Evening Star Newspaper, February 13, 1921, Page 27

b F -ELIMINATION OF INANCIAL. EXCESS TAX SEEMS TO BE DOMINANT ISSUE , It Certainly Is the Leading Topic of Dis- cussion—Plain Definition of Exchange. Guaranty Trust on Conditions. BY L A. FLEMING. 1 Wherever business men discuss con- ditions today the income tax is the dominant subject. Tariff, re-adjust- * ment, money, disarmament and ail other subjects are secondary to the Question of taxation. i E; one seems to admit that the national revenues will be greatly Te- duced during the current year: that the loss of internal revenue will be further accentuated by the decreased earnings of individuals and business firms and corporations. Few sbusiness concerns, firms or in- dividuals came through the year 1920 With a profit on the right side of the ledger. 1f they did the return for tax- * ation will -be materially reduced by ihe reductions for losses sustained in one way or angther, so that the reve- nues must of necessity be lessened. Many who have heretofore paid in- come taxes will make no payments at all. The stock market is to blame for much of this. 1t may be a ques- tion whether a man has a right, moral, even it legal, to go outside of his legitimate business for a specu- Jative turn and thereby make Uncle Sam a participant, so that he will be out his just and proper income tax; in the event of the speculation prov- ing unsuccessful. Hundreds of millions of dollars have been and will be deducted from the income returns for 1920, just because of these speculative losses. Every exchange from New York down had| its prolonged selling periods, selling 10 “take losses,” for the revenue laws insist_that no paper loas counts. The actual sale of stocks must be made, immediate repurchase being possible, with all matters incident to saie and delivery of securities being neces- sary. One thing tax reformers agree upon —the excess profits tax is iniquitous. It is stifling development in that it absorbs the extra money made by corporations and individuale, as well as and limits gains to certain fixed amounts. “The present method of taxes penalizes thrift,” says one authority, and the assertion meets with general approval. It was needed during the war, but the war is over. And the large incomes, “when the slaughter began, took refuge in tax- exempt securities.” Tura-Over Sale. One after another business organi- zation has come out in favor of the sales tax. The Music Industries Chamber of Commerce is the latest exponent of + the sales tax. This organization, | through a special committee, offers one new thought in the obligation on all persons of age to make report of income, and that a minimum tax of 35 be imposed on all who receive an independent income. Then the commodity sales tax of one-half of 1 per cent, payable monthly, although the sales tax gen- erally advocated is placed at 1 per cent. One_authority would do away with the $5 tax and would not ask returns from business doing a gross business of less than $500 monthly or sales of $6.000 annually to be exempt. “The added 1 per cent to the cost of goods would be just like that ruch more clerk hire or other expense.” Every merchant would, under this system, get on the government books through the payment of §1 annually, reporting sggregate eales monthly. It would be a tax readily accounted for through the annual inventory ‘when reporting income tax of the merchant. Farm Loan Bonds. The Senate has gone on record as favoring the Treasury's buying $5.