Evening Star Newspaper, August 1, 1921, Page 26

2 ® JINE FALLRES A FGHTESTOF YEAR Caldwell Hardy Finds Condi- tions Developing Favorably. "Small Loss in Clearings. BY I A. FLEMING. Caldwell Hardy. chalrman and re- serve agent of the Richmond Federal Reserve Bank, has just issued his report on business conditions, report bearing date July 30. “June is usually 2 dull business month. and this year was no excep- tion. ‘but on the whole developments in the Fifth district were not un- satiafactory. Collections continued better than might be expected. show- ing improvemént over earlier months. The record of failures in the District ‘glves the lowest number and the lowest total liabilities for any month thimryear. “Reports from individual shewing clearings and _debits inafyidusl sccount are lower than last year, but in view of the price chasges sinco 1920, indicate approxi- mately the same amount of business being transacted. “Textile mills in the District con- tinue¢s to get sufficient orders to k running reasonably full time. The condition of eighty reporting banks in thirteen cities, comparing the figurés of July 9, 1920, and those of July 8, 1921, show a $73,000,000 reduction in loans and discounts, exclusive of redis- counts, a $44,000,000 Teduction in invest- ments in bonds and securities, and a loss of $39,000.000 in deposits, while redis- counts fell off $12,000,000. The total clearings of the cities in the district for the month of June show a e of $264,890.344, Baitimore lead- i th a loss of $120,818,046 and Rich mond with $93,779,202. Washington clearings decreased $3,471,149, the lowest Percentage in the list, 4.3 per cent. Collections 1n the retail trade continue matisfactory for a longer period than the ons of the wholesale trade. *Building operations in the District of Columbia in June increased 3.5 the cities to lines were Al“w cent less in Juve than in May. 'holesalers and jobbers have found trade good and bad by turns and dealers have been at a loss to knew now to pmn ahead. Reports have.varied, sometimes from the same firms, from optimism to pessimism as business fluctuated up and down dur- ing ‘the spring and early summer, but generally it seems fair to state some progress is being made. The reports received indicate a widespread feeling that the future developments ‘will be favorable.” National City Bank Comment. ‘The National City Bank in its August circular, just {ssued, has this to say on business:* ““The observers of business are almost unanjmous in their assurance that there is a Detter feeling” about business. Just exactly what this recurring phrase means is difficult to state. It might be descrip- tive of any of changes that could enter into the situa- tion. If it means that people generally have begun to realize the causes that have thrown industry out of balance, and to appreciate the things that must be corrected before conditions come into equilibrium again, then we should say that_the reported ‘better feeling’ con- stitufed an_important advance toward normalcy. Inl' m:u Father than setting themselves seriously el the ook of- waee ant poics reane tlons and other resdjustments that are mecessary,then we fear that it signifies but little. “There is fresh evidence constantly that the readjustments are taking place. They are slow, but it takes time for a knowledge of conditions to reach all classes and divisions of the population and for them to make up their minds to give the co-opera- tion :that is necessary to bring in- dustry back into balance. Meanwhile, it will aid in the cultivation of pa- tience to realize that conditions are by no means so bad as they might be, and that, considering all the circum- stances, the volume of business is really surprisingly large. Depart- ment store sales o far this year have If, however, the ‘better feel- simply