Evening Star Newspaper, November 27, 1921, Page 35

FINANCIAL DECEMBER SHOULD BRING . GOOD BUSINESS RESULTS Nea.rly $2.500,000 Will Be Disbursed Dur- ing Month—Budget of Comment on Money and Securities—Notes. r BY L A. FLEMING. Business in Washingtdh during the month of December should be the States,” just issued by the United States Mortgage & Trust Co. All trust companies in the United States at the close of fiscal year best of the year, both from the stand- June 30. 1921, had resources of $12,- 323,430,515. There are 2,390 trust point of trade generally and the Te-|companies reporting. Resources de- investment of funds. creased $128,000,000, small part of December in the matter of returns|Which resulted from “adjustments.” from Investments is an off month and vet the distribution from dividend and interest account is made rather large through the important payments made by Capital Traction Companw as in- The Bache Weekly Review has this zo‘sny: e have fully recognized the plight of the farmers in this country in many articles in the Bache Review, and believe that everything possible should be done in a sound way to terest on its bond issue, by the Wash- | help them out. But we think that the agricultural bloc is hurting their ington Railway and Electric Comei o5y’ pany by interest payments on its per cent bonds and the quarterly pay- ment of. dividend on its preferred shares. Mergenthaler Linotype makes quarterly dividend payment late the month and the '$95,000 W ‘Washington shareholders will = re- ceive is but 25 per cent of its total distribution of $380,000 for the quarter of the year. The subjoined list of interest payments include the income only from the securities listed on Jocal stock excharge. The this distribution is $917. disbursements on account of corpora- tions whose securities are mnot listed 1 market would easily a in h total to $1,000,000. To this must be added the payments on stocks and bonds owned by Wash- ingtonians, readily ~$150,000 more, making a grand total of $1.150,000. In addition to this, the Un: States Treasury will retire a large amount of 6 per cent certificates on the 15 proximo and there will be still further distributions. the immediate future t savings banks and one national will distribute their Christmas sav- ings ‘clubs’ cash and interest, thus putting _into _circulation more, nearly all of which wil merchandising. Some part of the big disbursemen the | of taxation. Cornl ot and the 860, while the | capital out of business or crippled it ary amount to’bring the :a itea ! of such continuation. The bills they are putting over do the cause ' of agriculture a vast amount more of harm than good. its| The tangling up of the cotton con- tracts on the exchanges has probably cost the cotton growers of the south hundreds of millions of dollars in the last five years. The wheat farmers last|have been heavily pumished by the Capper-Tincher bill regulating grain dividend and | contracts in Chicago. Qfig - Week’s Price Rang High. Tow. Div. ~—1021—, Rate. 195 52 4 394 5534 101 3% 653 8 55 51 6534 53 2% 8534 Another instance is in the matter|112}¢ The excess profits tax income tax have driven to an enormous extent, and this has left the country without sufficient dd | funds and without encouragement to rry on business or to inaugurate ew business. As we understand it, the agricul- tural bloc wants this method of taxation continued, and has swung the Senate and House into approval This means llhnt business must be left in a sup- ts[not be felt at all), pressed and strangled condition. While we fully appreciate that the country cannot get along at all with- he six,Out agricultural activity, yet neither 1 bank | can the farmers prosper or even earn a living unless the business, of the country is good.. This being so, we $1,235,000 | have advocated a small, widely dis- 11 go for | tributed tax (which would take a little from each individual, but which would instead of the ade in December will be used | Whole. tax burden being left upon o b e I helidayvs brighter, and | business, as at present, with the re- ho inconsiderable part will be set to|sult that business is throttled and work again in the investment mar- ket, to the betterment of the market for local securities. The disbursements as scheduled, exclusive of Christmas clubs and cer- tificate redemptions, are as follows: Dividend Payments. 