Newspaper Page Text
! THIS SECTION CONTAINS 39 COLUMNS OF QUALITY WANT ADS
j | jBjag&tngfon Ifteralft | fmON
TWO-PAGE 11. - WASHINGTON, D. C.. S*THnn.v .t?? ? '! Li . A ![ -|
AY' JULY - 1921. I PAGE 11?SECTION TWO. %? |
? DUTY ON OIL
IS MONOPOLY
STANDARD CO.
i
ey Defends Elevh-Hour
Action of
Committee.
MUCH BENEFIT
14 i
( rice of Gasoline Should
le Lowered Under
Protection.
ea era A* petrolsw* ?=<>
Inserted ill the Fordnoy
I 1 Jot be?are It* tatrodicl>
Im Hon* were defended by
r tative Chandler, of OW?J;
Republican member of the
If ad Means Committee, yssl
n a statement declaring
l. purpose is to prevent the
on Company from beeomsnopoly.
* tentative Chandler, who is
with being chiefly responcauslng
ths Ways ana
Committee to reverse its
action placing petroleum
free list, assertsd that if
ipendent reflneri are able
e of thtir fuel oil. a subproduct
in the reflnlng of
i L they should be able to
* asoline prices to J5 cents ?
. A tariff wall against Mexioil.
he said, would furnisn
! St for the product of the
lents.
rht ra NeaMfe gave.
ntroversy over the duty o*?
m and fuel oil will be car*
khe floor of the House, snd
I i to be one of ths closely
lections of the bill. Oppo|
r the duties contend that
unnecessary and will tend
prices rather than to deI
hem. It was learned that
>rsal of the action of the
J ad Means Committee oc_
rhen two members chafed
titude, a vote of 10 to 7
' ths duties being changed
J rote of 9 to S in favor of
^ ?an Fordney of the Ways
sans Committee issued a
t it during the day predicting
i effect of the new tariff
acted intQ law will be benefon
American industry ana
nerican labor.
ordnsy strongly urged apof
ths American valuation
which, he said, has made
a reduction In duties,
' or* Fiee Limber.
Tordney insisted that Tn
a reciprocal provision reladuties
on lumber, the comJways
has actually favored
iber. He insisted that there
1 i a misunderstanding of the
of the Ways and Means
* ee towards a duty on lumH
ew of the newspaper eomd
certain statements be?ng
at ths committee was cons
duty on lumber, or had
i duty on lumber, the bill
free lumber provisions has
* some people to assume or
i that the committee haa
its attitude." said Mr.
"This, however, is not
?. The clause in the bill
ing the President to negoi
th countries imposing a
American-finished lumber
s the removal of su^i duties
| dly be misunderstood. It
i the effort of the committee
| .raerican trade by including
! ng provrsions In the bill
al alternative ways, and I
these provisions will meet
aeral approval."
TONACREAGE
UT 28 PER CENT
st Crop Since 1893
'orecast by U. S.
Experts.
921 cotton crop will be the
since 1855, Department of
ure officials announced yes- j
is a decrease of 10.S24.090
r 28.4 per cent, in acreage 1
as compared with last year, J
ttest decrease ever recorded
year. Owing to unfavorable 1
conditions the crop this 1
said to be only 69.2 per cent 1
al. as compared to 70.7 per 1
normal for 1920. and 78.8 for 1
rage of the past ten years. <
re a of cotton under cultiva- <
> year is 20.519.000 acres, as ?
d with 37.043.000 acres last 1
The condition of the crop
J a yield per acre of 152.3 3
and a total production of !
bales. Last year the pre- .
was 13.3Si.734 bales. Two i
go It was 11.303.375 bales. (
ars ago 13.M0.S33, and four
SO ll.3t2.37S bales.
has the biggest acreage of
its year, with l.l)) l;i acres.
>nly 75 per cent however, of
age last year. j
> unfavorable seasonal con- .
I. April and May, shortage .
tllser and unsatisfactory
^ andonment of planted acrebeen
greater than usual, i
i ' "ged from 5 per cent In
Iirollna and Klssftslppi to as '
10 per cent In Georgia. c
jality produced this year Is
be generally lower than in
' years. f
*
,
xehanges through- '
he country will re- I
closed today, and ><
i so until Tuesday ><
; July 5.
> : 1..
TREND OF BUS
CATEDBY1
*.
