Evening Star Newspaper, September 21, 1921, Page 21

INY NEW BUYERS| FORLATE ISSUES Bankers ‘Report First-Time Orders on Notes and Certificates. BY L A. FLEMING. Many local banks_that have not participated in the périodical sale of federal certificates and short-term notes entered the competition for the September 15 notes and certifi- cates for the first time. Several sav- ings banks reported orders for cus- tomers reaching fair pronofllon&‘ ; ome national banks also partici- pated In the sale for the first time, and these purchases, Where orders e successfully placed, are an add- i evidence of the gTOWing popu- larity of the securities with the pub- lic. ~° ty will probably That this familiarity > “Dc"“m e much differ- the banks ac- undertaken to care for these cer- tificates or whether the cash on han from tr e last sale, plus the balance from tax receipts and the sale of equib- ment notes, will be sufficient to re- plenish the Treasury to meet obliga- Hons. chances are favorable for an issue of certificates with October 15 or November 1. Bankers Buy Acceptances. ’ bankers are using the ac- T e "market rather freely these buying large amounts of bank acceptances as employment for their surplus funds. Moreover, banks that have rarely used the New York call money market are - sending surplus hunds” there, although the rate is 4% 15 per cent, the same as acceptance rates. Time thoney i but bankers are not inclined to tie funds up in New York for any length of time. Personal Mention. ehn M. Riordan, cashier of the Bank of Commerce and Savings, has -turned from a ten-day vacation at Atlantie City. L Victor B. Deyber, president of the ond .National Bank, is again at his esk, ready for the increasing fall business. Mr. Deyber, who is also sec- retary of the District Bankers' Asso- ciation, expects to have the book of the White Sulphur convention in the hands of the members this month. Joshua Evans, jr. will leave on Saturday next for the Los Angeles convention of the A. Messrs. White and Saul. other local represen- tatives, are on the road somewhere between here and Los Angeles. Not Tax Free.® Senator Penrose declares that the new revenue bill does not propose to entirely remove the Liberty bond issues from all taxation,' but simply permits a consolidation of Liberty bond exemptions up to $125,000 as provided ih section 1010 of the House bill. - In the District of Columbia the tax assessor will not permit the banks to claim any exemption in the matter of gross income taxes. Loeal Securtties. Business on today’s session of the local stock exchange was greatly re- dyced,—only Railway General 6s at 83 and Potomac General §s figuring in the bond list. while a small lot of Gas notes sold at 104. " Stocks were entirely nominal. Bid and asked prices did not show the corporation along.® This will give the compapy the fall, winter, Christmas and spring business to work on for a reduction of obligations. Om Exchange Stabilization. Bankers at the convention of the American Bankers' Association in Los Europe and other countries, compared with the stability and character of the American dollar, the money of the great creditor nation, but they can recommend no action that will change the situation. Conditions are what they are be- cause of many facts, and they are not 1o be remedied by theorles. . London, one-time financlal capital o% Yhe world, understands that the stabilization of exchange is impossi- ble until the liquidation of debts and the return of full production, plus the restoration of actual value back of the paper currency. Barclay's Bank of London, one of the few foreign institutions that cir- culdrizes the United States with its ¥iews, has this to say in connection with the discussion on exchange sta- bilization: “There is no one royal and easy path o exchange stabilization; in fact, vears will probably elapse before even he most enuous and well-directed n*the part of each country an restoré to the complex interna- ional financial