Evening Star Newspaper, August 27, 1921, Page 13

2 e 3 i W NN TODAY’S BOND PRICES. - ; : NEW YORK STOCK EXCHANGE ’ ‘ . T o g Closing prices reported to the Star over direct EQU'TABLE BHT[R SHUWING Recelved by Private Wire Direct to The Star Officss - MA us v e e Sy G s el ERNST & ERNST : : : ¢ : Open. High. Low. Close. Open. High. Low. Close. Clty of Parls 6 1921.. Co-Operative Building AdvRumley...... 1% 1% 1% 11%|Kansas CBoupf.a 4% 4% €% ©% | Erench Sorerumenc g AUDITS—SYSTEMS 1 B 21% 31% 31%| Kally-Spring Tire. 861 38% 36% 264 3 m"“"o':"u.f""‘ TAX SERVICE - Association % % 1% i o TOE O B ah Travend B [ Organized 1879 ;}: 4 Gk B e Lrelaud s 033, 00 Wi A 41ST YEAR COMPLETED U. ashington Arsetn . 2 Office H - s . { -TERf SECURITIES. Surplus . Heavy Decreases -in Loans = Yesterday’s Covering Alters o Koy By it s MUNSEY Buoc. : Comt Line 7o 3 i o 3 Atlantic Refinipg Co. 6! - 10135 < Bid. Offer. Reom 915 % il 2% At >4 American Tel. & Tel. 6 1922.. 98% 98 it . 4 and Note Circulation—Gold & Sentiment Somewhat. & ll:a s Pomder 8. Tiga faog . s “:Tf_: WA R B Telephone, Main 8367 2nd yous seltreauect, an mell wil tn- Ld altimore and Ohio Gs. 999 | Ametican Tiiread Co. POSE—withs that home of your dreams i Tobacco Co, 76 1922.. 974 91 Ofioss In 26 Loading Cities : 5 Coming Freely. % Sumatra Soft. Baitimers 12d Ouio 8 |8, dmnoe e hin H2 0 siwars Ta view. Join e Bauhabiel B ou_(N. P.-G. N. Jt. <101 BY L A. FLEMING. 1% BY STUART P. WEST. Connili Ny fe Armour & Co. 7s 1830, 0.0 08 = ubseriptions for the The position of the federal reserve = 3 NEW WORK, August 27.—The stock | (iatral Leather su... : 51 | nofhlehem Steer 7s 1 0y 99 8lst Q’fle of Stock I to be expected ua oo lethlehem Steel 7s 1923 98 banks of the country continues to % market today, as was penke and Ohlo conv. 4i4s. - T1% | canadian Pacific Oa 98 ing Recelved izl s an esapenke and Ohlo 4 76t o = - Being v i h successive 8 after such a-jump as yesterday, T gen. g Central Atgentine @s 1923...... BL. 83 Brow stronger with each s L Chenfilke und Ohio corv. 82% | O R e Pacite 6o 1022, 98 b1 week, and yet the rates of discount 0% nto a lot of realizing sales. Cht.) Ml and St. Paul ref. 4% $u [0 a'50 Lo ooiws S sy Shares, $2.50 Per Month : ; that (2] This selling produced & good deal of fObi., Mil._and 8i. Paul refd. 4! e of New Work se 1021, 1008 , 100 are maintained with persistence = vz North um-u::l [ iy ot oonia Thie Pt B Yothwestecs 161800, L. ua:z Covper rcbort A a 182.--. 10044 ° 101 4 Per Cent Interest might suggest that the reserve board| s mopacco (B). . 120 120% 120 120% | Northern Pacific.. 78 Arregul , but was ugh S 8] al acific refdg. -: Gupper Export “A? & 1923 100 01 = does not. believe it wise to offer re-|Am Tobacco pf(n) 86 8% 8 88%| Oklahoms Prod‘... 1% en not to disturb the more confident | Chica) 8% 1 é-""”»’i?%i‘.;’m : :: {g iflh }3}-‘2 EQU[TAM BUILD[NG lief at this time that might encour- m;olfl‘nh' 0% ':: t,: :“: gr :l“ll;losl‘{:“ Lae :" tone which had appeared on the two Gudaby Packing Co Ts 1923. 33‘2 [ 915 FSt. NW a speculation until such time riting Prpf. 2% 2 2 we. previous days. \ e il 0% % i W, S isiatat! bastineoresaen datn o e s o B e i The familar weakness cropped out | Good, gfiff«'«éflflfi e o 00 Hl somy sov EpsON, Prestdent . uois . cking Valley 7s 4 further. Atlantic Gult..... 20% n: iam :: ::--:m "SI“ h:' ‘v;fl:;- -n:ichmu-mu::e:'_‘:t';:; Sryat Nortiers 3» 1538 - 100 l:nmhl:“l)\i_ % I3 H .V.'&] S ulati i FRANK P mEESIDE. Secy. . This position is taken by a number | Atlantic Petroleux 19% 10! n-Am effect: {3r a time. b .. cets ennecott Copper 7s | of bankers who prefer that there be o 78' | panhandle Pro pf... ;* hour bidding for stocks was resumed | [hieruational” Mercantile Marine ga.... T0 Liggete & Myers 6 1830 3006 108 peculal Us. | no expansion other “lhu': ..d;l“l" ::'/- :V- :’“'s’::::‘;{..n 24 and several of the speculative 1,.d‘; 1u0 Inve . ST steady recovery until the ust- 3 enn § = 23 Players an e'tlng i Th 3 s | ment of wages on railroads, bullding | Reth Steel (R). ... 48% 8% 48 8% | Pere Marquette... 18 | e nonk it e O funon 1008 pe ; i e i e e Aith B operations, and in some industrial | Bath Steel 7% pf... 894 %% 8% 9% | Phila Company... 