Evening Star Newspaper, April 10, 1921, Page 27

FINANCIAL. THE SUNDAY STAR, WASHINGTON, D. C. APRIL 10, “1921—PART 1. FINANCIAL., ' STOCK EXCHANGE OFFICIALS SHOULD PROTECT INVESTORS " Duties of Governing and Listing Commit- . - tees Urged as Important—Periodical Re- ports of Corporations Essential. BY L A. FLEVMING. Stock exchanges have almost as Jmuch of a moral obligation in the ® matter of exercising care in the list- % ing of corporate securities as th -corporation director has in the man- * agement of the affairs entrusted to himself and his associates. A - There are thousands—yes, millions— of people who will not put their money in a security that is not listed ‘on a reputablé stock exchange, this fact alone carrying, considerable as- surance afd promising a market at a price any time within business - hours. . Members of the governing com- - mittee of a stock exchange should’ that _they are a measure sponsible for the character of the Securities thac are listed on their trading list. It is not enough to turn the matter over to a listing romm_u- tee and quietly, without further in- vestigation, accept the report of that committee and with it the listing fee. Investigating officials should give the full board of governors the ben- efit of their knowledge, the personnel of the board of directors of the ap- Pplicant corporation, the actual Wmount of paid-in_capital, something of the plants to be operated and facts that would indicate whether the business is likely to be founded on a perman- ent basis. Perhaps this is too much to expect of any listing committee or of any board of governors, but if it were car- ried out as suggested, coupled with ® _requirement for a monthly report of earnings and capitalization, in- cluding bank loans and funded debt, the dangers that surround investment in securities would be greatly re- duced.’ The stock exchange that first puts these regulations into effect will make an enviable reputation for it- self. 1t is the unexpected that happens: the expected causes no surprise with ‘its_development. The expecting is generally dis- counted in the stock market. _The unexpected happenings are gen- | erally unfavorable in their influence! and cause serious declines in prices. Thus the declaration of war in‘1914 knocked stocks off by points and tens of points. e fake prosperity attendant on the war, when our own millions— ves, billions—were expended for the proddct of our factories and sent abroad to the great expansion of our foreign trade, at our own expense. caused a rapid rise and great pros- perity, of a certain kind. When the granting of credits stop- ped tfade fell off, and from doing a business of millions annually the buying power weakened with very many corporations to little better than nothing. strike of the public, The “silent” ‘when it refused to spend its money save for the barest necessities, clip- ped the wings of prosperity at a time when there was no good reason for any show of prosperity. The retailers first sensed this great “silent” strike, then it reached the manufacturers in repeated cancella- tions of orders, loss of business. and finally the public, originators of, the movement. discovered«t through the effect it was exerting on their in- vestments, too late to sell out with- t severe loss. - ’ 'he pfinting presses have been run- ning overtime turning out bonds and stocks for years, and every large in- vestor is probably the possessor of cértificates that are beautifully en- graved which mean nothing. cept in a few lines. 1f Ms should prove to be the case ' we might, as the English expert intimates, develop again a certain amount of inflation, but much less violent than before. and the oncoming of which would take much more time because of the| serious lessons of recent and present | depression. Local Securities. The week ended yesterday was at- tended with very moderate trading, but prices as a rule were strong from the opening to the close. So far this year the transactions on the local exchange total $460,000 face value of bonds. Washington Railway and Electric 4s have been the prime faverites, $1 00 of this issue being traded in. Washington Gas 7% per ‘cent notes have sold to the extent of $117.400 and Capital Traction 5s to $97.000. Potomac Electric issues have moved freely. In the share list Capital Traction has been a big leader, Gas second and Railway preferred a good third. A study of the table of the year to date will indicate that values are near the top. Gold From Russia. Opinion among bankers as to the origin of the bulk of the gold that has come recentiy or is still coming to this country seems to be