Evening Star Newspaper, August 19, 1921, Page 13

FINANCIAL. BANKERS PROTEST ON GONTINUING TAX Say Excess Profits Feature Should Be Dropped Now. Financial Notes. BY L A. FLEMING. A vigorous protest against the con- 3 tinuation of the excess profits taxes until 1922 has been sent to Senator Penrose and Representative Fordney by the American Bankers' Associa- tion, through its president, John 8. Drum. The association urges these objec- tions to a further continuation of the excess profits feature in the new tax yMeagure, charging it as the chief cause for the high cost of produc- tion and finished products, as against farm products and raw material, and further retarding the re-employment of labor. The message reads as follows: “The American Bankers' Assocla- tion, representing 00 banks and more than 95 per cent of the coun- try's baunking strength, without at thi tima going inta other features of the bill now before Congress, most earnestly protests against the con- tinuatio of the excess profits tax to January 1, 19 and urges these objections: The cou'd be excess prafits tax never justified except on the it was an ired under conditions of war. The restoration of peace has both the reason and the or the tax. . Continuation of the tax is one of the most important factors oper- ating to keep up the cost of produc- tion of manufactured goods, and the « higher cost of finished products as nst that of farm products and materials prevents the restora- n of an equitable and harmonious the unust ect of these inequitable is to reduce and restrict the purchasing power of farmers, live stock men, cotton growers, lumber- men, oil producers and miners, for the on that they ars forced to sell at s relatively too low and with the 1eir sales enn buy finish- atively uced buying by farmers ara of raw materials natural ® uced selling by producerd < likewise re- ced. 6. The so-called excess profits tax ctually not a tax on profits, but a jop of working capital, and by inhering the working capital of the country it prevents that full develop- ment of productive enterprise without which there cannot be full employ- ment of labor. “Considering all the foregoing facts, 1t is anparent that the excess profits tax. while it will produce relatively small revenue, is a destructive influ- ence that works against the farmer, the cattlemen, the miner, the lumber- man, the oil producer, the cotton grower and the workman. It is a tax _that impairs the prosperity of all € ciasses. Its economical fallacy has been recognized by other nations that imposed the tax, and England and Canada have already repealed and substituted other and sounder meth- ods of raising revenues required. ‘The American Bankers' Associa- tion. therefore, is convinced that it Vshould place these facts before Con- gress, before Congress assumes the responsibility for continuing this tax until 1922 and thereby adopts a course which, the American Bankers' Asso- ciation firmly belleves, interferes with the natural movement toward restora- tion of a price level at which agrieul- tural products and raw materials can be exchanged so as te receive full value in finished goods; that restricts the purchasing power of the farmer. the cattlemen and the miner; that keeps workmen out of employment; that delays, in short, with disastrous effect, the operation of natural forces which, if unwise legislation does not interfere, will restore nermal condi- tions. JOHN S. DRUM. Name Committee to Investigat Directors of the Merchants' Bank yesterday named a committee to make a thorough investigation of the proposition for the purchase of the banking quarters in the southwest corner of the Southern Building, main floor, golng especially Into the co- operative features and the measure of success attending the sales of the building to date. Officials of the bank, from Presi. dent Drury down, are enthusiastic on the propesition, believing the change wof location would result a decided enlargement of the bank's business, but all desire to avoid any possible knotty problems