Evening Star Newspaper, May 7, 1921, Page 15

FINANCIAL ACTVETRADINGIN | LOCAL SECURITIES Farmers and Mechanics’ Na- tional $240 a Share—Gas Firmer—Other Matters. BY 1L A. FLEMING. Today's session of the local stock exchange was decidedly interesting and was characterized by more than the usual amount of trading, and also by some betterment and some recessions in prices. The first sale of the year in Farmers and Mechanics' National Bank shares was reported, at $240 a share. Wasl fngzton Loan and Trust Company stock sold off from recent levels, with sales at $250 a share. ailway 4s were in good demand and made a new high at 61. Washington Gas 5s were easier at 8% to 78, while Fotomac General 6s were steady at ‘4. Capital Traction 5s unchanged at 87%. In the stock list Mergzenthaler sold rather freely at 120, and the fina! tran- saction was at 1197%. Lanston quiet at 77. Washington Gas was firmer, selling to 41%. Capital Traction, 28. Calls for $26,000,000. Secretary Mellon this morning ca ed upon the national banks to pay in to their respective regional banks by Tuesday of next week, about $26. 000.000 from the balance of the funds BY STUART P. WEST. NEW YORK, May 7.—It was in No- vember, 1919, that the great down- ward movement started on the stock exchange. It was not until the fol- lowing spring that the first signs be- gan to appear of a let-up in outside trade, and it was not until the early autumn of 1920 that the business de- cline became at all general. If it be ssumed. as is not unfair, that stocks will move as far ahead of industry on the up-grade as they did on the down, the bottom of the Wall street break having been reached last De- cember, trade conditions would not pass the turning point for another three months and recovery would not become general until the late summer or early fall We have seen already this prog- nosis partially borne out in the im- provement that set in in various in- dustrial Tines, beginning in March and April. If the rest of the pro- gram is carried out this improve- ment will gradually reach into other digections, but the main forward movement in business will not start until August or September. | held in banks to the credit of the Credit Situation Improves. Treasury arising from the sale of| mpo gignal for the stock market| Treasury certificates of date, March | geniioe "o year and a half ago was | 2. . by the Federal Reserve Board The entire amount of the issue of | EVen BY She FERITLL nEUD the of- April 15 certificates is still held by | ficial discount rate. = The present $190,71 Personal Mention, Col. Wade H. Cooper is in New York over the week end looking after busi- ness interests there. McQuade, cashier of the Lib. erty National Bank, is in Asheville, N. where he will deliver an address th «evening before the local chapter of the American Institute of Banking. Names Entertainment Committee. W. W. Spaid, chairman of the en- tertainment committee of the District Bankers' Association, charged with providing _entertainment for _the Fuests at_the June convention of the organization, has named the full per- sonnel of his committee, as follow: W J. “an.«r, Ernest E H(rr'll Ezra " movement of recovery was well un- der way on the stock exchange be- fore the first reverse step was taken by the bankin, authorities. Still the reduction of the discount rate in the New York, Chicago and Atlanta districts this week has been very helpful to the rising tide of confidence in Wall street. There is no idea of its being accepted as an invitation for speculation to go ahead at full steam. On the contrary, it is realized fully that any great specu- lative revival at the present time would be the one thing ‘which would prevent any further let-down of the credit bars. But high banking opinion has ex- pressed itself thiss week, as it did a Week ago in the lowering of the English bank rate, to the effect that . ; the off hours at White Sulpher. Indorse E. C. Graham. The Washington Clearing House As- sociation has given its indorsement to E. C. Graham, as a class B director of the Federal Reserve Bank of Rich- mond, representing bankers in group three. This will probably mean the election of Mr. Graham without con- test. along to warrant some relaxation In Tho Festrictions which have held the business and financial communities in such rigid grip for nearly a year past. That this has imparted stimulus both to the investment and speculative markets is certainly not surprising. Liquidation Lapse. - During the seven days ending May 4 the \velve reserve banks reportel an addition to their commercial loars of mearly $31,000,000. This was the interruption in the The Federal Reserve Bank of Rich- mond has made the following ruling|first important in the matter of checks drawn upon|liquidation which has been proceed- non-member par banks in the fifth|ing since the