Evening Star Newspaper, February 6, 1921, Page 29

RECOVERIES ARE DELAYED BUT SITUATION IMPROVES FINANCIAL. Predictions Made of Real Ifiprovement # -With SPring—Foreign Financing Im- portant—England’s Debt. BY L A. FLEMING. 5 M is slow work, this recovery of the normal in trade and finance after the trying experience of 1920, but the best of judges are in accord in the declaration that it is sure. Gov. Harding of the Federal Re- serve Board, first to apply the brakes ‘when the American machine was run- fing full speed ahead with full pressure of pl:um. mssures us that “the danger is past” danger that most of us failed to realise until it ‘was really upon us. The Il’fllzblcpotodly seems to be that under the urge of production Amer- fcan Industry has produced vastly more than we have a market for, not more than the markets of the world need—by no means—but more than the needy parts of the world can pay far. fortunately, with the let-up in wgnloroign rade. due to Inability to make payment, solely, we find our own great market, the best on earth, partially, but fortunately. only tempo- rarily, injured by inability on the part of the great agricultural popu- lation to fulfill :helr part u:nlpP;e pro- m, through losses on ci . €T he agricultural wealth of the fat years, which rotate more or less often with the lean, was probably invested in farm lands or farm betterments. In all probability much of the big gains of war years may be available to farmers today, but the farming community, and that includ southern planter, feels poor. an ing poor, will keep the strap the family pocketbook until neces- sity’s demands force the removal or the poverty of the season is forgotten in returning prosperity. Farmers’ Buying Power Less. ‘We have no better evidence of this fact than in the report that Mont- gomery Ward & Co., the second of the great mail order houses of Chicago, and the oldest concern in the busi- ness, sold $5,000,000 less goods in i January, 1981, than in the same month in_1920. If Montgomery Ward & Co., lost trade so did all other wholesalers, and this was reflected in the reduced freight carrying of the great westérn roads, directly influencing the eastern freight volume through shipments from manufacturing and producing points. This is one reason why our rail- are complaining. There is not the freight to haul and the imcreased rates do not produce revenue because the old volume is not there. ‘We have the assurance of bankers that numerous failures that were ex- among the larger 3mnllun- a8- surance in that. They are also posi- tive in the statements that many con- cerns have been satisfactorily ad- justed through sales and cut prices, but _unfortunately some seek _to avold the inevitable and but delay improvement thereby. Publie Buying Power. i The buying power of the public is not being exercised to anything M 100 per cent. Thrift talk, determin: tion to wait for further concessions in through engrm of which in this community is the matter of rents, which absorb too percentige of income, and the fear o, unemployment all put brakes on buying power. The ybn:h of Washington enjoyed their best year in 1920, the culmina- tion of a series of fat years. Thrift, cattion and fear of unemployment mAay be given credit. Memey Plles Up. December 31, 1915, the Il"ius‘ banks of Washington held $12,865,000 in deposits, the national banks $40,- :a:fl.:o and the trust companies $32.- ‘oday ‘these figures are practically $24,279,000 for uflng banks, $85. 