Evening Star Newspaper, March 27, 1922, Page 20

‘20 LACKAWANNA'S NET UP. NEW YORK, March 27.—The Lacka- wanna road reports its operations.in February resulted in net operating * | result. operating expenses, Jjudtments for joint facility rents and income of only $89,080. The fact that the road's gross receipts held up re- | markably well also contributed to the Its gross operating revenues = for February were $6,072,949, in con- income of $326,515 after deduction of trast to $6.168,813 in February, 1921. taxes and ad-|Probably the largest factor making for the good showing in gross was due to the upturn equipment hire. For February, 1921, |of coal in anticipation of a miners' the company reported net opeérating | strike April 1. in the movement 868 for January, 1821. was shown at $1,329,55 with $1,092,499 in 1921, whil, income stood at $995,840, against $729,067 in January, 1921. -=n ing DOUBLE treat— Peppermint Jacket over Peppermint NEW.YORK, March 27.—The Janu- , report of Western Union Telegraph shows operating revenue of $7.866,742, as compared with $8,857,- Net revenue compared & opera - SELLING PRESSURE ON STOCK MARKET Weakness Acute—Mexican Petroleum Under Sharp Attack. NEW YORK, March 27.—Mexican Petroleum was the central feature at the heavy opening of today's stock | market, declining 2% points in the first few transactions. The reaction Wwas attended by rumors that the Mexican government contemplates another advance in oil export taxes. Other speculative shares were under pressure particularly Beet Sugar, Studebaker, American Ice and Inter- national Agricultural preferred, those issues forfeiting one to two points. Recent irregular movements of rails,. ‘n::;l:"nng l:,qulpn-nem‘s were resuimed, of those groups - erately. B ans e el Sterling and all other leading Euro- pean exchanges were lower, German marks coming within a fraction of llas!fil‘fieek'!tlow record. ng of olls, steels, equipment and motors increased (luqunps m': morning. Mexican Petroleum ex- tended its decline to 3 points, and Gulf States Steel lost 4%. - American Can, Pullman, Baldwin, = General Electric and Bethlehem reacted 1 to 2 points. Sugars, ochemicals and shippings displayed increased heavi- ness, and rails, especially junior issues, were under pressure, Ann Arbor preferred declining 2% points. Merchandising and chain store. spe- clalties were the only stocks to show real strength. - May Department Stores, Kresge and Phillips Jones gained 1 to 3 points Call opened at 4!§ per cent. SeEsY TRADE GAIN IS SHOWN. BALTIMORE, Md, March 27— A recent survey by the export and import board of trade to determine Wwhether foreign sales of raw mate- rials and manufactured goods pro- duced locally have decreased or in- creagsed during the last year showed that different classes of exporters here are unaniméus in the assertion that the first half of last year showed little, it any, improvement in export sales, but that for the last six months & consistent increase has been noticed. With the bettering of conditions THE EVENING STAR, WASHINGTON, D. C; MONDAY, MARCH 27, 1922. WESTERN UNION'S NET UP. SLOW UP IN SHOE AND CLOTHING HITS NEW ENGLAND BUSINESS| s rous s Slack Bu‘ying and Labor Strikes Give Pessimistic Hue to Trading. BY EDSON B. SMITH. Special Dispatch to The Star. BOSTON, March 27.—Business in New England unquestionably has slowed up in the last few weeks and conditions look as though they would be worse before they are better. The two principal New England industries are textiles and boots and shoes. People throughout the country can- not or will not buy shoes and cloth- | ing, the cost of which still is far above the pre-war figures. Manufacturers assert these prices are the result of wage scales, which still are close to the wartime peak. Workers have declined to accept re ductions in wages of 20 per cent in the totton mills of Rhode Island and New Hampshire, and strikes have fol- lowed, which still continue. The big cotton mills at Lawrence, Mass., put a 20 per cent reuuction in effect today and a strike will follow. It is ex- pected New Bedford and Fall River manufacturers may follow suit. The mill executives assert they are not anxious to reduce wages, but say their hands are being forced by the big selling agencies which handle their nuqut!, Cotton goods, and to a lesser Pdegree woolens, they add, cannot be sold on a basis of present costs. The same general situation exists in the shoe business. Manu- facturers say St. Louis and other western centers are selling shoes at retail cheaper than they can be made in New England under present wage scales. Representatives of the work- ers claim the cost of living prevents acceptance of reductions. Says Outlook Is Excellent For Both Fruit and Grain BY LYNN C. SIMPSON. Special Dispateh to The Star. SAN FRANCISCO, March 27.