Evening Star Newspaper, August 28, 1922, Page 19

FINANCIAL. STOCK LIST SOFT, - MANY GAINS LOST Working for Profits on Short Side—French Securities Are Weak. BY STUART P. WEST. | WOOL MARKET QUIET. Greater Part of Buying by the ‘. Worsted Makers. | BCSTON, August 28 (Special).—The iraw wool market opened today with | the greater part of the buying being i done by worsted marnufacturers, |though some of the producers of | woolen cloth were making Inquiries affecting reorders and future needs. | The opening of the English sales of | Bast Indian wools tomorrow is being awalted anxfously, as buying for American account is expected to be in_evidence. Territory wools were about un-) changed, but a slight upward tendency tis making its appearance in half bloods. Ohio fleeces were in fair de- mand. THE EVENING BONDS ARE HIGHER | ONLOCAL MARKET 0peracors Stotks Slow, But Held Strongly—Heavy Govern- ment Maturities. BY L A. FLEMING. Today's session of the local stock 7% per cent notes of the Washington STAR, WASHINGTON, D. O, MONDAY, AUGUST 28, 1922 BOTH SIDES IN COAL DISPUTE FEELING PINCH OF BIG STRIKE Market—Hungry Mi Must Dig Fuel to Preserve ners Exhaust Credit. Plants Curtail Output or Shut Down. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, August 28.—The an- thracite operators of Pennsylvania 'effort and price sacrifice. period of good business is assured for New England. Commodity prices are generally dustry are Increasing. Bankers and other observers are beginning to fear theless are in stronger position. In R trending upward and profits of in-| _ Let us manage your Rental Prop- erty. Over a Quar- ter of a Century Experience, B. F. SAUL CO. 1412 Eye St. N.W. Main 2100 FINANCIAL. FIRST TRUST NOTES Issued Under Our Supervision Are Ist. Permanently Safe, elimir;ating all worry. 2nd. Give Maximum Yield, better tian other forms of equally safe investments. for you. 3rd. Require Least Attention—we lcok after every detail Let Us Have Your Reservation at Once e — NEW YORK, August 28.—Today's | I have got to dig coal this fall. They xchanie: waslgl 5 a period of reinflation. In practically | markets were called unon on the | g e e large- | faco that necessity In order to pre- [ aifiines of business midsummer dull | Loan Department one hand to measure the effect of the g in bonds and almost|gerve their markets. They realize thut [ ness has been less noticeable than il it e v:ihf.vul exception securlties of this unless they mine sufficlent coal to|Normally and the volume of wetail : i strike and on the other hand to | character presented a firmer tone. | supply their customers this autumn P L ek s sactory N | “Never” figure on Germany's reply later in ! tarhls was true in the case of Capl- and winter thelr markets will beling forward to a bik fall business. | : HANNON i & LU( :H G eenk Tindes tia Akl canoRL(e al Traction 5s, which advanced to 99, | snatched from them by the producers| The improvement in the hide, leath- i 1o week ! ; in Washington Gas Gs, which opened | of bituminous coal and fuel oll. Once|er and shoe markets in August has e s 0 ot chianta bint ms vl i - 1 cot sion for a plan at 94 and closed at 94%, and in the 105t their customers could be regain- not been so pronounced as it was as -!-fl penny in elther prin- { ’ i 2 ed, if at all, only by tremendous sales | during July, but the markets never- cipal or interest when investing 713 14th Street altoether an important and wnusually interesting test for the financial situation Had the cue b en taken trom the one would have foréign. exchxnges, change followed the movement on the said that financial sentiment was : bile producers In this c o > o ovel > Ge osi- | big board today and went down. Indicate no dispositi ment similar to that by which the P 8 In this country and one ibeoluts ety. Fe hopeful over the German posi- DIE board today - buying by Jowering prices. o ®°| government ran the railroads. big Canadian producer. T — v on than it had been. This hope was remainder of the based on the seemirgly good chance |favorable developments over the |Lansion j i i - e malority. of the & ex-dividend and 155 for e e r;:pu”:r::;::?i\\'eek end in the home labor situation | Mergenthaler. “fi‘,’,fiz ,hd:'m:’e,:h:s“‘:,“::":fiw“';; Reduction in AU'tO Prices Notes of $250 regarding the || Street Railway shares were entire- | (ciographic dispatches from Scranton | B0OStS Sales in Southwest Up to $5,000 terium through the ench Securitiex Soft. the best rally that - the frane had had ainst llar loan They % of the dropped 1 sald with their extr of the exter two the ear % off 9 points me time the low in and were At t ¢ | Atlantic } W YORK, August 28.