Evening Star Newspaper, September 7, 1921, Page 19

CERTIFGATES MAY BE PAID THURSDAY Secretary Mellon Offers Early Redemption—George M - Reynolds’ Interview. has authorized Federal Reserve banks %o redeem on end after Thursday, Sep- tember 8, and until further notice, at the holder's option, at par and interest to date of optional redemption, Treasury certificates of indebtedness of series TS-1921, dated September 15, 1920, and serles TS-2-1921, dated March 16, 1921, both maturing September 15, 1921. Of the first named issued there are utstanding $341,969,500, receivable for es; these are 6 per cent ficates. the second issue there are outstand- g $193,302,000. This issue bears 5% r cent interest. 1t is within the possibilities that a call may be made for part or all credits with national banks, within the next few hours. ‘" Jeining Clearing House. The Washington Clearing House Assoclation is growing stronger daily through the addition of assaclated members, a drive in that direction being now under way. At the last meeting the Bank of Commerce and Savings was admitted to associate membership, clearing hrough the Lincoln National Bank: he Washington Savings Bank joined ciearing through the National Metro- politan Bank; the Anacostia Bank and the Northeast Savings Bank also join- R ed, both using the American National for clearance of checks. 5 There are a number of savings banks that have long enjoyed asso- clate membership and some still out. The clearing of checks via the local clearing house gives a bank a strong- r appeal to depositor: Reynolds Gives Interview. Reynolds, president of the National Bank of Chicago has been interview- ed, this time by Marco H. Hellman, representing the Los Angeles bankers in charge of the approaching conven- tion of the American Bankers’ Asso- ciation. Mr. Reynolds said. “The country needs some of the wholesome optimism that is typical of Californians. There is no better medium for radiating this quality of hope and courage than the American Bankers' Association, which will hold its annual convention in the decidedly beautiful and distinctly prosperous city of Los Angeles in October. “There are welghty subjects before the business world. Having gone So far through the inevitable period of liquidation; wholesale prices having dropped to what appears to be @ halt- ing place for the present; liquidation of indcbtedness having proceeded with such strides and so little dis- aster, comparatively, one of the weighty questions for the banker and business man is, What next? < “I have not seen the list of speak- ers or topics, but it is not unlikely that many of the serious discussions at the coming meeting will be di- rocted toward answering this ques- tion. This much ¥y certain, leading @ pankers, many bf whom will be pres- .ent, and somf of whom will be on the program; are close studegts of affairs at all times. Thés is especially true now. They will have much to say that will be of vital interest, much 4 that ought to help shape the policy of ‘business and direct it into safe and sane channels during the next twelve months. “The convention ought to prove to be a great open forum where some of the keenest students of banking and economics will give delegates the benefit of their observations and analyses of the problems that re: main to be Solved as we get back to normal. The time is propitious for a memorable and tremendously help- ful gathering. “Los Angeles will be the magnet that will draw bankers in October. Al who go will gain much informa- tion; they will be partakers of = genuine and refreshing hospitality; and I hope they will return more con- vinced than ever before that America is the richest of the family of na- tions; that for the time, at least. we are past the worst of the