Evening Star Newspaper, April 2, 1921, Page 17

] Sqae = FINANCIAL ~ THE EVENING STAR, WASHINGTON, D:. ‘o, SATURDAY, APRIL 2, 1921—PART 2. Received by Private Wire CALL IS MADE ON Adv Rumley. . 16% 16% 16% 16% Air Reduction. £l 5 35 35 Ajax Rubber. 2 2 2 2 s AlaskaJuno...... 1% 1% 1% 1% 3 Allled Chemical... 4% &8 &% 2% 5 Allis Chalmers. 36 L Am Beet Sugar. 57 W% Am Bosch. $Secretary Mellon Asks for 5 Per Cent Payment on f March 15 Issue. r BY L A. FLEMING. Am Locomotive. .. 85% 5, Tie Secrats £ the Treasury|Am Safety Rasor.. 5% 5 e Am Ship & Com. .. 8 made his first call for part ol the proceeds of the March 15 sale of Treasury certificates, asking through the Federal Reserve Bank of Rich- mond for the payment by Tuesday of mext week of 5 per cent of the @amount in national banks to the cred- it of the government arising from the sale mentioned. Banks have had the use of the full amount of the issue longer than they have held the proceeds of any recent sale of certificates, the March 15 pay- ment being larger than had been an- ticipated. The call will take about $23.000,000 ¢ out of tke banks, but will cause no hardship, as the banks have more cash on hand than they can use to good advantage, on short-term in- vestments. The Wall street market has not offered sufficient employment of funds to keep the. secondary re- serves well employed, and bankers have been using surplus funds in bank acceptances of high order— those of New York, Chicago or San Francisco banks and Treasury certifi- cates. Rates on these. however, are close to 6 per cent, generally a fraction Jower. H Am Woolen. Am Woolen pf. Anaconda. .. Asso Dry G 1st Atchison. . Atlantic Cst tlantic Gulf. Atlantic Gulf pf. .. Atlantic Fruit Co. Austin Nichols Baldwin Loco. Balto & Ohlo ‘Beth Motors. Beth Steel. of. Bklyn Rapld Tra.. 12% Canadian Pacific.. 112% Central Leather... 3% k] Central Leath pf.. Cerro de Ches & Ohlo. Chi Mil1 & Rt P. Loenl Securities. Capital Traction shares featured the session of the local exchange, moving freely at 883% and 881. NEW YORK STOCK EXCHANGE. Mergenthaler sold to the extent of | Chi Mil & St Ppf.. g 40 shares, with % point recession in|Chi & Northwn.... 2% 2 & :!w the prevailing price. to 1.19%. Chi & Northwn pf. 99% 100 9% Potomac debenture 63 were off|ChiRT& Pacific.. 26 36 5% 2% slightly. selling to 93. Chile Copper. L1010 9% 9% Other bonds and stocks were slow. | Chino Copper. 1% 19% 19% but reasonably firm. e W% W% ‘Wall Street Notes. 9% % 5:: March sales of Sears, Roebuck & Co. 6% 0':: et + were $20,105.904. compared with $24. % 35! 946 for March a year ago, a decrease 46% 4% 46% of 26.83 per cent. For-the first three | Cons Cigar pf.. ... W w0 months of the year they were $49.706.- | Cons Distirbutors.. 8% 8% 8% 8% 000, a decrease as compared with the|ConsGasofNY... 82% £2% 2% 2% total of the same period, 1919, of 41.64 5 b5 per cent. At that, sales of over twenty ™ 1% millions in one month cannot be called e Ppoor when the cash accompanies the e 1% s i % UK Baldwin Locomotive is said to have = orders for. 3,000,000 of product on its b books and the American Locomotive Company orders for over $6,000,000 |Cuban-Am Sugar.. 6% 2% 2% product. Cuba Cane Sugar.. 21% tl; u“ Denv & RjoGr.... Only in the cotfon belt is the Inter- national Harvester Company finding col- lections siow: Traders are suggesting that possibly General Motors common dividend may 12 ‘be omitted. 8% Cuts of 8 to 33 1-3 per cent have o been announced in the wages of coal % miners in the Pittsburgh district. o Michigan motor output is now about -4 on a 60 per cent basis. 156 General Electric reports $33,240,000 0% cash on hand December 31, and re- % sources of $374,837,000. <+ The surplus of the Superior Steel > Company for the year 1920 equaled 2 * stock. $8.92 a share on the commo t in bil- The Iron Age declares t lets and beams, in fact, in eight of the chief products, prices are off from $80.70 to $58.55 in a year. That the Gulf Mo & N pf. Houston Oil... fl!gl INEW YORK BONDS Direct to The Star Office. Open. High. Low. Close. Is1and Oll....cccc. 4% % _ 4% __4% French Government &% KansasCitySou. " 28 35 “touk ok dfeame ot Kelly-Spring Tire. 28% 8% 38 38 U. K. of G. B, and Ircland 5 K.n“m"’:'l““ n% 1% _17% _17 . K. of G. B and Ireland Hlox Keystone Tire. H% 14 % 1 Cockawanna Steel. 