462, for national nks and 175, From t steady and material betterment after April 1. glrhlu it will be the change of 2d- minigtration; perhaps the date named will mark the completion of gigantic measures ki loward in- Creasing Ouf foreign le thfough large financing; perhaps it will be the working out of other prol o= tween fow and 1l fruition of od | bring use advantage, high rates do not seem It Tie’ peobable that th eze rates at this time reflect the operations of ich will be for months to come, es- for the present, as tax re. will suffer u‘z seriously this m blanks ere_ they have lore collected heavily. the o on re&-.mn: ::':, e London Ecunomist has this ought long ago to have written off our war debts owed to by month that surely demand that any -Mlgoe. meet our own u propose a composi- ened a® we are by the not weakened to that anywhere near it !fl wecurities have held their own, probably a llttle more on the aver- m without special activity in Warstug te Investors. Ernest B. Hergkfioe president of the Merchants® speaking of the Booeys fo-lheaperionced busers. sala: o len uyers, sald: “Investors in Washington should be nsible solicitors are offering to sell options to know the risk they purchases. be buy tg their banks and investi- has received many b of outside solicitors, who are on forelgn Any bank will will- w sive rmation which will en- investors run in_su People should not to from solicitors, but to ,o e foreign deperimont wf. th lepartment of o 1 ries dufi v the it fe d: st few 3 it “tndloate” uhseual” accvity on to feap ‘».nrun from Wash- who invest in %:n; and R A should be consulted befors any in- vestment in matters of this kind is made.” Washington Gas Report. The annual meeting of the Wash- ington Gas Light Company will be held tomorrow. Publication of an- nual_reports is made in advance for the benefit of shareholders. Howard S. Reeside, president, in his annual report to the stockholders will present facts and figures in de- tail of the operation of the company for the calendar year 1920. The total operating revenues for the year were $4,794,003.66, an in crease of $1,034,925.03 over the total of 1919. Total operating expenses were $4,000,867.99, an increase of $1,104,404.78. The total net revenue was $758,734, and after deducting taxes and other expenses a. gross corporate income of $603.519.83 was shown, a decrease of $45,614. Materials Were Costly. It cost the company $31,800 more to make its gas plus nearly $960,000 more for the materials entering into the manufacture of the company's uct; that is, coal, gas oil, purify- ng supplies and water. The president will make special comment on the perplexities of 1920, thro constantly mounting costs, and detail the movements before the Public Utilities Commission in seek- ing and obtaining higher prices for product. The company spent in 1920 $700,000 for construction and plant account and $500,000 for the purchase of the minority’ shares of the Georgetown Gas Company and the entire stock and bonded debt of the Rosslyn Gas Company. These capital’ expenditures were reimbursed by the authorization by the commission of $1.200,000 7% per cent five-year calluble notes, the greater part of w ‘h has been ab- sorbed by the public in notes of small denomination. ‘While the company is still restrict- €4 to its original capital of $2,600,000, t has a “fixed capital” account of $14,987,495. The ‘net operating income before dividends was $260,917.12. Sales of &a8, $4,772,369; by-products, $15,62: and miscellaneous’ revenue, $6,07 Total, $5,794,003.66. The following shows the assets and liabilities of the company (cents omitted): 1| strong, THE SUNDAY STAR, FEBRUARY 6, 1921—PART 1. RATE 9 PER CEN Second Month of 1921 Opens With Tightening of Credits. General Review. By the Amociated Press. NEW YORK, February 6.—The sec- fond month of the year in the finan- clal markets opened with a per- ceptible tightening of credits, a ne; ligible volume of business and cons quent impairment of quoted values throughout the list. Call or demand loans rose to 9 per cent, their highest figure in almost ithree months. The advance was pri- {marily due, according to well in- {formed authorities, to the steady re- tduction of local reserves by interior anks. There were concurrent ad- {vances in interest and rediscount rates by federal reserve banks. Shorts Depress Isaues. Shorts frequently availed them- selves of further adverse industrial conditions to depress popular issues. Lower prices for raw and refined products suggested a marked “re- adjustment” of estimates In the oil {trade. Unsatisfactory earnings, threats of labor troubles and interminable de- lay in the settlement of claims of transportation systems against the government militated against rail- way shares, apart from occasional upward spurts in the transcontinen- tal group, notably Hill issues. Increasing credit strain added to the heavy tone of various steel and equipment stocks. Companies con- trolling miscellaneous specialties sub- mitted financial statements which suffered in comparison with similar exhibits of the corresponding period last year. Good Tone in Investments. A confident tone pervaded the in- vestment market, bankers experienc- ing little difficulty in disposing of new capital offerings, these in the ag- gregate assuming impressive dimen- sions. Pre-war bond issues of the important railways also improved, but liberty and victory issues eased. Movements of forelgn exchange ‘were again obscured by divergent views arising from the proposed rep- arational terms imposed upon Ge: many. It is understood that plans for refunding French obligations in this country are gradually crystalliz- NEXCANTSSUES LEAD BOND LT NEW YORK, January 5.—The fea- ture in the bond market today was the heavy buying of Mexican issues. This followed the story from Mexico City that President Obregon asked one of the leading New York bankers to come to Mexico City and confer regarding the settlement of Mexico's foreign debt. The accum- ulation of Mexican bonds on advance knowledge that this' was going to happen has been noticed for some time past. The Mexican 58 were up over 2 points at 46% and the Mexi- mns:;hul a similar gain from 31% to s Liberty bonds eased off a trifle, but the dealings in them were of little Pennsylvania 6%s ocon- 1 at the issue price of %. The traction bonds were again very influenced by the confident prediction that the Governor of New York’s plan for relieving the traction situation 'will b6 put through the legislature at Albsny. Interborough Rapid Transit 5%s rose another ‘golnl. across 54. All the Brooklynh Rapid Transit issues were in demnand. Third Avenue 48, which have been vicked up steadily for some time past, reached 47, at which figure they were up 6 points in little more than a month. The position of these bords has come to be regarded as secure ®2| whatever happens in the fare ques- 500 | Light 6és around 90. BALTIMORE PRODUCE. Special Dispatch to The Star. BALTIMORE, Februaty 5—The egx market is very erratic and fluc- tuating here just at the moment and the outlook is an uncertain oroposi- tion, owing to the changing weather conditions. Recélpts today showed some increase, and the market is gasy at 58 cents & dosen, v‘l".:n some goting as Jow as cents strictly fresh nearby stock. mr;. lls no ove-;‘-mpl’. the de- ‘mand ng good, it more easi satisfied. i ‘The general live poultry market rules n.mi with an advance in prices for fat ofd hens, which bring 36 to ooy chickeas. which sel ot chickens, which sell af 38 to 40 cents, both of which afe in good and constant demand. Large nfl:n: '2M:lr:n- .‘ra quoted ndt 37 and cents, but rough, poor and staggy will bring only 30 and 32 cen! Small old hens are slow sale at 3 and 36 cents. White Leghorns wil from 34 to 36 cents. Old roosters are in lighter supply, at 23 and 23 cents. Ducks are being held now for their e and the market is firm at 30 to 40 cents a pound under light re- ceipts. Geese receipts are runni ample and the market is easy at to 33 cents. Turkey receipts have been very light the past week and under a good dema; ‘The market s firm, with 65 cents top price for ¢holce young hens and 52 and 53 cents for young gobblers, . Poor etool breasts and old toms sell from 40 to 50 cents. ‘The dressed-poultry market contin- ues to advance on capons, ducks and turkeys, under light receipts of choice to fancy stock, and a good demand for his sort, but the average shipments of dressed chickens are usually a mix- ture of old and young chickens, and for this reason will not bring any more than live chickens. Capons will bring from 