Evening Star Newspaper, July 30, 1921, Page 13

FINANCIAL. FIAL PAYNENTS . ENDTOHORRON + War Risk Bureau Mails Last Checks for Enlisted Men. In carrying out the provisions of the war risk act relative to payments of allotments and family allowances, which features cease after tomorrow. the bureau of war risk insurance has, from November, 1917, to June 30, 1921, mailed out 19,487,503 allotments and allowance checks amounting to 604,032,802, it was announced by Di- Tector Forbes yesterday. This discontinuance of payments of allotments and family allowances by operation of the law of July 31, 1921, means that neither allotment nor al- lowance will be paid by the war risk bureau covering #ny perlod from or after August 1, 1921, but not pre- clude payment of an amount of allot- ment or allowance, or both, due an allottee covering any period between November 1, 1917, and July 31, 1921, hich may be made at any time bere- after by bureau of the war risk in- surance. After August 1, 1921, allotments of pay made by enlisted men will be Voluntary and will be made under Tegulations to be prescribed by the Secretary of War, or the Secretary of the Navy, as the case may be, and in the future no family allowance will e pald. A.B. ¢ . Delegates Return. The eleven delegates, with their families, who attended the annual convention of the American Institute ©f Banking at Minneapolis, returned 10 the city yesterday. “The convention was one of the most successful hdld in the history of The organization,” said Edward J. Mc- Quade, cashier of the Liberty National gank, who was a member of the pro- ram committee. Mr. McQuade was enthusiastic over the election of Carter E. Talman, as- sistant _cashier of the American Na- tional Bank of Richmond, to the office of vice president. This was probably one of the most hotly contested elec- tions ever hold by the orzanization, John S. Curran of San Francisco giv- ing Mr. Talman a spirited fight for the office. Fifteen hundred delegates from all sections of tfle country were in at- tendance. The Washington delega- tion made the return trip here by the T2y, 0f the great lakes and Niagara ~— o | Personal Mention. ‘_Wade H. Cooper, president of the {United States Savings Bank, is spend- Ang the week end cruising the waters Yof Long Island sound aboard the tyacht of his friend, H. M. Williams. T A. V. Nevius of the Riggs National ' Bank has returned from his vacation 4n_northern New York. Robert V. Fleming of the Riggs Na- tional Bank will leave shortly to end his vacation on the New Jer- sey coas ¥ Charles F. Jacobsen of the Metro- politan National Bank will leave next ‘week to join his family at Blue Ridge mountain: TONE OF BONDS CONTINUES FIRM 4 NEW YORK, July 30.—Dealings in the bond market were mot of such great volume as yesterday, showing the effect of the half holiday. The firm tone in all prime investment is- sues, however, was maintained. 'French 7l%s sold at 96, registering a “fractional gain. These bonds, unlike the 8s, are non-callable, and by some authorities regarded as more attrac- tive on this account. Chile $s sus- tained their recent gain around 99, while the Braszilian 88 continued to sell around par. Other foreign issues showed no notable changes. In the railway list St. Louis South- western consolidated 45 and St. Louis and San Francisco income 65 were ) heavily dealt in at substantial ad- vances. The former sold up to 66%, against a high yesterday of 66. The latter reached 57%, a half-point ad- vance over the highest price so far recorded on this movement. Frisco 6s Attractive. The Frisco adjustment 6s sold at 68, up a quarter. Good judges regard this as a very attractive investment bond, although it lacks the specula- tive possibliities of the income 6s. Among the higher-grade issues Polorado and Southern 4s touched 82. p a quarter; Southern Pacific col- Jateral 4s sold at 72%, up 7%, and Baltimore and Ohio 4s reached 70. sgainst 69% yesterday. Chicago | TUnion Station 6l3s were quoted to- | day at 106, a new high. The top | price yesterday was 1051;. i Detroit United Railways. News from Detroit was to the ef- fect that the public utilities co,m~| 4. i ways issue, to which there had been | some objection on the part of the | authorities because of the high rate. This was taken as another indication of the more favorable attitude public service regulating bodies are taking toward the utllities under their Surisdiction. - The active issues of Ontario and Manitoba were oniy slightly changed on the week. T DIVIDENDS DECLARED. e t Buffalo. Roch. & Pitts. Co., $1... Pay- able. Aug. 15 Avg. 15 Aug. 2 Aug. 6 CUT WILL AFFECT 40,000. - NNELLSVILLE, Pa. July 30— Forty thousand employes of the . C. Frick Coke Company. in the Conn=lls ville coke region, will be affected by a 10 .per cent reduction in wages, ac- cording_to an announcement tcday. The new scale will become operativ® August 1. 4 WOOL TRADING IS FAIB. BOSTON, Mass., July 30.