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Federal j FEDERAL AGENCIES BELIEVE WORST OF DEPRESSION PAST Initiative on Part of Individual Business Men Needed. FINANCE BOARD AID WW F inance Corporation a Most Energetic Department, Says Sullivan. . 11 Rj MARK ?ILUIVA\. All those agencies of the government which are concerned with the state -of business believe that_the worst of the depression has been liassed. Departments of the Rovernment to which this is a matter of primary concern believe that what is now most necessary i? initiative ; on the port of individual business m?n. Frobably the most energetic of J the government department!* encaged In helping business is the War Finance Corporation. Its direct function is the facilitating of export trade by supplying credit under proper conditions. Like every institution, the degree of its em- J cielfey is determined largely by the personalities of the individuals who dinset it. , jfhe War Finance Corporation coiHU fulfill the requirements of the statute which created it by merely j sitting still behind the counter of, th?? Treasury and maintaining a , r readiness to advance money to prop- t erly. equipped applicants. But it i? ! s the belief of the War Finance Cor- ^ poration that what is most needed is energy and initiative on the par* h of individual business men. and the , | directors of the corporation are not , content with waiting for applies- | ? tiotrs for loans, but regard it as a ' part of their function to stimulate 1 1 initiative \>n the part of business j? men and bankers in those sections 1 of the countrv where business is j mo?| depressed. Aiviarr* (Vob Loan. | . Fpr example. one day last week j i th^ War Finance Corporation ad- ! ? \ irtVed $5,000,000 to a co-operative j i association at Memphis. Tenn.. ? which has on its hands some 220.- ! t 000 bales of long-staple cotton. The j *1 purpose of this advance is to sup- i ply.to the owners of the cotton such \ fund? as they need in the imme- ; 1 diate present so that they will not j J be" under pressure to sell their cot- ' ton tt any price they can cet for it. -1 Fundamentally, t^e purpose is to ' let ij*e European consumers of this!1 kind of cottoi* see that the growers ! ' of 11 are protected financially, and I < cafittot be made to accept lower! ^ prices. The desired psychological j 1 effejct should be to make the Euro- j ' pean skinners realize that cotton ; has reached its lowest price, and i ( thereby stimulate buying on their 1 part. I * Sends Remarkable Wire. Having taken this step the War j Finance Corporation, with an ini- , tiative characteristic of it. but in- ] frequent in government institutions. \ *enf a remarkable telegram to the | F^Weral International Banking Com- i ptflty. of New Orleans. This bank- \ 1n)C company was organized last winter in the South under the Edge law. through subscriptions from ' 1.400 Southern bankers and other subscribers, for the purpose of pro- j moting the financing of the export { trade. The telegram from the War Finance Corporation to these South- : ern bankers reads: j 3 Tou have no doubt seen the an- j nouncement that the War Finance i| Corporation has agreed to make an ! advance of $r?.000.000 to the Staple , Cstton Co-operative Association of j , M%mphi* to assist in financing; cot-L to^ to be held in American ware- j houses for export, within a year. I tS*. loan is considered absolutely ' , sa*r business and helpful in promot- J in# the orderly marketing of the; ? in the territory in whi<*h this ! j cofion is grown: j j ^pn view of the fact that yourj c<y?y>any was formed by Southern : interests to assist in the orderiy j \ marketing of cotton to foreisn buy- i eiV will it not be possible for you. < ac^ng in conjunction with other hacking institutions, to work out a 1 1 pla?. using existing export organi- j 1 I En fl ^^fl fl v THfi BEI Of Economi There is one sort of "prosperity inflation; soars diznbf for a whi the inevitable result. But lasting prosperity begins in derives its strength from national It is built oo the bed-rock of Th I Open a savings account of your < 3% Compound Interest j&tr-i Paid On Savings 1 AMER1 Security &Tku 15th Street at Pennj HOME SAVINGS 7th Street and Massachu Eighth and H Streets, N. E. Member American Ba HEADS Tl VAssistant Head of New Finance Agency K OHN R. DKMHNORF.. LATE RALLY NETS~ GAINS AT CLOSE Efforts to Cover and Further Buying Gives Cotton Renewed Strength. NEW TORK. July 13.?The cotton narket showed a better undertone :oday following renewed strength ind