Evening Star Newspaper, September 21, 1922, Page 29

- FINANCIAL. LEADING INDUSTRIES USING . WATERWAYS TO MOVE FREIGHT| & BY J. C. ROYLE. * Special Correspondent of The Star. (Copyright, 1922.) NEW YORK, September 21 ‘Whether or not the rallroads are de- livering the goods, either actually or figuratively, the waterways of the country are carrying their full quota of freight. They will continue to do 5o long after the usual close of navi- gation for the winter. Reports from ell the fmportant iniand shipping centers recelved within the last " twelve hours indicate that every available v ice or low water forces suspen- view of the present railway car shortage and the fact that the rail strike still is far from settled on many_roads, three great basic com- modities, coal, steel and grain, are de- pendent’ to a greater extent than ever before on transportation by wa- ter. Unusual Tonnage Carried. The tonnage carried over inland waters in the next three months will Le the greatest ever handled in a similar period. Great lakes shipping 1 be taxed to capacity. Two hun- red thousand tons of coal are en route to Duluth today, and coal shIp- ments on the lakes will average well bove 1,000,000 tons a week until avigation closes. ‘Word from luth states that v vessel will g0 Vack loaded to the soll | mark yith iron vre, grain or general conf- modities Farmers who have been holding their grain for better prices now are releasing it in response to develop-, ients in the near east. Iron mining ‘rations in Michigan and Minne- -r.\ being expanded to capacity n be sacured, and ake ports are Embargoes re sending a n flood of gen holds of lake beats for Buffalo, Cleve- & d other ports. Paul came dispatches to- howing that pressure from in-| dustri aders was being brought 10 bear to e upper Mississippl barge line to per- mit simultaneons coal and grain movement. Barge Freightage Large. The harge lines of the Missouri and lower are being offered ight than the v can move. The Federal Barge > out of St. Louis, today nas fifty- n service with a rrying capacity of 86,800 carrying cargoes composed largely of grain and gen- eral merchandise, with about 60 per cent of the tonnage moving down stream. In the fiscal year ended June the Federal barges carried -r 630,000 tons of freight, and they the million-ton mark In nt fiscal year, according to word from St. Louis. New Orleans reports that grain traffic on the southern reaches of the Father of Waters would be much heavier were it not for necessity for light loading caused by low water from Cairo to Memp! The Warrior River Barge Line tonnage is increas- ing af the rate of 11,000 tons & month, with steel and coal the principal car- soes. Coastwise shipping out of New Orleans is above normal for the sea- son of the . Tt is estimated that the Mississippi river barges have saved shippers on the lower portion of the river §850.000 in frelght rates as compared with rail charges this Year. Steel Companies Use Rivers. The big steel companies of the ‘Wheeling M'Ad Pittsburgh districts are making extensive use of the Monon- gahela, Allegheny and Ohio rivers for the transportation of coal and con- veyance of materials between plants. During the ratl and mine strike Mo- nongahela river shipments of coal but the merchants are hesitating about placing orders with manufac- turers and jobbers. Merchants in general seem ‘to ‘be awaiting public reaction to the new tariff law, afirming that under fits provisions higher prices to the ulti- mate consumer are inevitable. Wheth- e; the public will pay those prices, 'y remains to be seen. nd celery shipments to lhe east are ln full swing. Reports on Commodities From Business Centers Glass. PITT%BURGH September 21 (Sne- vith production costs mount- "|g especlally since the recent wage fdvance, higher prices for glass prod ucts are predicted here today. Th applies to plate and window glass and glassware. ‘Wooleas. PHILADELPHIA, September- 21 (Special). — Woolen factories are operating at about 80 cent ca- pacity in this section today. Live Stock. FORT WORTH, September 21 (Spe- clal).—Appeals have been made by the west Texas cattle men to the Interstate Commerce Commissior, and to the rallroads for lower ratés on cattle feed, to be shipped to this district. Stock in west Texas: Is in a_critical condition today, as water for stock I8 being exhausted and the grass is dried up. Lumber. EAUCLARE. Wis, September, 21 (Special).