Evening Star Newspaper, June 27, 1922, Page 21

' Ranese b, Ak FINANCIAL. —_— BANK REDISCOUNTS SHOW BIG; DECLINE Improved Financial Situation Has Much to Do With Easier Money. Rediscounts of member banks with foderal reserve institutions have de- clined approximately $3.000,000,000 from the high. Rediscounts of war raper tor the entire system now totai only $140,713,300. At the peak (May 16, 1920) such loans were $1,- 153,476,000 Shrinkage totals, $1.- 763.000. At present rediscounts secured by commercial paper are only $280,855, 000 At the high point (December 3. ) “they were §1,616.116.000. The Forinkage in such 1 within the ayazem has been 61,000, which #s the decline for both classes S paper, therefore, $3,058,024,000. Tnls improved situation has had ch to do with tes prevailing today. eral reserve bank rates, result. the easier money Lower fed- too, are a Committee Appointed. The special committee of the Dis- trict of Columbia Bankers' Associa- tion, which will pass on the comments and’ objections to the Millspaugh banking measure now pending in Congress, was named yesterday by Joshua Evans, jr.. president of the organization, and is composed of Charles J. 'Bell, president of the American S ty and Trust Com- pany. chai : William D. Hoover, president ional Savings and Trust Company; H. McK president National Capital Ban aurice D. dent Bank of Com- Francis G. Add ent \ecurll Sav- Commercial Bank; Robert S. ntz, cashier Park ngs Bank, a4 W. W. Spaid of W. B. Hibbs and mpany. Thus It is seen that final action on the bill, from a local banking stand- voint, will be meted out by represent- atives of three savings.banks, two trust companies, one national bank and one private banking institution. This committee will have referred to it comments, opinions and criti- cisms directed for or against the measure at the recent meeting of the District Bankers' sociation. These voicings will he carefully considered ‘ana a decision reached, which in turn will be transmitted to the cou il of administration, which will cos vey the findings of the special com mittee to the assoclation proper, with possibly amendments, Every bank in the association, with the exception of six, was represented Rosenberg, pres merce and Saving: ., vite pre *at the special meeting for the dix- cussion of the Millspaugh bill, and it is likely that the committee will et in touch with officials of these six banks to obtaln their views on the subject. President Evans hopes that the committee will be able to present a comprehensive report at the first fall eeting of the association. There is re will be on of Con- bankers of ington will present a unanimity of- opinion when the bill comes up for consideration in the House. It is understood that Chairman Bell will call a meeting of the newly appointed committee within the.next few days to consider the steps out- lined above. Dividends Declared. Directors of the Franklin National Bank have declared a semi-annual dividend of 313 per cent, payable to stockholders on July 1 Person: Rankin A. Todd of Staunton, Va. director of the Franklin National Bank, accompanied by Mrs. Todd. is spending several weeks in Wash- ington. ——— RECEIVERSHIP FOLLOWS i 3U3IPENSION OF FIRM 5 NEW YORK, June 2 York Consolidated Stock Exchange today announced the suspension of Fuller & Co. The company ned branch offices in Boston, iladelphia and Cleveland. A petition In bankruptcy was later filed against the company on com- plaint of three creditors with claims aggregating $16,000. Liabilities were listed at $500.000 and assets $250,000. Federal = Judge Mayer appointed Samuel Strasburger recelver under a Lbond of $25,000. The firm is com- posed of Edward M. Fuller and Wil- liam F. McGee. The fifty employes of the brokerage house journeyed to the office as usual this morning and when they got there found everything but the furniture had been taken away dur- ing the night. One of the “bosses” was around to explain what had happened. A young woman merely told the clerks and stenographers that the firm was “out of business today” and a state- ment would be made later. In a little while the faflure was announced on the exchange, and then it was learn- ed that all the books and papers had been taken to a lawyer's office. It was not long ago that Fuller caused the arrest of Miss Nellie Black In his office, charging-that she had annoyed and threatened him, Miss Black was convicted, but was Teleased on suspended sentence. P DIVIDENDS. Stocks of Rubber Co. Record. Payable. Canagian Cons. June 30 June 30 July 15 July 15 July 15 July 15 Sept. 30 Aug. 15 July 15 . S. Finishing Co. .75 July 1 VISIBLE SUPPLY OF GRAIN. NEW YORK, June 27.