- 000,000 farm loan bonds pending the * settlément of the case now before the » Supreme Court, which prevents the sale of bonds and the subsequent loans to farmers. One senator sug- Zested that the tax-exempt securi- ties would get into the hands of the very rich. This very sentiment is more than likely to result in legislation before very long that will prevent the issue of ‘any additional tax-free govern- ment securities: Some rich investors in seeking for tax-free investments have made serious mistakes that have cost them heavily. Dudeen Ol Company. At the recent meeting of the Dudeon 0Oil Company, company chartered under the laws of West Virginia, the following were elected directors of the_company: William L. Burkhardt, R. M. Foster and E. G. Scherr of this city; C. A. Duncan of Pulaski, Va., and Henry Lauer of Oakland, Md. William L. Burkhardt was chosen president ; A. Incan, vice presi- dent; R. M. Foster. secretary: Henry Lauer, treasurer, and E. G. Scherr, general manager. The company has purchased an oil and gas lease covering territory in the most productive gas and oil re- .gions of Virginia. | Foreiga Exchange in English. | The Shawmut National Bank makes the following clear comment on for- eign exchange: “Authorities have repeatedly ex- plained that the present low rates of foreign exchange are not some inex- pilcable phenomenon conjured into being by the malevolent powers of international bankers. Rather are these rates a reflection of existing economic conditions in the various countries; not a disease in themselves, but a symptom of national {1l health. These statements are truisms; but it . seems that many Americans have not | yet realized that the price which | bankers will pay for a given currency | (i e. its exchange rate) depends in | the long run on the power to purchase goods in its own country which that currency may possess. Thus pro- spective tourists, hearing that 25 lire, more or less. may be had to the dol- iar, delude themselves with pleasant visions of afMuence for life in a villa at Fiesole—on the proceeds of a couple of liberty bonds. Less excusably, American business men appear before congressional committees, raising an indiscriminate outcry against the perils of foreign competition. The idea that the liru's low exchange; value may be related to or even caused by .2 low domestic value has not occurred to them. “Yet experts teil us that the relative price levels of two countries (i. e., the reiatlve purchasing power of the re- > The ratio of exchange between any 1wo countries is normally determined the ratio of their general price levels” We commend this definition, #0 concisely phrased by the chairman of the London Joint City and Midland Bank, to our readers’ attention. It means—to take the United States and italy for a specific example—that the lira is quoted at 4 cents because, as far as cun be judged, it buys in Italy what 4 cents buys in the United States.” Extravagant Borrowing Preposed. (From Daily Fioancial America.) * A six-billion-doNar grab bag will be opened at Washington if the peculiar debt-refunding bill introduced by Rep- resentative Patterson of New Jersey approved. The bill proposes an is- of thirty billions to take the place outstanding liberty and victory “f Londs and other federal obligations. The gross public debt a few wee . #80 was only twenty-four billions, i uding outstanding war_ issues, &s certificates, floating debt and f thirty-billion issue wouid thus provide six billions of pie for hungry peliticians. Six billions might be very useful in the upbuilding of local machines if distributed between rivers and harbors. irrigation, drai age, parks, highways and a few other emands on the public pocket. Per- haps the Germans, asking a billlon ioan, might win a slice. But can the heavily burdened taxpayer stand the load? "It would be well to count the cost. Five per cent interest is proposed. {of economic readjustment. in place of the 3% to 43 per cent paid now an war bonds and 5 to 6 per cent on floating debt. Instead of $922,650,- 000 interest, estimated by the Treas- ury for the next fiscal year, the pav- ment proposed is a billion and a half or $577,000,000 additional. Mére Taxes. Tt is also proposed in this measure to create a sinking fund to retire a billion of the debt each year. The present sinking fund requirement is $265,700,000 for the fiscal year begin- ning July 1. Here, then, is another ad- dition to taxes of $734,300,000. The sum of these two proposed additions to