Evening Star Newspaper, August 5, 1923, Page 23

FIN BONDISSUEVIES DF NS ASKED “Action by Associations on “Proposal for City Improve- ment Is Urged. 77 Action by the forty-one citizens' Yassociations on the proposal of the Commissioners to float a bond issue to provide the urgently needed per- manent improvements in the District ix requested by Charles A. Baker, president of the Federation of Cit- izens' A clial in & communica- tion directed to the ofticers and mem- bers of the civie bodies. Mr. Baker pointed out city is in urgent need of pavements and sidewalks to the water and sewer systems, schools and chool equipment and parks and playgrounds—all necessi- ties of municipal life—which cannot be met out of current appropria'ions. Delay in providing them, he said, “is a false economy which serves to’ un- dermine the mental and moral vigor of our youth and of our citizenship in general. $20,000,000 Fund Needed. Our District Commissioners are now engaged in compiling a list of these arrearages, together \Ilth their cost said the letter. “Approxi- ely. “they tell us, the list will call for an outlay of twenty millions of dollars *“That amount large to meet from current revenues. Two alternatives present them- selve: say our Commissioners: i, 3xtend over a period of many years the work which is needed and should be done now 2 Request the Congress thorize a bond issue. CBaiefly Commuissioners cail attention fact that the Dis- trict is debt; that with a proper fund provision, the expens these nprovements, which are « a -permanent na- ture, may be spread over a period of years: that this method of provi & for extraordinary public im- provements is the course usually fol- lowed and is considered economically and cquitably correct. Ask Public xpression. conclusion they request public sion us to what should be their Obviously it should be the of our people to, comply with request and sustdin the Com- oners in their effort to solve this problem in a manner acceptable to the people they trive to serve. “From no source can an expre sion of opinion be obtained which will more clearly reflect public sen- timent than through the medium of the forty-one-member bodies of the the Federation of Citizens’ ssocia- tions. As rapidly as opportunity of- ters action should be taken and the [board of Commissioners notified.” ENGLISHWOMEN PAY TATTERSALLS VISIT Ancient Custom Shattered by First Entre Into Famous Horse Market. ns, that the improved additions obviously too to au- d the to the out of sinking of ted Pross August 4.—The modern English woman is stepping more and .ore into places where her Victorian other feared to tread. Only this week conservative English gentiemen watched dainty feet enter another precinct where for a hundred years lentrance was limited to the wearers male footgear—Tattersalls, the ramous market at Goodwood, wher at the end of the umme Herete in quine mart only been heard. It was place for ux woman feral racing stables women, the conservative timers 'had to bow once more to the inevitable and let the ladies in to bia for or dispose of their horses. Gradually since the suffrage era women have been gaining admittance o men's political clubs. One after another of these institutions have uccumbed to the entrance of thej gentier sex and their walls are echo- ng the new sound of women's voices. | The Carlton Club, in Pall Mall, set- tied by compromise the pleas of the women against the opposition of old conservatives. The die-hards won their fight to keep women out, but| had to give in by procuring a build- | (ag behind the clubhouse in which | o care for woman luncheon guests. ast week also produced the first foman golf professional in the Brit- b Isles. PARIS DISAPPOINTED IN BEY OF TUNIS Ruler's Dodging of Speeches, Let- ting Ministers Substitute, Proves Annoying. horse ciety flocks t n widely known uline bids have considered no Nowadays sev owned by old- |growtn to produce tender leaves. the Associated Press. PARIS. August 4—Sidi Mohammed Ben-El-Hab, Bey of Tunis, who ooked over the frivolities of Paris fing a week's visit here, is now eturning to Tunis without regret. he bey is a plump person who has foived the problem of life by letting bhe other fellow do the worrying. He was expected, according to strict stom, to make dry speeches in re- ponse to long. dull and flattering marks of officials at numerous unctions he attended, but he amused he population and somewhat an- oyed officials by having one of his abinet ministers deliver conventional Liddresses of thanks while he pleas- intly dreamed or watched the pro- ‘eedings with half-closed eyes ~*Why have ministers if you don't ake them work?" the bey explained hen he commented thus on the hub- lub of Paris: “When do these people ¢t time to think?" he asked. The bey, who, like the true oriental, Srms an ‘opinion slowly and then is sath to change it. is going back to is dominion with unrevised ideas n the futility of phases of modern ivilization. He refused to be rushed y the French government, which pent 80,000 francs in entertaining im and hardly got its money’s worth, or” frequently, when