Evening Star Newspaper, August 21, 1921, Page 23

. FINANCIAL, . EXCESS PROFITS OF YEAR 1921 LIKELY TO BE SMALL FACTOR Business Wants Tax Revision, But Is Hard | to Suit—Phases of tions—Bonds Strong—Money Is Easy. BY L A. FLEMING. It is a thankless task, the drafting and supporting of a great revenue measure for the nation. There are so many different interests and each 80 jealous of its rights and actually wanting a little better treatment than his neighbor that universal satistaction is lnpossible. It is hard enoush-to meet and counter on the opposition of the party not in power, which may or may not have any real grievance, but with the tacusand and one inter- es s sceking protection each for it- scli the dificuity is almost insur- mountable. Piunt, however, Is alm mous, save from labor sources, against contlinuation Of the eiccss profits taxes during the current sear. Unanimous in a lar.e degree is the demand that the meusure be made retroactive to do away entirely with excess profits taxation this year. The American Bankers' Association has voiced 1is protest direct to Hepre- sentative Fordney and nis mail is un- questionably cluttered with similar Tequests. After all, to one who has watched the business trend of the year 1921, it does not appear as if it made much actual difference whether 1921 or 1922 had been selected as the date to drop the bulk of the excess profits taXes. As a matter of fact, the great cor- porations of the country will not show many profits that will classify " if the trade reports are to be believed, and they seem to be substantiated by the passing of divi dends, reductions and even some par- tial paymenis in serip. Many corporations that pald on ex- cess profits last year have developed net loss from operation this year, and the signs of improvement have not been sufficient to hope for any ma- terial increase in revenues for the balance of the year. It is too early to discuss the pro- visions of the Fordney measure; amendments will come from the House side and the Senate debates will probably result in further changes. The country at large wants a new tax measure and if the Fordney bill with amendments does not satisty there will be a demand for further tax revision. Improvement Is Slow. One has to .dmit that improvement in business is slow, and yet condi- tigns might be worse. Unemploy- ment is too general, wages are being reduced in many lines of industrial work, and in none more than by the United States Steel Corporatiomn, un- der the urge of price cutting and competition by independent manufac- turers. There is some talk of a renewal of the buyers’ strike, in instances where retailers have shown a dispositien to agaln_inflate prices, refusing to fol- Jow the lead in adjusting themselves and their business to the new condi- tions. Many Investors have been forced to meet circumstances as they are, finding themselves cut off from divi- dends on stocks that they have held for many years and have considered invulnerable. The American Sugar Refining Com- pany, after paying dividends without an interruption for thirty vears, passed its declaration last week. “The passing and cutting of divi- dends has come to such a pass that only the strongest corporations are given credit for ability to continue. Not a Criierion. And yet one must not take Wall street and the New York stock mar- ket as a criterion of the business situation. The long sick spell continues. The t unani- greatest speculative and investment market In the world is tired. Its clientele, the peopls who buy stocks and go through the process of lock- ing them up for the dividends, with inteat to sell only on a big advance, have been sadly hurt and the scars sh, the meniory of the wiping in (a2 event of paid- lurge part of the mit of the usual 5 at the fag end principal “pleki have no assurance that the fag end is here. Lows of one day are mot lows of the mext | And yel i{ s possible that some| buyers of stocl lcading up for a two or three pull, but they are generally 1cd bears who that prices cannot believe will g0 mu.b lowe That this Is a fact is admitted by olose ok but they alone find that the p . tired of waiting and losing, has