Evening Star Newspaper, April 13, 1921, Page 21

¢ ~ S ———— L4 — LARGE PAYMENT DU THE TREASURY Call for $120,155,505 for Friday—Outlook for Fi- nance Corporation. BY I A. FLEMI The Secretary of the Treasury made 2 heavy draft on the funds on de- Posit in national banks to the credit of the Treasury certificates sale of March 15 issue. o This call will take $120.155.505 out of the banks and is payable on Friday of this week. The March 15 issue was one of the largest of recent series, allotments being made for $481.803,000. the excess over $400.000.- 000 Tepresenting the amount of the subscriptions accepted over and above the offering. Bankers have been favored in being able to retain this large amount of money. almost intact, up to Friday, the first call being but 5 per cent and the second for 10 per cent. They have employed the funds in various ways, much of it being loancd on call where it_is immediately available. The total withdrawals. including the payment to be made Friday, will leave $281.296,330 stiil remaining with the banks to the credit of the Treas- ury. Another issue of certificates will be forthcoming on Friday. but it will probably be of a limited amount to meet the unredeemed certificates maturing on the date named. but which the Treasury expressed a willingness to take up ten days ago. West Is Awakening. William C. Redfield. formerly Sec- retary of Commerce, has just returned from an extended western trip in the interest of the Foreign Trade Finance Corporation, he being one of the or- ganization committee of that enter- prise. Mr. Redfleld declares that “the central west is thoroughly alive to the necessity for the formation of th Foreign Trade Finance Corporation and that “the meetings of commercial bodies, manufacturers and bankers which he has addressed have mani- fested the strongest interest in the corporation. Leading men in every community are impressed by the need of the corporation. So widespread is this feeling that it amounts to a erystallization of national sentiment.” With such reports it may be safely predicted that the great institution Wwill soon be launched from the forma- tive stage. Lecal Trade Reports. The fedreal reserve bulletin for April, referring to trade in this dis- trict, has this to say: Eight reporting Wholesale grocery houses show a 2.2 Dper cent decline for February, prob- ably caused by the fact that there are but twenty-eight days in the month. Eight hardware firms report a 6.9 per cent decrease. Marked in- creases in business were recorded by eight dry goods firms. a like number of boot and shoe dealers and four furniture dealers. These increases amounted to 14.4, 77 and 246.4 per cent, Tespectively. As compared with a year ago decreases still show 14.5 per cent in groceries and 52.3 per cent in furniture. The retail trade has shown consid- erable improvement, averaging 8.6 per cent, the best of any district reporting. Local Securities Firm. Prices on all local securities in which there were transactions on to- day’s session of the local stock ex- change were decidedly firm. Changes Wwere more or less unimportant, but in the direction of fractional upturns. Lanston added another 33 point to its advance of yesterday, selling to 753 from an opening at 75. Bonds were quite active, with 71 per cent Washington Gas notes bacik 10 100%, Railway 4s advancing from 53 to 59%; Potomac Electric general €s, 94, and the Consolidated 5s of the #ame company selllng at 84%. Wall street is waiting for a bunch of steel companies’ reports. The Lackawanna Steel Company’'s report for the first quarter is due today; Re- public Steel and Iron will make its re- port next week, and the second week will bring the Steel Cdrporation’s quarterly earnings. ‘The street was rather surprised at the cut in the products of the Steel Corporation, the first since the estab- lishment of prices by the industrial board in 1919. Independents advanced prices materially in the boom of 1920, but the big corporation made no change. The street. however, expect- ed the cut, but thought it would not come for several days. For the Treasury. Great Britain will pay into the ‘Treasury $26,000,000 on the 15th in- stant, interest on the debt incurred on the silver purchases for India. May 15 anotnfi; payment on the same ac- count will give the Treasur: - 000,000. st So far this fiscal year the Treasury shows a surplus of $182,930,000 over expenditures. FIN WOULD NOT ELIMINATE SHORT SELLING IN TRADE Chicago Board’s Directors Report on Inquiry Into Alleged Abuses. CHICAGO, April 13—The board of directors of the Chicago Board of Trade submitted to President Griffin its report on an investigation he had requested concerning alleged trade abuses on the board. The report op- posed elimination of short selling, making specific definitions as to the meaning of the term and declaring 1hat the present rules on manipula- tion of the market, if enforced, would eliminate any evils now ascribed to short selling. It opposed limitation of trade periods in futures, favored a “competent and aggressive" cen- sorship