82 t5° i 611s| NEW YORK, April 2—There has Laclede Gas. . 45% 45 45 |been very little to the Sattirday bond '-“TWthf 2 26 %% %%, market, and this morning's two-hour a l&‘;:fx?nm oy..... 49% 49% 4% 49| .oqion was no exception to the rule. | Aviantic Refining Co. 615~ 193 1" '18% 'lsg| Liberty bonds left off almost ex-|Kaltimore and Uhlo conv. i1y 9% 9% 9% |actly where they had-closed yester-| Raitimore and Ohio 8. W. Di 8% 8 8 |day. The same could be sald for the | ethiehem Steol refd. o 11 139% M0 |greater part of the foreign govern-!(entral racific 4 17% 1% 1% |ment section. Belgian government | Chesapeake and Obio co W4 13 18K 71is were down a fraction, but nearly | Chesspeake and Ohlo gen. & 19% 29% 29% | everything else in the group was :flheul"“k! 'fl'd Ohio conv 10 10 steady. 3 "% 2% 9w | Swiss ss sold at 1043, which is the | Chi 1% 17% 173 | best they have reached. in some time. | Chicago Mo Pacific pf. s6% 164 g6y | They closed 104 bid. French 8s were | Chi.. Rock Island and P 3 98% bid at the end, which was yes- | Chicago Union St Montgomery Ward 17% 18 . 1% 7% (0% DG AL U Consolidated Cas Mullins Body...... 23% 2% 238 23 TR wersk v - | Delaware und Hudson 73 1930 They were not affected by the in-|IX Nevada Copper 9 9 9 9 |formation from Washnigton that the | Erle gencral lien ds. 3 New Or Tex & M... 68% 6% 6% 65% |interest due April 15 on the French |jilinoi Central N Y Air Brake. 76 76 74 7 |war debt to this country would be |International Mereantils 3 N ¥ Central. . € 6 68% 68% [postponed. Norway 88 were strong [Inter. Rapid Transit st and ref NYNH&Hart... 16 16 16 16 [at 99% to 100. Japanese issues un- |Louisvills and Nashville 7~ 1¢ Norfolk & Wstrn %44 o 9 [changed, with §2 bid for the 8%s and | Missourl, Kansas and Texas 1st ds Northern Pacific. % iT% 1% TI% (64 Dbid, for the 4s. Dominican re-{NewYork Central 74 1930, Oklahoma Prod... 3% W ®% 8% |public 5s were at 80. ew York Central deb. 6. Pac Development. 15% 16% 14% W% Pennsy 7s Higher. o ‘\k»rk Acleplione % PacificOIl. . 3% 5% 35%| Pennsylvania ter year T8 were uD Norfolk and Western con Pan-Am Pete €81 68% 67% 68% |a half plint to 102, and the 6£s. | Northern Pacific 4. Pan-Am Pete (B). ' 0% 6% 60% €0% |which yesterday had sold as low as|Pennsylva Gy 1 Pennsylvania. 4% % % 3 |95% were a shade better at 963%.|TPeansylvania Co. 6isx 1936, Penn Seabd Steel.. 11 11 10% 10%| Chicago and Northwestern 6%38 sold },::::;{;::{: 7108 1ea0. D People'sGas...... 42 42 42 41 |again at 99%, at which figure they row 2 Pere Marquette. .. 1% 17 174 Ik were down a half point for the week. .. 5 52% 6% | Rail Qonds generally were very B B o i st sire sy on [little chdnged. 'In the traction group (st L5 % 3% 3174 ai |Interborough 5 sold up at ofie time Seaboard Air Line refds. ds Eletce-ATrow, Y St later fell back to 543%.|Seaboard Air to 55, but The move in Hudson and Manhattan incomes appears to be over for the time being. 'y Cuban American Sugar 8s were not affected by the weakness in sugar stocks. Rubber 5s failed to raily after they declined yesterday to 78%. WEEK’S TRADING IS RULED BY DISQUIETING FACTORS St L & San Fran... St Eouls Southwh. NEW YORK, April 2—Firmer Santa Cecilia Sug. money rates, the apathetic attitude of Savage Arms ¢ investors, increasing _ttansportation Saxon Motors. Seaboard Air.Line. problems and disquieting industriai and political conditions in Great Brit- SemboaraALDL.: ain and central Europe were foremost Frumistiips among the factors which accelorated neca Copper. this week's irregular reaetioh in the Shell Trad & Tran. e sk Sinclair Oil, . Southern Pacifior. Southern Raflway. Steel & Tube pf. The turn into the year' quarter brought no relaxation of time funds, and latest statemetits of the leading railway companies strength- Stewart-Warner... ened the plea of these Eystems for Stromb. - iurgent remedial leg 7 aberaCarbo s M 306 3% 301 "An interesting sidelight on existing Submarine % ® sy | investment conditions was presented | % by the failure of the city of New g 43 4 4 |York to find a market for more than a 0% &% 0% |part of the $47.000,000 short-term = 2% 20% 20%|notes at or under 6 per cent, most 28% 6% 27%bids being in excess of that figure. B T 0| racent Siow mes in tha: autgmor 10! b( e a 0~ © 4 4 |bile industry, latest advices ‘from TwinCity RTran. 