Evening Star Newspaper, October 27, 1921, Page 27

\ FINANCIAL. NEW YORK STOCK EXCHANGE Direct to The Star Office. - WARKET AWAITS Shorts Run in on Rails‘and Industrials—Not Much Action. BY STUART P. WEST. NEW: YORK, October 27.—The stock < market today showed little dlsposi- . tion to do anything fresh pending the ttlement of the railway strike un- ertainty. Traders who had taken the short position were more uneasy, however, than operators on the other side. * There was more covering of ort «- contracts than there was selling out of long stocks. <. Profit-taking occurred in some of ™ the oils carly In the session. 'his was much more than offset by the strength in a number of other in- dustrials and the ruilway list itself where speculators for the decline were taking in their commitments. The view which governed the course "~ of the day's price movements again was that the union leaders, whatever == they may be saying for publication, realize that their cause would J hopeless if it really came to a con- test. Consequently, it is felt that they would be glad to accept a pro- posal from the Labor Board that the strike order be temporarily With drawn in return for the pledge thal there would be no further wage re- duction or revision of working rules until all the facts in the case had been thoroughly Investigated. . From an immediate standpoint, this outeome would, no doubt, be regarded as favorable for the market. It is scarcely possible, however, that so far as railway investments are con- cerned, such a settlement would be an argument in their favor more than temporarily. It would be merely postponing the day when it must be -.-.- determined whether or not the car- ~~-- riers are to be left free to reduce . - e Eocnd s time. - their labor costs to correspond with . the actual and prospective reduction of their freight tariffs. Shorts Cover. The brief run up of a point or so in the railway shares meant nothing ex- cept that there had been a consider- (ble short interest and that this was anxious for the time being to be rid of its obligations. - The motor stocks were. supported partly in anticipation of a favorable report for the September quarter by Studebaker and partly on rumors of -.u# new combination between two in- terests which have been credited with ..playing big roles in time past in the . speculative market. Oil shares after their early irregu- larity resumed their advance under the lead of Pacific Oil. which made a + new high. Crucible was the leader of the steel group. ¢ Professional energies were directed particularly today toward a few indus- eciulties which were popular ob- short selling a fortnight or so and 1n which the ghort interest not been fully covered. These {-stocks, on account of their technical po- zition, seemed to offer the easiest road to_profits. They were International Paper, the ~ Central Leathers, Industrial Alcohol, . United States Rubber and Studebaker. *“In the case of International Paper the street greatly overpiayed, in the sum- * mer bear market, the German and * Swedish competition idea. This took no account of the large addition to treas- ury assets, due to the policy of the £ .. management in letting its big profits of the war years and of 1915-1920 pile up, without distributing anything to the . common stockholders. The bear account in Central Leath- ers has been very heavy all along. It cxpected to be able to cover on the publication of the third quarter earn- « ings, and got a bad jolt when, al- _.though the deflcit was as large as ex- Ipected, little or no long stock came “out. Under these circumstances it was an easy matter to drive the shorts in, and the rise did not neces- ¢....sarily indicate any change in Central *=* Leather’s business situation. A Strike View. The following is a view of the strike situation as