Evening Star Newspaper, February 9, 1921, Page 22

IGEST OF THE - FINANCIAL. NEW YORK STOCK EXCHANGE. Received by Private Wire Alaska Gold. Alaska Juno INDUSTRIAL FIELD Reserve Bank of | Philadelphia on Business Topics. 2 BY L A. FLEMING. ‘The Federal Reserve Bank of Phila- s, in the very center of one of greatest of America’s industrial has made a thorough and exhaustive canvass of the situation, obtaining the of manufacturers, wholesalers, lers and bankers, giving a digest ‘business opinion that is authentio nd covering the possibilities and obabilities of the near future in ng manner. A wmeries of questions was ad- d to business interests. Re- ‘have been received and sum- ) ".llbuyh:g on the part of the pub- { restrained by expectation of prices, or by lack of funds?’ hundred and ninety-seven re- accredited the slowness of buy- to the expectation of lower prices, 19 to lack of funds. “Are further reductions in retail priges yet to come”" Yes, 558; no, 32. “Will wholesale prices go still lower?" Yes, 444; mno. 135. “Will manufacturers’ prices reach Jower levels?™ Yes, 417; no, 149. any considerable quantity of goods being held for speculation in ,hrllne" Yes, 44; no, 542 “Is it absolutely necessary to elim- e cancellations and establish a er code of business ethics?" Yes, no, 28. “Should industries generally take organized steps to prevent a recur- of the cancellation e Yes, no, 71 In Matter of Unemployment. *Is there any unemployment in your 7" To this query ail answered y in the afmrmative, differen as follows: Large amount, 248; amount, 236; none, 53. "Are heavy expenditures necessary during the year to rehahx itate worn- qpluu. Yes, 62; no, 482. “Are bank credit conditions becom- easier” Yes. 255: no, 191. order to provide a market for products is it necessary to pro- means for encouraging and main- ng export trade Yes. H { 97 “Should Europe's high-grade securi- be accepted in payment i no, 35. 'garding the business situation ur lines, are you very optimis- Yes, 78; fairly optimistic, 350; cided, 89; slizhtly pessimistic, 61 very pessimistic, 14. Bankers® Views. s addition to sounding the bu: interests generally, (ne vank Y in the third federal reserve {_x ict were also qustioned. with as follow Do you think that easier mone credit will obtain within _th six montha?" Yes, 84; no, 24. I8 the volume of ‘frozen credit you still high?" Yes, 37; no, 65 | “Do’ you think that the peak of | lvy borrowing has been reached 7" Yes, §7; no, 20. you note an increas T of checks and drafts which to be protested?” Ye: ias,| o [ nex In your judgment has the ccntroi dit exercised by the banks dur- | the past six months been un- T Yes, 1 've you noted an lncrelu in the ©of the trade acceptances during e past year™ Yes, much _unempi: district™ Yes, I This series of questions and an-! while by no meaus developing mity of opinion, is one of the ‘business digests that have been public. It ind cates plainiy thit| mew code of ethics is desired fn; something that will stop| [ can tion | ations have resulted in very! losses to wholesalers, jobbers manufacture. witn the latter prohably the bulk of the loss probable that cancellations hav been as numerous as they were | 1920. The svecdy evolution from _period of “can’t get goods from | ‘wholesaler, jobber-or manufac- " Lo the frii docelopment of flent strike of the buying pul ‘with nothing but a mnpor.r.l -overall interval. was so shor retailers found thems=lves wit ded shelves and iarge buying or- booked. which, as a matter of l-protection, they naturally can- i i Elected Bask Directors. o flnu B. Dunkrm _of the M-t-or Life Insuran,s Company and John | [C.” W. Beall. attorney. have been: elected director= of the East Wash- | n Savings Bank, filling vacsa- caused by the deaths of Dr Pyles and Dr. On the Loeal Market. Light sales of Washington per cent noles )% on today's session of the lncal ge. A feature of the t the sale of