Evening Star Newspaper, December 1, 1921, Page 28

SLOW-UP IN CLEVELAND AREA wosfoxs - eéréase in Production Charged to Fewer i- Orders From Salesmen—Pretexts foxf ! 3 3 ¥ « i t | i % « il jufacturers orders and others have requested that Ideliveries be delayed until next year. fwhile still othe [ {the world. Cleveland paint-manufac- # ;.\vaunxl for their products early in 19 W, H. #Sherwin-Williams stated istocks - an overtime schedule. Aid to Grange Interests The extension of financi year draw i Zoods sale: t 1 tions ¥ 1 )l ¥ equal Furniture dealers axo money handled W being kept low and de: 1 T under that of last year. Seattle Holiday Buying Spect with brave d o dened, t a Special Dispateh to The Star. tile industry in this’seetion months, according to George H. Hodg- 'Worsted Mills, today. Many mills are {row operating at mot more than fawer steady incr tember 1 th ;hi\ll risen until the fplant running above Cancellations;Elsewherc:' Curiously enough, the quickening of holiday buying came just at the close of a campaign to raise $700.000 for a community chest to take care of all recognized charities this winter. W. | L. Rhodes, chairman “of the com- munity chest committee, said he found but few who were “too broke” to help the campaige and still buy Christmas presents. Wholesale and retail trade in men's shoes is at a lower ebb than at any time since the ending of the war. tocks in retailers’ hands are smaller than at any period since 1917. The meat packing industry in the northwest is almost at a standstill, and buying of live stock by packers is lim- {ited to immediate necessities. Commodity Reports & From Various Sections on. PHILADELPHIA, December 1 (Spe- cial) Twenty-five large consumers here uare now burning fuel oil in their plants instead of anthracite coal and many more plants are being trans- formed to oil burners, as consumers say the present cost of anthracite is king it too costly for factory or do- BY GUY T. ROCKWELL. ember 1.—The tex- s a whole ally in the last two CLEVELAND, Des has slumped mater in, general manager of the Cleveland par cent of capacity. he stated. This explains, lesmen Té- with far expected. instance xtite man- of fecrease in production, he s due to the fact that s urned from their fall trip: orders than wer Mothing makers, in many continued, have asked to accept cancellation ; are returning goods Iready delivered on slight pretexts. With paint stocks low throughout | sharp increase in de- president of the Paint Compan never were pain lowér than 225 urers look for Collingham today that in this country He asserted th: se in demand for white 1 herwin-Will at Chicago and Montr scheduled norn while the Newark plant is on iow. 1 Thirty new wells have been brought in in this fleld in the ast week, of which twenty-nine are produce; Their initial capacity is i4bout 27,000 barrels a day. Drilling |iu untried fields s spreading and wells {in new territory are no longer unusual. pacit Hardwa AN FRANCISCO, December 1 (Spe- 1).—Business in hardware in this tion, especially in small hardwar has shown decided improvement in the la |I(~w days. Collections have been good Having Salutary Effect BY DICK SMI M ~pateh to Th CIT| December 1.— I aid to agri- in this effect stock men wlutary and general siness conditions here continue to mprove from we week as th to a close, although that Nou-Ferrous Metals. STOCKHOLM, December 1' (Sp. hipments of a new metal metal” or “magnametal d by the Electro Company ockholm, are being prepared for American dealers. The manufactur- im the metal is a third lighter rd stronger than aluminum. -ultural and live mproveme: usine: for recent he same as those of 1917 and Trade in furniture, grocerie are, farming implement inery has not attained the of last year, howeve: | Retail merchants are beginning to place orders for spring delivery in wholesalers s dvance bus wee 1913, hard- id mil- propor- 0. December 1 (Special). The Chicago, Burlington and Quincy ailroad has placed contracts for the Moty e struction of 127 new steel passen- ave done s millinery. s Leather. BOSTON, December 1 (Special).—The leather market is extremely limited in {range just now with tanners waiting for an” expected improvement in De- cember and shoe manufacturers wait- ing for orders from salesmen and customers. . Ithough not in f last year. dling more volume, to in value, none. re than at thi v 4 the this busin 19: Hardware ret in the record of s are falling. eed i Whol about ng cautiousiy. business G0 per. cent | Sitk. PHILADELPHIA, December 1 (Spe- ).