readjust- ment struggle; that this year's crops, generally good and produced at low cost, will help to revive trade, and that more courage in business is Justified.” Loeal Securities. Considerable activity marked to- day's session of the local stock exchange. Bonds continue to Jeature the trading. the steady advance in \the New York market having a stimulating _effect on local utility bonds, which have ever been favor- tes here. Potcmac Electric general 6s sold at 96%, Railway 4s at 61%, and the 71 per cent notes of the Washing- ton Gas Co. at 102%. In the stock list Railway pre- iferred_brought 56, Capital Traction was active in a small way at 87, and ‘Washington Gas shares brought 45. No Call Yet. Forms for a call from the office of the controller of the currency have been in the hands of the banks since Friday last, but still no call. It was the general opinion before the recent holidays that the date of the call would be August 30. Now, however, a later date is expected. It is interesting to note that but our times in the last twenty-one years has the controller of the cur- rency called for a statement of con- dition on an August date. Another year may be added if the expected call comes for a September date. South Dakota Bends. The loal office of the Guaranty Com- pany of New York announces: “The firm tone which the municipal mar- ket has shown recently is well illu trated by the announcewent that the syndicate handling the South Dakota state bonds has advanced the price {3: the unsold portion of the issue to % . “These bonds are twenty-year 6 per qent, and at the present asking price will yleld 5.60 per cent.” MONEY AND EXCHANGE. NEW YORK, September 7.—Prime lay bills % commercial 60 day bi lemand, 1% cables, 3.72%; ;?lnfl. demand, .62; cabl demand, 4.35; cables, 4.35%; marks, demand, 1.06%; cables, 1.07; Greece, demand, 5.63; Sweden, demand, 21.45; demand, 13.0l demand, 30.5 Brasilian, - 12.87; Montreal, 10% per cent dis- leount. Government and railway bonds m. Time loans steady; 60 days, 30 days, B months, 5%aé per cent. —_— FOREIGN BONDS. Quotations furnished by W. B. Hibbs & Co. ] Island Oil.... NEW- YORK STOCK EXCHANGE | Received by Private Wire Adams Express. Adv Rumley. Ajax Rubber. Alaska Juno. led Chemical Allfs Chalmers. Am Agr Chem Am Boach. Am Am Ship & Com Am Steel Fdy..... % Am Sugar. 3 Ann Arbor pf. Atlanta Bir & Atl. Atlantic Cst Line. Atlantic Gulf. . Atlantic Gulf pf. Baldwin Loco Balte & Ohio. Balto & Ohio p Beth Steel (B)¢. Booth Fisheries. Butte Copper. Butte & Superior. Butterick. Caddo Oil. . California Pcksg. California Petrol California Pete pf. 4% A 8% - 8% : Am Locomotive. Am Loco pf. Am Safety Raszor. % Central Leather. Central Leather p! Cerro de Pasco. Chandler Motor. Chi Mil & St P pf.. Chi & Northwn. Chi Pneu Tool..... Chi R I & Pacific.. ChiRI&P 6% pf. Chile Copper. Chino Copper. Cluett Peabody. .. Coca-Cola. . Columbia Gas. Cotumbia Graph. . Cons Distribytors. Cons Gasof N Y. Cons Intl Cal Min. Cons Textile. Cont Can. Cuba Cane Sugar.. Cuba Cane Su pf. Del & Hudson Del Lack & Wstn. Dome Mines Du SS & Atl Endicott-Johnson. Famous Players. Famous Players pt 80 Fed Mines & Spf.. 22 Fisher Body Fisk Rubber. Freeport Texas. Gen Asphal Gen Asphalt pf. Gen Cigar. Gen Electric. Gen Motors. Gen Mot €% deb. . Goodrich pf Great Northern pf. 72% Great Nor Ore 2% Greene-Canane: 0% Gulf States Steel.. 3% Hartman Corp.... 0 Haskell & Barker. 56% Houston Ol s Hydraulic Steel. .. Indiahoma...... Indian Refining. Intl Harvester. Intl Mer Marine. ... Intl Mer Marine pf & Intl Nickel. 13% Intl Paper: Invincible Oil. 8 10 Jewel Tea. Jewel Tea pt. Kansas City Sou. Kansas C Sou pf. . Kelly-Spring Tir Kelsey Wheel. Kennecott. 1% Keystone Tire. 2% Lackawanna Steel n“ Laclede Gas [ 25% 51% 81 . 