start of the year. Whether this check is to be tempo- ary or whether curtailment of loans to be resumed. is a question upon which much deperds so far as the; discount policy is concerned. The as-; sumption that federal reserve banks in the interior will immediately fol- low the example of New York and lower rates to mercantile borrowers may turn oout to be premature. But the main point is that the combined district: All such checks sent to us “for col- lection and returns” will be forward- ed by us to the banks upon which they are drawn as “collection items, but with distinct instructions that remittance is to be made at par or the items returned to us unpaid. In any case in which the bank on which the items are drawn disre- gards the instructions to remit with- out the deduction of exchange, and actually remits for a sum less than the face amount of the check (or checks), we will credit the amount CURB STOCKS. Quotations furnished by W. B. Hibba & Co. actually collected to our correspond- —Ciose.— ent. and will endeavor to obtain re- Bid. Asked. payment of the exhange improperly | Aetna Explosives H 13 deducted; but we will not be respon- [ Allied 0il sible for its collection. In any case in which a bank or trust company returns to us unpaid a cheek sent “for collection,” because of its unwillingness to remit at par, % [3 u‘;"u 64 1 OUTLOOK FOE WHEAT. | CHICAGO, May 7.—The Modern Miller says: “In important sections of the southwest winter wheat is not doing well and there is doubt whether sickly looking flelds will make a crop. Considerable rust is reported in Oklahoma. In Missouri Vellow spots have been caused by excessive rain. General crop pros- pects are still good and indicate a TRUST COMPANY Amertean Becurit Contiental Troet oo ‘tional Savia Thion Truat 1o, s Trus SAVINGS BANKS. Commerce au . st Wamnington ¥ % ield larger than last year. There 147 is sufiicient moisture for the pres- 206 ent, but more rain is needed in wes 150 ern Nebraska and some sections of 13 Kansas. Seeding of spring wheat in k4 the morthwest is mostly completed, the crop coming up to a ‘ood stand ) in the southern district: 25 e ancricas " NEW YORK BANK STATEMENT. Nstloasl Union . % NEW YORK, May 7.—The actual TITLE Nmuuu:. condition of clearing house banks and Qulemble Title. o=+ o trust companies for the week shows Beal; Buta e’ TN n that they hold $3,688,010 reserve in G ELUAYROUE., oxcess of lexal requirements. This is gulmmbls Graphophons eom..... 8 ® |aa inorease of $7,043,370 from last COFFEE MARKET STEADY. 014 Duteh Market lanstom Mozotype NEW YORK, April 7.—Coffer—Rio, Semvelte ®onesi No. 7, 6 cents’ Futures steady; July. 6.00; December, 6.55. Washiogton ‘ L] THE EVENING STAR, WASHINGTON REDICTS NO FORWARD TREND [NEW YORK STOCK EXCHANGE.|Grain, Produce and Live Stock FOR STOCKS UNTIL THIS FALL Financial Writer Says Gradual Relaxation in Credit Restrictions Will Start Busi- ness About August or September. ratio as the result of loans and note curtailment. and the importation of over $250.000,000 gold has risen from its extreme low some 15 per cent. and is back now to where it stood in the summer of 191%. With such a Tt covery a further and @ more general lowering of interest rates can only be a question of a short time. _The investment market has shown its appreciation of what this means for the prices of all securitics, the return on which is fixed. especially when there is the accompanying fea- ture of a heavy fall in commodi prices. The latest compilation shows that the commodity prices list came down more in the month of April than at any previous time. The average decline was 43 per cent, which means that the pur- chasing power of the dollar was in- creased by a corresponding amount. As investment values are founded upon the money value and fluctuate accordingly it is not to be wondered at that the bond market should have started forward this week with a buying movement of lagger propor- tions and attended by more of an ad- vance than anything seen since the culmination of the boom in January. Deflation End fn Sight. Deflation, by which is signified the return to « normal condition of things, has been pretty well com- pleted in prices. in production and in credits. In the fourth and equal- ly_vital quarter—namely, labor—it still _has further to go. But two important accomplishments along this line stand in the record of tr present week. The first is the > per cent cut in the steel tion’s pay rolls, which is ont ap| ently to encounter any oppos The second is the disclosure in the troubles with the marine workers that this is a poor time to oppose wage reductions with a strike. Des- pite all that has been said by repre- sentatives of the railwaymen against their having to go with the rest, these incidents seem bound to count in the final disposition of the rail- way wage problem. 