Evening Star Newspaper, July 15, 1921, Page 13

URGES BETTERUSE WESTINGHOUSE CUTS PRICES. PITTSBURGH. July 15.—The West- FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Continental 011 Co.. Crescent Pipe Line Co. Cumberland Pips Line. Bureka Pipe Line. Galens-Signal 0il Co. com.. - S8 =2 @ throughout the central west came yes- terday with rains and cooling breezes. In St. Louis the average temperature from June 1 to July 14 was 89 degr« Open. High. Low. Olose. Open. High. Low. Close. ] Alaska Juno...... 1% 1% 1% 1% |Southern Pacific.. 64 76% 76 6% : Allled Chemical... 88 33 37% 3% |Southern Rallway. 19% 18% 10 19 Allis Chalmers. ... 81 81% 80% 31% |Stand Oflof NJ... 14K 1% 134% 1M% : Allls Chalmers pf. T1% Ti% 7T0% 70% |Stand Ol N J pf... 106% 106% 106% 108% % . Am Beet SUgAr.... 38 28 8% ZI% |StrombergCarb... 0% 20% 0% 0% % 344 84% |Studebaker....... T9% 80 T8 19 b/ Ras o 901 0% 90% [Submarine Boat... % 4% 4% % Controller Crissinger Talks |Am caneooroo 2% 2% 2% o%|TemtorCorn (A}l 8 ' 8. 8 i AmCar& Fdypf..110 10 1 exas & Pacific. to Ohio Bankers on AmExprerl.{.p M4 14 14 1e |Texas & PC&OIl. 18% 18% 18% :m : Am Hide & Lea pf. 60% 0% 0% B0% | Tobacco Prod..... 6% bBi% 84 % Business Issues. Am Ice. ... % b2 6% 2% |TransContlOll... 7R TH 1% T Am Ice pf % 6% 60%|UnfonBag & Papr. 60 6 6 6 Addressing the Ohio Bankers' As-|Am International. o u% YnlonEasite ne 1 e sociation at Cleveland vesterday, D.|Am La France. 2 Lol At . Am Linseed u% BY United Drug...... 834 &Y% & 8 R. Crissinger, controller of the cur-| AT Linseed: o ... o @ United Fruit "l 1081 102 108% rancy, stated he did not believe de- |7 \PO¥TO T 1% 1% United RetallStre. 68 63 65 63 flation on currency and credit can g0 | Am Safety Ragor.. % &% ¢ USFoodProd.... 164 1% low 1ok hand in hand with high interest rates | Am 8hip & Com... % .,;% _,;’/o g:g-ed‘lfl;flflvh . ::t :?m i :1% without imposing great and dunger-|Am Smeltingpf... T2 I8 I8 0 | < Rubber. ... s 4% 8% 49 Am Steel Fdy..... 26% i ous hardshtps upon the people. s e oR 6 6 USRubberlstpf. o % 2% 8 “We will be wise to remember,” he |y sugarpe. ss 88 88 8 |USSteel. % % TN said, “falllng prices and high Interest | Am Sumatra. Dewous a4 U8 Steel nt 00 108, w m rates ave.never. the twin sisters of [Am Tel & Teleg... 103 16t 104 1083 | (7 opper... .. 4k 4 a4 414 Am Tobacco...... 120% 120t 120 1% Vanadium Corp... 28% 8% 21l prosperity. Am Tobacco pf (n) 83% 8% 8% 88% | Va-Car Chiem. /K 2% Bl 2K “Our Country.ls in the midst of a| M op Al ) S e 6% 6 |Wabash... ™ TR harvest . season, garnering bountiful | zngaonda Ve 3% 81 8% 7% | WabashptA.. 21 % 20% crops, which represent not only our|AssoDryG2dpf.. 68 88 88 B8 ‘zoll--huo Exp. 85 85 &8 l:‘ own requirments for the coming year, | Atchison. .. 8% 2% BI% 8% (WesternMd...... 9% 9% 9% Dt s huge surplus for other ‘coun- [Aclanta Bir & Atl. 2% 3 % 8 |Western Unlo 8 8 8 tries urgently in need of them. We xSl ico. & 6 & 6 |WesthouseEB& a% a% au are already carrying overstock of 88- | xyjantic Cst Line.. 84 844 844 8% | White OIl... e 1 7 Ficultural and other commodities. In- [MHRRECET, 204 8% #2% 2% |Wilson Company.. 83 33 81 81 dustry is operating at u low ebb, buy- 100 0 ioepe’’ 18 18 18 18 |Willys-Overland.. 7 7 7 7 ers in every land being without money i W T mn u% wh 1% or a medium with which to pay. :::'::‘"b:?:‘“ T w owm owm Gaivi High. h‘)'. u.n. Presents Plan for Commerce. SUECL oW s0% B0% B0% all Money..... 6 P! f Thtar we will be wise if we cares | Balto & Ollo pf @ 4% | HOURLY SALES OF STOCKS. fully consider, thercfore, whether in- | BEHtCiecl sy 8% 45s M10%0 12DL.... 175 800 ternati commeree may not be con- | e (1A% 7o, 0% W% 0% 2490 2 p.m.. . 212 900 sidered somewhat by 1t ‘and pro- as-:,:h e haTims & O 4 (i W evs e vided with s al facilities . 6% U Rap Trctfs. 6% 6w 6% . from the money o of the differs g:lli);:rnl‘lvi’ck L6t 8w BTh :‘:: Washington Stock Exchange. M cbuntries. - 1 am convinced that California Petrol.. 3t 4y St s SALES. The exiencies of these times must be | Canadian Pacific.. 109 109% 108% Potomac _ Electric - genéral 81—$1,000 at Heals with by processes more or less [ Central Leather... 35 354 M 35 (93l §1L000 at kol v adaj e vith inter- i Leath Tm n o nomn Capitai Traction—25 wt 87 new and adapted to deal with in Centrai Leath pi 3 o | 15t aP B, TR I T national trade. Corro do Pasco.... % % 2% 8% | 100 R LAt A A0 N Company- I Bave been impressed that in the | Ghitaler Motor. .. 48% 60 48% 49% | 205, a last few years the world has failed | cyol's Onio. 3% G3% 1% BI% APMTER CALL. to make ‘most effective use Of It8|cpiyigBtP. L. 28 2 MW BH| Wasingieo das Tyje- 81000 at 103, 41000 monetary ‘gold. ~The United States |yl Groat Wok. .. 164 16 1% 10% | at 106, 1,000 e 18,3100 at 108 §1.000 has drawn so much gold that au- L 39 .8 3 Thorities believe we have more than s | Chi M1l & St P pf. . 24 B B |5 MerEenthaler Linotrpe—5 at 118, 5 at 118, good for us. while everybody agrees | Qg rETp 000" 33 s S0% 80%| Washington Gan 51—$800 at T6%. That most other countries have less |SMRI&EeCO0 - 30 T8 7% 7™ ranston Mono At T4%. B at T4%. gold than they really need. e Tlow d0 0w 1o [ dereentbaler Tiotrpe—s a¢ 117%, 5 at g seemingly be mno re- > = . ex:ale!r:hnf:rrx‘t ;'rm: gr’mx umf-u—“l Chino Copper..... 