Evening Star Newspaper, June 23, 1922, Page 29

FINANCIAL ——— ALL THE SIGNS ARE POINTING TO BANNER YEAR FOR MOTORS Some Detroit Companies Averaging Up Records, So Far Verifying Earlier Predictions—Other Industries. for BY PHIL 8. HANNA. !"mmf'z;u time in more than mine| | .o 0 reof the New York ~cial Dispatch to The Star Federal Reserve Bank in reducing PETROT 3.—Some of the au- | Furs. { rediscount rate to 4 per cent caused | nobile s @ hanging ul'l W YORK. June 23 (Special).— | little surprise among local bankers. ords here that verify earlier predic- | Coal and sult industry is in aiIt was felt that after the Bank of ns that 1922 was to he @ banner stronger position as a result of set-{ England reduced its rate to 3% per | motor vehicle production. The Ford { tiements of labor disputes. Indica- Tagt. week it was mmost in- tor Company in the fivst five months | tions are that furs will again he ex- | evitable that the New York banks the vear turned ou 9 vehicles, | tensively used on women's coats and | should follow in its ste i ¢ mpared with the corre- | suits, with consequent incr d de- | “Reduction of bank » 15 merely *onding five months of 1921 The|mand and higher prices, recognition of existing condition: idson Motor (Company In (those| said one banker today. “Rediscount months has sold more cars thanf Woolenn. s s i ing all last vear, and the Chevrolet, | BOSTON, June 23 (Special).—All of- | ket T taxwell and other producer e W large commercial borrower would §P Sl scuiay o [Eoverhment auctlon were snapDed WP\ Lay his bank. 1 think (his is as it result some of the companies |t es in excess of expectations.| [T LS GAIE < Cvell i o 'k in the market for machiery ,“t ton cloth sold extremely well in ou: e see no reas o the first time in two years. Drill large lots 1 at xood figures. bank should be penalized for redis- essea, grinders and millers are in | - | counting its pape e ey tex. | Under the stimulus of the reduction §1ce® radually rising = ADEA (Special).— 1 issues of liberty bot vanced | Ford assembly plant here, althoush | to a premium in the New York mar- B lgxm-‘- | workine overtime. is unable to keep | ket ng buy abreast of orders. A leading i 0 |.u_\..~:‘,.n ¢ hers predicts an increade in all | Present quotations are up 15 to 18 wre In attendance. This | yusler here pred Ipre e "points ab record lows, most of Sout 300 more than the average and | S 11 Jun i Shecialy—Auto | Which we tablished Just about two vons large wholesale buy Ot = [ aotar brie ndustrios are the | Yeurs o 3 ! | re for fall and winter nsation of the husine tlon in | OF the wotve lssues sreatest ad | R e e tlon M vance has been cffected by the second | o ¢ Se P45, with the fourth issue a close Feel Stimulating Effect | cversbods seans 0w sektna Porron loan wan. e Turgest 1 an most widely distril conse - of the High Price of Cotton | Paper. Adnie o eentcr Thidvest - Mo 13 1. June s than )y other issn BY ESTES DOR | saguenay Pulp ' announce Sre a1 Dispateh to The Star. LA retail this mndon, production Syndicx capacit for ten effect of the hi are piling | ferings of surplus textiles made at | which | RATE REDUCTION CAUSES NO STIR Local Bankers Say It Was Logical Sequence After London Action. ¥ Note Fxchnnges. A DRY GOODS SLOW. Market Is Still Affected by Ac- tion of Mills. NEW YORK, June 23.