Newspaper Page Text
RUSSIAN COIN REMAINS BARRED FROM ALL GOVERNMENT ASSAY OFFICES
TREASURY STILL
REFUSES TO TAKE
BOLSHEVIK GOLD
Receipt of Rubles by
N. Y. Banking House
Raises Point
MUCH SHIPPED HERE
Passes Through Sweden, However,
Where It Is Melted and
Given Swedish Stamp.
NEW YORK. Auk- 1??The recent
ronsignment of a box of sol rubles
to a local banker has roused interest
in the street as to the acceptability
of cold from R'lasia. and It has been
inferred that Washington might
hare adopted a laissez-faire policy
follow las the Chancery decision the
other day that Soviet gold may be
freely shipped ia and out of ?n(land.
Inqnlry shows, however. that
Ihtr* was no lettinar down of the
bar* here. The rubles lately deposited
In the vaults of a well*
known banking house cannot at
present be accepted by any * assay
office or mint in this country.
Mast siga Affidavit.
The New York assay office has anaffidavit
which must be signed by
the bank or individual offering Russian
gold, aa follow*:
"The undersigned owner of a lot
of gold for the purpose of inducing
tha -United States to purchase said
gold delivered to the United States
a a Say office does hereby represent
and warrant that said gold is not of
Bolshevik origin and has never been
In possession of the so-called Boish*vik
government of Russia.
"The undersigned further represent*
that it is acting on its own
behalf and not for the account of
another in offering said gold to the
United States and does forever warrant
to the United State* withoat
any qualifications v<i reservation
the title of said gold."
Owiag to thia requirement, consignees
have found Russian gold so
embarrassing that in several Instances
they have Anally shipped It
lack as a white elephant to the port
of departure.
Preach Cilia it.
la France, particularly, holders of
bonds issued by the Czar have always
insisted that the Imperial gold
reserves were an asset on which
they had a prior lien; and that anyone
accepting gold from the Bolshevik!,
besides "dealing with
scoundrels who did not deesrve rec?-nition,"
was a receiter of stolen
KQpd*.
Amid the necessities of a world
which has gradually had to dispensa
with luxuries, however, dignified
prejudices have now relaxed to a
point where It Is thought supercilious
to question the past of reminted
or reincarnated bullion: and even
the New York assay office accepts
freely importations bearing the
?tamp. for example, of the Swedish
lint.
In this connection bankers point
out the following facts: Gold is
flowing here voluminously, but the
reserves of the allied and Central
Kuropeaa banks show little If any
decline, whereas the $581,000,000
that came Into the hands oft Lenin
sn4 Trotsky on the downfall of
Kerensky is known to be dwindling
toward a point which Secretary
Hoover has estimated at less than
SCO.OOO.OOO. Also many of the nat:ons
bordering the Baltic have long
been selling goods to Russia for
gold.
* 7 Make Test Caae.
Meanwhile, no objection is raised
to Swedish-stamped bars, as is
shown by the 170 cases, valued ai
9S.I38.000, of which the National
Rank of Commerce has Just announced
the receipt.
Jt Is suggested In the Street that.!
the latest consignment of rubles I
may eventually serve as a basis fora
test case.
WASHINGTON PRODUCE,
(Paralvke* ?y Goldea A Co.)
Kgga?Southern. 36c; nearbv. JHo.
Butter?Print. 47aS4c; creamery.
xtra. 45a51c; store packed, 27c.
Poultry?alive: roosters. 1 SaUTc:
turkeys. 30a35c; springers. 31a33c;
white Leghorns, 28a30c hens. 26a
keats. 65c: dressed fowls, 33a
turkeys, 45a4Sc: roosters, 2Ca
springers, dressed. 38a42c..
fruits (green)?Apples. Western,
pe* box, $1.50a3.00; lemons, per box.
SJ-09a5.OO; California peaches. |S.00a
2.1f; new apples, bushel baskets.
<3J?0a3.S0.
vegetables?New potatoes, bbl*.
s. JOafi.SO: 10-peck sacks, S5.7Sa6.90:
caateloupes. California standard,
f2-??I flats. $1.00; new catbbage.
ho|i* grown. $4 00*1.50 peg- bbl;
be??. per bunch. 2a6c: peppers, per
$100a2.00; nearby cymblings.
pe? crate. $1.50a2.00; Delaware
lo^es. Jumbo*. f2.00a2.23; standar?.
fl.25al.75: sweet potatoes, per
b?frel. f6.00a6.50; yams, j>er bbl
$~>Jn)a3.50.
*ew York bunch celery, TScafl.OOw?ermelons.
in carlota. 2da22 lbs'
frag* fl2Sal50; 24ai? lhB.. aver-'
>4 *17S>2!S
If?*18 Dressed veal., I5al$cchffiee
calve*. fHalOHc. !
vjs. Depsrteeat of AS rlr.lt. re.
' Mirkets, Aiig?it 12, 1021.
?n Aufuat 11 Quotation* in
Important market?, price* for hay.
