Evening Star Newspaper, August 8, 1921, Page 14

i1.¥ _— MODERATE TRADE IN LOCAL MARKET Prices Steady—Suggest a Washington -Candidate for Lanston Directory. BY L A. FLEMING. Business on the local stock ex- change was light, but on a par with the average these vacation days . when half of the business men are away on their vacations and the other half just recovering from theirs. Prices seem very steady, more or less “stabilized.” or at least not fluc- tuating materially. Raflway preferred was firm at 58, ‘Washington Gas brought 43 and Cap- ital Traction sold at 87%, all final prices of last week. A small lot of Mergenthaler brought 1193, Bonds were slow. the one sale re- ported. debenture 6s of the Potomac Electric Company at 94. Call money, 5% bid and 6 per cent asked. No transactions. Vacancy on Lanston Directory. There is a vacancy in the directory of the Lanston Monotype Company. Lanston stock is held very largely In this city and the only transactions In it are on the local stock exchange. A listing in Philadelphia was made a year or more ago, but with the ex- ception of a few transactions, prob- ably for local people, there have been no_important sales. Washington is represented on Co- lumbia _Graphophone and Mergen- thaler directories and, local brokers believe, should be given considera- tion in filling the vacancy on the Lanston board. The presence of a representative of local shareholders would give assurance to the latter. J. Maury Dove. the president of the company, is a Washingtonian, but the amount of stock held here, in the opinion of brokers, warrants a di- rectorship also. Personal Mentioi George E. Hamilton, president of the Capital Traction Company. re- truned to business this morning after spending nearly three. weeks at Moosehead Lake. The fishing party of the officials and directors of the Bank of Com- merce and Savings Is over. It was a success. After Tax-Free Bonds. It is prohmble that leaders in Con- rress, vainly secking where they can save a dollar of the tax burden, and a place to shift the second dollar, will. before the end of the present session, take up the matter of tax- free certificates. This_proposition is the natural re- sult of frequent contact, when seek- ing for additional revenue, with the tax-frees. : The rich have been driven by the surtax and excess profits laws to seek more revenue in tax-free securities, and some of them in doing this have been great losers. No promis of relief is offered from the great load of these securities is- sued. and it will also require a con- stitutional amendment to take from states, counties and municipalities the right to further issue this char- acter of securities. Tt seems as if the times are ripe for action. sentiment is largely in favor of it, the farmers are for it, the Amer- ican’ Investment Bankers' Association is on record on this point; the chair- man of the House committee on bank- ing and currency favors action. No retroactive measure can eliminate the millions of tax-frees. Maturity alone will get them out of the way. Passage by Congress of a resolu- tion to submit the matter to the na- tion. through the states, after the us- ual manner, might bring success much wicker, than some recent constitu- tional amendments that have been ad- ded thereto. Investment bankers favor the pro- posed change for the reason that the tax-free has been a continual brake on_the issue of other securities. An expert has figured that on an Investment of $50,000 it would require 2n 8.71 per cent return to equal the vield on a 5% per cent tax-free bond. As the amount invested becomes larger the difference becomes greater, thus $100,000 placed in 5% per cent tax exempt securities would give the susme vield as would 2 like investment in taxable securities paying 14.02 per cent. with the heavier ratio increase as the amount of the investment in- creases. BRITISH TRADE BETTEh. Business conditions in Great Britain during July appeared better., while the business crisis persisted in France with scarcely any indication of im- provement, according to the monthly cabled summary of conditions issued last night by the bureau of foreign and domestic commerce. Inferior crops are expected in both England and France as a result of the long drought. Depression continued in Scandinavia and South Africa. — = Washington Stock Exchange. SALES. Capital Traction 5s—$1,000 at 87%5. Mergenthaler Linotype—6 at 1193, AFTER CALL. Electric deb. 6s—S$1.000_at 94. gton Railway pfd.—8 at 58. Washington Gas Light—25 at 43. Bid and Asked Prices BONDS PUBLIC UTILITY. American Tel. and Telga. 4s. American Tel. and Telga. 4 Am. Tel and Tel. ctl. tr. Potomac o &% C. and P. Telephone 3s. Capital Traction R. R. City and Suburban 5s. Metropolitan E. R. Bs. Potomac Electric Light Potomac Electric cons. Potomac Elec. Power Gs. Potomac Elec. Power G. M. 6s. Washington Gas o ‘Washington Gas 7138 Washington Rwy. and Wash. Kwy. and Elec. MISCELLANEOU:! Rizgs Realts ‘3¢ (long). 