Evening Star Newspaper, July 23, 1921, Page 14

1 STRONG POSTION OF RESERVE BANKS Hold 62.5 Per Cent of Re- sources—Secretary Calls for $10,000,000 Tuesday. BY L A. FLEMING. The position ef the federal reserve banking system is today much strong- er, enjoying as it does the highest ratio of reserve of the present move- ment. i that but another evidence today i$ not the crucial fac- money h tor in business activities. but rather that the industrial position of the -ompanies, passing through the r. after several years of great s the real cause of the y and slow recov Reserve banks as a rule may lower their rates to the betterment of some lines of business, but where the re- gional banks are standing back of the agricultural and live stock com- ity, the rates will not be lowered, and likewise in banks where war pa- per has not been sufficiently eliminat- ed. Reserve r: per cent, against 61.6 per cent a week ago. and 44 per cent a year ago, when deflation was still the order of the day. The showing is the best in three yeurs. As business is by no means active and commercial obiigitions are clean- ed off the slate, the rediscounts for member banks decreases, a drop of $17,000.000 being noted, as compared been reduced to paper has there has been -a 000. and ion during the year of $333,- 000. Calls for Credit Funds. Secretary Mellon this morning call- ed upon all national banks to pay into_their respective regional banks on Tuesday 10 per cent of the funds on hand to the credit of the Treasury arising from the recent note and cer- tificate sale. This is a small draft, calling for a little more than $10,000,000. This will leave not far from $90.000.000 ta carry the dcpartment over the remaining days of the month, aside from regu- lar receipts, when it is expected that a new Treasury certificate issue will be announced. Tax Claim Againat Steel Corporation The government is claimant on a matier of $60,000.000 back taxes against the United States Steel Cor- poration. equivalent to $11.50 a share on the stock. Judge Gary admits that the govern- ment claims back taxes to the amount named. but declares the belief of the corporation that the taxes are n. justly assessed. If the case goes against the corporation, he declares the amount will be paid from contin- Kent. miscellancous and reserve funds. Tribute to George E. Allen. George K. Allen. who has resigned as educational director of the Ameri can Institute of Banking, stitute grow from a mem comparatively few hundred more than 40,000 now enrolled. official history of the to In the institute Mr. Allen is referred to as the pioneer in the field. The history says, in part: “He was al an’ exponent of the «ducational idea. and realized very early that the survival and growth of the institute rested on the foun- dation of education. He also foresaw that self-government was essential to the success of the institute, not only on account of its political attractive- ness. but because he regarded self- government as the most practical method of cultivating administrative ability. When he began his program was one to discourage a less versa- tile man and dishearten a lees re- sourceful one. “Administrators came and ‘went, both in the American Institute of Banking and the American Bankers' Association. but he survived them all | and now has the satisfaction of se ing his principal aims achieved. New captains have come on the ship with regularity and once its ownership changed hands, but from the very beginning George E. Allen has been the only pilot."” While Mr. ‘Allen has resigned as educational director of the American Institute of Banking, he continues as deputy manager of the state bank d vision of the American Bankers' As- sociation, and those of his friends in the American Institute of Banking who know him well are not inclined to believe that he will be content to step entirely aslde from the work he has been doing for so many years. BIG BUSINESS IN RAILROAD ISSUES NEW YORK, July 23.—This morn- Ing's hond market was the largest of | the week. That is, there was more activity and more issues were dealt in while the upward tendency was more Eeneral. All classes were drawn along in the rise, but it was the railway group which was particularly favored. On previous days the buying had co verged more upon the new nigh-i terest-bearing rails, These were a tive and strong, but had to divide at- tention with old-line Issues. There was a much more active demand for first-mortgage bonds of the type of Rock Island s, Atchison 4s, Northern Pacific 3¢ and Kansas City Southern 3%, All these issues went higher, the | Afchisons at 77 being 1% points up from a week ago. Northern_ Pacific 4s gained a half point to 774, Rock Island refunding | 48 were heavily dealt in up to 67, and Chesapcake and Ohlo convertible 41as Zained a point, to 76. St. Louls 76. Southwestern 58 moved up from 66! o 67. Canadian Northern 7s were active at 101%, and the new 6145 got across 97. The Burlington ecollateral 6148 sold above par for the first time. There was a good demand for all St. Louis and San Francisco issues, and Seaboard Air Line 6s, which sold yesterday at 49%, reached 50. Action in Industrials. Among the industrials the Cuba Cane Sugar 7s rose above 66, follow- ing the sharp advance in the sugar atocks. Kelly Springfield Ss and Goodyear 83 both responded to the imporvement in rubber and tire is- sues, the former crossing 95. Ameri- can Agricultural 7%s, which are to pay the coupon on the 1st of August. | ‘were in demand up to 97. These bonds not so long ago were as low as 92%. American Smelting 58 were active and stronger, at 77. | VINEGAR FROM PINEAPPLES. | CHICAGO, July 23.