Evening Star Newspaper, June 8, 1922, Page 31

bt ] “FINANCIAL. BY GUY T. ROCKWELL. Special Dispatch to The Star. CLEVELAND, June S8.—Collections here are improving, according to a Statement today by W. H. Gray. secre- tary of the Retail Credit Men's Asso- qjation. Collections by department Stores and men's furnishing stores showed gains of from 2 to 11 per cent in May, as compared with April, he sald, while members of the assoclation reported they were able to collect from 52 to 63 D nt_on accounts due. The Cleveland Chamber of Commerce today reported that the number of Veorkers employed at 100 industrial plants, which normally employ 500 or more each, totaled $0,577 on June 1, as fompared with 78,144 on May 1 and 74,711 on April 1. The textile industry, embracing eleven plants, reported a decrease in employment of 6.8 per cent. This fall- ing off is attributed to seasonal condi- tlons. Railroad shops at various cities in northern Ohio have resumed operations this month, among them being the Erie rallroad shops here, which have been closed practically !l of this year. The shops normally employ 200 men, but Officials anounced today fifty additional workers would be put on at once. Goodyear Company at Akron today manufactured its forty-five millionth Smooth tire, having been in business NOw twenty-three vears. This tire will be exhibited in each of the company's eighty-two branches, and then returned 1o the company’s rubber museum. Reports of Labor Shortage in Southwest Harvest Fields Bpecial Dispateh to The Star. KANSAS CITY, June 8.—Harvest now fs on in Oklahoma and south- ern Kansas, and already there are reports of a shortage of labor. The fizst cutting of wheat was reported \tMay from Oswego. In anticipation of a big wheat crop, railroads in the middle west have been accumulating and storing cars on sidetracks_for two months, and the first of these ;;ul»m» rolling to the elevators skort- Predictions are being freely made o a war in this section. These predictions have been strength- wned by renorts of proposed mergers. Negotiations looking to a consolida- tlon of the Chicago and Alton and the Missourl, Kansas and Texas are and the Union Pacific is planning to purchass the The St Louis and s alleged to be cast- ard the Texas and Fa- people here Interpret alleged plans as moves to counteract extensions already under way and planned by the Atchison, To- peka and Santa Fe. Business men here see recognition of Improved economic conditions in the west and southwest in this railroad competi- tien for business. 50 were issued in this city, or one for every seven persons. Auto Tourists Good Buyers “Boosts Seattle Area Trade BY PAUL C. HEDRICK. Special Dispateh to The Star. SEATTLE, June S.—Tourlsts travel Legun to reach this weeks in advance of expecta business has improved as the motor touris good buyers of supplies of cvery de- scription. The early arrivals by mo- tor are coming from the southwest and middle west. Various clvic or- ganizations of Washington, Oregon and British Colum united n a n to induce Americans to see first, have worked for a year to bring tourists to this their campaign is beginning to show results in the retail merchandising situation here. which can best be de- scribed as brisk. This is the season of largest demand for automoblles in this territory and trade reports show more activity among the dealers than for years past. Dealers in five leading makes, including both low-priced and hign riced cars, have been unable to fil mmediate orders. by dealers here to un 3 the part of the factories to ris production. The demand to ease off Lumber production shows an indlcation this ot month. in territory slowing down, still is far above normal. May ship- mdnts by water from western Wash- ington ports totaled 145,830,000 feet as compared with 47,520,000 feet for ~ . From Various Sections 0 Stk g NEW YORK, Ju 8 (Special), Special trains carrying 351 1 silk from the orient, valued at §: 600,000, are expected to arrive in thlsl eity H this shipment is the' through the San year, and trains through at top largest to come Francisco port th are being rushed speed. Lt PITTSBURGH, June 8 (Special).