88 Riggs Realty s (short). o STOCKS PUBLIC UTILITY. Ameriean Tel. and Telg: Capital Traction ‘Wash. Rwy. and Eiec. com. ‘Wash. Rwy. and Elec. pfd. NATIONAL BA! TRUST COMPANY. American Security and Trust. Continental Trust tional Savings and Trust. Tnion ' Trust .. Washington Loan and Trust. SAVINGS BANK. Commerce and Savings. East Washington - Merchants’ .. Security Savings and Commercial Seventh Street Union Savings U. 8. Savings . Washington Mechan! FIRE INSURANCE. National Union TITLE INSURA * Columbia Title .. 4 Real Estate Title 85 MISCELLAN {olumbla Graphoplione” com. 4% D C. Paper Mfg. Co... [ Merchants Transfer and Storage ..... Mergenthaler Linotype . Old Dutch Market com. .. 0id Dutch Market pfd. Lanston Monotype Security Storage ‘Washington Market b .FINANCIAL. Ajax Rubber. Allis Chalmers pf. Am Agr Chem. .. Am Agr Chem pf. Am Beet Sugar.... 2% AmCan..... 26% {Am Car & Fdy.... 124 Am Cotton Oll..... 18% Am Drugglsts 4% Am Hide & Lea pf. 51% Am Ice. .- 86 Am International. 83% Am La France. % Am Locomotive. Am Safety Razo: Am Smelting. Am Smelting pf Am Sugar.... T3% 31% 51 Am Sumatra. Am Tel & Teleg. .. 105% Am Tobacco. ..... 123 Am Tobacco (B). . 123 Am Tobacco pf (n) % Am Woolen. 69% Am Woolen pf Am Zinc & Lead Anaconda Asso Ofl. Atchison. Atchison pf. Atlantic Cst Atlantic Gulf Atlantic Gulf pf. Atlantic Petroleur Baldwin Loco. Balto & Ohlo.. Balto & Ohio pf. Beth Steel (B) Beth Steel 8% pf. Booth Fisheries Bklyn Rapid Tr Bklyn Rap Tr ctf! California Pckg California Petrol. Canadian Pacific. . Case Plow Works. Central Leather ... Centra; Leath pf.. Cerro de Pusco. Chandler Motor. Ches & Ohlo. Chi Great Westn.. Chi Great W pf. Chi Mil & St P. Chi Mil & StPpf.. Chi & Northwn. Chi RI& Pacific... ChiRI& P 6%Dpt.. Chile Copper: ! Chino Copper. Coca-Cola. ... Colo & Southern. Col G: Col Graphophone. Cons Distributors. Cons Textile. Corn Product: Cosden & Co. . Crucible Steel. Cuban-Am Sugar. Cuba Cane Sugar.. Cuba Cane Su pf.. 2% Del Lack & Wstn. . 194% Denv & RIoG pf... 1% Dome Mines. 1 Endicott-Johnson. 5% Endicott-John pf.. 9 Erie. 18% Erie 18t pf. Famous Players. Famous Players pf Fisher Body. Fisk Rubber. Gen Asphalt. Gen Asphalt pf. Gen Cigar deb. Gen Electric. . Gen Motors Great Nor¢hern pf. 78 Great Nor Ore. 28% Gulf States Steel. . Greene-Cananea. . Haskell & Barker. Houston Oil. Hupp Motors Illinois Central. indiahoma. Inspiration. Interboro Metro... Interboro Met Df.. Intl Harvester. ... Intl ser Marine pf Intl Motor Truck.. Intl Nickel. 2 Intl Paper-. Intl Paper (5ta) Invincible Oil. | 1sland Oil. Jewel Tea. Jewel Tea pf. 48% 79 Kennecott. Lake Erie & Lehigh Valley. Loews Inc LoftInc. ... Manhattan Elev. .. Market St Ry pr pf. Marland Oil. : Mexicat Pete. Miami Copper. Middle States Ofl.. | siavale Steel | Mo Pacific. { Mo Pacific pf. Mont Power pf Natl Acme. ... Natl Biscult. N Y Central N Y Dock. NYNH & Hart. N Y Ont & West.... {N Y Shipbuilding. . { North America. Northern Pacifl Oklahoma Prod. ] Orpheum Circuit. . Otis Steel. Owens Bottle Pacific Oil Pan-Am Pete. Pan-Am Pete (B). j pennsylvanta. ... Penn &eabd Steel.. Peopl;%hGMA e Pere Marquette. ... Philgps Jones. ... Philiips Petroleum Plerce-Arrow. ... Plerce-Arrow bf. Pitts Coal pf Pitts & W Va Pressed Steel Car. Pullman Co. | Punta Alegre Sug. | Pure Oi1 ¢ Railway Stl Spr... Ray Con Copper. . Reading. . Rep Iron & Steel Rep Motor Truck. . Royal Dutch...... StL & Sar:. Fran... St L & San Frpf... St Louis Southwn. St Louls Sown pf... Seaboard Air Line. Sears Roebuck.... Seneca Copper. ... Sinclair Oil. Sloss-Sheffleld. Southern Pacific Southern Railway. Southern Ry pf. So Porto Ricg Sug. 36 Stand Oil o#N J... 136% Stand Ofl N J pf... 107% Stromberg Carb. .. 30 Studebaker 8% Studebaker pf. 9 superior Ofl. 4% | Texas Company... 3% Texas & Pacific... 25 Texas & PC & Ol. 18% Tobacco Prod..... 57 Trans ContlOfl... 74 Union Oil. . Union Pactfic Union Pacific pf... 65% United Drug...... 63% United Fruit. . ....108% United Retall Strs. 63 G SCast Ir Pipe... 14% U'S Food Prod.... 16% U § Indus Alcohol. U S Rubber. U S Steel... U S Steel pf. Utah Copper-..... Vanadium Corp. Va-Car Chem Vivadou Wabash. Wabash pf A.. Western Md. Western Pacific. Western Union. ... Westhouse E & M. . Wheeling & LB. White Ofl..... Willys-Overland 20% 46% B 1% . = 1% 7% 1% % 2% 57 28% 2% 124 18% 4% 51% 56 3% 8% 86% % 2% 453 814 8% 51% 8% 2% 2% 5% 49% 18% 21% 2% % - 1% % 0% 3% 31% 87 28% 26% 124 18% 4% 5% 56 £ 8% % 4 6% n% 65% 88% 48% 105% 122% 10% m 10% 2% 8% 81% 21 57% 1n % 2% 2% 10% “% 81% 13% ™% 2% 2% 49% o 18 21% 1% 8% 46 14 103% 20% 4% 124 119% 108 109% NEW YORK STOCK EXCHANGE- Received by Private Wire Direct to The Star Office. Open. High. Low. Close. % Open. High. Low. Olose. 