Evening star. [volume], October 06, 1922, Page 27, Image 27

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
OFFICIAL CHANGES
IN COLUMBIA BANK
Veteran Officials, A. F. Fox
and C. B. Bailey, Retire.
An Honorable Record.
Clarence Corson, for years cashier
of the Columbia National, will remain
as auditor.
The Columbia National Bank haa
"Ions been affiliated with the "Washington
Loan and Trust Co. and many
directors of the former are also on
the board of directors of the latter.
Loral Securities. j
Local securities were again quite
active. Bonds showed a slight change j
in the direction of concessions to
n^^iyers. Railway 4s being off to 74%, \
flHR>tomac Consolidated 5s. % off to 95%, {
J . Ar.d uis " > eady at 95%. 1
* *#he utilities were less active. Rail- j
M ay preferred was strong at 78. The <
common was held at 5fiV?, with 5a the
best bid and with the unexpected i
spurt of yesterday, apparently a tern- j
porary matter. Capital Traction was j
held at 103% with 102 bid.
7.anston steady at 80%. j
The bid price of Federal National j
Bank stock was increased to 5195. I
'Predictions of $200 are made for both j
The Federal and American before the j
merger. 1
\ I*rou<! Record.
The record of the Columbia Na- *
ttonal Bank covers a long period in i
"Washington banking, marked by rare j
good judgment, ultra-conservative j
ar>t\r\n :inil verv few losses. |
hv r. a. Fi.EMixi.
Announcement is made of the re- i
firement of two veteran bankers. A. j
F. Fox. president of the Columbia j
National Hank, and his friend and j
associate, Charles B. Bailey, vice'
president of the same bank.
With the announcement, comes the |
annour.ivni'-nt of the election of !
Jain- s A. Mosser. a director of the I
bank and a prominent local business I
man as president and Frank J. Striker!
as vice president and cashier. .
Honors have come fast to Mr. J
Striker. A week ago he was chosen J
as vice president of the consolidated
Federal-American National Bank. He
is a young* man trained in the politi- ,
cal school of banking, and his recognition
by his present employes was a
good recommendation to the Columbia ,
directors.
Personal Mention.
John Poole returned from New York j
and was at his desk in the Federal ! :
National this morning.
Kugene K. Thompson is in New York j'
city today. |
Reserve Ratio.
The total earning assets of the fed- ,
eral reserve system have increased
during the past week by $-14,700,000,
with a $16,000,000 increase in discounts
secured by government paper. (
Total reserve 77.4 per cent, as compared
with 09 per cent a year ago. ,
I nc I'll J i mil II
The Pullman Company has de- j
Yeloped into one of tfhe most sue- I
cessful companies, through a long i '
and successful career, and its shares j ,
are. held in high favor with investors, j
Its latest financial position shows)!
' ash and government securities on : j
hand. July 31. $3S,000.000; stocks and ,
bonds, car trust notes, etc., readily i
salable, of a market value of $20,- j
000,000. Together these quick assets ;
are equal to $43 a share on the stock.
The company's surplus is now $21,370.350.
The company turned over to the i
railroads $30,000,000 under the law '
that makes the company pay 50 per
cent of Pullman fares to the rail- '
roads.
In forty-seven years the company !
lias been paying dividends, but one j \
annual payment was at a rate below j j
S per cent?in ISO'J, when the rate.'1
was 6 \'z.
i
200 PER CENT DIVIDEND.
Standard Oi! Also Increases Capital i1
to S225.000.000.
NEW YORK. October 0.?Directors of j
the Standard < >il Company of New York j;
today declared a stock dividend of 200 j
per cent, increasing the capital from j
$75,000,000 to $225,000,000 and reducing
the par value of the stock from $100 to L
$25. }
i
FORKI?;n kxchangk.
(Quotations furnished by W. B. llibbs 8c Co.) j
Soiling checks?dollar values at noon today: .
I<ondon 4.4t_ Budapest .0004^ I
Paris OT."?S*i Prague 0341 " j
Brussels 0714 Warsaw 00116 J
Berlin oo|'t Copenhagen.. .2044 i
Koine 0420 Chrfstiania... .1765 j
~Vfn?Irid l.vjo Stockholm 2657
Zurich 1*7?> Amsterdam.. .88?>tf 1
Athens 0290 Belgrade 0154
"Vienna 000015 Montreal 1.00
Itv the Associated l'ress.
