Evening Star Newspaper, September 19, 1922, Page 21

FINANCIAL, ™ WHE EVENING STAR, WASHINGTON, D. €. TUESDAY, SEPTEMBER 19, 1922, FINANCIAL., FORD SHUTDOWN DISCOUNTED IN MOST BUSINESS CIRCLES Possibility Advanced, Howct;er. That De- | troit Manufacture Will Invade Another Industry by Making Own Steel. WY J. C. ROYLE. Special Correspondent of The Star. (Copyright, 1922.) NEW YORK, September 19.—Except gor consternation in the ranks of his ¢wn employes, the immediate® effects of the shutdéwn of the Ford facto- Ties has been pretty well discounted in business circles. But the possibil- ity that Ford may raid the ranks of another industry and make his own eteel has not been discounted, ac- cording to dispatches recelved within twelve hours from Detroit and other automobile centers, and from ex- prassions made today by steel manu- Zacturers here. ‘Well informed business men in va- yious locallues insisted today that the motive back of the Ford shut- down was the disciplining of the Tnited States Steel Company and other stecl manufacturers. They as- &art that the 20 per cent advance in wages by the leading steel interest end sctticment of the coal strike in Filch a manner as to prevent lower cual prices completely upset the Ford caleulatio Thwarted by Cost of Coal and Steel. They contend that Ford needs to paintaln a fairly wide price advan- tuge in favor of the Ford car in com- e1ing with other makes of relatively Jooe price range and that the Increas- | ing costs of coal and steel have thwarted lowering of Ford prices to mieet cuts of other manufacturers without losing part of his usual profits. i Steel men pointed out that Ford has & reputation_for stubbornne a his company has assets of $409.820,132 @nd no labilitics except taxes; that ha has enough cash on hand to pay if he er turns arother wheel in his shops, and.that 3¢ he has his mind made up to make steel and tho mines come to his terms, there is a decided danger of a new gompetitor in the steel busiuss n this connection it was recalled by automobile men that a proposed wage increase by Ford over two was vigorously opposed by steal interes who regarded anxiaty the effect of such a move on ieir own workmen. Many business men in Detroit, how- T strike will be replaced in the savings accounts by the middle of December. Merchants who delayed buying for fall and Christmas trade are now in the market. Reports on Commodities . From Business Centers | Nuts. FORT WORTH, September. 19 (Spe- clal).—The pecan crop of Texas will be the shortest experienced in the last five years, grocers announced today. Frult. SAN FRANCISCO, September 19 (Spe- clal).—Fig dealers and growers .say that the Turkish and Greek war has had a bullish influence on the market, which was somewhat slack. Potatoes. ATLANTA, September 19 (Special). —The Georgia sweet potato crop is being prepared for shipment and pres- ervation _through process. Scores of new drying plants and kilns were erected last summer. Leather. SEATTLE. September 19 (Special). -—Manufacturers of leather belting for spar and shingle mills today are em- ploying full forces, in response to the demand occasioned by the activity in lumber. Quotations for leather and belting have advanced from 6 to 10 per cent over those in effect last {Pring and the trend is toward higher evels. Coal. DETROIT, September 19 (Special). —Coal is more plentiful here and prices are dropping. There is no rush now. Lumber. FORT WORTH, September 19 (Spe- clal).—Lumber mills in east Texas to- day are running on full time again. Clothing. PHILADELPHIA, September 19 (Spe- ¢lal).—Fall offerings by retailers han- dling men's clothing showed today that the public Is largely interested in pop- ular priced goods, to the exclusion of the higher grades. ¥ Milk, KANSAS CITY, September 19 (Spe- clal).