Evening Star Newspaper, May 22, 1921, Page 35

FINANCIAL. SPORADIC BUYING | Week’s Price Range New York Stock Exchange INSTEEL oW Purchasers Placing Orders Only as Needs Arise—Cop- per Shows Firmness. NEW YORK, May 21.—Occasional fair orders for steel for structural pur] s and from railroads, automo- bile concerns and for export give the appearance of moderate activity - at times, but at best the buying is spo- radic and not continuous and produc- tion is only about 20 or 40 per cent of mill capacity. Cautious about stocking up, buyers place orders only as they need the steel for immediate use. The undertone is st though there have been where shading has been resorted to by some of the independent com- panies. Pig iron has been more a fair eastern demand, es: pipe manufacturers. T however, is still_disa; the tone easy and uns: Firmness in Copper. Copper has shown _considerable firmness, with further sales for ex- port at prices ranging up to 13%, F. A. S. Pacific coast, for Jupan, Since the first of May it is estimated ex- port sales have aggresated 20,000,000 pounds. but the Japanese buying now has fallen off and the bulk of the more recent ‘business h:s been for shipment to Germany and France. Among domestic buyers there has been a fair demand for June and July deliveries. Returns so far received point to a sharp reduction in the United States output for April. and the prospect for a steadily improving statistical position is supposed to be reflected in the attitude of sellers. Lead is_easier because of liberal offerings by western operators and a marked falling off in demand. Tin has shown irregularity owing to erratic changes in London. Aside from a little buying of futures for English account, demand remains poor. Zinc has been quiet but firm. Al- though consumers are showing more interest, actwal business is small. Domestic prices are”now well below |. the prices at which foreign zinc could be imported into this country. Antimony is firm on spot with stocks strongly held. BALTIMORE PRODUCE. BALTIMORE, May 21 (Special).— The wholesale markets were display- ing quantities of native and nearby spring produce today. New potatoe: cabbage, lettuce, peas and strawber- fies were in abundant supply, but under a good demand prices heid up well Norfolk and Rappahannock potatoes sold from $6 to $7_ a barrel and cabbage, $2.25 to $2.75 a crate. Early June peas brought $1 to $1.50 a basket. Lettuce is in more liberal supply and the tendency of the market was downward, 75 cents 0 $1. ng prevailing prices today. % Radishes and rhubarb also are in ‘liberal receipt and prices lower, 1% {to 2 cents a b being quotations for Rhe former and 3 to 4 cents for the jlatter. Kale and spinach are holding lup well at 40 and 60 cents a bushel. :Native and nearby ‘asparagus is in 4g00d demand and, under only mod- erate receipts, prices advanced, $2 a dozen being lowest quotations, with $4_the top price. The demand for old potatoes has shown a little more life during the past few days and some of the old \ accumulations have been cleaned up, which gives a firmer undertone to sell at 75 to 90 cents. ‘While current receipts of strictly fresh nearby eggs have been mod- erate the past week, there is a fairly liberal supply of western stock being * offered, and with no snap to the de- mand ‘the market closed easy with values lower, 23 cents a dozen being the top price. The tone of the mar- ket was weak at the decline, and the trade is looking for further low- ering of quotations, hence prompt shipments are advisable. The tendency of the live poultry market has been lower on spring active movement. stock will' bring 45 to 55 cen pound, but those weighing less. than one and a quarter pounds can only be sold at a discount. Leghorns are plentiful and slow sale at 40 cents. Old_hens in ample supply, and only desirable, fat fowl attract any a! tention 32 to 33 cents. Ducks in ample supply and demand limited at 25 to 32 cents a pound. Receipts of strawberries have been lighter the®past two days, and the market is doing better, but most of the stock arriving in soft, inferior condition, which the packers are get- . ting at lowest prices quoted. Choice, jfancy berries are bringing 18 to 30 scents a quart, but run of the patch { have to be sld as low as 10 to 12 * cents. . —_—— GRAIN AND PROVISIONS. CHICAGO, May 21.