Decreases in Reserve
ances Show R?l
(By Tka Wmmhimttt,
The Federal Ressrvs ratio ot tota
reserves to deposits sad aote lia
billties combined increased from 4!
per c^nt on June 26, 1910, to 10.'
per cent on June 22, 1511. The tota
bills on band bad Becreased fron
$2,833,000,000 a year ago to $1,793,
000,000 on Jane 22.
The sold reserve lncressed fron
$2,103,000 a year ago to $2,620,
000 000. At the same time tb<
amount of Federal Reserve note:
declined from $2,118,718 to $2.
639,000,000 in round numbers, a re
duction of $480,000,000 during th<
year. Deposits in the Federal Re
serv? banks decreased at the sami
time from $1,918,000,000 to $1,697,
000.000.
This general change began late li
1920 and has been proceeding at ai
increasing rate ever since. The re
serve ratio began to rise in Decern
ber and has made its greatest gaii
recently. The decrease in tt*
amount of Federal Reserve note cir
culatlon has been steadfcr since De
cember and corresponds closely u
the downward movement in tota
discounts.
With the above may be compared
the decline in debits to indlvidua
deposit accounts as gathered by th<
Federal Reserve Board which are at
follows:*
1920?*4jr $41,175,000,004
June 89.779,000,00*
Jul/ # SO.OIO.OOO.CMX
August 1 3<J,S84,000.00(
September 37.193.000.00<
October 40.5<?.000.00<
NoTember S9.877.000.00C
December 41.884.000.00<
1921?January- ' 88.810.000.00<
Kebrusry 29.913,000.00<
March 34.ie0.000.00t
April 32,470.000.00<
UNITE? 8TATK8 BA
(Is ml IMoni
Tesr endin* Loans sod
Jane 30 Dlscousts
1900 * 5.513
1905 9.0?8
1810 12.40#
1914 15.173
1#1? 17,908
1917 *>.6?9
1918 21.923
1919 25.086
1920 30,892
CROP REPORT AIDS
COTTON MARKET
Government's Forecast Proves
Less Favorable Thaf
Expected.
NEW YORK, July 1?The cotton
market recovered in th? late afternoon
from the early decline owing
to the government's crop report
proving to be less favorable
than had been expected. Although
it showed an improvement of over
3 points in the condition- from a
month ago, the decrease in acreage
was somewhat above the trade's
expectations, presenting the smallest
area planted since 1900, with
the indicated crop of but 8.433.000
bales, the smallest yield since 1895.
Moreover a supplementary statement
-of over 500 words was issued
in connection with the report showing
the decrease in the use of fertilizers
to be 66 per cent Itom the
average amount used the previous
four years. The condition of 69.2
per cent compares with 66 a month
ago, 70.7 last year and 78.8 the
ten-year average for June 25. The
acreage planted of 26,519.000 compares
with 37,043.000 last year's
acreage, vhile the indicated crop of
8,433.000 bales compares with 13r
365.754 bales of the gross weight
of 500 pounds each without linters
produced last year.
Under ordinary circumstances
such a bullish crop report as this
would have advanced the market
very sharply by causing* a great
deal of new trade and' outside
speculation buying but the fact
that there will be a surplus of
about 7.000.000 bales of cottdn In
all positions in this country to
carry over into the new crop statistical
year beginning August 1 nullifies
such effect.
In the decline July sold at 11.3ft,
October 12.03. December 12.48, and
January 12.57. On the rally July
went back to 11 ^ cents while October
advanced to about 12.30, December
to near the basis of 12%
cents and January to 12.85.
The Liverpool market, which had
suspended business at 4 p. m. their
time, as usual with a net advance
In prices ranging from 12 to 14
English points over yesterday's
closing, reconvened at 6 p. m. their
Lime to trade on this report with
the market there advancing to
ibout a maximum of 18 to 20 points
?n it for the day against the rise
>f but 6 to 8 points it should have
lustained to have met our closing
prices of yesterday.
Open Hifh Low Clow
1150 "-75 1130 11.73
12 22 1249 12.03 12.43
^ ber 12.70 12.92 12 43 12 87
aausry 12.73 13.03 12.H 12.98
J.rch, ".. . 13.07 IJ.,1 H.5 t?.2g
W. B .Hlkb, * Co.. Memberi *. T. Cttoa
Elrh?m.)
CHICAGO LIVESTOCK.
UNION STOCKYARDS. CHICAGO,
uly 1.?Receipt. 2,000 cattle. 27,000
tog., 4,600 sheep and lambs and
,000 calves.
