Evening Star Newspaper, May 8, 1921, Page 28

FINANCIAL. THE SUNDAY STAR, WASHINGTON, D. MY AND NAVY NEW ] S | =us . i | ) ¥ THE ARMY | [R3 i An announcement made by the War De; 8 regarding the ~Nate practice of officers of th Corps. be embodied in the p regulations. citizens in the ne post or the re 1 officer d. rvice and ihe ioner e in 4 stated that Dorhood 6f a militar) idence of an Army med pla ~e his prof attendance ¢ is not conveniently available, it is re- garded as not inconsistent with the regulations governing the Army for such medical officer to render b services when this does not interfere with the proper performance of his otficial duties. Frivate or civilian practice by medical officers of the Army in civilian communitics the met by eivil- tricted an b jan i will be T 10 consults with such civilian practitioner: 1 to emerg cal or surgical work ne. save life or limb or preve suffering. for which civilian pra Teners arc not immediately avail- able. Regnlations for Reserves. A recent issue of special regulations, No. 45, for t government of the En- Jisted Rescrve Corps. includes the fol- lowing sect (5 al principies; en- znm and Nistments: v no! appointment of Commended by President For Showing of War Vessels RN ADMIRAL HENRY R. W ander of Atlantio fieet, which President Harding reviewed in Hamp- ton roads. cers and specialisy yorts: uniforms and ing; mobilization; . allowances. The composition of ihe corps will in- clude all the established branches of - ( and_in_addition eneral the service service trooy Than those atta nd military police other ched to divisions. Eligi- Dility includes persons who served in 1heé Army, Navy or Marine Corps for at Jeast four months at some time between April 6, 1917, and November 11, Who have served for not less than one year in the Regular Army, Navy or or in the National Guard in federal serv who at any time served for not le than three years in ational Guard, not in federal serv- isfactorily completed ibed training at one of the training camps _provided by - satisfactorily completed training in a_senior or_two years of Marine Corp: Taw; one’ year o{RhAsz 2 it of the R. O. T. C. T, training in_any educational in- milita 1 gtitution at which the professor of mill-{ tary science of the Regular Arn oF tratning in civil life particularly qual- ify them for service in one of the sec- tibns of the E. R. C. other than cavalry, coast artill-ry, ‘Real Estate Hearings Resumed. ‘Work of the subcommittes of the Hous> committee on military affairs, n?whirh Representative J. C. McKen- ie. i8 chairman, which has asked the War. Department to take an inventory of the real estate and property be- Janging to the War Department, has Veen resumed. The inventory is well under way and officers charged with the work are much pleased to have; this information. as such a compila-$ tion comprises a precedent and will be most useful for present and future record. With respect to each piece of property the name is given, the loca- tion, acreage, when acquired, arma- ment it contains, character of im- provements, accommodation of troops and officers, storage space, total in- Vestment showing land value of im- provements, garrisons, activities, and, fipally, the recommendation of the départment concerning the property. Army-Navy Base Ball Game. The annual Army-Navy base ball game will be played at West Point, N. Y.. on May 28. Commander D. L. Howard, secretary-treasurer of the Navy Athletic Association, asks that all members who desire tickets make Tequest to secretary-treasurer, Navy Athletic Association, Annapolis, Md., as soon as possible. Officers® Motor School. The quartermaster general has an- mnounced that th ing for officers in Special Serv \ bird, Md., will begin who wish to take the course must re- 1 chool, at Camp Hola- se is approximately of five months’ duration. It is general in jts nature and inciudes the essentials in theory of automotive engineering, which enter into the fundamentals of maintenance and operation of motor vehicles. Practical demonstrations are conducted in the following depart- ments of the school: Machinists, ign tion and carburetion, chauffeur me- chanics, auto mechanics, battery re- pair and rebuilding, welding, sheet K ficld artillery or infantry. | of captain and about forty-two that of first lieutenant to be filled by advancement by seniority from the lists of he next lower grades. These numbers may be increased by failures of some appointees on physical ex- emination and declination of others to accept the tendered commissions. Excluding a small number that will not have to undergo professional ex- amination for promotion on account of having passed probationary exam- inations within the past three years, about five more than are due for pro- jmotion from the grades of first lieu- tenant and second lieutenant will be assigned to the class. tions are under the supervisiofi of Lieut. Col. John C. mander of the Marine Corps schools at Quantido, began May ‘L‘onun\le for a period of two months. ‘The probably be conducted in July, and the " commissions which advanced will date from the time the vacancies occurred. midshipmen to be appointed second — ad L MARINE CORPS Marine Corps Promotion Exams. A course of instruction has been ar- ranged at the marine barracks at| Quaxtico, Va., for those recently given permanent commissions in the - Ma- rine Corps, who are due for promo- tion to fill vacancies in the grades of captain and first lieutenant Under the law the board that recommended | temporary, cers of the Marine Corps for perma- nent appointments to the commis- sioned personnel was authorized to W4 tactics was an officer | fill only the vacancies that existed up Whose occupation | to June 4, 1920, since which time a number of vacancies have occurrcd. It is estimated that there will about sixteen vacancies in the grade reserve and former offi- be in ‘The instruc- Beaumont, com- and will promotion _examinations will in the grades to Six jeutenants in the