—The market for cotton cloths today encountered again_disinclination of mills to sell for deliveries beyond July, even when prices were named which could be considered within the market range. The market for southern 84 by 60s could be consfdered 8%c, while 68 by 72s were 1 cent higher. Prices on some sheeting constructions were {slightly higher. Cotton duck pric | were maintained at advanced level single filling being quoted at 18% New canton flanncl prices were an- 1ounced, six-ounce selling at 17¢ and unce at 181 The raw silk market here was dull and with prices well below the ori- ental differential. FIRM UNDERTONE |Day’s Movements Again Re- flect Professional Char- acter of Market. BY STUART P, spatel to T NEW YORK, Ju nothing of consecuence dewlings on the stock cept they indicated Pletely the market | the ush WEST, was 's —There about today nge how ex- again is dominated of professional traders who buy or one d i the angl s next a while the buying move- ment which had been in progress at ursday’s o kept on. The | ctine in Mexican Petroleum which fol- towed the uncement the [ stock exchange committes was in- | vestigating its recent spectacular rise SHOWN IN TRADING i | . _and “"""“'“‘I‘:"l’ X was for a time offset by rapid up- 28 Ih gudd yolume o Lidding of the Pan-American stocks. b o s TantAI Rty . on the theory that they weres 'th the cities and rural districts | lanta wholesalers are p e thharyiat they iong are quickly dep 1 a_pound for hens, 20 « ne d ¢ B Tatk ible rail tie-up is[15 cents for ducks and 12 cents for e el Bl i and the feeling|geese. The hest country table butter { had crigina wo for one in € opti in evidence than | is bringing 20 conts. Twenty cents a Ho Hional LORhG - . the depression be- | dozen is being paid for fresh candled i few other: in- m,.m”.“,.“%u,_\ s continued’ during. forcnoon city and z ory na, u;f‘ Mach Bank Dividend. o, Take !ellln‘g :I.:T o3 T. LOUIS, June pecial).—The | e eeting of the hoard g evident that no out- ol aabl | regular meeting of t ard | o Hdent he most di: a sign in evi e and held yesterday, o div] nd | huppens when ceverylody ce is the denc s | ihiure o "w‘!flf“;'k,"’.("‘\; Il at once in a market in which | < declared. payable Jul | crt fi e sho; erest b Noten. | Shareholders of record. Juné | neth L DTy Semnort interest lias reached many ROIT. Jun (Special) —One | 2 oft pretty shuraply. Y Sk will be turned result of the unexpected rev i also veted to add §20000] 8 nt increased eirc ul.-lm automobile industry in this { s surpius The investment market, in contrast on of thou an 18« N In“ mois the uml.',m for f: | eferred Dividends. } ""“l m'” B "ul"m"k" "Hl]:'m*'l;-d “pite of the holling ac- | It was declared by e | Cities Service has announced a plan | vaqu. 2 (s glven by the lunts are being liGuidited fr the factorie ror Danaenyice DAS Ranaunced @ plan | reauution i e New foderat des of other In the . it > reserve rates. Ly went up S oty I me {preferred stoek beginning September With on . egetables. p mv_wr all surplus e h 13, and on pre o onSIleL th one or high intaloupes. ) use d many plants ¢ [ for redemptio crip issued for yasumore nd 2 1d collections are &¢ ing large ad Detroit | (hase ar r demand Gor it [odmlcs have e.0un more on des | It is proposed to give holders of the ; s wasidis- i i i i | posit than at the kK of the e e cature than on Situation in Coal Fields | Boom. ! " Stocks and ol e atus hin fon CEW YORK 02 i 3D AR O A0 this group of a hal? point. t point | hwest | , NEW YORK, June 23 (special t debenture bond o sta e Only Dark Spot Sout AT S0 oriees o uaracal. e eme ot pref |1 3 number of instanc BY J. N. FINING. mated Clothing Workers of America el S e who had been on strike as a protest | mon Sto D imalative tan. DispateltoThe Star inst manufacturers letting out | ture of the i . LOULS, > only dark | subcontract not recognized | vious s ot on th zon in this | by the un e et eney RN in coai | @ay. One hundred and fifteen manu- nonthly o CHIR Y o © | facturers have come to an agreement {7} f lds. The danger of business is nOL| (ith the union to register their con- e \ the fact that violence has ! tractors. out. but demand is greater | SCRANTON. Pa., June 23 (Special). fign n stocl n the sunply and is increasing, | Sit e estiniated by men inctoss | JSEK cHjp s alldidia evhile the price tendency 1S UpWard-§ oy the strike in the bituminous and | Dividend Deelared. timulated by the employment to the | it Uhe STEIRE I U usiand e ‘ rmal average and continued favor- | {50 jeactt(eiclds hus cost miners i . w all other lines of US| cost operators $310.000 each working rterly divie W great dmprovement N al|day since April 1 to maintain mines | tand I per cent ex- ECHions, 3 in proper condition even while idle. able July 1 to stockholders of e has been discounted here of the light vote of union LIRS T iWashmgton Stock Exchange ¥ the dQull season begins in 1 until the middle of business 1S et is o Manufacturers are urely with | from con- | sts uction work There is ample evidence of son. Inquiries, sa wnd mproved property i ate dustrial and commercial houses f creased business over periods om_six 1ths to twe years. TI taken to den the commere -ade here is bett for months, Stoe looks us tho hment orders were in con carly prospect. Commodity Reports From Various Sections Cotton Yarns. and Asked Prices. PUBLIC UTILITY. & P, &P Celephone eplione of Vi PHILADELPHIA, #:ial).—Local cotton yarn dvanced wns a ¢ n all counts of soutl some grades are YW -t point since T Wash. Iy ATLANTA. Ju (Special) . qriate carloads praches een Shipped from wrsia, ace ng to fizures made public toda vieorgia Fruit Exchange silk. NEW YORK. Ju R. Mallinson. - orders on hand suffic e full operation of the four months H. av ST. Lot Jun (Special) \ugmented auto production is being reflected strongly in the aluminum | (e ndustry. All surplus finished raw | Distriet ..o materinl h been absorbed nnd | Favmers s Mecianics luminum plants hea apacity pu.mumn = ' ieal Equipment. URGH. ctrical equipme g up in pla Westinghouse Sontinental ectric and Machine is taking on | {3nin more men ever day. ing for! Tajon Trust export is especially noticeable. Washington Loun and S | SAVT Shi Commerce and X D June (Sped hoe for men made i retail at $5 a pair is e in this district and ATL port pray t : popula ing heavily n or treme- is sell- Iron and Steel. GOODRIC a. June 23 (Special) _Bon Air Coal und Iron will blow in s big twin blast furnace here Mon- &\m) About 200 additional men will . Ve employed. Company will open its \llens Creck furnace the middle of luly: at same time the company's wood distillation plant at Lyles will resume operations. These plants have | heen closed for nearly two years. Mes Old Old_Duteh ') rket pfe ST. LOUIS, June 23 (Special).— |l Dutch Ma LatEe orders from railroads are bene- | Loy Aororrbe ting iron and steel plants here, ton’ Market vhich are also responding to lle-’Yl-H:xw Cab ... 34 ands for material for building con- ) “Ex-dividend. Siruction $100,000 FOR SEAT. - AMiEe VEW YORK, June 23.—A new high ATLANTA. June 23 (Special)y -] price for this yvear for a seat on the Haberdashers here declare largest | RUCE {08, R Yoar for a seal on Ahe Homand 15 for white shirts with col- | pe "5l on (JOSK Bxqhange was pald ars attached and for medium-priced | oy "of “atiiel O Iovll, decens b one \inderwear. Demand for the latter | SU%, Us announced was $100.000. The ‘annot be supplied at the moment, | DTt U5 §RRtneed Was SN0 according to Atlanta manager of Clu- «tt, Peabody & Co. DETROIT, June 23 (Special).—A jrge wholesale shirt and collar house Lere reports further decided improve- ment in sales and collections. This <ompany declares demand for shir i« so strong that there will be seute shortage this fall CAROLINA MELONS SOON. BALTIMORE, June 23.