Evening Star Newspaper, August 3, 1921, Page 19

FINANCIAL.” THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, AUGUST 3, 1921. FINANCIAL. *19 ORES NATINAL * STOGK FEATURES air Amount of Trading in Local Market Today. |Seventeen shares of Riggs National nk stock in lots of ten and seven shares changed hands at $475 a share on the Washington Stock Exchange to- day. One thousand dollars in Potomac electric debenture 6s sold at 94 and two | Am shares of Capital Traction at 87%. After call the following sales were made: Washington Gas 7%s, $500 at 102%; $3.000 in three equal lots of Wash- ington Railway general 6s at 92% and $1,000 at 925, and $4,500 of Washington Gas bs at 76%. Am Druggists..... Am Hide & Lea. Am Hide & Lea pf. 5% Am International. 35 Am Lt % | i bacco. . Iu% Am Tobacco (B). . 125 Notes. William D. Hoover, president of the National Savings and Trust Com- pany, and Mrs. Hoover left for At- lantic City today for a month of sea waves and salt air. Frank W. Stone, vice president, and Frank Stetson, trust officer, of the National Savings and Trust Com- pany are back from a motor trip along the coast from Cape May to Atlantic Highlands. 2 Edward J. Stellwagen, president of the Union Trust Company, is at Po- Jand Springs. Me. ‘W. F. D. Herron. assistant treasurer of the Union Trust Company, has re- turned to his desk after a week's out- ing. Washington Stock Exchange. SALES. Totomac’ Electric deb. 6s—$1.000 at 4. Capital Traction—2 at §7%. Riggs National Bank—10 at 475, 7 at 475. Assets Realan AssoDry G 2d pf.. Asso Oll. Bkiyn Rapid Trn.. Bklyn Union Gas. California Pckg California Petrol.. California Pet pf.. Canadian Pacific. . Central Leather. .. 84 Centrai Leath pf. . Chandler Motor. .. AFTER CALL. Washington Gas 7158—$500 at 102%. Washington Railw: eral 1.000 at 51,000 at 923, 1,000 at 921, $1,000 at $1.000 shington Gas 5s—$1.000 at 761 1. $1.000 at 76%. $1.000 at 76i. $300 —Call loan, 526 per cent. Bid and Asked Prices BONDS PUBLIC UTILITY. Bid. Asked. 80 91 85 100 American Tel. and Telga. 4 Awerican Tel. and Telga. 4 . Tel. and Tel. ctl. Chi RI & Pacific.. ChiRI&P 6% pt.. ChiR1&P 7% Df.. fow Chile Copper-...... I 3 rburban 5 € CC & St Lou! Metropolitan R. R. 5. Potomac Electric Ligl Potomac Electric con: Totomac Electric Pow: aglmn.c Elec. Power G. Cluett Peabody pf. Coca-Cola. ‘Wash. Rwy. and Elec. G. MISCELLANEOUS. Rigzs Realty 5s (long). : Riggs Realty 58 (short) . Washington Market Se (1927) Washington Market 58 (1947)... STOCKS PUBLIC UTILITY. Cuban-Am Sugar. X Cuba Cane Sugar.. :;h | Endicott-Johnson. Endicott-John pf. Erie Erie 1st pf. Erle 2a pf. Famous Famous Players pf Fisk Rubber. Gen Allvh.l.lt. Gen Clgar. Gen Electric. . Gen Motors. Gen Mot 6% deb... . X Gua Mot 7% deb... Lincoln National *Metropolitan Riggs . Becond BAVINGS BAN Commerce and Savings. East Washington Merchants’ ... g BT i Conias - th Street . Toion Savings Great Northern pt. U. S. Savings Great Nor Or¢ Washington Mechanes .25 FIRE INSURANCE. Greene-! Gulf States Steel. Haskell & Barker. Ho‘ut:‘: :Jl:‘ Hu 0! nll:gll Central... Indiahoma. Inspiration. Interboro Metro.. Harvester.... x":a Mer Marine pt Intl Motor Truck. % TITLE INSURANCE. Columbia Title . Real Estate Titl . C. Paper Mfg. Co.. £ Merchants’ Transfer and Storage Mergenthaler Linotype - ©id Dutch Market ),‘nla_ u.mtype scurity Storage Washington Market —_— CURB STUCKS. Aetna Explosives Ailied Ol Arkansas Tig Ledge Laclede Gas. Hoone Ot Lee Tire & Rubber Lehigh Valley.... Liggett & Myers. . 186 s Inc. 1 Lorillard pf. oBt:le:Ol . i ale Steel...cc m:;.su‘(n) . 12% Commonwealth Finance Consolidated _ Copper Continental Crenson O Minn StP & Dominion Mo Kan & Tex Durant Mo Pacific..