0% 58 - SEERESEEneREsR agn® g *® Lee Tire & Rubber Lehigh Valley. Loews Inc. . Loft Inc 100% Midldle States Oil. 12 Midvale Steel A% Minn & StL (). Minn StP&SSM. € Mo Kan & Tex. 1 Natl Cloak & Spf.. Natl Lead. Natl Rys of M 2d. Nevada Copper. New Or Tex & M. Norfolk Southern. Norfolk & Westrn. North America. North Am-rle-n pf. FRELEHSE EE R R L i HH R Direct to The Star Office. Santa Cecilia Sug. Saxen Motors. 20% | Seaboard AL pf... Southern Pacific... 77 Southern Railway. 20% Southern Ry pf. 4T% Standard Milling.. 90% Stand Oil of N'J. Stand O N.J pt. Steel & Tube pf. Stewart-Warner. Studebaker Submarine Boa Superior Ofl. Tenn Capper. Texas Company. Texas & Pacific... 2% Texas & PC & Oil. Third Avenue..... Tobacco Prod. Trans Contl Oi1. Union O Unlon Pacific Union Pacific pf. Union Tank Car. United Drus... . United Drug 1s United Fruit. United Retall Str. 8 Food Prod. U S Steel pf. . Utah Copper. Utah Securities. 31% | Vanadium Corp. Va-Car Chem..... Va-Car Chem pf. Vivadou Western Md. Western Md 2d. Western Pacific... 21% Western Pacpf... 60% Western Union.... 82% Westhouse E & M. 44 Wheeling & LE... Whita Motor. White Of1 Willys-Overla Willys-Ovld pf. Wisconsin Central 23 Worthington Pmp. 87 Wright Aero...... 8 High. Low. Last. Call Money...... &% 5 5 __HOURLY SALES OF STOCKS. 11am 777169 700 12 700 - Holders Rate. Period. sble._of rec.d $1.00 Oct. 1 Sep 20 2 1 Sep20 Am Win b9 do Bt - 1 Hercules Power. do .. Niptuaing 58 > I Ovena Hottle- . ccoceccofocoo® Washington Stock Exchange. SALES. Washington Gas 714s—$1,000 at 10235, “-“) At 613, L at 61%, at 6lig, at 9615, e 5 way ptd.—5 at Light=25 at 45. Money—Call loans, €a7%. Bid and Asked Prices BONDS PUBLIC UTILITY. American Tel. and Telga. 4s. Amer. Tel. and Telga. 433s. . Tel. and Tel. ctl. tr. 5s. Am. Tel. and Tel, conv. 6s. Anacostia and Poiomac 5 ‘Anacostia, Potomac guar. bs: C_and P. ‘Telephone 5 Capital Traction 3s . City and Suburban Se. getown Gas 1st Bs fian R. R. Se. 814 81“ . 85 D1 '3 Washington Gas 3s - as ton Gas Wach: finy. ana_Eie. ‘Wash. RWy. and Elec. MISCELLANEOUS. Realty Gs (shiort). 2eRaneszesReees 4. RI wll age Steamboal ash. Rwy. and Elec. com. sh. Bwy. and Elec. pfd. NATIONAL BANK. TRUST COMPANY. American Security and Trust Continental Trust = National Savings and Trust. Union Trust . 215" 7 TITLE INSURANCE. Columbia Title Eeal Estate Title Columbia Graj o 0d Duteh Market pi toray Washington Marke 'Ex-dividend. & —_— FOREIGN EXCHANGE. values at noon today. 570 Belgrade 11% Modtreal e OIL STOCKS. (Rurnished by W. B. Hibbs Angio-American Ofl Co. (new). ‘mser_Co. E5as CELLTEIY L3 *® eBBEENaR aEy H 3 o . (3 o Egszssss <89s89e 8 £6E $: PULITE L PP =n§si§li§§:§ E E ICHBURG, Va. Lynchb T which go e leat 2 September 7.— o .| September ‘dark loose-: — TODAY'S City of Paris French Government Sa Government of Switserland 88 Taites Kl“nmhug“ Ui @ b son, Topek: geB. Atinatic”const g etk e c Refining Co. 6 ¥ Atias Fowder Co. timore and Obi Bethlehem Steel Burlington (N. at Central Pacl Chesapeake and Ohlo conv. and Ohlo gen. 4 and Ohio conv. nd 8t. Paul refd. 4 Paul con Chesapeake » esa) 8y inf Inter. Rapid Transit ist and ref. Loutsrille and Nashville To. 1680, Miy Texas 1st 4s. 1’ gen. -4« g: l‘:u‘ n:]i s!.lll FPl‘lm.‘luto Louls a sco Gs, 1929 3 e 424,862 Francieco G & % Grain, Produce GRAIN AND PROVISIONS. BALTIMORE, Md., September 7 (Special).—Potatoes, white, bushel, 1.75a2.00; 100 pounds, 2.25a2.50; Nos. 2 and 3, 50al1.25; sweets, barrel, 2.50a 3.50; yams, 2.00a2.50; beans, bushel. 