elaborate pro- -ams of visits had been arranged or him, the bey announced that he huch preferred to and think, ending in his place one of his sons, ho enjoyed the novelty of the occa- ion. The Pledge. vn Everybody's Magazine. In that time which is now some- mes_referred to as “the good old » Pat and Mike had been imbib- entirely too much. Father Regan et them on the street and made them omise to g0 to his house the next y to take the pledge. Barly the next morning Pat met Mike: hey linked arms and started for the ’s abode. Their way took them a saloon. ~Hist, Mike!” says Pat. “What say e shtep in an’ have just wan before o, iem the pledger’ * replied Mike. *The Fayther gt el Gur broath. Wait tl we're back. | checked, jeach ANCILAL. |Chinese Fatheér W hips Sons of 40 By Court Order| By the Associated Press. LONDON, August 4—A Chinese father's right to chastise disobe- dient and unjust sons is illus- trated by a case in the civil court of Wei-hai-wel, and mentioned in the annual report of that colony. Two sons had attempted to de- prive their aged parent of prop- erty reserved for his personal use after the remainder of his belongings had been divided. Asked in court why he had not punished the offenders for their greed, the father re ed that he Was not strong enough. But as the untilial sons. who are each over forty years of age, now appeared submissive before the magistrate, the parent gladly seized the opportunity to admin- ister the overdue correction with a strap supplied to him in court. The sons took the medicine for their moral health without a murmur. while the old man was delighted. U. 5. BEAN IN PERIL Insect Marching Hitherward From Texas Has Record of Destruction. One of America'y greatest institu- tions is gravely menaced. An enemy, far older than the modern civilization of the nation, whose origin is be- lieved to lie w in the days iof the cliff dwell- ers, is relentlessly marching across the country from Texas and New Mexico, iy now within the bor- ders of Virginia and may arrive in the immediate en- virons of the Cap- itul by 1924, Unless his count- myriads be Ameri- may be forced to seek a LADYBIRD. 1ew Saturday night dish, as the enemy is menac- ing thousands of acres of beans, and “pork and” may become a memory, or at any rate a luxury. Not only has the enem the bean ladybird, spread far and wide over the area of dry bean cultivation. but it is within ing distance of the territory where the greater part of the canned and fresh string beans are produced. With its progress in the past few years, the beetle may within a few years be expected to reach into Maryland and New Jer- sey, where the huge crops are pro- duced A a usual welcomed _in taste in food larvae and small havoc in gardens. the one more familiarly “ladyt g, ladvbu: fly away home, is an ally of the farmer and house- gardener, but the bean ladybird scems to be the black in the back Te: cans ladybirds are the garden. for their turns rather toward insects which play The red one, or thing. sheep Millions Lost Annually. Acre upon acre of young bean plants have been left in ruins after the ladybirds have once found a foot- ing. The loss runs into millions ar- nually. The worst of it is the fight against them is not only dificult but a losing one First becoming known in the bean fields of Arizona, New Mexico and Texas, it was vigorously fought, but made its way up into Colorado. Here the fight was localized for a long period, and then, lightly jumping over several states, it broke out in great numbers in Tennessee, Kentucky Alabama, Georgia, the Carolinas, and has worked its way into Virginia. In some blind way it senses the rich fields to the northeast and is headed in_this direction. Not only is the ladybird a hearty eater and greatly destructive in itself, but when a female makes up her mind to raise a family she demon- strates what real application to the work at hand is. The record of one observed by scientists in the bureau of entomology is a good illustration. The egg-laying record is as follows July 28, 50; July 29, 53 August 3. 55; August 51; August 6, 53; August 9, 52: August 11, 54; Aug 15, 58; August 18, 56; August 21, 55 August 23, August 26, 52; August 28, 54, and September 2, 51, or a grand total of 850 in a little over a month. Rapid Reproduction. As it takes but eight days for the larvae to hatch and about a month | to reach maturity, an initial colony of 5,000 would in ‘one season total— but figure it out for yourself. The beetle is about the size of the usual “ladybug.” but is of a yellowish color, with wing cover. They first attack the bean plants in the early spring as they begin to reach sufficient The ladybirds come out from their winter quarters in wood lots, under brush, in hedges, or any place where they have been able to find refuge from the chilling blasts of winter. They seek the under side of leaves. where they feed and lay eggs in little yellow clusters. These eggs when they are changed into larvae do_ the greater part of the damage. They destroy the under tis- sue of the leaves and later the work is finished by the