2% 2% :2% 2%| Potomac Electric general mortgage 65— metallic basis so long as production g(}cfin“s):uuu me w% B T | 8100 0t OO s, a7 pet et of gold is far below normal, while | Colo Fuel production of paper money is far |ColGas.... w54 % Bid and Asked Prices above normal. The outlook for in- |Col Graphophome.. & 5 4% 4% BONDS oreascd production of gold is not|Col Graphpf...... 21 21 21 21 PUBLIC, UTIITY. promising. and no more is the outlook | Corn Products 6l b 6% B4 Rid. Asked for o considerable reduction In paper | Cosden & Co. 2% #1% 71 31 | American Tel. and Telga. 4. LI ] eirculation. Crucible Bteel..... 61 53 Bl b:% [ American Tel and Telga By & Put Trade on Gold Basis. Cuban-AmSugar. 13 14 1 i A ?;:,‘j :-'?"1 ,.'7." Zo:'._"a. g:?: 515 . Cuba Cane Sugar.. Al *. Telephone Bs T vases trade on & gold basis by establish- [Denv&RioGr.... W W W | piGuil THectric Light o Ing a sort of international credit and | Denv & Rio G pt. 24 2 1% 1% potomac Electric cous. 8 settlement system. to which a suffi- | Dome Mines 16% 6% 164 18% | Potomwc Electric Power 6s.... 93 cient share of gold should be de-|Elk HornCoal.... 17% 174 17w Y voted to give to these transactions |Elkhorn Coal pf... 38% 38% 38% a more uniform character and to pre- | Endicott-Johnson. 69% 69% 694 V;‘n!.thole vlhnlpnl fluctuations in ex- | Erie ceeneen 18 1:% g!‘: T change which render so dangerously | Erie 1st pf. o 18% 1 uncertain il the processes of trade. | bamous Plavers.. 814 % 4% Blggs Realty G tabory . It scems to me that we would make | ped Mines & Spf.. 8¢ 2 1 Washington Market 58 (1047). A better use of the gold resources which | wigher Body- . 0 %, 1 STOCKS we possess if we would use them |y Rupber L% 1% 0w . STOC first to establish a firm, secure and i w14 PUBLIC TTILITIES Gaston Williams.. 1% I American Tel. and Telga adequate gold basie for international | 3E2t28 ho e ™ o% 50 8% American Tol and T commerce."” Gen Asphalt pf.... 87 & 8 Capital Traction . pJr. Crissinger. eaid that since he e dls% Washington " Gas "Ll rat_outlined his plan in_his address % olk and Wash. Stesmboa at the New York Stote Bankers As. 0% 10% sh. Kwy. and Elec. com sociatfon his proposal had been in- Mot 6% deb... & & (4 e . e AL "BA dorsed in a most encouraging way, | Goodrich. . . 2% W94 N e and he was persuaded that there is a | Goodrich pf .61 e el Capital disposition to attempt constructive steps. | Great Northernpf. 68 €68 t7% | Columbta He' expressed the.opinion that his plan | Greene-Cananea.. 21 1 10% Commercial would in no way. conflict with ' the |GuantanamoSug.. 8 8 8 District Edge 1aw banks 'would be able to|Guif StatesSteel.. 80% 0% 80 Edge Law bankg would be able to |y egtake % operate more sudfessfuly in conjunc- | ouston Of 5 tion with his idea. Hupp Motors. L 1 | RAGT Following the plan adopted by most | 1)1inois Central. 91% 91% | Second | of the downtown banks. the Farmers | aichoma. 2% 2% | Washington ;ndkn'lecrh‘::nics' nd P:flomm‘ Savings | 1noniration. B se‘l‘lfi‘ ST f;l’g\“_' anks of Georgetg@n have eliminated merican_Security and Trusi the Satyrday. sedmink Banking hours | lnterboro Metro... 313 h 3 3% | Continental ‘Trust ¥ auring July and: August. This is be. | lntl Harvester.. T = % 2 78 ing s 1 ordar to give officers and | {ntl Harvester pf..100% 100% 100% 100% clerks relief during the hot weather. | Intl Mer Marine... 114 11k 1% 114 The banks report that their patrons, | Intl Mer Marinepf 43 4% 43 # | commere for whose convenjgnce the late hqlirs | Intl Motor Truck.. 30% 31 30% 31 | East Washington . were established. Rave showed a fine | Intl Nickel. 14 54 18% 13% | Merchants' .. ] spirit’ of peration by transacting!Intl Paper. §1 S 50%. g1 7| Beeurity Savingy and Commerchal their. business during the regular |jnvincible 10% _i0% _10%__10% | Toion Savinge < rsonal Mention. Jewel Te . o Mechaniew’ . Edward J. Stellwagen, president of | KansasCity Sou.. 2% :51 24l 2151 FIRE INSURANCE. the Union Trust Company. left yes- | KansasCSoupf... 4 49 43 49 - terday for Poland Springs. Me.. for | Kelly-#pring Tire. 35 34 :6 36% his_annual vacation. He will return | Kelsey Wheel..... 89 89 £9 &9 ! to Washington early in September. | ennecott. . 19% 19% 19% 19% John B. Larner. president of the|gevstone Tire.... 11 14 11 lla Washington Loun amd Trust Com- | Y0 steel 33 88 87% 31h pany. is touring through Pennsyl- | aSKANGInC 5% 50% 60% 0% . . vania and New York. A W% 0% 0% 0% MISCELLANEOUS. Charles C. Glover, chairman of thejLoewsfnc...- rili ol Graphophone com.... 5 6 board of directors of the Riggs Na- | Leoftlnc 210 13034 41006} 75 3 tional Bank, is at York Harbor, Louls & Nash L Manhuttan Elev... 0 4 4 4 | Mergenthaler Linotype % Quotations In Loecal Market. Gt Ry Ts <% % 3% Ol Dutch Market com 3 Trading in Capital Traction. Amer-|yilohing Oil... 16 16 r0e | 01d Dutch acket pfd S fcan Security and Trust Company, |y&7¥ 205 9 9 9 |Security Storage .. ..lllllllleea 0 Me rge nthaler Linotype and Lanston 'i}a::::n Teta 106% 102% 108 | Washington Markei . £ T Tl sriek Decnange ioahy. | Middle States Ol.. ik 11 1% 1L s ivided. o -two_shs f Capita dvale Steel..... 