Evening Star Newspaper, September 16, 1921, Page 24

- LIBERTY BONDS - SCORE ADVANCE NEW YORK SUGAR MARKET. NEW YORK, September 16.—The raw sugar market was quiet early teday at 4.00 for uncontrolled -cen- | trifugal and 4.86 for Cubas. Raw sugar futures were quiet. but prices were easier under scattered liquidadon, and at midday showed declines of 2 to 4 points. There was nothing nmew .in the re- fined situation, with the demand light 3 W YORK. September 16.—T0-| at 560 to 5.65 for fine granulated. s bond market generally avas| Refined futures were nominal. @ctive and strong. influenced on the one hand by the easing money tar- and on the other by the unabated | tite shown for new security offer- | Tet ‘leeny bonds were all recent $600,000,000 issue of 5% pe Treasury certificates. There was no particular feature i the foreizn government section. w fig French 8s, while up_from their re- higher. ‘DY the great success attendini Nor- 3 8s were strong around their high N. Y. FEDERAL RESERVE BANK EW YORK, September 15.—The state of condition of the Federal Re- serve Bank of New York at the close of business September 14 shows: Total gold reserves, $912,313,035; total ‘reserves, $972,388,586; bills dis- jcounted, secured by government, war obligations, for members, $100,404,743; Il others. 'for members, $183,082,329} bills bought in open market, $23,334,- 1035: total bills on hand, $340,851108: total earning assets, $410.182,308; un- TODAY’S BOND PRICES. Noon prices reported to The Star over direct New York-Washington wire by Redmond & Co. City of Paris 6s 1921, 9 15-16 French Government Goverament of Switerlan United Kingdom 5! | United Kingdom 5 United Kingdom 5! American Tel, Armour & Co. 4 Atchison, Topeka and Santa Fe gen. 4 Atlantic "Coast Line 7s........ Attantic Refining Co. 8%s 1931, Atlas Powder Co. 7is 1988. . 98k Baltimore and Ohio conv. 4% Pt Baltimore and Ohio @s.. . 98 Baltimore and Ohio 8. W. Div. 3%u..... 83% Hethlehem Bteel refd. . 8% Burlington (N. P. § - 102% Canadian Northwestern' 7s 1940, - 104% Central Lenther 5 . 8% Central Pacific 43 1949, - % Chexapeake and Olio conv. 80 Chesapeake and Ohlo gen. 4% % Chesapeake and Ohio coav. bu. 83% Chi., Mil. and St. Paul refd. Chi.. Mi SR DAL U LRI re’:::_’icollecled items, $133,349,781:" dtie - 0 | Chl. ook Tolbng o Pesiao g e P e German reDA [members, reserve account, $623,957,0 o Union Station 6%s. 108, i hethe I ) 101783: total deposits, $645.033,324; federal lidated Gas 7 101% o N e Pl il |reserve notes in' actual circulation, | Pelaware and Hud 1043 cash. The French 718 were similarly | 5639,942,182; ratio of total reserves to | Erie General llen 4 = Deavy, and so were the Japanese is-{ qihi™10%: ratio of t e General Eleetric 102 sues. Canadiau 5s of 1926 were frac- 1o ilities combined. 75 reserve note ; Goudyear Tire and Rul 102, onally lower, while United Kingdom 8 ned, 75.7. | Grand Trunk 7x ret 104 of 1937, Chile 8s and Belgian 7% _— oo e, 1021 were all stéady. City of Copenhagen OIL STOCKS. Intermational Mercantile Marine 65, .1 Tob Slzs were strong around 82. Quotations turnished by W. B. Hibbs & Co. | Inter. Rapid Transit Ist and ref. 5u.... 54 Rail Issues Firm. Louiaville and Nashville 7x 1930, L 104 Bid. Asked, % In the railway group Burlington |Anglo-Americai 101 Co. (néw).. 15 153 | Missourl, Kansas and Texas Lst 4. . 63y a2 £ = Borne-Scrymuer ¢ 3 Misnouri' Puclfic general 4 541, joint 6145 were in demand around top | orhe ferymer, Co. .. = New York Centra; To 100" S ligures. Big Four 6s were a feature, ! Chessborough M. 7 195 New York.Central deb. 6. 3 Zetting into new high ground above ! Continental 0il Co. " 108 New York Telephone 6s. o 9eiy 94. These. bonds are up over 6 points j Crescent Pipe Line’ Co. Do Norfolk and Western cons o in léss than a month. Erie general 4s | (umberland Pipe Line. T orfolk and Western conv. 6s. L 1083% gained a point at 43, and Baltimore L;;;:;;R{“i;;:‘ Hnes e i,:m;;gnmc;f‘;& % andlOhioles wessiupstoatn awihighior Galena-Sigoal Oil o B Pennsyivania . R. @i 1017 9312, inois Pij 5 Local traction bonds were somewhat | Indinnx Pipe s R e g ¢asier, but Hudson and Manhattan | Yatioosl T Reading general 4x o0 incomes were heavily dealt in and |¥ew York Transportatio St. Louis and San 625 el et HenjlayelioapuHerg dinhern Pive Line Co... St. Jouls and San Francisco 28 is still 3 per cent due in back inter- | Pl g . Louls and San_Franeisco i 58 est on these bonds, and it is likely | prom vpnia-Mexican Foel Seaboard Air Line refdg. 4h. 29% to b id off. In the meantime_cur- | Prairie P J Seaboard Air Line ad). or 281 0 be paid of rairie Pipe Line Co. Sinclair Cons. Ofl €orp. 7iss 1925, 21 rent earnings assure the full 5 per | Solar Refining C Y P e 1035, 92% cent. distribution, and as a specula- tive investment the bonds are attrac- rive to many because of their high vield. Hudson and Manhattan re- funding 5s were aiso strong. BANKERS’ ANNUAL MEETING. NEW YORK, September 16.