48 when of large to medium size, but sm: slips are slow sale at 42 cents. Fair to good and choice to fancy turkeys sell 53 to 58 cents and ducks are quoted at 38 to 42 cents. Geese uot much in demand at 30 to 35 cents. The demand for white potatoes is far from equal to supply offering, and prices are therefore in buyers’ favor. Ordinary McCormicks are hard to move at any price. The top price is $1.60 per 100 gounds and as low as 50 cents for No. 2 stock. Market tion. Rallway bonds were o trifle firmer. but developed little feature. There was active trading in the Du ne The market in general was getting ready for the flood of mew issues which are to be yut out next week. The total of these is estimated at botween $106,- 000,000 and $125,000,000. CANADA WHEAT TOTAL, 1920, SHOWS BIG GAIN Computed 70,000,000 Bushels Greater Than in 1919—Oats Also Largely Increased. OTTAWA, February 6—The total production of wheat in Canada d istics di . Th year's yield was 263,129,300 bushels, produced from 18,232,375 acres of land, and that of 1919 was 193,260,400 bushels, produced from 19,125,968 The average yield per acre in- creased from 10 bushels in 1919 to 14% bushels in 1920, with an aversge of 15% bushels for the last five ye: The production of oats amounte 530,709,700 bushels, as compared with 394,387,000 bushels in 1919, with an average yield per acre of 33% bushels last year, as compared with 26% in 19191. and 32 bushels for five years past. NEW YORK BOND LIST. (GENERAL.) NBW YORK, February 8. 2s. registered ipon 38, coupon American Bmelting American Tel. and Tel. con. Gs to 50 cents a pound | Chi Chi 2 ific Ry. rel ('mfi:;v and Northwestern gen. 5s. gulli Copper, col City of Parls 0s. Colorado and 8 Deaver and Rio Grande Dominion of Ct 15t 4igs. E 3 firm for sweets and yams, with de- | L mand now better for the former at $3 to $5 per barrel, while the latter is Eunlfld at $4 and $4.50. No 2 stock and culls of both sell at $2 and $2.50. Buyers are now turning to early southern vegetables, hence seasonable nearby garden truck is neglected and the tendency of the market ia down- ward on all such lines. On some days the demand for apples is fair, only to be followed on others by extreme quiteness, and the general market rules easy under ample receipts. NEW YORK DRY GOODS. NEW YORK, February 5—Cotton goods continued quiet, cloths and sheetings showing a soft- ening tendency. Yarns were qulet. Minsouri, Kansas Missourl Pacific gen. 4s... Montana Power ... New York Central deb, Notfolk and Western con; N nd Te Pennsylvania Consolidated Fransyirania gen. ing gen. 4 Repobile ron Btavourd Alr Beal e Bouthern Bell Telephone Southern Paclfic c v. Sa. with print | Te Knit goods trading was below nor- | U. mal. slow progress being made in securing business on which mills may get started. Burlaps were qulef. Wool goods showed more steadiness. Prices _are: Print cloths, 38-inch, 64x848, 614 64x608, 6: 3814 inch, 64x 8% : brown sheetings, soufhern standards, 1 2¢ tickings, 8-02., 20; den- jma, 8.90: ; peints, - a 17 ~Ll lhlla dnfi — Up to only a few years ago Austrian women were not even permitted to belong to a political club or similar organisstion, and, of sourss, had no votes. Ay women in the national essembly. Corrected to the Close of Business February 5, Saturday, at the Office of The Evening Star. ending L Net. [[Migh. Low. DT e e Lo Closs. G| st 3 3005 = Admme Bxpress..... % 304 30 — 34| 0 40K 19% 10 = AdvRumley. . 184 18 18 — 3|3 - 174 52 6 Advance Rpt 513 50 50 — iz 147§ 8 304 4 Ajax Rubber. .81 344 364+1 l 584 52 5534 — Allted Chemical.... 503§ 47 48 — mi' o5 0 93% 7 Allled Chemicalpt. %% 92 95+ 141200 175 34 4 Allls-Chalmers..... 35% 333 3415 — 513§ 8134 7 Alis-Chalmerspf.. 80 79 79 —2 .18 15 : 65%5 8 i o lGaioat:. 5536 (Bixg 55— il 210 49% 8 AmBectSugar..... 46 41} 425 — 435 &2 31 1% 10 Am Bosch Magneto. 50% 523 52¢+4 (145 136 3% = cooee. B2 2834 301+ 2151084 97 8 K T s 8615 853 833 — Ig| 174 10 127% 120 12 AmCar & Fdy. 12834 120 1225 — 13486 63 2314 19% — Am Cotton Oil. 2y 2% 214 — 1V | 55&3 4;1/, 6% 80 Am Druggist Syn % 6% 64— 55 1933 i 133 120 8 Am Express... 