Cattle?Demand for steers food
.nd values strong to 25c higher.
>ne load, averagink 1,505 pounds,
old at 9110. Plain lota also strong.
!ow. and heifers showed similar
:ain aa that for steers, canners at
3 and cutters at I3a3.50. Bulls
ound good outlet. Calves strong to
5c better. Host good veal.rs ?S.75a
M. whU. shippers paid aa much as
It (or top lota.
Hogs?Prices strong to 10c higher,
'op lota, $?.??; heavy butchers, M S*
0.10. Few rough packing hog. as
jw aa 17.75, goods lota. ILital.10.
Sheep ? Aged muttons stoady;
Imb. steady to 25c higher. No
holce Western, in the pen.. Best
atlva lambs, 510;. 50-pound yearng?,
11.10. Bert ewe*. 52.75a4.75.
I ESS INDIiANK
STATISTICS
Notes and Bank Clearte
of Liquidation.
m HenU iMmlat)
I The alight upturn In March was
- not continued and resemble* the
I change* in October and December
which were only temporary deviations
from the general tendency. A
1 decline of about 10 per cent or II.1
500.000,000 In the total depoalt ac"
counts of all national banks wu reported
by the Comptroller of the
I Currency for the year covered by hla
- last report.
? Another indication- of the trend in
the volume of business is found In
- the bank clearing's. A decline of
- 20.7 pe* ?nt for the year 1921 to
the first of June was reported by the
- Annalist for cities representing
s about 92 Per cent of the total. The
- amounts for the last two years to
date were 1157,421.000,000 for 1921
1 against J198.6S7.000.000 or 1920.
r bank clearings in rbcent weeks.
(Ia millions of dollars.)
. Week ending 1921 1920
1 June .23 8,810 7,52;
e June 18 8.S81 8.274
June 11 5.900 7,270
J?ne 4 8.280 7.883
May 28 8,851 8.409
> May 21 1,020 8.850
1 May 14 8.582 8,427
Mar 7 7,835 8.850
, April 80 8.290 8.833
' April 23 8.814 9.285
' April 18 8,814 9,800
! April 9 8,489 8,715
, April 2 8.790 8,852
March 5 7,808 9.000
February 5 7,883 0,000
1 January 8 9.825 1,814
j! A decline in the volume of clear,
ances is to be expected in the spring,
) but on the yearly basis there has
> been a steady increase In the total
j of clearances.
A general review of the position
j of the United States with relation
g to other years is shown in the fol>
lowing table:
nk1no statistics.
i of dollars.)
Bank Mosey ia Stock of
Clearing* Circulation Gold
84.5*2 2,055 1,034_
140.502 2.588 1.2SS
181.988 3.102 ' 1,710
1*13,849 3,402 1.000
242.23.* 4.024 2.451
303,044 4,784 2.980
321.481 * 5.379 3.0*0
387.092 5.808 , g.005
417,039 8.085 2.888
GRAIN FAILS TO ^
HOLD ADVANCE
i Offerings Absorbed on Early
Break?Market Lacks Sus
tained Support.
1 CHICAGO, July 1.?Temperatures
of as high as 108 were reported Tn
' North Dakota yesterday, with several
points In South Dakota and
Minnesota showing 100 and over.
This, with unfavorable crop reports
from the Northwest, led to buying
by local traders and commission
houses which absorbed the offerings
on an early break, and an advance
of around 3 cents from tli? early
low followed, but the-upturn was
lost later as pressure increased,
and there was a lack of sustained
support. The July went to a fraction
under the September at one
time on selling by cash houses, acceptances
on overnight bids to the
country having been heavy. Trading
in December started at about
September price, and then went to
a small premium over the nearby
delivery. Outside Interest remains
light, despite the sensational^
weather reports and forecast for
the heat wave to continue over
Sunday. Private reports' issued . today
indicated a total wheat crop
of 804,000,000 to 838.000.000 bushels,
the former by Goodman. Compared
with the government June
estimate of 830,000.000 bushets
shows the report does not Include
any deterioration during the l&st
week of the month irf spring wheat
Export demand was reported as
rather slow, with Belgium buying
Argentine grain.