expressed by a *partner in one of the Broadway wire houses today: “From talks with many owners of railway stocks and bonds " we gather that it would be accept- able to all hands among them to ‘2o “to the mat’ with organized railroad labor right now, as there have been ~very few occasions when the argu- ment of reason as confronted with @ demagogism or organization, unsup- *<ported by dependable statistics, has heen stronger than at present. there is r. we may see a very Lrief genaral recovery; if a strike comes the momentary influence may Le bearish. but the outcome from an economic situation as it exists today .is sure to be constructive for a long tr 1 ~NET OPERATING INCOME OF ROADS STILL CLIMBS NEW YORK, October 27.—September .. railroad reports made public yesterday continue to show substantial shrink- .ages in gross operating revenues as "~ compared with a year ago, but net, operating income improved.in most “cases through further postponed dis- .. bursements for maintenance of way . und equipment and reductions in charges for conducting transportation. ‘The Delaware, Lackawanna and Western reported September net oper- ating income of $1.930,927, after oper- ating expenses, taxes and adjustment of joint facility rents, against $854.- 981 net operating income for Septem- "4’ ber, 1920, although the month's gross e » e w ~ without was only $7.508,417, against $8,185,980 a year ago. Lehigh Valley’s net earnings for Sep- tember amounted to $1,598,479, com- pared with $437,884 a year ago, while ss operating revenues totaled 10. against $7,050,503 for Sep- 1 Its nine months' report showed net operating income of § saved from gross operatifig 4, compared with 58842 operating deficit and $51,904,339 zross recelpts for the cor- responding nine months of 1920, - MANY COKE OVENS REOPEN. GREENSBURG, Pa., October 27.— Three hnudred and fifty ovens were ~“-put In blast yesterday at three plants of the H. C. Frick Coke Company near here. These are in addition to 60 ovens placed in operation recently at ~ the Continental No. 1 and York run plants, making 950 ovens in blast in, the vicinity. It was stated, also, that plans are being formulated to operate 12300 ovens at the Frick plant at Brownsville, Pa., shortly. The ovens have been banked since last spring. SOUTHERN BONDS BOUGHT. NEW YORK. October 27.—The Southern Railway Company has sold to a syndicate of bankers, headed by J. P. Morgan & Co., $5,655.000 first consolidated mortgage 5 per cent gold honds due July 1, 1994, and an offering of the new bonds will be made in the .mear future. In its application to the «"Interstate Commerce Commission the company asked for permission to sell the bonds at not less than 81, the pro- «ceeds to be used to m a like amount of first mortgage 6 per cent gold bonds of the aile Georgia ific Way due January 1, 1922. It is under- | B! tood that the First National Bank ‘s ssociated with the financing. —_— SUGAR MARKET STEADY. NEW YORK, October 27.—The raw _sugar market was firm early today .with centrifugal quoted at 4.06 to 4.11 it was reported that the committe had sold about 30,000 tons to the United Kingdom at 14s 9d c. L. f. Raw sugar futures were quiet and ranging from one point decline to one point advance at midday. ket was unchanged at 5.2, to 5.30 for| fine granulated. Refined futures were, transantionsy ¢ | Lliinois Central { Montgomery Received by Private Wire Open. High. Low. Olose. NEWS ONSTRIE y Am Ship & Com. Am Smelting Am Smelting pf. 108 ‘Tobacco. 124% Am Tobacco (B)s. 123 Am W Wka 6% pf. 1% Am Wool % Am Woolenpf.... %% Am Writing Prpf, # Anaconda. 0% Asso Dry Goods. Asso Dry G 1st pf. Associated Ofl. ... " 9% Atchison. . Atlanta Bir & Atl. Atlantio Fruit Co..; 3 Atlantic Gulf. . Atlantic Gulf pf. Atlantic Petrol. Baldwin Loco. Baldwin Loco Balto & Ohio. Booth Fisheries, Bklyn Rap Tr ctfs Brunswick Term. Burng Bros. Caddo O11 California Petrol Callfornia Pete pf. Canadian Pacific. . 