Evening Star Newspaper, March 6, 1924, Page 27

F INANCIAL. THE EVENING- STAR, WASHINGTON, RO TR s el b b SN S N L B s o S e B L L o B ISR S e R R SR - A Do i [ " BOOM IN BUILDING AS SPRING COVES Construction Already Shows Increase—Biggest Gains in South—Houses Needed. BY J. C. ROYLE., Special Dispateh to The Star. EW YORK, March 6—Building construction is on the move upward. There is every prospect that as much building will be undertaken this month ~throughout the country ai supplies of materials and labor will permit. The movement has béen ajded by the open winter, and con- struction for the first two months of the year was in the nelghborhood of 20 per cent above tho corrcspond- ing period of 19 In fact there seems little likelthood that the volume of construction work | will fall off during 1924 un ing costs Increase materiully. latter contingency is not means impossible.” In most instanc wage agreements have been arrived at for some time to come. But con- tractors, investors and specu ay offer bonuses if the pressure of work is severe. The volume of build- Ing may be esumated and this pressure measured by the fact that there is a bhousing deficiency which it will require expenditure of at least $5,000.000,000 to fill. Rexidences Still Needed. The greate still is in resi- dential building. Hotel, husiness and office construction appears ample in a sections, and there has been a falling off in demand for apurtments at the present rates of rent charged in cities. This has construction somewhat in and other midwesiern centers Population. The major part of the spring build- ing activities pretty sure to be absorbed by the larger clties. Bulld- Ing since January 1 shows that near- Iy 75 per cent of the construction in 480 communit was fined wenty-five of the lar T volume of building ir ters is out of pror population and woul cate that fn th building shorta successfully There hiis. laek ot rtion to their seem to indi Iler citles the not being so of cours £ population there s n dence of a return tlow countryward. However, careful real ite men are refraining from countinz all this in- flux as permanent urban population. Biggest Galnx in South, The greatest proportion of bu £ains so far this vear has been in the south, where construction has bee about 25 per cent ahead of that of th early part course, is ditions have tha o city- avi- ~ ding rk. Philadelphia. Providence and Jers atest gains, 1 and material men express onfidence in the continuation of building, at least for the next four months. The United States Steel Cor- poration is spending $6.000.000 in re construction and _improvement of plants. Many bankers confidently predict construction this vear will en- tail the spending of between four and five billion dollars. Some industrial plants, however, are teaving the larger cities in order to find cheaper land.” Localities which o1 ed to manufacturing and tries_have be ts willing to pa latter. in consequence are into the country. Plants Neeking Suburbs. has been ally > chemical and oil rofin in this city. Twenty years cent of the workers in the chemi trades here were located south of street. Now only about 10 per cent labor in that sectic Yet the total number of men employed in the metro- politan district has vrobled Alfred H. Swayne, vice president of General Motors, predicts that the tion of railroad termir vesuit in in d_indus- trial plants of large cities to what he calls “green la ;1 the outskirts. These movements are stimulatiog build- ing in the suburbs and industrial sen. tions. extreme by The sing shoved notie - = Washington Stock Exchange. SALES. Washington Gas 55—$1.000 at Potomac Electric g. & ref. AFTER CALL. Tavston Monotype—10 at 72 Money—Call 1oaus—35 aud 6 per cent BONDS. Bid and Asked Prices. PUBLIC UTILI Bid. Asked. American Tel. & Telga. 4s. . 