—The California Packing Corporation has inaugurated a new industry in Hawaii with the opening of a new department in Hon- olulu. Pineapple vinegar is the latest product of the concern, which last year installed a complete distillery for the making of denatured alcohol and motor fuel. After the fruit has been cut, the grated pineapple taken from the rind, the rind and core crushed and the sugar sirup extract- ed from the juice, the remains go through a sugar mill, which takes more sugar and water from the debris. Then this dried pulp is fer- mented, the pulp extracted and taken to the plantations as fertilizer and the liquid drained into huge tanks. Nfil!ll the liquid goes through the still. ———— NEW YORK BANK STATEMENT. NEW YORK, July 23.—The actual condition of clearing house banks and trust companies for the week shows that they hold $6,295,290 reserve in excess of legal requirements. This is [ d,:-emn of $6,986,750 from last ee! 4 FINANCIAL | NEW YORK STOCK EXCHANGE THE EVENING STAR, WASHINGTON, D. C, SATURDAY, JULY 2, 1921—PART 2_ TODAY’S BOND PRICES. Received by Private Wire Direct to The Star Office. Adams Express. Ajax Rubber Alaska Juno. Allied Cheml Am Can pf. Am Car & Fdy. Am Druggist Am Hide & Loa.... 11 Am Hide & Lea pf. 5l% Am International. 3% Am Ship & Com. Am Steel Fdy. Am Steel Fdy pt Am Bugar. Am Sumatfa. Am Tel & Telog... 104% 104% 104% 104% Am Tobacco. 120% 18k 120% 122 Am Tobaccopf (n) % % % %0 Am Woolen....... a1 % 7 Anaconda. ni% sh A% Asso Dry 300 0% 20K Atchison. .. uh Mk 8 Atlantic Gult Atlantic Gulf pf... Atlantic Petroleurt Baldwin Loco. Balto & Ohlo. ...... Balto & Ohio pf. Beth Steel (B). Booth Fisheries. Bklyn Rapid Trn Burns Bros Butt California Petrol.. Canadlan Pacific. Open, High. Low. Close. Kelly-Spring Tire. 37% &% 7% & Kelly-Spr8% pf... Mh 7% 7% % Keystone Tire.... 12 1 N Loe Tire & Rubber Lehigh Valley. ... -40 106% 2% n % 2% Mo Pacific pf. a Montgomry Ward. 174 1% 11% 17% Montana Power... 46 464 46 & NatlCloak & Sult. 261 26% 26% 264 Nutl Cloak & Spf. 06% B6% B6's G6W Nevada Copper 10% 10% 10% 10% N Y Contral n M%7 % NYNH&Hart... 184 18% 18% 184 NYOnt&West... 1% 1T% 17% 1% Northern Pacific.. 78% 74% 7% 7% Oklahoma Prod... 1% 1% 1% 1% Orpheum Circuit., 20 20 w0 20 Owens Bottle. B% 29 8% 2B BONDS LEAD LIST; STOCKS ARE FIRM Investors Are Placing Money More Freely—Rubber and Sugars Strong. BY 8. P. WEST. NEW YORK, July 23.—Again today the bond dealings were the main point of interest in Wall street. The up- ward movement, which became well defined after the reduction In federal reserve bank rates, appeared to be|Ch gaining momentum. Demand from in- vestors who see in the decline of money rates and the offers of time funds as low as 6 per cent for 388 |long as six months a sure forerunner Central Leather ... 7 Centra; Leath pt 0% 29% 304 Cerro de Pusco. 5% 2% bW Chandler Motor. 2 824 4 Ches & Ohlo. 2% 1% 1% Chi Great W 6% 69 6% Chi Great W ©h % e Chi M &StP..... B2 L ik Chi mllzstpnt 2% ¥ we 8 ChiR acific. . A B ChiR1&P 1% pf.. 6% 7% 75% | St Louls Sown pf. % 6 36 Chino Copper. 13w 3% ga% | Sears Rosbuck. 1 6% 61 CCC&StLouls... 9% 89% 39w | Beneca Copper.... 151616 Coca-Cola. 30% 30 0% |Sinclairoil. W 204 2K Colo & Southern. 31% sk s |Southern Pacific.. 7% m itk % ColGas.......cune tss 85 (bl |Southern Rallway. 20% 207 20% 20% Col Graphophone.. % 4% 4% ¢ |SouthernRypt... 4515 46 5% 46 ConsGasof N ¥... 8% 86% 86l 86 |StandardOilofCal. 4 = T w0 Corn Products.... 6% 6o% 66k 68% |StandOIINJIpt... 1075 107% 107% 101% Cosden & Co W 1% ik |Stewart-Warner.. 25 35 %5 2% Crucible St . B5% B3% b5l | Studebaker. % B W Cuban-Am Sugar. 16% 16 15% 16 |Submarine Bo, ) Cuba Cane Sugar.. 9% 11% 9% 11 TeXasCompany... 3% 34 8% 3¢ Cuba CaneBupl... 1% 0% 2 30 |TeXss&PC&OIl. 18% 1s% 18% 1% Del & Hudson..... 99 bacco Prod..... 57 56w B6% Denv & RloG pf... 2 Endicott-Johnson. 2% Erle Erie 1at p! Erie 3d pf. Famous P Fisk Rubbe. Gen Asphalt...... Gen Electric. Gep Moters Gua Mot 7% ded. iso0drich. ... Great Northern pf. Wia 0 Great Nor Ore. T aTH Gulf States Ste n Haskell & Barke: 567 674 Houston Oil. 5% 84 Hupp Motors 1 1% llinois Central. 9k %3 Inspiration. . 3% 1% Interboro Metro... 3 3% Intl Agr Chem. 7 7 Intl Hurvester. L Intl Mer Marine pt 6 45 inul Paper. 3% B4 Invincible Oil. 0% 100 Island Oll... . 2% 3 Kausas City Sou. 6% 264 Kansas C Sou pf. 9% 6% 507h B3W B0% 63K Bk 63 Bl 63 . T TH T T L109 109 109 109 o BN BN BN 8% 0010 10 10 29 % 29 294 VaIron Coal & T 0 70 Vivadou. I T S Wabash, 8 8 8 8 WabashpfA...... 22 & 2% 2 Western Pacific. % wu Western Pac pf. 621y W n Union. 8% 8% Westhouse E & M " un Wheeling & LE.. L] Wheeling & LE pt. 1% 18% White Motor...... 8 3% 3% White Ol.. s 8 Wwillys-Overland.. 7 7% 7 7% Worthington Pmp 43 3 €% % HOURLY SALES OF STOCKS. 1lam..... 9 6% 12M.... 174 600 SO-CALLED BUYERS' STRIKE SOFTENING AROUND EDGES Country-wide Reports Show More Active Buying and Improved Business Conditions. Special Dispateh to The Star. NEW YORK. July 23.