23 | Werthington Pmp. 0 4 % 4 1% | Worthington (B).. b54% b64% 64 54 :z* High. Low. Last. Call Money..... 6 [] 6 3% 524 | HOURLY SALES OF STOCKS. De| 11am..... 9080 12M... 168100 1p.m.. 200 300 2p.m... 237 100 26% MONEY AND EXCHANGE. NEW YORK, August 8.—Prime mer- cantile paper, 6a6’ ; exchange strong; sterling sixty-day bills “and commercial sixty-day bills on banks, 3.651;; com- mercial sixty-day bills, 3.65; demand, 3.6 ; cables, 3.7014 ; francs, demand, 8.00; cables, 8.00 Belgian francs, de- mand, 7.68% ; cables, 7.69; guilders, de- 18% % 1% 86 3 8% 5% 4 5% 71% | mand, 31.1 ables, 31.18; lire, de nd, 6 |452%; cables, marks, demand, sl cables, 1.26: Greece, demand, Sweden, demand, 20.98; Norway, and, 13.00; Argentine, demand, ; Brazilian, demand, 12.37; Mon: ,'1.011-16 per cent discount. Gov- ernment bonds irregylar; railroad bonds eas; Time loans firm ; sixty days and ninety ays, 5% per cent; six months, 6 per —— e LIBERTY BOND CLOSING PRICES. NEW YORK, August 8—Liberty bonds closed: 31s, §8.36; first 4s, 87.70 bid; second 4s, $7.70; first 4% second 41s, 87.66; third 4 fourth 43;s, $7.78; victory 3%s, 95. victory, 4%s, 98.64. FOREIGN BONDS IN BETTER REQUEST ‘W YORK. August 8.— Changes in today’s bond market were very ir- regular, with somewhat lessened ac- tivity. The check given in the middle of last week by the rise in money rates was still effective. Eut on the other hand there was no anxiety shown on the selling side and conse- quently prices as a rule were not down ‘materially from their recent highs, Liberty bonds were all rather high- er and again an obvious connection appeared between tne demgnd for the tax exempt 3%s and the® seemingly less favorable prospects for income tax reduction. Norway $s distinguished themselves in the governmeht bond section by making a new high record at 104%. Denmark issues continued strong; both the municipals, the As and Bs, were up to 101%. a gain of three- quarters of a point. They have now pretty well closed up the gap with the Kingdom of Denmark 8s, as appears quite fitting in view of the fact that the municipals carry the government guarantees. as well as that of the cities. Cane Sugar 7s Off. Cuba Cane Sugar convertible 7s were down again rather sharply in sympathy with the weakness of the sugar stocks. The idea behind the gelling seemed to be that the recovery in raw sugar prices had appeared to halt before it had gone far enough to be of any great use to the producers of Cuban sugar. Sinclair Oil 71s at were down over a point from last week's high. {These bonds moved in unison with nelair stock, which was actively sold. New York Dock 43 lost a point at 70, and Central Leather 5s were down to 89. Chile Copper 6s dropped a half point’ to 71, while Wilson 6s were stronger at §7. HIll Issues Firm. About the most consistent strength among the rails was shown in the Hill group. The Burlington joint 61%s and the Northern Pacific 6s both ecqualed their high of 101. On the other hand. St. Louis & San Francisco issues were all heavy, with the incomes off at one time ‘as mueh as a point. Colorado & Southern 415s at were likewise down a point. Erie col vertible A's and B's were cach « three quarters and Missouri, Kansa & Texas 4s sold two points under their high of a week ago. Seaboard Air Line 6s were weak, oft to 49. Western New York & Pennsy vania first 58 were down over a point and St. Louis & Southwestern consol! dated 4s a half point. THE WEATHER For the District of Columbia and Maryland—Fair tonight and tomor- row, with moderate temperature; gen- tle to moderate northwest and west winds. For Virginia—Fair tonight and to- morrow, with moderate temperatur: moderate northwest and north wind: For West Virginia—Fair tonight and tomorrow; somewhat warmer tomorrow. Records for Twenty-Four Hours. Thermometer—Yesterday, 4 p.m., 89; 8 p.m.. 78; 12 midnight, 72. Today, 4 am., 70; 8 am. 72 Barometer—Yesterday, 4 p.m., 29.8. 8 p.m., 2 12 midnight, 29.84. To- day, 4 am., 29.89; 8 am., 29.97., Highest temperature, 89, occurred at 4 p.m. yesterday. Lowest temperature, 70, occurred at 4 a.m. today. Temperature same date last year— Highest, 92; lowest, 70. Condition of the Water. Temperature and condition of water at 8 am.: Great Falls—Temperature, 71; condition, very muddy. Up-River Waters. HARPERS FERRY, W. Va., August 8.—The Potomac and Shenandoah rivers were both muddy this morn- ing. . Temperature in Various Cities. 1% g Temperature.>z ioiEEs B sRic sations. 2 53 22 : < F Abilene, Tex. 30.00 Albany 29, Asbury Atlantic City Bultimore Bismarck Roston Ruffalo . Clarleston %o . neinnati Cleveland Denver Detroit El Paso. Galveston Helena 3 Jacksonville. 30.06 Kansas Cit Los Angele: Loulsyille Clear Clear N Pi.cloudy Tear & Cloudy Clear Cloudy Clear Clear Clear, Clear Cloudy Clear Pt.cloudy Pt.cloudy Cloudy Clear lahoma .. 