Evening Star Newspaper, September 7, 1922, Page 26

S e PR A B T e Ty , THURSDAY, SEPTEMBER 7, 1922, Sl THE EVENING STAR. WASHINGTON . BUSINESS IN EVERY SECTION |55 Rapirhst st v READY FOR STRIDE FORWARD |z 7555 || EQUITABLE Association leather and Japer s Shopmen’s Tie-Up, Being Incomplete, Said |&ied"e iectiiies Organtasa 181 . R T T 424 YEAR COMPLETED to Have Psychological Rather Than Sae Draing ot e, Janunote. both | aseets .. sgos.e008 Actual Effect on Industries. FINANCIAL. FINANCIAL. Funds Immediately Available Real Estate Mortgage Loans Payable in Monthly Installments Investments B AT - Kfl& bearing male and temale, average greater |l Sarpius . ‘116440000 :ne;[‘g:"t‘l;-:; those of the Americans = - Systematic Savings Always Effective 7% Interest In amounts of $250.00 to $2,000 Real Estate Notes of responsible makers secured 1st llea on ln"plvvofl property. TO Y =% AND 7%. 1. Loan up to 60% (SIXTY) of value of land and buildings. 2. Loan from $1,000.00 to $3,000.00 on desirably located modern city dwelling occupied in whole or part by owner. T . C. LE. 1111 d and || Buy First g sma.n'c'o s ;M:?; L o tons e e i ] S st ..fl%.'}';fi&% S e e e e aase FROMPT PAYMENT OF DNTEREST 3. Charge ONLY 6% (SIX) INTEREST. 3 e much of this has gone forward to the | | Fir Cor Bo our systematic savings plan. ARRNTEED. e Louly Al . R 4. CREDIT allowed for PRINCIPAL PAID monthly and IN- (Copyright, 1922. urnaces. pazal A g Subscriptions for the Bank of Bethesda, Md. return. TEREST REDUCED accordingly. NEW YORK, September 7.—The im- Few ‘furnaces in this section were gilt ‘edge rord forced to bank thelr fires because of rtunit mediate effact. on enersl business| foreed to bank thelr fres becsuse of | jeepernmity for imvestmeat. ' Fire v 83d Issue of Stock from any adjustment of the rail !\rxmedd ove;fl.floni. While cancellation || particulars on written Eequest. Being Received ‘strike, which today seems nearer than | of orders by the $2.50 P Shares, $2.50 Per- Month 5. The MONTHLY PAYMENTS aver: $9.57 per $1,000.00, IN- CLUDING intercst and principal. ) ’ 6. Loan can be REPAID, in full or part, WITHOUT BONUS charge, on any interest payment day—(MONTHLY). Phones: Oleveland 1819 and Bethesda 81. Chas. D. Sager, 923 Fifteenth St. N.W. Loan Departmest—Main 38. ed & little 1 8015 Eye Bt N.W. Washington, D. 0. 7 + at any time since July 1, in view of [ AT, B o ants, Becurea news of the past twelve hours. will be | caused any of them to turn of X EQUITABLE BU“D[NG rr-"v'-m |‘w=‘rn.t'llfl 2 The LOAN s IREPAID fa 14z owtuths: T Svclicteteat (R avtuaT for worie JOSCD‘! I Wellerfi,:".'& ‘k-l f:': | Let Us Give Yg.l"lfller nforma Regarding This Attractive Lean m. Our AR wd the EXPENSE of G) Making the Loan Is SMALL. H.L.RUST MAIN 6838 $12 FIFTEENTH STREET Loan Correspondent for the Prudential Insurance Company of America 915 F St. N.W. JOHN JOY EDSON. President FRANK P. REESIDE, Secy. 3 weeks after it takes place. The im- Reports on Commodities mediate improvement to business con- ditions, however, will be none the less From Business Centers FOR DISTRIOT OF GOLUMBIA .4important, for that fact, for the strain Stiks. A REAL Presiities fe s REAL HE Man of the strike itself has been psycho-| PATERSON, N. J., September 7 (Spe- || ¥or Information and Appointment Phens logical rather than actual in most in- | cial).—A steady tone is prevalent in ME. MacALLISTER—Franklin 5505, dustries and in most sections. the silk market, and there is a broad. 91 AM. (g = S = er demand from retailers, jobbers and perhe shopmens strike tle-up ha% mex, Earment manutacturers. ' The trade is cen c . % hampered” and delayed, but mot en- | Still sPOtLY. "°‘::‘.""