—For the {most part, prices on the Curb Ex- The selling was caused by the un- jand the uncertainty |European financial outlook. { Standard Oil of Indlana was heavily | {dealt in as it fell from above 113 to laround 112, at which figure it was| {off three points from Friday morning. |Most_of the other members of the | Standara Oil group weakened sympa- |thetically. International Petroleum lon large transactions was forced {down half a point or so from 21%. Lobos sold down to 10% from 10% The striking exception was Stand- Gas Company, which brought 106. Bid and asked prices on the inact- ive group of bonds, including many that are usually on the trading sheet, Typesetters were strong at 80 for ly nominal, Capital Traction and Rallway failing to develop any bus- iness whatever. The bid price for the latter was 103%, with none offer- ed under 1041%. y Railway common was 55 bid and 56% asked, buyers and sellers too far apart in their views to consummate trades. The preferred shares were guoted ex-dividend at 74 bid and 5% asked. Elsewhere throughout the list firm- ness was evidenced. Government Maturities. Men In closest touch, with the oper- ators stated today that many of the latter would not look with strong antagonism on federal operation of anthracite properties under an agree- Operators’ Stock Melted. and Wilkes-Barre recelved here today. i The miners are getting hungry. They have exhausted their credit at the their reserves in touching instances. The operators have sold all the tre- mendous stocks of anthracite which stores and the banks of the coal| region now are feeling the withdrawal | .ot savings, for the workers lived up | to the limit of their credit before | many ! the last few weeks the Parker Wild- er Company has sold over 200,000 yards of body cloth for upholstering closed automoblles. The buyers con- sisted of some of the largest automo- BY JAMES R. RECORD. | | Special Dispatch to The Star. FORT WORTH, Tex., August 2 Crops throughout southwest are in fair condition and are holding their own in most sections despite need for | {additional mofsture. Wholesale and | retail trade are both quiet, but trade | volume has been better than was ex- | were piled up before the strike. One company alone had thirteen miles of loaded coal cars on siding April 1. pected when strike conditions are taken into consjderation. Exporters at Texas ports are optimistic as to | In Our First Mortgage | Notes Every loan placed s -I.HM“. for full information. Now on Hand Chas. D. Sager ! i 923 15th M. 3% | Loans ad Iavestments. ! Investment Funds Seek Investment funds from every section Washington from their top rench mur but it has all been consumed. Chest- | foreign demand and expect heavy ard Oil of Kentucky, which ran up nut and egg sizes have disappeared.|Shipments of cotton and grain will go a point and a half, while other Stand- und the de- of the country are coming into Wash- Within the next nine months the 1 th touched hass of vest they 1 on the nge was lard Oils were weakest, and held a Zood part of the galn through the latter part of the session. Firm Spots in Oiln. 1t hard ile verse movemen3 except on the us-| Among the independent oils South- sumpt} tae market for French | ern States was comparatively firm, SEcoRItics § o a_belated | ng so were Fensland and the Cities uwakent pzers of the Sit- | Seryice issue. Mutual Oil and Mara- vation from the French stan {caibo feit the effects of moderate sell- Marks Better. linz pressure, and Ryan Consolidated fihe Gevmiain o uinans _judg- | went lower, despite the comparatively el G LIS R wpaE | favorable report for the first six last we « low of .00045 to|months of the year. today —was for the As a part of the general upward mon: But (b German under norts « #xpansion of nearly ten bill in note circulation—the larg any week 1. Another T was the advanc r the second time n a month in the German bank rate. "l rate w stands at per cent 3 the intensit f th erisis is hown in the ci nce that the highest rates fe ary the. wart J per cent fixed in Decem which was maintal e uninter, up to July ? s Lower. The stock market opened somewhat 3 n hour or so which W the courage to bid so industrial issues. nts were not suc sustaining the gen- under . in . and in the afternoon, vhat & evidently a sharp drive, prices wave way all along the line. In some of the recent industrial