26% the da$. In the main, however, prices o Buying anything in the || SR AL Yines and a further reduction in the Rkt i vy Petroleum 19% L L O Bears. Roshuck & Co. 1o | ot e 5 eatest |- ning o st of living has been bropght 8% 8% 8% 84| Pierce-Arro . %% ovident that the market position”had |N Bouthweatern Bell 1s 1925 g1 il hope that it will ‘go up is | least considered—| ° bout. /s . i ing | Callfornia Pekg.. 2% e% &% €% | Plerce-Arrow pf.. 2% been somewhat impaired by yester- Swift' & Co. Ts 1925 1% %’““l.“"‘g and not iopesting Syl SAFETY, n e meantime, gol s pouring s ) X1°~rience proves that it is 4 - TR Iifornia Petrol.. 3¢ 82% 31% day’s short covering. ! est: | Into thix country from all sections of Callfornia Pt pl.. 1% ™4 o There was little in the outalde news 1ot || more profitable to have steady || LT truh s e, ‘ 3 er. b f i « mt ite ob- pirated that the yellow metal coming | Central Leather, . 3% S O (Ll | P itiman Caue ... 9 Savinte 1n cotton options was checked Wertinphonse B 42 72 idd ioiss |} and sure earnings with no |} ment hon this way is not sent at the expense | Centrai Leathpt.. 61 61% Y o naves sdvanselinieottonontions wa L ena variation of principal than i : i of the supplies of KFuropean coun- & 51% 61% [ Pure OI1 23% rainfall in the southwest, but later LIBERTY BOND CLOSING PRICES. to get fog a time a higher || Ba_rgam S b e e DL R s % 13| Baliway 5% Wwas resumed. *Jn_the whest market HNEW YORK, August 21—Liverty|| income wilth the possibility || e n Chi s ¢ i ovement from ast closads .60: first. 4a, i 40 i some from Chile, from Colombo, Tur- 5% 1% xy‘(‘:on Copper. g‘y: ",',':nh;::.{.rmoflut whatever stimulus 742 357.66; Becond 4n 'sene0: Arst 4%s of depreciation of principal. ! i« Safety thev hase key. Uraguay. and other sttaes, while % 6 ading........-- 8% might have been given by the large Line adj. - | $87.84; second 43;s, $87.74; third, 4% i e i | African - mines contribute rather | € 37% 33 |Rep lnntg:lflr B export sales of the last few days. Sincialr Cons. Ol Corp. 7%s 1925. $9184; fourth 435, $87.96; victory 3% -First Mortgage Loans are a ur | Py ) L0 Gl i Lo 4 Exchange rates were irregular, but 53.‘.'3';2 #’:f'[:: c:l‘v ':: = $98.76 bid; victory, #%s, $95.78. sound investment, and when First Mortgage During the last yeur total loans of |Chi RI& Pacific.. 31% 81% 8% 3)% ! Koyal Duteh...... s D et aght conse: . AS.. \ properly placed and cared for 0 Teduces By $1I10 a8 oY bocn |CHRT & P 7% pt.. 15% e e uiae o quence. . : d N B S give absolute security of prin e C Y . X , eral o cesane e = i n Ty b ROl | M R L e “ient meeres w nine | Grain, Produce and Live Stock!| &zt ot e | creases 717.000,000, while the cash Sears Roebucl . 62! ‘The only development K 2 - < = s | Teserve hax increascd 3633329000, B G vk | et on. 1% have any effect upon Wall street sen- GRAIN AND PROVISIONS. LOCAL WHOLESALE MARKET. Btithelprescnbitime . il can, Prone e combined reserv. tl Ve - o - . = il g o o tails Banka It G e T e s % S Lol L timent was the statement in the trade (BALTIYORE. ‘Md, August 27 (Bpe- "Efuu—e Strictly fresh, per doz. 4184Z; In amounts of 250 and up. || write for details et point since February, 1518, before | COlCrabhpe. ... 13 184 1 M| 0 OO0 o iway 19% reviews of the week end that the feel- |clal).Fotatocs, new, bushel |LILG StMage recelpin 40 % | Eroiliingy c fi",‘i‘z;‘:"h’,‘“f,‘fz,’,’:fl“,‘:,.",f",‘,";"f“"; e i 3% 132 13 |Stand Oil NJpf... 10% * ing in business circles is becoming |3 goa12s; sweets, barrel, 3.8584.25: | turkeys, per ib. 5ad5: hickens, spring, | o8 : 5 s "for 6.2 points 0 : 2 | somewnat “more_confident, i 3.0043.30; beans, bushel. 75a1.00; | per b 3huss, -t keats. i B, F, SAUL CO. [ the improvement for the year and % 3 36 ;:;fi:’r;!:&. > e T A thatextile yams, :'!m?‘:h‘ HB‘%:;MKC. ead. 638 | Youne: ea:fi 32:25', per Ib., 24a27; keats, o " L | = hl“l improved credit conditions for 17.1 S e B e res i Ol 8% 3% [and other trades, which were frst 10| ;urrots, bunch, 3ad; celery, crate. 2.75| Dresged poultry—Fresh-killed spring i . l*r Batns e | e Cop e 6% 6% | recover, is being maintained, a moder- | ;355 orn, dozen, 15a20; cucumbers. | chickensh por 16> Sreer home. per b Mortgage Loans : S0 s-‘R!I.i‘?.:.‘&";’;'.‘;{"m"xh'.'.‘,’h"“ ey Cood s i e e 1 2y [ute revival is also appearing on other | pagket, 35a50; eggplants, basket, 153 [47: roostérs, per ib., 22; furkeys, per Ib. i Real Estate—Investments 5,000, E oard coming S 5 n behind. 