Evening Star Newspaper, August 29, 1921, Page 15

‘s DECREASE SHOWN | N PHONE RETURNS i BY L A. FLEMING. The Chesapeake and Potomac Tele- phone Company, reporting to the Public Utilities Commission, for the month of July showed a heavy de- crease, as have all the reporting util- ities. Operating income for the telephone ‘company for the month named was $54,303.50, a loss of practically $30.- 000, the returns for June of this year showing a total operating income of $83,993.67. ‘The month of August should show some improvement, but the real bet- terment in utility earnings will not come until September, when vaca- tions are practically over, and the days shorter. Loeal Securities. An advance of one-half point was noticed in Washington Gas on the Jocal stock exchange this morning. the sale being at 45%. Real Estate Title Insurance Com- pany sold at 90. This is somewhat better than recent bid prices. Washington Gas 7% per cent notes sold at 102%. Bonds were entirely neglected, not & transaction being reported. The typesetters were practically un- changed. On the call for bids and offers of call money, 5% per cent was bid, but none was offered under 7 per cent. Baltimore and Okio Earnings. Statement of the earnings of the Baltimore and Ohio system for the :nont_h of July were issued this morn- Ing. As compared with July, 1920, earn- ings the railway operating revenue showed a decrease of $2,534,649. De- crease in freight earnings accounted for $1.812,991 of the'loss. Operating expenses for July de- creased $10.416,750, but in 1920 ex- pense included back pay on account of the labor board ruling of $6,500,000. Less money was expended on main- tenance and equipment, and a deficit of $4,948,785 In net operating revenue in July, 1920, was turned to a mnet in- come of $2,206,781 this July. In like manner, the (first seven months of the calendar year show a net operating revenue of $15,731,000, compared with a deficit of $878,776 year for the same period, and in 4 the net operating income from a deficit of $5,414,563 to a net railway operating income of $9.657,246. Personal Mention. J. H. Baden, cashier of the Com- mercial National Bank, has returned from his vacation spent in northern camp life. Business Conditions. Potter, Brotners & Co., one of the oldest stock and bond houses in New York City, connected by private wires with bankers and brokers all over the country, have issued a summary of business conditions covering many Points of interest. They give it as their opinion that “there will be no money in New York for a rising speculative market under resent conditions. Loans are still be- ng called freely each day and fur- ther adjustment is necessary. Banks are scrutinizing collateral more closely than ever before. Several situations that were most difficult, pressing and important have been taken care of. permanently, we believe. ¢ _On the other hand we feel that tbere are other weak spots that must be cared for, and urge our clients to sirengthen speculative accounts by sales on rallies. The bond market is temporarily overloded. We fail to see signs of general bet- ; terment in business for some time to come, save in a féw lines that were ’ ! the first to feel the depression. |\ Most of the correspondents refer to the better condition of the banks, but i do not_find much encouragement in the condition of tke industrial world. The Continental-Commercial Bank of Chicago says: “If the bottom of the post-war depression has been reached, present crop conditions are good enough to warrant an anticipa- tion of reasonable activity. Our con- tributors make this point cleal The element of uncertainty is the degree of activity. d “Farm production this year will fall 10 per cent below the average of last 1 year. The important cereals return | to the averages of previous years. ! The crops, gathered and indicated, with the large carryover from last year, will supply the country with its needs, with a margin for export to countries less favored. “With labor the dominant question is not the wage per hour, but extent of output per man efficiency. “Collections are uniformly reported fair to good, in some lines better than in others, with the south poor, but generally fair to good.” TRACTION SSUES ' IN SEVERE BREAK NEW YORK, August 29.