that people are mere- and waiting more patiently, been, in physical volume, ahead of last year, aithough somewhat lower ,in_values, owing to lower prices. The long time “last sale 60" for preferred Graphophone stock will disappear from the official sheet of the local stock exchange today and in its place will appear “last sale 203%,” which is much nearer in accord with actual value. On the call this morning, 600 shares sold in six lots at 201, which is 1% points better than the last pre- vious sale on the New York Stock Fix- change, which was at 19. ‘Without any information of fact. the action woul‘d seehm to indicate an n the improvement corporation’s bausiness. Washington Stock Exchange. SALES. Washington Gas 58—$1.000 at 761. Naakington Gas T%e—$1,000 at 1023 Columbia Graphophone ptd.—100 at 20 l&? 100 at 2015, 100 at 205, 100 at 205, Mergenthal Linot. 10 l( ‘llB!' 118%S At 115, 2 8t 119, 2 at 119, ATTER CALL. ital Trac .‘.,.‘1'“’ e ong). 500 at 85, on Gas Light—1 at 421 Mongy—Call loan, 5a6 per ceni Bld-ndAlkedPrlcu BONDS PUBLIC UTILITY. 5 at American Tel. and Telga. 4s. Amterican Tel. and Telga. 4%s. Am. Tel and Tel ctl. tr. 5 bwy. and Elec. G. M. 6a. MISCE] [RigRs Realty 53 (lon; Healty 0 (short) ton Market Js (1927). ‘-llut- Market Ge (1947).. STOCKS 'muc UTILITY. Telga. 1 NEOUS. a dozen psychological | gri FINANCIAL. THE - EVENING STAR, WASHINGTON, D. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Allled Chemical. .. 3T% Allis Chalmers.. . Am Agr Chem pt. :m g::l!Note. m Beet Sugar. . Am Bosch il Am Can.... Am Car & Fdy. Am Druggists. Am Express. . . 8% Am International. Am La France. Am Smelting pf. Am Sugar. . Am Sugar pf. Am Sumatrsa. Am Tel & Tel: Am Tobacco. Am Tobacco (B). Am Woolen....... 2 % Am Zinc & Lead... 8 '5% Beth Steel Bklyn Rapid Trn. Butterick..... California Pckg. California Petrol Calumet & Ariz 134 Canadian Pacific. . 118% 1is% Central Leathe u% 4% Centrai Leathpf.. 68 68 68 Cent RROfNJ 19 190 lfl_{ Chandler Motor. 49 80 467% Ches & Ohlo 7% s'm !1% i Great W 8 g:n Great W pf. 1% l’llb l1'6 Chi Mil & St P. S!V/: 18 Chi Mil & St P pf. % 2% Chi & Northwn 6% 67 67 Chi Pneu Tgol..... 49 49 4 49 ChiR1 & Pacific.. 38 3% 33 ChiRI&P 6%t 64% 64l ChiRI&P 1% pt 5% Chile Copper. 10% 10% Coca-Cola. 35 ?‘6 Colo & Sou 38 8 Colo & Southn 1st. &2 52 62 Col Gas....... 56% 6 85 Col Graphophoue. Oy AN 5 Cons Cigar. . 0% 0% 0% ConsGasof NY... 88% 8% !l::l Cons Textilo. 1% 5% 15 Corn Products.... 68} 68% 68% Cosden & Co. 28' 2% 84 Crucible Sgsel. 56% 55% Cuban-Am Sugar. 16% 17% 16% Cuba Cane Sugar. Cuba Cane Su pf. Del Lack & Wstn Denv & Rio G pf. Elk Horn Coal. Endicott-Johnso Famous Player: Fed Mines & S pt Fisher Body. Gen Al - Gen Asphalt pt. Gen Electric. Gen Motors. Gua Mot 7% ded. i500drich. ... Granby Consol, Great Northern pf. Great Nor Ore. Inspiration. . Interboro Metro. .. int] Harvester. Intl Motor Truck. . Lacka Lake Erie & W pf. Lee Tire & Rubber Lehigh Valley... Liggitt & Myrs pf. Mo Pu:mc Mo Pacific pf. . Montana Power. Natl Biscuit. North America. Norfolk & Westrn. Northern Paclfic Oklahoma Ontario Silver. . Pan-Am Pe Pan-Am Pcle B). p...“ylnnu bd Phillips Jone 3 - Jones p. 8% P e 1% Phillips Petroleum I Rep Iron % Rep Motor Truck.. 11% 1% 52 2% Uh Bk n% % St Louis Southwn. 27 2% 8t Louis Sown pf.. 81 . 37% -|Seaboard Air Line. 6 = 6% : | Sears Roebuck. (3 Seneca Copper.... 17 u i L FPRLLLL EHLGELLF LA TEETYEL LH U ELLELEEEE “si!%az;“ii B High. Low. TransContlOfll... 7% 7% 7% 1% Union Oil... 19% 19% 19% 10% Union Pacific. 1B1% 1214 1% % 6% 6% 0% B9% 5% 9 89 S 108% 102 102% Unhafl 4 Retall Stra. 65 6% 65 5 30% |[USFood Prod.... 1% 1% 17 I us lndnl Alcohol. B1% 24 1% B1% USRubber....... 5% 44 5% 63% USRubber1stpf. 9% 96% 96% 9% U SSteel... 2 % W% T U S Steel pt. 109 109 33% | Utah Copper. a% % a% 8% | Utah Securiti, 105 10% 10 104 # |Vanadium Co W% W% 9% 2% Va-Car Chem Y% = A% % Va-CarChempt... 