turned to bends for In- vestment refurns with a measure of safety and to Treasury certificates for absolute safety and a commensurate return on investments. ke Other Side. There are thuusands of people still holding their jobs and drawing fair pay therefor. Thelr capacity for buying that which they need 1s large, and there are enough of them to make the re- tall business fzir, and, per se, the wholesule d= moderate. Our greati farming community Is cashing in or will be vrey soon on its crops of 1921, and they will have something over for their needs, about their first buying and paying for a year. ‘This must help conditions. It i1s always pleasant these days to refer to the ccndition of the federal reserve banks, strong in their accu- mulated resources and bulging with abundance, ready for the trade re- vival, when It comes, and with a dis- position to help it along with reduced rediscount rates, which should not be longer deiayed, If it is, in the wisdom of the governors, time to cut off frac- tions. Bonds Decidedly Strong. Bonds are decldedly active and strong. This is brought about through the abundance of money seeking employment, and the inabil- ity of the banking fraternity to place its secondary reserves on call at a satisfactory rate, so that they, too, are turning to bonds. Many share- holders, or rather former share- holders eliminated from choice or by losses from stocks, are also turning to bonds, and the entire list, with few | exceptions, is levels. It Is a fact that the bonds of many corporations that have passed an cut dividends have not refiected any evidences of the depression going so far as to interfere with fixed charges. Rallroad earnings are doing some- what better and rail bonds are fa- vored above the industrials, while forelgn governments’ and foreign cities’ bonds are holding well Further Liberty Exemptions Under the present law there is a possible limit of income-tax exemp- tion on lberty loans, exclusive of holdings of 3%s and 3%s, of $160,000. The Fordney bill does not change the amount of possible exemption, this remaining at $160,! But un- der this proposed law there shall be an aggregate of $130.000 absolutely and unconditionally exempt from in- come tax for two years after procla- mation of peace by the President. ‘The remaining $30,000 exemption shall be subject to the following pro- vision: “The interest on an amount of bonds, the principal of which does not exceed $20,000, owned by any in- dividual, partnership, association or corporation, Issued upon conversion of 3% per cent bonds of the first lib- erty loan in the exercise of any privi- lege arising as a consequence of the issue of bonds of the fourth lberty oan, be exempt from such xe8.” Bond dealers say that if this 11 moving to higher Commercial Condi- becomes law it will be possible for any investor to go into the market and buy any of the 48 or 4s agsre- wating $130,000, which will be tax exempt for two years after peace with Germany shall be proclaimed by the President. It will not be neces- sary that the purchaser should have been an original subscriber to any {ssue, and he can hold the full $180,000 of one issue, if he chooses. Of this $130.000 exempt there is $5.000 which is permanently exempt under the present law.and will con- tinue to enjoy that privilege under the Fordney bill. Against Tax Exemptions, A determined effort to end the tax exemption of certain classes of se- curities has been started by the Chi- cago Mortgage Bankers' Association. consisting of concerns in Chicago lending money on city real cstate, The organfzation- hekan its efforts when the recent national convention of real estate hoards was held Lere last month. That convention adopted resolutions directed against the fur- ther extension of the te exemntion privilege, and the Chicago organiza- tion has eniisted a large number of real estate men throughout the coun- | try in its campaign. At the real ostate conventlon the keynote was ‘sounded by Melvin A. Traylor, a Chicago banker, in an ad- dress on “The Menace of Economic Fallacles.” Mr. Traylor asserted that, including liberty bonds, there are over thirty billions of dollars of tax-free se- curities