30.08 Philadelphia. 2990 Phoenix, Ariz 20.86 Pittsburgh. . . 30.04 Portland, Me. 20.78 Portland, Ore 29,60 8. Lake City 29.0 San_ Antonio. 30.02 San_Diex 8. Francisco. 29.93 §t.” Louts. 2 8% I 95% | 4% Pt.cloud % . Clear Pt.cloundy 18% | 8% 7 19% WASH., 0.08 Pt.cloudy HAWAII PAYS MOST TAX. HONOLULU, T. H., August S.—Ha- waii pays the largest per capita income and miscellaneous taxes in the nation, not excepting New York, according to Col. Howard Hathaway, collector of in- ternal revenue at Honolulu. He reports that 18,645 persons made returns here last year and that the money they paid in taxes aggregated $20,676,778. Of this amount $18,839,082 1epresented income taxes. PARIS BOURSE DULL. PARIS, August 8.—Trading was very duli on the bourse today. Three per cent rentes, 56 francs 40 centimes. Exchange on London, 46 francs 49 centimes. Five per* cent loan, 81 francs 45 centimes. The dollar was quoted at 12 -francs 76 centimes, 66% 53% 61% 4% n 48% 5% 4% 46% 8% 2% % % 21% 10 2% 8% “% 8% £ o THE EVENING ‘STAR, WASHINGTON, D. C. MONDAY, AUGUST & 1921. SHARP GAIN MADE | INSTERLING RATES Rise, Unaccounted For, Sur- prises Street—Stocks Are Decidedly Slow, Easy. BY STUART P. WEST. NEW YORK, August 8.—The one out- standing incident in today's financial market was a further and still more vio- lent upturn in sterling exchange. At the high of the day rates were up fully 15 cents on the pound from the low of two weeks ago; rates were up 12 cents as compared with the middle of last week. An advance so substantial as this would have seemed to have cause for some definite explanatign other than a mere market fluctuation But if there was any important development impending in in- ternational finance the secret was carec- fully guarded in banking quarters today. Even a 15-cent advance in sterling might easily be simply the rebound naturally to be expected after a down- ward movement which had carried rates of 46 cents in a little more than two months. Emphasis once again has been laid upon the part which speculation has played in this season’s exchange market. The rise in sterling to the §4 mark was plainly exaggerated by specula- tive operations and it is altogether likely that the subsequent drop from $3.54 .was similarly overdone as the result of short selling. The exchange market acted today as it would logic- ally have done, with a heavy, un- covered short interest suddenly shut off from its accustomed sources of supply. Discuss Cauxe; But while market conditions thus offered a reasonable enough explana- tion for the jump in sterling and the accompanying rise in continental rates, there was some discussion as to possible outside causes at work as well. That there has been any abrupt change in the relation of merchandise exports and imports is out of the question. That the reason lies in an increase of gold transfer to this coun- try is inconceivgble, inasmuch as Europe has for six months been scraping the markets of the world for every dollar of free gold avail- able for shipment here. his leaves, as the only possible ex- planation—if the jump in exchange rate is due to something else besides an oversold speculative market—some fresh turn in the operations incident to Ger- man reparations payment of some pend- ing development connected with the funding of Europe's debt to us which would be helpful to Europe's credit. Little Interest in Stocks. There was very little to the stock market of the day. It was a series of petty ups and downs among particular stocks brought about by the activities of the professionals. Sugar stocks were weak for a while, ostensibly because improvement had made 1o further headway in the sugar trade, some of the oils were driven jdown, and the tobaccos were bld on the | possibility that the new revenue-raising bill would contain an increase in the tax on cigarettes so steep that it could not readily be passed on to the con- sumer. On the other hand, American Lo- comotive was bought on the prospect of a favorable semi-annual report to- | morrow and the rest of the equip- s and steel shares were steady. Railway stocks, after an early de- {cline, rallied in anticipation that fa- vorable .action would be taken this j week by the Senate finance committee, which has the railway relief measure before it. American Locomotive. Buying of American Locomotive was based on tHe expectation of a favorable report for the six months ending June 30, which will be issued tomorrow. It was published here on Saturday that the full year's dividend {at the rate of 6 per cent would be shown covered twice over by the prof- its of the half year. This is better s|than was figured on up to a short while ago. ~ The only question is i whether the market will pay more jattention to the earnings of the past ix months or to the outlook for the current good. With American Locomotive, as with fall the other equipments, orders on {hand are small and there is little fresh booking. Evervthing depends upon the government's measures for relieving the railroands and when these will be passed and put into ef- fect. Other equipment stocks were not much affected by the strength in American Locomotive, with the ex- ception of Haskell & Barker, when jumped rather sharply. The dividend on this stock at the rate of 4 per cent is regarded as safe. _— REFINED SUGAR STEADY. NEW YORK, August S.