95,000 2,500 National Insurance Columbia Title... $333,600 Liberty bonds. 000 American Tel. 000 politan 42,500 28 R ay Co. 4s .. 2. Railway general 6s . 30,000 Potomac 1st 5s 42,500 ‘Total $642,860 'n:l?flmm' 't d dividend pay: AR ae ‘ments, non-listed securities $82,140 Total local payments .. 000,000 ‘Disbursements on outside owned in Washington . 150,000 Grand total ... Highest Rate Paid. On the 15th of December there will mature $401,557,500 6 per cent one- year Treasury certificates, receivable for income taxes. It is a fact that 6 per cent is the highest rate every paid by the United States for money and, this maturing issue of certificates represents, prob- ably, the final borrowing by the gov- ernment at that rate for many years. Just a short year ago the American prosperity made impossible. The right of a congressman to consult the wishes of constituents nobody will deny. It is proper and necessary for him to do the utmost that he can conscientiously, to take care of their interests. But he must not forget that the respopsibility of the larger interest of the #hole people #1300 | Tests upon him. He is sent to Wash- #.000 | ington not only to speak for his dis- 5.000| trict, but ‘also to give the greater 43001 care’ to the welfare of the nation as 4000 2" whole. The action of the bloc in this matter of taxation not only hurts the farmer, but hurts every other interest. STRUCTURAL STEEL |SINFAIR DEMAND 109! Railway Requirements Fur- nish Steady Trade—Copper Shows Slight Advance. NEW YORK, Novemher 26.—The steel market is barely . holding its own in point of activity and values. There is a fair demand for struc- tural material, while the railroad re- quirements furnish a steady business public was practically competing flercely |and there is some improvement in for cent certificates. They marked the right to subscribe to these 6 per | the demand for pipe. the | large, The trade at however, appears to be zenith of federal financing, and from the | shrinking somewhat and a disposi- date of their issue has steadily ylelded by fractions. The issue referred to also represented the largest single certificate issue made Since they were put out the govern- ment has issued and sold $1,774,148,500 | ferent. the money market | tion on the part of producers to shade prices as a means of keeping up the present rate of production gives the market an easier appearance. Pig iron is very quiet with buyers indif- Prices are irregular with an of Treasury certificates, all on a declin- | easier tendency, especially In rela- ing scale from 5% to 4% per cent. tion to inquiries of more than mod- It would surprise Do pue if the federal | erate proportions, and on the whole financing, December 1 K form of 4 per cent certificates, while the great abundance of money and _the easier trend suggest that Secretary Mel- lon will wait until later for the offering of three-year notes in his refunding of ;‘ ‘Treasury certificates. ‘Washington has a right to antici- pate a large part of the December and would take the | the market is heavy. Demand for Copper Encouraging. The demand for copper has been a little less general, but has continued in sufficient volume to' encourage olders and maintain prices at a.fur- ther slight advance. A moderate ex- port business has been reported on January disbursements on account of | the basis of 1313 for electrolytic dividend and interest payments will|f. & s. New York, mostly for sRip- be reinvested on the local market than at any time for years past. Safety has been the one idea of in- vestors in the last twelve months; in- deed, it has dominated to the extent of keeping much money from other investments and to aid federal financing with purchases of public of- ferings of 'securities. This was the net result of the hor- rible losses sustained in the smash- ing declines in security values in 1920 | —losses that hurt so they have not been forgotten. Now, however, the busihess situa- tion has apparently turned to such an extent that every one feels that the United States is “around the cor- ner” and the bond market, at least, 1s likely to prove attractive to investors again; indeed, it has been most active for some days and one wonders how long this thing can keep up. It is true that business is improv- ing., but the great business centers