machinery its pre-war | moothness;.of working. The causes f the dislocation have already been exhaustively discussed, posed, might result in too ee being placed upon in- n_and too little upon Each country must, to extent, work out its own the richer nations can it obstructive actions as the of tariff barriers and the m of other similarly narrow jhiogt-sighted policizs. ¥ Jmportant to remember that r‘;’ table operation.of economic a currency, since if it be- effective stimulus and ex- thereby increased—then to nt, forces are set in motion ust uitimately restore the ME CLAPPING ACTORS Ask That Stars Be Not uded on Appearing. F{YORK, September 20.—The B8jjot theatergoers to applaud p:i&s they step out from the ‘emch night is worrying Broad- . 'One manager has included in program a request that the audi- ice break itself of the habit. The custom began with. the greet- £s which star worshipers tend on the 2 | St Louis Sown pf.. pted a performance on the appear- minor character, whose only signment was to announce that the lach and pair are ready, sir. —_— FOREIGN EXCHANGE. Helgrade % Moatreal Adams Express. .., Ajaz Rubber. Alaska Juno. Allled Chemical Allis Chalmers. Am Agr Chem. Am Agr Chem pf.. 6% Am Bank Note.... 0% Am Bosch... % 45 = Am Car & Fdy pf.. Am Chicle Con Am Cotton Oil Am Ice. Am Ice pf. ve.. 8% Am International. 31% Am Linseed. Am Linseed pf. Am Locomotive. .. 8% Am Ship & Com. 6% Am Smelting. 3% Am Smelting pf... 1% Am Steel Fdy. Am Sugar. Am Sumatra Am Tel & Cable Am Tel & Teleg. Am Tobacco pf ( Am Water Wks... _ Am Water W pp pt 4% Anaconda. .. Associated Oil Balto & Ohio pf. Beth Steel. Beth Steel (B) Bklyn Rapid Trn. Bklyn Rap Tr ctfs. Burns Bros. Butte Copper. Butte & Supert California Pckg California Petrol.. 35 Canadian Pacific. . 1124 Central Leather. .. 2% Cerro de Pasco.... Chandler Motor... Ches & Ohio. Chi Great W pf. Chi Mil & St Paul. Chi Mil & St P p! Chi & Northwn. Chi Pneu Tool.... Chi R I & Pacific.. Chi RI& P 1% pf. Chino Copper. Colo Fuel. . Columbia Gas. Columbia Graph. . Columbia Grph pf. Cons Cigar . Cons Distril Cons Gasof N Y... Cons Intl Cal Min. Cons Textile Cont Can.. Corn Products. Corn Products pf.. 103 Cosden & Co . U Crucible Steel Cuban-Am Suga Cuba Cane Suga! Cuba Cane Supf.. Del Lack & Wstn.. 107% Dome Mines 18% Emerson-Brant pf. Endicott-Johnson. Erie. Erie 1st pf Famous Players Fisher Body Freeport Tex: Gen Asphalt Gen Asphalt pf. Gen Electric — Gen Mot €% deb-.. 64 Goodrich Granby Consol... . Great Northern pf. Guantanamo Sug. Gulf States Steel. . ‘Hendee Mfg. Inspiration Interboro Metro. Interboro Met pf.. Intl Agrl Chrem pf. Intl Harvester Int]l Mer Marin: Intl Truck 1st pf. . Intl Nickel Intl Paper. Invincible Ofl. Island O11. Kelsey Wheel pt.. Kennecott. . Keyser (Julius)... 8 Keystone Tire.... 1% Lackawanna Steel 1% Lee Tire & Rubber 26% Lehigh Valley. 51% Liggett & Myers. . Liggett & Mye Loews Inc. Louis & Nash. Manati Sugar. Manhattan Elev. Market St Ry pr pt 33% Market St Ry pf... 16 Martin-Parry. ican Pete. Miami Coppe! Midldle State Midvale Steel. MinnStP &SS Mo Kan & Tex Mo Pacific. Mo Pacific pf Montgomery Ward Natl Cloak & Sult. Natl Cloak & S pf. Natl Lead. Natl Rys of M Nevada Copper. Norfolk Southern. Norfolk & Westrn. North America North America pf. Northern Pacific. . Oklahoma Prod. .. Orpheum Circuit. . Pac Development. Pac Gas & Elec. .. PacificOil.... Pan-Am Pete..... Pan-Am Pete (B). Parish & Bingham Pennsylvani: . Penn Seabd Steel. Phila Company. .. Phillips Petroleum Plerce-Arrow..... Pierce-Arrow pf.. Pressed Steel Car. Pullman Co. 8t Louis Southwn. Santa Cecilia Sug. Savage Arms Saxon Motors..... Seaboard Air Line. i“‘é'i!ia!"%iii"’i‘iii“ifi!!fiifl’ii?;‘e?ifiii;ii}%fiiii"%“‘5 Southern Railway Stand Oil of Cal. Stand Oil of NJ Stand OIIN I pf. .. Steel & Tube pf. .. Stromberg Carb. Studebaker. Submarine Boa = g & L R T I AL L 45 EY 1% 2% .FINANCIAL., . suzgge Bisgygazge-us (T bk 111 NEW YORK STOCK EXCHANGE Received by Privaté Wire Direct to The Star Office. % | Wells-Fargo Exp. .!