Evening Star Newspaper, November 15, 1923, Page 29

FINA MANY FAGTORIES ARE BEING MOVED [Eleven ‘Leave One City Be- cause of Wages and Labor. Building Menaced. BY J. C. ROYLE. Bpeial Dispateh to The Star. NEW YORK, November 15.—The old ®aying ‘that “it is cheaper to move than pay rent” has been amended by manufacturers in several sectlons of the country. They are following the slogan. “Tt 18 cheaper to move than submit to high labor costs and irksome working conditions.” In the last few weeks eleven shoe manufacturers have left Lynn, Mass, for other cities, where they declare less onerous labor condi- tions prevail. This has left more than one million feet of factory floor space vacant. Unious Awk Iaguiry. The Lynn local unions of the Amal- gamated Shoe Workers of Amerlea announced today that they had voted to invite an Investgiation of condi- tions In the shoe industry in that cen- ter by the Massachusetts board of ar- bitration. This action, which had been rejected last week by & margin ©of one vote, provides that state offi- clals be asked to report on labo costs in Lynn as compared with oth- er shoe centers and on working con- ditions in general. The general council of the Amalga- mated Shoe Workers has recommend- ed geceptance of a reduction in wages ©of 10 per cent by operatives in order to prevent further migration of man- ufacturers. This has not yet been voted upon. but manufacturers point out that from their viewpoint there are several difficulties facing them in Lynn more important than the wage reduction. _Factors Cansing Remo: In accbunting for the removal of their plants, the employers assert that it is impossible for them to compete with western shoe manufacturers, not only because of high wages, but on sccount of unreasonable union regu- lations. For the last decade, they say, production had been intermit- tently checked by strikes called on elight pretexts, irrespective of exist- ing agreements between operatives and employers. The only answer they have been able to make, they con- tinue, is to move their plants, lock, stock and barrel. to cities where a rea. sonable opportunity exists to do busi- ness on a basis that will show a legitimate profit. The Lynn locals have been consider- ing concessions to induce the manu- facturers to remaln for aome months. but the most important point yielded £0 far has been agreement to work Saturday mornings. That time now is a holiday. Lack of strong leader- ship in the unions, Is asserted by some investigators to be responsible for many of the troubles. This is supported by the fact that after the joint meeting asking state investiga- tion the stitchers met and voted to have nothing to do with the state board. Similar actlon is expected from the packers and lasters. Pick Bostom and St. Louls, A considerable number of shoe manufacturers who have left Lynn, Malden and Haverhill have moved | to Boston, while others have shifted operations to St. Louls and other m[d- west points. Conditions in Bostén are regarded as better because the five-and-a-haif-day week prevails there and because a larger per- centuge of workmen speak English A manufacturer of women's cloaks and couts in Cleveland has announced that his factory will be removed to another city before January 1, be- cause unfon requirements of the International Ladies’ Garment Work- ers Union have made it almost im- possible to compete with New York manutacturers e executives of the firm assert that under the regulatic Cleveland many ive between $50 and $60 a week, while man employes get from $60 to '$70. The most expart work- men, it is added, make as high as $100 ekly, while the lowest paid find $44 a week in their envelopes. Deny Wages Are Cause. Representatives of the unfon deny vigorously that the wage scale pro- vents Cleveland manufacturers from competing on equal terms with east- garment makers. They declare lack of efficiency within the Cleveland organizations is respon- sible. While prospective bullders in this section cannot well remove elsewhere, many engaged in the building trades made it plain today that they believed the de‘ermination of the building trades council here to demand $1 a day more January 1 would act as a severe check on construction opera- tions. i (Copyright, 19 STERLING LOWEST | SINCE MARCH, 1922 By the Associated Press, LONDON, November 15.