centering upon Russia.” A prominent banker who has been brought into close of- ficial connection with financial af- fairs in Europe lately expressed him- self as pretty sure that if the metal could be traved back, as it cannot, the trail would lead to Moscow, said the Wall Street Journal “And why not?” he said. “If it has got to come out. it had far better come out for purposes of trade than propaganda. to which it has hitherto been devoted.” Those who hold the bolshevik gold theory say that since trade has long been ‘c#rried on with the soviet re- public by certain of the nations bor- dering the Baltic, these nations have secured payment for their goods in Russian gold. Today when a mer- chant of any nationality is free to oconduct business with Russia at his own risk there is every inducement for him to find means of getting so- viet gold and of finding means, open or secret, for having it minted. Once it is minted, there is little or no risk attached in gending it to the United States. since if it bears the stamp of a friendly country, it is acceptable here. As has already been mentioned, the state bank holdings in Europe show no ‘decline in gold reserves. Figures of gold reserve in central banks of the three countries. apart from Great Britain, from which the present gold shipments are coming, at latest re- rts compared with holdings on .V:nuary 1. are as follows (last three figures omitted): Latest available returns. Jan. 1 France $1.100,720 $1.100,12: eden iland Switzerland, Norway and Denmark also show little or no change since the beginning of the year. Regarding the imports from France, it is pointed out that while there is an embargo on the export of the yellow metal, permission is given for shipments brought in to be ship- ped out again. —_——————— EW YORK BOND LIST. OREK, . April 9. —Closiag prices: registered. Tt is not the average investor solG: & & o 04 much that needs the protection of | bangme 3e legistered 733 directors and exchanges. It is the | Panama 3x. cou - T8 once-in-a=while investor. the woman investor and those who. having just #0ld something of real value, are searching for a place for their money with yield as suggested by high-grade and even less worthy advertising. But all investors need and should have the protection of honest di- Tectors in honest corporations, and . of reputable stock exchanges. It is the easiest thing for a stock exchange to adopt a rule making it obligatory on all corporations whose securities are listed in its trading list to make at least periodical re- ports to the exchange anent the vol- ume of business, any increase in se- curities. etc. Stockholders should also exercise some judgment in granting all the requests of their directors. Fre- quently the board represents the ma- jority ‘of the stockholders. in which event they will do just about as they please. Btockholders should not vote great issues of stock on the theory that “We are not going to put it out. but if the emergency arises we want the authorization.” An authorization is a great temp- « tation to directors to issuance, and 3 will not be informed of the fact the better gart of a vear. As a Eflowar you have positive rights. Sales Tax in Demand. Tt was clearly shown by the survey recently conducted by the Fidelity and Deposit Company of Baltimore that the educational campaign con- ducted in favor of a sales tax has converted practically every section ” of the country to this as a substitute for the admittedly baneful excess profits tax. Fully 65 per cent ©f the answers were {avorable to the proposed remedy, while a larger per- centage favored abolition of the ex- cess profits tax. Some opposition was found., but generally in sections where the old theory of “soaking the corporations” 18 still prevalent. It will be interesting and no doub!l {nstructive to hear Secretary Mellon's plan for doing away with the tax on ‘excess profits. Intensely practical. ~ thoroughly familiar with business and financial matters, he may be counted ‘on to be practical in anything that earries his recommendation Has a Better Aspect. Business looks a little better. No ane person ix a zood judge. But the consensus of opinion at this time seems to indicate some improvement, These reports come from so many different sources that one must give eredence in modest degree at least J 1 It is a far cry in many instances to pre-war levels and the harde proposition in the world 4 Wages anvwhere near ‘vailing before the war—a wouid be pladly acceptable to plovers and ‘Yoad interests Near the E The National City Bank. in its Apnl] especially to the rail- circular, quotes a British expert in