Corn and oats were somewhat unsettled,
but averaged higher. The
Snow and Goodman reports both '
indicated an unusually high con- 1
dltion for corn around 90, and suggested
a crop of somewhat over
3,000,000.000 bushels. compares '
with 3,332.000,000 bushels harvested
last year, but. owing: to the low '
par used, the report was construed (
as rather bearish, and the local ,
element sold on weather talk, with
corn reported as curling in
Nebraska. THe reports on oats sag- I
gested yields of 1.309,000.000 to <
1,375.000.000 bushels, against the I
government June ostlmate of 1.40s.. <
000,000 bushels. Hot weather Is regarded
as steadily reducing the 1
yield. Deliveries were 4.003,000 in '
corn and 881.000 in oats.
Wheat ?pen High bow Clow 1
JubT 1.24% 1.25% 1.22 1.22(4 *
Sept 1.24 1.25% 1.21% 1.22 <
D<T 1.23 1.28% 1.22% 1.22%
Corn? 1
July 8184 83 .80% .82 l
Sept 82"4 .83% .81% ,ae%
Dec 81% ,62% .80% .81%
Omti?
July 35% M% .88% .38%
Sept .38% .29 .87% ,?g%
Dec 41 .41% .40 .40% ,
Pork? C
Sept 18.00 3
Lard?
Sept 10.90 10.90 10.82 10.85 t
R,b#- 1 V
Sept 10,? 10.75 10.65 10.S5 (
(W. B. Hibbs ft G?.. Members Ohleage Board T
of Trad*.) 1
1
[? 4
Authorizes Bond Issue. ,
The Interstate Commerce Cam- '
mission yesterday mated an- J
Ikarity to the Minneapolis. St. PanI \
nod Sanlt Me. Marie Railroad f
Casipsay ? Inane AITlMf wank
at Ha mortgage bonds ta bar the ;
Wlaeaaala and Narthera Rallread 1
Company, operating 13* mllea of '
llaa lata forest territory. , 1
The Ann Arbor Railroad Case- *
pany was glm pernalaalna ta 1
Inane B.8WW worth at 0 pee J
cent mortgage bonds ta get maaey
tar regaaaeing. <
.'?i -i ... d
* <
SENATE COMMITTEE
SUSPENDS PROBE
OF RAH SITUATION
Solution Shelved Indefinitely
After Hearings
Begun in May.
HARDING MAY ACT
Unless Remedial Measures
Are Taken Chief Executive's
Aid May Be Sought.
Solution of th. railroad problem
was put up squarely to the Admin-1
titration yeatarday whep the Senate
Interstate Commerce Committee
indefinitely suspended 1U investigation
of the transportation
situation which has been In progress
since May.
The suspension means that unless
remedial measures are Initialed
on the Senate floor, the carriers
will have to look to the President,
the Interstate Commerce Commission
and the Railway Labor Board
for relief In the meantime, as leaders
believe It practically precludes
action by the committee at this session.
Plaas Reaewal.
Senator Cummins, of Iowa, chairman.
In announcing the suspension.
said he planned to renew the Investigation
late In August or early
In September. At that time, he
declared, representatives of the railway
labor organisations will be
called to testify.
N Few of the members of the committee
had been attending the
hearings, and this resulted in the
decision to postpone the Investigation
indeflnltely.
Walter I* Fisher, of Chicago.
former Secretary of the Interior,
declared before the committee at
its closing session that common
operating agencies mast be established
to manage consolidated railroad
terminals, such consolidations
to be compelled by law.
Consolidation of terminals could
be brought about by compelling the
railroads owning them to turn them
over to a common operating agency
for management without the payment
of any money or the acquisition
of title to the properties, he
said.
DU PONT FIBERSHK
BEGINS OPERATION
Latest Subsidiary of Powder
Concern to Manufacture
Artificial Silk.
W UJflNGTON, Del.. July 1- ?
Manufacture of artificial silk has
been begun at the new plant of the
Du Pont Fibers! Ik Company, located
on the Niagara River at Buffalo.
N. Y. Operations are proceeding
in a *ery satisfactory way, and
at the presen tin^g the plant is producing
1,000 pounds per day of 150
denier, which is one of the mostwidely
used sires of thread, but
both the finer and coarser counts
will be m^de in accordance with the
demAnds of the trade. The product
has already been tried out in several
of the manufacturing industries
using this size, such as those
producing hosiery, fancy knitting,
sweaters, neckties, broad silk weaving
and others. The output of the
plant will be Increased from now on
up to capacity, which will be In the
neighborhood of 1.50(ft)00 pounds of
artificial silk per year. All of the
product will be sold in the form of
skeins, and will go direct to manufacturers.
When In full operation
the plant will employ approximately
600 operatives, about half of whom
will be women.