—Wheat climbed rapidly in price today, stimulated by }erop damage news, The market closed | atrong, 3% to 6 net higher. with May 3.65% 1o 1.65% and July 1.28 to 1.28%. iCorn gained % to 1% and oats 2% . In provisions the outcome wvaried from 9 decline to 10 advance. Serious actual depreciation of t winter wheat crop aiready, as well as heavy prospective loss, was a gener- ally ‘accepted interpretation of cur- Fent reports from fleld experts. Bulls contended that such an outlook w: Epecially significant at present. be- cause of a probability that the coun- try was going into the new season with a much smaller carry-over of supplies than usual and that shorts in the July delivery, as well as in . May, might encoun a notable squeeze. Abnormal high tempera- tures ahd absence of moisture tended further to arouse apprehension. Be- sides the Kansas state report ind! cated a yield 22,000,000 bushels less than was harvested in 1920. On the other hand, the country sold cash heat freely on the bulge and In the mple market the greater part of the premium over May disappeared. Corn and oats were swept upward Ly the strength of wheat notwith- sianding that as many as 500 cars of corn are expected to arrive here on Monday. Provisions average with grain and hogs. NEW YORK., May 21 strong: No. 2 red, 1.81; 1.84 and No. 2 mixed durum, i. f. track New York to arrive; No. 1 Manitoba, 1.96 ¢. i. f. track New higher 10-day shipments. 0. 1 white, 52. TRADE CONDITIONS. NEW YORK, May 21.—Dun’s review of trade says: “With no general departure from the policy of restricted buying, a full reflec- tion of the factors making for better business is still lacking. Confidence in the future, although increasing, does not lead to vigorous action, the Wain atti- tude continuing one of hesitation. While unseasonably cool weather has tended 10 impede progress, other conditions are even more influential, most interests awaiting an extension of the industrial readjustments and a further lessening of price uncertainties. “The movement toward more settled markets is well defined in some chan- nels where more than a year of deflation has brought relatively low prices, but stability is yet to be attained in various quarters, and important commitments are being deferred wherever possible. Despite the various unsatisfactory fea- tures. however, there is more basis for encouragement in the general outlook. “The easing of the monetary tension, as disclosed by the reduction of dis- count rates at several leading centers, marks a constructive development, and modification of the depression in for-. 3 olgn exchangsrates is also helpfull High. Low. Div. —1921— Rate. 4 19%¢ 52 4 3935 T 1% - 5534 9324 Corrected to the Close of Business May 21, Saf High. Low. Div. - Close. Cbge. ||—1921— Bate. turday, at the Office of The Evening Star. 1921, Net. 2036 — Lackawanna Steel. Laclede Gas, Lee Rubber. Louis & Nash. Manati Sugar... Manhattan Elev-. Market St Ry.. Market St Ry prior. Market St Ry pf....., Market St Ry 2d pf.... Maxwell 1st. . May Dept Stores. Mexican Pete. MStP&SSM Mo Kan & Tex Mo Kan & T pf. Mo Pacific. . Mo Pacific pf. .. Montgry Ward... Mullins Body... Natl Acme. Natl Biscuit. Natl Conduit Natl Enameling Natl Lead. Natl R R Mex 2d. Nevada Copper. NO Tex & Mex N Y New Haven. NYOntario& W. Norfolk Southern. .. Norfolk & Westrn. . Nova Scotia Steel. Oklahoma Prod. Orpheum Circuit. .. Otis Steel. ... . Owens Bottle. Pacific Develop. Pacific Gas & Elec. . Pacific 0il. Pan Am Petrol. . Pan Am Petrol (B). Parrish & Bing. Pennsylvania. ... Penn Seabd Steel. Péoples Gas. Pere Marquetts. Pere Margq prior pf. Pere Marq pf... Philadelphia Co. Phillips Petroleum. Pierce Arrow... Pierce Arrow pf. Pierce Oil. .. StL &San Fran.... 8t L & San Fran pt. 8t L Southwestrn. 