Evening Star Newspaper, July 16, 1921, Page 14

REPORT EARNING OF RESERVE AN $55,735,000 or 108 Per Cent Per Annum on Capital Announced. Preliminary figures of the Federal Reserve Board indicate that net earn- ings available for dividends of the twelve reserve banks for the first half of 1921 approximated $55.735,000, which is at the rate of 108 per cent per annum upon the capital paid in, whereas in the calendar vear 1920 the net earnings were equivalent to 166 per cent upon capital stock. At the close of the first six months of 1921 the federal reserve banks, combined, paid the regular semi- annual dividend of 3 per cent, amount- ing to $3.036,000; transformed to sur- plus account, $11,789,000, and set up a reserve for govermmnent franchise tax, $40,910,000, a total of $65,735,000. In the calendar year 1920 net earn- ings available for dividends were $149,295,000. Out of these earnings there were paid in dividends to mem- ber banks, $5,654,000; transferred to surplus account, $82,916.000, and paid to government as franchise tax, $60,- 725,000. Under the reserve act as amended the reserve banks are allowed to re- tain earnings after dividends until they accumulate a surplus equivalent to 100 per cent of their subscribed capital, after which the banks may retain 10 per cent of earnings after dividends and 90 per cent goes to the government as a franchise tax. As paid-in capital is only 50 per cent of subscribed capital the reserve banks may build up a surplus equal to 200 per cent of paid-in capital before the government participates in earnings. AlL the banks except the Dallay Bank, Teport surplus accounts in_excess of their subscribed capital. During the first half of this year the reserve banks at Cleveland and St. Louis at- tained surpluses of 100 per cent of subscribed capital and started building up a super-surplus. Oft for Minneapolis. A delegation of eleven members of the local chapter of the American Institute of Banking, several of whom were ac- companied by members of their families, left this afterncen over the Baltimore and Ohio Railroad for Minneapolis. ‘where they will attend the convention of the organization, to be held there from July 19 to 22. The special train which carried the ‘Washington delegates came from New York, and carried representatives to tae convention from other eastern cities. A delegation from Richmond also bearded the train here. Those to go from here were Mr. and Mrs. E. J. McQuade. Mr. and Mrs. Francis G. Addison, jr. Mr. and Mrs. W. J. Waller, Charles D. Boyer, A. R. Varela, W. A. Dexter, J. C. Dulin, A. E. Fisher, G. A. H. Hernan, Ross E. Pollock, Norman E. Towson, Mrs. R. C. Towson and Miss Towson. The delegation will stop over in Milwaukee tomorrow after- noen. where they will be entertained by the Milwaukee chapter of the institute. Treasury Retires Certificates. ‘The Treasury yesterday retired an is- sue of $232,000,000 of its certificates of indebtedness, which matured July 15. Release of this money, coupled with the fact that there was no new offering of certificates yesterday, should prove help- ful to the general investment and credit situation. Graphophene Dividend. At & meeting of direstors of the Co- ia Graphophone Factories Corpora- tion of Maryland, which is controlled by the Columbia Graphophone Manufat- t Company, held at Baltimore » the regular quarterly divi- dend af 2 per cent on the company’s pre- ferred stock was declared payable Au- gust 1. The parent company is not pay- ing any dividends at present on either its or common stock. Calls for Millions. Secretary Mellon this morning called on all national banks holding proceeds of the June 15 note and certificate sale to pay into the regional banks of which they are members 40 per cent ©of the balance of such credits. s payment must be made on Tuesday. After this settlement there will still remain with the banks 25 per cent of the total proceeds from the note and certificate sale or about $107,000,000. This will probably be entirely withdrawn by August L STOCK TRADING MEAGER; PRESSURE ALL THE WEEK NEW YORK. July 16.—Business on the stock exchange this week dwindled i perceptibly, the greater portion of the meeger transactions being of an ob- viously professional and bearish charac- pt I er. ; Steady pressure was again directed j against numerous industrials and spe- cialties, notably steels, equipments, mo- | tors, shippings and food shares, with re- | sultant reactions of two to ten points. , . Much of the selling was traceable to discouraging news respecting steel pro- duction and general conditions in that industry, as indicated by the unfavor- able showing of the Lackawanna com- pany for the year's second quarter. Authorities reported better prospects in the textile and motor trades, but those shares evinced little, if any, resil- fency. Secretary Mellon's proposed fund- ing plan of the railways seemed to have lost much of its force, many issues, especially coalers, lacking support. Promise of midyear monetary ease ‘was only partially fulfilled. Much of the ‘week's call money was placed at 6 per cent, but tardy barrowers were forced to pay 8l per cent. With liberty bonds as collateral, some time loans were made at & fraction under 6 per cent. Adverse foreign trade balances by England and other European countries contributed measureably to recurrent unsettlement in foreign exchange. The British rate again Teacted to the year's mintmum quotation and continental bills ‘were sympathetically heavy. COUNTRY’S CROP OUTLOOK. CHICAGO, July 16.