5 1, 76a1.25; limal35a40: » De : e, : e 1o American ports from various sece 8 7% 7% Texas& Pacific. T e e I e ey S40; keats, young, each. 60ais. 934 N.Y. Ave. N.W. | 1409 New York Ave. NW. tions of the world. CubaCaneSupf.. 18% 1% 18 18 |Texas&PC&ON. 165 17 6% 16% |, 10"Vl o "United States Rubber |1Goar75: peppers, basket. 15a40;| Fork—Dressed. smaul. per Ib, 15. g 1 Phone Main 9% Calls for $23.097,000. Davidson Chem... 0% 41%~ 39% 41 |TgbaccoProd... . 69 60% !earnings did not appear untll after|aouach basket, 15a20; tomatoes, bas- u!-lwhe stock—Calves, choice, per Ib., Secretary Mellon this morning noti- | Del Lack & Wstn.. 9% 9 9 95 |TransContiOll... 6% 6% 6% 6% |he cloes, the stocks continued to dis- | ket, 60a70; bushel, 60a1.00; apples,|lls lambs, choice, per Ib., 10all; live fied all national banke holding tredits | Dome Mines:..... 16% 6% 6% 16% TWinCity RTran. s% 4% 48 444! count %2 hoor showing. barrel, 2.50a4.50; bushel 0a3.00: | hogs, 10. i isi a Fury cer- | Endicott-Johnson. 59 5 59 e |UnionOii... - 18% 16% 16% 16%| American Sumatra broke to a mew ! cantaloupes, basket, 60al.10; crate, | f(Green fruits—Applcs, per bbl, 3:00a | |}- e e eaalsa C enaury cor: 8 13 |UnionPacificpt... 65 6 6 6 |low, likewise getting ready for an un- | {oazos. grapes. common, ~basket, |10-0; Der Lushsl basket, 1.00a3.50 west- respective ro:f::al re‘;:":{ b::k'u fl‘; 8 18 48 favorable annual r!ponl." e 1,251 peaches, haskfit.fl;l‘;i?a%’.:i: ::'H‘ Mnrerboxx;o:"""“fgggjs‘r:'-"mf!:fir;fi:;; E ev\"‘e!e‘l’(' e ce ¥ Tuchiun of E’-:::-p:-innn 0% 61 Rfi :':“ United Ry Inv 6% 6% 6% u’ii‘f.‘i" atocks 2:"1:5!::;1 apprectation ,';'::he,l'nr’;x‘,.l]?&o“flg;:l:: 75a1.00; "com- | oranges, per oc\’o':stzb 6.00a7 0?: pench;:; = o > ) bonds, n, 50a76; plums, bushel, 2.00a3.00; Der crate, 4.00a6.00; cant.ioupes, i [ This means the payment of about s rs » |UnitedRyInvptf.. 17 1 17 | of the fact that the New Haven mon, 50a76; ! te, 1.00a3.00, $23,097.000 will be made. PN TIversD.Sl 8 8l B | onited RotanlSira. 61 01% {603 | especially the 6 per cents, have been | Wolirmelons, selects, et 100, ia;g0s| cratetooma DO SN S i s Bank Clearings Deerease. Freeport Texas... 10 10% 10% 10%|USIndus Alcohol. 46% 46% 4 | going down steady and quite marked- | 35.00; primes, 5.00a10.00. povegetables- Botatocs jnew, HMo: 1 Do 5 2 y for some time. e = :d , 5. .00; .. A3 H % Bank cleargigs the country over |3en Asphalt e nely - &4 | vertibles are the one conspicuous ex- DATRY MARKETS. polatoes, per barrel, 5,00a5.50; lettuce. ; Cabl? Transfers continue to decrease, losses being es- | Gen Electric. B up o e 2% | ception of new low prices dn 8 bond | g, [ TIMORE, Md. August 27_(Spe- DALY, Ber crate, Gsais; New ock: ’ : 3 peciaily o’&ififei?{\:fi York cliy ana Gen Motars. U8 Fubbagd ook 35 | maricet wh.l:-l'l. ;:neqr‘n.lcl:" is buoyant. i) ~Chiciens. fl‘g‘:‘;fl,‘;fl"fi:?:'s’?“g;k romaine |e(;;{e5, Low130; cyiablings, Foreign Currencies Foreign Bonds cities of the count G z Ut 4% 2% : 2 26a30; : 16 - ducks, 18a | PET_crate, 50aib; spinach. per J \ alcmcrayte cliueis in New York | Gramby Consol. <. 1% [s% 1w i Camadiom Corp. mX z o | Nobody exeept a very’ select fow |hems. Halh: old mesiern 5 ST Gn |Sommtce: L onions, zoowiSo; cabbase: ) ropped off $158.47 : Chicago_de- { Great Northern pt. ‘a-Car Chem. % 23% {knows why the United States Too ® 5 BEDlA ate, 1.50a2.00; tomatoes, ced $21.896.933; Philadelphia $15.- roat NorOrer.Dr sne M4 e 4|2 Car Chom bf... 6% 6% | statemenit for the first half of the| Yie. 1ouws off, native and nearby, cBERlAnts, per crate. 130 0 oraosen: ||l WE MAINTAIN OUR OWN ACCOUNTS ABROAD : Boston, 709, St. Louis, ® it ; A , 37a38 ; southern, 35. .0022.50 p 1; lma beans. | | a 1 \300.000 and Baltimore, $5.503,488. &% = 7y | vear is being withneid'so long from | arets, per dosen. 7234 southern. 5., | beans, 1002250 per barre ‘; Latest returns from the automobile | Indian Refinin . 9 Ll enta- |39 ladles 30a32: Folls, BRed0s | Th DUPONT NATlONAlJ BAN | center announce that there are atill | Inociration " 1 g0® o7 o | western Paciic. . 21% 12 g |their appearance has been momenta- |39: ldles, S83%5, [N e s4a20: | FOREIGN TRADE NOTES. e about 60.000 unemployed in Detroit. | intarboro Met pf.. 9% 9% 9k s | WesternUnion.... & &k 304 |rlly expeoted since then. Vesterday DRCel \Ciicll ‘sunds. T 2 S -onditions have improved somewhat| iTTfarvester.... 72% 73 72 12 | Westhonse E& M.. 41% 4% 2% AT CHICAGO, August 27.