62 & 62 6 Wabash pf A. =% 2 n% Webber & Heilb: n n o T1% | Wells-Fargo Exp. 69% 659% 9% 6% 6 |Western Md. 10% 10% 10% 10% Western Pacific. %% W% % B 49% | Western Union.... 84% 84% 8% 84% Westhouse E& M.. 43 4% 43 &% 4| Wheeling & LE 9 9 9 9 124% | White O 8% 9% 8% 9 71% | Wil % 6% 6% 6% 8 |Willys-Ovidpf.... 29 29 29 20° 31% | Worthington Pmp. 40 40% 40 40% Worthington (A). 0% 70% 0% 7% Wright Aero....... 9 9% 9 %% HOURLY SALES OF STOCKS. 1lam..... 14100 1p.m..... 253 200 BONDS ARE STRONG: NEW HIGHS MADE NEW YORK, August 1 (Special).— While in some parts of the list there were evidences of profit taking the bond market as a whole continued active and strong. Foreign govern- ment_issues were consistently up. It was never reasonable to suppose that 8 per cent issues would sell per- manently around par. Swiss 8s_advanced from 105% to 106, while Sweden 6s were up % of a point to 86%. French 7%8 made a new high at 96%. Among other forelgn governments which were up were French 8s and Mexican 4s. City of Bergen 85 were one of the strong features of this part of the list, reaching 98%. i Rails Are Active. Several new highs for the year were reached in the railway group, includ- ing Kansas City Southern b, Manhat- tan 4s, Canadian Northern 61;s, South- ern Pacific convertible 4s and Hudson and Manhattan refundings. The last named were up %. Kansas City, Fort Scott and Memphis 4s were up a peint. Norfolk and Western convertible 6s rose a point to 104, and St. Louls Southwestern first 48 were up % from last week’s close. Unlon Pacific re- fundings showed an advance of % to 7814. Seaboard adjustments reach- ed 2§, almost a point higher than their previous. close, and St. Paul refunding 4%s at 611 were over a half point higher than their last sale. Liberty Changes Slight. In the industrial list, Dugquesne Light 6s and United States Rubber 7%s made new highs for the year, the latter being up a point and a half. Wilson first 6s at 861; was three- quarters of a point higher than the last sale on Saturday. In this sec- tion advances occurred also in Amer- m‘ncan Telephone and Telegraph 5s at 0% ;I::‘ and Kelly Springfield 8s up to 2% | P The changes in the libertys wgre ::z slight, with ultimately no increase T |over last week’s final pric 9% > 56 CURB STOCKS. 86% | Quotations turnished by W. B. Hibbs & Ca. % ~12:15 p.m~ 9:‘;; 1 Bld. Asked. Aetna losi 2 s | AfiRe GiPoee T oelH 4 ] 12 3 : B 3 - & & = 61 -3 8 10 10% 12 14 25 7 19 3 4% g% 10% 1! 1% g2 | ¢ nL‘, 14 ’“' Citles Service pfd. BB 43% | Columblan Pmeraia Bo® 42% | Commonwealth Finance . 473 o 3 . 19% | Gomenldated Copper . 1 1% 13% l':tl nen'_ ha lotors . 5 8 40 | Dominion Of 7 ° Durant_Motors 3 2 8% Elk Basin 5% (] " I.lnbln- Food 268 27 101 EI 1% F 12 14 9% | Fondtana Ofl © s h 148 | Gilliland Ol .. g% xgu, 101 | Glen Alden Coai . 34 3414 38% Glenrock Ol . 84 96 49% > 1 3 4 3% 1% | Hercules” Paper ) i 9 Intercontinental Rubber . % 814 e ;::;::‘\‘?:al. l’etmlenn (new).. 108 10% 11% | Kay County £ 2 r 16 g Magma Coppe 17 3 20% | Maron Valley e e :;:: Merflt OH).. ;fi. ;% 15% 1) 18 4% | M % 8 108 2 81 » i Bl 2% €3 | North Amer. P. and P 3 3 Nocth 2 3 2| o O (newy - P 82 | e ol e 17 rfectton Tir 60% I'md;fcer‘m -nflanzn % w" 2% 2 s | Radlo com. . 1 a® 9% | 2y il E 2 | Ryan Consol 4L Sy % sl!:’l: l;r:e{ fmdultln 22 82 20 ‘reek (new) 10 10 90 | Shomr ptral u‘s ‘& 29 | Skelly 0Nl .. aa 4 &’ 64% Ce 1 2 o A% A 50% 8 82 a% 1316 1y 8% Unmd Eastern 2 21, e jht and Heat com. 1 1y L' s Llllll lml Hel( prd. 1 3 8% United Profit Sharing 1% 1 20% 24 "7“ 29 teamahip. 34 38 0% Eaited Retui [ 8 B s 2 1% 174 1048 1% 29% 13 % i 51 20% L % 87 28% flwlfi & C D;* 9: 68% | Union 43% 4y 8% —_— 1% | RAILROAD VALUES FIXED. 