— The crop re- port of the American Steel and Wire Company says: “Reports from our representatives in the fleld indicate there has not been much change in the crop condi- tion of the country in the last week. Unseasonably high temperatures have continued all over the country, while small grains are ripening too rapidly. This will result in somewhat shriv- eled wheat berries and in light oats. The wheat harvest is progressing rap- idly all over the country. Predictions on the hay crop are being substan- tiated In that the crop will be light. The cotton situation has not im- proved, for boll weevils are doing se- rious . Potatoes are still look- ing fair to good all over the country. + Corn at the present writing is further advanced than ever, and the outlook is for a tremendous crop. The fruit crop, taken as a whole, will probably not amount to much over 50 per cent. —_— } DIVIDENDS DECLARED. s Stock of pay- record. abie. Aug. 2 Aug. 2 Avg. 1 Avg. 1 July 15 Aug. 1 LANSTON GETS SPLIT VERDICT WILMINGTON, Del., July 16.—The Lanston Monotype Machine Company of Philadelphia won a partial vic- tory over the Pittsburgh Type Foundry Company, in a suit charging infringement by the Pittsburgh con- cern. ‘The court held that the claim for ¢asting patents and for process are falid and have been infringed by the defendant, while the claim for the product ang for a shearing mechan- ! ism are net ged. ‘ FINANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire High. Low. Close. 20 2 20 % 1% 1% 1% S1% 31% U MW UK % B% B 1z ms 23 12 Am Car & Fdy pf.. 103% 109% 109% 100% Am Druggists..... &% % &k &% Am International. sz 3 - 3 % o % 4 4 4 s % T M T % &% T % 3 o % 6% Am Sumatra...... &% 4% &% Am Tel & Teleg... 103 103% M3 Am Tobacco. 1205 120% 120% Am Waoolen: 6T @% & Anaconda. % M % Atchison. - ak 2 Atchison pf. % 8% Atlantic Gulf. n% % Atlantic Gulf pf. 8% 17 Baldwin Loco. iz T Balto & Ohlo. we W% Balto & Ohio pf. % 60 Beth Steel (B) % A Bklyn Unlon G a4 62 California Pcke. wh 6% California Petrol.. 3% 3w . WK YK Wk 5 Chandler Motor... 9% 44 4% 4% . % % W B ChiRI&Pacifla.. 31 & Gl Wh ChiRI&P1%pf.. 18% 3} ‘3% 734 10% 10 10 ‘ WhoH X Col Graphophane.. &7 4% % Cons Distributors. 8w 8 8 Sis Cona Textile. . . Tela 4l 14 1N Corn Produats. 4 64 Gk ik Cosden & Co. 21 MR % e L3 o 52 3 . 184 WK Wk 8% Cuba Cane Sugar.. 8% &h 8% uta CaneSupf... 2% 2 2W% 22 Denv&RioGr.... % % % % Denv & 20 G . 1% 1% 1 Endicott-Jeal 0 o% 13 Jzde 12% o e% an Fisk RubDer...... .1% N4 1% 1l en Asphalt. o% 0% o Gen Blectric. . - 119% 120% 119%n 120% W 10% 10% 10% 7 K “ N+ & “ i8 Sreat Nor OT M LT LI TN Hupp Motors. m% % Mk Nk Indiahoma. . . % e zk Iotl AgriChem pf. 3i% w% % m% intl Harvester, I L13% 3% M 18% % 0% 50% 60% 0% 0% 104 0% Island Ofl. . I Kansas City Sou.. 2% % 2% Kelly-Spring Tire. 34 B BN Kelsey Wheel..... to% 9% E9% . 19% 19% 19% e 7 bl 5% 50% 50% 0% 0% 108 9 9 9 Hh 1 s 9 9 9 1046 3 104% Direct to The Star Office. ISTOCKS IRREGULAR CLOSING IS STEADY Open. Miami Copper. . Middle States Oil. Mo Kan & Tex Mo Pacific. Mo Pacific pf. Natl Acme. Noon prices reported to The Star over direct Sinclair, Cons. FINANCIAL. .| TRADING IN BONDS Our policy has al- ways been to canfine our business to such N g Co. | Bouthern Pacific | limits as we could New York-Washington wire by Redmiond & Co. | LCR CP Gociar cev, 4s. o9 First | give our ' personal City of Paris 6s 1921 <100 | Southern Haliway gen. 4o b supervision, and our : uthern Hatiway §s - A ! ot | Vel e o Mortgage | Locion i tara: 100 7] UaleR Facife conr. 48 0% | ext business, but the s 1928, ] Notes g nd land 5 m%’ ‘ safest. bk od Treland 5318 1oar 913 | NEW YORK. July 16—Compared Our requirements . of G. B. Americen Tel. and Teiga. conr. 8. . 1003, 0% Natl Biscult. . H Army Co. . Nati Candult. Dealings at Lowest Volume | At “rimuasi saiia’ ¥een. - : N Y Central. @ % ::Jfiflc nC:n';f Ll(!a : i, 2 - ! e . 3 L & & H of the Year Even for |t 't fiic'clV G sionT.TERM, SECURITIE *: Imore anc N £ NYNH&Hart... 17% 17% ;& 1% Baltimore and Ohlo 8. Bid. Offer. Norfolk & Weatrn. S8% ©3% @ 99l Short Week. Rethlehen: Bteel refd. Bs. 81% | Amerlcan Tel, & Tel. 6s 1922.. 9B% 98 North America.... 8% 63% 8% 9% Borllagten (8 RO N 1017, | American Tel & Tel. 64 1924.. Bt o S:lm‘y:w. n% 1;9- 1;« 7;% BY STUART P. WEST. et Lasiar oe : "ua® | American Thread g’ 1023 100 100% - NEW YORK, July 18—For all the 104 10% ¢ w100k 8 63 |business dome today the stock ex- 8% | Ameconda Gopper. e 105 o 814 % 2% |change might just as well have been | Chrsagerk G073 | Anglo-American (s S Toew &% O |closed. It was the prevailing dull spell | Chi.. Mil, aad & oS I g 14} w o wn prr @5 &% lat its extrome, intensified by the cus- [ SR XL 4015 | Iethiohom Blesl 74 1823 L e % i |tomars inertia of a midsummer hal- | Chicago Union Htation 0 L | A rpentino sa i oL 8L M People’s Gas. . % ® @ & [holiday. During the greater part of the | foite TA 3o Huduon 7w 1630. ] Phila Company. 29 & 29 fik time prices were almost stationary. "4‘5“: %%4 Pierce-Arrow B 8% 18 ‘| There were one or two exceptions, | (iosayer Ti % Plerce Qil... T % TR o ank T Rt 15 | Copper Export joos ey @ 82 g3 |Such as Atlantic GuIf, in which there | Grasd Trask Ty Ret Ghid | Cobber Ktport 00 Pitts & W. 167s 6% 26% Was rather active selling. But even|Iliinois Central 54s. Copper Expor 99 Pulimen C Wl sk k| In stocks which hlc: been pressed | internatiunal Mercaniily Marine fa. % {uany, ok 80y . ownward most persistently in the | Inter. Rap! nait Ist and ref. . F. 98 e oM. Dot o e s |coupse of the week there Wera no signs | Loniavitle and Nasnclle 4" 1830 BS Ol Yomo. i ;fl": ey el o o1e | Of_further pressure. d 9 ley 66 2 iay Con Coppar... 