—Bank- ers from every Atlantic coast stat with many from the gulf states as sembled here today to start in a body late in the afternoon for Los Angeles. where they will attend the annual convention of the American Bankers’ Association, October 3. The bank- about 400 strong. will travel in special trains, stopping off at points of interest. Going out the par- will pass through the Canadian ile the return trip wili be mer s o FOR! N EXCHANGE. Quotations furnished by W. B. Hibbs & Co. Selling checks—Dollar values at noon today: P Budapest rague ... Warsaw ovenliagen hristiana Stockholm Amsterdam Rome . Madrid h Southern Pipe Line Co. South Penn. {01 Co. Standard Oi} € L‘n’l’("'«mfi 57% Standand 0I) Co. Indisna. THy Standard 0il Co. K 545 o Stindind o Co. Sew 3 Standard 0il Co. Ohlo. 370 Swan & Fiuch Co. 35 Un‘on Tank Line Co. 90 Vacunm 0il Co 245 £ MONEY AND EXCHANGE. NEW YORK, September 16.—Prime mercantile paper, 5%a6; exchange ir- regular; sterling 60-day bills and ommercial 60-day bills on banks, 3.66%: commercial 60-day _bill 3.66%: demand, 3.70%: cables, 3.70%. Francs—Demand, 7.00%: cables, 7.01. Belgian francs—Demandfi 6.93 Ibles, 6.94. G cables, 31.46. i Lire—Demand, 4.24; c: bles, 4.241:. Marks—Demand. .094%; cables, .095. Sweden—Demand, 21.50. Norway—Demand. 12.80. Argentine— Demand. 30.50. Brazilian—Demand, 12.62. Montreal—1013-16 per cent i discount. Government bonds strong; rallroad bonds firm. Time loans steady; 60 days, 90 days, 5% per cent; six months, 5% per cent. = 1%c a | home every evening and cents a month costs you about 1% cents a day and 5 | cents Sunday Telephone Main 5000-and Delivery Will Start at Once Day and 5c¢ Sunday The Star delivered by regular carrier to your Sunday morning for 60 Southern Pacific 1st ref. 4. Southern Pacific conv. 4v.. Grain, Produce and Live Stock| GRAIN AND PROVISIONS. BALTIMORE, - Md.. September (Special).—Potatoes, white, 150 pounds, 350a4.50; 100 pounds, 2.5082.75: Nos. 2 and 3, 75a1.50; beans, bushel, 6521.00; beets, bunch, 3ai: cabbage, head, 8al! carrots. - bunch, 4a5; caulifiower. barrel, 7.00a8.00; celery, crates, 2.5024.00; corn, dozen, 15a25: cucumbers, basket, 50260’ egeplants, basket, 20a25; lettuce, bushel, 30a1.50; lima beans, bushel. 1.00a1.25; onions,” 100 pounds, 3.50a4.00; peppers. basket, 15a20; squash, basket, 20a25: to- matoes, basket, 40a50; bushel, 90a1.00. ‘Apples, packed, barrel, = 6.00a7.00; bushel, £.00a2.50; ordinary, barrel, 2.00a 4.00; hamper, 1.00al.75; cantaloupes, crate, 1.00a3.25; damsons, pound, 7a8’ grapes, 20-pound basket, 1.50a1.75; small basket, 25a28; peaches, bushel, 3.00a4.00; pears, ‘bushel, 2.0023.50; plums, bushel, 3.004.00. Watermelo .00; selects, hundred, 2 8.00212.00; culls, Wheat—No. 1 red winter. spot, 1.36% per bushel; No. 2 red winter, spot, 1.35% ; No. 2 red winter, garlicky, spot, 1.25%. September wheat, 1.25% per bushel; October wheat, 1.26%: cargoes on grade sold as follows: No. 2 red win- ter, garlicky, at 1.24%; per bushel; No. 3, same, at 1.18%: no sales in Nos. 4 and 5. Sales—Bag lots of nearby, by sam- ple, as to quality and condition. 1.00 and 1.05 per bushel; bag lot of sample grade, winter, . garlicky, 1.12 per bushel. Corn—Cob, new, yellow, 3.60 per barrel, in car lots: contract corn. spot. 65; track corn, yellow, No. 2 or bet- ter, domestic, 75. No sales. Qats—No. 2 white, new, 49a50; No. 3.:white, new, as to weight. 46 to 47%. Rye—Bag lots of nearby rye as to quality, 1.00a1.10 per bushel; No. 2 western export, spot, 1.13 per bushel; No. 3, no quotation. Hay—Receipts of new hay were 11 tons. There was only a moderate demand for good quality timothy and new hay, today and this centered on desirable qual- ity of timothy and mixed., with bulk of sales within range of 16,000 to 20.00 per ton. 5 = WHAT YOU SPEND must be less than what you eavn, and what HES you save must earn more money for you, if you are to make headway in a money. ccumulating Among our thousands of depositors there are hundreds who are succeeding in their efforts to gain financial independence because they recognize and act upon this rule. You, too, can save successfully in this strong, soundly managed bank. ‘2% paid on Checking and 3% on Savings Accounts ; TRUsT CoO. UNION OF THE DISTRICT OF COLUMBIA Cor.15%h and H Sts. Northwest EDWARD J. STELLWACEN. PRESIDE'JY}' -(dike Jike @ QAN A e v\ L(ifAle (A~ @ e i | Sas-O Bottling Co. Lineoln 1212 (i) Y (] W | do. firsts, 33a341;. Straw—No. 1 straight rye, nominal; No. 2, straight rve. nominal: No. wheat, 13.00; No. 1 oat, 14.50a15.00. DAJRY MARKETS. BALTIMORE, September 16 (Spe- cial).—Eggs (loss off)—Native. and nearby, first, dozen, 38a39; southern, firats, 36a37. Butter—Creamery. fancy. pound, Southern Rallway gen. 4. 58% Southern Hallway 5u. 8€ Union Pacific 1ut 4s. 825 crate, FRIDAY, SEP BULL POOLS TURN TEMBER : 16, - 1991 B NEW YORK STOCK EXCHANGE Rectived by Private Wire Direct to The Star Office. Open. High. Low. Close. Union Pacific conv. 4. 88 Adv Ruml B% 1% 1BR 1B Unfon Pacific 6s 1928, 1008, umley. . United States Rubber 5 9%, Adams Express... #% 4% @% &% United States Rubber 7igs. 100 Air Reduction.... 35 3 35 35 United States Steel 8. ¥ 5 . Afa3 Rubber. s ut = acuum Ol Corp. Ts 3 Virginia-Carolina Chemical 7%s 1882..... < :{ln'n;-c{lunn‘.u ‘5% A Wilson & Co. 1st 6.... od Chombosd s % 85 . a Allled Chem pf.... 4% 85 84 SHORT-TERM SECURITIES. Find Progress to Higher [amschaimers:.. 3% 2 % =% t Redmond & Co.) Am Agr Chem. sk % % 36 (Regorted by o = Am AgrChempf.. 