40a90; beets, bunch, 2a3; cabbage, head, 4a8; carrots, bunch, 3a4; celery, crate, 2.76a3.00. Corn, dozen, 6al8; cucumbers, ba: ket, 40a50; eggplants, basket, 20; let- tuce, bushel, 50a1.0 lima beans, bushel, 75a1.00; onions, bushel, 1.50a 1.75; peppers, basket, 20a25; squash, basket, 15a20; tomatoes, basket, 35a 50; bushel, 70. Apples, barrel, 2.50a a2.5 cantaloupes, b crate, 1.25a2.2 rapes, common, geaghts, basket, 8021.25' 2.25a3.25; pears, Bartlett, basket, 1.0? a1.25; Seckels, 76a1.00; common, 50;75.. plums, bushel, 3.00a4.00. ‘Watermelons, selects, per hundred, 20.00230.00; primes, 8.00212.00; culls, 4.00a6.00. Selling Prices at Noox. i Wheat—No. 1 red winter, spot, 1. per \:\.l'!he . No. 2 red winter, spot, 1.40; No. 2 red winter, sarlicky, spot, 1.30. September whe: October, 1.31% 2 red winter, 1.22%; No. 4, Sales—J ; bushel, 1.25 1 as to qual- per bushel. 3.60 per bar- ob lots, ne ity, at 1.02, 1.05 and 1.10 ‘Corn—Cob, new, yellow, rel in car lots; contract corn, spot, 65%; track corn, yellow, No. 3 or bet- ter, domestic, 76; no sales. s Oats—No. 2 white, new, 46% to 47; No. 3 white, new, as to weight, 43% to 44%. Rye—Bag lots of nearby rye, as to quality, 80a1.10 per bushel; No.--2 western _export, spot. 115% per bushel; No. 3, no quotatio; l’h!—fle‘ceipxl of new hay yester- day were 34 tons. - Official trading in new hay started today and prices, according-to-grades, will be announced probably tomor- row. Hay arriving in good order, 16.00 to 20.00 today. Straw—No. 1 straight rye, nominal. No. 2 straight rye, nominal; No. 1 Wwheat, 13.00; No. 1 oat, 14.50a15.00. CHICAGO, September 7.—Wheat opened unchanged to % higher on the deferred deliveries on the board of trade here today, and 3 higher on the September, while corn was un- changed to % higher and oats % to % higher. The great strength shown in cotton appeared to be a factor at the start. Outside interest was less In evidence this morning, with senti- ment rather bearish, and-there was consfderable profit-taking in wheat wheat opened at 1.2 December at 1.29% to 1.30% and May at 1.34 to 1.343%. There was an early slump, but this was followed by good support, and the market rallied and an hour after the opening was a shade to % of opening figures. Early trading in corn was light, and the market followed wheat to some extent. After opening 53% for Sep- tember, 543 to b4 for December and 58% for May, there was a slight slump, and at the end of thg frst hour corn was off a shade to % from the opening. Oats took the course of other grains. Trading was light. September opened at 36%, December at 38% and May at 42% to 42%. Oats also fell off slight- ly during the early trading, being-a shade to 1 down at the end-of the in- itia] hour. Provisions were easier early. Open. High. Low. Close. 1. 13, 3% 13 Ta0f Laay 1284 ot 11 o oag 11.82 1182 1160 11.60 1190 1190 1165 1165 BALTIMORE, Md., September 7 (Special).—Chickens, alive, springers, per pound, 27a31; white Leghorns, 25a 27; 01d hens, 25a29; old roosters, 16a17. Ducks,. 18a24. _Pigeons, pair, ‘25. Guinea fowl, each, 40a60. firsts, dozen, 38; southern, 36a37. Butter—Creamery, fancy, pound, 42; prints, 42a44; nearby creamery, 38 ladles, 30a32; rolls, 26a30; store- packed, 25a26; dairy prints, 28a30; process butter, 33a35. CHICAGO, September 7.—Butter— Unsettled; _creamery extras, 39 standards, 36%; firsts, 32%a88; sec- | LUHY onds, 30a32. . s - Eggs—Unchanged; receints, 13,870 cases. . & Poultry—Alive, higher; fowls, 15a 16%; springs, 2 - - NEW YORK, September 7.—Butter firm: receipts; 16855 wk:gv-. cteamery, higher than extras, 42%a 43; creamery, extras (92 score), 41: mery, firsts (88 o 91 score), 37a41; packing stock, current make; No. 2, 27. e Eggs ern hennery W 47260; do,, was, gathered brown: frregular; ~ receipts, - state whole milk, flats, fresh, specials, 21a213%; do., average run, 20a20%; state, whole milk, twins, specials, 21a21%; do., average run,’ 20%4. NEW YORK -SUGAR PRICES.: NEW YORK, September 7.