NKW YORK. October 6.?Foreign exchange
easier. Great Britain, demand,
4.41-%; cables. 4.41?*. Sixty-day bills on
b banks. 4.39%. France, demand, .0759;
" cables, .0759S. Italy, demand. .0429; j
cables. .0429 Vi" Belgium, demand, .0711;
cables, .0711!-. Germany. demand,
,004 ' s; cables, ".004 11-16. Holland, de- i
mand. .3878: cables, .3883. Norway, dernand.
. 175S; Sweden, demand, .2646;,*
Denmark, demand. .2928; Switzerland.;
* demand, .1867: Spain, demand. .1517; j
Greece, demand. .0286: Poland, demand.
jH>m; Czechoslovakia, demand. .0340;
Argentine, demand. .3575; Brazil, demand.
.1170; Montreal, 1.00 1-32.
BUY MORE "SUNDAY SUITS."
One of the notable things about
current demand for certain types of
men's wear fabrics is the improvement
in the so-called French backs or i
heavy suitings. These goods are wanted
for immediate delivery in fancies, !
chiefly pencil stripes and checks, in
the customary fifteen to sixteen ounce <
weight. In commenting upon the call j
for them, iwhich has boen dormant :
for several seasons, a leading mill \
agent said yesterday it indicated that <
the older men are buying more clothes j
than they had been. These goods, he
said, have by tradition been used for j
older men's suits, principally the i
workingman's "Sunday suit." With .
the recent improvement in the mining j
iind steel centers a stronger consumer
purchasing power is making 1
ytself felt, 1;
v
LOW PRICE OF C
BOON TO AUTC
Reports Indicate in
Ways of Using It
Not Affect Surpl
BY J. C. ROYLE.
Special Dispatch to The Star.
NEW YORK, October 6.?The tires
under your car, the heels under your
shoes, the rubber boots and overshoes
you wear and the galoshes on
the flappers you watch this winter
will not cost any more than they
do now, so far as the basic raw material
is concerned.
The price of crude rubber is not
at its extreme low point, but it is
low and will remain so. A tremendous
surplus exists here, in England
and in the orient. In spite of
Its growth has been slow and solid;
from the foundation up. Under the j
presidency of A. I?\ Fox and the vice I
presidency ..f Charles B. Bailey the i
institution became the first "gold !
mark" l?ank in this city, the distinction
being accorded by reason of{
th fact that its surplus was the ?
fir. f of local institutions to equal !
the amount of its capital.
If has added steadily to its deposits)
p.rd increased its distribution to its ;
shareholders until the annual divi- ?
d??nd rat? is now 12 per cent, pay- .
abb- quarterly.
T'ncr exists much pride of owner- j
phip among the shareholders of the j
institution. Time and again efforts
, have been made to obtain control even
up to within the last month or two,
But while the veterans whose life
* work is interwined with its history
were willing to confide the reins of
administration to others, they still
retain, with close personal friends.
th? control of the bank.
Both Mr. Fox and .Mr. nauey nave j
been anxious to shift their loads on I
younger shoulders for years, but the
1111 willingness toward disposing" of j
r.ny large block <?f st^ck has been a '
handicap to official changes.
The Columbia National stock has in- j
creased in value during the current year,
S10bid to S-L'l bid. and S2C0 a share!
asked, with but one share of stock j
changing ownership during the year j
3$22 to date, that at $225 a share. ]
Other banks make gains and losses in I
deposits between calls, and so does the I
Columbia National Bank, but the j
changes are relatively of small importance
either way, the deposits usually j
fh.-? ji r.nn nno mark. !
thousands of new w^ys of using: rubber,
consumption cannot reduce this surplus
for a year.
Word received by cable from experts
in London says plans for drastic
curtailment of production, with or
without the regulation or co-operation
of the Dutch and British gov-,
ernments. is doomed to failure. There
seems no hope of renewing the voluntary
agreement for curtailment
which existed among the British
planters of Ceylon and the Malay
peninsula and the Dutch of the Dutch
Kast Indies. This agreement expired
last January.
No Choice for Planter*.
Many planters are in the position
of the frontiersman who caught the
bear by the tail. They cannot let
go. Their workmen are under contract
to them for terms of years and
they cannot afford to discharge them
and disrupt a trained working force.
Th- u s are like dairy cattle, that
continue to give milk, and neither
dair: nu n nor rubber growers will
throw that product away. They will
sell it for what they can get.
