Evening Star Newspaper, September 30, 1922, Page 19

Z Sold This Week /§0.00 Per Ménth, Including All Interest, BUYS a Sl Modern, Colonial Home [} Complete tile bath; Pittsburg instantaneous water heater; Electric lights; Concrete front and rear porches; Hot-water heat; Cement cellar; Hardwood floors. LOCATED . Corner of Kentucky avenue and C st. s.e., three blocks from Lincoln Park. Open for inspection all day Sunday. CHAS. D. SAGER, 923 Fifteenth Street N.W. Main 36. For First Time & BY J. C. ROYLE. Special Dispatch to The Star, NEW YORK, September 30.—The homeless freight car is the dominant factor in the business situation of the United States today, and will be for some time to come. The idle car surplus has become non-existent for the first time in two years. Embargoes on many roads and divisions now are in effect, and more curgailment of non-priority frelght may be expected. Of even greater im- portance is the shortage of motive Attfractive Bungalow 5 Rooms and .Bath Moderate Price On Excellent Terms Open All Day Sunday Large rooms, hardwood floors, open fireplace, hot-water heat, gas and electricity, large lot, garage, convenient to cars and stores. Owner is buying larger house in same vicinity. Number 305 Eastern Ave, Takoma Park, Md. Phone Columbia 5709, H. L. THORNTON Exclusive Agent - 1416 F St. N.W. Phone Main 7403 Brand-New DINTNGROM 2rVING ROCM Only 1 Left 1210 Madison St. N.W. tion don’t fail to inspect this house Sunday. WALTER A. DUNIGAN Owner & Builder Maryland Bldg., 1410 H St. N.W. Main 1023 3 Special Course in Real Estate orexs QOctober 3 7:30 To o AL Conducted By Mr. John A. Petty ive Secretary Washington Real Estate Board Discussion of the Following Subjects by Prominent Members of the Real. Estate Profession Analysis of the Real Estate Business Property Management, Landlord and Tenant Rela- tions, Insurance, Loans, Sales, Title Examination, Con- vey-ncma,m Snbdivisit:’m,sfll-'hmcing. TmfionA. Invest- tracts ant tlements, Zoning, Appraisals, Building Operations, Real Estate Ethics. Admission by Card Only CLASS LIMITED YMCA o= jutie = 1736 G St. Women - - OR EXCHANGE . THIS BEAUTIFUL APARTMENT ¢ Near 18th Street and Columbia Road 59 Apartments of 2 and.3 Rooms Each Income $43,440-Expenses Only $6,317.21 mcz $335,000 st Amount- to $215000. “Will exchange é&quity- for small apartment’ or other property. For Particulars Call F. M. JOHNSON Semi-Detached House If you want a wonderful home in a beautiful loca- ALE 1731K Street . . - Phone .2 power. In many sections freight card are available, but engines to switch dnd haul them are lacking. Rallroads are placing orders for| both cars and locomotives with in- Cotasing Treedom, but while the Bald | win, American and Lima Locomotive Works are rushed to the utmost, lo- comotives do mot lend themselves to quantity production, and the shortage will be unfilled for some months. In the meantime business of every char- acter is operating under a drag im- posed by these conditions. Subject of Discussion. The situation has already been the subject of discussion between the President and his cabinet, according to dispatches from Washington re- ceived within the last twelve hours. One member of the Harding official family is reported by reliable sources to have advocated the pooling of freight cars on an arrangement sim- ilar_ to that under which Pullman equipment is operated. Such a meas- ure, its advocates assert, would tend to reduce the time for repairs and aid in meeting the rush of fall traffic. The proposed move to enlist the anthracite miners to aid the return to work of the striking shopmen on some of the eastern roads, is readily understandable in the light of coal company reports received from the Scranton and Wilkes-Barre districts_in the last twenty-four hours. These reports bear notations of delays running from forty minutes to an hour two or three times a day because of lack of cars. Such delays cut deeply into the eight-hour coal- loading day and explain in part why fuel supplies are being spread thin over the eastern section of the coun- try by state and federal fuel admin- istrators. Miners’ Jobs Lucrative. The effect of such a combination as is being discussed at Scranton to- day between the miners and the shop- men, however, loses much of its po- tentcy in view of the fact that com- parison of pay rolls reveals that hun- |dreds of the miners who struck in the anthracite fields for the enforce- ment of union demands. went right down into West Virginia and cut] coal in non-union