-« Tpire Fool ' | Mo Pacific pt impire Food | Fagineers' Petroleutn 1Biscult. Zureka Croesus . N Y Central. NYChi&StL.... N Y Chi &StL2d. NYNH & Hart... N Y Shipbuilding. . Norfolk & Westrn. Northern Pacific. . Merrit 03l *Midwest 0il com. Midwest Oil ptd. Midwest Refining Mountain Producers Nevada Ophir ipissing Mines' obie Off and Gas Pierce-Arrow. Plerce-Arrow pf.. Pullman Co.. Punta Alegre Pure Oil. Kweets Co. of Ame: wift International Wright Aero CHICAGO— Armour Leather ecom. Armonr Leather pfd. Southern Railway. 21 Southern Ry pf... 47% So Porto Rico Sug. 38% Standard Milling.. %0 Standard Ol of Cal. Stand Of1 An ounce of gold could be drawn ofNJ 'sato a wire fifty miles long. 3°% 6% 3% n 26 5% 88 49% 105% 12 123% 6% 96% 2% n% 1% 5 9% 8% ™ nk 18% 13 % 89% % | Standard 0 of Kansa od I United SEEacgsdnges g233ges NEW YORK STOCK EXCHANGE Received by Private Wire High. Low. Close. Stand Ol N J pt. 106% 107 % | Btewart-Warner. 6% 5% ™% W% o % % b Texas& PC& O, 20 Third Avenue Tobacco Prod, Trans Contl Oii Twin City R Tran, Direct to The Star Office. -] 3 Union Oll. Union Pacific. Union Pacific pf. United Drug. gnlua Fruit. nited Ry Inv pf. United Retall Strs. 5 Us us . U 8 Indus Alcohol. U S Ind Alcohol pf, USRealty... LR L 2337agggeeiss Cast Ir Pipe. Food Prod U8 Rubber ubber 1st pt. U 8 Steel. of s§-3353ed Western Pac pf. ‘Westhse Air Brk. Westhouse E & M Wheeling & L B.. Wheeling & LE pf. ‘White Motor. White Oll. Willys-Overland. Willys-Ovid pf. Worthington Pmp. 41 ‘Wright Aero. Hig! Call Money..... 5% HOURLY SALES OF STOCKS. 11am. Stockof Pay- record. _able. . $3 Aug. 31 Sept. 15 x Aug. 31 Sept. 15 Standard 0il of Kan B ica, q, Aug. 17 Aug. 29 —_———— RALS FEATURES INBOND ADVANCES NEW YORK, August 3.—What ad- vances there were today in the bond market occurred mainly in the rail- way group. Securities generally re- garded as high-grade savings bank issues were notably strong, including Colorado Southern first 4s, which were up two points to 84, and Louis- ville and Nashville unified 48 at 831, an increase of 1% points. St. Louis and San Francisco adjustment reached 69%, their new high. Marked improvement was shown in Canada Southern 5s, u; 87: Chicago and Erie 5s, up 2% points to 80%, and St. Louis and Iron Mountain 4s, which went up % of a point to 73. R "ts 6s 1% points to Missouri Paci; ad- ced a quarter to 54%. Chicago Union Station 418 got up % to 81. New High for French. The continued rise of French 7%s, which reached 961 today, a new high for the year, was the only feature in the foreign government division. French 88 were up a half point to 100%. Zurich 8s advanced to 100 & galn of a quarter over yesterday's closing price, and Swiss 8s reached 106, a quarter point higher than their only sale yesterday. Other members 10% | of this group were practically un- changed. Liberty bonds did little, with only slight close. In the industrial section American Smelting and Refining first 55 werg down 14 point to 79%, and Virginia & Carolina Chemical 7%s also declin- ed % to 91. s Little Industrial Change. Consolidated Gas 7s went up a half point to 102%. Among the industrials which showed no change were the General Electric 6s and the sugers, year 8s and Westing- house 7s. The offering of the $3,500,000 Tidal- Osage Oil Company, a subsidiary of the Tidewater Ofl Company, was the only new issue of consequence in the day’s market. The bonds were all sold. This was a ten-year 7 per cent issue of sinking fund gold bonds. The price today of the Tidewater Oil 6%s fluctuated but fractionally. APPLE YIELD NEAR NORMAL. PORTLAND, Ore., August 3.