Evening Star Newspaper, March 26, 1921, Page 17

¢t T FINANCIAL. " DIVIDENDS ARE Open. High. Low. Close. | Jewel Tea pf. % W 15 25 { JonesTea......... B BY BY% ! KansasCity Sou.. 24 :k 3% 2% Kelly-Spring Tire. 41 41 3% 39% Kelsey Wheel B0 6 ‘10 6 Kennecott. h N N% % i H Keystone Tire. 1% 1% 6 18 Industrials Rise or Fall on the | Sevsione Trecsi the foe soe 0% - Lee Tire & Rubber :8% 8% 38 28 Chances of Their Lima Locomotive.. 78 788 78 18 Loewslnc........ 18 2 18 1% Loft Inc. 0% 104 10% 10 Payment. Manati Sugar W T N K NEW YORK. March 26—In today's ;;;;:'t‘fi‘l’;"’::' LI O L brief session of the stock market the | \ier G ln pete. W% us% line of demarkation was once more | Miami Copper 1% 1% carefully drawn between the shares| iddle States Oll BN of industrial companies which face a | Midvale Steel. 5 probable reduction or passing of divi- | Minn &St % () Fog dends, amd those companies whose | \jo pacific. % . e 174 . earnings have either turned the cor- | Mo Pacific pf. ;8% T6% 16% 6% ner or where the worst is known, as | Montgomerv.Ward uh ;;“ 6 16k regards dividend action. Mullins Body...... 27% 2% 2% Thus, Sears-Roebuck had another | Jat! Biscult =a m " severe break. because the next divi- | yatlCondult. 2% % K R dend is believed to be in danger. i T R Kelly Springfield gave an emphatic nY% mp B/ BY response to the statement that the n w 7 " next cash dividend would in all prob- % T 19 % ability be omitted. There was some .8 3 3 selling of Industrial Alcohol on the|Ohio Body & Blow. $% 10 $%& 9% idea that dividend reduction might | Uklahoma Prod FL T PRy oceur in'its case, and there was fresh | Otis Steel. 3% 1% 1w weakness in Central Leather shares. | pacifcOli. . Pl e the suggestion tha: the preferred P A dividend is mone too safe because of | pan-Am Pet . o i the failure of the hide and sole | ponnsvlvania o el leather business to improve. Penn Seabd St 12 12% As against these weak spots. how- | People’s Gas e ew ever, there were more points of | Pere Marquette %18 strength. Phila Company... 2% 3% 3% 2334 Junior Oils Firm. Phillips Petroleum 26% 2% 2 2 Ol shares, especially the junior oils, P:‘""é\.{‘“" i::: fi: m‘t f:: were aggresively bought, and here| hierce Off--: - the movement reflected again the view | Eierce Ol p St e e e that the price cutting in the oil in-| Pitts Coal. - 61 6 €& € dustry has about reached its limit,|PullmanCo..,.... 106 105 105 105 and that the tendency is now toward | Punta Alegre.. 6% 5% 45 improvement. Pacific Oil, Trans-Con-| PureOil...... |% W% B4 tinental, Tnvincible. California Pe- | Ray Con Copper. 17Zh 1% troleum and Texas Company tere all| Reading........ o 6% very strong. The textile group were | Rep Iton & Steel % 6% in demand— American Wool and Con- | Royal Dutch 6% 64l solidated Textile—the idea being that | St L & San Fran. % 2% the recovery in the textile industry|StL & San Frpf. 0 has been emphatic enough to make | saxon Motors, 5% 5% . the dividend and the former secure.)Seaboard Alr Lin ol 7 Motor stocks were buovant. helped | seapoard A L pf. ' by a large short account that had|scabom P Sl s - st obatinately refused to caver. | Soars Roebuck.... €94 e % 1% Rails Slow, Firm. Sinclatr O« rves 2% Railway shares did little, but were | Southern Pacific.. 74% firm in the main. More light was thrown upon the recent weakness in Pennsylvania stock and the talk of dividend reduction by the February figures, which showed that despite an increase in gross earnings over the month last year of $3,700,000 the road still had a_net operating deficit of $2,577.000. Foreign exchanges ware l';l:;flly higher, partly as a result o e more reassuring news fr Germany. e Washington Stock Exchange SALES. Washington Gas 7%5—$1.000 at 100%. Fotomac Electric cons. 5¢—82.00 i ac El . 6s—$1,000 at . el ashington ¥ com.—7 at 27, 25 at 2 sRETR I Tu T S AFTER CALL. Fotomac Electric gen. 6o—$1,000 at 8315, Capital Traction 5s—$500 at’ 8. Capital Traction—3 at 86%. 7 at 87, 8 st 87,5 at 87. 5 at &7, 5 at §7.'3 at 87. 5 'at 87, 87, 5 at 87. 5 at 87, 25 at 87, 25 at 87. Bid and Asked Prices BONDS PUBLIC UTILITIES, Bid. American Tel. and Telga. 