§§§E= ' WALL STREET LT IRRECULAR IN TONE Some Raiding in Oils—Spe- cialities Stronger—Com- ment on the Situation. BY STUART P. WEST. NEW YORK, September 21.—The stock market today developed so many cross currents in the movements of individual stocks that it was hard to determine most of the time what -the main inclination really was. Prices were bid up early in the day on the ideg that the reaction, having extended over three business days, had gone about far enough. There was a good deal of scattered short covering, and here and there some fresh’ buying, which carried Bprices up a point or so. This rally ran its course by midday, when attention was attracted to the outbreak of heavy and persistent sell- ing in Mexican Petroleum. ‘While there was no news to account for this selling, it had a rather un- % Transue & Wilms. 35 Union Oil. Union Racific pt. .. ¢5 nited Alloy Steel United Drug. b United Fruit. United Ry Inv 1 United Retail Strs. U8 Food Prod. ... U S Indus Alcohol. U 8 Realty. ggnubber. Rubber 1st pf. U S Steel = Va-Car Chem pf. Vivadou BE Wabash pf A. Western Md 2d. Western Pacific e. settling effect upon the rest of the 3;?:;?::;%“5"‘ 3 list. Other oil shares were disposed to ML - sag, reflecting uncertainty regarding Witson Company. the ‘trade qutlook and the anticipation ys-Overland of some very noor earnings state- -OvId pf.... 31 =% 2% ments lying ahead. Worthington Pmp. 0 4« 39% Some Firm Stocks. High. Low. Last. | On the other hand Baldwin Loco- can v motive, American Woolen, the Steels Money...... &% 8% 8% |inq others, which has been. pressed HOURLY SALES OF STOCKS. down in the market of the preceding | llam.... 1780 1 days, rallied easily, one or two spe- cialties, like United States Realty and Aj.nlx .l}\:ibbe;. ran up sharply, and the rails had a fair recovery. In the last QUOTATIONS 0 named the prospect of still further MITTED TODAY. improvement in the August traffic Owing to the breaking of telephone wires, caused by the collapse of the bridge at Savage, Md., this morning, communications with the New York financial markets were held up and for meveral important statements was the chief incentive. These expectations will certainly be borne out if other roads do anywhere near as well as the Union Pacific, which made public its figures today. ‘The August gross was $18,444,000, against $14,049,000 in July, while the net operating income was $4,617,000, against $2,102,000. The striking com- parison was, of course, in the gross returns, which showed the effects bf the heavier movement of grain to Btock of . 3 Ial |market. R = . Bankers Trust Co.. q, $5. le;?“& 0:':!’ Chi. Ry. Mn}i, Co., Sept. 20 Oct. Cvnnl. P. C. 6% pt, q, 1%%. Oct. Dode At ‘Co.0g, S1n0.° {3 = " Dodge . Co German Marks Lower. The other points of interest in the day’s situation were a further break in German marks, an abrupt rally in cot- ton and the weekly steel reviews, giving thelr testimony as to the significance of | recent developments in the trade. Mark exchange got down almost to the lowest yet reached and more than ten points below the high touched on last Saturday’s rebound. It now is clear that this rally was only one of the turns in a speculative market and was not due, as gome suggested, to reported negotiations between the German gov- T e s e S -Sept. 5. Sept. 24 Sept. Steel Situation. % ¢ The principal contribution to the dis- Sept 23 % " Corp. pf, o, g, #.75 Sept. 19 boro Mills, boro il a, —_— NEW ISSUES SOLD: LIBERTIES STRONG NEW YORK, September 21.