—Esti- mates of this year's production of apples, made by railway trafic offi- cials and county agriculturists of Ore- gon and Washington. place the yield at approximately 27,500 cars, or more than 20,000,000 boxes, allowing 756 boxes to a car. Yakima valley, Wash., will have 138,600 cars; Wecnatchee, Wasl 11,350 cars, and Hood river district, Ore., i8 expected to yield 2,650 cars. Apple buyers from the east are coming to- Yakima, We- natchee and Hood River. At the min- imum it is believed producers will realize $1.50 a box av. e, which will mean $30,000,000 for this year's Pacific northwest apples. BIRMINGHAM STEEL ACTIVE. BIRMINGHAM, Ala, August 3. The blowing in of another fuwnace today by the Woodward Iron Cam- pany of this district is taken as the beginning of better things in Birmingham industrial world. Presi- dent Crockard of the company said: “I am convinced we have turned the corner. By the middle of September I believe we will be doing much bet- ter and that a real moving out of pig iron will be under way.” —_— MONEY AND EXCHANGE. NEW YORK, August 3.—Prime mer- cantile paper, 6a8% ; exchange, heavy; sterling sixty-day bills and commer- cial sixty-day bills on banks, 3.52%; commercial sixty-day bills, 3.52; de- mand, 3.56%; cables, 3.56%; francs, demand, 7.623%: cables, 7.63; Belgian francs, demand, 7.32%; cables, 7.33; guilders, demand, 30.4 lire. demand, 4.20%; 4.21 marks, demand, 1.21; 1.21%; Greece, demand, 5.42; Sweden, demand, 20.27; Norway, demand, 1 Argen- :lzn;b demand, 29.12; Brazilian, demand, Montreal, 10 11-18 per cent discount. Government and railroad bonds, firm. Time loans, steady; sixty days, mn:.ly days, six months, 5%a6é per cen advances over yesterday's —_— LIBERTY BOND CLOSING PRICES. NEW YORK, August 3.—Liberty bonds fclosed: 313s, 88.10; first 4s, 87.88 bid; second 4s, 87.64; first, 4%s, 88.08; sec- ond 4%s, 87.66; third 4%, 91.80; fourth 4%s, 87.80; victory 3%s, 98.86; vic- tory, 4%s, 98.86. 2 e e BAR SILVER QUOTATIONS. NEW YORK, August 3.—Bar silver— 99% ; foreign, 61. Mexican dollars, 46%. - LONDON, August 3.—Bar silver, 385%d per ounce. Money, 3% per cent. Dis- count rates—Short bills, 4 7-16 per cent; three-month Wills, 4 9-16 per cent. —_— DAIRY MARKETS. BALTIMORE, August 3. (Special.)— Chickens, alive—Springers, per Ib., a34; white leghorns, 27a30; 28; old roosters. 16; ducxs, 18a22; spring ducks, 22a25; pigeons, pair, 35a40. , loss oft—Native and nearby firsts, per doz., 34; southern, 32. Butter—Creamery, fancy, per lb., 45a 4. creamery, 4la . - 28a30; dal 28a30; process butter, 34a35. 28 |being $5.25 old hens, 25a 3 ry | formerly sold at $5.756 were cut to IRAILS TURN WEAK; CLOSING IS HEAVY BY STUART P. WEST. NEW YORK, August 3.—Early sub- antial advances were forfeited when standard railroads turned weak and lquidation was resumed in specialties of doubtful earning and dividend pros pects. Sales approximated 550,000 shares. Closing was heavy. NEW strong _opening, dend-paying rails advanced sharply in some cases, making new highs for the | C current movement, and the steels showed marked firmness, the stock market today relapsed into irregu- larity and "dullness. No develop- ments of importance sufficient to af-|Cl fect the industrial and trade situa-|Cocago tions were at hand, and in the lack of any sustained buying power there was little motive to maintain the improvement. It was significant, however, that whereas a month ago the difficulties of industrial corporations resulting in reduced and passed dividends were the all-absorbing topics in specula- tive circles, now emphasis is placed on the improving outlook for the rails. Then the market could not ad vance under the shadow of the de. pressing influence the business trou- bles of the deflation period had brought. At present the same trad- ers are not so sure even industrial shares may not be favorably affected in sympathy with brightening pros- pects elsewhere. Rail Sttuation Better. Meanwhile conditions have not ma- terially changed. It is only a differ- ent point of view. True, the rall- road situation is definitely