Evening Star Newspaper, May 22, 1921, Page 34

FINANCIAL THE SUNDAY STAR, WASHINGTON, D. T, MAY 23 1921:PART. T “onoe sevene coLuavse a0LD RECEIPTS MAKE NEW RECORD of Benh‘. 1as no business was reported, prices CHICAGO, May 21.—Cash. wheat Imports in Five Months Ex- _twere unchanged at 5.02 for cen.|Premiums suffered a severe collapse FARGO. N. D., May 21.—Fortx mil- ceed $300,000,000—Mar- trifugai. No announcement was made 2oday. No. 1 hard wheat was quoted ion bushels of wheat in four north-|Dby the committee in regard to the |2 cents over May at the finish, with states — Montana, ldaho, ket Shows Readjustments. NEW YORK, May 21.—The finan- NORTHWEST WHEAT POOL. RAW SUGAR MARKET QUIET. NEW 'YORK, May 21.—The raw 40,000,000 Bushels Form Pact|sugar market was quiet today, and RANGE OF MA The following chart shows graphicallyt the action of forty repre sentative stocks dealt in on the N‘e':vYorkwst:ck Exchange. The neeloo ;grysred nl;.;h;ovn:rflollnh. up to and including the close of the market iday. . ower section’ t indicates the lative activity of the market eetionHorhthepeaHln Telative ~—APRIL —— 927335 2% 77 830 2 3 ranging from 1 cent to_§ cents over. This compares with yestcfday’'s sales of 83 cents to 10 cents over. Red wheat was 3 cents to 5 cents lower. Cash corn and oats basis was % cent lower. Local cash sales were 5,000 bushels of wheat, 157,000 bushels of corn and 98.000 bushels of oats. Car lot re- ceipts: Wheat, 15 cars; corn, 210; oats, §3. Has b | price of Cubas. sales during the session as a whole ‘Washingten and Oregon—have beem o REV sugar futures were a shade ‘pooled t 1d by the United States. lower under séattered liquidation for B Cramaa oL (hiy year, U. L.jover the weak end. with closing Byrdick. head of the.North Dakota | DPrices 1 to 2 points net lower. May, Farm Bureau Federation and a direc- 353il September. 3.63; De- tor of the Grain Growers, said today. all bid Mr. Burdick has just returned from ew developed in the re- trip of the four states in company' fined situation with prices unchanged with J. R. Howard. head of the Amer- to 6.60 for fine granulated and fean Farm Bureau Federation, and|only a moderate inquiry reported. with other officials of the grain grow- | Refined futures were unchanged with & : € sales consisting of only omne lot of 04 31VI$ —r’ s, = The Northwcst Wheat Growers' As- | Sentember, at 6.30, and one lot of INFW YORK BANK STATEMENT : clal market this week indicated that i i her, at 6.35. _ Closing bids, July, | sociation has decided to join the | Octobe NEW YORK, May 2i—The actuat)fUFtRer ImDortant readjustments were United States Mr: Burdick sai I Know My Dental Work Is Superior— That's Why I Can Guarantee It for 20 Years Good dental work is more important than many other neeessities of life; that is why vou should be careful and get the hest demal work possible. You can come to me with confidence of getting superior dental work, minus pain, at honest and fair prices. $ig i Terma of Payment to Sult—Examinations Free. o, > Large electrically cooled effices—cleanliness is one af our many striking features. All work done with- out the slightest resemblance of pain. August rowers’ orgamization, tober, to be expected in the course of the country’s recovery toward pre-war conditions. Developments in _the stock market gave evidence that many irregularities which had their origin in inflated values, overproduc- tion_and abnormally high operating cost§ were being subjected to more drastic ion. Wall street and investors showed they had become more or leas inured to reduced or suspended dividends, due to poor earnings and increasing financial needs. Many additional changes of this character were ex- pected in the third quarter of the year. Effect of Reparations Terma Tnder the surface, however, there was evidence that Germany's ac- ceptance of the reparations terms was hl\'lnF its effect. This was seen not only in the strength of foreign exchange, but