The Du Pont Fibersilk Company,
which is a subsidiary of E. I. du I
Pont de Nemours and Company.
Dwns 100 acres of ground on the
S'iagara River between Buffalo and
Tonawanda. The buildings cover a
total area of approximately 200,000
square feet, and are mostly one- .
story high. The main buildings are 1
>f brick, and are so arrange^ that
the various processes of manufacture
followed, each other in their
proper sequence, thus insuring a
minimum of handling.
A power plant of 1.5*0 horsepower
has been efected or* he property.,
ind. In addition to this, electric
l>ower will be furnished from one
>f the nearby electric power plants^
Complete provision han been made t
Tor the comfort and ronvenlenie of s
mployee. including cafeteria, rest t
rooms, medical and dental offices, ,
ind other modern equipment to ln- 1
.ure the best of working and living ,
.onditions. , .
The executive and sal<fs offices of ,
this company will be located at ,
Buffalo. '
BALTIMORE PRODUCE, i
BALTIMORE. July ^
dreamery, fancy. 36aS7c; choice !^ ?
iSc; good, 32a33c: prints, 38a3Sc,
locks, 35aJ6c; Iadlr- 22af,4C;. ^?c" ,
and and Pennsy|vsnlaroUs,i0a22c (
Ihio rolls. 20a22c; W**' <
oils, 20a21c; store 1
Maryland. Virginia and Pennsylrani,
dairy prints, 21.23c; proce.i |
>utter, 25a2fc. I
Eggs?Western Maryland. Pennlylvanla^and
nearby flrsts, 2S.2SHC; J
Eastern Shore, Maryland and VIr- )
rlnla firsts. 2?a2?tt<?: Western flrsts. ,
:ta2?'/ic: Wjst Virginia flrsts, iittc, (
louthern flrsts. 36a2?ttc.
Live poultry?Chickens, old hen., ,
\ lb. and over, 23c; small to medium, ,
17c; rooster., 17c; whine Leghorns ,
I?a27c: springers, 1% lbs and over. <
Iia43c; 1 and 1% lbs. 43a4Se; 1 t
L>d ju lb* 40a42c; white Leghorns ?
u lb. and Aver. ItaMc; smaller. 35 (
Ate. Ducks, young white Peklngs, i
! lb. and over. 26c; pyddle, 25c; *ua- ,
ovy. Mc; smaller. 2a2|c; spring 1
lucks. 30 32c. rfleona. young, pair. 1
k; aid, SlaMe. I
CALLS BANKERS TO
IMPROVE POSTAL
SAVINGS SYSTEM
Postmaster Hays Presides
at Western Meeting
Today.
REFUSES TO TALK
Expects to Recommend "Immediate
and Fundamental
Changes."
Postmaster General Hays will preside
today at a conference of bankers
at Sullivan, Ind., which he called
to consider methods of improving
the postal saving: system.
| Beyond stating that he expected to
recommend "immediate and fundamental
changes," Mr. Hays would
not discuss the plan he had in mind.
May Increase Interest.
It is expected that one of the reforms
sought by Mr. Hays will be
an increase in interest allowed on
postal savings accounts. While the
leading fifteen savings banks in the
country pay 4 per cent interest on
deposits, the postal savings pays
but 2 per cent.
Officials of the Postofflce Department
pointed out yesterday that
though there has never been any
real effort to promote the postal savings
business, there are approximately
twice as many depositors as
any other savings bank. Seventyfive
per cent of theaa. depositors are
foreign born, or of foreign extraction,
whose money would otherwise
be hoarded in secret hiding places.
Total Deposits.
The total deposits in the United
States Postal Savings System on
May 31, 1921, were approximately
$155.500.000. One hundred and
thirty-five postal savings depositories
now have $100,000 on deposit
CANADIAN TRADE
WITH 0. S. GAINS
Increase of $31,807,349 Shown
For Twelve Months,
Ending May.
Canada's total trade with the
United States for the twelve months
ending May wan $1,337,696,226, an
increase of $31,807,349 over the total
trade between the two countries
for the twelve months ended May,
1920. and representing more than
one-half of Canada's total trade
wttti the world.
Canada's Imports from the United
States for the twelve months ending l
May were $812,531,821, a decrease of |
$21,000,000 compared with the im- i
ports for the corresponding period
of the previous year. Canada bought
more from the United States than
from any other country in the world
and more than four times as much
as from Great Britain, Canada's total
imports from all ^countries being
$1,162,160,362.
