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Hir.H TARIFF WILL HURT OUR EXPORT TRADE, SAYS BANK STATEMENT
GUARANTY TRUSTRAPS
AMERICAN
rVALUATION PLAN
t
Issues Booklet Contain*
ing Financial Analysis
of Situation.
WANTS NEW LAW
Jftt
Sets Little Danger From
Flooding Country With
Foreign Goods.
Although the adoption of a high
proteitive tariff for a few Industrie*
may seem desirable, the pending
tariff bill has 4>een subject
to much criticism, states the Guaranty
Survey, issued by the Guaranty
Truat Company of New York.
The American valuation plan has
likewise been the subject of serious
objection, it is pointed out. Under
thia plan the duty Is based on the
value of similar articles in the
American market Instead of on the
cost of the article to the importer.
The purpose of this innovation in
the law is to equalise the duty as between
countries the value of whose
currencies fluctuate widely aqd
also to secure the full benefit of
the results which the protective ad
valorem duties are designed to produce.
Ad valorem levies, as compared
with specific duties, it is pointed
out. are liable to variable and arbitrary
interpretation. Owing to the
absence of fixed duties, the calculations
of importers would be subject
to additional uncertainty, with
the consequence that they would
have to allow larger margins of
profit, to the detriment of consumers.
Moreover, as foreign goods increase
in cost to the importer by
reason of the appreciation of exchange.
this scheme would operate
more promptly to debar them from
our markets than would duties
based on Invoice valuations. The
intrinsic merits of a revival of this
method of valuation, therefore, are
considered extremely doubtful.
Prior t* War.
Prior to the war. the United
States was a debtor nation and comparatively
little thought was given
to the effect of a protective tariff
on onr export trade. Today, an altogether
different situation obtains
and the adoption of a tariff law with
rates high enough to interfere seriously
with our export trade, it is
believed, would causc serious inJury
to our commercial and industrial
life.
The United States has become the
leading creditor nation and as soon
as foreign governments are prepared
to pay interest on their indebtedness
we shall be entitled to
receive more than $500,000,000 annual
interest payments from abroad.
While thia amount may be offset
In considerable degree by tourists'
expenditures, freights. Insurances.
tcv the balance is bound to bo in
our favor, even though no part of
the principal is paid. A change in
the relation of our exports to our
imports or the reinvestment abroad
of large capita! sums must be ex- j
pected if Europe's debt to ps Is to
be liquidated. While it is true
that the date of such liquidation
may~ be temporarily postponed
through the extension of credits
nndfTne adoption of similar devices,
it js, nevertheless, true that the
debt must be paid eventually in
goods, or not at all.
Meaaiag ef Increase.
H is. of course, important that
the'Highest possible volume of export
trade should be maintained if;
we 'are to have normal production
in qur mines and factories and on i
ouri farms, and if we are not to be
loroed to scrap#a large part of our
re# productive equipment. But an j
Increase in imports does not make
necessary a corresponding decrease'
In fxports. It is possible that the i
present relation between exports <
and? imports may be reversed with- '
out1 fn any way decreasing the!
volAme of exports. We may be
abl4 to buy more without selling
los? and thereby enable our Euro- j
peas debtors to pay off their obligations
without crippling our In-1
duslrles or decreasing our national
wealth in order to do so.
During the last few years we
havs Increased our production of
maily commodities fsr beyond our
owij capacity to consume and we
havp been developing foreign markets.
especially In Latin American
to absorb this surplus. From such
mai4cets we Import many articles,
sorafe of which are not produced in
thiSj country. If we now limit the
importation of those goods by high
tariffs we should do irreparable |
harjn to our export trade by preventing
the free exchange of those
<-on\modities which our customers
have to offer in payment for what
t hey?purchase from us.
Stasaatlea ?f Today.
TWe business stagnation of today j
is i)]$t due. as some advocates of!
high, protective duties assert, to a
JI0061 of foreign proods competing'
witl**the produce of our own fields!
and ^factories. Moreover, in large
Pa*"^i our imports are non-competitive,
,?oods. and It is in industries
1 epT**cnted by norne of these, such
as di*fee and rubber, in which stagmost
pronounced at the
present time. Although it is est!-I
mated thst our export trade confutes
only about 10 per cent of
the total trade of the country, it is
commonly looked upon as the outlet
for sur surplus productive capacity
?gr4culture. transportation and
manufacture and as a stabilizer of
business.