Jf *rain car lot* delivered
Wffihtngton. D. C.. for prompt ship"i?t.
are quoted aa foUows:
.. 1?; * timothy bay. ton. f24 50;
N?J 3 timothy. t23.50; No. 1 cloiiIil11
^ * spring -wheat bran.
??J7 ' ,prin* *he?t middling.
-IfO; cottonseed meal <36 per cent), |
old process linseed meal'
"j..'1Uten f"d = homing feed
tsilte) fSl.00; dried beet pulp.
J"?.? white coriK bu.. 76c: No.
* lo7ricorn- "c: No. 2 white oats
?o?>. 4.Vc; No. J wheto oats (old).
4 3?c; ie< oat*. 4 cemts less than
"#>e following commodities may
hejobtained from local dealers in
'*i,' * ^J1" ca?^ payment, at.
Prifes quoted:
lvtln,.?t?y ?** ton.
i.Xn ? timothy. (Western) hay.
V ' \?- * clover mixed. fJ4;
2If ?heat brmn' ?? *?: Winter
dlifc on *?-f5c standard mid.1*'
*"- ; flour middling. f28.75,
? *? <?6 p.r cent,.'
ziv-?rjz
tral ?7' P*r bu' <? *? *u
?Uow corn (bags
' '!" l yollow com (bag*
.. y' No. J White oats (old)
extra). ?7?e; No. a wh|l^
extra), 4?*e. .
t ? ,
NATIONAL BALANCE SHEET
SHOWS BURDEN OF WAR
Analysis of Budget Indicates Difficulty of
Economy Efforts to Lighten Taxation.
~?By Tit Wullwtaa >1 rraid
The irlm fact of the high cost of tlmmted to be IS71,04?,30* by the
war haa come home to Congress aa Senate Committee on Appropria
v , . tiona, butthe decrease In revenue aa
the appropriation bill, for the .est ?tlln.ted by the geeretary of th.
fiscal year have bean added up and Treaaury la IMM24.M0. In this escompared
with the diminishing reve- tlmate aa stated below he Includes
nues. All the eforta at trimming 1300.000.000 as the probable Income
|J*? total so near to that of from customs and the most liberal
* that there appears to be slim estlmatea do not place the returns
prospects of further savings which from this source at more than twice
will in any conalderable way reduce that amount.
the natlon'a need for revenu*. Customs can no longer pay, half
A few items like the needs of the the national expenses. The returns
railroads and Shipping Board would for 1*20 were not equal to the recwlpe
out the difference between the ord of 1?1? even with the great
total for 1)23 aad that of 1121 and trade of the past year.
'*** ,lle load wholly un- The following comparison of
changed. budgets of 1?21 and 1?22 Indicate
The difference between the ap- the principal Items in which the depropriation
for 1921 and 1?22 is es- crease Is slight.
Appropriation! by Cesoess for *?? Eadios Just. 1M1 ind IMS.
It-mo? Iftvl. I #22.
RotaUr oppreprialle. $2.212.11?,T80 3,lT0.t?t .* !
Dtlclescr bills 4M,402.3*3 382,1121,231
Sperlsl sets:
Trssoportstiea 300.0n0.00n
" Pipes brant Vi.ooo.ouo SJ.onn.ooo
Mlt? pisstous 4a.73t.S75 S20.MC.9o2
lsunot on Pebtic debt 1.017.300.<vi0 022,?30.0 .0
Sisklss fund...... 2^7,300.000 2*3.734,884
Hifbwsr rosotructtos 104,000.000 111.000.000
Otker perasaest 88.407.732 , 111.877,333
Orssd total t4.780.82D.510 ?3,90#,282 200
Reductions to effect economy are' the budget by over $500,000,000,
obviously limited to other than the which is not an expense.
permanent items. The Interest on There remains of the regular and
... . . . . . deficiency Items about 3600,000.00c
,und oth" a, the subject for pruning. In
II 335 7-s 1*n tn t'soo amo<*nts to these items are the appropriations
Vh?s is Vt,m!ied covering the cost of Federal govthe
?n? group" of Items lul' year" "nment operations throughout the
due to the reduction of the Item co"n}Ty *nd,
of interest on public debt and the whJrh ?e relatively ?xed charges
omission of the highway appropria- Th"? have b?" 5 ?"'y
3 vv v scrutinised by Congress and $1,482,Th
_ wi? j . . 717,465 was cut from the total enwas
reduced 1^1-1101 Si"'. ? timates for 1922. The sundry civil
W" ?'one was reduced from *303.9"
?00 h M 1 1?.1 V 443.196 to 3SS4.196.480. The reduca
% M 1 OK 1 o" I tlons below estimates for the dehm
?f m Jfw ,?1 1 lnte""1 psrtments alone aggregated over
,kJ..141.402'IB'the yiear. Fur- |85?,000.000. Further reductions
ther reduction, of the debt will be ,nvoIv? droppjnr certain tine, of
n, ,Z T ., , work entirely as continued opera-!