6% 6% 6% €% Asked. .. Ameriean T & Tl %% | Prices Slow Under Bald- |ARs&Simr, @ . = = ::!r{rnn ’_:_(;‘l &d'fel =1U £ g Am Beet Sugar pf. 6% 6% 6% :& erican ad Co. 1l il Americin Tobacco €6 wiz| win’s Pace—Financing. | Am Bosen L e = erican Tobacco Co. ~ Anaconda Copper 83 1926, % Ben BY STUART P. WEST. AmCar& Fdy.... 128 129 121% 177% Anglo-American Oll 7i%s 1925.. 100% 101 Am Car & Fdy pf.. 103% 108% 108% 108% Amodn & CotalIe0 sy 953 0| NEW YORK, September 16.—The | Am Chicle Co. L1010 10 10 Rethichem Stecl 7o 1985 96 | three most important episodes in the : Am Cotton Ofl.... 20% 2% 2% fl"g Cangdian Pacific 6 9% | Ainancial situation today were a still | Am Druggists.... 4% 4% 4% Central Argentine B Am Express. us 16 us Chleago, B. 1. & Ps 983 | easior drift in the money market, fol- | ATl Hidc e Teu % n on C. c., C. Lou 92 Ilnwlng the further improvement in Hide & Lea pf. 51% 61% 6% 61% 100% the federal reserve bank ratio, the s e W w» C {Instant success of the twenty-five- - ) Copber Export i milllon-dollar offering of Canadian | Am International. 21% 3% 3% 3% ! Copper Export lo1g | T Li a =% UK B% A% Cobper Export A" 10214 ! National railway bonds, which proved | Am Linseed....... 22% % 1% Cudaly Packing Co. 99%.i a stimulus to the entire bond market, | Am Linseed pf.... 48% -61% 48! B. F. Goodrich 7x 192 9135 and the leadership assumed on the stock | Am Locomotive... 90 9% 9 % Gult 011 Corporation Tu 100% | exahange by the steel shares—mainly a | Am Safety Razor.. 4% 4% 4 4 SRSy 00 100% . reflecticn of the reports which have | Am 3melting..... 4% 37 6% 36% umble Ofl 75 1923. ... 97% 98 |been coming in of increasing busi- | Am Smelting pf... 0% 7% 70% 7% Kennecott Copper 7s_1930. 04 943 1 Nese and rising prices. . {Am Steel Fdy. % u% B Liggett & Myers 6s 1921 100 toutg ¢ It was nct that money and dis-!am Sugar.. % 6% 6% Procter & Gamble 7s 192 100% 1008 | count rates were actually changed.!ar Sumatra % % M }'(m‘" & Gamble 75 192 100% 101 but there was an increasing pressure 5 108 107% 108 . J. Reynolds 6x 192 993 100% | Relps Am Tel & Teleg. .. 107% Reynoldsi 9% 100 ]on the part of lenders to do business | £ 1) & T D 125% 15% 1%% 12% o 5 987 4t the minimum quotations reached (A TOPRCES-- B 120 120 124% Toebuck & Co. T 1053 979 jrecently. The commercial paper mar-| AT ToObE Y ek m w% Southern’ Railway 04 1 985 | ket was more definitely established | Am Woolen. ... % Southwestern Hell Ts 1925 97% 971 | than it has been so far upon a basis |Am Writing Prpt. 28 = 25 38 Swite'd Co! 1u' 1925 9., 9% |where buyers were anxious for 6 per |AmZinc&Lead... 8% 8% & 8% BIE e i TTE 100™ 100y | cent, while sellers of the better class | Anaconda. 38 8% 4% 2k Unlon Tank Car Co. 74 i930.... 1013 101% | Of names were holding off for 5%.|AssoDryGlstpf. 6 6 6 6 Western_ Electric 7s 1925 101" | Along with this went larger offerings | Associated Oil.... 97% 9% 9% 9% ;. 103 fof bankers jcceptancee and a ready | Atchison.......... &% m;z :z :;’; DS g sq. | SUPPIY Of call funds at 43 per cent. | Atchison pf....... 80% 80! LIBERTY BOND CLOSING PRICES.| The principal significance attach- |AtlantaBir&Atle 2 2 2 2 NEW YORK, September 16.—Liberty |ing to the Canadian bond issue was|Aatlantic FruitCo.. 3 3 8 8 bonds closed: 31gs. 87.82; first is, 88.30 | that a smaller return was offered to | Alantic Gulf. 7% W% Mk B bid; second 4s, 89.00; first (s, $8.90; |subscribers than in the case of any | atlantic GuIfpf... 21 2% 2% 2% second 4%s, $9.10; third 4%s. 92.8%° | new security flotation so far. Balawin Loco ® 91 8% 8% fourth 4is,’ 89.14; victory 3%s. 99.0 That these bonds were promptly | B2OWeN q00 - S0 200 s gay victory 4%s, 89.06. oversubscribed on a 63 per cent basis | B3Ito : % was a very striking bit of testimony | Beth Steel (B).... 5% 6% % & to the upward tendency of the in-{BethSteel7%pf... 9l 81 = 90 = S vestment market. It was immediate- | Bklyn Rapid Trn.. 9% % Iy reflocvi 2. as it was_pounc to be. gklyn ;‘“’T”“‘ 5:‘7 ,m ‘:V' P 1 ) n grea activity aia strength | Burns Bros. B 4 LOCAL WHOLESALE MARKET. | throughout the general bond Hst. Butte Copper..... 4% 4% 4% 4% Eggs—Strictly fresh, per doz., ila Pick a New Lead Caddo Oil... L1010 10 10 average receipts, 40. el oS enens . | California Petrol.. s1% 8% 874 31% Live poultry—Roosters, per Ib., 18; onsommon, going through its|cgnagian Pacific.. 2% 113% 112% 112% e > previous high for the present move- ; % | turkeys, per 35a36; chickens, | oyt 04 rawing alons the other | Case Plow Works, 4% « {SEinE: : per b0 Gteil’ shares, was the feature of the | Central Leathor... 8% 25a28; keats, young, each, 36a50. as e CentRROfNJ... 1% Dressed poultry—Fresh killed spring| Yesterday's a ton advance in|CerrodePasco.... 2% ckickens, per 1b.. 36a40; hens, per Ib..|sheet steel prices was a pretty good | Chandler Motor... 46% 34; roosters, per Ib., 22; turk: indication that in this department of | Ches & Ohio. . 5 Ib. 38a40: keats, voung. each, the industry, as well as in wire and|ChiGreat Westn.. 7% Pork—Dressed, wire nails, consumers let their stocks | Chi Great W pf. 16% # Live stock—C go down abnormally low, and now jChi Mil & St Paul.. 26 2% 2 127 lambs, choic find themselves under the necessity of | Chi Mil & StP pf.. 39% 0% 39% &% v Ib.. 9%. bidding ‘up prices in order to fe-|ChiPneuTool..... 