7 %’& I C.C. Makes Detemlnnflann on Four Lines. The Interstate Commercg) Commis- sion made public today &e follow- ing teritative valuations of railroads: Chicago and Wabash, $455,500; Mos. hassuck Valley _railroad land), $160.404; (Texas), $490,697; M Company (Georgia), $119,000. Ry FOREIGN BONDS. Quotations foralshed by W B. Hibbs & Co. unich 4s. German gov. German gov. u.- u!fi lel-ln Prem. STOCKS OPEN WITH - SHARP NET GAINS Rails, Industrials and cmon Make Good Advances Un- der Excellent Buying. BY STUART P. WEST. NEW YORK, August 1.—The week in & the stock market opened with good ad- vances in both the industrials and the railroads, part of which could undoubt- edly be ascribed to short covering and part to increasing indications of marked improvement In certalif particular lines | Gpic™ of trade. An example of the operation of the first-named cause was the strength In the steels. The firm tone here. obviously was not due to any real brightening of the productive situation, but rather to a realization that speculators for the de- cline had at the moment at least over- played their part. Firmness however, which was founded on a btter outliik, was that in the so- called high-class rails. consistently strong. The speculative community seems to make in this department little or no_distinction between roads which have shown their abllity to make a|x return on the invested capital, even in these most difficult times, and those which, whatever their record may have been in the past, have for the last year or two been operating at a loss. Probably a good deal of this con- fident buying was in anticipation of what the July statements will show as to the effect of the cut in wages and the more free marketing of grains by the farmers. Sugar Stocks Featured. Sugar stocks were perhaps the teature of the day. The Teported in quiry from Germany addressed to tHe Cuban government for a price on a million tons had a maraked effect on prices of sugar securities. This in- dication that there was good founda- tion for the reports that Europe was in need of Cuban sugars seemed to have put quotations up sharply. It is a reasonable supposition that the lessening of the menace which has 50 long overhung the market from the enormous surplus of sugar will be helpful to the entire commercial and financial situation. Shared in Advance. Industrials which have been the target of the bear party for the day at least were unable to resist the con- sequences of the firmness in other parts of the list. Not so much was heard about dividend reductions on stocks which, like General Electric, the same interests have been declar- ing wete selling out of line. Perhaps the Studebaker statement had made them a little less confident. Meanwhile foreign exchange was up a trifle and the bond market, although showing some profit taking. exhibited the same investment buying which was so prominent all last week. Money rates continued easy. In the commercial markets the fea- ture ofth e day was the government report on cotton. This showed the condition as of July 25 at 64.7 per MONDAY, AUGUST 1 1921. TQDAY’S BOND PRICES. HNoon prices reported to The Star over direet | Saclalr Cons, Oil Corp, 12 1025. ln!ntwmmmwwnm City of Paris 6e 1921. French Government 8s. COTTON MARKETS. NEW YORK, August 1.—Owing to the British bank holiday there were no | cables from Liverpool to influence senti- ment in the cotton market here, and ing was very qulet at the start with flml prleu 1 to 7 points higher. Two more private condition figures were i sued, a authority making it 67.: j while a New Orlelna ‘eport placed it at 921 s 1922, s 1929, market, wl for, the government figures ‘o be waiting FINANCIAL. , | CLOSING LIBERTY BOND PRICES, tone in fl:e noek market and Saturday’s large with October ruling :;naalnd u h to 12.20 during the early ng. Futures onlM steady; October, 12.14; Degamber, 12.66; January, 12.66; March 13.00; May, 13.10 bl —_— NEW 'YORK. August 1.