8% Wk 18 i3 —— Blehtytwo Shares ol G, o iwaStL (... 0% L 10% 1| CANADA JUNE TRADE DROPS. shares of the bank stock were dis-|Mo Kan & Tex.. % wh 2h AN b i posed of at 2. theshares of Lanston, | Mo Kan & Tex pr.. % 3 W % ] , Ontario, July in five-s changed hands at [ yo pacific. ... 19% 19% 19 19% |ada’s total trade for June, 19: prices ranging from 443-8 to 74 1-2. | \(o bacific pf . 3w 8% 1% 87 |equaled $117.336,117, was $1 i while twenty-five shares of Mergen- A D Ward. 1% 1% Ing 1Im|lower than the corresponding month thaler were Sold. ten shares at 117 3-4 | MORESTIN i B w1 |last vear according fo the depart: and fifteen shares at 118, ] stoms. e thre The honfl market was quite active |NatlRysofd2d.. 4 4 & 4 |months ending June, 1921, total trade Three $1.000 general mortgage 6 per | Nevads Copper. ® 1% & |nfsures were $355.75 ‘s decline of cent bonds of the Potomac Electric | New Or Tex& M. .. :* % 8 6 $233,328.854 for the same period last Company sold at 951-4: one $500 year. Imports in these three months Washington Gas Light 58 brought % 17% 1 |in 1920 totaled $346,303,778 and this 761 nd $5,000 worth of the same 1 17 17 lyear the total was $191,256,572. company's 71-2 per cent notes were | Norfolk & W “ 84 % disposed of at 103. North America. ... 8% 6% L i 2 c.. 1% Meyer, Orpheum Clrcuit.. #% % 0% 2% ILADELPHIA, July 15.— More rector of the War Finance Corpora-|BIBTeU, coment. 9% 9% 9% 9 |than one and one-half billion clgars tion, announced today the receipt of | bac Gas & Klec.-.. 53 8 6 & |3nd third as many cigarettes, manu- a telegram from the Federal Inter-|Pacific OH 3% B4 4% | {he flacal year ended June 30, brought national Banking Company of New |Pan-Am Pe! 49% 4% 49 |¢this state to the fore as the leading Orleams which stated the company |EAB-Am Pete (B). & & 4 & [tobacco manufacturing center. This e e e e for Hemiing | Penn Seabd Steel.. 7% 1% % % is indicated by special figures on the o conaiderable "anantition of ot |Penneyivania..... 3t} % WX MK |basis of $19.677,610.77 paid In taxes by b > ¢ le's Gas. obacco manufacturers, the largest = s 2 any... 29 29 29 29 |nal revenue department. or deferred paymenta. 5 l;:fl,‘,f,"f.‘.,'},m,m 1% 7% 7w im%|, Seventeen hundred factories in o T B e Coronosition, | Plerce-Arrow..... 11 184 1m§ 18 |fwenty-three countles in eastern & o X 'ennsylvan ave made returns. involving the firancing of 00 to | Pierce-Arrow pf.. B A% A% 80000 bales of astton for export. o a2 —— he loan of five million dollars on Mississippi_delta cotton, announced @ &% su| WOOL DEMAND IRREGULAR. last week, Mr. Meyer said, had led to 1% 21 Zla| BOSTON, July 15—The Commercial preliminary discussions with refer- g 7% 7% 7% | Bulletin tomorrow will say: “De- ence to financing 300,000 bales of cot- | punta Alegre Sug. 21% % 2k %1% |mand for wool continues more or ton in one district. 200,000 bales in . 25% 26 2% 284 |less In the intermittent manner in another and 9,000,000 bushels of wheat 12% 12% 1214 1234| Which it has been manifestea for in the northwest. He declared that €1 6 6% eex | Several weeks and prices are gen- it was too soon to say whether these T 18% 18% tov| erally steadys with demand still fa- transactions would be consummated. voring _ three-eighths grades and pui oy Replron & Steel.. 4% 4% 45 46 |gner The manufacturers report few FOREIGN BONDS, B B Tran... b Dh Bw PO m. Planty of old orders ZIGN BONDS. n hand to keep them wel ) Quotations furnished by W. B. Hibbs & Co. |StLouis Southwn. 28% 28% 3% 23%|for some weekpt tomcnmsl ncl‘;. p:;a Prices at noon: StLouisSownpf.. 83% 2% 21k 8% |west buying of the new clip con. Berlin 4s.. 18% German gov. 4s.. 13% |SantaCeclliaBug. 2% 24 3% 3% |tinues siowly. The London Colonial Greater Berlin 48 13~ German gov. 5s.. 13° | Ba=on Motors. 8% 8% 3% % |auctions have opened this week at a Bremen 413s..... 1374 Krupp 48 18 |Seaboard ALpf... & 9 9 9 cline of 5 to 15 per cent from last g:lblrul :s. i?“'r‘."‘!i‘“’i :{;% Sears Roebuck. 66 6% 63% 643 |dsales’ rates. The foreign primary Cologme s AL Tl Gre 10 |Shell Trad & Tran. 8 39 asi a0 | Markets are generally ateady. Dresden 4s. . L k 48 Sinclair Of1 - W W% 19% 20 5 Dt HOTTEST JULY ON RECORD. Pesaden 4 P A R WP, ¥ Essen 4s. Vienma 3s. CHICAGO, July 15.—Weather re- Fravkfurt 4 Breach de: = OIL STOCKS. . ports showed today that Chicago had Hamburg 31, French Prem, 52 72% | Quotations furalshed by W. B. Hibby & Oo. gweltered through the first half of the A o 5s . e d mburg 413 r Toan Bs. o 1 Co. 161 16! gher than normal. The average thus Leipsig 3t:s: Tealian Sa. 37 |AusloAmerican Off Co. (ew)- 23% gou | far this month was 89’ degrecs, fve Itallan notes 1925 47% Retaing grees, Belgian Rest. Sa. 72 | Borne Scrymaer Cor. . o degress higher than the nottest’ July Belgian Prem. 5. 