—The Canadian provincial issues brought out this morning went through read- ily enough. The $10,000,000 Ontario 6 per cents put out at 99, to yield 6.10 per cent, were all s01d before noon. The same was true of the $2,100,000 Al- berta @s offered to the public at 95 Wwith the return of 6.70 per cent. Liberty bonds were stronger again, but the galna were comparatively slight. Mexican issues were heavily dealt in, although they did not get up to yesterday's high. There was large Tealizing In these bonds, partly be- cause of their rapid rise and partly because there have been So many dis- appointments in the past about the announcement of the Mexican finan- cial program that it was feared there might be a repetition of these ex- ke periences now. A 3 Sao P;ulo Is'! in "?e 10“""‘,|Bd‘vl|;fl%“ llgfl\:?filn'“m Gas Ti3—$100 at 1043, $100 were off half a point, and Brazil 8s % fo—s also were lower, while Uruguay 85|05, §1.000 st op ) Sciersl 6—¥1.000 at were higher, selling at 100 on a cash | _Potomac _Electric general mortgage 6s— transaction, as a%alns( 993 at the | $1,000 at 97. close last night, French 8s were un. and changed, but the 7%8 were again e 831’:;; Brices PUBLIC UTILITY. ernment and German bankers and busi men, looking toward checking the de- cline. statement by the Iron Age that, while demand for the heavier products had not increased, the larger business in wire and sheets had raised the volume of mill operations as a whole. A further gradual gain is anticipated through the autumn, but no broad buying for for- ward deliyery until next spring. Ofl Shares Weak. The.break In Mexican Petroleum, after its early advance might have been due, 80 the street thought, to further liquidation by the bull crowd, which tried to run the market up last week and failed dismally. Mexi- can Petroleum was one of the stocks | with which this crowd was experi- menting. At the same time the feeling is that the oil trade is further away than al- most any other industry, with the ex- ception of sugar, from complete re- adjustment. Previous to this month the decrease in home production was disappointingly small. | The September figures of .output, | will, it is said, be more encouraging- | The' fact is that Mexican shipments, | {suspended since the 1st of July, have now been resumed, and oil imports | promise to make up, and perhaps the reserve supply due to domestic| curtailment. Not only the Mexican oils, which were selling ex-dividend, but nearly | all the American oils were depressed today. —_— Washinaton Stock Exchange. around their low of 95%. Rail Bonds Easfer. g LEE Y S kb e £ ‘Changes in the railway division | american Tel. and Telga 4 8315 B4 were irregular. One of the notice- | American Tel. and Telga. 4 91 able features was the weakness in|Am. Tel. and Tel ctl. tr. 3s.. 874 871% New Haven debentures 6s. These |An. Tel. and Tel. conv. &.... 1005 . 101 bonds were selling at 55 at the end e of last week. They fell today to 53, b ich was only a point away from | capital Tra 8T% their low. City and Surburban 3s. [ The exceptionally low selling prices | Georgetown Gas lat 3 hid of these and the other New Haven | Metropolitan R. R. 5 2% bonds, standing out in contrast with | Eotomac Electric Light Sa. » the rest of the bond market.- is, of 9 course, a picture of the hard fipancial o7 problems which the New Haven road 2 has to face. 7= A Balte. and = 1 Baltimore and Ohio convertible 4%s o aes L 10 were down to 70%, as against 71 yes- ey terday. 2 Kansas City Southern 58 were firmer. Realizing sales appeared in Ameri- o can Telephone and Telegraph collat- 2y eral s, which sold at 88, as against i a high of 89 yesterday. Cuba Cane Sugar 7s had a sharp rally, getting to 60 again. Absorption of United States Realty 58 kept on around 'their high- est level, this buying, as has' now been well advertised, being for com- pany accounts. PUBLIC UTILITIES, American Tel. and Telga . 