—The Com- mercial Bulletin ~ says: «“Fair _busi- ness wool In the local market is reported for the week, chiefly in the finer grades, which are firm. Some husiness in medium grades is reported at prices barely steady. The success- ful opening of light-weight goods this week by the American Woolen Com- pany is regarded as a forerunner of zood business for the coming season, especially in the finer grades of wook” e NEW YORK BANK STATEMENT. NEW. YORK. July 30.—The actual condition of clearing house banks and trust companles for the week showa that they hold $13,321,120 deficit in reserve of legal reserve. This is a de- «rease of $19,616,410 from last week. $20,000,000 OFF DEBT. CHICAGO, July 30.—The report of (condition July 1 made by Sears, Roe- tuek & Co.. mail order house, shows 1hat the corporation's liabilities have 1.een reduced appr: 60 during the first half of 1921, v-hile it has purchased in the open yvarket some $2,250,000 of its $16,- 60,000 one-year 7 per cent gold notes, which’ mature October 15. A 10tal of $50.000.000 of one to three vear notes was marketed in October, . Jast year. =2 | Union Pacific 1st 4s. ds operation here. was reported today to .~ _THE EVENING S NEW YORK STOCK EXCHANGE Received by Private Wire Afr Reduction. laska Juno. 1% 1% 1% 1% Allied Chemical... 38 38 w% 3% Allled Chem pf.... 88% 88% 8% 86% Allis Chalmers.... 31% 31% 31% 3% Am Agr Chem..... % Direct to The Star Office. Opes. High. Low. Close. TRADING IS DULL; Kelly-Spr8%pf... 88 8 8 8 Kennecott........ 19% 18% 19% 19%r Keystope Tire.... 13% 183% 13% 13% Lee Tire & Rubber 28% 8% % 2% Lebigh Valley..... 88 88 & $w| NEW YORK:July 30.—Today's stock 3 9% 9% 9% |and bond markets continued ta exhibit 5 4 80 |the respective tendericles which have 1% 1% 14%|marked their operations during the Iz,“‘ # T | week on the part of stocks—a resistance 21 31 21 |in the general list to the effects of the o B o The part, "ot bonde. & Mign & BLL (8. T B 2 'h|strength which testified to the contin- 1% % 108% aTh " 105% 60 122% 2% 10 e @ Anaconda. Au::lon. -;:* 2 tchison pf. :!lclnflcg\:ll. 21%- 2% | Phila Company. B - Atlantic Petroleur 13 13 13 13 | Phillips Petroleum 17 17 3 0 Auto Sales pf..... 12 12 13 12 | pere Marquette 20% 0% 20% #rs Baldwin Loco. 8% :;; m m s:'m.fi"o'pt : ::: Rx:v. :’ % . 9% erce-Arrow pt.. , Lo @ a4 4 |PlerceOil. T TH I 4% B0% 49% 60% | Pierce Oll Pt 51 51 Bkiyn Rapld Trn.. 12% 12% 124 12% | Pitts Coal.. :;;/: 5% Bkiyn Rap Trctfs. % % 7% T%|PressedStee & Burns Bros. 91 ot 9 9 |PullmanCo....... 88 93 2 Butte Copper..... 4% &% 4% 4% Punta Alegre Sug. % % gy‘ N Butte & Superior.. 12% 12% 124 2! iy Butterick. .. 2% 26 ux . Calitornle ok Sl Sk 364 | Reading 24 Dr..... 30% 9% 9% o 1% 113 | Rep Iron & Bteel.. 6% @ 6 & flc.. 112% , . g::t‘:l‘l‘ ]?al:‘!:lof s4 34 8 34 |RoyalDutch. g 2 8 Centrai Leath pf.. 63% 6% g“ :% g:t :gn hfi-p u :;: g:/- 48CO. o 6% n 3 Cerrodo Pusco.... 204 % (% 4% |StLoulsSouthwn. % 21k % 57 |8tLouis Sownpf.. 36% 36% 36% W - S% % 6 6 6 65 6 € j01 T101 101 101 |SenecaCopper.... 16% 17% 16% 52%%'1‘2’?.‘!&2.. ‘o s 33 |Shell Trad & Tran. $7% 3% 37% ChiRI&P 6%pf.. 63% 6% 68% 63%SinclyrOfl....... 204K 20% 20% CRIRI&PT%DL.. 78% 8% 78% 13%|SouthernPacific.. 7% 79 = 8% 19 Chile Copper...... 10% 10% 10% 3% gzu;h:{:ll‘%lnflgu. % zs_fi " Eg% ove 8 18 o co Sug. e e b v Standard Milling.. 89% 8% 8% 8% A Standard Oil of Cal. 75 K o 2% 30 8% 16% Superior Steel. .. 46% 45% 5% | Tenn Copper. % % TH % €1% 61% 67% | Texas Compan: 35 8% 35 . 3% 8% 8% 8% ;axu:l;lcl:cou 2% 2% lgz !g:i Crucible Steel..... 55% B85% 65 .G56% | Texas&PC .19 19% 19% 19% Cuba Cane Sugar.. 10% 10% 10% 10% | Tobacco Prod..... 68% 59 B8% 69 Cuba Cane Supf... 2% 2% 21 27 |TobaccoProdpf.. 8 8 8 8 Davidson Chem... 34% 4% 3% % TransContlOil... 7% 7% 7 % Denv&RIoGDf... 1% 1% 1% 1%|UnlonBag & Papr. 60 6 60 60 Endicott-John pf.. 9% 8% 3% 98%|UnionOll.... 19% 19% Erle1stpf........ 20% 20% 20% 20% | Union Pacific. 120% 120% Famous Players.. 46% 4% 46% 46%|Union Pacificpf... 65 65 6 6 Fed Mines & Spf.. 21% 21% 214 £1% | United Alloy St 6% 2% A% Fisk Rubber...... 13 13% 13 13%|United Drug. 59% 59 69% Froeport Texas... 12% 12% 12% 12%[UnitedDruglst... 38 38 38 38 Gen.Asphalt...... 5% 2% U 8 Food Prod. 1% 1% Gen Electric United Fruit. e 102% Gen Motors. 10% | United Retall Strs. 55 B4 Sk Great Northern pf. 72% 3% al 49% Ol 49% 4% Illinois Central... %% 5% 63% 3% indlahoma. 2% 24 24 |USRubberlstpf. 9 9% 9% 9% Inferboro M 1% 1% 1% (U SSteel. 3% UK T% UK Intl Agr Chem K 7 7 |Utah Copper. a AT% 4T% Intl Harve 2 m% 2% 2% Int] Harvester pf..100 100 100 100 0% 2 Inti der Marine pf 3% 43% 43% % 62% Intl Truck 24 pf... 61% 61% 6% ™ Intl Nickel [TET T 1010 Intl Paper. . 5% 6% 614 A% A% Invincible Ofl..... 10% 10% 10% 8% 8% Is1and Ofl......... 2% 3 2% % 6% Kansas City Sou.. 25% 8% 25% 25% | WilsonCompany.. 