Evening Star Newspaper, September 24, 1921, Page 16

FIN ANCIAL - CAR EQUIPMENTS ~ AREREADILY SOLD Investment Houses Find In- quiry Larger Than Antici- pations. BY L A. FLEMING. The great easec developed in the money market and the plethora of cash seeking investment, coupled with the lowering of discount rates by federal reserve banks, has de- veloped the fact that railroad trust certificates bearing interest at rates that would not have been considered by investors ten days ago as in any way tempting are now commanding the attention of those looking for employment of their funds at best rates obtainable. Bonds have advanced to a point where they are becoming less attrac- tive for their return, and the bond lers are looking for new issues wnd have turned their attention to e large block of equipment notes :ld by the Treasury Department. Within the last few days these car trusts, which vield 6 per cent and less, have beccme an attraction, largely through the cutting of the discount rate of the federal reserve nks of New York and Boston to 5 per cent, and $100,000,000 sold by the government have been sold within the last five days to invest- ment bankers. The procceds of these sales are be- ing applied by the government to the claims filed by them against Railroad Administration on a srowing out of the period of control. Banks all over the country have been sending to the investment houses tfor car trust notes, as an investment for surplus funds 2 Late vesterday Kuhn, Loeb & Co. closed a contract for the purchase of 1.151.000 of the $48.250,000 Pennsyl- vania car trusts held by the govern- ment and ed under the Philadel- phia plan. The bankers have set Monday for the sale of these trusts to the general public. They are 6 per cent gold certificate “turing serially, annual- ly from January 15. 1 to 1935, and are the only certifica under the equipment trust made with the for- mer director zeneral of railroads that are issued under the Philadelphia plan. It is within the probabilities that $50.000,000 additional trusts can be disposed of without straining the markat, in which event one-half of the entire amount issued, $325,000,000, will have been marketed. The marketing of the balance will be consummated over a longer period. Should Bring Lower Rates. The lowering of discount rates and the increase in the supply of money should bring lower commercial rates in the relatively near future. Bank deposits here are holding up remark- ably well, despite investments made in certificates. So long as the Rich- mond Reserve Bank is a borrower it will probably hold to the present rate of discount, but efforts should be made by the governor and directors to bring about a readjustment that will enable it to follow the general trend. It is out of line today. Short-term notes put out September 15. payable September, 1924, are quot- ed at 160% bid. All certificates are held at considerable premium. May Make Gold Loan. Leading bankers are said to be con- sidering a gold loan, with the govern- ment’s approval, to England. bankers taking the responsibility. It is said that $500,000,000 is contemplated as a means of using the gold to help the foreign trade. One banker is quoted as regarding the big stock of gold held here as a potential danger. This belief is evi dently founded on the theory that too large holdings of the yellow metal, may lead to the adoption of the silver standard elsewhere. WEEK’S GRAIN MARKET IS DOMINATED BY BEARS CHICAGO, Séptember 24. — Bears Pave had an advantage in the wheat market this week, largely because of current opinions that the needs of European countries had perhaps been overprovided for. Compared with a week ago, wheat prices this morning were 1 to 1% lower, corn down % to 112a1%. and oats off 1 to 1%. The week's net changes in the pro- vision market varied from 17 cents decline to 60 cents advance. It was contended that recent huge exports of wheat from the United States had furnished Europe with a greater supply than could be readily managed. The supposed excessive transatlantic demand was ascribed to the world-wide heat and drought which for a time had threatened a crops. At present, however, France, for example, is officially reported as having a surplus of 28.000,000 bushels above bread and seed requirements. A liberal increase of the United States visible supply total counted also as a bearish factor. On the other hand. wet weather damage in the spring crop region. together with a falling off in the movement of winter wheat, tended to bring about rallies. Some- thing of a revival of export business was also noted in the last couple of days. Corn touched new low record prices for the season. Predictions were made that the government crop re- port October 1 would show a larger yield than heretofore expected. Oat deelined in sympathy. Provisions averaged hogs. lower TRADE CONDITIONS. NEW YORK, September 24.