1f workers in steel, in textiles. in shoe factories, in the garment trades and in many other lines have had to come down in their wages. it is quite illogical for the railway unions to claim exemption. The stock mar- ket, which never waits for things to happen, but always looks forward, has registered its judgment in no un- certain way, for in the rise this week railway shares have moved ahead even of the usually favored in- dustrials, and railway bonds have been the leading group in the invest- ment market. To get productive costs down to a reasonable basis has been the main end of the business readjustment of the last eight months. This end now is in sight, and while wages will still be far above the pre-war level anfl while the price of fuel by past stand- ards scems excessjvely high. the whole situation from the producers’ standpoint is in sounder shape than it has been in six vears. With manu- facturing costs down so that there is some incentive to open up again and with surplus_supplies greatly re- duced from what they were, the solid i groundwork _for business recovery has been laid. (Copsright, 1921.) STOCK SENTIMENT VEERS; RAILS FEATURE MARKET NEW YORK, May 7.—The stock market this week rose almost to the kighest average of the year on a vol- ume and breadth of operations which surpassed any similar period in sev- eral months. mg‘(::mot: upon l|l‘u right to regard | Bosion o 1 & su ecks as “collections” on which ; % entiment veered percs Tt s entitled to make an exchange | Canunet snd Jeroms 7, 516(the deep-rooted e e Tharom charge; or in any case in which a 7 2 |cent week. This change extended to bank or trust company remits “less 2% 2% |the investment market, where fairly exchange” for 'r'::: reason given. and 2 3y |large buying for the May account was 29! amount deducted, we will thereafter 257 25| Accumulation of the rails constitut- decline to handle “for collection and | Cities Service Pfe 7% 1% |ed the market's most solid feature, returns’ any and all such checks|Colonial Tire .. 5§ g* even though much of the inquiry cen- drawn upon that bank or trust com- | Columbian Bmers! H 2% [tered in junior shares of the western pany and will return them to the | Columbla Synictie : Iw 1 |3nd southwestern groups, these evi- forwarding bank, stating the reasons | (*fyeon Goid . 1% 14 |dently making an éspecial appeal to therefor. Crese opig ® 2 |omsculative interests. It is therefore requested that mno | Domimion Oil . ;, 3 ;a Wwere prominent at all times, checks be sent us “for collection and | Durant Motors - s BB |0t Sexican issues making sharp re- returns’ except in special cases, and | Elk Basia % g |coveries trom last week's depression, unless the amount involved is suffi- ‘é’_‘:"u e esaaa © 71 ‘!' e \ omestic and European oils glently large to warrant the request| yurreii Coal 1 17 |Strengthened, regardless of further for a specific advice of payment. Federal Oil .. 1% 1% |readjustment of prices for crude and e Gilliland 011 17 19" |refined products. Glenrock fl't' }:fi,fi ;z a.‘fifl“’.":,e;‘:i‘.‘,”"" textiles and kin- it A es were res; Washington Stock Exchange | &z Culessie Dad? sl betierirade conditions and coppers 7% Granada Oil T oA 4i; | lost little ground, despite the back- (4 eshington Loan " ood Trast—10 at 250, 10 BN aves i3 10" |wardness of that industry and the at 250. . Raper : 1w 2y |suspension of the American smeltin Lasston Mon 2ocat 35 T oatinents! Habber - 1 12 |dividend. L - taler” LaoypeTio ut 120, 10 at| [Ritroational Petroleum (sew 14 16%| Fundamental factors of the week 12, 107a¢ 130, 10788710, 10" 4t 120, 10 4t jirocie Verde ¥ ; 1% | included the 20 per cent wage cut an- AFTER cALL. Kot Roepedo Iy 3f]aconced by the Usited states steel - & on and fndications of easier o Tastagton Gas 53—$500 at 78%. $1.000| Lebigh Coal wod $ H%Imoney rates, as foreshadowed by s and Machenics® Bash=15 st 20 2 2% 3% |the lower rediscounts of federal re. 2,20 10 at 240 21 2 |serve institutions. $1.000 at u ackle 'g a2’ e e e—— ‘1 rmers dnd Mechanies” Bask—10 at 240, % i COTTON MARKETS. NEW YORK, May 7.—The Capital Traction—10 at 88. 2y 4 Dotton L2 o 008 market was quict early today, with fluc- e ob et 6./ 3900 153 |tuations irregular. Thers was bull- Wihington Gab Light- 23 2t % 1z |ish comment on week end reviews of i ction 5e—$1.000 at 87 17, | the_goods trade and the strength ot Bid and Asked Prices 4% | foreign exchange rates recently, par- BONDS 4 |ticularly in the case of francs. There PUBLIC UTILITIES, 525 | radde ‘intereats were bavers o Tuly s 3 % were buyers of July to Bia. Asked. 15-16 | fix_prices. American Tel. and Te fmm T mTmas B8 1% |, Futures opened steady: May. offerd, Am. Tel. and Tel. etl: wy m 25 uly, 13.23; October, 13.82; De- Aarican 10, ey R % | cember, offered, 14.15; January, 14.20. Asacostia and Fotomac Se s . 