—The * Thipd Avenue adjustment bonds and éthe Brooklyn Rapid Transit 7s broke heavily this morning. There was no particular reason why other traction bonds should have been affected by the break in Interborough issues which followed the petition for the receivership, but it is possible that the decline in Third Avenue and Brooklyn Rapid Transit securities may have reflected a certain amount of fear that the erowd interested in municipal ownership might make capital out of_the episode. Interborough Rapid Transit 7s, due September 1, had closed on Saturday at 76%. They got down this morn- ing to 69. The Interborough Rapid ‘Transit which are the security for these notes, opened at 51, as against last week's close of 54%, and subse- quently touched 48%, which was al- most their low of the year. Inasmuch as Interborough Metro- politan is already in the hands of a receiver, its bonds broke less violent- ly. Still both the regular 4%s and the certificates reached new low woints, the former down 2% points to points, the former down 234 points to 8%. Manhattan Consolidated 4s fell 3 points to 53, and the second 4s es- llgll-lhefl a new low record of 42%. Partial Rally. In the afternoon the entire traction group had a partial rally, reflecting some banking support and also some speculative buying on the possibility 561 the difficulties being patched up, nd an Interborough Rapid Transit recelvership avoided. ‘The general bond market was not as active as at the close last week, and there were few changes of con- sequence. New Haven convertible 6s_continued their decline, losing an- other point to 52, where they stood at a new low recard. Later they rallied over a point on the publication of the July report, showing an operating income of $915,- 000, against a deficit of $3,767,000 in the same month last year. This is a decided improvement, but will have to go much further to cover require- ‘ments for interest and taxes. Total charges last year were $28,000,000, or at the rate of $2,300,000 a month. Rubber lssues Easfer. United States Rubber bonds were - easler on the semi-annual regort, with its deficit of nearly $5,000,000 before dividends. The 7s lost 2 points to 97% acd the 7%s a point ap 98. Inasmuch as Kelly Spring: leld is in a much better earnings position, and is in fact doing pretty nearly the best business in its his- tory, its 8 per cent bonds did not jympathize as they usually do with iqghe weakness in Rubber {ssues. They were in demand at 95% and “‘:‘n 8s were likewise steady iba Cane Sugar 7s broke sharply the-start, put-Jater Tallied, | Adv Rumley Ajax Rubber. Allied Chemf. Allled Chem pf. Allis Chalmers. Am Agr Chem Am Agr Chem pf.. Am Bosch. Am Car & Fdy Am Druggists. Am Hide & Lea. Am Hide & Lea pf. AmIce....... Am Linseed. Am Linseed pf.... Am Locomotive. .. Am Safety Razor.. Am Ship & Com. Am Smelting. Am Smelting pf Am Steel Fdy. Am Sug: . 8 Am Writing Prpt. !I!‘ Am Zinc & Lead. Anaconda. Atchison pf. B Atlantic Cst Line. Atlantic Gulf. Auto Sales. Baldwin Loco. . Balto & Ohio. . Balto & Ohio pf... Barnsdall (B) Beth Steel (B). ... Bklyn Rapid Trn.. Bklyn Union Gas. . Brown Shoe. Butte Copper. ,... Butte & Superior. . Butterick. Caddo OIl California Pckg. California Petrol Calumet & Ariz... &% Canadian Pacific. . 114 Central Leather. 25% Central Leather pf 60% Chandler Motor... 41% Ches & Ohio. . 