adults, who eat out all the leaf, leaving only the skeleton to remain, this soon turns white and drops o The robbing of the bean plant of its leaves soon brings death to the plant, and in this way acres at a time fail to produce. The control of the ladybird is d ficult. In the early spring time care- ful inspection and handpicking of any specimens found will produce excel- lent results, but on a commercial scale this is almost out of the ques- tion. The householder with his little kitchen garden, however, can find benefit in this step. Poixonous Powder Spray. In the big bean fields, a poisonous powder is dusted upon the under side of the leaves or a spray of poisonous liquid is employed. Paris green, how. ever, can not be applied. Those are the methods used. That they help is out of the question, but nevertheless, the ladybird is continu- ing its progress north and northeast. Hopes had been expressed that the ladybird, being of southern origin, would ‘find the rigorous northern winters beyond its powers of re- sistance. "This hope, however, is scouted by J. H. Graf, entomologist in charge of the fight on the lady- bird at the Department of Agricul- ture, who declares that its ability to stand the low temperatures in the mountains of New Mexico, where the thermometer often registers thirty below zero, is an indication that ‘it is not unable to survive. ‘What the future of the fight will be is a question of serious study Science is doing its best, but the bectle keeps on advancing. Experts in the fleld are seeking new means of combating the pest und whether or not they will be successful re- mains to be seen. At any rate, under present indications, Washington may seemingly July 25, 52 August 1, 52 the their OF AVIDLADYBIRD known as{ eight black spots upon| THE SUNDAY BRIGHT SIDE NOTED Corn, Cotton and Other Crops Are Offsetting Losses Due to Drop in Wheat. CHICAGO, August 4.—Granting that 20 cents less per bushel for wheat is a serious shrink to the wheat farm- what does it mean to the whole country It means, says Better Farming, 20 cents times 8§00,000,000 bushels, the probable wheat crop for 1923, which makes $160,000,000. 1f there are 1,000,000 wheat farmers, that means an average loss of $160 each. If the total farm income this year totals the average of two years Past (which were not big vears), $160,000.000 loss on wheat will be a loss of 1% per cent of the whole. General Lows In Denled. But there will be no general loss whatever and here is where we are Koing to look at the other side of the picture. While wheat has been slip- ping down, corn has been climbing up and now stands at more than 20 cents above its price of twelve months ago. But instead of 800,000,000 we have 3.000,000.000 bushels of corn to play with. Twenty cents rise in value means an increase of $600,000.000 in farm income over that of 1 . from corn alone, and it is distributed among not 1,000,000, but 7,000,000 farmers Cotton is second among the big money crops. One vear ago, July 1. it selling for 204 cents a pound. 1 just passed it sold for 26.2 Assuming that the crop will 10 the last two years aver- there will be about nine million . or 4.500.000,000 pounds, to en- joy an increased price of about 6 cents a pound You may, therefore, add at least another $270.000,000 in- crease in farm income to balance the loss of $160.000,000 from wheat. Fine Hay Crop Outlook. The third biggest crop in value is hay. All we know about hay at the moment is that its average price on July 1. $11.69 per ton. is close to that of July 1, 1922, which was $11.91. But the crop looks larger and the price future looks brighter, because there are now better than a mililon more hay-eating animals to eat it. a million more sheep, and a half million more attle, and no less horses, mules and dromedaries. Incidentally, there are fully 5.000,000 more swine to consume the corn and cereal rub- bish. LONDON DESERTED WITH SESSION OVER Royal Family Leads Exodus, Spending Week at Goodwood. Vacation LONDON. August 4.—As far as the official world and fashionable soclety are concerned. London becomes a de- lserted town immediately after the adjournment of parliament. The royal family leads the migration into the country, with all the leisure and va- cationing classes following suit. The king and queen spent most of the ipast week at the Goodwood races as guests of the Duke of Richmond. Goodwood 18 unique among race tracks, because their majestiles’ host s its proprietor. The races are more Vinformal than those at Ascot King George this year caused the announcement to be made that men {were not expected to wear silk hats. and the newspapers published this statement with as much solemnity as though it were an official pro- nouncement of the highest impor- tance. After the stay at Goodwood the {roval family will proceed to the an- nual sojourn in Scotland as usual, will spend some weeks at Balmoral Castle, which was Queen Victoria's favorite home., and will also particlpate in shooting parties at some of the great Scottish casties. The king still holds the reputation of being one of the best shots in the United Kingdom. One event of considerable interest {to men during the past social season {was the revival of the frock coat. ,This garment for more than ten years past had been regarded as raiment for the older men. but it came into its own again at the last royal garden party and was not discriminated against by young or cld Next year {the frock coat probubly will replace the cutaway for wedding and dress joccasions in the day time. FORD’S EXPORT SALES MAKE NEW RECORDS Greatest Reported Scandinavia and in Ar- gentine Republic. DETROIT, August 4.