—The winter | New building construction in the en- of business discontent is showing in- | SUINE year. e creasing signs of breaking up, and | Sy with liquidation of frozen credits | ANSONIA, Conm, dJuly 23.—Price more active buying and better busi- | lists just sent out by clock manu- ness conditions are in Immediate | facturers here and elsewhere show prospect. Business and official dis-| Lcauctions of approximately 10 per | patches from this country and abroad | of clocks from January 1. pleted plans to expend $2,000,000 for | cent on all descriptions and grades It i ex- reccived within the last twenty-four | Pected the new prices ‘will be main- hours have made these facts evident. is The so-called buyers' strike softening around the edges. This w made plainly apparent by the results of the opening offerings of ginghams by the cotton goods manufacturers for delivery next spring. The response from jobbers and dress manufacturers was 80 great that the possible pro- duction of the mills has been over- sold and orders may have to be filled on a prorata basis. Many buyers ex- pressed willingness to take double the amount allotted to them. This will in- ure the operation of these cotton ills at capacity between October and April, and has formed a bright spot in the whole cotton situation. United States C Formal assurances from Washington that the necessary monetary assist- ance for handling the present cotton crop and financing export have re- lieved anxiety throughout the south. ‘The opening of the spring lines of the great woolen manufacturers, which is in immediate prospect next week, Is expected to have an equally stimulat- ing effect on that sectign of the tex- tile industry. Scattered orders coming in from widely separated sections show that consumers again have begun to buy steel and steel products, although it | was necessary to cut prices even be- low the formerly announced scale to. attract the business. There has also been some coal bought in anticipation of next winter’s needs, although the general public has turned a deaf ear to warnings of shortage. Bank Situation Improved. The bank situation is improving in every section of the country, espe- cially in the wake of the harvest, and merchants are experiencing little dif- ficulty in securing loans for replen- ishment of stocks. Germany again has_entered American markets for tained until next January. One alarm clock manufacturer, however, who has several months' unfilled orders on his books, declares he has no in- tention of cutting prices. NEW YORK, July 23.—It is an- nounced that ‘the Netherlands. Air- craft Manufacturing Company of Am. sterdam will begin production of Fokker airplanes in this country in the near future. Hoalery. PHILADELPHIA, July 23—Manu- facturers of full-fashioned hosiery have incorporated an association to Act as an information clearing house for their trade and enable manufac- turers to draw on one another for needed mechanical equipment. Automobiles. TOLEDO, Ohio, July 23. — Th Willys-Overland Company Wwill make no furher cut in the price of Over- land cars, company officials an- nounced. Metals. KANSAS CITY, July 23.—Prices for lead and zinc in' the Missouri field have dropped to $20 a ton for zinc ore, while lead is barely holding its own at $45 a ton. Steel. MONTREAL. July 23.—The soviet government of Russla has placed an order for 600 tank cars with the Canadian Car and Foundry Company at a price to total $2,000,000. Rice. 'NEW YORK, July 23.—Jobbers are in the market for substantial addi- tions to their rice stocks and some fair les are being closed at from foodstuffs and agricultural products|4% to 4% for blue rose fancy and with money to spend. Credits which|6% to 6% for fancy head. will enable other foreign countries to do likewise probably will be ar- ranged in the near future. Wage adjustments are keeping pace with price adjustments and in many cases labor is accepting these reduc- tions with a good grace. Bullding construction, sorely ueeded, is being held up to a large extent, however, by failure to reach wage agreements, al- though the cosy of materials has shown reduction. ' However, 9,000 car- penters at Philadelphia agreed today to a cut from $1.12% to 90 cents an hour. Building Perks Up. The extent of the building campaign Flour. KANSAS CITY, July 23.—The flour market has strengthened materially in the last few days. This is variously attributed to black rust in the north- west, to exporters covering up their cash requirements and to purchases by northwestern mills of part of the Kansas grain crop. Leather. NEW YORK, July 23.—Marked im- provement in the demand for leather belting is expected by manufacturers here for next fall. The trend of busi- ness since July 1, when a 10 per cent is indicated by estimates’ that tWolcyt in prices was announced, has been billion dollars’ worth of work is pro- jected now and that this will be more than doubled before the end of the ear. Shoe factorles in most cases are run- ning at capacity. with orders that will keep them employed for months to come. Cattle prices are on the in- crease, not only in the big live stock centers, but in the smaller markets in widely separated sections. Shelves in retail and wholesale es- tablishments in the country over are empty. and when buying to replenish upward, although foreign demand is almost at a standstill. Confectionery. NEW YORK, July 23.