75 | Buckeye . i y the bureau—in 1872. Netan Cheasborough, Manutacturing G5, 1® Relief from the heat here and inghouse Electric Company today an- nounced a 10 per cent cut in the prices of practically all types of mo- tors and motor control apparatus, in- cluding generators. This is the sec- ond 10 per cent reduction this ye Reductions in toasters, electric stove: exican frons, chafing dishes and radiators ; Prairie Oll and Gas Co. FORD ASSETS $345,000,000. DETROIT. July —In a statement filed with the Massachusetts commis- sioner of corporations the Ford Motor Company reports that its total assets wers $345,140,557 on April 30, as com- pared with $30f )9 &, year ago. ‘The t and loss surplus was $182,- fl’i‘) ‘lk as compared with $165,679,132 Galena-Signal Oil Co. pfd. Illinos Pipe Line Co. Indiana Pipe Line Co. Nation: pait _Co... New Northern Pipe Line Co. Ohio 011 Go.. Pennaylvania Vrairie Pipe Line Co. Srandard Ofl Co. Indisn: Standard Ofl Co. Kansa Standard Oil Co. Kentucky. Nebrask: ork_Transportation Co., SuSaiinatns i &l * BsuBEETEausnaE * sHanlEaEEazn aEEssRelyairrefustel ¥ 3 * compared with 85.1 for the same perl last year and 85.83 for ten years. $ —_— BAR SILVER QUOTATIONS. NEW YORK, July 15.—Bar silver, domestic, 993 ; foreign, 6015; Mexi- can dollars, 46%. LONDON, July 15.—Bar silver, 37%d per ounce, Money, 3% per cent. Discount rates—Short bills, 4% per cent; three-month bills, 5% per cent. —_ L Farm Mackinery. CHICAGO, July 15. — Hundreds of acres are belng utilised as open air storage warehouses' for farmimple- ments by manufacturers who have. tremendous stocks on hand for which there is little demand, 1 l FAVORITE SHARES REFLEGT PRESSURE Dealings Are on Smallest Scale for Many Weeks. - Sterling Falls. BY STUART P. WEST. NEW YORK, July 15.—The mar- kets continued today to feel the ef- fects of the preparations for the third installment of the German indemnity, along with tle efforts of Germany to set up a credit in this country for the purchase of food- stufts, copper and cotton. This in- volved further calling in of German balances in European countries, with a consequent decline in Spanish pesetas and other neiitral exchanges, and their Investment in dollar ex- change, with a resulting depreclation in sterling, francs and lire. Sterling got down to new low for the ye: with sight drafts below $3.62. On the oth marks. on the realization that these operations were strengthening Ger- man credit abroad, held up well, as they had yesterday. As of Previous Days. The stock market was much the same sort as that of previous days. Business was not large; in fact, MoKt of the time things were very dull. Outside of a few lsgues no attempt | was made to oppose the activittes of hand, German professiona!s working on the short side. United States Steel common, Re- public Iron and Steel and Bethichem Steel B were offered down persist- ently, taking advantage of the evi- dent ‘reluctance of investors to buy these atocks until the “bad news” in he shape of the second quarter's ‘statements are out, and re is more assurance than price cutting of last k is to be effective in reviving the demand for steel products. Some Special Weakness. There was speclal weakness in Royal Dutch, Shell Transport, Gen- eral Electric, Famous Players, Amer- foan Wool and American Sumatra. The last named sold ex-dividend this morning, and this was aevidently what the traders had been waiting for to renew their attacks. Tnasmuch as the stock dlvidend of General Electric for the half year was paid only a month ago, it is pretty early to discuss the possibility of this part of the distribution being omitted next time. The argument, neverthe- less, used against the stock today was that the 8 per cent cash dividend was all that cogld be safely counted upon, and that as an 8 per cent stock Gens eral Electric was too high. New High for Bank Galna, Call money renewed at § per cent. There was scarcely time for the mar- ket to reflect the completion of the heavy government draft which was made upon the banks today. But the immediate cail money rate is of slight consequence beside the latest reserve figures, showing the ratio in the New York district up from 66.5 to 68.7 per cent, and the ratfo for the entire coun- try having a new high for the year of 61.6. A noteworthy fact about these gains during the week was that they were brought about mainly by further de- flatich of bank loans and currency. Federal reserve discounts of all classes | were reduced $103.000.000—one of the heaviest decreases of any week xo far, while ~federal reserve mnotes were | brought down $68,000,000. Ratls Very Varlable. Early stocks again today were very variable_in their individual move- ments. There was & suggestion that the same large order, as was noticed a week ago. y for London account. wus still in on the buying side. But it was limited to a com- paratively few stocks. All offerings of Southern Pacific. Northern Iacific and Atchison w evidently beinz readily ut, howe.er, ; dis, to raise bids. 1In con- nection with selling of Canadian Pa- cifle, 1t is recalled that this is one! of the few stocks in the American ! list which Germany did not get pretiy well baled out of at the time of the | war. ! Although scarcely reflected at all in the Bugar stocks. the day’'s reports