in the lower rates of and September, 6.30, and Oc- 25. condition of clearing house banks and trust companies for the week shows a deficit in reserves of $424 930, due to a_ decrease from last week. The statement follows. Actual condition: . ans, discounts, etc., $4,623,735,000; increase, $1,650,000. Cash in own vaults. members fed- ral reserve bank, $77,441,000; de- Tezse, $1,341,000. Reserve in federal reserve bank of imember banks, $464,482,000; decrease, $10,888,000. Reserve in own vaults. ;and trust cgmva.mu, $9,2 | crease, $313,000. Reserve in depositaries, state banks and trust companies, $9.065,000; crease, $213,000. Net demand deposits, $3,621,647,000; decrease, $69,669,000. U. S. deposits deducted, $84,346,000. ~———SCALE FOR INDUSTRIALS ————s My perfee > Suction Teeth ' ‘Will Not Slip or ings, Gold Crowns Drop—$5. Other($1 ‘up in gold, [and Bridge Work Sets of T sitver, 35 up. MILLION SHARES (Copyright, 1921, by W. F. Meyer.) o Every focl = 0 Aggregate reserve, $482,826.000. dlscom‘;t |'|(xed by all the federal re- High 1920 High 1921 to Date am. to 4 p.m. Lady and maids in attendanes. Deficit in reserve, $324,930; decrease, | Serve banks. Industrials .......109.88, January3 Industrials Fully Guaranteed for 30 Years. Kindly keep nm:nlld.l:-k $4,715,830. The position of the railroads showed | Rajls . 85.37, November 3 | Rails. cation of our office in your mind. Summary of state banks and trust|Some signs of improvement arising companies in greater New York, not|from increased tonnage and the pro- Lew 1920 Low 1921 to Date posed wage reductions. But these factors were largely counterba anced by the attitude of labor or- ganizations and demand for lower 427-429 Tth St. N.W. site Lan] Bre. g Ry 133, 72.25, March 11 Industrials . Rail. 67.88, April 14 . 66.75, December 21 67.83, February 11 Twenty Industrial Common Stecks Used Are: included in clearing house statement: Loans, discounts. eta; $621,255,400, increase, $3,084,200. Gold, $6,930,800; increase, $111.600. Industrials. Ralls. DR.WYETH and Most_Thor ?mm?uhnm ‘ashisgton. Phone Currency and bank notes, $17.459,-| freight rates. Am Can Am Sugar Central Leather Rep Iron & Steel U S Steel 400; decrease. 5464,4;‘00ri 0 o Commercial Loans Contracting. :m Car& F‘xry Am 'r-udrm g.m. -l:rndulfl' Studebaker w.nflo«;pn Deposits _with _Federa eserve 5 ad m Locomotive naconda en Electric ‘Texas Company estinghouse Bank. New York, $65.943.400; increase, | couormerciaL s o oeak| AmSmeitiag ~ Baldwialoco Goodrich U'S Rubber Westera Uniea : $571,300. ¢ last January and brokers' loans . 20 Total _ deposits, $649.481,900; de-| ere measurabiy amaller. Much new Tweaty Railroad Cemmon Stocks Used Are: crease. $4,679,600. Anancing for domestic and foreign| Atchison CM&StPaul K O Seuthern Northern Pacific Reading Eliminating amount due from re-|ndertakings is contemplated, in-| Baitimore& Ohis Del & Hudson Lehigh v:nu New Haven Southern Pacifie |LDS serve depositaries and other banks|ciuding a French government loan| Citadies Pacife EeioRip Losia & Nath Nertalk & Weatern Southern Ewy - and trust companies in New York city | apnroximating $100,000,000, mainly s atral neylvania nion Pac! and United States deposits, $607,342,- 800; decrease, $2,428,100. Banks: Cash in vault, $28.402,600. Trust companies: Cash in vault, $51,936,000. —_— | WILL EXPORT EDIBLE OILS. for refunding purposes. - Gold continued to pour into the country and the total for the first five months of the year promised to exceed $300,000.000. Imports of the metal from Latin America, where A change rates have manifested great- er weakneas, were the direct reflec- Daily Movement of Averages: Industrials. Ratis. 1156 .80 RICH RED BLOOD f e~ =Sy M= mane D v RE0LD INC., Cirwbed, O, . & & was dull, with coming prices 1 to 4 points net Higher for leading de- liveries. Higher lard and grains were oftset as a market influence by the state Cotton Seed Crushers’ Associa- tion, which closed here today. AT A GLANCE. o v t a sl Matari! Cl st s OHIO OIL DIVIDENDS. . |poor showing in_cotton and slow Gate.. | High Low Testerday. Tieln FINDLAY, Ohio, May 21.