—The raw sugar market was quiet early today at 3% for Cubas cost and freight, equal to 4.86 for centrifugal. Raw sugar futures were steady, but there was only a small trade. Prices at midday were 2 to 5 points higher on covering and scattered buying by commission houses. The market for refined was steady 95 to 6.15 for fine granulated with a fair demand. Refined futures were unchanged with trading confined fo the December delivery. _———— BALTIMORE LIVE STOCK. ' BALTIMORE, August § (Special).— Cattle—Receipts for week ended today were 2,365 head, against 3,719 head last weelk, 3 Receipts, 56 carloads for market for week ; 75 carloads for market today and Saturday. “With quite a number of eastern bu on the market and light supply, prices on all grades of steers advanced 25 to 50; heifers, cows and bulls stead: Steers—Choice, 8.50 to 9.0 butcher, 7.25 to 8.00; medium, 5.75 to 7.00; common, 4.50 to 5.50. Heifers—Choice, 7.25 to 7.50; fair to £ood, 6.25 to 7.00; common to medium, 14.50 to 6.00. Bulls—Cholce, 5.95 to 5.50; fair to Igood, 4,50 to 5.00; common to medium, 5 to 4.20. Caws—Choice, good, 4.00 to 4. 150 to 2.50. Sheep and lambs—Receipts for week ended noon today were 19,200 head, against 16,831 head last week; good supply: market steady on choice lambs: old sheep steady. Sheep, 1.50 to 4.50; lambs, 5.00 to 11.25. Hogs—Receipts for week ended noon today were 8,023 head, against 10,232 head last week; light supply, market lower; lights, 12.70; medium, 12.70; pigs, 12.70: light pigs, 10.00 to 11.00; roughs, 6:75 to 9.00. Calves—Receipts for week ended noon today were 1,883 head, against {2946 head last week; fair supply, calves, 4.00 to 10.50. —_— OIL STOCKS. Quotations furnished by W. B. Hibbs & Co. Bid. Aske 15% 900 half year, which is not as 5.00 to ; fair to ; common to medium, Anglo-American Oil Co. (new).. Atlantic Refining Co. = Borne Scrymser Co... ‘80 Buckeye ine 5 Chencoroush Manufactariog 66, 100 Continental Oil Co. © 100 Crescent Pipe Line Co. 5 Cumberland Pipe Line ureka ne Garena-Sighal OIf Co. com. .11l Galena-Signal Oil Co. pfd. Iilinols Pipe Line Co. Plpe Line New York Tran Northern Pipe Line Co. Pennsylvan Prairie Oil Prairie Pipe Line Co. Solar Refining € 1 S0 lzumu- Sonthwest. Penn. Pipe Standard 0l Co. C: Standard Oil Co. T Btandard “ 0il Co._ Kansas, Standard Ofl- Co. Kentucky. Standard Ofl Co. Nebraska Stundard Oil Co. New York Standard Oil Co. Ohlo. Swan & F' Union Tank Line Co.. lifornia. .. | 3.85 per barrel; for white, 15 to 20 per | TODAY’S BOND PRICES. Noon prices Teported to The Star over direct | Beaboard Air Line adJ. Gs. New York-Washington wire by Redmon Sinclair Cons. Ol Corp. 7%i City of Paris 6s 1921. Southern Pecific 1st ref. 4. Southern Pacific conv. 4s French Government 8s. . Government of Switseriand’ g e R wen gt FINANCIAL. LOANS ON LIBERTY BONDS Bonds bought and Sold Registered or Cempon. Exchange 604 14th St. N.W. s.AI\:/INGS- BANK Southern Rai] B Kingdom of Belgium 73, Talon Facife 1ot 4 U. K. of G. B. and [reland 3i;a i92i. Union Pacific conv. 4 U Ko of G- K. and Ireland 3is 162" Union Pacific 6s 1928, of relan 1920 0 UKo B, and Ireland 5%: 1987 Inited States Rubber 6. i United States Rubber 73s. A o arae United States Steel 8. F. 5 ‘Atchison, Topeks u Vacuum 0il Corp. 7s 193 Atlantic’ Coast Line 7s. Virginia-Carolina_Chemical 7%s 1932. Atluntic Refining Co, 614 Wilson & Co. 1st 6s. Baltimose.and Oblo conv. Lo SHORT-TERM SECURITIES Baltimore and Olilo conv. 4155, ultimore and Obio 0s. 5 Rej o Co. Bultimore and Ohio 8. W. DI\ (eportad by Ratmong 10, Rethlehem BSteel refd. bs. Burlington (N. P.-G. Canadian Norty Central Leather, American Tel and Tel. 6s 19: American Tel. and Tel. American Thread (e American Tobacco € American Tobacco C. Anaconda Copper 6s 1929. Anglo-Americun Oil 7l5s Armour & Co. 7s 1930 Bethlehem Steel 7x 1 Bethlehem Steel 7s 1923 Canadian Pacific 6s 1927. Central Argentive 6s 192 Chicago, R. 1. & Pacific 6s 1922 G €t O & Bt Touin 6n 19200 n. . Paul refd. 3 Mil. und St.” Paul cony, Northwestern 7s 1 Chicago Union Station 63s Consolidated Gas 7s C port “A” Bs 1922 Copper Export “A’ 85 1923 | Copper E; ‘A" 85 1924 Copper Export “A™ 85 192 Cudaly Packing Co. s 1923 B. F. Goodrich 7s 1925.. Gulf Oil Corporation H. J. Heinz 7% 1830, Hocking Valley 64 1934 Humble 01l 7x 1923 Kennecott Copper 7s 1930. 