Marine Corps on graduation from the Naval Academy in June will also be sent to Quantico for instruction for from six to eight months in phases of Marine Corps service not now covered by the acad- emy curriculum. Instruction for Officers. According to a Marine Corps order, all officers of the grades of captain and under will be requested to at- he next course of train-|tend school for a minimum period of 1 the Motor Transport | three hours a week. Officers will be required to study Navy regulations July 11. Officers| Marine Corps orders and other techni- cal publications. These schools will be hool not later than July|organized by the commanding officers of every post and detachment. Per odic reports will be returned to head- quarters, each student. showing the progress of Winners in Marksmanship. Sergt. James C. Strafford was the winner of the West Indies Division| rifle competition of the Marine Corps | completed recently. { made €38 out of a possible 700. In thei coyuree of instrs Sergt. Strafford pistol_competition held at the samei.! the Naval Academy June metal and Tadiator repair, wafehous-j ing and issue of spare parts, tire Ye-|ijme Lieut. Fred Leuders won, with pair, wood-working and wheel-build-}} 3¢) qut of a possible 1.600. The try- ing, motor cycle, blacksmithing and| gpringmaking, painting, trimming and upholstery. Requests of officers for permission to take this instruction should be forwarded through channels 1o the quartermaster general of the Army. NATIONAL GUARD | The nfjlitia bureau of the War De- outs for competition developed a character of marksmanship. both with the rifle and the pistol. Winners will come to the United States pect to win places competition for the championship of the Marine Corps, month. as of May Indies Div very the West on high and ex- in the national to be held ‘Total Personnel. All officers and men on active duty 2 totaled 155,229. These next | THE NAVY —_— At one time this spring it looked as if ‘a pay deficit might be incurred be- fore the end of the fiscal year, but by careful management and conservation of the fund it is now believed that the appropriation will last until June 30. s become necessary, however, to so a considerable number of re- nervo officers from active duty, de- apite the need for their services, for it was felt at the department that I officors should be released rather than incur the risk of a short- %o i the pay funds. The depart- snt ham by no means taken full ad- nfage of the privilege contained in the law of last year to employ re- acrviatx to fill the complements, and now with the funds running low many reserve officers are being sent Bome The shortage will be felt par- ticularly in the Medical Corps, which 12 whort of its needed strength; and, With the activities of the commission appointed to care for the disabled ex- sorvice ‘men, the shortage will be more keenly felt. After July 1, when the funds for the new fiscal year will be avatlable, the policy of the bureau f navigation will be to retain reserve ofticers on regular duty. Aerial Navigation Control. A bill rebently introduced by Repre- sentative Hicks would create a bureau of acronautics in the Department of {Commerce. This measure undertakes the establishment of rules for the navigation of the air, regulations ror the inspection of aircrait, licensing of pilots, etc. Many advocates of aviation ‘believe that some central power should be established in_ the federal government which would have cognizance of all estimates in order to prevent duplication, to standardize contracts. and co-ordinate the activ- Jities of the various departments, par- ticularly in the procurement of ma- terials.” The bill vests in the new bureau chief the supervision over questions of policy, training of flyers, the establishment or abandonment of air stations, airdromes and landing ficlds, the distribution of experimental work. and the performance of many other functions which are in need of unification to prevent overlapping and consequent friction. The meas- ure would leave to the Army and Navy the operation of naval-military machines and the handling of their lown personnel, but centralizes much of the work that is now spread throughout various civil departments. The head of the burcau would known as the commissioner of aero- nautics, who would also be chair- jman of the aeronautic board. which is created in the bill, to consist of five members, one each from the Army and Navy air service, one from the national advisory committee und the other to be selected by the Presi- dent. Reserve Regulations. Instructions governing the organi- zation and administration of the N: val Reserve Force, which has been process of publications for in some months, were delivered by the public printer last week and are now avai able for distribution. Much that new is contained in the revised ed tion of the instructions, covering rul- ings and legal decisions affecting the Naval Reserve Force, and, in addition, the pamphlet includes a comprehen- sive scope of examinations for the various grades, line and staff. com- missioned and warrant. This publ tion superseded all instructions which were issued prior to January 3, 1921, particularly the regulations which bear date of January 3, 1 Selection Board Personnel. The personnel of the selection board which will meet at the Navy Depart- ment May 17 to recommend officers for permanent promotion will be as follows: Admiral R. E. Coontz, presi- dent; Admirals Henry B. Wilson and Hugh Rodman, Vice Admiral Hilary P. Jones. Rear Admirals Albert ecaves, William L. Rodgers, John D. McDonald, Edward B. Eberle and An- drew T. Long. The recorder of the board will be Commander Lamar R. Leahy. The board will recommend cight officers to be promoted to per- manent rear admiral, thirty-five to permanent captain and eighty-nine to permanent commander. This selec- tion is on the basis of 250 graduates from the United 's Naval Acad- emy and 400 temporary officers ta en into the Regular Navy in