50 5% 8@ &% i Green fruits—. L Leihe acific.. 38% 3% 3% 10.50; per banher” haaker, bdias Unders thellead lol ithexsteela Sthe; ChRI&D oL, 68 o @ western, per box, 3.50a5.00; California | Eenerai market railied, although the | yne Copper. D10% 1% 10% lemons, ‘per box. 5.00a7.50; California | NSPIration for the upward movement | oJ0° cola” % B % 3B oranges. per. crate. 5.5026.00; peaches, | SUll came from pools and professional | SO = A U% 5 UK B ver bushel, 3.30a4.50; cantaloupes. per | PHEZANOS | TTIEN, Steel common, Beth- | 000 hia Gas. 11 665 67 6ol 6% Paskgy, [20a375: pears, 2302400 DeT | jushing ' ahead, there was consider-|ColumblaGraph.. % % 4% 4% 3 g able shifting of speculative accounts|ConsDistributors. 1% 1% 1 1% Vegetables—Potatoes, new. No. 1. per | into them from other stocks. ConsGasof NY... 86% 8 8% & bbl., 5.0026.00; per sack, 4.00a5.50; No.! 5 Sy Cons Intl Cal Min. y 2 73; sweet potatoes, per bbl.,| Ball Peels; Strens. Cons Textile :_lettuce, nearby, per crate, Both bulls and bears agreed that oaa New York, 1.00a2.00; ; today would be the critical test of | ContCan.. 2 y. per doz, 50a75; romaine let- 1.00a1.50; eymblings, per crate,| A spinach, “per bbl, 3.00a4.50;; onions, per 100-1b. sack, 4.00a4.50; | cabbage, 3.00a3.50 per bbl.; cucumbe 1.50a2.00; eggplants, per crate, 75al. tomato per box, Al TN, A0 per dozen: beans, 2.50a4.00 per bbl;| lima beans, 10a25 per qt. i FRENCH GRAIN AVERAGES. | ‘Wheat and Rye About Equal to; Pre-War Yields. Crops of wheat and rye in France this year are about equal to the pre-war averages, the bureau of markets and crops estimates announced last night on the basis of a radiogram from the In- ternational Institute of Agriculture at Rome. “Wheat prodfiction is given as 359,497,000 bushels, or 136 per cent of the 190 production and 163 per cent of the average for the preceding fiv Ryes produetion is given as 4 bushels, or 129 per cent of the 1920 pro- duction’ and 142 per cent of the average for_the preceding five years. The 1921 production of wheat in Egypt _is given as 41.410,000 bushels. or 110 per cent of the 1920 production. The | production of corn in Spain is given as | 28,030,000 bushels, or 101.2 per cent of the 1920 production and 102.5 per cent of the average for the preceding five 44a45; prints, 46a47; nearby, creamery, 40a41; ladles, 30a32; rolls, 25a30; store packed, 24; dairy prints, 28a30; process butter, 33a35. o Chickens, alive, springers. pound, 28a32; white leghorns, 26a28; old hens, 24230; old roosters, 16a17; ducks, 18a24; pigeons, pair, 25; guinea fowl, each, 40a60. “NEW YORK, Septeinber . 16.—Butter —Weak; receipts, 9,179; creamery high- er than - extras, 44%ad45; extras (92 score), {4; creamery, firs (88 to 91 score), 37a43; packing stock, current make, No. 2, 26%. Eggs—Firm, receipts, 12,392; fresh gathered, extra firsts, 41a45; do, firsts, 36a40; state, Pennsyivania and near- by western hennery whites, firsts to extra fancy, 54a73; do. brown, extras, 50a53; do. gathered browns and mix- ed colors, firsts to extras, 38a48: re- frigerators, special marks, 351,a36 Cheese—Firm. receipts, 2.895: state, whole milk, flats, fresh, specials, 21a | do. average run, 20a20%: state, ole milk, twins, specials, 21%; do. average run, 20a20%. «HICAGO, September 16.—Bears had | an_advantage in the wheat mnrl‘;? today owing to sterling exchange pression. Complete ending of the Al gentine drought tended also to weak- en, the market. Commission houses Ipd the selling, and there was an ab- sence of any aggressive support. Ini- tial quotations, which varied from -3 to 13 lower, with December 1.27% to 1.28, and May, 1.31% to 1.321%, were followed by a decided further setback and then something of a rally. Corn _was easier, with wheat, open- ing unchanged to 3 lower, December, 533% to 53% and ‘then sagging all around. 7 Talk of better export call in pros- pect tended somewhat to steady oats. After starting unchanged to % off, the market declined a little more and then recovered in full. Higher quotations on hogs gave firmness to provisions. - Potatoes, weak; receipts. 59 car: tatal United*States shipments.998 cars; Idaho, 2.7582.90 cwt.; Wisconsin, white, 2.4022.55 cwt.; Maine cobblers, 2.70a 2.75 cwt.; North Dakota and Minne- | McAndrews sota Red River Ohios, 2.50a22.65 cwt. CHICAGO, September 16.—Butter— Firm; creamery extras, 43; standards, 3 firsts, 3314a41; seconds, 30a32. Eggs—Higher; receipts, 3,684 case: firsts, 32a34:; ordinary firsts, 28a2: miscellaneous, 30a3l. . Poultry—Alive, lower: fowls, 17a24; springs, 22. Subsequently, the wheat market scored an advance, owing largely to an upturn in foreign exchange and to reports of damage by rain in the northwest. The close was unsettled at the same as yesterday’s finish to % higher, with Decembex 129 to 1.29% and May 1.33 to 1.33%. In the later dealings corn hardened in response to the wheat rally. Corn closed unsettled, at the same as yes- terday's finish % lower, with De- cembersat 53% to 53%. WHEAT— Open. High. Low. Close. December 1.27% 1.20% 1.26% 1.29 May . L 133% 131 1.38 5By 53y 88K 58% 38 58%, 393 388, 39% 43% 43% 438 % STOCK MARKET. CHICAGO, September 16.