—A continued decrease in unemployment, an increase in building operations, and a widening range of industrial activity characterized the opening of this week in California. Bidding for this season’s crops as yet unmatured abroad and the approach to normal of the rates of exchange, coupled with more effective sales efforts, exporters are encouraged ith the prospects is increasingly in evidence. A paragus is moving to market slowly and prices are high. Crops are somewhat backward, owing to cool Sugar jacket just “melts in your mouth,” then you get the delecta- ble gum center. And with Wrigley’s three old standbys also affording friendly aid to teeth, throat, breath, appetite and digestion. Soothing, thirst-quenching. Mak- ing the next cigar taste better. for future business. In this connec- tion it must be borne in mind that only a very small percentage, of the port’s export trade originates“ocally, the bulk of it coming by rail from the middle west. It is, therefore, de- cidedly encouraging to report that a considerable improvement in traffic at the railroad terminals is being noted. —_— “PENNSY” GOING AHEAD. PHILADELPHIA, March 27.—The Pennsylvania has made unusual strides in earnings, particularly in net, since January 1. According to re- ports in the financial district, from January 1 to March 15 the company earned for that period its full propor- tion of interest, taxes and dividends, with a substantial surplus over. This has been made possible by drastic economies effected in operations of the system. In the past few days there have been rumors in speculative circles scheduled for a forward movement, due to the road's brighter prospects aud the possibility of the dividend being returned to $3 a share. FEAR SPORT SHOE SLUMP. W YORK, March 27.—Although that Pennsylvania stock is| weather, but th. outlook is excellent for both fruit and grain. While labor trouble in the build- ing trades continues in some dis- tricts, there is less disposition on the part of either employers or employes to force the fighting. A scarcity of skilled mechanics is & factor in the situation. Inquiries which have followed the announcement of lower railroad rates indidate a heavy tide of travel. The metal trades are show ing marked improvement in condi- ns, with a gain of 10 per cent in the number employed. The revival of shipbuilding promises further ex- pansion. The dress goods trade is improving and in all other retail lines the outiook for spring is bright. Heavy Rains in Southwest Big Aid to the Cattlemen BY JAMES R. RECORD. Special Dispatch to The Star. FORT WORTH, Tex Long-time loans Yor cattlemen, which went begging ten days ago, have been snapped up in the last few days on every side and a financial situ: tion which was unique and unprece. dented has been relieved. Cattlemen would not accept proffered loans for sales of sport footwear in the last few days have been of good volume, retailers and manufacturers express fear that demand for such shoes is about due for a slump. It is pointed out that introduction of sport shoes five or six weeks before the official opening of the outdor athletic season has made them common property be- fore the season is well under wa: For that reason merchants with an eye on the future are ordering con- servatively of all sport models, with the jdea that a change in demand is bound to come soon and without warning. replenishing their stock even though the interest rate was low and the terms easy, because they had no place | elal).—The tourist | Situation Elsewhere. to the trade. The market is epotty, but has a strong undertone, and is expected to improve next month. Hemp. NEW YORK, March 27 (Speclal).— Mexican sisal fiber is moving off well, but the demand continues to be for moderate quantities. Grpeerien. SEATTLE, Wash.,, March 27 (Spe- wholesale grocery trade continues to improve, due to the in- creased operation of logging camps and lumber mills. Hardware. KANSAS CITY, March 27 (Special). —Richard and Conover, large hard- | ware jobbers here, report an unusual | demand for wire fencing. Not in the last four years have so many orders been received. — i Onio; | BOSTON, March 27 (Specinl).