—North Caro- lina watermellons—always the first melons of the season to arrive by ‘water—will begin to reach Baltimore about next week, It is sald by schooner operators. About July 1 the Carolina cargoes will begin to arrive in large quantities, and shortly after- ward the melons from the eastern shore will begin (o be unloaded at Long dock. Cemen EW CASTLE, Pa. June 23 (Spe- D, —Lehigh Portland cement plants > working 100 per cent of capacity “| Atlanti June coting of the homrd held A, S) Oftutt h the Felntate g ssistant Ban mal et renoldes Lared b e Linc a4 meeting held ve: tor the d from puts the hank dividend of to a reg- S per n basis of Extra Dividend Declared The hoard of the | tional ¢ {its resul the i per d ors of ik of W - meeting v nnual dividend o n extra div 1 7 osed until | Capltal Stock Tax Forms. s mailed to all cor rd in Ma the 1 tax must file return her it is tax, or not sfore July 31, 1 I'avment should accompany the return for the amount of tax disclosed by same terican National” Divi sguliar meeting of the b f dire s, held today, the s wterly dividend of per cent wa declared on the pital stock. payable to stockhold of record J 1. 19 books fer tock to 1 d from June . inclusive. TIFICATES. (Quotations furnislied by Redumond & Co.) 101 1110 0 1116100 13.16 116 102316 - SHORT-TERM SECURITIES, (Iteported by Redmoud & Co.) 4% March Offer. Aluminum Co. of Amer. 108% Armour & Co. itef. Cudaby Packing Co. Du Pont 7iys 1031, F. Goodrich Caorporation Humble Oil and Ref. 7 Kansas City Term. 6s 19: Kennecott Copper 7s 1 Libby, Me! Westinghouse E. & M. WHOLESALERS OPTIMISTIC. BALTIMORE, June 23.—Wholesale interests here report a general tone of progress, according to A. S. Golds- borough, in his summary for the local mscellaneous jobbing market. There is clear proof of a large measure of potential business obtainable, says his report, “but it has to be dug out by strenuous effort.” A complete dis- appearance of “grouchy anxdetyy is indicated. Complaint is made, how- ever, that retailers in nearly ail lines are contenting themselves with order- ing in & hand-to-mouth fashion. Col- leotio e says, are fair. £ mainly | today. there was more warrant inclined United the money mar- the reaction to the announcement wag shading of ased offeri 1tes, by . most days o far markie with a keen IS 4t 4 per cent. of course, {4 per cent quotation on federal re- rve rediscount. but it is doubtful | jwhether the banks with their own abundant surpluses will wish to av: themselves yet awhile of the redis count 1 ixehange Down. The foreign es | again, with “ontinental r hanges came down special weakness in rench exchange {in fact, was down very close to its | point ek ago. and so | Gerr Sterling, while | about away from last| week off 10" cents from fthe s touched only a | fortn 3 oo against London drafts as the cu at this ncing the fore grain and th and German ‘r hand. the w s wholly a reflection of unc 0 Germ rility to m, {ecoming tions installm troleum’s decline ter the tock s from Thu s from its extreme e break in this leader r the selling sus- ctions and pr again repa- r for of the With on the alme ainty as “t the high: ‘nded in other di 2 to pick up Mexican Pete Star Thos Attraction. who had expected fireworks n Petroleum following the ion launched by the Stock were disappointed. The selling of the stock. but no »d_throwing over of spec holdings that people h: looked for. who had bLeen maint ing that the 50-point rise in the lust week was nothing more than a tre- mendous squeeze of shorts. To prove luun this was a fallacy the Pan- chunse was some such hurri { ulativ American stocks were taken in hand and became the feature of the market. Inasmuch as they were originaliy exchanged for Mexican Petroleum. | two for one. they ouzht theorctic se selling at half the latt of course. they have been far { out of line this bhasis of ¢ tion. Partly todax’s | Pan-Americans was de: fup the gap anc partly ha view the £23.000.000 odd paper profit which the v has on iits Mexican on its books at $100 a share. Specinities Engnze Attention. Traders who