93 107 K, Tel. & Tel. conv. 6, Anacostia & Potomac bs. tc?. & P. Telephone Js. Capital Traction R City & Suburban Georgetown Gas 1 Metropolitan R. R. 5 Fotomac B Washington Gax 0s. Washington Rws MISCELLANEOUS. STOCKS. PUBLIC UTILITY. Capital Columbta TRUST COMPANY. American Security & Trust...... Union Trust ‘Wash, Loan SAVINGS BANK. Commerce & Bavingy East_Washingtor Becurity Savings & Com. Heventh Btreet. United States National Union. TITLE INSURANCE. Columbia Title. Real Estate Titie. MISCELLANEOUS! D. C. Paper pfd. Merchants’ Tranifet enthaler type. Dia Dutch Market com. 014 Dutch Market pfd. It is one thing to stretch the imagi- nation, but it's quite another matter to make both ends meet. 1 practice | NEW YORK CURB MARKET Recelved by Private Wire BY WILLIAM F. HEFFERNAN, NEW YORK, March 6.—A fumber of impressive advances were made on the curb market today. The general list, however, was quiet, but where changes occurred they were on the side of advamce. An outstanding point of strength was Dubilier Radio, which reached a pew top when it sold above %. The incentive for the buying of this stock has been the | excellent carnlngs and reports of lurgely increased sales Kresge Department Stores also es- tablished a new high record when it crossed §3%. The atrength in the stock today a8 coincident with the better tone in department and chain store shares generally on the stock exchange, which was in response to reports of increased sales. One of the points of strength in the Standurd Oils was u further advance of 9 points in Borne & Scryms This : | NEW YORK, March 6. —Followin | ] i an official 1ist of bonds and stocks Jtraded in on the New York Curb today: HONDS, Nt rackers oe... k el ke as Balto 45 A 10313 1El Pow Leh Val Conl North St Fow 41 Penn Pow & Lt 4 Phile Elee 't PB & W PR Pet it Y R Co 5 a0y BONDS. wi K%, of dep.. B1% Latin_Am, 10 Mex 03l Direct to The Star Office ctock started forward several “weeks ago on reports of an impending capital split-up. Since then the company de- clared an_extra dividend of $2 along with the regular semi-annual $4. The only basis for these reports of a capital split-up appeared to be the high selling price of the stock. New Mexico and Arizona Land was prominent {n the independent group, getting up a half point to Sty de- spitc the report negotiations with the Texus Company had been halted. It was stated today that the terms_did not meet with approval of the St Louls and San Francisco authorities. Other Industrisls which cime in for more attention on the side of higher prices were Ward Buking shares, especially the Class 4 % they were selling points above the previous close, Whil the B, after_early weakness, rallled sharply to 16, The new Westing house Electric stock of $50 par value sold at § while the old stock on the big board changed hands at 823 that et nar Oi & Gas rado Pow & Lt Duatill It 1, Durant Mot P& W G St b w1145 2 Hudson & Man K K10 Hudwon & M R R pt 485 Midvalé ¢ NY el utz otor Clec Power w2 pid % Tobac rod Expts.. Tnited Hakerles Ward Buk Cor A wi. Ward Bak Cor B wi ak Gold ) i Min Copper Am Mines ntal Mines ~son Gold 2 100 Bi" Bui Exper .. 10 McKin Dar..."00 Metuis Prod Co...." Plrmonth Lead Min o Am Gold & P.. 1 3 Proa’ ual O vot ¢ DIVIDEND OMITTED; STOCK OFF 10 POINTS Case Threshing Machine Company Slips Disbursement on Preferred Shares, | By the Assoctated Pren NEW YORK, March 6 the J. I Case Thrashing Machin pany of Racine, Wi toduy omit the quarterly dividend of 1% per cent on preferred stock dne at thix tir The news cnuxed a breuk of ten points in the stock, which dropped to 50, & new low rocord for the year W. 3. Davis, . Mated that the compa position was strong, due to vative policies, « sheet December il prolits of pa 4,000, ukainat $321. befor 1 neither year, vever, hud the company earned the annual divid uirements of $810,- 000 for th aferred, d, but de- xpit the diFectors patd divi- r from umulated sur- that business pros- peets would improve, current assets at were about $20, liabilities of le ond of 1923 mpared with 00,000, the 00,000, « s than $5 WINTER GOODS SOLD. | Chicago Stores Ready to Start Spring Selling Drive. ! Dipatel fo The HICAGO, March 6 —The big de- partment stores id even the small retatlers here expect to