—(U. S. bu- reau of markets)—Cattle—Receipts, 4,000; mostly steady; bulls, weak to lower; choice medium weight steers, 9.65; bulk steers, 6.75a9.00; fat cows and helfers, 4.25a26.60; canners | Germany's | That the German treasury has' not and cutters, 2.65a3.50; bolognas, 4.25a 4.75; veal calves mostly, 13.50a14.00. ‘Hogs—Receipts, 15,000 head; 10 to 25 higher ‘than yesterday's average on packing and heavy butchers; fairly good clearance -early; top, 8.65; bulk lights and light butchers, 8.20a8.50; bulk -packing- sows, 6.7627.10; ‘pigs, steady:: bulk, desirable, 7.25a7. Sheep—Receipts, 11,000;- fat lambs, steady to 15 higher; choice.westerns, 10.25; top natives to city butchers, 10.00; bulk, 9.50a9.75; culls, 6.00a6.50; fat sheep and feeder lambs, stealy; top fat cows, 5.00; bulk, 4.00a4.75; feeder lamb top early, 7.25; best late yester- day, 730 s | years; and in Hungary, as 24,487,000 | bushels, or 49.6 per cent of the 1920 pro- duction. ‘The area of wheat sown for 1922 in Australia is given as 9,445,000 acres and in South Africa as 839,000 acres. The stocks of wheat in_Australla on August 29 is given as 36,743,000 bushels. BACKED BY GOVERNMENT. Issue of 10,915,500,000 German Marks Authorized. BERLIN. September 16.—The offctal Reichsanzeiger zgys that on August! 31 there were lssued 10,915,500,000 marks (Reichsdarlehenkassen Scheine backed by the government, of which| 7.798,284,000 marks are in circulation. The statement of the Tmperial Bank | of Germany for the week ended Sep- | tember 7 showed that in addition to| the reichsbank’s notes there were 10.- 947,600,000 marks paper in loan bank | bills in circulation which did not| figure in the bank statement, but| passed on an equal footing with cur-| rency. They represent advances made by the government to loan banks and the market position. Either the re- action which started yesterday would countinue nnd mark the dcfinite failure of the campaign of the last | Week or so to hold, or the pools would | Cuban-Am Sugar. demonstrate their control and start the list moving. The street had been rather skepti- cal about the operations yesterday and the day before in Baldwin Loco- motive. These had looked artificial and the rise in the stock very much forced. It was necessary to get a more con- vincing leader and the strategy of the bull crowd hjt upon United States Steel. Soon after midday heavy buying orders were thrown into this stock, ard as it went through its previous gxh an ‘old-fashioned 'bull cheer choed through the boardroom. The ependent steel shares quickiy fell o line and the whole market, which d worn a tired and halting look, became once more lively. Delaware and Lackawanna. The jump in Delaware, Lackawanna and Western stock was ascribed to he possibility of more favorable divi- dend action than has been counted upon. It has been accepted all along that afier the 100 per cent stock divi- ould be reduced to per cent or $5 a share. But at sent selling prices of the stock nis assumption must apparently be abandoned. If the Lackawanna di- rectors should by any chance decide to continue the old dividend rate, now that the stock has been doubled. the shares would. of course be selling on dend that rate a very attractive income basis for such a high-class investment. The Lackawanna directors are scheduled to meet for dividend action near the close of September. —_— Washinaton Stock Exchange. SALES. Capital Traction—10 at 6. Washington Market Company—100 at 28. AFTER CALL. Merenthaler Linotype—1 at 1181;. Potomac Electric general mortgage 6s—$1.000 apital Traction 5s—$1,000 at 87. and Asked Prices BONDS PUBLIC UTILITY. at Bl Asked. American Tel. snd Telga. 4s 821y 83 American Tel. and Telga, 4% 88 Am. aud Tel. ctl. tr. 5s.. 86% Am. Tel. and Tel. conv, s.... 1003 Auacostia and Potomac 3s...... 63 Anacostia and Potomac guar. 55. 68 and P. Telephone Bs. ) ‘apital Traction R. R. 58 8615 ty and Suburban’ 5s. 61 Georgetown Gas 1st 5t are covered partly by stocks of mer- | Metropolitan R. R. 5s 98 chandise. The bank statement show- {Potomac Electric Light 8% ed that the imperial bank had a gold | Potomac Electrle cons. 35 ,;'?,'fl reserve of 1023,708,000 marks and a | Botomac Blectric Power 66 b3 note circulation of 80,727,526,000 S s % Wash., Alex. and Mt. Ve marks, or roughly only one mark in|wash. Balto, and An. Gs. ey gold to cover ninety marks in paper, | Washington Gas 5s 81 not taking Into account the new issue | Washington Gas Tiga. oo 32 ofFAuguatisl Wash. Bwy. and Elec. G. M. 6. 94 ... ———— oo, MISCELLANEOUS. Riggs Rea (short). ... DIVIDENDS DECLARED. B o Mark o higari s T Stockof Pay- | Washington Market 5s_(1847)... 7 Record. able. | W. M. Cold Storage 5s. . B Bell Tel. Co. of Canada, g.. $2.Sept. 30 Oct. 1 Brooklyn Trust Co., q.. $6....8ept. 24 Oct. 1 PUBS’go‘J&lKL;sT“x Central Pet. pfd V' $2.50.8ept. 24 Oct. 1| 0o vonn o1 and Telga. 061 Columbia Trust Co., q. Sept. 20 Sept. 30 | AmETCAn T ion D es3% 86 Duluth Edison Elec. Co. pfd.. o cRE ab i ieiees 7q;5€Pt- 20 Oct- 1} Norfolk and Wash, Steamboat.. 180" . jrea g Susacun (e Wash. Rwy. and Elec. com.... o3 = -Sept. 15 Oct. 3| ywagh. Rwy. and Elec. pfd. 58 215¢5 NATIONAL BA! q.. 2%%. . 13 Am!lrkllfl £ 4 :g Capital . 