—The raw sugar market was quiet and un- Ricos and 4.86 for Cubas. -~~~ - " BOND PRICES. Noon_prices reported over' alsect | Boithern New York-Washington wire by Redmond & C0. bty 15.16 | Union Pa E'grlaol! oft—Native and nearby | Moun: 843 %o cific conv. 4s. 100 SHORT-TERM SECURITIES. (Reported by Bedmond & Co.) American Tel. & Tel. 6 - American Thread Co. 6s 1925. American Tobacco Co. Ts 1922. American 01l Central Argentine 6s 0. R. 1. & Copper Export ‘“'A’ Cudaby Packing. Co. B.-F, Goodrich 7s 1025. Gult. 0fl Corporation 7s 3, Heins 7a 1860, king Valley 6 1024 Hunble 01l 7s 1923, . 100 1003 101% 101% r 7s 1930, lectric . 78 1925. woz ghouse E. and M. 7s 1831 101! este: Westin LIBERTY BOND CLOSING PRICES. NEW ¥ORK, September 7.—Liberty bonds closed: 3%:s, 87.40; 1st 4s, 87.71 bid; 2d 4s, 87.80; 1st 4%s, 87.90; 2d 4%s, 8Y.88; 3d 4%s, 91.98; 4th 4%s, 87.98; victory 3%s, 99.06; victory 4%s, ¥ e and Live Stock LOCAL WHOLESALE MARKET. Eggs—8trictly fresh, per doz., 4 average recelpts, 38. Live poultry—Reosters, per 1b., 1 turkeys, -per 1b, 33a35; chicken spring, per Tb., 3%a33; hens, per Ib., 25a28; keats, young, each, 35a50. Dressed poultry—Fresh killed spring chigkens, per 1b., 34a36; hens, per 1b., 28; roosters, per Ib., 22; turkeys, per 1b., 38a40; keats, young, each, 60a75. Pork—Dressed, small, per Ib., 15. Live stock—Calves, choice, per Ib. 11; lambs, choice, per Ib., 10; live hogs, per Ib., 9%, Green fruits—Apples, per bbl., 3.00a 0.50; per bushel basket, 1.00a3.50; Western, per box, 3.50a5.00; California lemons, per box, 4.00a5.50; Californja T ‘:"a%‘&:;eéos'oo”m: peaches, ushel, 3.003.50; loupes, per crate, 1.60a3.50. Shis cupehne Vegetables—Potatos per barrel, 5.00a6.00; No. 2, 2.25a3." Sweet potatoes, per barrel, 3.00a4.00; lettuce, nearby, per crate, 75al.50; New .York, crate, 1.50a2.50; celery, per dos., 50a75; romaine lettuce, 1.00a 1.50; cymblings, per crate, 50a75; spin- ach, per barrel, 3.00a4.50; onions, 2.00 84.50; cabbage, 3.00a3.50 per bbl.; cu- cumb 1.00a8.50; eggplants, per ; tomatoes, per box, 75a 10a25; per dozen; beans, 2.50a 4.00" per -barrel; li L00; perihas ima beans, 15a%0 per CHICAGO LIVE STOCK MARKET. CHICAGO, Sepember 7.—Cattle—Re- ceipts, 13,000; beef steers dull, un- evenly lower; heavies off most; early top. on_ yearlings, 10.35; bulk beei steers, 6.50a9.50; bulk she stock weak to 25 cents lower; bulk, 425as. cunners and cutters largely, 2.50a3.51 bulls strong to 15 ceats higher; bulk bolognas, 3.50a4.10; few at butcher- bulis mostly, 4.5085. galves weak to 23, cents lower. off most; bulk light vealers, 12.75813.35; stockers and Tfeeders steady. “H‘?p—nculpxs. 22,000; market now er; some_ packi: grades-off more; bulk of sales, 6665 9.00; top, 9.10 early; heavy weight, 7.5028.65; medium weight, 8.25a8.85:. light lights, 8.00a8.65; heavy packing | sows, smooth, 6.50a7.15; packi Tough, 6.15a6:60; pigs, 7.26a8.25° Sheep—Receipts, 31,000 head; 1ambs, 25 to 50 highe: city butchers, 825 culls, 5.00a8,00; early, 8. some held consid bly higher; sheep, active, strong; :::a; lambs,” strong, 7.00 paid early. e gt ety Quotations furnished by W. B. Hibbs & Co. fat =5 pa'kmp natives to ; packers top early, s p early, Bi Boston and Montana Boston and W3 Caledonia | Calomet o cate Carib Trading . Car Light and Power . Cities Bervice (mew] Cities Service (old) Cities Service . Columbian Emerald Commonwealth Finance Consolidated_Copper .. Continental Motors Cresson Gold .. R Davis < = Durant Motors Empire Food ...... ineers’ - Petroieum Eureia G Eederal Ol b3 ] R R BEBE i3t ceisEE B o8l aSaoman Bt I o 3 * Maracaibo Oil alley .. Merrit Oul . Midwest OR Midwest Oil _ . ;g#!-! (L% R g P ¥ R -;»-fl;!;; ..s:;n..fia.as.s. o 113 b= nae S B BeBbiatall 1 WwOR R !-cflgfig ,a.. (L 12 thoPity .$o. issue 31,500,000 of deben- ture 6 ‘cent coupon bonds' to. en- able the 5 ’to meet Gutstanding | SITUATION FAVORS UPWARD TENDENGY BL STUART P. WEST. ‘NEW YORK, September 7.