2 | NEW ORLEANS, May 7—Prices fi- ‘and Potomac Tel. sa. 85 T oo, ieher around the obening of jioie and Potomac T 4% the cotton market today by from 3 City apd Ruburban S» % 135t |to 8 points, mainly on buying aroused Metropolitan R. K. 5e 5K by private messages from Liverpool seelly O it % saying that there was a better fecl- 2 93 Swift International 1"‘5 & there regarding the settlement of Potomac Eiec. Power G. M. 6. 3% vide - B 281" on suike. Wash., Alex. and Mt. Ver. Se. . _’1'“‘“"3! opened steady; May, 12.40; Wathiagion Gas 75 % 33| July 1261 October. 13.37; December, ;‘:" Y | T wy. lec. G. M. 6. 92 e 118 MISCELLANEOUS. meniy UCELEANEOUS. oy 5| FAILURES IN APRIL. SR e 8 "4 | Textile. Taduster rket %e ( % STOCKS ™ Textile Industries Head the Big . FUBLIC hlfl‘luflu v Wright Aero ..o 7 8 List Reported. Copteal Traction . a2 Aroue Leather com. % 1| NEW ’lg’flf-wl{:vn‘l—gu-‘mu- cas- gtoa Gs um Borfolk and Wash: $iedinboat. ! 180 8 | wero 4 per cent fewer than 15 Masan, Weehington Rwy. and Elec. pfd. 61 % | ana 1 "Ber®creports to Eradstreet's: N it 3% an per cent under the total of ” 100% | JanUary. which brought the high- 5214 | Water mark of the last six years. The'| A 414 | number. however, was three times the aggregate of the precedin, and was, in fact, exceeded on‘l’y‘«?r{é‘e in April in the last twenty-eight years, | the exception being in 1915. Liabilities involved in the m failures amounted to $49, 9?:5"3’]‘9! which was 27 per cent smaller than in March, but three times as large as {n April, 1920. Failures in the first four months of the year num- bered 6,386, three times the number of the corresponding period of last year. The liabilities of the four ;nnnlh.l totaled $269,949,390, and were our times as great as in the J. - to-April period in 1920, teat An analysis shows a large increase in the number of textile bankrupt- cies, which equal 49 per cent of the total faflures. —_— DIVIDENDS DECLARED. Stockof Pay- able. Amer. Smelt. pf, June ‘1 Cosden & 31 June 1 Fed. Utilit] ot q, “50 Jupe 1 Man. Khirt Co. q Jaxe June 1 Yanati Sugar,”q, 82 June 1 Martin Parry.’ q,'50c June 1 New River pf, q. u:m June 1 Stand. Oil of N. June 15 United CI ll-y 12 June 2 BOURSE CLOSED SATURDAYS. PARIS, May 7.—The Paris b hereafter will be closed on wu?.'.‘.,'\'i until September. _—______._____.__.______—__...____._.—_————__——____ = = i e R oV C. SATURDAY, MAY - ; FINANCIAL. 9 b WEEK’S GAINHE 1921 —PART Received by Private Wire Direct to The Star Offica LOCAL wnol ESALE MARKET. GRAIN AND PROVISIONS, Open. Low. Close. | Open. High. Low. Ciose. | Eggs—Strictly fresh, per doz. 25| BALTIMORE, Mav 7 (Special).—Po Adams Expr oA 4% | Lee Tire & Rubber % 23% 184 8% |southern, 24. g % tatoes, white, No. I, per cwt. 90a1.00 Alax Rubber...... 35% s5 | Lehigh Valley. % 4% 634 Live poultry—Roosters, per 1b.. 20:|cobblers. 90al.0 McCormicks. 65a A\laska T = 1% | Loaws Inc. U 13'a 18y 1% 19% | turkeys, per pound, 30a33; chickens.|No. . 40a50; new. per bbl. 2.00a8.50 uno 1% Allied Chemfeal. . stw 16% | Loft Inc. ... D m am amg SPrNE, per Ib.. 65a70: hens, per Ib. 38 |sweets, per bbl. 230a5.00: yame. 2508 Allied Chemical pf.. g0 9% | Lorrillard........ 1:0% 1507 150% 1507 “mx_fll er’?:ngio Ash. 60a73: chickens, 5213..“::‘9“.-,3 Ereen. b -:1 and wax, Nash..... a5t r er. 3 o ch. "ORK o Allis Chalmers 1y #8Y Louis & Nash wlx 110100 300 e T uitry — Fresh-killed spring :’“_ Ag:”""slp” n;: l%;; ’:)llr'l h. NE YORK, May 7.—The upward 211is Chalm., ™ 7 )Pc‘m::lcb‘;siéu ss‘f. 55:4 65% 6514 rmckem per Ib., 75a80; hens, per Ib. | Cabbage, per crate, 1 (*y. | MOvement in bonds showed no signs of ::azr(;hem v :;\. ;;;‘;;w' ;:w“ !g‘ u:‘ Bz‘fl 8% | 36; rzosnssl;rg )p»; ., 22 erke)‘sr. |lw;r cumbers, per box, 4.00a5. Egg- slackening in the trading today. The eet S ol - 4. c] S, nter, el 2] er ¢ 50a5., o k'S advanc = : Pl it il ;l_‘ o= | Mexican Pete. 1955 153% 5 | 50260 ShEem L :i:flfflx. 5o, ‘1,'.““&;;’ “‘::-nr:m;)ni\fl:‘. g‘;_wrrhn advances were well maintained. Am Can. .. s “,/. 114 | s1itami Copper. w% 23 234 | Pork—Dressed, small. per 1b. 15:|256 Onions, per cwt. 1.00a125. Pare, (2Nd in many directions increased Am Car & Fa . 178 >|ld.ue>uzelolL 1% Y% 14% (medium, 13a14; heavy. 10a13: live. 8%. | yer basket., 300a4.50. Peppers, pes Liberty bonds, which were slightiy y.... 127% Midvale Steel. 203 9w o9 | Live stock—Calves. cho!ce. per 1b. ! crate. 2.00. Spring s v v . :m Cotton O, ... 21 ;1" S 2% 06 B s Inmba, cholos. ber Ibs (e 2 PEIBE onions. B lower, were an exception to the move- ¥ C| Spinach, per bu., ” i et Les.... nu B | MinnstP&SSM we w4 1%y Green frults—Apnies, per bbl. | Tadishes. per 100 bunches, | TPt in government issues. Am Intarnations: oo Mo Kan & TeX.... 2% 2% 2% 2% |po0 ;’g;a‘"[}‘"(,']s‘"-“l A ber|100ad50. Rhubarb, per 100 bunch Nearly all foreign bonds in this sec- AL sy, OuAl:: £2 Ao Pacific. Lo :% 2% 3% S o0aNE. Califoraln Jom o er | S L0a500. tion of the market were again very A pinseed.oiiys 4k Ao Pacific pf. o au a0, ) Colifornia oran S Per | (TOmatoes. per crate. 