for future unravel- ing. Take Losses Now. It may be that the stock list is mnear the low point of the year, but whether it is or not, this is the time “Yor traders to take their losses for income tax offsets. ‘with its adoption it shall be unlawful 1o sell stocks to establish losses and buy them back again at the same time or in the immediate future. Of course, one may establish losses at any time, but to take the loss and hold on to the stock—and it has been an expensive operation—will not be countenanced under the new meas- ure if it becomes a law. Lecal Securities. Loeal securities were rather slow on #he final session of the week, there being few pressing orders either way. Values were generally firm, especially on the bonds traded in. Capital Trac- tion 5s selling at 87% and Potomac general 6s at 96. A few shares of Capital Traction brought $61z, and Mergenthaler sold at 118%. Want Exchange Charges. The state of Tennessee has passed & law similar to that passed by North Carolina relating to the collection of exchange on checks. A eopy of the law is not available, but the federal reserve bank of Atlanta has returned to Richmond and the latter returned a check of- fered for collection stamped as fol- lows: “Although the name of the bank on which this check is drawn ap- pears in our par list, the said bank has notified us that. in view of a Jaw enacted by the Tennessee legis- Jature, authorizing them to charge exchange, they will discontinue re- witting at par to the Atianta bank or_its_branches. Therefore, as the federal reserve act does not permit us to pay exchange, we must for the time being ntinue _handling items on the bank named in the check. And many of the banks in Ten- nessee will speedily fellow. Personal Mention, Mayrice Otterback of the Anacostia Bank is at Poland Springs. S BAR SILVER QUOTATIONS. 'W YORK, August 19.—Bar silver, domestic, 994 ; foreign, 62%; Mexican dollars, 47%, LONDON, August 19.—Bar silver, 38% pence per ounce. Money, 4 cent. Discount rates: Short bills, 43243, per cent; three-month bills, 4 3-16a47% per cent. WOOL OUTLOOK GOOD. EOSTON. August 19.—The Commet- cial Bulletin tomorrow will say: “The demand for wool has been leas pronounced during the past week, but there is still a healthy volume of busi- ness heing done.and prices are readily maintained on the basis of last week's quotations. The outlook in the goods ket is encouraging. Slight improvement is nated in the foreign what higher on the best types of the finer-wools in Australia. ‘English toj make: have advanced quotationg slightly in sympathy. * emergency IChiRT & P 1% pf. markets, with prices some-|U NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Opes. High. Low. Close. Adams Express. a% a% Adv Rumley. i B B8 Adv Rumley pf..., 88 * 8 3 Ajax Rubber. » ®» o Alaska Juno. ne " 109% 109% “h u% 8% 8% 2% uH uk % 21 2 6 % 4% W% 110 104 6% 30% % 3 [3 H% 21% % % Allis Chalmers. is Chalmers pf. Am Agr Chem. WabashpfA.... Western Pacifio, 2% Western Pac pf. 1799 120% /1 Western Union, I “ 10% 4% White Oil... . % Am Hide & Lea pf. Worthington Pmp 354 Am Tnternational. Call Money..... HOURLY SALES OF STOCKS. 1183% 13M.... 185 900 203 90 2 eed Am Linseed pf. Am Locomotive. :m :‘meltl'ud[. Am Stoel Pdy pE. DIVIDENDS nnciuim'n. Rocord, Pay- able. on {Am Writing BErpf. 2% Am Zine & Lead. 3 Am Zinc & ! Anaconda. Atehison ] Atehison pf, ... { Atlanta Bir & Atl. Atlartie Gult. . Atlas Tack. Austin N : able in acrip. tluyabie in common stock serip. pjiavatle In TL erip, maturing August 15, §Fuyable in scrip bearing 0% interet, ma- turing September 1, 1022, e t—— Washington Stock Exchange. Capital Tnc‘xlnn 551\};‘15,&» at 87%, $1,000 at Mr.h::: ':n-mi« general mortgage Gs— Olin‘xn at 96, 98: 000 af 98; pital Traction—-3 at 86 shington Railway and Rarnsdall (B). Beth Steel Beth Stee! (R). Beth Steel 8% pf. ‘Butte & Superior. Caddo O Calitarnia Pckg. California Petrol. Canadian Pacific. ¥mtral Lasther, Centrai Leath pf. Chandler Motor. Ches & Ohlo. , Chi Great W nf.... Ohi Mil & St P hi Mi) & 8t P pf. Chi & Northw Chi Pneu Tool Chi R T & Pacifie.. 