Many can produce at present prices
and show a reasonable profit. In fact,
it would be possible to raise
production at once from its pres""f
9RU nnn tons! tn &00.0A0
tons a year. The world is consuming:
about 280,000 tons annually, but in
London and Liverpool is a surplus of
80,000 tons and about 300,000 tons is
on hand in this country. Consequently
tire and rubber manufacturers here
ca^n buy when they choose without
fear of steeply rising prices. Their
products for the next year therefore
will be subject only to increases in
factory and transportation costs.
Factories on Normal Schedule*.
Tire factories have not let down in
their schedules of production which
are running close to 3,000,000 casings
a month, according to word from
Akron today. Prices are at record
low levels, but automobile companies
still are pressing for shipments and
the present pace will be well maintained
throughout the winter. Manufacturers'
stocks stand close to 5.000,000
casings, but record automobile
production will require a tremendous
tire output in 1923. The fluctuation of
tire fabrics is not expected to exceed
3 cents a pound, although the
price trend of cotton manufacturers
undoubtedly is on the up curve.
No immediate wage increase at the
tire plants is in prospect.
The trend in rubber goods is clearly
indicated ,by action of the Kelly
Springfield Tire Company in cutting
prices 5 to 6 per cent this week and
assuming the war tax. The demand
for rubber heels is on the increase,
one manufacturer planning to turn
out 50,000.000 pairs next year. Business
also is brisk in gloves, toys, rubber
clothing and electrical equipment.
Many Back at Work.
By Monday the cotton mills of the
B. B. and R. Knight Company in
Rhode Island will have their full
complement cf workers again. This
will mark the termination of the
long-drawn-out textile strike in that
state. Detroit has recovered from
the effects of the Ford shutdown and
the factories of the automoile industry
again are employing approximately
250.000 workers.
It is impossible, according to refrnm
vorlnila
of the country within the last twenty-four
hours, not to place an optimistic
interpretation upon the condition
of the equipment market. This
applies especially to electrical goods.
Heating devices are very active and
manufacturers are rationing their
dealers on such products. Trade in
radio equipment is reviving with the
coming of colder weather.
Demand for farm implements is
improving, according to reports from
th<> midwest, but not so fast as the
call for machine tools. The Atlantic
Coast Line railroad shortly will be
in the market for ?5,000,000 worth
of rolling stock, and 1,000 new
freight cars have been ordered by
the Chicago and Northwestern road.
No Cessation to Orders:
Good Labor Gets Scarcer
BY PHIL S. HANNA.
Special Dispatch to The Star.
DETROIT. October 6.?"There
seems no end to the stream of incoming
orders," C. D. Hastings,
president of the Hupp Motor Car
Company, said today, "but good labor
is growing continually scarcer and
freight congestion is increasing. Detroit
is facing a period of good business,
which is not good business."
The building trades here continue
to reflect scarcity of good labor. Contractors
are advertising for bricklayers
at $1.50 an hour. Six months
ago many were available at 00 cents
to $1.10 an hour. First-class carpenters'
pay is up to 90 cents and $1
an hour from 75 cents. Plumbers are
wanted at $1 an hour and plasterers
are receiving $11 for eight hours'
work. Business men, however, believe
neither the freight nor labor situation
will have more than a passing
effect.
Atlanta Trade Outlook
Is Decidedly Optimistic
BY W. W. THOMAS.
Special Dispatch to The Star.
ATLANTA, October 6.?Announcement
of agreement between the
southeastern roads and the trainmen
as to 'wages for the coming
year has added to the optimism with
which the business situation Is viewed
here. Atlanta bank clearings increased
$20,000,000 in the last month,
building construction broke all records
and retail establishments are
in the midst of the busiest days they j
have had this year.
The hog-marketing season in
Georgia, Alabama and Florida is
under way and the southern packing i
houses are preparipg for the largest
volume of business in their history.
Hogs are lighter than last year, but
more numerous, and are being mar-J
keted rapidly because of shortage of
feed. Prices are such as to return
a profit to the farmers.
Expect Renewed Buying
Will Increase Steadily
BY J. N. FINING.
Special DUpetch to The Star.
ST. LOUIS. October 6.?Merchants
began this week to make large purchases
to replenish depleted stocks,
and there are Indications this buying
Will Increase steadily, as commerce
has attained normal In this territory.