—A milk siortage in this section hag, been averted by rains and cool weather, which have improved fall pas- turage. ever, maintained today that the Ford shutdown far more likely had for i object the rearranging of his manu- facturing svstem and that another thrill would be in store for the indus- trial world when work is resumed. No Absorption of Ford Workers. It is not considered llkely in De- troit that other automobile plants *ill absorb many Ford emploves. fThose plants are working on the regular tapering fall schedule, which works for reduction of forces rather than Increase. In_ addition, with the 2opening of the Ford plants in pros- ct, the other companies are not uch interésted in hiring men unlike- to be permanent employes. Quite a number of Ford workmen undoubtedly will seek temporary work elsewhere. The mines in the upper peninsula of Michigan, which ave been woefully short of help some time, have sent word thar as many of Ford's men as want to vome can find work in the mines, with fres water and light and house rents ranging from $4 to $6 a month. The majority of the workers, however, w1l eit tight and walt for orders. The Chevrolet, Gray, Overland and tar cars seem most likely to galn eadway on Ford the shutdown continues any length of time, but Ford is for this in a meas- tire, as he has enough cars available for deliveries for from two to three weeks vet. Retall automobile dealers §n varfous cities stated today, how- ever, that Ford may have calculated svrong in giving his competitors this tinusual opportunity at car prospects. Impression Among Buyers. 1t is evident on certain automobile ows that buyers have gained the Ympression that the shutdown means that Ford has quit selling as well as making cars and that many pro- mpective purchasers are going frst to at other makes. This situation, 1hey believe, will result in an early announcement of the future F policy. everal parts «-hich supply the Ford Company are wvorking on Ford orders for future «lelivery, but their number {s few eompared with those which have had $o_curtall or shut down. In Detroit the businesses which will ®e hardest hit are one or two big epartment stores and smaller out- fvln; establishments which cater ‘es- pecially to Ford employes. o Labor Trouble Remains in Pittsburgh District BY H.'B. LAUFMAN. Special Correspondent of The Star. and material plants L B ¥ #@istrict is practically free from labor irouble today, as the railroads enter- g here have reduced the effects of the rail strike to 2 minimum. Within e few days employment is expected %0 ekceed normal, and mounting pay- yolls are being reflected in expanding retail business. Merchants in coal mining towns are %iberal buvers and the larger stores 4n the cities are feeling the effects of shopping excursions by miners’ gamilies in nearby districts. Iron and steel production is steadily goounting. Growth in steel output is Elightly behind production of pig iron, ‘but additional plant capacity is being made active every day. It is not a guestion of selling production, but of forcing output to a point where de- nand can be met. Emergency Freight Rates for Potato Growers Sought BY EARL D. JENCKES. Special Correspondent of The Star. . ST. PAUL, September 19.—Minneso- €. agricultural officials were making efforts today to secure emergency rates on northwestern railroads Which would enable Minnesota pota- 40 growers to market their crops at a profit. There Is an exceptionally large Jield in this territory and an ample demand {s reported fromthe south!but growers complain that specially low xates granted Colorado and Nevada Bhippers cut northwestern growers off from the market They assert millions of bushels of potatoes will Be left on the ground. This will xnean & large loss, as low temper: gures prevail and the ‘“freeze-up Season 1s at hand. While the railroad strike is' only artially settled in this sectfon, many orkers are returning to roads which Are not party to the Chicago agree- ment. About 16,000 will return to rm Chicago and Northwestern, which as signed the peace pact. PITTSBURGH, September 19.—This| Business Rapidly Gaining in the Anthracite Centers BY G. R. CAMPBELL. Special Correspondent of The Star, WILKES-BARRE, Pa., September 29.