35 35 8 3§ Kelly-Spring Tire. 48 4% 43 3% | Wright Aero. 9% 9% M % ) i TODAY’S BOND PRICES. Noon prices reported to The Star over direct SHORT-TERM SECURITIES. e i 2y witelly Radmone ‘:f. (Reported by Redmond & Co.) French Government 8s_ 101" | Bid. Offer. Goverument of Switzeriand 8. 105 | American 9% Kingdom of Belgium 73 101% { American 0% of G. B. and Ireland 5 997 | American S nd Ireland 5 987 | American d_ Ireland 5! 80 American American Armour & 4! Atchison, Topeka and Santa Fe gen. 4 Atlantic ‘Coast Line Ts. Rurlington_(N. P.-G. t. Canadian Northwestern 78 1940. Central Leather 3s.. Central Pacific 45 1049. pper Export and 78 | Copper Export “‘A™ 8s 1 10015 B 75 Copper Export “A’ 8s 1 102 C 83% | Cudahy Packing_Co. 7s 1t 98 ] 81% F. Goodrich 7s 1925. .. 20 ¥ 87 | Gult 0il Corporation 7a 1983 8 101% | H. J. Heinz Co. s 1980. MY Chicago, 8812 | Hocking Valley 64 1924. 911, Chicago. 105 * | Humble Ofl 7a 1923. 97% Consolidated Gas 7s. fi Kennecott Copper 7s 1930, 93% Delaware and Hud & Liggett & Myers Tob. Gs 9% 60% Erie General Lien 4t 44% | Procter & Gamble 7s 1922 1001, 1005 General Electric 6. 100%4 | Procter & Gamble 7s 1923 100 10014 Goodyear Tire and Rubber Co. 8s 1941. 4 | R. J. Reynolds 6s 1922.. 987 991 Grand Trunk 7s_rcf 100% | Sears, Roebuck & Co. 7s 1921.. 9% 100 | Great Northern Bears, Roebuck & (Jo. 7s 1 9% 99 | | linoisCentral Sears, Roe buck & Co. 7a 1923 2 oer Toternational Mercantite Mas o, o1 91y, Inter. Rapid Transit 1st and_ref. 965 Louisville and ville 7s 1930. 100 Missouri, Kansas and Texas 1st 4s L Missouri Pacific general 4a. i New York Central s 1980. 1005 Gn. 100% 101% | N Nor Pac Penasylvania _5s 5 Peansslvania R. R. 6.1t Pennsylvania 75 of 1930. Pennsyivania_gen. v Reading general 4s St. Louis and San F Seaboard _Al Binclair Cons. Oil Corp. Southern Pacific 1st ref. 4: Southern Pacific conv. Southern Rallway ge Southern Railway 5s. Tnion Pacific conv. if ific United Si Vacuum Ofl Corp. 7s 193¢ Virginia-Carolina _Chemical 7%s 1882, Wilson & Ce. 1st 6s.. . FAVOR NUTRITION WORK. Specialists Propose Formation of National Institute. STATE COLLEGE, Pa., July 30.— Determination of the number -of cal- orfes and vitamines a stenographer’s lunch should contain, with what the hungry laborer’s full .dinner pail should be filled, and similar problems would be made by a $100,000-a-year investigational body, if plans out- lined here today proposing a national institute of nutrition are carried out. The body. would be.composed’of the combined research -ability of-the na- tion’s ‘most eminent scientists. Dr.. Henry Prentiss Armsby, & nu- trition, specialist and director of the State College Institute of Animal Nutrition, gave the first intimation of what the national research council an@ its committee on food and nutri- tion wish to do. ——e GEN. O’NEILL RECOVERING ‘World ' War Officer Has Operation erformed by Brother. ROCHESTER, Minn., July 30.—Gen. C. T. ONeill, a2 major general at Camp Hancock, Ga., during the world war, who recently submitted to an be improved, though his condition is still critical, by Dr. A. A. O'Neill of Chicago, a brother of the Army officer, who performed the operation. NI for about a month, Gen. O'Neill wag operated upon for ulcer of the stomach last Saturday. During the Spanish-American war he commanded the 28th Brigade, 1st ivision, after which he was retired a major general. —_— Miss Belle Devlin and Miss Olive Bruggeman have been ~ appointed street commissioners in St. Louls. W 79% | Anaconda American Tobacco Co. s Copper 6s '1923. Anaconda Po?mr 65 1921 £ Anglo-American Oil 7i5s 1925 00%, ‘Armour & Co. 7s 1830. 9674 Bethlehem Steel 9% Bethlehem Steel 7s 1923 BRI, ian Pacific 8s 19: 98y, ral Argentine 6s 1t 5 & Chicago, R. I. & Pacific 6s 1022, 081, 89 C.. C. & St. Louls 64 1920... 891 o5 Gas of New York Ss 1921.. 100% % Copper Export Bs 192200 101 1% 7. Prague e, w-f-hw ! hagen 1230 Gibiatiania 89 Stockholm % Belgrade .. 128 Montreal . e e XY . TANNERS BOOK ORDERS. BOSTON, July 30.—Sole leather tan- ners continue to book orders for heavy leather from cutters and shoe manufacturers. Light leathgt is mov- ing in fair volume. Trading in up- per leather is confined to small sales of calf in popular shades. Glazed kid | tanners have overcome the adverse ! exchange handicap and exports have | improved. | 51 MEXICAN MINES SOLD. PARRAL, Mexico, July 30.—Pedro | Alvarado, former mine laborer, who | i Durant Motors™ 1 EIk Basin - { Empire Food Products | Guftey 1 Granada Oil 4 | Hecl uously insistent demand for prime in- vestment issues. What news devel- oped since the close yesterday was all favorable, but whether it had any ef- fect on quotations was doubtful. Rather was it probable that the main influence was increasing distrust in the perm: nent safety of operatioms for the de cline. 