the tax burden is $1,311,000,000. Add this to the annual estimates now be- fore Congress, which are above $5.961,- 000,000, and the total to be raised by taxation is increased to $4.650.000.000. Such refunding as this is almost as expensive as a war. The need of re- funding the present debt at a higher rate of interest has not vet been forced upon us, and money has been a little easier since a curb was placed by the reserve board on unlimited specula- tion. Perhaps money will be available at a still lower rate two vears hence, when the victory notes of above four and a quarter billions and $800,000,000 Wwar savings certificates become due. Business Condition The Guaranty Trust Company, di cussing business conditions generally, has this to.say: ‘Improvement in the business situa- tion as a whole continues slowly, but more or less steadily. While the textile industries of New England are resum- ing operations, and farm products are moving more quickly, there are evidenc- es of slackening activity in the steel and iron centers, and idle railroad rolling stock is increasing. Wholesale dealers and jobbers complain that while their prices have been reduced to costs, retailers continue to place orders on the day-to-date basis. The retailers declare that their prices are at rock bottom, and that offers of big reductions from the sale prices of a few months ago obtain no response from the ulti- mate consumer, who expects prices which would represent too big a loss to the stores, despite the apparent oppor- tunity to replace at lower levels. ““The consumer, on the other hand, has failed to be convinced by the fact that the price drop in this country is the most precipitate on record, and that ha should not wait for a greater fall, if each element in the country is to do its share toward the maintenance of an orderly, conservative and safe readjust- ment. This attitude is due in part, of course, to the consumer’s loss in buying power resulting from reduced wages, part-time work, and unemployment. The effect is seen in the decrease in rail- road traffic, in the diminished bark clearings, in the falling off of mail orders, in the effort which producers are making to contract their cost expendi- tures. This last involves further wage reductions and a whole train of attend- ant circumstances. Constructive Factors. “Holding the controlling lever and giv- ing promise of approaching stability, however, are those factors in the sit- uation which lie on the constructive side of the problem. Arrangements are be- ing made to dispose of a large part of the country’s copper surplus through private financing. The War Finance Corporation has made a survey of the markets and this countr: ability to supply them. “The Foreign Trade Finance Cor- poration is being formed to furn credits to cover exportation of Amer- ican products. There is a disposition on the part of industrial enterprises to avoid complete disintegration of their working forces or scrapping of their plants. In a dozen directions efforts are being made to extend business or at least to hold fast. Many look to the traditional dull- ness of February give way to an Easter revival of old-time propor- tions. It is a period where construc- tive planning and optimism as to the future prevail over the mere sur- face conditions. Hence the percepti- ble feeling everywhere that the trend inclines toward improvement. The Price Movemen: “During the third week of Janu ary the decline in wholesale pric continued, but more slowly than dur- ing the first two weeks of the year. In the following week the rate of dceline was accelerated. while dur- ing the first week of February the | number of advances in the wholesale prices of household commodities as compared with the declines swung upward. Last week the declines were again in the majority. By the end of the month a comparison will prob- ably show a net decline, but. as was the case for the month of Januar: at a slower pace than during the pre- ceding month. In the opinion of businees men who perceive the diffi- | culties in the way of recovering from a severe setback, a normal condition would in the end have been reached more quickly had the sweep of price reductions inaugurated last year not been so intense and so wide.” TRADE CONDITIONS. NEW YORK, February 12.