4s.... 8 American Tel. gnd Teign: & 8y . and Tel Am. Tel ind Tel. cons. ¢ il Pot 0 o ¢ 40 kg ‘:fl'lm‘ MISCELLS =" ELLANEOUS. D. C. Paper Mfg. 6oocroormonaan Riggs Nedity de Saherts @ N STOCKS UTILITIES. *100 5 { Gorernment of ¥witzeriand . " INEW YORK STOCK EXCHANGE. Received by Private Wire Direct to The Star Office. A1% | [n¢l Paper. . 107% 107% 07% ™ TN 8% n% A% n% H _© 9% <tndabaker. % W% Th Studebakerpf..... 9 9 % Superfor Ofl 8% 8% 8% Texas Company... 4% &% % Texas & Pacific... 21% = 2 Texas & PCZONl. 7% 2% 7% Third Avenu 19% 19% 19% Tobacco Prod a o Trans Contl Of 9% 10% 10% Transue & Wilms. 19% 39% 9% Union Bag & Paper 73 32 Cox Union O1l. . 20% 21 21 Tnion Pacifle..... 117 17 w Urited Drug 3 Cnited Fruit 104 United Retall Strs. 5 [ 1S Food Prod.... 8 = 1S Indus Alcohol. 6 8% U S Realty. % Py '€ Rubber. .. 2% T % USSmejt & Ref... 20% 9% 2% USSteel.......... 826 8% 82% USSteel pf, ...... 109% 108% 109% 7tdh Copper. . % 0% AT% Vanadium Corp... 31% 3% 0% Va-CarChem..... 30% 20% 30n Vivi-low....... o 6% % Webber & Heilbron 12% 1:% 2% Wells-Fsrgo Exp. 0% 60% 0% Western Md 2d.... 1T% 1% 7% Western Pacific... 28% 9 »k Western Pacpf... 6% 6% % Western Unlon. % 6 . Westhouse E& M. 8% 4% % eeling & L E 8% 8% 8% White MOLOF. ..... 41} 1% White OIL. 1% 1% 1 Willys-Overland.. 8% %" Worthington Pmp. §:% bln Noon ¥rench Government Kingdom of Belgium 7igs. 93 of G. B. und Ireland 3% of G. B. and K. of G. B. and Ireland 3 89 K. of G. B and Ireland 5 American Fel. Armgur & Co. T Baitimore and hio « Baltimors and Ul Baltimore and Ohio Rethiehem Bleel ref i Central Leather Sa.. { Central Pacific 4x 1949, | Chesupeake and Ohio conv. 4iza. { Chesapeake and-Ohlo gen. 433« Chesapeake and Ohio cunv. Ss. aah Beariy Ravingy and aioior » ty Savin Commerciai®; Seventd Sireet Savings. 1 Tea thaler Linotype T Dt “Martet P Old Duteh Market pfd Lanston Monotype Security Storage - Washington Market . *Es-gividerd. SUBSTANTIAL RECOVERY MARKS WEEK’S TRADING NEW YORK. March 26 —Trading in the stock market this week was in no material degree Baster recess, aggregate transactions for the four fuil sessions attaining fairly large proportions, - Despite extensive profiz-taking. further substantial recoveries from the previous fortnight were recorded, largely if not wholly, to the dis- comfiture of an overconfident short interest in speculative shares. Oil. automobile, steel ment stocks, more or less in the order named. were the principal beneficl- , arles of the rebound, together with a score of affillated issues, partic- ularly motor accessories Food, tobacco. copper and chemical issues were unde- &s most of the r: restraint, as well . the latter group being again handicapped Ly poor earnings and unsetiled labor condi- tions. Marked improvement in the steel and textile industries was reported and commodity markets also were more stable, but conservatism con- Liticd Lo prevail in those branches of business subject to seasonal influ- ences The m:inty market eased slightly on call and banks bought moderately of commercial paper. There were Tew indications, however, that the spproaching second quarterly period ©of tne year would cause any pro- 1ounced release of time {unds W FORE] AN Quotations furnisied by W. B Hibbs & Ce. Selling checks, dollar value: Yondon ....... 3911 Kudupest ... Paris . ™ Rru Warsaw ieriin Copen o Chrin adrid . Stuckholm Zurich Amsterdam . itelgrade Montresl Athens Vienna BAR SILVER QUOTATIONS. NEW YORK, March 26.—Bar silver, Aomestic. 991=; foreign, 57% Gollars, #4%. lessened by the | and equip- | Delaware and Hudron Erié general lien “4». | International Mercan: 8% ¥ 0% Island Of TODAY’S BOND PRICES. prices reported to The Star over direct i;| New York-Washington wire by Redmond & Co. 2| City of Parts 6s 1921, 0% 94% | American Chi., Buriington and Quiney Jt. 4x. 987, Chi’, Mil. and St. Paul refd. 45as. 603 St. Paui conv. 435y, 5! ! Inter. Rapid Transit 1st and ref. 5s.... 54 | Loulsvilie and Xashyille 7s 1930. 1085 | Mo.. Kun. and Tex. Ist 4a: 381 | Missouri Pacifie_ general 42 25 New York Central deb. Ge. " Pennayivania 78 of {500, 8% ew York Telephoae 6a..... 2 (i Norfolk and Western conv. 6a. 100 Northern Pacific 4x. a5 Penpsylvania 53 1968, Pennsyivania Co. 61 97% a0 it 47 | Reabnard Air V. ne refdg. 