8% |/ Eloquent testimony :to the ‘reality of the passing of the period of credit 6% | stringency was the recommendation of the. New York Federal Reserve Bank to member banks in favor of a more liberal policy with reference to maturing loans and the granting of new accommodations were sound banking practices permitted. Sugar Mennce Passing. The sugar trade authorities, with the exception of the one refining in- terest which has consistently pre- dicted lower prices, were unanimous in declaring that improvement had 5% | been marked, and the outlook for removing the menace from this source, which has so long overhung the market., was good. Then there was the notable catalogue of the ef- 69% | forts of the administration at Wash- 9% | ington to aid business and restore normalcy. It is not necessary to indorse all 2% the methods employed or to share 381 | fully in the optimism_exhibited to admit that substantial help has been 3% |given from this source. Dealings on Small Scale. Actual dealings were on a very small scale. Studebaker and Vir. 1% ( gipia-Carolina reflected the respec- 31% | tive showings their annual 203 | are expected to make. o reports The former was strong, the latter was weak. The dividend paying raile as yester- day, were firm, especially the shares The dividend-paying rails, as yester- one feels an optimism which so far the earnings statements of these cor- porations have failed to forecast. Neither the foreign exchange, the grain nor the cotton market showed notable changes. Boston Stocks Hammered. The success achieved in slashing the price of United Drug_has caused the supremely confident -“bear” party to hammer other Boston stocks in an ef- fort to force the same sort of liquida- tion. The big bear operators therefore {have been shooting at United Fruit, Eosch Magneto, General Electric, Ameri- can Woolen and others. mesuccess was attalned in the raids on Bosch, Fruit and General Electric, but there was no sign of any real liquidation. The Studebaker report. made public today, was about as expected. It showed ‘earnings for the _second quarter of approximately $6.90 a share aml earnings for the six months of approximately $11 a share, or at the annual rate of §22 a share on the six hundred thousand shares of common stock outstanding. The declaration of the regular dividend of $1.75 on the common was a distinct disappointment to a few who had been predicting that the directors, who met in South Bend today, would add something cxtra. The quarter just ended was the best in the history of the company, with a preduction of 22,000 cars, but the president of the company in his remarks accom- panying the report declared that the schedule for the third quarter called for 25.000 cars. and he said that all{new. 75al of th should be sohl. —_— CURB STOCKS. TAR, WASHINGTON, D. i ¢, SA TURDAY, JULY 30, 1921—PART 2. [INVESTMENT BUYING OF WEEK GIVES CLOSING IRREGULAR 1.5 . BOND 'PRICES BIG BOOST|, plo&ment for Money on Bank Loans Greatly Stimulates Demand for Other Securities. BY STUART P. WEST. NEW YORK, July 30.—The signifi- cant happenings of the week have been in the investment rather than in the speculative market. The sequence of events leading up to the remark-! able rise in bond prices is entirely clear and logical. As a result of the trade depression and pressure from the banks, corporations with abnor- mally large inventories stopped buy- ing six months ago and devoted their energies to working off raw material and stocks of goods on hand. This has enabled them to pay off bank loans and so contribute powerfully to the liquidation.of; those “frozen cred- its” about which 80 much was said at the close of 1929. Along with this the | The slackening of production and the great fall in prices have involved a much smaller demand for credit in commer- clal channels, while Wall street bor- rowing is the lowest it has been in years. Herein are the causes for the tre- mendous decrease—amounting to $1,300,000,000' since the first of the year—in federal reserve discounts and the curtailment by nearly $900,000.000 in the volume of circulating notes. This prodigious reduction in out- standing bank credits, supplemented by gold $500,000,000 mark, “has brought the federal reserve ratio up from around 42 per cent to above 63 per cent, and fiag thereby restored banking cona®- tiong to where they stood in 1917, whenh the United States was only starting in_with its huge war loans that were the primary cause for the subsequent inflation of credit and of prices, Market Favors Borrower. Accompanying this great recovery in bank reserves has naturally been a lowering of discount rates. The fed- eral reserve banks in the eastefn istrict have reduced their rates from 7 to 5% per cent, and in other sec- tions the rate is down to 6. For the first time in y@=rs the money market has* so turned in favor of the bor- rower that offers of funds for six months have been refused ut 6 per cent, and lenders have had to con- cede 5%. Call money this week has been such a drug on the New York Stock Exchange that loans have been made as low as 3% per cent. Difficulty of finding profitable em- ployment for money on bank loans has greatly stimulated the demand for investment securities by lending institutions, This is one explana- tion for the buying movement of the last two weeks in the bond market. The other and more essential reason is that owners of investment funds realize that if the banks are not look- ing for better than a 5% to 6 per cent return, where they used to get 7% to 8 per cent. buvers of securities must” expect the yield on their money to come down similarly. In other words. the bond market of a year ago Grain, Produce GRAIN AND PROVISIO! BALTIMORE, July 30 (Special).