still show decreasing clearings; the great rallroads of the country are able to show net gains, frequently from decreased gross, indicating that matutenance and equipment are suf- fering. Bonds have had a big advance. Money Is not being used as freely in busjress, and all things tend to induce caution in making investments. Profits are as desirable as ever and should not be lost-once in sight. | ment to France and Germany, and some of the larger producers have made sales for domestic consump- tion, December and January ship- megt, on the basis of 13% to 13% cents delivered. Sales on domestic and foreign account for the month are expected to total between 125 and 150 million pounds. Casting copper has also ruled stronger in sympathy with electrolytic, but comparatively little business has been reported. Lead remains steady. The position of Missouri operators has been im- proved through the impending cut in freight rates and London cables have been more bullish: Tin has eased off from the highest of the week, due to rather free offer- ings of prompt and to the setback in London. Zinc has been quiet. Production this month is expected to show an increase, as several producers have started new blocks. The demand for antimony continues very quiet and the undertone of the market has been rather heavy. DECLINE OF $1.50° A BALE IN COTTON, N. Y. MARKET NEW YORK, November 26.—There was renewed liquidation in the cotton ‘We may not be going back to pre-|market today and a further decline war rates for money. It is interesting to recall that Poto- mao first b5s sold around 110, Tractioan 5s were worth 111, Wash- ington Gas 5s, 110. The only reason the first-named bonds did not go high- | yarore Thanksgiving. of a little over 1.50 per bale in prices. January contracts, for instance, sold that | off to 17.57 or 33 points net lower and 93 points or mnearly a cent a pound below the high price touched just That delivery 3 _was bovause of the retirement| joged at 17.57 or at the lowest point wtivilege at 110. Rallway 4s sold be-| ¢ ch | Tore the war at 84%. Some of the stocks made mu higher price levels pack in 1908-13. If money is to continue as plentiful and cheap as at present, local secur- ities must seek higher levels. and be- fore long local banks must start clip-.| ping fractions of the rdtes of their desirable loans. Taking Losses. the morning, with the general market closing easy at a net de- cline wf 25 to 37 points. After opening barely stéady at a decline of 2 to 12 points under a few overnight selling orders the market stiffened up slightly on covering for over the week end, which was prob- ably promoted by reparts of a good tone in the stock market. There was very little buying, however, while This favorite pastime, selling se-!the advance brought out increased curities and buying them back again the same day, for the one and only purpose of taking lossgs, to the less- ening of your income tax, is all off, unless the courts throw out the new provision of the income tax law, which forbids sale and repurchase of all or any part of the same stock if| the operations are within thirty days of each other. One may take a loss ana take a chance of waiting a month to buy the shares or bonds back again. There may be ways of avoiding the law, but so long as it stands as af the present time the taking of losses after the for:nerufuhlon for income tax purposes is off. Exz:eldon of opinion by local ex- rts is that the law will not stand Ea test of the courts. . A ‘stock dividend is tax free, but amenable to income taxes if, after the distribution the corporation cancels or redeems at such a time and in such a manner as to make it equivalent to a taxable dividend. In Prosperous Condition. liquidation or . realizing, , and _the market weakened later, when selling of this sort became more general Western and Wall street interests were sellers of January and March and some scattered selling was also reported for southern accounts, as a result of which December eased off to 17.65 and March to 17.50 with. the general list showing net losses of 28 to 35 points. . Closing prices were within a point or two of the lowest. The amount of ¢ | cotton: on shipboard at the end of the week was 148,222 bales against 324 96 1075 88 91 1195 129% 1275 823 3934 1% 38 455 4634 10734 89 & 1] 147§ 18 17% 28 2074 110 2% 953 16% 5 5 239,433 last year, according to a locall 1034 authority. v NEW ORLEANS, November 26.