The Washington herald. [volume], April 15, 1921, Image 13

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COMMERCIAL AND /7jKj> ftflT lY"f l\tY T REALTY :: BUILDING ]
FINANCIAL NEWS ViUJl (4lVvl2l|A4l^lJUi| JjlllClJlU QUALITY WANT ADS |
" ' ' % ' '
SECTION TWO - . , WASHINGTON. D. C., FRIDAY, APRH, 15, 1921. /SECTION TWO..:
INT. HARVESTER CO.
CUTS PRICES 10% ON
STEEL MACHINERY
President McCormick Advocates
Restoration of
Trade's "Equilibrium."
STEEL "CUT" CAUSE
Declares Recent Slash Means
Step in Right Direction
Towards Readjustment.
CHICAGO. April 14.?The first effect
of the iluh in steel prices was
felt here today when a straight 10
per cent cut' in> price on all farm
machinery, made in part of steel,
waa announced by the International
Harvester Company.
Increase the pqu of what the
farmer sells and decrease the cost
of what he buys to assist In the
restoration of the "equilibrium" In
industry.
This was advocated by Harold F.
McCormick. president of the International
Harvester Company, in an
exclusive statement to the United
Press.
The statement was made In connection
with the reduction of 1* per
cent in the price of all farm machinery.
composed chiefly of steel,
announced today by the Harvester
Company.
H .n.lrk'i O?l?loa.
The* head of the Harvester Company
waa asked by the United
Proas for a statement for his opinion
aa to the general industrial effect
of the cut In steel prices. He
said:
"It is hardly to be expected that
the reduction in steel prices will
prove anything like a panacea for
the country's present Industrial Ilia
"However. I believe It to be a step
toward readjustment. It will enable
manufacturers of goods in
which ateel is the chief element to
lower their prices even if. aa in the
Harveater Company's case, their
Roods have already been made at
previous high levela of raw material
prices.
"I think the principal trouble
with Industry in the United States
ia that, by the severe and sudden
decline In prices of farm products,
agriculture, the basic industry has
been thrown out of balance with
our other industries. Restoration of
the equilibrium can be assisted by
increaaing the price of what the
farmer sells and decreasing the
price of what he buys, or by both
processes.
"The reduction in steel prices enables
manufacturers of articlea
. chiefly composed of steel to reducs
prices and do their share toward
this restoration.
"Clad to Do It."
"The Harvester Company waa
glad to be able to reduce pricea of
lta steel lines, and did so immediately
on learning of the reduction
in ateel prices."
The reduction applies chiefly to
harvesting machinery, covering rice
and. grain binders, shock, reapers
and' push machines, mowers, hay
rakes, side delivery rakes, tedders,
loaders, corn binders, huskers, pickers,
and silo fillers.
A reduction of 10 per cent In
prices on all farm machinery composed
principally of wood and iron
waa announced last month by the
Harveater Company.
"id ,h?t the
reduction comes h> steel prices at
a time when this year's product has
been provided for and will have no
effect on the cost of machines sold
mis year.
? '"?"eTer' " does establish a Iower
rylacement coat." the statement
continued, and serves as the basis
or a price to which our cuatomers
are entitled and which we are wf
log to accept."
Anthracite Shipments
Fall Off During March
The shipments of anthracite in
* reported to the Anthracite
^^uof .ln'?rmatlon. amounted to
with Vise ,?f\ t0n"; M compared
with S.MC.101 tons during the preceding
month of February and 6, 77.M1
tons in Harch. 1?J0 The derreaao
iMt month is attributed to
JJ*" ot the abnormally mild
Tr'th."" .?* Preceding winter and
of the month ttaelf. and to the policy
of consumers of holding off purchasing
for future needs on account
.lTi u to pricM which
might be put Into effect at the beginning
of the new coal year. April
_*ly, rca"m'"1 of anthracite
supplies on hand to
'7 them over the month and bv
far the larger part of th, shipments
made was stocked In the yards of
dealers and not distributee to their
customers.
The total shipments for the coal
J"' "'J'"* *?rch 11 amounted to
IJ-jJf-"! *0""> * compared with
?r?15.0J? as reported for the coal
year ended Marelk ?1. U20. , de_
?' 44J.JM tons, which considering
the mild weather of the
paat winter. Is remarkably small.