— Potatoes, new, white, per 100 pounds, 1.00a2.50; barrel, 1.50a4.25; sweets, barrel, 3.50a8.00; beans, bushel, 75al.; beets, bunch, 2a3; cabbage. head. 7ald; carrots, bunch, 2a3; cel- ery, dozen, 40a1.00. Corn, dozen, 10a30; cucumbers, bas- Quotations furnished by W. B. Hibbs & Co. |ket, 25a35; eggplants, basket, 1.00a Aei Baplsives Bla, Aasked [1.25; lettuce. basket. 2.50a4.00; lima : i i, 13y L Pt Aled Of1 1 1 | beans. basket, 1.50al.75; onions, per Arkansas Natural Gas 100 pounds, 1.25a1.50; peppers, basket, Big Ledg 23a35; squash. basket, 20a25; toma- Boone 0l toes, basket, 2 Boston and . 3.0025.50; hamper, " blackberries, 20230; ntaloupes, basket, crate, S (new Cities Service (old) Cities Service pfd. Columbian Commonwealtl Consolidated Copper Continental Motors Cresson Gold Davis-Daly Dominion 0 X 0il Gilliland 0il Glen Alden Coal Glen Rock Ol lespi ec aper . Intercontinental T o Tuternational Petroleum (e Jerome Verde . Kay County Lake Torpe Tone Star « Magma_Copper Maracaibo Ol Mason Valley Merrit 0l . Midwest Ol com. Midwest 0il pfd.. Midwest Refining Omar 0il (new). Pennok Ol .. Perfection Tire . Producers and K Ray Herculs Ryan Consolidated Salt Creek Producifig . Salt Creek (new) . Skelly Oil Southern_Co ror Sweets Co. of America Swift International Tonopah Divide . tension stern . U. 8. Light and Heat U. §. Light and Heat ptd United_Profit Sharing . . 8. Ship Corporation 7. S. Steamship .... United Retail Candy . United Texas . ‘Warren Bros. became a multi-millionaire by his discovery of a rich silver ore out- cropping. here, which was developed into the famous Palmillo. mine, has Just_sold fifty-one of his mines to the Mexican Natural Resources Com- pany of San Antonio, Tex., for $6,- 000,000, United States money. - PIPE LINE FOR ISTHMTUS. -SALINA CRUZ, Mex., July 30.—En- by gineers representing the Mexican government are making a survey for a proposed ofl pipe line _that is to span the Isthmus of Tehuantepec, having its Atlantic terminal at Pu- erto Mexico and its Pacific terminal at Salina Cruz. The proposed pipe line will be approximately 100 miles ong. PELTED WITH PASTRY. | Woman Socialist Lecturer Driven From Streets of Iowa City. BOONE, Iowa, July 30.—Mrs. Ida Crouch Hazlett, national socialist lec- turer from New York, was pelted with pastry and ordered off the streets of Boone when she was alleged to have criticised the present form of gov- ernment in the United States. A near- riot resulted when members of' the local American Legion post and sup- porters .of Mrs. Hazlett clashed. In the midst of the trouble, the city and county authorities ordered Mrs. Hazlett from the streets. She an- nounced she would make another at- tempt to speak. Mrs. Hazlett recently made two at- tempts to speak in Des. Moines, both meetings being* interrupted by op- ponents, ¥ 3 Wayne Coal . West End Cons. 1 FeRlEAGos 3 CHIC. Armour Leather com. 2% 12% Armour Leather pfd. 8”& Armour pfd. . 201 901 Cudahy Packing 53Y% 54 5 8 8% 7% 8 By 98 447, 4% 1% 18% S’ PAY SCORED. e TEAC U. S. Commissioner of Education | Brands Salaries as Disgrace. BOSTON, July 30.—Low wages for teachers were characterized “as the greatest bears and the deepest insult offered 1 61 Jup disgrace which America {about two weeks in Mexico. 1.00a2.00; currants, quart, 18a20; dam- sons, pound. 7; huckleberries, quart, 20a25. Peaches, crate, 2.00a4.00; pineap- ples, crate, 5.00a8.00: watermelons, each, 15a30; car, 125.002400.00. CHICAGO, July 30.—Prospects of large receipts Monday had a bearish effect on the wheat market today. Slowness of export call tended further to weaken values, and so, too, did favorable crop advices from Canada. On the declines, however, demand broadened out from traders who alked of higher prices after the resent heavy movement of wheat ets up. Opening quotations, which varied from unchanged figures to lower. with September 1.23% to 1.23% and December 1.26 to 1.26%, were followed by a moderate decline 1l around and then something of a rally. Predictions of dry firmness to corn. off to Haly higher, with September at 60% to 603, the market scored slight general gains. Huge stocks on hand tended to case the oats market, despite con- tinued reports of poor yields from the new crop. Prices opened un- changed to 7 lower, September 381, and remained easy. Provisicns were easy with hogs. —_—_— COTTON MARKETS. NEW YORK. July 3¢.