8t L Southwn pt. Santa Cecilia Sug. . S8axon Motors. Seaboard Air Line Seaboard Air L pt. Sears Roebuck. . — Seneca Copper...... 263 — Adams Express. 455 4B+ x%|[Ws D5 6 44 — AdvRumleY...ceew 1734 16% 165 — 1%([ 5734 40 — 43 6 Advance RDf.eewew 48% 4814 4834+ 34/l 29% 17} 2 3214 4 Air ReductiODeeeees 37% 37 37 + %[ 5615 475 2545 — AJaXRbber..ceey 324 313 32 — 14[lIS34 138 12 1 — AlaskaJuneau..... 1¥ 1§ 1K+ %213 15 2 38% 4 Allled Chemical. 45% M5 a5 — 3|12¢ 9% 1 8% 7 Allled Chemicalpt. 9135 9035 913§+ 135/(164%4 136 12 { 4 Allis-Chalmer: 37 353 35— 15(103% 97 7 5% 7 Allis-Chalmerspf.. 76% 76% 763+ 34|/ 89% 643 10 45% 8 AmAgriChemical.. 50% 47% 5 +3 [|58% 490 7 36 — Am Beet Sugar. /Y- %l 7 3 -= 45)4 5 Am BoschMagneto. 4813 453} 451§ — 415| 45)6 386 — 5 = 285 — 134/ 18 16 — T 84 8 7 — 120 12 AmCar&Fdy 124% — 2% T 2% — 6 — Am DruggistSyn. 6% — %12 5% — 20 8 BI + %|[BY 6% 8 Co= 1135 — 34/167% 12 0% — 8BY+ % 2 2 4 55 8% — AmInterngtional... 4% 4% 45% — 2% 8% 1 AmLaFrance 0% 9 9 =% 28 — AmLinseed... B8 29 — 74 2% 7 AmLinseedpf...es 74 124 -1 || 3 2 81% 6 AmLocomotive. 8 86K Sev— M| M 4 - 663 4 Am Radiator.. 0% 0% — K[| B/ 16— 5% — Am Safety Razor. 6% 5% 64— 4 f% BY — 6% — AmShip&Com.... 1B 10 10 — 3 ;y 145 — 3% — Am Smelting.. Wi— % 30/‘ a - 684 7 AmSmeltingpf.... % 2 13% = 95 8 AmSnuff.......... 107% 105 1004+ 14 ot 7 2836 3 AmSteel Foundry.. 30% 29 30 &5% - - i 7 AmSugar.......... 92% 90§ 90X — 3% & % 6 10 7 AmSugarpf....... 102 1004 10035 — 3§ 0% 6 5 8 6% + 434 6% K= 953% 9 ; ar n2 12 & P & 110 12 Am Tobacco (B) 12636 124% 126 +5 e 8 6 AmTobaccopt(m. 9 884 N0 — | 3 57 -7 AmWoolen........ 7% % 15 — % =~ ;’;i‘ 2% — AmWriting Pprpf. 354 34 349%—- 124 ¢ 16 _l :;% - X! “l;:z 9 - 24 4 AssoDryGoods..... 3% 32 I — ¥ r :};; ; 0% 6 Atchison......ee... 83 805 804 —1 ek 75% 5 Atchison pf. 7% 6 T — X% st il %) — AtantaBir&gAt... 3% 25 26— DI i 5 71 7 AtanticCstLine... 82) 803 8034 — 13§ 305§ 204 2 54 — Atlantic Fruit. 8 6% -2 |y 15 — 30 10 AtianticGulf... w05 3% B+ % 3 435 2 29 — AtlanticGuif pf. Uy 3% I+ 19 1% — 17 2% Atiantic Petroleum. 18% 17 18 — LGl % 08 = 8 — AustinNichols..... %4 8 8- D¢, e & 82 7 BaldwinLoco...... 88% B84% 88— 34 ™% 6% 6 3035 — Balto & Ohlo....... 42 39 9% — % n% 5. 6 50) 5 BethSteel......... 9 8% 5 +17 8% 12 - 53% 5 BethSteel (B). 5814 585§ — 14 ay w5 2 99% 8 Beth Steel 3% Pf. 1025 10286 — Baji 1o 8 — 4 — Booth Fishegjes. o - 5}’2 5B6 3% — 10X — Bkiyn Rapid Tran.. 13% 12% 124 — B4 1% — 6% — BKlynRTetfs..... 8% 7% 8+141o" a 51 — Bklyn Union Gas. 2% 6 W +5 |l g 3% — Brunswick Term. % 4% - K Bs 3 3 4% — Butte Copper & Z. 5% 6 5 = 3 3% 24 — 103§ — Butte & Superior. 1% M 1 — Ko 19% — 11§ — Caddo Central. 15% 15%—2 %% 8 54 6 Calif Packing... 3% — 25 — Calif Petrol. &8 68)4 7 Calif Petrolpf.... 647 U1} 2 Calumet&Arisons. SU% S Si— %l J¥4 1083 10 Canadian Pacific... 1163 113% 114 — llgs g0 °0 K — 7 6% 64—1 6 54 4 313 — 2% 3% BU- Klhg g 4 8y 7 o Ws W+ Bfl5L a0 o 1% 8 202 201% 202 % 3 4 3 - 31 B U+ X w5 82 8 64 10 Chandler Motors. o5 6 65 —1 f,.7 o O 55% 4 6 8B K- o5 6 4 % - 9% 8 8 — Nl g 155 — 0% 1B 19 % 0 2 = 0 WE A%+ % 3 255 — » - 5y A% B— % 08 B — 603 5 Chi& Northwn..... O3 Oh6 — gl gyl bo 9 7 Chi&Northwnpf.. 101} 101 101 — % s 1475 — 2% — CniRI&Pacifio.. 38§ 314 36— Xl g0 50000 5% 6 CuRI&PS%DPL... & 6 65 — | 5. 1946 — 6% 7 CURLEPTRDL... 736 5 T =3 |l 5% _ 9 — Chile Copper. 1% N% 12K 04 5 — 1936 — ChinoCopper.....e 20%+26 24+ X% 3% - 41 = CluettPeabody..... & 41 4 55 2§ — 19 — Coca-Cola. 2% N 2%+ K % 24 — 26 3 Colo Fuel & Iron. 3 3 + X % B4 — 2% — Colo & Bouthern. M4 36 1% 85 - 564 6 ColumbiaGas. 9% 60+ Xliger ol — 5§ — Columbia Graph ™ 7 %+ X% 06 195 34 7 ColumGraphonetpf. 3% 35 35 —1 7 % — ' 34% 4 CompTabulator.... 403 38 3 — 2% /s 7 64 — Consol Distributors. 