—-! | Onions are scarce in New England since the freezing of the first Texas crop and prices are high. Two_ships are carrying onions here from Egypt, but Texas growers hope to beat the ,Er%);pllan shipments with their second Belting. SEATTLE, Wash.. March 27 (Spe- cial) —The ‘huge quantity of second- hand belting which flooded this mar- ket when the .shipbuilding plants closed has now been absorbed. and business in new belting is reported 50 | Der cent ahead of last year. Chemie: NEW YORK, March 27 (Special).— The fertilizer ‘and insecticide groups | of chemicals show little change in| price, but both are in steady request. Furs. KANSAS CITY, March 27 (Special) —With the season drawing to a close, fur prices in this market are | on the decline and the quality of of- | ferings is deteriorating. Mach! ATLANTA, March 27 (Special).—In- ternational ‘Harvester has taken a long lease on propgrty here and will | erect a $100,000 building. which will | be completed in June. The company has sold four times as many tractors in this district in the last four months as in all of 1921 Automobiles. DETROIT. March 27 (Special).—On April 1 the Ford company will add 000 men to its Highland Park forces and about 2,000 men at River Rouge plant. This means that in April Ford will make about 75,000 cars and 6,000 tractors, FLINT, Mich., March 27 (Special).— Chevrolet Motor is adding about fifty men a day to its forces and is pr ducing 800 motors and 900 axles daily. A night shift has been added. CHICAGO, March (Special) — Farmers living within 100 miles of ! Chicago are sending their live stock to { Chicago yards by motor truck in- stead of train in many instances. Lines of trucks.equipped with special { livestock frames gre being operated. | Steel. CAMBRIDGE, Ohio, March 27 (Spe- cial).—American Sheet and Tin Plate started four more milia at its Guern- sey works today. For the first time | since last November the whole plant is in operation. Flour. SEATTLE, March 27 (Special).— Local demand for flour is much im- to graze or water their enlarged herds. The tremendous rains of last week, in some sections the first good rains in three years. were just what the cowmen had been waiting 'for. The range is turning green, she creeks | and rivers are full and depieted herds | are being restocked. Retail furniture dealers report a heavy increase in sales throughout the southwest. This is attributed 0| not making much impre: the large number of new homes being | prices of coal. $5,000 Life Policy, $57.35 ':(;.u..fl:‘nfl date of h‘;fl:"zr illustration. M LE HOX GOFY, Insurance &aviee: All branches. Room 610. Woodward build!: M. 340. SPIRIN - WARNING! Always say “Bayer"- when you buy When you see the name “Bayer” on tablets, you are getting. genuine Aspirin prescribed by physicians over 22 years and proved safe by millions for Colds Toothache Accept Headache ANeL.lralgiz.l Neuntis * Lumbago only “Bayer” package which contains proper directions. Handy “Bayes™ boxes of 12 tablets cot only a few cents. ' Druggists aleo sl botlen of 24 and 100, Rheumatism Pain, Pain built. Union plumbers here have vol- untarily reduced their wage scale from $10 to $9 a day. The open-shop movement is well under way in four ! big Texas cities—San Antonio, Dallas, Houston and Fort Wort™ Iron and steel salesmen report @ uiries in- creasing and a gain 'in tl. amount of tonnage being shipped to southwest- ern points. Jobbers who cover this territory now have 100 per cent of their salesmen on the road for the first_time in two years. The car lot movément of Texas onions began yes- terday. Commodity Reports i From Various Sections Glnss. PITTSBURGH, March 27 (Special). —Gla#s stocks are low, and a move- ment to place normal supplies ir warehouses would prove a stimulant Fire Automobile Representing several of the loss settlements are prompt. STATEMENT OF TEB CONDITION of the | Nationale Fire Insurance Co. of Paris, France On the 31st day of December. 1021. as re- quired under District_of Columbia Code, amended June 30, 1902, and August 18, 1911, Capital deposit stock ceevs $200,000.00 ASSETS. $83,219.34 ey 1,133,086.00 Stecks and Premiums uncollected and in bands of agents. 229,488.14 Interest due and Secrued 14,623.87 All other assets . 