the cotton trade as expressing the belief that the bottom of the world trade depression has been seen. He thirks recovery is near. This will comg about through providing of “cre, 'te. better productive effort. and a «gmand created by human needs He says: “l look. in fact. for an- other wave of in ion ¥ though less viol than the | 1 Wgree with the theory that a leading Pritish banker recently cxpresesd to Jre—that the world will sec about Beven years of recurring peaks and valleys in activity and pr with wach fluctuation less than the last ontil stability is reach i The arrest of the decline in the United States, after the armistice. tame about through the discovery ad of an overproduction of goods needed. it developed was not acjually a suf- ficlent supply. At that time, and for fore Eeveral for producing & diverted to many ucts and could years the machinery had been largely turing war prod- immediately be not wTestoree The question now anises whether the country ix overstocked with strike has created what ap- pears to he a surplus, a_resumption of normal buying would not soon demonstrate that, after all. there was ®o grsat surplus of production ex- or whether or not, while the|ings were extremely light. American Smelting and Refining bs. American Tel. and Tel. cv. s. Armour and Co. $%s. Atchison gen. 4s. Av Chesapeake and Ohio ev. Chicago. B. Quincy Joint Chicago, Mil. St Paul cv. Chicago, R. 1. and Pacific ref. Denver Rio G Dominion of Cunada Erie gen. ds. Interboroug Raj = International Mercantile Marine 6y Kanaas City Southern ref. Js...... . tt & Myers 5x.... nd Nashvilie un. da. Missouri, Kan. and Texm Ist Sissouri’ Pacific gen. fs. Montans Power on .. New York Central deb. 6s. Ny s Northern Pacific 3s Oregon Rhort Line ref. Heading gen. 4s. Repubiic Iron ai - St Louls and San Prancisco adj. Os. Seaboard Afr Line adj. bs. 31 Southern Bell Tel. bs. 813 Southern Pacific cv. 5u. 58 Bouthern Railway 5% . 3y Bouthern Railway gen. 578 Texas and Pacific lat. 80 Union Pacific 45 Y, United Kingdom 51, % United Ktates Rubber 8% United St 963 Virgin 9245 % *Bid. iAsked. —_— N. Y. BANK STATEMENT. NEW YORK, April 9.—The actual condition of the clearing house banks and trust companies for the week is shown in a statement issued today. The statement follows. Actual condition: Loans, discounts, te., $4.830,113,000; decrease, $24,115,- ‘ash in own vaults, members Fed- eral Reserve bank, $78,743,000; in- e, $4,583.000. rve in Federal Reserve bank of member banks. $470,023,000; de- crease, $30,196,000. Reserve in own vaults, state banks and trust companies, $8,569,000; de- crease, $43.000. Reserve in depositaries. state banks and trust comipanies, . $158,000, Net demand deposits. $3.713,310,000; rease, $89.425.000. United States sits deducted. $146,810.000. ss1'| e deposits, $239,355,000; increase, 505, 000 36 $8.971,000; in- Circulation, $32,166,000; decrease, s.060 Aggregate reserve, Deficit_in reserve, de- crease. $1%,616.620. Summary of state banks and trust companies in greater New York. not included in clearing house statement: ans, discounts. ete., $608.163,600; $487.863.000. $4.331,320; 39.400; increase, $535,900. and bank notes, $17.268.- 100: increase. $54,500. Deposits with Federal Reserve Bank. New York, $52,340,000; in- crease. $29.600 Total deposits, $647,526,800; in- crease, $10.566.300. Total deposits, eliminating due from reserve depositaries and other banks and trust companies in New York city and United States deposits, $596,- 049.000; increase, $9.863,900. Banks: Cash in vault, $26.751,300. Trust companies: Cash in vault, $50.296,200. COTTONSEED OIL FIRM. NEW YORK, April 9.—Cottonseed oil was firm and higher through week end covering, inspired by the better showing in lard and cotton. Pit offer- Closing bids were 20 to 23 points net higher. Sales, 3,000 barrels. Prime crude, 4.00; prime summer, yellow, spot, 5.95; May, 6.10; July, 6.60; September, 7.04; all bid. 4 Week’s Price Range New York Stock Exchange CHANGES IN MONEY |STEEL UNDERTONE | RATES HIT STOCKS! REPD High. Low. Div. Wosk ending April 9 ~—1921— Bate. High. Low. 193, 14)4 — Adv Rumley 16% 1434 39)5 254 — Ajax Rubber . By 31 ¢ 74 — Alaska Gol g 1 55% 383 4 Allled Chemical.... 437§ 424 887 87 7 Allied Chemicalpt. 883§ .83%4 38% 299 .4 Allis-Chalmers..... 37 35§ 6535 45% 8 Am AgriChemical.. 497 #8% 51 36 8 Am BeetSugar..... 38% 36% 63 49'%4 5 Am Bosch Magneto. 59% 563 533 42 4 AmBrakeShoe.. 53 48 32 25 — . 20% 284 120 120 12 . 1BY 1214 B 19% — s 2084 8¢ 65 — 65 64 1 8§ — AmHice & Lea. 9%q 8¢ 53){ 40}4 — Am Hide & L pf. “yi 4 53 42 4 AmIce. 