‘" tirely suspended. Farmers, producers, CITIES SERVICE SECURITIES manufacturers and merchants have| AKRON, Ohio, September 7 (Spe- Bought, Sold, Quoled suffered loss, but they have suffered cial).—The Firestone Rubber and Tire far greater loss from uncertainty as|Company announces that it expects to mm w BRAHANY & co to the future than from the actual|maintaln production irrespective of progress of the strike. whether the Ford plants close or not. Investment Securities dy for Lenp Forward. As the Firestone company furnishes o Busiss In every seotion Is ready | the Ford factories a large part of 510-11 Evans Building by > their tire requirements, was ex- Wi . D. C. to leap forward immediately it 18| 0 its (hat the Firestone would be -.l.l':i:'::nn C. freed from that drag, as soon as it has phac. O noid Do definite assurance that transportation | Rard hit by a0y oo o hat de- ment. | worsted goods trade. The demand, ! Motive power and rolling stock ex- ' however, is expected to improve, as * Wil be gradual even after the strikers | trades. Manufacturers declare that £ C 1 “Teturn to their lathes and forges. | it will be necessary for them to in- Prompt reply given all applications. Current not be cut off, will cease to hesitate in acceptance of orders. Merchants; Coal. loss of millions, actually as well Steel potentially. but much of this loss| PITTSBURGH, Pa. September 7 ( vith conditions surely will get better and | SOMPARY. ROWeNEr O TR T8 such “perts pointed out today that the re-|the opening of fabrics for women's But the knowledge that the old|crease wages to secure work and will continue the interrupted stocking YOUNGSTOWN, Ohio, September 7 of their shelves and prices in all lines | (Special).—Coal bought ~ by ~ manu- 1412 Eye St. N.w. might be regained before the end Special) —W a minimum price of | o the year if an immediate settlement|$1.90 on bars and $2 quoted on plates as necessary as lnsurance Safety and Earnings Positive assured safety, coupled with most attractive interest return, feature two splendid offers which have become very popular with Washington investors. Two High-Class Issues 7% First Mortgage Bonds 7% These bonds, serial maturities, two to twelve years, are secured by first mortgage on highest class income- producing improved real estate in Washington. 7% First Mortgage Notes 7% These notes, in amounts from $100 to $1,000, secured by first mortgage on best improved ‘Washington property, are daily attracting a wider field for both large and small investors. The interest earning—7%—at this time o falling interest rates, makes it desirable to place as large amounts as possible without delay. LIBERTY BOND PRICES For $100 Bonds Today. Open at 8:30 AM. Every Banking Day Columbia National Bank | soaosan 911 F Street TP Bonds Bought in All Denominations. LIBERTY BOND EXCHANGE €04 14th St. N.W. Hours, a.m. to 5 p.m. Main 3997, i ot Credit is a Trade Lubricant —without which modern business cannot long successfully function. | Like other commercial banks, we deal in credit and are always ready to give prompt considera- tion to depositors’ requirements. {1 Our officers invite interviews at your conven- ience. 3% Compound Interest Paid on Savings. You can open a Savings Account at this convenient Bank with as little as 813 15th Street N.W. $1 ers, business men and manufacturers | B¢ fn 'widely separated sections of the dealers: country, received today following the Woolens. o Y eement that the policy €om-| BOSTON, September 7 (Special) U mopmren had been called | Bosing for spring has eased Off On First Mortg days. The repair shops have not s el . In fact, the rail- CHICAGO, September 7 (Special).