—The board | prim¢ crude, 6.75; prime summer yel- f Liberty 3%s 6-15-47 93.50 88.00 8812 42 of directors of the Ohio Oil Company | low, spot, 7.05; July, 7.8 .‘Revtambel’. Liberty 1st 4s 6-15-47 8850 8524 8720 487 at its meeting here declared the regu- | 7.70; December, 7.78: all bid. lar quarterly dividend of $1.25 a share and an extra dividend of $1.25 a share, payable June 30. The dividend de- clared is $1.50 a share less than the dividend of the last quarter. —_—— Liberty 2d 4s. Liberty 1st 4%s...... Liberty 2d 44s. .Liberty 3d 4%s.... Liberty 4th 4}4s. Victory 33%s . Victory 4%s . —_— ‘DROP IN OIL PRICES. CASPER, Wyo,, May 21.—The Ohio oil and midwest refining companies, principal ‘purchasers of crude oil in Wyoming, today announced a reduc- tion of 15 cents a barrel in the post- ed price of Balt Creek, Big Muddy, Rock Creek and Mule Creek crude. The new prices are: Salt Creek and Big Muddy, .00 a barrel; Rock Creek, BUILDS STRENGTH BUILDS VITALITY 1585 F. 0.B.Moline Illino BAR SILVER QUOTATIONS. NEW YORK, May 21—Bar silver, domestic, 99% ; forelgn, 58%; Mexican dollars, 45. LONDON, May 21.—Bar silver, 33%d per_ounce; money, 5 per cent; dis- count rates, short bills, 5% per cent; light Canada veals, 9.00. Sheep and lambs—Receipts 3,150; weak; prime Virginia lambs, 14.50. LIVE STOCK MARKETS. BALTIMORE, Md., Mey 21 (Special), & t. 1.10; Mul, - Hogs—Receipts—2,780 head: steady: three-month bills, 5% per cen ule Creek, 80 cents. The live cattle market shows little | | Hogs=Recelpts—2130 head: steady: change from last week, the demand [ nSR" [0 005" heavy - hogs, 9008920 being fair for choice stock of all | roughs, 27.50. ¥ 7y 'kinds. while thin, poor cattle of all descriptions are draggy and of .un- certain value. Fat spring lambs find ready sale at quotations. Prices today at Light street wharf: Beef cattle, first quality, per pound, 8 to 9; medium, ger pound, 6 to 7 bulls, as to quality, per pound, 4 to 6; cows, choice to fancy, per pound, 5 to common to fair, per pound, 2 to 4; NEW YORK DRY GOODS:. NEW YORK, May 21.—All denim Prices today. were revised downward to a. basis of 15 cents for 2.20s in- digo. Cotton goods continued fairly steady, with export demiahd slight- thin steers, per pound, 4 to 5; 0Xen, a3 |1y improved. Yarns -remained wun- ., per pound, 4 to 6: milklchanged. Knit goods were in better cows, cholce to fancy, per head, 80.00 , spot-demand. Wool §00ds and linens were quiet. - Prices quoted in first hahds Print cloth: 00; ¢ommon to fair, per head, 30.00 to 50.00. Calves, veal, choice, per pound, 10%; ordinary to medium, per pound, 8 to 'y, smooth, fat, per head, 15.00 # to 18.00; rough, per head, 10.00 to 18..00. common thin, per head, €.00 to 8.00. Sheep, No. 1, per pound, § to 6; old bucks, per pound, 4 to 5; common, per pound, 2 to 3; lambs, fall, choice, per pound, 9 to 10; fair to good, per pound, 7 to common, thin, per pound, 5 to €; spring choice, per nd, 13 to 14. re: 38-inch 64x64s, 4%; 64x 608, 4 ; 38%-inch 64x64s, 7% ; brown sheetings, southern standards, 9iia 3% tickings, 8-os., 17; denims, 3.20s, 17; 'staple ginghams, 12; dress ging- hams, 15 and 17, and prints, 11. FOREST CO-OPERATION BILL. Co-operation between the federal government and the states in the work of forest preservation is pro- ;s, stralghf, per pound, 8 to 9; n’-‘ro:u to qgnm; per pound, 4 ta 5; |posed in_a-bill introduced by’ Senator stags and boars, per pound. 4 to 6; republican, Illinois. It is McCormick, @esigned to protect the owners of timber dands Inst forest fires, to reforest cut-over lands and other lands which have been denuded of timber and to bring about continuous forest production on suitable lands.. live pigs, as to size and quality, per pound, 12 to 18; shoats, to’ size and quality. per pound, 10 15. NEW YORK, May 21.