8 7 8 +1 26 199 — 7% 7 ConsolGas......... 9% 8% 8B — 1% % a8 — 4% — ConsinterCallaban 5% 5 5 — Wl 55 - 17% — 19 19%— or 1 6 % 7 6 4TU- K 4% 19 — 1 — ContCandy. 1% 1% 1% 06 5 b 65 4 Corn Product: T3 6K OOK — 4% 65 135 5 2574 250 Cosden & Co. 7w 3B — K| o o 703 8 Crucible Steel. 7% 0% 71— T4 B i e 20% 2 Cuban Am Sugar A 2% BU— % 7w 2 18% — Cuba Cane Sugar 20 185 18— KL 7 — 57% 7 CubaCaneSugpf... 61 59 5 —2 B AT 23 4 DavidsonChem.... 31} 31 3+ X s E 0 9 Wy 99 — 3% Fos e o 224 10 uz M+ 4l 8 7; i 1 — Denver &RGpt 5 1 1=y & 10% 1 Dome Mines. W 195 1% — Kl 3‘7% 6 52 5 Endicott Johnson. % % — g2 17 - 1% — _l 48 8 FamousPlayers. 5% 175 160 23 4 FedMines&Spf... 21% 264 2% — X% 1 16 9 10 8% — 1% fi" 5.6 m4 — 15% =1 s 3:% —s 13% — 16% + M| 7% 1% — Gaston Wilims..... 134 2534 1% — 404 — Gen Asphalt........ T3 68 68) — 234[12 1125 10 80 5 Gen Asphalt pf. 105 — 4|8 6 4 54 6 Gen Cigar Co. 61% + 1%|| 34 s — 120} 8 Gen Electric. 135% — 34[(106 8 8 12% 1 Gen Motors. 1255 — %07 96 8 66} 6 Gen Mot 6% deb. 6 12% 9% — 675 7 Gen Mot 7% deb. 79 — 1B 19 — 34 — Goodrich (BF). 3% —1./61% 48 6 17 — GranbyConsol..... 24 22§ 24 — 3[(19 113§ — 665 7 GreatNorthernpf.. 71K 06% 663 — 2| 27% 176 — 2836 4 GreatNorthnOre... 30% 2 2036 — 34| 744 64% 8 8% 2 583 A5 — g 2 7% 635 8 7% — Gulf Mob& Nor.... 1037 9% 8 2% — GuilfStatesSteel... 39% 33§ 34 —6%|(3%% 26 — 54 4 Haskell& Barker.. 57% 55% 56 —1 |84 70¢ 5 15 — Hendeo Mfg. 19% 19 194 mz 107 7 58} — Houston Ofl...eeee. 81 75} 75— 2 |[5034 453 4 113 1 Hupp Motor. 183% 12% 12— 3|(12% 8% — 8% 7 IllinoisCentral. 2l 0 %0 a 26 - 29% — Inspiration... 3|l 42 2% — 3% — Interboro Con. Kl &8 8 104 — %l 9% 5% — % — K¥l9 7 - 2% 5 24|24 18 ~— 8t 7 P = = uflms 9 - e % + 4z 1B -~ 30 — IsterMotorTruck.. 373 3 I+ X[ 0% B — 13%§ — Inter Niokel.. 165 1556 15% 0% 6 6 8% — 67 %+l M7 Wi 18 18— 15l 0% 2% 4 a1 - 1 A -1 ||mws 8 - 3% — IslandOil. 3K 4 19% 14 — 4 — JewelTea.. 8 8K “ o B 4 18%4 — Kan City Sou B/ 25 2% — K|l 176 13§ — 45% 4 KanCitySoupf.... 514 58 S5ii a4 B8 5 3 Kelly-Springfield g s — — Kelsey Wheel.. 0 - Shattuck Ariz Cop.. Shell Traas & Trd.. Sinclair Consol Sloss-SheMeld South Porto Sug. Southern Ry pt. Standard O1l NJ Stand OLIN J pt. Steel & Tube pf....... Stewart Warner..., Stromberg Carb. Studebaker..... Studebaker pf. Submarine Boat. Superior OM........, Superior Steel...... Tennessee Cop Tide Water O11 Tobacco Products. . Transcontinental. .. Transue & Willms. . Union of1. Union Pacifle..... Union Pacific pr.. United Alloy Stl. United Drug. United Fruit. United Ry Invst. United Ry Invpr United Retall Strs U S Cast Iron Pipe.. U 8 Food Prod. U S Ind Aleohol. U 8 Rubber 1at pt.. U S Smelt Refin.... U S Steel.... U S Steel pt. Ttah Copper. Utah Sec Corp. Vanadium Corp. ... Va-Carolina Chem.. Western Maryland., ‘Western Md 2d pt.o ‘Western Pacific.... ‘Western Pacpf. ‘Western Union..... ‘Westinghouse Elec. ‘Wheel & Lake Erfe. ‘Wheel & L Erie pt. ‘White Motor. ‘White Oil. ‘Wilson & Co. Willys Overland ‘Willys Ovind pf. 5134 115% 1 8¢, 43. . 6 Worthington Pump— 533 - 503 = OECdividend,. . 6134 36¢ /g 9 — X 8 54+ % 2614 *26% 523 52— 1% 148 *150 + 2% 165 16— % K% 14 1550 156% + 2% 9 9 -3 68 *68 — 2% 0 # +4 5 5 — % 2% 2%- % 8 18 — ¥ 71 —1% 5% K- % 5% 64+ % 8 88 +1% W% W%+ % 2% BU+ % 1BK BYE— % 8 2% — % 12K 12%— 1% n B +3 25 B— 0 4 21 21 — 39 40%+ 21 21 21 21 — 2% 213+ 15 15 A PR 505 5034 — 7% W K- 2% SH s = 1212 - 65 6 —1 8% 6 —3 6 68% — 2% B B+ 24 18% 18%— % W5 15— 3% 125% 12% % 95— X% THE SUNDAY: BTAR, WASHINGTON, D. C.. MAY. 22, 1921_PART L. CONDITIONS ARE IMPROVING THROUGH MCRE LIQUIDATION wer cutng way 1. w01 3. | Wage Reductions Are Making for Better Business—Important Price Concessions Help—Drastic Dividend Cutting. BY L A, FLEMING. Conditions are Rertainly beginning to show something tangible in the way of improvement, but it is being accomplished by drastic liquidation in securities, which every one be- lieved liquidated to the final stage @ year ago; liquidation in labor, con- tested at every