4s. 37 Seaboard Air Line adj. 32 Southern Pacific 1st ref. 4s... T6% Southern Pacific conv. da. 8% i Southern Railway gen. 4s. 5TH Southern Railway % i Cnion Pac'fic 1ut 45. { Union Puc Trion Pre Trited States Rubber Gs. e Sintes Rubber 7 rie Statos ! Targinia-Cars) i — H OIL STOCKS. | Quotations furnished by W. E. Hibbe & Co. Bid. | Anglo-American 0il Co. (aew).. | Atiantic Lefaing Co Crescent Pipe Line Co. . Cumberiand Pipe Line. Fureks Pipe Line. alena-Sigeal Oil Co. com. | G;alena-Signal 011 Co. ptd. { Tilinota Pipe Line € | indiana Pipe Line Ce i Sols, i Nouthern Pipe Line (¢ | Xouth Pean. 0il Co. Southwest. Penn. Pipe Line Co.. Ntandard X fornia. ... Standard . Standard Ot Co. Standard Ofl Co. Kentueky. Standard Ofl Co. Nebraska. 0il Co. New York. Co, Ohlo. wan & Finch ¢ Union Tank Line ¥ w SALES ALMOST DOUBLED. DURHAM. N. €., March compared with 5,762.5 $56.96 for last season. amount paid to farmers this 976,617.69 last season. 26.—Total sales on the Durham tobacco market during the 1920-21 season, just closed, mounted 1o 16.448.442 pounds. as | 71 pounds during the preceding season, it is announced. The average price for the season was | $24.56 per 100 pounds, compared with s THE: EVENING STAR, WASHINGTON, D. €., SATURDAY, MARCH 26, Open. High. Low. Close. l AlaskaGold...... 1% 1% 1% 1% Allied Chemical... 42% 43 4% 48 Allls Chalmers.... 37% 28 5% 88 Am Agr Chem..... 4% 60 ©% B0 Am Beet Sugar.... 4% 414 3% a% Am Bosch........ 60 €% 60 6% Am Can. 9% Tl 30k % Am Can pf. 85 & & 8 Am Chicle Co 2 2% 21 2 Am Druggist L e 64 €% 6% Am Hide & Leapt. 46 d6% 46 46 | Am International. 45 46 45 45 Am Locomotive... 87% 8 §7% 8 | Am Safety Razor.. 6% 64 64 6% Am Ship & Com. £ Am Smelting ) 861 36% Am Smelting pt... Wa Wk Am Smit Sec A 6 61 | Am Steel Fdy 30% 30U | Am Sugar of o4k | Am Sumatra.. ‘z:% _I?’:u H Am Tel & Telqg- \m Tobaceo. % 14% | \m Woolen....... 1% Am Zinc & Ld pf. Anaconda Atchison. ... Atlanta Bir & Atl. Atlantic Fruit Co. Atlantic Gulf. .. 29% | Austin Nichols. 10 Baldwin Loco. o Balto & Ohl Lol Beth Motors. E 2% | | Beth'Steel (B). BRK ERTG 8% | Rklyn Rap Trctfs. §'s 'z 8%} Burns Bros. 8% 8 A Butte Copper e 4% 4% Caddoofl..... LN 1S 1% California Pckg... 59 60 69% | California Petrol.. 4% 45 4t & | Canadian Facific SRR Central Leather. .. o e 0% Central Leath pf. ss 8 8 Cerro de Pasco w5l 26% 2% Chandler Motor. 8 8% Ches & Ohlo soks 596 Chi Mil & St P. U 8% Chi Mil & St Ppf m% 8% Chi & Northwn P (PR Chi Pneu Tool. 64 64 68 iChiR T & Pacific AT 26 ChiRI&PT%DL.. 12 72 ‘2 72 Chile Copper-. . A0 1% 10% Chino Copper. T0% 204 W% Cluett Peabody... 46 46 4% & 2z 2 2 5 19 9% ™ % Th Cons Gasof NY... £l £ €1 Cons Intl Cal Min.. &% % B Cons Textile....,. 20% 2% 20 20% Cont Candy. % Corn Product 76'% Cosden & Co. ... 8% | Crucible Steel..... 90% | Cuban-Am Sugar. . 28 Cuba Cane Sugar. . 2% Denv & RioGr. . 14 Denv & Rio G pf... 1% Dome Mines. 16 Elk Horn Coal. . 21 | Endicott-Johnson. 63% Endicott-John pf.. 5% Erie 18t pf. . 1% Famous Players. .. % Famous players pf 6 Fisher Body &%) Fisk Rubber. 6% Gaston Willlams ™ Gen Asphalt...... €274 | Gen Cigar. 6.7n Sen Electric 135 Gen Motor u Gen Mot 7% deb | Goodrich. . Gray & Davil Great Northern pf. Great Nor Ore. ... Haskell & Barker. Homestake. Houstor Oil. Hupp Motors. Hydraulic Steel Indian Refining. 8% Inspiration. .. 124 Inzerboro Metro... i) Interboro Met pf. 16 Ingl Agr Chem. ° Intl Mer Marine. ol Intl Mer Marine pf 1% Intl Motor Truck.. Intl Nickel, Invincible Oil Jewel Tea. SHORT-TERM SECURITIES. I | (Reported by Redmond & Co.) {iron iof cash. CALLS STEEL COMPANY’S PRICE LIST EXORBITANT RICHMOND. Va., March 26.—De- claring that high prices of steel and iron products are blocking the road to prosperity and that the desperate condition of the railroads of America is partly due to exorbitant prices of steel and iron materials. John Skelton Williams, controller of the currency during the Wilson administration. and now chairman of the board of directors of the Richmond Trust Company, has issued an exhaustivé reply to the recent statement of Judge Elbert H. Gary. chairman’ of the board of the United States Steel Corporation. Mr. Williams' statement follows: Mr. Williams, having been advised by the corporation that his letter of March 16, replying to Judge Gary's defense of the Steel Corporation's price schedule, M that the excessive prices for steel and iron have now become an activ cause of unemployment