a fresh sharp advance in futures it Liverpool while thei'e was also i continuation of the recent good Itritish trade and continental detiand for futures. Private cables laid there was a more bullish feeing prevailing on the cotton markets there with considerable investnent buying and a rather generally yxpectation of a broadening out of lew business In cloths and yarns. Futures there closed firm at the top it 12 to 27 English points net adranee on the day after having open d 3 to 7 points higher as against he decline of 2 to 7 points due to lave met our closing setback of 15 o 30 points yesterday from Monlay's advance. Spots at Liverpool *ere again large, totaling 10,000 >ales against 10.000 yesterday and 12.000 Monday, the largest turn over for three days so far this year. Liverpool houses turned up as good buyers of contracts again in this narket on arbitrage accounts. This *ith covering of shorts caused an idvance of 20 points in prices from >ur closing quotations of yesterday with October sellintr at 13.08. Decem?er 11.48 and January _13.48. This tvas followed by so much local proIt taking and fresh southern relling >f a hedging character the market eacted after the closing Liverpool ables were in with prices gradually working bark to yesterday's closing with the aid of some b*?ar pressure from local shorts. In the last hour the market rallied aeain sharply however. on efforts to cover and the development of some further buying by Wall street commission louses and some of the local spot louses. Op^n Rich T?w Cloee lulv 12 2* 12.44 12.25 12.44 11,-t I3.??5 12.17 12.** 13.13 IX- 13 43 13.36 *.3.H? 23.52 Ian 13.4-" 13.32 13 30 14 50 Hi.rch 13. 13 ?> 13.32 13.73 Furnis>???d bt W. B. Hibbi k Co.. member* Ne-w York Cotton Exchange.) tat ions or forming. If necessary, a lew export corporation for the pur>ose. so that the resources of the War Finance Corporation may be ivailed of in approximately thesam^ nay that has proved practicable In onnection with the transaction just announced? "The War Finance Corporation authorizes me to say that It stands ready to assist in financing such reasonable amounts of cotton on a sound business basis under any proper plan by which the War Finance Corporation may be definitely assured that the amount of ts advances will be repaid through the export of the cotton, within a year." The spirit of this message could ?e condensed' into three words? 'Please get busy." )-Rock c Progress * which rises rapidly through lie, and then we all know the homes of the people. It saving over a period of years. rift; and so it endures. wn today. M*? Capital and Surplus jL *5,400,000 [CAN ' st Company rylvania Avenue t branches setts Avenu , N.W. 4J6 Seventh Stmt, S.W. niters Association IINKDEPR BUILDING INCRE. WITH CHE/ Chief .Gains in Consti Small Tow .(By THE WASHINGTON Washington. July 4: THE revival of building actlvltle* continue* to gain forcc and a resumption of building on an ac active scale is Indicated. The season had been running about 20 per cent behind the spring of 1" until May when building as indicated by permits showed a gain or | about 6 per cent over May of last I year. j The record of building permit* is| sued as given by Dun's for the first six months of the last two years is as follows: BUILDING PROGBMS 1F5 lt20 AND 1?21 Cllle. 1M1 >M* Mar 7~Iij4.M4.000 April 101 1C.S20.000 J"'"*" March 10S 10H.MO.000 February .. W H0.n7.00n ."-J ?? J?nn?rj ... 0* 50.5W.000 108.301.0011 It will be noticed that the Progress has been steadily upward this spring in contrast to the apurt in April a year ago which was followed I by a large recession. This steady progress when considered together Wiith the fact that prices of materials are on a more settled basis leads to the conclusion that the growth In activity Is healthy and will be maintained. The location of the gains as shown by a studv of the reports from Individual cities shows that the new progressive movement Is confined t? a few large cities. The figurei for the cities showing gains are ai follows: CITIB8 SHOWING IS'CBEASBI) BCIUJIN0 ACT1VITT IS MAT. 1921 1MB v._ T<>.k 41.SO*.000 lt.QM.ttM 2.111.000 mm 1 SrSui a s.114.000 1.171.0W ... 2,7*4.000 l.lM.OW 1 MlaaespoUs'' -.. : ?? ?? J *1? f'*"k ... 2, Ml .000 l.lM.OOt N"'L 0? .. 