—Butter un-| poo o of automobyles and auto- CO A D . . bul wages are such that con- | ine) Mer Marine. .. ; s 8 gi| loasswoulicomeriate Ninnthe attr, : hanged: receipts, | | Fxports : ~ | nnecticut Avenue at Dupont Circle . : 5 - 8% 8% 8 i hen it did come it showed a | changed. Eggs, unchanged; P mobile parts from Canada for the year | 3 pumployment will be necessary | iae; afor Marine of 38 3% ek o0 S S 8 of $4.765.000, which was even | 6193 cases. ~Poultry. alive, lower: | JORIS PUZEe G0 ot s mounted to || being no obportunity for saving. TcTC |Intl Motor Truck.. 2% s zi% 274 | Willys-Overiand.. &% 8% 6% s [pfCt OO YOO fowls, 15a24; springs, 23. dy: | $19,431,000. Australia and. New Zea- 2 254 it Intl Nickel 12 2z 92 gz |WisconsinCentral 2 2 2 7| ‘In contrast to the weakness in Pawlne!‘—dflté"‘\;‘:dgnsr::;s' Sleady’ {land are stawd to have been the hm' e == Intl Paper. . ©% 2% & | Worthington Pmp 4% 35% 34% 35 |ynited States Rubber was the strength | 1daho and Colorad N enitee: | markets. CURB STOCKS. _ 1nvincible O1l. % 8% 8% 8% : in Kelly-Springfield. If every other | sacked, 2.65a2 nml?shu»‘nglllnveve;:a& 3 e e Quotations furnished by W. B. Hibbs & Co. |lsland Ofl... 6. 1%, 1% “seg] | HOURLY SAEES.OF STOCKE department of the former company| arly Ohlox Z40a20: MISSONS| Brports of wheat from Australia Gl {KansasClty Sou.. 2% 2% 2 1lam.....1196% 12M.... 21790 |were dolnfii = welll1 2 t;lr;eu l;: Earn: 121‘2 Ak B ol Al Vi . e re 2 3 3 - A Aetun Explosives . 13 o M et YORK. August 27.—Butter. | wheat crop this year was 146,000,000 Allied OR% ... o i f Kelly-Springfield has come y: receipts, 10,828 packages | pushels. i Sikaoees Nafunl ol ; from ‘people who Knew what the July | Creamery, higher than extras 42a L Boume OB .. 20000 T SURPLUS 'BANK RESERVES returns were. ; 421 creamery. extras (92 score Shanghai trade is reported to be | ; FS = D 3 firsts (88 to 91 score3 steadily improving. Stocks are being ! Te utter o k0 o Mm-fl':! ‘;"‘fl SAREY urrent make No reduced slowly and dealers are more TWé statement by the president “of Eggs, steady: receipts, 16.5 inclined to buy than they have een! = g e o SHOWN AT NEW mGH RAnO the Mercantile Marine Company that | Fresh gathercajjextia frats for some time past. Some people \\xl} tell %ou that only bread 1; - 4 the full 6 r cent divident would be | fresh gathere , 33a36; = eSSATY an. ) i save i ca s § en;m::! !h{’: year on the preferred|Pennsylvania and nearby western Spanish royal order provide: s PL.( ATy to Im’m but you save v Vb_\ d c & . {stock. attr providing for fixed charges, henr:jery,hwhues. firsts toextras. i Beriod of ‘:!.’l“‘,!;:;’én?:{i:'fi - ~-=—=-invest carefu'ly, the butterraism—witt-be pro- = d iation, did not come|59; do., hennery browns, extras. a = e aE T fal Re uction 1n Money Rates. Aavance I e o e e clons of yeorordays | 18; do. Babhared prowns and mixed | tom @eclaratipns, instead of seventy- vided. If you invest in our First Mortgage “ L market. Inasmuch as the derline to;colors, firsts to extras, 34a45; refrig- | two, as heretofore. Notes on improved propertv in Washington, Cotumbian Emera ! I . o, 36 was based mainly upon the fear|erator special, marks, 36a37; do, ~ P! Py - s e d Ctnied Copper ... 4 Cotton and Fall’ Market Condltlons that _earnings would slump badly |firsts, :uxé‘-,m T A tx:nhehf:'i:?-df:.-:fi“:h:oo;;;gfl'u?;:":i D. C, the carnings of your savings \\'11!_]?1'«-\1 e Conti 1 Motors 51, h ndanger the ul s-1 Cheese, steady: receipts, 1, oxes. i 2 at v rill o }‘;.'."J:;,n:j.““ = ‘;9: 0 . . . 1 Tribution. it would have scemed_ that | State. whele. milk. Rate; frean, spe: the government xionopoly. on rice and ample b\}tte:;hfor the :)rend that you will go on Mrchias i/ dl the assurance from the head of the|cials, 21a21%: do., average run, 20a|oats. earning in other ways. ’ Pominion OIF 2 utstanding Flnan(“a Features. lcompany. might have had more ef-120%: state, whole milk, twins, spe-| . a e g Empire Food ... 2 ‘ not open for alf an hour. Then it|20a20%. ~ C 208,; - !':,nx'i'{:ew“f-.mn.-m 3 i BY STUART P. WEST. worked off and allow prices material- | sold at 39 as against 383, at the close |~ Live and dgessed poultry., prices un- | bers and 22,634 officers, These bodics | Swartzell, Rheem & Hensey Co. {l’;':nfl 1-;1'.‘1'1"" o | NEW YORK, August zn—r‘uru\g {,’.,;1.‘,:‘;,’.'.