—. The circulation of a few December notices caused a wave of liquidation in the cotton market today, which put prices down almost from th¢ opening. | Not more than ten notices ap) peared, calling for the tender of 1,000 bales|. firms had of cotton, and several orders to stop all the notices that came their way, but,. in spite of this, |. the notices apparently found traders Trust companies of the District of | who were not willing to to take Columbia, reported total resources af |cotton, and, once the end of the fiscal year June 30,ition went to rather surprising lengths. 1921, of $72,196,119, as compared with | December led in the selling movement 351,817,847 five years ago, acoordin to “Prust Companies of the Unit and at its lowest ed - down to 16.66. 2 op | the liquida~ 16 FITTCT R THE SUNDAY STAR, WASHINGTON, D. C, NOVEMBER 27, 1921_PART 1 11— AdvRumley. 35 3 Advance Rpf. 30 4 AtrReduction. 1644 — Ajax Rubber. 34 4 Allted Chemical. 7 ‘Allied Chemical pt. 28) 4 Allis-Chalmers..... 26)4 —~*Am Agrl Chemical, 51 2434 — Am Beet Sugar..... 20 — Am Bosch Magneto. 42 Y% 6% 15% i 674 2024 643 95% 4 110 57 2044 684 2% 31 % 91 %% 5% 18 15% 10 62 303§ ] 143¢ 39%% a3 87 9% 63 3% B 8% 3 10% 14% ™ 83% 25 414 101 224 513 188 3 8K 46 654 14 2 32 0% a 25 5654 6834 9 1934 32 364 19 2 2% 52 24 % 8% 60 % 3% 125 3434 6 7 7 B 7 12 3 7 0 9 12 12 7 4 6 6 5 2% 24 Iilllallglela woswllawallallillllgaleallllvalwl 1IBelal 111311 lovanlela Am Chicle Co., Am Cotton Oil. Am Cotton Ol pf, Am Hide & Lea. Am Hide & L pf. Am Ice.. Am Ice pf. Am International Am Linseed. .. Am Linseed pf.. Am Locomotiv Am Radlator.. Am Ship & Com... Am Smelting. Am Smelting pf. Am Snuff..... Am Steel Foundry.. Am Sugar... Am Sugar pf. Am Sumatr: Am Sumatra pf. Am Tel & Tel. Am Tobacco. Am Tobacco (B) Am Woolen. .. Am Writing Ppr pf. Am Zine. .. Am Zino pf. Anaconda. Asso Dry Good: Asso Oil. Atchison Atchison pf. Atlantic Gulf. Atlantic Gulf pf. Atlantic Petroleum. Baldwin LocO..caee Balto & Ohlo Balto & Ohlo pf. Barnsdall B. Beth Steel. Beth Steel (B) Beth Steel 7% pf. ... Beth Steel 8% Pf.... Bklyn Rapid Tran.. Bklyn R T ctfs. ‘Brown Shoe. . Burns Bros... Butte Copper & Z. Butte & Superior. Butterick. Caddo Central Calif Packing. Calif Petrol.......e Calumet & Arizona. Canadian Pacific. Central Leather Chi Gt Western. Chi Gt Western pt. Chi M1} & St Paul. Chi Mil & St P pt. Chi & Northwn. Cht Pneu Tool. ChiR1& Pacific.. ChiR1& P 6%Df. ChiR1&P7%Dt. Chile Copper. Chino Copper. Cleve CC & St L. Cluett Peabody. Coca-Cola...~ Colo Fuel & Iron Colo & Southern. Colum Graphonet pt. Comp Tabulator. Consol Cigar pf. Consol Gas. . Cons Inter Callahan Consol Textile..... Cuban Am Sugar. Cuba Cane Sugar. Cuba Cane Sug pt. Davidson Chem. Del Lack & West. Dome Mines.... Famous Players. Famous Players pf. Fed Mines & Spf. Fisher Body.... Fisher Body of O pf.. Fisk Rubber....... Freeport Texas. ... Gen Am Tank Corp. Gen Asphalt.. Gen Asphalt pf. Gen Cigar Co. Gen Cigardebpf... Gen Electric. Gen Motors. Gen Mot 6% deb.... Gen Mot 7% deb.... Goodrich (BF). Goodrich (BF) pf.. Granby Consol. Great Northern pf.. Great Northn Ore.. Greene Cananea. . Guantanamo Sug... Gulf States Steel... ‘Haskell & Barker. Hendee Mfg.... ‘Homestake Mining. Houston Oll. Hupp Motor. Illinois Central. Interboro Con pf... Inter Agri Chem Inter Agri Chm pf.. Int'1 Cement..... Inter Harvester. Inter Marine. Inter Marime pf.... Inter Motor Truck. Inter M Trk st pf.. Inter Nickel.. Inter Paper. Inter Paper (sta). Invincible Ofl. Ialand Oil. Jewel Tea. Jewel Tea pf..... Jones Bros Tes. 27+ 5% change was a &ontraction of about Woek ending Wovember 86, 1981, Not. | High. Low. Div. Woek ending November 26, 1981. Net. High, ! 2 . Chge. | —1031— ' Rate. High, Low. Olose. Chge. 13 134 11— %[ 284 184 = KanCitySou.. 2/ U UK+ X 38K :" :;‘i;;/: 5: Gz‘i 4 XanCitySoupt.... 55 - 834 a:”-kax © = Kansas & Gulf. g ::n ::u a’;: :’: : ::K 3 Kelly-Springfield g’“-’% = Kelsey Wheel.. S 101 pswx 1222153 ill;z l:x ~ Kenneoott Copper f;%‘l' % 3636 ] = Keystone Tire. 34 31 3+ 4|14 10 B Kresge (38). 124 L) ;fl;}i g}‘;l’i. ;}: g}‘ —’ Lackawanna Steel. 43% 413 :}‘: a 55 306 W% 0% — X[ 0% 414 51 +1 34 33 3% — 3|163¢ 138} 12 Liggett & Myers. 