CASH GRAIN MARKET.
CHICAGO, April 14.?Wheat Relatively
firm. Shipping aales IS MA
bushels. Track Chleago No" J red!
$l.U%aI.I4*; NO. 1 red. till; No!
I hard, tl Hit: No. 1 hard. fLS4U.
Corn?Steady to le lower. Shipping
sales. 1SS.IH bushels. Track
Chicago: Sample grade. 4tc: No. ?
mixed. 47e; No. S mixed. 49c: No.
4 mixed. MHe: No. S mixed SlUa
??*c: No. yellow, 4714c: No 4
yellow. 4??aMc; No. I yellow, SJVa
white. 4714c: No. 4 white. ItatO^c:
JJjjJ white. ISftc; No .1 white. S4Ma
Oats?Steady to le lower. Shipping
Ales. Ift.HI bushels. Track
ChlcMro: No. 4 white, HViaJlc: No.
No. t white,
??*e; No. 1 white. Me. ,
N. Y. Money Market.
^??W TORK, April 14 ?There was
Practically nothing doing la the
time money market today and rates
were, purely nominal. All Industrial
money was quoted at ?%a7 percent,
mixed collAttrtl loaoj
per cent. Liberty bond money wu
unchanged at per cent, but there
waa practically no loaning of this
character.
Acceptance bills also were quiet
aad unchanged at from 1% to l?
Per cent, discount depending on the
date of nat an (y.
LOW COAL PRODUCTION
REFLECTS BUSINESS CRISIS
Lack of Demand Cuts Production to Nearly 59
Per Cent of the Output Three Months Ago.
( 7 The WukliftM Hereld'e truwlrt.)
According to the lut report* of monthly production since January.
? _ . . , _ ,k. 1511. The same flcurei are shown
the U. 8. Geological Surrey, the tn the accompanying
production of bituminous coal- la diagram.
still declining. The output for the *1mIbm? PraOaetiae?Kaetkly.
week ending April J was only "''a,,. 1920 1,21
5.717.000 tona. or a dally average of UiSUo JtutiSS S'.SrES
leaa than 1.000.000 tona. Three Mere**... tt.T19.0M 4 .*?2.0oe no. 130.0*0
months ago we were pro- uaV*"*" ^MTMt l&Mno
during -twice this amount per niootloee aa.ijveeo
day. Production figures for the last J?l7 40.000.000
four years show that only once has * *? ' 42.Jtt.JJ0 40.010.000
the output of these mlnea reached JS"!" il'Sr!!!
such a low level. That waa during Soitmt*r i8.eKM.nno il.4JT.ooii
the great coal strike In November, lumber M.d^.oon S2.ia.ono
1'1* Total.. .45&000.000'ist~.50t.00u
The following table glvea the Approximate.
? ___.
j40 _
ir A "/? \
= 30 \~r
20 1
sTTTTTTTTTTi
Monthly Bituminous Coal Production
Probably there la no better Index tlve importance of the different
of industrial activity than the pro- classes of coal consumer*.
.... . . The figure* given below are for
ductlon af .oft coal. A year ago th< ye>??i,t when our ln(lultrlea
production was averaging about were runII|nK fuII blast. Industrial
40,000.00V ton* per month, with a use* exclusive of railroad*, steambeavy
demand far in excess of the ship and export demand, require.apabljity
of the mines to fulfill. The proximately two-thirds of our total
trouble at that time vu lack of co*1 production:
tranaportatlon. The railroads could Oael Oeasutptiea la MM.