—Dun's review of trade says: “The irregularities which still char- acterize the business situation are a natural accompaniment of the process With con- flicting forces in operation dommercial revival haz not come in all quarters simultaneously and a definite turning | peint ig yet to be reached in some leading trades and industries. Unset- tlement in prices, with the trend con- tinuing downward. remains a cause for hesitation in different lines, and such new demand as develops does not indicate that buyers are disposed to commit themscives extensively for the future. At prices much below the highest basis there is not the vol- ume of purchasing that might be e pected, because various markets lac Btability and orders ure defermed i take advantage of reductions. probable further The number of small-lot owever, is ine in certain directions, suggesting thas some stocks are beginning to he re- plenished, and mot a little machinery that was ldle has started up again on part-time schedules.” —_—— $4,000,000 FOR EDUCATION Canada Plans Special Aid for Boys and Girls. MINNEAPOLIS, Minn., February 12. nada has just completed an edu- cational program whercby $4.000,000 will be spent annually in training for industry boys and girls Wno are un- able to attend higher school, L. W. Gill, director for technical education for Canada, said in an address before the seventh annual convention of the Vocational Education Association of the middle west here. s The federal government will vide $1.000,000 of this fund and the provincial and municipal governments «ill provide the other $3.000,000 an- nually, Mr. Gill said. The technical schools which are be- ng rapidly established all the dominion are intended, Mr. ex- plained, to increase the production, improve the mental and moral stand- erd and to develop the nation, * "% SLAV MINISTER IN PARIS. Says Austria Should Work Out Her Own Salvation. PARIS, Februa —Eduard Benes, foreign minister of Czechoslovakia, ar- rived here last night from Rome, where he engaged in negotiations looking to a commercial accord between his coun- try and Italy. He said a treaty was in process of being written. Dr. Benes, in discussing the Austrian republic, said that country should make an effort for her own restoration, and expressed the belief that financial assistance from the allies could only prolong the present situation in Vienna, | | | 6514 3l 105 324 107} 324 25% | 67 31 102 220 62}z 84 129 1654 7034 4424 25 THE SUNDAY STAR, WASHINGTON, D. C, FEBRUARY 13, 1921—PART 1. |Week’s Price Range New York Stock Exchange Corrected to the Close of Business February 12, Saturday, at the Office of The Evening Star. High. Low. Dir. ~—1921—, Rate. 52 5 45 6 Advance R pf. 508 50 4 Ajax Rubber... 3¢ 36K — Alaska Gold.. 1% — Alaska Juneau. 13§ — Allied Chemical 43 4 Allis-Chalmers. 34 8 Am AgriChemical.. 55% 5433 8 AmBeetSugar..... 46 42 10 Am Bosch Magneto. X 56 48 2% 7 AmCanpt. 8 12 Am Car & Fay. § 1213 % — Am Chicle Co. 3 26l5 { — Am CottonOil.. 8% 2% — Am Druggist Syn 6§ 6 — AmHide & Lea. 10 85 — Am Hide & L pf 453 433 4 AmiIce....... “4 6 6 AmIce pf . 9 5 — AmInternational.. 461§ 443§ 3 Am Linseed. .. 381 5514 6 Am Locomotive. &7 81% — Am Safety Razor... 8Y% 7% s — Am Ship & Com. 105 03 4 Am Smelting. . My 4 754 7 AmSmeltingpt.... 8275 82 2 3 AmSteel Foundry.. 30 29 88 7 Am Sugar. 80 10 7 AmSugarpt 10256 7335 10 Am Sumatra 8 9535 8 Am Tel & Tel. 9913 114 12 Am Tobacco. *12083 11725 110 12 Am Tobacco (B).... "I 115% 87 6 Am Tobacco pt (n). 9275 915§ 59 7 Am Woolen. . 6855 6514 32 . T Am Writing Pprpf. 36 34y 85 8 B BY .40 384% 4 ASB®DryGoods.... 21§ 24 6 AmmoOil. 0123 98 6 Atchison..... 8% 813 5 Atchisonpf........ 79 78 7 AtlanticCstLine... 