step, but none the less ‘being liquidated and by the declin- ing trend in the cost of production and marketing. These are the essential elements that are sadly needed to further re- cuperation. It is next to impossible to produce goods at lower prices, to return to a pre-war basis, while wages keep on higher levels, and this, the hardest problem, seems to be near the final liquidation’ It has been only the beginning of the wage reduction, scratching the surface, but with commodities reach- ing lower figures, wages must fol- low. The only argument in the wage Aght that the opponent can advance at this time is that rents have not come down, but have rather ad- vanced. The housing problem, aided by labor graft and dishonesty of “agents,” not only among union ranks, but .among material men and even capital employed in building, has become @ serious proposition the country over, a problem that should not be handled with gloves. The Federal Reserve Board, in its latest bulletin, the May number, re- ports the number of employes on pay rolls of representative establishments April 1, 1920, as 1,737,717, 'and @ year later as 1.303.792; pay roll, Apri] 1. 1920, $52,286,464; April 1, 1921, 336,- 726,380, & decrease in the number of employes of 25 per cent, in aggregate wages, 29.3 per cent, and the average weekly decrease per employe, 6.4 per cent. Cleveland and Atlanta dis- tricts, with Kansas City, have prac- tically cut wages in two. These fig- ures are based on the employes of a number of great corporations in gen- eral lines. It is interesting to mote that pay rolls in _cotton textiles have de. creased 32.6 per cent; woolen textiles, 211 per cent; silk textiles, 15.6 cent; clothing, 33.4 per cent; boots and shoes, 24.10 per cent; lumber. 41.9 per cent; building materials, 55.1 per cent; building construction, 22 per cent; meat packing, 54.9 per cent; iron and steel, 63.2 per cent; automo. biles, 44 per cent; oll, 21.5 per cent; farm machinery, 44.4 per cent; to- bacco, 41 per cent; cent and public utilities W3g increased 0.9 per cent. These changes are real and actual. That they have been materially ac- centuated in the interval between April 1 and date goes almost With- out saying. In this district, the fifth regional, we have a little less than the average reduction. The railroads have issued a chart <|of the schedule of wages paid to employes, the book value of road and equipment, the percentage of wages per dollar earned and the ag- gregate return to holders of railroad wecurities for the five-year period ended with 1920, inclusive. Book: value of roads and equipment has increased from $17,843,000,000 in 1916 to $20,000,000,000 in 1920. - turns to security holders fell from $1,040,084.517 in 1916 to $62,264,421 in 1920, while wlge..l.‘flollovdngnt,l‘n r?r:: 1ine moving st y" upwal from $1,468,576,394 in 3918 to $3,742,- 486,936 in 1920. (4 These facts are incontrovertible. Railroads today are in a dangerous condition. from an investment point of view. Tens of thousinds of hu man beings are dependent on thedin: come from railroad securities for their support, and with the cutting and passing of dividends their chances of reimbursement are rather poor. . ‘When Pen{lly iull its dividend times are not goo Wall street today has its doubts about the most reliable of railroad companies paying the usual dividend. Aftr bne of the corporations cuts its dividend or passes it entirely ‘Wall street is inclined to give' the corporation credit for having an hon- est of directors, inclined to conserve® cash resources, and there- after generally refrains from attack- ing the shares of the come-clean cor- ration. POt ia through’ this deflation that we shall eventually recover and Teach the much desired condition known as normal. It is a_slow and painful process. but one that cannot be avoided. The rich have taken their losses, so-called “unearned cap- ital” has been hard hit and none has escaped. And still there