— & . . R foaa executives here declared today | A decided shortage of labor exists in If you desire to borrow money on residences, [4 cere increasing | the local glove factories. e scale . = > R O D o erease n the sapply | of wages is low, and does not com- apartments or business property we are in a posi- ing rather than hindering operations Flour. 15 sure to speed up car loadings and| poRT WORTH, September 7 (Spe- train movements " ore than all it | ci2)?"rcvas flous mill broduction for F S AUI Jats' of tomimeccial cndetvor. [Pro- | the year ending Septamber 1, Showred o . . ducers of raw material will increase | L §T'2 fcelve months. Much of the fnstead of diminish output. Manu- | SedInE twelve monthg N eien ex- Expansion of Business Foreseen. > g buying, as Although delay in shipments will e mae oo not be relieved at once business men “ > 3, will tide over the immediate period ¢s§?§3?fl§'}?fiflraffii li?l?:.:?::.z of car shortage and expand theil!ing, Connellsvile coke is declining in to consider new proposals for settle-| some extent in the woolen .ng 62 ma0d order cars and locomotives | pare favorably with those in other | tion to render you a prompt and efficient service. Fadturers, teciing sure. supplies will | 1oL Mortgage Loans New Issue $1,775,000 Wickwire Spencer Steel Corporation not worse. This view was expressed| ;a¢ the production of Ford sizes can | NG [ i A pair of train equipment and locomo- | \wear for the spring has its full effect. troined men are back at work, that|that this will necessitate advancing interest rates and reasonable charges. will approach stabilization. facturing companies of this city is removed uncertainty. it is difficult to do busi- in telegraphic dispatches from bank-, tR&t SRZ BEOCACRR B0 FO0ith | retail L N i tives is not a matter of hours, but of e afiliated labor organizations are help- | the prices of gloves. costing them about $6.50 to $7 & ton The building industry, which has|ness on this basis. The general mar- :»eeln onlemnl' the grélle. sus!lilr}ml ket is "'e'n”a“fi“’x"'”' ':lh ;;l;o. You safeguard your home indh , factors this year, offers au excellent | for named deliveries up to $2.50. 5 y 1 again . example of”the aitustion produced by | United States Steel plants in this dis, Fire and your lif¢ against Death Ten-Year 7%% Secured Convertible Gold Notes rike and the effects of a settle- | trict are operating on a e with insurance. (CLOSED ISSUE) ment. Construction has fallen off | about 70 per cent of capacity. nearly 17 per cent since the end of Building Materials. July. according to accurate reports| . d. e SAN FRANCISCO, September 7 P e ey cure materials oF | (Special) —Demand for buflding ma- Dated September 1, 1922 Due September 1, 1932 Why not safeguard your Will, Securities, Valuable Papers, Jewelry Redeemable at the option of the Corporation, in whole or in nbykx,mmyinm&tzm;od-ys‘mfi«.morbdue 1, 1925 &t 1073, !.humfter and on or tefore ember ':. 1928 at 105 and thercafter at 10234, in each case plus accrued interest. due to failure to secure materials or . 2 S 2 Uncertainty as fo supply. The open. | terials has caused a dffi'd“’ advance and Silverware with a Safe Deposit ing of the fall renting season showed |in lumber and mill work. Box. Interest payable without deduction for any F Income Tax not in excess of 2%. Pennsylvania and Connecticut Personal , Plainly that housing needs have not Automobiles. ¥ Taxes not exceeding four mills and present Maryland Securities Tax not exceeding four and one-half mills refunded ication. yet been filled Plans involving the| CLEVELAND, September 7 (Spe- A Very Few Dollars Coupon notes in denominations of $1,000 and $500 with privilege of registration as to principal. Interest payable 1 and Sept. 1. expenditure of nearly $1.250.000.000 [ o= A1 *but one of the com- through the country In the next four | Sanjer D et e automobile months have been drawn. If a strike | nodies report that. they are at ca- settlement is assured in the near fu- | acity production. Some of the ture constructions will continue with | jlants, however, admit that the tor‘-osrempll:n:“udlngdo?rl n:a sxmrusel: margin of profit on which they are an lelayin actual Building until it is relieved. - sparatiogisivery, SINTC o Rt 2 Gucmmer. | e p i 1 || O€cond National Bank Cotton. If the uncertainty continued long. | gal).