1. Flectric com.—1 FTER mlzl';mmhlu ‘unun»&‘fil 118%, Money—Call loans, 5%a7 per cent. Bid and Asked Prices BONDS PUBLIC UTILITY. | and Telga. 4s and Telga Tel. ctl. and Tel. co and- Pofomac Bs. \ nd Potumac C."and P. Telephone Capital Traction K. R. City and Buburban 5x. Georgetown Gas lst & Metropolitan R. R. Potomac Electric Light Potoma ctric con Potomac Electrie P El at Am. T, Anscostia Auacos| Col Graph pf. Cons Int] Cal Min. Cons Textile. Power @ G Norfolk_and W sh. Stea ish. Rwy. and’ Elec. com. Wash. Rwy. and Elec. pfd. American Columbia 8% 8% muw m% 9% % b b 31 n % 8% 28% 20% 20% n 31 u u 6% 64 0% 1% L ) % 3% n o on t3aodrich. Great Northern pf. Great Nor Ore. Greene-Canane: TRUST COMPA! Gulf States Steel, . Ametican Security and Trust M Continental Trust Natiopal Sq BAVINGS BANK, Interboro Metro, .. and Savings. Intl Agri Chem pt, hington . Int] Harvester. Intl Mer Marine Inti der Marine pf Intl Truck 1st ptf. Intl Truck 2d pf. iIntl Nickel, Commeree East W g treet Savings. n llvlh:n . : vi Wakitagton "3 3 FIRE INSUBANCE, Jewel Tea. Kansas City Sou.. Kansas C Sou pt. Kelly-Spring Tire. 33 i Kelly-Spr8% pf.... 16 Columbla Graphophone co D. C. Paper Mfg. Co. Mercliants® Transfer and Storage Mergenthaler Linotype . Old Dutch Market com. ©0ld Dutch Market pfd. Lanston Monotype Security Storage Washingten Markel *Ex-dividend. e CURB STOCKS. Quotations furnishied by W. B. Hibbs & Co- ~13:15 p.m.. Bla, alo: 120 Ty s W pt 3 20 lubber 2 1% Lack: Lake Erie LeeTire & Lehigh Valley Loews Inc Loft Inc. Louis & Nash Mallinson & Manat! Sugar can Pete. The new tax measure provides that|N 22 * Norfolk Southern. erthern Pacifie., Nova Scotia Steel Nunnally Co Oklahoma Prod. Orpheum Circult. Otis Steel. Pac Gas & Klse. Pac Development. ‘arreil Coal e - Fensland Ofi . Gilliland Oil - Pan-Am Pete. .... Pan-Am Pete (B). Pennsylvania. Penn Seahd Steel. People's Gas. Pere Marquet! Pere Marq pf. Phila Company. Phillips Petroleum Plerce-Arrow..... 18 Plerce-Arrow pf.. Plerce Oll. Pitts & W Va..... Pond Creek Coal. . Pressed Steel Car. Pullman Co. Ale; e Cuffey-Gillespi Granada Oil Paper roontinental Rubber Petroleum (new). R ELHELFFFRLESL BEaonn 3 528 " R Bepani bil gll': . li“ 18 3% 11116 11316 % D Ray Con Copper. Radio com. . Radio pfd. ... yan Consol - St L & San Fr pf Salt Creek Producinj fears Roebuck. . 3 & Tezas Com 'hxutrm . Texas & P C & Oil. PARIS, August 19.—Prices were firm on the bourse today. Three per cent drfnteu 56 francs :S' gnm loan, Il e do! juot x| eu:n um"'!r h‘:mq m rancs 33 - 88588 s anonusrra. gy centimeas g TS e ST TS - t 1ha United & STOGKSARESLOW, " RALS HOLDWELL General Market Is Slow, Many Industrials Being Under Severe Pressure. BY STUART P. WEST. NEW YORK, August 19.—The low- ering of the call loan renewal rate to G} per cent was the chief incis dent of another unimportant day in the financial markets. It followed directly upon the further increase in the Federal Reserve ratio, both at New York and for the country gen- erally, an Increase which’was once (more due to combined addition to ®0]d holdings and reduction of loans and circulating notes. With & ratio of reserve ta liabllities for the en- tire system of 65.8 per cent and of 72.2 per cent, for the New York dis- trict, the question of another reduc- tion in official discount rates becomes a very live one. The likelihood of such a reduction, along with the present fact of an ex- panding money supply, again found its main refliction in the investment and not the speculative market. Bond prices continued to work higher, while in the case of stocks, money conditions were ! ignored und attention remained fastened upon the trade situatio the d cussion of more poor earnings, state- méuts and dividend cuis to come. There wns o marked distinctio there has been right along, beiwee movement of industrials and of rails. The former, after yesterday's little flurry of short covering, seemed in the eves of professional traders to be somewhat more vulnerabie. The rails, on the