mines under non- union copditions throughout the entire strike. Coal men telegraphed today that they considered it extremely unlike- ly that the anthracite miners would walk out of jobs in which they now are making as high as $125 to $150 a week in sympathy with railroad shopmen on roads which have not come to agreement with their forier employes. Rail congestion is checking the steel trade, is hampering shipments of grain and delaying transportation of live stock, lumber, cement and other basic commodities. Producers have raised output to a point commensur- ate with demand, but full business activity cannot become general until the problems of transportzkidh are at | least partially solved. Appeals to governmeént authorities are being dispatched from every sec- tion, and some governmental sugges- tion for regulation and relief of traf- fic may be expected in the immediate future. Tremendous Trade Prospeets. Possibilities for tremendous fn- creases in the volume of business in the basic industries are seen by ex-| perts in the decision of many cor-| porations to abandon plans for mer- {gers which had approached conclu- sion. Many business men and bankers here declare that the decisions to “go it alone” indicate that corporations see profits ahead now where a short timg ago_they believed consolidation Why Pay Rent? | THE DEPARTMENTAL BANK Under U. S. Government Supervision . 1714 Pennsylvania Avenue Has Developed a Plan to Assist You to OWN YOUR OWN HOME The advantages of this home- owning plan are: | 1—=MONTHLY PAYMENTS, include both interest and principal, costing you no more than rent. | 2=~LOANS RUN FROM 10 TO 15| YEARS, enabling you to select the monthly payment to suit your income, and yet permit- ting you to pay the loan as fast as you like. 3—NO COMMISSIONS AND NO RENEWAL CHARGES (both first and second trusts consoli- dated in one loan). Ows Your H Write to or Call at 1714 Pennsylvania Ave. N.W. ‘Washington, D. C. The Beauty of Detail afforded to vieion .polished plate .hlz means much te the it e o -B t fimsif it equal gzece tobothconservativeand | Lot ws make suggestions HIRES TURNER GLASS COMPANY Idle Car Surplus HasBecome Non-Existent Business Awaits Rail Traffic. TRANSPORTATION OF GOODS IS MAIN ISSUE OF TRADESMEN |5 s sucst e in Two Years. meant the difference between oper- ating at a profit and at a loss. The reopening of the Ford factories has had no appreciable effect on the demand or supply of flivvers, accord- ing to reports from various sections. Local dealers are finding it just as hard to supply customers as before. Yet motor manufacturers in Detroit today expressed themselves as confi- dent that another decided price cut in Ford cars was to be expected soon. Ford officials declined today to com- ment on this prospect. Commodity Reports From Various Sections Lumber, BOSTON, September 30 (Special).— Local lumber dealers have advanced the price of yellow pine $5 per thou- sand feet this week. Furniture, CHICAGO, September 30 (Special).— Furniture manufActurers report ac- tive business and a large demand. There is a shortage of mahogany and Wwalnut lumber and veneers, due in some measure to delay in transporta- tion. . ¢ Wool. EL PASO, Tex., September 30 (Spe- clal).—A strong demand for mohair is making itself felt in this section. This is shown clearly by bids offered growers in Senora, Mexico, and ‘in counties along the border. Ranchers are holding clips. Dry Goods. NEW ORLEANS, September 30 (Spe- cial). — Business of retall dry goods merchants in this section is being stimulated by inflow of money from the cotton crop. Farmers are paying off their debts, as well as buying, post- poned for many months until condi- tions should improve. Retailers are beginning to show increased sales. Steel. CLEVELAND, September 30 (Spe- cial).—Indications of improvement in Valiey Stecl business is seen in the fact that today twenty-four stacks out of forty-seven are now in the blast. Recent heavy buying by oil companies has brought operations of many equipment concerns above 100 per cent of normal. Today one large manufacturer in this district refused a ninety-thousand-dollar tank car order. Fish. o SEATTLE, September 30 (Special). —Puget sound sock-eye salmon pack will be 55,000 cases this season. The season has closed and packers look for a firm market this winter. The pack in Puget sound in 1913 was more than 1,000,000 cases, ‘and in 1917 amounted to 460,000 cases. Flour. KANSAS CITY, September 30 (Spe- cial Flour production in southwest mills last month