favorites, the downward turn was rapid, while the rails at their low point in the later trading were off from one-half to two-thirds of their advance Market Yervous. Just how much this downward movement was &n expression of con- cern about the over-Sunday develop- Jhents in the strike situation, to what extent it s uneasi over the uropean much it was a natu justment in a spec- ulative market that had had a pretty Sleady and extensive rise were open questions. The m nsitive posi- Tion within the market itself was un- deal of a factor. Gax Stocke. up Suturday’s sensational ated Gas got question, be- ization plan gas stock imum es s 70. the maximum 80 hasis of two shar of new of old this would mesg 140 for the p it stock and 160 the high. Other gas stocks followed the lead of Consolic and People's Gas. Brooklyn Ed Laclede Gas and North Americ | made new highs. ‘Approaching 103, Columbia Gas seem- ed to be running into 2 lot of stock. the same us it did whenever that figure was re week. Ameriean Tobaceo. Teople in touch with American To- Tacco aifairs < t there is nnih- fng out of the ordinary to explain the rise in the best stock. They claim, as they have all along, that as an_investment proposition Amer- jean Tobacco been undervalued, and that it simply seeking its proper level in sympathy with the general rising tendency of investment Values. Even at 160 the stock re- turns per cent. Motor Stocks Lower. The selling of the motor stocks. fol- Jowing the Ford announcement, came nainly from profesionai sources. The street was inclined to be very skeptical about the whole business. In some quarters it was character- jzed as propaganda. Nowhere was 1here any fear that the motor indus- industry would be nt of coal, now that the bituminous mines have reopened. Studebaker, it is understood, still has enough reserve to keep its plants go- ing for another month, and the ex- pectation is that by that time new coal production will be back to nor- m Wenkness in Ralls, It was scarcely reasonable to ex- plain the weakness of the railway *tocks as due to the shopmen’s strike. When all the evidence points to a steady increase in the number of new employes and when the figures on car Joadings, supported by most of the July trafe statements that have ap- peared so far, indicate that the strike Tas done little harm to the railway freight movement. The interesting comparison lies, of course, between the July figures and those for June, the month before the walkout of the shopcraft union: But this comparison mus qualificc— oy the remembrance that July is normally a smaller traffic month than June. Atcheson's July gross was only slightly less than June, while net in- some was nearly $5,000.000 against $3.000,000. Northwestern's net oper- ating income in July was $3,267,000, against $2,389,000 in June DRY GOODS ACTIVE. New York Prices Strongly ll.l;:- tained—Future Deliveries Plan. NEW YORK, August 23 (Specfal). —Activity was in evidence in the market for cotton cloths today and many unfilled jinquiries made their wppearance. Prices were strongly maintained aml there was a tendency among buyers to secure the standard rint cloth constructions for delivery Tater in the year. Those deliveries commanded one-eightin cent advance over tlie prevalling quotations for spots and nearby shipments. Bag makers continued to buy sheetings and there was some jobbing demand. Sateens were strong In price were well taken. The raw silk market opened the week slow and with little decided change. but therc was indication that cheap lots gradually were disappear- ing from the market. JE Some Welsh mothers put a pair of 4ongs in the baby’s cradle in the beliet that it will protect the infant from =i barm. Al i A . lcan Light and Traction had another .| way slightly . i the unusual strength displaved by to- movement in the gas stocks, Ameri- i sharp jump. It sold right away up to {144%. as against 142, the close at the end of last week. Phillipsborn, when issued, both common and preéferred sold off % to 4 point. Timken Roller Bearings was active- dealt in throughout, but was rong just under 30. i Realizing sales continued in Radio jcommon and Inter-Continental Rub- ber and Todd Shipbuilding also gave Tobacco _issues—British-American {and Phillip Morris—were sustained by bacco stocks on the big board. Haves Wheel went down sharply in the forenoon. but rallied later. Motor stocks were all disposed to sag. e COPPER PRODUCTION UP. Two Companies Show Steady In- crease Since Resumption in April. COLORA™ + SPRINGS, Col., August Prodi.. n of copper by the Utah, ino, Ray Consolidated, and Nevada |Consolidated companies resumed last April, after a complete shut-down of a vear, steadily increased during the months of April, May and June, ac- cording to reports of the second quarter of 1922. With a production of 3,593,205 {pounds of concentrates in April, the Utah Company's May production jumped 9,082.371 pounds, and the June production was 9,484,055 pounds, the report stated. Chino’s net production for the three months was given as 1,140,979 pounds for April. 