twe: [oF Corumbia Graphophone preferred At 60, 35 points below its marketing a Capftal Traction shares were a easier at 84%. “Security Savings and Commercial Bank ehares firm at 200 the bond list Railway 4s were ac- ‘ but weak. selling at 57% to 57%, or_nearly 2 points off from the high of few weeks ago. . Helpfal Opinion. Joseph E. Otis. who succeeded C. A. Dawes as president of the Central Trust Company of Chicago, m now on we will every direction of business improve- ment.” Likerty Bonds Practically Cash. It is claimed that no action will lie im an attempt to recover stolen liberty {coupcn) bonds through attachment o in the hands of an Innocent pur- 1o an attempt to recover part of a block of stolen bonds, officers of the law seized a number of stolen liberty bonds and turned them over to the rightful owner. Suit was brought by the pur- ghaser and Judge Knox of the federal court of Ohio ordered the bonds re- tucued 10 the innocent purchaser. It is claimed that brokers may buy unregistered bLonds without fear of loss, aliiough common xense might suggest some inquirles. Promotions Made. Edward L. Hillyer. for years secre- tary of the Union Trust Company, has ‘been made vice president and second assistant trust officer of the saue cor- poration. He was succeeded as secre- tary by Irving Zirple, who has been assistant secretary of the trust com- pany for some time. FINANCIAL WRITER DIES. BALTIMORE, Md., February 9 (Spe- elal).—Charles F. Daley, financial edi- tor of the Baltimore Sun for the past thirty-two years, died today at the Chwrch Home and Infirmary of can- ©er of the liver. Mr. Daley was born in Annapolis sixty-one years ago. He ;nblhhed the Port Tobacco Times at Tobacco, Md., for a number of ren. LONDON SILVER ACTION. LONDON, February 9.—The Gazetts a proclamation raising the embargo on stiver bullien, but h .‘Mm}l‘:. .t e embargo oa foreign | i ntl 1'aper Richard | i | Keystone Tire. cere reporied ai | Lehigh Valley. ears before going to Baltimore. He s survived by a widow and four Allted Chemical Allied Chemical pf sa\6 Allje Chalmers. Chalmers Am Agr Chem. Am Beet Sugar. Am Bosch. Am Brake Shoe. .. 4 Am Brake Shoe pf % Am Can Am Can pf.. Am Car & Fdy. Am Cotton Oil Am Druggists. Am Hide & Lea. Am Hide & Lea pf. u% Am Ice. Am Ice pt Am International. Am Linseed. Am Locomotive. Am Safety Razor.. Am Ship & Com... Am Smelting. Am Smelting pf. Am Steel Fdy. Am Sugar Am Sugar pf. Am Sumatra...... Am Tel & Teleg. .. Am Tobacco. Am Tobacco (B) Am Tobacco pf (n) 92 Am Woolen Am Woolen pf. Am Writing Pr pf. \m Zinc & Lead. .. Am Zinc & Ld pf Anaconda. . 9% Asso Dry G 1st pf. Asso Ol Atchison. ... Atlantic Gulf. Baldwin Loco. Balto & Ohio. Barnesdall (B). Beth Motors. Booth Fisheries. .. Bklyn Rapid Trn. . Burns Bros. Butte & Superior.. 1% Butterick. Caddo Oil. 4 California Petrol.. 35% Calumet & Ariz Canadian Pacific. Central Leather. . Central Leath pt Cerro de Chandl Ches & Ohlo. . Chi Great Westn Chi Great W pf. ChiMil & StP... Chi Mil & St Ppt. Chi & Northwn Chi R 1 & Pacific. ChiRI&P6%pf.. ChiR1& P 1% M c ChiStPM&O. Chile Copper. 1 “olo & Southn 1st. Col Gas. ol Graphophone. . Cons Cigar. ‘ons Gasof NY. Cons Int] Cal Min. . “ons Textile. Cont Candy. . | U S Steel pt THE EVENING STAR, WASHINGTON, D. C, TODAY’S BOND PRICES. Direct to The Star Office. High. Low, Close. Sloss-Sheffield. . 51 61 51 Southern Pacific.. 80% 80% Southern Pacrgts. 18% 19% Southern Railway. E? 2% Southern Ry pf.... §9 69 Stand OIINJ pf... 109 109 Stromberg Carb. 87% 8% Studebaker. 7% B8% Submarine Boat. 8%% 8% Superior Ofl. . 0% 10% Tenn Copper. 8% 8% Texas Company... 4% 3% Texas & Pacific... 241 24% Texas& PC&Oll. 21% 8% Third Avenue. ... xm 18% Tide Water Oil. 165' Times Sq Auto Sup lo% Tobacco Prod..... 5% 6% TransContlOil... 8% 9% Twin City R Tran. 3% 39% Transue & Wilms/ 41% 44 Union Oil. . . 2% 2% Union Pacific, - 10% 120% United Drug. . 