—Forty or more confectioners have voted tp cut the price of !ce cream to 10 cents a dish, with 1 cent war tax, and to sell ice cream sodas for 15 cents, includ- ing war tax. Coal. POTTSVILLE, Pa., July 23.—A num- them begins in earnest it will bring| ber of anthracite collieries near here a rush of orders to practically every|have closed down on account of the line of production in the country. Commodity Reports From Various Sections Materials. July 23.—The Cleve- CLEVELAND, land board of education has com- slackness in demand for steam coal. —_—_— LIBERTY BOND CLOSING PRICES. NEW YORK, July 23.— Liberty bonds_closed: 8, 87.06; first 4s, 20 bid; second 4s, 87 first 8, .53; mecond 4is, 87.36; third j0; tounll!?l. 87.54; vic ‘ 3%, 98.43 bid; victory 4Xs, 98.4¢4 of higher investment values, was keener even than on the previous days, ‘There was a larger volume of busi- ness, a broader distribution of interest and a fairly general marking up of prices. Railroad bonds were the fa- vorites, now that the roads are out of the woods, but indu: were not much behind, and g nlmnt securities had their share in the rine. The stock market, while not as i) ifmportant as the bond market; ishowed considerable more life, and ) this activity was accmopanted—a ci cumstance very significant in profe: sional eyes—by rising prices. There were two groups that were con- #picuous above the rest, the rubber and tire shares and the sugars. In both instances an improving trade situation was behind the buying. Rubher Improvement. Crude rubber production in the far east has been cut to half what ft was at its maximum. with the result that the price has had a sharp advance. It has meant much for the rubber companies, with their heavy inventory, but along with this the tire business has recently picked up very decidedly. In the case of the sugars, it is now well understood that the develop- ments of . the week have quite altered the entire outlook. The commission selling the Cuban crop has begun to clear the deck, and already some impression has been made upon the huge overhang- ing supply. If this continues it will mean higher prices for raw sugar and completely change the position of these companies. Sterling exchange went lower again and cotton and grain declined despite the continued export demand. The fact that Nteel common shares wers wuite unaffected by the $60,000.00f tax dispute was most impressive test of the improvement in m conditions. The Actlon of Steel. The overnight news regarding the huge claims made against the United States Steel Corporation by the gov- ernment, for back taxes was expect- ed to send the stock crashing down- ward. It was said in certajn quar- ters that some of the selling which came into steel common in the last hour vesterday was for the acceunt of the people who had advance in- formation regarding these claims and knew they were to be made public overnight. The sellers were badly fooled. for ateel common, after opening a quar- ter of a point off_at i2%. quickly moved forward to 73, and the short sellers of yesterday had very little chance to take in their stock at a profit. WEEK’S GRAIN MARKET RECEIPTS LOWER PRICES CHICAGO, July 23.—Big receipts, to- gether with indications that the movement from rural sources would remain heavy for some time, h pulled down values in the wheat mai ket this week. Prices this mornin, compared with a week ago. showed a fall of 6% cents to 9 cents a bushel. Corn was 14 cent off to & cent up. oatls unchanged to fhad cent lower and provisions varying from 35 cents decline to 10 cents advance. ) With arrivals of wheat in Chicago or: one day totaling 1,250 cars and with similar conditions at St. Louis and Kansas City, bears had an ad- vantage that was hard to meet, espe- cially as_signs pointed to a larger _\'ielkv in Kansas and Oklahoma than official estimates had given reason to expect. Besides. cooler temperatures prevailing tended to allay fears of in- creased damage to the spring sown crop and there was question at times as to whether, in view of storage con- gestion here, railrond embargoes against grain shipments to Chicago could be entirely escaped. On the other hand. export business. the volume of which was difficult to gauge, led to frequent rallies. In this connection it was urged that whereas Furope this season would apparently require ma wheat than last year, the United States could not spare so much, and that the tariff made Cana- dian imports unlikely. Liberal shipments from here, ether With some dry weather com- plaints, steadied the corn marke Oats were ed a little by movemen! of the new cro German buying of lard strengthened that commodity, but meats avera Jower in the absence of any special demand. —— COTTON MARKETS. NEW YORK, July 23.—Moderate depression at the opening of the cot- ton market today was attributed te southern selling, on improved weather. First prices were off 6 to 13 points, and January later declined to 13.03, or 15 points under the previous night, where Wall street and trade buying absorbed the contracts and pro- moted a’ rally of four or five points, the undertone at the end of the first half_hour being quite stesdy, with some week-end covering in evidence. Futures opened steady: October, 12.6! and i | to- p. December, 18.05; January, 13.0! e demand for woolen First M 3 Mareh. 