—The cotton market in thi O a Year Will Do It Several Boxes Now Vacant ' Convertible at any time into common stock of Wickwire Spencer Steel Corporation; in case of conversion on or before Septemnber 1, lq:;.maiui:o/"cpadan.phuapmlwnoloml)oflwpum(puwfltbylkNMh-oid the issuance of fractional shares) in case of conversion on or before September 1. 1934; thereafter, plus a premium of One Deollar per share for each twelve months or portion thereof elapsed after September 1, 1933. After Sepiember 1, 1937, con- vertible on basis of $25 per share, plus a premium of One Dollar per share for each tweive months or portion thereof ‘ elapsed after September 1, 1928, o and including September 1, 1931; and thereafter plus a premium of $5 per share. COLUMBIA TRUST COMPANY, NEW YORK CITY, TRUSTEE however. a large part of this pro- it is tremely acth n L 'tm ice’”’ s o defnitchyabandonedctor Some recent ‘days as many as 600 The Bank of Utmost Service’ S 5 2 : i % bales have been sold by farmers 509 Seventh Street N.W. Mr. T. H. Wickwire, Jr., President of the Corporation, summarizes as follows, his letter to the bankers: Shippers throughout the country,! nere especially in the west and south, de- 4 clare that a decided shortage of cars Tmmber, s sure to continue until well into| PORTLAND, Ore, September 7 December, even if the strike is ad- | (Special).—The proposal to throw justed in the near future. open to lumbering operations the Merchants, coal men and manufac- | Malheur national forest reserve will turers in the eastern section expect a |open to lumbering approximately corresponding psychological effect on | 890,000,000 feet of virgin _timber. It business to follow the formal con-'wlil require approximately $3.000.- firmation of the agreement ending, 000 expended in railroads and equip- the anthracite strike. ment before it will be possible to get this lumber to market. Fall Buying Gets Setback | .. Business: Wickwire Spencer Steel Corporation, formed in 1920 as a merger of the Clinton-Wright Wire Company and the Wickwire Steel Company, is independent and self-contained, and controlls its own supply of iron ore, which it converts in its modern plants into pig iron, steel ingots, wire, wire rods, wire rope, fencing, wire specialties, etc. The Corporation has sevén R}mts located at . Worcester, Spencer, Palmer and Clinton, Mass., and one plant at Buffalo, i Wire Fabrics Corporation, whose entire capital stock is now to be acquired and pledged as security FIRST MORTGAGE LOANS . Y. American for the Notes, is to be the successor to American Wire Fabrics Company, one of the largest manu- facturers of wire screen cloth with plants at Blue Island, I1l., and Mt. Wolf, Pa. Fruit Topics. Due to the Extreme Heat | i —ihe. paen “etnners e || The Greatest Investment Bargain CAPITALIZATION OF WICKWIRE SPENCER STEEL CORPORATION ‘ = BY DICK SMITH. i S R e as o : (Upch completion ef the new, fioancind) St s o T s, | hpmegts bectan ot (e L || | The gresies bergain T the cntve investment world is the First Mortgae Srking Fund Geld Bonde . . o - o Sai8iooo . KANiAs CITY, September 7—Ex.| it price! el { ng often least considered—. S 'll)'rcn‘-‘{eu 7%:% (S‘ecumd Conlvertible Gold Notes (this issue) 1,775,000 reme heat, which has prevailed in BUSINESS TOPICS. This truth is so obvious that its observa i ¢fefTed Stock (SO PARVAIAE) 1\ oo 3l faie ohe Te o) TS this section, has placed a check on fall| BOSTON, September 7 (Special).