better. Control of expenses under private management has wrought wonders in turning a decreasing gross into an increasing net. Much {s hoped for from the administration’s plans for funding the sums due the govern- ment. More is expected from the wage cuts. But practieally all this could have been foreseen. And there are still dividend uncertainties to face in various quarters, some due to the drop in prices and some to de- creased demand for the product dealt in. If any of these come to light, It will be interesting to compare the welight they will carry with the speculative fraternity with similar developments thirty days ago. Dispatches from Wgshington re- port sentiment in CongFess favorable toward those of Secretary Mellon's proposals which tend to reduce taxes and unfavorable toward those which tend to raise them. All of which is natural and true to form, but does not help solve the Secretary's prob- lem, the magnitude of which no long- range view of the financial situa- tion can afford to overlook. Tax Proposals and Bonds. One detail of the tax proposals is of considerable importance to the bond traders just now. If the sur- taxes on large incomes are to be cut, the advantage enjoyed by the tax- exempt securities be correspond- ingly diminished. And bond traders, by the way, are very active at the present time. There is, perhaps, some evidence of public participation in a speculative way in bonds, which is more than can be said of stocks. Purchasing of Cuban raws at the newly established high set by the Cuban commission seemed to indicate confidence today in the astability of the present quotations. Sugar stocks, however, were little affected, and American Sugar Refining was definite- ly weak. A fair demand for tobacco stocks was displayed by the quota- tions, which 8o far have shown no concern over the prospect of higher taxes on tobacco products. Substan- tial premiums in the stoek loan mar- ket were evidence that the ‘“bear” party in the industrials, which have been favorite objects of attack, was still large. CUnited Drug Weakness. “The weakness in United Drug to- day followed closely on the heels of a #tatement by Louis K. Liggett, in the market undoubtedly Drug would sell much lowe: get's affairs are now in the hands of a board of trustees, among his specu- lative holdings being 39,000 shares of United Drug bought between 142 and 80. The confldent bear party took the statement by the president of the company to be an invitation to them to start selling the Stock, and there was no let-up in the hammering in an effort to force the 39,000 shares on the market. As to the United Drug Company itself, Mr. Liggett in his statement declared “it is sound as a nu New York, Chicago and St. Louis (the Nickel Plate) has shown excel- lent earning power even during the current depression, although mainte- nance charges have been heavier than a year ago and have averaged about 30 per cent of gross. The net for the first half year was $2.016,933, which is $679,000, or more than $4 a share of common, in excess of fixed charges and preferred dividends for the six months. At the close of 1920 the company had cash and receivables to- taling $1,323,000 in excess of all cur- rent liabilities. Dividends at the cur- rent rate of $5 on both classes of pre- ferred and common call for less than $1,500,000 a year. In view of tne cur- rent earnings, dividends are belleved to be reasonably secure. Top Price for Sugar. An interesting development has oc- curred in the raw sugar market. This is the purchase by the Federal Sugar Company of 16,000 tons of Cubans at the top price. It was only a few days ago that the head of the Federal Sugar Company came out with a statement indicating the belief that his company could get sugar from the island at prices