1.454.000 S1?.00< W?,lila*tos. D. C... 2.274.000 1.5W.00> The total for the cities outsid? of New York showed a decreaae ir Mav from ?98.?12.000 in 1920 to $?2.715.000 in 1951- In Chicago anil Philadelphia there were large decreases as compared with the eam? month a year ago. There Is nothing to indicate any very great lncreas* in building activity In the oper country or in small cities. Most ol the cities In agricultural regloni have shown a decrease compared with a year ago which serves as in indication of conditions among smaller places to some extent. These building statistics art stated in terms of values and this GOVERNMENT WINS WOOL PROFITS CASE Right to Impose Restrictions With Respect to Earnings In 1918 Upheld. The right of the Federal government to Impose certain restrictions with respect to tn. profits which wool dealers mlgnl make on wool handled by them ir 1?1?. when the government took over the year's clip, hss been definitely settled In favor of the government by Judge Sessions In th? United States District Court for the Western district of Michigan at Grand Rapids. The defendant i motion to dismiss the government'* case was denied. While thli did not involve a large amount the principal issue is of great tm portance in view of many case: yet to be proserutfd by the government. some of them Involving larg< sums of excess profits. To aid in the proseeutfon of tn< war the government. In the sprins of 191?. took over the wool clip ol the season. To make this purposi i effective regulations were issued bj the wool division of the War De partment board, requiring dealer; who wished to handle wool to ob tain permits or licenses. Wrhen thi War Industries Board was dts banded this work was transfenre' to the Department of Agriculture These licenses were. In effect, con tracts between the dealers and tni government. The regulations als< limited definitely the profits whicl wool dealers might make on al domestic wool handled by them. Ir the ease of country dealers oi buyers, such as the one decided bj Judge Sessions this profit was llm Ited to 1V4 cents a pound, the wholt object being to prevent speculation and to stabilise the wool market, at a time when It was Important tc the success of the war that America's army and navy was as*uret proper- clothing. All except about sixty wool dealers have voluntarily paid over tr the government any excess profit! made. Among those who did no! pay was the defendant in the abovf stated case. Judge Sessions declares In his decision that In tlm< of war broad powers are conferred upon the President both by tn* Constitution and by standing statutory enactments of Congress, but the President's powers were not necessarily involved. The powei of Congress to authorise the action of the War Industries Board the court said, could not be doubted, With the power conferred upon it by Congress this governmental agency had entered into a Contract with the defendant, and the defendant. the court held, was in no position to challenge the right of the Congressional branch of the government to approve ana affirm that contract. Congress, the court declared, had approved and affirmed contracts of this kind mad* by the board through Its officers. If the contract was valid in behalf r*f the government then the government certainly had a rl*ht to bring suit in Its own courts to enforce Its terms. The government was represented by the United States attorney for the Western -district of Michigan, assisted by one of the attorneys In the office of the Solicitor of the Department of Agriculture. Washington Packer Appointed J. A. Whitfield. J. A. Whitfield I Company. Washington. D. C.. has been appointed by Thoma* K. Wil*on. president of the Institute of American Meat Packers, to lead a delegation of Washington packers to Chicago on August 9. when meat packers from all part* of the United States will convene to eonsider lm portant matter* now affecting the meat industry. Thi* meeting wll! be the sixteenth annual conventlor of the meat packer* of the Unlte< State*. ^ . ESSION PA ases iper materials ruction in Large Cities ns Lagging. [ herald economist.) mu.t be considered m making com.?? .pi "? "?> " '"""veTT'y^; ago when prices were higher Con ?*juently the volume than the.. Hgur? woil'd ,i" Ja*e 19* Tao ^P?jj J?a. 1921 IDT. j!? *]? , Iw 1KI 2.10 S.VMI ; ? i ?j0n "7 <h< prh- "n *?? > 1 i ?ar Jo Th, .rer C'nt le" ,han 1 ?J , * Th' iron *nd steel businc? running at only .bout * 5 ducttan' 0t~c**aclty ami further reductions may be marked off befor? any exunt' ?' b"~ '"crea.e. tc r, Jnrrt'1*^ fl,thp? building materlali ttette? LI "r"a" of [*bor 8t.V ^ *"? comparing prices fo. , . t'th M"rch ""I th< , following is shown: PRICM or ?tII.DIN(I MATBRIALS, 192C A.ND 1921. __ 19a) March IMlMach , Brick, per 1,000.... njj ?lsM~ , CfSHt. Port la do,per ' " i Lta?. per toil.:::;;; j JJ i I UlMa. wlodow. so * *? , _*i Vm *-ss ?.M L4tti, per 1,000 1? 