One-third of the big national Uon on ,lrntted Ifunds would b?
budget is therefore fixed by tne wasteful
public debt Adding the pension. The flxed !lems ,n thlp ^art of
army, navy, and fortifications items budget are the costs of the ex- j
together, they make up $1,012,224,- eCUtlve. legislative, judicial and
835, and with the administrative | dipiomatic activities. While some
costs_ of these departments almost economies arc possible here many
another third of the grand total. of the items are relatively fixfd
Further reductions in these items by the requirements of the situa-'
cannot be hoped for until the goal tion. The greatest single opporof
disarmament Is reached. tunity for saving was in the sunDividing
the remaining third of jry cjV|| bill but Congress has made
the budget into its details, it ap- the big cut here.
pears that the $574,000,000 postal Turning to the record of governiwtems
may be cancelled, stnee onry ment income to comprc it with cxthe
deficit of any of the postal sys- penses the record for the two years
tem is paid out of the Treasury, appears as follows as estimated
For 1322 this is estimated to be May 1, by the Secretary of the
$43,512,000. This postal item swells Treasury.
Esrenues of Government for Tears Ending Jans, 1M1 and IMS.
1931 IKS.
Customs 300.000.000 300.000.000
Income snd profit taxes 3.150.000.000 2.350,000.000
Other Internsl revenue 1,400.000,000 1,350,000,000
Sales of public land* 1.M0.000 1,800,000
Federal re*err? bank tax SO.724..100 00.000.000
Interest on fort ten loans s2.331.000 225.02S.00O
Repaid foreign loan* 100.000.000 30.300.000
Sal* of war supplies 260.000.000 60,000.000
Panama Canal... 11.*00.000 14.530.000
U others 174.711,300 156,067.000
Total $5,487,067,000 $4,547,643,000
The Secretary recently revised vious that great reduction cannot
this estimate, placing it somewhat be made in these items without
higher at $4,675,000,000. There are seriously curtailing the scope of
several large expense items that government activities, which has
may bring the total expenditures of developed as a result of demand
the nation to a Jarger total than is from various groups of business innow
anticipated. The total appro- terests. The extension of governpriations
for the year just ended ment service is being sought in
were $4,789,000,000, but the actual many directions through the Comdisbursements
were reported to be merce. Agriculture and Interior de$5,225,000,000.
There are yet too partments. These extensions may
many left-over situations from the be deferred, but altogether they
war to aljow accurate estimates to represent a very small saving when
be made a year in advance. omitted.
While the per capita tax has Vhe tax problem is one of adjustI
grown from- $6.63 as the average mefeit of the load, so that it may be
for 1910-1915 to $53.72 for 1920, the carried with the least galling of
expenditures for civil activities has business enterprise rather than a
grown from $2.19 to $3.43. It is ob- further curtailment of outlay.
| TIMELY WALL STREET TOPICS
NEW YORK. Aug. 12.?The stock more costly, and the short side of
market did better today. Short the market is made more attractive.
covering was adjudged tne principal
cause of the better display of The morning rally might have
j prices in the first hour and a half been carried further If bear opera1
and again in the afternoon, the two tor* specialising in Central Leather
forward movements being sepa- Deferred and Sears-Roebuck had
rated by a short period during Postponed action longer. But the
I which heavy selling of such issues ease with which these two issues
las Sears-Roebuck, Central Leather w'n driven down changed the
and General Asphalt caused tne ?'ans of shorts who were helping
forfeiture of part of the early he recovery along by covering in
gains of 1 to 2 points. Following * moderate way. While Central
I the early afternoon recovery, pro- ^"her and Sears-Roebuck were
fessional shorts again tried to dis- subjected to pressure, the
j turb the market's poise by concen- street was Ignorant of any developtrating
their selling on continenta, ment that cou,d b? used as * *ood
Can and Central Leather, but the excuse.
main body of stocks held firmly. At
the close there were good fractional COFFEE MARKET.
gains in railroads, steels, oils and
j tobaccos. XEW YORK. Aug. 12.?There was
-'- no apparent broadening of interest
It is usually difficult to draw a jn tj,e coffee market today, but the
clear line between keen competi- undertone was steady, and it looked
: tion and real price war. Probably aa though scattering liquidation
| there is no place to draw the line, wag being absorbed by buying to
j the terms being interchangeably, cover hedges against actual sales.