much below those prevailing. "It was the feeling in cer- tain quarters in the financial district today that the willingness of the Federal company tto bid up for raws indicated the company’'s belief in the continued strength of the market for both raws and refined. Since the closing of a large majority of the big copper mines around April . the position of the industry has shown material improvement, accord- ing to a copper expert today. In January, February and March smelter output and imports totaled 342,200,- 000 pounds and domestic and foreign sales amounted to 326,055,000 pounds, resulting in an excess of: production over consumption of 16,145.000 pounds. On the other hand smelter output and imports in the second quarter to- taled 157,558,000 pounds and domestic and foreign sales amounted to 256,- 873,000 pounds, Indicating a reduction in surplus stocks in that period of close to 100,000,000 pounds. The net result of the six months has been an excess of sales over production and imports of 83,170,000 pounds. —— SUBSIDIARY COMPANIES CUT PRICES FOR STEEL NEW YORK, August 3.—Elbert H. Gary, chairman of the United States Steel Corporation, confirmed reports that subsidiary companies of the cor- poration had cut prices on certain grades of steel products in order to meet prices quoted by leading inde- pendent manufacturers. under the new schedule range from $3 to $10 a ton below the schedule an- nounced July 7, he said. ‘Our subsidiarfes,” he said, “have 6t made any reductions except to meet the prices of leading independ- ent manufacturers. Prices generally would seem to have reached the low point, as many, if not most, of the manufacturers are at present selling below the cost of production.” It was pointed out that the corpo- ration was underselling independent companies in tin plate, the quotation a 100-pound box, against .50_charged by the independents. The July 7 price was $5.75. Other articles that were reduced in- cluded: Bars, $1.75, reduced from $1.90; plates, formerly $2, are now $1.85; galvanized sheets, reduced from $4.50 to $4.25. and black sheets that YORK, August 3.—After a|g,, tn Swhich the divi-| s hw 8 n Tel. and Tel, ntral cifl Reductions TODAY’S BOND PRICES. Noon prices reported to The Star over direct Sinclair Cons. Oil Corp. 7ls 1925 e by Redmond & Co. | Southern Pacifc 1t ref. City of Paris €s 1021. gmf_:m(;wemn‘ Benl Bs ent of Bwit : xllkhm of B!lfl:LuH-:n = PES of G. B. and Ire U Kl of G.' B.'and Ireland bl 1029 Armour & Co. & e Atchison, ki . 41 ntic Refining Co. Unfted States Rubber 7%; United States Steel 8. F. 5 Vacuum Ofl Corp s 1986, Virginia-Carolina Chemical 7%s 1932. Wilson & Co. 1st 6s SHORT-TERM SECURITIES. (Reported by Redmond & Co.) Bid. American Tel. and Tel. 65 1922 37“: “paul retd. 4 i . Paul refd. 43s. ind St. Paul cgnv. 43gs. thwestern 7a 1930. k Tsland and Pacific ref Union Station 8i4s . wolidated Gas s Delaware and Hudson 7s i930; Erie general lien 4s @eneral Con. G Copper Export 8s 1 Copper Export “A” S 1928, tile Marine 8. 1at & ley s 1 Humble 01l 7s 1023, ennecott Copper 7s Liggert & Myers Tob. m| 1930, s 1921 Procter & Gi 1922 s of Pennsylvania gen. mortgage 4%s Readiag gonetal 4s. o ooe A 8t. Louis and San 8t. Louts and Ban Francisco 6s 1929, 8t. Louls and San Francisco ine. 6s. Beaboard Air Line refdg. 4 Seaboard Air Line adj. 5 Grain, Produce GRAIN AND PROVISIONS. BALTIMORE, Md., August 3.—Pota- toes, new white, bbl, 250a5.00; bu., 75a1.9 0 1bs., 1.2523.00; sweets, b: T Western Electric Co. 78 1925 Westinghouse E. & M. 7s 1931 LOCAL WHOLESALE MARKET. Eggs—Strictly fresh, average receipts, 34. Live poultry—Roosters, turkeys, per i per 1b., 32a3! young, each, 35: per Ib., 1 head, 7a13; carrots, bunch, 2a3; celery, doz., 40a1.00. Corn, doz.,, 8a25; cucumbers, basket, 20a30; eggplants, basket, 1.00; let- tuce, basket, 1.50a3.00; lima beans, b 2.00a2. onions, 100 Ibs, 1.50a1 peppers, basket. 