111% Case Plow Works.: % Central Leather... 2ih Central Leather pt 61% rro de Fasco.... 9% Chandler Motor. Ches & Ohlo. Chi Great Westn Cht Great W pt. Chi Mil & St Paul. Chi Mil & St P pt. Chi & Northwn, Chi R I & Pacific. ChiRI&P 6% Dt Chile Copper . Cous Textile. Cont Insuran: Corn Product Corn Products pt Cosden & Co. Crucible Steel. Crucible Steel pf. Cuban-Am Sugar. Cuba Cane Sugar. Cuba Cane Su pf. Davidson Chem Del & Hudson. .. Del Lack & Wsta. Dome Mines. .. Elk Horn Coal. Emerson-Brant pf. mndicott-Johnson. Famous Players. . ers pi Hendee Mfg. Houston Oil. §352g-33ggess inspiration Intl Harvester. Intl Mer Marin Intl Mer Marine 124 Intl Truck 2d pf... Bi Intl Nickel. 1atl Paper (sta) t]l Paper . = o Lee Tire & Rubber LCenigh Valley. Liggett & Myer: Liggett & Myrs pf. Loews Inc..... Lorillard. Manati Sugar. Manhattan Shirt Market 8t RY Marland Oil. PHTU SRS LT ICH TS LR Mididle Sta Miavale Steel. Minn & St L (m). Mo Kan & Tex. Mo Pacific Mo Pacific _ SEEsEs Nati C! Natl Cloak & S pt. Natl Enameling. Nevada Copper. asges asge Fid ko NycniastL. NYNH& Hart. Y Ont & Weat.. Norfolk & Westra, North America. North America pf. Northern Pacifio. Nova Scotia Steel. Oklahoma Prod Ontario Stiver. Orpheum Circuit. . Otis Steel. ... .- Owens Bottle. Pac Development. Pac Gas & Elec PacificMail..... Pacific Oll. Pan-Am Pan-Am Pete (B). Panhu;ll.m Panhan¢ ‘Pennsylvanis. m-lmu Phillips Petrol Plerce-Arrow. Plerce-Arrow pt. Pierce Oil. Plerce Of1 pf. itts Coal. . Pitts & W Va. Pitts & W Va pf. Pond Creek Coal.. 184 Pressed Steel Car. .60 | Public Servof NJ. .61% Pullman k] Co. Punta Alegre Sug, % *138-354935E5 1R85 00050 R T e K] 18! 0% % H @ pti THE Pure Ol '| Rep Iron & Steel. Rep Iron & Stl pf. Rep Motor Truck. 5!:: D:m. esep! StL& s.nlgx... el StL&8an Frpf.. ss 8t Louls Southwn, Santa Cecllia Sug. Savage Arms, o Saxon Motors. Seaboard Alr Lin Sears Roebuck pf. s.h"::. fionnr 2 attuck-Arizo Shell Trad & Tra, Sinclair of1 Southern Pa % | Southern Railway. Southern R; Standq o11 afycn:l. . o Stand Oflof N J g::na OIINJpt... j08% wart-W; !‘“a.hk'rlrnl!l . Submarin ::vo o o1l perio] Peree T Steel. Trans Cont) o Union Ba, S Union of1° -+ F2PT lon United Drag > United Drug yst gn:m Fruit, ., . nited Ry Invst, United Ry Iny gt United Retaf) Str; 8 Westhouse B & M. 45% Wheeling & LE... Wheeling & et White O1l. . [] % High. Low. Last. Call Money..... 6 8 6 HOURLY SALES OF STOCKS. 1lam, iZm . 1390 Llpm. - 350 300 2p. ——ee LIBERTY BOND NOON PRICES. NEW YORK, October 27.—Li bonds at noon: 98.16 bid; 4%s, 93. 4%s, 94.94; fourth 41s, 92. 3%s. 99.52; victory 4%s, 99.50. 3 92.5! B Amparo Mining C¢ Amparo Mining C e S ervice, 15 of 1% scrip Nov. Service pref., 3y of 1% ov. HEB o o Int. Harv. Co, pl.s q. Lehigh Coal Nav. Co.,'q., $1. Oct. Liggett & Myers Tob., q.. $3 Nov. Liggett & “Mye Br 8w a., ifc Gap & Kiec.” Co. e L. Q.. $1.50. . Oct. Pacific Gas & Elec. Co. org., 1. 1.50. e 3 d_Millin T t S| Un. Profit Shar. J BONDS ARE ACTVE " AT HGHER PRCES NEW YORK, October 27.—The gen- eral bond market was strong again to- day and fairly active. Libertys went slightly higher and there was a good demand for most of the foreign govern- ments. 1929 made a new high when they sold at 95%. ' So did the Queensland ¥s at 101%;. These bonds have been very popular all along. They are on the chosen investment list of many houses and individual experts. Danish munici- pal 8s, .series B; French 7}s, Bergen 8s and Lyons $s were all higher. The last named was up a point from yester- day’s low. Bern 8s dropped off a half and Zurich 8s and Swiss government 88 were both off a fraction. Atlantic 7 Higher. The feature in the industrial list was 104% | the jump in Atlantic Fruit 7s. At 39 e FEHEEHI H TR -1 L Te: L] USCast T, U8 Food Proa U % Stee % | o = v v Wi o “ 2. 