Canada's exports to the United
States were $525,164,405, an Increase
of $53,000,000. Canada sold more to
the United States than to any other
country In the world.
The increase In Canadian exports
to the United States marks a further
step in the gradual return to
normal of the balance of trade between
the two countries. Canada's
adverse balance in trade with the
United States for the twelve roonts
ending May, 1920, was $360,989,771,
while for the corresponding period
ending May of this year it was
$287,367,416, a favorable variation I
of $78,662,355.
The principal commodities imported
into Canada from the United
States were: Vegetable products,
$41,076,610; animal products. $4,224,141;
fibers and textiles, $92,222,232;
Wood and paper, # $3,189,146; Iron,
$16,297,882; nonferrous metals, $6.055,775;
nonmetallic minerals. $9,123,881,
and chemical products. $5.390.884.
FOREIGN OILS
WEAK ON CURB
Extension of Stock Exchange's
Weakness Features Outside
Market.
' NEW YORK, July 1.?A feature
jf the trading in the curb exchange
today was the extension in the
weakness on the Stock Exchange to
Ihe foreign oils traded in the outside
market. An Instance of this disurbance
in the market position was
ihown in Maracaibo Oil, which, after
>eing supported yesterday, gave
*ay today, falling during the foretoon
from 21% to 18. Cities Servtce
vas also in increased supply and
*anged from 117 to 115 during the
lrst half of the day, and the bank;rs
shares sold ft 12%. Simms Pe.rol-euifi
was steady, with a mod- ,
srate amount of business, at 644.
Ssole Syndicate was in special dend,
the buying being based chiefy
von statements that new official
Interests have become identified
vlth the syndicate and that imporant
developments in its affairs are
:lose at hard. Many of the domestic
producers were in supply at
iharp declines, some stocks that had
>een In demand at moderate prices'
Calling, after steady declines, to
>elow i\ a share. Glen rock was an
nstance of tht* changed market
position resulting from the con- i
inued Increase in the price of crude
>il and petroleum products.
Industrial issues were Irregular
Southern Coal and Iron being steady
it 3. Sweets Cotppany again sold
it I%, and United Retail Candy at
Ar feature of tf * market was
he suddenly developed heaviness in
Pottd Shipbuilding, which sold at
11% to 59%. -Glea Alden Coal was
radad In at 36H to 36, Acme Pack
resold at the aew low of 1%.
Phere was a good amount of trading
n East Illinois common at 14% to
4. The preferred ?iock sold at 30 %.
| TIMELY WAUfi
NEW YORK. July 1.?Speculative
onslaught* upon the itme wt of Issues
which had disturbed Thursday's
ptock market continued today.
Otherwise the market waa a typical
pre-hollday affair, noted principally
for Its bullneas and general lack of ,
direction. Preparations for a threeday
suspension of trading were
practically completed before the session
started but there was still a
little adjusting to be done In view
of the prominence given to the
highly speculative Issues referred
to. The day's transactions were
small in the aggregate and consisted
in a great measure of professional
trades of shares between operators
on the floor of the exchange.
Apart from the sharp declines in the i
Mexican oil shares, weakness was
most pronounced in Sears Roebuck,
International Harvester, United i
States Rubber and a few other mis- 1
cellaneous ^industrials. Railroads 1
were again strong.
Sears Roebuck common was of- 1
fered down in the second hour fol- I
lowing publication of the company's *
June business showing a decrease i
of more than 29 per cent in sales by |
comparison with June, 1920. The 1
stock closed at ? yesterday and on |
heavy offerings broke to 63% before
meeting any suppor.t. Tb^Street did
not look upon this selling as an at- ,
tack by shorts, but rather thought i
it represented the liquidation of
some large account at a time when <
the demand was particularly small. ?
Sears Roebuck common has fol- j
lowed an Irregular course since the I
beginning of the year. On January
3 it sold at 98%, but gradually fell i
away when maintenance of the regular
dividedd was brought into ]
question, touching 65% on March 28.
the day on which the directors de- i
eided to pass the dividend. It later
took part in the spring recovery,
going to 87% on April 30 Then in
the general slump It sold off to
63% on June 23 and recovered to 72
last week.
