Evening star. [volume], May 27, 1925, Page 24, Image 24

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

Image provided by: Library of Congress, Washington, DC

                
24
NATION’S BUSINESS
ON SOUND OASIS
Retail Sales Lower Than
Early in Year, But Figures
Are Above Last Year.
BY I. C. BOY Mi.
Special Dis-pati-h to Tlie Star.
NHW YORK. May 27.—-Which way j
is the cat going to jump?” j
That is a question thousands of
Americans arc asking themselves to
<i.iy regarding the course of business. J
There lias been a slackening observ- ]
■■ i>le in some lines, "notably in the re- !
tail distribution of commodities. Peo-1
p’.e have begun to ask whether those I
who express confidence as to future
conditions are “whistling to keep the
courage up.” Some of them are hes- !
Rating as to future commitments j
until they make tip their minds, j
There tire many developments which j
may affect the course of business j
throughout the last half year. Rut '
it can be stated authoritatively that j
fundamental conditions at this date
are sound.
“'nine Threadbare Spots.
There are threadbare spots in the !
fabric of commerce, manufacture and '
trade, if there were not. the "situa- j
lion would lie far more precarious
than it is. Only those with short
memories have forgotten 1920. Then I
i buying wave swept the country j
into a state of inflation and there I
were few apparent weak spots. “Take I
it or leave it was the cry of more
than one merchandiser, and that
motto raised a distrust, an animosity]
ami a grudge among the buying pub- I
lie which has not yet died out."
Trade Fair to Good.
Today the condition of the main in
dustries of the country can be called
fair to good. There is little uneni- ‘
ployment and tiie jobless workers are I
being absorbed by calls from the bar- ;
vest fields, construction camps and
public improvement projects. Wages,
arc high. Raltor disputes are few.
Buying power is undiminished. Ruild
:ng contracts have boon curtailed in ,
only a few sectiohs and have been in
-1 reused in others. Production in the 1
manuafeturing lines is at least pro- i
seeding at a fair rate. The condition j
of the farmers is evidenced by the
fact that implement dealers have sold
practically all the equipment they
have been, allotted by manufacturers.
Expected Too Much.
t\ hy. then, the halt and hesitancy
now being given expression?
* 'no answer is that business men
raised their sights too high. Pinned
dow n to actual figures, many of those
'•’ho complain business is bad and get
ting worse admit not that business is
bad. but that it is not so good as ihov
hoped. \\ ild predictions of prosper
ity became prevalent last November.
The mental attitude of business men
was influenced unquestionably by the
spectacular advances in the stock
market. Now those men. rather than
admit they misjudged their markets,
take refuge in assertions that busi
ness is had. Those assertions are not
borne out by actual statistics of this
year as compared with 1924.
Buyers Are Discriminating.
In the retail lines dispatches from
some sections today indicate that the
volume of sales has dropped from
early year proportions. There are
well informed authorities, who do not
hesitate to reply that the public is
showing a most surprising tendency
to buy what it wants rather than what
merchants are attempting to sell it.
The general belief that the lull is
a temporary one is indicated by the
volume of advertising now being used
by retailers who seemingly feel that
this will overcome the sales inertia.
The writer does not mean to give
the impression that conditions are
bound to continue as good or better
than at present. The end of the fiscal
year is approaching and the results
evidenced at that time will have much
to do with business in the last six
months of this year.
Stable Conditions Ahead.
Two facts stand out in the pros
pects of the future. One is that condi
iions bid fair to remain stable and !
more satisfactory than last year for
■ ■ ■ " ——
Vacation in the
West this year
Greatly reduced round-trip Vacation Fares
on the Baltimore & Ohio
Circuit Toura of the West and Pacific Coast . . . $148.45
Sea Francisco and Los Angelea ........ 130.45
Seattle, Tacoma, Portland and.other North
Pacific Coaat Points 130.45
Glacier National Park 102.45
Yellowstone National Park 100.95
Salt Lake City 100.95
> California, Colorado, the Glacier and Yellow
• stone National Parks, the Pacific Northwest
—Nature's wonderlands visit them at no
more than the cost of a humdrum vacation.
_ Modem, comfortable, all-steel Baltimore &
Ohio trains leave Washington daily, for Chi
? cago and St, Louis, making direct connections
} JF®* ' raSBBSHHjHP with many different routes. Excellent meals—
courteous service and stop-over anywhere.