1,710.65 Total assets ..... $1,462,131.50 LIABILITIES. Net unpaid claims $162,963.78 Reserve a8 required by 747,265.49 Salaries, expenses, taxes, e Comiatssions, brokerage, ete. Deposit capital ... All other liabilities: Total lixbilities . ter of busin O as o1° Fire and lightning insurence. year Amount of risk assumed during the 1‘2‘:‘!"” PSS mru.m,w.u Losses sust inj ) g 630,282.17 1921 . . 7 feceived during the year M eied 2 968,280.51 Expended during the year 1921 990,018.51 NAT. FIRE INS. CO. OF PARIS, FRANCE. STARKWEATHER & SHEPLEY, INC., U.'s. Mgrs. s, e 20,000.00 E. G. PIEPER, Vice Pres. and Mgr. Agency Dept. Subscribed and sworn to before me this h dsy of Februsry, 1922, (Beal). JOHN F. HARTNETT, Notury Public. Thomas J. Fisher & Co., Inc. . Insurance Department Plate Glass the world, we are in a position to handle any line of insurance, no | matter how large or how small. We Make a Specialty of Automobile Insurance. Thomas J. Fisher & Co., Inc. proved and orders from Japan are in- creasing. The demand from Hong Kong is quiet because of the strike there, Some orders are being re- ceived from the southwestern Unpited States. c PITTSBURGH, March —The prospect of a miner: (Special) strike is ion on the Good_grade of mine run are quoted at $1.50 to $1.60, by- product at $1.80 to $2, and gas coal up to $2.50 at the mine. | NEW YOR! Prices of currants here are firm, as the stocks are short and recently purchased shipments from abroad i cannot reach this market for a month or more. Pal CLEVELAND, March 27 (Special).—{ It is expected that the output of the eight big paint plants here will total more than $35,000,000 this year. Burlaps. NEW YORK, March 27 (Special).— The burlap market is broadering, with southern bag trade an im- portant factor. Inquiries are in- easing from the west and Cul Rents Burglary Wind Storm largest insurance companies in Rates are fair, and in_case of STATEMENT OF THE CONDITION of the Springfield Fire and Marine In- surance Co. of Springfield, Mass. | On the 31st day of December, 1021, as Te- quired under the District of Columbia Code, amended June 30, 1902, and August 18. 1911. Capital stock .. + §2.500,000.00 Capital stock, paid up. 2,500,000.00 Al Cash in office Cash in bank State mortgages (drst i Real estate mortgages (first lien) Stocks and bonds (market value) Premiums _uncollected and in hands of sgents ... Interest due and accrued. All other assets: Linsuran due on paid losses..s.. Total assets . LIABILITIES. Net unpaid claims Reserve 83 required Salaries, rents, e: $20,384,250.12 . 10,878,927.60 All other liabilities: Unpaid loss expenses. Net surplus ..... “Total liabilitles .$20,384,250. Character of ‘transacied during the year 1921: _Fire, tornado and marine. Amount of tisk asmsumed dur- $2,762,818.428.00 ing the year 1 stained the 6,663,474.78. 12,082,360.19 Bxpended RSN it BULKEY, Vice President. CHAS. M HODERIE. Secretary. o Bubscribed and -wmmm befors me this 14th day of February, 1822 (Beal). [ARLES M. HEIDEL, : Notary Public. My commission expires March 18, 1926. {from one to three inche {of the first ha sugar planters are reported ex- tremely short of bags. Notes. (Special).—A arge amount of home building and construction work is going on in the smaller towns of this section. In this city building laborers and excavators Fave accepted a cut in wages from 673% cents an hour to 571 cents Wreckers have offered to accept & reduction from 54 to 45 cents ATLANTA, March (Special).— American Legion members here have found employment for 200 former service men in the last week out of the 500 who applied. Merchants and civic bodies are co-operating with their efforts. OTTAWA, March 27 (Special).— There has been a resumption of ouf-, door work in Canada and a gratifty- ing decline in the number of une ployed. The iron and steel trades however, still are facing difficult times and the agricultural imple- ment dealers are still finding U farmers very reluctant to buy new equipment. The milling industry still | is in a very satisfactory condition, with the exports of flour being well maintained in quantity, although the fall in price has kept the value of shipments In dollars below that of last year. — Washington Stock Exchange B & 0 ARNIGS SHON AN INGREASE iReport for February Gives Encouragement—Local & Stocks Quiet. | BY L A. FLEMING. Baltimore and Ohio earnings for ! | month of February show a good £ |in gross and resulting i s fying increase net operatinz ra way income. A favorable feat | the report was an increase of $600.1 in the cost of maintenance and equip )l’!l- t. b e of the first of th | 8reat systems to devote more mone: 10 t purpose. ilway gross totaled 3 J over the showing u year ago Net revenue from rallway opera tion was $2.071,125, an increase oved et of the same month of 1Y 062.593 was accomplished by a redur tion in operating expenses in 1t same comparison of $5,348,0; operating revenu , & gain of 3868 made in Febri o2 Washington Rsilway and Electric pfd.