znd of wide- spread suffering. He says steel and i products. from i-on ore to tructural steel. are still beipg main- t prices 160 per cent above ar basis, while other metals, and tin. on which eel Corporation ame dominating influence that it has in steel and iron, have all returned to a pre-war basis or 1 Mr. Williams also claims that the present “desperate condition” of the railroads is partly attributable to the -normously inflated [prices which they been required to pay, and are being required to pay. for their upplies, principally products of steel nd iron. Ixcessive cost of materials and the indefensible exactions of interest. along with high wages and salaries, he says. are principally responsible for the present “desperate plight” of . Williams_charges { BOND MARKET WAS GENERALLY FIRM NEW YORK. March 26.—There was very little incident in the bond deal- ings today. Strength in some of the foreign government issues was per- Laps the main feature. Belgian 6s and Belgian 8s were both in demand, the former gaining a half point to 1. and the latter moving up from 973 to 973. a half point to 93%. Italian govern- ment 6125 at 813 <nd Swiss 8s at 104 were substantially upchanged. French s were a shade easier. Cuban-American Sugar S§s were again_active around and just above 101. There has been some switching into these bonds from Cerro de Pasc 83 by people who had made a profit in the latter and figured that the bonds of the sugar company. paying the same interest »nd selling 3 points lower, tive One lot of People’s Gas bonds sold at 701z. The securities of this com- pany are being favored by some who ! have made 2 careful study of its carnings unde- the new schedule of gas rates in Chicago, even rithough these are not as high as the com- pany tried to get. Telephone bonds, as they have heen for some time. were actively bought. the Bell Telephone of Pennsylvania 7s at 103 and_American Telephone 6s from 87 to 97%. Few changes occurred in the rail- way 1'st. Peansylvania 6125 were a fraction higher and the 7s were un- changed despite the poor showing which the road made for February. Burlington joint 4s touched a new the transportation lines. TAFT IS ASKED TO PROBE AFFAIRS OF A. S. & R. CO. NEW YORK. March 26.—Recent at- tacks against the management of the American Smelting and Refining Com- pany were characterized by the GUg- by whose interests the genheim Bro: company is dire ted, as aiming to de- vrices of the com- press the market pan securiti and to disturb stockholders. [Former President Wil- liam H Taft was formallv asked by the board of directors of the company to undertake an impartial investiga- tion to settle the charges. If Mr. Taft consents to make the in- vestigation it will be apart from that toshe made by a committee lately ap- pointed to investigate the allegations of Karl Eilers, a former vice presi- dent, that the Guggenheims were us- ing the company for their own inter- ests. In recommending Mr. Taft as investigator, the Guggenheims offered to bear the cost of the work with any staff of mining and metal specialists he may need. The Gurgenheims denied the charges of accepting cxcessive salaries from kholders' interests to serve their own. of sceking to perpet- uate their hold on the company, al- though owning but a small portion of the stock. Simon Guggenheim, presi- dent of the company. is the only mem- ter of the ing stoc family on sala it was drclared, and he owns 28.000 sharcs of common and nreferred stock. Ac- tions on subsidiary companles of the consolidation, they said, were In the company’'s interests only. D. & R. G. DEAL ARGUED. Time Granted for Motion to File Bond in Lieu of Cash. DENVER, Col.. March 26 —The Dén- ver and Rio Grande stockholders’ pro- tective “committee failed to deposit with the clerk of the United States district court $100.000 as edrnest money for the purchas: of the road for $10.000,000. but was allowed time to 2rgue a motion requesting permis- sion to file a bond for $100000 in lleu The petition will also ask confirmation of the sale to West- crn’ Pacific interests be deferred until suits brought by the committee are seftied. The Denver and Rio Grande went into reccivership in 1918 as a result of a judgment obtained by the Equi- table” Trust Company