Evening Star Newspaper, June 1, 1922, Page 29

BY GUY T. ROCKWELL. cial Dispatch to The Star. F‘T}LE\ SLAND, June 1.—Steel produc- tion in the Mahoning valley and in the eveland district 13 being held to about 5 per cent of capacity in consequence f the coal strike. wn coal mines expect to have them roducing before July 1, as theré is ittle confidence that the union mines ill be in a position to ship much coal fore late in the summer. Coal can ines, however, at from $3 to $3.25 a on, or about $1 & ton cheaper than re- ent levels. Youngstown steel eductions of from $1.25 to $1.50 a ton n finished steel products as a result of he 10 per cent cut ordered in freight ates. This cut in rates will help ma- erially in landing foreign business, they Veading paint makers of Cleveland are orking full time and advances in rices are predicted for autumn. Auto- obile production here cantinues at igh speed and tire factories at Akron re turning out fully 85.000 tires a day. The garment industry is optimistic nd manufacturers predict a prosper- jus fall season. Factories are guiet at resent, as this is a between-seasons eriod in the garment trades. rop Outlook and Prices Reassuring to Southwest BY DICK SMITH. ecial Dispatch to The Star. KANSAS CITY, Mo., June 1.—Marked provement continues to be appar- t in business conditions in the uthwest. This condition is based pon the strengthening of market ices for many agricultural products. e crop outlook is bright and prac- cally all wholesale lines report an crease in the volume of merchan- ise sales, although in some- lines, ue to lower prices, the money value the business done is slightly lower an for the corresponding period St year. Dry goods merchants declare gen- al” conditions of this section are rticularly gratifying to them. and y collections have improved ma- rially. Bad roads, due to heavy ins and inclement weather, cut down e volume of business in grocerles the rural districts in April and ay. but business now is picking up tistactorily. [There has been no increase in the ice ‘of coal here as a result of the rike and vards are well stocked e production in the states of the deral reserve district nt of capacity. tuation is better than it has heen many months, and there is every obability that it will continue to prove owing rm labor and increased activity i her industries. Imost Every Industry Shows Marked Progress BY PAUL C. HEDRICK. ial Dispateh to The Star. 1.—Doubts con- rning the future of general busi- ss in the Pacific northwest have en set at rest because of the marked ogress in almost every line of in- stry. Collections in May were bet- r than in any previous month this ar. Foreign trade is improving and ing House Assooiation. We have turned the cor- is now, conservatively eaking. a clean and straight fair- to greatly improved general Liquidation has been ac- mplished in this section without se- < every sort promise well. n costs have nearly followed liq tion of prices and business is stand- firmly on solid ground.” umber_production in the mills of estern Washington and Oregon for e week ended May 27 was 12 per nt above normal, while new busi- ss booked was 10 per cent above oduction. Thirty-six per cent of new business taken during the ek was for shipment by water utes. mmodity Reports From Various Sections Automobiles. June 1 (Special).— tomobile body makers are making 'h heavy demands for prime lumber southern mills in several are taking only conditional One body concern placed ers with four mills simultaneously d got delivery from but one. Cottons. HILADELPHIA, June 1 (Special). is noted in textile tories here and orders are better. ices have been advanced slightly percales, cretonnes and some gher materials. Cotton yarns are er with higher prices, but cotton ods have not fully followed advance raw cotton. Shoes. . NEW ORLEANS, June 1, (Special). wocal shoe jobbers have not yet their men out on the road to ure fall business, preferring to see W spring purchases are liquidated. t trade is light/with factories here ning about 50 per cent of capacity. Rubber. KRON, Ohio, June 1 (Special).