of market news, opposed pri- vate market wires into towns of less than 25,000 population, except under management of a member of the Chi- <ago Board of Trade, and recom. mended revision of trade custom: concerning deferred acceptance of trade contracts and of extension of credit to clients whose transactions were for other than hedging pur- Poses. “The belief that grain markets can be manipulated downward, that short selling can_ successfully and per- manently reduce prices is €rroneous, the report said, “and is based on lack of knowledge of the markeis and of economic laws. “To eliminate short selling would destroy the usefulness of the future market for hedging purposes. Should attempts be made to manipulate the market, our rules against manipul tion would be rigidly enforced offenders disciplined. Reuliz h great economic _services which s thus performed by organized xpecu- lation, we cannot consider recom- mendations for restrictions which would hamper hedging facilities and destroy the economic usefuiness of the market.” Short trading periods in futures would militate against the grain dealer or distributer who was car- Tying surplus stocks at the niom.nt unsaleable and would be undesiratle from the standpoint of the farmer | who wished to hedge his grain, (i report continued. It said murket news censorship was essential 15 pre- vent false rumors which would effect 1he market, and said the rules should be amended so ax to preciude de- ferred acceptance of contracts and to prohibit extension of credit for pure- y speculative purposes. —_— LIBERTY BOND NOON PRICES. NEW YORK, April 13.— Liberty honds. Prices at noon: 318, 90.06; #irst 4s, 87.50 bid; second 4s. $7.40; first c'tl. 87.60; second 4k%s, 87.50; third %s, 90.66; fourth 4%s, 37.64 gory 3%s, 97.08; victory 4%, 97.58 ANCIAL. NEW Received by Private Wire wn. High, Low. Close. b~ 0% Adams Express 2% A% Alaska Juno. % 1% Allied Chemir s u AllisChalm 45 2% Allis Chalmereox. 71 T% Am Agr Chem. .... % Am Beet Suga 38 Am Brake Shoe % Am Can. ... 7% Am Car & Fdy. 1% Am Car & Fdy pf. 10% Am Chicle C 21% Am Druggls! 6% Am Hide & Lea. ... 8% Am Hide & Leapf. 42 42 AmIce........... 50 80 | Am International. « a1% Am Linseed. .6« Am Locomotive... 85 8 Am Radiator. o Am Safety Rasor % Am Ship & Com. % 8 Am Smelting...... 89% 3% Am Smelting pf... 744 4% Am Sugar......... 0% %% Am Sumatra. % W% Am Tel & Teleg... 105% 106 Am Tobacco (B).. 13 113 Am Tobacco pf (n) 90 %0 Am Woolen....... 2% T8 Am Writing Prpf. 34 84 AmZinc&Ldpf... 21 21 Anaconda.. . 88% 3% Asso Dry Go 2% 8% Asso Dry G 1st pf.. 62% 62% Atchison.......... 8 8 Atlantic Cst Line.. 8% 18% Atlantic Gulf. E Y Austin Nichol % 9% Baldwin Loco 86 86% Baldwin Loco pf.. 100 100 Balto & Ohio. 8% 8% Ralto & Ohiopf... 48 8 Barnett Leather.. 34 34 Beth Motors % 3 Beth Steel (B). 54% Bi% Bkiyn Rapid Trn.. 2% 1% Booth Fisher! % 4% Butte Copper. % 4% Butte & Superior.. 11% 1% CaddoOfl. 16% 16% California Pckg. 8% 66% California Petrol.. ¢4 & Canadian Pacific.. 113% 13% Central Leather... M% 3% CentralLeathpf.. 71 171 Cerro de Pasco.... #1 2% Chandler Motor, 9% 80 ChiGreat Westn.. 7% % Chi Great W pf.... 18% 16% ChiMil&StP..... 2% % ChiMIl & StPpf.. 37% 3% Chi & North Chi R1& Pacific.. % 1% Chi RI& P 6%pt.. 8% Chile Copper. 1% 1% Chino Copper. 2% % Coca-Cols. 2% 1% Col Gas. .. L) Col Graphophone.. 6% 6% Col Graph pt. % 6% % Cons Textile 18% Cont Can pf. %0 Cont Candy. 1% Corn Products. 2% Coaden & Co. % % Crucible Steel... 8% Cuban-Am Sugar.. 2% 24% Cuba Cane Sugar.. 0% 0% Cuba Cane Supf... 62 62 Del & Hudson..... 98 ¢ Del Lack & Wstn. . £ 105 Denv & Rio Gr. % % Denv&RIoGpf... 1% 1% Dome Min 8% 8% Endicott-. a% 6% Erfe.. n% 1% Erie 18t pf. 18 18 Famous Players... 0% 71 Fisk Rubber 1% 15% Freeport Texas... 15 16 Gaston Willlams.. 1% 1% Gen Asphalt. 6% 81% Gen Cigar. 59 659 en Electric. 135 16% Gen Motors. 1% 1% Gen Mot 6% del a% % Goodrich pf. BT Granby Consol.... 20% 20% i Great Northern pt. 69% 63% Great Nor Ort Greene-Canan 2% Gult States Steel.. Hendee M{g. Houston Oil. iupp Motors. Hlinois Cent: Indiahoma. Inspiration. Interboro Met pf.. 13% Intl Agri Chem pf. 4% Intl Harvester.... 86% Intl Mer Marine... 13% Intl Mer Marine pt. £0 Intl Motor Truck.. 8% Intl Nickel. Intl Paper. intl Paper Invincible Ol Island Oil. Kansas City Sou.. Kansas C Sou pf. Kelly-Spring Tire. 0% Kennecott. 19% Keystone Tire.... 1% Lackawanns Steel. ¢ LakeErie & W.... 11 Lee Tire & Rubber 26 Lehigh Valley. Loews Inc. LoftInc... Lorrillard. Mackay Cos pf. [ Manhattan Elev... 61% Mazwell Motors... % May Dept Stores.. 8% Mexican Pote..... 160 Miami Copper..... 20 | Miadle States Oli.. 18 Midvale Steel..... 26 MinnStP&SSM. 68 Mo Kan & Tex. .- 2 Mo Kan & Tex pf.. 4% Mo Pacific. Natl Acm Natl Biscuit. . Natl Conduit. Natl Enameling. Natl Enamel pf. Katl Lead pf 104 | N'Y Air Brak . 1% Nevada Copper.... 11% N Y Chi & St L 1st. N Y Dock. . N Y Ont & West, 1w NYNH & Hart, 16% Norfolk & Wstrn.. 83 North America. 68 Northern Pacific.. 78% Oklahoma Prod... 3% Orpheum Circuit.. 25 Otis Steel. . 12% Owens Bottle. . o PacificOfl..... 