other hand, were sustained by the apparently more promising outlook for early action upon the refunding bill and still mo: by the prospect that July traffic returns will be the most encouraging of the season $o far. Westinghouse Electric. The decline in Westinghouse Elec- tric to a new low for the year was explained in part the prevailing busincss depression and in_part by the company’s rather extended po. tion, as shown in the last balance sheet. h 31 inventorie: xtremely high figure of 80,724,- These had been written down at the ciose of December to cost, or arket, whichever was the An additional $5,000,000 hy up as a wpecial reserve further depreciation. stood at to cover payable were against - little on March 31, The business slump did not hit the electric company until the end of r. Orders were 50 heavy up to Decem- ber izt i Noveriber 330,000,000 ten-year 7 per cent bonds were sold provide the larger workin i- tal needec G e The discount and banker's commis- reduced the amount raised to 00.000. More than $9,000.000 was spent on plant extension, $5.000.000 went to the inventory reserve fund ”.nbll; l)mll l'llu remainder showea he balance sheet invest a cash increases. SRl Apparently the remaining $6,000,000 went to reduce bank loans. But the main point is the heavy increase in borrowing, which occurred in _the course of the year, despite the § 200,000 of new money raised. Industrial Aleohol Dividend. Cutting in two the Industrial Alco- hoi dividend was what the market had expected and it, therefore, o casioned no surprise. As is the cu: tom with officlal statements from I dustriul Alcohol headquarters, the ac- companying explanation was vague and left the public as well as stoc] holders entirely in dark. Re- ceipts from some of the specialty lines were good. but the demand for the main product—Industrial Alcohol —was poor. The statement said nothing about prices, but as told in this column several days ago. alcohol has been selling as low as 26 cents a gallon in carload lots. whereas little more than a year ago it was up to $1.15. At 26 cents, It is more than doubtful if there is any profit at all in the business. The company was strong enough in cash and at the banks—it has been out of debt right along—to warrant drawing upon surplus to make up a deficit. But shareholders were not told. what they would very much like to know, namely, whether it was necessary to make such a draft, or whether the dividend reduction was enough to cover the deficiency. [ — BONDS IN DEMAND, WITH PRICES FIRM NEW YORK, August 19.—There were no new offerings of importance today to test the bond market, but the demand for listed {issues continued rather keen and further gains oc- curred, especially In the railway divi- sion. Chicago, Burlington and Quincy joint collateral 6%s made a new high at 101%. and are up 5% points from where they were brought out. The other members of the Hill group were strong, with the Great Northern 7s at 101 and_the Northern Pacific 6s at 101%. Pennsylvania 7s, which left off last night 103%, sold up to 104%. Thelr high record figure ear. lier i the year was 105%. Other short-term bonds the same class are likewise drawing near their for. mer top. New York Central 7s, at 103%, are only off a point from their best, while the Louisvlile 7s are with- in a half point of their high. St. Louis and San Francisco bonds were notably strong. At one time the prior lien 4s were up a full point, while the 5 per cent Bs and the 6 per cent Cs gained a half point. Balti- more and Ohlo 6s reached the best price they have touched in some time when they crossed 91. Pennaylvania Ss Firm. Pennsylvania general 65s were actively dealt in from 87 to 87%. Rock Island refunding 4s jumped point to 89. Seaboard Alr Line a justments were stronger, but wea! neas continued in the New Haven §s, which have been under pressure more | or less continously for the last week or %0. These bonds sold down to 57, 4 new low, but later had a partial rally. ¢ With the exception of Cuba Cane Sugar 7s there was little