Evening Star Newspaper, June 6, 1922, Page 22

THE TWO WAYS IN WHICH ‘A CAR MUST MAKE GOOD # Avrter all there are only two things you need to know about the car you are going to buy. One is how it performs. That can best be judged by riding in it. That settled; then’ the only further question is, will it always run like this. To which the only satisfactory reply- must be, it always has—in other words, the past performance of the car.as shown by the seven-year-old models still in the hands of original owners. Foss- HucHEs CoMPANY, 1141 Connecticut Avenue, N. W. Washington Baltimore —— - Pierce-Arrow Caribbean sea outings FOR your summer vacation—a Great White Fleet Cruise to the Carib- bean. Long, lazy hours on tranquil seas. Quaint native life, picturesque seaports, glamor of old adventure in Cuba, Jamaica, Panama,CostaRica,Colombia,Guatemala. You visit these foreign lands with per- fect comfort and convenience on a ship of the Great White Fleet bnilt especially for cruising in the Caribbean. 22-day Cruises from $315. 15-day Jamaica Vacations from $150. Bl-weekly sailings from New York. Free—illustrated folder, “Sea Outings” folder and cabin plans. Write today. OBER'S STEAMSHIP & TOURIST AGENCY No. 1 Woodward Building ‘Washington, D. G GREAT WHITE Morgan Bridde, Oid Panama Everybody Liked It! Our paint showroom, with its dignity and niceties of paint service, is worth visiting. We are celebrating the opening of this novel factory paint store with a Free Offer. ARMORSHIELD PINT CORPORATION 1317 New York Avenue FREE—A pint ‘can of the very finest ARMORSHIELD FLOOR WAX—value, 50c —with every: gallon of :ARMORSHIELD. 1veg E PAINT at the regular prices. = Get your ‘ paint now, with the f.actory bel!md it right 3 Lere in Washington. |4 3 - [l SMORSHIELD PSINT 3 CORPORATION Main 2844 Factory, 3233 K Street Northwest 3 | and ARE SPENDING MORE MONEY, BUT WITH MORE DISCRETION People in Pittsburgh District Building Homes and Business Houses at Rec- ord Rate—Labor-Shortage. BY H. B. LAUFMAN, Specinl Dispateh 1o The Star. PITTSBURGH, June 6.—Steel pro- duction in this district is on as large a scale as the supply of fuel will permit and new business I8 exceed- ing the output of the plants. Mills and furnaces are running between 75 and 100 per cent of capacity. Third- quarter prices have not yet been an- nounced, but some business has been booked for delivery during that period of the year at prices to be named later. In a few instances premiums are being offered for delivery during the third quarter and there is & gen- eral expectation of higher prices for steel and steel products. People here are spending money on an enlarged scale, but with more dis- cretion than during the “big money” period of war times. Homes and business structures are going up at a_ rate which is creating a labor shortage in the building crafts. In iy 616 building permits, involving 3.637,013 were issued in the oity proper. _These figures compare with permits requiring §1, 3 in 1921, _Of the May buliding busi- $1,433.543 will be expended In jon of single residences. The largast life insurance agency in this district has exceeded all pre- vious monthly rccords for five con- secufive months in the amount of business booked. Seasonal lines of merchandise are moving freely and the outlook for all the lines of retafl busintss is regarded as bright. Orders Continue Small, But Number Increases BY JAMES ALLERTON. 1 Dispatch to The Sta / YORK, June 6.