1.670,684 pounds for May and 5.840.511 pounds for June. Ray's production was given —as 750,828 pounds for April, 2,107,335 pounds for May and 2,914,364 pounds for June, hesides 113,094 pounds of copper in fore sent directly to the smelter. {Nevada's figures for the three months were: April 2,145,892 pounds: May, 5.103,277 pounds, and June, 4,286,741 pounds. =T e | Washington Stock Exchange | government will be called upon to redeem various obligations amounting 1o $4,185,497,400. In this total are Included $1.000,000,- 000 victory notes called for payment December 15, $991,083,400 vitory notes called for payment May 20, 1923, $1,569,314,000 Treasury certificates matpring September 15, December 15, Marth 15 and June 15, with $625,- 000,000 war savings stamps due with the 1st of January, 1923. That the government will have to refund these maturing obligations Is admitted. Naturally the course of the money market will be watched with great interest by Secretary Mellon. He has kept close touch on financial condi- tions and has shown his faith in low rates by short-term financing, rather than by putting out long-term bonds, and to date his policy has been dictat- ed by wisdom. Call money, as dominated by Wall street, has meintained an average of about 434 per cent for the vear, as against fully 6 per cent in 1921 Financiers do not look for 'much stiffening of rates, although predic- tions of increasing business and a better demand for money with the ending of the strikes may be realized. With so much financing to do, Sec- retary Mellon may find money rates sufficiently attractive to warrant some long-term financing. With a general stiffening in rates, short-term certificates would proba- bly be used to tide over the strin- gency, if there is any. Baltimore and Ohio Earnings. Monthly statement of earnings of the Baltimore and Ohlo system for July, released this morning, show a decrease in operating revenue of $2,- 593.750; In operating expenses a de- crease of $2,058,689, cutting down the net loss from railway operating in- come by $535,061. Naturally (his tells the story of the loss of the great coal carrier of its share of the soft coal normal trans- portation. The net railway operating income for the first seven months of the cal- endar year, $15.805,362, compares with $9.657,246 for the same time In 1821, a gain of $6,148,116. The heaviest loss for July was in freight, $2,512,278; passengers, $256,- 073. show like Other coal losses. Working on 1917 Returns. Auditors of the internal revenue bureau are working under a show of speed in an effort to complete the ex- amination of the 1917 income tax re- turns before March 1, 1923, when the five years allowed for review and ad- Jjustment will expire. This does not mean that examina- tions have not proceeded beyond that date, as many later returns have been roads will SAL Washington Gas AFTER CALL. Capital Traction 5s—$1,000 at 99, 99, Lanston Monotype—12 at 80, 10 at 80. W Gas 58—85.000 at 9414, tal Traction 5s—3$500 at 99. hington Railway and Electric 45—$1,000 hington Gus 7145—$5.000 at 106. Mergenthuler Linotype—3 at 153, 5 at 155, 5 at 155, 2 at 155. 4 Money—Call loans, 5a8 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid. 98 101 99! Aw. ] 115 ‘Anacostin sud Potom: 88 Anacostia and Potomac guar. 5s. &8 C. and P. Telephone Ji [ -Cof Va. Capltol Traction R. E. Gs. City and Suburba Georgetown Gas 1st Metropolitan . R. Bs. Potor Electric 1st Potomac Electric cons. Potomac Electric deb. Potomac Electric Power Pow. g m. & Alex, and Mt. . Halto. & An. Bs ashington Gas 5s. ‘ashington Gas 7igs. ‘ashington Rwy. and Elec. 4s. h. Rtwy. and Elec. g. m. 6s. Riggs Reatty TISELLANEOUS. ggs Realty 5s (long). Riggs Realty Se (short). Security Stcrage & Bafe Dep 6s. 95 W. M. Cold Storage fs. o1 STOCKS. PUBLIC_UTILITY. Amerfcan Tel. and Telga. Capital Traction | Washington Gns - Norfolk_and Wash. Terminal Terminal Tax NATIONAL BANK. 102 | com 1 ptd District Farmers and Mechanic American Continental Trvst National Savings on Security Savings Seventh Street. U. 8. Savines Washington Mechanics® Firemen’ National Union Columbin Title ... Real Estate Titie Columbia G Ih':pcb'ol' e umbia Gra) com. Columbla Graphophone bl Mergenthaler notrpe oo ne £ 01d Datch Market com. 0id_Duteh Market pfd. - Wi ¥ < YORK, _August 28—Stesl prices o. b. Pittsburgh per 100 pounds—Blue anviled &?