6% Pac Tel & Te 8% Pan-Am Pet 8% Parish & Bingham. 13% Pennsylvania.. 8% Penn Seabd Steel.. 10% Phila Company Plerce-Arrow Plerce Oil. 0% Plerce Oil pt 12 Pitts Coal. 5% pitts Coal pf. 8 Pitts & W Va. =% Pond Creek Coal 1% Public Servof NJ. 6% | Punta Alegr! s { Fure Oil 3% Rand Mines. 2 Ray Con Copper... 12% Reading. ... 8% Remington Typr.. 30% Iep Iron & Stecl.. 6% Rep Iron & St1 pf.. €0 Ro. Dutchi. 5t Joseph Lead. St L & Sun Fran. St Louis Southwn. 2% t Louis Sown pf.. 35% Sunta Cecllia Sui Sears Hoebuck. . seneca Copper. Shattuck-Arisona. Sinclair Ofl..... Sloss-Sheffield. ... Southern Pacific.. 74 outhern Rallway. 20% tand Oil N J pf. Steel & Tube pf Stern Bros pf. Stewart-Warne Stromberg Carb... 3% Studebaker. . % Studebaker pf..... 9 Submarine Boat... 8 Superior Ofl.. Superior Steel. a% 16% % 5% 1% 109 35% % 9% 8 8 2 2% 1% “ *% ™ % 38 48% 2% 121% 10% 21 6% 8% “ 50 a% 1% “ 6% (d a% % A 5% 121% 110% 2% 8 8% a 50 a ® 4T Y% F4% 0 5% T 9% uh 0% 72 105% s 20 % 3% o 8 2% 2% 9% 8% o] 9% A% 100 s @ 3 2% 3% 2% “ % n% 16% 2] “ m% 2% @a% n k] ™ 16 u% 6% 6% 1% 16% % 16 u% % =% 1% 19% % U% 2% © o o% 0% W% 19% 5% 16% % e n u % % 8% 19% 9 % 180 10 3] % 6% 5 & 8% 89 18% 139 19% 19% 1B uK % 26% 6 T % % n% A% 0% 0% 104 14 I u u 6 e 7% 61% 2 (87 n n n 6% 1% 8 u% 58 68 ©@% 6% 3% 8% % 2 2% 1% o 82 % 6% % 6% 68k 68Y 8% 1% L. 10% 10% e ay 1% 1K n% 2 2% 2% 010 2 1 5% 53 8 86 4% 2% 3% 1 7 6% e au% 3% % FTONE TS 12% 12% o o 0% 34 0% 8% 0 % 0% 9% 2% 12% 20 20 6% 26% ®Y% 8% 3 3 % 6% 8% 161 6 6 B4 BY 9% 9% 3 7 19% 19% 108 108% % 8% 100 109 n% 2% 5% 3% % T %5k 95k % TH s 8 e a THE EVENING STAR, WASHINGTON, D. YORK STOCK EXCHANGE. Direct to The Star Office. . High, Low. Close. ‘Temtor Corn (A) o’l.! l!n Tenn Copper. 7% T Texas Company... 41% 41% Texas & Pacific... 19% 19% Texas & PC&OIl. 28 23 Third Avenue 18% Tobacco Prod @% 8% Tol StL & Westn.. 9 9 TolStL&Wopf... 18 18 Trans Contl Oil 0 1% Twin City R Tran. 60 50 Union Pacific..... 115% 116% Union Pacificpf... 66% 65% United Fruit. 104% 104% United Ry Inv..... 11% 11% United Retall Stre. 50 50 USFood Prod..... 21% 21% 21% 21% USIndus Alcohol. 65% 66 65% 65% U S Realty. .48 E% 48 B0% 1S Rubber. 78 T8% Tem T8 U S Rubber 18t pf. 101% 101% 101% 101% USSmelt & Ref... 30% 30% 50l 80% U B Steel. . . 80 WY 9% 80% USSteel pf....... 109% 110 109% 109% Utah Copper. B1% 61% 60's Bl 6% 29 8% 29 Vivadou.. 6% 6% 6% 6% Wabashpf A...... 19% 19% 19% 19% Western Md 2d.... 17% 17% 1% I'% Western Pacific... 25 2 26 Western Pacpf... 61 61 67 ‘Western Unio . 93 8% 92 Westhouse E& M. 47 % & Wheeling & LE... 8 8 8 8 Wheeling &LEPf 1% 1% UM% % White Motor. 59 3% 39 B9 White Ofl. . 1% 16% 16% 18% Willys-Overlan % 8 Th 8 Willys-Ovld pf. h 33% 33% 8% Woolworth. . m um 1ue 16 High. Low. Last. Call Money..... 1 7 ® HOURLY SALES OF STOCKS. DIVIDENDS DECLARED. Stock of rd. Amer. Radiator, g., $1 ‘Amer. Radiator, pfd. Amer. Sumatra, q., $2 Am. Sumatra, pfd., 8. Tiurns Bros., q.. $2.50. Burns Bros., pfd., q., $L Elk Basi® Cons. P., q., Hav. EL Ry., L. & P., ». Hav. E. R.. L. & P. Nipissing Mines Prod. & Ref. Prod. & Ref. Corp.. Df Stand. Motor Const., Washington Stock Exchange A Capital Traction—2 at 87%, 5 at 8%, 10 at_8i%. ‘Washington Gas Light—10 at 43%. Tanston Monotype—10 at 15, 10 at 5%, 6 at 75%, 4 at 75% 5 AFTER CAL 3 Potomac _Electric_cons. 5s—$1,000 at 841, ¥ st Resston19 at 615 i n—12 g otomac Bl:flfle‘,:!unl Ge—$1,000 at O1. w G »—$500 o . Washingion Hatiwes 169,000 at b, £5,000 'Bid and Asked Prices BONDS PUBLIC VTILI“EB“ American Tel. American Tel. q., 25¢. Apr. d Potomac guar. Chesapeake and Potomac Tel. 5s. Capital Traction R. R. Gs. City and Suburban 5s Metropolitan R. B 5 Potomac Electric Light Potomac Electric cons. Potomac Elec. Power 6s. Potomac Elec. Power G. Wash., Alex. and Washington Gas Wathingion Rwy. and Wain. Ruy. and Flec. G. M. 6a, 81 93 MISCELLANEOUS. Riggs Roalty 5a_(short) Washington Market 38, ‘Washington Market s i W. M. Coid Storage 5s. STOCKS PUBLIC UTILITIES. American Tel. and Telga. *106 Capital Traction Washington G: Federal Liberty . National Metropoiitan LT S Riggs . wo 4id Second 165 TRUST COMPANY. American Security and Trust.. 221 Continental Trust ... 101 Nationsl Savings and Trus 275 Union Trust . 21 Washington Loa: Recurity Bav! Seventh Street Union Baving United States . Washington Mechanica’ . 20 FIRE INSURANCE. Ariington o Firemen's 20 German-American 225 National Union .. % o EITLE INSURANCE. bis g So it e ] MISCELLANEOUS. Columbia Graphophone com. 814 Columbia Gra ne ptd. 213 D. C. Paper Mfg. Co...... i3 Merchants® Transfer and Storage 100 Mergenthaler Linotype . 19y 120 0ld Dutch Market com. 5 [ 0ld Dutch Market pfd ° i ty ge . ‘Washington Market b xd"lflefl PARIS BOURSE QUIET. PARIS, April 13.—Trading was quiet on the bourse today. Three per cent rentes, 55 francs 70 centimes. Exchange on London, §5 francs 12 centimes. Five per cent loan, 83 francs 95 cen- times. ‘The dollar was quoted at 14 francs 123 centimes. —_— CALUMET TO CLOSE DOWN. BISBEE, Ariz, April 13.