182 + 2% sz§+ fi x;ox 9;% 7 Liggett & Mpt. u +2 31% — 136 1 M- X% 8% + %| 12% 10 4+ % 142 +4 |1644 136 149% + 5 -1 |18 o7 109% + % P 895 21 28— 1% a —1 |8y sy Mg 4+ 15+ %| 34 18, 1% ManhattanShirt... 34 30§ 324+ 2% 564+ ¥%| 30% 12/ — MarlandOll. 29 28 BK-—14 75 +5%; 154 8 — MaiwelB......... 12 11 1%+ X% 1%+ 1| 9K 656 8 MayDeptStores... 90J5 885 90 38% 371 8%+ %[167K 8435 12 Mexican Pete. 1M% 115% + 13 345 32 3%+ 24| 2% 15 2 Miami Copper. 24% 2%+ % 613 59% 61+ 36) 1634 10 120 Migdle States 15 15— 3 95 93% 95 + %| 3% 22 — Midvale Steel 2% 25 + % 9035 84% 90+ TS| 144 64 — MinnastL.n) 6 6% 6%— 3% 6% 65 6%— ¥%| B4 6 7 MstPassM. 68 663 67— 1% 0% % 9%+ 34| BK 16— MoPacific.. 195 48% 19% + % 84 8% 8 +2 |4 3K — MoPacficpt. 9 8BY% B+ % 108% + %| 25 . 145 — Montgry Ward..... 16 15 15— % 3215 31 34— 330 124 — NatlAcme.. .12 12 12%— 4 56 1245 12 7 Nat1 Biscuit.. 12434 121 124% + 206 81% + 434|120 105 .7 NatlBiscuitpf..... 113 112§ 12%+ % P 3%+ %! 386 15 — NatiCloak&8S. 265§ 26% 26% — 14 68 6 63%-+4 |65 28 6 NatlEnameling. 48 39 a%+3 16% — Pé| 82% 67% 6 NatlLead.... 814 126 + 3%| 4% 9 — Nevada Copper. i+ % 123 + %| 7% 46 6. NOTex & Mex. 60 + X% 803+ 1% | 8 - 4ng 5 5 +4 o 5 U +3 44 64% 5 M+ % % 10% 1l b A R s 4 35" 333 + 2% i o S+ % B 1% = NTNewHaven B - % 404 3% 46%+ 74| D% 16 2 NYontario&W... 2% 204 2Lf— ¥ om( 983 983 + 35|104% 834 7 Norfolk & Westrn.. 99} 96% 9 + 1 89 86% 88+ 14| 446 32 3 North Amerfcan.... M 42 42— ¥ & 8% 8%+ 2%| 4% 314 3 NorthAmericanpt.. 415 40 40 3256 3034 326+ %| 8% 61X 7 NorthernPacific... 8035 78 80} + 134 2334 22 By — %| 9 2044 — Nova Scotla Steel... 27 2% 25 ax% Bh— K| 4 1%{ — Oklahoma Prod.. 35 3 - 04 0% 9K +2 |30 144 2 OrpheumCircuit... 18 14§ 15 —3 3134 6% 3%+ -%|148 & 8 ousElevator. 12036 +15% S 5% S44+3 | 18 84 — otissteel.... 8%+ X% o 22 22— 25| % 25 2 OwensBottle. 27 +1 53 513 51— 1| 196 8 — Pacific Develop.. M T4 - % 56 54 564+ 14 657§ 46% 5 PacificGas& Elec.. 624 61 625+ % o2 021 2%+ 3| 4T 206 1§ PacificOil......... 464 443 44+ ¥ 04 102 10£ +2 |38 384 — PacificTel&Tel... 58 55 58 45 0 8 835 — 3! 7% 384 6 PauAmPetrol..... 52 50§ 52 + % 8% 5% TH+1%| 7 34 6 PanAmPetrol (B). D5 4K A5+ 15 413 32 2 Pennsylvania...... 3% 34Y 3% — 15 17 6% — PennSeabdSteel... 11} 9 10%+4 % 50% 333§ — PeoplesGas........ 59§ 55 58 + 3y 15% — Pere Marquette.... 22% 21% 22 + % 50 5 PereMarqpriorpt. 65 6215 65 + 2 26)4 3 PhiladelphiaCo.... 34§ 313 34+ 2 16— Phillips Petroleum. 33% 32 32% — 1§ ug ag M +1 9% — Plerce Arrow.. 4 13Y% 144+ 3% S§ 52 S+ %| 8 21— PlerceArrowpf.... 34 3¢ B + Y 120 115§ M9 +3 | 14 6 — Perceonn...... 4 12% 13%+ % 34 303 32 — 35| B M4 8 Plerceoilpt.. 2% 66 724+ 6% 6 6% — 34| %% 5 PinsCoal.. . 60 58 59l¢ — 1y 28— Pitts & West Va. 8% 2B BY+ 1 124 136 Pond Creek Coal.... 15% 15% 154 — 3 48 — ProssedSteelCar... 64 6l 643+ 3 203§ — Producers & Refinrs 26% 241{ 243 — 23 &% 8 PullmanCo........ 11 107 109 —4 513 - 24% — PuntaAllegreSug.. 31 205§ 3085 — 7 g’;i’lg '36% 214 2 Pureoil. 3% 35;: s B/ + 1% 913 67 8 Ry Steel Spring. %0 88 90 26% 19 341 Rand Mines. u o mg wm+ u| B4 T T i e a4 2 Resting zape 125+ 3| 36 17% — Remington Typr... 245 24 243 o7 + %| 30§ 18 — Replogle Steel..... 24X 215 2235+ 134 9% — 14| ™K 4% — Replron&Steel... 51 485 5035+ 134 8 43 | W5 6% — RepMotorTrk..... 7 7% M+ % ;| = % 603§ 403 520 Royal Dutch. . 4 45% 4615 — 1 25 - 2y Mys— 2| 2% 19 — StLa&SanFran.... B A% B 41y W5 46 + 5| % WA — StLa&SanFranpf. 3K 3 3+ 134 624+ 14| 3% 184 — StLSouthwestrn... 2 23 By + 1% 4 — 35| DA 2% — SesboardAlrLine.. 3§ 3% 3 3 8% 17 M- 14|1B6 5 = SesboardAlrLopr.. 6 5 s i £ 41 42 +24 B 9 — Sears Roebuck. 62% 62 62%+ % 25) 123 — Seneca Copper. o 01% 343 7% 4% — Shattuck ArizCop.. 7% 6% T+ % ™% 6% 6%+ %| 2 %% 74 ShellTransaTrd.. 364 35 3% -1 1552 T %| 2% 18% — SinclairConsol..... 24 23 23 © 1+ 34| 8 324 — Sloss-Shemeld..... 4% B 4 42 88 — 14|18 2% — SouthPortoSug... 38 37 B/ 41 1073 — 1% |19 7% © Southern Pacific.... 84 g 8l + 1% 3 — % 24% 17% — Southern Rallway.. 203§ 19% 2035+ 3% 6 — % 6 4 <~ SouthernRypf.... 50 47% 49%+ 1% 144 15— 3| % O 4 StandardOilorCal. 91 & 8 — 3 T4 8 — 3g|V® 1244 .5 Standard ONNJ... I 16654175 +5 174 11— g |13 100 7 StandonNJIpr 113} 1113 *1113 + 134 o “};_‘_‘% 3 21: 2 Stewart Warner... 24 B 24 — 3 1073 %110 +2%‘ 25% — Stromberg Carb. 3% 30 3K - i 10 210 +ml WY 4§ T Studedaker........ 5§ T T+ % ® 1 134 3 — Submarine Boat. 8% 34 Y- % % 14— 1% 13 3% — SuperiorOil..... 9 8% 84— I s T +2 | 1% 0% — Temnessee Cop. 9% 10464 5% 1064 1065 — 3| 9, B3 TemasCo... 