“:l. l.!: 2 galvanized sheet 5. ;:mn &J‘I.“. k hj bars, 1 strike passed upon. f — SHARP SLUMP IN FRENCH BOND LIST NEW YORK, August 28—Pro- nounced weakness in French govern- ment and French municipal external loans was the feature in the bond market today. Selling in this group occurred despite a recovery in French exchange and was more puzzling on that account. It was the largest loss which this class of bonds has had in = single day in some time, French 7%s got down below 96 for the first time since the early part of the year 1894. In the mean- time they had gone as high as 104. French 8s were not as weak as the still they were heavily sold. Meanwhile French municipal bonds all sank to new low prices, getting down 4 points below last week's final and approximately 15 points from the high of 1922° New lows were also made In Paris, Lyons and Mediterranean 6s. the Fra-Ameri- can Industrial Development Cor- poration 7%s and the Department of the Seine 7s Lint Unsettled. The rest of the bond market was a bit unsettled by the drop in French securities. In the maln the tendency was one of reaction in the rails and industrial bonds. - Outside of the French issues and the Belgian bonds, which were rather heavy, other members of the foreign group were éteady. There were gains in Uruguay 8s, Copenhagen 5%s, which equaled their top for 1922, and the Japanese securi- ties. The Japanese second 4%s made a new high record. In the liberty bond division the fourth 4%s went down rather sharply in the morning, but later rallied. The liberty tax-exempt 3%s became strong in the afternoon. Speculative Rails Lower. Although the majority of the high- grade rallway mortgages held their ground fairly well, there was con- siderable selling in the more specu- lative issues. Among those which went lower were the Missourl, Kansas and Texas adjustments, Frisco in- comes, the Seaboard bonds, Peoria and Eastern Illinois incomes, St. Paul 48 of 1925, the International Northern adjustment 6s when issued, which broke below 54, and the' Erles. Chesapeake and Ohio convertible &s got down over & point and the New York Central bonds, which were recent leaders, declined fractionally, Great Northern 7s and St. Louis and South- ‘western 7s reached new highs. . BACK TO FORMER WAGES. LAWRENCE, Mass., August 28.—The Monomac, Katamsh and Acadia mills on ‘which restored the mlon which resulted in tile strike in this city last ‘The three mills. which normally = W 3,000 hands and are conuvi “the same interests, have tained operations hout ' with great forces. n effdct before the 20 cent e tex- March. opened their gates to employes today & sched the With the city built right on top of the mines, one Scranton business man saiq today that if he drove a wagon arofind the district the only way ke could flll it would be to dig the coal himself. Arranging Furnaces for Of The operafors could keep their {mines closed indefinitely were it not for future market considerations, for they are in better financial situation thun the miners. But plants all over the territory they supply are being adapted to the use of bitumious conl or fuel ofl. In New York city alone scorps of big heating and power plants, public’ _Institutions, including _the { Metropolitan Life building, Columbia | University and Mount Sinal Hospital, are arranging their furnaces to use oil. Those In closest touch with the sit- {uation assert the majority of the miners would be glad to return at the old wage scale. The operators would be glad to have them do so, but as- sert agreement is not a matter of wages. The question of “direct ne- gotiations” in settling future wage agreements is the rock on which the split came. The miners have signi- | fiea their willingness to negotiate a wage scale under which they would mine coal under government operi- tion. Ford Wage Loss $630,000 a Day. The close down of the Ford motor factories because of fuel shortage. slated for September 16, while It will directly affect 105,000 men, will not be as severe a check on affiliated in- Qustries as was anticipated, according to telegraph reports from various