45 45 45 45 |leading centers of manufficture failed 20% 20% 201 | t0 8how more than very moderate re- o W1 uT tiew new [COVEry, Steel apd irom prodction - showed only nominal gains, a condi- 3::::“"5““ Sotar i i tions in_the metal I etuetes, partieu- Drug. arly copper, were extremely discour- United Prult...... 100% 102% 101% 102 |aging. . S e Onited Retal Strs. 48% 49 48% 49 | Sporadic .improvement in general USCastIrPlpe... 17% 17% 17% 17%lines of business was atttibuted by U S Food Prod. ?1% 21% 21% 21% |trade authoritics to seasomal condi- US Indus Alcohol, 663 66% 66 66 |tions and not so much to any indica- TS Rubber oW % 6% tions of a broad demand for other gsnubnanuu. 101% 101% 101% 101% | than the more necessary commodities. SSmelt & Ret. 2 : sacond | TODAY’S BOND PRICES. Noon prices reported to The Star over direct New York-Washington wire by Redmond & Co. City of Paris 6s 1921 9718 REFLECTS UNSETTLED STATE OF BUSINESS GENERALLY Wall Street Market Moves Without Much Snap.and With the Bears Constantly Working to Develop Weak Spots. ™ BY STUART P. WEST. NEW YORK, April 2.—Little has happened in the course of the present week to affect the essentials of the financial situation. It has to be said, as was sald a week ago, that men's opiniohs are widely at variance regarding tht present busi- ness position. : Manufacturers of automobiles are de- cidedly optimistic because their in- dustry has picked up remarkably within the last month. Textile mill owners, looking at their business as compared with what it was four months ago, are very con- fident. The same i true of the boot and shoe and dry goods trades. On the other hand. the steel men, when they talk privately about af- fairs, declare that they can see noth- ing encouraging. This is especially companies, which are operating on only about a 20 to 30 per cent basis, and making a much smaller profit, even on this small business, than they were six months ago. {ate still no indications in the invest- true of the heads of the independent) Southern Pacific 1st ref. 4s. ay Ox. o Pacific 1st 4. Pact te United Sta Virginia-Carol Wilson & Co. SHORT-TERM SECURITIES. (Reported by Iiedmond & Co.) & Tel. American Tel. 6s 1922 Tel. o American Tobacco Co. American Tobacco Co. American Tobacco Co. Anaconda Copper s Bethlehem Steel Canadian Central Argentine fix K1 & P Gult ‘0l Corporatjon I J. Heinz Co. 7 1 Hocking Vi Kennecott Copper Liggett & Myers ¥ Co. 4 Tob. 6% June 15 Procter & Ga R. J. Reynolds Tol Sears, Roebuck & Sears, Rocbuck & \ Roebuck & ir Con. Oil Southern K v ment bond market of preparation for an _immediate decline in money. The stock market at the close of the week appeared to have accumulated a very large short interest, and this is the chief dependence of those who are hoping for improvement in Wall street conditions. As experienced observersi realize, however, a rally at the e: pense of an overextended short ac- count is the best that can be expected for the present. The business out- look will have to become more settled before any upward movement in stocks can be long sustained. (Copyright, 1921, by 5. P. West.) = BUSINESS STILL UNEVEN, WITH OUTLOOK BETTER Although reports to the journals of business emphasize the fact that busi- ness is uneven, they see evidences of | a slowly but surely brightening uut-l look. Dun's Review says: “The second quarter of the year opens with some further evidence of business recov- i INSURANCE || | level of prices of independent pro- | Hupp Motors. M % M% which was 27 per cent aboVe|pygraulic Steel... u% % 1% the price of the Steel Corporation in | 3izhom; L% B 8% B% 1920, is now 8 per cent below. TnapIFation . itses ' u-urhon-:n:r:‘ . i Interboro Me! B Washington Stock Exchange |iaiisarvester.... ® =% s aig| WhiteOll. .0 - 80 51 50 BO% ys-Overlan 8% 8% 8% 8% s Intl Mer Marine pt Worthington Pmp. 48% 49 _ 8% % - ital ;h-" “55.1' ::2 5 at 88%.