—Resumption ‘of operation of the new Dells Lumber Company mills on October 1, will relieve the local employment situation. It was i-predicted today that the cut in these mills would run 20,000,000 feet in the next twelve months. Machinery. ST. PAUL, September 21 (Special). —Rallroads throughout the northwest assert that bad-order cars and loco- motives are being reduced in num- ber, and growing shop forces assure | steadily increasing ability to handle the traffic. The tonnage of live stock, coal and farm products in- creases, however, and a car shortage is expected to become acute in two weeks, Dry Goods, ATLANTA, September 21 (Special). —Buyers for local department stores are now on their .second trip to northern and eastern markets and are buying more heavily than on their first trip, having feit out their trade through early purchases. Frult. SAN FRANCISCO. September 21 (Special).—Prune_ association leaders asgerted today that the position of the growers in California i3 seour there {s barely enough of. the still unsold to meet the ordinary de- mand during the winter and spring. Leather. BOSTO! September 21 (Special). —The improvement which came in the leather market two months ago still continues today. Prices the demand for sole leathe: ter in the heavy grades. patent leathers and women's special- ties still are the most active prod- ucts. Produce. GARDEN CITY, Kansas, September 21 (Special).—The Garden City Truck Growers and Producers’ Assoclation, operated on the co-operative plan, has marketed most of the produce grown in this vicinity. The melon and vegetable crop has been handled by |We the organization, which is preparing today to market fifty carloads of onions and 130 cars of sweet pota- toes. L4 FORT WORTH, September 21 (Spe- were largely responsible for keepinglicial).—Oil operators, who. have been the steel industry active, and for théldepressed for over a& month because first time coal moved north over the ©Ohio from West Virginia mines to Pennsylvania steel plants. The Carnegie Steel Company, Jonn & Laughlin, Pittsburgh Steel, tional Tube, American Steel anvl Wire and Wheeling Steel are among the great companies which have brought river traffic to an effective stage. Some of these companies are carrying coal by water at_the dally rate of 15,000 tons each. The Jones & Laughlin Company is arranging to reopen its Ohio and Mississippl steel delivery service, interrupted during the summer by low water. Several mew barge lines at Pitts- burgh are preparing to enter river traffic this fall. One million-dollar company has just been formed to engage in trade from Pittsburgh to New Orleans and intermediate point: Pittsburgh has leased its big expo tion bulldings at the juncture of the Alleghany and Monongahela as & wa- ter terminal. Heavy Grain Movement Over the Great Lakes 1 BY GUY T. ROCKWELL. Special Correspondent of The Star. CLEVELAND, September 21.—The grain movement over the great lakes this season is expected to be very heavy. Boats were being chartered today for October and November load- ings, and receipts at Buffalo are far nhud of this time last year. Although carriers predict that the northwest will not get quite its fulll quota of coal this year, indications to- day were that the shortage wili be slight. Coal men say sufficlent fuel can be mined, and it is just a question of the ability of railroads to move it from the mines. Since the appointment of Clarence Neal as fuel administrator, the spot price of steam coal has dropped to u 25 at the mines, a decline of more than $2 a ton since the strike ended. Better Business Outlook in Kansas City District { BY DICK SMITH. T Epecial Correspondent of The Star. KANSAS CITY, September 21.—The ‘banks of this district today are in better condition to withstand any de- mands upon them than they - were three months ago. This is taken as an evidence of general improvement in business in this section. The fig- ures today showed that deposits, cash holdings and total resources have in- creased while loans are smaller. Motor trucks are bLeing used to haul cattle to the Kansas City live stock market from points fully 200 miles distant. This move was brought about by the shortage of raflroad cars and difficulty encounter- ed in getting stocker and feeder cat- tlé to market. This business is ex- pected to cut Into the. short haul of the carriers even after rai] trafc re- turs to normal. Business men in this section are showing keen interest in the southwestern business congress vhlchlwlll meet in Tulsa, Okla., Oc- tober Effect of New Tariff Law Awaited by- Merchants BY PAUL C. HEDRICK. lp-d-l Correspondent of The Star. ng;omb-r 21.