20a30; squash, basket, Tomatoes, bu., 65: apples, bb] 3.00a5.00; hamper, 1.50a2.25; black- berries, qt., 20a30; cantaloupes, basket, 40aT7: crate, 1.00a2.00; currants, 20; damsons, 1b,, 8. Huckleberrie: basket, al pineapples, crat, X melons, each, 15a60; per car, 850.00. chickens, per Ib., 35a38; hens, per I 30; roosters, per Ib., 22; turkeys, per | 3tad0; keats, young, each, 60a75. Pork—Dressed, small, per Ib., 1 Live stock—Calves, choice, per 1b Ib., 1% Green' fruits—Apples, per bbl 10.00; per bushel basket, 1.0024.00. ern, per box, 3.50a4.5 ons, per box. 10.00a11.00; Californ oranges, per crate, per crate, 3.50a5.00 L‘rlvfl. I.D:a .50. ‘egetables—Potatoes, new 100,008 | 00a5.00; lettuce, nearby, New York lettuce, cantaloupes, ng Prices at Noon. 1 red winter, spot, bu.; No. 2 red winter, spot, 0. 2 red winter, garlicky. =pot, 1.26%. 1.37% per, spinac & pinach, 1.36%; N :* onions, 2.00a2.50; cabbag: 3.50a4.00 per bbl.: cucumbers, 1.00a1.5 eggplants, per crate, &Ar- i per box, 1.26a3.50; corn, 15a45 per doze: 41 beans, 1.00a2.50 per barrel. —_—_— 1.18%; No. eptember, Sales—Bag lots of new wheat, as to quality and condition, 1.05, 1.10, 1.13, 1.16 and 1.18 per bushel. Car lot of No. 2 red winter, spot, 1.36%. Corn—Cob, mnew, yellow, 3.90 per bbl.; for white, 15 to 20 per bbi. lower in carload lots; contract corn, spot. 893 track corn, yellow, No. 3 or bet- ter, domestic, 80a81. Sales—110 bushels of white at wharf, at 65 per bu. 2 white, 49, sales; No. 3. bureau of steers, strong to 15 grades and classes steady lings. early. 10.15; her; nners and cutters, bulk bulls, 4.50a5. calves, largely, 9.00a9.50. largel ve: Oats—No. steady to strong on common grade: 19% 5 later slow and mostly on all grades: top, 11. early. e—Bag lots of nearby rye. as to quality, 1.00a1.25; per bu.: No. 3 west- ern export, spot, 1.24 per bu.; No. 3. no_quotation. For new hay arriving in good order there 13 a fair demand at 19.00 to 20.00 per ton, but most of the new hay arriving shows warm condition and since new hay is not yet being officfally quoted on this market each 9.95; pigs, weak to 10 lower. strong to 25 higher; lower; feeders steady to_city sheep weak to butchers, 10.50; packers’ 0.00; Idaho and Montana wether: 54 higher; good feeders, BONUS FOR WORKERS. merits. Straw—No. 1 straight rve, nominal No. 2 straight rye, No. ::nsgled rye, 15.5! : No. 2 whea X 0. 2 oat, no quotation. CHICAGO, August 3—Whdat dis- played some firmness today. chiefly as a result of continued shrinkage of rural offerings. Export demand, how. ever, appeared to be lacking. Gen- eral trade was light and the market easily influenced. Opening quotations, hich varied from % decline to 1 advance, with September 1.24% to 1.25% and December 1.28% to 1.29, were followed by slight general gains and then something of a reaction. Corn remained easy, owing to the better supply of moisture. After open- ing_ unchanged to a3 lower, in- cluding September at 59 to 593, the market hardened a trifie and then sagged again. > Oats were strengthened by bullish | he estimates of yiels Prices opened un- changed to %al off, but then scored a general upturn. Provisions averaged hogs. Potatoes weak for barrels, others firm; receipts, 62 cars: Jersey cob- blers, 3.00; cwt.; Nebraska, 5: 2.60 cw Missouri, al.85 cw Kaw Valley, 1.10al. Virginia, 10a5.30 barrel. to 5,638 Hangds. annual bonus to the emploves of i mills in Yonkers Monday treasurer, made the official announc shared the company’s generosity. s given in bonuses during the pre: ent year is $732,000. ings of each employ for n| months ended June 3i —_— OIL STOCKS. Quotations furnished by W. B. Hibbs & Co. lower with Anglo-American Oil Co. (new). ing WHDAT— Open” TowCToss | Atlantic Refining_ o Sept. dly 1231 1. By e 2 juckeye Pipe Line Co. 80 Ioe 32815 1:20% %4 | Cheseborough Manufacturing Co. 160 1 59 58% 385 | Continental Oil Co 105 Des 3915 59" 5 Eureka Pipe Li S Galen: De A1 NEW YORK, August 3.