98 | Liggett & Myers Tob. 8 1931 93% | Procter & Gamble 7s 1922...... 7844 | Procter & Gamble 7s 1923. 101% | R J. Reynolds 6s 1922.. E 77% | Sears, Roebuck & Co. 78 1921.. 96" | Sears, Roebuck & Co. Tu 1922.. 87% | Sears, Roebuck & Co, 7s 1923, 905 | Southiern Raflway 65 1022 108% | Southwestern Bell 7s 1925, 80% | Swift & Co. 6s 1921 753 | Switt & Ce 81% | Texas & 9075 | Union Tanj Western Electrie Co. 407 | Westinghouse E. & M. Goodyear Tire_and Kubber Co. 8s 1941, Grand Trunk 7s ret. rtnern 7s 1936, Illinois Central 5 7 International Mercantile Mariue 6s. Inter. Rapid Trunsit 1st and ref. 5w, Louisville and Nashville 7s 193 Missouri, Kansas and Texas 1st s, Missouri’ P New York Central Ty 1930..... ew York Central deb. 6, ew York Telephone Gs.. ... orfolk and Western conv. 5. orfolk and Western conv. 6s. orthern aciflc 4 uckard Motor C Pennsylvanin 58 1968, Pennsylvania K. K. 64 Pennsylvania 75 of 1930, Pennsylvania gen. mortgage Reading general 4s. St. Louis and San Francisco 4u, weries A. St. Louis and 8an Francisco 65 1929, St. Louis and San Francisco inc. 6s. Seaboard Air Line refdg. 4. Grain, Produce and Live Stock GRAIN AND PROVISIONS. BALTIMORE, August 8 (Special). | —Potatoes—New white, barrel. 3.00a 6.00; bushel, 1.00a2.15; 100 pounds, 1.50 a3.5/ sweet, barrel, 2.50a5.00; yams, 4.5 .00; bunch, 00a4.00. Celery, dozen, 40a1.00. ' Corn, dozen, $a30.|young. cach Cucumbers, basket, 20a30. Eg8 | Dres > -d spring plants, basket, 50a75. Lettuce, bas- e e et, 1.50a2.50. 0; ter b 1 er 1b., Lima = beans, bushel, 128a175.|30;K008ters, per Ib., 22; turkeys, per Ib 40; keats, young, . ‘Onllt(m?, "lll)u’?hel"i 1.00?‘1‘ 7 Il’erfigel"s. Pork—Dresscd. amal, per 1b., 15. hasket, 20a25. Squash, basket, 20a25.| Live st a i 1b., 10; Tomatoes, basket, 40a60; bushel, 15a L ol fuet lambs, ", 105 1 ) per 1.00. Apples, barrel, 3.00a5.00; ham- |lb, un:.hmce‘ DEEib, EUAlivetoes B per, 1.50a2.25. Green fruits—Apples, per bbl, 3. Blackberries, 10.00; per bushel basket, 1.0024.00; west- loupes, baske ern, ‘per box, 3.50a4.50; California lem pound, 8. Grapes, ons, “per box, 10.00a11.0 i Huckleberries, o oranges, per crate, 6.0 5 ches, basket, 1.00al.2 Der crate, 4.0026.00; cantaloupes, per Watermelous, cuch, crate, 1.0024.00. 100.00a350.00. Vegetables—Potatoes, new, Selling Prices at Noon. barrel, 5.00a6.00, red winter, spot, yolzl;oes, per ba 1.32% 2 red winter, [nearby, per crate, spot, 1.31 red winter, garlicky, | frate, 150a250; cel spot, 1.23%. Romaine August wheat, Le, 505 eptember, 1.243,; cargoes on .;m\ge! o pon.fiss. No. 2 red winter, garlick Noi 2303400k penith a Bag 10t Wheat. o to|Per hox, 1.25 beans, 1.00a2.50 per barrel; Mma bean: 40250’ per quart. LOCAL WHOLESALE MARKE gs—Strictly fresh, per doz., 3%ail; crage receipts, 38 Live poultry—Roosters, per 1b., turkeys, per 1b., 33a35; chicke: a38; hens, per Ib., 26a a crate, loast; cie ot No. 1, per sweet Ty, per doz. : a2.50; cymblings, .’ per barr ;. cabba 1.0021.50 1.23% per bushel; quality and condition, 85, 90, 85 1.00, 1.02, 1.05, 1.08, 1.09, 1.10, 1.11, 1.14 and 1.15 per bushel. Car lot of No. 2 red winter, spot, at 1.31%. . Corn‘—Cob, new, yellow, 3.80 and NEW YORK The cotton market showed rather a reactionary | tendency after the big advance of last week. Disappointing futures in Liver- pool seemed to be offset by the sharp i | increase in the spot business reported there, with sales of 15000 bales cluding 12,500 American, bu opening steady at an_ advanc points to a decline of 7 points. the lo; cal market sold off to, 13.39 for Octo ber and 13.77 for January, or 7 to 9 points below Saturday ng. Futures opened 3 October 13.55; December, 13.95; January, 13.85; March, 14.04; May. 14 barrel lower in carload lots; contract corn, spot, 67%; track corn, yellow, No. 3 or better, domestic, 76. Oats—No. 2 white old, 48 asked;| No. 3 old, 47 asked. New oats is selling at abouf 3 cents per bushel under corresponding grades of old. Rye—Bag lots of nearby rye, as to quality, 1.00a1.20 per bushel;'No. 2 western export, spot 1.18 per bushel: No. 3. no quotation. hogiE Hay—New timothy hay arriving in fair ‘to good condition is -meeting 73 with a reasonably prompt sale ati’ Reports that the higher basis asked 15.00 to 20.00 per ton, but hot and|er"cpot cotton in the south had damageaitayigsflasafite place at any | checked demand from the far east price. 5 .|and that trade buying otherwise was traw—No. T stralght rye, ;‘_"".Ll“‘,' not_broadening to any great extent No. straight rye, nominal: 0 e.