of New York for $38.000,000, representing a guar- anty of the construction bonds of the Western Pacific Railroad Compahy, md. | offer. | wopion haa b ; merican Tel. & Tel. Gs 1922, \ which had been defauited by the |:_.fl::: Sl e Western Pacific. The propertv was American scld under an order of tho United American States district court for $5.80,000, to Iocking Valley 6s Kennecott Copper Liggett-and Myers Tob. 6s 1 Pepns. Co. 4%, June 15 Procter & Gambie 75 19: Frocter & Gamble Tu 19 . J. Reynolds ‘Tob. s 1t Bears, Hoebuck & Co. Seurs, Roeburk & (¢ Beurs, Roebuck & 95% | Ewift & Co. 6s Swift & Co. T Fexus Union i o Western Electrie Ts 1925, l(& Westinghouse E. & M. Wy FOREIGN BO) Quotations furnished by W. B. Hibbs & Co. Clowing prices: Berlin 4%......... 15 German go Greater Rerifn 4s 14% German g remen 4%, ... K 1 Coviens 1o ni Ges. 415n - Mein'ge: o Darmstadt L Dresden 4x Dresden 4135 Disseldort 5. Essen 4s.. Fraokfurt 31, { Frankfurt 5s. Humbarg 3x. Hamburg 314 Hamburg 1 Britixn Hamburg 415<... Nat. war L Koenigsberg 4s. . War loan Leipzig 438..... Ttalian 5 lian potes 1 Relgian! Re®r. 7w, Belgiun Prem. 5x. GRAIN PRICES OF WEEK | ARE LOWEST SINCE 1916 CHICAGO, March 26.— Declining | prices of farm products have this jweek reached the lowest level since 1916 for May delivery of wheat. Dis- turbed economio conditions, bearish | crop reports and slackening of ex port demand were among the chief bearish faclors. Comparcd with a | week ago. wh his morning show- : e a setbick of 11 conts (o 55 Lonts corn was down % eont tq aats, Ral cent 1o 1 v visions, 30 conts to 75 cents i t kas boen three consecutive s today since the wheat maries neons | to slip, owing largely to misgivings over the generul business outlook. This week. in addition to further atrain, especially as to domestic in- dustrial conditions, the bulls had an extra handicap as a result of field advices that danger of any big dam- age from the green bug pest was about over. Then, too, word was. ci culated that British government hold- ings of wheat would be sufficient for all British requirements to the end of the season, and this announcement was followed by news of revolution- ary outbreaks in Germany. ! Under such circumatznces Lnow! cdge of measures being taken to. f: jcilitate the passage of a new emer- {gency tarift bill failed to act as much | of an immediate stimulus. Occasional | raliles which took place appeared to | be related in the jnain to spurts of sharply timed transatlantic buying on_declines. = Corn and oats gave way with whea May corn amd May oats dropping Transient uncertainty over packi: house wages tended to restrain de: ings in provisions and to let the mar- ket mag. % cents, | - the Western Pacific at Denver, American Tobscco Co. T vember The sale wiped out $87,- Anaconda Copper #1929, i erre = il T 1he 195 000.000 in preferred “and commen . Tx_ 1950 i 3 ! —_— e CURB STOCK ! Quotations furnished Ly W. . B . N [ 4atna r-otonive 3N fAllied OB ... 13 1 Ameean i 2 tlantic Petroleum 33 4 Big Henrt . . “' §% Rig Ledge . % Boone Oil - 13 :M‘:lvn ln:ll v!‘hil I‘n 60 Catedoni - ¥ 1 112“1 20 Carib Syndicgte 8% Carib Trading . w3ERuita Y, P2 & & 2% bin Syndicat 5 wolidal Pnu:»:r : '|’ ?32 won Gold 1 1% [ 8 Ay oy /34 Bareka ¢ a® % Farrell Coal 14 #4 Federal Oil 1% 15 P J Goldwyn Pictures axiag ex-Gillespie 12 EnSac Bers 25 B 19 £ 2! . g Merritt O .. Bt Midwest Oil com. 13 Micwest 01l 1t g 59 Midwest Refining . Nevada Ophir . » 28! izamarstia F W ORLEANS, March 26.—Soutli- t storm warnings were ordersd isted bt along the Texas coast by the. The total the atandard of prices current in 1913. | d'strict forecaster of the local wehti- eason . Mexican | was $4.024,215.67 as compared with §4,- or bureau at $:40 am. today. 'Freés! to strong southerly winds wiil prevall for the next twenty-four hours, it was stated. 5 NEW ORLEANS COTTON, ) | the smelting company, of (nsregnrd-l ! %Jmemnle paper, 7%a7%. 