addition to those taken in to fill such vacancies as may occur in the near future. Twenty-five junior officers of the vy will begin a post-graduate tion in engincering 10, where they will remain for one yedr, after which they will be sent for a year to sclected technical universities. ~ PUT ON RETIRED LIST. Col. Melville J. Shaw, U. S. Marine Corps, recently in command of the Marine barracks at Boston, has been placed on the retired list of the Navy on his own application, after more than thirty years' service. His retire- ment wiil result in the promotion to partmen$ issued, under date of April|figures include regulars and reserves.jthe next higher grade of Lieut. Col. Trafping Circular No. 1, which | Of this number, 12,511 are officers and | Charles C.' Carpenter, = Maj. Walter e ,718 enlisted men. Based on the Noa and Capt. Edmund H. Bprrett. mives daja to assist in the training of |, fihor of enlistments required, the|Col. George Van Orden has bedn as. rew infgniry units as.prescribed by the table of organization, 1921. The units r§fered to consist’ of: Head- quarterd) 4nd military police com- pany of. n, infantry division, head- quarters ahd headquarters company dl:n i dn of an _iffantry brigade, ' infantry regimeng dnd infantry battalion, howitzer, cimpany of an infantry regiment and service company of an infantry regiment. Training circu- lars for'othier branches of the service will be jpudl d as soon as the in- formatien 2? comes available. B 1 URGE§ COAL BUYING. Senator, Elkins Advises Public to Lay'!in Supply Now. Senatpr! Blkins of West Virginia jssued 4 formal statement yesterday urging the Public to lay in its winter supply of cdal as usual at this time of the ye3tiinstead of waliting until the cold mdnths again are at hand. He suid, thet upward of 200.000 miners Were out 'of employment because of the lack, of demand for coal and that their ddpenslents were in distress. Senatar Ejkins also declared that a sudden rebtbration of a market and an attempt to crowd the hauling of the bulk of the nation's coal into the fall and winter months would place upon the rpilroads a burden which they wera admittedly unable to dis- charge.d | “That-wil] simply mean,” he added, “a repatition of the so-called ‘coal famine'-of last year, which was, per se, a cay farhine.” WED'WOMAN IN D.<. J. C. MBHde Arrested in Balti- mo‘e in New Orleans Ca: ATLANTA, May 7—J. C. MeBride, flhy-ex{hn #ought In connection with the reéent investigation into opera- tions of confldence men herc, was ar- rested ;in Baltimore, according to word fecelvsd by postal inspectors here. 1 The man was later released under $1,000 bail, pending arrival of & de- tective from Atlanta, it was stated, . It wha 8aid McBride was married a fortnight ago in Washington, to Mra. C. R.[Evarett, formerly of Atlanta, lnhrl hid just taken her to Baltimore when ‘The counciimanic investigation into cherges that city policemen and de- tectives were connected with opera- tions of gamblers and swindlers will be IGIPMQ next weok, s One Mundred pretty girl stulents of Northwestern University, all expert awimmfert to he detalled to the s this sunimer as Mfeg i, Navy is_short Marine Corps, 6,059. 24,995 men and the Fifteen Feet of In U. S. Ship; By the Associated Proas NEWPORT NEWS, Va, May The Shipping Board steamer Wil- limantic, being loaded hore with coal by Hasler & Co., was discovered sink- ing at pler No. 9 about 2 o'clock this morning, with fifteen feet of water in her engine room. Had the bulkheads not held she would have gone down, tho agents say. The Wil. liamantic came here from Norfolk Thursday night to load coal for Lon- signed to the comrand of the Marine barracks at Boston. Water Found Pet Cocks Open | sible, the craft having been chartered Thursday. | The Newport News agents for Hau- {ler & Co. mald this morning they did {not know whether the ahip had sprung | leak or whether the seacocks had { accidentally or intentlonally been lert Jopen. A wrecking tug has been or- dered from Norfolk and the water will | be pumped out today or tomorrow. | Experts say the silp 1s In no danger at this time. She was surveyed tnis morning, und soundings in the engino room indicated that the only damage don and sign on a ne L i E would ba from wate JAPAN AND GERMANY WAR TO RULE WORLD DRUG MARKET, REPORT SAYS By the Associated Press, NEW YORK, May 7.—Carleton 8imon, spectal deputy pollce com- misstoner, charged that Japan and Germany were waging n contest for world-wida control of narcotica, Addressing the natlonal poiica cons . vention, Dr. 8imon, in command of the local narcotioc division, usserted that not only was Japan manufac- turing druge on _vast scale, but some of her merchants were im- porting narootica from tho United tates only to smuggle them back into this country and China kt large profits, Ho explained that while Amerl- ean manufacturers were barred from melling their products to pod- dlers here, they wora not prohibite ed from exporting their wares, “On the other hand,” sald Dr, Bimon, “wo huave in Germany the biggost menufacturers of drugs in the world, Thosa men know that Japan (n attempting to obtain cans trol of the narcotic drug situation of the world, In conswquenoca thera 18 & drug war ut present hetween thess two natlons, re nra neither laws proe _hinsiting the export nor scruples " preventing the taking of cotits Tout of Germany, The drug ring in y senda its drugs by de- vious ways and tortuous rout The agents of these drug rings ure “ml] ever the world, They reprasent milllons of capital, and ¢ muqn Their agents and affiiations obtaln bail for thosn arrested, in many H mew thev €A thes. draes &0 that in the event that the dry are molzed the smfller agent dnfi: not. loxe his own money © maintained that iilicit dry vending was deterforating the morale of Amaericans, productng eriminnls und paralyzing the proge ress of civilization, CHAMBER PLANS HOMES. ‘!Ittsbnrgh Commerce Body Pro- poses Building Corporation, | PITTSBURGH, Pa, May 7. — The | hoard of directors of the Pittsburgh Chamber of Commerce hus adopted a |resolution under which the organiza- tion would form a $200,000 corpora. tion for the construction of resi- dences, The rasolutie-, wade public hero today, oalls for tha construction of 1,000 houses In the 'mmediato fu- ture, The houses would be sold at mederate costs and on reasonable terms, The directers recommended that the entira membhorship of the chamber adopt the nrejeet, The main bady of the organization will vote on the sub- Ject within a week, —_— Thizabeth Irying, granddaughtep ef {the late Sir Henry Irving, and her- pelf p favorite of tha English stage, wears o mysterious charm which her distinguishad grandfather always wore on the first night of a new pro- The charm h: a wonderful and ix 81 10 have heen worn Aon e Peg Wolltig o be | C, MAY 8, 1921-PART 1. FINAXCI AL RANGE OF MARKET AVERAGES. The following chart shows graphically the action of forty repre- sentative stocks dealt in on the New York Stock Exchange. The period covered is the past month, up to and including the close of the market Friday, May 6. activity of the market. The lower section of the chart indicates the relative SonnounniR i nns a0 Nase 8 80 gol 2 > <78 ] 780 l & L&) z 73 ™ % I o z I z on S p 2 - — 2 w72 gtz G 3 - L= @B 819 ! o l SN ~io [ 68| | le |2 iz [ — i & =3 EX e o R = o H @ (Copyright, 1921, by W. F. Meyer.) High 1920 High 1921 to Date Industrials . Rails .... 109.88, January 3 8 November 3 Low 1920 66.7 . 67.8 December 21 ., February 11 | Industrials . {Rails .. Atehlson Raltimore & Ohio Canadian Pacifie Cles & Ohio € M & St Pani Del & Hudson Erie 1ilinois Central T i Rails 69.59 hursd; Friday Saturday Monday T LIBERTY BOND 1920. High. Low. Liberty 314 .100.40 8930 Liberty 1st 45 £3.00 Liberty 2d 4 81.40 Liberty Ist 414s.. 84.00 Ciberty 2d 44s 8110 | Ciberty 3d 414s... 85,60 [ Ciberty 4th 414s.. 8200 Victory 3%4s .. 94.60 Victory 434s .. 94.70 Up to and including Sales. BONDS. $6,000—Ana. and Pot. River 000—C. & P. Telephone 5s. 96.000—Capital Traction 1st 2,000—City and Suburban R: 11,000—Metropolitan R. R. 1st & 5.000—Pot. Elec. Power 1st 5 60,000—Pot. Elec. Power con. 5s 12,000—Pot. Elec. Power deb. 6s 43.000—Pot. Elec. Power gen. 6 h., Alex. and Mt. Ver. 500—Wash. Gas Light gen. 5 00— W h. Ity. and Elec. con. 4 0—Wash. Ry. and Elec. gen. 6 0— Wash. Gas 71 11410 100—Dist. of Col. 658. STOC pital Traction 4—Washington Gas N. & W. Steamboa £48—Wash. Ry. and Ele com . . Rank. rmers and Mechanics' Nat. 120— National Savings and Trust nion Trust g 30—Wash, Loan and Trus! 10—>Merchants' Bank 5 50—Security Sav. and Com. 17—TUnion Savings 40—Corcoran Fire Insurance #—Nat. Union Fire Ins. 56 10-20—Col. Grapho. com 30—Col. Grapho. pfd....... 711—Mergenthaler Linotype 987—Lanston Monotvpe . 42—Washington Market COURT DENIES PETITION IN MAXWELL MOTOR CASE Preferred Stockholders Sought to Intervene in 8ale—Company Chartered in West Virginia. DETROIT, Mich, May nited States District Judge Arthur J. Tuttle this afternoon denled a petl- tion of first preferred stock holders vene In the sale of the company, set for next Thuraday. The petitioners asked to intervens on the grounds that the proposed merger of the Maxwell and Chalmers Motor Companies would take away thelr holdings and give them only a amall sharo of the stock of the new company. The court rulod that such A slep would prevent reorganization of the company and thereby endanger the future of the concern, The petition of Holmes Jones of Wilmington, Del, asking a stay in the sale pandMg sottlement of lif- gation In Dolaware courtw, was din- missed by Judge Tuttls on the ground that it contalned Improper atement : Attorneys for the firat preforred stock holders obtalned permission from Judge Tuttla to fila & new petition for intervention at the time of the rt's confirmation of next Thursday's sule, The court some time ngo appointed a recetver for the company. CHARLESTON W, Va, May 7.—A ! charter muthorizing e capltal stock of §20,000,000 was {ssued by tha ecre- tary of slate today 1o the Maxwell Motor Corporation, a Michigan con- cern. It was the largest non-par stock company ever chartered under the laws of West Virginia, Under the charter tha corporation may Issue 200,000 sheres of preferved stock at 8100 par value and K00,000 shares of common stock without par value, The incorporaters are Thomas C. 17, Martin, Thomas Dougherty, Henry H, Dirom, Charles A, Springstead and John Q. A, Bmith, all of New York An offica’ will be ‘maintained by the company in Charleston, COTTONSEED OIL DULL, NEW YORK, May 7—Cottonsead oil was extremely dull, with prices easier, through light liquidation based on the heavy tona of other commodily markets, Leading months closed 3 to A points net lowe 1,000 barrels, Prime cruda, prime summer ysllow, spot, May, 7.0} 7.20; July, 7.47; Scbtember, 7.76, D Twenty Industrial Common Stocks Am Can Am Central Leather R U S Steel Am Car & Fdry Am “orn Products I Copper Am Locomotive Anaconda en Electric exas Compapy ~ Westinghouse Am Smelting Baldwin Loco Goodrich U'S Rubber Western Union Twenty Railroad Common Stocks Used Are: K € Southern Touis & Nash N'Y Central Daily Movement of Averagems The Year 1921 to Date on the Washington Stock Exchange. Furnished by W. B. Hibbs & Co., Hibbs Building. 78—Federal . _Bank 9—Liberty Bank . . 10—National Bank of shington etropolitan Bank 3—Second National Bank. 78—Amér. Secur. and Trust 2—Continental Trust of the Maxwell Motor Company in | which the petitioners asked to inter- | 0.03, May 7.56, January 15 | Industria | Rails 0w 1921 to Date . March 11 56, April 14 Industrials Rails. Northern Pacific Reading New Haven Southern Pacific Norfolk & Western Southern Rwy Feuneylvania Cuion Pacific Valley April 23, Satvrdny ¥ Maturity +1921. Close date. High. Low. TYesterday. Yield. 6-15-47 93.50 8820 89.30 4.17 8850 8524 *R7.56 485 8810 8534 8734 496 8870 8540 8768 511 8340 8530 8736 523 91.14 8800 9068 581 8860 8574 8744 536 98.02 95.80 98.00 4.76 98.02 9586 .