— i tantl h ";e. should be universal, Common Stock (no par value) . . . . . . .o+ . e 434800 shares Foaing il o T demana s todey tor yet investors constantly reach out for an additional point or two | ving, which normally makes its ap- There ls urgent fomend to Maing || in interest regardless of the safety they have t ifi i * Includes $43,200 Treasury Stock abor. in o sacri i 3 DeSIance sy In Bevtember. trades. In some sections mors build- 2 ceitorgetit: (i | ! Summer clothes i ; i igati ickwi and. oven fall mllno .‘,’::d",fgin‘;:g"ns‘;nfihlfl%l Couldibe aeed than are Security: In the opinion of counsel, these Notes will be the direct obligation of Wickwire Spencer ;!;!::e!;lmlptge:rlnce. Building -cuvs-;:"d';“"..& upward tendency. Unskilled I || Steel Corporation, and will be ifically secured by the deposit with the Trustee of the entire ton senivh ‘he.one thing in this sec-ij,por continues in fair ~demand Spee EPOS! tion which have not been interrupted i throughout all New England and Srateleoras in Kaneas Cus, | MG Or s Septomber 1 (spects Milling demand for wheat is spas.|For the first time since the begin- modic. The trade is not accumualating | Ning of the economic reaction, light, stock. as 15 normal at this time of year, | PoWer and gas companies in this sec: but is buying from hand to mouth to |tlon today reported inereasing con- meet immediate sumption among e merchants, es- ReSLmetnts Ctiemenls,” Tt |, T ratefl separiinene In grain prices Weakness llkewlnelr*”'hb“l It s Tonons tuet prevails in fodd. d n the last weel ere has been a Brains.. The weor and hids meres |strong demand for common labor by however, have developed an improved | manufacturers and road construction | Safety plus a liberal return—that’s what an investment in Phillips’ First Mortgage 7% Real Estate Notes mean. Ask for descriptive booklet “B"—it's FREE. William S. Phillips First Mortgage Investments 1409 New York Ave. s capital stock of American Wire Fabrics Corporation. A consolidated balance sheet, giving effect to the new financing, based on figures as of July 31, 1922, of Wickwire Spencer Steel Corporation and of American Wire Fabrics Company, and based on appraisals of fixed assets of both ra- tions by Messrs. Ford, Bacon & Davis, shows total net tangible assets applicable to these Notes, after deducting all liabilities (except these Notes) including $1,500,000 face amount of First Mortgage Bonds of American Wire Fabrics Corporation to be presently issued, to be $13,433.8q1.8a or more Main 4600 than 7% times the present Note issue. Consolidated net quick assets are shown to be $¢,158,216.23 or more than 2% times the present Note issue. These Notes are to be followed by $7,68:,800 pa- value of Preferred Stock and 434,800 shares of no par value Common Stock. This amount of Common Stock shows a market equity at present prices of more than $6,000,000. wn... 3 [ Erate are somewhat Sighty. oo Earnings: Average net profits of the constituent companies of Wickwire Spencer Steel Corporation Shipping Board’s Action 'c,f“;!