—Broad silk mills, working on taffetas and ‘crepes, are receiving good orders for spring deliveries and are t about 67 per cent of Mills operating on other tyLes of piece goods are working only _about 56 per cent of capacity, strikes in the coat and suit trade hav- ing checked demand to some extent. eport operating capacity on Parity With 1920 Sales BY PAUL (. HEDRICK. I Dispar ne SEATTLE. December 1 artment stores inaugurated their Christmas _buying season today plays of Christmas dec reen fir trees, tinsel bur- and electric lighting effects in heir windows. Sales this week have Iready shown that the public had be- its holiday buyingz. Those sale parity with the sale ) in volume, although they have far behind in mone; 0 The Star. ding Pickles. EW YORK, December 1 (Special). —There is a fair demand for pickles in evidence in the wholesale grocery market here and prices are firm. ration ST. PAUL, December 1 (Special The automobile business here is prac- tically at a standstill, although a few closed cars are being sold. Automo- | bile dealers declare prospective cus jtomers are holding off until next & in the hope of benefiting by T freight rates ; allen hoex. | Z/"REPORTED IN TEXTILE TRADE| k) | unlikely creased their output to about 50 per cent of capacity, the highest -point reached in months. Prices are uncer- taln except on steel sheets, which are firm. -Purchases of structural steel have been small, but there are a num- ber of ‘projects pending which will require quantities of steel. Notes. SAN ANTONIO, December 1 (Spt- cial).—Oil companies which six montas ago appeared to be hopelessly in debt are now re-establlshing their credits and paying their debts, and oil paper which for a time wes regarded as a total loss now_is being rcalized on, according to reports by Texas banks. Many of the banks had charged off these debts as a loss, and now are’ recovering. the sums linvolved and a profit. This situation is_attributed to the recent sensational advance in oil prices and the discovery and development of new flelds. NEW YORK, December 1 (Special). —Demand of employers for a reduction in wages and demands of employes for a corresponding increase in wages each were denied by the arbitrator between Ithe book and job printing_proprietors and their union employes. The present wage scale based on pay of $60 a week for forty-four hours’ work will be con- tinued ‘until - October 1, 1923, by the taward of Arbitrator John L. Elliott, made public today. HARRISBU (Special).—Latest returns to the state authorities here on the unemployment situation indicate decided improve- ment. In six important cities in east- ern Pennsylvania the unemployed umber 198,635, a decrease of 1.4 per cent compared with the records of October 31 and a decrease of 3 per cent from those of October 15. CHICAGO, December 1 (Special).— The situation with regard to the cut- ting of costs both for labor and ma- terials is brightening in this section. Workers are coming to view redu tions as inevitable, and labor disputes are being settled with greater ease and frequency. Stockyards workers ve accepted a wage reduction rang- ing from 6 to 10 per cent. Probable 1eduction in_the pay of street car men is under discussion, but action is awaiting the hearing on the order of the public utilities commission order- ing a reduction of fares from § to cents. Street car men have as yet given no hint of determination ~to strike. in the event of a reduction. al- though that prospect is not entirely I U. §. LIBERTY BONDS. (Furnished by Redmond & Co.) Liverty 81, Liberty 1st 4s.. Liberty 2d 4s. & F.. ssuszasss 2igss =T EEREBREER 2ETER aag 8 2 OTHER BONDS. ! Erench Government 84 1945. French Gavernment 7%s 1941, Government of Switserland Kingdomn of Belgium 7' TUnited Kingdom 5 1922, United Kingdom 5los 1924 United Kingdom 5%as 1987, ;. Tel. and Tel. conv. 6 & Co. 4% peks and SBanta Fe gen. 4 Atlautic ‘Coast Line 7s. Atlantic Iefining Co. 6lgs 1931. ‘Atias Powder Co. Tt4s 1986.. Baltimore and Ohio conv. 4%¥.. Baltimore and Ohio 8s. Baltimore and Ohlo K. "W, Div. 8% Bethlebem Steel 5 Burlington (N, Canadian Nt Chesapeake Chesapeake and Obio conv. Bs. Chi., Mil. and 8t. Paul refd. 43 Mil, and St. Paul conv. 43w.. orthwestern 7x 1980, Txland and Pacitic refdg. go Union Station 6%s. wolidated Gas 7 Tllinois Central 5t Internationul Mercantile Marine s . Inter. Rapid Transit 1st and ref. Louisville and hville 7s, 1930, Missourl, Kuusas and Texay 1st 48 Missouri Pacific general 4s. Th. 1930, ntrul deb. 6s. Telephone G, Norfolk and Western cos Norfolk and Western rthern Pacific 4s. apkard Motor nim R. . ' Ivania 7 of 1930 e, mortgage 438 Reading general 4s . Rt. Louis and San Frane St, Lovis and San Nt. Louis and San Francise “Seaboar] Air Live 6s.. Del., December 1.— | Seaboard “Air ‘Line refds ssued a rule, | feateard Ale i mber 14, requiring the Corporation, a Delaware ch operates a loading vondale. La.. to show cause A preliminary injunction should be issued restraining it from manipulating its business so as to jeopardize a claim of the Pure Oil Company for $13.000. OIL FIRM TC SHOW CAUSE. WILMINGTON Chancellor Wolcott has returnable I Export 0il concern, W Southgen Pacific conv. Southern Rallway gen. 4 outliern Railway “njon Pacific 1st 43 "nionPacific _cony Union Pacific s, 192 8. Realty 5, 1 5. Rubber 5x S, Rubber Ths. itd States Steel |RECEIVER IN SPRAGUE CASE. December 1.