—Buyers are flocking into this market to purchase ir fall merchandise and jobbers \d wholesalers report that while the volume of fall business is not ex- tremely large as yet, indicptions point to an excellent demand this month. The textile plants in this section have shown little change :n the volume of output, but prices are firm and distribution is on a slightly wider scale. The silk business, which has been dull, is picking up. Orders still are for small amounts, but their number is increasing steadily. In oreases in prices of woolens and morsteds not previously advanced, by the leading producers were fully pected and have served to stabilize the market. The cloak and suit trade is begin- ning to purchase furs for trimming purposes and manufacturing furriers ire receiving good orders from their sale en and buying raw skins in in- sed volume. Demand for hide leather has increased in thi market higher prices are the rule. Ac = of shoes at retail has not been apparent, but purchases by retailers have been more fre- quent recently. » Bathing suits are moving rapidly and knit goo i SPACE The Ed"monds | Building 911 15th St. N.W. Washington’s Newest Office Building Harry Wardman 1430 K ST. N.W. Main 4190 AProductof General T e Co Sold by dealers everywhere - .- Buy From Your Local Dealer le G-E Fan Display in His Window There Is a Dealer in Your Neighberhood—Patronize Him Look for | i orchard. || duetion in 1 facturers are doing little business and are purchasing leaf tobacco only for immediate needs. Small Surpus of Labor Being Rapidly Absorbed BY E. D. JENCKS. Special Dispatch to The Star. ST. PAUL, June 6.—Manufacturing operations in Minneapolis and St Paul are nearly normal. Unemploy- ment practically has disappeared and business conditions throughout Min- nesota and.neighboring northwestern states are better than at any time since 1918, according to a survey made by state and municipal officlals, the result of which were reported to- day. In May employment gained 7.2 per cent in St. Paul and 4.3 per cent in Minneapolis. There still is small surplus of labor in some of the Min- nesota citles, but this is being rap- idly absorbed as building, farm and factory operations increase. Excellent agricultural conditions continue to spread optimism. The stand of rye is exceptional and a heavy crop is regarded as certain, as droughts in June in this section are rare. Growing weather has prevailed for two weeks and corn and some small grains, which had held back, are in excellent shape now. Flour mills are operating at the normal rate, but manufacture of farm implements is not keeping pace Wwith other manufacturing industries, although business gradually is re- turning to the implement plants. Rallroad officials forecast heavy reve- nue losses from the freight rate cuts to be put Into effect July 1, but they report steadily Increasing trafic in most lines. Shop forces are being augmented and large crews of track and bridge laborers are being re- cruited. COn‘1modity Reports From Various Sections . WOOL. i LOXNDON, June 6 (Special).—. - jture of fre recent Aistraliag wesi {sales has been the keen competition {between Amerlcan and Yorkshire buvers. This resuited in America securing the bulk of best grades. {, BOSTON, June 6 (Speclal).—The local wool market is somewhat high- er, although there is not the enthusi- fastic buying which has been in evi- dence in the last fortnight in the | west. Western wool men say they never remember a time when wool Wwas so scarce as it is today. i COTTONS, PHILADELPHIA, June 6 (Speclal). —An insulated wire plant in this oty has been an active buyer of cotton goods lately. Orders for insulated Practically all shoe factories in this ty have resumed operations fol- lowing acceptance of the wage cut by Shoe Workers' Union. FRUIT. | _SAN FRANCISCO, June 6 (Spcial).— | The Apricot Association has fixed | price at $100 a ton green in the Some contracts have been concluded at this price for orchard- ;Xl’unée:'blul many growers have declined o i VEGETABLES. ORT WORTH, Tex., June 6 (Spe- al)—The first movement of 1922 | pink tomatoes has started from Luf- kin. Prices received for early ship- ment were satisfactory. HIDES. NEW YORK, June 6 (Special).— General undertone of hide market {here is strong. Heavy consumers ap- | pear more inclined to anticipate their | future wants. Prices of country hides {are well maintained. RUBBER. AKRON, Ohio, June 6 (Special).— Reports from the large tire and rub- ber manufacturers indicate that pro- | 2 will be far above that |of 1921. Stocks of rabber in this| ! country” are Increasing nevertheless, | | as importation I8 sald to exceed con- SILK. ' | sumption. ALTOONA, Pa, June 6 (Special).