afloat in the country. These, he sald, are largely represented by mu- nicipal securities, and appeal to" the very wealthy, resulting in keeping general taxation high and restricting productive industry. He charged also that much municipal extravagance is due to the tax exemption feature of municipal securitles. The Chicago Mortgage Bankers' Assoclation charges that tax exemp- tion causes the diversion of large amounts of money by estates and in- dividuals with large incomes from building enterprises to those which are inert, so far as productive indus- try is concerned. It charges the building shortage to be due largely to the purchase of tax-free securities, acd that as a result rents and taxes upon the general public are increased. A protest against the furtherance of tax exemption has been sent by the assoclation to every member of Con- gress and the foundation of a national organization of city mfortgage loan men has been formed. It is purposed through this national organization to demonstrate that the extension of the tax exemption privilege means exemption for the wealthy only and a greater taxation for the general pub- lic, higher rents through less build- ing, the continuance of the high lv- ing’ cost and unemployment because of less capital for productive indus- try, and a general halting of indus- trial development. Our Forelgn Trade. Our foreign trade is bad, nor is there any Indication of improvement. Europe has not the cash to pay for what she needs and credit is well nigh exhausted. That seems to be about the only trouble. South America seems to have reach- ed about the same stage. ‘The National City Bank has closed its branches at Barranquilla, Bogota, and Medellin, Colombo. Unprofitable business and slow collections are given as the reason therefor. —_— BIGGEST TANKER AFLOAT. Standard Oil Vessel Launched at Newport News. NEWPORT NEWS, Va., August 20.— The tanker John D. Archbold, said to be the largest afioat, was launched here at 10 o'clock this morning. She s being built for the Standard Oil Company. Mrs. Harold Chapin of Baltimore, Md., was the sponsor. The Archbold is 572 feet 6 inches long, bas & beam of 76 feet and Is 48 feol eep. 2 BALTIMORE PRODUCE. BALTIMORE, Md., August 20— Prices on fresh eggd are held to a firm basis, due, perhaps, more to the comparative smallness of the daily re- ceipts than as a result of any real life to the buying movement, although in a small way there is & more or less constant demand for choice fresh eggs. After advancing to 38 cents a dozen the first part. of the week native 2nd nearby eggs easad off toward the end and the market closed at 37 cents. Trade wants are being mostiy supplied with western and cold and only fanoy eggs Will bring out- side quotations. For heavy, fat old hens a fairly good demand is noted at 26 to 27 cents a pound, but with the average receipts of fowls the move- and receipts ample. Spring chickens have been fairly liberal this week, and in consequence the market rules a shude easier, with 26 to 31 cents as horns 24 to 26 cents. Old roosters not wanted at 15 and 18 cents. continue dull, particularly grades be- low white pekins, which sell at 23 end 24 cents, while the others are neglected at 18 to 22 cents. Young | guinea fowl one and a half pounds and up find ready sale at 75 cents apiece, but pigeons cents a pair. Maryland and Virginia watermelons | are dull at 25 given preference over the southern variety. Selects are bringing $20 to $35 per hundred, primes $5 to §16 and culls $3 to $5. The market for can- taloupes continues dull, and receipts are ample, with demand easily satis- fied at 30 to 50 cents per 4x8 basket and 50 cents to $1.35 per crate for eastern shore stock. A few Maryland and Virginia peaches are arriving and meeting with ready sale, whereof large good stock at §2 to $3 per crate and $1.50 to $1.76 per 4x8 basket. Pears are In fair demand with ex- ception of the common hard variety, which 18 slow sale at 50 to 75 cents per 4x8 basket; Bartlettsbring $1 and 131.25 and Sickles 75 and $1. of the common varlety are selling fairly well at $1.25 and $1.50 per 4x3 basket. The apple market is easy, and with the arrival of New York