from the sugar trade were the best that have been received in a long while. On Tuesday, the commission handling the new Cuban crop made the first sale it had arranged in a month and a half. But Wednesday and THursday refiners were able to supply nearly all of their require- ments from the offerings of Porto Rico raws. Today, however, the Cu- ban commission again became active | and put through some really large transactions. Subjects of Bear Rumors. Royal Dutch and Shell Transport were the subjects of bear rumors. ‘The Roval Dutch Company, it is said, is largely overcapitalized and with earnings dropping off the dividend cannot be considered safe. The stock is one of the international group on the stock exchange, but lately Eu- rope has been doing nothing at all in it. The case, as presented by those who have made a study of the situa- tion, is that Royal Dutch from time to time has added to its holdings of oil territory, and that this land has been paid for in cash. When it comes to distributing its products, the com- pany has been forced to accept depre- ciated currency or notes of govern- ments on the verge of bankruptcy. BOON IN WATER ROUTE. SEATTLE. Wash.. July 15 (Special). —Announcement that a way will be found to move the lumber, wheat and frult products of the Pacific coast by water, both coastwise and to the At- lantic coast, Europe and the far east through operations of the Shipping Board fleet is regarded here as mean- ing unexpected prosperity for the Pa- cific northwest. The fruit of the orchards of Washington, Oregon and Idaho will be routed ‘through the Paname canal in Shipping Board re- frigerator ships and by private lines. Fruit buyers now are in the apple districts signing contracts for early delivery. WANT TARIFF ON OILS. KANBAS CITY, Mo., July 15 (Spe- cial).—With the cattle loan pool be- ginning to function for the rellef of stock growers and farmers, the oil men of the southwest are bombarding Congress with appeals for the adop- tion of the tariff on oil in the tariff bill. Congressmen are being informed that unless the ofl tariff is Included in the Fordney bill it will be neces- sary to plug’100.000 small producing wells in the mid-continent field. Tt is claimed that these wells are the source of casing-head gas, the basis of an industry which is producing more gasoline than it made from oil imported from Mexico. . LEAF TOBACCO MARKET. BALTIMORE, July 15.—Receipts continued fairly small for this sea- son of the vear, being 810 hogsheads, against sales of 739 hogsheads for the t week. About one-quarter of the southern Maryland crop has now been marketed. Faney cigarette hogsheads advanced s of good nd quality ‘were also about 2 cents higher than last week, whtle all other grades, including common, re- mained unchanged. Owing to good showers the past two weeks prospects for the growing crop have materially improved, and early planted tobacco is looking fine. The acreage planted this year Is, how- ever, very much below last year's —_— LIBERTY BOND CLOSING PRICES. | Californ Noon prices reported to The Star over direct New York-Washington wire by Redmond & Co. y of Paris 6s 1921. French Government 5. Government of Bwitzeriand 8s. Kingdom of Belglum 714 V. K. of G. B. and Ireland b U. K. of G. B. U K. of G. B. U. K. of G. B American Tel. and T Armour & Co. 4% Atchison, Topeka Atlantic ‘Coast Line 7 Atlantic Refning C Baltimore aud Ohlo couv. 4 Baltimore and Ohio 6s. nd § 4. Baltimore and Ohlo 8. W. Div. 8% Bethlehem Steel refd. Burlington (N. P.-G. ). Canadian Northwestern 7a 1040, Central Leather 1 refd. 4l 1_conv. 4 Pau P Chicago Northweste Chil., Rock Inland und 1 cago Union Station Gis. fsolidated Gaw 7 ware and Hudson Lrie general lien 4s. jeneral Electric 6o, ar Tire and Rulber Co. Trunk 7o Retore oo Tilinots 148, International Mercantile Inter. Rapid Transit 1st und ref. 5 Loulsville and Mixnourd, Kans Missourl’ Pacific 518, arine eneral 4 New York Central 7a 1930, New York Central deb. 8. New oYrk Telephone 6s. Norfolk and Wentern conv. Norfolk and Western cony Northern Pacific 4x ckard Motor Car Touis and Snn b bonrd Alr Line refde board Alr Line adj Eggs—Strictly fresh, average receipts, 30. Live poultry—Roosters, turkeys. per 1b., 33a35; spring, per Ib., 38ad; ens, winter, per 1b., 30. chickens, per Ib., 40u4s 82; roosters, per Ib., 22 40; keats, young, ea ene, winter, per 1b.. 35a40. Pork—Dressed, small, Live stock—Calv ot hogs, 10%. Green fruits—Apples, per 1000: western, per box, “rapefruit, per e per crate, a3.50! 15a30: raspberrie: antaloupcs, 2.00a4.00. tab Potatoes, crate, celery, per lettuce, 1.00a crate, 15a1.00; 3.00a4.50; kale, per barrel 15; cabbag umbers, o8, per per barrel, box, DAIRY MARKETS. BALTIMORE, July Chickens—Alive. ai2; white Leghorns, 3 Eggs. 431 Eouth —Creamery iadles, 27a28; CHICAGO, July Creamery, extras, 40 Recelpts, 1 k, case bu « 4,000 u ma :_bull 528 -40; 00a3.50: buik bolognas b veal calves mostly, Hozs—Receipt 25 higher than ‘s better grades active. others 10.50a11 bulk packing sows, strong to 10 higher: 10.00a10.15. lambs, shicep lamb; lamb: tive lambs, 9.75 steady; 10.50a10.65 ewes, £5.00; heav fic refdg. 