totaled 2,138,257 bar- rels, an increase of, approximately, a half-million barrels as compared with corresponding period of 1921. Notes. PHILADELPHIA, September 30 (Special). — Grain __exporters are worrying over possibility that export shipments, which have been very heavy lately, may be delayed by & possible stevedores’ strike. ‘The stevedores’ union is_demanding a wage increase from 65 to 80 cents an hour and reduction in working time to forty-four hours a week. Em- ployers have declined, so far, to grant these demands. ST. PAUL, September 30 (Special). —Freight shipments to and from the Twin Cities in September will aggre- gate 25 per cent increase over traffic of a year ago, according to experts here. Grain, flour, coal, livestock and general merchandise shipments are gaining daily. (Copyright, 1922.) —_— ‘The Ford Minneapolis plant 11 re- open Monday. Material has arrived in quantity sufficient to assemble 287 cars a day and to keep 550 men working. lavator ern improvements. " 4. CREDIT & l’ll'EyllBS'l'- REDUCED * CLUDING interest Lean Plan. Loan 3902 Jocelyn Street A beautiful home in Chevy Chase Heights. spacious rooms ; sun parlor; two complete baths and extra ; built-in garage; artistically decorated; all mod- Price, $19,000 S Apply to Owner on Premises or Your Broker Telephone Cleveland 712 Funds lmmediately Available . Real Estate Mortgage Loans Payable in Monthly Installments 1.'Loan up to 68% (SIXTY) of value ‘of land and buildings. 2 Loan from $1,000.00 to $8,000.00 on desirably located moders city dwelling occupied in whole or part by owner, : . % Charge ONLY 6% (SIX) INTEREST. % allowed for PRINCIPAL accord 5. The MONTHLY PAYMENTS average'$9.57-per $1,00099, IN Loan can be REPAID, in full or part, WITHOUT .BONUS & Lorge. on any interest payment day—(MONTHLY), - 7. The LOAN is REPAID in 142 months.’ Let Us Give You Further Information Regardl: Our CHARGE and the EXPENSE of Making the Loan Is SMALL. - H.L.RUST D. ¢, SATURDAY, SEPTEMEER 50, 1922.° REAL ESTATE, NEW YORK STOCKS NERVOUS, | DEVELOPMENTS OP WEEK | ARE MAINLY FAVORABLE , September 30.—Specu- lers launched a series of attacks against stock prices this week, which resulted in declines of 2 to 5 points in a number of ac- tive issues. While opinion generally leaned to the theory that the reaction was In the nature of a correction of a weakened technical condition, the decline undeoubtedly was aided by un- favorable developments in the near east, publication of poor railroad earnings statements for August, abandonment of the Republic-Mid- vale-Inland Steel merger and firmer call money rates. The declines in some bonds were even more pronounced -than those in the stock market, forefgn issues be- ing particularly weak in response to the steadily declining exchange rates. French and Belglan issues sank to the lowest levels in several weeks, and a number of the South American liens also_ showed a reactionary tendency. Except for the poor show- ing made by the railroads in August, which the market had largely ig- nored during the course of the strikes, domestic developments were, in the main, favoraple. Steel ton- nage is now at 70 per cent of ca- pacity and the unfilled orders of the United States Steel Corporation for September are expected to show the largest increase to date this year, largely because of the immense amount of husiness placed by rall- roads fn anticipation of the $3 a ton increase in the price of, ralls which becomes effective October 1. Car loadings have now reached the highest point of the year and closely approach_the record figures made in October, 1920. Coal loadings are now the highest since the beginning of the strike on April 1 and the move- ment of general merghandise is the highest in_ two years. Surplus freight cars have entir€ly disappeared and the demand for shipping space has become so acute that a number of eastern roads have been compelled to put strict embargoes into effact. Shortage of cars is causing serious concern in” the steel industry and al- ready has resulted a piling up of a large amount of finished products at the mills, i The Republic Iron and Steel Com- pany announced Friday it was com- pelled to close down eight of its six- teen mills in the Niles district be- cause of the car shortage. Considerable improvement in the retail and wholesale trade in the east, due in part to the cooler weather, was shown in statistics compiled by the New York Federal Reserve Bank. ‘The American Petroleum Institute re- ported an increase of nearly 14,000 