—Increasing predominance of Ford production in |Syria, improved exchange in Greece, which is materially aiding business, and a growing demand in Jugoslavia and Czechoslovakia are notable feat- {ures indicating more stable condi- tions among smaller European coun- tri shown by Ford foreign sales, \«h(ch for the first six months of 23 exceeded by nearly 100 per cent thiroiofiinei e moriod & year ago. The British Isles, Scandinavian countries and the Argentine, in the order named, gave the largest volume of business,” while the greatest in- creases were in Scandinavia and the Argentine. Notable, too, is the great improvement in business conditions, and consequently automobile sales, in Australia, New Zealand and South Africa. Export sales of the Ford Motor Company and the Canadian Ford Company In the first six months of 11923 totaled 95087. In the same period of 1922 'sales were 48,707, while in the first six months of 1921 the sales were 26,368. BERLIN FEMINISTS ACTIVE. Political Conriel in Univenifiel Attract 1,370 Women. By the Associated Press, BERLIN, August 4.—Male politi- clans will have harder runs for their jobs than ever when the 1,370 women who are studying political economy and political science in the German universities complete their courses. Most of these students are enrolled in Berlin University, where they can make a first-hand study of the reichs- tag proceedings. Thirty of the 477 members of the national legislature now are women, and they are being coached by the students, who are delving deep into social, economic and political condi- tions aud framing campaign plans for the election of more women to further the program of the feminist movement. CROP REPORT OUT TUESDAY. The government crop n!port will be issued on August 7 at 2:15 p.m. stead of on August 8, the crop reporting board of the United States Depart ment of Agriculture announces. This report will cover corn, winter wheat, spring wheat, oats, barley, rye, buck- wheat, potatoes, sweet potatoes, to- bacco, flax, rice, apples, peaches, sugar beets, hay and edible beans. —— The latest entrant for international old age honorsis a Hungarian woman i Increnses in i | 1 ! INFARM PUZZLE| =TT | | STAR, WASHINGTON, D. C, AUGUST 5, 1923—PART 1. RANGE OF MARKET AVERAGES [THOMPSON NAMED FOR OFFICE 1911 L] BEEED NEER® L HNEEN llllm R ‘The chart above show: tive stocks dealt in on the volume of sales of all stocks. Aver: Wall Street Journal. the high and low. New York Stock Exchange. from the first week of April, 1921, up to and including the week ending August 4, represents 20 industrials and outline curve 20 rails 1928—- QuaR PanLae ALY g ||H| .n fl“l ALEIW LEGEND o g *mnu STRIALS y weeks, of forty representa- 1923, Solid curve Lower section indicates | those compiled by the ages used are The Year 1923 to Date on the Washington Stock E and_including Friday, August 3, 1923. (Market closed S; xchanée. urday.) Furnished by W. B. Hibbs & Co., Hibbs Buliding. BONDS. 4.000—Ana. and Pot. 33.000—C. and P. Telephone 1st 3s. .. 00—P. E. P. §s, 19 uo 00—Capital Traction 1st 5s 24.500—Georgetown Gas Lt. st 3.000—Metropolitan R. R. 1st 45,000—Pot. Elec. Power Ist 5s 126,000—Pot. Elec. Power cons. 58 17,000—Pot. Elec. Power deb. 6s 59.600—Pot. Elec. Power gen. .000— Wash., 103.000—Wash, 219,000—Wash. 32.000—Wash 55.200—Wash. 34,200—P. E. P. is.. 800—Dist. of Col. Paper Mfg. 6s 15.000—Riggs Realty (long) 5 5s. Gas Light gen. bs. Ry. and Elec. con Ry. and Elec. gen. 6s Gas 7 e \600—Wash. Market cons. os., 15‘2'- 16.500—Waraman Bhares. STOCKS, 2,486—Capital Traction 4492 Washington Gas . S 406—N. and W. Steamboat...... .044—Wash. Ry, and Elec. com.. .048—Wash. Ry. and Elec. pfd. 213—Commercial National Bank 76—District National Bank.... 13—Farm. and Mech. Nat. Bank. 27—Liberty National Bank. 54—Natlonal 453—Riggs National Bank. 46—Federal-American 554—Amer. Security and Trust.... !;:—(‘nnflnonlnl Trust 25—Union Trust ... 42—Wash. Loan and Trust 284—Merchants Ban! 20—FEast Wash. Savings Bank 20—Sec. Sav. and Com’l Bank. . 20—Washington Mechanics® 31—Firemen's Fire Insurance 60—Columbia Title Tnsurance. . 41—Real Estate Title Insurance 1176—Mergenthaler Linotype 1.443—Lanston Monotype 273—Security Storage Co... §23—Washington Market TUNLISTED D 9.000—Wash. Gas 6s, 1923 B0—American_Com. and Savings Park 6s 30—Banking Trust and Mortgage.. 250—Citizens' Savings Bank. 12—Departmental Bank .. 