4 hens, lemons, per box, 10.0¢ California oranges, per crate, -, 6.00a8.00; peache ickberries, per quart, 5a new, per barrel, 2.50a4.00; lettuce, nearby New York lettuce, per ; rolls, 25a2 prints, 23a27; process butter, 31232, —Butter—Higher. standards, 40; 20,000 hea and 041 9% 55! 1007 a1y, 53 il i 7814 1019 Grain, Produce LOCAL WHOLESALE MARKET. per dozg 30a31; per ¥b., 1% chickens, per 1b, cholce. per 1b. lambs, choice, per Ib., 11a12; live bbl., 3.50; doz.., 1.50; per_1b.. 30a31; keats, young, each, 60a75; chick- Dressed pouliry—Fresh-killed spring hens, per Ib. turkeys, h, 60a75; chick- 18, .008, 5 11.00; 5.5028.50 per per per cym- spinach, barrel, 6.00£12.00, per crate, 1.5082.50; plant, per crate, 3.00a3.50; tomatoes, per asparagus, per doz., 1 0 per dozen; beans, 7.00a 2a32; loss off. native and nearby, ordinary firsts, Tl 3 included, v—Alive, higher; fo 50236, CHICAGO LIVE STOCK NARKE' CHICAGO (United S 08 15 (Special).— Springers, per 1b., old ;-old roosters, 18. Ducks, | : spring ducks, 28a32. Pigeons, | pair, 33a40. dairy ates ulls, .00. slow 10.40; bulk better grades, 9.75a10. 8.60a9.00; bulk " desirabie, —_— CURD STOCKS. strong: top steers, 8.55; T bulk fat, she stock 4.506.50; canners and cutters largely. 5.0 6.65: butcher bulls largely, 6.00a6.50; top, pigs. Sheep—Receipts, 8.000 head: western native steady fo strong: good Idaho : bulk desirable n: a10.00: culls, 6.00; Ore- | Decen.t gon two-year-old wethers. 6.50; light | and medium weights. Quotations furnished by W. B. Hihbs & Co. ~12:18 p.m.— B4, Aetna Explosives . Allied 041 Arkausas N Rig_Ledue Boone 0l . Boston and Boston and W Caledonia ...... Calumet and Jero Carbon_Steel Carih Syndica Carlb_Trading Car Light and Power. Citien Service (new). Citles Service (old. Cities Service pfd Columbian Emerald Commonwealth Finance . Connolidated Copper . Continental Motors . Cresson_ Gold Davis-Daly Dominion_0fl" "/ Durant _Motars Elk Basin .. apire Food Product Engineers’ Petroleum Eureka Croesus . Farrell Coal Federal Ol Fensiand Oil Giiland 0il «ilen_ Alden Coal! Glenrock 0il . Guftey-Gillesp Granada Ol ‘yoming. Hereul Intercontinental ‘Rubber International Petroleum (new) Jerome Verde . . Kay County Gai Lake Torpedo . Lone fur 0 ngma Coppe: Maracatbo 0il Mason Valley . Merrit 011 Midwest Oil Midwest Oll pfd Refin} Northwestern Oil . Omar 01l (new). Pennok Oil .. Perfection Tire . Producers and I Ryan Consolidated . Salt Creek Producing. Salt Creek (new). Sapulpa_com. Simms Petrol Skelly Ofl . Southern_Coal ‘and Iron. Sweets Co. of America Swift International Divide United Eastern . 8. Light and Hea AEht ‘ana deat b . Steamship .. hited Retail Candy. NEW YORK, July 15.—Liberty bonds closed: 3%s, 8.5 closed: 31%s, 86.50; first 4s, ond 4s, 86.93; 1st 43%s, 87.34; second l"% 87.02; third 4%s, 87.02; third 4%4s, 91.16; fourfp 4=, 87.16; viotory 3%s, 9834} 98.32, 3 REE F2S S i o B0 oo bin B o i 12 20 B! ® - IS a 13 % aBonwda E ER om0 FRIDAY, JULY 15 1921 -"TODAY’S BUND PRICES. Sinclair Cons. OIl Corp. 7%» 1925. Southern Pacific 1st ref. 4 Southern Pacific conv. 4 Sonthern Rallway gen. 4a Southern Raflway 5 Unfon Pacific 15t 4 Unfon Pacific Unfon_Pacific United States Rubber 3 United States Rubber 75 United Statex Steel 8. Vacuum Oil Corp. s rolina C| . 1ut 68 SHORT-TERM SECURITIES. (Reported by Redmond & Co.) 7 & 80! 99’ 7 o o5 ‘ons Copper Export Copper Export Capper Copper Export ** Cudahy Packing Co. 78 1932. B. F. Goodrich Tn 1023 891, KON i guie o1l Corporation 7 3% 0% | The Third Avenue adjustment [s P sEcUAuE WIGL ousbort, tennen . J. Heinz " were also lower, but Interboroug! e Humble o1t 1o 1623 $1% 24 | Rapia Transit oa held better. Recent | 0%, IAFEEL T05 SUEAT SUdies g Kennecott Copper 74 960, :. 83% 934 | Eains in the railway list were main | ihe firm spot position. with prices Liggett & Myers Tob. 6 1931 9% 99% | tained, with few changes Worthy T, hout 5 to 9 points net higher at Erocter & Gamble Tu d022...... 0% 1004 | note. et b midday. - Procter & Gamble Ts 4! Representative industrials such as : ais = 13 ety Topacce 8 1022 S8% 0% | Goodyear | n. Helly-Springeld | 85, | 10, [efAned (Moxe was w moderals e oeouck & (0. Tx lasi . Shw oAy | Duauesne 65 and Sinclair Ths were|,ijii holding from to 575, bat™* | Rocbick & C 9arg |all unchanged. Steel Sinking Fundlyery Jittle business at the inside 9612 | 55, despite the weakness in the steel o/l 96 * | shares. were off only a quarter from | " Kefned sugar futures were quiet 100 | their recent high of 95. and Midvale | byt ‘firm. showing 10 points net Fis: 9T |55 at 76 were off only a haif point])"noon and Live Stock GRAIN AND PROVISIONS. Tomatoes, basket., 1.50a2.50 .5006.00: hamper, 1.50a: qr.. 13a22. Cantaloupes, Cherries, 10a20. | Ap- currants. qr. 14a18 Huckleberries, qt.. 20n25. crate. 