—Exchange on New York fell today to 4.32%, the Jowest point touched since March, 1922. The drop represents largely the “flight of capital from the pound sterling,” as it is expressed here, and 15 vlewed with soma concern 88 to whether the decline is yet finished. When the scare over the talked of infiation as a means of reviving busi- ness was allayed by officlal contradic- n it was hoped that sterling would recover, which it did for a time, but a fresh slide started with the recent fears of a general clection and when the actual decislon to dissolve parlia- ment was announced a further reac- tion occurred. Much Stock Throws Over. American, financial institations and private in- dividuals started unloading British securities —on fearing the possible effect on capital should a_labor government be in- stalled. The proceeds of these sales were invested in dollar securities, which depressed the sterling rate further, while the almost dally shift- ing of fair sized balances from London to New York, where the money is emploved to a better ad- vantage at a higher rate than that ruling here as well as under safer conditions, accelerated the decline to the present level, Heavy payments for grainm, cotton and canned goods always affect the rate at this time of the vear, but not usually to such an extent as now, and exchange as well as bankingi concerns have no confldence that the ! maxtmum fall in sterling has yet been reached. in view of the uncer- tainty regarding the outcome of ‘the elections and absence of signs of any settlement of the political tur- moil on the continent. Every decline in the cable transfer ' rate gives the government additional cause for worry In its preparations for payment of the interest on the American debt, and the question is being asked in the market if t authorities will find it necessary to| make the bank rate effective by |C. &P Capital Traction continental and British | Capiti the stock exchange, | W NCIAL, Recetved by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. NEW YORK, November 16,~The in- cldent which attracted most attention in today's dealings on the curb mar- ket was the declaration of only a $3 dividend by directors of the" Illinols Pipe Line, a Standard Ol subsidlary. This group had been subjected to more or less selling during the early hours, but when this action became known Standard Oll stocks fell sHarp- 1y, especially the pipe line issues. In November, 1922, Illinols Pipe Line distributed a semi~annual divi- dend of $3. thereby Increasing the rate from 212 to $16. On June 30 last they paid the usual semi-annual. When it became known soon after midday that only $2 had been de- clared the stock broke over 19 points from 1473%, the Wednesday closing. Prafrie Pipe Line promptly lost 2 points, to 95. Northern Pipe came off & like amount and Buckeye, Indiana and Eureka Pipe were down over a point. New York Transit dropped off | 3, to 90. Independent oils, however, were not NEW YORK. November 15.—Follow- ing 1a an official list of bonds and stocks :nadld in on the New York curb market oday : Sales In BOND! thousunds. 1 Am Cot O3l @s 5 8 Amer Gas & Elec'8a 83 3 Am Rolling Mills 68 88 4 Am T & T 6s 24.,. 100° 11 Anaconda 6 B2 AU G & W1 & Reth_Steel T 1 Charcoal Co Am 8 5 Citles Service 7s C. 89 10 Cons Gas Balto 81 & 3 Deers & Co 7 S 2 Detroit Clty ¢ 2 Dotrolt Edisor 5 Duciop T & R Tn. Federal Suzar 64 ‘33 “(sher Body &8 '28.. . Robt, Tx T, EELE FELE 23353222283522 s Dy osoggs HEFRE EFE TE Sales n units, 600 Anglo Am Ofl. 130 - P 20 Northern P L. 80 Ohlo 01l pew. 750 Prairie Ol & 800 Prairie P L. 10 Routh Penn O1i. 84008 O Ind.......... 200 8 O Knosas bew.. 1200 5 0 Ky 10008 0 N ¥ 20 8 W Penn P 4600 Vacuum OIl Dew... Sales INDEPENDENT OIL STOCKS. o hundreds. G 20 Hudson O 3 Hum Ofl 2ad £0 Keystone €0 Livtagston OH Ce 2 Livingston Pet. 1 Marland 30 Mex Ofl 2 Mex Pamico 10 Mount Prod 9 Mount Gulf 42 Mutnal Ofi Vot cfs New Mex La . 