9% 99%% United Fruit <1017 108% United Retail Strs. 55% b6% USCastIronpf... 45 U S Food Prod. 23% =% U'S Indus Alcohol. 63% USRealty........ 8 US Rubber....... 6% TS Smelt & Ref... 33% U S Steel. Utah Copper. Vanadium Corp... Va-Car Chem. Vivadou Wabash .8 Wabash pf A .21y Western Md. 10% Western Md 2d.... 18% Westhouse E & M. 45 Wheeling &LE... 9% White Oil......... 4% ilivs-Overland.. 7% vs-Ovid pf.... 34% Wisconsin Central. 34% 4% Woolworth....... 112 112% 2% Worthington Pmp. & 60 9% High. Low. Last. CallMoney..... 7 1 17 HOURLY SALES OF STOCKS, ..... 129000 12m....... 21000 1pm.....325000 2p.m.....386 500 ke Nl 3 Washington Stock Exchange. SALES. s—$1,000 at 100%, $1,0001 AFTER CALL. 71n, $1.000 at 5734 Capital Traction—10 at 84%. Capital Traction 3s—$500 at 88. Bid and Asked Prices BONDS PUBLIC UTILITIES, American Tel. and Tel ‘American Tel. and el Potomee Elsctsic Light Potomac E . 5s. s ington Rwy. ai “orn Products. “osden & Co. Srucible Steel Crucible Steel pf. C'uban-Am Sugar. Cuba Cane Sugar. . Davidson Chem iJe Beers Mines Del & Hudson ienv & Rio Gr. Derv & Rio G pf. Dome Mines. ... 21k Horn Coal mx E s 3% 2 18% | ! ar. 4% ¢ ie 1st pt Erie 2d pf. «©amous Player. Famous players pf Fisher Body Fisk Rubber. 60% | { Harbishaw Cable.. 1i% Harkell & narkzr, Houston Oil indiahoma. ... tugpiration. . ! interboro Met| Interboro Met pf. Intl Mer Marine. Intl Mer Marine pf & [ail Truck 1stpf.. Td%s intl Nickel. 5'e tnvincible Oil Island Oil.. Tewel Tea ones Tea. {ansas City Kelly-Spring Tire. Kennecott. . Lackawanna Steel Middle States Oil. . Midvale Steel. . Minn &£StL(n)... MinnStP&SSM. 1% Min St P & SSM pf. 3 MoKan & Tex.... 3 Mo Kan & Tex pf.. 4% Montgomery Ward m. Mullins Body 28% Natl Conduit. % . 2% N-!.l RysofM2d.. &% Doc! NYNH&Hart..| 2% NYOnt& West... 1k Norfolk & Wstrn.. 9% North America.... 8§ Northern Pacific. . 5% Nova Scotia Steel.. 34 Oklahoma Prod... 3% Orpheum Circuit.. 27 Otis Elevator...... 1% Otis Stee ceee WK Pac Development. Pac Gas & Elec. Pacific Ofl. Pan-Am . Pan-Am Pete (B). Pennsylvania. Penn Scabd Ste People’s Gas. Phila Company. Phillips Petroleu: Plerce-Arrow. Plerce Ol Pitts Coal. Pitts Steel pf. Pitts & W Va Public Serv o Pullman Co. FPunta Alegre. Pure Oil. Rand Mines. ggueefsgesgrepsyagazas Reading 1st pf. Reading 2d pf Replogle Steel. Rep Iron & S!‘nl . Royal Dutch St L & San Fran St Louis Southwn. Saxon Motors. Seaboard Air Line. Seaboard ALDf... Sears Roebuck. Seneca Copper..... Shell Trad & ‘tr.u Sinclair Oil. lewy. and El MISCELLANEOUS. D. C. Paper Mfg. 6s. Kiggs Mealty 5s (sh PUBLIC UTILITIES. American Tel. and Telga 0% Capital Traction . Washiogton Guy Norfok und W W w Washington-Virg: Wasuingtoa- \tmm. lrw: pld NATIONAL BA: eral ot Lincoin tlonal eiropolitan. Washington American Security and Trust inental Trust acional Savings and Trust.... Tnion Trust ... Washingion Loan a: SAVINGS BANK. Commerce and Saviugs. East Washiogton Merchants’ Recurity Savings Beventls Sirect Sa Union avings Mezgenthuler Linotype Old Duich Ma 0ld Dutel Market prd. Lanston Monotype Becurity Storage . n..n.nwn Market MARKET HAS NOT DIGESTED ISSUES NEW YORK, February 8.—The bond market was much less affected by the €asing of mopey rates than was the stock market. This was further proof that_equally important with money conditions as a restraining factor upon the bond movement is the over- rapid output of new securities and the consequent increasing competi tion with established issues. It will take time for the unsold balance of these new flotations now in the hands of syndicates and dealers to be di- gestedl by investors buying for per- manent holding. In the meantime, there is a certain amount of conges- tion which will certainly be aggra- vated unless more moderation is shown in the pace of new financing. It has been demonstrated that the oversubscription to the Pennsylvania €1%8 was to a large extent unreal in the sense that a good part of the applications came