—Liberty bonds clesed: 3igs, 87.90; first 45, 87.70; second 4s, 87.60; first 43 8; second third 44s, $1.70; fourth victory 3%s, 98.66; victory flil. ’I,GIA —_— All these were M [I.l .25; i Wilson & Co. lst 8s... Atlantic Refining 101 Atlas Powder Co. 5 SHORT-TERM SECURITIES. 0% % (Beported by Redmond & Co.) g&k Bid. Offer. 1007 | American Tel. & Tel. 6s 1922 90 =~ %k 103} | American Tel. ATel e lo. 9T 97 8 Aner‘cln Thread Co. o7 743 | Americas . 5 Chesapeake and Ohlo con 7844 | American Tobacco G 1001 Chesapet and Ohlo ge: Chesapeake and Obio conv. S 2o ML lfldd Bt. Paul refd. 4l4s. Paul_conv.’ 4348, rn_7s 1930, Goodyear Tire and Rubber Co. ds 1941 Grand Trunk 7 Inter. Rapid Transit 1nt et e Louisville_and Nashville nns Pennsylvania B. R. Pennaylvania 7w of 1930. Pennsylvania gen. mortgage 414s. Readinj 4 general d Ban Francisco 4%, series d an Francisco fa 1929. 8t. Louls and San Francisco inc. Seaboard Air Line refdg. 4s. Seaboard "Alr Line adj. Grain, Produce GRAIN AND PROVISIONS. BALTIMORE, August 1 (Special). —Potatoes—New, white, per 100 pounds, 1.00a2. barrel, 1. 5 sweets, new barrel, 3.50a8.00; beans, bushel. 75: beets, bunch, 2a3; cabbage, head, 7al4; carrots, bunch, 2a3; celery, dozen, 40a1.00. Corn, dozen, 10a30; cucumbers, basket, 25a35; eggplants, basket, 100 lettuce, basket, 2.5024.00; lima beans, basket, 150a1.7 Comions, per 190 pounds, 1.25a1.50: peppers, bas- ket, 25a35; squash, basket, 20a25. Tomatoes, basket, 25a50: apples barrel, 3.00a5.50; hamper, 1.50a2.25. Blackberries, quart, 20a30; canta- loupes, basket, 75a1.10; crate, 1.00a 2.00; currants, quart, 18a20; damsons. pound, 7; huckleberries, quart, 20a 25; peaches, crate, 2.0024.00; pineap- ples, crate, 5.00a8. watermelons, cach, 15250; car, 1.2524.00. Selling Prices at Wheat—No. 1 red 1.37% per bushel; No. spot, 1.36%; No. 2 licky, spot, 1.25%. 1.25.. August _wheat, September, 1.26. Sales—Bag lots of new wheat, as to flulll!y and_condition, 1.05, 1.10, 1.12, 1.14, 1.15 and 1.18 per bushel; carwou on grade, No. 2 red winter garlicky, 1.24%; No. 3, 117%; No. 4. per bushel; cent of normal, against 69.2 a month ago, and a ten-year average of 75.4; The trade ‘was taken completely by surprise. It was several points lower than private reports had forecasted. The normal deterionuon for the month is 3.4 points. The official de- cline was 4.5 points. Big Gain in Cotton. Prices jumped from 30 to 35 points immediately the official figures were published. ~And while, from a broad eccnomic standpoint, crop deteriora- tion and a small yield cannot be con- sidered a good thing for the country as a whole or any particular section, in this case the best opinion was that the consequent advane in _prices would be a boon for the hard pressed southern planters. As in the sugar trade also, anything which contribut- ed tow: easing the burden of the over-production resultant from the high prices of a year ago must be beneficial. United States Steel common and Bethlehem Steel B continued to be bought with confidence again today, especially the former. A good sized short interest has been built up in the steels in recent weeks, and the an- nouncement that the Steel Corpora- tion was having trouble with the rev- enue department regarding income taxes was looked upon as decidedly bearish, while the statement cover- ing operations for the second quarter was also seized upon by the bear party. Neither of these, however, have any effect on the selling price of steel common, which continued to move forward despite heavy offerings for short account. The movement which carried the stock well up to its last high, made the first week in July, was engineered by people having knowledge of the size of the short i terest. Sticking Close to His Business. From the Boston Transcript. A