MERCHANTS BANK
MAY BUY NEW HOME
it
Directors of the Merchants Bank
accemed under advisement yesterday
*he purchase of the big bankIns
rooms on the main floor of the
HouMlern Building. Fifteenth and H
?tre4ltg northwest, which will pobbe
the future home of the
Tim deal will probably be closed
aften> the shareholders indorse the
proposition. When the Southern
BulIMng was erected the United
Trust Company obtained a
long, lease on the premises, which
later passed to the Munsey Trust
' omfsny. This lease has still a
1 onsMerable time to run. but It Is
unde'stoad that all arrangements
ha?e , been made for Its cancellation,,,
p
Th# Merchants Bank Is n?vw |o<ate*
In lis own building. Kit G
tree* northwest, and It also i.wns
the Idjojjins property at 1113 O
s*- - - .... .- -fciVA's.
LIME PRODUCTION LAGS
WITH PRICES STILL HIGH
Increased Costs and Absence of Surplus Uphold
Prices. Demand for Building Low.
I Mr Tkt WuklKt.a Herald Km.al.i.i
Lime is one product used in build- fall off In the laat months of the
ing. manufactures and agriculture y*ar and has teen low so far la
which continues to sell at the hlg(f 1M1- ,A reserve supply must b?
price of last year. The condition. ^ UIch wm ?\na whSS' rt.
that have brought about this pe- normal rate of building la resumed,
cullar condition are: Car shortage Chemical lime fell off In delait
year, lack of labor and scare* mind at the end of the war and
fuel. , The lime Industry was not continues relatively low. Agrlculregarded
as an essential war Indus- tural lime was in good demand durtry
consequently it faced many dlf- Ing tr.e war but car-shortage preAcuities
during the war period. vented the delivery of orders and
I.ime production Increased In 1920 the amount used was not maintained
over 1919 by about 9 per cent In at previous levels.
i quantity and 21 per cent In value The principal States In order of
J but the total was less than that of Importance of lime production are I
1912. Imports increased greatly in Pennsylvania. Ohio, Virginia and!
1920 to about three times the Missouri which together produce j
amount of the previous year. At about half of the total -output of I
the name time experts declined to the country. The production in'
I about oae-flfth of the prewWr these States Is divided between j
amount. Production and the num- building, chemical and agricultural'
I ber of plants was reduced about uses. In Ohio about half the lime,
) one-half. The census for 1919 lndi- Is used for building normally. This
cated that the value of production market was very good In 191# and
had doubled since 1914, but this Is lime makers had a prosperous year
accounted for by the Increase In when they could get cars to make
price and does not Indicate a cor- deliveries. Considerable difficulty
responding increase in production, was experienced with labor howThe
ratio of hydratfcd lime to ever. A considerable amount of
burned lime was about Mo S in 1913 lime is used by paper mills and tanbut
the production of the latter nlng establishments. The revival of
increased bwtil it was about 1 to 4 activity In these plants should soon
in 1920. The production of burned be felt in the lime trade.
lime for use in agriculture has de- The conditions that have been
I creased since lfl4, due to the In- holding up lime coats being largely
i creasing use of ground limestone. removed there is a prospect of re*
T7. 8. Lime Production. adjustment of th? prices from the
Total Burned Total Hjdrated h,*h l?v?l ot 1S20 nearer to fhe 1113
Wine Lime level. The producers' price was more
Price Price than doubled from 1913 to 1920 while
litis. .. ajSuo# ??5*PVS ,h" -pr,'c# ?' lump rime
inn 3.C2.000 3.OT 5*1 ooo 433 arose from about $1 per barrel In
11?17? 3.TM.OOO e.a> 709.000 65J '"2 to M-*0 per barrel in March.
l?is.... 3.306,000 ?.:? sm.uoo ?.?i 1921. Increased freight rates and
IJI? J**-*? ? ? 980 *'*8* scales higher than 1913 will
| * " " ' S4#.ijOO 10.50 tenrf to prevent a decline to prewar
The total of lime produced in 1920 prices as will also the fact that no
was 3.350.000 tons worth 333.581.000. great surplus of lime has been acTo
this was added 22,<88 tons by cumulated during the past two
imports, worth $392,000 less 5.921 years.