— | iA]mnna and Juniata silk mills of Schwarzenbach Huber have resumed + & breeze just as refresh- ing and cooling and a lot _more dependable than Nature’s can be had for ;i:ut the cost ot;l burn- an ordinary electric A G-Eelectricfanlasts . a lifetime and gives a lifetime of comfort. _ Electric . { Wheeling ! known tn Wall street all Monday aft- | full_operations. Hollldaysburg mill lernoon the news had not spread| of the same company will, reopen|throukh the country in time to be shortly. acted upon before the close. \ MARKET NERVOLS, STEELS ARE WEAK Low-Priced Rails Strength—Sterling Is Higher. BY STUART P. WES' NBEW YORK, June 6.—It was an- other day-of confused movement on | 3.50a7.00. ‘Wall street was | 8.00. Florida orange: still feeling the revulsion from last|berries, the stock exchange. month's steel merger speculation. It is not so much. the opposition of the Federal Trade Commission that |bbl., it apprehended. The head of the Bethlehem Steel|6.25; No. 2, Corporation was quoted this morning | Lettuce, crate, 40a1.00. Romaine letiu as confident that when the facts were all brought out at the inquiry objec- tions to the merger with the Lacka- wanna Steel would be overcome. Undoubtedly this reflected the views of steel company officlals in general, who went into all the possible ob- stacles in a legal way before conclud- ing their arrangements. Rather there has been sudden awak- ening to the fact that the benefits in the shape of economies to be derived from these consolidations are not to be realized in the near future, and that the valuation which the speculative com- munity a month ago was setting upon the merger stocks was altogether ex- cessive for industrial'shares which are paying no dividends now and are not likely to for some time to come. Weakness in the independent steel shares was communicated to the cop- pers, but here the reason was of a dif- ferent nature. The disappointment among recent buyers of the copper shares was not that they have been misled by talk of merger deals, but that they have been altogether premature in expecting the resumption of copper mining and the moderate advance in copper metal prices to take shape in dividend action. In the present-day fashion of move- ment by groups, It was not ot of the ordinary, while the steels and cop- pers were declining, for other sets of stocks to be going ahead. Minor Rails Firm. Several remarkable advances oc- curred among the minor railroad stocks—Lake Erie and Western, To- ledo, St. Louls and Western and Wheeling and Lake Erie. But in all these Instances the in- centive was not found either in the general railway outlook or in indi- vidual company earnings, but mainly in the qualification of these roads as merger constituents. The fluctuations in the oil group were more puzzling than those in any other quarter. Some of them. like the Mexican oils, were definitely weak. Others did little one way or the other, while still others, like C den & Phillips Petroleum, were very strong. Outside of the stock exchange the noteworthy incident of the day was a turther advance to a new high in sterling drafts, This was important in that it proved that Monday's ad- vance was not merely a speculative move taking advantage of London's holiday. London was reopened for business today and gave its sanction ! to Monday's operations in New York. wire are reported to be improving Copper Stocks Weak. steadily. All the copper and related shares e were heafly sold in the market of |, SHOES, the day. There were two reasons| LYNN, Mass, June 6 (Spectal).— |for this. One was that, despite the steady improvement in the statistical position of the metal, the price should have had so small an advance. The other was that Wall street had been setting too much store on talk of favorable dividend action by some of the copper companfes, and was show- ing disappointment on the disclosure that no such action was scheduled for the immediate future. An attempt was made to extend the movement in a few of the junior rails, ; 80 as to take In the low-priced non- dividend-paying railway list in gen- eral. But this was not successful. The only ralils of t class which really! BALTIMORE, June 6.