45% 30 w. 180, claiming; purse, $1,200; 1 olds; five and on furlohgs—Fannle Bean, 114; 101; *Doves’ Roost, 105; %S Joseph Brant, 1: Chateaugay, 112. Second race; claiming; steeplechase; four -year -olds and up; _ purse, $2,000; two miles—Reddest, 149; *Kis. mer, 130; *Distant Shore, 132; A. Sheridan, 140; Lincoln . ; | National"'Metropoiitan Riggs . ~Flight Captain, 37. Third race; purse, $1,20( for two-year-olds; fi furlongs—Dick Dead Eye, 115 nota, 105; Fair Virginia, 110, dam- ant, 108; Feigned Zeal, 112; *Clans- man, 115; Wreckless, 110. Fourth race; purse, $1,500; thd Hartford county handicap; for three- year-olds and up; one mile and sev- enty yards—Hobey Baker, 112; The Archer, 102; Aiken, 95; Dresden, 101. Fifth race; purse, $: claiming; for three-year-olds and up; one mile and quarter—Stir Up, 10! Scotch 105; Attorney, 107; Daddy 02; *Explosive, 96. - Sixth race, purse, $1,200; claimin, for three-year-olds and up; six fu longs—Allah, 120; S8ir Jack, 111 Plum Blossom, 112 106; Who Cares, 111 Thoughtless Beauty, 106; *Jean Bul lant, 112; *Fleer, 109; Lucie May, 117 Car, 111; Laughter, H7; *Bill. Hunt- ley, 109. 31,200 claim- claiming; h: - ! A B sEERERCE 88 F 8a ® £ ® i 6 (=% 0053 “wER Seventh race; purse, ing; for three-year-olds and turlongs—Kewessa, 117; 108; *Celiva, 9 Girl, 1 NEW RE, September 21—Com- tition ~of Americarn - and English u‘yen in the bidding for cross fox peits featured the annual fall fur auction here. Total sales for the first two days have reaclted $1,230,- 000. Most of the skins~gold 3how advances in prices over the April ‘The actual Increase in per- were: Gray fox, 15; white ox, 30; silver fox (best blue fox, 2B; eastern 30; northern ‘skunk, 25, and southwestern skunk, 30. Badger de- <clined 16 per cent and- black silver ‘Weather cloudy; track heavy. _—_—— o Mrs. Amelia Spurgeon, aunt of the] famous preacher, -Rey.. Charles ' H. Spurgeon, has just celebrated her 102d birthday anniversary at her home in England, ¢ ~ cussion of the stedl situation was the | o i private condi more than make up, any shrinkage in ;M (. WEDNESDAY, SEPTEMBER 21, 1921, Grain, Produce and Live Stock GRAIN AND PROVISIONS. LOCAL WHOLESALE MARKET. BALTIMORE, September 21 (Spe-| Eggs—Strictly fresh, per doz., 41a42; glaD) “Potatoes, "White, 150, pounds |averago receipis, 40. .50a4.25; 100 pounds, 2.50a2.75; Nos | Live poultry—Roosters. per lb., 18; 2 and 3, 75a1.50; sweets, barrel. 3.00- | turkeys, per 1 236, chickens, a3.75; yams, 3.003.50; No. 25, 1.50 |spring ~per Ib., 32a34: hens, per Ib.. 2220, Boans, bushcl, $0aL15. “Beets, | 2528 keats, youns, each, 35A50. unch, 2%a3. Brocoll, bushel, € i/ Cabbage, head, kal0. Carrots, bunch. e poliiley: Jrrosh Killed Spring 2%a3%, Cauliflower, barrel, §.00a-)34; roosters, per' 1b., 22; turkeys, pe: 6.00. 'Celery, crate, 2.00a6.00. Corn, |j? Je05°r% DET 10, 2%: turteve, ber dozen, 15830, Cuoumbers, bushel, |15, JRa4i: keats, youns, each. goa 3 3 20a25. L00a2.00. Eegplant, basket Zoaas| Live stock—Calves, choce, per Ib., Onions, 100 pouwds, 13: lambs, choice, per lb.,, 10all; live Peppers, basket, _15a50. | OES. per Ib., 83, each, 5al0. Squash, | Green frults—Apples, per bbl., 3.00a basket, 20a25. Tomatoes, basket,|10.50; per bushel basket, 1.00a3.0! 40a55; bushel, 75a1.05. western, per box, 3.5025.00; California Apples, packed, barrel, 6.00a10.00;}l¢mons, per box, 00a7.50; California .00; 1 bushel, es, per crate, 5.50a6.00; peaches, N btes.500 Hemmer, To0s1TE. per bushel, 4.00a5.00; cantaloupes, per X .50; . 1.00a81.75. z‘g:i!inlou‘;:‘:pg:ll:, 13552.504 Dam- g?s%(ee't 1.50a4.50; pears, 2.5024.00 per sons, basket, 60a75. Grapes—20-pound basket, 1.15a1.25;| Vegetables—Potatoes, new, No. 1, per 3%-pound basket, -28a30. Pears, [bbL. 5.00a5.50; per sack, 4.00a4.75; Ni bushel, 2.0024.00, Plums and prunes, |2, 2.25a2.75; sweet potatoes, per bb bushel, 3.0024.00. Quinces, bushel,|2.75a8.75; lettuce, nearby, per crat 1.50a3.00. New York, crate, 1.00a2.0 ‘Watermelons, selects, hundred, per doz., '50a75; romaine let- 25.00235.00; primes, 10.00a15.00; culls, {tuce. 1.00a1.50; cymblings, per crat 5.0026.00, 50a75; spinach, per bbl., bR = onions, per 100-1b. sack, Selling: Pricss . at Noon. cabbage, 3.00a3.50 per bbl.; cucumber: ‘Wheat—No. 1 red winter spot, no quo- | 2.00a3.00; eggplants, per crate, 75al tations; No. 2, 1.33%;: No. 3, 1.28%;|tomatoes, per box, 50al.25; corn, 20 per dozen; beans, 2.50a4.00 per bl lima. beans, 25230 per qt. CHICAGO LIVE STOCK MARKET. CHICAGO, September 21 (United States bureau of markets).