Agriculturists, manufacturers
and distributors are flourishing and
the buying power Of the public Is
Increasing. '
Receipts of live stock continue
large, although most of the cattle are
of ordinary quality. High-class
stocks command increasingly high
prices.
Transportation is greatly Improved,
but there is still considerable de- j
Lay, due to faulty car service. Haatj
t
*
RUDE RUBBER
>ISTS AND HOMES
Spite of Many NewConsumption
Will
us or Force Rise.
Is plentiful and easy. The demand
for building- materials continues persistently
strong.
Commodity Reports
From Various Sections
Iifather.
CHICAGO, October 6 (Special).?
The leather situation is improving- in
this market. Trade is not active, but
there is opinion that low stocks will
soon force buyers into market. Skin
markets are firm at 21 to 22 per calf
and kip about same.
Groceries.
PHILADELPHIA, October 6 (Special).?There
is a big demand for
sugar and jars .to take care of household
preserving and canning of the
large fruit crop in this section.
Drug m.
KANSAS CITY. October 6 (Special).
?Drug stocks are being replenished
by retailers, but wholesale trade is
not yet up to normal. There is growing
confidence among wholesalers,
i however, that better conditions are in
prospect.
Furniture.
NEW ORLEANS. October 6 (Special).?Manufacturers
of both iron
and wooden furniture are sold several
months ahead and are working now
at full capacity. Business continues
active with the retailers and is 20 to
25 per cent ahead of last fall, which
l was the best previous autumn ever
I experienced in New Orleans.
Tobacco.
LANCASTER, Pa.. October 6 (Special
).?Experts declare the tobacco
crop in this state will be up to normal,
or about 60,000,000 pounds.
Large quantities of the 1021 crop
have been sold, and early buying of
the current crop is anticipated.
Autx.
j FORT WORTH. October 6 (Special),
t?In the pecan belt the crop appears
to have been a total failure because
j of dry weather prevalent since last
! May.
Fruit.
| NEW ORLEANS. October 6 (Spe?cial).?Louisiana's
orange crop is the
most promising of several years. It
will begin to move within a week.
About 60.000 boxes are expected,
which is 10 per cent more than last
season.
Dry Good*.
ST. LOUIS. October 6 (Special).?
Dry goods and ready-made clothing
manufacturers report a strong demand
for better grades of merchandise.
This -Is reflection of increased
buying power of the public throughout
this section.
Grain.
CHICAGO, October G (Special).?
Conditions in agricultural districts of
j the middle west show 110 particular
I improvement. There is too great a
{ spread between the price of wheat
j and corn and industrial products,
i Farmers are growling about the
! wages paid in other lines of industry.
| Crops are bulky, but the farmer is
j more interested in prices his products
will bring than in quantityraised,
j Hardware,
j PHILADELPHIA. October 6 (Special).
?Hardware manufacturing plants
jhere have been operating at 100 per
j cent of capacity, but there has been
no accumulation of stock, as building
| operations have kept business extremely
brisk.
Canned Goods,
j SAX FRANCISCO. October 6 (Special).?Intercoastal
shipping lines rei
port heavy tonnages of California
! canned fruits and vegetables dis|
patched to the Atlantic seaboard by
! way of Panama Canal within last
j week.
Hairy Products.
CHICAGO. October G (Special).?
Butter is firm and demand good.
Eggs are plentiful at fair prices.
Cheese market is unchanged.
Steel.
YOUNGSTOWN. Ohio. October G
(Special).?Falcon Steel of Niles has
suspended four sheet mills, due to
j car shortage. Eight mills of ReI
public Iron and Steel at Niles are
closed for the sam- reason. In orh.-r
I plants operating" schedules are being
| maintained. Ingot production averj
ages about 90 per cent, while all
i three Bessemer converters in the
i Mahoning Valley are operating.
I PITTSBURGH, October 6 (Special).
?Carnegie Steel is operating thirtyI
six of its thirty-eight blast furnaces.
| More stacks will be added to the acj
tive list as soon as shipping facilities
permit.
CHICAGO, October 6 (Special).?
About 600,000 tons of rails have been
ordered by rails in this district to
date and other heavy buying has
been done by the rails from steel
companies.
Coal.
SEATTLE, October 6 (Special).?