—Charles Briggs of Calumet, Mich., for twenty years president of the Calumet and Avizona Mining Company, has re- signed and was succeeded by Gordon R. Campbell, also of Calumet, former secretary of the company. Copper mining here and smelting at Doug- las will be suspended within the next ten days, according to posted notices. — e BAR SILVER QUOTATIONS. NEW YORK, April 13.—Bar silver— Domestic, 581%; foreign, 59%. Mexi- can dollars, 45%. LONDON, April 13.—Bar silver, 34%d per ounce. Money, 5% per cent. Discount rates—Short bills, 6 per cent; three-month bills, 6% per cent. FOREIGN TRADE NOTES. Germany exported to Switzerland during 1920 twice as many astro- nomical, geodetic and mathematical instruments of precision as in 1913. The foreign affairs committee of the Belgian chamber approved the meas- ure authorizing the levy of a 50 per cent tax on German goods sold in Bel- glum. Merchandise intended for the Peru- vian centennial industrial exhibition will be grated free entry at Peruvian ports. “Over the Hill.” “Over the Hill,” the Willlam Fox photodrama. begins its fourth week at the Shubert-Garrick next Sunday afternoon. The story was adapted for the screen from the poems of Will Carleton. Paul H. Sloane made the screen adaptation and the direction was by Harry Millarde. Mary Carr, as Ma Benton, mother of the story, has made a characterization that is memorable. STEEL CUT IS NOT A SERIOUS FACTOR ‘'Market Feels It Knows the ! Worst—Leading Rails De- [ velop Weakness. NEW YORK, April 13.—Wall street took the announcement of the Steel Corporation's new price list very calmly this morning. This action had been generally expected ever since the first of the year. The fact that it came a week or so before the date commonly expected made no essential difference. Steel shares had been under pressure vesterday and they were sold freely for the first hour or so today. But this selling brought about no fur ther important weakness. In fact, the plain interpretation to be placed’ upon the steel announcement was that it was getting rid of a piece of bad news which had been long overhanging both the business situa- tion and the stock market. That the lower prices, given per- haps another week or so for the trade to get used to them, will stimulate new orders there is little reason to doubt. It is what has happened under similar circumstances in the past. Meanwhile the first of the quarterly steel statements—that of the Lacka- wanna Steel—came out this morning and, nticipated, it showed that the company had earned practically nothing for dividends during the first three months of the year. This was another “unfavorable in- cident which had been thoroughly discounted, and it had no effect to speak of upon the market of the day. Not Comparable. The attempt to forceast the action of Steel common, following the price cat- ting. by what happened in 1909, ig- nored the fact that the two situations are mot at all comparable. In the panic of 1907 Steel shares went as low as 21%. They had rallied to 55% in 1908, and were only off a little from their top—namely 52—when in the middle of February, 1309, the lower price schedules were announced. Therefore the fact that between February 18 and February 23 Steel common” broke some 10 points and hung around the low level for nearly a month thereafter is of no partic- ular significance for the present sit- uation, which represents not far from the bottom in the market for steel stocks, of a decline which has been almost continuous for a year and a half. In 1908 there was a decided business recovery, which there has not been at any stage of the last eighteen montha. This recovery was followed by a dull spell, and it was this dullness which the management of the Steel Corpora- tion sought to break up by their ac- tion in February, 1909. No Northern Pacific Oil. The weak spot was no longer the steel group, but the rails. especially some of the dividend paying issues. For Northern Pacific there wus a spe- cific explanation for the decline. 1t was due to the shock occasioned by the statement of the chairman of the board, that there were mno oil properties in actual operation, and t the company's oil possessions, about which Wall street was so ex- cited a few months ago, were almost altogether mere prospects s It may have been the Northern Pa- cific break that was largely account- able for the unsettlement in others of the rails. But at the same time the railway list was undoubtedly reflect- ing some disappointment that the President's suggestions for solving the railway problem were nothing more than the two generalizations, which are in everybody's minds, that rates must come down and that cost of operation must be lowered. RAILWAY BONDSIN AGENERAL SLUMP NEW YORK, April 23.