sections received within the last twelve hours. Hundreds of firms sup- plying parts and materials to -the Ford plants have been ordered to cease shipments temporarily. But as Mr. Ford himself said, his company can sell 5,300 cars a day and has been able to turn out only 5.200. That de- mand is not going to run away and the larger part of the firms supplying Ford will continue operations at least in part, so long as their own fuel suppifes permit. turning out prod ucts, which they are confident will b quickly taken off their hands as coal production Increases. However, the loss of approximately $630,000 a day in wages to Ford employes will be Detroit. but to other sections of the country. In the meanwhile, bituminous coal production for this week promises to reach mnearly 6,250,000 to: This 18 nearly 1,500,000 tons below normal ifor this time of year, but three-quarters of a million tons bet- ter than for any week since the strike started. Car loadings promise to in- crease proportionately. Fears Over Rail Deliveries Menacing Fruit Marketing BY LYNN C. SIMPSON. Special Dispatch to The Star. SAN FRANCISCO, August 28.—The railroad strike continues to be the overshadowing influence in business and commercial circles here. A banker with cxtensive connec- tions in the fruit districts sald today: “The farmers have already suffered heavy losses as a resuit of the inter- ference with transportation, but the menace of the suSpension of trafiic has injured them fully as much. This is particularly true of the grape growers, whose crop Is just begin- ning to ripen. Buyers refuse to make contracts owing to the fear that deliveries will not be made. Aside from this difficulty the farmer; in many lines are suffering fro low prices due to large crops and a halt in buying in industrial centers.” General business conditions here are fair, with collections good. The city retail trade is holding up well, and while the failure to end the shop- men' :}rike has had a depressing effect om the realty market and build- ing operations, that effect is purely psychological. The drop in crude oil prices has brought about a cut in production by the smaller producing companies. Back-to-Loom Movement Is Factor in New England BY EDSON B. SMITH. Speeial Dispatch to The Star. BOSTON, August 28—The move of workmen back to the looms of the fextile mills furnishes the dominant factor in the business situation in New England this week. 2 While strikes are still interfering with business, there is renewed evi- dence that the underlying conditions governing business in this section are strong and that once the labor| dificulties are surmounted a long cases 10 years. 7 office bulldings, hotels and | sufficient blow In itself not only to} is over| 5%% MONEY We have about $1,000,000 to loan at 5% per. cent upon inside business properties in Wash- ington up to 40 per cent of value, or upon apariment properties at'not to exceed 35 per cent of value. ‘Loans made for 5 years, or in special Wm. H. Saunders & Cdm_pa.ny 1433 K Street N.WA abroad in September. | _Fuel oil in Oklahoma fleld is being jshipped east as fast as tank cars be- icome available, but tendency to re- { strict drilling operations and curtall | production is still in evidence. Cotton picking in eastern Texas is well under way and farmers are re- ceiving excellent prices. Reduction in_automobile prices has stimulated sales in the southwest. iCommodity Reports From Various Sections Automobiles. DETROIT, August 28 (Speclal).— Maxwell Motor plant is busier than at any time this year. Packard, Hud- {son, Hupp and other leading factories are running full blast. CLEVELAND, August 28 (Special). —Auto makers report that business is moving steadily forward. One manufacturer, who has just an- nounced a new six-cylinder model, reports sufficient orders on hand to keep the plant active for next two months. i Dry Goods. ST. LOUIS, August 28 (Special).— Retail dry goods shows adverse effect of off season, which is always dail, | and reduced buying power due !o' strikes. In mining districts and rall- |road centers collections are slow but are improving in farming localities. Lumber. CHICAGO. August 28 (Special).— Lumber dealers are pleased over in- creasing demand and price upturn in lumber, but rail situation is causing uneasiness. Cars are hard to get at points of shipment and are moving slowly when loaded. Demand from farm districts for lumber is especial- ly strong. Shoes. SEATTLE, August 28 (Special).