— Activity in building trades has in- creased demand for glass, and the glass factories in this section are raising their output. Potatoes. HEAD, Minn., June § (Spe- ial). nstruction of a new potato warehouse and bonded storage ware- ouse here has been begun. It will cost 1n the meighborhood of §115,000. | | 1 SEATTLE, June 8 (Special).—New ealand * merchants have sent in- wirles to this market for timothy ind clover seed, whiie India is seek ng & general line of vegetable see Apstralian seed inquiries cover peas, -alifiower and the grasses. Automobilcs. WORT WORTH, Tex., June § (Sp 1al).—Retall sales of autos and a essories showed another 10 per cent ain over April and 20 per cent gain ver fisures for May in 1921. N. PAUL, June S (Special).—Auto “cessories plants here and in Minne~ polis are increasing capacity in or- ction and | [ ascribed er is expected | the latter part of this! although production | 1 May, 1921. !Fnd-nl ommodity Reports 1§ | Washing CLEVELAND AREA COLLECTIONS SHOW VERY GRATIFYING GAINS Survey of Industrial Plants Reports In- crease in Employment—Rail Shops Resume Operations® Every factory in this city making summer clothing is running at ity as a result of helated orde all over the south in hitherto untou Sales of tropleals are larger thaa ever be- fore in this market. Dry Goods. PHILADELPHIA, June 8 (Speclal). —Department stores are experiencing an excellent demand for dry goods. Prices and qualities as well us do- signs are attractive and this Is sthnu- |lating trade. Conl. CHICAGO, June § (Special).—Large consumers In this district are buy. ing cautiously. having thirty da pply left on hand, and dom consumers are not buving at ail pecting that rate redu will reduce prices. Rail ported to be burning m Kentucky high volatile and Pocaho tas, as these coals are cheaper tha western Kentucky product. Steel. ASHLAND. Wis,, June 8 (Special).— After a shutdown' of fourteen months | the blast furnaces of the Charcoa Company of America have been re- lighted.” A force of 600 men was put to work today. WHEELING, W. Va, June 8 (S cial).—Labelle’ plant of Sheet and Tin Plate has closed for in- period. Twenty-one of the three mills at Laughlin plant ting. OIL CITY, Pa., June 8 (Speclal).— The ¢ foundry of National Pump and Machine will be placed in oper- tion next we The company will double its working force. oL PITTSBURGH. June 8 (Special).— The nt advance to $3.30 for Penns: 4 crude oil is stimulating ent oil merse and Ragland bell is quoted at field operations. Somerset : 1 5 §2. premiums on Pennsylvania. ‘Tobacco. g June 8 (Special). —Buyers in this county are taking growing tobacco v the acre in tracts of forty to fifty acre | crop gives excellent eid and quality. 1920 have all been c Fur: YORK, June promise as to Crope of 1919 and ned up. NEW 8 (Special).— Eastern Republic of Russla by Hers- kovitz & Son, New York, is expected to arrive here within the next six weeks. The shipment s valued at about $1,100,000. S S I‘Washington Stock Exchange SALES. Norfalk and Washington Steamboat Co.—. | at 190 shington Gas Light Lanstou Mozoty pe -2 AFTER 2 at 361 At IS DS. Bid and Asked Prices. PUDLIC UTILITY. y American Tel. & Telg K an Tel. & Te Am. Tel. & Tel. ctl. tr. { Tel 4s. H P. Telephon s Telephone of Vi ital Traction R. R. v & Cold” Storage STOCKS., BLIC UTILITY. Telj Capital .. | Cofambta | Comm | Distriet : { Farmers and’ Mechanics Liberty in col atlonal Metropolitan Riggs . Second American Security and Tru ‘ontinental Trusi ion Tru Washington SAVINGS BANK. merce and Savin, it Wushington. . urity Savings & American Corcoran Firemen's National U Columbia Title . 5 7 Iteal Estate Title 2105 7 120 MISCELLANEOUS. Columbia Graphophone com..... § [ Columbia Graphophone pfd..... 18 D. C. Paper Mfg. Co........... 75 Merchants' Transfer & Stcrage. 100 Mergenthaler ~ Linotype. 