—The visible supply of American grains shows the rol}w?:mg nczllnnges eat, 202,000 bushels; decrease, 2,612,000 bushels. o Corn, 31,346,000 bushels; 1,016,000 bushels. Oats. 44,460,000 bushels; 1,269,000 bushels. decrease, Rye, 915000 bushels; decrease, 911,- | terest in staple clothing lines with | | 000 bushels. Barley, 1. 276,000 bu: SOUTH AMERICA IMPROVES. NEW YORK, June 27.—Having pass- ed the acute crisis that followed the abnormal inflation following the war, South America Is steadily progress- ing toward normal conditions, says Norman C. Stenning, new agent of the Anglo-South American Bank, Ltd. Mr. Stenning, who has been with the bank for nearly twenty years, arrived here recently from South America after eight years in the service of the bank in Argentina and Peru. He opines there is no reason why rela- tions with the United States should not continue to improve. He believes American exporters should be able to expand their business with South American countries. NOTIONS MORE ACTIVE. NEW YORK. June 27.—Notions, par- ticularly dressmaking supplies, are again in good demand. it is reported in the wholesale market. Much ac- tivity in hooks and eyes and snaps is reported. A new skirt gauge has found instant favor. It is adjusted by means of a.sliding yardstick to the proper length from the floor, en- abling a woman to mark her own irt for turnin> up. The top of the uge is pusicd and powdered chalk 26.000 bushels; decrease, —The New |J: decrease, | cial).—Local wholesalers now SAY FACTORY MEN ARE UNABLE TO CATCH UP WITH ORDERS Repor;s From New York Area Also Show Marked Activity in Many Lines of Trade—Elsewhere. BY JAMES ALLERTON. Special Dispatch to The Star. NEW YORK, June 27.—Carpet manufacturers in this section still are unable to catch up with their or- ders. Business is rolling in briskly, but there is a shortage of the East Indian and other carpet wools and plants are being pressed to capacity to meet deliveries. The garment trade is in better condition because of settlement of labor disputes and there is a satisfactory buying move- ment developing for fall and winter. Cotton goods are higher, but this has not served to check activities of the cutting up trade. Leather is in a stronger position than it has occupled for many months. The Brooklyn and Newark shoe fac- tories are well occupied on orders and_retailers are doing a land office business in sport shoes. Retailers, however, declare that they are dis- inclined ‘again to carry as many lines as they have this season. A decided large buying of many lines is expected from the west after July 4. Piano factories report busi- ness very quiet and collections slow. Cigar manufacturers are speeding up somewhat and are being helped by judicious advertising. Builders hardware sales, both wholesale and retail, are much higher than for this time last year. The silk mills are not feeling the improvement of the other textile lines. ~ Some. of the glove factories are closed and other silk plants are working at less than half capacity. . Good Times Indicator Seen in Army of Vacationists | BY H. B. LAUFMAN. i Special Dispateh fo The Star. 1y PITTSBURGH, June 27.— Prospec- | tive vacationists are so numereus! that they find it necessary to make | transportation reservations two to three weeks in advance. The num- her of people who will enjoy outings is accepted as an indication of busi- ness conditions. In the building, trades there is some fear that the| construction movement will be inter- rupted by labor demands. Common labor has been advanced, and plaster- ers, among others, are considering demands for higher wages, although the present scales have a year to run. In all sections of the Pittsburgh district extensive building campaigns i The supply of coal nsion in the steel in- varioys lines, however, increased productions are noted. The market is strong, with makers to select orders and refusing to accept long deliveries at current prices. The | gatomobile trade. agricultural dis- iots and the building industry are making heavy demands. Coal is ar- riving_in yolume from West Virginia and Kentucky, but receipts are not equal to consumption. Reports that an effort will be made to resume oper- ations at union mines in this district July 1 are not officially confirmed. Harvest in Northwest On; Trade Active, Improving BY E. D. JENCKES. Special Dispatch to The Star. ST. PAUL, Minn., June 27.