‘?‘%00 577 Friday, May 6, 1921. Open. High. Close. 562 67 66 . 90 89 < §7% Bank... LIVE STOCK MARKET. ' BALTIMORE, May 7 (Special).—The live cattle market {s steady on top grade stock bought on the wharf and at stockyards, but the poorer grades are dull and of uncertain value. Hogs {n liberal rupply; demand slow and value rule low. Quotations today at Light stroet whai®: Boof cattle, first quall 8a3; medium, per Ib, 6 to quality, pér Ib, 4af. | quality, per Ib. 5n7. Thin steers per {1b., 4a5. Oxen, as to quality, per Ib.. 406 Mileh cows, choice to fancy, per head, £0.00a80.00° common to fair, per head, 30.00050.00. Calves, veal, cholee, | per b, 10%a11;" ordinary to medium, | per 1b, Bn10; heavy. smooth fat, per head, 15.00a18.00; rough, per head, |10.00n12.00; common, thin, per head, 8.00a8.00. ' Sheep, No. 1 per Ib., 5a6. O1d bucks, per Ib, 4a5; common, per 1b. 2a3. Lambs, fall, cholce, per Ib. 9410; falr to good, per b, Ta8; com- mon, thin, per Ib., 5a8; spring, cholce, per b, 18a14, Hogs straight, per Ib 8814, Fown us to quality per Ib., 6 Btags and boars, per Th., 4ab. Live PIE®, a8 to size and quality, per 1b., | 12a18." Shontw, a8 to Aize and quality, per b, 10a15. 4 NEW YORK, May 7.— Cattle—Re. | eoiptm. 600 hedd: no trading. “alves—Recolpts, 412 head; : {Nght Canada voals, 8.50. ok Sheop und lamba-—Recelpts, 3,125 head; stendy; Maryland spring jambs, 15,00; common to good unshorn lnmbs. P00ui2.25; aommon to wood " clippod w, 750n11.25; clippad 1n'wfil), 4.00n6.50, ippeq shiven 1ogs —ItooeIpts, 2,770 head: a : ilght to medium welghts nnn‘"&flg’;' 3.7:.?) heavy hogs, 9.00; roughs, 6.50 u7.00, per 1b. Bulls, as Cows, as to —_— COFFEE MARKET QUIET, NEW YORK, May 7.—The for coffee futuren was oxiremers qulet today, nnd after opening at n deciine of 4 to @ pointa, showad ng speclal change or fouture. The rathor irregular ‘showing of the Hraxilinn cables lod 1o a little seattering lquls datio cnusing the decline to 600 for July and 640 for Hoptember,” Cloning pricen wers tho lowest ‘on inast months, showling not losses of 3 tn 7 points. ' Closing blds: Mny. 571; July, 600; Beptembor, 839; Ostobor, 654 Decomber, 685; January, 695; Maroh, Bpot ooffas, qulet; Ita 7s, 6; Santos 4n, 8% 10 B%. Kew fresh offern wero reporfed In the cost und frelght mar- ket, the only one notad helng Hantos 35 and s, bourbons at 990, American credits, VALUE CANAL LAND, MANAGUA, Nicaragua, May 6.—An American government commission has begun the work of plasing a valuation on tha land which it will be necessary o | for the bullding of the pro- roceanic canald MARKET ACTIVITY RECORD FOR WEEK Easier Credit Conditions Noted as Leading Factor. Money Improves. W YORK, May 7- conditions and other favos ments this week €z to record sier credit ble develd ~curit 1t x da ac- v, with irreguiar higher price lovels For the first time in many months the money market, as governed by operations of the f Teserve manifested dis sign ovement. This tendency, morcover, not restricted to home markets, but extended to the world's principal financial centers. Wage Reduction Considered. Another event of importance tem T was announcement of reduction of wages | and salaries by the United States Steel Corporation. From such action by the country’s largest industrial inferred that commodity responding more oby law of supply and dé- unit it was prices wer ously to the mand. European affairs. as expressed In terms of foreign exchange, seemed to have reached th s where it was reasonably po to discount the outcome of indemnity payments. Leading remittances were firm. while French, Belgian and Ttalian bills rose to highest quota- tions since the close of the war. Thawing Out “Irozen Credits.” Once the German reparation ments were definitely outlined, it w believed internationl bankers would apply themselves to the herculean task of thawinz out the incalculable rozen credits” which have para- d foreign trade balances of leading ons for the last year. The most encouragi the stock market of recent days was the absorption of railway shares. In rs every sustained advance securities has been guided by shares of that description. The ad- vent of May gave some impetus to investment buying in the bond mar- ket, where speculative rails figured as the strongest and most conspicu- ous issues. movement in W YORK, May 7. condition of clearing hg trust companies for the week show: that they hold $3.58%,010 reserve in excess of legal requirements. This is an increase of $7,043,370 from last week. The statement follows: Loans, d counts, et $30,753,000. The actual e banks and vaults, members federal reserve bank, $79.- 275,000; increase, $389,000. Reserve in federal reserve bank of member banks, $476.559,000; increase, $5,240,- 000. Reserve in own vaults, state banks and trust companie: $9,668,000; increase, $178,000. Reserve in deposi- tories, state banks and trust com- panies $8.539,000; decrease, $302,000. Net demand deposits, $3,703,211,000; decrease, $14.153,000. = United States deposits — deducted. $76,227,000. Time deposits, $248,078,000; decrease, $710,- 000. Circulation, $31,653,000; increase, $93,000. Aggregate reserve, $494,766,- 000, Exc: reserve, $3,588,010; in- creasé, $7,043,370. Summary of state banks and trust companies in greater New York, not included in_clearing house statement: Loans, discounts, etc.. $613,499,000; increase, $3,748,000. Gold, $6,912,500; increase, $5,200. Cur- rency and bank notes, $17,213.000; de- crease, $151,400. Deposits with fed- eral reserve bank. New York, $53.- 836.800; increase, $2,572,300. Total da posits, $652.133,300; increase, $6.815,- 200. Do.: Eliminating amounts due from reserve depositaries and other banks and trust companies, in New York city, and United States deposits, $604,185,100: increase, $6,909,700. Banks: Cash in vault, $27.445,700. Trust companies, cash in vault, $30, 516,600. WEEKLY COTTON LETTER. NEW YORK, May 6.