100a550.|strong. as they had been vesterday 4 Locomotive M N aomery Ward 23 2% 224 e o erate, | ADPIeX. Der bbl, 350a7.00% box. 130a|French 8s were heavily traded in ax v Raor. D nameling... 6% 63% 6% 63 .00; loose. per 50a2.30. Grape- |high as 99%. which meant a rise of imhin s Na! % LA R fruit. per box. over u point from Thursday mornins Am Smelting. ° NatlLead....:.on T8 Vegetables—Potatoes. nearby. No. 1| Oranges, per box. Danish municipal As jumped up t 2 . 1.50a ck. | ber: Al e . Natl RysofM2d.. 5% B4 6% B lper bhl, 1.50a1.75; northern, per sack.|berries, per qt % point 1o 106 The Tia were Eise vers L i Nevada Copper- 2% 1% new Florida potatoes, per bbl.. 2 “ % Am Steel Fdy. 3 _Wheat— strong at the same figure. French eity Y 1 r Tex & M. . 6% 61% swe No. heat—No. 2 red winter, s ; ] Am S 9% | New O weet potatoes. per bbl b pot. bonds continued in demand at the! e - - rake W % No. 2, 2.00a3.00; ¥ red winter, garlicky, s : . : E N < | N ¥ Centra i) . Lettuce. 4 year. . Am Tel & Teleg. .. 107 ‘":;I:ch&su‘ b2t per crate, .0023.00. Celer; S . 2 red winter, | New vont s i (bt the Cani: Am Tobacco. . 126% 10| N ¥ Dock. - = 81 1.00a1.50; Florida celery,” 4 per bushel: 1.000 | gign Pacific was in the market for Am Tahacco (RY.. 1217 1744 % pf B4 b4 Bé . Romaine lettuce, 1.25a2. su Cyi May 2 red winter, at|$30.000,000 I = tly denied. Am Tobacco pf (n) 97% 0% \:3015 T 1 19% e 18% :Hings.h per crate; Fiorida. 350007 139 per bushel 35p00e 860 ioan was proniptly Genled; Am Waalen. . et 9% | N N% 12 1% 12 |Spinach, per 2.00a2.50. Kale, 30a ere was an advance of 25¢ per bar- y ) 2 1k Southern. 2 200 per bbl, B 0 b teli on il Strelen and by the banks in New York an Am Woolen pf. 9774 9% | Norfol = Wsirn.. 8 9T w6 oo epvers, per baskel, straicht grades and 50c per | pittshureh, which were set down as th: Am Writing Pr pf. 8414 z,u, ::::n;mm“ B 9% B9 | s :,?,':,l,',',. z:‘:::m Pe i 2 uaz;:’:g dn‘;”' on all patent grades of flour to- pclx_r‘mml« in the syndicate undertaking Anaconda.... % 2 actic. . % % % 5 e oA Corn—e hat a story of thig sort, where even Agso Dry Goods. 2% 841 | iortnern b nee PRl o4 p(nl;):mle. 2.00a2.50. Eggplant, per crate, fl_ul;” :lob prime, yellow. 3.85a3.90 | qctails were given regarding the rate Atohison. oty #24 | Uklahoma Fro 2 T ol L nf‘uDL T?m&wflr per box, la“dr 00. | P! rel, in car lots; contract corn.lof interest and the length of ma- 5 circult.. Nor Carolina asparagus, per_doz. LN - Atlantic Cst Line.. 81% L "':"3:‘.'5‘\‘..;” D MB% 146% 145% M6% | 2.50a4.00; nearby, per doz. 1.23aZ S b tadty. Shonld baye Deen pubieen Atlantie Frult Co.. 7 & jousBiey lo% 154 154 1% | Cucumbers, per crate, 3.00a4 00. 4 2 white, 4 3 white, 47 | 2nd provad o\ be without ‘foundation CrmieGulf. L % % 2% 7 3;:::.- el o bt il il rirlietrd S qul:)lln_su|‘:m|°1" e 9 o & white 47 | \was w most unusual occurrence. Atlantic Petrolem o A ment. 15% 1Th% 16% 1% g al.40_ per bushel Another Flotatio) 7aldwin Loco sw % | PacDeveloBRONt il g gw s | BALTIMORE, May 7 (Speciah | ViSRRG 131 per bushel Subscription books to the ten-mil- Ralto & Ohlo i et g 8% 8% 8% 88% | Young chickens, live. large. 40ai Ha lion-dollar issue of Libby. McNeil & Ralto & Ohlo pt. 1% 51% | Pacifc Ot 0 iem 1w 714 | Toush and staggy. 30a35; old, 32a37:|ard imothy, DaeurysooMminal; ibby 7 per cent ten r bonds were Reth Steel (B) e 6% | Pan-AmPete. . oo B L e 64 | 010 TooSters. 16al: winter, 215 1bs. |y mothy, 23-00a23.50; ~No. closed very promptly this morn s 54 | Pan-Am Pete (B). 2 | and under, 50a55; spring. 1 to 1% 1bs., | 1y $0a22.50: No. 3 timothy. 14.30a iy b Rooth Fisheries ' % 85T 8% % 5 : spring, ] 1 It was announced that the offering 1 en 65 er : youn e E 3 2 had b RKklyn Rapid Trn.. 13 e :‘Z"?,:Qiéu Colne 1 1% 1% I‘L‘fhor‘;';“ L b fi"u‘csks e w"‘“ 2 IEN Sloher aeg se0e been oversubscribed. Eklyngan‘l‘rc(fl- B ‘;:/. - ot | People’s Gas. ... #% 484 an e 3 s mx; PUT AR i g L ;, No. 1 clover, mixed. 18,00a16.00; l,“:l)l;‘;i'"l:fll:da“:;r-;huu::l‘l_ inclined urns Bros. . 89 8% 0% & i . ; . mixed, 14.00a17.00; Ni < e strength o Marquette , 50a90. 11.00a 0 3| railway sh. hieity s BKORT s 5 | pere 5 a13.00; No, 1 clover, 15.00a1 y shares. New Orleans, Texus e e ior.. 1w 15 1% 15 |PpereMrapriorpt. o dss doss offy. strictly fresh near- clover, 12.00a13.05; No. 3, 10004 | 2nd Mexico 5 were one of the fea- ~2ddo ON 1T 1% 1% 1T Phila Company. .. 8l toe t0 0z., 24; southern, 2 sample hay, 11.00a14.00. tures, getting up around 60, as com- ! P iips Petroloum 2on 30 Butter, creamery, fancy. 1b. 37a38;| Straw—No. 1, nominal; straight | Pared with 538 vesterday morning. California Pekg... 61 61 6L €1 |EOID L ow i85 38% 3% 38 |prints, 38a40; nearby creamery, 34a35; [ rve, nominal T tangled rve. 1290, | Missouri Pacific general 48 again got fornia Petrol.. a% B4 (6% (8 | Elerce iy Jos 10~ 10% 10% | adles. 