—Dunn’s review of trade conditions says: “After a period of slow and irreg- ular improvement, added momentum to the business recovery has material- ized with the advancing season. While reports from separate trades and industries are not yet of one| temor, encouraging features are in- creasingly prominent and the out- Jook for continued gains is favorable. Except in certain speculative chan- nels, where prices have fluctuated widely, current developments are along conservative lines, suggesting a purpose to avoid unwholesome ex- cesses and to establish conditions on a sounder basis. vidence of such a policy appears in the prudent action on the part of most interests, who are still limiting commitments closely to actual and well-defined requirements following months_of readjustment and liquida. tion. The number of spot transac tions. however. is enlarging, and there is also less hesitation in some in- stances with regard té anticipating the wants of the future.” i S Py R SR MONEY AND EXCHANGE. NEW YORK, September 24.—Prime mercantile paper. §%a5% per cent. Ex- change irregular; sterling 60-day bills nd_commercial §0-day bills on banks, 2.697%. Commercial 60-day bills, 3.69%: demand, 3.73; cables, 3.13!5. Francs, demand. 7.13%: cables, 7.04. Belzian francs, demand, 17.07; cables, 7.02%. Guilders, demand. 31.80; cables, 31.86.} Lire. demand, 4.14%; cables, 4.15. Marks, demand, .91%: cables, .92%. Greece, demand, 4.95; Sweden. demand, 21.85; Norway, demand, 12.50; Argentine, demand, 31.75; Brazilian, demand, 13.12. Montreal, 931-32 per cent discount. Government bonds strong; railroad bonds firm. PENNSY PENSION PAYMENTS. PHILADELPHIA, September 24— The Pennsylvania railroad paid out $1,354,692.03 in pension allowances to retired_employes and 696 new names were placed on the pension list in the first six months of 1921. In that period 7 retired employves died, leaving a net increase of 409. Former employes now receiving pensions were 6.406 August 1. It is estimated the average term of service of these men is forty years. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. THE EVENING STAR, WASHINGTON, D. C, RAILS ARE FIRM: SATURDAY, SEPTEMBER 24, 1921—PART 2 Grain, Produce and Live Stock GRAIN AND PROVISIONS. LOCAL WHOLESALE MARKET. BALTIMORE, September 24 (Spe Eggs—Strictly fresh, per doz., 41a42; :l;[l‘).fil;oww;s Wl;!ol:‘; .}550 \In(;l 3-62‘: average receipts, 40. .00: 100 pounds, 2.50a2.75; Nos. 2 an Live poultry—Roosters. 1b., 18; 37501.50; sweets and yams. bushel, | turieye per oo 35436, chickens 1.00a1.25. Beans, bushel, 60a1.00. Beets, | spring, per Ib., 30232; hens, per Ib., 23a | bunch, 2a3. Broccoli, bushel, 30a35. Cab- | 30; keats, youns, each, 35850, 1 bage, head, 5a8. Carrots, bunch, 3a3%. D e, T Poe " Colery, | Dressed poultry—Fresh killed spring | dozen, 35a75; crate, 2.00a6.00. chickens, per 1b., 36a40; hens, per Ib. | Gorn, - dozen. '15a30. Cucumbers, | 34; roosters, per Ib., 23; turkeys, per; basket, 1.25a2.25, Eggplants, basket, 20a | 1D.; 38a40; keats, young, each, 60a75. 25. Lettuce, bushel, 75a1.50. Lima| Pork—Dressed, small, per 1b, 15. | beans, bushel, 1.503%75. Onfons, 100! Live stock—Calves, choice, per Ib. pounds, 2.00a4.00. Peppers, basket, 20a [13: lambs, choice, per Ib., 10all; live | Pumpkins, each, 5ai0. Squash, | hogs, per ib., 8%. : sket, 26a30. Tomatoes, basket, 40255; bushel, 75al.f Apple: packed, barrel, 5.00a10.00; bushel, 1.50a3.25; loose, barrel, 3.00a5.00; 100 pounds, 2.50a3.50; crab apples, bushel, 3.50a4.00. Cantaloupes, crate, 1.50a3.50. Damsons, basket, 60a75. Grapes, basket, 28230; 20 pounds, 1.15a 1.25. Pears, bushel, 2.00a4.00. Plums and prunes, bushel, 3.0024.00. Quinces, bushel, 1.50a2.75. Closing Prices. Wheat—No. 1 red winter, spot, no quotation; No. 2 red winter, spot, 1.33; No. 3 red winter, 8pot, no quo- tation; 2 red winter, garlicky, spot, 1.22 : September wheat, 1.22% per bu.; October wheat. 1.23%. ales—Bag lots. of nearby sample, 1.09. 