from dealers rath. er than from genuine investment bu ers. It had also been demonstrated that the premium of one per cent established on the Pemnsylvanias on is a4, 10 Washiagics Salinay & L0 st sm t . $1.000 15, $1,000 at 37%, ¥ Noo or The Star over direct rices reparted fc New Tork-Wasnington wire by Heamoad & Co. City of Parie 6s 1921. Dominion of Cansda Gs of 1921. French government 8s. Government of Switze, Kingdom of Belglum U. K. of Q. B. and Ireland 5is 1921. Atchison, Topeka and Atlantic 'Coast line Baltimore and Ohfo Baltimore and Ohlo Ga. Baltimore and Ohio 8. RBethlehem Steel ref¢ Central of Georgi Central Leather 5s. Chesapeake nd Obio cony. 4155, Chesapeake and Ohio gen. 4% Chesapeake and Ohio cony. Chicago, B | Paul conv. 4155 Chicago, Northwestern 7s 1630. ‘hicxgo, R. I and Pacific rofdg. 4s. General Titimois. Central { Internotionnl Mercantile Marine @ Interhoro. Rapid Transit™1st and re Loutarille and Nashrille 7 1930 Kan, and Texas 1st 4 Pacifle Pennsylvania Co. Pennsyivanin 5s 1968. Pennsylvania 7s of Pennxyivania gen. mort, Reading general 4s Grain, Produce GRAIN AND PROVISION BALTIMORE. l-‘ebnn\ry 9 (Special). | —Potatoes — White 1, per 100 Toa. 140a130: cobblers, ' 140a150: McCormicks, 1.15a1.25; No. 2. 50af; weets, per bbi.. 3.00a5.00; yams 4.00 No, 2. both, 2.00a2.50. Beans, green pearl and wax, per crate, 3.00a 6.00. Beets. per crate. 1.75a2.00. Cabbage—Per ton, 10.00a15.00. Cau- lilower. per crate. 2.25a: Celery, 23.00. Cucumbers, per Eggplants, per crate, Kale, per bbl. 1.50a1.75. Lel(ure. per basket, 1.50a2.50. Onions, per 100 1bs., 1.00a1.25. Oyster plants, per bunch, 6a9. Parsnips. per bu. 1.25a1.40. Peppers per crate, 3.50a 4.00. Radishes, per bunch, 4a5. Savoy cabbage, per bu., 80a90. Spinach, per bbl., 2550a3.00. Peas, per basket, 3.50 24.50. Tomatoes, per crate, 2.00a6.50. Tur- nips, per bu. 1.25. Apples, per bbl 3.00a5.00: No. 2, 2.50a3.50; box apples, per box, 1.5023.00; loose, per 100 1bs. 1.5021.65. Selling Prices at Noon. Wheat—No. 2 red winter, spot, 1.87; No. 2 red winter, garlicky, spot, 1.77, February, 1.77; March, 1.77%. Wheat 'sales—None. Corn—Cob, new, yellow, 3.75a3.85 per barrel, in car lots; contract corn, spot, 77% per bushel; February corn, %; March corn, 77%; track corn, yellow, 2 or better, §0 per bushel. Corn sales—Bag lot of white de- livered, 74 cents per bushel. Oats—No. 2 white, 47 and 47% per bu.; No. 3, 46 and 46% per bu. ye—Bag lots on nearby rve, as to quality, 1.50a1.60 per bu. asked; No. 2 westérn_export. spot, 1.66% per bu. Hay—No. 1 timothy, nominal; stand- ard timothy. 26.00a26.50; No. 2 timothy, 25.00a2550; No. 3 timothy, 20.00223.00; No. 1 light clover, mixed, 24.00a24.50 No. 2 light clover. mixed, 22.00a22.50 No. 1 clover mixed, 23.00a23.50; No. clover, mixed, 19.00a22.50; No. 1 clove: 25.00a26.00; No. 2 clover, 19.00a22.00; sample hay, 15.00a20.00. Straw—No. 1, nominal; No 2 straight rye, nominal; No. 1 tangled rye, 17.00; No. 2 tangled rye, 16.00; No. 1 wheat, 13.00a13.50: No. 2 wheat, 12.00a12.50; No. 1 oat (nominal), 18,00218.50; No. 2 oat, 16.00a217.00. CHICAGO, February 9.—Profit-taking on the part of some of yesterday's buyers disclosed a lack of support in the wheat market today, and prices underwent a material decline. Bears meanwhile circulated messages from the southwest making light of talk about crop damage from green bugs. 1t was said to be too early in the sea- son to take damage reports except at a heavy discount. Opening prices, which ranged from % to 2 lower, with March, 1.60% to 1.60%, and May, 1.51% to 1.52%, were followed by moderate rallies and then by downturns lower than before. Corn gave way with wheat. After opening % to % down, including May at 67 to 67%, the market reacted a trifie and then sagged again. Oats were weak as a consequence of the action of other grain, starting unchanged to % off, May, 43% to 44%, and continuing to decline. Provisions reflected the downward tendency of cereals and hogs. Subsequent wheat buying that was attributed to eastern shorts and to the northwest led to upturns. Pre- dictions of a general strike in Ar- gentina counted also in favor of the bulls. Prices closed unsettled, 1% net lower to % advance, with March, 1.62 10 1.62%, and May, 1.52 to 1.523. Corn prices recovered later, when wheat showed an advance., but the ffect was only transient. The close heavy, 3% to % net lower, with May, 66% to 66%. Open. 1 w2y Low. 1.5915 1501 Close. 