not aupply anfflcient cars to take Per
care of what the mines produced. **Jt
The situation was ?o serious that Set t#M t<^,
the Interstate Commerce Commia- n 111?> ili ... ;. ..102^01.000 20.2
slon issued drastic order* regarding Bamkea 1!! 0.100.000 1.0
the use of open-top cars for other Tie* at alaes 12.921.000 2.2
commodities. At that time more Beehlre eafcc 48,100.000 M
than 50 per cent of the loss from ?y-pt??aet_rake... tt.8tt.oe* 0.4
full-time output was cauaed by ?f *" .."?**
transportation disability. Later on. " 22 *51 ooo 89
this trouble waa partially remedied " ' " " " in*
largely through the Increased efll- Totl1 070.OIS.000 100.0
clency of the railroad* themselves. The Geological Survey Is now
The*e result* are shown by an av- sending out lta annual questlonerage
production of more than SO.- nAico on tl>? stock* of cool on April
000,000 tort* -per moulK dmAnt Ike fy It ?v many who ore
laat four months of 1020. tn cloae touch with tho situation
Since the beginning of the year thai railroads and Industrial plants
the demand for coal ha* dropped to are consuming their surplus new,
the lowest level for many years. At and that any inarked Increase In
the preaent time approximately (0 industrial activity would reault In
per cent of the full-time output of a serious coal shortage. It I* very
the mine* 1* lost because of no mar- obvious that we need better coke
t. ordination between producers and
The big consumer* of soft coal are consumers, so that production could
the railroads, the coke ovens and be more evenly distributed throughindustrial
plant*. The fact that out' the year. The coal miners, on
these concern* are finding It un- an average, get only about ISO days'
necessary to bujr coal In their usual work per year. With a better disci
uan titles shows how severe and tribution of demand over the slack
widespread the present Industrial months, our coal could be produced
depression Is. Figures recently pub- with far less men and at much
liahed by the Geological Survey lower cost.
give a mean* of showing the rela- (C.prrHat, MSI, by WaaUacta* Xarald.)
GRAINS AT LOWEST LABOR SITUATION
IN SEVERAL YEARS FELT BY COTTON
1
European Labor Disturbance Prices Forced Down By PresAnd
Weakness in Stocks Has sure from Local Sources
Depressing Effect. And South.
CHICAGO. April 14.?Critical con- NEW YORK, April 14.?With no
dltlona In the labor altuatlon abroad, algn of Any relief In the British
combined with the late weakne** In labor situation, cotton was forced
stocks werA disturbing factors In down further today by pressure
the grain and business situation and (rom local sources and from South-'
made for lower prices than at any- ern wire houses. Dealings in the
time this season and in recent years, pit today were light. The board
The fact that grain prices hare of managers of the New Tork Cotbeen
on the downgrade for nine con- ton Exchange today refused to persecutive
days with the greatest mit members to ballot on a propoliquidation
in recent years, led to an sition to close the exchange on all
unsettled feeling. Lowest prices Saturdays during June and July|.
were made early and created a be- Considering the bearish nature of
lief that a rally was due. It came the cables, the market here opened
*!? th? first Jjour and met liberal steady, with prices only one to
selling again Tn the last. At the eight points net lower, due chicfly
v to *ower'? to support from Wall street aid
corn, % to ttc higher; oats, H to He trade interests. There waa hardly
!k *CJ?W*P J**? ?ow2P' trading enough to test tho tone of
the latter on May and barley %c the market daring the llrst hour.
~er' . . . J ^ Fluctuations were narrow. QuotaPTovisions
declined and closed tions sold about eight to sixteen
III A0?? 0B Points lower right aftar tfie call.
r\ a if tr ?r 7* Closing cables from Liverpool
?h fo. 1 ^ was on at showed rallies of tweWe or thfcteen
212T. wl.V clr"Sf up,?f .weak *>??* the
mETVw luFdiwAfUr ru,!n? dttU of the
i?Ur tTls 1 ^ ! afternoon, selling increased late in
July $1.05. Good buying developed ?.. Amv ^.^.^ ,.1"
In all futurea, especially In July,
from strong operators, and there 5 . ?.'_?? ran!n?' k
was also active covering to take trad^ rallied thfllat^ilv anih.Vl
profits by the largeat traders. After i d |t f.n|.hed J?lv VtL3v ^? ^
the break a better feeling developed. 1 ^ f,? . ? 1 e L,
It being auumed that the market 'I '?~ J*
h~J been oversold and a covering *
movement ?t In. which brought to ?
Export business was reported as *Uh, ""ddling ?4c lower at
light although there were good pur- "?!."? "lM.wer.V* "?*'?? w ,
chaaes of futures by the seaboard Kefcelpta of cotton In bales at
and after the close 1,000.000 bushel* ,th? '"ding points today
wero reported as bslng sold for ex- 7,H4: N w ?T'
port. Cash wheat prices In outside L?i? ,\I! A?1 *; Meramarketa
were around lc lower at 1.5SI; St. IjOuIs. 2.432.
Winnipeg continued weak mZT: Lew cw-.
with farmers selling more freely. May. 1190 12 01* ^117S 117?
