Evening star., 1923-03-15
DURANT PLANS WAR
ON WALL Street
Auto Magnate to Open Bank
With $4,000, 900 Capital
to Avoid "HoId-Ups."
BY j. c. ROYLE.

Special Dispatch to The Star $3.50
tThe following story outlines for the
nrst time the most significant move which -
has taken place this year In the provid
ing for new capital for Industrial enter
prises)
NEW YORK, March 15-A direct
challenge to the financial powers Of Wall
treet was what business circles here
saw today in the announcement in Cali -.
fornia Of w. c. Durant automobile man.
ufacturer, that he shortly would Or
ganize a national bank here with 100000
stockholders. This view was emphati-
cally sustained by A. l.. Warrington.
treasurer Of the Durant enterprises in
California.
The plan, according to Warrington.
'is a move to avoid the hold d-up methods
Of Wall street"
"They do not put on masks and use
guns there" he added, but they get
Durant, who now is on his way east
in making the announcement that the
bank would be started in New York
within four months with a capital of
s3o.OO0.o 600, gave no details of the plan
except that no individual would be al
lowed to subscribe for more than one
share of stock. that the officers of the
institution would serve without compen-
sation and that interest charged for
loans would not exceed 6 per cent.
New Enterprises Announced.
According to Warrington. there are
100000 stockholders in Durant enter
prises, and the plan is to induce these
investors to take one share each of the
bank stock. No fee, commission or
bonus. either in money, merchandise
or stock: would be exacted in connec-
ton with loans negotiated Loans will
be made to other lines of industry, he
SAID. 'on the merits of applicants in
conformity with reasonable methods"
Durant also announced on the Pacific
coast that the Hayes-Hunt Body Com
pahy would erect new plant at Oak
land Immediately. and that another Z
automobile to sell at S525 at eastern
points would be added to the Durant
and star cars. He also predicted tha'
a new factory for Oakland which will
build the Flint six, would be in opera
tion within a year
Durant issues on the curb exchange
nave. been the subject of vigorous at
TACK IN recent weeks and investors
and brokers here today declared THAI
the bank announcement Undoubtedly
was part of plan toward making the
ourant financing independent of the
New York financial district and a step
along the trail opened by Henry Ford
who some time back asserted his com.
plete independence of Wall streets
financial assistance.
Farmers Seeking Labor.
Farmers in various sections are bid
idlng against each other for labor
offering $40 to $50 a month, with
Doard and room included for exper-
fenced hands. In the west and north
west, much of the farm labor has
gone into the lumber mills of Michi-
gan and oregon and Washington In
the latter states mills are paying
1913 to $3.50 d day for unskilled la
| Dor.
! The railroads. pressed to the limit
oy the volume of freight offered have
not ceased preparing for new equip
| ment. The Western Pacific is ex-
Ipected to be in the market for over
| S5.00O.000 worth in the near future
and the Southern railway has placed
| orders for cars and locomotives tor
| cost s17,0o0.0Oo.
| Clothing Prices Moderate.
Prices named by Hart. Schaffner n
Marx, large Chicago clothing manu-
ifacturers for their fall and winter
lines furnished considerable surprise
| in that they showed only moderate
iprice advances as compared with lists
tnamed a year ago. In many cases no
changes were made. 1t is believed
that the volume of production has en-
tabled the company to overcome the
Handicap of higher material prices to,
a large extent.
| Postal Receipts. S2.OOO.OO0.
PHILADELPHIA. March ii tSpe-
| ciaD--ReceiptS at the Philadelphia
post office are increasing at the rate
of S2.000,000 a year and the postmas-
ter here has recommended the acQui-
sition of a new building to handle the
volume of business. The chamber Of
commerce is taking up with the
| authorities of surrounding towns a
proposal for a ten-year program Of
improvements which will include ho-
tells. churches. school houses. bridges.
recreation centerS. Fairgrounds, addi-
tional water. gas and electric facili
ties and sewage disposal plants.
Much Wool In Warehouses.
| HOUSTON. Tex, March Is (SpeciaD.
IA total of 100000 rounds of wool
and mohair has been received by the
| Southwestern Wool and Mohair AS
| sociation from members in the last
| eighteen months, and much Of this
| wool now is concentrated in ware J
! houses here, according to B. D. Black
| sey. manager of the association. 1t
| is being shipped out as marketed.
Lumber Mills Rushed.
| SEATTLE. March Is Especially ALL
| the lumber mills of Washington and
! Oregon are running at better than
| rated full capacity. Statistics com
piled by the West Coast Lum rmen's
Association show that the mills are
/ producing at IA per cent above nor
| NAL. The lumber industry is the best
| index to business conditions in this
territory, and retail trade continues
/ to improve at a steady rate.
Copyright. 1921
!
| RIG DROP IN INCOME