— ice president of FORT WAYNE, Ind Frank Cutshall, first the Old tional Bank of this city, has been appointed receiver in the bankruptey case of F. Guy Sprague, d of the brokerage hou which failed Tuesda leaving liabilities in the sum of $897,125, and $280.887 as- sets. Emil Dies . the largest indi- vidual creditor, with something over .000 involved in the smash, that a meeting of the creditors inter- ested would be held in the next few days to decide what action to take go protect their interests. SHORT-TERM SECURITIES. —Noon—, ioon 1008, 1014 12 D05 104 103 1003 1005 American Tel. & Tel. 6s 192 American Tel, & Tel. 65 192 American Thread Co. 6 1 Americ 8 1 Ameri Anacoudn Copper s 1929, Auglo-American_Oil Tiyx 1 Armour & Co. 7s 1930 Bethlehem Steel 7 Bethlehem Steel Kethlehem Steel Cunadian Pacific Copper Copper Bxport * Washington Stock Exchange SALES. . { Cobper Export * Copper Export * Cudaby Pa B.F. drich 2 ulf OIl Corporation Ts 192 H. J. Heinz 7x 1930, Hocking Valley 6s 1 ! 4 AFTER CALL. Washingtou Gas 71:s—$500 at 1037 $1.000 at 104 BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. and Telga. 4 Amerjcan Tel. and Telga. 4 Am. Tel. and Tel. etl. and Tel. conv Procter & Asked. | Procter e RS Reynolds 6 ‘1922, Roebuck & | Western Electric 7s 1923 2 .| Westinghouse E. & M. 7s 198, U. 8. TREASURY CERTIFICATES. e ~—Noon. Bid. Offer. . 100132 100332 Metropolitan K. Poumae B Potomac El Potomac o 98 i) 16% - Be. 21 83y 10833 PHILADELPHIA, December 1 (Spe- cial).—The orders for shoes are com- |ing in in larger volume to local manu- facturers, although salesmen have had [to recanvass their territory in many instances to get results. Furnitu NEW_ORLEANS. December 1 (Spe- cial)—Furniture factories now Have caught up with their back orders. Retail business is not quite so brisk as it was but still is good. Glass. ¥ PHILADELPHIA, December 1 (Spe. cial)—The demand for glass with which to inclose porches during the winter has strengthened tie @arket for window glass here very mate- rially in the last fear: weeks, S Payments Hot-water Heat Candy. MINEAPOLIS, December 1 (Special). & 3 vity 100 15-32 100 918 100 100 1.16 100 11-16 100 13-16 100%, 1007 100 11-16 100 13-16 100 100 3-32 D12 102 L1017 l(l‘.’h EXCHANGE DEMORALIZE BY REPORTS IN VIENNA 414s April 1 5138 June 13 iys August 1, 148 Reptember 15, 415 September 15, 192 58 June 15, 1924 5148 September 15, 192 Riges Realty be (long) Riges Reaity v (short Washington Market 5 2’ Washington Market Gs. 1947 Ww. Cold Storage Bs. STOCKS. PUBLIC UTILITIES, American Tel. and Telga. - 1165 Capital Traction ] o1y ‘Washington 47 1 and Elec. ¢®m. and Elec. pfd.... NATIONAL BANKS. of Government Control Over Food and ‘Abolition of Subsidies. VIENNA. November 30.. pon the issuance today of semi-official state- ments indicating that abandonment Commercial District Tarmers and Mechanics Federal Liberty Lincoln National Hardwood Finish Large South Porches 20-ft. Front —Demand for candy, which has ex- hibited a tendency to slump for sev- eral weeks, has brightened up this week, and holiday orders are coming in steadily. Manufacturers, however, do not expect the business this year to exceed the 1920 trade to any large extent. Rice, SAN FRANCISCO, December 1 (Spe- cial).—Sales of rice made this week !show an_advance in price, with con- ! tinued demand coming from Japan. {The crop which is now in warehouses is of fine qualit NEW ORLEANS, December 1 (Spe- The partial failure of the Jap- ! anese and Chinese rice crops is re- sponsible for the revival of demand lfor Louisiana rice, and the price here 6 and 8 Rooms and Bath OPEN DAILY Just Eaxt 14th St. Cars 'H.R.HowensteinCo. 1314 F Street N.W. is once, more advancing. Steel. CHICAGO, December 1 (Special).— Steel mills in this territory have in- LY a small advance payment is- required to put this scientific heater into your home—where it will flood every room with fresh, warm air. You pay for it in small installments, while i saves from one-third to one-half the coal consumed by any other systém. Freezing weather and cold winds do not interfere with the perfect distribu- tion of heat by the Lyon One-pipe Quickly installed because it has but ome register. Fitted leak-tight by ex= perts so that wour house is free from gas, soot or smoke. Our engineers have pro- vided for the correct heat- ing of hundreds of homes in your lo- cality. Let them give you the bene- fit of their advice ~without obligation to you. Coottia"omenzs Hotter. Sallod handrods of them. THEO. F. SCHULZ 2378 Rhode Island Ave. N.E. Telephone N. 8083 of government control over food and the abolition of all government sub- sidies would be effected with the New Year, foreign exchange became de- moralized. The crown went from 7.128 to 8,500 for the dollar, both banks and individuals engaging in a scramble for foreign values. Stocks meanwhile dropped sharply all along the line. The bank rate was raised to 8 per cent from the former figure of 7 per cent. The index figure issued today show- ed that the cost of living had in- creased 241 per cent in the past month. All classes of wage-earners are formulating new demands to meet the increasingly pressing economic situation to comply With which the American Security and Trus ' !nnly apparent measures possible are Continental Trust .. ational Savings and Tru Union Trust ... Washington Loan and Trust.l.. 2 SAVINGS BANK. Commerce and Savin East Washington Mercha Security Saviogs and Com. Seventh_Street Union Savings U. 8. Savings Washington -Mechapics’ FIRE INSURANCE STOCKS. American . 5 . 286 Arlington Corcora Firemen's Natioual Union . TITLE INSURANCI Columbla Title ...... Real Estate Titie 2 MISCELLANEOUS, Columbia Graphophone com..... Columbia Graphophone pfd. D. C. Paper Mfg. Co. % Merchants' Transfer and Storage . Mergenthaler Linotype . 