26a27: rolls, 18a22: store pack. | No. 3 tangled Tye, 16.00; No. 1 wheat, | 2Cr088 55 St Paul 45 of 1925 and thi Calumet & Ariz... Cl% El% B0 SO0 :l:::::onl' o 63% 63% 63% 6% | ed, 15; Ty prints, 20a24; process |13.00a13.50; No. 2 wheat, 12.00a12.50; Mo, | COnvertible 41:s were again in dw- r:fl;‘:'z:,“;‘,';"‘”m“” i ';2" (:v. o Pltta & W Va..... 2% 2% f;* fi)fi bu(ul;;u\i:: " N o }sgg‘;hn&mmnl 18.00a18.50; No. 2 oat, |™and at rising price : Coal.. 16 18 . May 7.—Butter, higher; ~niral Leather. . Si% 3uh 8% 3% ;3:%'5;2?5 CONT. % 6w 6 66| creamery, extras, 31; standards, 29%: | CHICAGO, May 7—New upturns in “irro de Pasco.... S0 (0% 9% S0 e 1o 100t 10% 12 | EgES, unchanged: receipts, 36,971 |the price of wheat took place yesterday. TRADE CONDITIONS. “handler Motor... 81 &% 0% £0%| PullmanCo. 4 s 43% |cases. Poultry, alive, unchanged. WHEAT— 0 s ~hes & Ohlo 6 4% €% 6% | Punta Alegre e T YORK. May . TeButter; | a7 1'4'3";, b Low Cloee Trade reviews are non-committal as i o % v . 5 - 7 4 g ChiGreat Westn.. 8% 4 8% 8% R4y Cog Coppor M e % 76w | steady: receipts, 10,855 tubs; cream: | 7'} 57 118 1134 173n |0 MEW developments in technicalit ChiGreat Wpf.... 20% 20% 20 20 |[eading. o e b4 4% o |ery higher than 'extras, 36%a3l; au . vtk of trade distribution, but Bradstreet's Chi M!1 & St P. 26% 78% 5% £8% | Reading 2d pf 444 creamery, extras (92 score), 35%a36; | July 2t gos comments as follows. as e M & StBPE.. 15 4 4% 4% | RemingtonTypr.. 3% 30 B 0K | eamery firsts (88 to 91 score), 32a e e | D Joihn et o s Y ; of the R hwo . &1 7% 6% 6% | Replogle Steel. sus 82 B2 |0 cking stock, current make, No. | Mas 381, 355, 38 5, Somwinoa lye tactein 60 el hi & Northw % % 363 el.. 647a 6k 647 65| y conditions: “The f a 82 31% 324 | Rep Iron & Ste 518 381, 3% 38 3en e tures include R . 7ot % (% 76% | Rep Motor Truck 25 2 WA 24| Brgs—Firm; receipts, 29.691 cases: such things as a further casing of the o 3" 1w 12 | Royal Dutch.. 68 e fresh gathered, extra firsts, 27a28: money situation, bot Chile Copper. Wi o 6% 25%|StL&BanFran... 2¢% 2% 4% 20 |4 TO T 2 B06% ¢ state, Pennsyivania and | WHEAT SOARS THIS WEEK |vank D e, SmRE Forelin ol e 2 6 B StLoulsSouthwn. m 2% B 2| nearby western hennery whites, firsts saksjandiwitn domestic isnders; ifne Cluett Peabody. ... B 5. o StLoulsSownpf.. @% i % I |fo extras 28ai2; state, Pennsylvania ON SOUTHWEST OUTLOOK |announcement of the 20 per cent re. En]u#:: y fi;fi 2% 3% 215 SantaCecllia Sug. 3% st 8% 8% |and nearby western hennery browns. ?Q'f‘%’&e‘:"&%fi' ?l‘ A m(“"m i oTo i ras, ration, set for mid- Col Gas t% 6 6% 4 |Seaboard Alclo i 1ee i | Storage packed, extra firsts, 28%a29; e wheat market this|Wwhich may mean a turn in the long ColGraphophone.. ®4 &% e 84 |Seaboard AL b e ieh. week, largely as a result of bullish | cOntinued downward trend cof food Comp Tabulator... 3% 9 % 3 | SearsRocbuck. Cheeso-—Steady; receipts, 6,133 box- [ Teports from the southwest regard- | oo eertone. wib.n arket for for- ons Distirbutors 8% 4 8% 84 ca Copp! es; state, whole milk, flats, short held, | ing the n eign exchange, vastly improved rail- Shal e 14 ew crop. Compared ith Cons Cigar. @ 40% 40 40 | Shattuck-Arizon; specials, 20a21; do., average run, 19; | oon with a|way net earnings for March und Cons Gas of §8% 8% tsy 9 | Shell Trad & Tran. Shate whole milk fiats, fresh, specials, | W€k 880, wheat prices this morn- | Browth of strength in security mar- Cons Gas of NY... sw 89 10 43, | Sl ir i . state whele milk flats, fresh, specials. | ing were 9% ' cents to 18% - higher, | kets. the latter taken as a sign that o Tactiib 19% 19% 19% 19% | Sloss-Sheffeld. ... Foltry—Live, siendy turkeys, 30; | §9r% U0, 24a2% to 3% oats 13 real stabilization is now, measurably ot Casdy % b4 s 1| Southern Pacific.. dressed poultry, quiet: prices un- | gtrer 2%, ant lpmvlmmu 10 to 1.85. | SRenking, beginning to be discount- orn Products. 6% 5% T74% 4% | Southern Rallway. changed. wner:tm:no;?d! ::'Avel:e:y'ond‘lv:glfl:o :'&e dDunu Review sees brighter bu: v ; - si- Cosden &Co- 18 Southern RyL. —_— verse crop news appesred to be con-[Bess prospects for the near falure, Crucible Steel. 23 - e e facts that there has ul e process of economic read- O Sugar.. 2l ‘5% 24 2w |StandONNJpt OIL STOCKS. been an entire dearth of deliveries on | Justment, it says, is not near comple- % e, L » 8 & B ? N K A contract shere as well as ion. dbeCaResugar.. 21 2 SN 2 “I;:::n‘.;:rvgv Carb. 4z 48 8 8 Quotations turaished by W B. gt & 00te | Nermminas arkers. sng thas thave mes | 3¢ says that h Cuba Cane Supf.. 60% 6% 6% 60% - Anglo-Ameri: Tt ets, ere was 3 at “strengthening of S o Dt 00 100% % 100% | Studebaker. 887 6% 6% M,fi,m,"',’,,;:;;,"flf‘ (mew).. 