84 84 61%{ 10 Atlantic Guif. 633 613¢ 33}3 5 AtlanticGuifpf.... 423 4055 — Autosales pf.. Sl 13 7 Baldwin Loco. . 90} 865 — Balto & Ohio..... 3B 3 4 Balto & Ohio pf. { 2} Barnsdall (B) — Beth Motors 5 Beth Steel......... 8 Beth Steel 8% pf 5 Beth Steel (B)... — Booth Fisheries 5 — Bklyn Rapid Tran.. 144 134§ — BklynRTectfs % 9 10 Burns Bros.... 87 8 — ButteCopper&Z... 5% — Butte & Superior... 13% — Butterick.... — Caddo Central 16} 15 6 calif Packing 62 6025 = Calif Petrol.. . 4174 3 7 Calit Petrol pf, (T VA 4 Calumet & Arizona. 10 Canadian Pacific. Central Leather 7 Central Leapf.. 4 Cerro de Pasco. 4 Certain-teed.. 10 Chandler Motor: 4 Ches & Ohio. Chi Gt Western. — ChiGt Westernpt.. 18§ 174 2% — ChiMil&StPaul... 29 26§ 4 — ChiMi&StPpf,.. 4% 41 : 5 Chi& Northwn..... 67 — ChiRI1& Pacific. 2% 25% 6 ChiRI&P6%pf... 6 6235 7 CRiRI&PI%pL... T4 T2 — Chile Copper. 12 — Chino Copper. 224 51 8 Cluett Peabody..... 523 523 193{ — Coca-Cola.... 2314 2034 21 3 ColoFuel&lIron... 2% 27 21% — Colo & Southern 32 3 562 5 Columbia Gas.. 6l 60 7% 1 Columbia Graph 52 7 Consol Cigar : 712 7 Consol Gas . 5 2 Cons Inter Callahan 19 3 Consol Textile. .. .. 57%{ 7 ContCan.. 134 — ContCandy.... 633 5 ContInsurance.. 64 4 Corn Products... 3 100 7 Corn Productspf... 103} 1083 2814 230 Cosden & Co. 73 8 Crucible Steel 2% 4 Cuban Am Sugar. 21 — Cuba Cane Sugar. 61% 7 Cuba Cane Sug pf. 25 4 Davidson Chem. ‘995 9 Del & Hudson. 208 10 Del Lack & West... 215 215 ?{ — Denver & RioG 2% 1% 2 — Denver & RGpf. 8 3% 1 Dome Minet 15 125 — Elk Horn Coal 19% 17% — Emerson Brant.... 8 8 — Emerson Brant pf.. 357§ 354 5 Endicott Johnson.. 622 61 = Bele. -0 133 13 — Erielstpf. 2015 19 — Erie 2nd pf 1% 13 8 ramousPlayers.... 64 57 8 Famous Playerspf. 820 793 7 Fed Mines & Spf... 27 b4 19 Fisher Body — Fisk Rubber. .. — Gaston Wilims. — Gen Asphalt.. 5 Gen Asphalt pf. 54 6 GenCigarCo. 80 7 GenCigardebpf... 83% 83 1205 8 Gen Electric..... 1375 1 Gen Motors... 64 6 Gen Mot 6% deb. 355 6 Goodrich (BF).. 20 — Granby Consol. 7 Great Northern pt. 283 4 Great Northn Ore 20 2 Greene Cananea 21 — GulfMob&Npf 285 — Gulf States Steel. 5 11% 1% Habirshaw E1Ca... 11! 11}4 I 7 Hartman Corp.. 3 2% 55)4 4 Haskell & Barker.. 58 57'¢ 4974 — Homestake Mining. 50 4974 66 — Houston Oil. 723, 68% 11 1 Hupp Motor. . 13% 13 81 7 Illinois Central. 89 883 6§ 60 Indiahoma... 31— Inspiration... — Interboro Con 5 5 1015 — InterboroCompf... 153 133 49% 5 Inter AgriChmpf.. 50l 491 93 7 Inter Harvester.... 95} 05 12/4 — Inter Marine.. 15133 493{ 6 Inter Marinepf.... 52J§ 503 72 7 InterMTrklstpf.. 75 7415 5714 7 InterMTrk2ndpf. 60} 60 13% — Inter Nickel At 43)4 — Inter Paper. 213 — Invincible Oil. 324 — Iron Products. 4 — Islandoil. 4 — JewelTea.. 84 — Jewel Teapf. 14 — JonesBrosTea..... 2844 2% 184 — Kan City Sou. ‘Week eading Fobrimry 12, High. Low. 1081, Mot. Clese. 01-4 Div. —121— Rate. ‘Weak onding February 18, 1931. Net. High. . 4 Kelly-Springfield.. 46% 2 Kennecott Copper 20 — Keystone Tire. 1415 6 Lackawanna Steel. 55 2 Lee Rubber. . . 20 3!4 Lehigh Valley 5214 2 LoewsInc.. . 1Bg = LoftInc........... 1 12 Lorillard (P). 190 2 % 7 Louls & Nash. 109 2055 34| 5% 57 4 Mackay Cospf. 57 8635 + ,1 8 68 10 Manati Sugar. 84 5845 45!4 7 ManhattanElev.... 57 143 2 Martin-Parry . 1K 4 24 — Maxwell 538 "0 "]; 635 8 MayDeptStores... s ")‘_ 5 “161,‘«.) 15033 12 Mexican Pete. . i ;3 198 15% 2 Miami Copper A+ 15,? 1254 160 Miadle States. . 5 3 3% 3035 2 Midvale Steel. Yp i 11— Minn&StL(n) 12 " 0% 7 MStP&SSEM. 714§ 13} 2| 1434 9 — 3l4 85 — 44l 17 Sli+ Ml 40 33y 18% + 3 1950 16% 195 — %l 3515 32 1%+ by 3115 2535 62 + 134} 2135 18y 40+ 6%l 80 68 5%+ %l n 8115 82 2% — 3| 148§ 1134 4%+ 5% 8y 8 685+ 34|55 48y 2644 513 52 624 + 11g) 3015 228 M+ 14 Y 603 12%+ 3%l 95 894 2%+ 54 Uy 18 5234 il 693 2 +U3 13 1% Mi+ | A M5 s+ %430 B 60— 2 41 364 | | -1 + 134 10845 + 34 208+ 1 4 937% + 2 20% + : 2% — 34i 264 1734 gg +5;§ :;% 2% = 5 9945 —~ l%‘mx 1524 2’1?7i o 1054 m- dila =z 1% + 2% 19+ 34 8 —1 3556 — il 48 025 + 24 135 | 19% i 1314 i 6374 + 654/ 