1273 12655 126} — 34| 25 i l:,. 8{ — AmHide & Lea 0 8 10 + %l léh 2 53% 403 7 AmHide&Lpf.... 44} 4035 4414 :1 = 65;; 45 426 4 AmTce...... .8 8 8 ] 40% 38% — AmInternational.. 47% 42 #4l5— 26/5“‘ < 4 ) 49 3 AmLinseed........ 02}4 563 574 — 4% ]5%, 1:? 81X 6 AmLocomotive.... 8§ 8U4 B8 — 1%;33:, 35;; 7% — Am Safety Razor, 85 T4 8- %17 ) 8% — Am Ship & Com K 104 10— %S L. 35 4 Am Smelting.. 3% 9% 4@ 4+ 1% 3 2 - 75% 7 Am Smelting pf. 823 8% 8+ Lg o L 63 6 AmSmeltingsecA. 667 663 66+ 1 | 207/2 ¥, 29% 3 Am Steel Foundry.. 303§ 29% 203 — 15| a3y 38y 8% 7 AmSugar..... oy sug 8 — x|l (R 100 . 7 AmSugarpf. 10736 107 107 = i g 73% 10 AmSumatra....... 8U{ 6% T84+ 3K e o) 95% 8 Am Tel& Tel 0956 9% — 41 3" g9 114 12 Am Tobacco. ub% 18 — Belie o 110 12 Am Tobacco (B).... 117 114} 1153 — 1gll"c g 87 6 AmTobaccopf(n). 94 903 93 a1y 4934 5% 7 . 6% 6% 66— 3|gt g 8% — AmZinc... | 6 45 26% — Am Zinopt % 33% — Anaconda. s 24 4 Asso Dry Good 8% 94 6 AssoOll... 744 0% 79% 6 Atchison. . 8 T4 81% — 144l 9510 ggr0 75% 5 Atchison pf % 1Y% BE— % g3 185 84 7 Atlantic Cst Line. 85 8 85 | 9% 16% 61% 10 Atlantic Gulf.. 6414 — 5%”02% 9 38% 4 Atlantic Gulf pf. a2 = ll/si 88y 8l 84 7 Baldwin Loco. 8 — 18350 3 325 — Balto & Ohio....... 35 320§ 33)5— 1%;! 1274 104 49% 4 Balto & Ohlopf S04 — Y5l 4 gy 24 — Beth Motors. 3% — %) 2815 26 50% b5 BethSteel..... 524 — 24| 16 13 993 8 Beth Steel 8% Pf. 10454 — 36 545 47 53% 5 DethSteel (B). 55% — 1%|| 193, 13y 4% — Booth Fisheries. 4% — %Il 48y 46 10% — BkiynRapid Tran.. 144 12% 14 + D4l g0 g3 6% — 14 g 7 Ul 1% 66 g 9%+ 94| 1o 1234 4% — Butte Copper& 5% 44 5 413 39% 103§ — Butte & Superfor... 144 13 13%— 3l 17 9 13% — Caddo Central. 16 13% 15 — 24| 30 3384 593 6 Calif Packing. 624 60% 603 — 2 |l 198 1635 25 — Calif Petrol. 3% 32% BU— 5 sg 683 - 7 Calit Petrol pf. s BB 353 82 114% 10 Canadian Pacific... 117% 1143 1154 — 34!l 3102 53¢ 35% — CentralLeather.... 41 39 40 —1 |loge 150 21 4 Cerrode Pasco.. 303 2% B — Bhl 3¢ 10% 3434 4 Certain-teed.. 39 — B4l 74 64 10 ChandlerMotors... 744 63 70} — 2)4' 6276 57 51% 4 Ches&Ohlo........ 5044 57% 58% — ly'i 32 283 8 — ChiGtWestern..... 8% 8 84— 3l 14¢ 12 1T — ChiGtWesternpf.. 19 17% 17 —2 |lo5" g0 2 - % 2 —134le 54 a4 - a1 4% -3 g 105% 6% 5 Chi&Northwn..... 6844 67 614 — | 514 a4y 108 7 Chis&Northwnpf.. 100 108 108 —2 |l 350 341¢ 6 8 ChiPneuTool...... 6 614 60 — 3lign; g 25% — ChiRI&Pacifie.... 2% 2% 263 — % 1g¢ 1136 613 6 ChiRI&P 6%Dpf. 6136 613 — Z%iflggis 80 n 7 2 12— U4l sgg asyg 9 — 1% 12% — %l 5130 5214 195 — 25 24— Kllapg o 51 8 Cluett Peabody. 51 5B6— %l s 993¢ 19% — Coca-Cola..." 20 208 — 2% 93¢ 18 21 . 3 ColoFuel&Iron... 2% *21 21 — 134|737 o3¢ 1 — Colo & Southern.... 32 30)5 30%% — 134|| gue 59 56% 5 Columbia Gas. 60% — %l 43 1% 7% 1 ColumblaGraph.... 113 105 105~ 3ll o oppg BY 4 CompTabulator.... 4 I L= ¥l g 52 7 ConsolCigar... 88 8 +1 3" gy 7% 7 ConsolGas.... n 9%+ %l g 3634 5 — ConsInterCallahan 6 5 56— 3l 3 19 3 ConsolTextlle..... 20% 100 194—1 || g0 o3¢ 50% 7 ContCan.... 631> G620 =2 % 6% 7 26— Vil ogy oy 4 0956 — 2961, 209 17 7 o - e 4y B el s 8 93 — 3%/ gpog 2m4g e 7 2 —1 g g 24 — 2234 9 8 G Y 84+ Hig g5 9% 9 10034 — Y| 914 18% L b 77T % - ~ flleo s 8 = s Wlhens 152y :g“ & 18% — %'1;2 lgn &y 62 — %l 13 = By — Ml 19% — 19% = Kl o gy el B -1 57 104 48 8 FamousPlayers.... 584 554 51X 8 3 76 8 FamousPlayerspf. 80% 79 80 —1% % 4 2 7 FeaMines&Bpf... 0% 205 Mf—2 ||, 70 19 FisherBody....... 8K 8 8 —24l,,0 0. 1134 — Fisk Rubber.... 15% 14 14% 37 269 13% — Freeport Texas..... 17% 15% 17 —1 my' ]3‘ 23, — GastonWilims..... 4% 3% 3% — %,12‘ 9% 49 4 GenAmTankCorp. 50 & 50 —3 Ji o 0% — % 5114 80 5 12% 7% 4 3 1;% : 568 14 1 Gen Motors. lg;% 1?22 64 6 Gen Mot 6%deb..... 6815 67} 67— 1 6 6% 7 Gen Mot 7% deb. 80 . W% 9% — % 3‘"‘ g:% 35% 6 Goodrich (BF). 4 385 35— 1 | 20 — Granby Consol.. B 2% oo — 106 94k T4% 7 GreatNorthernpf.. 8% Y 764 — 214|707 1004 28% 4 GreatNorthnOre.. 29% 285 29 i 9]%/ 20 2 Greene Cananea. 