|[ntiMotor Truck.. 34 8% 3 3 thaler Linoiype—10 at 119%, 10 at el HOURLY SALES OF STOCKS.c i 1lam..... 114400 12m.......306 100 AFTER CALL. v.';:rIfl‘Q-l!f Hmrlo at 119%, 10 at i l:;-:e_umm la:'( 6s—31/000 "at 93, . k 2 at 93, $500 at 9. il e Produce and Live Stoc Grain, GRAIN AND PROVISIONS. BALTIMORE. April 2 _(Special).— Potatoes—White, No. 1. per 100 pounds, 75al.00; _cobblers, ~75a1.00; MoCormicks, 50a75; No. 2, 25a35; swects, per-barrel, 3.0025.50; yams, 3.5024.00; No. 2 and culls, 2.5023.00. % | Beans—Green pearl and wax, per hamper, 3.0024.00. Beets—Per bunch, 4a5. Asparagus—Per dozen, 3.00a (X Be. -Washington Gas T%s ash Rwy. and Fiee. £ Wash. Hwy. and Eiee. G. M. i Xiggs Realty 5s (sbort) crate, 1.50a6.00. Spinach—Per bushel, 60a65. Rhubarb ‘:g —Per bunch, 3ad. Apples—Per bar- v !nl. 3.00a6.00; per box. 1.50a3.00; 2 iloose, per 100 pounds, 1.00a1.50. Grapefruit—Per _box, _ 2.50a4.50. 284 0 ’Or‘l‘eb—?er box, 3.00a4.75. Straw- «+=++ | berries—Per quart, 30a( 183 Selling Prices at Noom. Wheat—No. 2 red winter, spot, 1.62; No. 2 red winter. garlicky, spot, 1483 April, 1.48%; May, 1.50%. Sales—Car lot of No. red winter, spot, at 1.60 per bushel. Car lot of No. 2 red winter, garlicky, ten-day shipment, at 1.47 per bushel. One car of No. 3 red winter, spot, at 1.56 per bushel. Corn—Cob. a5 16 . new, yellow, 3.50 per American Security 3 t Continental Trusi , National Saving, Union Trust Washington Loan snd T+ spot, at 69 per bushel; one car of con- tract, spot. at 68% per bushel: 5,000 «{ busheTs of contract, spot. at 68%; one ! car of No. 4. spot. at 653 per bushel. Becurity Savings and Commercia | “Oats—No. 2 ‘white, .50 per bushel; Beventh Btreet Baviny «{No. 3, .47% per bushel. e T ] "Rye—Bag lots of nearby rye, as to ‘ashiagton Mechanics’ quality, 1.40a1.50 per bushel; No. 2 bl Western export, spot, 1.58% per bushel. EINS Dgnanc. Hay—No. 1 timothy, nominal; stand- ard timothy, 25.00825.50; No. 2 tim- 24.00a24.50; No..3 timothy, 16.50a No. 1_light clover mixed, 22.00a 00; No. 1 clover mixed, 20.00a21.0 No. 2 clover mixed, 16.00a19.00; No. 13.00a15.00; No. 1 clover, 17.00a18.0¢ No. 2 clover, 15.00a16.50; No. 3, 13.00a 16.00; sampfe hay, 10.00a15.00. Straw—No. 1 rye, nominal; No. 1 tangied rye, 17.00; No. 2 tangled rye, 16.00; No. 1 wheat, 13.00213.50; No. 2 wheat, 12.00a12.5 No. 1 oat, nominal, 18.00a18.50; No. 2 oat, 16.00a17,00. CHICAGO, April 2.— demand for both new and old whea and a general covering by shorts, w. responsible for a sharp rally near thi close. The finish was strong, with prices 1% to 2% net higher, with May 137 to 1374 and July 116 to 1 . t, Am. Coal of Allegh.. q. 31 Art’ Metal Const'n, g, 13c. The rally in corn was slight, and the Art Metal Const LApr. R . o iave finish was nervous, with prices un- iy soale; 1% Yo, iichanged to % to % higher, with May | ETee A DG 59% to 60. jutier Bros., q. 2 (lose. Com'wealth Eaison, Yom; et homa. S "»"vfl- 13 118 116 Midwest Ref., 59% Win, Co. 1st pfd. 30, - = ip ‘Wiach. Co. 24 pfd, $3. . Apr. sy 36% i a8 FOREIGN EXCHANGE. FRENCH CROP PROSPECTS. '391% Budupest ..... 5 = 1343 | The French ministry of agricuiture. ™ Warew reporting on acreage and conditions 32 ¢t in present season, 1601 as compared . with the correspondini 243 poriod of 1920, gives planted area 70 12.137,000 acres, against 11,369,00 -28% acres a year ago, an average condi- st e tion of €9, against 68. h percentages “fairly good” and 80 B It is indfeated that. the spring wheat crop will also cover & wider area than that of a year ago. ————— ‘The Women of Mexico City have formed an anti-alcohol society. NEW YORK BANK STATEMENT. NEW YORK, April 2.