823 + 2%l 13 7z il eng s 2 74 3| i f::,é 1, o8 ]gf}ztg 2000 2005 oo iz s 1283 + 2 2 166 = 3P 10U4 o — gl d 10 3%+ 14l e I i+ o)l M6 104 738 — 134 406 34 i 74 7 ST Ml omg 35 o |lex ax B 41 117255 62)% T = ggles 01 125+ 145|305 B 4|8 8w oy gz w0 Ml 1 || 48 13+ w10 9 83— 1541 324 G5 — 15| 126 304 34+ 14| 8% 0% 5. C agll 85 1 -1 B :g‘; 50 wll 15 3¢ s ol lFe Wi+ 4l N% % 5235 + 184)| 1996 17 B+ )08 @ 0% emat 15% + 3 424 585+ 1 1?” wE~ K 2 34— 3 3545 9% 43 8~ % g 2 30 245+ 3 32 109%¢ wlllwlaosloal wl ceBoan~=] 8 8 5 1 8 4 8 i 8 4 8 1 4 2 2 6 7 lmwlelovmuneaanl PR o loollaad Budanm - 5 520 Royal Dutch. . 1 934 250 Times 8q Auto. 6 lllallagallllllcaalogoree!l ol ol vl wead! ol 8 6 Mo Kan & Tex. . Mo Kan & T pf. Mo Pacific. ... Mo Pacific pf. ... Montgry Ward . Montana Power Mullins Body. Natl Acme. . Natl Biscuit. . . Natl Biscuit pf. Natl Cloak & S. Natl Conduit. Natl Enameling NatlLead....... Natl R R Mex 2d. vada Copper. N O Tex & Mex. NY Air Brake N Y Central. N Y Dock. N Y New Haven NY Ontario & W... Norfolk & Westrn. . North American. Northern Pacific. Nova Scotia Steel Oklahoma Prod Orpheumn Circui Otis Elevator. Otis Steel. Owens Bottle. Pacific Develop Pacific Gas & Ele: Pacific Oil. ... Pan Am Petrol. . Pan Am Petrol (B). Parrish & Bing. Pennsylvania 5 Penn Seabd Steel. PeoplesGas..... Pere Marquette Philadelphia Co Phillips Petroleum. Plerce Arrow. . Pierce Arrow pf. Pierce Oil. Plerce Oil pt Pitts Coal. Pitts & West Va Pond Creek Coal. Pressed Steel Car. .. Public Service NJ. . Pullman Co Ry Steel Spring Ray Consol. Reading...... Reading 1st pf. Reading 2d pf. Replogle Steel. Rep Iron & Steel. Rep Ir & Steel pf. Rep Motor Trk. St Joseph Lead. St L & San Fran 8t L Southwestrn. .. St L Southwn pf.... Santa Cecilia Sug Savage Arms. .. Saxon Motors. - Seaboard Air Line. . Seaboard Air L pf. . Sears Roebuck . Seneca Copper Shattuck Ariz Cop.. Shell Trans & Trd.. Sinclair Consol. Sloss-Sheffield. South Porto Sug. Southern Pacific. Southern Pacrts... Southern Railway. . Southern Ry pf.. Standard Ol N J. Stand Ofl N J pf Stewart Warner. Stromberg Carb Studebaker. ... Submarine Boat. Superior Oil. . Superior Steel. .. Tennessee Cop. Texas Co..... Texas & Pacific.... Texas Pac C & Oil.. Third Avenue Tobacco Products. . Transcontinental. .. Transue & Willms. . Twin City Rap T. .. Union O4l. .. Union Pacific. Union Pacific pr.... United Drug. .. United Fruit... United Ry Inv pr. United Retall Strs. U S Cast Iron Pipe.. U 8 Cast Ir Pipe pf. U S Food Prod. . U S Ind Alcohol US Realty. ... U S Rubber. .. U S Rubber 1st pf U S Smelt Refin U 8 Steel. . U S Steel pf. Ttah Copper. 51 Utah Sec Corp 9% Vanadium Corp.... 37} Va-Carolina Chem.. Vivaudou Wabash. Wabash pf A 3 Wabash pt B .14 ‘Wells Fargo Exp... 61!3 Western Maryland. 10}4 Western Md 2d pf.. 1844 Western Pac pf. 672 ‘Western Union..... 87 ‘Westinghouse Elec. 45 Wheel & Lake Erie. 10 Wheel & L Brie pt.. 16 White Motor - 3 White Oil. .. 15 Willys Overland. % Willys Ovind pt 36 ‘Wisconsin Central.. 343§ ‘Woolworth........ *112 Low. 1533 183 13 30! 115 075 323 1134 % 3% 1. 14 + 134 | being N SRR P o 1 PPN iy [l apapdlingd) i+ 5% = ~ 1% =y = 7 Bl + 135 9 — ¥ + 3 0% + 13 n 4+ 6625 + 14 983 — 237 10815 + 134 + 4 55 4 74 12— 14 W 2+ 14 681 + 1 46 — 3¢ i P-4 ffap g o s E_ FRriprig 2 T T T PP P i CxxE e 32+ X 1136 — 216 ‘Worthington Pump. 50 _ 4835 49% + 1% * Ex dividend. '|STOCK TRADING DWINDLES to_reduce . Simila nditions prevailed in the § bond market, many old-time or pre- war issues canceling much | all, of their recent gains, whil i of ‘the new underwritin | the Pennsylvania railroad t jbelow their subseription pr Surfacewise, the money | easier, but this ostens laxation applied only to call or de-| mand loans. Rates for time m remained firm, thereby confirmin the opinion of well informed ing interests that no pere: i grade cattle and TOBACCO RECEIPTS DROP. Baltimore Reports 47 Hogsheads. Sales, Only 39 Hogsheads. BALTIMORE cial).