varieties it takes large No. 1 stock to | bring\outside quotations of $3.50 to $4 per barrel and §2.50 to $3.50 per bushel. No. 2 stock sells at $2.50 to $3 and $1.50 to $3, and are slow sale at that. Small, knotty, windfallen apples should not be shipped, as they are ' worthless and will not bring freight charges for shipment. The potato market is firmer under fair receipts of good No. 1 stock. Movement this week has been fairly good on both local and shipping or- ders, and top values of $2.25 to $2.75 per 100 pounds and $1.75 to $1.90 per bushel are more easily maintained. No. 2 stock in slow demand at $1.25 to $1.50 per 100 pounds, while No. 3 are hara to dispose of at 75 cents to $1. Sweets and yams are in more lib- eral receipt and prices a shade lower, the demand being only fair at $4.50 to $5 a barrel and 80 to 85 cents per 4x8 basket for the former and $4 to $4.50 per barrel for the latter. Native and nearby garden truck {s coming in freely, and, with the ex- ception of tomatoes, which are selling well at 50 to 70 cents per 4x8 basket | and $1.15 per bushel, values are easy in_buyer's favor under only a fair demand. NEW YORK DRY GOODS. NEW YORK, August 20.—Dry goods were firm and quleter today. Many lines of colored yarn goods are sold well ‘ahead. Gray goods are strong at top prices. Underwear is awaiting larger orders from jobbers for the fall season. Burlap been stronger lately and prices today were up more than % from the low of the week. toraze goods, | ment i8 not active at 23 and 24 cents | the range of prices, and white leg- | icks | Grapes - |Week’s Price are arriving freely and are being| THE SUNDAY STAR,- WASHINGTON, D. ©., AUGUST 21, 1921—PART 1. ° FINANCIAL. Range New York Stock Exchange MARKET AWAITING GRAIN AND PROVISIONS. CHICAGO, Aygust 20.—Bear pressure | increased in wheat today and De- |cember wheat and all deliveries of : ’ corn sold at new lows on the crop. | i The liquidation which Les been in| Corrected to the Close of Business-August 20, Saturday, at the Office of The Evening Star. Sendsd to whest, and While there was High. Low. Div. Woek ending August 20, 121, Net. High. Low. Div. Woek ending August 20, 1921, Net. a fair showing of strength early, the ——1821— Rate. High. Low. Close. Chge,| ._"_m:)fi Iu'n. % High. Low. Close. Chge. advan;e was uht;r:—llved.h S 19% 12 — AdvRumley.. 13% 1276 12% — 34| 54% 34 3 Kelly-Springfleld.. 38% 36} 37 — 1% s DA R PR S | 52 35 .6 AdvanceRpf. 36 35 35 — 41562 35 ~— Kelsey Wheel...... 59 50 50 Uncertaint Manifested AISO some buying of September wheat at- 30 4 Air Reduction . 81 30% 31 — % 22 16 — KennecottCopper.. 1815 17% 184+ %% y |tT"nf'§ed Pwk!g-xbolard‘ Sl ‘quvlvc::l 39% 18 — Ajax Rubber. 21 19 19% — 214 17% 8Y — KeystoneTire..... 12§ 1% 124+ % " S o tanber ot AT IsR Lo . e Vg 17 4 Due to De|ay in Fundmo of |with September at 1.14%allsx an 13 1 — Alaska Juneau. 1% 1% 134— 2|58 32 — LackawannaSteel. 38 N4 3% — 3%/6 :{;fi:;nr;szlka: n-‘i’dae“:x}i?r“'x' 4 0(;9—1; 55% 34 4 Allled Chemical.... 36% 34 36 + 3/ 57% 40 ~— LacledeGas. 501 50 5 —34 H : F il ol '51’/. i 97 83 7 Allied Chemicalpf. 84 3% 8336+ 5 20 17% 2 Lee Rubber 255 e 2B — 5% R.R. Obl‘gat'o,ns' outs closed Y cent higher. e 304 287§ 4 Allis-Chalmers..... 303 20 304 — % 56} 4714 34 Lehigh Valley..... 513 51 5l — J6| NEW YORK, August 20.—Financial m:‘k";;,';;'gf ;I:’;f:':;;‘!jg. are :fif“‘;fi?;:‘.’:" ST 655 29 — AmAgriChemical.. 313 20 313 4 10 — LoewsInc. . 12 13 1%+ % |markets this week failed to keep |27 18 Reports of mood export G k. = = 5; — 1;|Dpace with the brighter business out- &, P : 2 Are seeured by o 8 53 — AmAgChempf, 55 5 5 2% 8 1 LoftIno... e 8% 8 B — JG I N ported by competent abservers |demand had little effect, even though ey 54 464 4 Am Bank Note. 504 50%4 504 — 1442 31 — Loose Wiles. 33 33 33 —1 lin various sections of the country,|the board estimated that ir")’undh 10 Call, Phone 7 | improved * Washing. = > R o7 3 | 3{ — % |Stocks of the better class were barely | 000.000 bushels had been,sold abro write for details. | son . Let us 51 253 — AmBeetSugar..... 2 27} 28 — g 7 Louis&Nash...... 109 108§ 1003 — ¥ |Stocks of the better class were barely | %o Weck. 00! our Bookict] o oee. th 86 656 203 — Am Bosch Magneto. 