have been making good Ipmfls in Mexican Petroleum have been neral Asphait and It was = ching of this 'r()m the Mexiean speciali that w: advance rs, Roe- | sort away into the two new favorites their responsible for Moil ordar sto huck and Montgome |active at advancing rnings. s and Electri ade a new crossing i3%. This ad- llIO\l:!nI to b v of for another The company pays regul but it has been the nings were as good - now to make additional distributions in The last dividend of this sort 2 per ‘cent, paid last Janua In inquiry conforms with the | n- | | FIRST MORTGAGIIS For $SALK BUSINESS ON CURB AGAIN CURTAILED Special Dispatch to The Star. NEW YORK, June 23.—Business on the curb exchange today was still further curtalled compared with re- cent standards. Both commission houses and professional traders were less active. There was some further sharp fluc- tuations in Cities Service Issues, the common stock moving forward about 3 points In the early dealings and then ylelding to realizing sales. The preferred moved over the range of about a point. There was less doing in the Standard Oil issues. Interest in this groun cen- tered largely in Tmperial Oil of Can- ada, Standard of Indiana, Standard of Kentucky, Anglo-American and In- ternational Petroleum. Mexican Seabonrd Buying. Buying of Mexican Seaboard issues continued. There was talk that the provision for retiring the company's bonds would be altered 80 as to per- | mit of a larger monthly total being | hought in. The possibility also Aiscussed | of an inc tn the dividend rate at the July meeting. s it was felt, would be justi 3 facts - company will have at that A00,000 in casi and receivable The . however, that there would be no dividend in- until next fall when of the motor group for me. It rose more than « point and later came down just as abruptl Lincoin and Continental were f firm. while Durant went down a fraction. Some b of Moon Motors followed the 1 inftial dividend of v and August call for 1.000 e rate at in May here foty To- well declaration of ce a share production schedules cars each month, or twice ti which shipments were maude Dubilier Radio was firm and was a fair denand for Gillette ftazor and Goldwyn Pictures, bacco Products new stocks were supported S — The Federal Reserve Bank of Bos- reduced its rediscount rate from to 4 per cent. The old rate had ailed s November 4 lust LIBERTY BOND PRICES For $100 Ronds Today Int 4%n £09.30 2d 414m M.AN 2d 4V 10022 4th 4Ux 99.96 Viet 99.76 ¥ AN NO DEDUCTIONS MADE. Bonds Bought in All Denominations. LIBERTY BOND EXCHANGE 604 14th St. N.W. Hours, 9 a.m. to 5 p.m. Main 2097 New York E. A. Campbell & Co. Public Accountants The Edmonds Building 91115th St. N.W. ‘Washington, D. C. Washington, D. C. $100 Invested Rive you one share of §6 preferred and one sharc of common of one of the best maintained stocks on the market— Which shonld pay 10% to 125 or better. Write or call for full particulars. A. H. DONDERO, INC., 310 Machinisxt Bldg. 9th and Mass. ave. Phone M. 813, We Offer for Investment Real Estate Notes Ist lien TO YIELD Of responsible makers se on_improved property AND 7% PROMPT PAYMENT OF INTEREST GUARANTEED. Bank of Bethesda, Md. ‘The Star has censored the ad- | vertising on this page for the f§| protection of its readers. How- ever. if there should be any can for complaint we will make a full and impartial inves- tigation. The Star strongly recommends § ! that you consult an officer of some bank or some member of i the local stock exchange before i making any investment at any J' time. FUNDS LEFT| WITH THE COMPANY | i 07. WE EARN O —the nighest interest ! rate of any American | Life Insurance Com- ! pany. i INSURANCE COSTS LESS In the | Union benlrul. Why pay ref Annets, £160,000000. _Organized 1867 E. S. BRASHEARS, Gen. Agani 710 14th Street