[tons exported worth 1128.000 leaving There has been no overproduction
amount for con9un>I)tion of of lime and prices will tend to as;
3.766.161 tons. sume a relation to the cost of proI.ime
has such a wide variety of ductton which now lies somewhere
uses that the amount going into between the level of 1913 and 1920.
various Industries cannot be ac- With resumption of normal rate of
curately measured. The amount re- consumption lime production must
suircd for building was heavy in respond quicly to meet the demand
| tn* early part of 1920 but began to even at the higher prtvc level.
TIMELY WALL STREET TOPICS ~
~
NEW YORK. Aug. 18.?The main fered. The firsv was th- hMk.kiu?v
body of stocks moved over a nar- that the least attempt to put priced
i row field today while more pro- higher would lead to profit taking
nounced fluctuations above and be- on the part of traders ?-hr.
low yesterdays closing level were stocks .t or near "he7ow Uvel yel
taking place in special Industrial terday. The second hi?
issues. Early strength led to a mild reduction of the short Tntere.t ?n
wave of profit taking and renewed yesterday s late coverfL 1 *
short selling, but these operations and the likelihood that the sJTo'm
served only to eliminate the early would again become active ,? ,h"
gains. The kind of dullness that event of any further rise Some of
has been typical of many recent each of these kinds of sellin^^~
markets after the establishment of into the market at th? InS t
a trading level In the morning was first half hour. There ire Ln'.
present around noon and In the traders who would ilka
early afternoon, but when trading on the long side of the market but
was resumed on a more active scale will hestftate to alln?. ?rA?, ?
, toward the end of the fourth hour remain unrealised for ?n^ !
ithe change was to the advantage MtH "h? ne? tay ?a?? * /
| of the constructive element. A re- 1 date ha? Passed.
| duction of the call money rate to eral Reserve ji
5H per cent in the last hour had ?nasmall measure t '0" m'*ht
I little effect upon the market. the effect that the New TorkFed"
I Even before the market opened !???? VedY."
this morning the speculative com- count rate at their regular
i munity came to the conclusion that day meeting so wai?k. f.?i
the sharp rally which took place in the rTuy to continn.
the last hour yesterday could not in part -tothe direct Ue?"o'fr"*
I c<>"tlnue. Two reasons were of- sponsiveness to the hopes of nLZ'. I
i in'Tif' Th'S redl8count Incident was
COARSE GRAINS
? _ a">' ~ood reason why the rate I
AFFECT MARKET
cause they had heard from "reliable I
Wheat Reaches New Low, the oalendar.Vhe'agUa'uon Tor"lowPrompted
by Break in j not disappear with each^ reductl^T I
Corn and Oats. ~?ef?"handed?out In" smVll Xse" |
Following the lato rally vester-i
! CHICAGO. Aug. 18. Corn and
oats and necembcr rye sold at a day s close, the oil issues were ?... 1
I new low on the crop today as the crally firm. Mexican Petroleum i
j result of scattered selling and a was an exception to the general
Might trade, thero beliig little In trend and moved uncertatnlv hiirl
the news to encourage buying and kept below its close of yesterd?.v '
some stop loss orders were uncov- The oils did not attract much inter.'
lered on the way down. The Itqul- est. but such news as came out
! dation and break in coarse grafns **as favorable. Another favorable
j affected wheat and prices declined Wt of news was the publication of
readily to a new low on the pres- figures br the American Petroleum
ent down turn at the inside figure Institute ehowin a decrease of it.
up to noon showing around 17al8 barrels in the dally average
; cents under the high of July 15, output of crude oil in this country
and 7a8 cents under the outside *?r the ^veek ended August 13. The
I figures of last Monday. market is at present more concerned
There was fair buying of Sep- 'JJ immediate supply and demand
I tember on the break by houses with ^cxican Oil situation
| seaboard^ connections and the Sep- of the <H?tant future.
tember-December spread narrowed * ?
| somewhat, but the general ' senti- COFFEE MARKET.