1.50a2.50. Pineapples, 3.50a8.50. Ragpberries. qt., Watermelons, each. 25a65. Selling Prices at No Peaches, crat 20a2i Sales—Bag lots of new wheat, to quality and conditions, at 80, 1.10, 1.15, 1.16, 1.17, 1.18, 1.20 and 1.22 as 95, quotations. ives nominal. aw-—No. 1 straight ye. nominal: 2 straight rye, nomiaal; No. 1 tangled rye, 15.50; No. 2 tangled rye, 16.00; No.' 1 wheat, 14.30a15.00; No. 3 No. i oat, 13.00; No. 2. | CHICAGO, July 15-—~Wheat advanced itoday to the highest prices which the eptember and December deliveries ave vet touched this season. Increas- rust was ry Lower temperatures andi failed to have more than a tem-| {norary hearish effact. Opening quota- tions, which ranged from 1 to 214 {1ower. with September 1.29% to 131, and December 133 to 1.34. were fol- lowed by a rise to well above yester- day’s finish and then something of a reaction. Corn was relatively easy. although sympathizing with “wheat' strength. jAfter opening % a % lower. incluiing September at 6114 to 61%, the market scored slight gains, but then sagged again. Oats ascended as a result of bullish Crop reports. starting 1z off to a like advance; September, 40% to 40% and then turning upgrade all round. Higher quotations on hogs gave firmness to provisions. WHEAT— Open. High. Low. _Close. September ... 1.20% 134% 1291, 1821 erend 1337 1381 133 130% fentem aln ey ey Deermber LI OATS— & Septemier 0w a1y December 420 4 —_— FOREIGN EXCHANGE. Selling checks—Dollar values at noon today: London Rudapeat Paris Prague . Rrussels . Warsaw Berlin . Copenhay Rome Christianis Madria Rtockholm | Zurich Amsterdam Atheas 9 Relgrade . Vienna 5% Montreal | ——— COTTON MARKETS. NEW YORK, July 15—The cgtton market opened steady at an advance of 1 to 17 points, in response to rela- tively firm Liverpool cables and re- !ports of a continued good spot de- mand in the English market. Futures opened steady: July, 12.35; October, 12.90; December, 13.30; Janu- ary, 13.30; March, 13.63. NEW ORLEANS. July 15.—More liquidation from the long side was felt by the cotton market today around the opening. but declines of 5 points represented the lowest levels reached. October traded down to 12.33, and reached to 12.45. Futures opened quiet; July, October. 12.44; December, 12.7 ; March, 13.05. 11.73; ® 8 &) I e o “safe! for their The First secured by the District uation. This Loans there terest. They are tions. ure of 100. colluteral while Westinghouse 7s were a trifle | Utilities Company concerns at New Cuba Cane 7s did not make the re-|superior mpefleny "u':'fi"m’& real estate values, es val and the lonn‘el’l rarely in excess of one-half of a conservative total val- back of it—can an better security? > H.L.RUST--* 912~15WST.N.W. FINANC .| TRADING IN BONDS 2 SMALL; PRICES FIRM lfi” Ready Demand Apparent for Investment Issues at High Levels. NEW YORK, July 15.—Bond tradi was somewhat smaller in the market Prices, however, held their|ang fodera) { ground well, dencting the presence is- a ready demand for sues at since the first of the month. were generally was not much change in foreign gov- today. levels reach Libert; The the higher a shade up. feature in this section of the market. Cuba Cane Slow. American Telephione and Telegra 4s were a shade high: down. fraction up to 75%. Erie convertible As, gained a bit to 38%, and Bal more and Ohio refunding 5s jumped a point to Tl Subscription books for the one-m lion-dollar Adirondack this morning, had not been closed to a lat, said that most of them had b other block of $5,000,000. MONEY AND EXCHANGE. NEW YORK, July 16.—Prime mer- to get ahead in a financial way and be e cantile paper. 64a6!;: exchange :;:::;lmtu emergencies that N heavy; sterling sixty-day bills and ' — commercial sixty-day bills on banks, | Begttas tox /dhe - 3.68: commercial sixty-day bills, 81st Issue of Stock — 3.57%: demand. 3.62%: cables, 3.63% Belng Recelved = Francs, demand, 7.79; cables. 7.80. s]lll’el, sz 50 per Month - Belgian francs, demand, 7.61: cables, % - 762 “Guildern demand. 31.18; cabies 4 Per Cent Interest = 31.84. Lire, demand, ; cables, 4. i Marks, demand, 133 cables, 134.| EQUITABLE BUILDING - Greece, demand. 5.40. Sweden, de: e mand, ‘21,05, Norway, demand. 1325. 915 F St. N.W. (= Argentina, demand. " 29. razilian, Peoaiia e demand, 10.50. Montreal, 12% per|f| JOHN JOY EDSON. nt 1 cent discount. FRANK P. REESIDE, Sec’y, [ Government and rafiroad bonds. ir- — regular. e = nine- \/ to . oney pan = Otherwise there was no Power and Light Corporation first and refundinz | 6 per cent bonds. which were opened hour this afternoon. it was IAL. NEW YORK RESERVE BANK. NEW YORK. July iment of condition of the federal serve bank of New York at the cl of business July Total gold Total reserves. $904 3 Bills discounted secured by govern ment obligations: For members, $149,461.486. All 495. Total earning asscts, Uncollected item Due to members $650,310,014. Tot ng investment is- ed REFINED SUGAR QUIET. Y81 NEW YORK. July 15—Further re (salex of raw sugar reported this - ernment issues. Denmark $s were [July shipment to Savannah. and 15.004, coneplcuously strong, at 101, as|DPags of Cubas ived here to an™ against 1005 vesterday, and City of “’gfl?'so)r. ";‘&’,"‘ Vp(' :u ‘:_h?:;‘vl r].; equu;‘, Paris 68 s0ld_again at their cull fig- | 19 461 quiv paid which is un- tion, % | from their top, and still nearly a point | above where they were selling a fort- | night ago. phian er, sponse that might have been expected | brought by twenty-one minority bond- to the better news about the sugar |holders against J. Ogden Armour and . E. S. Harriman. BALTIMORE, July 15 (Special).