Before the market opened today
the Street was uncertain as to the
course Mexican Petroleum woult
follow. The stock had recovered almost
3 points to 101 before the
close yesterday and nothing of an
unfavorable nature developed over
, night. Traders were a bit surprised. 1
| therefore, to see the stock break i
(from an opening price of 101% to ,
^98% on the first string of sales,
i Thereafter It rebounded a point oV !
so but by midday had slid down to J
96. Wall Street still professes to be a
mystified by the tremendous daily 1
turnover in Mexican Petroleum The i
floating supply is estimated at I
something like 100.000 shares. Yes- ?
tegday an aggregate of 145.000 ."
shares were sold on the two ex- <
changes on which the stock is i
listed. A broker checked up the net 1
long position of a small number of 4
the larger commission houses yes- 1
terday and found a large bull ac- ]
count, constituting a considerable f
part of the supposed outstanding f
and free stock. Yet in spite of these J r
figures and this evidence the stock (
loaned at 4 per cent interest after ^
the closc. i
Half of the market community t
anticipated the triple holiday by 3
putting their affairs in order before c
the close yesterday and leaving a 4
day in advance. Brokerage houses 5
were thinly populated today and {
I even on the floor of the exchange 8
the attendance was small. The feel- 1 5
j ings of the average trader on leav- , c
! ing for this short vacation were
much different from those enter- c
tained prior to the last triple holi- a
day. That was the Memorial Day g
vacation. which came at a time s
when the market had been reacting f
steadily for more than three weeks
I with no apparent prospect of a
change for tne better. In the present
instance, despite the weakness
of specialties, traders wfent away y
full of hope
While awaiting the reduction in ^
steel prices which everyone in the \
Street expects with as much confidence
as if an official announcement
had been made, the market commu- v
ity was greatly interested In, and
not a little gratified by the announcement
that wages in the "
Steeltotn plant of the Bethlehem 1
Steel Company will be reduced 15
per cent on July 15 and that on the *
first of August \ 10 per cent reduc- e
Owners o
1
1
t
a satisfactory met
each installment 1
venience. We atl
monthly note, wi
SYSTEM SAVING
/" each installment I
but it is possible
the whole payme
Come in am
service to yon in
Swartzel
*
*?!
- \?" . '
StREET topics
X
tion In salarrles will become effective.
*
While interest today again centered
chiefly in the Mexican oil situation.
the action of General Motors
furnished another illustration of the
manner in which the market discounts
its news in advance. Day
before yesterday the stock sola up
1% points to 11%. Today, following
the snnouncement of the declaration
of regular quarterly dividends by
the company. It sold down to 11
from the opening at 11%. Conversely.
selling United States Rubber
common continued to be for the
account of those who believe that
when the directors meet for action
on July 7 the dividend will be
passed. Today the stock declined
*% points from yesterday's close to
i low of 49%.
Ever since the Mexican oil stocks
started their series of sensational
fluctuations, traders have tried to
keep a line on tl^e relation between
the two. Pan American Petroleum
common stocks have been among
the busiest individuals in Wall
Street. At times they have been
three points apart and at others as
much as six pointa* Today the disparity
was about ,five points. Why
these stocks should sell so far apart
has been a mystery for a long time.
The only difference between Pan
American common and the Class B
common stock lies in the fact that
the latter has no voting power.
They are on even terms as far as
dividends and assets are conoerned.
The question is whether the voting
power is worth $5 a share. Most
brokers agree that it is not when
the purchaser is only a trader or
small stockholder.
BONDSRKETO
HIGHER LEVELS
\11 Classes Embraced, with
High-Grade Issues Assuming
Leadership.
NEW YORK. July 1.?WhNe the
itock market continued to be conspicuous
principally on account of
the sensational gyrations of a few
ipecial issues! bonds moved stesdily
Uong toward higher levels. The
idvance embraced all classes of
?onds. industrial as well as rail*oads
but applied more especially to
ligh grade issues in the latter
(roup. The Northern Pacific-Great
Northern 6*ts were again in active
lemand. advancing to 97% for a
?ain of more than a point over the
owest price of yesterday. Reading
is went from 73 % to 74%. Southern
Railway 4s from to 56%. Chesapeake
and Ohio convertible iSf
rom 74% to 76. Central Pacific 4k
rom 71% to 72 and Southern Pacific
efunding 4s from 74% to' 75%.
)ther active railroad issues advanced
on an average of a half
>oint.
Uberty bonds did not move at all
imes with corporate issues. The
%s opened at 86.90 and then delined
almost 50 cents. The third
%s opened at 90.70. declined to
>0.54 and rallied to their initial
rice. The Victory 4%s. the most
ictive "In the wir group, started at
>S.42. dropped 22 cents but later recovered
fully.