21 o9 |evidently very little wheat in posi- | sentiment, upon which business ve- Del Lack & Wstn. .20 140 40 240 Superior Oil. &% 7% 8%/ Borne-Scrymser Co. tion to be available for immediate | cuperation so largely depends, has g Superior Steel & 4 4 4 |Buckese Pipe Line Co. commercial use. Exporters mean- | continued, and confidence in a grad- Denv & Rio G pt. Yo % % %) ZUP! Il % pt... % A ) Supertor Steel - 4 5 Vi 114 | Chirseborougiy Mg Co while continued efforts to purchase, | ual revival of activities finds more Dome Mines. . 18% | Temtor T Ywe o | Gontineatal oit Co. and millers also were energetic in |frequent expression. Recovery has Btk Hora coAl 20 | T oDt % 4% 4l 1% | Comeriand Bipe Line seeking to be supplied. come first in those trades and indus- En::eo::.go:nm'- o |TexasCompany... 4% 4t JIL Ji | Furckn Pipe Line. mEhe only reaction from the upward | tries. which were the first to react Endicott-John p! % e ; ual Oil en rices came after re-|from the boom of th Erle, Texas& PC&OIL. 30% 3% 2% 2% | CLOLSERL Ol Co. pla £ | roristhat Kaneas growers had bach |atcerwasd, and in isolated imeiances 14% 2 % in isolated instances st ! Tobacco Prod..... 65 65 E4% Iilinois Pipe Line Co. 182 | selling more freely and after some |enough new demand has d: d to D! 2% g eveloped to Fisk Rubber. .. TransContlOfl... 1% 12 1% 1z |Indiana Pipe Lize Co. @ | hesitancy due to the marine work- |bring a raily in prices. That such a Freeport Texa: Union Ofl. . 2:% | O & Transportation ‘Co... 145 2% |ers' strike. At this juncture word|phasc remains the exception is 3aston William: Unton Pacific. Northern Pipe Line Co. 21 | was received from a’ leading crop |demonstrated by the continued excess Gen Asphait. United Fruit. 1% 1% 1% 111% | Ohio 0il Co. 310 |expert that notable deterioration of | of declines In wholesale quotations.” 3 . e P e e a1 | PenmayivaniaMéxican Fuel % |gTowing wheat had taken place in a Gen Electrio. Ualted Ry o B e gui | brairie i and Gan Co 533 |large area of Kansas and Oklahoma. tGen Motors. Initad Ry Iowplc: G4 S0 ok Sas | Lioins Biee Liss Go 195 | Steep fresh advances in price quick- LOW DIVIDEND RATE. Goodrieh. . United Retall Strs. B¢ e ¢ | Solar Refning Co. 420 |ly followed, with lowering of re- N 3 'S Food Prod..... 23% 3% 23 2% | Southern Pipe Line 9 | disconnt rates at fed FALL RIVER, Mass. May 7.— Great Northern pf. 72% 72% Souther Bloe e i scount rates ederal reserve Great Nor Or 20% 1S Indus Alcohol. 72 2% 7% 72 |South Penn Oil Co. 2 |banks counting also to some extent | Dividends for the sccond quarter of Greene-Cananes.. 25 6 U S Realty. 5% ;_,' Standard 0il Co. Californi %2 |as a bullish factor. the Jocal mil) year of Inn oo, Guantanamo Sug.. 12% 12% U S Rubber. Standard Oil Co. Indiana. . : 76 Corn and oats sympathized with | 108 to figure mp oday, totaled Gulf States Steel.. 4% 45% v Standard il Co. Kans % 635 | wheat. $766,575, an ayerase of approximately e Standard Oil Co. Kentuck: 400 1 v er cen’ s is the lowest rate Haskell & Barker. 68% bs% UsSmelt& Ref... 34 14 Zffi Soi | Stamiar o1 Co- 7o il Mo | ene metion of Erain. litted chiefly by | Z, Bor e first quarter of 1916, when Hendeo Mfg....... 22 22 USSteel.... " Standard 0 D3 3 the rate was 1.17 per cent. The totn Houston Oil. U S Steel pt. Standard Ol f°c:.°"'° 30 400 of the first quarter of 1921 w e lvidid Utah CopDeE e Son G dva 11| Union Tk % |LONDON SHIP OFFICIAL DIES. 3160375 greater. Inspiration. . 1674 | Uta Securities. .. g 1 Y 1 = bt . 2 8% 8% 8% LONDON, May 7.—Announcement is —— i:z:::::::::':r B 1 < b et I B me ey [ WMESRTONNGRC s 32 |made of the death of Herbert Couls- FOREIGN EXCHANGE. Intl Agri Chem . 7% o B B va.CarChempt... 8% 8% 8% 8% toun Gardner, Baron Burghclere, di- | Quofations furnished by W. B. Hibbs & | s phe %A%y | % % 1% BAR SILVER QUOTATIONS. Bellingchecks: oliar valves at doga’s Intl Harvester. 9% 9.4 o | Vivadou. B ] me YOBRE, May, 7o Bet siver|Lor of the Peninsular and Orlental Budapest . r Marin wWabash. —] er, | Steamship Company. Baron Burgh- Prague ........ 13 I or Martnept K 8% o | WADRS oLt g o o3 M| domestie 991 forelgm, 62%: Mex- | clere, who was born In 1846, acted 28 Wakmw "o Motor Truck t% oy | Wabash DL A % 6 % 6% |ican dollars, 4. president of the board of agriculture Copeohagen e e O, 9 9 | WesternMd '~ S 1% 11 11 | LONDON, May 7—Bar silver, 35%d |from 1892 to 1895 and was at the Ghristiata Intl Nickel. 1% 6% o | WesternMdoooos OR . 0 ak|per ounce Money, 4 per cent. Dis- |time of his death chairman of the Amaterdam intl Paper.... 64 6k 64y | W 24...- % D 19 9% |counts short billa f per cent. 'Three-lroyal commission on historical monu- Telgrade Invincible Ofl. ..o 20 194 19% | Western Pac i month bills, 5%as% percent. ments |Viem oo 3% Mol o W 51,a5% per cent. ment: Montreal Island Ol % 4% 41| Western Pacpf. 61% :;‘h :&h m Jewel Tea 10 9% Western Unlon. 