00 Dwglaa flr. No. 1. 875 ?r'\ *1M 12.50 ? nfr ?|, 68WI SS SO I OS*, white 155.00 ?I 00 > SSl. T'Uow 104.73 II (2 ) SbUflM, red cedar. A OH *? 40 ' *?> 4iJ i" I Lead, wklte 1-, I Uoeeed Oil I 80 m ) Turpeatlne 2.3 .OS ' Taken as a (roup, building ma ! ter1*' prices were represented by th< i index number 208 In March 1921 against 825 in March 1920 and 301 I for the whole year 1920. Sever. of the building materials are bacli s to 1918 levels and a few to 191' : prices. The progress of bulldlnf i should not long be delayed becaust I of the cost of materials. Labor foi I building is also more plentiful ant I wage levels are lower. All these indications point t oward i a steady recovery of building opera; j Hons during the summer particular! ly in those localities where ther< ' j has been a decided shortage of con>|struction for two or three years. 10IL PRODUCTION , TAXES SHIP LINES , BUENOS AIRES. July 13. ?St rapidly is the production of oil Increasing in the Argentine governI ment's fields that the state equip ' ment is unable (o handle the outpul rapidly enough, and the govern ment must build new tankers and storage tanks. Three tankers have been found Insufficient to transport the oil froir the wells to Buenos Aires for re?Kn"?.e".V ."nd 11 U reP?rt?<! au. thoritatjvely that at least 100.00( k"**0./ now ""cumulated i? me* fields. neW ,Bnk-r has been pur. *--- * * OOS, of *1.000.00#. It i! an^W-ton vessel and will be p* into service in August. COTTONsiEDOIL. ! oiiNw.W T?^K- Julj "-Cotton.ee, oil was steady; ,pot, 8.3;a8.75; crude 7.2^ sales: fut res. July, 8.40.8.45 8 St"'V; M0** >0: St?"trn?>'r. 8.83. alt nr' ??0aS.?S; November 8.?.>*S so December. 8.79a*.81; Jan , uary* *-?5a8.85; February 870a8.90. i bankstatements. ! reportTofi second nat At WaakisKtts la ike District mt < Jwm+ RESC ; l' " and discounts, including i ?' Overdrafts, unsecured , 3. a Customers' liability account 1 executed by this bank banks for account of this hi r outstanding * I''l) ,1I.?,n,"t securities ow value) ?e<ure clrculatioi ; b * <? ;* I I' S'f^hou^^OO^r'f^'n-,^ I 8. LawTul reserve with Fideral It?m? with Federal Reserve Bi t'on (not available an reser> ? 9ash in x'au,t an<l amount due 11. Amount due from banks, bank 1 , ino^i,;,ed St*tes ^ ? \l EcU\To8nfoTh^:^s ^7hee porting bank (other than itei I w t. Total of items 9, io. U, i 14. Checks on banks located outsic porting bank and other cash 15. Redemption fund with U S Tre Treasurer 16. Other assets, if any Total 17. Capital stock paid in . *"IAB1 18. Surplus fund " 19. Undivided profits * a Reserved for interest and tax< 20. Circulating notes outstanding 21. Amount due to Federal Reserve 22. Amount due to national banks. 23. Amoun^ due to state banks panies in the United States >4 r.rtt ^an Included in item! checks outstanding .. 25. Cashier s checks on own bank ' ?,al. ?' Rems 21, 22. 2 Demand deposits (other than . J, re.erv. (deposits payabli 2* Individual deposits subject to cl 27. Certificates of deposit due in .a n.Tfn ior money borrowed) . 30. Dividends unpaid . Total of demand depositi bank deposit.) subject Items 26, 27, 28, 29. 30 i Time deposit, subject to Re days or subject to 30 di .. postal savings): 34. Other time deposits To.t.*',?.{ tlme deposits su 33. 34 and 35 .... 35. United 8tates deposits (other" eluding war loan deposit a I a. .Kniud Sl"tes disbursing offi< . 41. a Acceptances" executed by thi to furnish dollar exchange.. Total I. VICTOR B. DRYBKR. C.shler the a^ove statement and belief. ^jSubscribed and sworn to before Correct?Attest: i?.HvN&^CKM,FF kST PEAKPredict Better Demand For Lumber in Fall CHICAGO. Julj 13. ? SnMiil Improvement In tke l??Wr ladaalry la the tall ?M? fareaaat f*my b7 KdwaH HIbm. af the Hlaea Lmnkfr Caaapaay. al? (konRh Mill price* far laaaher, ha aaM, weald arrer |t back ta pra!_ war levels. Tkatiaai* af aaa will retara ta the taaher eaaepa thla tall aai the flrst af ?e*t year would pea a large aaf ea?tlaaaaa deaaat far laaahar far all parpaaea. "Tie laaaher ladasfry la aaw la a peculiarly fart aaa te eaadltlaa/* Mr. Hftaea aaM.. "It l? aat depeafeat aa fareljra tmie ta revive haalaeaa. The price af laaa* her haa already received a Iraatle eat aad a eaaalderahle WalMlag 4eaaaa4 haa already he*aa. The deaaaa4 fraaa the faraicra will heal a with the harveat aa* reaaaaptlaa af lunher aeeda by lad aat vies aad rallraada will aaaare preaeat plaata rapacity haalaeaa far yeara ta eaate.