The tendency to follow the trend
>f corporate bonds was more noticeible
in the foreign group. French
Is. Belgian 7%s and fcs. Denmark $k
ind the I'nited Kingdom i?smts were
airly active and slightly hither.
NEW YORK PRODUCE.
NEW YORK. July 1 ? Butter?
(arket quieter. Creamery extras.
S-%a37%c: creamery firsts. 3*aS6c:
reamery. higher scoring. 36s38%c:
tate dairy tubs. 27a35c; ladles,
resh firsts 27a2Sc.
Cheese?Market firmer. State
irhole milk specials. 17c; whole
riilk fancy. U^alS'iC; whole milk,
ower grades. 15c: Wisconsin whole
nilk. fancy Young Americas, 17%s
7%c.
Eggs?Nearby white fancy. 41a
2c; nearby brown fancy. 36a37c:
xtra. 34a35c: firsts. 29a31c.
f Monthly Payme
Will Find in
4
ins of coUecting and investing
is it is paid without loss of int
tend to aU the details of the c<
thout charge, and apply each
account, so that not only wiH
ear interest at 6% for every
to compound your interest as i
at
I let ns explain this collection
detaiL
I, Rheem & Hen
727 15th St N. W.
WasttaftM, 0. C
The Natiao'i Home Town,
r Fear* Without Lou to a? Investor
WORLD WATCHING U-S.BUDGFT
PLAN; I
HARDING ASSERTS!
I *
Promises Appreciation at
Meeting of Bureau
Officials. * 1
* ?j
SEES DIFFICULTIES
Much Heartburning Doe front
Radical Changes in Methods,
President Predict*.
"The world la watching this
well-resolved ?zp?rlBett," Pmldent
HarMlf told members of the
Budget Bureau yesterday at jt
meeting at which fha new depart- *
ure in the country's appropriation
system van formally inaugurated.
Expressing "unbounded faith" la
Charles O. Dawes who stood hade
of him as he spoke, the President
told of the difficulties to be overcome.
free* "HeaHharalaga."
"There will be many hesrburnings
" he asserted In emphasizing
the radical changes In government
routine which will result. "It isn't
an easy thing to bring about ftp
severance of connections wl^i tha Z,
government. It isn't an easy thin# ?
to change the habits of a century. -?
It isn't sn easy thing to stand up
against thoaa who want to spend.
"Our own country is calling for
a change, and If It will sdd interest
to your work, let me tell you something
else. This may seem like an
extra\agant statement. The world
Is watchlac this well-resolved experiment.
"It is no violation of confidence
to tell you that one of the distinguished
diplomats In Washington at
this time told me that his own _
country had already cabled him ts
keep close watch on every step of
<?ur budget enterprise and report to
his country.
MI take It thst perhaps habtt?
and practices of extravagance in
governmental expenditures sre not
peculiar to the United States of
America. snd the whole world
.would like to profit by our exam pi*
Pr*altea Appreriafioa.
"I asffure you thst the Executive
is intensely interested in this en***
terpri*e under the command of Gen.
Dawes. I want you to give It your
earnest support, snd know that at
far as the Executive can return It,
I premise you the assurance of appreciation."
In orders issued yesterday. Mr>
Dawe* pointed out that the final
amount agreed upon for running
a buresu or department will b*
subjected to further review as ths
year progresses
"The estimates onca approved.*
he said, "will be subjpet to further
study and revision during the year,
and all possible additional savinga
therefrom will be effected."
Plans to Extend Radio
Market Report Servict
Appointment of a commission ts
study methods of broadcasting to
farming communities by radio aers*
ice quotations on livestock, grata,
fruit and vegetable markets and
other information wss announced
yesterday by Postmaster General J'
Hays. The rommlasion consists of
K. B. Howell, of Omaha, chairman;
William A. Wheeler. Bureau of Markets.
speHMist of the Department
of Agriculture, and J. C. Edgerton,
ra#io expert of the PostolTlce Department.
Market reports are now sent out
three or four times a day by th?
air mail service In the Postofllce Department
through the stations at
Washington. Cincinnati. St. lx>uis
I Omaha. N'orth Platte. Xehr.: lick
i Springs Wyo.. and Elko. Nev. Eart
<>f these stations covers a radius of
. to 500 tr.ilen.
==l
:nt Notes
the proceeds of
erest and mconsllection
of your
payment on a
the principal tf
day it it tared.
urell by applying
and inreitnient
sey Co.
r a
1