4 i e Bory o & Di B. $1.7 3 10% 13! a L] 5% 0% 1 0 they were up 14 points from their low, reached a little more than a month ago. This recovery appears to bear out reports that the financial outlook of the company has now con- siderably Improved and thut whatever difficulties there were in its situation have been pretty well smoothed out. Chile Copper 7s equaled their hi of the year at 96%. Goodyear Tidewater 6%s, Rubber 7s, Western Unfon 4%s, - Kelly Springfield 8s, Brooklyn Edison 7s, series D, and Ag- ricultural Chemical 7%s all rose a fraction. —— FOREIGN EXCHANGE. Belling checks—dollar values at noon today. Copenhagen Chmstiania Stoakbolm .. msteraam A Belgrade .. Mont: By the Associated Press. NEW YORK, October -27.—Foreign exchange heavy. Great Britain, de- mand, 3.92%; cables, 3.93. Sixty-day bills on banks, 3.89%. France, de- mand, 7.24%; cables, 7.25. Italy, de- 3.93%; cables, 3.93%. Beigium, mand, 7.1014; cables, 7.11. Germany, demand, 53%; cables, 56. Holland, de- mand, 34.00; cables, 34.06. Norway, demand, 13.08. Swed emand, 23.05. Denmark, demand, 19.23. Switser- land, demand, 18.25. Spain, demand, 3.38. Greece, demand, §.47. Argentina, demand, 32.63. Brasil, demand, 13.00. Montreal, 91 5-16. - GRAPES IN DEMAND. . PITTSBURGH, October 27.—With 178 cars of grapes on the tracks, New York's are quoted at $1.55 to $1.65. twelve-quart baskets, in the whole. sale market. The retail market { almost bare of grapes, regardless o; heavy arrivals at the produce yards, because they are bought up in large lots and shipped in many instances to mnearby towns. alers declare native Aflpilbflflllbl;‘ 'Cl:l forelgn- people are buying #n enormous of grapes for winemaking| amount. TODAY’S BOND PRICES. New nrk-w--mm: w“l?: l:‘:' Tona's French Government 8s 1045, Freneh Government 734 Gorernmen Canadian government 5%s of { c 4% Mil. and St. Paul conv. 4%4s.. Northwestern 7s 1930 Cni., R. 1. and Pacific re Chicago Union Sta Consolidated Gas Cubs Cane Bugar Ere general lle: General Electric 6s. P n. Reading general 4 < 8t. Louls and ‘rancisco A 5% ; - S¢. Louis and San Francisco Os 1920... 01 Grain, Produce GRAIN AND PROVISIONS, BALTIMORE, October 27 (Special). 0. bunch, Brussels sprouts, at. 0. Ci bbl., 1. 50a 1 Beets, buahel, 20a30. 10a20. ' Cabbage, ton, 25.00a38 rots, bunch, 3ad. Caulifiower, 3.0028.00. Celery, doz.. 35a75; crate, 2.50a5.00. Cucumbers, crate, 3.00a 4.00. Eggplant, crate, 3.00a4.00. Horse- radish, bushel, 4.00a Lettuce, bushel, 2021.00.” Lima bushel 1.75a2.00. Onions, 100 .002.5.25. Oyster plants, bunch, crate, 2.50a3.00. Pumpkins, eac) 10. Savoy oabbage, bushel, Spinach, bushel, 60a75. Squash, crate, [00. Tomatoes. basket, 50a1.00. Turnips, bushel, 75a! J Apples, packed, bbl., 6.00a8.00; No. 2, 4.00a5.00; bughel, 1.50a2.50; box apples, 2.25a3.00; loose, 100 lbs, 2.00 22.50. Cranberries, bbl.,, 11.00a15.00. Grapes, basket, 30a32. Grapefruit. box, 2.5023.50. Oranges. box, 3.00a 5.00. Pears, bushel, 1.26a4.00. Pine- apples, crate, 4.00a6.50. Selling Prices at Noom. Wheat—No. 1 red winter, spot, no quotations; No. 2 red winter. spot, 1.1 3, 1.07; No. 2 red winter, spot, 1. c 4.5 beans, bt 2. October wheat, ; November wheat, 7 ies—Bag lots of nearby by 95 per bushel: bag lot of No. winter, garlicky, on grade, 1.07%. Corn—New yellow cob corn is quot- ed at 2.45a2.50 per barrel for deferred shipment. Contract corn, spot. 53%; track corn, yellow, No. 2 or better, domestic, 62. Sales—Bag lot of white, delivered, 53 per bushel, . 5 OD:II—NO. 2 white, new, 45; No. 3 white, new, as to weight, 4116a43. Rye—Bag lots of nearby rye, as to quality, 80290 per bushel; No. 2 west- ern export, spot, 84% per bushel; No. 3, no quotation. Hay — Receipts, 37 tons; range is still 16.00a20.00 per ton, Wwith very little demand. Low-grade hay is not at any price. —No. 1 straight rye, nominal: No. ight rye, nominal; No. 1 wheat, 13.00; No. 1 oat, 14.50215.00. CHICAGO, October 27.