garage owner, wearied of the conventional “Entrance” and “Exit” over his doors, has had them replaced with more appropriate signs reading, “Intake” and “Exhaus The Easiest Way. Justwed—Do you give your wife an allowance, or does she ask you for What she wants? Longwed—Naither. She takes it -1f _——— BALTIMORE LIVE STOCK MARKET BALTIMORE, August 1—Cattle— Receipts for week ended noon today were 3,709 head, against 2,897 head last week. Receipts, 134 carloads for market for week, 91 carloads for mar- ket today. Choice steers barely steady; com- mon to medium, 25 to 50 lowel heifers, 26 lower; bulls, 50 lower; cows, 25 lower. Steers—Choice, 8.00 to 8.50; good butcher, 7.00 to 7.50; medium, 5.50 to 6.50; common, 4.00 to 5.25. Heifers—Choice, 'l 25 to 7.50; fair (o .gzd 6.25 to 7.00; common to msdlum, 4.50 to Bulls—Cholce, 5.25 to 5.50; fair to good, 4.50 to 5.00; common to medium, 3.25 to 4.25. Cows—5.00 to 5.25; fair to good, 4.00 to 475; common to' medium, 130 to 3.50. Sheep and lambs—Recelpts for week ended noon today were 16,831 head, against 15,363 head last week; fair supply; market steady on sheep, strong on good lambs, common stock dull and_lower; sheep, 1.00 to 4.50; lambs, 4.50 to 11:00. Hogs—Receipts for week ended noon today were 10,232 head, against 10,609 head last week; light supply, market higher; lights, mediums and pigs, heavy, '13.00; light pigs, 12.00; rough, 7.00 to 9.00 Calves—Receipts for week ended noon today were 2,946 head, against 2,378 head last week; supply heavy; market dull and lower; calves, 4.00 to 10.25. —— OIL STQUKS. Quotations furnished by W. B. Hibbe & O ne ooo"‘ sw* llll o—Alurchl ol Co. (new): ntic Refin! 82 lll‘ l.-nhcturln. Co. l” ‘1?( “ 28 115 10 kid 80 32 34 90 ko 150 156 74 8 2215 23% 140 145 4 29 Ohio 0Ol Co. v‘“fl‘l "!‘klll Fuel 19 22 Prairie w and Gas Co.. 420 480 Plpe 187 190 330 350 80 82 180 185 57 -] Gy &% 525 540 885 395 1586 165 118 fi % | 85 95 265 270 - 2% 30 1.11%; No. 5, 1.05%. Corn—Cob, new, vellow, 3.90 per bbL; for white, 15 to 20 per bbl. lower in carload lots; contract corm, Spot, 70%: track corn, yellow, No. 3 or bet- ter, domestic, 81. Sales—Two hundred bushels yellow mixed at wharf at 70 per bu. . Oate—No. 2 white, 50; No. 3, 49%. Rye—Bag lots of nearby rye, as to quality, 1.00a1.25 per bu.; No. 2 west, ern export, spot, 1.24 per bu.; No. 3, no quotation. Hay—Fair to good new timothy is quoted at 19.00 to 22.00 per ton. Straw—No. 1 straight rye, nominal; No. 2 straight rye,_ nominal; Nof 1 tangled rye. 15.50; No. 2 tangled rye, 16.00; No. 1 wheat, 14.50a15.00; No. wheat, 12.00; No. (| oat, 13.0f oat, no quotation. CHICAGO, August 1.—Liberal re- ceipts here weakened the wheat mar- ket today after a show of strength at the start. Commission house buy- ing, supposed to be for northwestern interests, helped the bull !lde tem- porarily. On the other hai ropean demand was lacking. initial prices, which varied from unchanged figures to % cent higher, with Sep- tember 1.23% to 1.24 and December 1.26% to 1.27, were followed bfi mod- erate gains all around, and then by a setback to below Saturday’s finish. Rains and cooler weath: had bearish effect on corn. After opel ing unchanged to % cent lower, in- cluding September at 60% to 603, the market underwent a general de- cline. Oats gave way with corn, starting unchanged to 3% cent off, September, 381 to 38%, and later showing losses for all deliveries. Down turns in the value of hogs weakened provisions. Potatoes, steady; receipts, 126 ca: 1.2521.60 cwt.; N Jersey cobblers, Vlrglnll cobblers, 5.50 barrel. T I I 1285 128" 1265 121% 60 601 58% 59y of S B 38y, 38% 3TN 88y 4% 41 40 - 41l K, August 1.—Flour, ir- spring _patents, 8.65a9.50; .75; soft winter, ; hard .winter, regular; spring, clears, 6.25: straights, _6.00a8. straights, 7.25a8.00. Pork, firm: mess, 24.50a25.00; fam- ily, 30.00234.00. 