—The up- ward movement was resumed simul- taneously today in stocks, bonds, cot- ton, grain and foreign exchange. The recovery in sterling and continental rates had, of course, no connection with the other markets. Whatever caused the sudden offer- Ings of French and Italian bills ye: terday, the supply was abruptly with- drawn, and this was the most imme- diate factor. There was also talk that as Bel- gium will get the bulk of the billion- mrak German indemnity payment it will soon be using some of the pro- ceeds to reduce its exterior debts. | In this event, the government of Brussels will be in the market be-| fore long, if it is not already, as & purchaser of English, French and American exchange. ! There was a more or less common | impulse behind the rise in the com- modities markets and on the stock ex- change. This was the belief that the abnor- mal situation in the industries of the country requires an abnormal cure, and that this will be found in_ the curtailment of production which is now going on in all directions. It i3 better to have a cotton short- age than it is to have a normal har- vest, if that shortage means good | prices which an average output would not—prices which will allow the farmer to pay off his debts and start buying again. The same reasoning applies to wheat which again today showed that it was powerfully under the influence of the proceedings in the cotton mar-| ket. And, extended to the stock mar- ket, it presents the most logical ex- planation for the advance of the last week, namely, the anticipation that out of the recovery in farm prices will grow such an increased demand for o0ds, as will eventually lead to a| general business revival. i Short Interest Eliminated. ‘The share list was called upon to show what it could do without the aid of a short interest in retreat. The remainder of the disconifited ““bear” contingent had been eliminated yesterdasy. It was a question as business opened this morning whether enough new buy- ing would come in to support the higher price level, or whether prices would have to come down before outside trad- ers and investors were att . The answer to this question came Very quickly. What little hesitation had ap- peared in the closing dealings yesterday was no longer visible. Prices started forward again, after the usual fashion, one group at a time, until nearly everything of importance was involved. Railway sharcs went ahead with the rest, especially stocks of the Hill roads and of lines traversing the cottan states. But the industrials were the most favored, particularly the oils. The curi- ous feature persisted that despite the prospects of increasing _competition through resumption of Mexican oil shipments, shares of American oil com- panies were in demand and moved for- ward in the wake of the sharp upturn in_the ‘Mexican stoeks. Declaration of the regular dividend on Westinghouse Electric common had been fully reckoned upon and consequently had no effect @pon the stock. It did bring a little buying, however, into Worthingtop Pump common, which often moves with the electric stocks, and ‘which is soon to act upon its dividend. Tgere has been a differencesof opinion right along as to whether Worthington directors would pass the dividend at this meeting or would decide to take a further chance for another quarter, in the hope of better business developing. The one certain thing is that while Worthington preferred dividends have been earned, very little demand hefl shown for the common stock. sociated Dry Goods earnings for the first six months of this year are estimated to be about 76 per—cent of those for the same period last year. As the company does not make quar- terly statements, the following facts