—General business in the anthra- cite mining centers, which has been extremely dull. is now reviving fast and is expected to get brisker with each semi-mon:hly miners’ pay day. The majority of the miners were well gortifled financially when the strike gtarted and have not been entirely tvithout means of incoms, as the chil- dren of many families have aided in the support of the household by se- ouring work in silk, lace and other gactories. Banks are confldent that the savings Which were withdrawn during the Steel. _SEATTLE, September 19 (Special). Sheet, bars and wire nails in-this mar- ket were very active today. Sheets and bars are up §5 a ton because of the recent advance by sheet manufac- turers. Wire nails have advanced 20 cents per hundred pounds. Far-sight- ed wholesale establishments in_the ardware trade took full notice of the trend three months ago and laid in large stocks. PITTSBURGH, September 19 (Spe- clal).—The Aetna Standard plant of the American Sheet and Tin Plate Company is expected to resume shortly. CLEVELAND, September 19 (Spe- clal) —Fabricating plants in this see- tlon are having little or no coal trouble at the present time and are running today practically on capacity schedule. Cotton. AN _ANTONIO. September 19 (S clal).—Retall business in all lines, peclally dry goods, furnfture, hardware, shoes and clothing throughout the black land counties and”in the sandy regions of Texas is approaching the boom stage (croggy ‘with the marketing of the cotton Dry Gwods. BT. PAUL, September 19 (Special). —Local retailers predicted today that there will be advances in prices of many department store commodities as a result of the tariff legislation, but that not all lines will be affected. Any price advance, they say, will be moderate, and unlike the runaway market for 1919 and 1920. Fruit. SEATTLE, September 19 (Speclal). —Washington and Oregon fruitgrow- ers of commercial winter eating ap- ples will harvest a crop approximate- ly that of 1921. Offering prices to growers today dropped to a lower level than any reached in many years. Jonathans were sold at 90 cents a; box, and huyers are offering $1 to $1.85 a’box for Spitsburgh. Growers in general are holding for better prices. Automobiles. FORT WORTH, September 13 (Spe- cial).—Automobiie sales have shown o great decrease So far this month. To some extent this was attributed today" to'the railroad strike and also to continued drought in the twest Texas stock areas. Stock growers in that section are today facing a critical condition: I Live Stock. i CHICAGO. September 19 (Special). | —Fodder feed is cheap throughout ! the middle west country district and new feed crops will be available ishortly. It was expected today that the large number of thin cattle which | have been coming to this market will be diverted to the feeding pens of the farms in the near future. Feeders expectg to_come out with a profit at the end of this season. Business Topien. ROME, Ga.. September 19. (Special) —Construction of a new hydro elec- {tric transmission line from Rome to Chattanooga, Tenn., there to connect i with_the Tennessee Power Company, ihas been announced by the Georgia Railway & Power Company. The new line will traverse 100 miles of im- portant industrial territory and fur- nish a number of textile plants with current. It will also insure both the Birmingham and’ Atlanta districts| against fuel famine by interlocking | the two concerns. Construction will start at once providing employment to several hundred men it was an- nounced today. PHILADELPHIA, September 19. (Special)—The vacation season along the Jersey coast has been so success- ful this vear that builders asserted today that next year's conmstruction program would far exceed this years figures. The trend during the past sea- son has been largely toward the erec- tion of dwellings and cottages, and { there have been few plans filed for construction of larger hotels. i EQUITABLE Co-Operative Building Systematic Savings Always Effective ® ¢ @ I you do pot save you sac- rifice the fruits of your labor. Adopt our systematic savings pl Subscriptions for the 83d Lssug of Stock Reing Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F 5t. NW. JOHN JOY EDSON, President FRANK P. REESIDE, Seey, NEW YORK, Twenty-six steamers arrived in New York last week with 160,985 tons of dBrlunh coal, it was announced to- 7 D Total imports in September for all United States ports Is expected to go well over 700,000 tons. Washington Stock Exchange Washin, Metroj Washington Railway and Electrle ‘ashington Railway and Electric co 56, 25 at 56, 36 al 95; 4 American Tel. and Tel American Tel. and Telga Am. Tel Te Ci City and Sul Georgetown Metropolitan the dehydration | Fotoma Potomac Elec. deb. gs. Potomae Elec. Po Pot. Wi : fl}li at .. Lan Yy . Lanston Monotspe="100 at 70, 160 at 79%, Money—Call loans, 5 and 6 per cent. BRITISH COAL IMPORTED.