—With light had a sustained ove were those in|{receipts eteers were act ad- which there are merger possibilities. | vance of {from 15 to Facet ] The combination believed to be near between Lake Erie and Western, Clover Leaf and Nickel Plate caused { active buying at advancing prices in the two first named sets of stocks. Nickel Plate had apparently discount- ed the development in its recent 20. point rise. Wheeling & Lake Erie common ‘and preferred had quite af flurry on talk that New York Central, | having sold Lake Erie & Western, was supplring the money received for| the purchase of controlling interest in_the Wheeling road. The financial relationship between | & Western Maryland has | always been close, so that the West- i ern Maryland shares were bid up in| the wake of the Wheeling. i Drop on Steels. { While the Federal Trade Commis- sion’s opposition to the Bethichem- Lackawanna &teel merger had been | Right at the bpening this morning, accordingly, Lackawanna Steel lost 3 points. Bethlehem Steel B was noth- ing like as weak because in a market sense, it had not been dependent as was Lackawanna upon the combina- tion deal. CORD TIRES —ON— EASY TERMS “Pay for ’em as You use ’em GUARANTEED QUALITY CORD TIRES ONLY T.0.PROBEY CO. 1230 Wis. Ave. N. W. PERPETUAL . BUILDING ASSOCIATION Pays 6 Per Cent on shares maturing in 45 or 83 months. It Pays 4 Per Cent on shares withdrawn be- fore maturity. - Assets More Than Corner 11th and E Sts. NW. : t hi p Show [§ hiekens, per b, a4 against 11.438 head the previo ilight supn Grain, Produce and Live Stock SRETARY ALLDTS GRAIN AND PROVISIONS. LOCAL WHOLESALE PRICES. Eggs— Strictly fresh, selected, can- dled, per dozen, 26; average receipts, ls;L ;aumem. 3 ., 1 ve poultry—Roosters, per 1b.. 17 turkeys, per lb., 25a30; spring chicken per 1b., 50a55; keats, young, cach, 502 60; fowls, 2. Dressed poultry—Fresh-killed win- hens, per roosters, per lb., 18] turkeys, per 1b., 85a40; keats, young, each, 60. Live stock—Calves, choice, per Ib., 11; medium, 10a10%; thin, Lambs, %mlcfi. per lb., 14a15. Liye hogs, per Green fruft—Anples, per bbl. 5.00a 9.00; per bu. basket, 2.00a2.75; western, per bex, 2.75a4.25. California oranges, per crate, 7.50a Lemons, per DOX, Grapefruit, per box, 6.004 , 8.00a10.00. southerr, 5als; e 8a25. Vegetabl, 2.5022.75; new potatoes, per, per bbl., 2.0023.00. Yams 150. Cymblings, per crate, 1.00al30. Onions, per crate, .50, Cabbage, new, per cwt., al.25. Cucumbers, 1.50a2.50. Eggplants, per crate, 3.00a 3.50. Tomatoes, per box, Florida, 6.00. Beans, 75al per basket. Pea 1.50a3.00 Peppers, per crate, 1.50a3.00. Kale, 6021.00. Asparagus. per doz., 75a 8.00. Spinach, per bbl., 50a1.00. DAIRY MARKETS. BALTIMORE, June 6 (Special) — Poultgy — Alive sprin chickens, pound, 50ab5: medium, 3Sa50; small and white leghorns, 38a4b ung winters, 40a45; old hens, small and white leghorns, 6. old roost- 50: poor and thin, ) pair, ers, 15a16; ducks, 19 17a18; spring ducks, 30; Digeor 35040 Eggs—Loss off native and nearb: firsts, dozen, 23%a24; southern, a23. Butter—Creamery fancy, pound. rhy cream- pound, rints, 38a40; ne: store packed, % process butter, 2 NEW YOR! receipts, 18 current mak Eggs—St Fresh gathered, first sey hennery, whites, extra andled selection, 40241; do. 7a38, Cheese—Firm; receipts, 2, June 6.—Butter—Firm; Packing stock. J fan CHI! creamery pa e storage packed firsts, Poultry—Alive, higher; broilers, 8; roosters, fowls, €4 14. CHICAGO LIVE STOCK. *AGO, June € (United f markets).