Gulf price, were H to lc higher with JS......... 12." 12 S llif 12.2
reduced offering*. October 10.11 10.10 12.77 12.77
Local trader* who *old oat* freelv OecMhar.... 10.51 10.51 10.30 10.30
yariy were buyen later and assisted ir*V ^ 4^ .!ig_
tho inside. Cash prices dropped lc ?
early and recovered. Shipping bualness
Improved to 110,000 busheU i*17 .50* MS4 ?%
with arrivals of sixty-one cars. **>* *1* 0 -01*
Rye holder* and shorts were good Mar*... ua ua uu .-tt
sellers, forcing prices down to JalyII .MS .*t% .10 10S
I1.1IH for May with a IHc rail, at ?5t tl Xt% JO .? .??$
the last. July closed 4c over fee Portprevious
day and September waa ?? ? iiH
l%c at the last, gaining %c. No
fiyfc. ^Port bamlifm w? reported May t.TT ?.77 l.so in
Quotation wm ss follows: Jalj ?.17 W.17 10.00 10.02
Wkeet? Ones.- llleb. Law. Close. kike?
"s } } ?* *sx 0.10 o.n 0.05 ?.?(
"jj *7 '07* 1.00 1.00 /?lj 0.22 0.8 0.00 0*7
A.* ^ ^ "u-w
OUVE INDUSTRY I
SADLY IN NEED OF
ADEQUATE TARIFF
Would Meet Entire Economic
Demands, Says
California Lawmakers.
URGE HIGHER DUTY
Curry and Osborne to Seek
More Levy than Provided
For in Measure.
With an adequate protective tariff
the olive Industry of this country
in a few year* would become selfsapportlng
and capable of supplying
the entire domestic demand
both for the oil and the fruit, according
to Representatives Curry
and Oaborne, of California, who expect
to urge a higher duty than
that provided in the emergency tariff
meaaure now before the House.
With 40.000 acre* of land In California
and Arlsona under lntenalve
cultivation, the olive lnduatry in
thla country produce* between WO,000
and *00.000 gallons of olive oil.
whUe more than 7.000,000 gallon*
are Imported, mostly from Spain
and Italy. Mr. Curry aald.
Law Carries Tariff.
The Underwood law carried a tariff
of SO cents a gallon on olive oil.
Representatives of the olive industry
appeared before the Ways and
Means Committee when hearings
were being held on the emergency
tariff bill early this year and asked
for a tariff of (0 cents a gallon J
for oil in bulk and TO cents In small
containers. A duty of S cents a
pound was asked on dried black
oltves and SS cents a gallon on
pickled green olives.
The emergency tariff measure, as
finally paaaed, however, provided
only for the re-enactment of the
Payne-Aldrich tariff so far as the
olive Industry was concerned. It
provided 40 cents a gallon on oil
in bulk and SO cents in containers
of less than five gallons. On olives
in solution a tariff of 2t cents a
gallon was granted, but only 3
cents a pound waa placed on dried
black olives and olives not In solution.
Origin t Olive.
The olive was brought to California
about the name time as the
grape by the old Franciscan monks,
Mr. Curry said. Many old stone vats
1n which the fruit was placed to
crush out the oil are still found In
many parts of California, Mr. Osborne
said.
The production now in California
and Ariaona In a normal year Is
I0.WT tons, according to the California
Olive Association Twentysix
commercial olive faetorlea are
In operation. Together with the
olive grovea, bearing and young
trees, the domestic olive Industry
represents an investment of SSS.000.(00
to tt0.000.000. Between ft.OOO
and 0.000 people are employed in
growing and manufacturing olive
products In California and Arlsona.
In a brief filed with the Ways
and Means Committee, the California
Olive Association said the
American olive Industry cotfld not
expand If compelled to compete
with cheap Mediterranean labor,
and with ocean freight rates that
will permit the landing of olives
and olive oil at Jlew York at leas
cost than the same product can be
transported from California by the
railroads.
"With an adequate duty, the
olive industry of this country will
be afforded a protection of Its
large present ' Investment. which
will encourage the expension of the
producing area and thus create a'
substantial addition to the food resources
of this country." the brief
stated.
f
oiuui o. OLOvrx
rnsMast
X1LT0V x. stT.vs
, Vies Frssidast
wm. i. rumi B I H
Vie* PresMest SH I 91
JOSHUA EVAJfl, It. H * I jtfS
Vlss PissUeat M I tflH
pgM&SBUK
A COMFORT
AGESH0
GOAL OF H
* ? N01
ASSURES IMS
DIGS ACCOUNT
REGULARLY.