|Pprobably contributed to the midmorn- tangled rye, 15.50; No. 2 tangled r¥e. jng reaction. A few stop orders were 14.50; No. 1 wheat, 13.00 blfl 14750 e | uncovered on the decline to 13.65 for 1 oat. nominal, 14. December, or about 20 points net No. 2 oat, no quotation lower and 30 points below the high NEW YORK, August level of last week. Trading then be- quiet; spring patents, came less active and the market was spring clears, 6.25a7.25: quiet and steady early in the noon straights, 6.00a6. hard Winter|hour with prices showing rallies of straights Pork, 8teady;|some 8 or 10 points from the lowest. mess, 24.50a25.00; family, 30.00a34.00. NEW _ORLEANS, AUgust S—The Lard, steady; middle west, 1210a|continued dry and hot weather in the 12.20. £ greater part of the western belt CHICAGO, Aungust 8.—Wheat took | caused a rise of 10 to 14 points in the an upturn in price today, owing more | early trading in cotton today, but the or less to prospects that the govern-|market soon came under the influence ment_crop report tomorrow would helof realizing from the long side and Tullish. An advance in sterling exchange. | yeacted in rather a wide way, the facilitating _export business, counted | more active months sinking to levels also as a strengthening factor. Be-)13 to 17 points under the close of Sat sides, selling pressure was light.|yrday. October first traded up to 13.13 Opening quotations, which ranged | anq then fell off to 12.85. from % to % higher, with® Septem-| Qctober, 13.09: December, 13.45: Jan- ber 1.20% to 1.21 and December 1.24 | yary 13.54; March, 13.74; May, 13.8 to 1.21%, were followed by moderate further gains and then somethinE| (pycAGo LIVE STOCK MARKET. Liberal receipts tended to keep the: CHICAGO, August 8 (United States cotniifmaticet fea gy, f;;.mtl‘“e‘;’ “;"e'l’_‘ bureau of markets).—Cattle—Receipts, wheat. After opening % to % higher, | , D Including September at 57 to 57%, 14000 head; market mostly 15 to prices showed a disposition to sag. _[higher; she stock up more; top yearlings, 10.40; top heavy steers, 10.25 7.25210.00; bulk fat she stock, —Flour, 8.0029.00; soft winter | I Oats, like corn, were held down by large arrivals, starting % off to % up, September, 361, to 36%, and then hardening a little. Provisions rose with hogs. 350 bulk bulls, 4.50a. calves slow stockers and feeders steady, Subsequently attention shifted to| Hogs—Receipts, 31,000 head; native indications of improved wheat export generally 25 to 50 higher than Saturday’s demand, together with expected falling | average; big packers doing nothing; top, off in the movement from rural sources. | 11.50; bulk light and light butchers, The close was firm, 2 to 2% net high-|11.00a11.50; bulk packing sows, 9.15a er; with September 1.22 to 1.22% and |9 igs, 1.00 to 1.25 higher; desirables, December, 1.25 to 1.25%. 10.50a11.00. Reports that the German fodder crop | Sheep—Receipts, 19,000 head; native was seriously damaged by drought 1ed | jambs mostly 25 lower; sheep steady: to more corn strength later. The close | native lambs, top early, 10. T was unsettled, % to 7%al net higher, | butchers; packers, top, 10.00; choice with September 57% to 57%a57% light fat ewes, 5.00; no eastern lambs | WHEAT— Open. High. Low. (I sold early ; bidding lower. September .. 1.20% o A } 2 —_— Do L2t BAR SILVER QUOTATIONS. l CORN— September. T §6% 33| NEW YORK, August 8—Bar silver— Decombes) o 6% ~ 372 | pomestic, 9% ; foreign, 61%; Mexican por 381 30% 36y 30% | dollars. 47%. Pter ¥ W* BE 3% LONDON, August S—Bar silver. 3834d per ounce. Money, 4 per cent. Discount rates: Short bilis, 4 9-16 per cent. Three months bills, 411-16 per cent. DAIRY MARKETS. BALTMORE, August 8 (Special).— Chickens—Alive, springers, pound, 28 a 34; white leghorns, 26a29; old hens, 24a28; old roosters, 16; ducks, 18a22; spring ducks, 22a25; pigeons, pair, 35a 40.° _— FOREIGN EXCHANGE. Selling checks—Dollar values at noon today: Eggs—Loss off, mative and nearby | London 308 Budapest firsts dozen, 35a36; southern, 33. Faris . 793 glltter———Cre mery, fancy, pound, 46 u"“!nfi. . £ nearby creamery, rolls, 28a30; process butter, 47a49; 30a32; 28a30: a prints, 42a43; ladles, dairy prints, 34a3! NEW YORK, August 8.—Butter— Weak; receipts, 5,137 tubs; creamery, higher than extras, 443;a45; creamery, extras (92 score), 44; creamery, firsts (88 to 91 score), 39a43; packing stock, current make, No. 2, 29. Bggs—Irregular; receipts, 11,386 caset fresh gathered, extra firsts, 39a41; fresh gathered, firsts,” 35a38; state, Pennsylvania and nearby west- ern hennery, whites, firsts to extras, 47a58; do., browns, extras, 46a48; do., gathered, browns and mixed colors; firsts to extras; 36a44; refrigerator, firsts, 35a37. Cheesé — Irregular; receipts, 803 boxes; state, whole milk, fresh, spe- clals, 21a21%; do., average runm, 20a 203 state, whole milk, twins, spe- cials, 21a?1%; do., average rum, 20a20%. ; Poultry—Alive, steady; broilers, by express, 28a36; fowls, 27a30; roosters, 18; turkeys, 25. Dressed, steady: western chickens, boxes, 25a50; fowis, 20a26; turkeys, Rome Madrid . Zurich | Athens . Amsterdam 2 Relgrade . Vienna | 1213 Montreal . Money to Loan $50,000—79% interezt, in sums of $1.000 to $3,- | 000, secured by first Jeed of trust on real estate. Joseph I. Weller & Wa L & Trust — EQUITABLE Co-Operative Building 41st YEAR COMPLETED Assets .. -$4,308,836.65 Surplus . 