— Potatoes, new, bbl, 1.00a3.00; b 1.10. Asparagus, doz. 1.20a2.50.|trade. They were dealt in most of | Mre. Beans, bu., 76a1.50. Beets, bunch, 3a | the time between 59 and 593%. as 4. Cabbage, head, 4a10. Carrots, [against yesterday's high of 60%. bunch, 3aé. Celery, doz. 1.00a1.50.| Profit-taking continued in Hudson Corn, 'doz. 12a35. Cucumbers, bas- |and Manhattan incomes, which car- ket, "6uR5. Eggplants, crate,’ £.00a ried them off nearly a point. .00 Lettuc u., 50a1.00. Lima Jumped a Polnt. ey 50 pen: | 8t Louis and San Francisco income ¢ o *Hviash, bas. | 68 were slghtly higher at cne timc, 2 2 at 54. Northern Pacific 45 were a ti- 11- up n Wheat—No. 1 red winter. spot. 1.50|80ld however. These bondswere offered T = q y 0. 2 red winter, spot.|at 85 to yield about 7.25. $1.100 BUYS $110 lNC(JMt:;‘:- No. 4 ntar. spot, 1.42%: No. 2| It became known that te sama svn-i TARGER RETURNE ?""‘"{F-r?g‘:?’;l' red winter, garlick: L1354, dicate which so successfully floated | §0) L ¥ July wheat, 1.3 “August, | the state of Michigan $15.000.000 ir: no bid sue. had exercised its option on un- BErhE DIVIDENDS DECLARED. ESICORE. #. 082410 Cargoes on grade 2 red winter. Stoekof Pay. garlicky. 1.33%: No. 3 red winter. record. able. garlicky, 12313 No. 5 red winter,| , srec. &2 ... Sept. 20 il Amer.Accepiance Corp. Y. e Corn-—'ob. new, vellow. 3.35 per : 2 0 i e bbL; for white, 13 to 20 per bbi. lower | Ave. 1|8 co'oP'nh" Building z in carload lots; contract corn, Kpot. Sept. 1| ot = 4; track corn, yellow, No. 3 or bet. 3 Association - ter: Inomz;r;i’g_n: el oé X0z § i Bept. 1 Organized 1570 N = Nales, 4,383 bushels of No. 2 white 41st YEAR COMPLETED S fi L 14 per bumhel, Mignest Redning A T Awers | s1303.830.65 [y Daty Do 3o wenites Midw. etiiog Co 15 Aug. 1{fl Surplus $1,063,322.89 % quaiity. 100a1.25 per bushel; No. 2| . . k<t - iR U o LT R O e o = sept. 1|[| Systematic Saving Leads’ expert. apot, 1.30 per bushel: No. 3, np > to Great Accomplishments ESS A CAREFREE INVESTMENT is one that, first of all. is absolutely safe and that yields investors an adequate return. Next in importance is the knowledge that the invest- ment will not depreciate and that all details will be at- tended to free of expense. When you invest in our 7% First Mortgages you have such an investment. We shall be glad to sub- mit you investments to suit your requirements. In amounts of $250 and up. B.F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. | Security | EOPLE who adhere to a policy of first” are often criticised ck of sportsmanship. The man who realizes the value of money does not go in for chance proposi- tions; instead he looks for safe, well secured investments. Mortgage Loans we offer are in the latter class. They are improved real estate in of Columbia. The prop. investigated by ex- means that for every dol- lar you invest in our First Mortgage is two dollars in security investment offer hey pay 7% in- in convenient denomina- of at qul Bills bought 708,212, Federal reserve notes in actual cir. culation, $654 Ratio of total combined, 5.7 per morning included 80“ INJUNCTION FAILS. CHICAGO, July 15—A petition for ° $20.000.000 in bonds of the $100 “Thirty-five Years of Safety” CIRCULAR T-R07. NA1 CTRITIES CORP. F. 6803 —Save a8 you earn, and you will begin $50.000—79% intersat, in sums of $1,000 to §3 000, secured by first deed of trust on real est Joseph I. Weller P e ;1; A.A.Housman &Co. guaranteed tities with all notes. only sbsolutely safe form of invest- ment. ‘Any"l'ime Is a Good business conditions are uncertal and experts can't agree on prophe- cles for even 30 days ahead. The FIRST TRUST NOTE remains Plated to conform with our re- irements, and yields SHANNON & LUCH§ Fa ¢ 13 15—The staje. Te 13 shows: reservi .49 9, others: Kor members, $244.4 market, 7. Total bills on hand, $432.108.193. in open $505.246.593. $130,254,198. Reserve account 101.000. al deposits, $66 645 reserves to deposil reserve note Mlabilitier sent. ).000 bugs of ( the commission wag reported 1o sule of” Chicago and other large York was denied in™ The petition wass njunction to stop the court Net Interest First Mortgage Notes $500 $1,000 |- Absolutely Safe Geo. W. Linkins 1719 K St. £100 DENO) 1F DI 420 Wash. L. & Tru: bidg., 9th and ¥ & 20 Broad Street, New York Members of All Leading Exchanges Orders executed on a strictly commission basis, in stocks, bonds, cotton, grain, sugar, coffee. cotton- seed oil and provisions. Orders also accepted on give-up basis to any mem- ber of an exchange of which we are members. Main Floor Corridor Woodward Building Telephone Main 2040 CHARLES R. ALLEY, Mgr. 1% . First Mortgage Notes Now on Hand In Amounts c: $250 Up to $5,000 ‘We look after all detalls and f.fl;!;: 923 15th Bt. N. Loan Dept., M. 36. Time to Invest in investment r, even thraugh panics, when 1% Consult Our Loan Dept. 713 14th St.