regarding the position are interesting: The profits for the half year are fig- ured at $2 per share on the 138,187 shares of common stock, which com- ptlr:;z;lnh $4.11 earned for the whole of 5 The volume of sales by Associated Dry Goods is running 5 per cent larger than in the first half of 1920. hut fig: ured in dollars, the gross is 7 per cent less. It is said by those close to the company that should the sales of Lord & Taylor, of which Associated Dry Goods owns 80 per cent of the stock, be figured jn the latter’s profits at this time, it would mean another 3% per cent per share for Dry Goods common. dividend on the common may be con- sidared eafe. Fifteen Reasons Why You Should Invest in Our First Mortgages Reason Four : The security is visible, can be inspected and understood, and cannot be reorganized or merged or. manipulated so. that it is lost. There is a great deal of satisfaction in seeing where one’s money -is placed. We are at all times pleased to show you the property securing. the mortgage and give you all the details. B. F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. EQUITABLE o pentine Bling Organized 1879 ° 41ST YEAR COMPLETED obtained if you make your mind to join the Eq-ailbb and save up systematically. | Sebucriptions for the . 813t lssue of Stock Betag Recetved - s, $2.50 Per Month These figures show that the ! FINANCIAL | It ‘shows the progress of fuvestment in our company If you have $24 or $240 or more, write us for information about our 12% participating units. You may then decide to transfer your funds to our 3230 Bond Building 1400 New York Ave., ‘Washingt E. H. Rollins & Sons Fonunded 1876 416 Woodward Bldg. 15th and H Streets Washington. D. C. Boston Philadelphia Chicago Ren 'Frascisto Province of Saskatchewan (Dominion of Canada) 6% Gold Bonds, Due 1927 Price, 927, and interest ruul7 about 72% (For payment in United States funds) Send for Descriptive Circular Life Insurance —has returned to its licy- holders more money than it has received from them in premiums, a record unique among Life Insurance com- panies. It offers a thorough Edu- cational Course to its Repre- sentatives. E.D. Sampson, Gen. Agt. Weekly Financial Review Sent on Request SECURITIES bought outright or on conservative margins. SMITH ANDREWS & MARSTON 1412 H St. N.W. ‘Waskington, D. C. Members New York Stock Exchange Baltimore Stock Exchange Chicago Board of Trade Secured by first deed of trust on Prevailing interest and comm!ss} Joseph L. Weller real estate. issio 420 Wash. L. & Trust bidg.. 9th and F n.w. s the 20 et fror v M Oil Seocks? Hashell & Barker American Car & Fiy. DILLON ard CO. STOCKS—BONDS 32 Broadway New York You Never Charge Off Depreciation on an Investment in First Mortgages They Mean Absolute Safety, earn % and require no attention | Shannon & Luchs 713 14th Street STOCKS—BONDS—COTTON GRAIN — SUGAR — COFFEE 20 Broad Street, New York MEMBERS: MAIN FOOR CORRIDOR WOODWARD BUILDING Telephone Main 2040 CHARLES R. ALLEY, Mgr. TIZENS SAVINGS BANK 39’0 ON SaviNGs Try Saving Now Vacation days are over —now let’s buckle down and save. 1336 N. Y. Ave. YOU can perform the duty you owe yourself to invest your money safely and at a satisfactory rate of interest, and you can fulfill the obligation to protect your. family by investing in -our First Mortgage Loans. They offer you the op- portunity of meeting both obligations. The quality of the security—Washing- ton real estate—and our methods of pro- tecting the invéstor make the safety of these loans absolute. The floodtide of interest rates is now in and our First Mortgage Loans are the logical choice. They pay 7% interest. They are in convenient denominations. e H.L.RUST- - MAIN—-6888 912~-15DSTNW. FOREIGN EXCHANGE Checks Foreign Currencies Cable Transfers