—Although rthwest is better em- ployed in sll lines of industry ever under pre-war conditions, Pa- vific- northwest merchants in many of the decline in the prices for crude, today predicted an advance. This will mean a renewal of wildcatting. which has been ‘susperided since August 1, and also will mean the resumption of production on full time by the In- dependents. Millinery. ATLANTA, September 21 (Specfal). —Millinery wholesalers are more op- timistic than they have been at any time since the war. One large mil- linery house reported today that its August sales were 197 per cent z:ael:ter than for the same month in 1921. Steel. PITTSBURGH September 21 (Spe- cial).—Sales of about ten thousand tons of sheet bars are reported at $40. This is $5 above the price ap- plying to third quarter deliveries to regular customers. ‘The steel market extremely. strong today. maximum prices .quated at. present are expected to be the minimum rate in the near future. scrap {s advancing. Heav; steel scrap is quoted et $20. scrap for cupola use brings $22. DOVER, Ohio, September 21 (ED!- cial).—The blast furnace of the M. A. Hanna Company resumed today. The stack has been cold since August b on account of the fuel shortage. DULUTH, September 21 (Special).— Indications today are.that the un- derground iron ore properties will be ‘worked througl\ont the entire winter assuring one of theé best seasons in many years on the Mesaba iron range. Retail business is thriving as a re- sult of the 15 per cent wage increase announced by the independent mines. Coal. BOSTON, September 21 (Special). Shipments of coal by the New Eng- land railroads are showing a heavy increase over the tonnage carried late in the summer. Shipments so far this month are actually above those for the corresponding period of 1921. PITTSBURGH, September 21 (Spe- cial).—Coal prices today are about as follows: Youghlogheny gas, run of. mine, $5.60; slack, $5.25; mmhunale steam, lump and siack, $6.5 mines, $5; Bessemer, lump and lllck $5; run of mine, $450; Monongahela run of mine, $4.75. Business Toples. SAN FRANCISCO, September 21 (Special) —There is a serious short- age of skilled labor in the building trades throyghout this section. One small interfor city could use 100 pluteren at once. months of this year showed a gain of 50 per cent over the tonnage handled in the corresponding period of 1921. BOSTON, September 21 (Speciai).— The Boston and Maine and the New York, New Haven and Hartford rail- roads claimed today that they have shop forces sufficiently large for thelr needs and will not take any steps toward Teinstating former workmen except as they care to apply tor ‘work as individuals. in lmmedlntengmspocl comprises the & program. f road improvements wfln‘ch ::XI"‘:: quire expenditure of uoooo,m in lhe next twelve month MEDICAL CORPS SHIFTS. Penn. Pwr,'Co nmy Car Heating q‘ Mm vlzmty-xn. T, ', 3% %. " [Bept. 30 —_— New York Central rallroad, it was Herbert ‘H. Price, Medical - lines are entering the fall and winter | eral Hospital, this - on t.hclr shelves. surgeon, this ctty. He will rell This is lpecll-lly true of low-priced | Capt. John A. Kejton, Medical :v.m‘ly t0- r clothing. The|who will| take station at Wall _dublic is wlu wmlnnul to buy;' Reed Hm Corps, on duty at Wa&t‘er Rhn:.d Bll- 3 ieason with diminished lines of goods | assigned to duty with '.he a.itan ln( i THE -EVENING STAR, WASHINGT Washmgton Stock Exchange | BIGGER OUTPUT PIPE LINE AND TANK FAR MCRUDE OIL NEW YORK, September 21.—Pipe ne snd tan® farm gross domestic crude ofl atocks in the United States increased 5,363,000 barrels in August, according to the weekly summary of the American Petroleum Institute, of which 3,597,000 barrels-were east of the Rockles and 1,766,000 barrels in_Callfornia. The daily average gross crude oil production of the United States de- creased 10,700 barrels for the week ending September 16, totallng 1,49 700 barrels, as compared with 1,50 400 barrels for the previous week, ac- cording to the institute summary. No changes were reported in crude oil prices for the major districts. Mid-Continent crude $1.26 a_ barrel; = barrel, and Gulf Coast, at $1.25. According to figures collected by the institute, the imports of petro- leum (crude and refined oils) at.the principal United States ports for the week ended September 16 1,861,051 barrels, a daily average of '256 864 barrels, compared with 1,76 124 barrels, a daily average of 25 161 barrels, for the week ended Sep- 'l'r- ml!. € Elecris & m, % 3 T e g. m. w.-hu;mo " Raiiway and tric com.—25 W hmfllluflb—flllfl.Bltfl'.‘ Reports Indicate Every Available Vesgel| it R S s Will be in Operation Until Ice Forces Suspension. Washinj ‘Gn 5s—$1,000 at 95%, $300 at 95%. tal Tncthn 5e—$1.000 at 90! Geitat '!‘nellol—l Seim byt per ceat. 3 BONDS. Bid and Asked Prices. PUBLIC UTILITY. 