30} 29} 24+ 1% 6 MackayCos........ 65 65 65 +1 | 0udt figaved greater weaknens. BC;ufnflt;lr ""*";“'J'»?;'fi{'.x'q",‘-’h“i'n‘»'{.‘.?“”" ;fi:{lzrfimmfimp— ity “bebiod these 33§ 24 — AmCan... 2635 U4 K- A — Mallinson. 1200 1L BabticHintsrest fagain] waslalmont e onied. Iadopendent: Biranmth [ o e e 8 2 10T Am can o i S 2 o e L hat duarter 18 Iooked tor un Cont |and tverasea wiener, vl 20 William S, Phillips 120% 115)% 12 Am Car & Fdy . 1231 12014 120% — 3 Manhattan Elev.... 43} 45 4 gress makes known ils atuiude ree nnas;h-;r x;lm PR LD oL o y 2 1l — Am Chicle Co. SR 1280 T) 1n — 44 Market 8t Ry prior.. 30 29 29 :'“L'l’!d').:ls ;rl‘\; ll’\l.\éuxl,lrr::,; Qs‘e;ntl.:;o:gv?ll:loll; Provisions averaged somewhat low- Real Estate—Investments : PR o 4 ei— 3 Ma 15 g% 12 13 — 3 0! 4 , with s buyi d credited 85 44 — Am Druggist Syn $95 84 % e May Dep oKy hy i i 2 Bonds and Capital Issues Active. sold on the break of 2 5 in hogs " Phome Muin 98 13% 8 — AmHice& Lea. 100 1004 103 — 3 Maxwell B......... ;:‘ ;: ““l’;/ 7 |, There was a fair demand for bouds|and the weakness in grain ¢ = o Mextean P .o 913 — t 1 ftal orn wos under pressure an £B4; e iAs Hload ]iet el o e B Feaily < Ubormed. i the main, Mows |raliving at times held with re'a 5014 5 AmlIce... 54 535 034 —2 Miam! Copper. 2 19 ecer, the investn at inquiry was|narrow lim The market 65 6 Am Icepf. . B BUE BUG4 A4 15 Middle States...... 11 0% 11 limited o ra 4 ‘some of the bet- | weak, unchanged to a shade Money t¢ Loan 33% — Am International. 3005 27§ 9834 — 134 33 Midvale Steel . 24 24 8% — r known furcign flotations, Liberty | ¥ u; St—pllesml‘-ersu; 51%ub: @ 5 > e &7 oo pe 4 g % o fecting 5 £ r at 521,a52 50, % fnterest, of €1,900 to 6214 — Am Linsced. .2k 1T 17T — 3y Minn &StL (a).... il4 105 10% + 1% Sared ‘.l.l.""m'."r.,. i "Z'.:'Jfi.f}?e"s et iheld ey s s D - 7 Am Linseed pt 4 m/,, 3974 = xi/:l s Mo Kan & Tex. 22 2 agaln were exemplilied by ‘he turther Joseph 1. Weller N1 6 Am Locomotive 85 §214 83 3% 5+ 3, Mo Kan & T pt. .3 3 3%+ L by kzledl,nll-d 7( es atuel | - e 35 4 am Radiator. .. o;xa 6814 6315+ 1g BH i':|' i:om(v:;:}q 1“:"1 l;;:; ;: ,"}‘:_"r;n‘rd"l‘;g,‘r“‘:;{‘pm, athe: was mamly of & 10 — Am Safety Razor... 374 ] B “{ A 2 v 38% L& schedules, but W.e u.eruge of | eak, i1 — Am Ship & Com 6% 4% 143 b :l;r:l:’z:;‘;\ ra :Ts ::.:;- prion flonfieza estimited at below [ ! with 44 — Am Smelting. % o3 0p0d ¥ 4 % e many lines contribuiory to{ WHFAT- Open Hgh Low 83 9 Am Smelting pf. 7 Natl Biscuit... 14 12 12 —3 d ‘iron. notably cquipments, {8 mber 1175 1_{§~ H:L' 31% 3 Am Steel Foundry.. £ NatlBlacult ot B ors ol ruvher. topuoch, augar cad|.. DORY= % — AmSusar a :: 5"‘;’”“""' ;“x’%' g | baper shilres were among the many | Sepiember 2% 3 Natl Lead. . 7% — ¥ jlow recurds of the week. Vi - J i 1t TR BUBREEE) — Nevada Copper. 0 + 1;;0! mail order issues testificd to the SR = 23% 83 o e 52 — g jlsht purchusing power amons the | Ditumber Pty 10834 : ! SEOTa s . 8 Z 4, | rmins eement S e 129% 12 Am Tobacto....... 1183 2, ots 5 Nvo "l '-; Ch e Best Rate on Cail Loans, § 1-2 Pet. |Spot, irrcgular; No. 2 re s 2 118 "3 - 2) s s = eutral. A= 73 Large sum 14 1 ixed durum, 136, No. hard, 131, s D A e a0l W03 e 9 s iy Cmisvry 82 14 | 10T Srdiier Trom e Trucrion. bae |ind o 1 manttons, 13ss, iq o || Creating an Income Am Tobacco p T Ve 68 — 24 39 20% 205N Y Dock 2145 — 3; | the best open rate for call louns was | Yew Yok to arriv “orn — &40 8215 7 Am Woolen. 29 6614 m%- xi‘ s NN Io) 3 itg perhce d’l‘lma loans extending ~;r'1¥il:l;-fidv No. ;mw;:elll;’w and N “Save and luvest” is a sure 10 — AmZinC......cecon 10476 $8%5 7 Nor = = prime collateral. t, firm; No. 2 white, 48%. Other £ e ool are 33 2314 6 Am Zincpf. . 2% 25 25 1% % Norfolk & Wastrn.. 9313 944 9 +1 Uncertainty continued to mark the |3'ticlea unchanged. the investments selec 0% D% — Knaconds. 3 3y 34y - 4 62 ?4!4 5 North American.... 60% 38% 60 + course of foreign exchanges. Local thoroughly sound. 35 21 4 AssoDryGoods 28 21§ 2ms—1 |88 6UG T NorthernPacific... 