> -START THIS PAY D/
partneat of this oW i??*
Banking Hours Today?8:
*. t
OF'WASHIf
On AennsyVa nia Awpnoe I
Capital aad Sari
1. ?,
"I1 1?"
U. S. Debt Redemption
Not in New Budget
CadattM ?f (itntrtatlMU *e?alif4
17 ?he IHIM (ncnuKRI
for the 1ml year April 1. 1M1.
t* March SI, int. lav* he, a laIrotoNl
la rirllaHfat, ui, laeliilw
tl? umrr rnmlrMWitt,
tmfalr IIMMNM tkr rlrtl
mrlet Mur allotted f mjll,Mt,
the mwMaM fill IX7S,Ilfc*
the irxr iUMIWM <ha
nary ISMTMM, and the air alia,
la fey IIMHjIII. Thli fatal
aakm aa allowance far Ml redemption.
MlaaM at tllMMr
N par aaaaa*
Th* estimate at IIIMIMN far
the army ahawa a llfrraa? at
HMMyiM napani with the
artaal eiftalitart far the carrest
rear 1 thla. hewerer, waa
latgelr la exeeaa af the eatlaaate
fhehefar. which waa pat at ClMknoa.M*
aad aefaally reached
. CIKTIMM. Of the latay araar
rate far IMI-XX. UMIMII to re.
?did far treepa la Meaapatamla
aal Paleatlae. War charan alll*
atataadha* fatal flt.TM.Ma,
part hela? la Heaapatamlai aaMe
fraaa thla aad the aaat af aecapylai
Paleatlae aad Meaapatamla.
the act araar prorlalea far 1M1SS
la M.1IUM. caaapared with
0TMMW la 1PI4-1S.
The aary estimate af
M* la eaalrrleat ta a prewar
care af MUIMII. wheraaa the
nam rated far 1>14-It (hefarc the
war) waa OUTMM. It mar he
added that aarr eapeadltare far
the rear eadad Deeeaaber SI, MM,
waa 11MM4M la exeeaa af the
areata.
ENORMOUS STEEL
MERGER RUMORED
Duncan Oil News Declares Our
Independent Companies
Will Be United.
DUNCAN. Okla.. April 14. ? The
Duncan oil news, which claims It it
reliably informed, declares In a
copyrighted story appearing in 1U
current Issue that all' independent
steel companies of the United States
are now belns merged into one organisation
"in crder to compete successfully
for the world's trade." The
new orrsnisation will be Known as
the American 8teel Corporajioa, according
to the paper.
The Independent Steel Companies,
which the paper said are behind the
project. Include Jones and Lauffhlln
Pittsburgh; Marks and Company.
Chicaco: Spans and Chalfant. Plttsbursh;
Inland Steel Company. East
Chlcaso. and U A. Belle Iroa Works,
Steubenrille.
The w/iter of the article eredita
P. A. Rockefeller, a nephew of John
D. Rockefeller, sr.. as the "master
mind who conceived thla Independent
steel amalgamation."
Italian Financial
And Trade Conditiont
In his monthly cable. under date
of April 9. Commercial Attache H.
C. MacLean. of Rome, states that
deflation of currency is occurring
The hanks sre reported to be in s
safe position due to the Increase
In checking deposits. The security
market is dull.
The total value of exports for
the year 1)20 amounted to 7,803.00(1
lire. The trade balance is stationary.
8 took a of Import commoditiei
were lower In March, 1921, than la
March. 1920. The prices of staple
Imports remain about the same as
during the previous month. Th?
market Is overstocked with export
commodities, export prices of ra*
products remaining shout the same
as during the previous month. Unless
unfavorable weather conditions
develop soon, large crops are predicted.
especially of wheat.
Increased activities of American
business houses Is evidenced by an
increase of American aalesmen in
Italian markets.
|'
BSOBT. . rLCKOTQ
Oeakftar
AY10* K. IttlBt
A*iiat&it Cesktor
GE01GE 0. 7AM
AniiUat CMMsr
ABLE OLD
ULD BE THE
rERY MAN.
rHING SO
AS A SA VADDED
TO
kY at the Samp Dentation.