18 Royal Canzd O&R 4 Balt Ck Comw...... Washington Stock Exchange. SALES. g Capital Traction To—81.000 at 94, 3500 at Electric 1t 55—$1,000 at 7%, $1,000 at 9734 loac 9sti, 10 at 8%, 10 ;.“:. Elec. ptd—10 at 71%, i Light—2 at 48, 10 at 48, 0 at 48, Commercial: Natioral Bank—10 at 141, Potomac 2,000 at 97 5. 3 AFTER CALL. Merchants' Rank and Trust Co.—5 at 12714, vashington Rwy. & Elec. com.—10 at 89, 58—$500 at 98, & Elec. pfd.—5 at 71%. Money—Call loans, 5 and 8 per cent. BONDS. Bid and Asked Prices. PUBLIC ETIHT!.-” American Tel. Am. Tel. & T Am. Tel Anacostia & Potomac Anacostis & Potom O & P. Tel 3b...os. eiephone of R. R. B, Clty & Suburban Georgetown Gas 1at & Metrupolitan It . Wasb. Wash, Rwy. MISCELLANEODS. » Reaity S¢ (long) Rifss Renity oa (short Wakh. Mkt Cold Storage b Wardman Park Hotel 6. STOCKS. PUBLIC UTILITY. Capital 5 Colpumbll Commercs Distriet ers B feral-American Umx!g‘ Miion Riges !e&nfl 225 140° 160 £ Jcan Security & Trust. oatinental Trust Lants’ e el Savings and Truat. . Daton Trost ‘Wash, Loan T Commerce ""'flgsm'“ Dot gton Mechanicy’... FIRE INSURANCE. e85l E3ESeR BEREE American 88 'Unioa. raising the treasury's borrowing mel of interest and If this is not sufi- clent, to e another advance in the bank rate to correct the situation until more settled conditions prevail in Europe and elsewhere. More than the usual interest was | Merc! where the financiers eag- the result of the mee! ard- we 1ani &l :;}’o?;b- board of directors re ing the bank rate. The rate, er remained unchanged. displayed around the Bank of Eng- | Me 4 toda h affected, but efforts to continue the rize were abandoned, except in the case of Southern States, which made & new top on the present move at 17%. Royal Canadian and Pennock Were firm at slightly better prices. . The restraining order, issued by Judge Webster In circuit court, en- Jolning the Detroit C#y Gas Com pany, from putting into effect the pro- posed 20 per cent rate increase, r sulted In 2 loss of more than half the 10-point gain made Wednesday by American Light and Traction, of which the former company sidlary. The order s returnable No- vember 22, when it will be known definitely if an injunctlon will be 1ssued. he, new Consolidated Gas ( stock and rights were active, but lit- tle changed. In the mining group Lone Star Ranger attracted atten- tion when ‘large blockw were taken at 5. It is expected that trading in the new Wrigley stock will start Friday. Bankers handling the {ssue of 300,000 no par s rnounced today that the books have been closed. The stock was offered for public subserip- tion at $40 a share. W 3T 4 4 i Am L & 4 Dorden & Co .. Bklyn Shoes, Inc.. Rridgeport Ma w | "ar Light ... .. =L 25 Samnen 25525 ero Dubilier C & Radio Durant Mot . Du Pont Motors.. . Elec Bond & Sh pf | e BN Govdyear Tire ... Inter Cont Rubber Lehigh Vel Coal... Intern Con [ €... 1% Midvule Co.... 118 Motor Prod naw 224 UEESRRE, T sty X ¥ Tel ¢ A Park & Tilford Peeriess Mot Prrene Mfg Radio Corp . b 3 % 1% B e e B8 eS8 S e =l = It S Crown King Cons.. 1% Crown Ressrve 51 Emma Stiver . 10 Eurcka Croesus 420 20 Gold! 130 Goldfield Deep Mnu . 10 Goldfleld Florence. . 180 Gold Zon: 80 Hill 10 Homestake Ext 40 Independence Let 980 Love Btar . 10 Mekin Daz . 10 Mohican Cop - 110 Natianal Tio 1 New Cornells abe! Top Neva 3 WN ¥ 1 Niplssing 25 Dhio Cop 11 Premier Gold Min. ed HIIl Flore * EEEEHM-E 4 * 1 Yukon Gald . 