52% Chi Great W pf. 1% Chi Mil & St Paul. Chi Mil & St P pf. . Chi & Northwn. Chi Pneu Tool Chi R I & Paci ChiRI&P 6%pf.. 6 ChiRI&P 7%Dpf.. Chile Copper Chino Copper. Coca-Cola. Columbia Gas. .... Columbia Graph. . Cons Gasof N Y... Cons Intl Cal Min. 855 Corn Products pf... 102 Cosden & Co. ..... Crucible Steel. . Cuban-Am Sugar. Cuba Cane Sugar.. Cuba Cane Su pf. Del & Hudson. ... Del Lack & Wstn. Dome Mines. Endicott-Johi Erie 2 Erie 1st pf. Famous Players Famous Players pt Fisher Body...... Fisk Rubber. . Gen Asphalt n Electric Gen Motors. Great Nor Ore. Greene-Cananea. . Gulf States Steel. . Haskell & Barker. Hendee Mfg, Houston O1l. Indiahoma Indian Refi Inspiration. Interboro Metro Interboro Met pf. . Intl Agr Chem. . Intl Agrl Chem pf. Intl Harvester. Intl Mer Marine. .. Intl Mer Marine pf Intl Nickel Intl Paper. 'Kansas City Sou.. Kelly-Spring Ti Kennecott. Keystone Tire. ... Lackawanna Steel Lake Erfe & W. Loews Inc. Loft Inc Louis & Nash. Manhattan Elev Market St Ry pf... 12 Market St Ry pr pf 27 Marland O1l. 18% Mathison Alkill. Midvale Steel. Minn & St L (n) Mo Kan & Tex. Mo Pacific. Mo Pacific pf. Natl Cloak & Suit. Natl Cloak & S pf. Natl Enameling Natl Lead. Natl Rys of Nevada Copper. N Y Air Brake. N Y Central. NYChi&StL.... NYChi &StL2d. NYDOCK......00n NYNH& Hart... N Y Ont & West... Norfolk Southern. Northern Pacific Oklahoma Prod... Orpheum Circuit.. Otis Steel. . Pac Gas & Elec. Pacific Oil. Pan-Am Pete. . 42 Pan-Am Pete (BY. Pennsylvania..... Penn Seabd Steel. People’s Gas Pere Marque Phila Company. .. Phillips Petroleum Pierce-Arrow. Pierce-Arrow pf.s Plerce Oil..... Pitts& W Va....« Pressead Steel Car. Pullman Co. . Punta Alegre Sug. Pure Oil.... - Railway Stl Spi Rand Mines. Ray Con Copper. Reading. ceeare Remington Type. . Rep Iron & Steel.. Royal Dutch...... St L & San Fran St Louis Southwn. Sears Roebuck. Seneca Copper. ... Shattuck-Arizona. Shell Trad & Tran. Sinclair Oil. . Sloss-Sheflleld. . su So Porto Rico Sug.. Southern Pacific. Southern Railway. Stand Oil of Cal Stand Oil of N Stromberg.Carb. .. Studebaker. 2 Submarine Boat. Superior Oil. Trans Contl Oil... Transue & Wilms. Union Oileecenaces 1% PR B LER L ET H HE AU T EL LN 5% | Western Union NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. f -} '2!;aiii!a‘fii§§§!§i§iié§!’!§§ f Union Paciflc. Union Pacificpf... United Drug. United Drug 1st... 3% United Fruit......100% United Ry Invat... 7% United Retall Strs. 51 U 8 Food Prod. b) U S Indus Alcohol. &% U S Realty. U S Rubber. . U S Rubber 1st pf. U S Smelt & Ref. 1 L R $a3398855 8008 Va-Car Chem pf. Vivadou ‘Wabash. Wabash pf A. ‘Western Pacific. ‘Westhouse E & M. ‘Willys-Ovid pf ‘Worthington Pmfp. ‘Wright Aero... “B8s25208,-3953332 i -umgyemus ogugung R TR T Call Money...... HOURLY SALES ?.F STOCKS. Ilam..... 110 700 m. 1p.m..... 296 90 2p.m....588 500 RENEWAL OF ACTIVITY IN THE COTTON MARKETS NEW YORK, August 29.—Cotton fu- tures opened steady; October, 15.40; December, 15.90; nuary, 15.95; March, 16.12; May, 16.25. The market showed renewed activ- ity, and excitement at the opening today and prices made new high re ords for the season during the first few minutes. The start was steady 263 | with prices 12 points lower to 3 paints = HH ;Es;guu L] §2oRgEgREaga2naglsy ' §RgRsEsnEaggsnaflagauag I oo FLHE P H L higher, but early realizing sales were uickly absorbed, with December con- tracts selling up to 16.35, and May at 16.54, or 35 to 37 points above Satur- The market emed broader than at any previous time since the beginning of the advance, with commission house brokers ac- tive, but the disposition to take prof- its at the new high prices was pro- moted by disappointing Liverpool cables and reports of better weather in the south. This led to reactions of 20 or 25 points and gave the market rather an unsettled appearance. Rumors of a crop report making the condition only 50.3, the lowest figu 8o far mentioned, led to another flurry of buying later which carried October up to 16.10 and January to 16.50, or 50 points above last week' The demand then became le: NEW ORLEANS, August 29.