‘.‘;:.,i‘:",‘,;;;‘.;’,‘:fifl.‘,";::;{;‘ RIEN Ch;":!d' Closeypidectieciwill e euoyern sl 727 15th Street N.W. Federal Oi 3] i1l (e s CHICAGO LIVE STOCK MARKI ment. 1a A e s'% | accumulation of surplus bank reserves, | bill? This will allow, in a really lapge K KETS. Gilliland Oil 1% | bringing ‘the ratio for the federal re-|{ Way. exporters of grain to secure CHICAGO, August 27 (United’States i e : ashington, D. Glen m.:‘”...x g* et TP B e s {hrough the War Finance Corporation pureau_of markets)—Cattle—Re- scelntatefitheEyes g{‘;}s';‘;flz“’""{ Wi D.C. ong-term loans, and they im turn will eipts, ead; compa: weel e ,546,652. S5 T 12% | year and the highest sinceélthe early ' be able to extend credi: for I l ago, good and choice beef steers, 35a The Nation’s Home Town gzz spring of 1918, an accompanying re- | Periods to foreign customers. o © 50 Jower; medium and common kinds, |, The f:::“;’«:ghtt:g n::;%(r‘::m:e' n?l Sl s ; In five hours of Friday’s session a off more; fat she stock, generally)l3rge DI . g 52 Years Without Loss 10 an Investor pe 9 | duction in money rates, a sensational 5 V) electric machinery and equipment in Intercontinental % i large number of the active jndustrial Steady; canners and cutters, 25 higher: | ic state of Victoria is reported from : Intetnaticnal Tetroten ( 97, | advance in cotton prices and a stock | stocks regained not only all they had| bulls, 25250 lower; veal calves, most- i 1€ Sa%e © 2 H Jerome Verte 3 2" | market which. for the most part. has| lost previously on the week, but all Iy 2.00 higher: stockers, steady; ecd- | Me! 3 | k ¥ given a vei 00d account of itself | {heil 1055 of the week before. This €r8;2-a0llewer. | The declared value of exports from | Lake Torpedo 2 i e i L & the most effective summing up that| . Hogs—Receipts, 4000 head: fairly|smcierdam to the United States dur | el I B rying circumstances make up | there could be of the stock market] NEW YORK, August 27.—The bond | active, mostly steady to strong,, with aracaibo Oil son Valley Merrit @11 .. Midwest Oil com. Midwest Oil pfd. srgmic! W Midwest Refining 130 M 8 3 By iy 20 Norta Amer. P. 3% Northwestern Oil 22 Omar Ol (new). 1116 1316 Pennok Oil . 3% 4 Perfection Tire . Eriod Producers and Re 3% 4 Radio com. 1% 1% Radio pfd. 1 2 Ray Herculés B Kyan Consolidated T 41 Nalt Creek Producing. 22 32 Salt Creek 10y 3% © sy 3% 2y g% 1 2 135. U U 1% 1516 3177 19 27 18 e 7 1 ] 1% 12K ™ 7 ki 94y % 8% oy 30% 40 —_— MONEY AND EXCHANGE. NEW YORK, August 27.—Prime mercantile paper, 6ali; exchange heavy; sterling sixty-day bille and commercial sixty-day bills on banks, 3.64%; commercial sixty-day bills, 3.69. 3.64%; demand, 3.68%; cable Francs, demand, 7.75; “ble:"'l.?fi% Belgian francs, demand, 7.50; 7.50%; guilders, demand, 31.14; 31.20; lire, demand, 4. s, 4.27; marks, demand, 1.14 cables, 1.14%; de> mand, 21.55; Norway, demand, 13.40; Argentine, demand, 30.25; Brazilian, demand, 12.25. Montreal, 9% per cent discount. Government and railroad bonds ateady. —_— NEW YORK BANK STATEMENT. ‘NEW YORK, August 27.—The ac- tual condition of clearing house banks and trust companies for the week shows that they hold $5,809,680 reserve in excess of legal requi ments. This is a decrease of $11,1 090 from last week. RUBBER COMPANY DEFICIT. NEW YORK, August-37.—The opera- tions of the United States Rubber - Company for the first half o the year showed a defioit of $4,875,223, after all interest gnd other chgrges had been ng to & report issued by today. the outstanding financial features of the week. It is quite possible that federal reserve institutions in the east will wait a bit longer into the crop- moving season before coming down any further in their discount rates. But the reserve ratio of 74.6 in the New York district is 30 per cent above what it was two years ago, and for the twelve regional banks together the present ratio of 66.5 contrasts with ratio of 51 per cent at the close of September, 1919, when 4 per cent was the prevailing rediscount quota- tion for the country generally. This simple comparisen of banking strength makes the present 514 per cent rediscount rate seem altogether too high. Increased Value of Cotton. As betwecn the low of June and this week's high, cotton has risen nearly 4 cents in the pound. From last year’s low the recovery is about 5 cents. This means, figuring up the