| DECREASE IN OUTI:AY. 160,985 Tons by Steamers Landed in New York. September 18.—| Classi month decreas, agalinst showed, ‘vanced debt. Total against month ALES. ton Gas 5s—3500 at 96, $500 w96, clitan 1. 1 Dr$1,000 'at L vious m . 22 at 56, 25 at 55%, 25 at 65%, 18 at 53%. Rt Monotype—40 at 80, 20 at 80, 40 gating item against AFTER CALL. 5 % 5—3§500 at 5%, $500 at| O 7 amount BONDS. Bid and Asked Prices. PUBLIC UTILITY. » . 4 1 ctl. te, g ML Columbus q. 1st L 2¢ ol Eled” Kansas ¢ Oglivie Oglivie F Treasury Payments Chargeable | Against Ordinary Receipts. ment from the Treasury yesterday pared with $255.000,000 during July, while public debt expenditures dur- ing August aggregated $453,000,000, compared with $35,000,000 the pre- Interest on the public debt, aggre- while redemption of Treasury certifi- cates to the amount of $299,000,000, retirement principal items of expenditure on the public debt. Reech Nut Pack Co, mo, 4c. Beh Nut Pack Co Brunewick Balke Columbus 'Elec ‘& Power Co, d pf. $1.75. Bej Equity Petrol Co pf 1st pf Nat Btock Y -Money to Loan Bocured by first doed of trust on real estate Joseph I. Weller £ Wik ook, Trom We Offer for Investment Real Estate Notes B e R it R TROM0T PATMENT oF DNTEREZST Bank of Bethesda, Md. fled expenditures ~for the of August showed a slight e in the outlay chargeable ordinary receipts, a state- A high-class executiv together with heavily . ad- disbursements on the public expenditures chargeable following and cax ordinary receipts for the aggregated $221,000,000, com- character. confidence invited. 252—E, Star Office. , 40, with tact and personality, for personal reasons, seeks u thange. He is and has been for 15 years in charge of large local mercantile institutions; has a wide acquaintance and largo furnish unques- tloned references as to ability and Interviews in strict Address Box, Your Estate —represents the “fruits of a lifetime’s labor — can you safeguard it too zealously? | The first and logical step in the conservation of an estate lies in the drawing of Phonss: Cleveland 1919 and Bethesds S1. nonth, 3 REPORT OF CONDITION $188,000,000, was the largest of ‘expenditure chargeable the August ordinary receipts. September 15, 1922. RESOURCES. a Loans and discounts . ; . Overdrafts, secured, $481.97; unsecured, $513.20 DIVIDENDS . g.hfl. Governmenlksecurllle‘s lowne:L . Other bonds, stocks, securities, etc. B . Banking house, $290,000.00; furniture and fixtures, $46,826.89. Stock.of Real estate owned other than banking house. Sept. 30 Oc 8ept. 30 of victory notes Ing to $145,000.000, were the ‘ Lawful reserve with federal reserve bank.. 9. Items with federal reserve bank in process of collection (not available as reserve). ceee B Cash in vault and amount due from national banks. Amount due from state banks, bankers and trust companies in the United States (other than included in items 8, 9 or 10). Stock in federal reserve bank.. 1 . Leasehold .... - - Total of items 9, 10, 11, 12 and 13. . $377.430.71 Checks on banks located outside of city or town of report- ing bank, and other cash items. . . Customers’ liabilities on dcceptances. . Other assets, if any, customers’ liabilit! Accrued interest o . pf, q, $1.75. Col" o ot, Elec & Power Co, of. $1.75. & Power Co, ity Power Light ok & T 5 n Co, q, 2%. 2 lour Mills, q, $3.....8ept. 22 lour Mills, bon, 10%,Sept. wy. and Elec. g. m. Gs. MISC Riggs Realty Hs (long). Riggs American Tel. and Tel American Tel. and Telgt Capital Traction . Wi Terminaj Taxi com. Terminal T: 2 American Capital Columbia Commercial A & S Commerce and Savings. East Washington Becurlty Savings and Com. Beventh Street 3 s Mer erc Ty sis Second . Washington merican Security and Trust. gen VISIBLE SUPPLY U. S. GRAIN. .NEW YORK, September 19.