162 1. .06t k14 08%, 43% 43% A4l Y 9.—Produce ¥ i NEW YORK, February articles unchanged. COTTON MARKETS. NEW YORK, February 9.—The cot- ton market opened barely steady at a decline of 19 10 24 points as a result of disappointing Liverpool cables and southern selling. There was also scattering local pressure, but offer- ings were pretty well abscrbed around 1347 for March and 13.85 for May, and nrices later rallied on a renewal of 's covering movement. barely steady. 3 . 13.90; July, .58; December, 14.75. February Higher prices were reached by cotton in the early trading today in response to the advance of yesterday in New York. Poor cables, however, made the market quiet at the advance. Futures opened quiet: March, 13.30; May. 13.48; July, 13.71; October, 14.04% December, 14.19. LIVERPOOI spot in limited Good ‘midaling, 845 middlin F.bruury fully middling, low middling: F 5.48; ordinary 3.000 bales, including Recelipts, 26,000, in- Futures March, October, cluding closed quiet DAIRY MARKET. their day of issue was quite unofficial. Consequently a different method was pursued with the Chicago and North- western 6%s, which came out this morning. ‘The bonds went fairly well, but not in the whirlwind fashion that the Penn. sylvanias had been taken. They were introduced immediately to trading on the board, where they sold at the issue price, 99%. C. and N. W. 7s Lower. The Chicago and _Northwestern equipment 7s, influenced by the new xfl:‘l;llon. were down two points from As a rule ratllway bonds barely mov- ed at all. Rock lsllnd refunding 4s got up from 67% to 68, but later went back again. In the St. Louls and San Francisco, the New York Central debentures, the Missouri Pacific 48 and the Central Pacific 48 the range all day was only a half pdint. Th being the most active issues, the narrowness of their fluctuations illustrated the character of the entire market. Traction bonds were a shade easier. Industrials, like the Northwest Bell Telephone 7s, Liberty Bonds were a fraction lower. Jspnnsle government 4s sold at their high of 63, but later receded a bit. Mexican external 58 were active around their high level of 47% BALTIMORE, February 9 (Special). boat—Poultry—Young Ib.. 30a3%: dressed. 3 drelstd chickens, nlive, 36; old, 'una roosters, 22 s 30a40; dnaued "38ais. Geese, 23433 dressed. 30a35. Turkeys, 40a55; dress- ed, 40a56. Pigeons, per pair, 45a50. Guinea fowl, 40a75. Capons, dressed, 40a50. Eggs—Loss off. strictly fresh, near- by, doz., 42; southern, 40. Bu!ler—Crelmery 48a49; prints, 4%a50; r 32; process butter, 3.’337 store pack- ed, 20. NEW YORK, February 9.—Butter—, Steadier; receipts, 9,259 tubs; cream- ery, higher than extras, 43ja4 creamery, extra (92 score), 43; cream ery, firsts (88 to $1 score), 39%a42; packing stocks, current make, No. 2. 21, Eggs—Irregular; _recelp cases; fresh gathered, extra firats, fresh gathered, firsts, 34a35; state, Pennsylvania add nearby w hennery, whites, firsts to extras, 42; do, browns, extras, 38a39; do. and mixed colors, receipts 1,372 milk, fiats, held, run, 24a|first whole” nnfim. fresh, 23%a25; do., average run, WEDNESDAY, nd San Francisco 4o, series A O14 St Louts s n Francieco de, seri S Wilson & Co. 1st SHORT-TERM SECURITIES. (Reported by Redmond & Co.) Tel. & Tel. Tel. & Tel. Thread Co. American American American American American American Anaconda ¢ Copper 6w 1939, Aneio-American_OIf 11 Armour & Co. | Berhtehen Sreel Ta 10 Bethlehom Steel 7x 16 Kennecott Copper 7a 1830, . Liggett & Mrers Tob. fix 1 Penna. Co. d3%s, June Procter & Gamble 7x 1 Procter & Gamble 7s 1 Frocter & Gamble 7s 1 J. Renolas Tob. s 1 Sinclate o 4 Southeen atway s Sonthwestern hel 14 105 Swift & Co_ 6s 1! Texas Co. 7s 1923 Western Hlectric 7u 1 Westinghouse E. ‘and l..lve Stock T.0CAL. WHOLESALE MARKET. Eggs—Strictly fresh, per doz. average receipts, 38; southern, 38 Live poultry—Roosters, per Ib. turkeys, per Ib., 45a50; chickens. spring, per Ib., naw ohens, per Ib., keats, Yyoung, each, Dressed pouur:——Fruh killed spring | ghickens, per Ib., 38240; h per Ib., Toosters, per Ib., 23; turkeys, \ 55a60. Pork—Dressed, small, per Ib., medium, 14a15; heavy, 10a13. Live stock—Calves, per 1Ib. 14al5; lambs, 10a11; sheep, 3a4; hogs, 10%. Green fruits—Apples, per bbl. 3.00a 7.0 per basket, 75a2.50; western, per box, 3.5026.00; California lemons, per box, 2.0024.00. Pineapples, per crate, 6.00a8.00. California oranges, per crate, 4.00a5.00. Florida oranges, per crate 4.0025.00. Grapefruit, per crate, 4.00a5.00. Vegetables—Potators, nearby, No. 1, per bbl, 1.75a2.25; northern, per sack, 2.2522.50; sweet potatoes,. per bbl., No. 1. 4.0025.00; No. 2, 1.5022.00; yams, per 3.50a4.50. Tettude, Florida, per crate, 3.00a3.50. Celery, per doz., 1.00a 1.50; Florida celery, 3.00a3.25. Romaine lettuce, 1.26a2.00. $quash, per bbl., 2.60 2.50. Cymblings, per crate, Florida, 1.00a5.00. " Spinach, per bbL, 3.50a4.00. Peppers, per basket, 3.00a4.50. Toma- toes, per box, 4.00a7.00. Onions, per sack, 1.50a1.60. Brussels sprouts, per quart, 15a25. Cranberries, 18.00 per bbl. STOCKS ARE AGTIVE, WITH PRICES FIRM BY STUART P. WEST. NEW YORK, February 9.—The call money renewal was reduced lhlsl morning from 8 to 7 per cent. This | showed that yesterday's similar de- | cline in the quotation on new loans! was not a flash in the pan, but in-} dicated genuine betterment in the | by N 40; per 15a16; ¢ FEBRUARY 9, 192L Aetna Brplosives Allied American Allantie Pecrotenm Big Hq Boone Oil Boston and ‘Montaoa & Cities Service (old). & Colonial Tire Columbian Columbi; “onsolidat Cresson Gold Davis Daly Dominion Ofl Durant Motors . Tntercontinental Wabbes 10 13 19 ASSOCIATION International Petrolenm (new). Marlund _Refinery Mason Valley Nevada Ophir . Xew Cornelia North Amer. P. Northwestern 0il Omar 01l Pennok Ofl . Perfection Tire Producer: Radio com. . Radlo pfd. Rty Sapulpa com, FINANCIAL." CURB STOCKS Quotations furnished by W. B. nxm;co. MOLDING YOUR DESTINY, | - You. alone. must plan your own destinr. eart Ledge . Moiding one’s desti'y is | t goey on and on. You: man's progress depen st Commercial Accounts Nor does failure in the pa Safe Deposit prevent success in the fature. | Bozxes Our First Mortgage Notes, . cured on improved Washington real estate, are an lnvestment pucieas ch independence, success s gather, ities’ Service (new) Menthly States ment Serviee | m‘s 1336 N. Y. Ave. ities Service pfd. $5,000 Life Policy, $57.35] SWARTZELL, RHEEM & Age 40. Send date of Dbirth for illustraties i HENSEY CO0. d particulars at your &ge. i - LE ROY GOFF, Insmrance Advises || 727 Fifteenth Street N.W. 3 Woodward Bullding. | Washington, D. C. I THE NATION’S HOME TOWN. EQUITABLE CO-OPERATIVE BUILDING Organized 1879 4lst YEAR COMPLETED Admlm trative Syl!em of Accounting | SIMPLE ~ ACCURATE f What you bought. ma Copper acaibo Oil Systematic Saving Brings Results —make up your mind to set aside sometbing each day in the Equitable. You will accomplish more thau ever. Subscriptions for the 80th Issue of Stock Being Recelved Shares, $2.50 per Month 4 Per Cent Interest EQUITABLE BUILDING, 915 F St. N.W. JOHN JOY EDSON, President dwest Refl ected. ining ‘lrnt you coll | _ Simplest method of bookkeeping, en. ceep; g 7ou to preare scheduie for tax | ports. 