0ld Dutch Market "com. Old Dutch Market pfd Lanston Monotype . Security Storage ..... - Washington Market _— DIVIDENDS DECLARED. Pay- . |new currency issues. ONLY GOOD RUM FOR AFRICA. ‘Wines or spirits produced in this country are not to be imported into the Union of South Africagby an or- der of that government recently pub- lished. No spirits, otiér n or liquors, intended for consumphipn as beverages are to be irgportediinto the . {union from England 3’1 unless Ilhey have been warehouse: iriod of not less than thige yea being ,brought into !5 = they Am. Tobaceo pf; 1%%, q Auto Sales pf. 11 Bell. Tel a. en, Ry. Signal pf, 17 3. C. Penney pf, §1 Packard Motor pf, 1%7%, 4. Tnion Carb. & Catb.. $1, q. United Retail St.. $1.50, q... *Payable_in_preferred stock. BUILD/~LIMITLESS SERVICE - INil I NEW LONDON SECURITIES. Dec. 201 Up to the close of October new se- Dex: ® | curities issued in London during 1921 Dec. 15| amounted to £269.036,505, as against £208,251,205 in the same months of the pre-war year 1913. All of the increase and more, however, was due to out- put of new government securities, which were £163,952,618 in 1921, as {against £563,887,397 in 1913. COAST LINE ORDERS RAILS. NEW YORK, December 1.—The At- lantic Coast line has given theUnited States Steel Corporation a cohtract for 15,000 tons of rails, to be deliv- ered next year. The order will be filled by the Tennessee Coal, Iron and Railroad Company, a_subsidiary of the steel corporation. This is the sec- ond important equipment order to come from the south this week, and, taken together, they indicate a much brighter outlook for that part of th country. NOVEL LUNCHEON SET. NEW YORK, December 1.—There have lately been put on the market here, primarily for use at summer cot- tages _or camps, attractive thirteen- piece luncheon sets of white fabrikoid. These are decorated with hand-paint- ed fleur de lis, scroll and bell designs in light and dark blues, nile green and vellow. As adjuncts to the set come a forty-eight-inch circular table- top piece of the same material -and design, and an 18 by 48 inch sideboard or buffet cover. The material is not only washable, but is said to be im- U8, "pervious to all kinds of stains, Dec. 16 Dec. 30 Dec, 20 Dec, 20 must Be accompanied cate Holders |16 that effect. The orded Bediibin are] Shrecord. | rective on and after Dece 3 h . | Calumet and Jerome. | Statements Indicate Abandonment|waive immunity in test | MARKETS. \RESERVE BOARDS (G STOCKS. Aetna Explosives . Allied 011 Arkansas Natural Gas Atlantie Lobos Rig Ledge Boone Oil . Roston and Hoston and Wyom Caledonla_ . Californi; Carbon Steel . Cartb Syndicate . Car Light and Power.. es Rervice (new) ies Service (old). Cities Service pfd Commonwealth Finance . Gonmlidated C B bl ., ° = ‘opper Davis-Dal PR S rant Motors Basin . Engineers’ Petroleum . Eureka Croesus . Farrell Coal Federal Ol “ensland_OIl 2alanianid r International Petroleum Jerome Verde Kay County G Lake Torpedo . Lincoln Motors Lone star Ga agma Copper . Maracatbo Ol . Mason Valley . Merrit Ol Midwest Oil’ com . Midwest Ofl pfd. Midwest Refining F WOF RS North Amer. P. a Northwestern Ol Omar 0il (new). Peanok Oil .. Perfection Tira . Prod BaBBia iBE BunZBlReE: & dio ptd.” Ray Herculs . R. 3. Reynolds 4 24 4! 1 101, 6% 3 3! 2’ 3 1916 111 L Salt Creek (new, Sapulpa_Com Simms Petro Skelly 011 Southern Coal “and Sweets Co. of America. Swift International Tonopah Divide . Tonopuh_Extension . Cnited Eastern . Light and’Heat com. . Light and Heat pfa... ‘nited Profit Nharing. 8. Ship Carporation... 8. Steamwhi ited Retadl Candy Warne Coal £ Armour Leather com Armour Leather pfd. National Jeather Swift 0. Union Carbide . 3 100 00— ed. '3 |are very helpful Contiuental Oll Co, Crescent Pipe Line Cumberland Pipe Li Eureka Pipe Line. Tilinois Pipe Line Irdisna Pipe Line National Transit (¢ New York Transportation Co. Northern Pipe Line Co. @hlo Ol Co 5 ican Fuel.. ax rie Pipe Line Co.. . Solar Reiming Co. . Southe | Routh i 81y Tl 90 440 Union Tank Line Co. Vacoum Oil Co Washington Ol ¢ DECLINE 0 WAIVE IMMUNITY RIGHTS I. R. T. Directors Dismissed After Refusal Before State Transit Commission. By the Associated Press, NEW YORK, December 1.—Refusal of seven directors of the Interbor- ough * Rapid Transit Company . to imony before the state transit commission led to their dismissal as witnesses today on 'mollon of Clarence J. Shearn, com- | mission counsel. August Belmont, chairman of the Interborough board, said he was con- scious the directors’ action would be construed by some newspapers as “a half admission of criminal liability,’ but with them it was a matter of principle not to waive immunity. Six of the seven directors of the Interborough Rapid Transit Company, for whom subpoenas had been issued by the State Transit Commission, which desired to questior them re garding dividend declarations of 1917. 