46—District Title Insurance 3—Munsey Trust 36—Washington Title Insurance. Gold of Royalty Turns Into Dross When Purloined By the Associated Press. BERLIN, August 4. —Thieves who have repeatedly robbed the Kaiser William TI's bedchamber in the old Kaiser William palace in Berlin, have learned that imperial trap- pings are not always what they seem. The marauders threw a gold communion set into the canal adjoining the palace after they had found that the vessels were not solid. The incident served to recall stories of other possessions of the late royal family which also were found wanting. When the German overnment in _its dire need of ola called for contributions for the prosecution of the war, Crown Princess Cecilic gave a handsome pair of gold pitchers which had been a wedding gift from a for- eign court. She and the crown prince were much chagrined the next day at being advised that the pitchers were only plated. It is still a mystery whether the for- elgn manufacturer was paid for goid or plated ware. Czar Nicholas once gave a set of beautiful trumpets to a German regiment for which he was spon- sor. The instruments were sup- posed to be silver, but it turned out they were oniy light plated ware. CRIME IN LONDON LESS WITH FEWER POLICEMEN Arrests for Drunkenness Increase Over Past Year—Finger-Print- ing Found Success. LONDON, August 4.—Although the personnel of the metropolitan police was reduced 12,000 in 1922, there was a decrease in crime and in the value of property stolen, according to the annual report of the commissioner of police. This, however, had been off- set by an increase in frauds of all kinds in the metropolis. The police find the finger-print system very useful and now posses a collection of 379,110 prints. Of 36,102 forms received for research under thi system last year, 15,149 identifications resulted, the report state: The commissioner reports 30,799 convictions for drunkenness or 3,389 | more than in 1921. Nearly 100 cases of consumption of methylated spirits were reported. There were 675 fatal street acci- dents. Although-hundreds of persons were prosecuted, the bookmakers ned ~large sums of money and see the enemy next season or with- | by the name of Antonia Lippai, whose | betting continues unmlod. the report in a few seasons. < age Is authenticated at 125 yeara states. River R. R. 5s.. National Savings and "rnm..' Open. 94 87 9814 1011, High. Low. a4 87 97 100 93 Close. 94 87 971 10170 97 Balt. & Anap. 1st 5s.. 48 Metropolitan Bz’nk . 25214 20 310 . and Trust... EPARTMENT. Bank a3nancn S &R |WOULD DELAY PUTTING WHEAT ON MARKET “Since the wheat market broke from $140 a bushel just prior to the harvest. to 80 cents a bushel, the recent price on western farms, the farmers have lost the ability to pay debts to the extent of $3,000,000,000," declared Gray Silver, Washington representative of the American Farm Bureau Federation, vesterday in urg- ing the importance of e ing the imp a higher price Mr. Silver figures there are in this country nearly a billion bushels of wheat and that the price of wheat has dropped 60 cents a bushel to the farmers since just prior to harvest. This means a slump of §600.000,000. Since $1.00 of new credit will liqui- date five times that amount of in- debtedness the 1088 of this $600,000,000 means that the farm comfunities are thus deprived of paying off debts to the extent of $3.000.000.000. Thus, if 100,000,000 to 200,000,000 bushels of wheat remain on farms until there is a market for it, as sug- gested by Mr. Silver, the farmers will be able to liquify debts amounting to $3.000,000,000 and the wheat crop of the United States will become & much greater asset than if the old method of marketing is followed. EX-DIVIDEND TABLE. August 7— Lindsay Light of.. a. Union Tank Car., q Union Tank Car pf., q..... August 8— . & Pitts pf., Continental P. & B., q. Conmolidated Gas, q August 10— cco B, q Dry Goods 1st p Aveoc. Doy Goods 50 PL. a. Central R. R. of N. J. ext. Cleveland & Pitts.” gid, a.. Cleveland & Pitts. spe. gtd.. q... Colorado Fuel & Tron bre. q. General Development, q Ist. Harvester pf., 4 Nai'l Enam. & 8., q.. Philadelphia Co. pf., Studebaker Corp.. a. Studebaker Corp. pf.. q Woolworth Co., F. W., q... FLOUR IS UNCHANGED. MINNEAPOLIS, August 4.—Flour 10 cents lower to 10 cents higher. Mlly patents, 5.8026.30 a barrel. pments, 110,661 barrels. Bran, zm&nuzx 00. Wheat, No. 1 northern, 1.08%al.14%; September, 1.08%; De- cember, 1.07%. Corn, No. 3 yellow, 80a81. Oats, No. 3 white; 33%a34%. Flax, No. 1, 2.562a2.58%. NAVAL STORES CLOSED. SAVANNAH, Ga., August 4.