12} 125 1% 1244 |%/mpo'stecl shares were steady, includ- | Jiwouri Tacife geversl, ds Howtois o1l 10 1089 i e +e+ 67 67% 68% 6% )ing Bethlehem B, which faced quite a | New York Central deb Kennecott Copper T8 1930. s B Rep lron & Steel.. 4176 464 % 48 |test in the announcement that work-| New Yor kTelepliope 6 Liggett & Myers Tob. 6s 192). z;}: xwk Rop Motor Truck.. 12} 12% | ing forces had been cut down at the | Norfolk and Weatern cop Procter & Gamble T4 1932. 1005 Rayal Duteh. 8 |Foro River plant, owing to the falling octer & s Tobacco 6 991, L & San Fran, i3 |off in government cohtracts. Inasmuch | Northern Pacifc 4s......... . Hvebuck & Co. 7x 19 100 St Louis Sown p! 8 s it has been the shipbullding part Packard Motor Car (:n, 8s 1931. - Roebuck & Co. 78 2 881, Sa:zon Motaors, 3% |of the business that has been keeping ot TR T 9117 | Sears. Rocbuck & Co. Ts 1923.. 96% 964 Seanoard Air Line. 5% | Bethlehem busier than the other in- 108 * | Bouthern Railway 6« 192 %6 B8k a dependent steel companies this was Southwestern Iell 7v 1925 g% l(l\“ TN WA . s | decldedly unfavorable news for Beth- sy s Sineclndr Qile . oeoon Wiy 2 Here and th e xan Co. 2 Sa P'orta Rico Sug. § © ,”n;e..a:;'m.é';dedfi:‘:é:‘m{;’;?';rfg;. ¢, Tonix and San Francinen inc. 08, Union Tunk Car Co. Loo, 100% Soutuesn Pacific. . % | but there was not enough business 5 19 uthern Hailway. 194 }doing for the day's market to be con- andard Oll of Cal. 73 73 |sidered as of any importance at all. StandOHOfNJ... 138 131 M3 183 Trading in the foreign exchanges was Stand Oli N J pC... 108% 106% 106% 106% |almost equally insignificant. ‘man Stromberg Carb... 3% 0% 0% Su% |marks kept steady. while sterling went StUUEDAKOE. aaerne 78 79% 78% 19 |1OWeEr. Some realizing sales appeared Superior Oil. 45 4% 4w 4%|in the cotton market, but the forward e e Te 7w 19 |tendency was not checked Texas Company... 13l 3i% 3% 3% Rall Shares He: Texas & PC&Oll. 18% 18% 18% 18%| Ralil shares stopped going down this Tabacco Prod..... 64 6% B4 64% |morning, but showed no disposition Trans Contl Oil, 7% T 7% 7% |0 rally. The reason for the decline Union OIl. 18% 187 18% 18 |Of the last few days in this group Union B 7% 1077 7% 117% | 18 mainly a technical one. To be sure, Unlon Pactfic of. .. ‘8¢~ 65~ 64 62w |When speculators ure offering them “m“d“lflfll Neol, 35 25 26 25 |JOWn they talk about the insufficien- UnitetAliay 3 B ® e |CY of the 12 12 per cent wage cut and nited Drug...... 8 ©% 4o | the poor traffic outlook for the cur- U SIndus Alcohol. 4% 9% rent six months. But this is simply 41 41 41 41 lan excuse for bear operations, which 49% 4% 8% 9% |are really founded upon the fact that 1% 72% T1% 7<% | the advice to buy the rails has been 109% 109% 109% 103% |altogether too general and has re- 4% 4w 4% 4% |sulted in building up a rather weak 28 2 23 28 |speculative account. Particularly is T% % % 7% |this true of the low-priced non-divi- s2 s 82 & |dend payers. % s & g | One of the coal trade journals says 3% 2% % v |that the week just closed brought one A of the dullest” markets the coal in- Z‘: ;‘: &% &% |dustry has experienced—consumers' HOURLY SALES OF STOCKS. 1lam. « 64300 12M.... 105300~ TRADE STATUS' BELATED TURN FACTOR IN BUYING APATHY Neither Money Mark et Nor Harvest Yield Uppermost in Financial Calculations. Industrial Reports Fair. BY STUART P. WEST. NEW YORK, July 16.—Wall street has sunk this week into the familiar apathy of the midsummer period. There has been mo great amount of selling—that is, real selling—but there has been still less in the way of new buying. Consequently, prices, where they have moved at all, have been inclined to sag, with some posi- tive weakness here and there among spcial issues. As pointed out last Saturday, the traditional causes of hesitation at this time of year are not the influences principally at work now. With the federal reserve ratio up to 61.6 per |cent—tne " highest = since the early spring ot 1918—with such evidences of deflation as this week's decrease of $103,000,000 in discounts and $68,000,- 000 in circulating notes, with the rec- ord ‘of $346.000,000 added since the first of the year to our stock of gold. nobody can possibly worry about the autumn money market. Crop Prices Factor. It is not the question of money sup- ply during crop-moving time that is counting now, as it has in past years. Nor is it the uncertainty of the har- | vest out-turn. The extraordinary | drought and high temperatures of the last month have reduced crop expec- tations very comsiderably, even from { what they were figured by the govern- i ment at the outset of the month. But the thing of importance this year is not so much the volume of agricul- tural production as it is the prices which the farmers will recetve. We {could afford to see a short grain crop, { as we are going to see a short cotton crop. if this would bring prices up to a level where farmers would feel like selling freely. and so be enabled to pay off their bank loans and liquidate their debts to manufacturing cor- porations. It is neither, then, the money mar- ket nor the harvest yield which is up- permost in the calculations of the financial community just now. The supreme consideration is the state of trade and when there is likely to be a general upward turn. The teati- mony of