78 74 5 — Jj|Tates were governed almost entirely SRR e B 9 W T1|W MG 5 Nowseoasiesh. Bs 5 B+ 1| D2, London, ihere connicting Faporia Our 7% First Mortgages 87;’ 7614 6 Atchison 85 8375 8416+ 34 4 13%{ — Oklahoma Prod.... 2 134 13{— ls|bank rate. Unsettlement of Dutch have stood the test of time . 803 8 80% 30% 17)3 2 Orpheum Circuit 0% 17% 17% — 274|3nd Scandinavian exchanges was S " 803 75% 5 Atchisonpf........ & 4 145 4870 Suoismiivar % 88 88 popularly ascribed to heavy selling at and the careful scrutiny of 74 924 — AtlantaBir&Atl... 2% 2% 2% o 8 Blevator . those centers of German marks. both large and small in-= 76 18 — AtlantioGulf...... 203 1915 19% — 134l ! 96 — OtisSteel...... 9% 94— 3 Features of the Trading. 233 113 2% Atlantic Petroleum. 12 11y 1Y% — 134 556 %7 2 OwensBottle. 2 21 — 3| Bond dealings today were n vestors. 1105 1085 7 Atlantic Refpf..... 107% 1073 1073+ %| % 464 5 PacificGas& Eleo.. 355 55 55 ith an irregular tone, the Liberty . Ao i e other pro; t ol e e i S Pacific Mail 8 —2 |\ssuca casing slightly where any With the absolute safety : o435 634 7 in Loeo. 75 713§ 72 — 13| 438 2736 1§ Pacincoil. 35) + 4| hanges occurred at all. Sales (par principal and the certainty of 3 6234 Baldwin Doy 36§ WA+ 3 VK 384 — PacificTela Tel... 4814 — 234 | value), $3,450,000. yield, these investments war- 4234 303 — Balto & Ohfo....... 6 b4 9 6 e Another contraction of actual loans 2 . : R PR s R 51 sug+ % 9% PanAm Petrol..... 45} 39 413 — 434 |and discounts of about $39,000.000 wag rant your consideration = 4 B:r:el Sk a9 4 +4 |71% 3% 6 PanAmPetrol (B). 39} 35% 3635 — 2% :?e 1:111)' l;nklnl feature of today’s = 4% 32 3835 clearing house stat 65 4134 5 BethSteel (B). 7% 85— 1 "% :’GTK j2iEconsylvania] 85 31 A+ K|Loies a total decrease of approns In amounts of $250 and up. By & 71 1% pt. 9 89% 9% 5 Penn Seabd Stee! 7% T T4 — ¥ |mautely $240,000,000 in this item since Both Mol TR i o1 01 \— 3¢ SP% 336 — PeopleaCan... 55 524 55 +2 |the middle of June. News ranged [ 1074 93% 8 Both Steel S L. .. mg 10% 101 — 8 B% 159 — Pere Marquetts. 196 185 19 4 3fifom the better business prowpects | B. F SAUL CO 1474 9% — Bklyn Rapid Tran.. ™7 7 45 34 — PereMarqpf.. 38 37 37 —3 |rumors wh’l’ch‘i’e?.lrl' u:t:\‘-l;r:;wev:&: * 7 10 6 — BkiynRTctfs. 35 — 33 3% 28% 3 PhiladelphiaCo.... 20) 28% 2915+ J|the financial status of various indus- Mortgage Loans o 25:}‘ eAprowathos. - 853 — 3 7% 37§ — Phillips Jone 68 68 68 — gi|'rial companies. AN.Y. Ave. NW urns Bros:. 14/ 31% 16— Phillips Petrol 17 17 7 3 4 - Y p eum. 173 %+ ¥ « Ave, N. 8 4 — DutteComperaz W4 3 @K 134 — PlerceArrow...... 14 12 13— 1| LIVE STOCK MARKETS. 934N. 5 15 10 — Butte & Superior 27 4 38 2% — Plerce Arrow pt. 203 255 233{ — 4 | BALTIMORE, Md, August 20 (Spe- 28 144 — Butterick.... ( 1% 64 — PierceOil. i 6% — 3g|cial) —Current receipts of live cattle 19 914 — Caddo Central. S i s e s oilr 65— 1 | Erade Sook s White Seria of b 64 53% 6 Calif Packing W A% 2 5 PitteConl. 5 1 |sort finds Feaysale: all under grades LOANS ON o i ar 8 5 7;‘?" g% z g"'l’:::::::p' 72 +1 |33 244 — Pitts& West Va.... 29+ 3| tations today at Light strees whacr LIBERTY BONDS " 2 5 5% 45% — 1% 16% 12}4 134 Pond Creek Coal.... 14} 14 14 — 34| Beef cattle—First quality, per 1 Boonds it and Seld 53. 414 2 Calumet & Arizona. 4 0 . 53% — Fvis 7'to §; medium, per 1b,, b to 6: bulls, Regist or Cempon. 9% 101 10 dian Pacifie... 114 112 113% + 34 3 — 3} |as to quallty, per 1b.8% to 5% cows Liberty Bond Exchange Cana _ 0541113 89)4 8 Pullman Co. 913§ — 174 | choice to fan 5 ol P ( ©Y% 24 — CentralLeather.... 27% 2% 24% — 2§ % to tancy, per b, § to 6; coi : il 604 14th St. N.W. 608, 58 5014 — 234 514 25 — Punta Allegre Sug. 27 — 3 |mon to fair, per 1b., 2 to 4. Thin steers, | B, B D Commllento e 2 et s 0 MG 2 Pumon.. 2 20— 3| BST 00 4t U8 gxom se to aut: W o Colers? Checks 2 B~ ComodoPasco .. I8 v 8 — 3 W% O B RyteelSoring.... 783 00 124 — 235|0. fancy. per ‘hesd: 50005 T5003] ravelers 8 41 Chandler Motors. .. ot 758 L et Bay Consal 124 12 12 common to fair, per head, 30.00 to, Are safer than eash to carry with 654 — Ches&Onlo.. 89% 6% 4 Readi P A 40.00. Calves—Veai, choice, per Ib.! you on your trip away from home. 94 - Chi Gt Western.... 14 1% 74— ¥} 24 s eaalng. 