52 *50 64 57 6 Amlcept 3 64 62 49%{ 38)%4 — Am Internation: 81 0% 0% 8% 1 22 62} 4835 3 8 83 8 "7 80 8815 8l1% 6 Am Locomotive. 81 844 73% 66% 4 Am Radiator . 6% 69 10 5% — Am Safety Rasor... 6 5% 14 6% — AmShip&Com.... 8% 8% 4} 344 4 AmSmelting....... 38% 36 8 68 7 M 31% 8% 3 287% 96 88 7 Am Sugar... 8914 107% 100 7 Am Sugar pf. 10355 8 71 10 AmSumatra, L 108% 953 9 Am Tel& Tel 1055 123% 112% 13 Am Tobacco. . 143 13K 120% 110 12 Am Tobacco (B).... 113 111% 7% 51 7 Am Woolen. %70 3914 29% — Am WritingPprpf. 32 30} 2% 8 - B % — 0% By — 3B 4 4 843 % 6 5 T 5 . ? 7&2 2){ — Atlanta Bir & Atl. 315 3% 83 79% 7 AtianticCstLine... 80} 795 9 54 — Atlantic Frult . 6 5% 76 3034 10 Atlantic Gulf. 3% 32 415 29 5 AtlanticGuitpf.... 3% 32 18} 17% 50 Atiantic Petroleum. 17 174 13% 9% — Austin Nichols 941 82 7 Baldwin Loco. 37% 3035 — Baito & Ohio. 54 47 4 Balto&Ohiopf. o 8 35 23%250 Barnadall B.. B 7 43{ 2% — Beth Motors. 3 2% 63} 53'4 5 BethSteel (B).. 5 M4 993. 8 Beth Steel 8% Pf. 10425 104 4 — Booth Fisherie: 4 10% — Bkiyn Rapid Tran wy: 674 — Bklyn RTectfs 5}‘, 81% 10 Burns Bros.. 803 4% — Butte Copper & Z. 444 1035 — Butte & Superior... 1134 14)% — Butterick...... 183 117§ — Caddo Central...... 17 6 Calif Packing. 503 45% 25 — Calif Petrol. 45 7% 68} 7 Calif Petrolpf..... 15 50 413§ 2 Calumet& Arizona. 46 119% 1103 10 Canadian Pacific 13% 43% 313% — Centrsl Leather 3 96 _ 68} 7 CentralLeapf. 754 324 2 2 Cerrode Pasco 2634 835 64 10 Chandler Motors... 813 8% S% — Chi&Alton... % 62) 55% 4 Ches& Ohio. 59 51% 9 7% — CniGtWestern.... 8 4 203¢ 15% — ChiGtWesternpf.. 17% 16 31 2B — ChiMil&StPaul... 2% 2% 464 36" — ChiMil &St Ppf. 71 B0)4 5 Chi& Northwn.. 615 110 9 7 Chi& Northwnpt.. 100 9 70% 58 8 ChiPneu Tool. 63 2875 22% — Chi RI1& Pacific 2635 24Y% 64 56% 6 ChiRI&Pe%pf... 61 60 75 ~ 68% 7 ChiRI&PT%Df. 2% 0% 9 — Chile Copper. s 10 9% 19% — Chiné Copper. 224 19% 41 6 Cluett Peabody. 4514 41 19 — Coca-Cola...... 2% 2% 26} 3 Colo Fuel & Iron 8 B 21% — Colo & Bouthern 4 A 5% 6 Columbla Gas. 60 584 5% — Columbia Graph.... 64 6% 34 7 ColumGraphonetpt. 45 434 354 4 Comp Tabulator. : 350 35'4 41% 7 Consol Cigar.. )2 4 614 250 Consol Distributors 815 6 7% T ConsolGas........ 8 82 474 — ConsInterCallahan 5% 4% 17% — Consol Textile. 19% 17% 52 7 ContCan...... 5 52 1 — ContCandy.. % 1% 65 4 Corn Products..... % "% 100 7 Corn Productspf... 103% *103% 25% 250 Cosden & Co. % 73 8 Crucible Steel... .. 8134 22)4 4 Cuban Am Sugar. 214 2% 20 — CubaCaneBugar... 2% 20 67% 61% 7 CubaCaneBSugpf... 64k 63K 102 97% 9 Del & Hudson... 1005 974 220 2024 10 Del Lack & West... 202)%%202}4 2% % — Denver&RieG.... % % £ 1% — Denver&RGpf... 1} 1% 16% 10% 1 Dome Mines... 1675 1634 37 25 3% Durham Hoslery 2% 2% 21)% 17 — Elk HornCoal.. 20 20 65% 52 5 Endioott Johnson.. 6133 50!3 95% 81 7 Endicott John pt 5% 95 4% 113 — Erie........ n¥% 21% 17 — Erielstpf. 175 15% 12 — Erie2ndpf.... 125 12 %Y 8 8 Famous Players. 72% 68 88 76)% 8 FamousPlayerspf. 864 845 163 11% — Flsk Rubber....... 184 15% 203 13% — Freeport Texas.... 16§ 154 5% 1% — Gaston Wilims..... 1% 1% 53 43% 6 Gen AmTank Corp. 34 434 713 40% — Gen Asphalt. 633 57% H2% 8 5 Gen Asphalt pt 95 95 624 54 6 GenCigarCo 138% 12045 8 Gen Electric. 164 124 1 Gen Motors.. 703% 63 6 GenMot6%deb.... 065 6534 82 69% 7 Gen Mot 7% deb. 4% 34 6 Goodrich (BF). 85 72 7 3 15 - 16% 9% — 9% 68% 7 323 28% 4 GreatNorthn Ore. 24 18% 2 Greene Cananea. 165 113 2 Guantanamo Sug 36% 284 — Gulf States Stesl 60% 54 4 Haskell & Barker.. 584 57§ 20 15 — HendeoMfg....... 184 18 60 49)%3 — Homestake Mining. 60 5 8% 59% — Houston Oil. 15% 11% 1 Hupp Motor. 91 85 7 IlinoisCentrsl 8 8 15% 84 — Indian Refining....,. 94 8% I 29% — 5% 3% — 16 1044 — 51 4% 5 Inter AgriChmopf.. 455 44X 100 81 7 Inter Harveste: 1% 12% — Inter Marin : 633 464 6 Inter Marine pf. 52 49%¢ 38 30 — Inter MoterTruek. 35 3 16% 134 — Inter Nickel. 643§ 43)%5 — Iamter Paper. 26 16)4 — InvincibleOfl. 40 31 - Iron Products. 46 3% — 1s1andOMl...coe.. 4 4 uy% 4 - %% BE - Corrected to the Close of Basiness April 9, Saturday, at the Office of The Evening Star. 1981 Net. High. Low. Div. Week eading April 9. 1981. Not. Close. Chge. || —1921— Rate. High. Low. Close. Chge. 14% — 13|/ 52 4534 4 Kan City Soupt. 401 49 49+ ¥ 31 — 1 (493 35% — Kelly-Springfeld.. 41% 38 40 +2 16+ %54 35 — Kelsey Wheel.. 49 48+ 48 -2 43 + 1421 16 — KennecottCopper.. 18% 163 18%+ 1% 815+ 4/ 17% 8% — KeystoneTire.. M4 13 14 — g 361+ 345 130 6 Kresge (SS)....... 45 M1 145 +4 o 381 4934 6 LackawannaSteel. 54§ 51 53 + 1§ 3M— %28 19 — lakeErie&Wpf.. 2134 204 215+ 3§ 5634 MY 174 2 Lee Rubber........ K 25 B+ 3 50 + 1%(| 56% 48% 314 Lehigh Vailey.. 9% 8% 49 — 35 By~ %[ 7% T — LimaLocomotive... 