probable yield of cotton this year plus the carry-over from last year's har- vest, an addition of something like $300,000,000 to the value of the sea- son's cotton holdings. What effect this will have upon economic condi- tions throughout the south is perhaps the most interesting question which has come up in the course of the week. It would seem reasonable to conclude that it will put owners of the staple in a much more cheerful frame of mind, accelerate the liquida- tion of k loans in which cotton forms the collateral, and ultimately revive for the benefit of generpl busi- ness the buying povwer of the soutl errl states, which ems redsonable providing the present improvement holds. As to the permanence of the upward movement, if the August re- port of the government shows any- thing like the startling shortage pre- dicted by private investigators. there ‘will not be much doubt of the warrant behind the higher prices. Profits to Producers Essential. “In the view of most critics there can be no return to prosperity until the country’'s basic commodities get back to prices where producers will have a reasonable profit, be able to pay off debts and begin to buy again. Cot- ton is one of the essential tommodi- ties which has certainly taken a most promising forward step, and the cot- ton grower represents one class at least of the mgricultural population ‘which once more can do business at a profit. Unfortunately, the same can- not be said for the general run of grain farmers. The latest govern- ment report of prices on the farms— which was under date of August 1— showed that wheat was bringing only $1.06 a bushel, against $2.52 a year ago; corn 62 cents, against $1.64, and oats 34 cents, against 82 cents. Hope in Agricultural Bill. The wheat crop is below the recent average, but there i{s no shortage at all comparable to that in cotton. The corn crop promiseg another huge ad- dition to the overhanging surplus The principal trouble does not lie with the export demand because breadstuff shipments, although smaller in value, are larger in volume than they were & year ago. But buying, whether for foreign or hom:g:oount. ‘would have to ) ulated before the, world excess of supplies could be situation. It gives some idea of the extent to which “bear cperations’ have been responsible for the ges weakness and have made it abpear much greater than it actually was, The market as a unit ceased going down toward the end of June. The declines since then, to be sgge, have been very numerous among individual stocks, but they have been move- ments’ based upon specific and not upon general conditions. Quite as many stocks, while they have seemed to go down when other parts of the list have had their sinking spells, have not stayed down and have been gaining.quietly but unmistakably all through the. fluctuations of the last two months. These are the stocks of ¥ompanies which have turned the corner of the business depression and are on the upgrade. . Bad News Not a Deterrent. Also there has been a demonstration again that prices can reach a level low enough to; measure the worst of news. Nothing) could have been more discouraging for the steel stocks than the statement made before the Senate committee by 'the president’ of the Republic Iron and Steel, and “con- curred in by the representatives of the other steel companies present, that his company was losing money on every pound produced, and that it would be better to shut down alto- gether. 'his came almost at the same time that Judge Gary was quot- ed as saying that the steel corpora- tion would meet all the most drastic new cuts of the independents, al- though realizing that business on such a basiz would be conducted at a loss. Yet the steel shares more than held their own during the greater part of the time In the week's market, FOREIGN TRADE NOTES. A decrease of $4,661,740 is shown in the value of experts from Naples to the United States during the first half of 1921 over the exports of the same period of the preceding year. Exports of vegetable tallow" from China. total annually about 200,000 piculs, the chief buyers being the United States, Italy and Great Brit- ain. = ‘The total trade of Manchuria in 1920 amounted to $429,431,636, which was a decrease of $61,915,970 from the 1919 trade, according to a report of Consul General Albert W. Pohtius, at. Mukden. , = There is & small but steady demand in the Malay Peninsula for boric acid in powder form for the retail drug trade, according to Trade Commis- | sioner John A. Fowler. The value of the imports of raw fruitginto the United .Kingdom in-\ cr about £2,000,000 during the fl:ll six r::n;h- of lgl over the value of import Ing the correspondin period of 1"&” - T -A-Y ‘;:g_ll QUOTATIONS. NEW-, August 27.