—] ticles unchanged. —_— COTTON MARKETS. NEW YORK, August 3.—An open- ing decline in the cotton market to- day reflected disappointing Liverpool gables and some southern selling. |Southern Pipe Line Offerings were comparatively limited, | South Penn. however, and, after starting un. |Southwest. Fenn Pipe Line Co. changed to 11 points lower. the mar. | Standard Oil Co. California- ket turned firmer on trade buying and ' gan % covering by yesterday's sellers, who | Sten seemed to be impressed by unfavora- ble private crop reports from _the | Stan south. December contracts sold at|8ta 13.23 at the opening. but soon rallied to 13.40, with the general list show- | vaon T o. fng net advances of some 13 to 14|washiogton Oil Co. points toward the end of the first —_— hour. Futures opened steady: Octobe O N X CHANGE. 2.70; December, 18.23; Janumry, 13.1 March, 13.40; May, 13.50. ; > ORLEANS, August 3.—Poor | Paris cables caused a drop of 2 to 3 points | Bruasel around the opening of the cotton market today, but the market imme- | R3S, diately met support and reacted in a | Zudch .. strong way, so that at the end of the | Athen first hour of trading the active | Vieans months were 15 to 18 points over the and Live Stock per doz., 33; 33a35; chickens. spring, heps, per Ib., 26a28; keats, Dressed poultry—Fresh-killed spring 5.5086.50; peaches, per No. 1, per per. per 50a90; blings, barrel, CHICAGO LIVE STOCK MARKET. CHICAGO, August 3 (United States 1 markets). —Cattle—Re- ceipts, 18,000 head?™better grades heef other top yvear- bulk beef steers, 7.00a9.50; bulk fat she stock. 4.50a Hogs—Receipts, 18,000 head; opened 10 to 15 lower one load bulk light and light butchers, 11.15a11.46; bulk packing sows, 9.50a Sheep—Receipts, 10,000 head; lambs native lambs, top top, Washington to |Carpet Plant Distributes $376,000 NEW YORK, August 3.—When the Alexander Smith & Sons Carpet Com- pany distributed its twenty-first semi- the total proved much larger than was forecast. hile it was predicted the previous day the company would distribute about $250.000. when Richard Edie, jr.. ment it developed that $376,000 was| distributed and that 5.638 employesl Since the company inaugurated the bonus plan in June, 1910, it has given $3.262,000 to its employes in this man- r. The total amount the nommnyl The bonus was based upon a percentage of the earn- the six Asteo —has returned to its policy- holders more money than it has received from them in premiums, a record unique among Life Insurance com- panies. cational Course to its Repre- sentatives. 1125 Woodward Building - The Connecticut Mutual Life Insurance Company It offers a thorough Edu- E.D. Sampson, Gen. Agt. LOANS ON LIBERTY BONDS Tonds bought sud Soid Registered or Gen 604 14th St. N.W. Safe Investments Money to Loan $50,000—7% interest, in sums of $1,000 to 900, secured by firat deed of Joseph L. Weller &9 oth trast on Teal estate. Wash. L. & Trast and ¥ oMb This firm has from its in- ception dealt largely in First Mortgages upon im- proved income-producing Washington real estate. WE take fle;sure in making the an- nouncement that J. M. CARLISLE has become associated with our Washington : ofl;ce. @® Hamblcton @ Established 1865 Co. Investment Bankers 729 Fifteenth Street, N.W. Washington, D. C. NEW YORK BALTIMORE PHILADELPHIA lambs, choice, per Ib., 913; live hogs, per 3.00a west- California_lem- ia EQU Co-Operative Building iation Organized 1879 41st YEAR COMPLETED Ansets . Surplus From Systematic Saving nless You adopt a systematic saving