I The time has come when a great The steadier showing of the Bra1
part of Wall Street prefers to des- zilian cables restricted selling
ignate the daily variations in the otherwise, and after opening 2 to f
price of refined sugar as a price points higher, near months sold up
war. Judging by its recnt propen- 2 or 3 points, with December touchsity
for underselling competitors. ln& 6 97 or glx points above last
the Federal Sugar Refining Com- nights closing quotation and 2*
pany occupies a preferred position points above the low level of TuesIn
this industry. A short time ago, day
when the price of refined sugar was q*he steadier showing of Brazil
raised, this company issueff a state- revived rumors that the Brazilian
ment which must have been em- government is contemplating operabarrassing
to its competitors. It tions in support of Rio exchange
was to the effect that the advance rates. The talk 1 nthis connection
was unwarranted by conditions is that arrangements are being
then existing. Arbuckle Brothers made to ship a large amount or
quoted a price of $.05 cents on coffee to Europe on consignment
j sugar today The Federal's price against which loans are to be seis
6.00, and most of the other com- cured. Whatever the facts may be
panics are quoting 6.10. , in this connection. . Brazilian ex
change has been steadier the past
When tlie stock market has un- few days. and. while the dollar's
dergone a long decline and is still buying rate was 70 reis higher, the
pointed downward, commission rate on London was unchanged as
house observers who see the end quoted by today's cables. On the
.In sight begin setting the so-calied other hand, mllrels quotations were
resistance points to which they do higher. Rio reporting an advance
not expect a particular stock to g? of 25 to 125 reia. while Santos was
without runing into a volume of 25 reia lower to 100 rels higher,
buying orders. Naturally, if enough The weat"her continued fine in
houses concur on the accumulation Saopaulo. with minimum temperalevel
for a certain stock, it is likely tdres of 4? to 55 degrees. Receipts
to become a real resistance pofnt. at the two Brazilian ports were
This kind of advice ia changed when 46.000 bags, against $1,000 last
a market haa broken and la headed year.
downward, aa most observers be- The local apot market was relieve
the present m?*ket la. Broker- ported steady on the baals of 6%
age houses ara not busy* warning for Rio 7a. Part of the trading in
their customers away from parttcu- futures represented further swltchlar
isaues which they believe have Ing from September to later months
much further to go before correct- !n anticipation of deliveries next
Ing their technical position. The month. /
result is that these stocks are de- Tfce market ikmed 3 to 7 points higher
prlved of some of the scattered sup- ?.B2 6.4.1
port which they would ocherwvue j ?*">",b*r *7 * ** 6.?64??.j?7
count on. Rtal liquidation is made 18^.^^ i. JJ V.nSi'S
normalcy's 'five
points' outlined
by industry head
%
Cut in Wages, Money fori
Railroads Given as the
Principal Needs.
IMPROVEMENT NEAR
Tax**, Foreign Debts, H.C.L.,
And Housing Lack Must Be
Solved First, However.
1 NEW YORK. Aug. 12.?Five elementary
steps are necessary to |
| lying about complete restoration of !
' normal business condition*, accord- j
1 inn *o Karl Constantine. executive !
secretary of the National Industrial j
CoOacil.
These, he said In an interview today,
are:
Further reduction in the cost of j
linn*.
Relief In the housing situation.
' Liquidation cf Kovemroental ob- j
I ligation?; to the railways.
Readjustment of taxation.
Solution of our foreign debts |
problem.
Spasmodic Improvement.
"A confidential survey of business
conditions recently prepared by the
! National Industrial Council, witn
tho co-operation of 290 representative
manulacturing concerns in all I
sections, indicated gradual but spas- i
modic improvement for the balance |
of the >ear and the following J
| spring." Constantine said.
"Present condition** and prospects |
seeia to sustain this survey. Busl- j
ness can be materially improve* j
I and unemployment proportionate!) !
! reduced by several means, we be- j
lieve.
"First, the cost of living can be |
further lowered, particularly re- j
i garding shelter, clothing and sun- |
dries. The 6cc!lne in retail prloea
! has not held pace with that of man- j
i ufacturers' and jobbers' prices.
"A flood of building operations is j
i being held lack by a dam of unreasonable
building costs, partlcc- !
I larly labor. Resumption of general
constiuctlon will stimulate all business.
(mil for Railroad*.
I The government, by early pay- j
i ment of its obligations to the rail- j
ways, will release a large buying I
| force and Invite reduced transport*- ,
ticn <csts.
| "The present taxation tyst~ra is |
, burdensome and the existing uncer- j
i t<ilnty as to th?> government's final
| action naturaliy ^leaves business >
j timid and unable to plan the future, i
1 "Arrangements between the
I United States and foreign govern- |
j me*nts for handling our foreign debts |
! should be consummated, as early aa
I possible."
davison?ust go
under knife again
Operation on Financier Fails
When Tumor Is Found at
Base of Brain.
NEW YORK. Aug. 15.?The op-i
eration today on H. P. Davison,!
noted financier, was unsuccessful .
because a tumor was discovered j
at the base of the brain. Dr. Frederick
Tilney declared.
Because of excessive bleeding i
the tumor could not be removed
toda although Davison is not in
(any immediate danger, the doctor
said.
He added that another operation
!probably would be performed later.
! Dr. Tilney was one of si* physicians
who assisted in the operation.
He declared the patient's
condition was entirely satisfactory
and that he would suffer no imme- I
diate consequences. The actual
operation was performed by Dr.
Charles E. Elsberg.
I Members of the family were at,
Roosevelt Hospital throughout the |
procedure. Mrs. Davison, F. Trubee
| Davison and his daughter, Alice j
Davison, sat In a room nearbv
while the physicians were operating.
Davison is 55 years old. His career
has been a typical romance of
American business. Born in Troy,
Pa., in 1SS". he made his own way
to the top rung of the financial
world.