3 high at 98%. The traction list was tnchanged. Libertys varied scarcely any on the day. FOREIGN TRADE NOTES. The moratorium law passed by the legislature of Yucatan provides that payment of principal and interest on all debts contracted before February 26, 1921, sHall not be collectible until March 1, 1922, and shall not draw over 6 per cent. France has removed the embargo on the exportation of raw fur skins. The slight rise during January, 1921, in the price of coffce in the New York coffee market materially stimulated shipments from the port of Mara- caibo. Rubber authorities in the Nether- lands generally have little faith in the project of the far eastern planters to restrict their output during current year for the purpose of keep- ing up prices. A diversified exposition of Dutch products, industries and facilities will be held at Madrid for three weeks. beginning with May 1. Navigation at Helsingfors, Finland. is about to be reopened. according to a cablegram received by the Depart- ment of Commerce. A movement is reported to be on foot in Canada for the establishment of a corporation for the financing of foreign trade similar to organiza- tiops in the United States under the Edge law. General business conditions in China are stated to be improving. Trade in| cotton piece goods. which has been at a standstill for months past, shows signs of a substantial improvement. During 1920 the declared exports from Venice, ~¥taly, to the United States amounted to $1,952.000, as com- { pared with $1,737,000 in the preceding year. Trade in garage tools and equip- ment is growing raptdly in South Africa. Johannesburg alone has over 150 repairing establishments, and the i whole of South Africa has more tham a thousand. . A slump in the importation of up- per leathers into Portugal is reported; by Consul Wiley of Oporto. who es- timates that the supply on hand is sufficient for two years needs. TRADE CONDITIONS. NEW YORK. March 25.—Dun's re- view of trade conditions says: “After practically a year of liquida- tion and deflation, new forces are now making for gradual business recuper- ation. Recovery has not yet extended to all lincs and may be expected 1o continue irregular, but encouraging Indications are increasing in number. Although some of the hopeful signs partly result from the - influence of special demands, such as the Easter requircments. the favorable features are also begining to assume charac- teristics of permanency. “The ranid crop advancement under the stimulus of mild weather, the re- | Diaxation from monetary tension, and the grester stabilitv of financial mar- Kkels promote a better feeling. while the trend toward resumption of build- ing activity is a significant develop- ment. Reflecting the latter move- ment, buying of steel has gained a little. and the lumber industry, espe- cially in the Pacific northwest, is ex- periencing some revival. Bradstreet's savs: “Further moder- ate gains in- retail and jobbing dis. tribution in soaring avnarel lines, de- cidedly more confident buying of print cloths inducing a sharp advance (10 per cent) in prices; an active call for ginghams alike fér spring and fall, the reported increased withdrawal of leading lines of woolen and worsted goods by leading interests, a slightly hetter tone to reports in several in- dustries and another slight gain in collections are among the salient fea- tures in an otherwise rather irregu- lar, not to sav spotted. condition of things commercial noted by Brad- street's this week.” CANADIAN IMPORTS HEAVY. OTTAWA, Ont.,, March 2 Imports into Canada during the yvear ending February, 1921, exceeded by $296.191,- 543 the value of imports during the previous twelve months. the Domin- ion bureau of statistics announces. Free goods imported last year were $419.043 valued at 563, and dutiable imports at a total of $1.290,0 during the past year amounted to $1,214.204 132, which is about forty-two millions less than the year before. Exports to the United Kirgdom dropped from $507,092,308 in 1919 to $322.563.091 last year. Exports to the United States increased from $456,66% 986, in 1919 o $551.678,226 last year. HOLIDAY ON EXCHANGES. NEW YORK, March 26.—Today is a holiday on the cotton, coffee and sugar exchanges here. NEW YORK BANK STATEMENT. NEW YORK, March 26.—~The actual condition of clearing house banks and trust companies for the week shows that thev hold $7,661040 reserve in excess of legal requirements. This is an fncrease of $4.221,010 from~ last week. e LIBERTY BOND CLOSING PRICES. NEW YORK, March 26.