—Harvest time has come in the northwest. Freight cars, labor and other distributing facili- ties are being mobilized to assure ade- quate and speedy marketing. Cutting of the largest rye crop in many vears will be started this week in southern Minne- sota. Barley and oats are heading in good :h.me and barley cutting will begin about 1 Some wheat is starting to head, corn is growing rapidly and banks and railways constant! agricultural situation look for an excellent y good. exceptionally department ex against too much optii; that for the northwest and August will be critic. spite the excellent condition. ing now. Wholesale trade is active and imp:ov- ing. Jobbers of drygoods, shoes and groceries report sales increased over last year. Heavy advertising is neces- sary to keep retail trade fair. Railroad freight shipments are gradually increas- ing. Passcnger travel throughout this gateway is 16 per cent better than last Juge and 27 per cent better than in February. Commodity Reports i From Various Sections | Riece. b NEW YORK, June 27 (Special).— There are no sizal stocks of rice however, counsel “m, emphasizing nerally, July “onths de- “intain- in the hands of weak interests in this|i 5 market and prices are being well; maintained, although demand is con- | fined almost entirely to small lots. Sugar. DETROIT, June 27 (Special).—De- lay in deliveries of contract sugar and a rush at the western Michigan fruit canning plants has forced up sugar prices. One of the largest can- ners has been obliged to go into the open market and pay prices running from 60 cents to $1 a hundred in ex- cess of prices named in its contracts. Wholesale houses are diverting sugar to keep plants in operation. - ‘Wool. BOSTON, June 27 (Special).—Wool market here has quieted fown, but prices are holding firm. Local wool stocks are small. Majority of the new clips coming in are going direct to mills in their original bags. Dry Goods. CHICAGO, June 27 (special).—Prints and percales are in excellent demand in this market. Considerable interest is belng shown in handkerchief linens. Clothing. NOXVILLE, Tenn., June 27 (Spe- have their men on the road and report most satisfactory results. They de- clare there has been a return of in- buying the satisfactory through south. Gla PITTSBURGH, June 27 (Special).— Usually at this season of the year there is a slowing down in the de- mand for window and plate glass. This season is an exception, and the demand_is greater than for many years, due to the building boom in many sections. Machinery. LACONIA, N. H., June 27 (Special). —Laconia Car has completed its $500,000 order for Maine Central, and is now working on a $1,000,000 repair order for the Boston and Maine. The company has enough work booked to require capacity operations through- out the year. Cottons. PHILADELPHIA, June 27 (Special). —Cotton ‘yarn spinners here report a difficulty in securing high-grade cot- ton suitable for good grades of 30s and upward. This is making it difi- cult for spinners to lurnuh definite quotations. Frait. SAN FRANCISCO, June 27 (Special). —California Pear Association has fixed opening prices on 1922 crop pears at $71.25 a ton, for No. 1s, and $35 a ton for No. %. Live Stoc] BL PASO, June 21 e e e e added another furnace to sentatives of big cattle-loaning com- panies have appeared on ranges seek- ing clients. Last year the growers were flocking to the citles seeking loans. Rates of interest continue high, however. €anned Goods. NEW YORK, June 27 (Special).— First samples of 1922 canned-pea pack of this state have just reached this market and are sald to grade up bet- ter than the 1921 pack. Hnts. PHILADELPHIA, June 27 (Special). —The lapgest hat manufacturing plant in the city has extended its working schedule from 43 to 48 hours a week, thus putting the plant on full time. Officials state this was not done until orders on hand were sufficient | td justify the change. Steel. NGSTOWN, Ohlo, June 27 (Spe- Republic Iron and Steel has its active list, bringing pig iron production-of district up to about 65 per cent of capacity. ~ Three additional stacks will be fired in July. PITTSBURGH, June 27 (Special).— Carnegie Steel has thirty-eight ac- tive blast furnaces, against thirty-five YOU cial). ithe middle of May and thirty-four on April 1, when the coal strike began. The company's ingot production i3 about 77 per cent, against 70 per cent on April 1. WHEELING, W. Va., June 27 (Spe- cial).—Mill operations in this district have increased this week. The Wheel- {[ing plant of the Whittaker-Glessner Company, is on a 100 per cent sched- ule, up 10 per cent. The Beech Bot- tom plant is working 100 per cent. N, J pecial).—Boston tis advantageously situated as regards coal, cation with the Virginia ports, but coal is high and scarce and it is be- lieved another month of the strike will force some curtailment of In- dustrial activity in New England. UNIONTOW (Special).— Foundry coke at §7. The supply is very Furniture. GRAND RAPIDS, Mich., June 27 (Special).