barrels daily in petroleum production for the week ending Sepiember 23 over the week before. Tha automo- bile trade continues to hold up well, manufacturers concentrating their selling campaigns on the closed car models, sales for which are reported to be unusually good for this season of the year. ‘Commodity prices, especially of build- ing materials, are still tending upward. Slight advances were noted during the week in the prices of some of the basic metals. Domestic business in this line is good but foreign business has been rather quiet, pending more definite de- velopments in the near eastern situation. Money rates continue to be relatively easy. The reaction in the stock market hag resulted in a substantial diminu- tion in the ameount of brokers -loans. The steady improvement in business was refleeted in the increased activity in the commercial paper market, the rate ranging from 4}, to 413 per cent. Heavy offerings of grain and cotton bills in this center and uneasiness over the military developments around the Dardanelles caused a further recession in the rate for sterling exchange, which went down below $4.38, as compared with the high of over $4.51 in June. Continental rates eased in sympathy, but less sharply. —_—— ‘WEEKLY WOOL REVIEW. BOSTON, September 30.—The Com- mercial Bulletin in wool review says: “With more than a full week's ex- perience under the new tariff, it is evi- dent that the wool trade and the wool manufacturer are proceeding with more confidence, much as they dislike the form and rates under this tariff, for a definite basis for figuring is now had. There has been a fairly considerable trade for almost every grade and kind of wool, partly for manufacturers’ ac- counts and partly of a speculative nature on the part of the dealers. Prices are very firm and the tendency of the dealers is to ask more money especially for the medium grades.” Near East ‘Situation, Natural Reactions NEW YORK, September 30.—On the face of things. the threat of another war growing wat of Turkish ambi- tions for the recovery of Thrace, the Greek revolution and the determina- tion of England to retain the fruits of the.allled victory. would seem to have been the overshadowing consid- eration in the financlal situation dur- ing the last week. The practical view is that it has simply fitted in with other influences which, caused the same series of changes in tire various markets. Apparently it factor in the sterling exchange move- ment than anywhere eise, and yet the decline in pound from the high of & month ago could easily have resulted along cus- tomary prei drawn against purchases of our grain and cotton. Professional Wall street is unani- mous In saying that the stock market would have adjustment it has regardless of the outside news. The political have added to the restraints upon the investment market, but tke real reason why bond prices have been slipping for the last fortnight is the uncertainty regarding the forthcom- ing United States government loan. Wall street sees in this the first of a series of similar transactions, the oh- ject of which will be to fund the $4,000,000,000 of short-term obliga- tions falling due within the next ten months into a longer term security. This new bond will, according to goesip, present liberty loans and with the " ng Y for the granting of credit on easy 'ms to other classes of borrowers. ith satisfactory earnings and low money rates it is felt that no ground exists for any downward movement other than tha reactions which are bound to cceur after periods of .cm'x speculation like those of last May an! August. Full of Possibilities. The fact that the markets of the world have not been more semsitive to the crisis in-southeastern Europe means either that they do not belleve that it will lead to actual hostilities, or that they feel the result will not WITH GENERAL DECLINES and Uneasiness Over Federal Fi- nancing the Week's Influences. - a clash. There are, of course, all sorts of vague possibilities cofinected with an cruption at the Dardanelles. But the essential fact is that no matter | what may be said for the fighting qualities of the Turk, or whether or not the threats of soviet Russia are worth considering, the only European country with financlal resources able to carry on a war is Great Britain. German Policy Unchanged. The inflation of the German note curregcy has so far shown no signs of Subsing, despite the six-month post- ponement of reparations payments in | cash. Quite possibly the latest reichs. {bank