—During the past week the cotton market was only mod- erately active. The total range was about $3 per bale. The daily volume was small, though the undertone was very good. On the reactions, buying orders in sufficient volume appeared to check the decline, though on the bulges southern selling appeared. which was generally credited as hedging opera- tions. The outstanding interest in the May option is gradually being reduced, the bluk of the long side having been previously transferred to July and new_crop months. In the English market activity was restrained by a continuation of the coal strike. The shortage of fuel is becoming a rather serious matter, and unless a settlement be reached very soon, some further curtailment of production is most like Sentiment _there, however, is vorable to the market because confidence that the coal be settled very soon. and more especially because of the likelihood of a speedy ending of the repara- tions controversy, it being generally assumed, and, in_our opinion. cor- rectly, that, with the reparations problem out of the way, business will broaden. In all countries the credit_situation will be improved. Through the gradual distribution of the German obligation, the financial position of Europe will be strength- ened. In this country developments have been favorable. Banking conditions are improving continually. as i denced by the reduction t in the rediscount rate, and in a tion the War Finance Corporat 18 developing plans which will prove of material assistance to cotton e porters. THOMSON & McKINNIN. BALTIMORE PRODUCE. BALTIMORE. May 7 (Special).—Re- celpts of eastern shorc Maryland and Virginia asparagus are fairly liberal, but fancy grass s Is constant demand and brings from 250 to 5.00 a dozen. with the southern variety selling at 1.80 to 3.60. Virginia peas also in active de- mand at 3.00 to 4.50 per basket. Native and nearby radishes, spring onions and lottuce, where free from waste. find ready sale at attractive prices. Kale is selling as high as 50 cents a bushel, but rhubarb and_spinach are in abundant supply and cheap. The market for old onions is dull and with ample receipts. Under a slow demand prices have de- clined to 1.00 and 1.25 per 100 pounds on both white and yellow. Demand s somewhat improved for the better grades of old potatoes, but prices remain at 80 cents to 1.00 per 100 pounds, a8 new Atock now has the call fa- of a strike will and Is bringing as high as per bar- rel for McCormicks, Limited with lib- eral recelpts, it takes No. 1 stock to bring 65 to & cents per 100 pounds. Swoets And yams are a_shade firmer, under lighter receipts and fair demand, at 4.00 to 5.00 a barrel for choice No. 1 tock. No 2 stock and culls, slow sale at sharp diseounts. Recolpts of eggs are only moderate, and this fact alone results in sustained prices, an there Is no activity to the Ademnnd from any quarter, even at the low price of 24 cents a dozen for strictly fresh nearhy stock. Prompt and fre- quent shipments ara ndvisable. N Weather conditions have been against an active sale of spring chickens, so that the market, under increasing’ re- colpts, has shown a downward tendency during the last few days, 60 to 65 being top prices for 1 to 1}-pound birds and 50 ta 55 for smaller. Young white leg- horns, however, will bring only 45 and 50, O1A hons, where fat and in good condition, are In constant demand, and, with 1light receipts, the market ad- vaneed to 37 n pound, with small to medium nand loghorns starting at 32. Ducks now arriving are mostly of poor quality and slow to find favor at 25 to 32 & pound. Tastorn shora strawberries n active dlflmnnd, wl'zg rices attractive on fancy large fruit, 645 a quart being quoted, while ‘the southern varieties are selling at 20 to 30. Apple receipts very light and market adyanced as high ns _7.00 a barrel for winesaps and Roman Holufl_&', with 5.00 tow prica for any standard No. 1 variety of enting apples. Maryland and Virginia [ [SOME IMPROVEMENT NOTICED: NO CAUSE FOR ENTHUSIASM | tuted by the United Economists and Bankers Still Keep Warn- ing Signals Flying—Wage Adjustment Will Be Great Help—Happenings. BY L A. FLEMIN conditions during the last largely, however, in the hope that the happenings of the hour may bring some relief to a situation that has lasted fo long, that all are tired with it. Hut those who are accustomed to delve deeply will, unfortunately, still keep the warning signs floating. They admit that they have seen the encouraging signs, that they believe wage adjustment has been helped by the general wage reductions insti- es Steel Cor- poration; they admit that the high cost of living has fallen materially, that there are signs in some indus- one has sensed some improve- | has been less feeling in the mat was suggested ¢ Department to take over the duties of the controller. Such a position might be created, but, with two deputy controllers to be taken care of. men who have been many vears in the service and who know how: with a federal agent at every regional reserve bank and some assistant federal agents, with governors and deputy governors by the dozen, bank examiners and head bank examiners, it would seem need- less to create any new positions, at least during the present effort for economy. Faets va. War Cries. It is interesting to note the state- ments made, fiction, regarding the enormous costs of shipping to mar- ket, and the truth when day, date and prica per pound are cited. of renewed employment and that various rate reductions by fed- crve regional banks arg likely to make credits a little easier, and they admit the hope and belief of the business men of today in the President and his administration. Wage readjustment is in its initial stages and until this matter has reached finality or reasonably near the cost of production in various -s will vary and make buyers chary of going beyond their imme- diate necds, the pursuance of a hand- to-mouth policy that does not mak for good business, and yet a policy that is warranted by uncertainty. Collective bargaining is collectively it opposing wage reduction, irrespec- tive of reductions in living costs. War-time costs have no place in peace-time prices The wise banker will tell you the problems of today are not to be solv- ed by easier money in the United States. 