28 B B+ K 12:4 1915 12%4 2 Guantanamo Sug. 13% 134 13%— % 55/(, 5144 8§ — GuitMob&Nor.... 9% o 9%+ ¥/ 184 14 21 — GuifMob&Npf.... 26 26 2 -+1 |24 20%% 28} — Quif StatesSteel... 35) 3¢ 34 — 1y 1% 64 55)4 4 Haskell & Barker.. 59 57 57 — 214l 513 414 50 — Homestake Mining. 50 50 50 725% 623 6 — HoustonOll. T 6814 70 — 414([103% 101 11 — Hupp Motor. 13% 127 1345 — 34]{35% 33 18 3 HydraulicSteel.... 18% 18 184 — 3|/ 84% 8044 8 7 IlnoisCentral 075 *wl 89 — 15/12 107 63 60 Indiahoma. 6% 6% 64 5015 483 31 — Inspiration........ 35} 34y 35% 4 3|41 32% 3% — Interboro Con. 5% 45 5%+ 4| 424 344 10% — Interboro Con pf 15% 1214 15% + 2| 8% 64 493 5 Inter AgriChmopf.. 513 49% 50 — Y| 8% 7% 9314 7 Inter Harvester.... 964 9043 95 — 1 | 233 19% 124 — InterMarine.....a. 15 ‘1335 144 — 1%ji72 49% 49% 6 InterMarinepf.... 543§ 483 51— 33| 1134 9% 33 — InterMotorTruck.. 3414 331§ 34144 34/( 1936 17 72 7 InterMTrkistpf.. 75 74 44— 1%[29 25 67% 7 InterMTrk3ndpf. 62 - 60} 60} — 24 7036 67 13% — Inter Nickel. 15 154 — 34(|88% 84 43% — Inter Paper. . 6234 55y BTG — 3% 45% 4% 71 6 InterPaper(sta)... 74% 73 73 — ulll1 9% 21% — Invincible Ofl. B - %19 15 2014 — Iron Product: 3756 + 4] 40145 35% 4 — IslandOil. 05— | 1% 144 4 — JewelTea 76— gl 4T 3 814 — Jewel Tea pf. 2 PR 14 2 Jones Bros Tea. 8§ 20 24~-3 (40 30 8l.. 1B — EshOCityBou...... 20 18% 1015 — 134{11314 10035 aie 453§ 4535 - @ Div. ‘Woek ending Fobruary Rate. High. Low. 4 Kelly-Springfield.. 48% *43l¢ 2 Kennecott Copper.. 203 — Keystone Tire..... 14§ 6 Lackawanna Steel. 54 — LacledeGas... 46 2 Loe Rubber..... 20% 314 Lehigh Valley. 5234 2 Loews Inc. 16% — Loft Inc. . V179 — Loose Wile .42 3 12 Lorillard (P 136 136 7 Louis & Nash 10135 99% — Mallinson... 17% 16 10 Manati Sugar. 8 9% L 543 50 6 Marlin-Rock. . 100 9¢ 2 Martin-Parry. 163 16 — Maxwoll 5% 5 — Maxwell 1at. 8% 8 8 May Dept Stores... 733% 70% 12 Mexican Pete. 2 Miami Copper. 160 Middle States. 2 Midvale Steel. — Minn &StL (n). 12 1 7 MStP&SSM..... 72 704 — MoKan& Tex...... & 2% — MoKan&Tpf..... 45 &4 — Mo Pacific. .. 9% 18 — Mo Pacific pt 41 384 — Montgry Ward 163 14% 2 Montana Power.... 53%§ 58 4 Mullins Body . 254 U4 34 Natl Acme......... 24} 2 7 Natl Biscuit... 106 106 — Natl Conduit.. 9 4 6 Natl Enameling. 6215 60 6 Natl Lead. 2 = Natl R R Mex 2d 6% 4% .1 Nevada Copper. 115 104 8 N O Tex & Mex 4% 69%% 10 N Y Air Brake 5 NY Central. 2§ N Y Dock. . — N Y New Haven. 1 NYOntarlo& W. 17% 163 7 Norfolk & Westrn.. 100 98 7 Northern Pacific 88 83% 5 Nova Scotia Steel... 35 35 1 Nunnally&Co....., 11 10% 40 OklahomaProd.... 3% 34 2 Orpheum Circuit 204 26% — OtisSteel..... 14 3 Owens Bottle. . 51y 51 — Pacific Develop..... 16 14 5 PacificGas& Elec.. 473 46% — PacificOil.... 6 Pan Am Petrol.. % 1K 6 Pan Am Petrol (B). 093} 66 — Parrish & Bing. 145 143 3 Pennsylvania. 41% "Ny — Penn Seabd Steel 4 12 — PeoplesGas... 38 36 — Pere Marquette. 18 16K 2 Pere Marq priorpf. 565 56)4 3 PhiladelphiaCo.... 334 a3 — Phillips Petroleum. 28 263§ — Plerce Arrow. . 2% AU — PlerceOil... o AL 104 8 Plerce Oilpf..mee 7683 753 ° 5 PittsCoal.....cea.e 60 5734 — Pitts & West V. 1 Pond Creek Coal. 13% 134 8 Pressed SteelCar... 95 90 4 PublicServiceNJ.. 62 55 8 8 4 8 84X 1 13% 4 0 2 9 2 5214 = 325 — Replogle Steel 32 .= Rep Motor Trk..... 2% 203 6 Rep Iron& ... 673§ 6355 520 Royal Dutohi .. 62 5 1 8t Joseph Lesd 1136 — BtL&SanFran. 2014 ~ StL&SanFranpt. 31 294 — StLSouthwestrn... 263§ 233§ StLSouthwn pf.... 3734 36l Santa Cecilia Sug.. 4% 3% Saxon Motors...... 4% 43 Seaboard Alr Line 6% 6% Sears Roebuck. . 89 g3 Seneca Copper. . 18 Shattuck ArisCop.. 6 5% Shell Trans & Trd.. 43} 38)¢ 224 Sloss-ShefeM...... 51 5 95 9% 18% 2134 57 Stand OfINJ pf.... Stewart Warner. Stromberg Carb Studebaker... Submarine Boat. Superior Oil.. lelowlavmuveuoaal laBal X1 1ol 1] Superior Steel Texas Pac C &Oll.. 355 31 Third Avenue...... 19% 16 2350 Times Sq Auto. 1% 10 6 Tobacco Products.. 54 5134 — Transcontinental... 1045 9 5 Transue & Willms.. 42 405 8 Union Bag & Papr.. 7% 73 — Union 0il .« BY ux; 10 Union Pacifie. 120 118 4 Union Pacific pr.... 662" 66 4 United Alloy St1. 33% 3% 8 United Drug. . 