— 1215 per cent cut In price of Seiber- g & Portage cord tires went into ect today. Results of this move are ing closely watched by other deal- . although Seiberling only produces out 2,600 tires a day. - ers has determined to bring about reduction of wages approximating per cent by the end of June. Automebile Accessories. BT. PAUL, June 1 (Special).—Many aller factories here are adapting ir machinery to manufacture of tor accessories to take advantage exceptionally heavy demand for h goods. ETROIT, June 1 (Spécial).—Judg- from the manner in which auto nufacturers are placing future or- s, businéss in closed cars at least 1" be mounting untif late in the 1. It takes from six weeks to ‘two nths to put a high-grade body ough the factory, :and larger con- ough July and August. Fruft, 3 AN FRANCISCO, June 1 (Special). pes are being closely held. Both wers and buyers are uncertain as the trend of the markets. Sales e recently range lvun $85 and 0 & ton. EW YORK, June 1 (Special).— ed {n this market and are selling: rgia_peaches are now being re- und $1.10. to $3.30 a carrfer. Dry Goods. - [HICAGO, June 1° —Mer- m&u -not ts here report C ing in_quantity, but demanding handise at lowest prices. are offering: unusual: - 8 to out-of-town’ tradée to-move STEEL PRODUCTION BEING HELD , ABOUT 75 PER CENT OF CAPACITY Steelmakers who ! interests predict to the demand for | a8 are contracting for:materials Youngstown - Interests Predict Reduced Prices for Finished Products as Se- quénce to Freight Rate Cuts. stock af textiles on hand. In some cases ppices quoted are as low as at any time this year. Wool. PHILADELPHIA, June 1 (Special). —Philadelphia wool buyers who have been active in picking up spring clips south are now turning their at- tention west. Prices are strong and advancing. REGINA, Sask.. June 1 (Special).— Advances of 10 cents a pound on wool grading 3-8 blood or higher and 6 cents on quarter blood are being made to growers by the Canadian co-opera- w be purchased at the West Virginia| tive wool growers, which will handle clips of many sheep raisers in Sas- katchewan and Manitoba. Coal. . DETROIT, June 1 (Special).—Coal dealers here have been hit by recent announcement of freight rate reduc- tions. They say large industrial pur- chasers are all awaiting outcome of rate matter and that their business is confined almost exclusively to hand- ling coal previously contracted. Householders are more backward this summer than ever before in laying in supplies. Paper. NEW YORK, June 1 (Special).—A steady demand for all grades of paper has been noted in this market lately. Orders for newsprint have been re- ceived In larger volume and the un- dertone of the market is steady. Hoslery. PHILADELPHIA, June 1 (Special). —Hosiery manufacturers here report excellent demund for stockings for next fall and winter, with a continued demand for woolen stockings and silk and wool mixtures. LIBERTYS FIRM. TRACTIONS SOFT By Special Leased Wire to The Star. NEW YORK, June 1.—United States government bonds again sold at high prices and foreign government exter- jnal loans either gained fractionally jor. as in the cases of United King- jdom and French republic issues, re- imained steady. Domestic railway and |Industrial bonds were more Irregular, {With 2 number of rather sharp changes. In the foreign group, ad- ;vances of a half point or so occurred {in South American bonds. the Mexi- can governments, Belgian Tls and {Norway 8s. Czechoslovakla 8s diop- since the | poq ap rike began has been about 20 per |’ cut 3% points. Strength appeared in_the Carolina, The employment | Clinchfield & Ohlo 5s, Green Bay de- benture Bs, New Orleans, Texas and {Mexico incomes, the Pennsylvania 7s ind Northern Pacific 6s, while reac- ion was evident in Southern Pacific jcollateral 4s, Chicago and Eastern Il- linois 5s, the Eries, St. Pauls, New York Central sccurities, Chesapeake land Ohio convertible 5s and Chicago and Alton 3%s. Greater New York traction bonds were soft. Interborough refunding 5s were close to 59 and the Interborough Metropolitan 43 certificates were about a point lower. Industrial bonds were as active as any other section of the market and imany of the most representative jbonds fluctuated considerably. Public jutility securities were favorites, the iAmerican Telephone_and Telegraph 6s, Consolidated Gas 7s, Kings County Electric Light, Heat and Power 6s of 1997 and Brooklyn Edison keeping strong. —_— Washington Stock Exchange SALES. Washington Rallway and Electric 45—$1,000 1T3%. Lo a T334~ $1.000 2t 7434, $1000 Potomac_Electric deb. s— 85 Capital Tr-cx;‘mf—xsl Seatt0 LA ‘ashington Rail; d — N &: u n“’.