start their {spring selling carpaigns this year with winter goods and specialities cleared off their shelves, ales the past winter have been from 10 to 40 per cent in all lines than ever befo ording to an estimate made here An Informal sur- L 75y JunCCoamIcien thavs o bk e T e in radié equipraent. new record high price for real state in the heart of the retail hopping district has heen established In the sale of property with a sixty foot frontage on State street at $5,- 666, a front foot. BIG PENSION PAYMENTS. U. S. Steel Subsidiaries Gave Out $1,448,112 During Year. Spec spatch to The Star. PITTSBU st aggregate paid in_any Unt St pensions of the ition was A total s pa foners in 9 n increase of $181,451 wer 19 Other pensions wer American el and Wire rican Sheet and Tin f National T $143 Bridge, $105.416 38; Llinols S } Oliver Mining nd VALUE OF FARM PRODUCTS. Crops, unimals raised and live stock products of Amer ATIS Were valued at § 10,060 last year, the Department ulture announces timate. This was re thar in 1922, The £ 9,953,000,000 for crops and $6,111,0 animal products, p: of $2,860,000,000, crops fed to live — DIVIDEND DECLARED. BALTIMORE. March 6 (Special).— The regular quarterly dividend of 1% per cent on the preferred stock of the American Wholesale Corpora- tion was deelared at a special meet- ing of the company’s board of dir tors. The dividend is payable April 1 to stockholders of Fecord March 20 LIABILITIES $8,252,00. NEW YORK, March 6.—The bank- rupt brokerage and banking firm of Zimmerman & Forshay has filed Schedules in the United States district court, listing llabilities of $8,252,099, and assets of $9,355.203. Many of the unsecured creditors, who number approximately 2,700, live in Germany, Holland and Czechoslo- D. C, THURSDAY, MARCH 6, 192, _ TRUCKS AND BALLOON TIRES IN LARGER DEMAND By the As ted Press. H CLEVELAND, Ohio, March 6.—Agri- culture in the fourth fedoral remerve district, contrary to a somewhat uni- versal opinion that interests are cen- tered-only in manufacturing, mining, transportation and allled lines, is one of the outstanding activities, suys the monthly _business review ~ of the I Fourth Federal Reserve Bank, just ) traffic | issued. The volume of rallroad according to the report, with the car shortage negligible. Automobile production in the dis- trict moves upward. The truck busi- ness whows {improvement and tire ::un:lr‘lle‘ux'ls being conservative, with | i acturers reportin, DECREASE REPORTED IN OIL PRODUCTION | Drop of 3,500 Barrels During Week—Advance in Prices Has Been Halted. By the Axsociated Pross, NEW YORK, March 6.—The daily average gross crude ofl production of the United States decreased 3,500 bar- ltels for the week ended March 1, totaling 1,884,900 barrels, according to the weekly summary of the Amer- ican Petroleum Institute. The dafly average production east of the Rocky mountains w 1,238,800 barrels, an increase of 1,750. California produc- tlon was 646,100 burrels, a decrease of 5 Dally average import of petroleum at principal ports for the week ended March 1 were 3185671 barrels, com- pared with 255428 harrels for the previous week. Dally average re- ceipts of California oil at Atlantic and gulf coast ports were 193,714 barrels, compared with 1x9,714 for the previous week. There were no changes crude ofl prices for the tricts, midcontinent be from $1 to 32 a barrel, the gravity of the oll; Pennsylvania erud: Bradford district, §4.50 a ba rel, and all other grades $4 a barre! guif coast, $1.65 u barrel, with some companies quoting grade “B” at $1.40 a barrei. California crude ranges from $1 to $1.40 a barrel, depending upon gravity of the oil RAILROAD SALE RATIFIED. Maryland, Delaware and Virginia Line to Operate S)on. orted in major dis- Ing quoted ceording to Special Dispatch to The Star BALTIMORE, Md., March agreement for the old Maryland, Detaw railrond by & Baitimore syndicate was completed yesterday. Negotiations for the purchase have been in prog- ess for severdl months, and while P Leat & Co. of Philadelphia, who *bought the road last spring when it tion, have been wiliing to sell, local syndicate !l would not complete the deal until traffic rights over the remainder of the road had been obtained from the Pennsylvania railroad. Operation of the road will start within thirty days, it was announced, 6.