—An evening- business in preparation for the government report due at noon on Monday constituted most of the trade in the cotton market early today. First prices advanced 3 to 7 points and afterward October sold up to 12.14 and December 12.63, or 12 to 13 points over the previous closing. Besides room there was moderate New Orleans buying on less favorable crop reports, including complaints of shedding in Texas. Dry. goods re- ports continued bullish. Features opened _steady; October, 12.00; December, 12.57; January, 12.54; March unquoted; May, '13.40. Cotton—Spot, quiet; middling, 12.15. Futures _closed steady; October, 12.14; Dedember, 12.6 anuary, 12.60; March, 12.95; May, 13.08. NEW ORLEANS, July 30.—Covering of the short interest was the main fac- tor in the early trading in cotton to- day. Operators on the. short side of the market evened up in preparation for the bureau events of Monday and found only a small supply of contracts to work on. and prices rose 15 to 16 points in the first hour of business. October went to 11.69. Futures opened quiet. October, 11.59; December, 11.96 Januarg, 12.04; March, 12.34; Y, 12.49, Futures closed steady at net ad- vance of 9 to 13 points. October, weather gave After opening % 11.66; _December, 12.00; January, 12.08; March, 12.40; May, 12.47. —_— VAUCLAIN OFF FOR MEXICO. PHILADELPHIA, July 30.—Santuel M. Vauclain, president of the Bald- win_Locomotive works, has started for Mexico City to confer with Pres- ident Obregon on the railroad situa- tion. ~Mr." Vauclain expects to be t is understood—the frip is in connection with an option which the Mexican to any child.anywhere,” by John J.{covernment holds with Baldwin's for Tigert. United States commissioner of | the purchase of forty-five locomo- education, England Vocational Guidance Asso- ciation at Harvard University. He added that can people are willing to work out “unless the Ameri|’ in addressing the New }tives. ——t CHEMICAL CO. ORGANIZED. BALTIMORE, July 30.—Chemical some scheme to secure sufficient reve-! manufacturing activities are plan- nue to pay our men and:women tehch-|ped for the Silica Gel Corporation, ers at least as much as they do d livery boys, laborers or: scavengersiMiller, Benjamin F. ‘Wilbur which will be organized by C. " Lovelace, War- none need be surprisdd if the temple| ar ). Huntington and Ernest B. of freedom is destroyed by a babel of ignorance.” Miller. They are connected with the Davis Chemical .Company, which has He said the average adult Americand yijljons of dollars invested here and was possessed only of a sixth-grade! ;. cyba. education. TRANSFERRED FROM CUBA. Lieut.. Commander Eugene H. Ten-|bonds closed l nent, Naval Dsnlll Corps, has been detached.from duty at the naval sta. tion, Guantanamo, Cuba, and ordered 40 the United States on waiting orders. 5 ' LIBERTY BOND CLOSING PRICES. NEW _ YORK, July 30.—Libert, £7.76 bid; first 87,50 bid; 87.60; 87.80; s, 87.70 bid; first 4%s, 87.8: third 4%s, 91.80 victory 3%s, 93.6; imports approaching the |£ | 21 ; do, average runm, 20a20%; state, whole milk, twins, specials, 21a +|21%; do., average run, 20a20%. 110; lambs, choice, per Ib., 93:a10; live - had its valuations adjusted to a 7% per cent money market and now must ad- Just itself to one of 6 per cent, and quite likely to a still lower level. ' Even the 3 to 5 point advance which has occur- ed throughout the bond list during the last fortnight has scarcely suf- ficed to measure this difference. Speculative Stocks Follow Trade. The great strength in investment issues has reacted upon the better grade of stocks, especially the divi- dend-paying rails. Otherwise the connection between the investment and speculative movements has been slight. Speculative stocks were not depressed by the rise in the price of money during the war years. They followed, not the course of money rates, but the course of trade, and this is what they are following now. stock market continues ex- tremely irregular because trade de- velopments are so conflicting. Yet the recent market, while it has wit- nessed very bad breaks in special issues, has shown a better resistance | to speculative selling than it did & month ago. l In the trade situation the principal developments of the week have been ! the turn for the better in the sugar market and the considerably more | active demand for steel products, as the result of the recent violent price- cutting. It is probably too much to xpect that sugar prices in the near future will get back to a levet at which the Cuban companies will be able to do business at a profit. But they can afford to take losses on this year's crop if they can tide over their obligations at the banks, and with the enormous stocks on hand, pledged against bank loans, a gise even of half a cent a pound mdhns @ great difference in_the value of this col- lateral, and hence to the attitude of the