4s. . Potomac guar. B G ad B, 'relepnnn- Bs. o0s ot ¥ lea. Potomac Bec. Power £ m. Bov. Eiec, Pow. & ref. it Washington Washington Gas 7 Washington Bwy., wy. and Elec. PUBLIC UTILITY, American Tel. and Telga 122y American Tel. and Telga. Ri Capital Traction TR Amertean Securlty and Trust Continental Trust Washiagton uun and Trust. AVINGS BANK. Gommerce and ‘Savings 1; gton Securlty Havingy and Com Beventh Street U. 8 § uing: American Corcoran Firemen's National Union - TITLE INSURANCE. Columbla Titlg Real Est i Becurity Storage Washingten Market . Yellow Cab . *Ex-dividend Am. Cranamid pf, G l"y% Beatrice Creamy, Chie. Ry. Equip., a, Creamery kg Df. 4. Creamery PEE. pf, o, h% Great Lakes K8, Long Island Lt. 'pf, Reading Co. 24 pf. Arllnnnn Mlils, fl. Are. u.ni Elevator. waldor? Bystem, qoB0e; 0o ‘Waldorf 8ystem, Inc., 1st pf. Py Pacise Co., Q. DELAYS STOCK TRANSFER. N. Y. Central Postpones Deal With Big Four Stockholders. NEW YORK, September 21.—The announced, has extended until No- vember 1 the offeh made to Big Four stockholders to exchange New York Central stock for Big Four preferred and common on the basis of par for par for the preferred and eighty shares of New York Central for one hunarad shares of Big Four common stock. This offer was made on the con- dition that holders surrendering Big Four common for exchange after September 29 shall pay $1 for each share of Big Four common thus ex- chahged.in order to equalize the dif- ference between dividends that will be n-ld on both stocks in the near future. ‘The majority of the pra!urrod stock has already been exchanged and the New. York Central now holds more than two-thirds of the capital stock of the Big Fopr. the profit possibilities of iN"'«vak Curb stocks vll: ndththawuklypnbll-i ON, D. C, THURSDAY, SEPTEMBER 21, 1932. FINANCIAL. REPORT OF THE CONDITION AMERICAN COMMERCIAL AND SAVINGS BANK At Washington, in thy at the close of business September 15, We Offer for Investment Real Estate Notes ofmpoum-uhn-anl District of Columbla, PROMPT' PAYMENT OF INTEREST 1922, GUARANTEED. Bank of Bethesda, Md. Phones: Cleveland 1919 and Bethesds 81 bank Toxcept ‘abose, shown in b and c).! n‘nmu Investments . $3.578: is _quoted at td other than We have on hand & limited amocat of giltedge FIRST MORTGAGH NOTES bearing Pennsylvania, ault and amount due : rxennm for clearin Total of “ttems Extending over a loag period—more th 53 years—this house has transacted busines amounting to millions of deljars for thousands of elients without a single instance of less or delay im payment of interest or primcipal. 7% Interest In amounts of $250.00 to $2,000 The only absolutely safe form of investment yielding such liberal or town of reporting 5d other ctan ftem —_— ORDERED TO FIELD SERVICE. Capt. Jacob H. Osterman, master Corps, at the general intermedi- ate depot, this city, has been assigned to duty at San Juan, P. R C: Qflartermuter Corps, at the War Department, has been ordered to Scott Field, Belleville, 1L, Chas. D. Sager, 923 Fifteenth St. N.W. Loan Department—Maln 38. 2. Certified checks outstanding. Our First Mortgage Notes may be h any demomination, ranging from $100 mpward. i .!ndlvldnll Gepoults. subject 8 REPORT UF CONDITIO'Q NATIONAL METROPOLITAN BANK At Washington, in the District of (_ulumhln. at the close of business on September 15 RESOURCES. subject to 80 dauys' £ 1. aLoans and discounts . - $8108.207.04 . ( verdrafts, unsecured, 84,42 government securities owned: a Depoclled to secure clrclllal.lon (U. S. bonds, obligations representing money borrowed other b All other United rnment sccurities (including premiums, if any) ovy ed meat on banking site. furniture and flxlurl’s $4,850.19. 6. Banking house, $81%,180.11; reserve bank 8. Lawful reserve with feder: Items with federal reserve bank in process of collection Cash In vault and amount due from national banks. state banks, bankers and trust compani| the United States (other than included in ftems 8, 9 clearing house To Aid Housg Cndn Money to Loan on Improved Real Estate 1f you desire to borrow money on a First Mortgage on residences or apartments consult us. Prompt service given to all applications. We in- vest our own funds in all mortgages first—therefore there is no delay. B. F. SAUL CO. Mortgage Loans 1412 Eye St. NW. Total Digtrict ot Colnmba, City of Wariiheon, ROB caslifer of the above- | ol DADK, SOlemDly SWeAE. hat the apare atatement in true to the best of my knowl edge and belief ROBERT C. SHAW, Subscribed and sworn to before day ot September, 1022. Seal. . Amount due fron 2. Exchanges for 13. Checke on other banks in Lhe same cny or town as repnrlln‘ (other than Total of items 9, . b Miscellaneous cash 5. Redemption fund with Correct—Attest: Rohol *‘. Rha: ‘treasurer and due from ke . Willlam . Besdamin, T. A, Cantwell, . Other assets Charles H. Clark, 3. William 3. Armsteong, T. & CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building ‘Washington. D. C. .