—The visible supply shows the following changes: Wheat fncreased 613,000 bushels. Corn. increased 840,000 bushels. Oats, decreased 171,000 bushels, Rye, Barle: Bealty M. Cold Storage nts' thaler Linotype . 0ld Dutch Mark ; Ol Dutch Market ptd Lanston Monotype Security Storage . Washiagton M , A Yellow Cab . el : STOCKS. PUBLIC UTILITY. 3 wy. lec. com. Hwy. and Elec. pfd. " Price 98V, and interest to yield 5.10% Circular on request National City Company hington—741 15th St. N.W, ‘Telephone—Main 8176 TRUST COMPANY. The ‘Wasl Bavi FIRE INSURA! n,‘ Demand deposits (other than bank deposits). Non-Callable 25, 1o BRSAbIE within 30 days): T . Individual deposits subject to ChecK. ...ocvesesnas nss caeEees Greater Winnipeg 26, Certificates of deposit due in less than 30 days (other than Water Dist.5%Gold Bonds Province of Manitoba, Canada Investment auto acco Total LIABILITIES. . Capital stock paid in.. . Surplus fund ... . Undivided profits . a Reserved for interes a .$84,395.42 t and taxes accrued 11,825.47 —— $96,220. 52 c Less current expenses, interest and taxes paid.. . Amount due to national banks... Amount due to state banks, bankers and trust compas Certified checks outstanding. Cashier's checks outstanding. Total of items 20, 21, 22, 23 and 24 nies. 0 Year Bond for money borrowed). . Dividends unpaid ... . Other demand deposits ...... Total of demand deposits (other than bank deposite) Direct ebligation of items 25, 26, 27, 28, 29 and 30 .$1.496,647.12 {he: entlre. dststot Time deposits (payable after 30 days, or subject to 30 davs L el Sl or more notice) and postal savings: 31. Certificates of deposit (other than for money borrowed). 33. Other time deposits. . . Postal savings deposits Total of time deposits, items 31, 32, 33 and 34.51.749, 41. a “Acceptances” executed by this bank for customers Liabllifies on letters of credit... Rescrve to retire Union Savings Bank stock edge and bellef, Subscribed and sworn Tit MISCELLANEOUS. Graphophone com. Graphophione ptd. 13 . and Storage 100 1551 om. of American grain decreased 89,000 bushels, y, increased 199,000 bushels. We have on hand a limited amount of glit-edge NOTES vearing % Investments FIRST MORTGAGH 7% Interest In amounts of $250.00 to $2,000 Today’s News makes tomorrow’s market Keep in touch with latest developments in New York Curb stocks which have scored con- spicuous advances since January first. USE the TELEPHONE “T.M.F.” Bulletin Gives price range of the most active New York Curb stock of the day together with price ine fluencing news. You can have it read to you over the ‘phone, or get a copy in the Board room or by mail —no obligation. ‘JoNEs & BAKER (Seal) * Correct—Attest: ‘WADE H. COOPER, CHARLES E. GALLIHER, CHAS. G. PFLUGER, BATES WARREN, Within the Confines of this Bank Ask for OUR businessmayextend to the far ends of the earth—yet here in ‘Washington, at either office of this bank, you will find facilities adequate to handle every foreign banking transaction.” MERCHANTS BANK & TRUST CO. - Members New York Curb Exchange : ey miety ot tcp ot D Pt W e return. Fiert Doealy B Coonilont MAIN OFFICE DUPONT BANK BRANCH 1ISTH& HSTS,N.W.. DUPONT CIRCLE 3 BALTIMORE OFFICE Chas. D. Sager, 3 923 Fifteenth St. N.W. Loan Department—Maln 36. Telephone » Plara 8451 15th St. and Penna. Ave. SAVINGS BRANCHES:* \ CAPITAL, SURPLUS - and ~ UNDIVIDED PROFITS, $6,167,258.67 Member American Bankers Association ON SAVINGS. MAIN OFFICE HOME 7th and Mass. Ave. 8th and H Sts. N. E..- 436 Tth St. S. W, CONDENSED STATEMENT OF CQNDITION AT THE CLOSE OF BUSINESS SEPTEMBER 15, 1922. RESOURCES. | Cash and Due from Banks. ......co0nevcenncenneene.o.. $3,618,550.35 U. S. Bonds and Notes and other Securities.............. 9,061,137.26 Loans and Discounts........cecc00e0eeieicnieceen.a... 15221,223.13 Clerks’ Pension Fund—Investment..... e s 50,000.00 Customers’ Liability Account—Letters of Credit.. A 134,016.86 Accrued Interest........ 273.799.81 Sundry Assets...... = 5,564.01 Banking Houses, Furniture Estate Owned ... 55 o ssencavesea 1,705,107.62 ... $30,069,399.04 Total .. cE e s vl LIABILITIES. | Capital Stock ... tiissevemsesces .o $3,400,000.90¢ ‘Surplus ........ o sie's «es . 