183% domret. Ol "\ iextiles the best re.|fned. further deterioration being Ny The interest payments are Futures closed steady. = October,f;; i are those from boot and shoe °‘;““ n spring wheat and oats, | ever skippe; but paid .63; December, 13.04; January, 13.04; | panufactur and related trades. | While reports as to winter wheat out- —are the safest n et , 13.834; May, 13.43. 42 noes wh-‘ lh.t m;"::, turn are rather better. = !Aorrem :etcu.r.s.ris; promptly when due. NEW -ORLEANS, July 23.—Prices |w: ded in the early part of 0 ———— Call, Phone were lower in the cotton market today, | year and where conditions have stead. | RRPHTEHEN'S OUTPUT GROWS or writa for | SqnieIvative ;-lni In amounts of $250 and up. partly, because of better weather over rly been improving since then auntil oot Sl 00 .r yan the belt, partly because of the renewal | th ow back to those of a good | HARRISBURG, July 23.—Products b " 22 'l““ i of agifation against future tradin manufactured In Bethlehem last year|| our Dboolklet |Hemet. —Let WBs 2ha ‘Partly because of the untavorable n repeatedly made | were worth $95.434.400, or 320.000,000 || isafety Firsr- | 2N FOU the S B F SAUL CO tone of weekly reviews of o in|in these articles that no sudden and imore than the yalue of the 1919 pro- || . ¥p L | urity bel o, o Lo . general. In the first hour of business prices were depressed 11 to 14 points, October sinking to 12.19. Futures opened dull. July, 11.40; October, 12.22; December, 12.55; Janu- ary, 12.63; March, 12.93. —_— ) MONEY AND EXCHANGE. | NEW YORK, July 23.—Prime mer- ntile paper, flh.ua: exchange, steady; sterling sixty-day bills and commercial sixty-day bills on banks, FINANCIAL IGrain, Produce and Live Stock Noon prices reperted to The Star over direct | Seal . Et v LoC. ALE Sinelair Cons. Ol Corp. 7 GRAIN AND PROVISIONS. AL WHOLES, MARKET. New York-Washington wire by Bedmond & Co- | gopohery Pacisic 1st ref, 4 33%| BALTIMORE, July 23 (Speclal Eggs—Strictly fresh, per doz., City of Paris 6s 1921, Eouthern Railway eony. 4 381 | Potatoes, new, white, barrel, 1.50a4.00; | average receipts, 33. Uourlmu'::r:re!n;n: Ig* Southern mlf':'.'y b 83 4021.30; beans, bushel, 1.00a| Live poultry—Roosters, per 1b. 1%; Belglum 7 1001 | Unlon Pacific 1st 4s & bunch, 2a3; cabbage, head, | turkeys. per 1b., 33a36; chickens. and ;,.1.35 90% | Union Pacific eony. 4s. carrots, bunch, 2a3; celery, |8pring, per Ib., 34a36; hens. per Ih, G. B and freland 5ijs 1922... 9814 | Union Pacifc 6 1028.. 75a1.25; corn, sugar, dozen.|28: keats, young. each, 60a75; chick. d Ireland B{5s 1 . au‘ aited taten e field.llfiutt);hcu‘l‘:uml;czrsl, ]b:lalkel, ens, winter, per Ib., 30. . W eggplants, basket, 1.25; lettuce, 0% | Ve Ol Corp e 086 baaket, T 5ba3.00. ity Do e S e e T 9| Virginia.Carolina Chemicai Lima beans, bushel, 3.60a4.00; onions, [ 50!5o0%: Ber b, 36a38; hens per 1o Atlantle "Coast Line 102y | Wilson & Co. 1st Os... bushel, 90a1.15; peppers, basket, 60875: | 40 keats, young, each, 60875; chicke e 'fflh Refialng Co. 8%s 103 101 TERM SECURITIES, squash, basket, 25a35; tomatoes, ripe, | ens, winter, per 1b.. 35 " Baltimore and Ohlo conv. 4%e..10 W0 SHORT- o basket, 75a1.25; green. 50260, ? . Raltimers and Onle 8 iy (Reported by Redmond “m«i) ofter, | | APPISS, barrel. 300a6.00; hamper, | Pork—Dressed. small, per Ib. 15. Biiapton ‘heelp Tefdy ® <185 | American Tel. & Tel. @ 1922.. 4% B4k éf:z'figum:’m:-fifxle": S e el 1g1%e Stock—Calves, choice, per Ib. Ceandienbi 101y | Awerioan Tel. & Tel. "0 it % fiz rants, quart, 16a18; dasons, pound. 7; | huge 1pe Choice per 1b. 1061t tve Ceniral Lesther 393 | American Tobaceo Co. 1 1 quart, 20a25: peaches, & "acl ‘t:m 941 Ti% Tobacco Co 100 pineapple: crate, | Green fruits—Apples, per bbl.. 3n0a Gnosaoes Ohlo conv. 4 [ 1001 ons, cach, 15450; |10.00: western, per box, 3.5 Chesapeske and Oblo gen. 4 3 gos 85 175.002450.00, Callfornia lemons, per box, 10.00u11.00, R antu ot genv. - 15| Anglo-American_OU Tt 00 California oranges, per crate, 5.5026 50 M o o - 699 | Armour & Co. s 1980. g“« CHICAGO, July 23.—Wheat—Prices | grapefruit, per crate, 6.00a8.00; peuches. . Beth % | today touched the lowest level of the | per crat blackberries, pe 015 | week. Huge arrivals at all the win | quart, 20435; raspberries, per quart 213 | ter crop terminals acted as a weight | 50; cantaloupes, 2.00a4.00, 95" |on values. Besides weather condi- %7% | tions in the spring crop region con-| Vegetables—Potatoes. new, No. i, 1008 | tinued favorable. Opening quota- 4.50; lettuce, nearby. per Copper Export 100% | tions, which varfed from unchanged 25: New York lettuce, Grand Trun per Expart 100% | figures to 1% lower with September 50a4.00; celery, per doz.. Northe: per Export 101711235, to 1.23 and December 1.26% |1.00; Romaine lettuce, 1.00a1.50- cyin- Iilinols Central Gonmar Kot .7 1z to 1.27%, were followed by declines per crate, 75a1.00: =pinacl Tnternaionai i udahy Packing Co. T all around. per barrel, 3.00a4.50; peas, neark e 2 Tra . ¥, Corn descended_with wheat. _After | barrel, 6.00412.00: onions, 1.25u1.