2 151 Coumbta .. > 15 Oct. .Sept. 15 Sept. Improve- .Sept. 30 Oct. 15 -Nov. 30 Dec. 15 3 20’ franes. United Gas and ment, q., $1. United' Gas ment, pfd., and GERMAN BOURSE SCHEDULE. BERLIN, Septeraber 15—The bourse sommittee has decided that from Oc- tober 1 the bourse shall open half an hour earlier and close half an_hour later than at the present time. Deal- ings In dividend bearing stocks will be permitted only on Mondays, Wednesdays and Fridays. No dealings will be permitted before 11 o'clock in the morning. Listed stocks will be " improve 5. increased with a view to counteract- | ing wild speculation in unlisted stocks. ~ The Vorwaerts, discussing the fnan- cial situation, points out that while financial position has steadily become worse, the economic situation has materially improved. profited by the improvement the Vorwaerts attributes to “sabotage of taxation” on the part of the pro- ducers. —_— LONDON WOOL AUCTION. LONDON, September 15.—At the wool auction sales 9,827 bales were offered. The smaller selection met with a steady sale, however, and the auction closed with prices firm. e Compared with the July closing prices the-figures of the present sale showed that superior scoured merinos and fine medium crossbreds were up an average | Discount rates—Short bills, 3%a4 per of 15 per cent and inferior merinos and ' cent; three-month bills, 41-16 -per coarse crossbreds up 10 per cent. Commercial . District Farmers and Federal Liberty Lincoln National Riggs . Second Washington ‘Mechanics' TRUST COMPANY. American Security and Trust. Continental Trust .. National Savings and Trust. Union Trust +........ Washington Loan and Trust. SAVINGS BANK. Commerce and Savings. East Washington - Merchants® .. Security Savings Seventh Street Savingt Union Savings ...~ U. 8. Savin Washington Siechanics’ FIBE INSURANCE. American . 5 Arlington . 9 Coreoras 115 Firemen's 20 National Union . - % TITLE INSURANCE, Columbia_Title 4% Real Estate Title MISCELLANEOUS. 0id Dutch Market o 01a Dutch Market ptd. Lanston Mono#ype . Security Storage . eshington Market *Ex-dividend. FOREIGN BAR SILVER. NEW YORK, September 16.—For- eign bar silver, 65; Mexican dollars, 50. .- LONDON, September 16.—Bar silver, 39%d per ounce. . Money, 2% per cent. cent. Corn Products Corn Products pf. Cosden & Co | Crucible Stee i Cuba Cane Sugal Cuba Cane Su pf.. Del Lack & Wstn Fisher Body. Fisk Rubber. Freeport Texi Gen Asphalt. Gen Cigar- Gen Electric Gen Motors { Gen Motors pf Goodrich. Goodrich pf... - Granby Corsol. Great Northern pf. 8% Great Nor Ore. ... 2 ‘Gulf StatesSteel.. 8% Haskell & Barker. 58% Houston Ofl. . B2% | Hupp Motors 1% { Tllinois Central... %% Indiahoma. - 2% i Indian Refining % Inspiration s ! Interboro M 2% Interboro Met pf.. 7% Intl Agr Chem.... 7% Intl Agrl Chem pf. 39 Intl Harvester.... 80% Intl Mer Marine. .. 10 Intl Mer Marine pf 45 Intl Motor Truck.. 31 Intl Nickel Intl Paper. Intl Paper (sta) Invincible Oil. Iron Products. Islan Jewel Tea. . % Kansas City Sou.. 26% Kansas C Sou pf.. 61 Kelly-Spring Tire. | Kennecott. . 5 Keystone Tir Kresge (35) ress (SH). , Tackawanna Steel 1% Laclede Gas. ... .. 50 Lake Erie & W pf. 18% Lee Tire & Rubber 28% Lehigh Valley.... 624 Lima Locomotive. 74 Liggett & Myrs pf.101% LoewsInc........ 13% Mallinson & Co. ... 114 © 0% u% 1% Manhattan Elev. Market St Ry Dr P! Market St Ry pf. Martin-Parry. Mexican Pete. Miami Copper. Midldle States Oil. 12 Midvale Steel. ... 2% MinnStP&SSM. T Mo Kan & Tex.... 2 Mo Pacific. . ) Mo Pacific pf. Montana Power Montgomery Wa Natl Biscult pf. Natl Conduit. Natl Lead pf NatlRysof M2d.. 4% Nevada Copper. n | N¥ Central. 7% {NYDock....v.... 3% N Y Dock pf. 5% ‘NYN’H&HEI‘L. W% NYOnt& West... 20 North Amerlc 8% North America pf. 3% Northern gumc. - Nunnally Co.....- Oklahoma Prod. 1% Orpheum Circuit.. 18% Owens Bottle. n PacGas & Elec... 5% PacificOil.....s.. % Pan-Am Pete. 1% Pan-Am Pete (B). 47% Parish & Bingham 103 Pennsylvania 8% Penn Seabd St 9% People’s Gas. 5% Pere Marquette Plerce-Arrow Plerce-Arrow pf. Pierce Ofl. ... Pierce Ofl pf... Pitts Coal. Pitts & W Va. | Pond Creek Coal. ressed Steel Car. iman Co. Punta Alegre Sug- PureOil..... Railway St1Spr... Ray Con Copper. Reading. . Reading 2d pf... Replogle Steel. Rep Iron & Steel. Royal Dutch. St L& San Fran... St Louis Southwn. St Louis Sown pf. Sears Roebuck. Seneca Copper. . Sinclair Oil. . Sloss-Sheffeld. Southern Paciffc... Raflway. Stand OI{ (;‘! f:‘f 2 Stand Ofl N. = Stewart-Warner.. 3% Studebaker. .7 e 1% 6% 64% 8% 13% 9% 19% 51 % a7 8% 0% 10 1% 1% 8% 8% 5 8 126% 128 010 “y% % 2% 2% % B 1 6% 6% ” 2 “% 3% 59% €8 83y 52% % u% o% B 2% 2% % % UL /% 2% 2% ™ Ta Th Th 39 -89 81 8% 0B “% 4 T T un 1% 5l% 49 6% 6% 8% 8% % % 2% % 9% % 2% 26% 61 5L 43% % 19% 12% 187 L) o% aK% ) 19% 19% 164 6% 52%° 62% U 101% 101% u% 134 B 1 40 3% 0% 0% 1% ~U% n% u% 1% 2 1 %% L 2 1% 39% “% 19 m% 1 106 4% u % AL ERR TR TR BT LR EEE PR TR UL R TR R S sgguseguggprzgapes 2 td EEERL-FLLPE LG AL S H U FRERN 17% 19% % k) 101% u% 9% 20% Wh 4% 115% 2% P R FHE H 2 & Open. High. Low. Close. SuperiorOil...... 4% 4% 4% &% Superior Steel.... 2% }% 3% 2% TemtorCorn(A).. 8 8 8 8 TexasCompany... 3§ 36 6% 3% Texas& Pacific... 28 2% 2% 2% Texas& PC&OIl. 19% 19% 19 1% Third Avenue..... 4% 15 1% 15 Tobacco Prod..... 6% 70% 68% 6 TransContlOfl... 