—Leaf 10! week totaled onl mostly of the common prices. Quotations tod land tobacco, per 100 Inferior and frosted, 3.00 to 5.00; sound common and grecnish. 6.00 to 10.00; good common, 11.00 to 17.00: medium. 18.00 to 27.00; 1 to fine red, to 40.00: 40.00; second: mmon to m. 5.00 to 17.00: seconds, good 18.00 to 30.00: upper country, cured. nominal; ground leav 2.00 to 23.00. TUnsound and mixed packages, from 1 to pound lower. Stock in warehouses 10- a 5,442 hogsheads: 4 making a total | 036 hogsheads. Ground leaves to date, 949 hogsheads. TO SLENDER DIMENSIONS | NEW YORK, February 1 ing in the stock market thi dwindled to slender dimension: turnover for the five full the lightest for any corre-| sponding period in almost half a year. Price movements were of a piece | with these stagnant conditions. only | a few of the speculative favo cording more than nominal change Investment rails were almost entire- { 1y neglected. but developed mo. refusal of the Labor Board heavina ater on the United s Railroad at change is probable in the year quarter. Foreign evehange was again sub- jected to the hewildering cr rents resulting from latest of the G n indemnity agree: British approvimated its but, taking inter- recent nationa nces as a whole, lit- tle progres: rd stability was made. Railroad returns and the tonn and financial statements of com in important 1 testify that bu are reviving slow - conditions were ex- maller earning of portation systems and reduced hookings of the United States Steel ion ; | industrial conditions con- tinued to be governed by additional | revision of commodity ~prices and lower wage scales. These factors were espec potent in the oil trade, with signs of a pronounced re- adjustment of existing schedules for | steel and iron. i BALTIMORE LIVE STOCK. |{: BALTIMORE, Md, February 12 (Special)—Tha general live cattle| market snows little change, with ample receipts at the stockyards were light, sual of the year. What de- is centered on top trade wants are easily supplied. Quotations today at ht street wharf: Beef cattle—First quali 7 to 8 cents: medium, per poun ! 61: cents. Bulls. as to quality. per | pound. 4 to 6 cents. Cows s to quality, per pound, 3 to 6 cents. Thin steers, per pound, 3 to 5 cents. Oxen, as to quality. per pound, 4 to 6 cents. ! Milk cows. choice to fancy, per head, ! $60.00 to $50.00; common to fair, per | Wharf receip at this tim mand prev; v, Per pou nd, 10 head. $30.00 to $30.00. Calves, veal. pound, 13 to 14 cent medium, per pound. 10 , smooth, fat, per head. | Rough. per head, £15.00 to $15.00. Common, thin, per head, | $8.00 to $10.00. Sheep, No. 1. per pound. 5 to 6 cents. Old bucks, per pound. 4 to 5 cents. Common. per pound, 2 to 3 cents. Lambs—Choice, DT DO om0 10} Fair to good, per pound, S to} 9 cents. Common, thin, per pound. 5 to 6 cents. | Hogs—Straight, per pound. 10 to 101. cents; sows, as to quality, 8 to| 9 cents. Stags and boars, per pound, 6 to 7 cents Live i as to = i and quality, per pound. 12 to 15 cents. Shoats, as to size and quality, per pound, 10 to 13 cents. Weights and Measures. Boy (entering market)—Gimme | one meter of sausages. i Clerk-——We sell 'em only by the ht; gimme one kilo- 1 spot_prices Tin continues itive to fluctua- | tions in London and _Straits, with | buyers still holdins off and the un- | JB Aok y lertone steady . steady and un- | 29 changed; (rh.»ro has been some bid- | § {dinz for forward tions at the) spot 1 which we ‘Joseph 1. Weller "d-';?‘f"“h- L & Trust FINANCIAL. STEEL UNSETTLED, DULL DURING WEEK Plans Made for Holding 400,- 000,000 Pounds of Copper, Export Surplus. aEW YORK. February 12.—The steel market has been dull, unsettled and weak. The increasing disposi- tion on the part of independent com- panies to cut prices below the Steel Corporation’s levels and the shrink- age in unfilled orders on the books Constructive Foresight Foresight is the tentacle we extend into the future, explor- ing the way ahead. The degree of foresight we display is the measure of our ability to mect conditions as they arise. Con- structive foresight has enabled many investors to derive a stable income of 7 per cent by investing in our First Mort- Mortgage Loans 934 N. Y. Ave. NW. Holding Exportable Surplus. Plans for holding 40, 00.000.00 of conper. as an' exporiente Lounds ’ : <portable xurplus by “’h" « o'””’,r. Export .