—C CHI bureau 10,000 head: stock and stockers, ste top matured steers, 9. Ibs.; part loads long ve bulk bee! ste. to 15 higher; up: bulk and fat stock, : bologna bulle, around 4. calves to packers, 10.0 desirable stockers, 7.0( Hogs—Receipts ed 10 to 20 than Monday bulk, 10 100 to beef 00 head weight, 10.85 10.99; packing sows, s pack . rough, 9 ing pigs, 9.50a10 Sheep—Receipts, rong to 25 higher; dvancing most: good 3 14. held higher: culls K.50; top shorn lambs, 13.0 tured and two-year-old weth 8.00; best ew heav 3.00a4.00; ling spring ewes. 8 BALTIMORE LIVE STOCK. here. Market for good d bulis was steadv. with gra 3 10 50 lowe: ¥lvani 1.00 ower. ek ended 1.845 head the previous Cattle—Re noon againet 1.8 33 carloads for 1 cers, choice, 8.2 eipts for w erday | were he ket or fair to good um, 5.00a5.50; fair to ood to medium. 3.50ui 5.00a5. mon to med Sheep and ended at noon yesterday head, against S head vious week: fair on sheep, lower 25.00; lambs, 10.0 Hogs—Receipts for week ended at | noon yesterday were 19 market [lower; 11.75; heavy to med 1, 11 pigs, 11.70; roughs, 6.00a8.10. Calves—Receipts for week ended at noon yvesterday were head against head for the previous week; liberal supply; fair demand good veals; other grades slow; 5.00a31.00; extras, 11 LIBERTIES FIRMER, ACTION ELSEWHERE By Special Leased Wire to Ti Star. NEW YORK. June hree inci- dents stood out in the bond trading today. They were a new high price for the tax-exempt liberty 3l:s. a six- point advance in Marland Oil 8s with warrants, and heavy transactions in the Consolidated Gas convertible 7 per cent bonds, which carried them across 120 for the first time this vear. The rise in United Stat. accompanied the liberty list. Some Fentures. It was pointed out that in addition to an 8 per cent coupon the Mar- land Oil bonds carry subscripti rights for the compan v's stock 3les was well -as rights to participate in divi- | dends up to $4 a share. The advance in Consolidated Gas convertibles, coincident with that in the stock, followed reports that the company’s new, financial plan involved the retiring of the present share capital and the issuing of new stock of double the amount, of no The thought was that the E would carry $5 dividends, which, true, would make the oil shares int which the bonds are convertible $10 sccurity. Foreign Issues. The feature of the foreign govern ment external group was the rise United Kingdom 5is of 1 to a new top, following a similar per- formance of Monday of their com- panion issue, the 5l2s of 1929. Mex- ican government bonds were again reactionary. ltalian 6148 and Cuba 4148 were among the strong Ipem- bers of this section. . In the industrial division, from the conspicuous advance in Consolidated 7s and Marland Oil Ss, strength was shown in a number of favorites, such as Standard Oil of California debenture 78 and various public utilities at Monday's final level, falling to soften in sympathy with the Lackawanna Steel stock. Rallway mortgages and specula- tive issues were generally steady. New York Westchester and Boston 43%s gained over a point, Erfe A’s were up nearly as much and the Missouri Pacific general 48 were in demand. Peoria and Eastern Tncomes and New Haven 6s were down fraction- ally. /% ‘colors a aside —— uncandled, | < | w extreme | California year- ! p by strength throughout | BALTIMOR cs, white, paragu: B 2.40. 4.0 100, 100, pounds muda, cr: 100, 1.00 1.50. 100, Pepper: Rb h July | tember 1.3 ALES. o1 (a1 calves. | gtor N. & W Steami Wash, Itwr. & F Wash, Ry axi axi pfd | American Ameriean Seeurity and Trust Co Trust ationu] Saving fon Trust. g~ and BAVING erce and Savings.. W ton ington Ameri Core Firemen's * { National Unlon Columbia Real Estate Titl 0id Dutch 3 014 Dutch Market pf Lanston Monotype. Security Storage . Washington Market.. i X Cab. x-dividend. BAY STATE SAVINGS GAIN. June 6.—Deposits BOSTON, ings departments of trust companies increased more than $11,000,000 last year, according to of- In the period between March 10 and May 5 savings deposits increased more than $2.500,000. Sub- stantial _increases were ficial report. 