is plenty of money, in banks and in the securities of the government, 'hhih l'tl-ve bee'f; dllfly 1 in pularity as other in- Seatments have shrunk in value to the uninviting point, so far as con- servative investors are concerned. Some Price Recessioms. - The statistician of the National City Bank of New York has com- piled values of a number of stable articles, quoted at the prices in the country from which the merchandise is drawn, “since our valuation of im- ports represents the price of the article in the country from which it e rted.” u'r:?: comparison, which represents Mar 1921, prices and March, 1920, prices is decidedly interesting. Up to and Including Sales. BONDS. $6,000—Ana. and Pot. River R. R. 5i 7,000—C. & P. Telephone 58 97,500—Capital Traction 1s The Year 1921 to Date on the Washington Stock Exchange. Faraished by W. B, Hibbs & Co., Hibbs Bullding. High Record in 1820, $0.09 063 Mareh Raw cotton Wool, clo. 442 Cattle hides Goat skiny . paper . : —Quotations ‘are pei xcept and manila hemp, which' are per Bvidently the cost of living is reaching lower levels in other countries faster than ere. An Important Comparison. A map recently issued by Swift & Co. in: ting the number of invest- ors in each state in the Union own- ing shares in the great packing cor- poration is decidedly interesting from a local standpoint, as indicating the relatively large number of such stockholders here, as compared with the number in many states. The District of Columbia, a great investment center. is given credit as glvlng 124 shareholders in Swift & = b Not a southern state, with the ex- ception of Texas., Louisiana and Georgia has more than 100 Swift & Co.. stockholders. The District of Columbia leads ‘Washington, Wyoming, Idaho, Utah, Colorado, Arizona, New Mexico, Ne- vada, Oklahoma, the Dakotas and ‘West Virginia. Illinois leads all other states, with an army of 8,684 investors holding Swift & Co.’s stock. Getting Along Abroad. Secretary of Commerce Hoover, in an address during the past week, re- ferred. to the fact that Europe was now assured of foodstuffts for her people for another year and that there would needs be no further call on our charity. This is good news. Secretary Hoover also declared that |, we “were solving our domestic prob- lems.” More Hopeful Attitude. The First National Bank of Boston finds a number of things that have contributed to “a more hopeful atti- tude.” Chief among these is the de- cision of the administration to old aloof from FEuropean affairs of a strictly European trend; also the stand taken by the administration in refusing to consider, apart from the allies, proposals emanating from Ger- many. This New England institution finds encouragement _ in the increasing sales of raw materials, and especial- Iy hides, etc, and also notes a healthful ‘reduction in the former tremendous stocks of finished leather. It also predicts the end of the period of deflation in the wool industry, al- though working for continued irreg- ularity. “In New England there has been a very noticeable betterment in feel- ing and a rather_striking increase in manufacturing. Cottton mills are running more hours per week and this movement has now extended to tire yarn and fabric mills. Woolen machinery is more fully employed, the gain being conspicuous. The ‘whole hide, leather and shoe indus- try is more active and is in one respect in a more fortunate and healthy position, in that the surplus of hides has finally been marked down to reasonable figures.” Bankers’ Convention. general committee having in ‘the convention of the District Ban| Asmsociation at White Sul- phur Springs 18 holding off . an- nouncements that interest may not reach the high point and subside fore the date, June 11. Every preparation is going on for 2 useful convention and ample enter- tainment for the bankers and their Buests. Leaving here June 11, just before noon, the special train will reach ‘White Sulphur that evening in time for dinner. The guests will amuse themselves as they may elect untjl Sunday evening, when a concert will be given. Monday morning a bridge party will be arranged for the ladies and Monday night there will be a ily dinner” of the entire party, fol- lowed by a dance. Auto rides, bath- ing, base ball and other.forms of amusement will be arranged. The convention will be held Mon- day and Tuesday mornings, so as to give the bankers ample time for golf and other amusement. It is hoped that the discussions will be attractive and interesting enough to force a third session. 