463+ 3% 4 12%+ % 21% 16} — Texas & Pacific.... 25% + 2% 17 185 37% 15% 1 TexasPacC&Oll.. 303 28% 2055 — 3 6% 6o 42 | 206 13§ — TairdAvemue...... 16% 15 16+ 1% s 82 86% + 434 2 45 6 Tobacco Products.. - 61 57% 60 — 3 316 gty ¥ 8 T TolStLaWestrn.. 11 16% 6%+ % 8 85 85 13 6 .= Transcontinental... 10§ 9% 10 — 3 T T T — 3|10 1235 10 Underwood Typr... 130 135 15 10§ 9 9%— 3| B, 57 8 UnlonBagaPapr.. T4 T4 T5+1 15 15 15 — 3| 2% 1% — Uninon... 23 W3¢ 2A + 0 8 % +1% 130 111 10 Union Pacific. 180 124 1293 + 53¢ o3 6%+ 5 870 62X 4 Union Pacificpr.... 70K 68 704 + 2l o % — % 3 19 = United Alloy Stl. 26 253 26% — 1 3% 6 + 3| % — UnitedDrug. 2% 6 7251 o6 94 o4 1 3|W 9K 8 UniteaFrui... 125 119 12216 — 35 12 6 = UnitedRylInvst.... 9 - 8 9 + 3 2 11;‘ — United RyInvpr... 221§ 205 2234+ 1} T 625 46)%4 6 United Retal Strs. 53% 49% 53 S e SET %11 14— USCastIonPie. 18 14 i e W A Mi51 38 5USCastIrPipept. 5T &1 5 +10% g | 214 8% — USFood Prod. 12 s 34 2y m+mgy”:fi“.f o T I T 1| g g — w5+ % 3% 836 BY+Bslyac 7 8 5 +32 TR e w - 3+ X o 8636 0% 5 8% + 1 o R P 11 s Ho Kl ay o2 B+ % PR 03 g 2% + 1% m‘+? 42)5' 20% = Va-CarolinaChem.. 32% 31 3236+ 1 e .""_ %|102% 5T — Va-CarChempt.... 76 73§ 7 — 3% ® % @b | % - 7T - % ol g A e 5+ 3 Eis + By 8 — 2B +2% + Xl 49525 Wells Fargo Exp... 6 — 1% 64 B S+ 3% I+ 3% 9% 9% 9%+ Y% 18 + 134 434 308 40 -1 2086 + 2 MK B+ X% o +|’\‘ Y TH B+ K . ; 436 — 136 fi g 125 38% 4 Westinghouse Elec. 84 +1 -1 ~ Wheel & Lake Erie. ‘8t XK BY NN —1 i 1B+ 3% 2% 10§ 2%+ PB4 g7 B+ % B 16— % = z 8%~ % %‘ g" %' ] —Wickwire Spencer... 1 +1 Be T %l 5 Wilson & Co. 31 28 28y — 1K 3% 137 <5t %] a7 "85 7 WisonacCopt. 70 6834 0 —1 231135 12+ 1% 1034 3% — WillysOverland....- 6 54 . 54— % 6 wg +‘ 126" 105 ©°8 Woolworth........ 134 1225 1225 — 125 e 86 B drEilen i W e @ n 5 New York Stock Exchange JEMAND FOR BONDS MARKET FEATURE NEW YORK, November 26.—Contin- uance of the recent extraordinary de. mand for bonds was the salient’ fea ture of another active week' on the stock exchange. High-class issues led the further advance, most of the liberty bonds exceeding previous maximums of the year. ‘The' strength of railroad stocks was another hopeful development. Trans continentals and coalers received sub- stantial support on improved earn- ings. Publication of the Missouri, Kansas and Texas reorganization plan was considered noteworthy be- cause it removed another road from the long list of receiverships. o Day-to-Day Trading. Erratic movements of industrials and many unclassified stocks seemed to denote little more than the day-to- day operations of professional trad- ers. ils were less prominent, but generally higher, and steels and equipments were sustained by better VnStmm,Scou&Cn.lnc. FINANCIAL. M BTEEL preferred. CONBOLIDATED GAS, X. Y.* HORFOLK & WESTERN.. TEAR OUT COUPON now and r 1t to ua ‘8t onoe—you incur Bo obUgatl 927 Fifteenth St. N.W. ‘Washis , D. C. Gentlemen: _Send me bopklet on your TWENTY-PAYMENT PLAN to prove value of your service. inquiry. ‘Wall street was plainly disappoint- ed at the rejection of President Hard- ing's surtax suggestions by the House of Representatives. This_incident was_without pronounced effect as a market factor, however, bear raids being of short duration. Trustworthy advices reported marked increases of production in many branches of industry. These were invariably offset by high costs of manufacture, net returns, in the steel and allied trade, for example, leaving. a scant margin of profit. Effects of Armament Discussion. Latest phases of the armament con- ference occasioned restraints notably in the foreign exchange market. The British rate proved least susceptible to this influence, but French and Ital- | ian quotations were nervous, and an- other acute collapse of German marks threatened. Interior banks contributed meas- urably to the plethora of funds in the local market, and a slight easement of rates for short-time loans was noted. This did not_extend to call money, for which a 5 per cent rate prevailed. Notwithstanding the week's heavy shifting of funds, the clearing house statement today showed an actual de- crease of $29,250,000 in loans and dis- counts. The only other noteworthy $15,000,000 in cash, with consequent reductions of excess reserves to $14,- 536,000, BALTIMORE PRODUCE. BALTIMORE, November 26 (Spe- cial).