the trade situation has been rather more than less favorable, as it has come in during the week. To | be sure, the steel reports are very de- pressing. The second cut in prices has failed to stimulate demand. anything, new orders are smaller since the reduction than they were before. But in other lines the re- ports are somewhat brighter. Germany Buying Copper. The disclosure that Germany has been buying a good deal of copper, and is arranging for credits to enable her to buy a good deal more, Is of much significance for the copper in- dustry. Germany also proposes to use her new American credits for the pur- chase of cotton. The English demand at the same time has incressed with the settlement of the strike at the Lancaster mills, and this improve- ment, actual and prospective, in the export movement, along with the se- vere shrinkage in the new crop, has radically changed the cotton price outlook from what it was a month ago. Cotton is up 2 cents a pound, and Is pointing higher. ‘The sugar trade has seemed all along to be in the most desperate state of all, yet even here there have been signs of recovery for the first time in months. Domestic demand for the refined product has picked up and prices have been advanced. The refiners have so far used up the cur- rent supply of Porto Rican raws that they have had to turn, even though reluctantly, to the commission which has exclusive charge of selling the Cuban crop. Oil Output Curtailed. The domestic oil output has passed its peak and is slowly descending. In- asmuch as Mexican supplies have been almost entirely cut off, in consequence of the excesive export tax, the oll surplus is coming down at a rate which must soon make itself felt*in better prices. The textile mills are fairly busy, even although the mar- gin of profit is not large. Conditions in the hide and leather trade and in the boot and shoe business continue cn the mend. It is hard to believe, after noting these numerous signs of better things, that they are not going to show be- tore long In the Wall street market. Of course, midsummer is a bad time to look for any renewal of trade ac- tivity. All that can be hoped for is that the aexidances & s corner | being turned in so many different in- dustries will gradually restore con- fidence among business men, and that when it gets nearer the fall season— the time when business usually starts up—this will show in a general re- sumption of buying. Fall tn Sterling. The new low record for the year in sterling exchange is scarcely surpris- ing, now that it is known that Ger- many is again a heavy buyer of dol- lar exchange. partly to set up a credit for the purchase of American sup- plies, and partly to prepare for the third installmnet of the indemnity, due at the close of August. How much further these operations are likely to carry sterling and conti- nental rates down is a very puzzling question. Germany has the option of paying the reparations money in any cur- rency she chooses, but she prefers to pay in dollars, because their value is 80 much more stable thah that of the rest. On the other hand, the more the English pound and the French franc go down, the leas doliar ex- change they will buy, aod it would seem that they must sooner or later reach the point where conversion into dollars will be restricted because of the severe concessions which the holders of European currency would be forced to make. (Copyright, 1921.) CROP CONDITIONS SWEEP GRAIN PRICES UPWARD CHICAGO, July 16.—Precarious crop conditions on both sides of the Atlan- tic have swept the wheat market wildly upward this week. Prices this morning, compared with a week ago, were higher by 8% th 12% a bush At the same time, corn showed an a; vance of 3% to 2. oats 33 to 3% and provisions 50 to 1.07. Sharp curtail- ment of supplies of new wheat were indicated by reported severe out- breaks of black rust in the spring crop belt south as well as north of the Canadian boundary. Moreover, it was said that owing to excessive heat many thoysand acres in that region ‘would not yield as much as five bush- els an acre. With Great Britaln, France and other important European countries drought stricken, and with no exports looked for from Russia, prices jumped nearly 7 cents. Fields fortnight ago seemed free of black rust were reported as having since become badly infected. and in sur- rounding states and also Canada, ac- cording to current advices heat dam- bins are either filled or they will not buy. The falling off in output con- tinues, with more mines closed in almost every fleld. The West Vir- ginia flelds fell oft another 10 per cent, and the average output is now less than 40 per cent. Both the United States Steel Cor- poration and Republic Steel will give out their quarterly reports later in the month, and both are expected to be bad. —_— TRADE REPORTS SHOW INDUSTRY IS QUIETER NEW YORK. July 16—Weekly trade reviews indicate a quiet state of trade, owing to heat and vacation in- fluences, with distant buying cau- tious, pending crop and price develop- ments. Bradstreet's, reporting a wholesale index price of $2.93 for articl f food, the highest since April, says, in part: “Trade. except in light summer wear lines of dry goods, has been held down to a low midsummer level. Industry is, if anything, a shade quieter than heretofore, but the trend of collec- tions has been a trifle more prompt and crop reports are rather better. “While industrx is dull as a whole, it is well to note that all manufac- turing