'W. W. Spaid of W. B. Hibbs & Co. is in charge of the entertainment, with able assistants. George O. Walson is the general chairman of the committee. While there is very little doing in the local security market, prices are holding up in a good display of strength. During the weeks of conversation with a view of bringing about a mer- ger of the street railways of the Dis- trict the shareholders of the two com- | panies have been more interested in ] their earning power than in a merger, because it is recognized that condi- tions exclude a merger unless one sidp of the other will back down, and neither showed any disposition .in that direction. The week has witnessed a small gain on .Railway preferred and @ slightly better show of strensth in Mergenthaler; otherwise there are no changes of impbrtance. Local bonds have been quiet but reasonably, firm. Friday, May 20, 1921. 58, ty and Suburban Ry. 1st 5s. 2,000—Ci 12,000—Metropolitan R. R. 1st 5s.. 5, Pot. Elec. Power 1st §s. 61,000—Pot. Elec. Power con. 5s.... 12,500—Pot. Elec. Power deb. 6s. 42,100—Pot. Elec. Power gen. 63 2.000—Wash., Alex. and Mt. Ver. b 55,600—Wash. Gas Light gen. 136,000—Wash. Ry. and Elec. con. 4 37.000—Wash. Ry. and Elec. gen. 6 116,600—Wash. Gas 7%s. 100—D. C. 3.65s... Shares. STOCKS. 1,964—Capital Traction . 1,328—Washington Gas. 2—N. & W. Steamboat. 1,033—Wash. Ry. and Elec. com. . 1,565—Wash. Ry. and Elec. pfd. 2—N. & W. Steamboat 226—Wash.-Va. Ry. com 5—District Nat. Bank 362—Continental Trust . 120—National Savings and Trust. $0—Security Sav. and Com. Bank. 17—Union Savings ... 40—Corcoran Fire Insurance. 6—Nat. Union Fire Ins. .| #36 10-20—Col. Grapho. com. 130—Col. Grapho. pfd 78%—Mergenthaler Linotype 997—Lapston Monotype ..... 43—Washington Market *New York price, 7. SNt A, ... . W " FINANCIAL. ESTMENT-FIRM BUYSNEW HOME The Washington branch of the old investment house of Redmond & Co. has acquired the property No. 1516 K street northwest, the lot being 21 by 150 feet, with a four-story residence, now being remodeled for business purposes by William Ray, in connec- tion with Alexander Britton Browne i L and the Randall H. Hagner Company. 2 Y S | La dall H. Hagner Company conducted the negotiations for the sale of the property. As soon as the building is ready for occupancy Redmond & Co.. will re- from their present quarters, 15th street. occupying the first second foors of their own building. The company’s officers say the move will give the enlarged space neces- sary to its requirements. Redmond & Co., have their main offices in New York city. with branches in Philadelphia. _Boston, Bal Washington and es. The local branch is under the management of Frank P. Morse. NEW YORK COFFEE MARKET. NEW YORK, May 21.—The only business reported in the market for coffee here today consisted of a few sales of July and Septembér late in the morning, when there was a little bu_ylng on reports of higher milreis prices at Santos. The market opened unchanged, but sold up to 5.91 for! July and 631 for September and | closed a® a net advance of 2 to 6 point; Closing bids, May, 5.77; July, 5.92; Septemb: 6.31; October, 6.46; December, 6.77; January, 6.87; March, Spot coffee dull; Rio 7s, 6: Santos 4s, §% to 9%. No fresh of- fers were rcported in the cost and freight market. Brazilian port receipts 38,000 bags; Jundiahy receipts, 20,000 bags. Rio cleared 