Evening star., 1923-05-06

J. THILMAN HENDRICK.
1t is a source OF satisfaction to the
holders Of Lanston Monotype shares
to know that there need no longer
be any question as to the operating
activities Of the Lanston Company.
]. Thilman Hendrick. a member of the
local exchange and standing high in
financial circles. will hereafter rep
resent Washington on the Lanston
board. and there is no question that
he will disseminate Information to
the shareholders. who have a right to
know how their corporation pro-
crosses.
The manner in which J. Maury
Dove and the other directors con-
sented to add Mr.. Hendrick to the
directory was gracious and a just
recognition of the large financial in
terest that Washington has in the
LanSton corporation.
The May D.Iuge.
For many months past professional
traders in Wall street have been in
dicating that they would follow the
market up until May, but with the
arrival of that month, generally in
dicating about the middle of the
month. there would be general get
ting out and that prices would 60 and
go fast then.
The theory advanced was that the
situation was becoming slightly dam
gerous. with brokers loans at their
high point Of 1920. even though the
position of the federal reserve banks
available resources running over 20
per cent
Much of the desire to get oE- of
the market was due to the belief
that there may be considerable rae
ical legislation put over by the in
n ,tv,o- CT
likes to start early In its discounting.
1t is generally admitted that the
| professional interests that have led
the upturn in stocks since the sad
days of 1920 still hold the majority
of their purchase: that there has
not been the expected distribution Of
shares to the public. the usual pre-
liminary TO retrograde movem ent.
That the big fellows were get
ting ready to get out about the mid
die of May was conceded on the
street but the professionals took a
chance and started the selling with
the very first day of May-indeed, on
the closing day Of April-and they
pounded the market mighty hard for
big declines.
The spirit of caution has developed
in every line of business endeavor-
Reports of wonderful business and
increased production are met with
stories of outrageous demands of
labor and mounting prices for prod
ucts.
This caution era will go far to
adjust matters probably before Con-
gress convenes.
The speed in some lines seemed to
be headed toward the impossible. II
high prices of 1920 in nearly every
thing and was sufficient TO make men
feel their way rather than to con-
tinue the rush undisturbed.
Bache ON Buyer~' Strike.
Pertinent thereto is the following
from the Bache Review:
1.-The buyers strike against high
ganized. and in the meantime sugar
prices are falling appreciably. Blu,
a perhaps much more important
move is the threatened revolt against
high wages and high material cost ir
building construction. The frs,
| formation of committee of 10(
prominent bankers, architects. build.
ers and property owners. to work
with Secretary Hoover in an effort
to stabilize building conditions
"The report of what was said a.
| the meeting. called to appoint this
| committee. presents vividly the i'm
| possible situation which is prevail
| ing. One operator exhibited this pic
| ture of the impasse that is develop
ing: In February bricklayers were
| being paid the regular scale of $40 {
| day: in March an addition of s.
| bonus was demanded: in April. with
out notice. a demand was made for $12 z
I ed, and half an hour later the demant
| increased to S14 a day. Common la
| Dor at the same time made a demand
| for an increase from 81 to sS. and thu
| hosting engineer raised his pric,
from $40 to sl2 day.
A 1f <r
cluded: In thirty-fve years ex
I, perience in the building trade. Gov
! ering many millions OF dollars wortl
! of work, have never met with sucl
! demands under such arbitrary condi
tions.'"
| "snowballinx."
"This process OF quick continued
! wage demands and advance is callet
| 'snowballing.' 1t functions when ;
| Job has been started. and must b,
] completed if great loss is to b
escaped. Under it. it was declare,
became higher, showed marked ant
| steady decrease from the efficienc.
before the 'snowballins began. /
was also stated that the rank an,
file Of the unions could not be held ii
check by their leaders.
"It was admitted that the mex
orabIe operation of the law of suppl.
and demand was working in the Ia
Dor ranks as 1t did In that OF com
modities-that workers were doini
| only what merchants do-and SOM
asserted that the only way to remed.
| the situation was to reduce tn
building program.
added to the troubles Of the con
tractors was the delay In delivery o
| materials as prices of these steadil.
worked upward
The frst report of the receivers o
the Derry Corporation, manufacturer
| of broad silks, Is that 1t is solvent
This will be good news to many loca
| investors who are holders of tn
bonds of the company.
Total assets of the corporation ar,
said to be $16.613.614. while the liza
bilities total $16.314.614.
There are $4,Oo0,00O first mortgag
bonds outstanding. No mention II
made in the report regarding q re
ported debt by d. G. Derry of $500, 90
nor OF the reported overestimate Il
inventory value OF &1,250,00o.
Current liabilities are given q
$5,272,s7s and current assets a
S6.obs.611, with investments Of y ,oS1,