754 3% 754+ 1% 12% + %|[21% 15 2 Loewsinc 193 18% 18+ 4 0% 9% 10 + X 48 46 146 + 2% 8% 3 g 34 3 — 1k 2 —1%(/893% 68 10 Manati Sugar. B 0 0 -3 5 + %(|25 19 13 Manhattan Shirt %5 25 25 F6 #63 + 14| M 24 — Maxwell........... 54— 3% 41 — 1148 6514 8 May Dept Stores 863 + 2!¢ 10 + %|167% 135% 12 Mexican Pete 139 — 13 48 —1 | 19% 15 2 MiamiCopper,.. 185+ 1 80 — 5%/ 18! 1134 160 Middie States. . 133 13 184 8% + X| 3% 2545 — Midvale Stee). . 207 2645 253 — 3 6 —1 |13 9 — Minn&StL (n). 104 1035 10 + X4 5% — |3 2 — MoKan& Tex. 2% 2 2 - % 84+ K| % 4 — MoKenaTpf..... 44 4 45— 4 3+ 1% 0% 16 — Mo Pacific...... 18 1T 14— % 7+ 5K 41% 334 — Mo Pacificpt.. 36 ¥ - K 2014 — 4|/ 19% 144 — Montgry Ward 1517 90 —1 |B% 21 — Mullins Body 24 B 24 +2 1035 — 34108 102 7 NatlBiscuit. 106 106 1086 + ¢ 74 +1 { % 1% — NauConduit. 24 B 15— % 10574 /8 497 6 Natl Enameling. 60 59 5 — ¥ 14 + %||™ 69 6 NatlLead 7 Ms R + Y4 n2%+1 || %% 44 — NatIRRMex2d.... 4% 415 44— % 7§+ 1 (12 9 — NevadaCopper..... 104 10 103§+ 1% 31 + %74 60 6 NOTex&Mex s 65— % %+ %[|% B 10 NYAirBrake..... 4§ 73 MK+ % 2% — 141l™% 6 5 NYCentral... 0 68 68% — % M‘,’.’+1%‘5° 42 5 NYC&StL. a7 55—y 31 +1 || 3% 20% 24N Y Dock. 26)% 24 26%— % 70% — 354 4 5 NY Dockpt 51% 50 514+ 1% % - % 284 14§ - NYNewHaven.... I7)§ 16 8%+ Y4 3% — 4l 19% 16 1 NYoOntario&w.., 17 18 17 + 1 80 -1 1‘1 76 9B 7 95 93 Bz — % 6 88} g 7 » . Y Y - 2% 1|89 31 5 NovaScotiaSteel... 36% 36 36% — 3% 4 3% 40 Oklahoma Prod. B M W — K 1% - %l 52 4 — oOntario Silver. 44 4 4 - % [ i 24% 2 Orpheum Circuit 25 24 2 125 — Otis Steel 18% 1230 12— 1 3% 43'%4 3 OwensBottle...... 48 433 46 — 2y 5 14 13§ — PacificDevelop.... 16% 14 4%+ % wg 4 35 49 46 5 PacificGas& Elec.. 4815 48% 8+ 14 25 414 274 — Pacificoil. .. . 3% 3% 36 + 4 s%+ % 793 64% 6 Pan Am Petrol..... 6975 663 681 108 — 35| 713 58X 6 PanAm Petrol (B). 613 50% 61 + 3% 14130 B 3 Pennsylvania...... 3455 323§ 33 — | — Penn Seabd Steel M35 10 1035 — 14 — Peoples Gas. . 8/ a4 2 — Pere Marquette. 18 17 %- K 3 Philadelphia Co.... 323 313 2%+ 34 — Phillips Petroleum. 264 25 2% + % — Pierce Arrow. . 344 3135 2%+ 14 8 Pierce Arrow pt. % 7% 76 —12 — Plerce Ofl.. 105+ % 8 Pierce Oil pt. 725 + 314 5 39% — 5% = 2% — 3 1 13% 134 8 Prossed SteelCar... 88§ 86l 8675 — 114 4 Public ServiceNJ.. 65 65 65 —2 8 Pullman Co. 105 104 1083 — 14 5 Punta Allegre Sug.. 4515 433 8By— 5 4 PureOil.... B % R+ ¥ 8 - % 18}4 135 Rand Mine: 21% 21 2% — i = I 11 — Ray Consol. 1206 1134 123+ 3 1% — 13 65 4 Reading oo 682 683 68 — 1 24% — 37% 2 Reading 1st pf. 41 40 0% — 15 - % 25% — Remington Typr 335 29% P — 14 P 2 — Replogle Steel..... .26 25 ‘254 — 214 0 — 6034 6 Rep Iron & Steel. .. 6735 63% 6436+ % 5% + % 89% 7 Rep Ir & Steel pf 3 93 g S ] 1434 — Rep Motor Trk..... 18% 18 18 3 Fi 5634 520 Royal Dutch. 613 575 59 — aug e 115 1 St Joseph Lead 126 1245 1235 4+ ¥ 105 + 19%§ — StL &SanFran.... 21%4 2035 2034 — 3% 2 — StL&SanFranpf. 3] 303 303+ 1 — StLSouthwestrn...' 2834 2615 263 4 % — Bt L Southwn pf. 37 37 —1 — Santa Cecilia Sug. . 35 2y 26— 1, — Savage Arms. 145 145 u%+ i — Saxon Motors. .. R 4% a— iy Seaboard Alr Line. . Seaboard Air L pf. . Sears Roebuck. Senela Copper... Bewildering Features of Re- actionary Market Include British Labor Situation. NEW YORK, April 9.—Foremost in- cidents of another reactionary week in the stock market included the be- /wildering movement of money rates, the increasing gravity of the British labor situation, the 'more precarious position of the railroads and further revision of estimates affecting earn- ings and dividends. Rates for call loans rose to highest levels in many months after relaxing to lowest quotations for rencwals in considerably over a year. The sud- den ‘advance coincided with heav withdrawals of local reserves by terior ban . Spread of the British coal strike. which now seems likely to involve zave railroad and transport workers. || sharp setback to exchange d threatens serious econom urbance to Anglo-American trade. U. 8. Tranaportation Discussed. Proposed investigation of the trans- portation systems by the United States Senate and further indications that the administration is giving this problem earnest consideration af- forded no perceptible relief to rail- WAy securities, some new minimum quotatians being made by high-grade stdcks and bonds. The coming week. It is believed, will witness significant developments in the steel and iron trade. Informed opinion is that the U. 8. Steel Co poration will soon announce redu price and wage schedules and that independent producers order moderate upward readjustments. This course is indicated by the advances made by the Republic Iron and Steel Company. Tendency to Lower Schedules. In other and scarcely less impor- tant branches of industry tendencies lower are almost wholly toward schedules. Adverse financial ments and more dividend omiss seem inevitably to foreshadow an ex- pansion of the price-deflation move- ment. Discussions having for their pur- pose the extension of foreign com- mercial credits were held here re- cently. Negotiations are likely fo remain in a tentative stage. however, pending more settled conditions at home and abroad. RECEIVER FOR MAXWELL MOTOR COMPANY NAMED Result of Friendly Suit to Effect Reorganization Is Report £ Given Out. DETROIT. April 9.