plan, little can be accomplished in financial way. Join the Equitable now. Subscriptions for the 815t Issue of Stock a Being Received 2|l Shares, $2.50 Per Month 4 Per Cent Interest s; 915 F St. N.W. JOHN JOY EDSON. FRANK P. REESIDE, 25 IABLE -$4,303.836.65 . %1,965,322.59 Greatest Accomplishments EQUITABLE BUILDING . President See’y. Such securities . offer safety of principal and the certainty of prompt and uninterrupted interest re- turn. Our business is that of sup- plying banks, insurance com- panies and individuals with investments from which every element of risk has been eliminated. These real, estate mortgages are a favored form of secu: They are Safe and Sure. We shall be glad to sub- mit you investments to suit your requirements. B. F. SAUL CO. Mortgage Loans | 934 N. Y. Ave. N.W. 10 ON EVERY E. H. Rollins & Sons Founded 1578 416 Woodward Bidg. 15th and H Streets Washington, D. C. Phone Frankiin 3463 York Phila Denver San Franc Southern California Edison Company Gen. & Ref. 6's, 1944 Price 88 and Interest To Yield 7.07 Per Cent Send for Descriptive Circular GRAIN — SU Bought Sol 27 Securities | Review Free, Upon Request. 20 Broad Street, New York MEMBERS: ts. Chicago Board of Trade Cotton Association. Washington Office MAIN FLOOR CORRIDOR WOODWARD BUILDING Telephone Main 2040 CHARLES R. ALLEY, Mgr. o) Banks, Trust Compani Financial Corporations. Phone or Write E. L. Stock & 734 15th St. N.W. level of yesterday's close. October 3 fell off to 12.32, and rose to 12.52. Buying was based mainly on further reports of crop deterioration, espe- cially in Texas. Futures opened quiet; October, 12.35; December, 13.66; January, 12.68; Ma 12.93 and May, 13.12 ! LIVERPOOL, August 3.—Spot cot- | ton—More -inquiry; prices steady good middling, 9.12; fully middling, 8.72; middling, 8.27; low middling, 37; good ordinary, 6.22; ordinary, 5.47. Sales, 6,000 bales, including 5,200 American. Receipts, 9,000 bales, including 7,100 American. Futures closed very steady; August, 8.54: October, 8.73; December, 8.87; Jan- uary, 8.87; March, 8.98; May, 9.03; July, 9.07. JUNE RAIL EARNINGS UP. NEW YORK, August 3.—The esti- mate for railroad net operating in- come for June, 1921, is now $50,001 000. Roads having a total mileage of You Never Charge Off Depreciation on an Investment in First Mortgages They Mean Absolute Safety, earn 1% _and require no 192,032 have reported. The €hicago, Rock Island and Pa- cific in June, 1921, showed a substan- tial operating income, as against a deficit in June, 1920. The Southern attention railway did the same. and the Bangor | and_Aroostook changed a small deficit shm & L“CIB in 1920 into a small operating met income in June, - e gross or the Rock Island shows an increase 713 14th Street which is in contrast to the decrease in gross shown by most of the eastern railroads. & future. ment to tention. STOCKS—BONDS—COTTON R—COFFEE on Commission Commodities - A.A.Housman&Co. Associate Members of Liverpool Dependable Dividends At the present time when dividends on indus- trial issues are in doubt it is refreshing to note the regularity of dividends on financial issues such as 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- The loans are in convenient de- nominations. ce- H.L.RUST--* ek} Enowing That Soey veluables now: t your valual SAFE.® e > 1336 N. Y. Ave. es, Insurance Companies and The International Finance Corporation —of Washington, D. C,, Is FINANCIAL INSTITUTION Now a 10% Investment for Descriptive Circular Co., Fiscal Agents Phone Main 736 Tomorrow will not take care of itself —you yourself must safeguard the The man who looks ahead by saving part of his income will profit doubly by putting those savings to work. command your immediate at- Let us show vou how to add to your income an income¢ from your savings.