reflection in the industrial bond group ‘of the weakness in the industrial part of the atock market. Rubber 7%s ‘held around 100 mast of the day and the 5s aroun 78, in apite of the break in rubber shares. Not Reflected in Bonds. Westinghouse 7s were _gcarcely Jarred by the new low of the stock, and Mercantile Marine 6s were high- er. Duquesne 6s, whi had slid off at 93 at the close yesterday, went back across 93. There was heavy trading in the du Pont 7%s at a slight advance. ‘Most of the European government securities were in active demand. Belgian 7%s made a new high, cross- ing 102. Swiss 8s were hl%her at 106 and United Kln‘dom %8 of 1937, which closed at 36% yesterday, got acgoss 87, Denmark 8s and the PDanish municipals were prominent in the dealings. On the other hand, X m of Italy 6%s dropped off to 81% and the Mexican 58 were lower, —————— APPOINTED TO WEST POINT. eward Cornell Bugbee, N r&w&&m&.n‘m Y Ha & cadet Ehectacn - 1 s TODAY’S BOND PRICES. Noen prices reported ‘The New York-Wasingtos wie City of Paris s 1991, Star over direet! by Redmond & Co. ©of G. B. and Ireland Bi4s 1921 - of G. B. and Ireland 5is 1922... of G. B. and Ircland 548 K. of G. B. and Ireland 514s 1 Tel. and Tel. conv. @s. d Co. 41gs. Atchison, Topeka and San! Atlantic ' Coast Line 7s. Atlagtic Refining Co. 6 Atlas Powder C s, Baltimore and Ohio con: Haltimore and Ohio s, Raltimore and Ohio 8. W, Div. Betllehem Steel refd. on. Burlivgton (N, PG, N, 3t} 8% Canadiun Northern Ts, 1940, Central Leather bs. St T retd t. P. retd. Ch. . and 8t. Paul con . Chicago Northwestern 7s 1930... . 1 Chi., Rock Island aud Pacitic refdg. 4s.. Chicago Union Statie bl ‘onsolidated Gax 7 ) %o, Mil. and £ u S Yad. .o r Tire and Trunk 75 Northern 7s 1086.. Central 5} . 1 Goody Hubber Co. 8s 1941... Grand ret.. e Great {nol 905, yivania It, R. 6 Bouthern Pacific co Grain, Produce GRAIN AND PROVISIONS. BALTIMORE, August 19 (Spec! Potatoes, white, barrel, 1.75a4.5 pounds, 1.00a2.7 6.00. Yams, barrel, 4.00a4.50. bushel, 75a1.35. Beets, bunch, Cabbage, head, 4a. Carrot a2. Celery, crate, 3.50a4.00. Corn, dozen, $a25. Cucumbers, ket, 30a45. Eggplants, baske a | 35 Lima beans, bushel, Onilons, bushel, 1.25a1.5 Peppers, | basket, 20a! Squash, basket, 20a30. Tomatoes, basket, 40a85: bushel, 1.0 1.15. Apples, barrel, 2.50a4.00; b 1.50a38.0¢ 2a3. unch, Cantaloupes, basket, 40250 crate, 75a1.50. Damsons, pound. Grapes, common, basket, 1.25a1.50. Peaches, basket, 1.50a1.75; crate, 1.50a 5.50. Pears, Bartlett, basket, 1.00a1.26 Seckels, 75a1.00; common, 50a7: Watermelons, selects, per hundred, 0.00a35.00; primes, 8.00215.00; culls, 3.00a5.00. Selling Prices at Noen. ‘Wheat—No. 1 red winter, spot, 1.29%{ per bushel; No, red nter, spot, 1.28%; No. 2 red winter, garlicky,, spot, 1.20%. August wheat, 1.283; per bushel | September, 1.26 bid: cargoes on grade, No. 2 red winter, garlicky, 1.19%; No, 3, 1.12%; No. 4, 1.07%; No. §, 1.02%. Sales—Bag lots of nearby at 1.09, 1.10, 1.14 and 1.15 per bushel. Two cars of No. 2 red winter, gar- licky, apot, at 1.20%. Corn—Cab, ne yellow, 3.80a3.85 per barrel; contract corn, spot, 64% track corn, yellow, No, 3 or better, domestic, 78. Bag lots of white, delivered, at €5 per bushel. Oats—No. 3 white, new, 41%4342; No. 3 white, new, 38)3a39. Old oats at premium. Rye—Bag lots of nearby rye, as to quality, 80 and 1:15 per bushel; No. 2 western export, apot, 1.13 per bushel; No. 3, no quotation. Hay—Demand is fair for new timothy and light mixed hay arriving in good condition at average of 15.00 to 21.00 per_ ton. Damaged hay is hard to move at any prices. Straw—No. 1 straight ry . 2 straight rye, nominal; gled rye, 15.50; No. 2 tangled r 0; No. 1 wl ‘whea! 14.50 to 15.00; nominal; ¢ 1 . 2 oat, no quotation. NEW YORK. August easy; spring patents, 7.7 straights, 5.90 mid Other articles unchanges CHICAGO, Aurust 19.