0 Jewel Tea b B mpe o4 Westhouse E& M. 4% 6% (% 4% = i Kansas City Sou.. 8 1% o1 | Wheeling &L B... 10% 11 10% 10% f Kansas C Sou pf Bl B0% 5{* ‘White Motor. A% A% 6% c:‘u - Kelly-6pring Tire 6% 60% 60y | White Oll.. I:% 1;'/- o 5 i xeuy-sprlnzfimnl 8i% &M% g | Wilson Company.. & Y S i sennecott. - 2% a% oz | Wilys-Overland.. 1o 48 =~ J% . S it Keystone Tire.... 16% 164 16% W°"g::’:l‘_°: :‘:{E:“:‘,F Pty Established in 1889 i Lackawanna Steel. 63% st 63% H Laclede Gas. ... 5% 4% 4% | milam.... 211700 12m....... 4302002 CONDITION OF TODAY’S BOND PRICES. Noon prices reported to The Star over direct New York-Washington wire by Bedmond & Co. City of Paris 6s 1021.. French Government 8. Government of Switzerlan lugdom of neulu::lwl,- und Irelan " and Ireland 5%s 1922 " and Ireland 5%s 1929, . and freland 5%s 1837 and Tel. conv. 6s. (Reported by Redmond & Co.) Bid. American Tel. & Tel. Tel, & Tel. 6 Tobaceq Co. Tn 1023 Copper 631029, Anglo-American Ol Tl Armour & Co. 7s 1930. Auautic Coudt Atlantic lefining Co. Gt 1931 more and Obio conv. 4% Baltimore and Obio s, Baltimore and Obio 5. 1 Bethlehem Steel refd. Central Leather 5s.. (.'ulr'un Corporation 7 1933, Central Pacific 45 1649 97 Chesapeake and Ohio conv. 3); Jd. Heiuz Co. s 1630. 98y Chesupenke and Oblo gen. 4% Hocking Vaiicy” oo 105 91 Chiesapeake and Obio conv. 5% Kennecott' Copper 7s 1 94 " YBur. and_ Quiney Jt. | Likgete & Myers b -, Mil. and St. Paul refd Peuna. Co. 4%, Ju 9944 Mil,_and St. Paul conv. EBrocter & Guimble 100 Micago Northwentern i 1[:30 e Erocter & Gamble 7y 1 100% " pacitic re . d, olds Tob. 6s 1022 4 bi., Itock Island and S CIRR T 102200 973 hicago Union_ Station [ solidated Gas 7s... oo and Hudson 75 1990.. Erlo geseral lien 4 General Electric [ ofs _Centra o tional Mercantile Marine 8. Inter. Rapid Trausit 1st and ref. bs. Loutsville and Nashville 75 1630... Mo, Kan. and Tex. ist 4s. Missouri Pacific general 4s. New York Central 7a 1930. ew York Central deb, ds. ow York Telephone s, ars, Ko Texus. o T 1055 Union Tunk Car G FOREIGN BONDS, Quotations furnished by W. B. Hibbs & Closing prices: St. Louis and San Francisco 4s, " St. Touis and San Francisco 6s 1929, AL BL St. Louis and San Francisco inc. 6x. in'ger Neaboard Air L refdg. 4s. N Seaboard Alr Line udj. Prenss ftank 4s. . Sonthiern Pacific 1s¢ ref. 4% Southern Southern Railway Sonuthern Railway 5. Tnlon Pacific 15t 48, Yienan 810 ramburyy 3: Union Pacific conv. 4s. 8t 3las. Union Pacific 63 1925, 9% | Fumbure 45 Lritisn ¥-'§"‘4 2 United States Rubber -+ 9% | Humburg 4 K United States Rubber 7i4s 0L iberg 45 United States Steel 8. DUes PO ik, Virginia-Carolina Chemleal 7443 1982220 83 | [ 5 Wilson & Co. 1st 6s. —_— MONEY AND EXCHANGE. NEW YORK, May 7.—Prime mer- cantile paper, 7a7% ; exchange strong, sterling sixty-day bills and commer- cial sixty-day bills on banks, 3.93%4; commercial sixty-day bills, 3.93; de- ; cables, 3.98%; francs, 8.34; Belgian francs, cables, 8.33; guilders, demand, 35.42; cables, 35.52 lire, demand, 5.14; cables, 5.16; marks, M 5 Belgian Rest, German gov. 3s. Belgian Pre German gov. 335 12 BALTIMORE, May and prices The first car shipped brought $9. ‘While the unfavorable weather demand, 151; cables, 1.52; Greece, |prevented the ripening of berries on demand, 5.80; Sweden, demand, 23.25; | the eastern shore of Maryland to any Norway, demand, 15.30; Argentina,|great extent, the growers expect to demand, 30.00; Brazilian, demand, |start picking big aquantities next||l|{ I 00. Montreal, 915-16 per cent dis- punt. Government and railroad bonds, firm. that for their stock. SO M S SHORT-TERM SECURITIES. Bunk 48 163 Berliner Bank 48 16% VIRGINIA BERRIES HIGH. IRE 7. — Eastern shore of Virginia reports estimate a 65 to 75 per cent crop of strawberries ruling extremely high. crate, and since then choice berries have gone as high as $15 per crate. week, and there is every indication they will realize fancy prices THE WASHINGTON LOAN AND TRUST CO. At the Close of Business on April 28, 1921 RESOURCES offer. | $3,183,441.01 5,231,337.28 320,500.00 418,728.98 1,543,373.06 782,570.75 102,327.13 10,373.25 1,751,144.89 Loans—Real Estate .ccoveeerenncneareancaconns Collateral U. S. Certificates of Indebtedness Liberty Bonds and Victory Notes All Other Bonds ............... Buildings—Main Office ...... West End Branch Other Real Estate Owned .... Available Cash ........ Total c..covvesncasss .$13,343,796.35 LIABILITIES Co. $1,000,000.00 1,400,000.00 164,308.80 169,747.49 702.70 Capital Stock ....ooveerirenecnceneanns Surplus, Earned ......coovvininiinnn Undivided Profits .......cooiviiniennts Reserve Funds ... Dividends Unpaid Deposits— 105 | i au 31} 56 014 7 3-3’% Demand ...ovevereseesnosnsss.. . 38,458,562.55 TiMe vovvvrrnecneocncosneneesss 2,150,474.81 — $10,609,037.36 Total & iisasevsssanmanswnnessassosvessssnsPl3343,796.35 75 a Condensed From Report to the U. S. Comptroller of the Currency has