9 t Let the Travel Bureau, City Ticket Office, Woodward Bldg., 15th
4Bh fc H Sta.,‘N. W., arrange all the details of your trip. Call Main 3300.
If m&l Baltimore &Qhio
>bß AMER,CA 3 F,RST RA,LROAD ” ESTABLISHtD 1927
Sterling Exchange
Bit Nearer Parity
In Today’s Move
By the Associated Press.
LONDON, May 27. —Renewed de
mand for sterling exchange today
caused the cable transfer rate on
New York to touch $4.86 7-16, the
highest point since the war.
l’arity for cable exchange is $4.87.
The French franc depreciated
sharply to 97.">3 for the pound ster
ling. the lowest since March, 1924.
but later hardened to 97.17 b..
FRENCH ARE CALM
AS FRANCS TUMBLE
„ , ~
Exchange Bit Lower Every Day
This Week—Dollar Touch
ing 20 Francs.
| By the Associated Press
! PARIS. May 27. —The drop i>o#ihe
• franc in the exchange market has
been continuous thus far this week.
] The pound sterling is quoted at over
| 96 francs, the highest since March of
last year, and the dollar is touching
j 20 francs.
The movement has caused no per
-1 tuibation, however, being attributed In
competent circles to large covering
i purchases by French importers,
j Speculators, foreseeing a large
l Trench demand for foreign currency
iin the future for commercial needs, j
j are beginning to throw francs on
various continental markets as weli
as New York.
j Political considerations are said to
have had little or no influence on
j the exchange rates.
SUN OIL TO OFFER NEW
SHARES OF COMMON
NEW YORK. May 27 OP).—Plans
for public financing announced by the
; Sun Oil Co. will take the form of an
offering of 158.000 shares of no par
i value common stock, priced at $36.50
a share. The capitalization company,
after giving effect to the new flnanc-
I ing, will consist of 1.057,159 common
| shares and a funded debt of $9,866,500.
in addition to equipments and bonds
• and subsidiaries company. The new
i common shares will receive cash divi
dends of $! annually and stock divi
dends as earnings justify, it is an
nounced.
LIVE POULTRY LOWER.
CHICAGO. May 27 (/P)._ Poultry—
Alive, lower: fowls, 24>._.; broilers. 30
a45: roosters. 14: turkeys. 20: ducks.
22: geese. 13.
the next four weeks at least. The
other is that prosperity is not physi
cal. but mental. Businessmen are be
ginning slowly to realize what econo
mists discovered tong ago. that the
difference between panic and prosperi
ty is represented by less than 20 per
cent in the total volume of sales.
Copyright. 1923.1
PSP
THE EVENING STAR, WASHINGTON, p. C„ WEDNESDAY, MAY 27, 1925.
I n - - -
| EVERYMAN’S
INVESTMENTS
IJ BY GEORGE T. HUGHES.
advantage of bondholder.
One of the advantages that the
! bondholder has over the stockholdet
I becomes evident in times of depres
I sion in the industry represented. Take
for instance, the case of the sugar
producers. There i.s now being mar
keted tiie largest crop of sugar on
record and for the last six months
or more there lias been a steady
drop in the price of raw sugar. This
,is a world-wide condition. Not only
iin Cuba, where the United States
buys most of its cane sugar, but in
! Knrope. there has been a treat in-
J crease in beet sugar production.
Under these circumstances it is re.i-
I suitable to suppose tiial the profits
j of the sugar-producing companies will
I make an unsatisfactory showing as
| compared with results of a year ago
I Prices of sugar stocks—that i.s. of the
j Cuban producing com panics—have
j lagged behind the general market in
consequence, investors sensing this
I state of affairs, and not caring to
l take the risk of a lessened margin
i between dividends and earnings,
j To a certain- extent, the price of
sugar company bonds has been affeot
jed also, but to a much less extent.