— General commission house selling brought about material declin the wheat 1 red wanted No. 2 stra wheat. crop was offictally es as 7,000,000 bushels larger thai year's 'total. Opening _quotations, Whioh varied from unchanged figures to 134 lower, with December 1,061 to 107 ‘and May 1.10% to 1113, were followed by setbacks all around. n and oats descended with wheat. Corn opened a_shade to %al: lower, Mey 53% to 53%, and then sagged further. Oats, after starting % to Y% off May 38 to 38%, underwent additional downturns. Provisions were steadied by strength in_the hog market. Subssquently, corn _ rs wheat developed stre L. Rowever, weak. % to % net low- er, with May at 52%as3 to 53. Low. rallied when The close, CHICAGO LIVE STOCK MARKET. CHICAGO, October 37 (United States Bureau of Markets). — Cattle—Re- ts, 13,000 head: choice and prime beef steers and yearlings, steady to strong; others and medium cows opened low; top yearlings, 12.40; top 1,216-pound’ steers, 12.15; bulk ‘beef steers, 6.50210.00; bulls, ‘weak; veal calves, strong to 26 higher; bulk to packers at 11.75; stockers and feed- ers opened steady. Hogs—Recel 15 to 26 higher: r than yesterday's average: big packers out of early trade; practical top, 8.10; light lights, up to 8.40; bulk butch- ers, 7.85a8.00; bulk packing sows, 6.50a7.00; plgs, mostly 25 higher; bulk, 8.25a8.40. Sheep—Receipts, 23,000 head; kill- ing classes, generally steady; culls, mostly 6.00; western lambs, 9.00; na- tives early to packers, 8.50a8.75; to city butchers, 9.00; choice native yearlings, 7.25; feeder lambs, dull; no early sales. . —_— FINDS GERMANY BUSY. South American Says Buyers Throng the Country. NEW YORK, October 27.—Owing to the low rate of exchange, Germany is flooded with buyers from all over the world who are rushing there to obtain manufactured goods for their home markets, according to George Ellgutter of Guatemals. Mr. Ellgut- ter has -‘:em four months looking over the European markets. “Orders from foreign buyers are be- ing placed so fast in Germany just now that deliveries cannot be made less than from six to eight month says Mr. Eligutter. “The value of the mark has depreciated so that from the viewpoint of the German people their goods are not cheap, but to the outside buyer their products are quoted below any other market in the world. Everything made there is cheap, from the foreigner’s point of view, but .ndyullns imported is, of course, very dear. - Cotton w , for l:l ance, are much cheaper here than there. “The large cities are fllled with pleasure seekers from all parts of the world who are rlo a vantage of the cheapness of things in Germany, there is Do zgsl pros- perity among the German people. With the fluctuation of e there is no basis of reckoning and the business man never knows where he stands. Until there is some se- curity behind the paper money they are issulng they cannot hope for prosperous conditions and a safe and sound business basis. B —_— :3Members of the Live Cotton Ve voted Satgrday ledmond & Co. | Beaboard Ban Franeisco inc. Line 8¢ 8t. Louls and ir Sesboard Alr Line adj. bs.. Binclair Cons, Oil Corp. 7%s 1 th Pacific 1st ref. 4 tes Rubber United Etates Rubber 1}6 United Btates Bteci 5 v-l:c- 11 Corp, SHORT-TERM SECURITIES, (Beported by Redmond & Co.) Amerd 1. 6 1622 90 1516 At American Tor. BoTer 6o 1024, 98 OO ‘American Thread Co. 6 192 rich 78 1925. Gult 0il Corporation 7a 1923. Hoctune oy 200 ocking Val Humble Ol 7o 1923 & Co. Roebuck & Co. Ts 1923 ro Rallway 6e k¢ ‘0. 