** GRAIN MARKET GAINS SHARPLY ' | Damage Reports Combined With Black Rust Rumors Result in Advances. CHICAGO, July lt.?Dftra.ce r?ports from the spring wheat territory due to recent heat followed by black rust with extremely high temperatures in the Central Weat combined with a marked increase in country buying. resulted in active and sharply higher prlcea foi . all grains. Wheat moved up 6H cents, corn lHal% cents and oats I l Va a2 cents over the previous day's finish with some stop-loss ordera I caught on the way up. Balling against offerings checked the up' turn around noon and made a fair f reaction, but the undertone was i very firm and the breaks brought in renewed buying. l^ocal traders t I who were free buyers yesterday in ! many instances went out of thaii j I long wheat on the bulge, believing j a reaction wan due, but commission; - houses generally are now on the bull side of the ir.arket. Drought ; reports continue to be received from i 1 Europe, with Germany and Por- j : tugal complaining. making six countries in which the crops are' suffering. In addition Northern j v Argentina needs rain and Man-I Mchurian reports say the crop there will be poor. Japan has been buy> ing whest at the Pacific Coast. . Cash wheat demand was fair with t . No. 2 red selling at lal^ cent un- j der the July. Corn market showed more 'act tlvlty snd advanced on the drought . reports from the Central West. So | I j far deterioration has been rather limited but the trade are decidedly, J apprehensive of the heat wave con' | ttauing as is suggested by the offl- I ' cial forecast, which also indicated thudershows in some sectional ' R|(h Low Ckwe > Wheat? i JRir 1 i v> 1.S4H i jt 8*pt 1.3ft l.'JiS 1.24*4 1 3S% . I*1** 1 19SU 1.27% 1 31 J ! Cora? I '.l* ws .? .64?, ,6S f *?l>t 62S *4* S2N j !?, .63 .HIV .62 i Oil,? I Jni.? ** ? .SK j.tj,! ! *?P' 3?', 4IN 39'. ,4<Hi | 0" 42 43S 42 .421* , Port? I?.?0 | Lsrd? ' II.? ll.rn II.VO 11 (in | 'Is" w.?0 11.62 11.60 11.62 I t j Rib*? . 1?.?K ii on m.!w ton; ; , < I iirauh.4 kT W. a. HikW ft C., m..Wr. I Cklmc. Bwird .f Tt?4..) bank statements. THE CONDITION THK TONAL BANK at (k. <- ?<- .r ha.I.e. ,a 30. 1921. H'RCES. rediscounts. . 12.530,SSi.07 $2,530,? j5.07 of "Accept- 231,1 and by other ink, and now I 25,000 oo ned: Si.000.00 ? <U. "S, bonds. 1500,000 00 >vernment 8e 244,004 20 ? 744.004.20 10 327,085.00 Jre and fixtures. 9lg.6So.40 218,695 40 lesf-ve Bank 220,340. 8? mk in process of collec 14,766.61 from national banks 269.280.22 ers and trust companies an included in items 8, 7.017.52 S2.668.4t same city or town as re 12> * 18.254.22 12 and 13 1361,986.97 le of city or town of reitems 7.941.80 asurer and due from U. S. 25,000.00 11.611.57 *4.472.768 91 UTIE& $ r.OO.000 .00 250.000.00 I 47.408.00 's accrued.... 14,400.00 61.808.00 482.297.50 Bank (deferred credits).. 12.304 ,47 45,429.33 bankers and trust comand foreign countries i 21 or 22) 60.688.71 5,723.40 outstanding 1,704.18 3, 24 and 25.. $125,850.09 bank deposits) subject to i within 30 days): heck 1.818.920.09 less thsn 30 days (other 5.696.10 20.008.00 i (other than to reserve, and tl $1,844,633.19 serve (payable after 30 ays* or more notice, and 1,094,765.93 bjeet to reserve items 32, $1,094,765 93 than postal savings) inkccount and deposits of sers 88,404.20 s bank for customers, and ...: 7. .$26,000 .00 25,000.00 1 $4,472,768.91 of the above-named bank, do solemnfs true to the best of my knowledge V. B. DKYBER, President. me this 7th day of July. 1921. FRANK OWINGS. Notary Public. FRA'NK G. WILKIN'S. '"UNO H. RUDOLPH, WILLIAM H. WALKER. WllOJAM M. HANK A V. ^Director*. GREEN D1 [ timely wall i VBW TORK, July U.?There wai no change in tho ftnertl aspect of th? ?tock market today. Profaaalonala were (Irmly seated In the saddl* and accounted for an Increasing percentage of the day'a tranaactlona. although none can deny that tfcay would .like to have event* ahape theraselees differently. It hu been generally appreciated for a Ion* time that the public- la not In the market, and for the paat fa* ? ?? haa been becoming Increasingly evident that even the temlprofession*!