51 01d Dutch Market com 0id Dutch Market pfd Lanston Monotype. American | vers are paying | The growing | Shipment of furs purchased from Far | OPTIMISTIC ON MEXICO. Former Consul Reports Business Is Improving Rapidly. NEW YORK, June 8—“Conditions in Mexico are excellent now and, in my opinion, more stable than at any time in my memory,” says John B. Glenn, who recently arrived from ty. Mr. Glenn was an Amer- ul Mexijco from 1310 to He {3 now manager of the Mex ico City office of the Equitable Trust He says he has received many in- quiries from American bankers and business meg regarding financial and commercial conditions {n Mexico, due {to the fact that many persons are anxious to open negotiations with Mexican -Anterests. | -Business Is im- roving daily, and T consider that fexico at present affords an unusual fleld for firms desiring to obtain ex- ort orders,” he said. “In the auto ndustry alone Mexico Is purchasing about 600 machines monthly, a volume of consumption probably larger than that of any other foreign country at this time. ods may be sold at all { times under conditions entirely sat Isfactory to American manufacturers Mexico is a natural outlet for Amer- ican business. Railway service, both passenger and traffic, has been much mproved and freight handled expedi BABY SHAD PLANTED. ALBANY, June 8—The state con- iservation commissian has just fin- | ished planting a million shad in the Hudscn, All the fry were raised from | i eggs of fish caught in the Hudson, !'the eggs being collected from shad | ishermen and taken to the Linlithgo {hatchery. Seven or elght days were irequired for hatching the exgs and H tributing them along the river. e catch of shad in the Hudson reached its lowest | only 2 11819 the catcn amounted to 257, pounds, and in 1920 to 140.177 pounds PROPERTY OWNERS XCELLENT INVESTMENTS 3 RED TO TE 0N AND BUILD ALL TYPES, PUBLIC AND PRIVATE GENERAL GARAGE CO. 1419 G ST. N.W. CASH OR TEEMS. MAIN 4481. EQUITABLE Co-Operative Building Associatien Organized 1879 42d YEAR COMPLETED Assetn $4,408,629.00 Surplus . . $1,144,464.69 Excellent Results From Systematic Savings It you make in a systematic it, you in a finapclal w | r mind to er and_ stick to more than ever Subscriptions for the 83d Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY ON. President FRANK P. IDE, Secy. Atiacta, A semi-annual dividend of me Ty 1, 1922 afrer Rat. MEMBERS: New York Stock Exchange 111 Broadway. New York e~ 9= ‘Washington Office N COLORADO BUILDING Telephone Main 1603 G.B.Chipman Manager R Money to Loan Becured by first deed of trust on real estate. Pravafling i sl The Star has censored the ad- this for_the vertising on protection of its nl:.n. ever, if thers should be any cause for complaint we will make ”nn and impartial investiga. n. the local stook exchange befors making any investment at any FOR RENT International Building FORMERLY INTERSTATE BLDG. 1319-1321 F St. N.W. urity Storage Washington Ma . Yellow "Cab. *Ex-divide LEAD PRICE ADVANCED. NEW YORK. June 8.—American Smelting and Refining advanced the price of d from 5.65 to 5.75 cents to meet demand, which is of ecord proportions. Lumber. Furniture. KANSAS CITY. June 8 (Special).— usiness is improving slowly accord- ng to furniture dealers here, but the ublic is purchasing a large variety ¢ goods. NEW YORK, June 8 (Special).— tail sales of furniture have shown ubstantial improvement the last few eeks. Manufacturers, however, still ave heavy stocks on hand. Hardw: June 8 breadth be able Organized in 1814, ,15th . Opite uU. Washington's Oldest-National Bank Breadth of Facilities Busy people find contact with Wash- ington’s OLDEST National Bank especially desirable, to centralize their financial matters. {/ It saves much time and energy to vestment, safe deposit and savings ac- count business all under one roof. 3% Paid on Savings Accounts National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,500,000.0C Treasury—108 A Few Very Desirable Offices Left Reasonable Rents cKeever & Goss Rental Agents 1415 Eye St. Main 4752 