—The cotton market opened steady. Oc- tober, 15.30; December, 15.55; Janu- ary, 15.64; March, 15.78; May, 16.89. While poor cables caused a drop of 4 to 5 points on the opening of the cotton market today, the ad- vance of last week wasl almost im- mediately resumed and at the end of the first hour of business all months were at new high levels for the sea- son, October trading up to 15.85 and March to 16.29. At these prices the list showed net gains of 42 to 61 points. Outside buying was heavy and, as ustal, of late, was due to un- favorable crop accounts. A priva bureau report of 50.3 as the con tion of the crop wai bullish in- flueace of importance. LIVERPOOL, August 29.—Cotton spot in good inquiry; prices, firm. Good middling, 10.74: fully middling, 10.34; middling, 9.94; low middling, 9.14; good ordinary, 8.14; ordinary, 7.39. Sales, 10,000 bales, including 9,200 American; receipts, 8,000 bals including 5,500 American. Futur closed firm. August, 10.41; October, 10.38; December, 10.41; January, 10.34 March, 10.32; May, 10.28; July, 10.21. —_— GRAIN AND PROVISIONS. BALTIMORE, Md., August 29 (Spe- cial).—Potatoes, new, bushel, 1.76a 2.00; 100 pounds, 2.25a2.75; Nos. 3 and cabbage, head, 5a8; celery, crate, 2.75 a3.25; corn, dozen, 15a20; cucumbers, basket, 36a50; eggplants, basket, 15a 20; lettuce, bushel. 75a1.35; lim: beans, bushel, 75a1.00; onio; 1.60a1.75; _peppers, basket, squash, basket, ba2 : 0. basket. 50a70; bushe! ; bushel, basket, 60a1.10; Apples, barrel, 2. 1.50a3.00; cantaloupes, crate, 1.50a2.25; grapes, common, basket, 1.25a1.50; “peaches, basket, 1.50a1.75; bushel, 3.75a5.00; pears, Bartlett, basket, 1.00a1.25; Seckels, 76 al.00; common, 50a75; plums, bushel, 2.00a3.00; watermelons, selects, per 100, 15.00a25.00; primes, 5.00210.00. Selling Prices at Noon. —No. 1 red winter, spot, 1.36 per bushe 2 red winter, spot, 1.35; No. 2 red winter, garlicky, spot, 1.23%. August wheat, 1.23% per bushel; September, 1.23%: cargoes on grade No. 2 red winter, garlicky, 1.22%: No. 3, 1.18%; No. 4, 1.11%; No. 5, 1.06 Sales—Bag lots of nearby at 1.00a 1.15 per bushel. Corn—Cob, new, yellow, 3. bbl. in car lots; contract corm, spot, 86; track corn, yellow, No. 3 or better, domestic, 74a75. No sales. Oats—No. 2 white, new. 41a42; No. 3 white, new, 37%a38. Heavy welght ats will bring a2 premium of 1% to 2 ents over these prices. Rye—Bag lots of nearby rye, as to quality, 80a1.10 per bushel: No. 2 western _export, spot, 1.12% per bushel; No. 3, no quotation. Hay—Receipts of new hay Satur- day were 122 tons. For better grades of timothy and light mixed hay a fair inquiry at 18.00a20.00 a ton. Hay arpiving in bad condition sold at con- siderably less. Straw—No. 1 straight rye, nominal; No. 2 straight rye, nominal; No. tangled rye, 15.50; No. 2 tangled rye, 14.50: No. 1 wheat, 18.50; No. 1 oat, nominal, 14.50a156.60; No. 2 oat, no quotation. CHICAGO, August 29.—Whea' opened fnoderately active on the board of trade today. The start was % to 1% higher, with September at 1.21%, De- cember at 1.23% and May at 1.26%. There was fair buying by commission houses with offerings light. at a new high’ on the crop. The buy- ing proved to be not very enthusias- tic and part of the upturn was lost, the dip being due to selling by cash interests and houses with southwest- ern connection, but offerings were rapidly absorbed and the market ral- lied quickly. Trading was not large. At the end of the first hour prices were 13 to 1% above the opening. A _small advance in the live hog market tended to steady provisions. Oats followed corn at the openin; which was unchanged from Saturday’ close, with September at 34%a35, De. cember at 38%a38% and May at 433, CHICAGO, August 29.