His first long respite from banking
affairs came In 1917 when he
was appointed chairman of the war
council of the American Red Cross,
i He threw himself Into that work
with the same zeal he has shown
In his private affairs. Numerous
decorations showed how the allies
appreciated his labors.
His education was obtained at
the Academy of Education in Willlamstown.
Mass. After leaving
school he became a bank messenger
in a Bridgeport, Conn., bank,
picking up the rudiments of bookkeeping
in his spare time.
Hearing of the organization of a
new bank In New York. Davison
wint to the city. He demanded I
that he be made teller and was so
persistent that after three days
he was awarded the place. After j
that his rise was rapid.
BOSTON MINING STOCKS,
o^r*'He;i.:::::::::: ??* ?>
Caraoa Hill Mia 12*
Copper flan** SI
Talunri Crwk .. ..
IkIp Rnrale 18 .. ..
Mohawk *
Hwlft * c? M'i ..
Shoo Machine . 33 V? .. ,.
Ventura Oil 17
Tuotomne 44
If JACKSON E
Dependable
GRAIN -STOC
Postal Telegrapl
I DRAM'HES
tfftrehaata' ExchaBf., St Chioaf,. Bm
Louie.
Board of Trada. Xaaaai MljaeaPelU.
City. Gemmoroo.
Predaoe Exehaaffe, law Dalnth. Baa
wiaainav. Or
Beard of Trada. Ditwlt. '
Board af Trada. Dolatt. Bt*
Produce Exchange. Toledo. ohaaga.
Chamber of Comma roe, Milwaukee,
Baltimare. ' Cammaroa.
. . ' . I
1
PITTSBURGH PLAN
REDUCE COST OF
BUILDING HOMES
_______
Housing Corporation
Aims to Help Erect
2,000 Homes.
CUTS HIGH RENTS
Buyers, by Putting Up 20 Per j
Cent of Cost, Get Full
Advantages.
PITTSBURGH. Aug. 12.?Two
thousand new hoUMi for the Pittsburgh
district within the next year
in the aim of the Housing Corporation
of the Pittsburgh Chamber of
Commerce, formed to better *the
acute rent and home situation he^e.
Cheap money, construction at about
one-haJf the usual cost and expert
supervision without charge are leading
features of the plan. It has so
appealed to the public that scores of
building applications have been
filed.
The movement is for civic betterment,
without profit to the corporation.
Its oficers are giving their
time and business experience without
hope of financial reward. Bankers.
builders and material dealers
have fallen into line. The resuli
has been that money for construction
is available at the legal rate of
6 per cent without bonus, materials
are being provided at little more
than cost and some 7,000 lot* have;
been listed an available sttes for
dwellings.
Help* la Klaaaelag.
The corporation has no money,
nor doe* It assume any obligations.
On the other hand. It insist** thst
every house be financed before work
in started, but it helps in the financing.
It demands that each prospective
builder shall have not less than 20
per cent of the total cost. Then It
tells him where he can get a first
mortttage for <0 per cent, and if
necessary It puts him in touch with
an institution that will take a second
mortgage for the remaining 20
per cent.
"This plan Is primarily to help
those living on moderate salaries
and incomes who have been hardest
hit by the shortage 6f houses and
the consequent high rents," A. W.
Thompson, president of the corporation.
says.
"With this in mind we have sot
out to build modest, substantial and
comfortable homes at low cost.
These houses will have all the conveniences
and necessities. They will
be good to look upon, but will not
be showy, and best of all they will
be worth every cent invested In
them
"We are simply applying to the
man who wants a home the methods
by which mass production has been
successful and giving him the benefit
of the saving in costs."
Applications for houses are
grouped into blocks of ten or more
to get the benefit of heavy buying
and concentrated supervision.
Has Klevea Basle Plan*.
The corporation has eleven basic
plans and will build houses of four,
five, six and seven rooms at a cost
of from $750 to $1,000 a room. From
these basic plans a limited number
of other designs can be evolved
The plans are regarded as the best
possible for this community.
Employes of a leading newspaper
soon tilled a club and decided to locate
theii colony in the South Hills
district, while a large party of University
of Pittsburgh professors
I took up, the question of building on
| land near the university. Neighbors
living in flats and apartments in
the congested residence sections
have also approved the plan by forming
neighborhood clubs. A numbep
of manufacturing companies have
taken up with the corporation the
idea of providing houses to sell to
their employes at cost.
STABILITYNOTED
IN BOND TRADING
| Still Pronounced Irregularity
In Low Prices and Inactive
Issues.
new Stork. Aug. 12.?a greater
degree of stability was noted in the
bond market today, although there
was still pronounced irregularity in
low-priced issues and others in
which the speculative interest was
large. The volume of trading was
the smallest of any session since
the rising movement stopped. There
was very little interest in Liberty
bonds, although that group again
accounted for a great proportion of
the day's transactiorts. Most issues
remained within a narrow range of
the Thursday closing level. The
same held true in the rnsrket for
foreign issues, except that Denmark
8s sold off 1H points to 100V* on
a small volume of offerings.