‘i'fig‘,,‘,‘,',‘;gifi; Septamberd oneoi for their three respective fiscal years ended on or before April 1, 1919, and of Wickwire Spencer Reduces Tonnage Shortage | Steel Corporation from January 1, 1920 (the beginning of its first fiscal year) to June 30, 1922, AL ge; T I O ‘ A l I O N =fore bond interest, depreciation and Federal Taxes, but after deducting lasses in operation and S S BRI, ! — inventory due to the recent industrial depression, amounted to $2,100,070 per annum. Avcrage Special Corres ident of SEAiEs i s net profits of American Wire Fabrics Company, for the five years ended July 31, 1922 beforede- of tonnage of trans-bacific. stesm 38 PAGF.S preciation and Federal Taxes amounted to $683,885 annually. These combined net prefits. for the ships from Seattle and other Puget| 2" long "Sime, was materislly tedueq ' s materially reduced; 1 14 - loday " by”"ine assignment 4%, the of the most interesting and g = freighter Fldr!drn.m:v!tgl a cam:ll,\'n;ef infommve matter cver Hi‘:? deadweight tons, to & blg oper- prepared on New York company wi e uart here and branches in o(he} coast || . Curb Exchange stocks. ) 3 s action is expected t - is manual i leve shipping congestion in this Jo- || THiS M or guide should cality. For the last three months be in the hands of every LOCATION is not the first req- uisite of a good bank. Yet when it is coupled with large capital resources; location becomes some- thing to warrant consideration. the total funded debt (including the Notes) to be outstanding after completion of the new financing. Sinking Fund: The Corporation will covenant to make semi-annual payments to the Trustee be%inning September 1, 1923, and to and includingMarch 1, 1928, of an amount sufficient toretire at least 5% per annum of the total principal amount of Notes of this issue, and beginning Septem- ber 1, 1928, and thereafter to maturity semi-annual payments of an amount sufficient to zetire at least 734% per annum of the total principal amount of Notes-of this issue, such Notes to berstired , by purchase or redemption at not exceeding the then current redemption price. . ~ carriers in the trans-Pacific trade H H * have been billed to capaclty. All in- man who is interested in i TN e iC Klin, New York, for the ban dications point to a broader basis and America’s second largest 2 : Corpora ' audit Messrs. Emst in connection be the of . Cotton & Fi York, for !trll‘:“':: !::Rlfi!foafifn;::dszg:l stock market and the dgivi- The Mchhar‘lts .Bank and Trust ond m“%‘l’hflndlkz Palmer & Dn?. Bost‘.':,uf;x the Corporation. Books of American Wire Fabrics Compary Feve year. I|] dend and market possibili- Company maintains offices in the been audited by the Audie Company of New York. Beoks of Wickwire Spencer Sre vy v o e s of Indication of the activity of the : m:u‘:: muumtudx pl?ntl in this sec- | ties of the leading stocks ® seen today in-the statement i by the largest corporation suppimg || 1iSted and traded thereon. hydro-electric power that it was sell- udit Ernst. Fixed assets of both w Messrs. Ford, Bacon & Davis. Deli may be made in the form of Twmulmmwmndm qud‘flbYUvgNotawfm,u-tdilimadmrwdwd. We offer these Notes, when, as and if issued and received by us subject to approval of ou. counsel. heart of the financial district and in the heart of the northwest residen- ing such plants 10,000 kilowatt hours Ask for more service than a year ago. s f fial sccfion. Coal Shipments Increase l e Gkl i ; Price 100 and accrued Interest, yielding 7%% i 1 ' ! ' I H i period stated, average $2,784,855 m annum or atout 2.4 times the intersst reGuirements an i 1 | t 1 i t H \ i In the Upper Lake Regions [| free—Call. ‘phone or write BY GUY T. ROCKWELL, Special Correspondent of The Star. CLEVELAND, Ohlo, September 7.— ‘There h: been vast improvement in coal ipments through this port to upper lake regions this week, al- though the tonnage moved is still far below normal and probably will re- + main below normal during the re- mllnde’r of b'.;l: shipping m-.)‘n_ How- ever, few ts are expected to Jight to the head of the lakes fro:': this time on. Ore shipments down the lakes to Cleveland and other 1 records for in August broke all month in the last two years. Nine Hambleton & Co. ! Spencer Trask & Co. E.H.Rollins &Sons Merchants Securities Corp.