—The actual condition of clearing house banks and trust companies for the week show that they hold $14.285,300 reserve in excess of legal requirements. This is xu ot 60 from last week, The development of an active export | , ! *! | DAIRY MARKET. BALTIMORE, April 2.—Poultry— Young chickens, alive, per pound, 30a) ; old, 35a37; old roosters, 20; springs, 133 pounds and over, 55a60. winter, 2% pounds and under, ducks, per_pound, 32a40; turkeys, per. pound, 35a50; pigeons, per pair, 50a55; guinea fowls, each, 50a$5. Eggs—(Loss oft.) Strictly fresh nearby, per dozen, 25; southern, 24; duck eggs, 30. Butter—Creamery, fancy, per pound, 48a49; prints, 49a51; nearby creamery, 45a46; dairy prin 20a25; rolls, per pound, 18a22; ladles, 28a30; process butter, 28a29; store .packed, 17al8. WINTER'WHEAT FORECAST NEW LOW MARKET LEVELS CHICAGO, April 2.—Forecast of a big. crop of winter wheat was the leading influence this week in tum- bling down all grain and provisions to new low levels for the season—a gen. eral 1915-16 level. Compared with & week ago, wheat this morning showed a (:.I; of t%,to 7%5 corn was off 43 to . oats 3% to and provi: Dy % provisions Notwithstanding announcement that the visible supply of wheat ready for immediate use had been curtailed to the smallest total In more than thirty years, traders were quick to turn to the bear side when an opinion be- came prevalent that recent Jow tem- peratures had been a benefit instead of & detriment to the mew crop of winter wheat. The cold was said to have given a finishing blow to the green-bug pest, and also to have operated as a needed check against unduly rapid growth. “Two authoritative estimates put the probable winter yield at a figure much in excess of the 1920 production. Ner- vousness over disturbed political and economic conditions in Europe tended likewise to weaken values despite evidence that exporters were buying on the declines. Huge stocks in sight had a bearish effect on corn and oats, and 0, t00, did assertions that corn planting in the south would be increased 6,000,- 000 acres this season on land usually nominal; No. 2 straight | devoted to cotton. Provisions dropped with grain and hogs. OUTLOOK FOR WHEAT. CHICAGO, April 2.—According to he Modern Miller winter wheat was not -substantially hurt by the cold snap. From present indications a beneficial effect in the way of pre- venting too rank a growth and strengthening root development will more than offset the damage from the frost. The amount of abandoned acreage will not be important. The n_ bug in southern Kansas Is causing apprehension. Insects have caused damage in Texas and Okla- With timely rains and no more than ordinary Hessian fly loss, the prospect is for a crop of better than the five-year-average one. in, sympathy RECORD TOBACCO SALES. DANVILLE, Va., April 2.—Total sea- son sales amounting to 55,000,000 poun: the largest on record, were announced at the close of the Dan- ville tobacco market. Prices have been low throughout the season. e Lo COTTON MARKETS. NEW YORK. April 2—The cotton murket showed the unsettling influ. ence of the British labor news at the opening today. There was also scat- tered selling on less favorable week and reviews of the domestic goods trade and the easier showing of southwestern spot markets late yes- terday. Futures opened barely steady: May, 11.65; July, 12.28; October, 12.75; De- 45a50:| BOND ISSUES REQUESTED. The big copper mines of the coun-lery. Contradictory advices continue, try have shut down completely and.!the situation being conspicuously un- while this will hasten the recovery |even, but the general outlook is slow. ir DO you work ory ? a fact fell o you with “workers, | Drobably “are coliectively insured | D sonr_employer againss acei- dent to life or i, { CARRY this insurance lessan into your in fnvestin Not your princips constant yield of year to year. SWARTZELL, RHEEM & HENSEY CO. 727 Fifteenth Street N.W. Washington, D. C. THE NATION’S HOME TOWN. Combined Fire. Theft aad Lisbility || Ford. $50 | WM. B. KRAFT and Co. A Main 893 Coming | BUY NOW Washington Ice Mig. Co. SHARES $2.50 Per Unit Dot S Py |} Dividend, and One Share 8% Preferred Plant No. 2 on 23d St. NW., between M and N, nearing com- pletion and will increase output to about 200 tons daily. Value of shares and dividends <hould increase in proportion with the trebled outpyt. Call, write or phone for further facts. Wolberg & Co., Inc. Exzclusive l"!at'lll Agents Suite 354, Munsey Bldg. Washington, D. C. R 2 Burpius T Resolve to Join the Equitable and Save Sys- tematically. 