—Wheat prices showed more steadiness today than has been the rule of late. Export buying was noted at %4 better than| priced heretofore and general trade appeared to be somewhat broader. Country offerings were light. Open- ing quotations, which varied from unchanged figures to half a cent higher, with September 1.16% to 1.17 and December 1.17% to 1.18, werei followed by a moderate setback and lln}nhby a rally to about yesterday's 19.—Flour, 528.75; sof! ing off to hig] including September at 52 te 53%, the market underwent a general sag. Oats developed a little firmnes. owing to receipts being smaller. Prices started % to %a¥ lower, but then scored slight gains. Abgence of buying weakened pro- visions, despite an upturn in the value of hogs. WHEAT— Open. High. Lew. Close. 116% LY 116 117 D17y T18Y 118y 117x 52 518 B2 53 o temb 32 » 82 a2 Deeember By dow % sa® CHICAGO LIVE STOCK MARKET. CHICAGO, August 19 (United State: bureau of markets).~Cattle—Re- ceipts, 2,000 head: slow, generally steady; bulls, weak to 2§ lower; top heavy steers, 10.35; bulk beef steer: 6.75a9.50; bulk, fat, she stock. 4.00 6.00; canners and cutters, 2.25a3. T ‘s, largely, 6. p 53 ETnand Teodats, B.00aT.00; domestic, strong weight feeders, 8.00. Hogs—Receipts, -15,000 head; 25 to 50 hlflu better grades practically all sold; others slow: top, 10.35: bulk, light and light butchers, 10.00210.30. bulk, packing sows, 8.25a8.75; pigs, 35 to 60 higher. Sheep — Recelpts, 8,000 head; all classes, about steady; native lambs, top to city butchers, 10.50; bulk to packers, 10.00; one load, 10.25; seven cars ldgho lambs, 10.15; 600 feeders, out at 9.60; good Idaho ern ewes, 4.60a4.75; best tives, 5.00. SUGAR MARKET QUIET. ° NEW YORK, Augyst 18.—The raw sugar market wag unchanged early to- day, with sales of 33,000 bags of Porfo nish. Corn lacked sypport. After open- 3% highe: 5% light, fat na- t|to extras, 35a43: refrigerator, specials, B | nd fed west- | 2! Bouthern Railway gen. 4s.. Southern Railway 5s United States Steel 8. Vacuum Oil Corp. 7« 1936, Virginia-Carolina Chemical 73%s 1! Wilson & Co. 1st 6s. —_— SHORT-TERM SECURITIES. (Beported by Redmond & Co.) American Tel. & Tel. 6s 1922 . & Tel, 6a 192 & 8t. Louis s 1920 Con, York 8s 1821 Copper Export 8s 1 Copper Esport Copper Export Copper Kxport Cudaby Packing Ce. F. Goodri Bea 3 Sears, Hoebuck & Co. Southern Maliwar G L rn Texas Co. k wieru” Elect 02 Westiughouse E. & M. 73 1951 —_— i LIBERTY BOND CLOSING PRICES. ! NEW YORK, August bonds closed: 3%s, 88.40; first 4s, 87.80, id; second 4s, 87.60; first 4%s, 87. 87.70; third 4%s, 91.9: 87.92; victory 3% 1013 second 4% fourth 4%s, victory 4% and Live Stock LOCAL WHOLESALE MARKET. Eggs—Strictly fresh, per dosz., 40adl; laverage receipts, 39. Live poultry—Roosters, per Ib., 18; turkeys, per Ib., 33a35; chickens, spring. per 1b., 33a35; hens, per Ib., 23a26; Keats, young, each, 35a50. Dressed poultry—Fresh-killed chickens, per Ib.. 3 b 21 roosters, per Ib. g Ib., 2. . | 3ta40; keats, young, each, 60a75. Pork—Dresscd, small, per Ib. Live stock—Calves, choice, D s 1; lambs th., 10; live hogs, ;W ern, per box, 3.505.00; California lem ons, " per box, 3.00a4.00; California oranges, per crate, 6.00a7.00; peaches, per crate, 4.00a6.00; cantaloupes, per crate, 75a2.5 Vegetables—Potatoes, new, No. 1, per barrel, 50026.00; No. 2, 2.503.00; sweet potatoes, per barrel, 6.00a6.50; lettuce, nearby, per crate, 75a1.25; New York, crate, 1.50a3.00; celery, per doz., 60a%0; romaine lettuce, 1.00a1.50; cymbli per crate, 50a75; spinach, 3.0024.50; * onions, 1.50a2.00; 3.00a4.00 per bbl.; cucumbers eggplants, per crate, 1.5022.00; tomatoes per box, 1.25a3.00; corn, 15a30 per dozen; beans, 1.00a2.50 per barrel; Hma Leans, 20a25 per quart. DAIRY MARKETS. BALTIMORE, August 19 (Special Chickens, alive, springers, pound, 26a 32; white leghorns, 23a26; old hens, 23a27; old roosters, 15a16. Ducks, 13a 4; pigeons, pair, 25; &uinea fowl each, 70a7 Egegs (loss off)—Native and nearby | firsts, dogen, 38; southern, 35. Butter—Creamery, fancy. pound, 45a | 47; prints, 44a48; nearby creamery. 40 | a4 ladles, 30a3: rolls, 28a30; store packed, 27a28; dairy prints, 28a30; process butter, 34a33. NEW YORK, August 19.