7u 1923. Union Tank Car 7s 1980, Western Electric Tn 1925, Westinghouse E. & M. 7« 193] and Live Stoc LOCAL WHOLESALE MARKET. Eggs—strictly fresh, per doz., 55; average receipts, 5 2 Live poultry—Roosters, —~] , per 1 :l:{_k; Jper lhk;, chickens. ep a25; hens, Ib., 23; Keats, yoll;nc each, s5ab0. e ressed poultry—Fresh killed spring 'zsls\_h:kenx, per 1b., 28a30; hens, n!,:' 1b., b, qoosters. per Ib. 22: turkeys, per ~+ 40a45; keats, young, each, 60a75. Pork—Dressed, small, per 1b., 12a13. jLive stock—Calves, choice, per lb, a12 hl;-nb», choice, per 1b., 8%a9; ., & Green fruits—Apples, per bbl. L}“ Per bushel basket, [vestern, per box, 2.50a4 lemons, " per box, 5.00a6.0! oranges, per crate, 51 :l";sn baske: quinces, pe -50a3.50; grapefruit, Vegetables—Potatoes, - Der bbl, 3.75a4.00; per sack, 3.75a4 weet Dotatoes, 'per bbl,’ 150825 let tuce, nearby, per crat: ew York, per’ crate, 75al.50; celery, r;) do: mlgnl,ou; romaine lettuce, 1.00a sbin, Cl;, pe;“s' per crate, per 100-1b. sack, 2.50a2.75 per bb 5.50; "eggplants, tomatoes, per ' box, 1.75a2.50 ‘per basket per quart; sprouts, 20a. per quart. —_— DAIRY MARKE BALTIMORE, October 27 (Special). —Chickens, alive, springers, pound, 22; poor and white leghorns, 18a20; old hens, 22a25; small and white leg- horns, 18a20; old roosters, 15al6. Ducks, 20a27. Geese, 25a€8. Turkeys, 30a40. Pigeons, pair, 35a40. Guinea fowl, each, 40a75. Eggs (loss off), native and nearby firsts, dozen, 50; southern, 48. Butter. creamery, fancy, pound, 48 a prints, 49a31; nearby creamery, 44245; ladles. 30a32; rolls, 26a3i steicpacked, 26; process butter, '35 _CHICAGO, October 2 higier; creamery extras, 45 36%2a441;; seconds, 33a35%%: ards, 40. Eggs, higher; receipts, 3,129 cases: firsts, 49a50: ordinary firsts, 42a4 miscellaneous, 47a49; refrigerator ex- tras, 3333a34; refrigerator firsts, 321y a: Poultry, alive, higher; fowls, 13a 23 l!‘prin‘l. 19; turkeys, 28; roos- te; 5 LW YORK, October 27.—Butter— Firm; receipts, 10,268 tubs. Creamery, higher than extras, 49a49% : creamery extras (92 score), 45a481;: creamery firsts (88 to 91 score), 39a47; packing . No. 913230, rece 3 7. Fresh gathered, extra fresh gathered first Je henn, whi 108 103% 00: California California dairy prints, 28a3 stand- 6 New fan and nearby western henne firsts to average, browns, extr. nearby gath- ered browns and mixed colors, firsts to extras, 55a66; refrigerator, special marks, fancy, 38a39; do., firsts, 35a37. Cheese—Firm; receipts, 2,853 tubs. State, whole milk, flats, fresh, spe- cials, 2215a23%; do., average run, 2. state, whole milk, twins, specials, 22%; do., average run, 22. —_—_— COTTON MARKETS. NEW YORK, October 27.—Increased nervousness or uncertainty with ref- erence to the outcome of railroad labor disputes gave the cotton mar- ket a very unsettled appearance at the opening today. First prices were steady, unchanged to 9 points lower and active months sold 15 to 19 points below last night's closing dur- ing the first few minutes, with Jan- uary touching 18.40, or 85 points be- low the high price touched on the | ginning report of Tuesday. Futures opened steady; December. 18.70; January, 18.45; March, 18.3 May, 17.93; July, 17.52. LIVERPOOL, October 27.—Cotton— Spot, good inquiry; prices easy. Good middling, 13.00; fully middling, 12 middling, 12.15; low middling, 0. good ordinar: 65; ordinary, Sales, 7,000 bales, including 5,400 American. Receipts 1,000 bales, in- cluding 100 American. Futures closed October, 12.5: December, 12.06; January, 11.96: March, 11.71; May, 11.53; July, 11.30. _— LONDON BANK STATEMENT. LONDON, October 27.—The weekly statement of the Bank of England shows the following changes: Total reserve decreased £235,000; circulation increased £232,000; bullion decreased £3,534; other securities decreased £4,2131000; other deposits increased £4,696,000: public deposits decreased £1,260,000; notes reserve decreased $232,000; ' government securities in- creased '£7,860,000. The proportion of the bank’s reserve to liability this week s 13.11 per cent: last week it was 13.51 per cent. Rate of discount, 5% per cent. CRAB APPLES BEAR AGAIN. BALTIMORE, October 27.