— While retail shoe trade is dull mer- chants have decided to go into the market and lay in large stocks rorl winter deliveries because of increased prices for hides and leagher. Stee). YOUNGSTOWN, Ohio, August 28! (Special).—Steel ‘prices are moving to higher levels. Heavy plates have ad- vanced to a 225 minimum against recent quotations of 2.15. PITTSBURGH, August 28 (Special). —Higher steel prices are confidently ed by leading interests. Inde- are waiting for | United teel Corporation to take lead in_advancing prices, since big con- cern was first to increase wages. SHARON. Pa, August 28 (Special). | —Preparations’ are bging made by Shenango Furnace to start a blast furnace at Sharksville this week Valley Coal and Iron plant will start as soon as it is able to get hot metals from the Shenango furnace. Conl. CHICAGO, August 28 (Special).— Coke prices are more or less uncer- tain in _this section, but generally are about $2 a ton lower. DETROIT, August 28 (Special). Coal situation in northwest is a lit- tle brighter, as lake boats are grad- ually increasing upbound coal car- goes. Shipments to date, however, are about 900,000 tons, compared witk 10,000,000 shipped up to this time last year. PITTSBURGH. August 28 (Special). —A coal car shortage is reported. The priority board is operating to make fair distribution of cars, where operators agree to established prices. Radio. ATLANTA, August 28 (Special). Electrical houses and those special- {izing In radio outfits and parts are | having great difficulty in keeping up | with demand, which is clearing their ! shelves as rapldly as they can be replenished. Cement. HANNIBAL, Mo., August 28 (Spe- cial).—Cement works here are ship- ping 9,000 barrels of cement by barge to Cincinnati to expedite delivery. | Canned Goods. SEATTLE, August 28 (Special). Jobbers throughout Pacific northwest {are buying canned fruit with confl- dence and with co-operation of banks are helping to finance canners. LIBERTY BOND PRICES For $100 Bonds Tomorrow 1nt 4%s .. $100.54 2d 4%s 100,43 3d 4%~ .. 101.38 4th 4% . 101.29 Victory . 100.24 NO DEDUGCTIONS MADE. Bonds Bought in All Denominatiens, LIBERTY BOND EXCHANGE 604 14th St. N.W. Hours, § a.m. to § yum. Main 2997, 3 A L " Money to Loan e rematitog. ‘“w“?a:'-u-."" . Joseph I Weller &2, ¥4 L8 ! ington. Because of the building activity, interest rates here have been WE HAVE OPTIONS ON 200,000 TONS OF HIGH.GRADE ENGLISH SOFT (About Twenty-five Day Delivery) JAMES J. FRADKIN Suite 208, Evans Blds. “If It Has & Market We Deal in It.” 280 EQUITABLE b T e 424 YEAR COMPLETED Assets ... .$4,408,629.00 Surplus -$1,144,464.69 The Value of Systematic Savings is in evidence on every side. Our books contain the names of thousands of men and women with modest incomes who have accumulated substantial sums. Subscriptions for the 83d lssue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. real value: own affairs. of financial agtivity. 4. Service! actions. M [ 7th and Mass. Ave. & FIRST MORTGAGE INVESTMENTS A - AND TRUST OMPANY - , 15th and Penpa.- Ave. 5 Capital and Surplus, $5,400,000.00 3 HOME SAVINGS BRANCHES 8th-and H Sts. N.E. slow to follow the general decline. safety of The F. H. Smith Company’s 79 First Mi have behind them our record of no loss to any investor in 49 years. Washingtonians are urged to consider carefully the investment opportunities that exist right here at home. 4 A DEPOSITOR IN THE AMERICAN SECURITY —is entitled to, and receives, the banking services that are of 1. Attention and Courtesy! Mercenary or not, the matter of the handling of your money is of vital importance, and in dealing with us your business commands as careful attention as we give to our 2. Official Counsel and Guidance! The time of our officers and department heads is arranged to suit the demands of the public—and you will find it easy to come into personal contact with these men. 3. Safety of Money! To provide the essential element of sound banking, the bank is operated under supervision of the United States Gov- ernment with a charter that permits it to deal in all branches This embodies attention, official recognition and safety— plus diligence and dispatch in carrying out all business trans- All these elements invite favorable consideration of those . seeking banking connections in Washington. Every Financial Service COMMERCIAL 3% on savn | B postcard or phone call will bring detailed information H.SMTH ©OMPANY: attracted n by the high degree of ortgage Investments, which ounded 7 1414-1416 EYE STREET, N. W. CURI 436 7th St. S.W.