Coal operators, outside of rail-owned
mines in "Washington, are facing
serious competition with low-priced
j fuel oil from California, now quoted
| at $1.10 per barrel on track. At this
j price a barrel of oil is equivalent to
I a ton of coal at $3.50. Coal operators
! say they cannot mine coal at this
i price and make a profit.
PHILADELPHIA. October 6 (Special).?Fuel
scarcity has brought a
few hundred tons of British coke here,
which is being sold at $11 to $12 a ton
on cars, compared with $14 for domestic
coke.
Musical Instruments.
NEW ORLEANS, October C (Special).?Pianos
and other musical instruments
are moving now in a more
encouraging way than for many
months.
Notes.
PHILADELPHIA. October 6 (Special).?Out
of 600,000 accounts filed in
the archives of the Retail Merchants'
Credit Association, about 21,000, or
3V2 per cent, have been marked "undesirable."
This percentage has
grown in the last year. Officers of
the association account for this by
j the extravagant methods of living induced
by war-time wages.
! ST PAUL. October 6 (Sneria.1V?
\ Freight loadings are well above those
of last year, and these are reflected in
satisfactory railroad earnings. The
gross receipts of the major northwest
railroads continued today to showgains
over last year. But operating:
expense items also show a heavy increase.
CHICAGO, October 6 (Special).?Pacific
coast canned goods are now being
shipped to Chicago by way of the
Panama canal and Philadelphia at
20 cents per 100 pounds less than the
all-rail rate from the Pacific ports to
Chicago. Philadelphia is the nearest
Atlantic port to Chicago.
(Copyright, 1922.)
DRY GOODS STRONG.
Sheetings Feature Active Friday at
New York.
NEW YORK, October 6 (Special).?
Strength was plainly apparent In the
cotton cloths market here today. The
market for sixty-four by slxtys print
cloths could be considered 9% cents,
and sixty-eight by seventy-twos
brought 10% cents for this and next
year delivery. Sheetings were exceedingly
strong on active trading
and sateens, drills and twills did a
fair business at good prices. Tire
fabrics mills have not shoved prices
up, but are most discriminating as
to the buyers they deal with.
The raw silk market continued to
reflect the firmness of Yokohama, but
business was not especially brisk,
although prices were sustained.
BIG, RIPE "MELON"
IS CUTBYS. 0. CO.
Stock Dividend of 200 Per
Cent?Market Somewhat
Erratic. BY
STUART P. WEST.
By Special Leased Wire to The Star.
NEW YORK. October C.?Today's
stock market paid somp attention at
the outset to the latest Turkish news.
When it was found, however, that
the break off of the peace negotiations
was only temporary and that the conference
would probably be resumed
the first of next week the incident
ceased to exert effect.
No great amount of interest could
llOirA (iaati n .ammirJ In Mia nncaiKla
recrudescence of the European war
scare when the other markets outside
the stock exchange were so unconcerned.
Sterling exchange came
down rather sharply for a while, hut
this was exceptional. Foreign government
bonds, after starting in
slightly lower, regained their loss.
Neither cotton nor the still more sensitive
wheat market was affected at
all.
200 Per Cent Dividend.
From a Wall street point' of view
the most interesting news of the day
was the second big recapitalization
plan announced by a member of the
Standard Oil group. The 200 per cent
stock dividend to be paid on Standard
Oil of New York follows the 100 per
cent declaratoin earlier in the week
by the Standard Oil of California, and
the reason is the same in both instances,
namely, that earning capacity
and treasury assets have outgrown
capital account.
The immediate result in the market,
naturally enough, was another eager
rush of buying orders into the Standard
Oil stocks, both in and out of tlie
stock exchange.
However, an object lesson was given
in a rather abrupt decline in Standard
Oil of California shares, thus demonstrating
that it is possible for the effect
even of the most liberal "melon
cutting" to be exaggerated.
This lesson had a sobering influence
upon the afternoon dealings.
Movements Confused.
As (he day went on, the price move- !
merits became more and more con- j
fused, while the Standard Oils were j
j being bid up, Mexican Petroleum and j
Mexican Seaboard were breaking i
sharply. j
Such specultafve favorites as Baldwin
Locomotive and Studeliaker were I
actively sold, but while this selling j
was going on the railway shares were
taken up. !
Everybody knows, of course, that |
the general motive back of invest- j
merit .and speculative operations in
railway stocks is the certainty of ex
ceptionally large earnings and a rec-i
ord-breaking traffic movement, at I
least during the rest of the autumn
and winter.