—30 at 69%a. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Am. Tel. and cony. 65 tia and Potomue 5 City aud Georgetown ctric cons. ctric deb. . Power g ec. Potw. g. . & Re #h.. Alex. und Mi Ver 5 Bslto. and Au. 5 Gas 5 . Riggs Riggs Realts Washington Market Washington Market W. M. Cold Storage STOCKS. PUBLIC UTILITY, American Tel. and i Capital Tract Waghington Gas Norfolk_snd Wash. Steambwat Wash. aud Eler. com Wash. Rwy. and nfd NATIONAL BANK 180 American 1% Capital Columbia Commercial District . It rmers and Mecha: Federal . S Liberty . Lincoln . National Metropolitan Riggs Second Washing! TRUST CO American Secnrity and Continentsl Trust ... ....... Nationa] Savings and Trost Union Teust ....... B Washington Lean and Trusi . 27 SAVINGS BANK Commerce snd Savings........ 150 Washington - 5, 37 nants S curity Navings and Com venth Street : “nion Savings avings hington Mecha American. Corcoran Firemen's xational Ugion . TITLE Columbia Title Resl Estate Title MISCE Columbia Graphopho raphophone pfd AMfz. Co. Transfer and 3 Mergenthaler Linotspe ... 014 Ditch Markei com. Old_ Duteh Market pfd Monotspe - Security Storage . hington Market . *Ex-dividend. BLOUSE SURPRISES TRADE. NEW YORK. March 27.—Trade in zeneral is expressing surprise at the volume of e season sales of blouses. Cotton merchandise is in chief demand, while silk goods are spotty. Finished stocks of the latter are less plentiful, however, because of curtailed early seasonal production be- cause of high prices. The range of colors displayed for blouses features conservatism, whites, fiésh, orchid and cream being most favored. ~Prices show a tendency to avoid the two extremes of high and low, the $12 and $15 a dozen numbers leading in sales volume. The vogue for tailored skirts id to have created present demand. _— DTTON MARK ~ YORK, March somewhat * irreguiar openimg. first_prices 6 points lower to 1 high er, the cotton market improved rap idly and sold above Saturday’s closing on commission house buying, which was influenced by rains in the east- ern belt. Unfavorable New England strike news ang weaknmess at Liver- pool with New Orleans selling cven- tually chec the rise and carried May oft to 17.61 and July to 17.03, or 6 to 12 points below S; v & Futures opened stead. July, 17.12; October, 16 16.66; January, 16. NEW ORLI March 27.—After advances of 1 to 2 points around the opening today the cotton market fell off under. reporis to local brokers here that the d had been completely broken by rains which in many localities amounted to At the end the session under the ded up to December, If hour of rices were 8 to 10 point close of Saturday. May tr 16.16 and fell back o 16. Futures open quiet. 16.36; July. 1 -90; December, 15.75; January, 15 LIVERPOOL., March = Spot in good demand. but business moderate; prices 2asie good mid- diing. 11.10; fully middling, 10 middling. 10.60; low middling, $ good ordimary, § ordinary, Sales, 10,000 bales, inciuding 8,200 American; receipts, 9.000 bales, ‘in- Ccluding 4500 American. Futures closed quiet; March, 10.26; May, 10.13; July, 10.03; October, 9.79; December, 9.68; January, 9.60. EDUCATIONAL. SP ANIS SCHOOL OF WASHINGTON Profs. from Spain—Conversational Method. Rapid Progress. 131517 F st. n.w. AL —EASTER, APRIL 76 Bring your own material and learn to make your ents and smart and attractive; Ppositions furnished ates; askor booklet. Prof. Livingston’s Academy, 1115 G st. . Franklin 7475. of zoeptional opportunities Biious men 424 women. » fi‘@‘ STER '0'. FOR Day and Evening Classes PACE INSTITUTE 715 G ST. N.W., Corner Sth and G WASHINGTON &z College MUSICAL INSTRUCTION PIANO l“gr.’ RAG-JAZZ | vear notes are now ught in west Texas | Octoher, | | which $3.698 represented the n in tr rtation expen: sperating inco | increased 2 { A. L B The “forum® dinner of the Americ Institute of Banking is scheduled f Thursday €even' B Madrillon restaurant at peaker of the evening w Dinwer. Trimble, cashier of the 1of Washin He will take for | subject of a Clear Examiner no._one | qualified 1 i the form this district Local Whether | stock market was a waiting for the Apr to give it another start thetic feeling with . the the ) 1y publi > res and bond changed h for Railwa ommon, the preferred an 92 for Washington Gas 5=, while Trac tion 5x were steady at nterest Bearing Debt. it of the United State 3 0.26 of ma *h ‘no interest obligations of the gover: Market Slow. was because or because o the New A correspondent asks whether it ible to exchange Victor to. the new 4'3 p ie privilegs expiring with w 4% per cent four ing at 102 Personal Mention. Peter president of thel Merch in New York eity Col. Wade H. Cooper, president of thre. local banks, returned from New York { this’ morning. { An Important Ruling. | A shareholder in a national which has become insolvent mismanagement of directors sue to recover damages for I vidual benefit, says Journal. Th iholders the for the benefit of all concerned anc not the one bringing suit exciusively according to a decision by the £u preme court of Louisiana A stockholder in a national ban which had gone into receiversh | i March ban \TOuR canno s ind j*ued directors for damages amoun -ling to the value of his stock and h pro-rata share of the surplus, claim ing that his loss was due to neglt ence and mismanagement of d: rectors. The court in deciding against himk pointed out that the shares held plaintiff were paid for and the money became the property of the bank and must remain so until its dissolution, its debts paid and distribution of re- mainder of assets made among share- holders. Therefore the loss of capital was the loss of the bank and not « the individual shareholder. Any dam: age resulting wa an asset of the bank and not of the individual. Sec-] B of the United States F granting a cause of ac {the sharcholders did not contemp! {that one of them might sue for hi i exclusive benefit for damages proper {1y belonging to the bank. He might 1 behalf of all shareholde sue any] {directors who were party to mis panagement, but any judgment re would inure to the bauk_ or the receiver as the case might be. But he could not sue in his own behalf] for that which he had no right to withdraw from the bank's capit LOWER PRICES FOR MANY RAIL BONDS NEW YORK. March 27—The bord | market was affected today by thel { heavin; of stocks, losses predomi- {nating throughout the general list in the first half of the session. ‘ Heaviness was shown by Tokio 5s, Chinese Railway 5s, Swiss Ss, Zurich s, Swedish 65, Mexican b5s &nd Uruguay 8= Numerous speculative rails and in- jdustr were lower by fractions to points, Seaboard Air Line adjust- s reacting most sharply with and At v issues were firm and ¥re sican 4= and City of Berg fractions one Libert 3 M 15 re better by . milar gains were made hy Cuha = and $s. Virginia-Carolina Terminal 4x and lowa {Kansas City { cal tractions showed strength v 3d Avenue refunding 4s and s, Interborough Rupid and Public Service of New WOOL MORE ACTIVE. Buyers Still Holding Back on Ac count of Strikes. B BOSTON, March 27 (Special).—The week opened with a slightly more active tone in the wool market, al- ! though manufacturers are holding| ! back pending adjustment b agreements in the garment The spread northward of the shear | ing operations is making more raw | wool, available; but the buyers and G885, | growers still, are far apart on the ressed ideas of price. exghfo and Pennsylvania delaincs @ still quoted nominally at 48a49 cen unwashed, although it is possible 50) might be paid for choice lots. Fin unwashed Ohio is quoted at 385aifl: half blood combing, 42ad4. “GRAIN AND COAL SLUMP. BALTIMORE, March 27.—Grain ex ports for last week were somewha Jower than the average, due to th fact that Saturday was a holiday. th | total of all grains being only 1.468, ! pushels, This was divided as fc Jows: Corn, 1.026.865 bushels 304,433 bushels: barley, 116992 bush els, and oats, 20,000 bushels. Flou exports during the same perio amounted to 1,786 barrels. Coal exports.continue to be ver: light, the bulk of the movement b ing for New England delivery the first twenty-three days of Marc exports of bituminous coal amount to only 20,560 tons. Mediterranea countries took the most of this, 7.0 ton= going to Italy and 6,362 tons The was divi