lenders. Steel Busineas Increases. It has taken a further cut from the official _schedules of all the way from. $2 to $5 a ton to bring buyers into the steel ~market. Whether the companies can make any profit dt such_ prices is a question. But they have begun to do more busi- ness, and their costs are down. These are two important achlevements and may well make the preparatory phases of better times. Inasmuch as the railroads normally take a third of the country's steel output, and with the equipment com- panies consuming up to 50 per cent, it is easy to see how much store is being set_upon the administration’s program for railwey .relief getting rompt action from Congress. The $500,000.000 proposed cash sum may not much more than suffice to allow the roads to pay off present bills. But | getting free of debt means that they will have credit for fresh purchases, and it still appears, as it has right | along for the past month, that this! railway refunding project will do! more than anything else now conceiv- able to quicken the country’s business | ife. (Copyright, 1921.) and Live Stock LOCAL WHOLESALE MARKET. Eggs—Strictly fresh, per doz. 33; average receipts, 32. Live poultry—Roosters, per Ib., 13; turkeys, per Ib., 33a35; chickens, sprin per Ib., 27a30; hens, per Ib., 25a27; keats, young, each, ‘35a50. Dressed poultry—Fresh-killed spring chickens, per Ib., 30a35; hens, per Ib.. 2! roosters, per lb., 22; turkeys, 38a keats, young, each, 60a75. i Pork—Dressed, small, per 1b, 15 Live stock—Calves, choice. per lb.. hogs, 11 Green fruits—Apples, per bbl. 3.00a 10,00 “western, per box, 3.5084.50: California lemons, per box, 10.00a11.00; California oranges, per crate, 5.50a6.50; grapefruit, per crate, 6.00a8.00; peaches, gfol& crate, 3.50a4.50; cantaloupes, 1.50a bage, 3.50a4.50 per harrel; cucumbers, 1.50a2.50; eggplants, per crate, 3.00a3.50; tomatoes, per box, 3.50a5.00; corn, 15a50 per dozen; beans, 2.50a3.00 per barrel. Vegetables—Potatoes, new, No. 1. 1, 3.50a4.75; lettuce, nearby, per jew York lettuce, per celery, per do: S5a ttuce, 2.00a2.50; cym- blings, per crate, 50a75; spinach, per barrel, 3.00a4.50; peas, nearby, per bar- rel, a12.00: onions, 1.50a2.00; cab- 1 i DAIRY MARKETS. BALTIMORE, July 30 (Special).— Chickens, alive, springers, 28a34; white leghorns, 25a28; old hens, 25a 29; old roosters, 16; ducks, 20a24: spring ducks, 25a28; pigeons, pair, 35240, | Eggs—(Loss off), natives and | nearby firsts, doz., 3. Butter—Creamery, 5; prints, 45a: nearby cream- ery, ladles, 30a32; rolls, 27a 29; store packed, 27; process butter, 233a34. ; squthern, 31. fancy, pound, NEW YORK, July 30.— Butter— Strong; receipts, 7,061 package creamery, higher than extras, 44a44%; creamery, extras (ninety-two score), 43; creamery firsts (eighty-eight to ninety-one score). 43; packing stock, current make, 2, 27. Eggs-—Firm; receipts, 14,540 cases; fresh gathered extra firsts, 38a40; do.. firsts, 34a37; state, Pennsylvania and nearby western hennery whites, firsts to extras, 44a55; do., browns, extras. 44a46; do., gathered browns and mixed colors, firsts to extras, 34a42; refrig- erator, firsts, 35a37. Cheese—Steay; receipts, 5,009 boxes; state, whole milk, flats, fresh, spetials, 2 Poultry—Alive, steady; no quotations. Dressed poultry firm and unchanged. P. R. BR. FREIGHTS INCREASE. PHILADELPHIA, July 30.—The in- creased movement of freight on the “Pennsy” system, reflegted in the in- creased earnings for June, continues. In the week ended July 16, 125,000 froight cars of all types were handled. In other recents weeks the movement has reached 140.000, cars. Freight tonnage has increased rapidly in the last two months. ‘There are 188,000 men on the pay- roll against 185,271 May 15, when the peak was reached. Increase in em- ployes to some extent reflects sea- flon&l gain in freight and passenger traffic. BAIL VALUATIONS MADE. Tentative valuations of railroads announced today by the Interstate Commerce Commission wefe: Wichita Union Terminal railway (Kansas), $2,- 070,911; New Orleans, Natalbany and Natchez railway (Louisiana), $381,619; Ouachita and Northwestern railroad (Louisiana), $354,944; _— MONEY AND EXCHANGE. NEW YORK, July 30.—Prime mer- castile paper, 6a63%; exchange steady; sterling 60-day bills and commcrcial 60-day bills on banks, 3.52%: commer- cial 60-day bills,.3.52; demand, 3.56%: cables, 3.56%: francs, demand, 7.62; cables, 7. Belgian ‘francs, demand, cables,. 7.37; gullders, demand, 80.70; cables, 30.76; lire, demand, 4.215 cables, 4:22; marksfl demand, 1.23; ca- bles, 1.24; Greece, demgnd, 5.45; Swe- den, demand, 20.40; Norway, demand, 0; Argentine, demand, 29.50; Bra- , demand, 11.75. Montreal, 10 15-16 per cent discount, Govern- ment and railroad bonds steady. e BAR SILVER QUOTATIONS. NEW' YORK, July 30.—Bar silver, domestic, 99% ; foreign, 61%; Mexjcan dollars, 47%. LONDON, July 30.