—Naval stores market clpsed today in respect to the memory of dent Harding. FINANCIAL, IN ASSOCIATION OF BANKERS Local Exchange Head Nominated for Vice President—Plans for Two Coming Conventions—Other Notes. FEugene E. Thompson, head of Crane, Parris & Compuny of this city, and president of the Washington Stock Exchange, has been nominated 2s vice president of the Investment Bankers' Association. tion of Mr. Thompson. as well as those new officers and governors, will be voted upon at the annual meet- ing of the association to be held here on October 31, next. For president of the body, John W. Prentiss, one of the members of the firm of Hornblower & Weeks! was selected, and other vice presidents in- clude: Philip Dalton of Coffin & Burg, Boston; Arthur Sinclair, jr. tabrook & Company, New York; J A. Fraser of Dominion Securities Cor- poration. Toronto, and Walter Brew- ster of Russell Brewster & Company, Chicago. John G. Brogden of Strother, Brog- den & Company, Baltimore, was nominated for treasurer and F. R. Fenton of Fenton, Davis & Boyle, Chicago, was nomiated to continue a8 secretary. ‘The governors whose terms expire in 1924 and_who will continue in office are: J. W. Horner, jr., of Dillon Read & Company; Joseph A. Rushton of Babcock, Rushton & Company Barrett Wendell, jr., of Lee, Higgin- son & Company; Thomas B. Gannett of Parkinson & Burr; Morris F. Fox of Morris F. Fox & Company; J. It sdwards of the Fifty-Third National Bank of Cincinnati. Governors whose 1925 include: terms expire in Ray Morris of Brown Brothers & Company; John W. Mac- Gregor of Glover & MacGregor; J. Clark Moore, jr., of Barclay, Moore & Company; Tom K. Smith of Kauff- man-Smith-Emert & Company, Inc.; Eli T. Watson of Watson, Willlams & Company; W. O. Chanute of Bosworth, Chanute & Company; Frank Remick of Kidder, Peabody & Company; Fred Borton of Borton & Borton, and George B. Caldwell of Caldweill, Mosser & Willaman. Factors in Bond Buying. | The question is often asked, ‘"Who {is the tax-free bond buyer?” It is {not always possible to answer this query exactly, but it is possible to figure for a few minutes and show whether a man can benefit from the purchase of tax-free bonds. Investors in bonds and mortgages are interested not so much in the coupon rates of securities which they own, as in the net return available after paying all taxes. In the Dis- trict of Columbia the investor bas to take into consideration two tax de- ductions in computing the net re- turn from a bond or a trust note. One is the District intangible tax and the other is the federal income tax The intangible tax of the District computed upon the market value of the security owned as of July 1. At the present time this tax is one- half of 1 per cent per year upon such market value. Thus a bond or trust | note selling for 95 is worth $950 and would be subject to a tax of $4.75 per year, irrespective of its coupon rate. The federal income tax is com- puted not on the value of a bond or trust note but upon the income de- rived from it. The amount of the tax s further varied with the amount of the person's taxable in- come. At the present time the rate is 4 per cent upon net taxable income of less than $8.000 and is increased by degrees until it becomes 58 per cent on the uppery levels of incomes greater than $300,000 Harris, Forbes & Co. a table of net returns from 6 per cent taxable bonds or 6 per cent first trust for various incomes, which, their opinion, proves individuals whose incomes are $18.000 per year make up a large proportion of the purchasers of tax-free bonds. The table follows et retarn, is familiar. & Co. "continues with mak- “Everyhody Harris, Forbes WEATHER CONDITIONS CONTROL COTTON TRADING Saturday Mnrket Firm, With Up- ward Trend During Most of Session. By the Amociated Press. NEW YORK, August 4—More at- tention was paid in the cotton mar- ket to weather conditions today than to the change in Washington brought about through the death of President Harding. Most of the sesslon the market was under bull control, due o the fact that southwest news was unfavorable because. of continued drought. October contracts advanced to 22,68, or 33 points above the pre- vious close, and there was broaden- ing of outside speculative demand together with an active covering movement, which gave the market a very firm undertone. A prospect that barometric condi- tions in the west might result in lower temperatures over Texas and Oklahoma before Monday led to a mid-morning realizing movement that practically wiped out the early ad- vance, but this was followed by a strong upturn near the close that ran December contracts up to @ new high for the day of 22.62. NEW ORLEANS, August 4.—Cotton futures closed steady, at net gains of 35 to 41 points. Close: October, .97-22.02; December, 22.07-09; Jan- uary; 22.00; March, 22.06; May. 21.96b 22.9%a. Spot, quiet; middling, 23.00. - GRAIN HOLDS UP WELL. Possible Break in Wheat Pit Fails to Develop. CHICAGO, August 4.—Reopening of business after thesudden halt which followed President Harding's death met with no unusual incident today on the ‘grain’ exchange here. Wheat dealings were of ordinary volume; prices had a slight down- ward _tendency owing chiefly to favorable weather conditions in the Canadian northwest and to declines in the New York stock market. The close was unsettled, 13 to 3 lower, with September 863 to 967, and De- cember 1.00% to 1.00%. Corn finished 34 to '3 off. Oats, unchanged to % up, and provisions at losses varying from 5 to 20. Especially at the outset, wheat displayed notable steadiness, and al- though in some quarters a nervous market had been looked for, most of the selling proved to be in small lots, apparently ~hedging against pur- chases in the country. Forecasts of warmer weather in Canada allayed fear that frost was likely to cause crop damage there. DIVIDEND DECLARED. NEW YORK, August 4.