—Butter un- settled; receipts, 13.581 tubs; cream- cry, higher than extra, 43a43%; creamery, extra (92 score), 42a42 creamery, firsts (88 to 91 score),. 37 41%; packing stock, current make. No. 2, 29. Eggs firm; receipts, 15.087 crates: fresh gathered, extra firsts, 4lai; fresh gathered, firsts, 37a40; state. Pennsylvania nd nearby western hennery whites, firsts to extras, | §9; do. browns, extra 48; do. gath- browns and mixed colors, firsts firsts, 34a351%. y steady; receipts, 1,- whole milk, flat f run, 2| twins, special run, 20a20%. 3 Poultry—Live, firm; broilers, 29a33; owls, 27a32; dressed quiet; prices un- changed. CHICAGO, August 13 — Butter — Higher; creamery, extras, 39; stand- ards, 37. Eggs, unchange 8,461 crates. Poultry, al fowls, 18a28; springs, 27. COTTON MARKETS. NEW YORK, August 19.—Liverpool did not fully respond to yesterday's advances, but the cotton market here | showed renewed steadineas early today : on covering and trade buylng. First!| prices were steady at an advance of | one to three points, and while there was some scattered southern selling, | active months son showed net gains of niné to twelve points, with December selling at 13.52. Reports that the War Finance Cor- poration had made an advance to southern bankers to aid in financing cotton and other products for export probably had an encou ng influence while there was also buying on reports of higher temperatures in the south. west. Futures opened steady: Octobe 12.99; December, 13.42; January, 13.4 March, 13.75; May, 13.86. _ NEW ORLEANS, August' 19.—Poor cables caused a drop of four to six points in the price af catton on the opening today, but the continued dry weather in Texas and complaints of further deterioration in that state soon ! brought in buying on which there was an upward reaction to levels nine to ten points over the close of yesterday. October fell off to 12.50, and then traded up to 12.66. Futures opened _quie October, 13.50; December, 12.91; January, 13.0 March, 13.25; May, 13.37, —— OIL STOCKS. Quotations furnished by W. B. Hibbs & Co. Bid. Asked. 15 153 state, ~whole milk, 21a21%; do., average Ricos and 21,000 bags of Philippine|y, Islands reported to local refiners at 4.50 for centrifugal. Raw sugar futures were steadler on covering _for over the week end and prices at midday were 7 to 8 points P& markes for refined was quiet at o 6.00 to l..sl Ior fine ‘unulna. with second-hand sugars still obtainable |Standard below refiners’ futures were nomi S ———— MONEY AND EXCHANGE. NEW YORK, mercantile paper. 6a6%; exchange {r- regular; sterling sixty-day bills and commercial sixty-day bills on bank: 3. commercial sixty-di bil 3.63 emand 3.65%, cabl francs, demand 7.72%, cables 7.73; Bi glan francs, I‘Iim:nd 7.56%, cables 7.| {lders, deman ire, dlemandl uotations, Refined nel. 3 August 19.—Prime | 78 [ s¥esBiEBeshatas Suit for maintenance has been filed in the District Supreme Court by Blanche M. Lomax against Garland S. Lomax, & policeman at the ninth pre- cinct. She charges cruelty, hon-sup- port and desertion, They were mar- jlema. lemand | ried at Alexandriz, Va., February 14, 1914, ang the wife charges that her Rusband desérted her in April, 1919. She 19 By Attorney Wil- 19.—Liberty |8 FINANCIAL. TROLLEY CAUSES LEAK. Electrolysis Through Current From Rail Attacks Water Main. Special Dispateh to The Star. LYNCHBURG, Va., August 19.—A leak in a service water main in River- mont, under two feet of concrete street surface, cauged by elec- a development which came after the city had opened the street to locate the cause of the trouble. A small lead pipe had been n into a thickness of an eighth of inch by electric current leaving the street car rafl, which was located directly above the pipe. A hole as large as an ordinary lead pencil was eaten through the pipe, following which the leak developed. The pipe was put in new when the | street was paved in 1914. ARREST MAN AND WIFE. Woman Charged With Theft of Jewelry in Philadelphia. Special Dispateh to The Star. LYNCHBURG, Va. August 19.