1¢19, appeared promptly at today’s hearing. Only One Absent. The first to arrive were st Belmont, Edward J. Berwlnl‘l‘}uli‘l"lix Gen. Cornelius Vanderbilt and Mor- kan J. O'Brien, upon whom subpoenas ad been served. There followed F. de Courcy Sullivan and Daniel G. Reid, whom process servers had been unable to reach yesterday. Thomas De Witty Cuyler, “reported in Wash- ington, alone was absent. James L. Quackenbush, chief counsel of the I. R T, and several of the directors’ personal attorneys accom- panied them to the commission’s of- fices. Mr. Belmont was sworn in as the pe- | first witness. Mr. Belmont declined to TUpon | waive immunity and counsel an- nounced the other directors would do likewise. Commission counse] stated that evi- dence previously .presented had indi- cated that the subpoenaed directors, by declaring divilends which were alleged to have been preceded or fol- lowed by loans had seriously impaired the capital of the company, “which would carry with it a responsibility not only civil but criminal.” There- fore, he sald, the commission was obliged to ask that the witnesses sign waivers of immunity. Replying. Delancy Nicoli, attorney for some of the directors, said they were ready to answer pertinent ques- tions, but he attacked the practice of asking subpoenaed witnesses to sign waivers as fllegal, oppressive and an invasion of constitutional rights. He added that, as to the charge be- fore the commission that the directors had made large sums of money through purchase and sale of com- panies associated with the Interbor- ough, “we are informed that instead they sustained large losses and are heavy sufferers through the deprecia- tion of those securities.” \ Mr. Belmont then declared his deal- ings were open books to the public. “Open books, except that we can't question you about them without Your signing a waiver of immunity,” commented commission counsel. “That's your fault’” retorted Mr. Belmont. BOND PREMIUM NOTED. LITTLE ROCK, Ark., December 1. —A $2,225,000 bond issue of a local fmprovement district here was sold to a St. Louis bond concern at a pre- mium of one and five-hundredths cents on the dollar. The price was consodered by lotal bond ‘dealers as remarkable, in view of the recent condition of the bond market. i in %| The i ipaying off bank loans. | I i | | | { i i | i i | HOPEFUL OF FUTURE See,s'AImprovement in Retail and Wholesale Business. Local Stocks Are Slow. The Federal Reserve Board, in its digest of conditions, finds that “prog- ress toward normal - conditions achieved during November has been continuous, with cotton and woolen tex- tiles in some of the principal districts almost at normal. -“Steel and iron, while working at about 50 /per cent of capacity, are in_much better condition than a few months ago. Unemployment has de- creased slightly. Banking conditions are reported slightly improved.” This latter paragraph must refer te southern and and agricultural dis- tric where much “frozen” credit is_stiil delaying the measure of im- .. | provement noted elsewhere. “Reduction in the price of cereals and -the failure of cotton to maintain as high a level as had been expected during October have proven a seri- ous handicap to farming interests, Results of this relatively low return for output have been a reduction in the demand from farming communi- tles in _some sections of the country and a tendency to check the liquida- tion of loans at banks. “Nevertheless. retail business con- tinues to improve, taking the country as a whole, and has been materially helped by the improvement that has taken place in employment condi- tions. “Improvement is also observable in the wholesale trade. Sales compare favorably with those of & year ago. Prices continue to maintain a stable position. “The general situation in trade and ndustry is unmistakably more health- tional City Bank says: “Liquidation has gone far with th eastern reserve banks, because they serve the industrial and trading com- munities, which have been running light —emd working down stocks of g0ods and materials. The western re- serve banks have liquidated to a much less degree, on account of the great fall of farm products and also be- cause indebledness in the west was heavier in proportion to current as- sets. A manufacturing concern usu- ally has more working capital in pro- portion to the volume of its business than a farmer. “The active market for investment securities aids in the liquidation of the eastern banks, as houses with 4% | strong credit are able to put out is- sues of bonds or notes as a means.of Instances of this kind are of daily occurrence, and in clearing up the situation. All such developments are | a part of the process of getting back to free and liquid banking conditions. “The activities of .the War Finance Corporation are giving a considerable degree of relief to banks in the agri- cultural sections uring funds made available by appropriation from the United States Treasury. Of course, the funds must be replaced in the Treas- ury by borrowing in the public mar- ket, which amounts to a funding proc s similar to that described above. except that it is accomplished by the aid of a governmental agency instead of by the direct market borrowing of the parties interested. ocal Seecuritie: \ Again there was very little doing in | the local security market. There was little demand for stocks, less for bonds and not the-slightest pressure to sell anything. Capital Traction firm at 92; Railway common steady; Potomac refunding 7s, 104. Lanston was a little firmer, with 71 bid, 73 asked. It wasn't a market worthy of much comment. Bankers Mecet Tonight. This evening at 8 o'clock the Dis- trict Bankers™ Association will meet at the Cosmos Club assembly rooms, entrance on Madison place. Business of importance will come before the assembly. Victory Notes Retired. During the fiscal year 1621, $25 344,576 was expended in purchasing victory notes, while accrued interest to the amount of $3497.114 was pafd off. Banks are said to be buyers of lib- erty bonds and their purchases have been largely responsible for the sharp advances. FRENCH BONDS ARE SOFT AND LOWER Special Dispatch to The Star. NEW YORK. December 1.