—Bar silver, domestic,\ 99%’; foreign, 62.. -Mexican dollars, \155.“ i pence per ounle ; ey, 3% ‘per cent; discount rates, short bills, 4 cent} three-month biils, 4% s ‘have been sol list made a better response today than it had made yeSterday to the im- proved dealing on the stock exchange and the lowering of call money fates. The gains were for the most pait {small, but the main thing was_that they were general enough to indicate a resumption of the upward tendency, which was interrupted during the middle of the week. New York Central issues,. especially the 6 per cent debentures, were: help- ed by the excellgnt statement put out by that road for the month of July. Norfolk and Western convertible 68 were strong and up a half point to 102%. The Burlington joint 615 made a new high of -101%. Pennsylvania 613 were well taken again at 100, and Chicago and Northwestern 6%s at 101. Southern Raflway issues, both the 4s and bs, scored a gain, and so did { yesterday’'s average; good clearances; 9.90; bulk light and light butches, .85: bulk packing Sows, 7.26a : pigs, fully 25 higher; buik, de- ables, $.50a9.00. Sheep—Receipts, 2.000 head; com- pared with week ago, fat lambs. big 1.00 lower: fat westerns and yearlings, 26a50 lower; feeder lambs, 75a1.00 lower; other feeders about steady. —_ OIL STOCKS. Quotations furnished by W. B. Hibbs & Co. Aske Anglo-American Oil C 4 15 Borne-f ser Co. 3407 350 Buckeye Pipe Line 81 N2 Cheseborough Mfg. Co. 120 140 Continenta 0il Co S105 108- Crescent Pipe Line Co. Cumberland P} Eureka Pipe Galena-8ignal Oil C Galena-Signal Oil the St. Louis and San Francisco series | ingiana Yine 20 a2 iC bonds. Southern Pacific convert- 'National Transit Co. . 2415 251 ibles gained a fraction. Chesapeake |New York Transportation Co.. 140 145 and Ohio convertible 4143 were in de- | Northern Fipe Line Co. L5 ] mand.. Missouri Paclfic general 4s|Qhio Ol € =2 =6 improved a trifle. Prairle Ol and 420 430 New Haven 6s continued to be sup- | Prairie Pipe Line 182 188 plied around_their low of 53, and the | Solar Refining Co. 310 360 New York, Westchester and Boston |Southern Pipe Line Co. 76 80 43s, for which the New Haven ia re- | gouth Penn. Oil € ® sponsible, were off a fraction. Sandara oI Go Tudian T 100 Industrial bon‘:ll vudro tt;:" Lll:a m?\“ Standard il go Kans ggg & art either unchanged or higher. An ‘0. Kentu Sxception was United States Rubber |8 1 Co. Nebraska. 45 155 7348, which dropped off half a point | Stanadrd Olf Co. New York..... 315 320 during the early selling in rubber Ay ;220 = stocks. Kelly-Springfield 8s worked | Union Tank Line Co. % = higher. Chile Copper 6s were sup- | Vacuum Oil Co.... 200 250 ported at 70. il "Go. 2 = In the government group Dénmark i —_—— were a shade up, while the Swedish és{ FOREIGN BONDS. reacted and Swiss 8s came down half | o, wwnmb;‘m a point. F: tiens Curaiahod: B 11;‘00" ‘was slightly more strength in market for Canadian bonds ' this week, - with continued of the more active issues. Manitoba 68 of June, 1925, were 91 bid, 95 asked; the g of February, 1930, were 91 bid, against 94 and the 6s of January, 1931, 913 bid, 92 asked, and the s o oo mbes, 1937, wors 3% bid, againet ober, 1923, 95 _asked, and the 68 of 95% bid and 98 asked. — PLAN MOUNTAIN SCHOOL. Baptists Propose to Loecate Struce Special Dispateh to The Star. LYNCHBURG, Va., A 27.—At a meeting e . Pled: Baptist Associa Osk Hill Church, Nel son county, late last week ft was de- cided to locate a mountain 1 in Nelson county. An effort will. be made g: hul’d.. Preabyteriay school, it it will 80 Membership reports to tHe assocla- tion fl:”.‘ the churcl in it during the Aast fiscal year had a net gain of 234 members, giving a total member- ship of 4,124. milling' season -ig ° practically completed. in th.'l’hfllb’lflnl Islands and the total 1921 production of sugar will approximate 225,000 Eon-. it s stated, of whl:? probably 35,000 tons g C e [ Southwestern Pen Standard 0l Co. K tandard Of rd Swan & Fineh Washington 88 £ | Gotog Dresd ¢ | Duessel kfurt 4. Frankfart Parls ! it 16 4. 