Completion of the Philippine loan
offering within a satisfactory period
of time added further evidence that
the appetite for new security issues
is healthy. Secretary Mellon has
taken occasion * to deny the report
that he had announced a new offering
of Federal farm loan bank
bonds.
Northern Pacific-Great Northern
6Vi? went as high as 10Utoday after
having closed at 100% yesterday.
Chicago and Nqrthwestern 6 '?s were
up quarter point to lOO'.i. *nd
Pennsylvania' 6Hs up 'a similar
fraction to
!ROS. & CO.
Slam 187
:KS-COTTON
Bid*., Chicago.
MEMBERS
ird ?f Trade. Vow York, Produce ?*
Ck?Wr ? ch"?*
Baltim.r., Chamber <
i* .f Trad. Omumto..
.ia T,W?' ??*?? '"tail..
robots' Ex Drtnit. Baud *t Trad*.
It* T*rk. Itock Ei
Chftmber X
Cki**f*. Stock InhKi.
*' 'J
FEW OPPOSE FEDERAL )
ERADICATION CAMPAIGN
Those Against Regulating Traffic in Tuberculous
Stock Hard to Handle. , ,
V .
Oaljr a tew people are opposed tru? spirit of livestock ovntri and
t? NialUI>| traffic In tuberculous othe.. Interested In healthier and
livestock, bat their opposition is Monastic animai*. ?
. _ > . AUnouft many 8tataa have suitsometimes
effective, and several able laws to pro tact farmer, and
cases of th# kind have been traced other livestock owners acalnst
by the United Stales Department of tr*B,c tuberculous animals, the
Agriculture. However, the depart- Pr*cUce continues In some locall-'
ment believes that cattle dealers tlem- H,re '? ? Instance. la
who do not favor tuberculoma r^*e**chusetts a pure-brad Holatela
eradication ar? Influenced by selUsh cow- *?lued at SIM. was disposed
motive# and do nn* represent the ! reactor, hit Instead of being
-==3== slaughtered or segregated, she was
later sold to a State Institution for
SPECIAL DRIVE NETS
M ccn AAA 111 T1VIW tht ?urf,lut of "" anlmala, and
W,boo,000 lN TAXES zc ?ars2
decently this herd wan retested and
three reactor* were found, one of
Collection of Delinquent Sales
which was the cow In question
Ml showed well-marked lesions of
And Levies Conducted by tuberculosis on post-mortem exami*
nation.
Internal Revenue. There Is no law or regulation In
Massachusetts preventing the sale
??? * or requiring the aegregatlon of reHesulting
from \ special drive for actors. A few cattle dealers led
the colllectlon of delinquent sales the opposition to a bill before the
and miscellaneous taxes, the Bureau 1 laat general court providing for
of Internal Revenue haa collected the control and aale of animals ream!
assessed within the last three acting to the tuberculin test
weeks J3.?6?.000 In additional taxes Owing to the Importance of eradland
penalties. Special attention catinir tuberculosis from livestock
is being given to verification of re- the Department of Agriculture la
turns of the manufacturers' excise furnishing to the public full Intax.
the tax on soft drinks and the formation regarding the nature of
irrsuVYis- t.3x\7,ry' ! r -V ^Monthly
returns of these taxes I
larr. b?e ?. WHFAT HftI ik IN
specially trainee, revenue officers, if llLill IlvLi/J 111
2.000 deputy collectors are engaged
in the work, which was centered in i M A PPAUf D iUPF
the following cities: II AKKIIyy K/lfll.r
Boston. New York. I'ittsburgh 1HUUIU T? IVTUlUIi
Baltimore, Atlanta. New Orleans, j
: Cleveland, Chicago, St. 1'aul, Minn*-apolis.
St. I.ouis. Dallas. Denver and Trading Is Light. With ClosSan
Francisco.
Later the men will be transferred ! Illg PnC6S Slightly
| to the cities of Philadelphia. Birmingham.
Ix>uisville. Cincinnati. IyOWff.
Milwaukee. Fort Worth, Houston.
and Salt l^ake City.
The drive will cover practicallj' | CHICAGO, Aug. 12.?Wheat prices
every large city in the United held within relatively narrow limits.'
StThe bureau has received, sim-e lr*dc b'in* U*hl an* wh,le houses'
the beginning of the drive on with Kastern connect'ons were good
July 5, a number of amended buyers of the September, which
returns showing additional tax ^ ? . ^,s. ? ^
? .... . , ? ? , showed a tendency to pain on the
due. \N here. prior to govern- . .. ' . ,,
ment investslgatioa. amende.! 'ecember. there was sum. lent sellreturns
arc tiled showing the delln- !?* ?? th* ??vance, to make num.;
quencv was due to no wrongful in. cr,",s reactions Hedges at Mititent.