—Liberty "onds closed:*'3is, £9.94; first 4s, second 4s, 86.90; first 4s, second 4%s, 8698 third 4{Xs, fourth 4%s, 87.04; Victory 3%s, 97.58; victory 4%s, 97.64) , —— MONEY AND EXCHANGE. NEW YORK, March 26.—Prime Exchange steady:- steriing sixty- day bills and commercial sixty-day bills on banks, 3.86%; sixty-day bills, 3.86%. “ Demand, 3.91%: cables. 3.91%: trancs, demand, 6.92; cables, 6.48; Belgian francs, demand, 7.23; cables, .25; guilders, demand, '34.35: cables. 45; lire, demand. 3.96; cables, 4.00 marks, demand. 1.59; ‘cables, 1.6 Grecce, demand, 7.70; Argentine. de- mand. 34.00; Brazilian, 'demand, 15.35 commercial Danish Municipal 8s were up | were relgtively more attrac-| the | ~ 1921—PART 2. "TYLER & RUTHERFORD, 817 15th Street N.Wi_ Insurance in All Its Braoches. THE CONDITION STATEMENT O T - the Home Insurance Company of New York On_the 318t day of December, 1920, as required | under the District of Columbin Code. amend ed June 30, 1802, and August 18, 191 ASSETS Cash in bank - A5 Stocks and bonds (murket vaive). 5 Premiums upcollected and in hands -f agents s [ Interest due and accrued. AlL other assets— Revorer: reiasurance on . .$62,01: Total assels ........... LIABILITI Net unpaid claims ks Reserve as required by Taw. | Reinsurance premivms ... | Salaries. rents, expensex, ot Capital stor 5 All other Tabilities i | . LConracter ot husinexs transacted during the attied 38,85 year 1920—Fire insusance and lis ! Amount of risk assemed dur- i ing the year 1920... 38,7 | Lowses sustuined during the SeRE RIS, .o sae Money received dnring 12y e the i | w 1 ary hed and sworn 1o before me this 18th { day_of February, 1921 1 Visenn) KR | i Notary Pui . Accounts Safe Deposit a ment Nerivles 36 N. Y. Ave. 1 { Money to Loan Secured by F.rst Deed of Trust on Real Estate smmission. sh. L. & Trust 4 Foaw. | [ 18 '\ Harriman & Co. | i MEMBERS: New York Stock Exchange ! 111 Broadway, New York ;. {N\ Washington Office COLORADO BUILDING Telephone Main 1603 G. B. CHIPMAN 7% REAL ESTATE NOTES Conservative Valuations i Secured by first deed | of trust on high-class | properties. Responsible | makers. et L e o et et e S e i GLOVER & FLATHER 737 15th St. N.W. EQUITABLE CO-OPERATIVE BUILDING | ASSOCIATION ] Organized 1879 41st YEAR COMPLETED $4.272,008.87 $1,065,322.80 s Join the Equitable and Save Sys- i | tematically. —If you adopt this plan of saving you will ‘e wurprived and delighted with the results obtained. Subscriptions for the i 80th Issue of Stock Belng Recelved Shares, $2.50 Per Month 4 Per Cenmt Interest EQUITABLE BUILDING, ' 915 F St. N.W. JOHN JOY EDSON. President FRANK P. REESIDE, Secy. CERTIFIED INVESTMENTS CHAS. 8. SHAPLEY 713 Albee Blds. Frank. 534 { 26* Are You Speculating? It is Sometimes great spo but it is expensive. One ougl to risk in the game only what he can afford to /lose. The money one has to keep- safe Should not be risked in fluctuating_securities. Pug that in our First Mortgages on Washington real estate. There {8 nothing safer. The return is adequate apd they are always at par. g In amounts of $250 and up. B. F. SAUL CO. Mortgage Lom Montreal, 11% per cent discou; Government —and rallrosd bonds steady. ¥ ~ ; —— Usually 150,000 to 200,000 feet are rufi_through the cameras to get a six-reel or .6,000-foot .motion -picture. The_director, stations three, five cameraa’to take the same scene. four or| 934 N. Y. Ave. NW. alay FINANCIAL, . ~ FOREIGN EXCHANGE Cable Transfers Foreign Currencies DUPONT NATIONAL BANK Franklin 4424 NO ship owner would send his vessel out fo sea unprotected by marine incurance. Ships at sea face many dJisasters—coilision, fire, mutiny. mccidents to machin: ers. etc. If a man thus guards against loss at sea, will he not be Justified in investing in securities weil protected by land? In our fifty-two years of busi- ness mot a single investor in our Notes has lost any- purchased through “ships came home™ First Mortgag thing on_notes us. Their safely. SWARTZELL, RHEEM & HENSEY CO. 727 Fifteenth Street N.W. ington, D. C. THE NATION'S HOME TOWN. ! | Best Known Washington. of the Oldest Institutions One Banking Open Saturday 5:30 P.M. to 8 P.M. Lincoln Said: Thoughtful men must feel that the fate of civilization upon this continent is involved in the issue of our contes Among the most gratifyirg proofs of this convicton is the hearty devoticn cverywhere exhibited by our scheols and | colleges to the mational cause. I am most thankful if my | iabors have seemed to conduce to the preservation of thoss institutions under which alove we can cxpect good gov- ernmezt and in its train sousd learning and the progress of the liberal arts. If You Do Not Save, You Sacrifice the Fruits of Your Labor. The history of great men teaches | that only they succeed who work and save. We welcome new accounts in our savings department. 