15% ink 4s 181, 48 2 b —_— FOREIGN EXCHANGE. Selling checks—Dollar values at noon today: 11y | sPectively. 11! —_— COTTONSEED . OIL STEADY. NEW YORK, August 27.— Cotton- seed ofl closed steady. mer yellow, 6.76 ' bid; 8.65; October, 8.82; H Decembes, 8.73; January, 8.78; Feb- March, 8.97.. Total sales, Prime sum- em| e ru oo ing the firgt six .months of 1 $33,888,598. 'compared with $37, during the corresponding period of 1920. Stocks of American machinery in Spain at the present time are reported to be much greater than those main- tained last year. Revenues of the Italian government during the year ended June 30, 1921, amounted to 10,900,000,000 lire. being almost one-half greater than the re- ceipts of the previous year. A comparison of the declared ex- ports of lumber to the United States from the Fernle district of Canada for the first six months of 1920 and 1921 shows a slump of over 50 per cent in the latter year. ‘Wheat exports from Canada for the year ended June 30, 1921, amounted to 139,248,615 bushels, valued at $317.- % | 147,940 and were more than double in quantity and approximately double in value the shipments in the year ended June 30, 1920. 4 Exports from Bradford, England. to the United States during the first six months of 1921 were valued at $25,- 009,602, as compared with a total of $28,152,358 for the same period in 19: During April and May, 1921, the ex- port market of Constantinople was dull. In April the only new sales ;lrere made by American and English rms. s France, Germany, !! United King- dom and Austria supplied the bulk of the imports into northern Syria in 1920, with Italy and the United States holding fifth and sixth places, re- It is reported that firms at Madrid, Spain, are endeavoring to organize a 100,000,000 pesetn' export corporation with a view to financing trade with 18% | South America, particularly in shoes, dressed hides and skins. Declared exports of coffee from the Salina Crug consular district to the United States for the first half of the current year amounted to 9,810,409 pounds, with a value of $1.34 Estimates place the excess of Ar- gentina’s imports from the United States over its exports thereto for the last fiscal year at the average monthly rate_of exchange, at 260,- 000,000 Aygentine gold pesos. An SMlal Hunglrian decres per- mits the exportation of buckwheat, millet (unhusked), honey,/wine, cham- pagne, lace and uncleaned clover seed ‘without export duty. from Santa Marta, Colom- Exports bia. to the United States for the six months ended June 30, 1921, exceeded by $270,887 the declared value for the corresponding period of 1920. Do YouKnowtheFull Earning Power of " Your Dollars? Invest in the 8% Cumulative Preferred Stock of the National Mortgage and Investment Corporation The Profitable Business of the Corporation, Which Is Managed by Conservative and Experienced Wash- ington Men, Assures Beyond Any Reasonable Doubt ' - SAFETY OF INVESTMENT INCOME DEFINITE AND FIXED OPPORTUNITY g“'°“ TS FROM THE PROFITS FROM THE COMMON STOCK OFFICERS AND DIRECTORS P. Jr. President, Washington Hotel Co., Director Equitable Life Insurance Co.; Director, Washington Market Co.; Director, Cllkllenl Savings Fred T. Dubois Former- United States Senator; President, Capltal Service and Information Bureau H. Prescott Gatley Attorney, Minor, Gatley & Row- land; Director, National Savings and Trust Company Frank J. Hughes President, Hughes Finance Corp.; |l Hughes Brothers, Builders, Royal Oak, Mich. l | PRESIDENT Real Estate Agent and Operator e PRESIDENT Coz{fi‘or and Builder President, Citisens Savings n President, Park Savings Vice x N TREASU! President, Rudolph & West Co., . Hardware and Bullders’ Supplies Vice President, Citizens Savings Bank, and Director, Park Bavings, Bahk L. Duval ARY Retired C. Birge Rea! Estate and Insurance C. S. Taylor Burke Burke & Herbert, Bankers, " alexandiia, V& Director of the Citizens Sav- ings Bank Harry A. Kite Real Estate Agent and Operator Investment Bullder tock of the National Mortgage and Investment corp:nuo or‘: gtnt;‘,: o'fl.rod ‘;t the same price paid by the officers and directors. fons are received by the Hughes Finance Corporatiem. 1418 I“;:csrllg:'l N.W. Phone Main 853 and Main 854. e