1.14 and 1.15 per bu. Corn—Cob, new, yellow, 3.50 per in car lots; contract corn, spot. 621%; track corn, vellow, No. 2 or better, domestic, 70. No sales. Ouats—No. 2 white, new, 48a48%: new, as to weight, 4513 Green fruits—Apples, per bbl. 10.50; per bushel basket, 1.00ai western, per box, 3.50a5.00; California | ilemons, per box,’ 5.00a7.50; California | oranges, per crate, 5.5026.00; peaches, per bushel, 4.00a5.00; cantaloupes, & crate, 1.50a4.50; pears, 2.50a4.00 per basket. Vegetables—Potatoes, new, N bbL, 6.0025.50; per sack, 4.00a 2, 2.2582.75; sweet potatoes, per 2.5023.50; lettuce, nearby, per cra 75a1.50; New York, per crate, 1.50a2.50 celery, per doz, 50a75; romaine let. tuce, 1.0021.50; cymblinga, per crute, 1.00a1.25; spinach, per bbl., 3.00a5.00; onions, 'per 100:1b. sack, 4.00a450;! cabbage, 3.0023.50 per bbl.; 2.00a3.00; eggplants, per ¢ tomatoes, per box, 1.00a2.00; corn, 20440 per dozen; beans, 2.50a4.00 per bbL; lima beans, 30235 per qt. DAIRY MARKETS. BALTIMORE, September cial). — Chickens — Alive, 28a29; White Leghorns, 24a30; old 24 (Spe- Ib.. g, 25 rooster ducks, 20a25: pigeons, pair, fowl, each, 40a60. Eggs—Loss off. native and nearby firsts, dozen, 40ad1; southern, 38. ais. Rye—Bag lots of nearby rye, as to quality, 90a1.00 per bu.; No. 2 west- ern export, spot, 1.10 per bu.; No. 3, no_quotation. i Hay—Receipts of new hay today| Butter—Creamery fancy, Ib., 45a46; were 71 tons. prints, 46a48; nearby creamery, 4la| For relinble qualities of mixed hay |42: ladles, 30a32: rolls, 25a30; store, of the betier grades of timothy there | Packed. 24a25; dairy prints, 28a30; ] 1s a fair demand at a range of 16.00 to | Process butter, 33a34. ! 21.00 per ton, with receipts not large. | CHICAGO, September 24—Butter— There is no accurate demand for hay. |Lower; creamery extras. 43; stand- nom- No. ards, 37; firsts, 33%5a41; seconds, 30a ! Straw—No. 1 straight rye. . 31%. i inal; No. 2 straight rye, nominal; 1 wheat, 13.00; No. 1 oats, 14.50a15.00.| E&g8s — Unchanged; receipts, 6,071} o Poultry—Alive, unchanged. CHICAGO, September 24.—Wheat| xpw YORK, September 24. opened about steady with prices the same to a fraction higher than yes- terday's finish. Trade was not large and early trading was mainly of a local character. The undertone fn wheat was rather firm with sentiment rather bullish, but there was very little early outside buying. There was a small advance shortly after the opening, but a majority of the pit element’ appeared to be waiting de- velopments. After opening at 1.27 for December and 1.31%a1.32 for May, the market made a slight rally, but had reverted to around opening figures at the end of the first hour. Corn showed some strength early, but the market held within narrow limits. Corn started unchanged from erday’s clc vith December at and Ma but the market rallied and gained a shade, but, like wheat, dropped and at the end of the iirst hour was a shade off the open- ing. Oats were steady, December opening unchanged from last night's close at % and May showing a shade ad- 42 oes dull; receipts, 50 cars; total ates ‘shipments, 1,236 cars. sin whites, 2.25a2.50; Minnesota river Ohios, 2.40a2.50; Idahos, 2.40 ter—Steady: receipts, 5,042 tubs. Cream. ery, higher than extras, 44adil creamery, extras (92 score), 4 creamery, firsts (88 to 91 score). 42%; packing stock, current make.! No. 2, 217. { Eggs—Irregular; receipts, 14.852 cases. Fresh gathered. extra firsts, 47a do. firsts, 0ad5; nearby henne whites, extra fancy selections, 0:! nearby hennery white, firsts to aver- age extras, 60ais: nearby hennery, browns, extras, 55a58; nearby gathc ed browns and mixed colors, firs extras, 41a52; refrigerator, spec marks, 37a38; do. firsts, 341,236 Cheese — Irréguiar; _receipts, boxes. State, whole milk, flats, fr specials, 22a22%: do., average run, state, ‘whole milk, twins. speciais. 211;a22: do. average run, Zia21® CHICAGO LIVE STOCK MARKET. CHICAGO, September 24.—Cattle—Re- ceipts, 1,000 head; compared to a week || ago beef steers steady to 25 lower; na- || tives and southwestern grassers and| heavy steers below choice off m fat she stock steady to 25 lower; most de-| cline on better grade cows and medium | and heavy heifers; canners 10 to 15} higher; bulls 25 to 40 lower; veal calves mostly 1.00 lower; heavy calves dull and | unevenly lower. Hogs—Receipts, 4,000 head: opened steady to 10 lower:; later m; steady, with yesterday’'s average; 0; bulk lights and light buter 8.15; bulk packing sows, 6.35a6. holdover liberal: pigs steady: bulk, de sirable, 7.25a7.50. Sheep—Receipts, 9.000 head: today nearly all packers direct; pared with week ago, fat lambs, 1.00 to | i But- | | i There was a break in wheat right at the finish and the close was unsettled. ith December 1 to 1% off, opening figures at 1.25% to 1.26, and May 1% to 2 points off the opening, at 1.29 to 1 i was_slightly weaker at the finish, being % to 12 off. with De- mber at 52% to 52! and May at 56% to 56%. WHEAT— receipts | com- | | Open. Close. Open. High. Low. Close. Open. High. Low. Close. KansasCSoupf.. 5i% 6% 61 61% Alaska Juno.. 1 1 1 1 Kelly-Spring Tire. 42 42% 4&1% 4% |Allind Chemical... 