17 you adopt this plan of saving yon will he surprised and delighted with the results obtained Subscriptions for the « 80th Issue-of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING, 915 F St. N.W. JOHN JOY EDSON. President FRANK P’ REESIDE, Seey. Money to Loan { Becured by First Deed of Trust on Real Estate Presailiug_interest and_commission Joseph I. Weller §20 Wash. 1. & T bidg.. 9th and ¥ noe AL AL LA UL A1 LLLI017 4D Harriman & Co. MEMBERS: New York Stock Exchange 111 Broadway, New York —_— Washington Office COLORADO BUILDING Telephone Main 1603 G. B. CHIPMAN ENS Ts!v%GS BAKK Three Railways File Applications ‘With the I. C. C. Application to the Interstate Com- merce Commission today to issue bonds included the Norfolk and West- ern Railway Company for. various convertible bonds amounting to $2, 004,000 for improvements already made, and the Renssalaer and Sara- toga Railroad Company, for $2,000,000 first mortgage 6 per cent twenty-year gold bonds. The Delaware and Hud- son Railroad Company applied for suthority to guarantee payment of the issue which was to pay-off mort- gage bonds maturing May 1. LEGION BILL OPPOSED. Veterans Proposp Translation of l’.cnln Language Newspapers. HONOLULU, T. H., April 2—Oppo-| sition to a bill sponsored by the Amer- ! ican Legion which would provide that foreign language newspapers must furnish translation of all articles be- fore publication. was expressed before the judiciary committee of the terri- torial senate by Lorrin A. Thurston, publisher of the Pacific Commercial-| Advertiser. Thurston was identified | witk: the old monarchy in Hawali and a leader in the negotiations for the iland’s annexation to the United ates. Thurston:outlined the serfousness of misunderstandings between the people of Japan and the United States; and deprecated any effort that would strain the relations further. Sponsors of the bill have-mot.at- tempted to conceal that it I8 directed against Japanese newspapers Japanese publishers assert that. the burden of expense involved in provid- ing such translations would be pro- hibitive and the bill therefore would mean discontinuance of Japanese newspapers. ' TAX LEAGUE FORMED. Illinoh' Farmers Organize Against Plan to Shift Burden. CHICAGO, April 2.—Formation of the Farmers' Federal Tax :Léague of America, which will oppose the fed- eral sales tax, was announced today by Eugene Frey of Argyle, 1L, sec- retary and treasurer of the organiza- tion. George F. Comings, former lieu- tenant governor of Wisconsin, is prosident of the league. “Powerful interests,” said Mr. Frey, “are preparing to shift” further the burden of taxation upon the farmers, and the farmers must ogganize to make felt their influence if this at- tempt is to be prevented.”" e D OFFICERS KILLED IN RAID. Deputy and Marshal Dead and Al- leged Moonshiner Wounded. ‘RTICHTON, Miss., April 2.—As the result of a fight growing out of a rala on an alleged illiclt - distillery six miles from Richton, Deput; nit- ed States Marshal Green unt . L. Dunham, marshal of Richton, were killed, Henry Bond, an alleged moon- shiner, was seriously woghded and a an named Morris is in ja{j &t Rich- ton, charged with murder. The shcoting followed an attempt by the two oficers to raid.a still, alleged to have been operated by Morris and Bond. T BAR SILVER QUOTATIONS. NEW YORK, April 2.—Bar siler, domestic, 99%; foreign, 56% ; Mexican dollars, 43. LONDON, April 2.