* who operate from the outalde. paying commissions. arc becoming. disinterested. stock* advanced a point or two during the nrat few minute* of trading today but sagged off and became extremely dull before noon just an they did yeaterday. The afternoon was riven over to an Irregular movement. In which aome issues re. certahiV *""" ?,htr" un"i^ivei. "r?Un ,h' Tu'*d?y < 'oaAmerlcan Tobacco storks advanced during the flrat hour on . rumor that the new, ,|(.ker would f^l .k orab'e announcement from the company at II o'clock The regular common atock went up I* Polnta. Then, at the appointed hour, CURB TRADING AT LOWEST EBB Volume Smallest Since Removal of Market to Covered Quarters. i 13-?Buaineas in the New York curb market today was the smallest 8fnce the aasociacommenced Ita trading underneath a roof. Many of the formerly active industrial* were not m.*-* J" !? ,he extent o' ? ?ingi<" hundred shares. and a number of thoae in which there were transaction* were dealt In to the extent of only 100 shares during the entire day. This made the market generally one without fluctuation*. price movement* worth noting occurring only In a few issues Among these were Qlen Alden Coal, in which the trading amounted to about 2 000 shares and It* range from t0 Dur,nl Motor!, which wa, ? strong feature when It sold at the new high record of dropped to :?* during the forenoon. when only 100 shares of the stock were traded in during that period. Cities Service common on transactions of lea* than 300 shares dropped from 10? to the new low record of 104 in the flrst half of the day. and the preferred stock on * few fractional lot transactions yielded from 42 to 41**. metalmarket. NEW TORK. July IJ.?In the London market today tin spot was 10s higher at ?166 5*. while futures were lis higher at ?16?. Sale* of pot were eighty ton* and of futures 120 tons. Standard copper was quoted ?S2 (s Sd for spot and ?72 ?a for future*, both being 2s m higher. Sales were too tons of futures. Electrolytic copper wa* unchanged on the basis of ?7? 10s for spot and ?7? 10s for futures, bpot lead also unchanged at ?23 Ss 6d for spot and ?23 for futures. financial statements. report of the condition of THE Standard Savings Bank At WMfctsgf. la Ike Diairlrt ?f rslaabla, at Ikr rla?f ?f Imsineaa Jane 30. ('<21. Raorimt. 1. a L o a k and du *"Onnts. id. Iodine rrtiiroonts ifirfpt thone shown in b d rt )?0 47vC Total loan- 9390 47v02 ? 9390 47?.?2 ? Overdraft*. unsecured . 16.R3 3. I'. R. (o\^rim?Bt neruritieti owned : r t"spled*ed 2.300.0(1 Total I*. S. government *ocnrlties 2.200.09 4. a Bonds, securities. *tr.. other than I". 8.. including premium on wine 91S.290.67 ' Total bonds, securities, etc.. * bou"* S34.M2.I? *. rarnlture and fixtures 24,747.65 ?. Due frets nstiesai *"*? taa.t.Vt.23 .. ??.1S?.23 ~ other ?li item* . I.318.KS IS. Cs.h l. ltsJfcSi M. Other esseta: Profit and |o*?. 7.47M.84 *1 *770.174.04 ? , . LIABILITIES. 1? sJUlf*1 .tOCk P,id fcWVOUO.OO M. Sorpiu. fsad 40.000.00 17. a I ndtefded profit- f IS.730.81 b Leaa current exP*?iei. interest d taxe* paid 14.707.34 Do* to aute and private banks and 10.902.34 21. Certified ehec*. "" checks outstanding.. l, say'an Demand deposits <depo?ii* parable within 90 dars): 23. Individual deposits subject to 24. Certiorates .r depe.lt doe Is ****** lass than 30 da.r* (other than * r monej borrowed) ..... 12,797 04 Total demand de poaiu. items. 21. 22, 29. 24, X. 2*. 27 and 2*. .9241.:-06..-?0 Timo deposit, tpaj.ble after da.T*, or sebjert to 30 du Tg* or more aotire): CertUeaios of deposit .other ? _ for motif .r borrowed I. )? ->m -v. 3C. Other time ?sp?it. | Total of time dePo*lts. items. 29. a. 80 31 ""l *2 ,$I?g,R75.08 Payable, laelsdiag ?rtl este. of deposit represeatborrowed UO.Ono 00 tt -. ~--<WM74.? DMriet of ColoniNs. City of Ws?i,lastoa assbOTelsm^, 'ta.Rkr)llElt\."^"",*", ,h? J ksowledge sad belief. * B. OARDINKR. ..rrr-,:?. isr 'Heal.i ?K. J. MIDDLETON Correct?Attent S""" ~rz -ZTL A ? Wm. k. Rirhardaos. Wm Kealsad ArooM Ulrsh, w-.rdk'wr 5"^" " W,lk*r- K D William"; * %Jao. J. Contiaett. *1"" RaMefetou. Mm y ll_l, *** ' A. J. .Driacoil. I. I- D aaoia. Wreetew. TENDS J* STREET TOPICS^ I the announcement' came that the directors had declarei a dividend of 4 % per cent, parable In the stock or 1 the ltengel Company at par. In some quarters, which are usually familiar with Che affairs of the tobacco ^mpanles, It was stated that this dividend would not affect the cash dividend, action on which will be taken in the latter part of this month. Following the official announcement American Tobacco common dropped noints. The stock ! dividend is payable on both dames cf common stock. Persons who mske an Intensive , study of the tape from the opening | bell right on to the dose, have grown weary of the dally perform! ance of Transcontinental Oli. They ; report that during the last Ave or J ten minutes of every session for a month or more thin stork has moved j up from around 7% to S. It hns gone up an eighth point between gales s*?d has invariable flnlr^ed the day a. S. Trader* u ho have observed this occurrence arj convinced thtt it ia more than a coincidence. They aver that the stock is purposely given an appearance of strength at the close for the purpose of Inducing traders to buy at the opening on the following dsy. The initial demand having been supplied. the stock promptly slide* back 7H to await the appointed time for another "rigging.