3500 bags for New Orleans and Santos 23,700 bags for New ork. George Y. Worthington and the Ran- fE——r—r! time will Soon be here. Will you have the money for that b time?" Start saving for it NOW. g% Safe Deposit Boxes, 3250 & Year Un. 1336 N. Y. Ave. Money to Loan Secured by First Deed of Trust on Real Detate. Prevailing_interest and jesion. Joseph 1. Weller ;{:‘f’;‘. “Gilt Edge” 1% First Mortgage Notes Now on Hand In Amounts of $250 Up to $5,000 We look after all details and furnish guaranteed titles with all notes, Chas. D. Sager 923 15th St. N.W. - Established 1887. DAVID J. HOWELL & SON, Engineers, Union Trust bldg. Town planning, Reports on and economical development -of suburban _properties. and pavements. Water works and sewerage systeme. ,_Valeation, Management. Our 20-Payment Plan Will help you buy high-grade dividend-pa: ng securities, paying in small monthly in- stallments. Build An Income With Your s.vi-‘.I Write for booklet. We also buy for cash or on conservative margin. SCOTT & STUMP Stock Exchance Bldg.. Philadelphin 7% REAL-ESTATE NOTES Conservative Valuations Secured by first deed of trust on high-ciase propertics. Responstble makers. The activity in thisstock is due to a contest for the control of the company. ‘Whatis its position now? GLOVER & FLATHER 737 15th St. N.W. i LIBERTY BONDS. | The reduction of rail wages on July Ist will improve the earning pos- particularly Rock Island Frisce BOUGHT AND SOLD FOR CASH on Liberty Bonds Liberty Bond Exchange 004 14th St. Satisfactory Invest=- ment Securities Are | FIRST MORTGAGE NOTES =~ | Which Will Net You 7 % Interest Free from the worrles of risk or loss, conservatively secured Write and ask for 39-W DILLON 255 STOCKS-BONDS on improved city property. Guaranteed titles furnished with all notes. Property in- sured against loss by fire. We attend to collecting and remit- ting interest the day due. No Expense to Investor i Call Main 98, Loan Dept., for Complete Details Wm. S. Phillips 1409 New York Ave. KRIEBEL & CO. I ‘Benkers Investment 137 South La Sslle St., Chieage Sammes Clty tedissagefs Moshdord Sweshes GRANT F. CHASE, Public tant and Anllilorl 247 Woodward bidg. Tel. Main 1850. Systems installed. Pegiodic audits. Income tax matters. Invitation Call us on the telephone (we have a special telephone wervice for your accommoda- tion) or write us ar eall at our office when you are im Baltimere. About 40 out of every 100 mew customers como to us from old customers. This in- dicates the value of our brokerage service. Tell us the New York Curb Market stock ih which you are interested and let us keep you posted. Ask for “Investor & Trader” —our 12-page weekly, con- tains late market news and quotations on active New York Curb Market stocks, charts, al articles and a concise review of general conditions and market trend. Call—phone—write for UU434 Conveniently located office: 433 EQUITABLE BUJLDING, BALTIMORE ome St. Paul 8451 How About Yot;r Rental Property? Leave the care and man- agement of your rental property to us. The collections will be made promptly and remit- tances made on the dot. Special attention is given to keeping down repair bills and selecting reliable ten- ants. g - This service costs you -only five per cent of the rentals collected. B. F. SAUL CO. PM Management 934 N. Y. Ave. NW. JONES & BAKER Membsrs New York Curb Market " Attention, Bond Salesmen! If you are qualified to fill a manager’s chair it will be to your advantage to call Franklin 6603. No matter what your income is, we can double it. Advancement to a high executive position is- only limited by your abilit_y. The bond you will offer is the most unique on the market today, combining in addition to 6% interest a participation in profits over bond interest. This bond is recognized and passed upon by State Banking Departments, and is recommended by leading financial journals as “one of the best and safest invest- ments on' the market today.” ACT NOW