45 47K 45 46% Kelsey Wheel 57% B7% 1% 61% | Allied Chem pf. S ) Kernecott. . 20% 20% 2% 20%|Alls Chalmers. U % 8% Keystone Tir 1% 1% 1% 1% | Am AgrChem 3% 5% Y Kresge (S8) U 1:‘!% l;: lfl% :m g::;x . N% N% T rr;: Lehigh Valley.... 5% m Hide & Lea pf. 5i% 61% B1% B1% |y, . Lima Locomotive. 75 T 1T T |AmIcept......... ens ax e&u ev|Violent Break in Royal Dutch Market St RY pr pt 32% u& :"% :fi :m{:‘ernl"onll. B3 3 2% 3 Loews Inc. . W% m La France. 9 I j Market St Ry 5% 6% ‘Am Locomotivi n: %0 Disturbs the industrial Marland Oil. 17% 17%| Am Ship & Com v 6% . Martin-Parry. 13 13 | Am Smelting. % 36% List—Notes. Mexican Pef 100% 101% | Am Snufr. 102% 102% Miami Copper. 21 2% 21 24| Am Sugar.... e 6 BY STUART P. WEST. Midldle States Oil. 11% 12 1% 1% Am Sugar pf. 8% 8% i = 1 . Minn & St L (n) 10% 10% 10%|AmSumatra...... 41% 42 40% 40%| NEW YORK, September Today's Mo Kan & Tex 1M 1% 1% |Am Tel & Telog...107% 107% 107% 107% |stock market started in strong again ;:n lgnn“:z’l‘ex pf. ’:z '5: :‘K 232 :m '{'wgbalcco 125% 125% 1°6% 125% [under the lead of the railway shares. o Pacific. . H 4 m Woolen. ™% T . cl { Mo Pacific pf. 4% &% 4% | Anacond: iae f&adlng membe.r«‘ uf' the :;rov.u;; s:l;h Montgomery Ward 18% 18% 18% 18%| Atchison sk % 86w | S Southern Pacific, Union Pacific, NatiCloak & Spf. 47 41 & 41 | AtlanticCstLine.. 88 8 8% 8% |Atchison and New York Central, got atl Enameling. 7 57 8T |Atlantic Gulf. 1% 8% % 2% |somewhat above their high of yester- | Nevada Copper. 1 0% 11 |Atlantic Gulfpf... 22% 2% 2% 2% |day. N Y Central. 8% T34 % | Atlantic Petrol... 18% 15 1% 14 The upward movement in the rails NY NH& Hart 15% 15% 15% | Baldwin Loco. 8% 8% 8% 8% {was checked by the weakness de- N Y Ont & West. 21% 21% 21%| Baldwin Loco pf... 97% 91% 97% 97% veloping in a few of the industrials. Norfolk & Westrn. 9% 97'4 %% 97 | Balto & Ohio. 39% 39% 0% 39%| A violent break in Royal Dutch, on North America.... 89% 3 38% “*lmlm&omo 34 51% 61% B1% B1% |the report earlier in the week that North Americapf. 3% 35% 2% 35 !Both Steel (B).... 85% 65% B85 B6% |the company might abandon some of Northern Pacific. . 7 % 19 |BethSteel8%pf... 8% ' 98% 9% |its far-eastern properties, because of Oklahoma Prod 1% 1% 1% Booth Fisherles... 3% 8k 3% 8% |excessive taxation, brought heavy Ontario Silver 4% 4% 4% |BKlyn Rap Trotfs. 6% 6% 6% 6 |Selling into other of the oils. This un- Pac Gas & Blec. .. 59% 69% 59% | Burns Bros o 9 s o |settled the market in the later deal- Pacific Oil % 6% % ° . |ings, but did not affect the underly- | Pacific Oil... . Butte Coppe! A% Ak A% %R e f confidence charagter- i Pan-Am Pete. ... 8 6% 41 |CaddoOll, % 4 94 e |Ine feeling of contidenc Qg “ izing the market as a whoie. | Pan-Am Pete (B). “% o« California Pckg... 65% 65% 654 65% ‘ 8 Pennsylvania..... 19% 9% 9% | California Petrol.. 87 31 36% 36% News Encouraging. Penn Seabd Steel. 11 10% 11 | Canadian Pacific.. 114% 114% 113% 113% | The week end reports by the bus People's Gas...... §2% 62% b1% 6% Central Leather... 284 8% 2% 28% |NeS8 agencies were encouraging. Pere Marquette!.. 19% 19% 19 19| Central Leather pf 65 65 6 65 |they have been all through the Phila Company... 79% %% :9% 2% |Cnandler Motor... 1% % @% % |Tonth: e fa Phillips Jones. ... 65 6 65 6 |Ches& Ohlo....... 56% b56% B6% 5% | (o omien Ghbt he trade volume 15 Phillips Petroleum 24 % %4 “%|ChiGreat Westn.. T% % 1% 1% slswrye‘ivnc;e;s!n:“:mfidvuu continue Pierce-Arrow..... 1% Iz 12 12 | Chi Great W pf. 17 17 11 17 |to gain through the autumn until it Pitts & W Va. 20% 2% T 2% IChi Mil& StPaul. 26% $6% 2% 26% |develops into w really active buving Pullman Co. ¢ €% 9% ChiMil&StPDf.. 0% 40% 0% 40% |movement some time in the early part \Punta Alegre Sug. 28 28 28 28 |Chig Northwn.... 68% 68% 68 684 [of next vear. Steel shares were PureOil.......... 24% 2% 2% % !ChiRI& Pacific.. 8% (% B84% 84% |notably strong carly in the morning, Ray Con Copper... 1 1% 12% ChiR1& P 6%pf.. 68% 66% 66% 66% |although later ing under the in- Reading.... % ™% B B CRiRI&P1%pf.. 8% T8% 74 7Y% | fuence of the drop in the oils. Ameri- Reading 1St pf.... 42% @% 42% 44| ChiStPM&Q.... 664 B56% 6% 66y | can Sumatra was another weak point, Replron & Steel.. 5% 653% 5% 52%| Chile Copper. 10045 L 20%6 10N o3[ AUEEEBLIng a freduction, n ividends Rep Motor Truck. 13% 13% 13 13%!Chino Copper..... 28% :3% :8% 8% we“rfi‘““; ‘"‘:; ":,m:p" Sl emat RoyalDutch...... 46% &M {25 % CCC&StLouis... 0 &% @ & ISerling exchange was down more St Joseph Lead. 1z 2% 12%1Coca-Cola.. 34% #M% % % |than 2 cents from its high in the :: }‘::«'m ;ran' 3 :;% ‘zg"- ‘;% Colo Fuel. A% 28% $4% 24% middle of last week !StL & San Frpf.. Colo & Southn 1st. 62 &2 6 b ) 2 St Louis Southwn. 