\Sx(-l‘h“l‘l\l:l: reen <I"l.l ially announc d, ex- i e stabilizing influe In- ESTATE NOTES € increased, u b Z msmets LS TRNEM FHATEN St the market with |ll. oria i d n arket with bids for lote onserv. though no large | Al 3 2 ions have leed been reported. "No sellers of Seomued by, Stok 3 are nm\n ]!'n;n;nr below 1tk of trust on high-class and ad of 3 10 for the sccon is understood that mo, ding producers properties. Responsible akers. tail their outp p Vs w0 GLOVER & FLATHER ers are offering for ships . a g for shipme about i ceiit under loc: SAVINGS BANK i ¢ not accepted. continues dull. Some slight ons have been made on Feb- hipment from the Orient, but ontinue indifferent. 4 — The the Federal { at the hiisiness February 11 ahowe: T CI0% iness y Total gold rese 4 Total reserves \T67 46, Bills discounted (secured by govern- nt \\':xr_;"o_l'_“!lgnuons) for ‘members, for members, $320.809.- | .l‘:u:h S company well illustrate the gages. !nmeru,.';',m"“ ?r the market. But They represent one of not heineq busmeodePendents haval highest tvpes of investm | Gorporytion auncant anaicie fovea I} B andtacal Socmrct byl mver e E unces it is not con- D. C. real estate. Lo X tion in prices In amounts of $250 and up. Sl ment. Pig iron bl With output lim- e he demand. Pro- F SA _seem willing to make conces- = . 2 order to get business. hpou;ht in open market, $14.- bills on hand. $929 698 Total earning assets, $392.535.063 Uncollected items and other deduc- innfl’ from gross deposits, $119,298,- to members. reserve 22 EE account, Tolal gross deposits. $765.093.827.63. ederal raserve notes in a - culation. $787.937 630, | 2ctual cir Ratio of total reserves to deposit and federal reserve mnote liabiliti combined, 39.4. e, Money to Loan th Interest on your Savings compound- ed twice a year. The Building Association is the world’s safest and best method for / systematic saving. Even government bonds are now selling 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 “Pigs is Pigs” But There Are Orangesand Oranges There are oranges and ORANGES. The famous Temple orange, the thoroughbred of all oranges, has caused a sensation in citrus circles. The fine appearance and rarely delicious eating qualities have earned for this new variety the appellation of “The Orange Opulent”. Superiority over other varieties has made it a favorite with the fancy fruit trade, owing to the instant appeal of Temple oranges to particular customers. Temple oranges have been sold at record prices. The demand for them far exceeds the supply. ‘When other varieties are a drug on the market, Temple oranges should sell at a premium. Under proper methods, they'cost no more:to grow than other kinds, Grovesin Temple Terraces Near Tampa, Exclusively Planted to Temple Oranges ‘Temple Terraces groves, comprising four thou- sand acres of land near Tampa, Florida, are Leing planted exclusively to Temple Oranges. Trominent Florida business men and fruit grow- ers are identifying themselves with this enter- prise. The groves will be under the supervision of the world's largest nurseries. Non-resident owners may arrange to have thelr groves cared for after maturity by the same expert organization which planted and brought them into bearing. Come to Temple Terraces and investigate this project. Personal inspection will best reveal the investment assurances and possibilities of Templs Terraces orange groves, which may be ‘bought by desirable parties on easy terms. -“The Orange Opulent”, an attractive calor process book, describes the prop- osition in detail. Write for free copy of Booklet No. 37, and other information, Temple Terraces, Inc. 218 Machinists Bldf. 21 American Bank Bldg, Washingten,D.C. Tampe, Florids