. 9
30 A. M. to 5:30 P. M.
ional Sank
JGTON DC
oclng'lhe US. Treasuo'
rah. n!m awsuMji
+ ?
I PRESENT TARIFF MAKERS
FACE GREAT DIFFICULTIES
Most Crucial Pfcriod in Law Making History
Declares Chairman Page.
9
Thomas Walker Pace, chairman to measures that would seriously
of tho United State* Tarrtf Com- lmi>ede commerce.
. . ? ., | . Considerations operating agslnst
mission. declares In an article In hlrh lmport
the Journal of the American Bank- Public opinion Is averse to duera'
Association that at no period tlea fixed unnecesaarily high.
In the history of this country haa While the high tariff Is supposed
tariff-making been attended with to stimulate industry and in turn
greater difficulties than those which make possible higher waits, such a
now confront us. result Is necessarily delayed, while
From Mr. Page's article Tt appear* Its WTect on prices is immediate.
that among the factors tending to- Our position as a creditor nation
ward a higher tariff are: on a great scale calia for caution
The recent election Is regarded in putting narrow limitations on
aa a mandate by the Republican import*. Mr. Page says"that while
party to give protection to Amerl- we may extend credit, postpone Incan
Industries terest payments and accept foreign
The possibility of Increased for- securities, payments can be made
eign competition brings pressure to only In goods or services.
bear in favor of a higher tariff. Many important industries would
In the past protection has been face irretrievable ruin If they were
extended principally to manufac- now deprived of a vent abroad for
turing. Now wheat, cotton, sheep their products.
and agricultural Interests in general A hjgh tariff rigidly excluding
seek protection. foreign goods is likely to provoke
The so-called "war minerals" retaliation. Already bltternesa and
want protection. resentment haa been aroused by the
Protection Demanded. emergency tariff bill recently paased
New Industries which sprang up hJ Congress and vetoed by the
during the war. such as the dye- **rj??dent. ^
tuff industry, demand protection. Besides the high tariff and tho
but In seeking to protect tho In- low tariff factors, Mr. Page observes
terests of the* dye industry we come there are some special perplexin
conflict with those of the textile ln* features such as:
manufacturers and other users of Th? unequal working of ad *!dyestuffs.
Heavy duties on dyes Ir"" duties on similar products
Yould bs unwelcome to other in- from foreign countries, due partly
dustries of even greater importance. to abnormal exchange conditlona
With foodstuffs and other raw ma- and partly to abnormal industrial
terials the problem is es^ntially conditions abroad.
the same as with dyestuffs. Duties that would be sufficiently
'The time seems to be at hand protective against undue competii
when Congress must determine tion from England would scarcely
1 whether or not the public welfare stem Importation of similar goods
requires that all branches of pro- from Germany.
ductivs industry shall be equally If w? make a "bargaining tariff"
protected. Its conclusion will be wherein we should concede to infraught
with grave consequences." dividual nations special rates on
Several forms of service by which their products in return for special
foreign countries formerly settled favors to our commerce, it would
the balance of trade with us will result in unbearable confusion and
new be available in greatly reduced controversy.
amount. To llluatrate. foreign ves- A^4>rovision for levying additional
sels will no longer carry M per cent or penal duties on imports from
of our commerce. Immigration will such countries as refused us treatdlminiah.
immigrants' remittances ment equally favorable with that
to Europe will ^e smaller and rich given to any other nation may reAmericans
will spend less money In suit in merely penalising ourselves.
Europe. Heavy duties on brrlap, nickel or
Featare off New Law. natural camphor are examples.
A feature of the new tariff law Mr. Page suggests that power
calling for serioua attention Is the should be vested In the President
Inclusion of a provision to prevent to investigate infringement of our
"dumping"?the disposal of goods In rights in commerce and to proolalm
a foreign market -m a lower price the rates of additional, duties and
than they sell for I* the country the articles on which they are to be
! where they are produced. Imposed.
It Is easy enough to make dumpleg
unlawful, but It Is by no mean. [
so easy to prevent It without resort
Petroleum Production.