1 INCOME TAX RE REPORTS PREPARED Il _Our services are availadie for tne | preparation of tax returns. Special staff to insure accuracy EDMONDS & BOUTON ipissinz Min, Co &P (new and Refiners Hercules . Simme Petrol .. i FRANK P. REESIDE, Secy. 5 Swift International 27 TR Tonopah Divide ‘x:.: Accountants—Auditors s 813 Woodward Bldg., ELER S = Washington, D. C. it and Heat pr ork. Los Augel United Profit Sharing .. 108 New Yo Angelea. UL S, Steaman H United Retail H United Texas % ‘arren Bros. e Money to Loan rmour Loa . prmour Loatr o, % | D ity 2 Over a ||| 8ecured by First Deed of Trust on Real Betate. daby Packing Prevailing_interest and_commiwsion. k"’l:’;ym i Quarter ||| Joseph L. Weller £20 Wash. = & Trut Swift & Co. , Union_Carbde of a o . Without In pur= E. H. Rollins & Sons o Lose chasing Founded 1578 Al P First 'ways at Par g ? Mor tgage = Inve§t'ment Bonds Frosperityl through! Muvest- o Notes an ton cn;\t::o York Fhiladelphia ment comes ot vll|h anxieties investor is, and cares speculation, but 3 % fea’ Kesoeisco Los Acgeles With the wise and. consistent in effect, purchase of securities that do not depreciate, and that assure the prompt payment of interest and the return of your princi- pal, dollar for dollar, when it is payable. Our First Mortgages, yielding 7%, interest payable semi-an- nually, are offered in amounts of $250 and upward, and in ma- turities of three yeas buying an annual income. ‘When the notes mature he receives payment at par for the notes he owns, meantime he receives in semi-annual ‘interest payments a fixed in- come for the use of his money. Our First Mortgage Notes in denominations of $100, $250 and 416 Woodward Bldg. 15th & H Streets Washington, D. C. Phone Franklin 3463 Current list of offerings sext on request money situation. It was in conse-| q\lence the determining Influence in the financial markets of the day. Time money rates did not come down correspondingly, but this was no sur- prise, as the market for call loans i always the first to show the change. It sufficed that the call money supply was on_the increase, that the - terior withdrawals of a week ago had_slackened and that the flow of funds as between New York and in- land centers was now in favor of the former. ‘With such misgivings as were felt last week over the money position completely removed, speculative sen- timent grew more confident in all di- rections. Recovery continued sharply in the wheat pit, but the principal display of strength was on the floor of the stock exchange. The buying which put up prices of stocks was, to be sure, of a highly speculative character, for the most part. It was a combination of short covering with fresh buying for the rise by trading interests that pre- viously had favored tae short side. | Nevertheless' the thing of impor- tance was that the market had con- vinced expert professionals that liqui- dation had ceased, and that while tha time might not be right for an active and sustained speculation, the bear movement had exhausted its possibil- | ities and that the main tendency was upward. y { All classes of stocks were carried | forward. ,(The steels paid no atten-| tion to the price-cutting campaign | and were as strong as any of the rest. Coppers were helped by the report that the plan to flnnnca\'lhe 400,000, 000-pound exports the metal | would be out within lhe course of the day. Oils under the leadership of Mexican Petroleum advanced in reflection of the belief that the trade. by its recent drastic cuts, pretty well completed its readjustment. Indications that the sugar market has turned the corner were borne out again by another advance in raw sugar quotations, this time to 3% cents per pound. as compared with the low of 3% reached first in December, and again at the close of January. The sugar stocks took their cue as they were bound to do from this de- velopment. Motors and equipments had their full share in the improvement of the day. but rails were more hesitating, as” was