0a Cucumber: bushel Radisk 4.00; er opening i Stock Exchange | 'BONDS. { Bid and Asked Price: PUBLIC UTILITY NATIONAL BANKS TRUST COMPAMY. Trst . I CERTIFICATE SSUE Refuses $183,541,500 Ex- cess Subscriptions. Railway Firm. BY L A. FLEMIN/ crate, 0. ) Rer- onio =pring h. bushel, 50a50. Squash, Secretary Mellon has again refused toes, crate the tender of $182,541,500 at 3% per acked darr] cent for six months, this amount rep- Y A1 resenting the oversahseription to the st recent flotation of 3% per cent o months maturity Treasury certifi- uc box N0 1es. | bushel, 1 Pineapple The allottment was of the exact 5 t, 1 amount announced by the Secretar: |.:.rr‘l quart, v $200,000,000, as desired e8c 2 y & actjo “lary ellon has s Pelbrs L e By this action cretary Mellon b Wheat—No. 1 red winter. spot, no|again demonstrated his faith in tie quotations; No. 2 red winter, spot, | future of the mo) market, and is 1.27%; No. 2 red winter, quite satistied that there is sma s June and J chance of it getting away from hin L pending finan 10 be put throus lat in the mon New York wired vesterday that |issue of per ce sates wor 68; No. 4 corn, spot, probat be forthcoming before Ju vellow. or better, T0. the rate being advanced so as 1 hels of No. 1 white | make the iseue more attractive hushels of | bankers wi 11d be asked to s | b i | do not take mu . ser bu.: No ter report, espectal | 2. Western, expogt. spot, 1.04; No. 2. ave ‘been ca {no_quotation . _{for redemy ne 15, and will b | lay—Receipts, 55 toms: Tange IS |retired g at Lhat tim. T{18.00 to Wi for good choice tim- cig is looked { i ix: t firm; | biy six monthe .- L |‘ e, and an jssue 1‘ . oga12A0 Money in Wall Street. L o, Brokers' borrowings are again ne. © i 18.00; spring clears, | the high of 1919, when the total w oy L000.000. A year ago August ai49- the borrowings were off to $50¢ ~ 9, but the recover be prices p : in the back h had |, 7 been marke Liverpool quota- | decidled than was r the expansion in loans an advance of ccomplished through J ual j o Federal Resers \rvr,m‘nl still as it has on the drop in rediscounts for memb: r 11 over the coun without en on th {nighest grad Nor s it that there w ) be any such revival in business a . in s¥m- ;10 call for the re of outside fun un- corn | until erop moving period . Facts Demonstrate Truth. The dail ction of pig iron 1,000 nth age 1t w months ago, 404 the but of the Steel Cory 10 a month )nths ago, 4,287.000 ds report gro i of May, ] preceding n the 2.317; for Max week, nerally higher on e nd stocks. 1 0. ot Buys Equipment. and Ohi with re- wheat at ) was asking. | 3 lower. | at 1 ) . oeal List Stromg. hot ies showed e still very” strouz roishing pract usiness of the ses little 1 per cent notes Wash imon was_very stro: v one price. The preferre 1 a little to T0%, b . and closed strons ew! PARIS BOURSE STEADY. FAF June on the I ot ondon times per o un {an Prices were steady day. - Three per 10 centime: 44 francs c nt Joan, 77 francs dollar was quoted itimes. " TRFASURY CERTIFICATES. (Reported by Redmond & Rig. 18101914 1+ 4%s Mare 101 15-16 102 1-16 { 3155 December lam 1001 —_—_— SHORT-TERM EECURITI! (Reported by Redmond & Co.) ——Noo Auglo-Am Aam 1085 104 1041, 1 i 1. 102 108 104 101 . 10305 1045 101s 9015 Dana 17 Toiy B 1174 . 104 - 101y t Copper by 1'& Libby M., 8t P& §. 8.3 New York Centrs | Procter & Gamb! ars, Rorbuck & + Sears. Roehnck & Cc Senthwesters_Bell Ts Swift & Co. T : Kelling of TLonden Paris Rrussels Christian Ktockhoim Amsterda Belgruan . Montreal . lated Press. i W YORK, June 6.—Foreign o> cha stend; reat RBritain, mand, 4.50%; cables, 4501, day bills on -banis, 4.48%. demand, 9.323%; ¥ demand, 5.22 demand, S.44; many, demand. Hdolland, demand, 39. demand, 17.80 08; Denmark, demand, 21.9° zerland, demand, 19.18; Spaite demand, 15.8 Gre Polan 23, Czechoslovakia Argentine -50; Brazdl, 13.90; Montreal e BAR SILVER QUOTATIONS. NEW_YORK, June 6.—Foreign bar silver, 70%; Mexicans dollars, 54%. LONDON, June 6.—Bar silver, 35d per ounce; money, 1% per cent. Discount rates—8hort bills, 2 5-16 per cent; thre-- month bills, 23%a2 716 per centa 4 31 in sav- Massachusetts shown in 4