* ' The stock market proceeded immediately after the opening this morning to eliminate the chance ot arbitrage between the present outstanding <ommo.i stock of the North American Company and the new common and Preferred stocks which sre to be ?tven In exchange for the old stock. Th#> company offers one share of common and one of preferred. each of $50 par value for one shire of the present, of $100 par valu?. Yesterday while the $100 comon wa? selling on the exchange at 55 the proposed $50 common was selling for 33*, and the preferred at 30 on th* curb market. Thus there was a difference of 4*4 points between the price of the old common and the combined prices of the new common snd preferred. Wall Street's ideas of the value of bullish or bearish stock-market arguments < hange with the seasons. just as news values change. Th? Street has been hearing about Gold imports for so long a time that a I new arrival is given scant attenJ tion. The Mauretania brought in 171 < ases of gold today, and a South American steamer docked with a j small amount from Colombia. A j little over a year ago gold imports were given great consideration by j the stock market community. Tht Federal reserve bank ratios were dangerously low. and money avafl> able for loans on stock collateral was scarce. Gold started to flow la from England, presumably to meet payment of the Anglo-French loan I In October, and market operator* began figuring the amount of credit that could be based on the new metal. The ratio was estimated all the way from $8 to $20 of credit to $1 of new gold. Failure of that credit to be forthcoming was one of the great stock-market dissppointments of i>r?. FINANCIAL STATEMENTS. REPORT OF T1 COMMERCIAL N IAt Washington, in the District of C June i RESOl 1 a Loan* and discounts, inciudini (except thosf- shown in b am Total loans Deduct: . d Notes and bills rediscounted reserve bank (othe#r thi ceptances sold) 2. Overdrafts, unsecured. $591.1$.. 3. a Customers" liability account of ' executed by this bank and by for account of this bank, ui standing 4. U. S. Government securities own a Deposited to secure circulatior par value) b All other U. S. Government ret Total 5. Other bonds, stocks, securities. 6. Banking house. $1,229,443.46; 1 $43.91$. 74 7. Real estate owned other than b< 8. Lawful reserve with Federal re 9. Items with Federal reserve banl not available as reserve 10 Cash in vault and amount due f 11. Amount due from banks, bank in the United States (other b. 9 or-1#) 12. Exchanges for clearing house 13. Checks on other banks in the ? porting banks (other than itei Total of items 9, 10. 11. 1 14. Checks on banks located outsid porting bank and other cash i 15: Redemption fund with 1". S. *1 U. S. Treasurer 16. Other assets. .Due from foreign banks Interest earned, but not collect and bills receivable not Total y 1*1 A UI 17. Capital stock paid in 18. Surplus fund 19. Undivided profits a Reserved for interest <tn?l taJ o Reserved tor expenses 20. Circulating notes outstanding 21. Amount due to Federal res?r\> 22. Amount due to national banks 23. Amount due to State bank?pani.s in the United States (other than included in iteins 24. Certified checks outstanding 25. Cashier's checks on own hank oi Total of ifcems 21. 22. 23. Demand deposits (other thai to reserve (deposits pa>al 2$. Individual deposits subject to ?. 27. Certificates of deposit du< in (other than for money l?<?rrov 28. State, county or other inunicl pledge of asxtts of this bank 30. Dividend, unpaid 31. Other demand deposits Total of demand deposit, bank depo.it*> .ut<je.t item. It. 27. 2fc, 2>. 3? Time dei>o.its subject to res. r or subject to 30 day. or saving.*: 32. Certificate, of deposit (other tin 34. Other time deposit. 35. Postal .avinc. deposit. Total of time deposits ?' 32, 33. 34 and 35 3?. United States deposits tother t eluding war loan depo.it United States disbursln 37. United States Government secui 40. Bills payable with Federal reef 42. a "Acceptances" executed un by customers, and to furnu change 44 Liabilities other than tho..