—A crab! apple tree bearing fruit for the sec- ond time this year is attracting at- tention at the home of John H. Riley. Morrell Park. According to the own. er, the tree blossomed in August and there are now 37 apples on it. 500 TANK CARS FOR SOVIET. MONTREa' October 37.—The con- tract for 500 tank cars for the Rui sian soviet government being_handied by the Canadian Car and Foundry Company /s near completion. ' The cars will be carried to Black sea ports by four Canadian governmen merchant marine vessels. First shin- ment will be made early in November. —_— PEARL INDUSTRY SLUMPS. LONDON, October 27.—Pearling has fallen on avil days because of unset- tled conditions throughout the world, James Clarke of Brisbane, known as the “Australian pearl king,” told the royal commission investigating the pearling at Sidney, Australia. He decleres the slump is partly due to the discovery by Japanese of the se- Butter | firsts, | FRENCH DEBT 320 BILLION. PARIS, October 27.—France's na tional debt will amount to 320,000, 000 franca by the end of this M. Lacroix, chairman of t! nance committee. “At pres- amounts 00 francs. and soon It 16,000,000,000. year, sa; senate will approach STANDARD GAS GAINS. NEW YORK, October 27.—The co'n- bined carnings of the subsidiary com- panies of the Standard Gas and Elec- tric Company for twelve months end- ed August 31, 1921, increased over the preceding twelve months $4,436.455 while total net earnings for the period increased $853 168. 15 Years —withouf the loss of & single penny in either principal or interest 18 only one of the many reasons for iavestors to buy good 7% Gilt-Edge First Mortgage Loans No_Investment Better, Yow As Geed. Bend for full details. Certi- fled titles and insurance pol- icles furnished with notes. Conservative, courteous con- sideration to all our clients. Notes from $250 up to $10,000 Now on Hand Chas. D. Sager Loan Dept. M 36 923 1 Over a Quarter of a Century Without a Loss Buying First Mortgages on Our Partial Payment Plan Did you know that the small amounts that might otherwise slip through your fingers, if deposited with us regularly, will soon pay for one of our 7% First Mortgages? You will not only pay for your mortgage, but interest on your money will commence the day vou make your first payment—and at 7%. ‘Write for booklet B. F. SAUL CO. Mortgage Loans 1412 Eye St. NW. Main 2100 For a Postage Stam You Can Find the Way Financial Independen 1f you can save any amount, from $5 per month, you should read the st of Peter Perkins. It tells how he hit 1| anew and novel plan of saving and inv :,"' and it made him ly ils of lent. He'tells howhe avoided the pitfal his monev to work on and put Peter Perkins' book will grip your interest from first to last, because of its true-to-life story of a man who won out on merit alone. The book is FREE. Write for your copy today. KRIEBEL & CO. i Investment Securities i 137 South La Salle St, Chicage ! Ksoeas Clty Indisnepolis Mitwoskes Bookiord Chicago Detroit Cleveland St Losis Analyzing Your il Railroad Bonds FOR many years we have been prominently identi- fied with the railroad bond market, not only as dealers but also as underwriters. Con- sequently we are well equip- ped to analyze the intrinsic security value of railroad bonds, and to determine at Il the same time their relative | attractiveness as investments, il based upon income return, present market position and outlook for appreciation. We Ill shall be pleased to analyze for you any railroad bonds.. you may now hold, or to sub-- mit for your consideration a number of issues which we recommend. Send for Bond Circular No. $01. Redmond & Co. . .1516 K Street Washington, D.C Philadelphia, Baltimore. { Hl New vork, Pittaburgh, LOANS ON LIBERTY BONDS Bonds bought and Bold. i 41ST gm%mn | 1 810079001 !