—The police here have arrested Mrs. Alma aunders, nineteen years old, and her husband, Robert Saunders, at the in- stance of the Philadelphia authorities, who charge the woman with the theft there of a $300 Masonic ring and a $75 stickpin. The police say the woman admits having sold a ring in Philadelphia, and that the ring has been turned over here to the authorities. The cou- ple were arrested at a local hotel and their trunk was taken to police head- IZENS | - 'Jvmos BANK 1336 N. Y. Ave. STOCKS—BONDS—COTTON GRAIN — SUGAR — COFFEE | Bought Sold en Commission &% Securities and Commodities Review Free, Upon Request. ! A.A.Housman&Co. 20 Broad Street, New York MEMBERS: N ork Stack Exchange Newr York Cotion Exchange New York Produce Exchange Y, Coffee and Sugar Exchange MAIN FLOOR CORRIDOR WOODWARD BUILDING Telephone Main 2040 - CHARLES R. ALLEY, Mgr. Combines Safety and High Returns CITIES SERVICE COMPANY Series D 7% Gold Debentures his is a_senior obligation of the Cities Service Company. the past five yeara a surplus in- nearly twice the par value of ita outstanding bonds has been put back into the properties of the Cities Service Company, one of the most widely known public utility and oil companies of the world. These funds, taken from suf- plus earnings, indicate the man- agement’'s sound policy and strengthen the equity behind the Becurities which we recommend. TO YIELD 8 PER CENT THOMAS W. BRAHANY & COMPANY Invesiment Securities. 510-11 Evans Building 13 Money to Loan 3$50,000—79% interest, in sums of $1,000 1000, secured by first deed of trust on real :::':5 Joseph I Weller 420 Wash. L. &r = —— 3 Lidg., 9th and F n.w. Redmond aQe. - Investment Securities 1516 K Street Telephone Main 7074 New York Philadelphia Baltimore Pittsburgh LIBERTY BONDS Bonds bought and Sold 22 Registered or Ceupon. Liberty Bond Exchange 604 14th St. N.W. GENTHAT YTTPE COMPAN August 16, 16 103, idend of 21 per cen e Mergenthaler Lino. will be paid on September 30, stockholders of record as they ap t the close of business on Keptem A regular quarterly d! pit k of i 1 o, The trapsfer book will not be closed. J08. EQUITABLE Co-Opmhv.efi:uiHnl 418t m;hé‘o): :'L‘E'A'ED T. MACKEY. Treasurer. Kaving money will give vou esting object in lite if you definite i in view. Juin the Eguitable. Subscriptions for the 81st Issue of Stock Being Received Shares, ’"82.50 Per Month EQUITABLE BUILDING 915 F §t. NW. JOHN JOY EDSON. President FRANK P. REESIDE, Sec’y. Live as You Want Them to Live Investment in_our First Mortgages is wise for you and sets a good example for your children. It ‘teaches thrift, economy and the idea of giving value for value. Do you want to bring up your children in the atmos- phere of hoping to get some- thing for nothing, to wit: a profit on a speculation? Is it not better to work for the money you get, and then to hold ‘on to it by secure in- vestments, and teach your family to do the same? B. F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. Any Time Is a Good Time to Invest in First Mortgages But more especially is this type of investment desirable when business conditions are uncertain and experts can’t agree on prophe- cles for even 30 days shead. The FIRST TRUST NOTE remains at par, even through panics, whei placed to conform with our re quirements, and yields 1% Consult Our Loan Dept. IHE conservative man is unmoved by tales of rich speculation. es derived through Chance propositions should not enter into questions of finanice, and before maki invest- ment 3 man should do sox::eg hard think- ing and ask many questions. When our First Mortgage Loans are the subject always welcomed. of discussion, questions are We can, satisfy the investor of their safety from every angle. the investor is Conservatism is our watchwor: otected in every r spect, and the element of risk is elim- inated. The return—/%—is unusually attracs. tive for an ness. We subject more fully The loans are in convenient ations, /investment of such sound. would like to go into .the- with you. denomi- % - +es H.L,RUST"++ 918~13UST.NW. . - ——————— e ————— e