—Some buy- ing by the pit element and general bullish statistis served to make wheat average slightly higher, but realizing sales brought the pric down to a fraction higher than the opening. September finished at 1.313%, December, 1.23% to 1.23%, and May, 1.26% to 1.26%. Reports of heavy shipments held corn in rather nafrow limits through- out the session. The close was steady at unchanged to a fraction under the opening, with September at 54%a541, December at 54% and May at 57%. ‘WHEAT— . Low. Close. September ‘l)'fl.lm. lng. 121 1.31 Deégfih;r 2% l.fl& 1.23% l.ilh Beptember e...e B4 BA%e B4l A December cseee s anR tiber e Do o BE NG ue YORK, August 29.—Flour— ‘ patents, 8.00a8.50; NE s“lldnel ‘LOO 7.00; spring_ olears, a7.00; soft winter straights, = 6,00a6.5 hara "{a“?_‘zg"%"m’ st or! eady; me 5083 family, 30.00a34.00. S o Lard—Firm; 11.70. LOANS ON'’ LIBERTY BONDS 606 14th-St. NW, May sold |} NEH YORK STOCAS " GENERALY FRR BY 8. P. WEST, 'NEW YORK. August 20.—The main explanation for today's continued re- covery on the stook -exchange 18y 1n | Baithmo, the overflow condition of the market itself and in the faot, which has be- dome more and more plain all the time, that operations for the decline during the last three months in miany Instances kave been altogether exces- > Chesa) sive and unwarranted. A more hopeful feeling was reflected regarding the business outlook. This did not mean any great amount g of confidence that the situation in general was about to turn in any pro- | Eri nounced way. ‘What it did signify was a greater degree of assurance that the improve- ment reported in certain lines of trade was a real and lasting change, and that eventually other industries would fall Into line. TODAY’S BOND PRICES. Closing prices reported to the Star over direct New York-Washington wire by Redmond & Co. our 3 Hantic” Gomee L1 Atiantic Refining G (N. P.-G. N. jt. Canadian Northwestern Central Leather 5 Central Pacific 45 Qhesapeal This view was greatly encouraged | X< by which kept on today. With cotton up over®4 cents a pound, as com- pared with the low of June, there is a definite prospect of Iquidation of frozen agricultural credits and of at| .0 least partial restoration of buying power In the southern states. The cotton goods trade, and with it the entire textile industry of New Hng- land, is doing an excellent business, and now that wages have been ad- Justed is making & n ‘margin of profit. Reduce Operating Expenses. Rallway trafic tements, while showing no gain to speak of in gross revenue, as compared with the pre- ceding month, do show that operating expen ave beex reduced sufficient- 1y to make the frut majority of divi- dends reasonably safe. ‘The reasoning is not illogical, that it the textile and transportation indus. tries, which were certainly hit as badly as any, within a half year could pull up the way they have, another six months might well see a similar recovery in steel and other lines, in which the depression is still- pretty severe. ‘The new stock-distributing plan of the General Electric Company, which did away with all doubt about the maintenance of the stock dividend, and, at the same time, established the fact that this year's business will be sufficlent to cover all dividend re- quireménts, helped materially. Another was the United States Rubber report for the half year, pub- lished just after the close on Satur- day, which, though It showed. a heavy deficit and was unsatisfactory in not setting forth the condition of inventory bank loans, still indi- cated that: the business of the com- pany had seen its worst. Rubber shares were rather tardy in. their recovery, but General Electric one of the leaders from the start, and the punishment inflicted upon the short interest in this stock had a very important effect in intimidating