$15,163,313.29 LIABILITIES. a. Reserved for interes| c Less current expenses, interest and taxes paic . Circulating notes outstanding .. . Amount due to federal reserve bank (deferred credits) nount due to national banks . ‘Amount due to state banks, bankars and trust compani the United States and foreign countrles (other than in- cluded in items 3 . Certified checks outst: . Cashier's checks out : Total of items 21, A Demand deposits (other than bank denosm) subject to re- serve (deposits pavable within 30 days): 26. Individual deposits subject to check .. . Certificates of depo: for money borrowed) . Dividends unpald .. Total of demand deposits (other than bank deposits) subject American Telephone & Telegraph Co. 132nd Dividend The regular quarterly dividend of two Iwenty-five cents per share will be paid on Monday, October 16, 1922, rs of record at the close of Beptember 20, 1922. SMITH, Treasurer. it due in less than :ia}ixys (other than and 20 $9,379,316.66 'mm deposits subject to reserve (payable after 30 days, or subject to 30 days’ or more notice, and postal savings) . Certificates of deposit (other lhan for money borrowed). . Other time deposits .... . Postal savings deposits of time d'""g’él" subject to reserve, EQUITABLE Co-Operative Building Association $2,264,091.09 ings), including deposits (other th war loan deposit account and depoms of United 8t bursing officers Letters of credit an H standing . 44. Liabilities ot Organized 1879 424 YEAR COMPLETED -..$15,163,313.29 amed bank, do solemnly swear To! Dlnrlot OI C\flum v ACOBSE,\ cashfer of lhe ubnve- that tl . linve statement is true to the best of my knowledge and belief.: C. F. JACOBSEN, Cashier. Subccribed and sworn to before me this 20th day of September, 1922. ROBERT E. BRIGGS, Notary Public. CHARSLES JACOBSEN. Systematic Savings Always Effective ¢ you do mot save you sac- Fifice the fralts of your Tabor. Adopt our systematic savings plan. Subscriptions for the 83d Issue of Stock Being Received Shares, $2.50 Per Month Oorrect—Mtnt' GEO. W. WHITE, REDERICK DeC. FAUST, KAUFFMA {1 As a depositor at “Columbia” your indi problems will have the benefit of consideration by bankers of wide business activities. Our officers are accessible any business day. L “ALTER BROW\'LEY FRANK P. REESID! W. R. TUCKERMAN, MS TT, RANCIS RIGGS, WM. F. GUDE, EQUITABLE BUILDING 915 F St. NW. Compound Interest Paid on Saving: JOHN_JOY EDSON. President You can open a Savings Account at FRANK E, this convenient Bank with as littie as Fifty-Three Years Withont -Loss to An Investor When You Buy A First Mortgage Note Your principal protection lies in the integrity, respomsibility amd experi- ence of the firm through which the purchase is made. The significance of this record is apparent, and it is safe to assume that a company flkh tained & perfect record for over ® cemtary may be expected te exercise no same eare funds in the future. judgment 1n handling its clients’ Columbia National Bank 911 F Street 525030000 If Two Heads are Better —than one, does it not follow that the service of this bank, representing, as it does, the col- lective experience of many directing minds, must constitute practical help to our patrons? vidual Within the Confines of this Bank 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. Capital and Surplus $x,250,(_:oo DUPONT BANK BRANCH DUPONT CIRCLE MAIN OFFICE 15TH &HSTS,N. W. MORTGAGE LOANS The Greatest Investment Bargain The greatest bargain in the. entire investment world is the thing often least considered—SAFETY., This truth is'so abvious that its observance should be universal, yet investors constandy reach ?ut for an additional point or two in interest regardless of the safety they have to sacrifice to get it. Safety plus-a- liberal return—that's what an investment in Phillips’ First Mortgage 7% Real Estate Notes mean. Ask for descriptlve. booklet “B"—it’s FREE. William S. Philli 3 1 First Mortgage lnvenmenh : 1409 New York Ave. BUY AN AUTO TRUCK The day of the horse-drawn vehicle has gone. The day of the AUTOMO- BlLE “TRUCK” is here. Does your business require o'y A DELIVERY TRUCK? J Give this matter careful * consideration—IT IS A VITAL POINT IN YOUR GROWTH AND SUCCESS. “Motorize your trampprtation” : Truck Division ashington Automotive Trade Association