is not, and has not been, en- tirely prostrate. The June bullding report shows that that industry is not by any means dead, the value of construction permitted for in June being not far below that of April, well above June a year ago, and, in fact, the fifth largest monthly total on record. Despite this, however, lumber trade reports are of rather dull conditions at leading points of production.” Dun’'s says: It is possible to dis- cern progress in some lines, and cur- rent adjustments of one kind or an- other are regarded as shaping_the | way for the anticipated revival. With iprices and wages still undergoing re- vislon, more natura: conditlons are being steadily restored, and benefits will ultimately accrue from the transition. Supporting this conclusion iis the experience of the textile trade, which was one of the first to react the war-time inflation and which is now improving gradually after protracted liquidatiol TRADE NOTES. The British embargo on the expor- tation of coal, coke and manufactured The Cuban prohibition on the fm- portation of rice has been removed by il presidential decree. No increase has | been made in the retail price at which rice may be sold. Italian commercial monopolies have been abolished by a decree July 6, 1921. Manufacturing taxes will re- place the monopoly rights on coffee substitutes, electric lamps and matches, with a stamp ta: eplace the monopoly rights on playing cards. Imports of coal at Rio de Janeiro during April were 30,745,000 kilos from the United States, as against 7,824,000 kilos from the United King- dom. Germany has re-established its con- in a single session [sular representation in South Africa, and is making strong efforts to re- in North Dakota which a|®ain its trade with that country. Trade Commissioner Page cables from London that a slowing down is indicated in the decline that has marked British foreign trade for the age was beyond repalr by rains and | Past few months. cooler weather which had intervened. As an immediate result, September and December deliveries here reached the highest prices yet this season. July, however, lagged owing to stor- age difficulties, rendered acute by la- bor trouble at elevators. Canadian business failures during the first quarter of this year totaled 566, the highest for a similar period since 1915, when the: were 798 failures. A Spanish decree authorizes free ex- Rains In the corn belt eased the |Portation of 30.000 tons of olive oil, corn market somewhat. flrn';er in response to crop damage re- ports. Oats were |in addition to the 20,000 authorized by the decree of April 20. Unlimited exportation of rice free of duty is also Plrovlslom ascended with hogs and | authorized. grain. _— COTTON MARKETS. The proposal to open Tsiningchow, in Shantung Province, China, to for- eign trade has been approved by the central government, but the date for NEW YORK, July 16.—Rather more | the port opening has not been de- favorable week end reviews of the|termined. cotton goods trade and the week end statistics, indicating a better volume It has been decided to hold a com- of distribution, caused some buying | petitive exhibition of inventions at at the opening of the cotton market |the Lyon, France, industrial fair, this morning and first prices were | opening October 1. - steady at an advance of 4 to 9 points. Houses with Wall street connections were moderate buyers, but there was some southern selling and prices eased after the call under scattered |C2ntile paper, realization for over the week end. —_— MONEY AND EXCHANGE. NEW YORK, July 16.—Prime mer- 63%a6%. Exchange ir- ixty-day bills and regular. Sterll Futures opened steady; July, 12.37; | commercial sixty-day bills on banks, October, 12.95; December, 13.38; Janu- ary, 13.39; March, 13.63. NEW ORLEANS, July 16.—Too 3. commercial sixty-day bills, 3.57%; demand, 3.62; cables, 3.62%; francs, demand, 7.80; cables, 7.81; Bel- glan, demand, 7.62; cables, 7.63; guil- much rain in the Atlantics and a con- | ders, demand, 31.7%; cables, 31.78; lire, tinued large export movement gave|demand, 4.51; cables, 4.52; marks, de- the cotton market a good tone today, | mand, 1.32. and in the first hour of trading prici ; cables, 1.33; Greece, de- Sweden, demand, 21.07; mand, 6.45 were advanced 16 to 17 points, Octo- | Norway, demand, 13.33; Argentina. de- ber rising to 12.59. Futures opened dull; Jul; 11.66; October, 12.42; December, 12.75; Janu- ary. 83; March, 13.00. 12 The market closed very steady at & vance of 13 to 22° points; Jul: .90; October, 12.58; December, 12. January, 12.99; March, 13.20. Spot cotton steady, quot vised; middling unchanged s_on the spot, 648 bales; to arrive, 556; low | pence per ounce. Money, 3 mand, 20.010; Brazilian, demand, 10.50. Montreal, 12% per cent discount. Government and railroad bonds steady. —_— BAR SILVER QUOTATIONS. NEW YORK, July 16.—Bar silver, domestic, 99%; foreign, 60%; Mexican dollars, 46%. x LONDON, July 16.—Bar silvér, 37% r cent. middiing. 1013; middling, 11.85; good | Discount rates—Short bills, 4% per iddling, 12.88. cent; three-month bills, 5 per cent. fuel has been removed as from July 4. | Seaboard Air Line refdg. Newboard ‘Alr Line ud). 5 Grain, Produce GRAIN AND PROVISIONS. BALTIMORE, July 16 (Special).