8 United Fruit. . — United Ry Invst.... — United RyInvpr... 21%§ 213§ 3 United Retail Strs. 563 52% — USCastIronPipe.. 13% 13 — USFood Prod..... 26§ 2215 8 US1Ind Alcohol.... 69% 67 — US Realty...... 8% 4 8 USRubber........ 0% 67} 8 U S Rubber 1st pf.. 103% 10235 2 U S Smelt Refin. 5 UsSsteel.... 7 US Steel pf... 6 Utah Copper. 4 Vanadium Corp. % 4 Va-CarolinaChem.. 38 36§ 36} + 35 1 Vivaudou. - TB§ 6% els— 14 — Wabash. 3% — Wabash p! — WellsFargoExp... 63} 613§ 613§ — 1% — Western Maryland. 1034 93 93 — 1)§ — WepternMa sapt.. 18 17 175~ 13 < WesternPacifie.c.. 26 35 25 —1 6 WesternPuepf.... 6 67 @ -2 7 Western Union..... 8 83§ 8 — ¥ 4 Westinghouse Elec. 45 4 4% — ¥ — Wheel& LakeErfe. 9% 9% 9§ — ¥ — Wheel &L Eriepf.. 164 15 158 ~ 13§ 4 White Motor.. M- % — White Oil..... 5 - ¥ 5 Wilson&Co....... 44 £ 4 ~ Wiilys Overland. 8 7 T~ % — Willysovinapt.... 38 335 38 — 54 8 Woolworth.,..s... 113}§ 111 113 134 ‘& Matthington Pumd. 8134 N4 @ =3 931, Net. Close. Chge. 13— 3% 7 -3 13 -5 w - 1% 16— 13 9% — 543 + 1% o — X 16 —1 M- % 8%+ % 71— 1% 1561 — 13 18% — 3 13% — 3 N%— X% n - % 704 2% 4% 18 - 1% 3836 — 13 1636 — 35 8 -1 UK — % B -2 106 -1 i 60 ! 113§ — 70 -4 124 203 — 136 205 — 134 254 —~ 1% s — 3 B+ % 6 — 5 873 — 24 18— 3% 6 4056 — 334 B -1 50 - 134 % —4 9636 — 23 1936 —234 2 -1 57 -3 154 5 108% 3156 — 135 37 56% — 134 85— 3% n -1k 3 8% — 1 a5 — 13 2% + 2 325 — 21 9 +3 I+ % 52 — 54 % — 1 05+ % i+ % 2 -1 18% — 14 66 ~ % 2%+ % 10136 — 134 1063 — 13 105+ 3§ 2% — 5% o — 13 T % -2 1 — 2% a7 -3 1 33 — 135 81% — 1% 110 8535 + 13 36 — 14 69 103 3% — 3| ing. FINANCIAL IDENAND LOANS UP, |Week’s Price Range New York Stock Exchange SIEEL KEEPS DULL, | UNDERTONE IS EASY 4 January Pig Iron Production | Drops 300,000 Tons.—Oth- er Metals Reviewed. NEW YORK, February teel continues dull, and the very limited volume of new business gives prices an easy undertone. While quc generally remain unchanged, some of the independent mills have shown a disposition to sl in order *lto effect sales. b6 finished produc casionally some have been placed. of raw material and the probability of labor readjustments discourage ac- tivity at present levels. In pig iron the falling off of 300,000 tons in January production indicates the lack of business, and the market is very easy, with a sagging tendency Copper Quiet All Week. Copper has been quiet all week. but negotiations are said to be under way by which 400,000,000 pounds, or about two-thirds of the amount now on hand, May be temporarily with- drawn from the general available supply by the Copper Export Asso- ciation, presumably as an exportable surplus. Plans for financing this ceal are being discussed with a syndicate of bankers, but without definite state- ment as details. Meantime market is steady in absence of selling pressure, with larger producers main- taining their quotations and claim- ing to be booking more business at the end of the week. January exports sales are estimated at 40,000,000 pounds and domestic trade approxi- mately 80,000,000 Review of Other Metals. Tin remains easy, with prices off Final bids were Sales, 9,600 bar- fected a slight rally. S to 9 points lower. rels. Tenders, 100 barrels. Primg crude, 5.75 asked: prime summersel low, spot, 7.50a8.50; March, 7.84;%hy, nd July, 866, all bid. Serared by First Deed of Trust co Real Prevailing interest and WE SPECIALIZE IN PROPERTY MANAGEME Our service as rendered is—s= Cgpable and efficient ad- o= ministration of every de- &= tail in connection ~with 7= owner's holdins. = Real Service Pa ys and Co: Nothing Additional B. F. SAUL CO, Franklin V. Av “' —has ever established a re for safety that can comj with that of First Mortgage Notes i We loan on good impro Washington real estate, have on hand notes of pre $250.00 Up to $5,000.08 i bearing 7% interest. { = CHAS. D. SAGER 923 Fifteenth St. N.W. — Loan Department Main 3§ = COPPERS about 3 cents under weakness in Lon- don and Straits and possible Dutch liguidation. shows a deelining tendency, reflecting stagnant trade conditions and weakness in London. Dealers’ quotations are now close to those of the big producers. Zinc continues dull, with holders not ?res!ing sales and production curtailment increasing. Antimony featureless and wun- changed, stocks being ample for the light demand. LIVE STOCK MARKETS. BALTIMORE, Md., February 5 (Spe- cial).