—An ot LUMBER MILLS CURTAIL. Congestion in Japanese Ports Is Felt in United States. Special Dispatch to The Star. SEATTLE, March 6—Saw mills throughout the north Pacific coast region are curtailing operations, re- ducing working hours from ' two Shifts to one of eight hours per day. Accumulating stocks of lumber and congestion in Japanese ports is said to be responsible. The report of the West Coast Lumbermen’s Association for the week ended March 1 shows production was 16 per cent above normal, and new orders recelved 29 per cent below production. Ship- ments were 33 per cent more than new business. Unfilled domestic orders totaled 135,051,451 feet, and unfilled export orders 148,431,632 feet. Have you ridden in a Pierce-Arrow with Four-Wheel Safety Brakes? Those who have experienced the effect of Pierce-Arrow Four-Wheel Safety Brakes upon control are at a loss to describe it. It is a new sensation—even to those who have known the serene feeling of safety which Pierce-Arrow always has afforded. Pierce-Arrow Four-Wheel Safety Brakes were engineered into the Pierce-Arrow car The credit facilities of the Pierce-Arrow Finance Corporation, a Pierce- Arrow banking institution, are extended to purchasers of Pierce-Arrow cars See the Pierce-Arrow Equipped With Four-Wheel Brakes at Auto 1141 Connecticut Avenue N.W., WASHINGTON, D.C. after tour years of experimental development. ‘We invite you to inspect the clean-cut sim- plicity of their design and to enjoy a demon- stration. LR T Pierce-Arrow Four-Wheel Safety Brakes are offered as optional equipment at an ad- ditional charge. March 8 to 15 ARROW “PRIDE OF ITS MAKERS MAKES YOU PROUD IN POSSESSION" FOSS-HUGHES COMPANY 1313-1315 Cathedral St. Show, Telephone Franklin 4541 PENNSYLVANIA R. R. SUED FOR $275,000 Grain Firm Claims 2,000,000 Busk- els of Wheat Were Not Shipped on Time. Special Dispateh to The Star. BALTIMORE, March ¢.—Breach of a contract is charged in a suit by Willlam H. Miller & Co., Inc., of New York, grain exporters, entered yes- terday in (he superfor court, asking $276.000 damages against the Penn- sylvania Railroad Company. The plaintiff clafms it had 2,000,000 bush of w chich it had bought in_in %, stored in Buffalo, N. ortation. It iroad com- to transport the for distribution in 1 meantime rocurcd ships to here, but, {t the raflrond failed to trans- grain within the agreed peny, it vain to Baltio port the foreis was for vessels company clatms i was imjured and it to pay demurrage on the NEW BLANKET MORTGAGE TO COVER.RAILROAD By the Ausociuted I'ress NEW YORK, March 6-—Fankers for the “Nickel Plate” railroad wun- nounced today that plans were being worked out for a new blanket mort- gage to cover the prop: were consolidated last mortgages, it was said, as a vehicle to carry several new bond es, which will supply the roud with badly needed funds. Refunding of the $10,00 St. Louls und Western prio: maturing July 1, 1825, probably be one of th the plan. vear. The would serve | canned ties which | FINANCIAL. P2 COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ATLANTA, March 6.-—The oriental peach moth, a pest brought to this country from Japan, has appeared In the Georgia fruit belt, according to the state board of entomology. A 30| per cent damage o the 1924 peach erop is feared unless the pest Is com- buted vigorously. PORTLAND, Ore., demand for potatoes country points exceeds the supply. Reports recelved today show that ng from 3130 (o $1.75 1 ates No. 1, . 