} EVERY WAGE| EARNER : SHOULD SAVE No matter what your income may be, ] part of it. Joln the Bquita- 81st Issue of Stock Being Recelved . Shares, $2.50 Per Month i 4 Per Cent Intevest il EQUITABLE BUILDING 915 F St. N.W. JUHN 30T EDSON, Preettsmt ENING STAR, WASHINGTON, D. C, THURSDAY, OCTOBER 27, 1921 « FIN CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Securities Our connections locally and In orhhor citles leubxo us to fur- nish money in any amount for ‘Washington Real Estate En- terprises. Stone & Fairfax 1342 N. Y. Ave. Maln 2424 That Has Earned PRESTIGE 'FIRST TRUST Safety Ease of Mind Convenience In denominations of $100, 3250, $500, $1,000 LOAN DEPT. SHANNON & LUCHS Main 2345 ANCI . w & Money to Loan’ Secured by first r....«mw:'-:.‘..':' o commistion Joseph I. G T 8% SAFEGUARDED First Mortgages Immediately Available in Denominations of $100 $500 $1,000 Maturities Two to Ten Years May be purchased either out- right or under our ten-payment plan. In spite of the decreasing rate of interest on other forms of s curity, the rate of interest on real estate loans is remaining firm, due to the increased demand for funds to finance necessary building con- struction. Reservations Accepted NOW for Future Deliveries. Put YOUR Funds to Work at Their Full Earning Power Call or send for full information. The F. H. Smith Co. FOUNDED 1873 815 15th St. N. W. Main 6464 48 Years Without Loss to Any Investor Public Confidence —constitutes one of the most valuable assets any financial institution can possess. {| Washington’s OLDEST Nation- al Bank has grown steadily throughout its long career, its ex- pansion being due, in no small part, to the loyalty and good will of a satisfied clientele. *% Paid on Savings Open 8:30 AM. every business day| National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,500,000 15th St.. Opposite U. S. Treasury—107 Years Old Open at 8:30 AM. Every Banking Day Capital, $250,000.00 911 F ing is serious business. 3% A Dollar Buys More —now than it did when prices were at the after- war peak, so even if you are working for lower salary or wages you still should be able to save a portion of your income. {[Earnest thrift-workers are invited to avail them- selves of the facilities of OUR SAVINGS DEPT., which serves, with satisfaction. all to whom sav- Compound Interest Paid on Savings. You can open a Savings Account at this convenient Bank with as litticas Columbia National Bank Surplus, $250,000.00 Street $1 ou ne o Them? There are many people who buy and hold stocks for a long period of time and then flatter themselves on taking a profit which does not even cover the interest on their * money. It is sad enough to be fooled in speculation, but it is sadder still not to realize it. Keep on speculating if you want, but put part of your money into Phillips’ First Mortgage Real Estate Notes, an investment that is independent of stock market fluctua- tions, backed by well selected first mortgages on Washington Homes, and paying 7%. Ask for discriptive booklet “A,” it's FREE. William S. Phillips First Mortgage Investments 1409 New York Ave. Main 98 The House Behind the Mortgage You buy. a ‘book not only .because .of the author’s name, but because of the publishers who stand back of that book. They are supposed to kmow a good book or they would not ‘have offered this one for sale. We stand back of our First Mortgage Notes with as much pride as the publishers stand back of their volumes. Evelz day brings the responsibility of sustaining ancw our fifty-two years’ record of no loss to an investor. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. Washington, D. C. The Nation’s Home Town 52 Years Without Loss to an Investor