— Potatoes, new, per barrel, 1.00a3. per bushel, 40a1.10. Beans, per bushel, 1.00a1.60. Beets, per bunch, 2a4. Cab- age, per head, 4al0. Carrots, per bunch, 21a5. Celery, per dozen, 1.00a 1.50. Corn, r do: 15a40. Cucum- bers, per basket, 65a75. Eggplant, per basket, 1.60a1.75. Lima beans, bushel, 3.00a3.50. Lettuce, per basket, 1.26a1.75. Onlons, per 100 pounds, 1.25a1.60. Peas, per bushel, 325a3.50. Peppers, per basket, 75a1.00. Squash, per basket, 3 a40. ‘Tomatoes, per b: 78 0. Ap- ples, per barrel, 2.50; per hamper, 1.50a2.25. Blackberries, per quart, 15a 25. Cantaloupes, native, per basket, 1.50a1.75. Currants, per quart, 14al18. Huckleberries, per quar! 20a25. Peaches, per crate, 1.50a3.25. Pine- apples, per crate. 3.00a6.50. Raspber- ries, per quart, 25a30. Watermelons, each, 25a65. CHICAGO, July 16—Opening at about yesterday's closing figures to- day's wheat market was easy at the start, out soon developed activity. July started 1.30% to 1.31. September at 1.32% 0 1.33 and December, 1.36% to 1.37. There were rapld price fluc- tuations, resuiting from local traders’ buying of July and selling of Septem- ber at 2¢ difference. with similar deal- ings In September and December. Mar- ket news included cooler weather over the grain belt and further reports of black rust in Manitoba. Corn was fairly strong at the start and maintained this position through. out the first hourt Opening price were virtually unchanged from ye: terday’s close, with July, 63%. Sep- tember, 62 to 62, and December, 81 to 613%. There was some selling qn resting orders at around 63 for Sep- tember. but commission house buying offset this and the option advanced to s shared corn's strength. The start was even with yesterday's finals, September being 413 to 418%. Provisions were higher on the con- tinued bulge in hog prices at the yards. Best grades of hogs today were the highest in more than three months. Pork and lard were up 15 to 25 on change, and ribs started 2% higher. DAIRY MARKETS. BALTIMORE, July 16 (Special).— Chickens—Alive, springers. 1b.. 34a40; white leghorns. 30235: old hen: old roosters, Ducks, 22a2 ducks, 28a33. Pigeons, pair, 35a40. Eggs—Loss of, native and nearby firsts, 30; southern, 28. Butter—Creamery, fancy, 1b., 41ad2; prints, 42a44: nearby creamery. 37a 35; ladles, 28a30; rolls, 26a29: dairy prints, 27a29; process butter, 30a32. NEW YORK, July 16.—Butter— Steady; receipts, 9,349 tubs. Creamery, higher than extras, 42a421¢; creamery extras (92 score) 41a41%: creamery firsts, (88 to 91 score) 38a40%; pack- ing stock, current make No. 2. 27. Eggs—Weak; receipts, 17,453 cases. Fresh gathered, extra firsts, 35a37. do.. firsts, 31a34: state. Pennsylvania and nearby western hennery whites, firsts to extras, 43a52; do., browns, extras, 41a43; do., gathered brown: and mixed colors, 32a39; Ch firsts_to extras, refrigerator firsts, 33a35. le—Steady; receipts, 3,879 box- e, whole milk flats, fresh spe- 0a201%. do.. average run, 191 state whole milk twins, spe- 02203 ; do., average run, 191 al9%. Live poultry, steady and unchanged. Dressed poultry steady. Old roosters, 16a22; turkeys, 29a55. RECORD FOR OREGON COW. PORTLAND, Ore, July 16.—Me- Arthur & Stauft of Rickreall, Ore., have been notified that their cow, Norena of Ashwood, has established a new world record for monthly but- terfat production by cows of the Jer- sey breed. This animal produced 113.36 pounds of butterfat. The pre- vious record was 110.76 pounds, held by the Steers-Alberta II, a Connecti- cut cow. The recent test was th first to which Norena Ashwood has been subjected since she reached ma- turity. FIR MILLS’ OUTPUT DOWN. SEATTLE, July 16.—Representative fir mills in' Washington and Oregon cut 45,264,158 feet of lumber last week, or 37 per cent under normal, | and accepted new orders for 37.467,239 {feet, of which 3.000,000 is to move { intercoastal and 325,000 is in for ex- port. Placements by rail for eastern trade were 1,022 cars, 30,000 feet to the car. —_——— SECRECY ON FUTURES. NEW_YORK, July 16.—Steps were taken by the New York Coffee and Sugar Exchange to prevent publica- tion hereafter of the total sales on the exchange of coffee and sugar futures, although these figures have been published for years. Newspapers are warned that they | must stop the practice of taking the figures from the boards on which they are posted, according to instructions trom the board of managers. BANANAS ARE PLENTIFUL. BALTIMORE, July 16.—The arrival of the steamer Banan from Jamaica with 20,750 bunches of bananas was the fourth fruit steamer to enter this week, bringing the total for the week to 83,594 stems of fruit. Monday the Mandeville from Tela and the Bella from Jamaica will arrive with fruit. —_— JITNEY HITS RAIL FARES. DETROIT, July 16. — The Detroit Street Car Company is dropping trailer cars because of the loss of traffic, due to competition by jitney busses. Re- duced industrial travel to and from factories also has cut down the re- ceipts on the street cars. WEEK’'S FAILURES, 331. The total number of business fail- ures in the United States last week, as repo! by the Credit Guide, was 331, 18 per cent of which were in busi- ness less than two years. This com-|trust companies for the weel pares with 286 in the previous week | that they hold" $13,383. and 295 in the week before that. Inexcess uirements. the corresponding week last year a dimm of 775,650 wee defaults numbered 165. Western Elec. 78 1 Wentinghouse E. & and Live Stock LOCAL, WHOLESALE MARKET. Eggs—Strictly fresh, per doz., 30a3l; ; {average receipts, 30. Live poultry—Rooste: b, 17 turl lmm'r’ 1b., chickens. spri per 1b., 38a42; hens, per Ib. 30a31; keats, young, each, 60a75; chick- ens, winter, per 1b., 30. Dressed poultry—Fresh-killed sprina chickens, per Ib., 40a45; hens, per Ib., 32; roosters, per Ib., 22; turkeys. 