—Cattle— Receipts, 10,000 head; fat yearlings and corn-fed beef steers, others, dull; top yearlings, head, 10.50; bulk, beef steers, 6.25 9.00; she-stock, steady; canmers, strong; bulls, stockers and feeders, bulls, large- al calves, mostly calves, almost unsala- bulk, vealers, 12.00a1 Hogs—Receipts, 13,000 head to' 15 higher than yesterday’ No. 2 garlickly, 1.23% wheat, 1.23% ; Osctober, goes on grade, No. 2, 1.22% 1.16%; sales, bag lots at 1.01 and 1 Cob corn, 3.60; contract corn, 62% track No. 2, 71; no sales. i Oats—No. 2, 48% and 49%; No. 3, 45% and 46%. R’?‘Q—an‘by, 90 and 1.10 per bushel; No. 2 western, 1.12. Hay prices range 16.00 to 21.00 per ton. Straw—Unchanged. CHICAGO, September 21.—Bears had an advantage in the what market today owing more or less to an official report indicating that France has a surplus of 28,000,000 busheis over and above bread and seed requirements. Selling came ohiefly from commission houses. Ag- |age; top gressive support was liking. Intial quo- | butchers, a8.50 tations, which ranged from to 1|sows, 6.65a7.00; pigs, 2: lower, with December 1.27% to 1.27% (bulk, desirable, and May 1.31% to 1.31% were followed | Sheep—Receip by a decided setback all around. slow; first sales, fat, native lamb New low-record prices for the season |lower, at 8.00a8.50; bidding lower were reached in the corn market. Pre-|western fat lambs; few strictly choic dictions were current that the govern- | here, feeding lambs, 15 to 25 lower: ment crop report October 1 would be | top, 7.35; mostly 7.00a7.25 bearish. After opening unchanged to 3% lower, including December at 523 10 5214, prices conffnued 1o sag. Oats were weak with other grain, Strength in the hog and cotton mar—zc;:“‘(.khe'!,“fl' ;,“3_ old roosters, kets gave a little firmne: vision: ‘mw‘:~ ;azh ‘K:ggon!, pair, mf;‘i“?ffifi‘t&i’“‘“ 652 car Eggs—Loss off; native and nearby b A firsts, dozen, 40; southern, 38. Wisconsin white, Min- z o e 0 Idaho | _Butter—Creame: nesota Red ri 6 soniter e 5022 “cobblers, strong - bulk, packing 5 to 50 higher; DAIRY MARKETS. BALTIMORE, September 21 > (Spe- cial). — Chickens — Alive, springer: 1402141 ladles, 20a packed, 25; dairy pri butter, 33a34. demand _appéared to be lacking and talk of improved demand for flour failed to brinz about any important wheat upturn. The close was heavy 31; to 3% net lower, W December 1.24% to 1.24% and 1.28% to 1.28%. - transient corn rallies place. The market closed weak 1% net lower, with December 134 HEARING ON BANKRUPTCY. WILMINGTON, Del.. Scptember 2 —A hearing on'an involuntary peti- tion in bankruptey against the Puscy | & Jones Co., shipbuilders. has been set for October 4, in the United States district court here. The petition .| which is the second filed this ye was presented by a group of credit- ors, the largest of whom is Joseph W. Isherwood. The petition alleges the company is insolvent and owes | more tHan $1,000,000. . BAR SILVER QUOTATIONS. LONDON, September 21.—Bar ver, 40d per ounce; money, 3% Open. High. 127 December...... 1% 8% Mo oy g et COTTON MARKETS. 1 NEW YORK, September 21.—The! sil- per cent. Discount rates: Short bills, 4 cotton market opened firm at an ad-|per cent; three-month bills, 4 L-16a vance of 35 to 49 points on relatively | 4 3-16 per cent. NEW YORK, September 21.—For- eign bar silver, 65% Mexican dol- lars, 50%. firm cables and reports of an im- proved tone in Manchester. Some traders who sold on yesterday's late decline were rebuyTig at the open- = ing advahce and there was covering & Money to Loan or fresh buying on rumors of bullish Secured by firat deed of tro 1 on figures to appear later in the week. Futures opened firm: October, December, ~ 20.1 March, 30.03; May. 19. A reaction extended cepther later! or 41 from the carly high level. street and local operators who had bought cot- ton on the break of late last week were credited with selling heavily, © but offerings became less active about and prices firmed up several | Doints on the weekly weather re- port, indicating that more favorable weather conditions have failed to im- prove the crop outlook. l 19.70; | o i Joseph L. Weller * LOANS ON LIBERTY BONDS Ronds bought od. Legistered or Couj Liberty Bond Exchange 604 14th St. N.W. “t0 19.92 for De- Over a NEW ORLEANS, September — Much better cables than due and Quarter further rumors of crop condition re- 0, a ports from private*sources of under | thirty-seven put the price of cotton Century strongly higher today, the active! 