—Bar silver, 39% pence per ounce; money, 3% per cent; discount rates short: bills, 4% per cent three-month ‘bills; 4% per cent. FINANCIAL. Mon BOTH -MARKETS MARKED eavy tone in stocks and ah active and strong bond market were the divergent features of the week on the stock exchange. Industrials,” comprising the secon- dary group of equipments and various specialties, of no definite description, suffered extreme declines of 10 to 25 points, rails alone displaying com- parative firmness. . Statements of earnings for the sec- ond quarter of the year, as submitted by the United States Steel and Beth- lehem Steel corporations, plainly in- dicated the unsatisfactory state, of that basic industry. Returns made by some of the motor and leather companies were even more unfavor- able. The money market alone afforded ground for encouragement. Call loans were made at as low as 31 per cent, the lowest quotation in almost two years. Bank acceptances and com- mercial paper also easgd on liberal purchases. Sentiment respecting general busi- ness conditions was more hopeful. ERNST & ERNST AUDITS—SYSTEMS . &AX SERVICE Washington Office MUNSEY Buoc. * Telephone, Main 8867 Room 915 "OfMioss in 26 Leading Citles Bankers at western points reported a a turn in the tide. Developments at Over Washington, as outlined in President Quarter Harding’'s message to Congress, were regarded as highly constructive, and | ofa the trend of latest railroad reports was toward better earnings. Century y Experience “ in Property. Piggly Wiggly We are the Authorized Sales Agent for the Piggly Wiggly Corporation Stock, preferred and common, both on a divi- Under Our Management —your rental property will be given close supervision by our own organization, which dend-paying basis. Sources has specialized in this busi- of revenue of the Piggly ness for over a quarter of a Wiggly Corporation are century. license fees, sale of store equipment and one-half of one per cent of the gross sales of all Piggly Wiggly Stores. Send for Circular B During this time ,we have improved our methods con- stantly as a result of experi- ence obtained, and we offer this experience to you at no additional cost when we manage your rental property. B. F. SAUL CO. Property Management 934 N. Y. Ave. N.W. Name ........... Street GREAT STATES SECURITIES CO., Inc. 334 Southern Building ‘Washington, D. C Tel. Main 4722 Our policy has al- ways been to canfine our business to such limits as we could give our personal supervision, and our ambition has never been to do the larg- est business, but the nafest. Our requirements are, in the first place, absolute security, then a liberal interest rate to the end that we can fully protect our inveswesa and re- lieve them from all care in their invest- ments with us. We believe _the reputation we have acquired in this busi- ness for fair dealing with our borrowers and protection to our investors warrants us details. Also | in stating it will be our Booklet,| to your interest to “Safety First,| consider our secur- Then Profit.” | ities before investing | elsewhere. William S. Phillips EQUITABLE Co-Operative Building Association Anmets .. Surplus Phillips’ First Mortgage $4,303,536.65 $1,965,322.89 Save Systematically Through the Equitable —Now's the time to make up your mind to join the Equitable and ve systematically. You will attain great- er results than ever before. Subscriptions for the 81st Issue of Stock Being Recelved Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON. President | FRANK P. REESIDE, Sec Call, phone or write for Lean Business Years A trying business period strikes at the hap- piness and welfare of those who are engaged in the thrilling enterprises of commerce and finance. But for such there is the compensa- tion of action and responsibility. There is no such compensation, however, for the small in- vestor whose slowly accumulated capital has been placed in shrinking stock certificates. Qur First Mortgage Notes, on improved Washington real estate, have never failed to produce the full income promised. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. Washington, D. C. . The Nation’s Home Town 52 Years Without Loss to an Investo apital and Surplus $2,000,000.00 Somebody Else Is En- riched by The Dollars You Spend They roll into others’ pockets and bank accounts—they’re virtually lost capital as far as you are concerned. € Put a few- dollars into a'Savings Ac- count EVERY PAY DAY, and you'll soon have money working for Number One instead of for the other fellow. { We stand ready to help—let's become financial allies THIS PAY DAY! &7 Travelers' Checks for Tourists. OFFICERS WILLIAM D. HOOVER......... ....Presiden® First Vice President Second Vice President Trust Officer .Treasurer Small N:g‘dnal Savings & Trust 35& t lOldut Savings Depository in Washingi ear FRANK R. ULLMER, At Comer 15th and New York Ave. BY DIVERGENT FEATURES |gmoom_tx s, s svms of stom o 3 NEW YORK, July 30.—A dull and|Joseph 1. Weller &0 Wash L & Trest.