2,000,000.00 Undivided Profits Vo Cead S 767,258.67 Deposits .... ot 23,537,708.63 Clerks’ Pension Fund and Income Thereon...... o 52,116.78 Reserve for Interest and Taxes......coeseotonacerna..e 178,099.79 Letters of Credit.........cueeeceraceoscesssencnnes-e 133,016.86 Sundry Liabilities «......coc0tevsarsentcccnercenns 198.31 ... $30,069,399.04 Total -vetieenneeninonnmissonnes CONTINENTAL TRUST COMPANY At Washington, in the District of Columbia, at the close of business on $2,562,226.48 . 1,237,375.86 -+ -$1,000.000.00 1,429,74145 ia, 1, CHARLES W. WARDEN, vice president of the above-named bank, solemnly swear that the above statement is true to the best of my knowl- CHARLES W. WARDEN, Vice President. to before me _this 18th day of September, 1922, HUGH W. BARR, Notary Public. Directors. a binding WILL, naming a competent Executor or Trustee. RFTWe Relleve an Interview with Our Trust Dept. will be of advan. tage to you In this connection. Savings & Trust Co. Oldest Savings Depository in Washington Cor. 15th and New York Ave. . =54/l National 336,826.89 S5th 231 758.09 Year 49,392.15 305,990.81 22,047.76 33,000.00 16,805.34 Fifty-Three Years Without Loss to An Investor 35,587.74 59,000.00 3.450.00 12,141.81 1,596.20 ,158.95 When You Buy A First Mortgage Note 100,00.00 » Your principal protection lies in the legTity, respomxibility and experi- ence of the firm threugh which the purchase is made. Extending ever a long period—mere than 53 years—this house has éransacted business amounting to millions of dollars for thousands of clients without a single instance of less or delay in payment of interest or principal. 19,816.56 431.00 46,658.12 The significance of this record is apparent. and 1t 1s safe to avsume thit a company which has maintained a perfect record for over half 106,450.76 5 n century may be expected (e exercine the w«ame care and judgment in handling its clien funds in the futui o any First Mortgage Notes may be had In nomination, ranging from $100 upward. . SwartzelL Rheem& 727 154 Street NW. There are many people who buy and hold stocks for = Tong period of time and then flatter themselves on taking a profit, which does not even cover the interest on their money. It is sad enough to be fooled in speculation, but it is sadder still not to realize it. Keep on speculating if you want, but put part of your money into Phillips’ First Mortgage Real Estate Notes, an investment that is independent of stock market fluctuations, backed by well selected first mortgages on Washington Homes, and ' aying 7% regularly. sk for Descriptive Booklet “A™—it's free. William S. Phillips First Mortgage Investments 1409 New York Ave. | | l Are You One of Them? r | IS IT WORT The desire to make something besides interest when vou invest vour money has lured many to loss and —poverty. There is nothing so sure to lead to wealth and comfort as interest regularly carned and saved with*no losses to charge against it. The safe and proper way to accomplish this end is through our— FIRST MORTGAGES —and the regular reinvesting of the intcrest. B. F. SAUL CO. Mortgage Loans Main 2100 1412 Eye St.N.W. L To the Holders TenYear 7% Secured Sinking Fund Gold Bonds of The West India Sugar Finance Corporation NOTICE IS HEREBY GIVEN that The West India Sugar Finance Corporation has deposited with the Guaranty Trust: of New ‘York as Trustee, under the provisions of Article Fifth of the Indenture between said The West India Sugar Finance and Guer- anty Trust Company of New York as Trustee, dated June 1/ 1919, securing its issue of TEN YEAR 7% SECURED FUND GOLD BONDS, funds for the redemption of said Bonds at the par value thereof together with a premium of five per centum thereon and accrued interest to the next succeeding : date, as therein provided. Holders of said Bonds may receive pay- ment therefor on and after September 14, 1922, at one hundred | five per cent. of the principal amount thereof and accrued-interest, upon presentation and surrender thereof with all unmatured. %5 attached, at the principal office of the GUARANTY TRUST e PANY OF NEW YORK in the of given, said bonds will cease to bear further THE WEST INDIA SUGAR FINANCE By THOMAS A. Dated September 14, 1922.