—The general live cattle market is quiet, with only the top grades coming in for any attention, and all common to ordinary stock is hard to move and of uncertain value. Prices today at Light street wharf: Beef cattle—First quality, per pound, 7 to 8; medium, 5 to 6% ; bulls, as to ty, per pound, 4 to 6; cows, as to quality, per pound, 3 to 6; thin steers, per pound, 3 to 5; oxen, as to quality, per pound, 4 to 6; milk cows, choice to fancy, per head, '60.00 to 80.01 mon to fair, per head, 30.00 to Calves—Veal, choics, per poun 15; ordinary to medium, per pound, 10 to 12; heavy, smooth, fat, per head, 20.00 to 25.00; rough, per head, 15.00 to ltgg: common, thin, per head, 8.00 to 1 . Sheep—No. 1, per pound, 5 to 6; old bucks, per pound, 4 to 5; common, per pound, 2. Lambs—Choice, per pound, 9 to 11; fair to good, per pound, 8 to 10; com- mon, thin, per pound, 5 to 6. traight, per pound, 10 to 10 sows, as to quality, per pound, 8 to stags and boars, per pound, 6 to 7; live , as to size and quality, per pound, 10 to 13. CHICAGO, February 5 (United States bureau of markets).—Cattle—Receipts, 1,000 head; compared with week ago, beef steers generally 25 lower; spots off more; she stock, 25 to 50 lower; bulis, 50 lower; calves, 1.00 to 1. lower ; stockers and feeders, 25 to 50 lower. Receipts, 8,000 head; 220 pounds up, 9.30 to 9.60; pigs steady ; desirable 100 to 110 pound ipts, 4,000 head; com- ‘with week ago, handy weight 25 to 50 lower; weighter kind, 50 to 1.35 lower; yeartin, ; matured lower ; mat sheep, feeder lambs, 75 to 1.00 Calves—Receipts, 280 head; no trad- Sheep and lambs— Receipts, 3,025 head; no t!‘(:ing. R i Hogs—Recei ,250 head: steady af 11.25 for |(¢mp::modinm weights ; heavy hogs, 10.50; roughs, 8.75. —_— N. Y. FEDERAL RESERVE BANK. NEW YORK, February 5.—The statement of condition of the Federal Reserve Bank of New York at the close of business February 4 show: Total gold reserves, $395,854,687. ‘Total reserves, §550,353,315. Bills discounted secured by govern- ment ;;;r”o For members, 34,7 X e members, $520,290,- 3 143. Bills bought in open market, $3.- ,897,403. Total earning assets, $1,015,430,799. TUncolleoted items and other deduc- tions from gross deposits, $132,762,- 676. Due to members—Reserve account, $670,954,094. Total gross deposits, $781,929,283. Federal reserve mnotes in actual circulation, $796,491,830. Ratio of total reserves to deposit and_federal reserve note liabilities combined, 38.1 per cent. —_—— COTTONSEED OIL SLUMPS. NEW YOtth, reviuary o.—-cCotton seed oil deolined 14 to 18 points under scattered liquidation on the break in lard and stop-loss selling. Toward the close, however, room covering ef- Savi opened —such 3% Interest on Savings. 4% on Special Accounts. $1.00 Citizens 1338 New York Avenus N.W. The Only Habit Tha Won't Get You--Is the - SAVING HABIT! —Education of Children —Taxes to Be Met —Rainy Day Funds —Depreciation on Motor Car —Provision in Case of Sickness —Building Fund, Ete. Bank . . “Bank of the People” .. . .. ] COMIN" BACK2 Communicate with me for re- liable information regarding § STORAGE CHARGES, - STATE AND COUNTY TAXES, ETC. relative to Certificates you own &4 State BRAND and DATE OF NSPECTION of your papers. ill supply the information rromptly without cost or ob- igation to you. SAMUEL FREEDMAN § —BROKER— 415 Mercontile Libeary Bldg. Ctncinpati, Ohis. For those who wish to invesd from $100 to $500. Companges backed by representative busis ness men. $10000 of the sold portion of a $50,000 issu is for sale. Terms, one-fous down, balance monthly pa: ments. For full informat Address Box 132-H, Star Offi ngs accounts may be for special purposes as Opens the Account Sabings In the Heart of the Business District.