7§ 6615 6735+ 34[9 to 9% ordinary to medium, per b, | Cashed “anywhere. tions % 2k Wostirasts, M 16% 16%+ X 85 3614 2 Reading 1at pf. 30 385 38)4 — 11|65 to 8; heavy, amooth, fat, per head, of §10 and up. 0% 14 Chi Gt Western pf.. < 573{ 3814 2 Reading 2d pf 1 4 o 14.00 to 16.00; rough, common and 31 22 — CmiMil&StPaul... 26§ 25% 25% — % ng 2d pf. 30, 3836 3% — 3| thin, per head, €00 to 10.00 1336N Y Av 32 — chiMnaStPpf... 40 38% 39 — 3326 18 — ReplogleSteel..... 20 20 20 — Shiep—No. 1, wool on, per Ib., 3 to - 1. Ave, 4654 : & 6T 6434 64%% — 154 73%4 41} — Rep Iron & Steel 463 45 454 — 1| Clipped. per 1b, 2 to 3; old bucks, per - 7 604 5 Chi& Northwn. . % 24 PR 1b., 2 to 4. Common, per 1b., 13 to 2. E & 3 3 343 22§ — ChiRI&Pacific... 32K 30% 314 ] Rep Motor Trk 9% 8 9%+ 13| Lambs, spring, choles, per ib. 9% o5 5 & 14 8§ 6 CRIRI&PSHDL... 6 6 o + Y 6975 4634 520 Royal Dutch. . 50% 46)5 473 — 314 101;i fair to good per Ib., 7 to 7 6% 7 ChiRI&PI%DL... 6% 75 164+ 13 13 10% 1 8t Joseph Lead. I3 156 106+ 3] aowe as vo moite pary il 4o 1 Sy ; 124 9 =— ChileCopper....... 10 9% 9% — 32?; g;“ T SELadsnWra B 2 — 3|stags and boars, per Ib. 6 o 6 live Clearly explain - 5, s — SBtL&San Franpt. 3 35! 36 Digs, as to size and quality, per Ib. 10t 2% 10 — Chino Copper...ces g; :i% ?3%+ ;/g A e e 22”: 23;2 206 + 134 | 10, 10, 12; Shoats, as to size and qual® Booklet—"The Systematic: } :g;i g = (C::::i::ell.& el e w4 4 28 — StLSouthwn pf 32 — 134| CHICAGO, August 30 (United States Al Wh‘ Ago Wi“ Savings Plan.” Sent to you: B 7 — Colo & Southern.... 4 3% 3 8% 2 — SantaCecillaSu 26— 3| CUTAY 10 nesns e o You Retire? ithout obligation ! i w 63{ 274 — Saxon Motors. 3] veek ago. e without ol . W R S e B et 234 14 — C 3 3 =5 1 higher; others 25 to 1.0 g Present e 140 ComOraphonest. 13 10 1 =4 | WK G4 — Bears Rocduck..... 65 O G~ 25| otk So roore misuc ooa Spad A.""“'"““ il Avall Yourselt of ¢ 21 253 4 CompTabulator.... 313 31 31 — 3 2% 12{ — Senecca Copper.. 15 15 15 grades suffered most; fat she stock, enough to retire comfortably Opportunities. G g G e s 8 928 28 — 13 ¥ 32 74 Shell Trans& Trd.. 35% 32 3415 — 13 2-1’;‘{“‘{';?“31‘&’5 “z's'l%;" fi."{." 3 at sixty. they can do it be- 12 34 — Comsol Distributors 5% 3% 4 — 11 g-‘fi ;:";é = i:nflllsl;C;nnl- ;g% lg% 12 — 13| stockers and Teeders, strong to 28 :::i. 5 k‘m’:::::“m”" " 4 - g 2)4 — Sloss-Sheffield. ... - gher. ly. 3 S T4 7 ConmiGaa...... 8 S B~ 30 O Sessenan = ;‘7’}’2 T 3| Hogs—Receipts, 4000 head: large-| | in bi listed_stocks and SCOTT & STUMP} 714 43 — ConsInter Callahan 4% 43 41 = ly 25 to 35 lower than yesterda bonds each month will make you 8 21% 14% — Consol Texille. 143 1435 1434 — g A% 1% Southern Railway.. 20 193 20 < 34|average; top packing grades, off mo: indepecdent. Peter Perkins solved t 3 — 3490 42 — SouthernRypf.... 45 5 43— 3| ncldover moderats postly, held off| | he e lom His book H Members Consolidated Stock i 8 —14 7% 67 4 StandardOllorCal. 71 6334 66} — 25| lignt butchers, 57841000 buts. paess| | Abcad.” tells how. A new edition Eachange of New York 102 lmm 12444 5 Standard OINJ... 135 135 135 —1 l"gr:gwsvn’f is just printed. A limited number Cosdon & Co....... 2034 26 2pf—3 [0 1% 7 StandOnNIpr.... 1084 107 103 — 3| pared with & week Killin e 40 Exchange Place 3 T crna s Bteal 53 — 1345 8 63 7 Steel & Tube pi . 70 6 69 —1 {classes, practically stea ,e.dm: copy of this fascinating storytoday. = 12%— 1% 37 21 2 Stewart Warngr 245 203 2254 — 3g|1ambs, 26 to 50 Ligher. KRIEBEL & cO New York — 134 4 2% — StrombergCarb.... 284 274 2% — 14| Reccints, iy peny St 20.—Cattle— . 2 3, 815 — 134! L3 . 1% 14 1% Receipts, 510 head; no trading. Calves, Investment Bankers ? = 20 — 44 8K 8% 7 Studebaker........ 72% 66 661z — 6! , 350 h steady; Tennessee 4 313 — 234 97 8 7 Studebaker pt. 935 9316 9315 — 13, Cflsl;{:;. E'i‘,’,fi”‘f"' < 137 South La Salle St, Chisago 4 100i¢ 4 518 B0 5 Ssubmastne/Bost 5 4 45— 3| head: stcady: sheep (ewes). bi0as s0s e Cleveiae 1. Lo Cosoast o 192 —3|18% 3% — Superior of.. 4 3 33— ig|culls 2.00a250; lambs, 8.00a12.60; cuils, 10 1% 1% 7 ~— Tennessée Cop. M1 - 'Hogs—Receipts, 2,500 - 2 é 4 — Texas & Pacific. 235 — , 10. .75; .60; rous! : FOE A 8 1 T ecaci I g 1wi- 4| LIVE MARKET NEWS = 4 203 13 = Third Avenue. 44 135 14 — 5 s 58 — 14 606 45 6 Tobacco Products.. 