5 months rising fifty to fifty-nine points | Wi ithout in the first hour of trading. October touched 19.66 and December, a Loss 20.05 dents a pound. H Futures opened steady October,| 19.65; December, 19.95: January, 19.94;; March, 19.74; May, 19%62. <LIVERPOOL, September 21.—Cotton —Spot more inquiry; prices firm. Good middling, 15.26; fully middling, 14.56; | middling, 14.06; low middling, 12.9 good ordinary, 11.91; ordinary, 11.16. | Sales, 16,000 bales, including 7000 American. Receipts, 2,000 bales, including 200 American. 1 Futures closed very steady: Sep-| tember, 13.98; October, 13.88; January, | ; March, 13.13; May, 12.85; July,| i Fifteen Reasons Why You Should Invest in Our First Mortgages Reason Eleven It is generally conceded that Life Insurance Com- panies are one of the largest investors in the world. Their experience should therefore interest you. The Lockwood 'Commitee has demonstrated by abund- ant statistics that Mortgages rank first in safety, stability and yield. B. F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. —_— LIBERTY BOND' CLOSING PRICES. NEW YORK, September 21.—Liberty | bonas closed: 3%s, 88.20; first 4s, §9.36 second 4s, $9.34 bid; firat’ 4is second 4%s, 89.34; third 4% 14; fourth 4%s, 89.44; victory 3%s, 99.14; victory 4%s, 99.14. VIENNA BOURSE CLOSED. | By the Associated Press. VIENNA, September 21.—Acting at the instance of socialists, the police occupled the bourse and stopped all trading. This was among develop- ments following a conference between Otto Bauer, soclal democratic leader, and Chancellor Schober, when the chancellor agreed to the re-entry of sociallsts into the government and the | immediate enactment of their radical| plans of finance reform as the only chance to avert a collapse of the coun- try. s The announcement that the govern- ment had conceded the demands of the civil servants for increases in pay in September amounting to 9,000,000,000 ! crowns, coupled with a false report ! from Zurich that the. crown was- in- creasing in value, instead of falling sharply, resulted in the closing of the bourse, which the socialists demanded as the first step of good faith to pre- vent the uncheckable panic and specu- lation in exchange. PINE DEMANDS INCREASE. NEW ORLEANS, 'September 21.— The demand for southern pine lumber last week mounted to a point reached only once since the early part of 1918, according to announcement here by the Southern Pine Association. The | orders were more than double those of the corresponding week last year and were the eighth largest on rec- ord. ZENS > SAVINGS BANK '3 Yo onsames 4% ox —_— MONEY AND EXCHANGE. NEW YORK, September 21.—Prime mercantile paper 5%a6;.exchange ir- regular; sterling 60-day Bills and commercial 60-day bills on banks, 68; commercial 60-day bills, 3.67 demand, 3.71%; cables, 3.72; francs, guilders, demand; 81.52; cables, 31.5! lire, demand, 4.16%; cables, 4.1 marks, demand, 0.91%; cables, 0.92; ‘Greéce, demand, 5.05; Sweden, mand, 21.85; Norway, demand, 12.5! tine, demand, 30.50; Brasilia demand, 13.12; Montreal, 915-16 per L B S t_dizcount. il open The secouat—atter that ‘cen 01 N open the account—after Government and railroad bonds lr-l \ Just stick to it regular. Time loans easier; 60 days, 90 days, 6 months, 5%a5% per ceht. Call money firmer; higher, 5%; low, ruling rate, 4%: closing bid, 4%; offéred at 5%; last loan, 5%. Call loans against acceptances, 5. 