—The main feature [ The bond market today was the general sagging tendency dis- played among railway bonds. Union Pacific 6s fell a point to 98%, and at this figure established a new low for the year. St. Paul debenture 4s like- wise broke nearly a point to a new bottom. and new low records were made by the other St. Paul issues, the refunding 4%s getting down to 58 and the convertible 4%s to 63. Pennsylvania 7s at 1003 and the gen- eral 55 at 84 were both off fraction- ally. So were the Atchison general 4s at 761, the Northern Pacific prior lien 4s af 75% and the New Y Central 3%s at 673. i New York Central debenture 6s were heavy at 85. The weakness in the rails ‘accompanied the general heaviness in railway stocks and showed that the uncertainty regard- ing the railway outlook had not been dispelled by anything the President had to say in yesterday's message. French Bonds Wanted. The quiet taking up of the French municipals kept on, carrying the Lyon's 68 and the Marseilles 68 each up a half point to 77. Continuing their advance of the past weelk Chinese railway 55 gained a half point. {to 46. Other foreign issues were very [lite changed. Norway S wers strong around their top figure of 100%. The market for liberty bonds (vlvaa substantially unchanged on the ay. Hudson & Manhattan adjustment, allowing for the recent dividend of 2 per cent, reached a new high point when they sold at 36%. New York traction bonds moved un- certainly, while the Third Avenue adjustment 58 were unchanged at 32, and the Inter- bLorough 5s at 55. soThe market on the Packard Motor 8 continue rm at 100 bid, % d, offered 'ublic Service of New Jerse 53 ros a half point to 64, and t grow’l’ng (avo: in which the public ut es_issues are held, was further attested by a jump of 2 point in Consolidated Gas 7s to 101. New York Dock 4s equaled their high of the year when they sold up to 67 but later in the day lost this gain, i DR. SIMON AT DUNBAR. Participates in “Community Night” Exercises. The sentimental tion to Americans wax emphasized b; Dr. Abram Simon, president of lh{ board of education, at the “commun- ity night” exercises, a part of the celebration of the fiftjeth anniversary ;fh lhlne 3 founding of 'Dunbar High ichool last night in the i of the s;-hou]_g Eaditortuns Other speakers were Repres: a Fess of Ohlo, Prof. Kellylf\;m:'r‘.ul"-ge:? dinand Q. Morton, Miss Fva B. Dykes, Dr. Marie B. Lucas, Lieut. Col. Benja- min O. Dav Campbell C. Johnson, Roscoe C. Bruce, assistant superin- tendent in charge of colored schools, and Dr. J. Hayden Johnson and Mrs, Coralie F. Cook, members of the school board. The anniversary exercises will be continued until tomorrow night, when they will close with an alumni recep- tion and reunion. The program to- day includes a recital by the String Quartet of New York and an address by Miss Estelle Pinckney of Howard University. LONDON WOOL BETTER. LONDON, April 13.—There were 7.875 bales offered at the wool sales here. ~Prices were unchanged, but the demand was better. Most of the purchases were made by continental buyers. 4 value of educa- the Interborough Metro- | politan 41:s up a half point to 19, | C, WEDNESDAY, XPRIL 13, 1921, !Grain, Produce and Live Stock Grain and Provisionn. BALTIMORE. April 13 (Special). Potatoes—White, per cwt., 1.00a1.25; McCormicks. 75a1.10: cobblers, 1.00a1.25; . 2. 40a50: Florida, new, per barrel. 00a6.00; sweets, per barrel, 3.00a 5.50: yams, 3.00a4.50; No. 2 and culls, '50a3.00. < Beans, green, pearl and wax. per crate, 2.50a4.00. Beets, per 5a7. Asparagus, per dozen, Rhubarb, per bunch, 4as. Cabbage, per hamper., 1.25a1.50. Cauli flower, per crate, 2,00a2.50, Cucum- bers, per box, 3.50a4.50. crate, 2.50a3.25. Eggplant, per crate, 3.00a5.00. Kale, per bushel, 25a40. per cwt., 1.00a1.75. Peppers, per crate, 3.0025.00, Radishes, per basket, 50a 1.50. Spring onions, per 100 bunches, 75285, Spinach, per bushel, 60a75. Peas, per baskef, 2.50a3.50. Tomatoes, per craite. 1.50a6.00. Apples. per bar- rel, 2.50a6.00; per box, 1.50a3.50; loose, per cwt. 1.00al.50. Oranges, per box, 3.00a4.75. Grapefruit, per box, 2.50a 4.00. Strawberries, per quart, 23a50. Selling Prices at Noon. Wheat—No. 2 red winter, spot, 146; No. 2 red winter, garlicky, spot, 1.30; April, 1.30; May, 1.30. Sales—Bag lot of nearby, by sam- ple, at 1.20 bu. 8.20 bu. of No. 2 red winter, garlicky, at 1.30 per bu. There was a reduction of 25 to 50 on grades of flour here today. Corn—cCob, new, yellow, 3.50a3.65 per bbl, in cargoes; contract corn, spot, 633%: April 65%; track corn, yel- low, No. 3 or better, 68%: no sales.. Oats—No. 2 white at 48 per bu.; No. 3, 46 per bu. Rye—Bag lots of nearby rye, as to quality, 1.40a1.50 per bushel; No. 2 western export, spot, 146% per bushel. y Hay—No. 1 timothy, nominal; standard timothy, 23.00a23.50; No. 2 timothy, 0a22.50; No. 3 timothy, 14.50219.00; No. 1 light clover mixed, 20.00a20.50; No. 2 light clover mixed. 16.00219.00; No. 1 clover mixed, 18.00 219.00; No. 2 clover mixed, 14.00a 17.0 'No. 3, 11.00a12.00; No. 1 clover, 15.00a16.00; No. 2 clover. 12.00a13.00: No. 3, 10.00a11.50; sample hay, 10.00 214.00. 5 Straw—No. 1, nominal; No. 2 stralght rye, nominal; No. 1 tangled rye, 17.00; No. 2 tangled rye, 16.00; No.'1 wheat, 13.00213.50; No. 2 wheat, 12.00212.50; No. 1 oat, nominal, 18.00 18.50: No. 2 oat, 16.00a17.00. NEW YORK. April 13.—Flour, weak; spring patents, 7.75a8.25: spring clears. 6.00a7.0f nter straights. 