7% 8 ,T% 7% UnionOil......... 18% 18% 18% 18% Union Bag & Papr. 62 62 60% 60% Union Pacific.......120% 120% 120% 120% Union Pacific pf... 65% 6% 6% 6% United Drug...... §5 5% 6% 5 United Fruit. . 108% 108% 108% 108% United Ry Invst... 8 8 8 8 United Retafl Strs. 53% 5% 634 Bt% USCastIrPipe... 1% 1% 1% 15% USExpress....... 6% 6% 6% 6% USFood Prod.... 16% 16% W% % USIndusAlcohol. 48 49% 47% 48% USInd Alcoholpf. 87 8 8 81 U S Realty. D 51% 3% 61% 62 U S Rubber. .. 48% 60% 8% 49% U S Rubber 1st pf. 86% 86% 8% 86% U SSteel. ... . W W% Th % U 8 Steel pf. J100% 109% 109% 109% Utah Copper-. 0% 0% 0% % Utah Securities... 9% 9% 9% 9% Vanadium Corp... 3% 34% 32% 33 Va-Car Chem. 0% 2% 2% Va-Car Chem pf... 76% 76% 7 5 Vivadou 8% 8% 8% 8% Wabash. .. % TH % T% ‘Wabash pf A 21% 2% 21 21 Webber & Hellbr.. 12% 1% 12% 12% Western Pacific... 2% 23% 2% 2% Westhouse E& M. #% 4% % % Wheeling & LE... 8% 8% 8% 8% White Oil. ... g% 8% 8 8 ‘Wickwire Spencer 10 10 10 10 Willys-Overland.. 6% 6% 6 6% Wright Aero ™ % Th Th Worthington D. 0% 40% 0% 0% High. Low. Last. CallMoney...... 5 4% 4% HOURLY SALES OF STOCKS. 11am.. 132800 12m .. 241 3000 . 45 000 CURB STOCKS, Quotations furnished by W. B. Hibbs & Co. 12 Bid 1% 4 5 p.m.—~ Asked. 2% 3 Aetna Explosives . Allied Oil » 13 17 4% 5 1% 14 ties Service (old). 213 Cities Service pfd. 34 Columbian Emerald ay Commonwelth Cressen Gold . Davis Dal; Dominion Durant Mo Elk Basin Empire F 168 Engineers’ Petroleum kN Eureka Croesus - 31 Farrell Coal 13 Federal 0il 1716 Fensland Oil . 3 3815 3 1 3y i B Intercontinen T International Petroleum {(new. 103, Jerome Verde 2 Kay County Gas. 1% Lake Torpedo 1 Lone Star Gas. 20 Magma Copper . 2 Maracaibo Oil . 5y Mason Valley 13, Merrit Ol .. i Midwest Oil % 25 Midwest Ol pfd 2 3 Midwest Refining 130 140 Mountain Producers’ - % 8 Nevada Ophir £ 4 New Cornefia 135 o b Northwestern Oil . Omar Oil (new). Pennok Ofl ... Perfection Tire Producers and Kadio com. Ryan Cousolidated . Salt Creek Producing. Salt Creek (new). Sapulpa com. . e oo - Skelly Oil .. = Southern Coal and Iron. ets Co. of America Swift International “Tonopah Divide . Tonopah Extens| Cnited Eastern U..8. Light and Heat com. U. 8. Light and Heat pfd. United Profit Sharing U. 8. Ship Corporation., . U. 8. Steamsbi United Retail Candy. United Texas Warren Bros. Wayne Coal West Eod Ce ‘Wright-Martin CHICAGO— Armour Leather com Armour Leather pfd. oy Bltiacg % le'by 3 h atpnal Lenther Tnion Carbide . COTTON IS LESS ACTIVE. NEW YORK, September 16.—While moderately active, the cotton ma:iet was quiet, as compared with its re- cent extreme activity, showing a tendency to work lower during today's early trading. The earlier cables from Liverpool were better than due, but prices there sag- ged oft just before the local open- ing, and the market here started steady at a decline of 10 to 30 points. There was some southern and Liver- pool selling, as well as scattered realizing. but the offerings were pretty well taken right after the call by trade buying, with December working up from 19.15 to 19.35, while January fluctuated between 19.10 and 19.30, compared- with 19.45 at the close yesterday. The weather map was considered favorable, but bullish spot advjces from the southwest helped to sustain the early market. Rallies on bullish- spot advices and rpmors of low condition figures fail- ed to attract any important buying and prices weakened later under in- creased liquidation and local pressur: A good deal of the selling was in small _lots, . probably . representinz Heom & BE oBubEa! & *® 882082 ¥ commission house accounts, but therc | was not much support and the break ! carried December off to 19.04. while January sold at 18.87, or forty-eight to fifty-eight points net lower. NEW ORLEANS, September 16— Extensive liquidating operations on the long side were against values in the early trading in cotton today. Liverpool was not up to expectations and the weather over the belt was considered highly {avorable for pick ing the crop, being warm and d in_ practically all sections. During the first hour of business prices lost 30 to 41 points, Ootober trading off to 1877 a round. 2 Liquidation continued for a consid- erable period, forcing prices 49 to 56 points under the close of yesterday, and October to 18.66. . LIVERPOOL, September 16.—Cotton —Spot, good inquiry: prices steady. Good middling, 14.38; full middling, 13.78; middling, 13.33; low middling, | 12.43;. good ordinary, 11.38;.ordinary, %,"5'53' American. - Receipts, 8,000 bales, including 3.700 American. Futures closed steady. September, | 13.19; October. 13.10; January, 12.80: March, 12.47; May, 12.18; July, 11.30. $10,500,000 IMPORT GOLD. NEW .YORK, September 16.—Gold imports amounting to $10,500,000 were received here in connection with Germany’s reparations payments. All the gold was placed to the account of the allies at the Federal Reserve Bank. One consignment of $1,800,000 was 1listed as originating from banks rej resenting the former Austro-Hun- garian government; $4,000,000 shipped from Hamburg was credited to va- rious German financial and commer- cial interests, and another shipment of $4,330,000 was sent by the Ger- man Reichsbank to meet obligations " to- Belgium. % German' marks today duplicated their recent minimum quotation of . 