—Bar silver, 32% pence per ounce. Money, 5% per cent. Discount rates, short bills, 5% per cent; 3-month bills, 5%a3-16 per cent. —_— MONEY AND EXCHANGE. NEW YORK, April 2—Prime mercan- tile paper. 7%a7%: exchange steady: commercial 60-day bills and commercial 60-day” bills on_banks, 3.87; commercial 60-day: bills, 3.86%; demand, Saice bles, 3.92%. Francs, demand, 7.00; ca- ‘bles, 7.02. Belgian francs, demand, 7.3 cables, 7.32. Guilders, d 84, ‘cables, 34. Lire, demand, 4.12; cables, 4 demand, ; cables, 1 ptine, d A Arge; Brazilian, demsad, 14.37: 1% per cent discount. Gov- ernment and railroad bonds steady. —_— ‘The youthful ambition of “Patty” Arbuckle, the heavyweight film fa- vorite, was ta become & jockey. in copper prices, it is a more drastic remedy than was thought necehsary up to very recently. The price of wheat has tumbled to new.low rec- ords and is back to where it was in| 1916. Other staples are down sim- ilarly and there seems no gnmediate prospect of any improvement, tariff| or no tariff. { Curtailed Buying Power. This means very plainly a sharp| curlailment in the buying power of the agricultural community, which | will make itself felt in all directions. ; but particularly among _industries| which depend upon the farmers asi| customers, such as the agriculturall implement makers and the producers | of_fertilizer. Thus the whole business position is very much mixed, and this is what| is being reflected in the present stock ! market. - Industrial shares have broken this week on further cutting and passing of dividends and in preparation for a | very poor showing in earnings for the first quarter of the year. - This does not imply that prices at their December-low did not measure the full losses that have occurred or | are apt to occur in the readjustment | period. But it does indicate that dur- ing the subsequent rallies in January and again in the middle of March. ‘Wall street was figuring upon more of a trade recovery than has occurred or than is likely to occur yvet awhile, Therefore, the market has been sensi- tive to the uncovering of fresh weak spots, to the various instances where readjustment has not been completed. Pleased at Interest. 1t is a source of gratification that the government at Washington has become aroused to the necessity of something being done to solve the critical problem of the railroads. This problem is no longer ome of permit- ting the roads eo earn a fair return on invested capital. The new railroad act, designed to|} g accomplish this result, has failed un- der the test®of bad times. It has turned out that rates cannot be raised sufficlent to allow earnings of 5% to 6 per cent of the property valuation, without seriously hurting the com- merce of the counfry and producing an unfavorable laction upon the traffic volume jtself. To be sure the January results are not a fair standard to go by. They pictured the transportation industry in the worst possible state, the same as was the case with other lines ofl. trade. The February statements were not as bad. They showed the effect of the retrenchment program which the com- panies have put into effect, and there is no doubt that the consequences of these economies will be reflected still more forcibly in the figures for March. Relief. But No Cure. But while the cutting down of work- ing forces will put the railroads. in better shape to meet the heavy traf- fic losses, it will by no means a thorough cure. Rates must come. down, and this is as much to the in- terest of the roads as it is to the shippers. But rates cannot be low- ered unless wages are lowered, or else tho relation of expenses to rev- enue -will be even worse than it is now. Railway employes have hitherto adopted the indeféensible, illogical po- sition that where other classes of labor are accepting reduced wages, they alone must be exempt. This at- titude will have to yield before the: silent body of public opinion which wants to sce the railway problem solved not because it is so keenly in- terested in investors in railway securi- ties, and certainly not out of any sympathy with the railway execu- tives, but