5815 551 56% — 15§ from a wide range of sources flows fhs 136 91 764§ 7 TobaccoProdpf.... 84 84 84 —3 into our Information Department. = 19 13 63 — Transcontinental. 7 371 = , 3 = B4+ ¥%| 4% 28 4 Transue& Willms.. 31 31 31 — 14 You can follow this news service on Indus- 8 2 63% + 334 2545 15% — Unionoil... - 1T 184 trial Oil and Mining stocks in the pages of o 4 FedMines&Spf... 22 213§ 21— 34133 111 10 Union Pacific. 1206 1194 the 12 page weekly “Invesror & TrapER.” H 10 Fisher Body. C8 - 68 62§ 4 Union Pacificpr.... 66 65 AT A : ~ Pisk Rubber. 9 — 34100 8 7 UnionTankCarpf. 8 88 88 10 |Atautic Coast Line st A copy of this week’s issue wil e sen — Freeport Texas U%— 334 19 — UnitedAlloyStl.... 282 23 28 — ¥ guim:lmn} Steel ret. (] > g:%“ on request. No charge. Ask for UU-481. = s = entral — Gaston Wilimi T1 - 306 5% 8 tznlted Drug....... 574 58% 551+ 2%|G ot CtorxiniOee 2 Beiad Bore rt on the BALTIMORE OFFICE = e 425 — 93| 47 3636350 United Drug 1stpr. 40 30§ 3915+ 3 73 Yok Co. T Market S 79 207 95% 8, United Fruit 102 - 134 it :::h which interest 453 BQUITASLE BUILDING Asphalt p 4 <o = you. Telephone 8651 ‘o o A 54 54 543 — 14| 124 7% —' United Ry Invat 85 T T — 3| Chicage ana Noriawestces pen & : ey g | 138% 109% 12 Gen Electrlc....... 114} 1067 1114 — 3% 2 115 — UnitedRyInvpr... 18 18 18 . B Copper, “Col "Truse e =% | 16% 9% 1 Gen Motors oo 104 9% . 9% — 14 62 48 6 UnitedRetafl Strs. 514 48 4836 — 334 | o aon” sy gt 4 ' 0% 61 6 Gen Mot 6% de 8 6 @ — 319 1§ — USCastIronPlpe. 12§ 12 125 3¢|Peiet aud Blo Geande consoly b : © 8 7 GenmMotThdeb.... 71 60 69 —2 |50 3 5 USCastIrPlpept.- &2 40 40)5— gg|Erie gun. de : o JONES & ] 4436 263 — Goodrich (BF) 3134 206 31 — 3| 26 15 — U'SFoodProd..... 16% 164 1635+ )¢ % dgeircinia ; 85 624 7 Goodrich (BF)pf.. T3} 72 12 —3 |74 44 8. % - 15 5 Members New York Cur , 25 15 = GranbyConsol..... ig% :3 :g _i 8% :;’lf = i 4 164 9% — Gray&Davis...... -1 |7 i - 705 60 7 GreatNorthernpf.. T4 Ta{ T + X103% 8¢ 8 320 25% 4 GreatNorthnOre.. 283§ 2835 28%—1 86 T4 5 & 25% 18% 2 Greene Cananea.... 207§ 204 — 3112 105 7 US Steelpt. o 11% 6)4 — Gulf Mob&Nor.... 7§ T 7%+ 1 | 9% 444 2 UtahCopper. 45% 4434 g | 605 50% 4 Haskell & Barker.. 58%§ 56 = 565+ 134 125 84 — Utah SecCorp 9 84 Northern Pacific 3a e 253% 13 =~ HendeeMfg....... 14 *14 U + X g :g;fi = Vanadium Corp. :8 26% N Pacitc Oreat Norin. i 8ije.. 101 K take Mining. 57 514 574 % { — Va-Carolina Chem 4l 23 \ 2 3 5 ‘ “{;é :% --3 :::::Z: on. AR “)( 41— 1%|102%{ 51% — Va-Car Chem pt. 663 66 - Wait until the market goes to higher levels before buy- | 16% 10} 1 Hupp Motor. 10% 10— 1495 5 6 ValronCoal&C... 6l 59 ing? Buy now and t?ke advantage of ghe advance. Only : 98 8% 7 Illinois Central 94 Ol o4 9% 5% — Vivaudou... 6% 6° Curb house in Washington. Direct private wire to New i 7% 2 60 Indlahoma. 2% 26 W 9 7 — Wabash. e T T4 York. Curb floor {New E:gchange).. Come in. ‘WI'A:II ; 3134 29% — Inspiration. 31 305 8K — 34 2} 18 — WabashpfA... 24 203 our board. Fastest quotation service in Washington. %% 36 — InterboroCon. 3% B4 B— 3 T2 494250 Wells Fargo Exp... 564 56i4 Curb Stocks bought for cash or carried on conservative 16 9 '~ InterboroConpf... 103{ 10} 104 — 134 1136 8% — Western Maryland. 9% 0} v 18% 6% — InterAgriChems.. 6% 6% 63— :;3;,2' : 5 Western Paciflo. ... gx :g;‘ gl - 4 10034 68} 5 Inter Harvester.... 73 68 060 — 6 Western Pacpf. 2 1% 9% = Inter Marin 9 9% 96— % T8 7 WesternUnion..... 82, 805 Loans on Liberty Bonds and Listed Stocks 6% 30§ 6 InterMarinepf.... 41 39K 4045 — 1% 96% 85} 7 Westinghouse AB. *86)5 854 42 28 = InterMotorTruck. 30 30 30 +- l@% 3.0’9‘ G»Wantln‘houu Blec. 44 30% “; . 17 12)§ — Inter Nickel. { 136 74 ‘. Wheel & Lake Erle. - : — Inter Paper.. 19% ll}}z 15 ;: COTTONSEED OIL LOWER Bankers Brokers 6 4“0 .34 NEW YORK, August $0.—Cotton- || - B - seed oil was lower under scattered = g 7 D6 — 34| 10021 Selling prompted by the heavi 425.6-7-8-9-10 Bond Building , - 326 — 3!ness in wheat, but support from r i ; i = S, 3 Aneraticheoked the esling Closiny Direct Wire to New York Curb Exchange = - - Ta% o 2ithi e Bamnes e e e k ot erude, 3 summer e - 4 be: r, 8.30; December, all bid . 353 — 1% lvoot, s.u:'!cpw:‘