—Cattie—Re- 530 head; no_trading. s—Receipts, 520 head 1pts, = oGt steady; POR SEVENTY YEARS NORDYKE & MARMON COMPANY HAS §TOOD FOR HONORABLE MANUPACTURING, FOR CLEAN, FAIR DEALING AND FOR BUSINESS ‘FAIR PLAY Let Us Arrange With to drive out your new Velie today. Come and see this beauti- ful, roomy five-passenger six—a value that is astonishing all motordom. In the entire car market you cannot find - such another creation at anywhere near the price. 5 ; 5 o § The Economical Car Here we show how much quality can be put into a carata lTow price by a mile of Velie factory. Here is style that sat- isfies the most critical—a new record of economy in miles per gallon and low upkeep expense—eix-cyfinder power for every road and grade—the comfart of deep, restful up- holstery plaited in genuine leather—the Velie lnsting mirror finish. Plenty of room for five adults. In addition to the Velic 34—there is the larger Velie Six, the Model 48, in five body styles—Touring, Sedan, Coupe; Roedster and Speedstes., Reduction in price of over 20% HE Marmon 34, formerly $5000,n0w$398 5,0ccupies the first consideration of wise buyers now. Sogreat hasgrown thedemandsince May 2nd,when the new prices were announced, that a shortage is predicted. There are no large stocks of Marmons anywhere in the country. Daily fictory produc- tion must satisfy the demand. The $3985 Marmon 34 is the identical car formerly priced at $5000. Itis the finest Marmon * ever built. w. actmy e aym can Be Amgd It hasnotbeen changed an jote— road demonstration of the T P notcheapened,not e : mon 34—putting S e . st of acces- MARMON 34 PRICES it through com- UNGERER MOTOR CO. sories. It has the wow was arative tests. See 1136 Connecticut Avenue greatest price ap- s how it responds. ] peal of any car anw Povy ohncid you know . o e Se® the Marmon 34 You obtain 1922 intimately, you'll prices NOW. You "":‘ **® " bedoubly attracted obtain s carof no- 1501 Connecticut Ave. At Dupont Circle WORDYRE & MARMON QOHPA” 1)stead of taking rank with 38| which have turned the corner, Shortage of Marmons now predicted great demand throughout the country. Public recognizes the unusual opportunity. table reputation, a car which for years hasbeen the choice of those whose first considerations were performance and style. But there are thousands who have longed for this car. Sales have been greatly multiplied. That means that you must place your order early, so as to insure prompt delivery. . Come at once and get with the superiorities of the Marmon 34. Learn the advan- of Advanced Engineering and Stabilized Design. Then let us give you 2 complete T. V. T. Motors Corporation FIN NCIAL RKET AVERAGES |MANY INDUSTRIAL LINES DO NOT SUSTAIN IMPROVEMENT SIGNS False Starts on Road to Recovery Are Charged to Too Much Optimism Regard- ing Outside Trade—Temporary Rallies. BY STUART P. WE NEW YORK, May 21.—The security markets, since the termination of the | acute strain and panic condition at| the close of-last year, have had lwo‘; false starts on the road to recovery. One of these came in January, the other in April. and the characteristic in both cases was too much optimism | regarding "the immediate position in outside trade. These upturns have been followed by reactions which have not in any tsense been a renewal of the major downward movement. but have simply been secondary declines due to d iappointment because business cond tiens have not mended as fast as looked for, and because in the after- math of the great industrial depres- sion of 1920, there have come nume ous outting and passing of dividends which had not been sufficiently reck- oned upon. ¥y Trade Course Disappointing. There is no use denying that in ecertain directions the course of the recent trade movement has been dis- appointing. The improvement in the motor industry, about which o much | was said a month ago, which real formed the most important incentive for the April rise in stocks—proved to have been nothing more than a temporary rally.. In the same way oil trade has not sustained the signs of recovery which appeared so prom- ising a few weeks ago. due to a real excess of supply over demand or whether it.is not simply the effort of certain of the big oil in- terests to better their position at the expense of smaller rivals. But in either event the oil business, those has been set back into the uncertain class. Stocks Follow Slump. Ny 21.