38a 40; keats, young, each, 60a75; chick- sns. winter, per lb.. 35a40. Pork—Dressed, small, per 1b, 15 Live stock—Calves, choice. per Ib. 9%3; lambs, choice, per Ib., 11al2; live hogs, 10%. Green t: les, per bbl een fruits—Apples, pe! 1‘-"“‘5._ California oranges, per crate, t grapefrult, per crate, §.00a8.00; peaches, per crate, 2.25a3.50; blackberries, per quart, 15a30; raspberries, per quart, 25a 50; cantaloupes, 2.00a4.00. Vegetables—Potatoes, new, No. 1. per barrel, 2.50a4.00; lettuce, nearby, per crate, 7581.25; New York lettuce, pei crate, 75al.’ celery, per doz., T75a 1.25; Romaine lettuce, 1.00a1.50: cym- tlings, per crate, 75al.00; spinach. per barrel, 3.00a4.50; kale, peas, nearby, per 1.25a1.75: cabbage. ; cucumbers, 1.50a2.50; er crate, 3.00a3.50; tomatoes, per -50a4.5 asparagus, per doz., 1. 3.00; corn, 1550 per dozen; beans, 7.00a I 10.00 per barrel 2 Nortolk spots, trout, hardheads and chite perch have been very much in: vidence at Benedict, Md. The fish were rather slow in appearing in the waters of the Patuxent this season. Sharks in the river were biamed for the late arrival of the fish, accord- ing to Benedict boatmen, ~while another suggestion was that food was not plentiful. Trying his luck for small-mouth bass in the waters of the Shenandoah river near Castlemans Ferry, Va., a few days ago, the village barber, using only ordinary paraphernalia. landed a Btring of seventeen game- sters. The fish came in such rapid succession that the angler could not take the time between strikes to take a smoke. One of the fish weighed more than flve pounds. Bass flshermem are anticipating great sport the coming fall. There has been so much muddy water the | past two seasons that but few bass ! were taken from the river. With| clearing water, following the hot | weather, sportsmen say the sport should be the best it has been in| years. uent rains the past two weeks greatly interfered with the sportsmen | to land rockfish in nearby waters.| Some of the more enthusiastic one: tried their luck in the muddy water | for Mississippi catfish and made big catches. Anglers who went to Great Falls were particularly successful. Salt water sportamen are enjoying trips to numerous places on the! { Chesapeake bay and tributaries. Re- ! ports indicate that there has been a| decided_improvement in the sport at| Annapolis, Chesapeake Beach. Plum Point, Solomons Island, Piney Point and Rock Point. Recent hot weather forced scores of anglers to the water at night. and | many who participated in such sport for the first time are doubting If they will do any more fishing in the bright sunlight. * Sportsmen say the small fish and toady fish do not trouble them much at night. REFUSES TO EVICT WOMAN Brotherhood of Navy Proves Stronger Than the Law. NEW YORK, July 16.—The brother- | hood of the Navy proved stronger than the law when a deputy city mar- | shal refused to evict from her home | in Brooklyn the widow of John Jacob Nowakl, a steward who lost his life when the transport Lincoln was tor- pedoed in 1918. When the deputy, John Hagen. a) peared with his assistants, Mrs. Nowa- ki. her three children clinging to her skirts, cried out that if her sailor husband had mot been killed in the war she would not be forced from her home. Hagen asked his name and learned. “Why, he was my buddy, and as square & gob as ever lived.” he as- serted. Here's where I quit.” His assistants followed suit. KAISER PAYS DUTCH TAX. LONDON, July 15.—The former Ger- man emperor has paid under protest the poll tax of 5.000 gyllders claimed Ly the municipality of Doorn, says the Amsterdam correspondent of the Central News today. ‘The ex-kaiser vprotested against paying the tax on the ground that he had not established himself in Doorn of his own free will. . LUMBER TRADE STILL DULL. ST. LOUIS, July 16.—Conditions in the lumber trade show no docided change from the previous week, to this week's review by Lumber. The volume of business continues weli below normal, with ":he bulk of mn‘d hl"‘% coming m e yard trade, Inel in the form of mixed car orders. o LIBERTY BOND CLOSING PRICES. NEW YORK, July 16.— Liberty bonds olosed: 3%s, 86. 1) 87.14 bid; secodd ds, 87.24; second 4i{s, 91.12; fourth 4%s, 87.1 98.32; victory 4%s, 98.2i NEW YORK BANK STATEMENT. NEW YO! July 16.—The actual ition of clearing house u:k:h with the stagnation on the stock ex- change, trading in bonds this morn- Price changes were trifling, however, and, if any- thing, realizing sales by dealers were more of an influence than fresh buy- In the raflway list, the more active issues, like Great Northern 7s,| Burlington collateral Canadian Northern 618 and Pennsyl- vania 6%8 were all the same as last ing was falr! ing. night. and protection to our here was a sale of Loulsville and || $2¥%: Phome | S0 S0 ranta us Nashville 7s, “sellers fifteen days” at details. Also | in stating it will be 104%, which was one-half point above || St 40| 1§ *5urFintercat the last regular transaction and well || “Sasery First.| consider our secur- up to the high record. Then Profit” | ities hefore investing 1y active. New York Central slightly lower. of 90. United States Rubber first and re- funding 5s, at 77%, were down a half B the high of the week. There was a sale of Pacific Telephone Traction bonds were slight-' point from 5s at 8 ly easie: Province of Ontario issues are down somewhat from a week ago, losing a part of the gain during the seven days ending July AUTHORIZES BOND ISSUE. L CC six million bonds. OUTLOOK FOR WHEAT. ! 