- ab discount collected or ire uirity. and not earn Total i ?_ City of Washington. District of Col x jam ICS H. BALtKN. cashier ol swear that the above statement ia t '^Subscribed and sworn to before " (Seal.) H C?rrH.t OOI"DEN DONALDSON. ROL.FK K. BOL.I.INNO. JAM KM B: RKYNOL.D8. JAMJ?8 A. CAH1LL. lRIFF BIE' SAYSTARffF BIHj;: \ AVERAGES LOW? THAN PAYNE ACT X . ? Green, of Iowa, Defends Rates?Attacked by Carew. PIG IRON DUTY.qW New York Representative Predicts Pyramiding.. , Of Duties. . Many rate* of the Fordney tariff * bill are lower than In the fotfnl'-r j Payne-A Id rich la* . Representative Green, of Iowa, a Republican mrmiber of the Way* and Means 'Cq*mfttfc which drafted the mea*ur? dKlar?d during the debate In' the House yesterda>. Mr Green offered detailed evidence to prove hlf statement. ... The chief attack upon the bill during the day win made by flepre i eentative Carew. of New fork Democratic member of the Way* ' and Means Committee He directed i hif fire at the American valuation i plan, which he aaid would cfeet' , such uncertainty a a to discourage Importationa and alao would permit pyramiding of duties and raising of prices General debate on the bin conclude today under the tertWa the special rule. The f<<lloWlng week will be devoted to considers \ tion of amendments. (.eaevsl Debate Kadn T?4??. Me Green said that while. the , protection given to the wool-grow er is probably nomewhat greater .than that given by the Payne bib. th?compennating duties allowed in the i Payne bill were out of proportion ' to the duty actually paid b* th*manufacturer and by reducing tb?jn I the total duty paid by th# eon' : aumer of wool goods will be Je?s {thsn In the Payne bill. ? I Mr. Green e&hiblted a compati#p?c.f Hi. rate* under the Payne. Ujtderwood and Fordney bills on 1W cotton cloths selected from the kind# mostly imported. He said that *hr fate* averaged somewhat lese.ihn*? the Payne rates based on HHprlne-? Present-dsy prices, he said, are flur I tuating too much to permit -a < om, parlsan "The rates on hosiery and. underwear have been greatly redyeed below thos*> of any previous protective tariff making all allowanee for the duty being assessed on the American valuation." said Mr Gteen "In tl.e metal schedule the duty I on pur iron is cut in half from I the Payne rate. The duty on bar .iron, bars and round iron if greatly reduced, in fart the reductions are 'too numerous to mention. liar bed wire, which was dutiable under (he Payne bill, is put on the free list. The duty on aluminum, of which .complaint ig made, is much Jower Ithan in the Payne bill. FINANCIAL STATEMENTS. UK CONDITION THE IATIONAL BANK 'olumhia. at the close of business on It. 1921. L'RCES. r rediscounts 1 c> SC.17l.MS.SI II.1H.MI.U with Federal in bank ac4l4.i4f.73 IT 4&S.I4I TV 191.1k "acceptances" other banks id now out S Ui.ttO *0 l ete ed: ,v; 1 <U. K. bonds. Ii.ttt.tto.o? uritica 1.304.S00 . f?v 2.3* .tt*** etc I>llj|ri.j3* furniture and failure?. 1.272.342.2? anking house ?*"! ' serve bank f2>.M4 ? t in process of collection 24c.22a.2t rom national banks 4M>?t.t* *rs and trust K.mnwn'?? than included in lUtub .* TTdlt.M 212.57* st | 'ame city or town a* rein 12) . 71.T11_JS 2 and 12 fl.2SC.M4.47 e of city or town of re tems 7Mi2.l# Treasurer and du< frv?m U7.ldf.ftS S1.S71. tn ^ \y Led. on not? s _ past due 24.272.11 2t.in.i7 1 S.384,lfc> .04 L.ITIES II ,ttt.Vt?* .-tt 4 00><?. at f 41.434. ti Leu accrued 27.lt7.ts 6.142.47 Il.17l.3f I t'iJEtetd bank t deferred credits!.. 2l4,lte,S?? tTTT 24*. 7 21 ; a bankers and trust viand foreign countries *1 or 221- ltt.441 . .. 2ta.?i?:tt j t standing 42.4i 2.4* 24 and J5.. $1.424.340 . S3 i bank deposits! subject .... de within 30 days): heck ;.ll2.b*~M leas than thirty days red 22.rSt fr4 ipa.1 de|K>sits secured b> y . V.V.V.V.V.V.V.V.V.V. it 4i.sst.tt tother than to reserve. and 31 S*.234.1t4.t* ve (payable after 30 day*. more notice. and postal in for money borrowed).. , ubJect to reserve Item* * S2.143.tt0.14 han postsl savings), inaccount and deposits of . g officers ajtl.1f ? ritles borrowed 20o>*?* A# . rve bank 4K0.tO0.0ti this bank for < * th dollar ex 1155.000 00 - 155.0'* It ove stated: Interest and rlited in advance of mied 11.245 .11 U.2S4,l?t tt * lumbia. ss.: T the above-named l?ank. do *olemniv rue to the bent of my knowledge ?*d JAMKS II HADES. 1'aahter. me this 11th day of July. 1121 4 , ELENA D. HERD. Notary Puklh ? JAVKH SHARP. MB., , ?\ J A MK* TO W SmIIP ti ttoLLXa I HOLCOMBE O. JOHNSON. ] Directem. J