—Under a good holiday demand for both live and dressed turkeys the market cleaned up, and with light re- ceipts since and a fair demand the general market for turkeys rules firm at 51 and 52 cents a pound_for choice to fancy, 48 to 50 for fair to good, 45 and 46 for old toms and 40 for poorly dressed and thin birds. Other lines of dressed poultry are in fair receipt, and with the high prices prevailing on turkeys more activity is noted. Choice young chickens brought 24 to 28, old and mixed 23 to 25, and old roosters 15 and 16. Ducks range 25 Money In Any Sum Our connections locally and in “The Partial Paymeat House™ Perpendicular or a Long Slant? As far back as last June it was evident that business had rounded the corner. The com- modity price index turned definitely upward. Will its continued pregress from now on be indicated by a perpendicular line or by a long slant? Important developments in the business situation are dis- cussed in our Latest Market Letter. Write Department N for a copy Smith, Lockhart& Co. ESTABLISHED 1911 Continental Bldg., Baltimore, Md. Members Baltimore Stock Exchange “Safety, Convenience, Profit” other cities enable us to fur. nish money In any amount for Washington Real Estate En- to 28 and nearby geese 28 to 32, with :uuzthern and western quoted at 26 o 28. Live turkeys are steady at 45 to 50 2 pound for choice young and old and 38 to 40 for poor and crooked breasts. Young chickens in ample supply, with demand centered on medium to large stock at 23 and 24, with rough, poor and thin and white leghorns neglect- ed at 20 to 22. The market for old hens is firmer, with a better demand | prevailing for good heavy fowl at 21 to 24, but small stock less than three | pounds and white leghorns in ample | supply at 20. Old roosters slow sale at 14 and 15. Good fat ducks are selling fairly well at 23 to 25. but small, poor stock overlooked at 19 to 21. Kent Island geese in good demand at 27 and 28, other nearby stock selling fairly well at 24 and 25. Pigeons in ample sup- ply and slow sale at 20 to 25 per pair for both young and old. Guinea fow! steady at 80 to 85 each for large y;)dung. 50 to 60 for small and 40 -for old. Receipts of strictly fresh nearby eggs are fair, and there ism't that snap to.the demand previously noted. While the general market is steady. LIBERTY BONDS. Liberty Bond Exchange 604 14th Street N.W. i If you have money to in- vest we can safely place it on gilt-edge first D. C. Mort- gages. Our record of 30 years insures your protection. Cour- teous treatment. Percy H. Russell Co. S. E. Cor. 15th & “K” Sts. BOUGHT FOR CASH. prices eased off the latter part of the week, and the market closed with 62 | cents' a dozen top price. and trade being supplied mostly with cold stor- | age goods at big discounts under fresh eggs. The potato market rules dull and easy, and receipts running liberal, es- pecially in Maryland and Virginia Mec- Cormicks, which are selling at 1.25 to 1.75 per 100 pounds. Other varieties i quoted at 1.50 to 2.00: No. 2s, all sec-| tions, 75 and 1.00. Hundred and fifty pound bags, bringing 2.75 to 3.0 round stock brings a premium of 25 cents over this quotation, and No, 2s, long and round selling at about half price. Sweets and yams selling more brisk and with only moderate receipts the market is firmer at 3.00 to 4.00 a barrel and 2.00 to 2.50 for No. 2s; bushel hampers of both selling 1.00 uSl movement at following quota: H Beets, 4 and 5 bunch: brocols, 30 arg 25 bushel; carrots, 3 and 5 bunchy | cauliflower, 4.00 and 5.00 barrel; horse> radish, 4.00 and 5.00 barrel: ‘onions, | 5.00 and 5.50 per 100 pounds; No. 2s, | 2.00 and 2.50; oyster plants, 7 and § | a bunch: parsnips, 75 a bushel: spin- | ach, 10 and 80 bushel; kale, 30 and | 40 2 bushel: savoy cabbage, 0 and 50 el, an urnips, 6 7 Someat ps, 60 and 70 2| ith colder weather prevaili { market on rabbits Is higher. ang uac | der lighter receipts and brisk demand | closed firm at 4.00 to_4.50 per dozen i l;‘v)x;) ;holce and 3.00 t0'3.50 for fair to! GRAIN AND PROVISIONS. CHICAGO, November 26.