6.5026.90; Kansas straights, 7.25a7.75. Lard easy: middle west, 10.30a10.40. Other articles unchanged. : Potatoes stronger; receipts, 31 cars: northern white, sacked and bulk, 90 21.00 per cwt.Smew Florida, rose, No. 1, per barrel, 8.00a8.25; No. 2, 6.75a 7.00. CHICAGO., April 13.—With crop. economic and financial conditions all continuing bearish, the wheat market foday developed fresh weakness. Sell- ing was led by a house With south- western connections, and it was in- ferred that considerable of the selling must be against purchases to arrive. Opening prices, which varied from unchanged figures to 1 lower, includ- ing May at 1.26% to 1.26% and July 1.09% to 1.103, were followed by ad- ditional setbacks, although transient allies intervened. r‘i?‘\' corn there was much buying of May, and selling of July. but all months tended downward with wheat. After opening %a% off to a shade ad- vance, with July 60% to 60%, the market worked irregularly lower. Oats were relatively steady, start- ing unchanged to % down. July 37% to 37%, .and holding close to the initial range. Higher quotations on hogs helped to sustain previsions. ‘60 .36, 375 CHICAGO LIVE STOCK CHICAGO, April 15 (United States bureau of markets).—Cattle—Re- ceipts, 9,000 head; generally steady; spots higher on beef steers and bulls; top yearlings steers, 9.50; bulk beef steers, 7.75a8.75; bulk fat cows and heifers, 5.25a7.50; canners and cutters largely, 2.50a4.00; bulk bulls, 5.00a 6.25; veal calves mostly, 7.00a8.00; stockers and feeders steady. ‘Hogs—Receipts, 16,000 head; open- ing slow, 15 to 25 higher; later fair- 1y active to even; mostly 10 to 15 higher than yesterday's average; top, 9.35; bulk, 200 lbs. down, 8.75a 9.25; bulk 220 Ibs. up, 7.90a9.50; pigs, 10 to 25 higher; bulk desirablg, 9.00 29.25. Sheep—Receipts, 19,000 head; shorn lambs, top, 9.25 to shippers, bulk, 8.00a8.75; choice 104 lbs. shorn lambs for export, 7.25; best wooled lll|mbu not sold, good, 100 1bs. shorn yearlings, 7.00; choice Colorado pulp-fed shorn ewes, 6.00. DAIRY MARKET. BALTIMORE, April 13 (Special).— Young chickens, alive, per pound, 30a 45; old, 31a33; old roosters, 20; win- ter, two and one-half pounds and un- der, per pound, 50a55; springers, one to one-and-one-half pounds, 65a75; ducks, per pound, 28a35; pigeons, per pair, 45a55; guinea fowls, each, 50a 50; capons, dressed, per pound, 48a55. Eggs (loss off), strictly {resh near- by, per dozen, 25; southern, 23a24; duck eggs, 30. Butter, creamery fancy, per pound, 50; prints, 50a52; nearby creamery, 47; dairy prints, 20a24; rolls, per pound, 18a22; ladles, 26a28; process butter, 28a29;' store packed, 18. | CHICAGO, April 13.—Butter—Firm; creamery, extras, 46%; standards, 44. Eggs — Higher; receipts, ,155 cases; firsts, 24%; ordinary firs 21; at mark, cases included, 22a24. Poultry—Alive, lower; fowls, springs, 34. COTTON MARKETS. NEW YORK, April 13.—Less fa- vorable reports of the British labor situation and a sharp break in Liv- erpool had an unsettling effect in the cotton market here at the open- ing today. First prices were barely steady at a decline of 11 to 19 points under liquidation and southern and ! Liverpool selling of near months. Some- of the Liverpool houses were buyers of later dellveries, however, while there was also a moderate de. mand believed to be for Japanese and Wall street accounts, #which soon steadied the market. Futures opened barely steady; May, 12.00; July, 12.60; October, 13.14; December, 13.49, and January, 13.65. LIVERPOOL, April 13—Cot¢on— Spot good inquiry; prices steady; good middling, 8.73: fully middling, 8.08 ; middling, 7.43 ; low middling, 6.38; good ordinary, 5.13; ordinary, 4.38. Sales, 7,000 bales, including 6,300 American. Receipts, 1,000 bales, no American. Fu- {tures closed steady: April, 7.74: May, 7.89; July, 8.09; October, 8.33: Decem. ber, 8.43; January, 8.47, and March, i 8.53. NEW ORLEANS, April 13.—Strike news again dominated the cotton market in thecearly trading today, {and the report that the “triple en- tente” in Great Britain has called a strike for Friday night caused general selling as soon as the market ened. opl"uturea market opened steady; May, 11.52; July, 12.12; October, 12.65; December, 12.88, and January, 13.03. HUMANE SOCIETY HOSTS. Children to See Program at Knickerbocker Theater. A free entertainment for children will be given at the Knickerbocker Theater tomorrow afternoon at 3:30 o'clock by the Humane Education So- clety. The entertainment is a part of the observance of “be kind to animals weel Harry Bradford will offer a chalk talk. Music and motion pic- tures will supplement the program. All children are invited to the en- tertainment. The sociew is now in- stalled in its offices at 727 17th street. Officers of the organisation are: James P. Briggs, president; Mrs. Wal- lace Neff, vice president; Miss Cabell Moore, eecretary; Miss Lillian Ben- able, treasurer, and Mrs. RBowens Hal- stead, chairman of committee % Celery, per | Lettuce, per basket, 1.50a4.00. Onions, | LOCAL. WHOLESALE MARKET. Eggs—Strictly fresh, per doz., 28; southern, 27. Live poultry—Roosters. per 1b. 21: turkeys, per 1b., 45a50; chickens. spring, per Ib., §0a30; hens, per Ib., 32; keats,” young,” each, €0a75; chickens, winter, per Ib., 50260, Dressed poultry — Fresh killed Spring chickens, per 1b.. 90a1.00: hens. per Ib., 34: roosters, per Ib., 25: turkeys. per 1b. 50a5S; chickens, winter, per 1b.. 65a Pork—Dressed, small, per Ib., 15al6: medium, 13a14; heavy, 10a13; live hogs. 10%a1l. Livestock—Calves, choice, per 1b. 11: lambs, choice, per Ib., 18a20. Green fruits — Apples, per bbl.. 3.00a 8.00; per basket, 75a2.00: western. per box, 3.50a4.50. California lemons, per box, 3.50a4.50. California oranges, per crate, 4.0025.00. Florida oranges. per crate. 