—The secretary of furniture market association reports 1,047 fur- niture buyers registered for the sum- mer buying exposition, compared with 503 buyers in attendance during first week of the 1921 exposition. Furni- ture manufacturers regard the in- creased attendance as a positive sign that retail trade in general has a promising outlook. - Notes. BOSTON, June 27 (Special) —Boston continues to be one of the bright spots of the_country in retail merchandi: ing. Net sales of a number of t larger department stores here have been larger last month than for any simiiar period for three years. This is considered very satisfactory as prices now are much lower than,in previbus years. PITTSBURGH. June 27 (Special).— Carnegie Institute of Technology's employment bureiu has placed 50 per cent more studemts for summer work than a year ago. Last vear nearly all placed were given positions as sales- men. This year, the calls covered a wide territory. for positions than a year ago, more ing able to secure places without ance. EW YORK, June 29 (Speclal).— Considerable difference of ~opinion seems to prevall amoni hotel men as to the present future of that business in this city. On the one hand, United Hotels Company of America has just Jeased a site for a fifteen-story, 1,2 room hotel to cost $18,000,000. Th } pany operates a chain of eighteen ho- | tels throughout the country. On the other hand, the Hotel Claridge has been leased for commercial purposes and will be closed as a hotel by its owners, who also operate a cities. —_— ASK TO SELL BONDS. Two Road: Seek Permission of In- terstate Con:. ce Commission. The Chicago, Milwaukee and St. Paul railroad asked the Interstate Commerce Commission today for per- mission to issue and sell "$8,085.000 in equipment trust certificates. The money will be used to pay for 6,508 ! new freight cars and twenty-five lo- | comotives, Another finance application from the Cincinnati, Indianapolis and Western Ralilroad Company sought because of easy water communi- | Less students applied | Targe | string of hotels here and in other;| BIG BERRY SHIPMENTS. PRINCE.SS ANNE, Md., June 27— clals Perusylvania road, were ship cordln! to fi of the res given out by offl- orfolk_ division of the 2,032 cars of berries from the eastern shore of Virginia nllrl Maryland during the past seasan. f this number 790 cars were shipped tmm Virginia and 1,242 from Maryland. OUR 7% FIRST MORT- GAGE NOTES Need no further recommen- dation than that they are secured on improved real estate, and placed on the same basis of security as protected our investors to the extent of their not hav- ing lost a single penny in either principal or interest during our fifteen years of investing. Notes on hand in amounts of $250.00 up to $5,000.00. Certified copies of Certifi- cate of Title furnished with each note. CHAS. D. SAGER, 923 Fiftegnth Street N.\W. Main 36. Loan Dept. EQUITABLE Co-Operative ' Building Association Organized 1879 424 YEAR COMPLETED Asnets ... $4,408,620.00 Surplus . $1,144,464.69 Learn to Save Systematically —We can point to thousands who have adopted the systematic savings plan of the Equitable. with wonderful re- sults. Subscriptions for the 83d Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. The National Investment " On A Fair Basis (Temporary Offices) Third Floor Sanshury Building 1418 Eye Street, N.W. Second Trust Notes Are Purchased by For nearly 20 years Portland Railway, Light and Power Company, First and Refunding Mortgage 5% Sinking Fund Gold Bonds, due February 1, 1942, Complete information upon request The National City Company ‘Washington—741 15th St. N. Telephone—Main 3176 .We Offer for Investment Real Estate Notes ot on_improved i rty. v ‘property. uom PAYMENT OF ngnst Bank of Bethesda, Md. 'l.'hn Star has censored the ad- The Star strongly recommends that you consult an officer of some bank or some member of the local stock exchange before mmu any investment at auny !.lBERTY BOND PRICES For $100 Bonds Today 4t 4%-'. Vietory 4%e Bonds Bought in All Denominations. LIBERTY B?ND EXCHANGE Cities Service Company Preferred Stock Monthly dividends in cash to be resumed, and all pre- i| ferred scrip to be redeemed on SEPTEMBER FIRST ¢ Dividend being earned 21/ times over Increasing Net Earnings Large and Growing Equities Returns at present price more than 87 Ask for Circular Thomas W. Brahany & Co. 510-11 Evans Building Telephone Main 6189 Mortgage and Corporation YOU—yves, you —are now working for less than you can really earn. And you always will be unless you “step out” and take the chance that every good business man today has. An old-established company, selling a line of service that is freely bought today, has organized an office in your city. is permanent, work opportunity for pro live at home. The offering unlimited motion, and you can If you are now on a pay roll for less Hours, 9 a.m. to 5 p.a. New York Stock Exchange 111 Broadway. New York Washington Office COLORADO BUILDING Telephone Main 1603 }authority for the'sale of $1.000,000 in | per cent mortgage jhonds to pay : debts of that road, While. a third| from the Union Terminal Company | at Dallas, Tex. asked authority to! oxtend the maturity of $550,000 in | outstanding notes. 