natural, because their main uncertain.y—the settlement of the wage question—still lies ahead. The steels divided with the oils, motors and equipments the first place in the market today. This was a great shock to the remnant of the Vear party who had been counting upon the price cutting of the Mid- vale and other independents and the consequent revival of talk about a steel-trade war to start liquidation golng again. There had been very light trading in Steel common, while the general market last week and again on Mon- day was reactionar: There was heavy trading in the stock just as s0on as the market moved forward. ‘This from a technical standpoint was | {highly significant. It was a sign to | professional students that. the main tendency is upward. Strength of the independent steel: which are making no money at pres- ent prices and with which it was a question whether money is not beins lost, was also a notable *incident. It showed how well a period of depres- sion belfeved to be temporary has been discontinued at the recently prevailing stock market levels. Also the annual reports of these companies have revealed the fact that the 1920 earnings were larger than expected, and that the average therefore between the two years, BUpposing a lean period in the firat half of 1921, will still be good. Lackawanna Steel reported today, ishowing a net of $10.674,000 in 192 against only $3,060.000 in 1919, and net 'profit after depreciation of $4, 290,000 against $357,000. —_—— DIVIDENDS DECLARED. Stock of Pay- Record, able, Brookiyn Bdleon Co., g, $2...¥eh. 18 Mar. 1 pr., .75...Feb, 15 Mar. 1 Sow'h mm e;“ 5.0 ¥eb. 10 Mar. 1 k) tal ‘nd Facine o T .“s'f “"Feb. 19 Feb. 28 — LIBERTY BOND NOON PRICES. ~—Prices of 3%s, 91.74; second 4s, 86.30, bid; first lll third $500, secured on improved D. C. real estate, mature in three years and less, and they pay 7% interest. Ask for booklet L. William S. Phillips 1409 N. Y. Ave. REAL ESTATE LOANS Phone Main 98 B. F. SAUL CO. Mortgage Loans | Automobile Insurance, Fire Managers of Estates Properties. 7% REAL ESTATE NOTES Conservative Valuations Secured by first deed of trust om hizb-class properties. Responsible makers. GLOVER & FLATHER 737 15th St. N.W. N Interest on your Savings compound- ed twice a year. X | 934N.Y.Ave.NW. .The Building Asscciation is the world’s safest and best method for o (o) systematic saving. Even government bonds are now seiling far be- low par, while shares in this association can be with- drawn any time at full face value and interest added. One dollar will start your account. Columbia Building Association 620 F St. N.W. Under Government Supervision No Investment —has ever established a record for safety that can compare with that of First Mortgage Notes We loan on good Improved Washington real estate, and have on hand notes of $250.00 Up to $5,000.00 bearing 7% interest CHAS. D. SAGER 923 Fifteenth St. N.W. Loan Department Main 38 Trae Man WHo THoUGHT STRAIGHT IT is given to many men to be brilliant, but it was given to Lincoln to be sane. In the midst of bitterness and unreason he remained unprejudiced and meted out to friend and foe alike the justice that was duethem. Itwas this quality of common sense and‘humanity that bound Lincoln to the peopleand yet made him pathetically alone. He believed in things thatwe all believe in, yet, unlike most of us,*he acted:according to his beliefs. He-believed.in straight thmkmg, straight talking, and straight living, He be- lieved in thriftand refused to sacrifice the future to the present. Hewas saving of wealth aswell as words. We are ready to help you to follow the ways of thrift. a savings account at anvof our conveniently located branches. ‘¢ AMERICAN ' ¢ SECURITY & TRUST COMPANY 15th Street at Pennsylvania Avenue HOME SAVINGS BRANCHES yth Street and Massachusetts Avenue, N.W. 436 Seventh Street, S.W. - Eighth and H Streets, N.E. American Bankers Association