statement was not conclusive testimony on this subject. It may take another week or so to establish whether there has been a cl e in the German attitude. But it is disap- pointing, on the evidence in hand, {that the relief afforded the German treasury by the temporary suspension of cash payments has not put a stop to government borrowing, which is the main cause for the tremendous | issues of paper notes. Meanwhile, con- | trary to_the general opinion in banke |ing circles that the activities of the printing presses must be attended by progressive deterforation in the value of the mark, it 50 happens that the mark has remained stabilized now for nearly a month, showing no tendency to break through its previous low figures. (Copyright, 1822, by The Star.; PAY $150,000 FOR PELTS. TACOMA, Wash, September 30.— Fifty thousand pelts, mainly from Alagka and Siberia, were sold here at the regular fur auction, and buy- ers from various parts of the country and one from Germany paid $150,000 for the lot. Muskrat and mink furs were about 15 per cent lower since July, but marten showed an advance Special Correspondent of The Btar. eral. Presumably, it will be issued on terms that will make the competition with other similar securities favor- able to the side of the Treasury. This {s what the bond market has had in mind for. the last two weeks, and the result has been a steady, if not hurried, selling pressure which has brought prices down substan- tially from the top. Rival Speculators Dominate. The stock market, as a guide to genersl conditions, has been of very little significance. It has been an affair of rival groups of speculators endeavoring to try out the position within the market itself. Over a £o0d part of the list the campaign of the spring and summer had exag- gerated the legitimate improvement in values. The purpose of the reaction, which | set in immediately after Labor duy was to_correct this, A Whether or not ®his reaction had run far enough was the question in dispute at the close of the week. The most that could be said was that professional efforts to force prices down were encountering more and more opposition, and, on the whole, were meeting with no sustained suc- by themselves, would have BY STUART P. WEST. ’olher high-grade investments in gen- has been a. greater erling of 13 cents in the re of commercial bills had to go through the Government Fimancing. troubles in Europe days of interest. uted stocks a month ago. taking ad vantage of .the weak spells to get them back. Easy Credit Forecast. The fundamental motives in the Wall street_situation are based, as they have been all along, on con- fidence in at ledst a moderate degree of business prosperity during the coming year, and assurance that, with the tremendous addition to the coun- | in price. The demand of the buyers try’s gold stock, the banks can read- | for beaver, red, blue, cross and white ily take care of increased mercantile | fox and ermine was keen and prices demands, and have an abundance left | were well sustained. actively compete with the Washington’s Greatest Real Estate Organization ine Chevy Chase Houses Large houses, individual exterior and interior design, situated on extremely large lots, close to one of the highest points in the District of Columbia, in a section of unexcelled environment. THE LOCATION. Nos. 3901 to 3911 Jocelyn Street. one and one-hali squares west of Conn. Ave, ‘Take Chevy Chase car or 4 drive out Conn. Ave. to Jocelyn Street, Open for “inspection-Sunday, and -every -afternoon and evening. . These Houses Will Be Sold on Moderate Terms Eight PAID monthly and-INe nx This Attractive 912 FIFTEENTH STREET" Lo S «Listoh Street CHEVY CHASE, D.C. " .- "'One-Black-East Connecticut Avenue Sunday — Colonial Brick A home planned where the: interests drid ‘convenience-of - the : housekeeper are thoroughly recognized. ] . “2/ExtraRooms and Bath in the Attic for Servants - . Center hall, colonial-stairway, clothes closet, magsive' open fireplace in living room—aote attractive side porch with entrance leading’to this room. Au interestin, R feature of the dining room 1s the huge luncheon porch or conservatory, inclosed wi French ‘windows and accessible from dining room. - - . . g Your attention is especially directed to.the paneled walls, which make a very distinctive finish for the rooms. Rear. stairway, ample tloset ' space, linen closet, laundry chute, built-in garage. i Lot 60x150 Farther Particulars Apply " For Price and | be g0 very serious should there come *