1f it were easier money all over the world it might be different. If Rus- sia, Germany, France and Italy could be restored by some miracle to the status before the war, recovery might > made casier. but miracle days are over and the nations named have to with Russia_and come back slowly, Germany many leagues, perhaps eons, of years away from normal. Easier money will play its part, but it will not be cast for a star part in recovery . until the great credit cor- porations get under way Wwith their {eredits and acceptances to again up- huild our foreign trade, until read- justments in_wages, etc., enable the broduction of goods at iower prices and the general public becomes con- vinced that near-low levels have been reached; until the policies outlined by the government of today have been whipped into shape and in working order. P Matters of policy and goveramental al in Europe that should have been -ttled while yet the victorious le- gions were in the field still disturb the world. Wall street has been evidencing a Eetter feeling, stocks and bonds have w advanced very sharply, but it must be remembered that the New York stock market was the most thoroughly liquidated proposition in the United| States with the closing of 1920, and that the losses very generally taken were severe enough to encourage some sharp recoveries under the in- spiration of even slight betterments. ‘Wall street believes that the rail- roads and union labor will reach an agreement that will put the rail- roads on their feet and permit them to stand alone. Wall street probably believes this because it feels that where there is a problem a solution will be found. On that theory they have bought stocks and taken profits on their sales. The street has been grievously dis- appointed on the cutting and passing of dividends here and there, but when these things happen it chirks up on the theory that “the worst is now known.” Rarely do the Wall street traders follow: they usually discount and frequent s Doing Their Share. Fngland and France, Belgium. and even Italy, are doing their share to set the world as near right as they can, and this is evidenced by the steady strength displayed in the dol- lar values of their currency, the pound sterling, the franc and the lira. ‘Th have helped and the advance in change has been one of the very hopeful signs of the times, Its continuation is to be desired. A Case in Question. George E. Roberts, former director of the mint, now assistant to the president of the National City Bank of New York city, and acknowledged s one of the most able economic iters of the day, read a report on business conditions before the execu- tive council of the American Bankers® Association, at Pinehurst, last week. Mr. Roberts saw positive improvement, but he admitted that there was nothing in conditions to arouse enthusiasm, noth- ing to lead to the impression that business is out of the woods or in- dicative of the speedy return of our foreign trade. i John Drum, president of the American Bankers' Association, reported on his great survey of conditions, upon which comment has been made—signs of bet- terment here and there, but no call for special optimism. Specific Instances. Mr. Roberts, writing on business conditions, says of woolen gods and clothing: “Interest centers in business for fall delivery. and the situation is very good, particularly for women's e On May 16, according to the Rail- way Age, the a price paid to the producer for cabbage in Texas was $7 per ton. The cost of tr. porting it to Chi > was $26.30 ton. This included not oniy freight rate and the federal tax the charges, but also the cost of icin the refrigerator car. The t amount, therefore, received by Texas producer and the railroad hauling the produce about 1 for 00 miles was $33 per ton, or at the rate of 1.67 On the in Chi equivalent day for 7 $140 than cents per pound. sam cabbage retailed cents per pound per ton, or $106.7 to the producer and i for their services. On this date pro- ducer of onions rec 2 per ton for white onions. The freight bill to Chicago was $29.64 per ton, making the total amount received by pro- ducer and railroad $71.64 per ton, or 3.58 cents per pound. At this time white onions retailed in Chicago for 10 cents per pound, or $200 per ton Another instan, that of a grower of spinach i 5 who was paid $5 per ton. The cost of tran portation to Chicago was $30.38 per ton, making a total of $35.3 ton, or 77 cents per pound. which the grower and carrier combined re ceived. At the same time the re price of spinach in Chicago was 1. cents per pound, or 3300 per ton, making $264.64 per ton more than both producer and railroad received This is an indicated profit, less local hauling charges, of more than 700 p cent, and the journal mentioned just- ly_inquires, Who receives it? Evidently the increase in freight rates is made to carry the burden of profiteering in much the same man- ner as the excess profits tax sup- plied the excuse for exorbitant charges during the latter days of the war and for the first year and a half fterward. It is just as well that the ublic should know where the fault lies, and apparently it is not with the railroads Tomorrow on the local stock ex- change, immediately after the call, an effort will be made to_inaugurate @ call money market in Washington. It is an experiment, suggested by George O. Walson at the last conven- tion of the District Bankers' Associa- ion. One banker declared that it would be a case of loaning money to the same people we loan to every day, referring to two large houses with New York direct connection. It will, however, be much better to have the amounts and the rates of interest paid advertised through the records of loans every day as they | will be when made on the call loan market. Moreover, there are several Iy find their theories upset,l houses here large enougch and impor- itant enough to undertake part of their financing here. It is to be hoped Ilhat Mr. Walson's plan will be success- tully started and maintained. Local Securities. The week in local securities was marked by some price recessions and one or two partial recoveries, but by little activity. Railway preferred has advanced sharply, also Railway 4s, but the rest of the list has been more or less stagnant, with some concessions, al- though vesterday's trading was the best of the week. —_—— GRAIN AND PROVISIONS. CHICAGO, May 7.