1 . | DEFLATION IN SCANDINAVIA. | NEW YORK, June 27.—On the basis | of 100 for the pre-war average, Nor- wegian wholesale prices declined dur-{ ing May from 209.9 to 208.1, retail! prices from 225.2 to 219.7 and cost of | living, as calculated by the munici- pality of Christiania, from 245 to 239, The comment is made in_connection with the estimates that “the proceu!i of defiation js now progressing at a satisfactory Tate." AT TS MMM Every afternoon at the close of the market we send out a brief bulletin on the day’s outstanding feature of the New York Curb stocks. You can get it in our Customers’ Room, have it read to you over the ‘phone, or put on your desk next morning by mail. Ask for “Today’s : Market Feature” v JonEs & Baker Members New York Curb Exchange . Direct Private Iflr— New Yuk m BALTIMORE OFFICE 433 Equitable Building T-lqhau Plaza 8451 than $300 per month and really want to make that much and more, manship ab; this opportuni and have sales- y, it will pay you to consider No applicant will be considered unless he is looking for promotion. dations will be required. trained. Phone Room 349, Ebbitt Hotel, Tues- day afternoon or evening or Wednesday morning for an appointment. Average Retarns Recommen- You will be Unbeatable is the saw ot average re- furns. Your investments occasionally may-return unusual profits and éncour- age you to the lure of easy money, but as the years go by you are likely to appreciate either for yourself or for others the inescapable conclusion that every sacrifice of investment safety leads, in the end, to some loss. Our First Mortgage Notes on im- provedl Washington real estate base their “interest return on the law of average returns. Write or call for detailed information. & 727 15 Street NW. 53 Years Without Less to an lm-hr_ Co. Money to Loan FINANCIAL. 21 —_— WILi BUY Internaéi-val Finance on_real estate. uble makers secared by 1st lien TO YIELD 6% Bought, ol A Bt, Louls, Mo. Corporziion Stock S. A. SC:iOOLFIELD Boom 31¢_Contirentai Srust Building Phone Main 200 GUARANTEED. for complaint we a full and impartial inves- / NO DEDUCTIONS IADE. th St. N.W. Main 2097, MEMBERS: e < G.B.Chipman Manager FIRST MORTGAGH IN Call, Phone or Write for It / For SaLk DENOMINATIONS OF 500 DOLLARS AND UPWARDS .%(/a// ‘y/ ‘%é/fléfi 7 %. 1207 %flflec/t&uf %lemm FIRST MORTGAGES 'he Safest Security on Earth Evm mortgage is less than 509, of the ready market value of the property. 1. Absolute Safety. Reliable Security. Liberal Income. Insurance Against Loss. Protection Against Depreciation. Prompt Payment of Interest. Repayments of Principal in Full at Maturity. Choice First Mortgage Investments $100—$250—$500—$1,000 WILLIAM S. PHILLIPS Realtor 1409 N. Y. Ave. NW. Main 4600 Investment Problem ' THE investment of funds cmflnuzlly presents new problems on account of changing condi- tions in the securities market. What factors should you consider in the invest- ment of your July funds? - Should you now buy long or short-term bonds? What rate of yield should you reasonably expect? How can proper diversification be secured? Would tax-exempt sccurities give a better yield, considering your income, than other types? It 1s a part of our scrvice to assist you in solving your individual investment problem. Call at our officc or send us a list of your investments for re- view; we will gladly give you our recommendations. 811 Fifteenth Street, N. W Washington, D. C. Main Office: Guaranty Trust Company Building 140 Broadway, New York Capital and Surplus $1,250,000° - MAIN OFFICE Freedom from Vacation Cares Merchants Bank & Trust Co. 15TH & H STREETS, N. W. Telephone: Main 5815 ON'T overlook the fact that one of the best things you can take with you on your vacation is a carefree mind. Here are a few of the ways in which we can protect you against disturbing thoughts and annoy- ing experiences: In our storage vault at the Main Office or the DupontBranch wewill keepsafely any boxes, trunks or packages containing household wvaluables that you want to protect against fire or theft. In our Trust Department we will look after your securities, collect the interest coupons and dividend checks, deposit the proceeds to your account and act as your agent in any other financial matters that you designate. In our Banking Department we will issue Travelers’ Checks and Letters oi Credit, provide you with a supply of any foreign currency, send you money by telegraph or cable, and keep funds that you will not need until your return in Certificates of Deposit at attractive rates of interest. DUPONT BANK BRANCH DUPONT CIRCLE