short sellers elsewhere. There was further active recovery all along the line, but especially in the more high- ly speculative issues. Interboreugh Securities Weak. The application for the Interbor- Raj recelvership immediately interested, but had little effect otherwise. Word that the party of American oil men had ar- rived in Mexico City for the confe ence re; the signal for & Mexican oll and . The rails .were bought on the strength of the July reports, which were especially favorable in the case of the Chesapeake and Ohio, the Bal- timore and Ohio and the St. Paul Kquipment stocks were in demand, Steel common had the distinctiol quite remarkable in times likc these —of promptly recovering the quaiter- 1y dividend, which came off the price of the stock this morning. U. 8. Rubber Showing. Wall street was at a loss just how ta) the United States Rubber statement for the six months. Inas- much as it had been looking for a deficit, anywhere from $6,000,000 to $8,000,000, the 1 of $4,875,000 actuaily ‘shown see: quits &’ bit better than anticipated. But the discrepancy was due to the advance estimates dend deductions, tes some im- nd dwelt upon the fact that earnings for the second half year will get the benefit of sales efforts the expenses 6f which were charged against the first half year. Also on acoount of reduced wages and raw material prices, cost of operation will be less. But the official report, while it says that the loss on such inventory as was worked up during the perfod had been absorbed, does not tell ‘how much the $123,600,000 inventory of December 81, 1920, has been reduced. Neither is anything sald about the status of bank loans. At the fire€ of the year there was an entirely new item of $49,405,000 loans yable, mak! with ac- ceptances and accounts payable, total floating obligations of over $67,000,- 000. Without informatiori on thes essential points it is impo: know what the exact financial posi- tion of United States Rubber s, and therefore what its securities can fair- 1y be valued at e MONEY AND EXCHANGE. Francs, demand, 7.77% ?;laglln francs, demand, 7.52 31.40. cabl Guilders, demand, 31.34; uhl:: Lire, demand, 4.29%; cables, Marks, demand, 1.15%; cables, .16. Greece, demand, 5.60; Sweden, demand, 21.60; Norway, demand, 13.55. dA-?n::gmfl g;mn’l;d. Js.?ls;.srmu.n. , 11.87. Montreal, 9 13- “3:1 discount. Sonds. atines vernment bon rm; rafl I.;onfln irregular. Time loa e 0 days, 90 days, 6 mont! cent. Money to Loan e s s am o Joseph I Weller 420 Wasb. L & Trusi bidg., Oth and F n.w. GRAIN — SUGAR — COFFEE Bought and Sold on Commisaien |f 4 Sécurities and Commodities Review Free, Upon Request. 20 Broad Streef, New ' York | MEMBERS: middle west, 11.60a | WOODWARD BUILDING /Telephone Main 2040 the rise In the cotton market, |\ nia 55 1968, aneyivania R B. 6 Pennsylvania 76 of 198D. Penney] Heading 8t. Loul 8t. Lou Bt. Louf Beaboard Air Line refdg. 4s. Beaboard Air Line adj. Binclair Cons. OIl Corp. s 1025 Southern Pacific st ref. Bouthern Pacific conv. 4s. Grain, Produce CHICAGO LIVE STOCK MARKET- CHICAGO, August 29 (United States bureau of markets). — Cattle — Re- ceipts, 13,000 head; better grades beef steers and she stock, mostly 25 high- spots up more; top bef seteers, spots up more: top beef steers, bologna bulls, 8.76a4.25; beef bulls largely, 4.75a5.75; veal calves, stock- ers and_feeders strong; bulk vealers, around 10.75a11.00, Hogs—Receipts, 32,000 head; active, bulk of sales, 7.65a heavyweights, 8.50a ai 9.50a10.10; lightweights, 9.65a10.10; light lights, 9.0029.90; heavy packing sows; smooth, 7.50a8.25; packing sows, rough, 7.10a 7.60; pigs, 8.0029.25. Sheep—Receipts, 40,000 head; native lambs opened 50 lower; top, early, 8.50; culls largely, 4.50a5.00; fat sheep, weak to lower. —_— DAIRY MARKETS. BALTIMORE, Md., August 29 (Spe- clal).