—Appointment of H. Ledyard Mitchell, president of the Maxwell Motor Company, as re- ceiver of the company, under friendly proceedings, to facilitate its reorgani- zation, was announced today. The appointment was made by Judge Arthur J. Tuttle of the United States district court here, whose de- cree sets forth that the company" obligations total $16,000.000. The de- cree defines certain property to be sold, and specifies it must not be dis- posed of for Jess than $10,915,000. Date of the sale is to be set by Wil- ltam S. Sayres. jr., special master in the case. All claims against the com- pany are to be flled with the special master not later than April 25. Final amalgamation of the Maxwell and Chalmers motor companies is to be effected when all claims against the Maxwell company have been sat- isfled. An announcement by the Maxwell company todiy said that $15,000,000 in new cash will be obtained from banking intérests and others when amalgamation is completed. INDIANAPOLIS; Ind, April 9— Action similar to that taken in United States district court at Detroit to fa- cilitate reorganization of the Maxwell Motor Company was taken in federal court here toda. Judge Francis E. Baker of Chicago, sitting in place of Judge A. B. An- derson, entered a decree approving the sale of all the property of the Max- well .company within the jurisdiction of the Indiana court. and appointing E. Ledyard Mitchell of Detroit as re- ceiver. The action follows a creditors’ pe- tition in bankruptey filed against the Mexwell company February 25, and was made with the consent of the Maxwell company. RTED STEADY CITIZENS | _SAVINGS BANK General Tendency Shown to Await Developments—Cop- | ol Tz Stmse per Firm, Tin Erratic. | BABSORL N Aves NEW YORK, April 9.—A fair (1.m.md{ for steel, particular} manufacturers and om umption np to light produc- tion and the undertone growing disposition to an UNLISTED SECURITIES duction in prices by lead: Bouzht—Sold—Quoted and the uncertaints on . the ot SAMES 3. FRADRIN. freight and wage reductions h Evans Bldg.. Washington, . €. ed To disturb confidence. howeve Winin 603, ait de “11 14 han @ market, | deal in 100 > there is a general tendency to aw: velopments. Pig iron remains unsettlnd, points demand is fair enough to values, but on the whole busi tinues quiet, with the tone Copper Quiet, But Firm. Copper has been quiet but firm. with export sales in the last forinight prob- | ably aggregating 20.000.000 tons, "chicfly | for shipment to France and Germany, but iemand from that quarter has fallen off ; again, and no general improvement is | ; reported in the demand for finished | Ini Ao s e products and buyers for domestic con- | sumption show little disposition to re. Sz 0 p to \nter the market except for more urgent ’ heeds. Notwithstanding rumors of price | aye shading, all the larger produccrs are | iy fuily maintaining their « fons. and e 10 be impossible to buy in any AuLely teawith yourmavin below 123, 10 13 cents for elec. || AN spec N rolytic, delivercd We look after all detallx an Review of Other Meta Eunranteed titles wit Lead ix firm. with leading producers . vell booked up Tin has been crratle, rollowing Lon- Chas. D. Sager 923 15th St. N.W. Loan Dept., M. 36. | don fluctuations, but is ratier firmer at | he close of the week | The buying of zinc continue i imited scale. with holders ! disposition to shade S secure forward vrice have been un: onsumers' hands ~emains dull but steady. Buila an Income apart from a | little buy erestin future ' uying interest in futures i WITH YOUR SIAVI]\GS" Through Our *ayment Plan GRAIN AND PROVISIONS. You can buy 20 high-grade CHICAGO, April 9. —Forecasts of hdividend-paying securities and pay freezing weather came to the rescue for them in small monthly install- of the grain markets today after Wiite F A ¥ 5 rite for booklet. depressing ecopomic news from Eng- 1"“’".‘,;, Also Buy Stocks for Cash or o8 land and seattéred seMing had started | Cons-Tvative Marpinsl Brsix prices downward. At the finish wheat | SCOTT MP was unchanzed to 1% c . in-} St cluding \‘rr:r\‘zex:m:. n;« u_":...