5 . From Systematic Saving Unless you adopt a systematic saving plan, little can be accomplished in a financial way. Join the Equitable now. Subscriptions for the 815t Issue of Stock Being Received Shares, $2.50 Per Month 4 Per Cent Imterest | EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON. President FRANK P. REESIDE, Secy. LOAN MAY AID EXCHANGE. MONTEVIDEO, August 8—The ex- change situation between the United States and Uruguay is expected to show an immediate improvement as a result of the approval by the cham- ber of deputies and the senate of the offer of the National City Bank of New York to loan the government $7,500,000. The loan will bear interest at the rate of 8 per cent, and will be payable in twenty-five years. —_—— Leather articles now constitute one of the most_important exports from Austria, to the United States. The leather in- dustry is of big interest to American firms, . —in your mail the day it is due. SHANNON & LUCHS “15 YEARS” Investing many thousands of dollars for clients without the loss of & single Penny is a_recommendation well worthy of mention to investors in our “First Mortgage Notes” °5 in amounts of $250 up to $5.000 now on liand. We look after all details and furnish guaranteed titles with notes. The only absolutely safe form of investment. Chas. D. Sager 923 15th St. NNW. Loan Dept., M. 36. SAFETY —not only a promise, but an established fact when you invest in FIRST TRUST NOTES INTEREST Are safor than cash to take on your vacation—cashed anywhere. In all denominations, $10 up, 1336 N. Y. Ave. Over a Quarter of e Century Business Experience in Washington 713 14th St.—Main 2345 Automobile ; Insurance Every kind that you STOCKS—BONDS—COTTON GRAIN — SUGAR — COFFEE Bought and Sold on Commission £7 Securities and Commodities need for your protection. Review Free, Upon Request. A.A.Housman&Co. Liability 20 Broad Street, New York |2 | Collision MEMBER Property Damage New York Stock Exchange New York Cotton Exchange Fire Thefi and 2 Transportation T New York Produce Exchange ¥. Coffee and Sugar Exchange Chicago Board of Trade Associate Members of Liverpool Cotton Association. Washington Office MAIN FLOOR CORRIDOR WOODWARD BUILDING Telephone Main 2040 CHARLES R. ALLEY, Mgr. ad. to 5 We shall be quote you rates. B. F. SAUL CO. Automobiie Insurance 934 N. Y. Ave. N.W. mqmmmmmmmmfifi 7 ESTABLISHED 1889 OUR budget—it depends on your income and regulates your ex- penses. But are you mzking plans for increasing the former? The man who is careful enough to budget his ex- penses is also wise enough to look for a sound investment to increase his in- come. For this reason you should be interest- ed in our First Mortgage Loans. Not only are the returns above pre-war averages, but the principal is safe. Few investments could offer better security, and at the same time pay 7% interest. ‘We can increase the size of your bud- get by increasing your income, and would like to show you how. The loans are in convenient denomina- tions. oo H.L.RUST--* 912-15BST.NW. PHONE MAIN—-6888 TheWarof 1812 —uwas not syet scttled when this banking institution was organized. Madison was President—fiscal af- fairs were in a deplorable state- never was a sound bank more sorely needed. { The Metropolitan, by a policy of conservatism, which has never been outgrown, weathered the stresses of early days—prospered through help- ful service—attained prestige and standing which are today accounted assets by the best element in the District of Columbia. 2% How may’ we S S serve YOU? Naticnal etropolitan Bank Capital, Surplus & Undivided Profits Over $1,500,000 15th St., Opposite U. S. Treasury—107 Years Old First and for’:most he wanted to protect his e and chil- dren, so William Burgess of Morristown, Pa., age thirty-three, took his insurance at the low, whole life rates. But it was mutual insurance with that strong old institution, The Mutual Benefit Life Insurance Company of New Jersey. He left his large annual dividends with the company to gradually change his policy into an endowment. Last year the company sent him a check for $10,002.25, the matured amount of his policy. This was exactly $2,761.50 more than he had paid in, and for thirty years his fam- ily had bad ten thousand dotlars’ protection. Let us send details of these remarkable policies. Our booklet, “Endowment Policies at Life Rates,” is yours upon request. P. H. TAMPLET, Genesal Agent. Special Agents: Frank D. Roach anc.l D_wl'ight T. Scott. Suite 31, 1425 G St. NNW. Phone Main 2277 I, :