The American petroleum Institute /// ?
estimates that the daily average f SUCCESSFUL
gross erode ?U production In the |
: United States for the week ended a TL. I ?. ?. ?. -f
April ? was l,m.?l? barrels, as ' * ?? Mt
compared with 1.1UJTI barrels for ^ Iteenmg of the builDd
the week ended April !. ; ? . ?
______ and year out u well ma
; steadily.
/; aJ
baiiita di c This is the land of
EQUITABLE that the Union Trust
<^^ BUTLD,NG iince establish
ASSOCIATION . -iVI- T
complete facilities at ;
Organised 1?T? . ... , I I
<1* TEAR completed handling of your bank
2* pm* CW*m,
Barplas ......
?by adopting the systematic
aavlng plan of the Equitable . ffC*
?a plan that has won flnan- kaPllHll 3 II Mr
cial^ independence for thou- [I'# 1
Sebeerftptleas fer (he J J J J f } ,j kg
Skare*. $?59 per Month
? Per Cut latere.! . 1~~JT ) '
' EQUITABLE BUILDING, j
915 F St. N. W. ^ EDWARD J. STELL*
JO HIV JOT EDSON, President
nURK P. RKKSIDK. Seey. n??
V ^ ?
TODAY
Start Your Idle Dollar W
Under the
Swartzell, Rbeem & Hens
of
Resolve today?NOW?to lay aside
$10. $15 or Jij i month and icceivc
interest on each dollar every day it is s,
SYSTEM SAVING vOl build you a re,
fond of $250 in 45 months if you ta\
monthly; $500 if $iq is saved each jn<
$1,250 if $25 is saved. At the end of i
five months you become the owner of a
mortgage note, secured by improved
estate in Washington.
Cw - mwi kfta i.iaij I lyl
*
. SWAKTZELL, RHEEM ^HENSF
s^tsn twihtv mvin. piptunth sn
?> THE. nation* home town
x 52 Years Without Lots to an Invt
'*> - ? ...
.'.. A. . f *^*1 SJaiiT Mil I 'I - ' hik.- .ft
{OPEN SHOP DRIVE i
CALLED REACTION
of union ncm
V ???
G. W. Sisaon Defenfe
Colirse of Employ eri
Before Paper Men.
WAGE CUTS UPHELD
Declares Labor Must Bear
Share of Business Deflation
by Taking Leas,
NEW YORK. K. T, April It"" ?
The "open shop movement" to a natural
retctlu to the ulRari practiced
by "closed shop uaiooiam. O.
W. Siason. jr, president of the American
Pulp and Paper Aseociation la
ceavaattoa here, declared la hla annual
addreaa today.
"The apread aad support of thto
movement la aot the reault of a
ooaapiracy of employers' as haa
been charred." Staaoa aaid "It la
formal notice from the America a
people themaelvea that Individual security
aad opportunity must be recognized
sad preserved
"Grave problema are IhevttaMa la
a period of readjaatmeat such as we
are bow undergoing. aad sat of ' be
moat '.mportaat of theae to the rela- ,
Hon that labor baars to the cost of
productloa. la this eoaaectfoa thcra
muat be opportunity for Individual
Initiative and developmeat by tha
work era."
Kiseon declared that, with the demand
for lower pricea on flniehe*
products, labor must bear Ita ahara
of deflation by accept ing lower
wares.
"But la reducing wages employera
muat be careful to make tha
neceaaary adjuatmenta conform with
the coat of living." he said "There
to no time for employera to take
any undue advantage Unless both
employer and employe follow strict
economic lines In bringing about
these adjuatmenta. industry |s bound
to suffer
"The Underwood resolution providing
for amicable diacusaloa of
such matters aa the Canadian proposal
that pulpwood be withheld
from the American market failed to
receive President CTllson'a algnature.
but will be introduced at thla
session of Congress and will, we
believe, result in some action." Sisson
said.
EXPERIENCE
isfactory aerrice m tha J .
of customers year in
adding now customers
successful experience
Company has enjoyed
ent, and we place our
four command for the
ing and trust business.
Union
TRUSIfcCo..
OF THE DISTRICT}
OF COLUMBIA ^
Cor. lSS and HSta.
Northwest" j I
vAC.mrr?PKESiarm Jjj
forking
a.
ey Plan
! SS.
1 6%
ived.
serve
* *5
Mith;
ort,
firat
real
rCQ
lacr
t ' j
tstor