1336 N. Y. Ave. | per 1b., 36a40; hens, per 1Ib. | a bulk, lights and light | 1 il i E.D. Sampson, Gen. Ast. { R N-Y. Co i Chicago Board of Trade — FINANCIAL. The Connecticut Mutual Life Insurance Company —has returned to its policy- holders more money than it has feceived from them in premiums, a record unique among Life Insurance com- panies. It offers a thorough Edu- cational Course to its Repre- sentatives. An unusually high rate for a preferred stock. We are pre- pared t6 show vou how we are able to make such an offer, let- ting you decide whether or not our plans assure you of the 127% return. Ask vour banker to investi® zate and advise you. We will Eladly accept your business through any reliable Banker or broker. Stock Exchange Security Corporation 230 Bond Building 1400 New York Avenue Washin; . D.. C. 1125 Woodward Building STOCKS—BONDS—COTTON GRAIN — SUGAR — COFF Bought and Sold on Comm > i n BI8 P o 4% Sccurities and’ Commodition High claxs representation Review Free, Upon Request, wanted. Full or part time en- Kagements. A.A.Housman&Co. 20 Broad Street, New York MEMBERS: New York Stock Excl New York Cotton Exel New York Produce Exch: to sell— v 1o re- sell Partial e ee and Sugar Exchange Ansociate Members of Liverpool Cotton Association Washington Office MAIN FOOR CORRIDOR WOODWARD BUILDING - Telephone Main 2040 CHARLES R. ALLEY, Mgr. A date of birth for illustrati 865, Assets over S150,000,000, s EQUITABLE Co-Operative Building Association Organized 1579 41ST YEAR COMPLETED Assetn -$4.303,836.65 Surplus 22, i Systematic Saving Leads to Big Results Sustained Arguments History is a powerful de- 93 T Muke up your mind to join the Equi bater, and no claim can with 0 Mave anth Py Aan At stand the argument of the | * 1o get ahead financially. years. Our 52 years of service Subscriptions for the to First Mortgage investors, without a single case of loss, argues powerfully for the security of these investments as well as the integrity and | common sense of our organ- ization. Swartzell, Rheem & ‘Hensey Co. 727 15th Street N. W. Washington, D. C. The Nation's Home Town 81st Issue of Stock Belng Recelved Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING 915 F S5t. N.W. JOHN JOY EDSON, President FRANK P. REESIDE. Seely, E. H. Rollins & Sors Founded 1576 416 Woodward Bldg. 15th and H Streets Wanhington, D. C. 52 Years Without Loss to an Investor dollar with the stipulated interest, estate Phone Main 2027-2028 New York Phila Denver San Fraac s Northern N. Y. Utilities, Inc. 7% Bondx (Series “A”) Due, 194C Price, 100 and Interest to Yield 7 Not Subject to Redemption Prior to Maturity NANCIAL t the safest . returning dollar for are first oved real s market investments in A of trust ot ct Iding mi-annually, with -Edge Security. | also prepared to place and farnish rer sums. | rience with this: class of fnvest- | covers mure than 30 years, with uni. | t Send for Descriptive Circular n Insurance Adviser MAIN—-6888 0 ESTABLISHED HAPPINESS appirsss is a state of mind. That being the case, how can a man be happy when he is worried about money matters? And any man who speculates is bound to worry for the safety of his investment. On the other hand, the investor in our First Mortgage Loans has no financial worries. He knows that the interest is paid promptly and that the principal will be returned at maturity. As far as money is concerned, there nothing to mar happiness, for not only is the investment safe, but it pays 7% interest. For ease of mind, investigate our First Mortgage .Loans. They are in convenient denominations. oo H, L. RUST?--- PHONE. 912-15BSTNW. FOREIGN EXCHANGE Checks Foreign Currencies Cable Transfers Foreign Bonds WE MAINTAIN OOR OWN ACCOUNTS ABROAD The DUPONT NATIONAL BANK Connecticut Avenue at Dupont Circle Franklin 4424 RELIABLE INFORMATION —is absolutely essentizl as a basis for proper selection” of First Trust Notes for investment. There is no place that you can get more re- liable information or surer investments than are offered by our organization.