Hut what Wall street is more interested
in Is to what extent these
more profitable results for the transportation
industry will be passed j
alone: to stockholders. It was the
possibility of dividend increases that j
was in the irynds of buyers of stocks 1
like Atchison and New York Central, j
Invincible Oil.
With the Wall Street atmosphere lit- j
erally surcharged today with rumors of J
deals affecting oil companies. Invincible j
Oil came in for more attention. Inter-j
ests associated with previous moves in
the stock claimed that they were doing
nothing and professed ignorance of what
was going on. But in other quarters it
was said that a new pool had been
formed and was putting the stock upon J
the strength of rumors of an alliance j
of some sort with one of the Standard !
Oil companies. There were also intima- j
tions that plans were under way to get j
rid of the S per cent convertible bonds i
and in order to accomplish this it would I
be necessary for the stock to sell higher.
This latter, however, was purely speculative
gossip.
Houston Oil.
j There was nothing particuarly new in
the Houston Oil situation to explain the
sudden rise in the stock. Some speculative
people were thought to have
taken hold of it on the idea that it
was behind the market, that the com
j pany is now believed to be under!
i Standard Oil control, and that as a j
1 member of the Standard Oil group the '
I stock was entitled to have its move
j with the rest.
Sonthem Railway.
I Sniirhprn Railu*:iv's nnnnal m Pi-'inr
j is scheduled for Tuesday, and th<? anJ
ficlpation is that some action will then
i be taken about dividends on the pre(
ferred stock. The report today was
j that a $4 cash dividend would be dej
clared.
Fliher Hody.
The Fisher Body stocks?that is,
both Fisher Body common and Fisher
Body of Ohio preferred?were in dei
mand at higher prices today. The
advance in these stocks is in a measure
discounting the record business
being done by both companies.
At the present time at least 80 per
cent of the automobile business Is,
being* done in closed cars, and , the
Fisher companies, while making the '
Marshal Your
Into Regiments
Drops of V
or unorganiz
to much unl
| bined into P
and DOLLA
Our Daily I
hundreds of
today are I
owners the
Joy of Indep
Try it!
i Second Nat
"The Bank of L
509 Seventh
I
i - ~
11 FIRST TRU
Issued Under Our
| 1st. Permanently Safe, elimi
2nd. Give Maximum Yield, 1
equally -safe investmer
3rd. Require Least Attention
for you.
Let Us Have Your I
Loan Dei
[Shannon
1 Main 2345
~ I
bodies for the General Motors units,
also have contracts with several other
large producers.
American International*
The advance in International Mercantile
Marine preferred today was
reflected also in the shares of the
American International Corporation.
The latter Is now reported doing- a
profitable business. Every one cf the
company's different subsidiaries has
tur/^ed the corner. It is said to have
$7,000,000 in cash or its equivalent on
hand.
OILS Alii.
AT SHARPUPTURNS
BY WILLIAM P. HEFFERNAN.
By Special Leaged Wire to The Star.
NEW YORK, October 0.?The big
news of the day on the curb exchange
was the 200 per cent stock dividend
announced by Standard Oil of New
York.
It could not be said that the announcement
came as a surprise. The
st root Has H?.or? uuro for the last
month or so that this company was
going: to "cut a melon'* and a very
generous one. It has also been sure
that in the recapitalization scheme
the par value would be reduced. The
actual plan is quite in line with these
anticipations. It calls for an increase
In the. capital stock from $75,000,000
to $225,000,000 and a reduction in the
par from $100 to $25. The market
received the news with another spectacular
uprush in the New York
shares, carrying them well above any
previous high.
Prices Move I" p.
This brought about higher prices in
other Standard Oil Issues, including
Magnolia Petroleum, Vacuum Oil and
Prairie Oil and Gas, the latter reaching
a new high record for the year.
Standard of Indiana was actively
traded in, but failed to respond with
the others, and held slightly below
its best prices of the preceding day,
during most of the session. Atlantic
.Lobos was also down, establishing a
new low. Profit-taking in Ohio Oil
brought about recessions in this stock.
The new 600 shares of Cities Serv- J
ice Company preferred, B.B., were ad- |
mitted to trading, and sales were re- j
ported between 66% and 67. The j
common sto'-k held slightly below its |
high reached on Thursday.