because the- of our facilities enables them- to transact banking, trhist, in- Years Old CITIES SERVICE SECURITYES Bought, Sold, Quoted THOS. W. BRAHANY & CO. ‘stment Securities 510-11 Evans Building ‘Waskinzten, D. C. Main €189 Victory 4% . NO DEDUCTIONS MADE. Bonds Bought in All Densminatiens. LIBERTY BOND EXCHANGE 604 14th St. N.W. Matn 8997, Hours, 9 s.m. to § pm. Trust 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. Are You Satisfied to Always Work? ST everybody thinks of retiring from active O L M participation in business at some future date—providing they have an income sufficient to keep them. Judicious investment is the basis of such an income and General Finance and Security Company offers an opportunity for Telephone judicious investment. Main The growth of this company makes it neces- 8091 sary for it to obtain additional capital. Its pre- ferred stock is NOW paying 9% interest. Call Main 8091 and inquire. Save while you invest and invest whils you save. Our deferred payment plan makes this possibdle. General Finance & Security Co. . INCORPORATED National Metropolitan Bank Bldg., Washington, D. C. Frank J. Davis, Director of Sales JONN B. DENWMORE, Prestdent "M G McCORNICK. Treasurer. IRVIN OWINGS, Vice Presideat. J. PREBTON ATKINS, Seeratary and Asslstant Treasurer. Shannon & Luchs First Trusts On Washington, D. C., Real Estate An Investment —that frees you from worry as to safety, annoyance as to collections or other details, and the necessity of follow-up of stock market or business conditions. SHANNON & LUCH 713 14th St. Columbia National Bank 911 F Street Capital, Surplus, $250,000.00 $250,000.00 Years of Close Contact —with the local field of commercial activities have developed our service to a point that makes Columbia facilities well-nigh indispensable to the progressive business man. | Talk your " business affairs over with our { pani | Common Stock at the rate of four {at the o szsooooog FINANCIA ——— —for first loa N" meortgage leans on property. Applicatl iven prom attention. easiiel 9 F. H. Smith Com 1414 Eye St. N.W. WILL BUY International Finance ‘ Corporation Stock S. A. SCHOOLFIELD Beem 318 onm st )-lul-_. tiples. 38 PAGES - of the most interesting and informative matter ever prepared on New York Curb Exchange stocks. ‘This manual or guide should be in the hands of every man who is interested in America’'s second largest stock market and the divi- dend and market possibili- ties of the leading stocks listed and traded thereon, Irest New York € Boston Philadely Picubargh Detrelt Baitimere Clev Call, Phone or Write for It To the Stockholders of Inland Steel Company named Companil Companies and h Boards of Directors and when es. that, pending preparation of th upon the reports and upon other All steps th: r T the advice of the respective counsel of the different Companies. It is proposed | NORTH AMERIC! STEEL CORPORATION. acquire, subject to its MNabilities, the assets of the Republic Compa: erties. Midvale will place its Nicetown plant and certain assets an of it in a separate Gorporation, stock of Midvales Company, as hereinafter stated. enterprise for the manufacture of the n. CAPITALIZATION Boads and other Fixed Charge Obligations . ... New Preferred Stock of $100 par value......-. Shares of New Common Stock without par value. The $79.173.500 Bonds and Fixed Charge Obligations will consist of obligations of the Midvale Company, or its subsidiaries; $13,357,000 bon: public Company or its subsidia ; and $5.217.000 Bon f which, i The $30,331,475 Preferred Stock is to be 7 % tion of the Company at 115% and accrued dividends. | X par value is to be issued to provide in part for the acqui Company. and $25331,475 par value is to be paid by the Company to the stockholders o The the Inland Company. To Midvale shareholders. . . . Republic Iron & Steel Company.. .. To Inland shareholders. To be sold for cash. ... ' DISTRIBUTION OF SECURITIES (1) Three-fourths of a share of the New Common Stock: and (1) $2375 in cash and (2) Seven-tenths