—Chickens — Alive, _springers, pound, 26a30: white leghorns, 24a26; old hens, 23a28; old roosters, 16. Ducks, 18a24. Pigeons, 25. Guinea fowl, each, 70. Eggs—Loss off, native and nearby, firsts, dozen, 37a38; southern, 35 Butter—Creamery, fancy, pound, 42a43; prints, 43245; nearby creamer: 38a39; ladles, 30a32; rolls, 28a30; store ‘packed, 26a27; dairy prints, 28a 30; process butter, 34a35. CHICAGO, August 29.—Butter—Un- changed; creamery extras, 3§ dards, 35 firsts, 33a37% 30a32, Eggs—Unchanged; receipts. 13463 cases; firsts, 29a31; ordinary firsts, 24 227; miscellaneous, 28a29. Poultry—Alive, unchanged; 16a24; springs, 23. Potatoes—Receipts, 81 cars; stead: Idaho and_ Colorado whites, sacked, 2.65a2.75; Nebraska early Ohios, 2.40a 2.50; Minnesotas, 1.90a2.05. NEW YORK, August 29.—Butter— Steadier; receipts, 4,837 tubs; cream- ery, higher than 'extras, 42a421s creamery, extras (93 score), 4134a41%: creamery, firsts (88 to 91 ‘score), 37a 40%; packing stock, current make, No. 2, 29, Eggs—Firmer; Recelpts, 10,202 cases; fresh gathered, extra firsts, fresh gatsered, firsts, 33a3 state, Pennsylvania and nearby west- ern_hennery, whites, firsts to extras, 47a59; do., browns, extras, 46a48; do., thered, browns and mixed colors, sts to extras, 35ad5; refrigerator, special marks, 36a37; do., firsts, 34a35. Cheese—Steady; receipts, 1,036 box state, whole milk, flats, fresh, specials, 21a21%; do., average run, 20a20%; state, whole milk, twins, spe- glals. 21a21%; do., average runm, 20a Y. pair, fowls, PARIS BOURSE QUIET. PARIS, August 29.—Trading was quiet on the bourse today: 3 per cent rentes, 56 francs 75 centimes: exchange on London, 47 francs 57 centimes; 5 per cent loan, 81 francs 45 centimes. The dollar was quoted at 12 francs 87 centimes. Investment Results One did not think that he was speculating when he bought government bonds or high-class railroad bonds authorized as legal invest- ments for trustees, but he ‘was. He was speculating on the rate of interest that capital was to command and the price at which long-time loans atl f fixed interest rate would sel A real investment has been First Mortgages. There have been no losses in them, but the rate has changed with the market for money, and the principal has at all times been worth hundred cents on the dollar. In afmounts of $250 and up. B. F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. Southern Railwiy gen, 4s.. Boutbern Ratiway Sver Union Pacifie 1st 4s. Unton Pi . 78 1936. roling Chemieal 758 1082, Co. 18t 86 eernceeenn SHORT-TERM SECURITIES. (Reported by Redmond & Co.) Bid. 05’!'. 97 97 ., C. & Bt. Lonis 6s 1929. Gas of New York 8s 1921. Copper Export 19 1 Copper Export i H. J. Helns 7s 1830. Hocking valley 7s 1094 Humble 01l 7s 1928 8cof R. J. Reynolds Gs 1922 Bears, Roebuck & Co. , Roebuck & Co. 7s 1 Bears, Roebuck & Co. 7s 1923 Southern Ratlwa; 1922 Westinghouse E. & M. 78 LIBERTY BOND CLOSING PRICES. NEW YORK, August 29. — Liberty bonds closed: Three and a halfs, 87.6 1st 4s, 87.92; 2nd 4s, 87.68 bid 87.78; 2nd 4%s, 87.84; 3rd Hg!, 90; 4%s, 87.96; victory 3%s, 98.78; victory 4%s, 98.78. and Live Stock LOCAL WHOLESALE MARKET. Eggs—Strictly fresh, per doz., 40; average receipts, 39. Liye poultry—Roosters, per 1b., 18; turielys, Tpor 1b. 83a3; chickens, spring. ber Ib., 33a35; hens, per 1b., 24a27; keats, young, each, '35a5 Dressed poultry—Fresh-killed _spring chickens, per Ib. Sonse: hen per b, 21; roosters, per turkeys, per Ib. 3tad0; keats, young, each, 60a7S. Pork—Dressed. small. per 1b., 15. Live stock—Calves, choice, per Ib., 11; bs, choice, per lb., 10all; live ogs. 10. . Green fruits—Apples, per bblL, 3.00a 30.00; per bushiol basket, 1.00a3.80; west- ern, per box, 3.50a5.00; California lem- per box, Calif oranges, per crate, per crat 00a6. crate, 1.60a3.25. Vegetables—Potatoes, new, N barrel, 5.0026.00; No. 2, 2.50a3. Dotatoes, per barrel, 5.0085.5 nearby, per crate, 75a1.25; New 3 crate, 1.60a2.50; celery, per doz., 50a75; romaine lettuce, 1.0val50; cymblings, per crate, spinach, per barrel, 3.00a4.50; 2.00a4.50; cabbage 3.00a3.50 per bbl.: cucumbers, 1.00a1.50; eggplants, per crate, 1.5022.00; tomatoe per box, 75a2.50; corn, 10a25 per dozen; beans, 1.00a2.50 per barrel; ima beans. 