2% 2% 24% 24% | Columbia Gas 6% & 6% 60 United iStaten Kook ierodmets. StLouisSown pf.. 836 W Wl 0% Columbia Graph.. 4% 4% % k| gliauidation continued in L nited Seaboard AirLine. 5% 5% 5% 6%|Comp Tabulator.. ss% ssw sow a4 |Sioics Food Producis following 4t Sears Roebuck. 6% 68 68 |ConsGasofN Y...,88% 8% 8% 8% {h. obening. The committ Seneca Copper.... 18% 19 18% 19 (ConsIntlCalMin. 4 4% 4 4%lhag been endeavoring for the Shell Trad & Tran. 34% 3¢% 84 34 |ConsTextile...... 16% 16% 16% 184 |week or so to patch thinzs up S clair Oil 20 19% 19%|ContCan... €% 42% 4% 4% arrange somec plan for permanent { Southern Pac! 81% 8% 8% | Corn Product: 6% 76% 7% 6% | financing had expected to be able Southern Railway. 21% #1% 21% 21%|Cosden & Co 6% 265 % 26% | to report before now. That it has StandOilofCal... 71 71 7 7 |Crucible Steel 6% 6% 631 € |not been able to do so is regurded as Stand Oilof NJ... 135% 135% 136% 135%| Davidson Chem... 37 37 37 37 |a bad sign. S$tand OIINJpf... 107 107% 107 17 | Del & Hudson 108% 1044 102% 102% Royal Dutch. |Studebaker....... 74 % 7% 7% |Del Lack & Watn..108% 108% 108% 108% | The break in Roval Dutch (o a_new Studebaker pf 97 97 97 | Dome Mines. . 2% 2% 20 2 oy record was the feature of the Superior Oil. 4% 4% 4%|ElkHornCoal.... 18 18 18 18 |market today und upsei other of the Tenn Copper 8% 8 84, Endicott-Johnson. 65 65 64% 64% | oil 1y Mexican Petroleum | Texas Company 36 5% 35%| Erie... 18% 18% 19% 18% |2 1 Asphalt. Yet there was Texas & Pacific. 2% 2% 2% | Erie 18t pi 19% 19% 19% 19% ! no fresh explanation for the Texas & PC&OIl. 19 13 18% 18%| Erle 2d pf. 4 1 W |except the item whic e Tobacco Prod..... 67% 67% 66% 69%| Famous Players... b4 54% 56 54 |c Zo to the effect TransContlOfl... 7% 7% 7% 7% FamousPlayerspt 76 76 76 76 [that Royal Dutch v burdened by Transue & Wilms. 371 374 874 37% | Fisk Rubber. 10% 10% 10% 10% | taration in the far east that it w Union Oil. . 18% 18% 17% 17% | Freeport Texa: 4% 144 14 14 |c-ntemplating abandoning som Union Pacific. 13 12% 124 1224 Gen Asphalt BI% G61% B0% 0% |the properiies the The princ Union Pacificpf... 65% 6% 6% 65% | Gen Electric. W% Lok 1% 124 | Selling of the stock this morning catne United Alloy Steel 25 25 26 26 | Gen Motors. V0% 10 0% 0% | from Iturope, that s, down to 45. The United Drug 56 66 6% 55%] Gen Mot 6% deb. .. 65 5 5 65 |selling below that figure wa peo- United Fruit 7% 107% 174 107%!Gen Mot % deb... T 74 4 74 |Ple who had been bulling the stock United Retail Strs. 53 8% 6% 63 | Goodrich..... aas TRt e iagy) api| LG RO 80 i USFood Prod.... 9% 9% 8% 94| Great Northernpf. 5% 7% w% s | o'oP Orders USIndusAlcohol. 4% 47% 47 &7 |Greene-Cananea.. 21 21 21 21 ke s USRubber....... 49% 4% 48% 49% | Gulf Mo & Nor. % TR Th T CURB STOCKS. USRubber Istpf. 8! 8 8 84 )GuifMo&NDf.... 2 20 2 20 | yootations furnished by AV. L. Hivbs & Co. USSmelt & Ref... 82% 3'% 324 32%| Gulf States Steel.. 3% 40 39% 40 ~—Clove.— U S Steel. 8% 7% 79% | Houston OIl . B2l 621 2% 62 DitEAutsl Utah Copper. 0% 4% 49%, Hupp Motor: 1% 1% 11% 113 | Aetna Explosives . 12 12 Vanadium Corp. .. 324 31% 32% | IllinoisCentral... 9 16% 6% 96% |4llsd Ul 31 Van Raalte 1stpf. 5% 76% 75% 7% | Inspiration....... 84 8% & 34K | hig Ledse Va-Car Chem. 29% 20% 20% 29%] InterboroMetro... 2 25 2 2% | Boone Oul . ]Vlvmiou... 8 8 8 8 |InterboroMetpf.. 7% 7% 7% 3 | Boston and Mo = Wabash pf 21% 2% 20% 21%(IntlAgrlChem bf. 40% 40% 0% 403 | Bopion and Wyoming ] Wells-Fargo Exp. 68 58 68 63 |IntlHarvester.... 9% 79% 9% 79% | Calumet and Jerome. WesternMd 2d.... 17% 17% 17% 17'%!IntlMer Marine... 9% 9% 9% 9% | Carbon Sieel Western Pacific... 20% 24% 2% 2% |Intl Mer Marinepf 4% 6% 5% 46 | Carib Bynd Western Pac pf... 61% 61% 61 61% | Intl Nickel T A ko ta A Westhse Air Brke. 8% 86} 85% 86%|Intl Paper. 61 8% WK (0% |Westhouse E& M. 45 4% 45 45% | Invincible OI 8% 8% 8% _ 84 {Wheeling& LEpf 16 16 15 16 |island Oil. 2% 2 % T 2% White Oil.... % % 7% 1% Jewel Tea. 10 104 10 104 | Conmonwenti Willys-Overland.. 6% 61y 6% 6% | KansasCity Sou.. 6% 26% 26% 26% | Commonwealth Finan: Worthington Pmp. 41 41 41 4l Cousolldated Copper Continental Mot Cressen Goid Dbavis Daly. ’ Dominion 0il TODAY’S BOND PRI . Elk Ba: B Closing prices feported fo The Star over direct SHORT-TERM SECURITIES. e New York-Washington wire by Redmond & Co. (Reported by Redmond & Co.) eka Croe o Farrell Coa o rdom o el omreriar American Thread Co, 6s 1923.. 97 i ! Do o American Tobacco Co. 7s 1922.. 