—After a weak start, wheat rallied sharply on the Chicago Board of Trade today ' and finished 3% net higher for De- | cember and % higher for May. Corn | lost % to %: oats were uncha’nmn?.' ! lower and lard and ribs from 5| to 15 lower. January pork, the only | live option in that commodity, show- i ed_a met gain of 40 points. ‘Wheat's early decline was due' mostly to easler closing prices at' Liverpool, ascribed generally to re- ceipts of Australlan wheat. The usual Saturday evening up trades:[|[] contributed to the shrinkage in' prices, but considerable bullish senti- ment was in evidence on the breaks. Toward the end reports came that partial “failures of the rice crops in Japan and China would cause buying of wheat by those countries and about the same time a goodly portion of the local pit element found them- selves short and started to cover. ; Sae of a cargo of No. 2 hard on ocean on a basis of 1.27% was seized by the bulls as cheering news and the up- turn continued to the end. Trade in corn and oats was light and those grains responded to con- ficting influences by ready fluctua- tions. Some profit taking and over- Sunday trades tended to keep prices down.” There were some small sales of corn here for the seaboard, but the samples market was generally lower. A Provisions had no support from packers and scattered selling affected lard and ribs beyond the usual limits for such transactions. Hogs® were strong at the yards, but prospects of big recsi{n.- in connection with next week's - live stock show caused pit traders to disregard that factor. NEW YORK. N;vmber 26—~Wheat, spot, easy; No. 2, red, 1.22%; Ne hard, 1.19%; No. 1, Manitoba, and No. 2, mixed durum, 1.11% cfY. | New York track to arrive. ‘orn, spot, easy; No. éellow. 1’.&5 No. 2, white, 71%, an . 2, mixed, 69% c.Lf. New York, all nl}fi g Oats, spot, barely steady; No. 2, ‘white, 45. rd, easy: middle West, 9. 5975 Other articlea u'nehlnfl. Money to Loan - Becured by first deed of trust ou real estite L , o & & ‘Native and nearby truck in fair] _ First Trusts Exclusively Conservative Valuations + 7% Interest L1 This Booklet Wwill Help sible to obtain, safe. You principal, and Call, Phone or First Write for it last quarter 1921 —Bondsyielding over 6% "éflow to buy or sell require- tate, payable monthly: Deeds of Trust on undivided interests in B Estate. This FACT remains: That First Mortgages on improved W: safest and most satisfactory security it is pos- Phillips’ First Mortgage Notes are the type of security that appeals to people who play They are a form of investment that for centuries has attracted thrifty people. They have land behind them. They have buildings behind them. They have our entire organization behind them, assuring uninterrupted principal as long as that principal is investpd,, Ask for descriptive booklet “A,” it's hgt William S. Phillips_ 1409 New York Ave. —GASOLINE SITUATION that may show big improvement in ... —Will 1922 be big year for copper? ; —Market position of shares of Coal companies —Market trend, past three months, charted _ —Price range, volume of trading on over 100 stocks - T DRERTSSE T AR R« 4 H " T o 3 York 3 % ‘<'ments; commission ___m.fifm_sv_";-_fi_’”h" ; H ate - o - rates, etc. n:-v-:n»ema,.;n-flmr:num ; » . Itwill pay you to read these BALTIMO and other articles in the 433 Bq,ha,lo i 1{ INVESTOR & TRADER Eibcte: 5 Pytput Commerciat Accounts Monthly Ave. HOLD YOURS Do not part with them unless compelled to do so. BUY MORE Atpresentattractive prices, thus reducing cost. Booklet Xo. 210 gives interost- ing and profitalle information Write TODAY for ymr free copy ROSE & COMPANY Liberty Bond Specialists i . o =908 Attention, Builders ' : Stimolation of home building. g Mortgage and Investment ¢ .n age Notes on improved Real E NATIONAL MORTGAGE AND. ., INVESTMENT CORPORATION Temporary office, Sansbury Bldg. e 1418 Eye Street N.W. Invest Your Money Few persons, if any, can correctly tell you whether any particular stock is going to go up or down. If we knew we all could beconie rich and there would be né losses. The fact that there are losses every day in the stock market should be tip enough especially for the inex perienced, to keep their funds out of the speculative field. You can invest your money in our 7% mortgages with . absolute safety and know ¢ that your investment is al- ways at par and that the in- . terest will be paid promptly * when due. : In amounts of $250 and up. B. F. SAUL CO.- Mortgage Loans 1412 Eye St. N.W. Main 2100 gton real estate is the interest on perfectly safeguarding your — 28 has 151 Mortgage Investments ] and its possibilities J‘SE’ES&BAX'(ER i 8