because it recognizes. that | a reasonable measure of prosperity for the railroads is an absolute es- sential for the well being of business enerally. : "l‘hv prediction has been ventured already and may be put out again that a compromise will be reached after the question has been threshed out in Congress and investigated at length by the Interstate Commerce Commission and. Labor Board, under which the roads will. agree to a re- ! casting downward of rate schedules and wages will be lowcred, not to the full extent claimed necessary by the companies, but enough to allow a respectable margin of profit. Federal Reserve Rates. The last report of .the Federal Re- serve Board stated that while credit liquidation was proceeding, progress during the last month had been slow. From this the inference might follow that reduction of discount rates is not as near as many have-thought. <Until the federal reserve rates come down of course open market rates will not be lowered any further. There {depression t'sin previously in certair ly brightening. An added gain In steel Main 68734 buying, slight as it is, gives encour- agement, and there is somewhat less other basic industries. Progress would ! be more satisfactory if future de- ! mands were more numerous and L8 larger, yet some textile mills have | To Holders of Kingdom of Belgium 71,% External Loan Gold Bonds . wAnnguncement has been made that 52,000.000‘ par value of the above bonds have been drawn for payment at 115 per cent of their par value. We recommend to holders of drawn bonds that they replace them with bonds of the same issue at the market (about 98) or with KINGDOM OF BELGIUM 25-year 8 per cent bonds at the market (about 98). work ahead into the summer and for- ward commitments elsewhere m: conceivably broaden when price u settlement diminishes.” Bradstreet's says: “Reaction from before Easter activify and a wide- spread cold wave. which latter appears ! | to have dimaged early fruit and | vegétables. but hof'éarfy Wheit, Nave ]| the apparently general tend- | i H i | | i | i ency toward moderate improvement of much of its uniformity. Or the whole, however, distributive trade seems to have fairly held its own, as have manufacture and industry, gains in some lines of the iatter offsetting losses elsewhere. Irregulgrity is still manifest.” o Failures. reper;(edl Jn_gthe, Unitea If you will submit to us a list of the numbers which ates is weel otaled 299, com- e 2 . e e you hold, we will be glad to compare them with the official list. : = OIL STOCKS. . Quotations furnished by W. B. Hibbs & Co., m ke | Redmendsdo. fia‘h};flflfln Oltl:ooo. (new). 1715 17% jantic Hefining Horue Serymrer Co s A COMBINATION OF ———g; ucke, ne Co. 2 Chescborough Manutac 190 FRAZIER & CO. AND REDMOND & CO., ™ Coescent Pipe Line. 5 927 Fifteenth Street N. W. e acen| ' Cumberland Fipe Liné 133 ¥ e ne. Washington, D. C. Phones: Main 7074-5-6-7-8 New York Baltimore Indiana Nationsl Transit C New York Transpo; Northern Pipe Line Co. Ohio Oil € Yennsylvas Prairje Oil and Gas Ce L3 Ome of the Oldest Banking and Best Kmown Institutions in Washington. The Largest Savings Department of Any Bank in_Washington Open Saturday 5:30 P.M. to 8 P.M. -Lincoln Said: Unlon T‘"’l‘l (1;\,!!9 Vacuum O] . o O There may be mistakes made, sometimes things may be W aitington ONZde done' wrong, while the officers ‘of the Government do all £ they can to prevent mistakes; but I beg of you, as citizens \ of this great republic. not to let your minds wander off from the great work we have before us. = The struggle is too large for you to be diverted from -it by any small matter. When you return to your homes. rise up to the dignity of a generation of men worthy af a free government, and we will carry out the work we have commenced. NEW BRAKE TEST. An interesting test of a new system of brakes, wherein the train instead of a single car is used as a unit as at the present time. was made recently on the Norfolk and Western railroad. 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