—In the face of the continued strength today in franc exchange, French govern- ment bonds, both the §s and the 7is, declined sharply. Whatever rela- tions the two markets bear to each other, the question arises naturally in the investor's mind as to why so many holders of the French securities are selling them. Opinion gathered from well informed quarters does not consider the relation between French exchange and the country’'s external loans a sufficiently close one to pre- vent the sale of the latter out of fear that if Germany does not pay her reparations to France in cash, France will be at a loss to balance her national budget. When the budget was made up France counted on the receipt of indemnity in cash, and without this she could not meet her deficits. France owes to the American public about $200,000,000, and last May de- clared she would not need to borrow more from us. She has fulfilled her sinking fund obligations, and it is not thought that France would de- fault on maturity to the United States. The point was made last sum- mer, when the French 7'4s got down to 933, as compared with 931, to- day's low, and that on a former oc- casfon, there was a subsequent rally of 4 points. This afternoon the 718 recovered a point from their low of morning. n‘f{beny bonds were freely dealt in, but in one or two cases they fell be- low yesterday's closing level. The 315s and third 4%s receded, while the second 4%s showed an increase. New York city 4%= of 1963 advanced over 3 points, and at 100% stryck their best price so far this year. Action Elsewhere. other sections of the list, too, thlenn?;:ke! was a mixture of advances and declines. Among the rails, Chi- cago and Northwestern 63%s at 108, Ann Arbor 4s up about a point, Erie prior lien 4s, Lake Shore 31s. Toledo, St. Louis and Western 4s and Chicago, Milwaukee and Puget Sound 4s, all made new high prices for the year. On the other_hand, Canadian Northern 78, Oregon Short Line 5s, St. Louis Southwestern 58, and Baltimore and Ohio 6s were each down at least a point. Atlas Powder 7%s and West- ern Union 6%s among industrials, got to fresh tops for 1921, while Atlantic Fruit 7s were prominent in their con- 'weakness at a new low. Hnte uick sale without any ad- ‘vance announcement of $12,500,000 first lien and refunding mortgage gold & per cent bonds, series 1941, of the Philadelphia Electric Company occurred . this morning. The bonds Were offered by Drexel & Co., Brown Brothers and Harris, Forbes & Co. The price was 99 and ‘interest, to yield nearly 6.10 per cent. The bonds Were traded in on the curb exchange this morning at 101%, and soon touched 102. $ . A syndicate here today was awarded $2.000,000 twenty-year average Phila deiphia school district bonds to be offered publicly lhorll{. Jersey City has awarded $3,500,000 5 per cent four-year tax revenue bonds to a syndicale of bankers. rain, Produce GRAIN AND PROVISIONS, l BALTIMORE, December 1 (Special). —Potatoes, new, 160 pounds. 2.75a ; 100 pounds, 1.50 | barrel, 3.00a4.0 No. 2. 2.00a2.50 bushel stock, 1.00a1.50; beans, hamper. 2.0083.50; beets. bunch, 3%ail: bro- coli, bushel, 35a40; Brussell, 15a20; cabbage, ton, 30.00a48.0 rots, ‘bunch, 3a 4.00a5.00; celery, dozen, 50as 2.50a5.00; cucumbers, crate, 3 eggplants, crate, 1.50a3.00; ho:serad- Inh, "bushel, 4.0045.00; kale. bushel. 30 a40, Lettuce—Basket. 00a3.00; onions 100 pounds, 2.00a5.75; oyster plants, bunch. 6a7: parsnips, bushel, 75a90; peas, hamper, 4.0045.00 peppers, crate, 6.00a7.00; pumpkins, each, 8als; savoy cabbage, bushel, 50460 spinach, bushel, £0a90; squash, crate, tomatoes, crate, 4.00a7.00 bushel, 60a75. - _Apples—Packed. barrel, No. 2, 4.00a5.00; bushel, 1.00; apples, 2.00a3.50; loose, 100 2.00a5.00: cranberries, barrel, 21.00; grapefruit, box, oranges, box, 3.00 a4.00. SELLING PRICES AT NOON. “'h(’_ t- 1 red winter spot, no 2 red winter spot, red winter garlicky December, 1.19. Sales—none. Corn—Cob ¢ Dpounds, 18.00a 50a4.00 rn, old, yellow. quoted at 2.70a2.75 per harrel. Contract corn spot, 591, nominal; track corn, yel- low. No. 2 or better, oid, domestic, 70. Sales—None. Oats—White, No. 2, 431314 bushel; No. 3, 41a423% per bushel. Rye—Nearby, 80a%0 per bushe 2, western export, spot. 96%. nominal, ver bushel; No. 3, no quotation. 16.00a21.00 per ton, with a mode Straw—No. 1 straigh! o. 2 straight 13.00 nominal A rye, nominal; No. wheat, 1 oat, 14.50al CHICAGO, December 1.