the policy of the bureau is one "capolis are going mainly in to the
of leniency. Where, however, upon | December delivery, and September
investigation by government oft!- theie uent to a premium over the I
cers. evidence is discovered showing deferred delivery with millers bu?evasion
or willful refusal to collect lug. l.ocal sentiment is m:xed and
and pay the tax, the policy ha* been few are disposed to take g decided
i to enter prosecution, and urge the stand on either side. French oili
imposition of penalties. Such pen- cial crop report estimated wheat
cities range from a tine of not more yield at 292.9M.M# 'aiisheln against
I than $1,000 for failure to make re- 232.000.00ft bushels harvested last
turn and pay the tax on time to a J year. Australia, how ever, has only
fine of not more than $10,000 or five i :2.oOA."OA bushels of the old crop
years imprisonment, or both, for remaining for export. A private,
willful refusal to collect and pay.i^ondon cable said "Two big firms
! the tax on time. together with j buying for Russia** This Is the
added assessments of the amount nrnl indication that relieC^work has
i due. a 1 read.** -om me need. Country offer,
? .T-T-^ _ ings were small and the cash de
I I TDD IIW A 1 llvf^^ niand good with further sales here
IfUIYD UCHLlllllJ to seaboard exporters Rids to the
country for No. 2 hard. August.
All CM All Cf AI E ? ?W?*nber. shipment were on the
UW jiflALL uLALL "v." of ,s r'n" ovcr
*** * ** Corn was under pressure, as yes________
terday'e bulge weakened the tech,
. nlcal position and prices averaged
Narrowing Down of rluctua- lower, although the septembe.
? , maintained its premium of around
tions Mah6S I rHOC DC- I cent oyer the December. Export j
., ? _ . demand was good and some bus!-;
VOlCl Of Interest. ness was put through with the
seaboard. The latter reported 500.-j
a 000 bushels s?dd abroad. Covatrr
NEW ^ORK. Aug. 1-?Oeaicra In o(rerj?r, liberal, but mainly held
the New Urk .urb marlket ?ere >bwe thf w,r, dulT
again on a small scale the sale, of ^ fnl|.iWO,, (.?r|, w|t?
industrial issues being probabl) less lieh,ueigl.t grain in the ar-'
than on any preceding day th*?;rlvj.i.
t % ear. and there was natural nar- '
rowing down of fluctuations mak- *'T , , .. V
ing the trading almoM wholly de- Il,ulk ?' <>;? <""<? ? lard Pr.ccs
v.'d of Interest A .ale of Ole* I - si,gh I, l-.wer. Hogs were
Alden Coal was msde during the "rt,,1 b"'k
forenoon at 51. The right to sub- ? '" ?? s ?!? "P Receipt. 21.000
scribe for that stock expire, on with ...?"o for tomorrow Western
Mondav. lloedvear Tire was firm. ru" ** acainst .S.lOO a week
moving up to 12%. and a slight j apo. and ..2.200 last year. Exchange
"rally was made in Columbia Knier- far' Money easy; call 4. time Kalil-.|
aid, which, was traded in at 43 to ?. . ? . , ... Vest*,
cs cent sa share. British-American , JF,' , ^ ,.a,- ^
Chemical was steady, selling at 1. , 2S l js?, t jji, i
and sale of Car laight was made ut i orn
1 1-16. Sweets Company also showed ! Kept * '? r.T';
a steady tone, selling at 21*. Peer- : ^ .Si1*
j less Motors was traded in at 301*.
j.\ number of other stocks were of- ' X,*! 'to* ? !? 3f?i or'
I fered at concessions, but were pork _
* without a nearby market and the s<h is.sit !*.# ?
i day passed without any sales beinp 1 <?rrf?
i made in a large number of formerl\ 10.so jo
: active issues. Rib. " " " ^
The Petroleum group showe.l a ^ ? _n # ^ n
I little more activity. Standard Oil of j <vt ^ w ?'-n
Indiana moving up to T0*1?. and a (Furnished W. B. Kibbt I Co. members
little business was transacted in; Cbicage B??rd cf Traded
Anglo-American at 15H t?? 15**. j '
j Cities Service was traded In in SL GAR MARKET.
| small lots at 115 to 114. and the
| Hankers shares sold at 13. Carlb j NEW YORK. Aug 12.?Ttee m rkot dnned
Syndicate w??s ntiiet. a small amount : 1 to 5 points tower.
cf stocks, selling at 4. fiimms Pe- "W* t
, . .. .. Cr; ; R*p?emh?r .... S.15 S V.' 8 11??3 12
roleum ranged fr >m ?> . to ?! - j i- #1 - mm- tr
Tropical stocl^i showed moderate | j,.nuarj j jj 2 M
strength. Maracaibo moving up from :
19 to 20. and International . mmm??^
eum selling at 10^*. 8kelly Oil was ]
traded In at 3% and 31-.
Dealings in the mining stocks J
were Again on a large scale. Boston '
and Montana being the strongest /wf
feature in that group. Florence ; /#/
Goldfleld and National Tin were ' |f MONFY
slightly lower. I *V/IiC in ?
Purant Motors declined to [ _ #
? education, independen
? -? good timet.