3 Lard, steady; middle west, 1245a 12.75. DAIRY MARKETS. BALTIMORE; August 1 (Sbed&l) Chickens—Alive, springers, 28a34 per pound: white leghorns, 25a28: ol(l hen., 25a29; old roosters, 16; ducks, 20a24;| spring ducks, 35228 pigeons, nalr. 358 40. Eggs (loss off)—Native and nearby, firsts, dozen, 33 ; southern, 31. Butter—Creamery, fancy, pound, 44a 45 ; prints, 45a47; nearby. creamery, 40a 41' lndle! 30a32; rolls, 27a29; store 27; process butter, 33a34. NL\\' YORK, August 1.—Butier— Firm; receipts, 5,281 packages. Cream- ery, higher than extras, 44%ai5: creamery, extras (92 score), 43i¢add; creamery, firsts (88 to 91 score), 38% a43; packing stock, current makes No B gs—Firm; receipts, 10,546 cases. Fresh gathered extra firsts, 38a40: fresh gathered firsts, 34a37; state,| Pennsylvania and nearby western hennery whites, firsts to extras, 45a 56; do. browns, extras, 44a46; do.. gathered browns- and -mixed colors, firsts to extras, 34a42; refrigerator firstg, 35a37. Chéese —Steady; receipts, 1,678 boxes. State, ‘lhqle milk, flats, fresh, specials, 21a21%. do., average run, 20a20%; state, whole milk, twins, special, 21a21%: do., average run, 20a20%. CHICAGO, August 1.— Butter — Higher; creamery extras, 42%: stand- ards, 40%; firsts, $7a41%; seconds,| 33a Ecgl—mgher, receipts, 12,676 cases; firsts, 29%a30%; ordinary firsts, 24a27; miscellaneous, 28a29. Poultry—Alive higher; fowts, 15a28; brollers, 26a31. —_— MONEY AND EXCHANGE. NEW YORK, August®l.—Prime mer- cantile paper, 6263 ; exchange steady: sterling _sixty-day bills and com- mercial sixty-day bills on banks, 3.52; commercial sixty-day bills, $51%: 3.66; cabl 56% lemand, leman Belgian -ancs, demand, 7.36; cables, 7.36%; cables, 30.73: marks, Greece, daml.nwL 5.4' mand, 20.30; Norw: mand, Argentine, demand, 23-11‘ Brlllllln. demand, 12.25; Montreal, 1011-16 per cent discount. Government and railroad bondl firm; time loans steady; sixty-day, ninety day, b%: per cent; ‘month, 6 per cent. —_— BAR SILVER QUOTATIONS. NEW YORK, August 1.—Bar silver— 9% : foreign, 6a6 Mexi- rmour K Rethichem Sieel 1s 1822, Bethichem Steel 7s 1823 Westinghouse B. & 102! and Live Stock LOCAL WHOLESALE MARKET. Eggs—Strictly fresh, per doz. 34; average receitps, 33. Live pounry-nuoner-. per Ib, 1 turkeys, per Ib., 33a35; chickens, sprinj per 1b., 28230; nena. per 1b., 26a28; kea young, each, 35a50. Dressea poullry—lfi-elh-kllled spring chickens, per 1b., 30a35; hens, Ib.. 28; roosters, per lb., 22;_turkeys, 38a 40; keats, young, each, 60a75. Pork—Dressed, small, per 1b., 16. w’-lll!:m;tockh—‘(:ilvel. choice, per Ib., ; 5, R choice, per Ib., $%a10; live Grecn fruits—Apples, ver bhh 3.00a 0.00; western, per 3.5084. Cilfent Temons, "per, bax: 10 o0a1 California oranges, per crate. 5.5086. g1apefruit, per crate, 6.00a8.00; peaches, per, crate, 3.50a4.50;" cantaloupes, 1.00a Vegetabies—Potatoes, new. No. L per barrel, 4.00a5.00; lettuce, nearby, per crate, 76al.25; New York lettuce, crate, 3.50a4.50; celery, 1.00; Romaine lettuce, blings, per crate, 50; spinach, per bai rel, 3.00a4.50; onions, 1.5022.00; ba.:e. 3.50a4 00 per bbl: cucumbers, ; eggplants, per cnu. 3.00a3.50: lom:l es, per box, 3.5 ; per dozen; beans, 2. Belgrade Montreal STOCKS—BONDS—COTTON V GRAIN — SUGAR — COFFEE Bought and Sold on Commission | H and Commodities mm.np-m-n. ' A.A.Housman&Co. MEMBERS: New York Stock New York Cotton LOANS ON LIBERTY BONDS Bonds bought and Bold Registered or Coupon. e 604 14th St. N.W. —not only a promise, but an established fact when you invest in FIRST TRUST NOTES 7% —in your mail the day it is due. SHANNON & LUCHS 713 14th St.