed the hens into thinking spring has arrived and they are producing ear- lier than usual. PHILADELPHIA, February 23— Eggs are about the only articles of food in this market which are show- ing a reduction in price. Fresh eggs have declined to 30 cents a dozen wholesale, and the price to consumers is from 45 to 50 cents a dozen. Tee. DETROIT, February 23.—The ice harvest in this section practically is over. Local storage houses have been filled, and thousands of tons have been ‘shipped south. The product this year was economically handled. Fruit. Chile, _Februa (Special) Pacific Steam Naviga- tion Company vessels hereafter will carry large shipments of fresh Chile fruit between October 15 and May 15. Test shipments have shown that Chile peiches, melons, grapes, cher- ries, plums, apricots, asparagus and other veget OFFICE ROOMS FOR RENT International Building FORMERLY INTERSTATE BLDG. 1319-1321 F St. N.W. A Few Very Desirable Offices Left Reasonable Rents McKeever & Goss Rental Agents 1405 Eye St. Main 4752 —in all its branches. Let us know your re- quircments. e can serve vou 'HOS. E. JARRELL Main 768 837 Woodward Bldg. SAN ‘K‘L\G(Ml Co-Operative Building Association Organized 1870 424 YEAR COMPLETED Assets ... .$4,365,396.73 Surplos -$1,111,632.98 * The Value of Systematic Savings is in evidence on every side. Our hooks contain the names of thousands of men and women with modest jncomes who have accumulated substantial sums. Subscriptions for the 82d Issue of Stock Being Recelved Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING 915 F St. N.W. Joux JOY EDSON. President P. REESIDE, Sec'y MONEY TO LOAN D. C. Real Estate Funds on hand for first and second trusts; quick and satisfactory service consult our LOAN DEPT. Main 2345 713 14th St. Harrman & Co. MEMBERS: NewYork Stock Exchange 11 Broadway.New York Washington Office COLORADO BUILDING G.B.Chipman Manager AN An Excellent Long Term Investment Providing Safety of Principal and High Yield Series D 7% Gold Bonds To Yield 7.90% Interest earned 7 times THOMAS W. . BRAHANY & CO. Bond Department to early the unseasonably warm STAR, WASHINGTON, the trip to the United States In ex- cellent condition. Paper. BANGOR, Me.,, February 23 (Spe- clal).—The paper mills of the Eastern | writing paper, are working at ca- pacity and the pulp mills at 65 per S | cent of capacity. Last year the out- put fell as low as 20 per cent of ca- pacity. . PORT ARTHUR, Ontarlo, February 23~ (Special).—The plant of _the Kaministiquia Pulp and Paper Com- pany, which cost §450,000, and which. 3 | has boen in operation less than three months, has been sold to George P. Berkley, general manager of the Con- - |solidated Water Power and Paper 1|Company of Wisconsin Rapids, Wis. > Leather. NEW YORK, February 23 (Special). —Conditions in the leather trade here continue to improve, aithough any ‘D. C, THURSDAY, ings. Individual sales remained small, with prices generally steedy. Automobiles. FORT WORTH, February 23 (Sp clal -Automobiles sales in the south- Manufacturing Company, makers of } west are improving and now average about 20 per cent more thap for the similar period last year. Cottons. BOSTON, February 23 (Speclal. The announcement that the American | ‘Woolen Company would not reduce | wages this season undoubtedly has been | instrumental in preventing tae cmmnl mills at Lawrence, Mass, from putting wage reductions in effect. ‘Wool MILES CITY, Mont.,, February (Special).—Eastern buyers now in thi section are offering prices ranging around 36 cents a pound for the wool | remaining unsold in this section and for | the spring clip. Growers here received ! about 22" cents for their product last FEBRUARY 23, 1922 MAIN 3160 b AN MARGIN ACCOUNTS European and offer for sale: s D 885) 821 15tk St., “‘llll‘(-l. D. C. ALL LISTED STOCKS AND BONDS Also Bonds Issued by Cities At most attractive prices from a specula- tive point of view. For instance, we ow Money FINANCIAL. “Ollr" CARIJIED VIENNA Ss at 50c per 1,000-kronen bond. mark bond. AMBURG 1,000-mark bond. HAMBURG 4s at $6.62% per 1,000- 4%s at $0871% per David F. McConnaughey v S e In Any-Sum . Our connections locally and age in other cities enal us to fur- F““t Mortg money in any amount for Washiugton Real Estate En- terprises. 0 Stone & Fairfax “INVESTMENTS” can be se- {182 W. Y. Ave. Main 2424 cured now in amounts of $250 Up to $10,000 The only abolutely safic form ef fovestment yielding such a liberal rate of interest. The same courteous, prampt and efficient consideration given to all ia- vestors. Certified Certificates of Title company each note without cost to ac- is- | —INSURANCE— All Lines—Expert Service bles and fruits complete | ma. rked activity is absent in the deal-| ye: Washington's Oldest National Bank A Bank That Has Com- manded Public Confidence For Over a Century —must satisfy every expectation as to strength, permanence and good manage- The Metropolitan is such a bank. ment. Organized in 1814. National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,500,000.00 15th St., Opposite U. S. Treasury—108 Years Old f[You're invited to avail yourself of the facilities of Washington's OLDEST Na- tional Bank, and profit by the prestige attending good standing at this institution. 