10 Yellow Tiger Cof DIVIDENDS. Perlod, Rate. 3 #1.00 Company. Atina B owder m. B Zrgersoli Rand ingersoli-Rand " pf. Ingersoll ngersol T Central. - Ludlow Mfg A Mahoniog Jnvest Mahooirg Invest. Folar Retning.. Vacoum 011 ex —_— . RALRGAD UNONS | CONFER WITH BLOCS Resolve to Continue Policyf of Working With Farm Groups. Members of Congress allled with, the farm bloc and the progressive bloo were taken Into conference to- day by executives of the sixteen rallroad labor organizations who are meeting here to discuss legislative programs. ‘While no direct conclusions were announced, the rallroad union lead ers later passed a resolution decl: ing they intended in the future to' work politically. In association with| farm organizations, as they have ia the past. “The recognized standard rallroad organizations all represented here at this time by their exe: {legislative representative lution sald, “do hereby reafirm their! announced position of complete co- operation with the progressive work- ing farmers and with the progressive group In Congress that are pledged to ! support legisiation favorable to all; the people, the great majority of | whom are engaged in productive ef-' fort.” Conference of union chiefs probably | will continue until tomorrow night. | Proposed amendments to the trans- portation act which would have the oftect of abolishing the Railroad La- bor Board have been under discus-, step would be made until the union leaders had consulted with the execu- tive boards of thelr various organisa- lons. TWO INDICTMENTS FOUND. | BUFFALQ, N. Y. November 15— Two_secret indictments, one against the Buffalo, Rochester and Pittsburgh ! Rallway Compan. and the other against the Rochester and Pittsburgh Coal and Iron Company, alleging vio- lations of the Elkins act, were made iblic l? United l’I.IASI District indigtments we 1 re! -eral grand jury last D.. C., CRUDE OIL OUTPUT . DROPS DURING WEEK Reduction Only 17,000 Barrels, While Imports Showed Marked Increase. By the Associated Press “NEW YORK, November 15.—The daily averago gross crude o!l producs tion of the United States decreased 17,100 barrels for the week ending November 10, totaling 2,238,750 bar- rels, according to the weekly sum- mary of the American Petroleum In- stitute. The dally average produce tion east of the Rocky mountains was 1,475,350 barrels, an increase of 4,900. Callfornia production was 763,400 bar- rels, a decrease of 22,000. Oklahoma shows a daily average production of 387,200 barrels, decrease of .000; Kansas, 71,300, decrease of 500; north Texas, 86,350, {ncrease of 350; central Texas, 415,360, increase of 4.680; north Louisiana, 57,000, in- crease of 1,100; Arkans 123,950, de- crease of 5,800; gulf coast, 94,000, in- crease of 460; eastern, 108,000, un- chanced: Wyoming and Montana, 152,200, increase of 9,650. Dally average Imports of petroleum at principal ports were 262.143 bar- rels, compared with 191,857 for the previous week. Dally average receipts of Caljfornia oll at Atlantic and gulf coast ports were 186,671, compared with 83,428 for the previous week. The Margin of Security We Demand to Safeguard Clients Investing in Our . 7% First Mortgage Notes res absolute safety uader any and all ™y Upbolde also our established record of Bever having lost in either principal or lla’!‘ll l!:«fl"l‘(“hlkl Ill‘(k penay. uaran . insuran olly furaished with sl notea e Polcler Notes of $100, $250, up to $5,000 Now on Hand For full particulars 0 o'Donell, Lota Department. '* M° CHAS. D. SAGER. 834 4tk St. NW, Main 36. lnhrn:ml’hl;: 4% 1% All loans secured on modern homes and busi- ness property in best northwest sections of the city. Ask for Intermation NORTHWEST ‘i’o‘ll fic“" I FI NOVEMBER 15, 1923. THURSDAY, NANCIAL. ‘We 8:\})" and Sell Liberty Bonds Treasury Notes I Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street Money to Loan Secur=t first deed of trnst Previilive, (arerest and. eomatostons -+ | Joseph 1. Weller §8 et L & T FIRST MORTGAGES - “ FOR SALE ~ Secured on ‘lmliroved Real Estate in ' the District of Columbia Demominations of $250, $500, $750, $1,000 and upward. JAMES F. SHEA 643 Louisiana Ave. NW. = EQ Co-Operative Building Association Organised 1879 434 YEAR COMPLETED Ansets 84,730,762 Surph o9 . .