—Bears in the wheat market had the advantage today | during "the ‘early "trading. Rains in ! Texas and in southern Argentina were I reported, and the deliveries here on De- cember Lra were of fair volume. ! eral big commission houses led the | selling. although the Texas rains ap- parently failed to reach the Paniandle or west Texas, where the larze wheat jacreage is located. Op i { which varied from un |9 lower. with 11.121; and Ma, followed by however, pro it Wet weather over the corn belt gave strength to the corn market. Afte ,op(—mm( nchanged to 1 higher, May {54% to 547%, prices hardened all xround. Oats were firmer with corn, notwith- standing large deliveries of oats cember contracts. The market unchanged to % up, May and held near ta the initil r: Trading in provisions was virtually at a standstill, with quotations almost nominal. NEW YORK. Decembe Easy: middle west, %.45a% ticles unchanged. _— STOCK MARKET. to Other ar { CHICAGO LIV CHICAGO, Decembe: States bureau of mark Receipts, 10.000 head: E steady to strong: spots higher: and stocke , Strong to 029,00 veal steer: 1950 i is average, lights and P, 10 o a7.05 on 170 practical top, pigs mostly few at 7.20. Sheep—Re: erally steady ing wet fi lambs, 10.43: 10.30; choice native ewes, up to 10.00. LADY WOLSELEY GUEST. Press of Nine Nations Represented at Penwomen'’s Tea. of the press of the nine natio: sembled in conference on the limitation of armament wer guests at the British-American te given by Mrs. William Atherton Du_Puy in honor of Lady Wolsele: of England at the national headquar ters of the League of American Pen Women yesterday afternoon Lady Wolseley, founder and hon orary member of the “Brit can Kinship Clan,” an association to draw closer together the blood rela- tions of the two nations, has come to America primarily to present her organization to this country and to establish headquarters either in York or Washington. .The Leadquarters of the clan, it is said possesses reception rooms, informa tion bureaus and a genealogical de- partment for members <hing to trac mostly pig i T0a6.91 00a7.10 6.9 eipts. 18,000 h Spots strong, co top fed fat ewes, 5 feeder gen- i sider- bulk handy 3.50a1.50; Representativ i | | { zation w their Britis { ancesto i Lady Wolseley. to the gathering liam Wile of the Philadelph Ledger. pleaded for a close bond of the British and Americans, which aroused much comment and interest. MANY JOBLESS AIDED. Report of the first month’s work of the Stepping Stone, the home for un- employed ex-service men, opened at the solicitation of Urbain Ledoux by the Volunteers of America, made public to: day, shows that unemployéd men have been greatly helped by the institution. During the month from October 10 to November 10 the Stepping Stone has supplied 2.1 free meals, 957 free beds, and has secured 98 positions for men, 49 of that number being permanent. It has also given out 172 free garments. and 11 pairs of shoes An employment bureau is run in connection with the Stepping Stone and no charge is made for food or employment registration. Adjt. Richard L. Grainger of the Volun- teers of America is in charge of the in- stitution. INTEREST DROP REFLECTED. MILWAUKEE, Wis., December The fall of interest rates was reflect- ed in bids for $270,000 of c of Mil- waukee 6 per cent bonds opened here. The bonds were sold on a_basis of 4.81 per cent as against a 5.27 basis for a block sold in September. shyndicate of three local banks was the high bidder. offering a premium of $25,355 for the issue plus accrued interest. —_— FORT WAYNE FIRM FAILS. FORT WAYNE, Ind., December 1. —W ith liabilities estimated at $600. 000 and assets at $200,000, the F. G Sprague Company, stock and grain brokers, filed a petition in voluntary bankruptcy here. Five other offices of the company are affected. They are located in Dayton and Canton, Ohio; Elyria, Ohio; Kokomo and Muncie, Ind. BATHING SUIT NOVELTY. NEW YORK, December 1.—An out- of-town manufacturer is displaying a new tvpe of bathing shirt here that fulfills a useful purpose. The garment is made with an adjustable supporter, the latter being part of the shirt. The latter can be worn by itself, but trunks are necessary where there is mixed bathing. A stock of the gar- ments is carried in navy, white and brown heather. GETS PACIFIC OIL INTEREST. NEW YORK, December 1—K. R. Kingsburg, president of the Standard 0il Company of California, announces that his company has acquired = minority interest in the Pacific Oil Company. He declared that for many years part of the oil from the lande that were transferred to the Pacific 0il Company on ite formation had been delivered to the Standard Oil Company of California for use in its refineries, and this fact, coupled with the desirability of strengthening the American ownership of Pacific Oll, had led his company to purchase the interest referred to. quart, | 2 0; | 1 ;| southern, Hay—Receipts, 22 tons; range from | on De- | started | *|do., average run, 20a L—Lard— | ew | London p of the organi- | and Live Stock LOCAI»WHOLESALE MARKET. Eggs—Strictly fresh, per dozen, 66; |average receipts, 65. Live poultry—Roosters, per b, 17: turkeys, per Ib., 45a47 per 1b.. 27a28! hens, keats, young, each, 60a70. Dressed poultry—Fresh killed spring chickens, per Ib., 28a30; hens, per Ib.. roosters, per ib., 20; turkeys, per 1b., 48450; keats, young, each, 60a75. Pork—Dressed. small, per Ib., 10. stock—Calves, choice, per 1b., lambs, choice, per Ib., 8%; s, per ib., 8 en fruits—Apples, per bbl, per bus. baske . crn, ' per box, lemons, per box, 3. per crate, » 3.75a1.50. Florida oranges, | live hog: | Gre 10. 