0. b, main 1in NEW ORLFEANS, March advances in rice quotatlons are look- ed for here. Prices have advanced one-sixteenth to one-cighth of a cent, with funcy blue rose sclling up to 5%, March 6. —The At Oregon point: 8T. LOUIS, M. plies of of retallers ed here i for an incr: NEW YORK, March ¢. foods in this market n o hand-to-mouth mewhat broader inquiry fo Some: vances are in canned vegetable quota EIGHT NEW DIRECTORS. nd Jobbers were report- uy with prospects good ased husiness Buyling of tinues with a futures. made New President. NEW YORK, March 6.—Eight directors wi elected here 1o board of the American Hide and Leather Comi@ny, in which a contest for control waged recently. T. F. Haight, igned as president, will b ded, 1t is said, by J. C. Lilly new who Spee B. int has | pas| ma an on stru out urther | next tur o | cup- | bout mited sup- | About the nands | they were | 1 | the | w | | | rep t suc- | total ' re here said thut pric ivered Wn expens served Hidé and Leather Also to Have|auromo nieeting Chamber of Com the | ton of motor c reports of the management Was |than 1 [WOULD KEEP PRICE OF CLOTHING DOWN mufacturers Report- Very Large Increases in Orders During Past Six Months. spiatel to The Star, ALTIMORLE, March Business he clothing industsy of Baltimore Increased m h_during the t six months that aIVBF the large ufacturers are working full time some fill, the orders their Thix ha? been con- ued £tin: VHry right look industry during tin by ‘mostof the manufac- 0 overtima books for the year ne of manufactur of clothing ars now thun i Mills are de- nding h r r cloth to be hat it s said i to hol down t n to lower ther ut down on thei ing up the goods lower endeavor NEW AUTO OUTPUT MAEK. NI W YORK: her that hs ts of the country as a great le trade vest of March s prevailed in this winter hus stimulus to the cording to figures at the directe Nation utomobil crce. The produc- d trucks durin countrywid 349,141, "o manufactured nonth. aho The it mos orted he month of Febirua show, totuied r before ingle winter Is per cent hed in Fehru which often results in the loss of health and destruction of teeth and gums CIDS are forming in your mouth all the time. They are produced by the fermentation of tiny food particl which lodge at the gum margins. ' These acids attack your teeth, causing Acid Decay. Acid Decay begins most easily in places where your tooth- brush does not reach. It is especially serious at the place where the hard enamel stops and the soft bone of the teeth is exposed by receding gums. This is The Danger Line. Once decay begins at The Danger Line, it progress rapidly to the roots of the teeth, causing abscesses. The s become infected and pyorrhea may develop. Poisons %:::x these conditions sweep through your entire body. undermining your health and frequently causing the loss of teeth, rheumatism, heart-disease and other serious troubles.. Fight Acid Decay Dentists and physicians have long known milk of magnesia to be the best product available to prevent Acid Decay. But how to combine it in convenient form for mouth hygicn: was not known. | This problem has been solved by the Squibb Laboratories Squibb’s Dental Cream combines Squibb’s Milk of Magnesis with every ingredient necessary to care for the teeth and gums correctly. Brushing your teeth with Squibb's Dental Cream protects them from Acid Decay at The Danger Line—and elsewhere. 1t aids in the removal of dental mucin, cleansing and polish- ing the teeth beautifully. Itallays the sensitiveness of acid- eroded or otherwise decayed teeth,and is beneficial toirritated gums. You and all your family will prefer Squibb's Dental Cream: If your druggist cannot supply you, mail us the coupow below with ten cents for a generous size trial tube. E. R. SQUIBB & SONS, New York Manufacturing Chemists to the Medical and Dental Professions since 1858 SQUIBB'S DENTAL CREAM Made with Squibbs Milk of Magnesia Squibb's asa M Magnesia, useful in hyj modifier “tqumflk for infants, may be peracidity of the stomach and obtzined from your pharmaciss. THE “PRICELESS INGREDIENT" OF EVERY PRODUCT IS THE HONOR AND INTEGRITY OF ITS MAKER B R. SQUIBB & SONS P. O. Box 1319, City Hall Station, New York Eaclosed please fod o nd et g e Al i A esnsesss vveoBtate. . Copyright 1924, B R. Squibb & Sons, New Yok Dept. .9M