$1.207,35) The Foundation of Large Estates T is not the fortune of mémy tq achieve the success of Fords and Rockefellers, but. there is opportunity for every one to achieve a great success, nevertheless, by fol- lowing their examples. : Make a start toward saving now, be/it ever so little, and remember that the limit of your fortune is only marked by the dili- gence and care_with which you invest your savings. That is why our First Mortgages have formed the backbone of so many large es- tates, becatise every dollar invested in them has earned a liberal interest return from the day it was put aside. And the interest has carned interest as well. Swarfiefl, Rheem & Hensey Co. 727 15th Street N.W. Save Systéematically gt e 6% to 97 Yield Join the Equitable. Bonds, Public Utilities Stocks Montaly Payments it Desired Write for Booklet “Serving a Nation” Thos. W. Brahany & Co. mor ing i3 to a and stick to Subscription for the 85th Issue of Stock Belng Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. 54 Years Without Loss to an l;wettor 510-11 Evans Building Main 6180 JOHN JOY EDSON, President SFRANK P. REESIDE, Secy. Save First; Live Afterward | ot reormasis mvesmuest This is the advice of certain indus- trial companies to their employes, and it may be passed on to many in our Capital city. Being interpreted, this slogan is ex- cellent counsel to put aside, out of every earning, a definite percentage for safe and profitable investment. Real Estdte Mortgages Paid 20% more than stocks and bonds over a period. of years, according to Life Insurance Investment Statistics. Salaried people, professional men, small or large investors, find our FIRST MORTGAGES the best paying investment in the long run. They pay a good income with no depreciation and return of principal. Quarter Apply the “acid test” to various of a forms of security offered and we are confident none will possess all the ad- vantages to be found in our FIRST MORTGAGE NOTES, secured by im- proved real estate here. Write, Telephone or Call in Person and Let Us Furnish Full Information. Century Without a Loss F. SAUL CO. 1412 Eye St. N.W. B. Main 2100 FIRST MORTGAGE NOTES FOR SALEK IN DENOMINATIONS OF 8500 DOLLARS AND UPWARD 4207 Conneclicut Stoenue & How $10 a As developments in this city have opened up new avenues of business we have added facilities to the company, so that our customers and the public would receive the most depend- able service. Since time is a real factor in the world today. service within reach of these who reside in different sections of the city. 8:30 AM. to 3 P. SATURDAYS, 8:30 A.M. to Southwest Branches, in addition to the regular hours, are open for a general banking business (including safe deposit facilities at the Central and Northeast Branches) on Saturdays (holiday On the 1st, 15th, 16th and last day of the month all our banks are open from 8:30 A M. to 5:30 holidays; then the above hours will be in force the following banking day). Use owur bahking office most convens MERICAN SECURIT D RUST. COMPANY o Capital and Surplus, $5,400,000.00 Ceritral : Northeast : : Southwest: 436 7th Street S.W. Northwest: 1140 15th Street N.W. Month Becomes $22,000 $17.200 : Interest we bring our o N SMALL sums saved systematically run into big money when interest is compounded at the liberal rates paid on our First Mortgage Invest- ments. Betweén the vigorous age of 25 and the re- tirement age of 65 a man or woman can am more than $22,000 simply by putting aside $10 : month under our Investment Savings Plan. Of that $22,000 only $4,800 is principal ac- tually paid by the investor. All the rest is com- pound interest. Our free booklet, HOW TO BUILD AN INDEPENDENT INCOME, explains how any- one who will save $10, $20, $50 or more a month can quickly get into the coupon-clipping class of bond investors. BANKING HOURS: . (daily EXCEPT SATURDAY). - 12 M. (noon). Our Central, Northeast and excepted) from 6 to 8 P.M. P.M. (except when such dates fall on Sundays or legal it to you. ————————————————————————————————— 0 LOSS TO ANY INVESTOR IN 50 YEARS . - CJhe F.H.SMITH CO. Chounded 1873 FIRST MORTGAGE INVESTMENTS SMITH BUILDING 815 FIFTEENTH ST. g7 Pleass send me YORY {free. booklet, “How to Buld an Independent Tncome.” % 1 15th and Penna. Ave. BRANCHES 7th and Mass. Ave. N.W. 8th. and H Streets N.E.