3,5&5.5& Grapefruit, per crate, .00a5.00. Vezetables—Potatoes. nearby. No. 1.1 northern, per sack, per bbl, 1.50a1.75; T 1.5081.75; i 25a2.50; new Florida potatoes, per bbl 7.00a8.00; sweet potatoes, per bbl, No. 1. 6.00a6.00; No. 2, 2.00a3.00: yams. per hbl, 3.50a4.50. Tettuce, North Carolina, per crate, 1.00a23.00. Celery, per doz., 1.00a1.50; ‘Florida celery, 3.i5a1.00. Ro- maine leftuce, 1.25a2.50. Cymblings, per crate, Florida, 4.00a5,00. Spinach, per bbL, '1.50a2.25. Kale, 75a1.00 per bbl. Peppers, per basket, 5.0026.00. Toma- toes, per box, 4.00a6.00. Onions, per sack, 1.50a2.50 Texas onions, 00. Brussels sprouts, per gt., 15225, Cran- berries, 2.00a5.00 per bbl. New cabbage. Der crate, 2.00a3.00. Eggplant, per crate, 3.5025.00. South Carolina asparagus, per doz., 2.30a6.00; nearby, per doz., 1.50a U. S. STEEL COMPANY CUTS SELLING PRICES NEW YORK, April 13.—Substantial reductions in the base-seiling prices of the products of the United States Steel Corporation and its subsidinries are announced by Elbert H. Gary. head of the corporation, after consul- tation with the president of the va- rious companies. The new prices are effective today, f. 0. b. Pittsburgh. The list of reductions follows: 4x4 and heavier billets, from $3%.50 to $37 a gross ton; slabs, $42 to $38 a gross ton; sheet bars and small billets, $47 to $39 a gross ton; bars, $2.35 to $2.10 per 100 pounds; plates, $2.65 to $2.20 per 100 pounds; structural, $2.45 to $2.20 per 100 pounds; wire rods, $57 to $48 a gross ton; plain wire, base, $3.35 to $3 per 100 pounds; tin plate, $7 to $6.25 per base box. Wire nails in kegs were unchanged at $3.25 a base. Mr. Gary would make no comment on the reductions nor reply to ques- tions asking whether cuts in wages paid employes of the corporation were contemplated. The price list from which the changes were made went into effect on March 21, 1919. To give an idea of the size of the reductions it was explained that the cuts on tin plates pare its quotations from $140 a ton to $125 a ton. FRENCH DEFICITS LARGE. PARIS, April 12—Tax receipts for March totaled 972,407,000 francs, which was 284,351,200 francs, or 23 per cent, under the budget estimate. but 13 per cent above receipts in March, 1920. The largest deficit was in the busi- ness turnover, which yielded 147.628,. 000 francs, instead of the estimated 415,666,500 framcs. The taxes on the government monopolies, tobacco, matches, powder and gasoline, con- tinued to exceed the estimates, but the customs, post office and sugar re- ceipts continued under the estimates. The deficits in tax collections are attributed to the continuing slack- ness in business. In March the col- lections of the tax on incomes amounted to 172,000,000 francs and on war profits to 286,000,000. _— CURB STOCKS. Quotations furnisbed by W. B. Hibbs & Co. <12:15 p.m.— Bid. Asked Aetna Explosives . 8 91, Allied 0il American_Ca Atlantic Petrolen Big Heart Big Ledge Boone OIl Boston and Montana Roston and Wyoming. Caledoni: Calumet and Jerome. Canada Copper Carbon_Steel . Carib Syndicate Carib Trading Car Light and Citles ice (new) Otties Rervice (old) Cities Service pfd. Colonial_Tire . @ ..;a;‘.;..: i :!g...,s. R FINANCIAL. ' LONDON STOCKS STEADY. Triple Alliance Strike Notice Re- ceived With Calmness. NDON. April strike announcement was re- ceived with calmness on the stock exchange today, having virtually no effect upon any section of the market, 1.0 lian, which was generally steady. In the mone: ket regrots were expressed at ntinued unsettl ment of the labor situation. Finan; conditions, it was commented there, pointed to an early reduction in the bank rate. but this now was expected to_be postponed for some week Z For Most People SAVING Is Very Difficult Why not make it as casy as possible by mak- ing all small accumula- tions earn 1% With Absolute Safety in First Trust Notes Consult Loan Dept. Shannon & Luchs Main 2345 713 14th St. i R 7, /1077077777012 2202 2122 2122122 A0 L 2L P PP E 2 AL T A L LI A e 2 el INSURED INVESTMENTS—S5 18 your honse insured againat fire?