—The Man- hattan ‘Shirt Company has declared a regular quarterly is-cent common divident, payable September 1, stock record August 14. I being paid away The nomina- | | has prepared | or more | ing out his own income tax, but | oftentimes he does not realize how much income from a given security is in taxes. For the purpose of comparison consider a bond issued under the provisions of the federal farm loan act. Income from joint stock land bank bonds is free from all taxation, both federal and district. At present prices those bonds. which are a typical example of a high-grade tax exempt security, vield approximately 4.70 per cent n other words, $1.000 invested in them will give an actual net return of $347.00 per year. “Now consider a railroad or in- dustrial bond paving 6 per cent and selling at par, or a first trust note bearing a 6 per cent rate. The man whose income is between $2.500 and $8.000 would be required to pay the District $5.00 from the income re- ceived from such a bond or first trust, and he would pay the federal government .40, giving him a net return of $52.60. Due to the fact that the federal income tax gradually Increases as incomes grow larger, the man whose income is between $10,000 and $12,000 would receive only $45.00 net eturn from such a security. A man whose income is from $20.000 to $22.000 would receive $45.40 net, while the man whose in- come was $50,000 a year would re- ceive only $37.00. “It can be seen from the above that the purchasers of tax-free bonds come largely from individuals whose incomes are $18,000 or more per year Of course, the individual securities compared would vary these figures somewhat, but in a general way. it is more profitable for persons with in- comes above that figure to buy tax- free securities than to buy taxable ones and pay lhe several classes of required tax Bankers’ Atlantie City Program. The general plan for the sessions of the American Bankers Association to be held at Atlantic City September 24 to 27 inclusive, is announced as follows Monday, September 24, morning General meeting of the clearing house section Afternoon: General meeting of the trust company divis- fon. Throughout the day there will be con- ferences of the committees and com- missions of the association, including th éxecutive council, administrativ committée, finance committee, agricul- tural commission, commerce and m rine commission, economic policy com- mission, bank and currency commission of the economic policy committee, pub- lic relations commission, committee of five, committee on_membership, com- mittee on public education. committee on state taxation, special committes on taxation, fiftieth anniversary committee insurance committee, protective com- mittee, committee on federal legisla- tion, federal legistation council, com- mittee on state legislation and state legislative council. There will also be meetings of committees of the various divisions and sections. Tuesday, September morning General sonvention session of the whole associatinn; afternocon, general meeting of the savings bank division Wednesday, September 26, ‘morning: General convention session; afternoon, general meeting of the state bank di- vision Thursday: Morning, general conven- tion session; afternoon, general meecting of the national bank division. The headquarters of the association during the convention will be the Hotel ; Traymore. and the general convention sessions will be held on Young's Million Dollar Pier. The meetings of the com- mittees, divisions and sections will be scheduled in various hotels at Atlantic Ci The entertainment program is being arranged by a local committee of | Atlantic City. Mortgage Firm's New Officers. The Washington Mortgage and Fi- nance Corporation announces the decla- ration of a dividend on its preferred shares at thae rate of § per cent per annum. ‘W. R. Morrow, president of the East Coast Mortgage and Finance Corpora- | tion of New “York, has been elected president of the corporation, succeeding J. M. House. C. L. Bowman has been elected secretary and treasurer to suc- ceed Alonzo Tweedale. Six new members have been added to the board of directors. They are: Sen- ator L. H. Ball of Delaware, James F. Oyster, Commissioner of the District; Samuel R. Harris, real estate dealer and bullding contractor: William Quinter, pre<ident of Quinter. Thomas & Co.. and Mr. Morrow and Mr. Bow- man. BONDS SELL OFF IN DULL MARKET | Saturday Sees Prices Point Down- } ward—Individual Ad- vances Noted. | By the Awociated Press. NEW YORK. August 4 — Bond | prices pointed downward today in the first trading since the death of President Harding but there was no evidence of liquidation on a large scale. In a few individual instances prices moved forward Active United States government bonds were relatively firm. fluctua- tions being limited to 1-32 of a point Mexican 4s moved up a point. while Lyons 6s and Zurich §s each dropped a point and most of the French sues reacted fractionally There was an