7.60. Grape- 4.50a Potatoes, per bbl, 3.00a3.75; per | sweet potatoes. per Lettuce, nearb per crate, per crate, 1.00a2.00. Cel- doz., T5u1.00. Romaine let- mblings. per crate, per tuce, 1.2 504200, | Ouions, per bbi. gplants, per box, 50a3.00 per peppers, . Bean | Sprouts, 15420 1 (crate, §.00410.00. e DAIRY MARKETS. BALTIMORE. December | poultry—Turkeys. pound. 4 and crooked breasts, 35a40 poor and old hens, basket. per 1.—Live duck pair : Guinea fowl dressed poultry. turkeys. old roosters. 19 , pound. creamery YORK, receipts, ¥ ‘higher than creamery extras (92 mber 1.—Butter. packages: crea extras, score) receipt, 9.0 h gathered extra firsts, 61 ¢ whites, ex- : nearby v whites 2 480 : nearby ern hennery browns athered brow to_extras, 56 pecial marks, fancy, 407 whole do.. avera |whole milk fi 01, _— COTTON MARKET! W YORK, December 1.— ket opened barely ste points, rpool cables and Liverpool selling newed liguidario nuary sold 17.34 and March to 17.30, or 29 ) points net lower, right after th. all. but prices soon turned steadie 1 ring, which was probably pro { moted by the firmness of foreign «x- | change ng to tlered and re 1 Toe- March pened barely stead nuary, 17.45; December 1 Points were mad- opening of the cotton mar 5 the result of the state the federal rescrve board NEW Losses of today, | 8,000,000 { tima f of the | pric ose of ¥ | cov: red to 1 Futures openecd steady: Jan March, alf 1o 15 points under i January having re- December, 16,52 RESERVE BOARD REPORTS ! ! STEADY BUSINESS GAINS | Progress to Normal Condition With Some Local Interruptions, Declared Certain. “even if locally interru normal conditions, was forecast by the Federal Reserve {Board in its monthly business and financil review published last night. Although improvement in business conditions in November were not xo pronounced, as compared with the previous two months, the board’s stat ment said, for the time being, the peak of demand has been reached and passed, while uncertanity regardins prices of st particularly cotton interfered with trade buying. y in the steel and iron the bo A steady, { progress back to i d Cy 1o become unsettied as a result of p sible further reduction of freight rat A foreign demand for Ameri- can g particularly staples, was | declared by the board to be particu- [larly noteworthy, in view of the much lower prices at which cotton is now being shipped, as compared with last { year. Prices continue to maintain a sub- stantially _stable position. the board said, while unemployment has at least slightly decreased, but the re- duction in the prices of cereals and the failure of cotton to maintain ax gh a level as expected have proved a serious handicap to the farming in- {terests. The cereal reduct | board continued. has resulte !lessening demand for consumab) goods in farming communities and a tendency to check somewhat the proc- ess of liquidating loans at bani Turning to the financial situatio { the board said capitalistic develoy ments _during the month were en- lcnnragins:, except for the foreign ex- change situation. A distinct tendency toward decline in the level of market jrates was observed as well as ready absorption of new capital issues. “The general situation of trade 2 industry.” the board pointed out, unmistakably more hopeful, and improving as steadily as can be ex- pected in view of the slowness of economic_progress in other parts of the world, particularly in western Europe. is R HANDMADE SHOES FAVORED. NEW YORK, December 1L—Paying $38.50 and a luxury tax of 0 in addition for a pair of handmade shoes is not so much out of the ordinary as one might suppose, A local =hoe manufacturer, deals exclusively in that of shoes, reports business his line as being on a par with that of last year and with a tendency to exceed that of a year ago. He charges the high cost of handmade shoes to the scarcity of expert shoe- makers and additional expense in- curred in using imported leather. But the initial cost, according to the manufacturer, is far counterbalanced by extra wear afforded. —_—_— LONDON BANK STATEMENT. LONDON, December 1.—The weekly statement of the Bank of England shows the following changes: Total reserve, decreased £1,083,00 lation, increased L 3 increased £3.975; other securities, d creased £837,000; other deposits, in- creased £6328.000; public deposits, de- creased £1,852,000; notes reserve, de- creased £1,805,000; government secur- ities, increased £7,124,000. The proportion of the bank's re- serve to liability this week is 15.11 per, cent; last week it was 16.88 per cent. 5 e e Rate of discount, 5 per cent. PARIS BOURSE.IRREGULAR. PARIS, December 1.—Prices moved irregularly on the bourse today. Three per cent rentes, b4 francs 8 centimes. Exchange on London, 56 francs 20 centimes. Five per cent loan, 80 francs 20 centimes. The dollar was guoted at 13 francs 97 centimes.