20a25 per quart. ' N SN 39’0 ON SAVINGS| Positive Protection Ny Of your jewels and valusble A\ papers can be secured for less \NN than ONE CENT A DAY. \ Safe Deposit Boxes 3250 a Year Up 1336 N. Y. Ave. Protection The foundation prin- ciple of this House is absolute protection of the investor. After all, buying ihvest- ments is like buying anything else. Your protection . is the in- tegrity, responsibility, good judgment and ex- perience of the House from which you buy them. Our First Mortgages afford the protection every conservative in- vestor desires. The yield of 8% available now is accompanied by the same marked degree of safety our .imvestments continually possess. I you camnot esll send for list of attractive offerings he F. H. SMITH CO. Founded 1873 815 15th * “48 Years’ Proven Safety” Foreign Carrencies [FOREIGN EXCHANGE . Coble Transfers ".- Foreign Bonds The DUPONT NATIONAL BANK Connectitut Avenue at Dupont Circle ; Franklin 4424 : FINANCIAL." SAFETY —not only a an establishe you invest in FIRST TRUST NOTES k3 —in your mail the day it is due. SHANNON & LUCHS 713 14th St—Main 2345 EQUITABLE Co-Operative Baikd om“’ 1879 Yonllc;:ey and your eelf-respect as well will in- ) crease if you SAVE FOR A PUR- POSP—with that home of your dreams always in view. Join the Equitable! Subscriptions for the 81st Issue of Stock Being Recelved Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING 915FSt. NW. JOHN JOY EDSON, President FRANK P. REESIDE. Sec’y. romise, but fact when Assets Surplus . When Alonzo B. Porter of Detroit received a check for $428873 from the Mutual Benefit Life Insurance Company of New Jersey last year it represented $1,001.83 more than he had paid in. Twenty-seven years ago he took a policy at low ordinary life rates. But large annual dividends changed his whole life policy into an endowment. From the time he paid his first pre- mium his family had $4,000.00 protection, and in the end it turned into a fine investment. EVERY MAN WHO CARRIES LIFE IN- SURANCE should read our booklet, “Endowment Peolicies at Life Rates.” Let us send you one. P. H. TAMPLET, General Agent. Special*Agents: Frank D. Roach and Dwight T. Scott. Suite 31, 1425 G St. NNW. Phone Main 2277 in life is to provide for his family, both before and after his death. The thought of depend- ents in need Is sufficient incen- tive for tireless efforts to carn and save. THE greatest obligation a man has Our First Mortgage Loans are an investment medium which pays an un- usually good income—7%, and at the same time they relieve the investor of any worry regarding the safety of the principal. Investing in First Mortgage Loans is meeting your obligation to provide for the future of your dependents. The loans are in convenient de- nominations. @ »+ H.L.RUST-- 912~15BST.NW. YOUR. LABORS HOWn_xuhofiehammymmfingupfor the future? Not the earth’s harvest—though that, too, must be gamered in a strong, safe place —but the money that has rewarded your efforts. ought to be saving up for the years to come. But savings alone are not enough. ' You want to reap a harvest on that harvest. If you open‘a savings account with the American Security and Trust Company, you will receive three per cent compound interest. And this bank’s record and resources leave no room for uncertainty as to the safety of o pgel & AMERICAN + SECURITY &TRUST COMPANY 15th Street at Pennsylvania Avenue HOME SAVINGS BRANCHES _ yth Street and Massachusetts Avenue, N.W. Eighth and H Streets, N.E. 436 Seventh Street, S.W.