9.905 in the open market, % | Capital Traction sold sparingly [2id with prices | Sales, 10,000 bales, including | FERERAL FIVANEING - AGREATSUCCES BY L A. FLEMING. Supscriptions for $1,700,000,000 co::i- bined issue of Treasury certificate and short-term notes, announced ! Secretary M&llon, for the various i sues of September 15 demonst again the abundance of money fact that it is not being invested on Wall street to any great extemt and also the patent fact that the public has abiding faith in government se- curities. It is announced. too, that the banks and the public will back larger issues. In the view of many bankers the certificates and notes are an « lent investment for bankers, especial- ly at this time, when the demand frov, merchants is not large, and wneh 1h. usual source of employment of secoid- ary reserves, the New York stock market, is easily glutted and rates fare lower than that of either of Herda_v's issues: Call money touched H 12 per cent yesterday and again to- ;dny. showing that the certificates of- fer a much better employment for cash. Washington banks lose part of the advantage acceruing to other national banks through investment in govern- ment securities, through the ruling of the District tax department that Bross profits returned from invest- ments in semi-tax-free securities with certain limited amounts abso- lutely free, are taxable. On the advice of the counsel of the District Bankers' Association the taxes have been paid under protest on income from these securities. One of these days this apparently unjust assessment may be remedied: An effort to recover and to end the practice should be made. An Unpleasant Story. The Wall Street Journal this mo: ing publishes a story of the defer: preferred dividends of man: i tions, [ many {In this list disappointment counting on a cer: as a sure thing, ing over_ $7,609 lir "repeated ' for ypractically (SN a ¥ corpora- not only deferred but passed, f them never to be made up. every to single one is some investor, n specified incoms aggregate reach - quarterly. which vear brink . 416,109, a full yeal {omi rious calaminty o many investors. Nor. the outlook encouraging that this will be avoided Passing of Cuban Cane Sugar pre- ferred 7 per cent dividends meant 4 loss to shareholders of $3.500.000 an- large corporations have investor. entral Leat ginia-Caroiina Chemi- $1,717.343. There is hope that some of the corporations that have shown betterment in business will be able to make payments on deferred divi- idends accounts, but not to any great extent, compared with the total loss, Preferred shareholders in Columbia Graphophone will lose $691.861 if vear's dividend is passed or deferred, although the dividend is cumulati if earnings improve sufficiently permit. But there are scores of corporations in the same fix, many of them enjoy- |ing high rating commercially and with long records of successful cor- porate effort back of them. Security Savings Extra Div Directors of the Security Savings and Commercial Bank have declared the regular quarterly dividend of 3 per cent, payable September 30 to shareholders of record September 26. At the same time an extra dividend of 1 per cent was declared, payable on the same date as the regular distri- bution, with the same date for closing ooks. 0 Local Securities. Trading on the local market was slow, orders few nad prices well maintained. A sale of 100 shares Washington Market stock was re- ported at 28. Bonds were steadv at 97 for the Potomac general 6s and 57 for Traction 5. at 186. Call money. 512 bid anl cent asked. Some loans were made iat 6 per cent. Off to California. | . The first special train for American bankers' convention, in Los {Angeles, is to leave New York to- day. The convention dates are Octo- ber 3-7, inclusive. The train leaving today from New York, goes the northwestern route, taking in Medicine Hat, Bani, Van- jcouver, Portland, Shasta Springs, Sam Francisco and the Yosemite Valley. Scores of special trains will follow from all important cities. To Offer Land 5s. Secretary Mellon today stated that in accordance with the general plan of financing of the federal land banks as announced in connection with their last issue, and in harmony with sug- gestions recently made, the federal land banks will about October 1 mak: another general offering of federul farm loan bond These bonds bear 5 per cent in= {terest. The selling price and the amount of the issue will be announccd later. | $5,000 Life Policy, $57.35 Age 40. Send date of birth for fllustration Established 1865. Assets over $150,000,000. M. LE ROY GOFF, Insurance Adviser All branches Room 610 Woodward Building. M. 340. |~ S ™e 3 eamy 2, 33 & onE I S (B, mmooee \ o8 [NEWOR waTCH THE WORM DisaPpEAR B'ROS PAY DAY YESTERDAY $5.00 partial payments will enable you to take advantage of our ticipating plan for investments. '} get the earning value of Your money rather fhan the rental vaiue or 3 or 4% only. Call on or write us for full informa- tion. Stock Exchange Security * Nigh-Class Representation ‘Wanted 3 Full or Part-Time Engagements. " A Penniless Old Man it. Yet85% of all who lent. i mhee