-If you are a home-owner you have probably looked after that. but are you sure that you have not been less provident in the mat- ter of your investments? YOUR investment in ouv"fln‘ t Mort Notes is liberally in- ured sgainst fire to begin with, and it is safeguarded at every point Uy the most thorough and far-reaching financial precautions. SWARTZELL, RHEEM & HENSEY CO. 727 Fifteenth Street N.W. ‘Washington, D. C. THE NATION’S HOME TOWN. INSURANCE Fire and Theft Poir™ 333% WM. B. KRAFT & CO. 1338 New York ave. Main 893. R LTI Harriman & Co. MEMBERS: New York Stock Exchange 111 Broadway, New York Washington Office R 2 I L P L e Oolumbian Emerald 21 lembia-syasiate 2 COLORADO BUILDING solida .l i Crenson "Gola _T*! 1% Telephone Maim 1663 Davis Daly .. 8 gmln:muou . —5, urant Motors 2014 Elk Basin . 8% Eriel Oil =2 G. B. CHIPMAN reka G o Farreil Coal 15 Manager Federal 0il 1% Gilliland 0Oil 15 Glenrock OIl 1% Goldwyn Pictures 5 R oA - %3116/ $5,000 Life Policy, $57.35 Indian Packing . S Age 0. Send date of birth for llustration ercon calars at gour age. e e 1% | M. LE ROY GOFF, Insurance Adviser Y16| _Room 610 Woodward Building. M. 340._ 2 .| LIBERTY BONDS a% % | BOUGHT AND SOLD FOR CASH i | g » Ex 3. |Liberty Bond Exchange = 604 14th St. N.W. 12 = Midwest Oil pfd. Ty 37 Midwest Refining 108, Nevada Ophir . New Cornelia . Nipissing Mines North Amer. P. ® *E Perfection Tire Producers and Refiners. Radio com. . Radio_ptd. Ray Hercules Ryan Consolidated . Balt Creek Producing. Halt Creek (new) Sapulpa_com. . Simms Petrol Skelly Oil . Sweets Co. o Swift International F#F REFFEFRE s B 0100 aBRe weananBaa i Tonopah Exten 5 Tropical _Oil 15 United Bastern b 2% U8 Light and Heat com. i U. 8. Light and Heat pfd. Thited Prodt Shariog . UL S, Steamsl g Uattea Retanl Candy. 7 L] United Texas . % Wartand 01 T ”fi Vaylan Wayne Coal . 2 2 West End Co 3 Wright Aefo - H CHICAGO— Armour Leather com, 13% Armour Leather ptd. 90 Armour pfd. .. 2 Cudahy Packing » Libby - s 10w Nationai Leather "+ 25 Swift & Co. Py Union Carbide - = i — | FOREIGN BONDS. Quotations furnished by W. B. Hibbs & Co. Prices at noon: 13! 15“ - 19 17% AL K Ges. 4 '§§ Sologne de- 77 180 Mein'ger Bank 4s 18 Darmstadt ~ Nord. L. Bank 4s 17: Dresden 48..eeee 16 ' Preuss Bank 4s.. 17! Dresden Berliner Baak 48 17! Dusseldorf 48u.e Vienna 45..eee.. ; ABeeee Vienna Belgian Rest. 5s. 70 Belgian Prem, Sa. 7434 FOREIGN EXCHANGE. Quotations furnished by W. B. Hibbe & Co. Selling dollar valos: vormeee 3 ‘Budaj —— 30 mm‘ '.3!6 pegt i Brussla —o.. 737 Wamaw . = === atiasa 1620 et Zarieh 1733 Amsterdam .1 34 1718 . Belgrade . ) .32 Montreal . B8 Stockholders News of great importance con - cerning the com- pany’s new merger and present finan- cial condition can be had by writing or calling. 358 Fifth Avenue, Suite 1106-7, 13.—The triple al-| EQUITABLE CO-OPERATIVE BUILDING ASSOCIATION Organized 1879 41st YEAR COMPLETED Asorts . - Surplas . $1.065.372.59 You Will Accomplish More Than Ever in Sav- by adopti he gystem —by adopting atic saving plan of the Pruitable Railding Awsocin tion, & plan that hes won financisl in dependence for thousands. Subscriptions for the 80th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING, 915 F St. N.W. JOHN JOY EDSON. Presidemt FRANK P. REESIDE, Seey. 7% REAL ESTATE NOTES Conservative Valuations Secured by firat deed of trust on high-class properties. Responsible makers. GLOVER & FLATHER 737 15th St. N.W. INVESTMENT is a scienee and should be distinguished from SPECULATION which is an art. Investment and speculstion are actuated by the same motive; de- atre for gain. The difference be- tween them ‘s the difference in degree of Tisk Wwilllng to be assumed. Because entirely different prin- ciples govern them, we have in- itiated two distinctive services, the cne to meet the need of investment and the other to assist intelligent trading. Iet us know which service you desire—both can be had if wanted —end we will endeavor to help make your Sfumncial operations profitable. 1f intercsted ask for Investment Bulistia o. 2, or Troding Oiroumiar 0a 29, DILLION and CO. Stocks—Bonds 32 Broadway, New York - "L, HL. Rollins & Sons 416 Woodward Bldg. 13]: & H S:‘uct‘l Phone Franklin 3463 Boston New York _ Philadelphia Chicago Deaver Sen Francisco New England Oil Refining Company First Mortgage 8% Bonds Due March 1, 1931 Price 98 and Interest to yield 830% Send for Descriptive Circular First Mortgages show their real value, because, unlike stocks or bonds, they are not af- fected by market conditions— they are always worth par value—the interest is never skipped, but paid promptly when due—and they are free from all worry or manage- ment on the part of the in- vestors. B.F.SAUL CO. Mortgage Loans 934 N.Y. Ave. N.W. Insure Your Future STOCK BROKERS Of Unlisted Securities WANTED to offer stock in a nationally known indastrial corporation; largest of its kind in United States. 12th year in business. . Paid cash dividends not less | than 12 per cent per annum for 12 years. 1920 paid cash dividends 16%. 1921 over 18% surplus of net earnings. Well rated Dun’s, Bradstreet’ ‘Why offer securities in specu- lative or mnew enterprises when you can contract tor a block of this issue on very attractive commission basis? Co-operation and leads fur- nished. Address Dept. A, a_ Adyertising _Corpora , Times Bldg., New Yor