—Organization | tion of demoralized trade conditions. s The stock market. following closely ozctu%:??o oo?'im.’...ué;‘.‘ pra S — K these adverse incidents in the\ com > . 74.16 | mercial situation, 8 undone quite & export of edible ofls was voted at COTTONSEED OIL DULL. 333 part of the April advance, the same the annual convention of the Inter-| Now York, May 21.—Cottonseed ofl 1225|as the January rise was pretty well effaced by the downward turn in Feb- rukry and March, There is no sugges- tion, however, of Wall street getting into any such state of mind as it was in five months ago. So far as the di apointments in the trade movement are concerned, they are merely a case of hope deferred. ‘The best opinion -is still as strongly inclined as it ever has been, to look for a more sustained and general re- covery toward the end of the summer or perhaps the early autumn. It is true that even then no uniform ad- vance is conceded. Steel men, for in- stance, think that while their busi- ness may be better toward the end of the year. no real revival will come until the spring of 1922, Looks to Steels and Equipment. Much depends for the steel mills, and the equipment concerns as_ well, upon what sort of wage adjustment is going to be announced by the la- bor board June 1. But barring these and other particular instances, Where improvement may be retarded, and, considering simply the business vol- ume as a whole, the prognosis is that with the course of the year things will, gradually get better and prepare the way for a period of com- parative prosperity in the succeeding twelve months. This view has been expressed publicly by the Secretary of the Treasury-and by others in. high "places. It undoubtedly repre- sents the preponderant sentiment- aniong business men.. > . -With all the uncertainty, involving ‘unpleasant incidents, such as the passing-of dividends and the publi- cation of bad earnings- statements, that lles ahead, it still remains true that the darkest clouds have passed over the head of the financial com- munity,'and appear now only recede into the farther distance. Year Ago Recalled. It is worth while, in getting at a proper mental state toward the pres- At condition of things, to recall the situation of a year ago. Then we were at the peak of the credit strain brought about by war output and prices. The Federal Re- seérve Board had applied the brakes, but as yet without checking the up- ward course of bank loan: Everybody knew that deflation must come, and there was the gravest fear that it would result in a disastrous panic. Then, too, men were talkin brings acquainted by the new price, North 7853 INDIANAPOLIS There is a_difference of opinion as| to whether the recent price-cutting is| in-: not only about the ominous outlook in this country, but about tha crisis throughout the world. They were pic turing the nations of Europe as bank- rupt—if not actually. at least Prospec- tivelv—Dbecause their income was st 1l falling short of their outgo, and they were making no efforts to begin pay- ment on their huge war obligations. The difference between then and now in these two vital respects is an enormously important difference. Since Christmas week, when the strain was at its worst, the federal reserve system has added, chiefly through gold imports, $324,000,000 to its holdings of the precious metal. It has reduced its discounts of all classes by the tremendous sum of $1.050,000.