3% Paid on Savings Accounts Ofen at 8:30 AM. Every Banking Day Columbia National Bank Capital, $250,000.00 911 F Street Surplus, $250,000.60 Establishing His Crech't —at a good bank is one of the first things the enterprising young business man must do. 1] Columbia National is the business confidant of many “coming” young men of affairs to whom the value of a good banking connection is wisely apparent. 2Z'Tf YOU desire business counsel, talk over your requirements. 3% conditions. Shannon & Luchs First Trusts An Investment —that frees you from worry as to safety, annoyance as to collec- tions or other details, and the ne- cessity of follow-up of stock market or business our officers will gladly Compound Interest Paid on Savings. You can open a Savings Account at this convenient Bank with as On Washington, D. C., Real Estate 713 14th St. Main 2345 untouched by and bave intact their Wartergorks other municipal properties, wiich have ex- actly the same value as before the war, regardless of the exchange rate. g 9%| FIRST 7%= | | = i i i | = Write for Booklet “S.” It's of the property. L Absolute safety. 2. Reliable security. 3. Liberal income. ciation. 6. Prompt payment interest. full at maturity. Safe Investments 1409 New York Ave. re issued by the cities MORTGAGES || The Safest Security on Earth Every mortgage s leas than 507 of the murket value 4. Insurance against Joss, 5. Protection against depre- 7. Repayment of principal i Choice First -Mortgages $100 $250 $500'E| S WILLIAMSS. PHILLIPS = Main 08 | S sbe wni |i1406 H St NoW. I not. BOSS & PHELPS, vestor. Chas. D. Sager 923 Fifteenth St. N.W. Main 36—Losn Cmpt. Main 4340 Finance your plans through the Lincoln National We will gladly make you a loan on approved collateral or endorsement whether you are a depositor here or Lincoln National Ban 7th & D Streets N.W. Freee= = = Prevailing interest and i ]! Joseph I. Weller 29, Money . to Loan andhyflnlde@dumal: The al estate. ion. Than You Are Making onlydraw one from work and one from You want to be then ask for free copy of “(‘g( Tear out thie ad, write ress in margin, ur name a mail to Investment Securities —That’s Our Business For twenty-nine y D. C. real estate. vest or borrow Mortgage Loans 912 Gifteenth Streel Gotablished 1889 . o, Rusk Finot Mortgage Loans % In Corwenient Denominalions Main 6888 Main 2100 Are You Worth More lost men are under-paid. You should draw two — one ment. It's the only vly 2o get ahead. financially ‘pe\dm— the fascinating_human_interest story that tells how. Eleventh editionjustoff the p KRIEBEL & CO. Dot 20 13750, LaSalleSL., Chicags Mortgage Specialists| we have specialized in First Mortgages upon improved If you have funds to in- if you desire to money on improv- ed D. C. real estate on a Fiest Trust—consult us. B. F. SAUL CO. 1412 Eye Street N.W. i in¢ in Washington The first dry reign which ever struck the First Dry Reign salary. invest- White House came dur- ing the administration of Rutherford B. Hays, 1877-1881. Hays was a S s s b S e T real prohibitiontist. Not a drop of wine ever ap- peared_on_the White ears House table. Calm, sober, sane and ambi- tious—the people, not only of Washington but of many other parts of the United States, in- vested during Hays’ administra- tion in the First Mortgage Notes made famous by this old House. i Now, as then, these Mortgages appeal to thesman who wishes to invest his sawings, whether the amount is $100 or $100,000. From President Grant to Presi- dent Harding,people have looked for safety and found the desire fulfilled in our investments. Do you look, also,.for safety? Swartzell Rheem&HenseyCi 727 152 Street NW. e —— e et 0. attracting and distributi of many individuals. solely a market place for nation. are introd An ‘Baltimore Office 433 Equitable Bailding The function of exchanges Exchanges give ten-fold power of service to the dol ; lar, mobility to capital,and flexibility to credit by the combined resources 5 An exchange itself does not buy or sell anything. It is securiti tury, the New York Curb Mukghaa thus served the And Jones & Baker, neatly40% ofwhosemwamnm luced by old customers ate “in; quarters” for New York Curb Exchange stocks. ° Mbmflemrhhmnhmd its development will be sent an request Formore than a cen- \formation head- 7th & Mass., Just Suppose! UPPOSE you were named as executor of a friend’s estate. Do you realize ) the weight of responsibility tobeborne —the investigation of unfamiliar securities and restrictions, the decisions of perhaps ¢ far-reaching consequence to your friends’ dependents, to be made? Put yourself in the other fellow’s place, and *en—instruct your lawyer to name the American Security as your executor. COMMERCIAL—SAVINGS—TRUST 3 % ¢ Interest on Savings 15th and Penna. Ave. HOME SAVINGS BRANCHES 8th & H Sts. N. E. Ave. 436 7th St. SWs