% — ad X opening to % lower, including |bage 3.00a4.00 per barrel; cu Miseourl: Kaneas September at 61% to 61%. the mar- | 1.60a2.50; eggplants, per crate, 2.00a3.50;’ Now Fork ¢ ket underwent a further sag. tomatoes, per box, 1.00a3.50; asparagus York Centrat Oats were governed by the action |per doz., 1.00a3.00: corn, 15a50 per New York Tel, of other cereals. opening unchanged )dozen; beans, 7.00210.00 per barrel Nortolk aud We to 1, off. September 40% to 40%. and orfolk snd Wes then showing increased weakness. DIVIDENDS DEC otatoes—Unsettled: receipts. 63 LAR cars: Virginia, 5.00 barrel: Nebraska ED. cobbl, 2.15a2.25 cwt.: Kaw valley. | Riock of - as 1.25a1. cwt.; California, 1.50a2. i - eblr cwt.; Idaho rurals, 2.25 cwt.; Jersey gt Avs:. 1 fed C . cobblers, 3.00 cwt. Tl AR Totas o1 1055 NEW ' YORK. July 23 _lard_| a8 Aug 1, Urion Tank Car Co. 7e 1830000 1008 1007 | Firmer: middle west, 12.7512.85. il a. $1duly 22 duiy o . g‘% wuurnbmm;m‘ca. ;u }:lflb 1001 1001, Other articles unchanged. - - % estinghouse E. L 7s 1981.. 101 101 ¥ % DAIRY MARKETS. WEEK'S FAILURES INCREASE. . alive, springer o . CRISIS pASSES: 33: white leghorns. 28a2h; old heaw, | TUmbering are reported for this 25a28: old roosters, 16; ducks, 20aid;| Week by Credit Guide, ugains: ba | 331 for the preceding week. In the FINANCIAL OUTLOOK BETTER| Slight Connection Between Spread of Price-Relaxing Feeling and State Of Bank Resources. BY STUART P. WEST. NEW YORK. July 23.— The most important incidents of the weck have been the further reduction in Amer- ican and English bank rates. With down the federal reserve discount to keep pace with the rise in reserves. | passed four months a in precisely the same way as charges | have been getting better. were increased in the fall of 1919 and | [f the spring of 1920, in proportion a8 | manufacturers of the high e the ratio of reserve to liabilities | Of leathers, of the cigareste comeorns dwindled. A year ago this reserve percentage 44.4; it stands now at 62.5. At this time in 1920 the New York bank's ratio was only 40.2 per cent; now it is 70 per cent. This comparison indicates very why the banks in the eastern dis- tricts and in San Francisco have seen fit to reduce their discounts to a uni- form 5% per cent basis, from 6 per cent in June and 7 per cent in May. The other reserve institutions have held back, apparently to get a better line upon requirements for financing the new crops, but they are expected to_join in before long. The position of the Bank of Eng- land quite different. Its three successive reductions this year are not the result of any improvement in its own status, for its reserve ratio is still well down toward the lowest. The motive, with it, {8 to stimulate & languishing trade situation and help the government in its dificult task of borrowing to make both ends meet. Nevertheless the action of the Eng- lish bank, with the lowering of bank rates herd, testifies to the certainty in the high- est financial circles that the world wide credit crisis has passed and that financial conditions are on the mend. Spec in close correspondence tive Securities Not Alded. This assurance is of great im- portance, and yet opportunity has been afforded this week again to see how wrong the view was eight months ago that the chief problem was one of credit, and that when money conditions became easler gen- eral recovery would be prompt. Low er money rates, actual and prospec- tive, have stimulated the demand for investment securitles of unquestioned safety, because lower interst means a lower investment return, and. con- squently, higher investment prices. But speculative securities have not been helped, simply because the trou- ble with them has not been in in- sufficlency in the money supply, but [January, according to trade reviews, For business | which call attention, nevertheless, t to start up there must be a feeling (a slight springing up in retail demand the depression in trade. of certainty that prices have strucl bottom, and there is slight connection | well t ? b ged n comi 1, 4 t trade 1 nylo-. Borne-8c: ate of le not the major factor, r money situation cannot, how- be otherwi We have seen something of this already in the plans for financing cotton exports and the movement of the new crop, which the sout! t ;\,I,lne tablishment of German credits. for the purchase of cotton and other commoditi toward stimulatin he which would not have be months ago. Textlles Near Normal. most cheering news from any business quarter 1§ that which has been coming from the textile centers. The demand for print cloths ging. hams and o!h;r cotton goods is ‘l'::'k whereas a year ago '] {nauatry at on lis back. The neral recovery is to ll;l. business, but that what we may ct is a gradual turning mov ment, by one trade after another, i dividually. gv:‘l‘onb:n:l 'odo:;':»:‘t;l:m and the boot an el bldlyodnfi twelve h as producers are 'l:’,no"l‘.t ’l‘hly completed their readjust- ment and have had a fair recovery, and so will other industries, given Improvement will come easlest expe time. —— gfi;“ co‘mm.r:hl s"""‘l’l" h‘l?l, .5 d lemand, cables, .4 trancs, demand, 7.74; cables, 7.76. OIL STOCKS, Belgian francs, demand, 7.56; cabies,| Quetations furaished by W. B. Hibbe & Oa 7.57; guilders, demand. 