101% United Kingdom 33 Anxlo-Awmerican, 01l TH 1835 L ! Granadaolt American Tel. and Tel. Betmehen Sredt 200 DY 100 | Bercules Paper U1 Armour & Ci. 4ls. TR LR %5 0oy | Intercontinen.al Ribh Atchison, Topeka and S Rethiehem Stecl 78 1835, 995 993, | International Petroleum (new Atiantie” Cone Line 7 ¢ %« sang | CacarRcinal Atlantle Heluing G0 She aat | Cen.ral Argentine 6s 19 5w ADEsiRowaee o L CAn T | Chicago, R, 1. & Paciic 86 1922 9B% vy e O coar s, . & Bt. Louls 66 19297 94% 95 | Lene Star Gas. Baltimore and Ohio 8. W | e York 88 1021 " 1004 1005 { Magma Copner Bethlehem Steel refd. 5 % Mason Valey . Lurlington (N, 7 Ot Copper Export *, Midwest e Qudahy, ol;'fic“;"1“iw}§ 19 Midwent t 2 s - Goodrich T west ;:,gg-‘;{::ég ;;é ‘:)Eho cone ::;:; uif 04l Corporation 7s 1033. mn:.';:u: Chesapenke and Ohio conv. Valley 6y w Cor: Chi., Mii. apd St. Paul refd. 4las. Humbie o1 70 195 N s 3 e nd St. l"lnl_con\'wv'yll,,s e (,“;Ng-g' n%'l:- inx i ih Liggett & Myers 6s 192 1001 | North Amer. P. uad % o, Procter & Gamble 7s 19 1003 | Northwestern Oil | Chicage Progter & Gamble 78 1623, 101" | Omar 0il (new) { Convol onslie R. J. Reynolds 6s 1922. : 100 { Pennok_Oil . Delaware and Hudsen 73 Sears, Roebuck & Co. 78 192i.. 100" 1004 | Perfection Tire ... el e o Sears. Hoebuck & Co. 70 192210 99 9914 | Producers and Itefine | Goodyear Tire and Rubber B e o BelD S Grand Trunk 7s, et Southwestern Bell 7s 1925. 98 Ray Hercules . Great Northern 7« 1 Swift & Co. 73 1925, - 100 13 n_Consolidated Ilinois Swift & Co. 78 1831, 5 mofi 100% | Balt Creek Producing Internat! Texas Co. 7s 1923. 110015 100 | Salt Creek (new) Inter. F Union Tunk Co. . 102 1021, | Bapvipa_com. Louisville and i 2 Western Electric 101% 1017 | 8imms Petrol Missourd, Kansas and Texas 1st 45 Westinghouse E. & D102 1025 | Skelly O urd Pacitic goneral 4. % L southern Coai and iror ek elraiissanan- LIBERTY BOND CLOSING PRICES. | Sweets Co. of amerh . EW YORK, Septembér 24.—Liberty | Tonopah bi . rfolk and \“ T o bonds closed: 3lgs, 88.50; first 4s,)Tonopah Exten: *: estern con bid; second 4s, 89.90; first 4%s, | United Eustern = 90.20; second 4%s, 90.00; third ““'llv. 8. Light and Heat : Z { Pennsylvania 5 13 93.74: fourth 418, '90.34: Victory 3%s, | Ve meme Sharing. o i Penusylvania R. R. 614 99.30; victory 4%s, 99.30. U. 8. Ship Corporation. pennsylvania 7% of 1930. U. §. Bteamship. i Pennsylvania gen. m e ! ) | Reading gemera 45 FOREIGN KEXCHANGE. L St Tauis and San Franciseo 66 1920..... Quotations furnished by W. B. Hibbs & Co. | e, Louls and san Franeisco inc. 6s..... usedllmt cheuk&—al;olllr values at close today. | | Seamard AT Lue refdg. : ndon ....... .73 x Seatoard Air Line adj. 5 Parls « I%ia" Pt Ao Sinelair Cons Oil Corp. 7T%s 1925, Brussels .. 10 Warsaw Armour Leather com. . | Sonthern Pacific 1st ref. 4s. Berlin 5 Copenhagen Armour Leather pfd. . A3 Southern Pacific conv. 4 | Rome . Christiania . Armour ptd. . . 90% 907 | Sonthern | Madrid 05 o Btockholm . Cudabhy Packing . .5 53 Sonthern Zurich Amsterdam "1 131.90 |Libby . S % TR Southern Athens - Belgrade 27195 | National Leathe; Le% (34 525 | Viewna 5 Montreal . ooy |Bwitt & D" e <101 —_— Union” carbide B o) ] FOREIGN BONDS. 3 e i United Srat Vacuum O Virginia-Carolin: | Wilson & Co. 1st 6s MOLINE PLOW PLAN OUT. | NEW YORK, September 24.—The final draft of the plan for the reor- pany, which has been agreed to by its igencml creditors, noteholders and {preferred stockholders, provides that {the principal and interest at 7 per {cent Dbe determined on all claims |against it. to which will be added in- terest at 7 per cent for one and a haif vears, on which aggregate amount will be offered to creditors, including serial noteholders, securities of a new company to be formed. To them will | be offered 50 per cent in 7 per cent {twenty-year debenture bonds and 50 per cent in cumulative first preferred stock of the company and two and a half shares of its common stock for every $1,000 of their claims. SUGAR MARKET STEADY. NEW YORK, September 24—Sugar futures closed steady: approximate sales, 750 tonms. October, 2.80; De- cember, 2.52; March, 2.39; May, 2.46. COTTONSEED OIL WEAK. NEW YORK, September 24.—Cotton seed oil closed weak. Prime summer yellow, 9.00 bid; prime crude, 8.00 nominal; September, 9.60; October, 9.63; November, 9.58: December. 9.50; January. 9.52; February, 9.55; March, 9.70; April, 9.69. ganization of the Moline Plow Com-! Quotations furnished by W. B. Hibbs & Co. German gov. 4s.. 9% German gov. 43%s 93y Krupp 4s. 12 g Bad: Aafiine 16 155 Cologne 4s.. AL EL Ges. 4les 1434 Dresden 45, Metn'ger Bank 4s 11% Nord. ink 45 11 Vienna ‘4 1% Vienna 4 3 Viena B 0 French 4 { Hamburg 3s..".) 8% French bs.... .. 8% | Hamburg 812s... 9% French Prem, 5s. A3% [ Hamburg 4e;.0; 10% British vie. ds.." lamburg 8. Nat. war | Lelpzig 4155. Wat Toan 2o 20328 leipzlg Os. Italian Js. . 