active market railroad mortgages. with the ity easing fractionally “Katy’ lien 6s. series C. advanced 21, and New Haven convertible 6s 1'2. Lo: S of a point each were registered by Seaboard Aid Line adjustment &s, Missouri Pacific general 4=, Rock Island refunding 4s. and Interbor- ough Rapid Transit refunding s, stamped, and the 6s of the latter company lost 17. A loss of 1 by Northern States Power refunding 5s was the only outstanding change among industrial liens. | in major- prior —_— COTTON AUCTIONED OFF. First Bale Brings Lowest Price Since 1917 in Georgia. SAVANNAH. Ga.. August 4—The first of Georgia cotton for the new season W »ld at auction here this morning. bringing 30 cents a pound, the lowest price for the first bale since 1917. The cotton was graded as middling, gin cut. It was grown by Henry Tyre, near Screven in Wayne county BUSINESS AT GLANCE. NORFOLK. Va., August 4.—Propellers will be manufactured here in a 000 plant to be built by the Shamrock Propeller Company. of which C. H Bowles is general manager. The company is considering several loca- tions for the plant. GAFFNEY, 8. C., August 4.—Henry C. Moore, president of the Globe Manu- facturing Company, and C. M. Smith president of the Merchants and Planters’ National Bank. plan to or- ganize a $400,000 company to build a 250-loom mill for weaving fine cotton and silk cloth from yarns spun by South Carolina mills. Del.. August he Flectric Hose and Rubber Company announces that beginning next vear every employe who has been with the company for a vear will receive two weeks' vacation with pay. Six ¢~ service- will result in one week's vacation with pay. { | { { i i H i | 1 22 VALUES HOLD WELL IN STEEL MARKET Eight- Hour Day Has Center of Interest—Weekly Metal Review. Ry the Aseociated Pres NEW YORK, August 1 prob- able effect of labor readjustments to the shorter number of hours per day in the steel trade 1z factor in the ent time idered values is a disturh steel market at the pre which however, seems 10 be con a are concerned be factor far Buyers are but sustaining 0 a conservative, to in market is steadily heid taking delivery on is considered for pig iron is qu shows a somewhat owing to the recent = production Copper showed during the week decline in Europe. buy metal at 147 showed ttle decline Tin easy despite statistics, offerings London parity ra ers. Lead was « statistical position supplies limited. The outlook trade is considered better Zine was dull and easy of the unfavorabie uropean conditi Antimony has q ably, but prices remain bullish advices from ¢ MEAT TRADE PICKS UP. England orders come fair volume and the Buyers are able but ndertone iction in furthe it cor m w ible umer at the buy oted at with the nd spo for fall developments and Home Markets Buy- ing More Pork. CHICAGO. August 4 buying of pork products on of England and broadscale domestic consumption on larger than a res which meat trade during n announ tute of th bas a two rized the July, according t today of the of American Meat Packers Hams have be e in large quantities, but the supply of newl cured product still ample because of the heavy receipts of hogs duri the recent months ara DRY GOODS MARKET. YORK. 1.—Cotton Boods were ste 1t business was light. New named shirting chamb August and Septemt mills refusing to ec low values Burlaps were The American Woolen nounced that it had s of women's wear for sp withdrawn the offering ness on fancy worsteds continued steady NE August [ ract at presen Raw silk was hi quict and ing and The Present Your Property Manage- ment Troubles to Us That’s Our Business RENTS B.F. SAUL CO. Mortgage Loans 1412 Eye St. N.\W. Phone Main 2100 I Continental Trust Company = Capital One )lil'nion Dollars 1h & H Streets g E $20,000.00 Big dis- Sweet T LU R In good 2nd trust notes for sale count for immediate sale. See Mr, 620 Bond Building. Money to Loan Secured by first deed of trust on real cs Prevailing interest and commission. jowph 1. Weller oWy Home Furniture LOANS From $10 10 $300 on D. C. real estate, household goods or chattels. 7 per cent interest. No bLrokerage charged Come in aad 1ot us explain our method of making small loans Commercial Room 11500 symm Copstichied & Tateat Pending Corperation N and second trusts six and seven per —1n any amount, on first secured on D. C. properts cent. HOOVER & KIDWELL. Main 8341 108 H St N W First Mortgage Notes Are carefully selected and placed on un absolute margin of safety. The Service We Give collecting _and re- mitting of interest. All details can tiously supervised, that the property is properly cared’ for. adequately in- sured, taxes paid. Certified insured titles furnished without cost. Our experience extends over a period of many vears without the loss of a single penny i: eitber princips! or interest. Notes of $250 Up to $5,000 Now or Hand Chas. D. Sager 925 14th St. N.W. Main 36—Loan Dept. I Will Sell 1,,000 Miller Train Control at 1.05 (Cash or Terms) 4 Gen’l. Finance & Sec. Units at .60 50 Nat. Mort. & Inv. Units (Bid Wanted) Insures prompt 43 Chapin-Sacks “A” com. at A5 Thomas L. Hume, Broker NlIZ G St. M. 1346