31.30; cables, Bld. Asked. 31.41; lire, demand, 4.35; cabies, 4.36; | Anglo-American OIl Co. (new).. 153 16 marks, demand, 1.2 les, 1.39.Atiantic Reflning Co. Lme” w0 Greece, demand, 5.45. Sweden, de- | BorseScrymuer, Co. o e mand, 20.60. rway, demand, 12.74. | Buckere oo Jo & 180 Argentine, demand, 29.25. Brazilian, | Cottiiental oMl . Co. 108 108 demand, 10.87. Montreal, 11% per cent | Crescent Pipe Li 2% s discount. i ey, | CumEeriand Fipe Line ‘ug an Government and railroad bonds firm. | Eureka Pive Lie..- .. 2 Galena-Signal Ofl Co. pfd. 0 o4 FORBIGN EXCHANGE. Illinois Pipe Line c‘? l;g u;ou Selling checks—Dollar values' at 11:45 a.m. | Indiana Fipe Line By 185 140 B S~ 1 28 243 e 20 g Sl Prairie Pipe Line Solar Refining 0o 30 0 Southern Pipe Line ™ 8 South Penn. Oil C 165 168 Bouthwest. Penn. Pipe Line Co.. 57 60 Btandard Oil Co. California.... 72 T4 $250,000 CRANBERRY CROP. | Standard Ol Co. Iadiena . PORTLAND, Ore., July 23.—Ten thousand bushels of cranberries is the | 8i estimatea crop this year from the bogs near the mouth of the Columbia river. The Washington-Oregon Craa. bou‘.msuu estimates the yle ‘will be worth $250,000 to the growers. clearly | soon, I adverttised price red : = silver, of this feeling and | Bradstreet's says, in part: uctions Jomestic x::sa. foreign, 60%. Mexican c resource “The prevailing quiet, however, does | LONDO! o3 mat. wbives 9 entury 8spring, notably F41 4 than helpful to | ginghams, opened at about the prosent | cisce nresomanth s, so pai o 2o S ern banks | leading inter e is true, although perhaps in lessi be looked for duction, according to official figur ai , 28; 3 . 3l SEring ducks. 2inls; oiueons, palr; corresponding 1920 week there 164 failure this city wers This week's defzults iy tho Eggs. loss off, native and nearby | firsts. dozen, 31; southern, 29. Butter—Creamery fancy. pound, 43a 44; prints, 44a46; nearby creamery, 39 a40; ladles, 30: prints, 27 ding week, the nu being fifty-five against twent nin Increases ‘In defaults were shown i+ New York, Baltimore, Boston. Detroi: rolls, 27a29: dairy 7a29; process butter, 32a33. YORK, July 23.— receipts, 11,359 i Creamery higher than extras, 42':a 43; creamery, extras (92 score), 41 42: creamery, firsts (88 to 91 scere), {.’I%hfl: packing stock, current make, o2 o Cleveland and Atlanta, while d.- creases were shown by (‘hicago, Des Moines, St Louis, Philadelphia and Pittsburgh. Eggs—Firm: receipte, Fresh gathered, extra firs s firsts, 31a34; state, Pennsylvania and nearby western hennery whites, firsts to extras, 41a52; do.. browns. extras, 41a43; do., gathered browns and mix- ed colors. firsts to extras, 39; re- frigerator, firsts, 33a35. 18,424 cases 35a37; do. “Gilt Edge” 1% First Mortgage Notes where there is least dependence upon the foreign markets. - Improveme Gradual, The same figure of a gradual turning vement applies also to the stock ket. Railway shares already have n this country it is a case of marking | ha their turn’ for the better, be-| Cheese—Steady: state, whole milk. Now on Ha: ‘n:uunvnhe worst of the troubles in |flats. fresh. apecials, 21a21ly: hdc‘n., In Amounts «- nsportation industry were |average run, 20a20%; state, whole $250 000 0. and things | milk, twins, specials, 21a21%; do., Up to $5, We look after all details and furnish guaranteed titles With ail notes. The Galy sbeolutely sfe form of invest- mea! Chas. D. Sager 923 15th 8t. N.W. Loan Dept., M. 38. average run. 20a20%. Poultry. alive, no quotations. Dressed poultry, steady and unchanged. WEEK’S TRADING MARKED BY EXTREME DULLNESS NEW YORK. July 22 —Extreme dullness characterized the week in the stock market. Dealings were in smaNest volume of any like peried this year, and fluctuations were in keeping with the listless trading. Another reduction of discounts by the principal reserve banks and con- current action by the Bank of Eng- land pointed to easier money and credit conditions, but were without For liki asons stocks of the woolen and 00t and shoe companies, of the and the makers of news print got through their s g downward swing some tocks of equipment companies vir- {ually belong in the same catemory, because while their business has not yet picked up, it is bound to do so The railroads are in sore straits for new cars and engines, and before long will have the means to buy. ~ There is considerable hope, after the developments of the week. of adding the sugar issues to the convalescent list. But where in other lines the readjustment cannot be ac- counted thorough. it is showing in EQUITABLE CO-OPERATIVE BUILDING ASSOCIATION Organized 1879 apparent influence as market factors. l'he m!lrkn for the stocks which rep-| Operators also_ignored proposed 41st YEAR COMPLETED esent these lines. changes in the Fordney tariff bill. Asoets $4.908,836.65 (Copyright. 1921.) although those bore pertinently upon s.n'-pm . $1.965.322.89 the capital issues of many popular Qe companies, notably those in the oil, Gratifying Results cotton and leather {ndustries. Authoritative advices from leading centers of trade and industry em- phasized a more hopeful feeling. The steel industry was a striking excep- tion, however, more unfavorable statements of ernings for the year's second quarter being issued. 