Gulf Oil a Feature. '
Gulf Oil of Pennsylvania featured j
the trading in th^ independent oils, j
getting up to its high of the year
on a large turnover. Smrns Petroleum
was active, but realizing
sales were responsible for lower
prices in this stock. S^alt Creek produe
rs, after selling off in the ?^trly
dealings, regained all this loss in
-'?> i
Schulte Retail Stores continued to
feel the effect of the announcement
that negotiations for the consolidation
of this company with other large
tobacco interests had 'been definitely
caalled off.
Motor* .Hake Record.
After early weakness in the motor j
section a demand for Durant common j
brought that stock to a new high j
record and others of the motor stocks J
were carried along. Stutz regained j
more than its loss of th?' morning, and j
Continental and Packard were active j
and higher.
Coal issues were in better demand. '
and higher prices were recorded in
Acme and Southern Coal and Iron,
while Glen Alden made up its loss of
the previous day.
Mining shares were less active. NewJersey
Zinc remained the outstanding
feature again reaching a new high. J
|
$5,000 Life Policy, $57.35
Age 40. Send dote of birth for illustration
Established IMCi. Ah**Ts over $L*i)O.Of*0.000.
M. LE ROY C.OPF, InRorance Adviatr j
Ail branches.
Room 910. Woodward building M. ;
equitableI
Co-Operative Building
Association
Orjranlvrd 1STB
42d YEAR COMPLETED
A * net* *4.408,623.00 !
Surplus *1.144.464.69
Adopt Oar
c__* ? c m
oysiemauc savings rxan
Consider what others have a<-e?mplished
who adopted our Mvines pian
and remember you can accomplish as
much if you persevere.
Sohneriptlon* for (he
83d Issue of Stock
Bcinj? Received
Shares, $2.50 Per Month
EQUITABLE BUILDING
915 F St. N.W. L
JOHN JOV EDSOJi. I'rrsldrnt
FRANK P. REESIDE. Srry.
I
Dimes
; of Dollars |
!
Vater, (trains of Sand
ed DIMES don't amount
til Organized and Comowerful
Oceans, Deserts
RS.
iime Savers have started
Savings Accounts that
lou-ishing?giving their
Warmth of Power, the
endence. IT'S GREAT!
I
ional Bank
i
Utmost Service"
Street N.W.
i
I
??mm??1
IM INUIfcS |
Supervision Are
nating; all worry.
better than other forms of
its.
t
?we look after every detail
l
ieservation at Once
jartment
&LUCHS1
713 14th Street,
. V
. v r,
CAR COMPANY HIRES .
"PATRONS" IN BOYCOTT
NEW YORK, October 6.?The story
of a boycott of the street car system
of Beirut, Syria, by the citisens. as a
protest against French occupancy,
was brought home by Mary Hallock
Greenewalt of Philadelphia, pianist,
who arrived here yesterday after a
tour of the near east.
Gen. Gouraud, high comnflssloner
for Syria, she said, issued an order
increasing tram far4s. The citisens,
believing the increase to be a taxation
measure for the support of French
troops in the territory, with one accord
quit riding on the lines, she said.
"The boycott was so complete," she
declared, "that the company had to resort
to the hiring of riders in order
to give the impression that the company's
business had not been entirely
destroyed. It still was on in full force
when I left there two weeks ago."
BAD ORDER LOCOMOTIVES.
C Q r DOPvIn^ a# A maKtnop
Railway reports that as of September
1 last 80.9 per cent of all locomotives
on line were in bad order. This compares
with 30.3 per cent August 15;
2?f.5 per cent August 1; 24.4 per cent
July 15, and 22.5 per cent July 1, date
of the shopmen's walkout. September
1 there were 64.294 cars on line, of
which 44,501 were in good order. The
number of engines stored but serviceable
was 2,842. Locomotives needing
repairs taking more than twenty-four
hours numbered 16,260, or 25.3
per cent, while 3,581, or 5.6 per cent,
required repairs taking less thaln
twenty-four hours.
BALDWIN ORDERS GAIN.
During September Baldwin Locomotive
received orders aggregating $14,437,147.
During August bookings
were only $12,292,343. while the entire
nine months of 1922 only produced
$44,826,758. September thus produced
nearly a third of the year's business
to the end of the third quarter. At
the end of September the company's
plants were working at 60 per cent
of capacity, as compared with 45 per
cent at the beginning of th^ month.