‘,‘"’” nd Electric com.—15 ngton Ra E — Rt TOU. 15 at T0Y. 55 e Tore e PrA-—10 Washington: Gas Light—3. at Lanston Monotype—20 at 7, 8. 2 2t 78, 5 at 781, 20 at 78, 200 78,7 CALL. A FTER oyiashington Gas Ti55—$500 at 104, $1.000 at Washington Gas 5s—8$1.000 at 95, 8 1047, $1.000 at asn. el Meérgenthaler Linotspe—1 at 133%. j Capital Traction 5s—$1,000 at 98%;. 1 el’ltf.lllhlll;[.3 Linotype—2 at 13313, 1 at .2 st 1531, | “Capital Traction 55—81.000 at 08, $1.000 at 96, $1.000 at 98. $1.000 ai 98, $1,000 at Potomac Electric ‘cons. 55—$1.000 at 96 Money—Cal loans, 548 per cent. i BONDS. Ji Bid and Asked Prices. PUBLIC UTILITY. Bid. American Tel. and Telge American Tel. and Telga, 4 Am. Tel. and Tel. ctl. tr. m. Tel. and Tel. conv. nacostia and Potomac Anscostia and Potomac gua: O. and P. Telephone 5. C. and P. Tel. of Vs. Gapital Traction R. It » Metropolitan R. R. Potomae Electric ist Potomac Electric cons. Potomac Electric_deb. Potomac Electric Power g. m. | Bot. Elec. Pow. g m. & ref. 7 a Wash.. Balto. Washington G Washington G Washington Rwy. a | Wasi. Rwy. and Elec. MISCELLA! Riggs Realty 3s (lon Riggs Realt ] W. M. Col F43 ¥ PUBLIC UTILITY. American Tel. and Tel Capital Traction American Capital Becond Washinj TI American Security and Tru East Washington Security - Saving Heventh Street . © 160 14 A U. 5. Savings- 220 Washiogton 5 American 28 reoran . 100 Firemen's . » National Usion 8 Columbla Title: . [ Real Estate Title 108% 4« 5% C. 75 rehan 100 rgentl 13 Patnion it o ype Security Storage Piag Washington Market 0 Yellow Cab % NEW METHOD CUTS CLAIMS. SEATT! June for New. York., A trial made ‘last yedr by water for New York, and.under improved methods ] of 104ding the' total < or damége in transit wers on three doors, e i reported deficits for the month LE, 1.—Twenty-four | | thousand doors, 000,080 feat of Tum- || NATOMLBANG TOHAVE BRANGHES Decision Frbm Controller Expected—Big Day in Lo- | cal Securities. BY L A. FLEMING. i It s understood that D. R. Cris- singer. controller of the currency, will shortly hand down an official rul- Ing in the matter of the hranch bank | business for national banks/and, so says report, it will be .In favor of branch: banking. If it is possible for national banks ta operate branch banks through any round-the-block methad, ‘when they should be.allowed openly and above board -to establish and operate them. If it is possible to follow the method adopted by’ the Riggs National Bank, which appeared at the time as the only available one, then it should be made possible directly without the formula of assimilation, nationaliza- tion and merger. Just now two old Virginia banks are merging in the same way—the | People’s National of Leesburg and the Fauquier-Loudon Bank, a state insti- | tution. Mr. Crissinger, controller of the curreney, has aiready concurred in | the action of the First National Bank | of St. Louis, and it is not probable that ‘he will reverse himself in an | official opinion. At the convention of the American Bankers' Association in California last year the matter of branch bank- ing for national banks was discussed with considerable bitterness in group meetings, state bankers preventing an open discussion on the floor of the convention. Assistant Attorney General J. A. Fowler wrote the opinion, approved by Attorney General Wickersham, that a natlonal bank could not oper- ate a branch or branches in the city in which it is located. Former Con- troller Murray asked for the opinlon. The point is made now that. with Mr. Crissinger favoring branch bank- ing. it would be difficult to stop a bank starting branches, as no one else would be authorized to file com- plaint and start suit. State banks and trust companies have the privilege and may be count- ed on to make strenuous efforts to hold it, but their position 1s not such as would permit a contest in the mat- er. t*he case of the First National Bank of St. Louis will be watched with great interest. Broad Steck and Bond Trade. The local stock market made up for the semi-holiday character of