—Its technical po- sition weakened by yesterday’s bulge, the wheat market “ga way today readily when reports of rains in the southwest wiped out Friday's pess mistic reports of crop conditions there. The close was 3. to 63 cents net lower, with May 1413, to 1.41% and July 1.13% to 1.14. Corn lost 1 to 13 cents; oat to 11 cents, and provisions 10 to cents. The weather reports of showers in Kan: a started wheat off sas and weak, and as cvidence came to lizht that the cash situation had eased the selling pressure increased. A rapid decline set in when reports that Min- neapolis and Omaha were sending cash grain to this market were sup: plemented by trade advices that Lu- rope was taking Argentine offerings because they were at a goodly dis- count under this country. One sea- board report had it that foreign buy- ers had canceled 50,000 bushels of wheat. Very little support was noted at any stage of the market. At one time May wheat was nearly 9 cents under Friday's top figure and July was off more than 4 cents. Country offerings were reported fairly liberal on ves- terday’s bulge, but later advices said wair. Manufacturers have good or-|this ~movement showed signs of der books, but the memory of last|checking. vear abides and they are timid about| A big run of corn receipts met a buying raw materi fearing can- |rather steady export demand, and this cellations. There should be no cancellations in peace times. Cotton _goods.—'‘Perhaps the most encouraging feature of late has been a greater degree of stability, al- though prices are but a little above the bottom. Colored goods are mov- ing very well. The coal strike in England has set back the improve- ment in cotton trade there. General- speaKing, retail trade in large is good, which emphasizes the falling-off in rural districts. Iron and stecl—“The smaller pro- Qucers are making practically no profit and are not disposed to cut prices further until they see some signs that trade would be helped by cutting.” When Will Trade Revive. Mr. Roberts asks the question, When will trade revive? and him- self answers as follows “There has been no such disloca- tion of exchange relations, either be- tween countries or between indus- tries within this country, in all the past. That dislocation must be cor- rected before trade can be restored to normal proportions. Either farm products and raw materials must rise to the ievel of manufactures and the common basis of wages, or the latter must come down to the level of the farmer, or they must meet on some intermediate level. The fundamental requisite is that they get together. “Farm products and raw materials are related to world markets, and there is no reason to believe that they will recover former levels. All the probabilities are against the restora- tion of war prices in time of peace. “The next thing is to stop talking in terms of money only, when com- pensation is concerned.” The labor leaders knew better than that when the cost of living was rising; why not recognize that the purchasing power of money is of as much importance when it is rising as when it is fall- ing? And why not recognize that the wages paid in every industry are a factor in the cost of living of all the wage earners Would Abolish Controller's Office. 3¢ was Mr. Roberts who advocated the abolition of the office of con- troller of the currency at the con- ference of the executive council at Pinehurst. He but echoed the po- sition of the American Bankers' Asso- ciation in this matter, but since the advent of the present incumbent there latter condition served s a against the influence of the weakness. May corn at the start was about 4 cents under July, but this spread narrowed rapidly under buy- ing of May and selling of July. In- dications were that 500 cars of corn might be here Monday and railroad inspection crews were told to work tomorrow. It was estimated that cars in today were not inspecte Local cash sales were 422.000 bush including 325.000 bushels for export. Oats were much in sympathy with corn. They showed some firmness at times, but reacted to the wheat weak- ness. Local selling the break in unusual effects ket. NEW _YORK, of provisions, due to grain, overcame the of a strong hog mar- ~—Wheat-—Spot No. 2 red, No. 2 hard win- : No. 2 mixed durum. 166 . i. f. track New York to arri 1 Manitoba, 1.84 c. i. f. track 1 May shipment. Cor 2 yellow and No. 2 white, No. 2 mixed, §23% c. i. f. New York, ten-day shipment. Oats—Spot easy, No. 1 white, 50%a5l Lard — Easy; middle west, 10.10a10.20. Other ar- ticles unchanged. COURTWAMES RECEIVERS. Stockholders Allege Packing Firm’s Credit Is Endangered. May PORTLAND, Me. May 7.—Eugene L. Bodge of Portiand and Keith Ne- ville of North Platte, Neb., have been appointed by the supreme court as receivers of the Skinner Packing Com- pany, a Maine corporation with $4,000,000 worth of property located at Omaha. The action was taken on etition of Clarence N. Wiltse of Palls City, Neb., and Jacob N, Camp- bell of Omaha, Neb., representing stockholders. 1t was alleged in the bill of equity that, owing to litigation, credit of the corporation and its property were endangered. PICK DOMESTIC PRELATES. ROME, May 7.—Pope Benedict has appointéd as his domestic prelates Mers. D. A. Brady of Mobile, Ala., and, Sigiamund Swider and Andrew Egan of Bayonne, N. J. g . B -, s S S S e o e e N RS e = T e e