CHIFFON VELVETS SCARCE.
Predictions made earlier in the
year that there would be a marked
vogue for velvet during the current
season have been amply borne out.
The vogue of velvet for millinery
has. if anything, been larger than
is usually the case, while there is a
notable scarcitv of chiffon velvet for
the dress trade. Dress manufacturers
are offering1 premiums for !
black and for certain shades of brown j
chiffon velvet, but those who have ;
the goods are not anxious to part
with them, even at advances offered.
We Offer for Investment
Real Estate Notes
of responsible makers secured by 1st He?
on improved property. TO TIELD 9%
AND 7%
PEOMPT PAYMENT OF INT EE EST
GUARANTEED.
Bank of Bethesda, Md.
Phones: Cleveland 1919 and Bethesda tl.
. i
=9 Organized in 1814
II OFFICERS:
nroDr.r VA/ W/UITC or?eM?n
= O. H. P. JOHNSON, Vice Presidenl
= C. F. R. OGILBY Trust Officei
= C. F. JACOBSEN Cashiei
~ CHAS. E. BRIGHT. .Asst. Cashiei
= A. H. BEDFORD ..Asst. Cashiei
= C. LOUIS ECKLOFF, Asst. Cashiei
= J. GALES MOORE Auditoi
| National
= 15th St. Op
m DEPOSITS, over $12.5C
T
Tke I
?is made moi
Money isn't c
rough spots ii
The inbor
that accompar
appreciated b
EV1
COMMERCIAL
Ca
HC
7th and Mass. Ave.
Money to Low V\ rMTC
?MM H I \ I X
Joseph I. WtllerS?*Vu WC Lll 1 ij
????r?????i Let us manage
LIBERTY BOND PRICES your Rental Prop
For (loo Bwia Today erty. Over a QuarFimt
4%? . $100.30 tp]- 0{ n Centur\
Srrood 4V,? 100.44 J *-CIUUIt
Third 4\Am 00.10 Experience.
Fourth 4Vii 1014)4
Victory 4%b 100.03 p p Q A f Tf CCl
NO DEDUCTIONS MADE. Da T? IjAUL VW.
Bonds Bought in All Dsnominttions. oosoy o .. sir
LIBERTY BOND EXCHANGE I 1412 Eye St. N.W.
004 14th St. S.W. *?_ ,1nn
Hours, a a.m. to 6 p.m. Main 2W7. Mam 2100
I ?I
FIRST MORTGAGE XOTES
For Sale
ix dexominationk ok
soo dollars axj? uph'akdh
22anf/a// 2ft?2ftayner & ft?o.
JflSiry a?' J- / rw/ !
wci/l \Donnecttcui cMpenae
u????i
1'
Ti/f _ ?
money to Loan
In Any Amount on First Mortgage
Lowest Rates of Interest and
Commission
Prompt Transactions
Thomas J. Fisher & Co., Inc.
738 15th Street N.W.
1I111IIIIIII1IH
CAPITAI $800,000.00 M
SURPLUS & Undivided Profits Over. $900,000.00 ==::
(ALL EARNED; =
The Oldest National ?
Bank in the |
District of Columbia |
Proud as we are of the historic record of "The ?p
Metropolitan" and of the important role thi> ?|f
hank has so ably filled in developing' the capital =
City, it is our present capacity for EXLAROED 8
SERVICE that gives us greater cause for satisfaction.
jf
f <5 To individuals, firms and corporations desirr
ing new or more ample banking facilities we H
r extend a cordial invitation to become identified ?|
' with the OLDEST National Bank in the District ?H
of Columbia. fH
Metropolitan Bank ?
posite U. S. Treasury?108 Years Old
X3.000.00?TOTAL ASSETS, over SI5.000.000.QP H
\oail to Happiness
^l-i Kx- 'i onKctoritial cfjvintrc aiwilint.
I t 3111UUIII ?-?_> a ouuoiuiik-iui
:vervthing, but it certainly helps over the
i life.
n feeling of satisfaction and contentment
lies a growing savings account can only he
iy the man or woman who has one.
1RY BANKING SERVICE
f
ON SAVINGS
TRUST
SiBCTTlBFirV"
TRUST C OMPANY ? Jl
15th and Penna. Ave. |
pital and Surplus, $5,400,000.00
)ME SAVINGS BRANCHES
8th and H Sts. N.E. 436 7th St. S.tV.
%
\