834 Munch d4s. Italian notes 1925 43 German gov. Belgian Rest. 5s. 69 Belgian Prem. js. 72 $89,000 FOR 'CHANGE SEAT. | German gov. 3 NEW YORK. September 24.—An ad- | Scuthwest, Penn. vance of $3,000 has been recorded in the value of a membership in the|S stock exchange. A seat was posted rd Oil Co. Nebrask for transfer, for $89,000. ‘The Iast pre- | Sanaacd Of vious sale was made at $86,000. Seats on the cotton exchange have | Swan also advanced in value. A member- ship was sold for $22,000, an advance of $1,500 over the last saie. Cotton exchange seats are now $4,000 below the highest price on record. DOLLAR BUYS 700 CROWNS. OIL STOCKS. Quotations furnished by W. B. Hibbs & Co. Closing price Bid. Asked. Anglo-American Ofl Co. (new).. 15 13% Botne-derymaer [ ] Buckeye Pipe_Line 7 Cheseborough Mg, Co s 15 Cont'nental ONl Co. A1 1 ™ Galena-8 fitinols B1 154 Indiana_P'pe Line 74 Natfonal Tranxit Co. a6 Northern Pipe Line Co Ohio 0il C Pennsylvania-Mexican Fuel...... 18 Prairie OIl and Gas Co. 45 Prairie Pipe Line Co. 189 Solar Ratiiag Co..c ern Pipe Sonth Pen, 0il Co. Pij Standard Oil Co. Standard 0il Co. tandard Ofl Co. Standard Ojl Co. Kentuexy. Co. New York Standard Oil Co. Ohio. '& Finch Co. Union Tank Line Co. 80 ‘Vacuum 0il Co.. 240 Washington Ofl ‘Co. 4 e e S R SHOE AND LEATHER FAIR. LONDON, September 24.—Nearly 400 firms will show their prod- BUDAPEST, September. :24.—There |ucts in leather of all kinds, boots was a further fall in the value of the |and shoes, tanning machinery, leather crown here which brought it to the lowest quotation yet recorded—nearly working machinery and repairing ma- 700 crowns to the dollar, The gov. |chinery as well as other accessories ernment’ has been compelied to issue fused ‘in the shoe, leather and allied new notes to the value of 10,000,000, 000 crowns to cover expenditures. trades at the annual shoe and leather fair, at London, October 3 to 7, ~ High. Low. 128% 1233 132% 1 1.50 lower; culls off more; ariings | quotably 50 to 1.00 lower; fat sheep, 25 to 50 lower, heavies at the bottom feeder lambs, 25 to 30 lower. COLOR CARD IS LARGEST. The range of fashionable colors for next _spring's wear among the women | of the country will be larger than i ever before, judginik by the spring.! 125% December M e 1.29% D13 " CORN- December | | i YORK, September 24. : middle west, 11.15a11.25; articles unchanged. AMERICAN The regular quar lars and Twents-fiv paid on Saturday, FINANCIAL. ‘We have on hand several very choice First Mortgage Loans from $3,000 up to $7,500 first deed o orest r 42 Earning 7% Interest Also smaller amounts. Now is the time to invest .and be assured of the maximum rate || of return on your savings for || 3 years. A continuous service to our clients, including the i managing all details. Chas. D. Sager Loan Dept. M 36 923 15th Washington Telephone, Mal TELEPHONE & TELEGRAPH CO. Cents per share will he her 13 e £ e EQUITABLE Co-Operative Building Association Orzanized 1879 41ST YEAR COMPL! Anscts Surplus No how oceurs, Theft stolen matter if you D $4.303.536, -31,96; Systematic Saving Leads to Big Results e up vour mind to join the ¥ able and save ench pay d That is the way to get ahead Snaneially poli our ioss. An unusually effic kes toient Subscriptions for the 81st Issue of Stock Belng Received Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE EUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE. Secy, stoten clf tomorrow. B. F. SAU it onee, it FOREIGN EXCHANGE Checks Foreign Currencies WE MAINTAIN OUR OWN ACCOUNTS ABROAD The DUPONT NATIONAL BANK Ccnnecticut Avenue at Dupont Circle Franklin 4424 Money to Lo TAX SERVICE MUNSEY Buoc. Room 915 Offices In 26 Loading Clties Insurance Business The Visit of the " Thief Need Not Cost You a Cent own Cable Transfers Foreign Bonds Office n SR867 Quarter ot a Century in the The our Auto wers the ient service e 5w pr ad about Proteet too may be L CO. Automobile Insurance 934 N. Y. Ave. N.W. e 1922, color card, which will be ready for distribution October 1. The new | card contains eighty colors, including | fourteen for the woolen trade and a | special grouping of colors for thel shoe. leather and h indu H BANK DEPOSITS DECREASE DURING PAST FISCAL YEAR Treasury Report Shows Drop of More Than $2,000,000,000 Why 3% when i will your ~money inFFands ;0 carn 7% for you & Funds on deposit with the national and you will en- 2 banks of the country decreased by joy Bank Safety. & more than $2,000,000,000 during the Invest your sav- 8 past fiscal year, while the total re- |® s § o = i sources, exclusive of rediscounts, de- | angs I fonr £i | | clined by over $2,500,000,000, accord- ing to an abstract of reports on the condition of these banks on June 30, just issued by Controller