, and this is as it should be. Sugar j
lis an essential commodity, and if the]
price is now below tiie cost of prf j
dilution it is absolutely certain that j
it will not slay there indefinitely. Ail I
j experience teaches that, just as high]
prices limit consumption, so low prices I
| stimulate demand. Sooner or later]
] well managed, conservatively capi- i
j talized sugar-producing companies I
j will again operate at satisfactory I
] profits.
j Meanwhile the bondholder, assum
i ing that his bond i.s the obligation of
] a corporation in the class just de-
I scribed, has little occasion for worry
compared with the concern felt by
j tiie stockholder. lam not saying that
I all sugar company bonds are worry
proof, or that all sugar company
! stocks are speculative. There are ex
j eeptions to all rules. The point is
j that the bondholder can look with
j more complacency upon the outlook I
than the stockholder.
(Copyright, 1923.1
. .....
BOND ISSUE PLANNED.
[ NHW YORK. May 27 G4 s ).—Acquisi
] tinn oft! Manila Electric Corpora
tion by the Associated Gas and Elec
tric Co. will be financed by the sale of
Associated Gas 6 per cent bonds. An
offering of $14,000,000 has been pro
posed. which also will provide funds
for the purchase of other public utility
properties, new construction and im- |
provements. j
■ r~~MH.T~r.r ;■ |
MeCormi«*U Mcdi cal Fitted
College Eyes Examined
Graduate
Dr. CLAUDE S. SEMONES
Eyesight Specialist
I’hoiif Main 721
ton-tin Mrlarhlen Blit:.
10th and t. Sta. VW.
Kill the
fleas on
your feA.
doll
You can rid yoor do* forest) of tor
fnentin*. diacoao-corrytn* float with
SERGEANT’S SKIP-FLEA SOAP or
POWDER. 25c at dru*. (port and aood
atoraa, pet ahapa or by mail.
PRES DOG BOOK. Polk Millar'a fam
ous Do* Book on tha dlaaaiaa.faadln*
and breadln* of doga.
Our FREE ADVICE SERVICE will
answer any question about your do*.
Btata symptom!, age and breadln*.
Sergeants
DOG MEDICINES
Polk Wilier Dru* Co , Inc.
USS E. Main St. Richmond, Va.
WHOLESALE PRICES
IN SHARPDECLINES
Reserve Board Reports Auto
and Tire Output Heavy.
Less Steel Made,
i The Federal Reserve Board in its
monthly business summary published ;
today reported that production in j
basic Industries throughout the conn j
try continued virtually at the same;
level in March and April and in early ,
May, although the aggregate pay roil ,
went into a slight decline.
While there .was recorded in the
period covered a. generally higher level 1
of commodity distribution, the board '
observed sharp declines in wholesale I
prices.
Auto and Tire .Output I p.
The output of the basic industries
showed decreases in iron and steel,
flour and copper, but a notable in
crease was reported In mill consump
tion of cotton »nd in the production!
I of news print and petroleum.
I Automobile production hit its high- !
j est mark in April, the summary re
! ve&led, and tire production continued J
j at the extraordinarily high rate estab- !
i lished in March. Harly May figures }
] showed no diminution in the output ]
i in those lines.
Wholesale Trade Off.
Wholesale trade was smaller in all |
lines except hardware, the survey dis
closed. but there were Indications that ]_
the May level would be higher than i
either March or April. Compared with j
a year ago. sales of groceries and |
SO SORENE I
(Reg. V. B. Pal. OR.) fi :
I FOR USE IN §
( I: GASES IN THE STOMACH 1
I AND INTESTINES AND g
IS UNUSUAL ACIDITY OF »
| STOMACH §
I Price, fifl Cents
I Ask at Your Neighborhood H
Drug Store g
Mi,nufart urrd hr 3 ]
it V S. APPLEWHITE 3
j W*»hlngl»n. D. C. “
F. O. B. Detroit, tux extra |3L. w H afIHHBR iMHH
New Chrysler Six Coach
Now Ready
Now the new Chrysler TvilliTlpH Itl When you come in—the
Six Coach—another great —, first point you’ll notice is
step forward in closed car (t YCdtCY Cv LOSCu \jdY the fresh beauty of the
design— at little more than design, based on the
the cost of an open model. dynamic symmetry that
* .. . - Convenience, Chrysler alone expresses.
A new combination of
utility and comfort, the / T Then you’ll observe the
like of which you have
never seen before— how convenient the car is
c 1 ' =sssssssss=ssssJ to enter and to leave.