of a share of the New Common 8tock. officers—who will be glad to give you the benefit of their knowledge and experience. Compo urn Pld on vl You can open a Savings Account at this convenient Bank with as little a: An Insured Investment | i If you are a purchaser of our First ,‘ K Mortgage Notes, you are insured against 5; financial disaster. There is a fascination in taking chances with investments which promise big returns, but history proves that, in the long run, safeguarded First Mortgage Notes are the steadiest and wisest investment in the world. Our Notes on improved real estafe in * the Nation’s Home Town are issued in large and small denominations, ‘and the interest is paid semi-annually on the day it is due. We offer you the judgment and integrity of a company of fifty-three . years of experience. | ~ 53 Years Without Loss to an Investor artzel Rheem& 727 154 Street NW, Co. Company; (2) wi ver $100,000,000. e l:'y : Kn:n. Loeb & Co. have agreed to act as hankers for the plan. * The pl 25,500 Com: per share. FIXED CHARGES AND EARNINGS to $3913,085 per ann dends to 9,5’23,20_1 o 1 capacity of the Company will be 5249.000 tons per annum. The book valu ital (but excluding the Nicetown Plant), totals about 000, The earnings of these three Companies (exclusive of December 31, 1921, averaged $20,462248 per annum and were as follows: 1912... .$7,435,421 1917.. 5 1913... .10,164,892 1918.. 55 1914... . 3,379,545 1918.. =5 . 1915... .13,702,110 1920. . 1916..............,52,595,325. 1921.. Since the 3 i additional facilities, greatly increasing capacity and reducing o the past ten years do not fully reflect the earning power of t! ADVANTAGES OF THE PLAN Some of t‘he essential reason: stated as follows: (1) Increased economy, shares of Preferred for five shares of Common. To provide in part for the acquisition of the .r;roperties L. lue of at Maturity. Choice First $100—$250—$500—$1,000 WILLIAM S. PHILLIPS Realtor 1409 N. Y. Ave. N.W. Midvale Steel and Ordnance Company Republic Iron and Steel Company ful negotiations and consideration, the respective Boards of Directors of the three above- After carelst hEvc approved the outline of a plan for the unification of the properties of the three ave authorized the undersigned to formulate a final plan to be submitted to the respective approved by them to be submitted to the stockholders of the different Com- Upon the consummation of the plan, the issued capital will be as follows: Over a Quarter of a Century Without a Loss B. F. SAUL CO. Mortgage Loans. 1412 Eye St. NW. Main 2100 FIRST MORTG The Safest Securit Every mortgage is less ready market Absolute Safety. Reliable Security. AGES g.:n Earth the property. / Protection Against Depreciation. Interest. ! “In y :’k," Gulde” Liberal Income. vestors & Traders e Insurance Against Loss. i| free—Call, "phone or write Prompt Payment o L Repayments of f Principal in Full Investments Main 4600 ...$79,173,500 50,331,475 3,309,612 Follow Those Who Know Insurance companies, banks. trustees, all invest their funds in First Mortgages, because experience has proven that they yield as high an interest rate as is consistent with absolute safety. . Our Mortguges are offered in amounts of $250 and mul- ous interpretation of the proposed plan has been given publicity during the last few days So muchicione 7 e final plan, 1?1: znders)ijgned make the following statement, which is based of Messrs, Price, Waterhouse & Co. and Messrs. Arthur Young & Co., Public Accountants. documents and data which we believe to be reliable and correct. . . at will be taken in formulating the plan and in consummating the same will be subject to that the Midvale and Inland Companies will consolidate and merge and take the name This Corporation, hereinafter called the Company, will y. Before the unification of the prop- d liabilities connegted with the operation which will be distributed pro rata among the stockholders of the This separate Corporation will thereaiter continue as a separate ordnance, armor