‘:'p“‘,': Stock Exchange Bldg., Philadeiphia to 1.13; corn was laal to| A% net higher; oats showed a net | zain of % to %, and provisions wer'“ unchanged to 20 cents higher. While May wheat showed an easier tone and sold at the lowest figure on the crop. July was firmer and averaged higher because of buving induced by forecast for freezing tem- peratures over the belt, with re- ports of one-half to one inch of ice in parts of Nebraska and lowa la night. While no damage was | claimed, the trade was apprehensive that the crop might receive a seri- ous setback and the May-July spread narrowed, with much selling of May and buying of July. Attention! Monarch 0il Co. Stockholders H The seaboard reported 350,000 - : bushels sold to Germany and Bel- | News of great gium. It was estimated that the importance € on - Cnited States has 25,000.000 bushels | tmpor of wheat sold for export to June 1 cern the com- which has not been shipped. Corn| pany’s new merger and present finan- and oats showed a rather firm under- | tone with some buying of oats on! reports that the freezing tempera- tures in the west had done some il damage. There was fair commission g house buying on both grains on !hpl be had by writing breaks, and the undertone for several = days has been rather firm. Co l or calling offcrings were limited. Prov averaged higher. with lard showing ! the most strength, the upturn in hogsl being the main influence. YORK. April 8.—Flour easy patents, S. : v 6.85a7.2 condition can 358 Fifth Avenue, Suite 1105-7, New York Cit NEW & straights, 7.75a! Wheat, spot. steady; No. 2, | red No. 2. hard. 1.63, and No 2, mixed durum, 138 c.i.f. No. 1 Manitoba, spot spot. steady: No. ellow white, 79%; No. 2, ‘mixed, | . f. New York, ten-day ship-: Oats, spot, dull; No. 1. white, Lard., firm;, middle west, 10.35a e l ENTS COTTON T QUIET. | We specialize in NEW YORK, April 9—The cotton e reh fiatauy- e AN ment. Real Service developments in the British labor Pays and Costs No There was very little sell- More. situation. I e ing. however, % prices advanced on covering and some and toward ~ Shattuck Ariz Cop.. s LIVE STOCK MARKETS. O oatracts so1d up to B. F. Saul Co. 74 Shell Trans & Trd 405 3814 39 8 g naints net hieher, #nd the s | .. 44 — 1 | Special Dispatch to The Star. very v adv: of 11 to 2 Srnciels Coagor 2% o 23%+ 34|, BALTIMORE, . Xpril’ 9 _he gen- e -‘D;l‘;;‘f.’ e *Thare” was no| 934 New York Ave. N.W. 6 Sloss-ShefMeld. “y o2 @y oy ::::l":“fo‘?::: ;'ra‘:’l:--lfll:cilzfiy. w:;n change in the general character of - mod- . 6 South Porto Sug. 3 B 73% — 14| erate. Demand good for all myule of ‘h:E',v:'“EKI.EIANS. April 9.—Plans to 6 Southern Pacific.... 74§ 7233, T4 — good quality. Quotations today at|golve and relieve the southern cotton 5% btton — Southern Rallway.. 207§ 20 Light street wharf: situation were to be discussed today W 2044 — 35| Beef cattle, first quality, per 1 2 eeting of representatives of the 8 q Y. P b., §{at a m 3 Standard l"“fllh‘.. m 1M1 11 41 [to9; medium, per b, 6 to 7. Buils, [federal reserve bank of Atlanta, Fed- 5 Standard OIINJ... 150 148 18 — 4 |as to quality, per Ib. 5 to 7. Cows, |eral International Company of New 7 Btand ONI N J pt. as lo auality, per 1b. 5 to 7. Thin (Orleans and War Finance Corporation. steers, per Ib., to 6. Oxen, to T r _‘ ::::::;t-::::xmbr' 3% 344 ?“ ’;2 q‘;:i‘x‘y' s ";{' Bl ® = Plans were filed in Bnltl:"n:' ':r STOCK BROKERS — 2! cows, choice to fancy, per head,|the terminal buildings for the Wash- 7 Studebaker. gz.:: t;o%%oo!. (;:mmcn to fair, per m:tosn. Baltimore m:«; MBAnnapohs e ! Submarine Boat. Shioioe iper, b 10-?}u|n3;‘f3 g |EiectecTroRd Aajcast BRSNS Of Unlisted Securities e o um, per Ib.. § (o 8 Howvy, smooth, | e e uperior Steel. .. fat, per head, 15.00 to 15.00; rough, e Ein per head. 10.06 to 12.00; common, tnin, INSURANCE w‘“' IED - T = per head, 6. to 8.00. Mo s wranes poheep. No, L perib. 5 1o 6 ola| Fire and Theft Rora se3v || to offer stock in a nationally 20 — 3|\ 2% 164 — Texas & Pacific Ib, 2 to 3. Lambs, fall, choice, ""I WM. B. KRAFT & CO. known industrial corperation: 603 + % 3% 21 1 Texas PacC&Oil.. ibii 10 4o 31; falr to/ good, iiper b ], 1336 New — ==~} largest of its kind in United |203% 13 — Third Avenue 18% 175 4|7 to 8: common, thin. per Ib.. 5 to 6: : < s % e e o % 17% — 14 | spring. 35 to 40 1bs.. per Ib. 15 to 17 TES States. 12th year in business. % - % 1& by - Tobaceo Products.. 4T 45K 47+ 1y Hoxs, straight, ver b, 10 to 11| 79 REAL ESTATE NO Paid cash dividends not less = = Transcontinental Sows, as to quality, per Ib. 7 to 9. = i :;%_ :/: 44 364 5 Transue & Willm ;g, 134 | Stak* and boars, per 1b. 5 16 6. Live Conservative Valuations than 12 per rc]ll’l,oper -I\lmur;\ % — pigs. as to size and quality, 12 to 15. for 12 years. 