3% Commercial Accounts Monthly Statements Rendered Interest Paid on Savings Accounts Foreign Exchange At Lowest Rates 817 15th St. N.W. Insurance in All Its Branches STATEMENT OF THE C of the Fire- Association of Philadelphia STATEMENT OF THE CONDITION INTIOY of the Lloyds Plate Glass Insurance Company of New York On the 31s* day of Deember. required under the Dis rict bia Code. wmended Jung 911 Op the 31z renuarin bin Code, Augis. AN, Capital ~tock Capital ush ST00.000.000 Keal estate mortgages (frst Tien) Stocks and bonds lue) Premiums uncoliected and in hands ¢f agents Interest due and acy (market value ) Premivms Total assets . LIABILITIES. Net unpaid claims. . Reserve as required Uy law. . Reinsurance premiuims taxes. ete. Al mated for taxes. Surplus over ail 1 other Capital stock Total linbilities ..$1.524. racter of business transacted dur- ing the vear 192 te glass insurance. Amount of risk assumed during the vear 1920—No amount stated in policiex. Losses sustained during the 1.563,610,496.00 4.987,656.61 10.620,183.13 Losses incurred the vear 1920 Money” received the year 1920 Expended during 1920 .. during during £9.653.100.46 President. M. 6. GARRIGUES. Secretary. Rubscrilwd and <wo 1st_day 1Seal ) CHAS. E. W. CHAMBE 5 Subscribed and sworn to before me this before me this of Re Term expi Counts of N M, STATEMENT OF THE CONDITION Of the U. S. Branch of the Northern Assurance Co., Ltd, of London, England On the 31st day of December, 19: required under the District of bia Code. amended June 30, 1 STATEMENT OF THE CONDITION of the Victory Insurance Company of Philadelphia On the 31st day of December, 1920. as required under the District of Colum- bia Code, amended June 30, 1902, and August 18, 1911. ] $500.000.00 August is, 1911, i s 300.000.00 | | Capital” stock, “nose i the ASSETS. Ganh in buk . sy B2 eal estate morigages (Brst lien) 91.500.00 i Siatne 1 om0 (M ggsance | | Heal estate mortgages iont et erarte 1a1540.05 | | Stocks andionds " (market Interdt due and accried 1002481 All other ussats—Coliteral loans, $60.000; reinsurance due on_naid losses. $1.- 299.01: Philadelphia Under- writers' Association de- posit, $100 Total hands of agents . Interest due and All other ussets. Total assets ssets -.51,470,177.87 LIABILITIES ¢ .699.00 . 5,418,681.18 LFIABILITIES. Net uppaid claims. 83,050.98 . g.luflrfn- required by law. 505,650.33 SRS alaries, rents, expense . 8. Statutory deposit, taxes, etc. . 32.418.7¢ $400, E *Commissions, brol 687,63 — Capital stock 500,000.00 Total labilities ........... $6.449,761.93 Total liabilities . $1.129,811.68 Character of business transacted during the year 1920—Fire. lighning. automobile, sprinkler leakage, windstorm. explosion, war, bombardment, riot, civil commo- tion, inland aud ocean marine insurance. Amount of risk assumed during the vear 1920..81,135,882.107.00 Character of business transacted during the year 1920—Fire Insurance. Gross amount of risk as- sumed during the year 1820 . $199.189,030.00 241,375 Losses sustatned durl 241.375.84 - B128,418.42 [ 205 ‘xh-' Jognie. .. Taoeus ended 657, xpended during the year 1950 401.057.61 o 7,170.64 E. . IRVIN, President. M. G. GARRIGUES, Secretars. Subscribed and sworn to before me this A7 GIMARTIN, Manager. Subscribed and sworn to before me this 1st day of February, 1821. 16th day of February, 1921. (Seal.) EDWIN s Gaver. n‘n'ml‘: "h :hl'l R RAY, . My commission expires Jan. 22, 1825, Certigeate flled in N Y. Co. No. 8, Tyler & Rutherford | uncoilected ~and - in hands of agents...... L Interest due and accrued .. All other assets—Collateral Toans. $110,150.00: - 3 i / LIABILITIES. / Net unpaid cluims. .. $1.376,100.80 as required Dy Taw. 9.451.149.6 Salaries, Tents, expenses, taxes, : . Commissions. brokerage. vt 3