- 000, and a good deal more than half of this reduction has occurred in commercial lines. These changes have brought the reserve ratio up from 45 to nearly 57 per cent—the highest since the midsummer of 1918. Turn in European Tide. ‘The turn in Europe's economic sit- uation has been quite as extraor- dinary as this improvement in our | credit conditions. Great Britain has !balanced its budget and expects to pay off this vear fully a billion dol- lars on its war debt. France within [ the last six months has reduced its external obligations more than a half billion dollars. When Germany be- gins to liquidate itx indemnity the j entente countries will be «ble to pay off at an even more rapid These accomplishments, along with | the deflation in wages and the in- crease of 27 per cent since last year in the purchasing power of the dol- lar. indicate the approval of a sit- wation which, if some distance away from riormal, at least, is entirely sound. Compared with changes so | fundamental, the question of the im- { mediate trade future—whether or not ! there are to be three to six months more of duliness and lean profits— 1s of obviously small importance. (Copyright, 1821.) OHIO OIL PRICES DROP. FINDLAY, Ohio, May 21.—The Ohic Oil Company today announced reduc- ! tions of 15 cents in the prices of Bix | Muddy and Rock creek oil. and an increase in the price of Mule creek oil. TRIPLE EXCHANGE HOLIDAY. i The New York and Baltimore stock exchanges will be closed from next Friday afternoon until the following Tuesday morning, making a three-day holiday for Memorial day. —_— NEW YORK BOND LIST. EW YORK, May 2L , registered 26, coupon U. 8. 35, registered | U. 8. 4. coupon { Panama 3s, regi Panama 3s, coupon - American Smelting_and Refining 5 American Tel. and Tel. cv. 6 Armour & Co. 414s . | Atchison general 4s . Atantic Coast Line 1st 4s. 411 ate Central Pacific Ghesapeake and Ohi Ohicago, B. and Quincy | ML and 8t. P. Joint 4s. 1. " cv. 41, Chicago and ) Chili Copper, col. trust 6. City of Paris 6s Colorado and Southern ref. 43 Denver and Rio G consol. Dominion of Canada 3s (1881) Brie_gegeral 4s GemTar Blectric Gredt Northern lst 4i Iilinols Central ref. 4s. Interborough Rapid Transit 58 Int. Mer. Marine Kansas City Southern ref. Liggett & Myers 5s . Louisville and Nashille Missouri, Kan. and Texas Northern Pac.-Great 1 Oregon Short Line ref. 4s. Pacific Tel. and Tel. 5s. al ding general ds . Republic Iron and Steel 35 ( St. Louis and San Fran. R. K. Seaboard Air Line ad, thern Bell Tel. Southern Pacific cv. Southern Railway 58 1 Southern s, rol Wabash 1st . Wilson & Co. THEATER OWNERS HEARD IN THE MOVIE INQUIRY Harry Crandall. Julian Prylawski and Others Testify Regarding Prices Charged Here. Harry Crandall, representing a number of moving picture houses in the District, and Julian Brylawski, proprietor of the Cosmos Theater, and a number of other proprietors and managers of moving picture houses in the District were witnesses yesterday before the special subcommittee of the House District committee which is investigating safeguards for the public and prices of admission to places of amusement in the National Capital. The - hearing was devoted espe- cially to an inquiry with a view to determining if excessive prices are charged at local moving picture houses and to get an explanation of why higher prices are charged for the same picture at some houses than at others. The theater managers contended that they are giving the cheapest form of amusement available for the American public today. They said that, their charges are as reasonable as can be found in other places. ADVERTISEMENT. Free Trial of a Method That Any Ome Can Use Without Discomfort | or Loss of Time . We have a method for the control of Asthma, and we want you to try it at our expense. No matter whether your case is | of long standing or recent development, ‘whether it present as occasiopal or hronic asthma, you should send for a free | trial. of our method. No matter in what promptly. 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