: W. B. Ill BBS In youth, in middle a
age, money it essentia
AMD
COMPANY having money o
j This bank offers you
1 liberal interest and eve
Mfnbfn pmd on Chocking and
New York Stock Exchange j j '
Philadelphia Stock Exchange ff'rfy
Washington Stock Ejcchao^e ?1]|111 g5 J] f Ff
New York Cotton Exchange "?{ II111 t C Ill ^ _
Chicago Board of T rade y j Jjl 11 11Q
New York Curb Market Av
Hibbs Building EDWARD J.STELL*
Washington. D. C j.
* . ? L.... . _ ..
HIGHER PRICES FOR
MUTTON AND WOOL
ASKED BY FAWCETT
80% of Western Sheep
Men Insolvent, He
Claims.
URGES NEW TARIFF
Demands Protection for FlockMaster,
as Recommended
By Commission.
.-^Consumers of sheep and wool
will be compelled to rely upon for**'Kn
production of more than IN,#??.0?i?
pound* of ?ool and our e?tlrc
supply of mutton annually, and
t.te bill to foreign producers will
be around Irso.ooe.ood each year. If
the sheep industry continues in the
dilemma it has been in during the
last year." stated C. J Faweett. director
of the wool marketing of
the American Farm Bureau Federation.
yesterday before the Joint
Agricultural Inquiry Commission
"It Is estimated that S* per cent of
the Western growers have liabilities
reater than their assets. and this
spring flocks were mortgaged at $ ?
to SI! a head. We have a year ard
a hairs supply of wool on hand
5! only ""'-third to oneof
those of a year ago, freight
rates are almost prohibitive, and
wool growers did not participate
in the advance in prices during the
war 10 tlie extent enjoyed by manv
,P^UCer** And nn" ">at ?
h""8 written we itnd It provides
many times more protection
ro rthe manufacturer than is given
the wool growers. We are demanding
that the permanent tariff be rewritten
to give the flockmastcr the
I rotection recommended by the
Tariff Commission of 55 t-J ,-ents per
pound on cleaned wool, instead of
cents hs now provided liy the
Kordney bill. The Kordney tariff is
a mirage which is unjust and discriminatory.
Is4s?lrf la Hire Mraffw.
"The sheep industry would be
bankrupt if forced to liquidate, and
tills condition arises out of no mismanagement
of its own. The capital
stock of the sheepmen ia being
wiped out by the compulsory marketing
Of ewes and lambs. The
number of she< p marketed during
the Iirst six months of i?si were
I.400.V00 in excess of the heavv
shipmcnts dur.ng the same period In
1.26. The liquidation from the
ranges or the West greatly curtails
the future supply, and this is already
acutely apparent. Feeder
Sheep and lambs moving from nine
principal markets to the corn belt
the first st-ven months of thiK year
was ?5 per cent less than last year ~
Makes Recommendation.
Mr Faweett suggested the following
as remedial measures which
would assist in bringing the sheep
industry of the country back t??
normal:
I. Reduction in cost of production
- Reduction in freight rate? and
commiK5ion charges.
3. Reduction in interest rates and
adequate finanrinp.
4 More economical method or
marketing both wH and mult,>n
1m "r wno1 through gr..w. reselling
ag.-ti. ies. Marketing sheet,
through co-op. rative commissi.,,,
concerns.
A nation*! en-operative law
Permitting co-opera tf?* markteinc
of ?gnru|tura. pred-j. tn.
* A morr liberal attitude hr th.J-eder.1
r.e.,rve system In regard
to financing agricultural commodities
secured by bonded warehouse
receipts
" A juM tar:fT
S. hnartment of th?? Truth-in-fabr?c
law compelling the .,mpuls^rv
I'randm? of uo?.|en manufa. turei t*
to contcnt ronsumin^i puMic '?
kii?.w relative value r.i* material
in manufacture^ article.
CHICAGO LIVESTOCK.
I NIO.V ST< x "K v All I ?S. CHICAGO.
Aug. 12.? Hecoipts ,".00u cattle *1 '
"** yh, p 'ambit and
l.no? calves.
r.ttle?Son.e steer. we|gl,|n_ ,
-?< pounds SOM ?t ?! ;;. others at
j*l*. riain grades *1 low point ..f
week, chot.-e lots onoted about Stc
higher. Top yearlings at t !?<:..
i ow s an,| heifers steady. Canners
t: : i?.i..gn> bulls $?
li? TJ: few calves above $*.5?. Thi?
I end or the trade showed a decline
! of about ?l from a week ago
Hogs?l.ight hogs. higher
i choice lots. >l?.;r.? II. Rough packing
grades also mauc better values
nigs were up 51c. with choice lots
tg IS-*1 T*1,vk'nK 'OK*- *" ** to
Sheep?V.. Western lambs offered
Natives steady, big killers paving
tl??ilA.:r< for g.M>d stock. Aged
muttons steady. More than half of
; the run direct to packers.
ANS MUCH
J1
ce, a home, comfort,
I
ge and especially in old
I to well being.
arnes by SAVING it.
unquestioned safety,
ry convenience.
' 3?r on Savmgi Arc ore-f.
Union
Trust Co.
OF THE DISTRICT
OF COLUMBIA
Cor. 15U and HSU.
NortfcwMt |
vac err. f>RFsrpcr*r j Jjj