—Main 2345 Prices held on a scattering demand which was prob- the same figures. closely In line with prevlmu average of nine being 67.4, and conse- quently were without any effect on the P ably encouraged by reports of a good'their knees—Atlanta Journal. generally steady, however, Reformers of women are down on DONT BE PAYING INSURANCE PREMIUMS ALL YOUR LIFE Many years ago one of the big insurance companies brought out a remarkable policy. This policy was written at the low, ordi- nary life rates. But being a Mutual Company, it gave the policy holder the right to leave these dividends with the company to more rapidly mature the policy. The result is that right here in Washington scores of men have had their ordinary life policies mature as endowments—and pay them sums greatly in excess of what they have paid in. In short, here is an ordinary life policy, where you dongt die to win—the advantage of endowment with- out the high efldowment rate. Send for free booklet, “Endowment Policies at Life Rates,” Mutual Benefit Life Insurance Company of Newark, N. J. P. H. TAMPLET, General Agent. Special Agents: Frank D. Roach and Dwight T. Scott. Suite 31, 1425 G St. NW. Phone Main 2277 Tomorrow will not take care of itself —you yourself must safeguard the future. The man who looks ahead by saving part of his income profit doubly by putting those savings to work. Our First Mortgage Loans are the logical choice, for they yield the great- est amount possible with safety to the principal. Our investors are never wor- ried by fluctuations or delayed interest payments. For an investment of such quality, 7% interest is sufficient induce- ment to command your Immedhte ate tention. Let us show you how to add to vour income an income from your savings. The loans are in convenient de- nominations. °o* H.L.RUST--- 912~15STN.W. To the Washington Clients of Thomson & McKinnon We have.purchased the banking and broker- :fie business of the Washington Branch of essrs. Thomson & McKinnon, of New York and Chicago, as of Monday, August Ist, 1921. The offices at MIZHSueetN W. will be operated as our ‘Washington B: with direct private wires to New York Cbxago. Messrs. Thomson & McKinnon will continue as New York correspondents of the Washing- ton Branch. Smith. "‘Andrews & Marston Bankers and Brokers Securities or_carried on Members New York Stock Exchange Bdeu&m Chicago Board ‘margina The Emerson Hotel Baltimore, Maryland 1412 H Street N. W. ‘Washington, Partial Payment Plan It is now possible for you to buy and pay for Saul First Mortgages in the same manner as you did Liberty Bonds during the war. The plan is especially well adapted for two classes of investors: - (1) The small investor who desires to accumulate systematically and at the same time receive an adequate return. He makes his first payment of 10% or more and pays the balance in monthly payments of 10 per cent. Mon to l oan (2) The investor who prefers to hold ¥y 000—7% 1n 1n eums of $1.000 to 5. the entire mortgage. For an example J;.'.:amx by first er-grg::-'-:lqg; Over a Quarter he has $2000; the mortgage is $5,000 bde- SNt B of a Century he can purchase the entire mortgagc on this plan, receving 7% on the amount b E Q UITAB L Without @ Loss invésted immediately. W’e W Clients wsing this method of Investing receive 7% interest Y . e on all partial payments. In other words, the purchaser reccives nmh::. interest on all his payments from the date they are made. 41st YEAR COMPLETED The method of payment is flexible because he can increase his payments or pay in full at any time. The client’s money begins to work for him as soon as invested with us. He gets the largest possible return with safety on his money while it is accumulating for investment. Its greatest advantage is that it provides the necessary system and incentive for safe profitable investment. Come in and talk the matter over. gy Loy B. F. SAUL CO. EQUITABLE BUILDING . Mortgage Lbans 915 F St. NW. 934 N. Y. Ave. N. JOHN JOY EDSON, Presideat FRANK P. RERSIDE, Sec’y. ‘-