the trading yvesterday, with a Broad, ac- tive market today, sales including $20,000 face-value bonds and a large amount of stock. Some new highs were made and old highs repeated. All the utility bonds moved up frac- tionally, Railway 4s to 74% Potomac debenture 68 to 100%, Gas 5s to 95, Capital Traction 5s at 98 and 9314,’ ! Potomac Consolldated 5s, 96%. while other utility issues were held de- cidedly strong. “A feature of the trading in stocks was the revival of activity in Lans- ton shares, a number of transactions being made at 78 to 78%;. Railway preferred crossed 70 and sold at 70%. while the common was strong at 40%. Capital Traction firm at 98 and ‘Washington Gas at 55. Lower Interest to Farmers. The Farm Loan Boafd has reduced rates to farmers from 6 per cent to 51 per cent. Real estaie men in Washington would like to take advantage of the | straight rate of interest available to | the farmer. l i i i | Treasury Has Ample Funds. Not & dollar of the proceeds of the sale of the 31; per cent tificates a month ago has been witifrawn from the banks and they now also hold the | proceeds of today's sale of 31 per cent six-monthy certificates A large amount of the District tax money will be in the Treasury in a day or two. if it has not already found its way there. W. R. & E. Income. Net income of the Washington Railway and Electric Company in April was $34,380. against $37,030 in March and $18,072 in April, 1921 Total operating revenues were $426,- 237, and operating expenses and taxes were $333,429. The subsidiary $1,895; Washington Interurban. §217, | 1 | 1 lows: Georgetown and Tenlevtowns | 1 and City' and Suburban, $4,929, | 1 BIG LUMBER DEAL CLOSED. MONTREAL, June 1.—Riordon Com- pany Is sald to have largely reduced its heavy bank loans, the Bank of Montreal loan being cut in half and that owed to the Bank of Commerce cleared altogether. The mills are busy, and their output is gho: good profit. The compan: closed a deal in New Yor the = whereby djng pine on the Gatinau Limits has been sold at a substantial figure, the company realizing much | more than expected. Completion of the transaction assures a substantlal amount of working capital. derstood also that new financing ha: been_about_completed. CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building ‘Washington, D, C. Main 6180 New York Curb Market Stocks ‘Wouldn't 'you like to know more about America’s sec- ond largest stock and bond Exchange and the interest- ing groups of stocks and bonds listed and traded thereon? Send for the I & T.-Guide new book out describ- _ing the New York Curb Market and its stocks in a‘most readable manner. free on request - Call—Phone or Write S o \GES ABRE Cl [NV aeRdRES Y Rl P 1419 G ST. N.W. / CASH “Money to Loan deed of T e e PROPERTY OWNERS IVATE. GENERAL GARAGE CO. OR TERMS. MAIN 4481. LIBERTY BOND PRICES For $100 Bonds Today Int 4% . 34 4% . NO DEDUGCTIONS MADE. Boads Bought in All Denominations. LIBERTY BOND EXCHANGE % 604 Téth St. N.W. International Finance Corporation Stock S. A. SCHOOLFIELD ‘The Star that you oconsul some ‘bank or some m the local stook exchange bef making aay investment as OFFICE ROOMS FOR RENT International Building FORMERLY INTERSTATE BLDG. 1319-1321 F St.'N.W. A Few Very Desirable Offices Lef! onable Rents Nfcnl.(.eever & Goss Rental Agents 1415 Eye St. Main 4752 t [EQUITABLE l Co-Operative Building Association Organized 1879 424 YEAR CO™"PLETED 84,408,629.00 -$1,144,464.60 Excellent Results From Systematic Savings If you make up your mind to save in & systematic manner and stick to it, you will accomplish more than ever is financial way. Subscriptions for the 83d Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, Pre: FRANK P. t Secy. NLESS your money 1 safely can it is lazy. put it to work. Telephone Paying a 9% dividend. Main 8091 not be lazy. s earning Is Your Money Lazy? much as it . If it can earn more— It can GROW greater strength with additional capital. sents a safe investment where your money will Frank J. Davis, Director of Sales E —OFFICERS— JOHN B. DENSMORE, President M. | IRVIN OWINGS, Vice IPresident 3. Ass! ‘The stabllity and financial soundness of the General Finance and Security Company, Inc., hi been proved by its activities up to the present, its