20 paid cash 70 5554 364 3 TwinCity RapT... 550 443{ (M3 — 14| Sronte as to size ane quality, per Ib., acea A, 18 8%+ %75 8 8 UnionBagaPapr.. T3 T3 ‘713 4 3|10 t6 13, Secured by arst dividends 16%. 1921 over 15% + %|[ 2% 17% — Untonon... - 25 195 204 — 3| CHICAGO. April 9 (United States £ eunt b surplus of net carnings. We 15 122 113% JO Union Pacific. U755 134 11ty = 130 PSS 5o, rkete) —Cattle ite- BESBSHIE Hopesstie rated Duns. Rradstrect’s. Ui (|8 086 4 UnionPacificpr.... 663 6815 6oy 3| a0, beol steers mostly 75 to 100 low- m—kers: Why"offer securities in specu- = er; vies 08t; bulk cows, heif- nterprises 44— 1% 34 24 — UnitedAlloyStl.... 30 30 30 — 14| ers "gayies off most; bulk cows. helf- GLOVER & FLATHER {7 ImlivEs or, mews, eatecpiise 60 + 3106 8 8 UnitedDrug....... 8% gnf 931§ — 14| orally 5 lower: better grades veal {] when vou can contract for a % —5 (|41 434350 United Drug Istpr. 43 43 433+ 5| Chyen steady: lishts, 25 fo 50 lower. | 737 15th St. N.W. | Prock ofthis isxuc on very 596 — 14207 01 8 United Fruit....... 1045 10135 1035 4 13; | strong to 15 bisher than v A 13¢ —2 | 19 — United RyInvpr... B% By 23 better grades up most; top. . E ———- || Co-operation and leads % &3 % — 3 practical top, 9.80; bulk, 200 pounds l‘o nished. Address Dept. A, 13% 5834 United Ketail Stra. 800 1 a8y5— 15 down Dsonwso: buik. 200 pounes wo. | Vjoney to an Actna_ Advertising _Corpora- e & — 1)4| ceipts today mostly to packers direct: Prevalliug joterest T M4+ || 2K 19 — USFoodProd..... WG 2% 215 — i csm‘:gnr:d :;:r:’lihnzled{ "lgot, lambs 7 powuLL . 2 steady to_ 25 er; sheep steady. 5% 72 64 8 USIndAlcohol.... 61% 64% 66 NEW YORK. April S.—Cattle—Re- i AR 15 —3 [|51% 4% — USRealty. 46 45% 46} — 1 mmls 500Rhem‘i: no{l;ad:‘ng.d = = 7, C; s—Receipts, 5 ead; igh- 144 — 134)| 1% &4 8 U3 Rubber. © B O I | e a5 65k culls 5008800 0056 — 214 lg/f lg; 8 U S Rubber 1st pf.. m% 1084 1013 — 3 little calves 3.50a1.00; Canada’ veal b an a et‘? 20 5 - — USSmeltRefin.... 20% 2 29 43 |(117 pounds), 9.00. £ h d b Ri ipts. 2.58, 2 K+ 1485 T 5 USSteel.. BL 4+ 3| nead: stesdy: sheen (owess. 4.00a8 - Loans Is Not Specalati 13 — 1%[112 107 7 US Steel pt. 10 4 sgiculls 3002850, lambs, s.00a11.00; Investing in First Mortgage s Not Speculating. - 5 4 Utah Copper. clipped lambs. 7 S ; - s 3 v g%-zfi 12; ‘3‘6 — Utah Se:?:orp 10 — 15 mfi{ifi;__mc”m" %180 Shoad: . ap A true investment means safety, security, freedom 18% — ¥%|[41 2% - 29 + %i from care, anxiety and trouble. » B ‘g: ’?fi e i <l HEX BESEB‘ZE "51;.A .,.!h NT. | 2 “Speculation” May Mean Anything From Profit to Complete Loss. = = NEW YORK, April 9!_The 5 ST 4%+ %l 8% 7 — Wabash.... 7T - ¥ menlwn')f condition of the federal re- In the end it is not worth the risk it 87 + 5|/ 23% 18 — WabashpfA. 0 — i|meve bank ‘:‘r P:l!'; ;;:a::"._u the close tails. To those who want a safe investment— 934 + 3% 13 Bl4 — Weber & Heilbr.... 123§ 113§ 1134— 1 o"rt::g.lne:fldprrrnrv_u, $618.578,679; not a risky speculation— Ly 3%+ 1%/72 4% — WellsFargoExp... 60 58 58 — 3 |total reserves, $770.250,460: bills dis Our First Mortgage Notes, secured on D. C. improved counted, secured by government wa g . sec o 95— 3% :l% l;" 5 Weatarn Maryland. 12 94 - 95 — 3| obligations, for members, :332.3‘523? real estate, issued in denominations of $250 and up, make - - W d pf.. = ther. for mempers, $304323597; : ield 7% ::)!: = ]}’: 2:2 6K — we-::: ;l:e:ncp lflx ;?‘ z% ;% :“uono(urzm in ope muk;t“ssz.osg‘. a strong appeal. They are safe and yield 7% net. = : ! bills on hand. 3681468153 2 . A 8534 — 2)4(|91 84 7 WesternUnion..... 91 8 91 + 3% fg{'al ‘earning ascets. $743,999. 854 un. We supervise details. attend to co‘[lehcnngk.md 13% + 3| 4974 43 4 Westinghouse Elec. 48) 47 47% — 1{|collected items, illl.sns,?fl!:,6§{x§3:o remitting interest the day due without cost. 505 I 8K — Wheel&LakeErle. 8% 8 85— ig|memhers reserve account, AL CALL FOR BOOKLET. 34 —1 | 42% 354 4 White Motor... 41 . 39% 40 - |eral reserve botes in actual ciroula- — Whiteor... 16 1458 16+ 3| tion. $776,190,590: ratio of total re- WILLI AM S PHILL]PS to deposits and federal reserve o :::l"“‘: S ‘:% ‘g”‘ ‘:’f = l;“ note Tiabilities combined, 5.8 per cent. 2 - ys Overland. - et el ~ WillysOvindpt.... 34 34 3¢ + %| rhe Sinclair Consolidated oIk Cor 43¢ — J[{1153 108} 8 Weolworth.... 1183 114 1153 + 13§ | poration established a new high rec- 4 expo: of- Mextco durin; 585 8 8 worthingtonruma 4 &1 16— 1 | ek SR e totat was LU |p i . Vbarrels. % . OF 3 o