plate and special steel products to which it is adapted $60.599.500 Bonds and guaranteed and other obligations of the Re- 3,309,612 shares of no par value Common Stock are to Dbe issued as follows: ..1,500, of 709, 590, 0,000 000 shares “ “« 281 331 (2) One-fourth of a share of stock of the corporation which is to take over the Nicetown Plant. Each holder of one share of stock of the Inland Company will be entitled to receive: Each holder of one share of stock of the Republic Company will be entitled to receive: 1) with respect to each share of Preferred Stock. one share of new Preferred Stock and an_amount D :fl cash gecesszry to provide for the then unpaid dividends on such Preferred Stock of the Republic .$60,257,399 34,598,221 11,612,487 e control, together with the gconomic advantage of better distribution for the use of such products. % @) Stmn(egr management through the combined ability of the principal officers of the respective Compa- i direct the operations. e s With plants located at Johnstown, Pa bette- savin, Th counsel. Whi will continue to be identified with its management. BOURNE, BARBITT & WALLACE, and CHADH. W?N'F’ERSTEBN. Counsel, Midvale Steel and Ordnance Company. STRIAN PLATT, E A el For Tiond Btoet Company: S el fon Hapabtie 16n wnd Biwei Company. __ NewgYork, June 7, 1922. - . in the selling and administrative costs. Chairman of . Steel Company. W. E. COREY, the Board, Ordnance Company. Midvale Steel and other obligations of the Inland Company, all i iti iabiliti he three corporations, are to be assumed by the Company e e ok e Df"; 2umul:li\'e 1:nd is to be convertible until July 1, 1934, into It is to be redeemable Of the amount to be presently issued. sition of the properties of the Republic ued and the proceeds thereoi, amounting to $24.064901, is to be On completion of the Plan, each holder of one share of stock of Midvale Company will be entitled to |rec=ive: respect to cach share of Common Stock, one and seven-tenths shares of new Common Stock. It is intended that a syndicate will be formed to provide for the cash requirements of the plan, including the provision of $20,000.000 additional cash working capital, which will make the total working capital of the an contemplates that the Company will sell to Mr. Thomas L. Chadbourne. for services rendered. mon Shares at $10 per share, and to Messrs. Kuhn, Loeb & Co., 59,500 Common Shares at $10 It is estimated that upon the consummation of the plan, the fixed charges of the Company will amount m (which is about 74c per ton of rated ingct capacity) and the Preferred Stock Divi- annum (which is about 67c per ten of rated ingot capacity). The total rated ingot e as of December 31, 1921 (which is far below the present replacement figures) of total net assets of the Midvale, Republic and Inland Companies, (x)ssludmg the $20,000,000 new cash working cap- f the Nicetown Plant earnings) applicable to divi- dends on the Preferred and Common Stock—that is, after deduction of bond and other interest, Federa! and other taxes and adequate depreciation—as compiled from the annual accounts for the ten years ending ear 1916 the three Companies have expended more than $120,000,000 for improvements and fierntmg costs so that the earnings reported for e three Companies as now situated. s for the proposedunification of the properties of the Companies may be resulting from the mining of a larger tonnage of ore, coal and limestone under (6] ; Coatesville, Pa.; Youngstown, Ohio; Niles, Ohio, and Chicago. 1L, and with facilities for steel production in the Southern field of Birmingham, Ala., the Company will be in _sition to_serve the conguming trade with a larger diversity of products and to effect a substantial e foregoing plan is subject to changes to meet conditions and circumstances and the opinion of ile the details of the orgmiznti'on of the Company have not been definitely settled, the undersigned and Chairman of the Board. Inland Stec! Cempany. OPPING, Chairman of the Board. Republic Iron and