Still greater convenience,
still greater beauty, still greater advantages no Get inside. Note that the Fisher-built body is
other car offers — upholstered in a beautiful plush of an exclusive
Including Chrysler results in performance and P ue gray
in driving and riding ease that still remain un- Here is a model that is an innovation in closed
approached at any price. car design, appointed and equipped to please the
The new Chrysler Six Coach is here, ready for fanCy “°f fastidious ,-a new demonstra
inspection and demonstration* Telephone for a 11011 ° r^s er s excess vah*es
ride so you may get first hand facts about this You are cordially invited to ride in the new
latest Chrysler triumph. Chrysler Six Coach at any time*
-CHRYSLER
—m —six——
H. B. LEARY, JR., AND BROS.
Distributors
MAXWELL—CHRYSLER
Chrysler Showroom North 4296 Maxwell Showroom
tacnrral OWr*** anil Service Departmmt /
1612-22 You St. N.W. 1321-23 14th Street N.W.
Auto Manager
Insures “Boss”
For $500,000 j
6p*ci»l Ui»p»t<;li to The Stm
PHILADELPHIA, May 27.—-Rob
ert B. Parker, manager of a. local
, automobile agency, lias taken out
insurance against losing his boss.
He has insured the life of Gov.
j A. T. Fuller of Massachusetts for
j $500,000. Gov. Fuller owns the
I agency managed by Parker, and
the latter believes his future is
bound up in his association with
the Massachusetts executive.
|
• j
' shoes were less, but sales of meats, .
'dry goods and drugs were greater in
j the period considered. Wholesale j
1 stocks of shoes, groceries and hard-
I ware were reported at the beginning
| of May to be smaller than a month
i previously, but dry goods stocks were
I larger.
STOCK ISSUE ORDERED.
NEW YORK. May 27 (A 3).—Direc
tors of the Public Service Corpora
tion of New Jersey have authorized
an issuance of 131,300 shares of no
j liar value common stock, which will
be offered to present coiiiiiion and pro- i
! ferred stockholders in the ratio of 1 j
j new share to 10 now held. The shares
j will be priced at $62.50, compared j
] with yesterday's closing market quo- !
i tation of $71.50.
pi For more than THIRTY years we have given reli- fj*
able and satisfactory service in the sale of property, plac- *{f I i
ling of loans and insurance and the collection and prompt fr 1
remittance of rents. Our great rental business was built Sr 1
up on the policy— fri i
Rents Remitted Same Day Collected
Our organization is complete. The several depart- Aj j
Sments of our business are in charge of experts. Jl !
Let us handle your real estate transactions. j
t STONE & FAIRFAX 51
'd Realtors
111 1
Over thirty yearn of real service H
Ij j 1342 New Y ork Avenue NAV. ||
REAR ADM. CHESTER
NOW OIL MANAGER
| Ottoman Development Company
Puts Lands in Turkey Under
His Charge.
B.v th7 Associated Pres*.
NEW VOKK, May li7. -Shareholders
of the Ottoman American Develop
ment Co., which was granted oil con
cessions by the Great National of
Turkey in 1923. have turned the man
agement of the company's affairs over
to Rear Admiral Colby M. Chester, re
tired. it was announced after a meet- ;
j ingr of stockholders. •
I Hy resoiiition the shareholders also
STEEL LETTER
FILE CABINETS
s 27=
Standaird F o u r-d rawer.
Roller-bearing Green F ile,;
with full-finished ends. Very
special—
Office
FURNITURE DEPT.
Washington Salvage Co.
310 Bth St. N.W.
I voted to recognize the right of Ad- 1
jrniral Chester and his two sons, Arthur
Chester, and. <M. t'ltester, to 20,000;
shares of stock held by Charles A.
Bernard and K. K. Clayton-Kennedy.
which were declared forfeited by an
ar bit ratio n c-o rn rn ill ee.
FRENCH GET U. " ORDERS.
MOW YORK. May (4*). —George
A. Harder, president of the Universal
l-Mpe and Radiator Co., announced on
his return from abroad today that the
company had made an agreement with
French manufacturers of cast-iron
pipe to market their, products in
America. French manufacturers re
cently have obtained sevetal contracts
in this country by underbidding
American manufacturers.
j J.Murphy Co. Inc.
Phone West 190 for
“PALMER BRAND”
Carbonated Beverage*
Ten flavors, including
CHERRY SMASH
and
GINGER MINT JULEP
S. i 5 E sa "' ' I,