of the Cur- rency Crissinger. On June 30 the resources of the na: tional banks totaled $19.638.000,000, compared with $22,196,000,000 on June " = 4 30, 120, while deposifs at the end of = the past fiscal year aggregated $15 H 142,000,000, as against $17,155,000,00 ""]’ S ‘"m H at the end of the previous vear. S Call, Phone | Only the salest g During the same period the number |2 or Write | form of invest- & of national banks increased by 124, |5 ment, but the most & | totaling 8.154 on June 30, 1921. = Jor Our rofitable :as well. & o, in the vaults of the banks at| g Booklet B ] end of the fiscal year aggregated [® “Owning In denominations $274,349.000, against $450,351,000 at the | & ” H end of June. 1520, while loans and dis. | 3 " I2come” | of $100 and up. £ counts last June totaled $11,125.000.000, | & H H H 2 (;(g)r]l?pared with $12,396,000,000 in June, 20. William S. Phillips First Mortgage Investments 1409 N. Y. Ave. Main 98 WESARE! —_— COTTON MARKETS. NEW YORK, September 24—The cotton market showed continued ner- Do Yeu Know the Full Earning Power of Your Dollars? The Profitable Business of the NATIONAL MORTGAGE and INVESTMENT CORPORATION, Which I anaged by Conservative and Experienced Wash- ington Men, Assures Beyond Any Reazonable Doubt SAFETY OF INVESTMENT FUNDS, WITH FULL EARNING POWER OFFICERS AND DIRECTORS H. Rozier D !any i PRESII William D. West TREASURER Appleton P. Clark, Jr. Harry C. Birge Fred T. Dubois Harry A. Kite Frank J. Hughes James A portion of the Stock of the National Morts & Corporation is being offered at the sa id by the directors. Subscriptions are received by es Finan tion, 1418 Eve St. N.W. Phones. Main SECRE L. Kemp Duva! ny | C. S. Taylor Burke| H. Prescott Gatley Thomas Bones s Man- | A. Bailey Investment ofticers and e Corpora- | | | vousness and irregularity during to- fay's early trading. There was a re- newal of the hedge selling, which had been in progress at the close yester- i day, and probably some local selling owing to the comparatively small ex- ports of last week, which were em- phasized in connection with the unfa- vorable view of European demand! prospec October, Futures opened steady; 19.10; December, 19.55; January, 19.60; March, 19.45; May, 19.20. i NEW ORLEANS, September 24.— Cotton opened: irregularly higher to- day, the active months showing gains of 8§ to 22 points, which carried. Oc- tober to 19.10, and December to 19.58 a pound. Overnight buying orders ap- peared to be responsible for the strength. The demand was soon filled and prices reacted under selling which appeared to be the result of uncer- tainty over developments in the Oc- tober position during the first notice day of next week. . Futures opened October, 19.10; December, 19.49; January, 19.34; March, 19.22; May, 19.00. SHIP SPACE BOOKED AHEAD. SEATTLE, September 24 —Steam- ship -space from Puget sound to the Atlantic seaboard in the intercostal water service is booked up solid for sixty days ahead. It is becoming dif- ficult for lumber shippers to getl space. and acceptance of orders has been severely reduced In consequence. BALTIMORE GAS EARNINGS. BALTIMORE, Scptember 24.—The Consolidated Gas, Electric Light and Power Company of Baltimore reported a net income for the twelve months ended August 31; after charges and taxes, but before depreciation, of $2,297,760. Net earnings amounted to $5,053,825 and cash $2,677,654. —_— BAR SILVER QUOTATIONS. NEW YORK, September 24—For- eign bar silver, 68%; Mexican dollars, 52%. LONDON, September 24.—Bar sil- ver, 41% pence per ounce; money, 3 per cent. Discount rates, short biils, 4 per cent; three-month bills, 4%a 4% per cent. e NEW YORK BANK STATEMENT. NEW YORK, September24.—The ac- tual condition of clearing house banks and trust companies for the week shows that they hold $32,658.930 re- serve in excess of legal requirements. This is a decrease of $21,966,310 from | last week. steady; Which Path Will You Take? There are many ways of getting out of a forest. If you have a good sense of direction you will ultimately reach the open country. But for downright safety, for time saving, for the pre- vention of stumbling and of getting tehed and worn out, it is always best to follow the little path that says: ** This Way To The State Road.” In finding your way through the huge forest of securities now available to the investor, the sensible thing is to follow a well-beaten track. Buy through an investment house that can hon- estly show you a sign post that reads: ** This Way To Safe- Investments.”” We are specialists in First Mortgages and our experience dates back for fifty-two years without a loss. Co. Swartzell Rheem&Hensey 727 15 Street NW. o &