1 Rails most often were dull, but maintained a firm undertone. Ap- rroval by the railwav executives of the administration's funding plan s expected to facilitate legislation for their figancial relief. Conclusion of one of several pro- jected commerelal credits to German interests was the noteworthy feature of the international financial situa- tion. Exchanges on London and most continental points were increasingly reactionary, however, albeit actual dealings were nominal. HAIR TRADE IN CHINA DROPS. HONGKONG, July 23—Few Ameri- [cans realize that the exportation of SYNDICATE BACKS CREDIT. Will Finance Grain Shipments to Germany. NEW YORK. July 23.—A syndicate formed under the management of the Bankers' Trust Company and the In- ternational Acceptance Bank, Inc.. for New York. has concluded arrange- ments, it is announced. for extend- ing a credit of $9.000.000 to finance grain shipments to Germany. The ar- rangement, it is understood, involves acceptance credits for ninety days. Among ‘the banks and firms par- ticipating are the New York Trust Company. National Bank of Com- merce, Chase National Bank, Corn Exchange Bank. all of New York; First National Bank and Old Colony Trust Company of Boston. First Na- tional Bank, Chicago: Cleveland Trust Company: Hallgarten & Co. and Gold- From Systematic Saving —Make up your mind to join the Equitable and save system- atically. You will attain great- er results than ever before. Bubscriptions for the 81st Issue of Stock Beiag received Shares, $2.50 per month 4 Per Cent Intarest EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON, President FRANK P. REESIDE, Sec'y to Loan Money man, Sachs & Co., private New York | human hair is an appreciable factor of | g80,00072 int. bankers. southern Chmtl‘s industry. 1;1-.- an | 800 weeures by @ret doed of vru I . nual output from the province of 430 Wesh L. & Trus: TRADE CO Rovanstune alone usea ta amount ts | Joseph I Weller S0 ¥k 50y v INDITIONS. well over $1.000.000 (Mex.) a year. EW YORK, July 23—Trade and|But hair nets must be going out of vogue in Europe and America, for the trade is falling away to a mere tithe of what it wa J —_— BAR SILVER QUOTATION NEW YORK, July 23.—Bar industry are the quietest of any time this year except in the early part of for apparel evoked by attractive and season’s prices, have sold well; that cotton goods as a whole are fairly firm; that woolens for next spring are to be opened next week by the ts; that shoes and, leather and hid have sold better, with some shoe fac. tories reported exceedingly well em- ployed: that the matter of funding The greatest bargain in the entire investment ‘world is the thing often least sldered—SAFETY. This truth is so obvious that its Collection and Payment of Interest Interest on any mortgage purchased from us is col- lected by us and remitted promptly to investors free of all expense. The interest is due each six months. the railways’ debts to the government | en taken six | for capital outlays is making head- way; that railways are speeding up shop repair work, and that plans for observance should be universal, yet investors con- stantly reach out for an sdditional n d financing cotton and wheat ship- ments needed by Europe are under ac- tive consideration. “Most life in industry is in the tex- tile branches, in other words in wear- ng apparel, while such basic lines as iron, steel, coal, coke and lumber are little, it any more active. The trend of crop reports is not yet clearly de- point or two interest ‘We send you a check, thus relieving you from all worry or detail on your part. they have to sacri- fice to get it Our Mortgage Loans 934 N. Y. Ave. NW. There were 100 industrial plants operating in the city last year, with 13,762 /employes, as compared with seventy-seven plants in 1919, with 15,983 employes. The increase in plants was mainly among bakeries and small cigar manufacturing es- tablishments. The workmen included 9,079 Americans and 4,673 foreigners. S. Phillips Estate Investments 1409 N. Y. Ave. Main 98 e Of these, 3,850 were women. The workmen were pald $21,334,000 in compared with $22,203,600 wages, paid in 191 AMERICAN TOYS AMPLE. ATLANTIC CITY, July 23. — The supply of American toys is ample to meet the American demand, aithough many are being imported from Ger- many, Fletcher Dodge of New York declares. Tin soldiers are going out of style, he sald, as children now ask for toys with which they can exer- cise their ingenuit: —_— FOREIGN BONDS. Quotations furnished by ‘W. B. Hibbs & Co. jces at noo: Little Tragedies The passed dividend may cause only incon- venience and disappointment to a person of large income and varied investments. But to the small investor a fruitless year for his care- fully husbanded savings is nothing less than tragedy. The past six months, which have wit- nessed losses totaling $23,000,000 in the form of omitted dividends on stocks, have Aamply demon- strated the soundness of our First Mortgage Notes, on which no payment is omitted or even German gov. 4s.. German gov. Oy o Berlin 4s.... 1 Greater Berlin 4a 1 4 % Coviens 4 187 Reaaaitine 430 11 delayed. Dresion i i‘_l-'ln'l.er ok e 1 { T e T e AR Swartzell, Rheem & Hensey Co. e & 727 15th Street N.W. Washington, D. C. The Nation’s Home Town 83 Years Without Loss to an Investor.