PIGGLY WIGGLY COMMON $10 PER SHARE We have for immediate sale a small block of stock of P'grily Wiggly, Atlan- tio. This Piggly Wiggly Unit controls the Franchise for one of the best eastern territories, Stores now in operation. Will Iy total of 15 stores. Capitalization small and all stock has been issued, and Company is fully financed. If you are familiar with other Piggly Wiggly Units 7o, wul recognize this as a real oppor- CAHlLL & COMPANY Room No. 1008, 1319 F Street N.W. NOTES DENOMINATIONS OF 500 DOLLARS AND UPWARDS Tt T Hopnon &% 1977 Lonneriivusd Moo FINANCIA uiLign ¥ "fi'u‘,, CONTROL, STOOK ;s,ul Life Policy, $57.35 B . Rowm €10, Wochward: boliding. M. 38 Money to Loan I-nntlvnm“."nn—-luhu Mlnn interest o1 miseies. Joseph 1. Weller & " " ' EQUITABLE Co-Operative Building Association Organised 1879 424 YEAR COMPLETED Assets -+ $4,406,620.00 Surplus . ,144,404.09 Learn to Save Systematically Don't take chances when in- vesting your savings. Buy First Mortgage Notes —and get the added protection of cur past record of not ever haing a client lose as much as a single penny in either principal or interest. The attending to details. such as insurance, taxes and re- mitting interest on the day due. 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 t HarriMAN & Co. | MEMBERS: NewYork Stock Exchange m Bmadw-_y, New York [ o0 Washington Office COLORADO BUILDING Telephone Main 1603 G.B.Chipman Manager 83d Issue of Stock Being Recetved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOAN JOY EDSON. President FRANK P. REESIDE, Seey. in de- TN YL Trustees=A Comparison As to Permanence—As to Skill’ As to Trustworthiness T is safe to say that more than half of the property in the United States belonging to women and children is being held for them by trustees. Perhaps you are a~cumulating wealth which will some day be left to & wife or children. If this {s so, are you in- vestigating the question of trusteeship? Will you spend seven minutes on our booklet, “Some Vital Questions,” which will explain the value of a trustee- ship and other Trust Department service. Write or call for a copy. EVERY FINANCIAL SERVICE COMMERCIAL 3% ON SAVINGS “AND "I"RU S T C OMPAN N 15th and Pennsylvania Avenue Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass. Ave. 8th and H Sts. N.E. 436 7th St. 8 $1,750,000 City of Richmond, Virginia 4% % and 4%2% Coupon Bonds Dated July 1, 1922 $1,250,000 44 5o Bonds due July 1, 1956 $500,000 41, % Bonds due July 1, 1932 Not optional before Maturity Issued for Schools, Water Works, Gas Works, Street and Park Improvement. Principal and semi-annual mt:res! (January 1st and July Ist) payable at the City Comp- troller's office in Richmond, or at the office of the Fiscal Agency in New York City. Coupon bonds in denominations of $1,000, with privilege of reg- istration as to principal only, or as to both principal and interest. FINANCIAL STATEMENT . Estimated Actual Value of Taxable Property. . . . . .$400,000,000 Assessed Valuation ...... e P R LR ) Total Bonded Debt (these issues included)........ 23,907,305 *Water Debt .......................$1,386,525 Sinking Fund ....................... 5695139 *There is an additional Water Sinking Fund of $722,000. Population, 1920 Census, 171,677 7,081,664 16,825,641 Under the Virginia law, the larger cities are not a part of any County, and are there- fore not liable for any County indchtedness. Legality to be approved by Messrs. Reed, Dougherty & Hoyt of New York City. Price on 41/, Bonds—98.25 and interest, yielding 4.357, Price on 4% Bonds—101.20 and interest, yielding 4.35/ BAKER, WATTS & CO. Streets Woodward Bu-ldln; wv‘:A:.J'n‘l;a‘l'E..o’db. BANKERS WASHINGTO! Telephone Paul 80 Sl The above statements, while not guaranteed, are based on information which we believe to be reliable. ;