management, consisting of well-known local men, and the fact that Its preferred stock is now to even It pre- .General Finance & Security Co. INCORPORATED National Metropolitan Bank Bldg., Washington, D. C. McCORMICK, Treasurer. HESTON ATKINS, {stant Treasure:. Becretary and vesting your savings. Buy First Mortgage Notes or interest. as insurance, is part of our service. Notes now on hand nominations of $250.00 up to $5,000.00 CHAS. D. SAGER 923 Fifteenth Street N.W, Loan Department, M-36 MEMBERS: New York Stock Exchange 111 Broadway. New York \ 7 770 [ o] Washington Office COLORADO BUILDING Telephone Main 1603 G.B.Chipman Manager R, 1 | | i | First Mortgage Safeguards work begins. make a first mortgage loan, the pl struction bond tracts will be well and be constructed IEFE To insure the satisfactory and economical construction of every building on which we fications and estimates must first be ed by our own architects and engineers. When you buy our 74 Safeguarded First Mortgage Investments, you know that the that will insure the success of the enterprise. Secondrust Notes Are Purchased by The National Mortgage and Investment Corporation On A Fair Basis (Temporary Offices) Third Floor Sansbury Building 1418 Eye Street, N.W. ildings do not spring up over night. They must be financed before construction lans, speci- approv- As an additional safeguard we obtain a con- ing that all con- ing to the erection of the building at a cost The Safeguard of the Building %e EHSMITH (. Gounded 873 [ . FIRST MORTGAGE INVESTMENTS ’ 14144416_8?1!_‘ émas'r, N. W, Don't take' chances when ‘ine —and get the added protection of our past record of not ever having a client lose as much as a single penny in either principal The attending to details, such taxes and re- mitting interest on the day due, in de- " Harzman & Co] The above figures are obtained from relisble sources, J Talk it over with us. COMMERCIAL 1 713 1 way. as they are sure. Earnings $5,151,136 6,025,350 6,803,407 7,008,564 $15,934,500 21,200,000 21,200,000 23,700,000 Circular and price on application. Iavestment Bankers 823 Fifteenth Street N.W. Telephone Main 593 Every Financial Service 3% ON SAVINGS . 15th and Penna. Ave. 8th and H Sts. N.E. FINANCIAL. Shannon & Luchs First Trusts On Washington, D. C., Real Estate An Investment —that frees you from worry as as to collections or other details, an 2SS follow-up of stock market or business conditions. Feathering the Nest Even birds know enough to line their nests with some- thing that will keep out the storms and make the place habitable for their families. They invest in festhers, a few at a time, but the total keeps them from harm's way. What do you invest in, to keep the storms of life away from yourself and your family? Ou- First Mortgage | Notes are on the safest real estate in the country—im- N | proved property in The Nation’s Home Towa. These Notes are a sure way of feathering your nest, and as safe Call or Write for Detailed Information Swartzell, Rheem & Hensey Co. 727 15th Street N.W. Washington, D. C—~The Nation’s Home Town 53 Years Without Loss to an Investor Surplus $3,194,570 3,421,930 4,965,315 5,177,405 As shown above, this Company’s earnings were greater in 1921 than in preceding years. The company has no funded debt and but one class of steck, of no par value. Dividends are paid at the rate of $12 per annum, plus extras. The cash and stock dividends of 1921 were equivalent to approximately $30 per share. Quick assets are more than forty times current liabilities. We have for sale a limited number of shares of this stock for investment. CRANE, PARRIS & COMPANY while 9ot gusrantesd, we beliove them to be sccurate. Your Wife's Adviser F ANYTHING happened to you, your wife would need business counsel and assistance. hardly manage your property or select safe and re- munerative investments without relying upon the opin- ions of others. She could You can assure your wife the kind of counsel she will require by designating the American Security as executor of your estate, and placing at her command the accumulated experience of its officers and its com- plete facilities. TRUST Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass. Ave. 436 7th St. S.W. to safety, annoyance nd the necessity of . 1