9. Permits Funds for New Union Station in Chicago. The Chicago Union Station Company was authorized today by state Commerce Commission to issue first bonds, for constructing a union pas- senger station in Chicago. Authority was granted the Chicago, | Burlington and Quincy Railroad Co) pany, the Chicago. Milwaukee and St. | Paul, the Pittsburgh, Cincinnati. Chi- cago and St. Louis and the Pennsy vanla Company to assume jointly i bility in guaranteeing payment of the dollars 648, debenture s, which have been in demand for sev- eral days, were slightly higher at $0%. Denver & Rio Grande refunding 5s, at 42%, were up a fraction, while Bal- timore & Ohio refunding 5s Armour 4%s were off fractionally at 70. Central Leather is s0ld at 89, as against yesterday's high lieve them care We the mnew with | elsewhere. 1409 N. Y. Ave. were $1,100 BUYS LARGER RETURN: RONDS OF WEL William S. Phillips Ttenl Estate Investments the to are, in the first place, absolute security, then a liberal interest ‘ e to the end that we can fully protect our investors and re- from ail in their invest- ments with us. believe reputation we have acquired in this b ness for fair dealing our borrowers Association Organized 1879 41st YEAR Annetn Surplus . the Inter- mortgage —Save as you «a to get akead i prepared fur arise luter. emer, Being Received EQUITABLE Co-Operative Building Systematic Saving Leads to Great Accomplishments ru, and you will begn [ 1 way and be that may Subscriptions for the 81st Issue of Stock Shares, $2.50 per Month 4 Per Cent Interest CHICAGO. July 16.— eneral com- ' plaint of d ppointing yield and qual- ity,” says the Modern Miller, “comes | from the soft winter wheat states 915 F St. N.W. .\:onny flelds ;hll looked good j be- ifore maturing are shown by the JOHN JOY EDSON. threshing returns to be poor. Crop in Il FRANK P. RLESIDE, these states will not be much larger Complaints from the re miore scattered. more favorable. than last year. southwest braska advices are Heat caused further deterioration in spring wheat, and much of it did not A1l properly. while there is consider- are advising their customers to pass | up the August fur sales and to w hold their initial offerings to the pu lic until September or Oc chasing so far has been light. | SOUTH AFRICA SLUMP. NEW YORK. July 16.—The depres- sion in South Africa wiil prove to be temporary. according to Hugh Ne- tober. Pur- Service Not only do L respo but a ble icy com EQUITABLE BUILDING President See'y. Money to Loan { 850.000—75% nterert, 10 aums of £1.000 to Auto Insurance Plus ou obtain a pol- insurance you secure ford of the National Bank of S the services of an organization Africa, Ltd. He said the country's| Wt NawBeen dn 5 Wonderful power of recuperation || 1t has been doing business in would prevail. The report of the | Washington over a quarter bank, as of March 21, 1921, showed of a ventury nd at no addi- total deposits of £48,045,800. and bills discounted. The capital and surplus fund now amounts to loans, etc., £4.265.000. 'of £38.232.000, tional expense to you. to be adjusted the s Net Interest First Mortgage Notes Absolutely Safe Geo. W. Linkins 1719 K St. $500 company covering 3 tomobile insuranc: great importance. e e S e detail with you. $1,000 “Thirty-five Years of Safety” Dividend Omissions Particularly, when claims 2re vice of the with au- Lecomes of Let us go over the matter in B. F. SAUL CO. Automobiie Insurance 934 N. Y. Ave. N.W. able complaint of blight, RUSL re- | 000, cecned by fiat fewd of (riat on ol ratats ports are more numerous.” oseph I. Weller jOZEERE s WS AUGUST FUR SALES LIGHT. " NEW YORK. July 16.—Considerable Over a anxiety is felt in the fur trade re- 1 B garding the usual retail fur sales in iE ~ Quarter | August. Reports from many retail | A e 2 of a centers indicate that fewer stores A + an usual old fur sales this | o ;| August. A large part of the trade | | Ce"‘"'y believes that it will be difficult to in- | N d in the duce women to purchase furs in Au- | y gust under the inducement that they N A Insurance will be higher laier in the scason. | L 5 Some wholesalers of fur garments Business PEOPLE who adhere to a policy of “safety first” are often criticised for their lack 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. The First Mortgage Loans we offer are in the latter class. They are secured by improved real estate in the District of Columbia. The prop. erty is thoroughly investigated by ex- perienced judges of real estate values, and the loan rarely in excess of one-half of a conservative total val uation. This means that for every dol- lar you invest in our First Mortgage Loans there is two dollars in security back of it—can any investment offer better security? They pay 7% in- terest. They are in convenient denomina- tions, 912-15TWST.N.W. In the past six months more than $23,000.000 of corporation dividends have been omitted. Companies which had paid the regular return on stocks for many years were compelled by business conditions-to withhold these payments for the first time. In more than 52 years'there has been no omission or even delay in interest payment on our First Mortgage Notes on ington real estate. improved Wash- Which class of investments are you in? Swartzell, Rheem & Hensey Co. 727 15th Street N.W. Washington, D. C. The Nation’s Home Town 3 Years Without Loss to an Investor. -+ H.L.RUST--*