ment amongst traders was bearish new miir
and each dip carried prices lower in? decilne nr i ^ o ?Penthan
of late. Statistics and reports followed bl rither ? ,P?i?ts was
of exports sales have no efTect on C.L ! vl. k tonc
values, although it is estimated rt 8eems -f*t * ket ^re today,
that around 85.000,000 bushels have againstth! J Pfe?sure
been cleared or sold abroad so far ?rLn.h r.eCtnt,y
this season. Kxport demand was chean o*eritl.d?, the relatively
reported as rather slow today and ^ V,CtorU
spot premiums here about un- coffees ?re reoor^S ,Uch
changed, but at Minneapolis were an(l , 1 ,he cost
off. 5al0 cents. ?" frei?ht market, against which
Buying of necembcr corn bv s?'d'hbut ?his morntraders
who sold at higher figure. ,^1' " th.ou*h ?" Viccaused
a narrowing of the Septem- Dr.^". f?r. h?d been
ber-Uecember difference to around *1,sor'>cd- and the openiH
cent at one time against 1 ?i k^ouJm i futur" evidently
cer-s at the finish yesterday. I.ong coveirin* <>r fade
corn came out persistently and Mr,i "'"'L have been
price* gradually worked lower S * cover he<l?es against the
Sentiment is bearish duo to the 0f the apot mark?t roi
(lack of support and the low pricea J ?? f0*?'*' but im*
60 far have failed to attract In- ponant demand developed and there
vestment buying although crop ax- "PjL *1li^ht,rallie8i
Peru continue to report that there ?:..e l1a.1. reflected some
are an unusual number of barren ?catterI"S liquidation which may
stalks in Indiana and Illinois this ?V? reflectca the fallul-e of Rio exyear.
Shipping demand was only chan*?. /<ues to fuuy maintain refalr.
Bulk of the trade in oats Ce'^ *dvaflce? and easier mtlreia
was In Changing between September ^ ,^na ,in both R,? an<1 Santos,
and December. 1dollar buying rate was 100 rcls
Provisions were somewhat firmer hlgl?er at ""?0, while Bio exchange
with practically all of the trade in Lond?n Wd lower, with the
lard. Hogs were steady to 25 cents market unchanged to 25 rels
higher with bulk of sales at 38 00a ,lower- and Santos 75 to 125 rels
9.80. Receipts 22.000 with 14.000 for ?W*r' Moat of the business here
tomorrow. Western run was 69 000 !5ter th? e4rly decline to 7.0# for
against 8?.700 a week ago and 66 - December or about 20 points from
4efr last year. Money steady call ? yesterday's beat level - ' reflected
time Ga??4. Exchange par ' ' 'witching from near to late tnontHs
*W>- tow. Clow. Clow ?nd trad,n* Otherwise seemed to
S* " J aau i"2ii MS4 1*M* l t#* reatricted by a disposition to
1.20!4 1.?*(1.1T!4 1.17% 1.21 await development in connection
<*?> MS .M* 5.. rltb tbe loana whie?> Braail la Mld
as MS .ia? 5nil ?? !p ae negotiating In this country.
Receipts at tbe two Braslllan PorU
2*4 s?'? ?'? .3214 ,3?Hr were 47,000 bags, against 87.00# last
pirti- * ** 'ear. The weather was fine in Sao
??-?i 17 on ??? faulo. with temperature ranging
1, 00 1T fl0 from 48 to - degrees. *
sept.... io.a.-, m j. ]0 W ,os- The local spot market was steaa>
0rl.: - 10 >? ? lo ? i#.? at 7H to for Rio 7s. and l#t
u un n to 11c for Santos *n.
fvt ... . ji nn i r. ? w. 5'S ?J! 81
(FurcUkW kr W. B. HlklM * f. -, T 01 TOtl.W
-.i.'S". """kers Mrrrh ...Mj. 7 -to 7 ?5 T
- ? ' m, ' * m m*
Cut in Freight Rate*
On Grp?n Authorized
'HHHM la trHtk
* *'" ?* !? tor np?M <
All?*llr (wli mrr oltMlml
WW ?r CmmtTko
rHar.
" * M TH-M?<aa IN r-r-t,,
" u '?? ??Ml tea <! / '
aatlr* ? (nli awl Brain prad?'?
f**?? Chirac*. Mlaalaalppl
Hirer nwalan aa4 ?atala la
IIIIaala. ladlaaa aatf athrr Wut ra
Rtataa ? Allaatlr parts.
Thirty iara la tkt >?M
wklafc aaaall, aia.) ria,M kafar*
redaetfaas ?\a kr aia4r r?rctlrr
*r rallraada. Thr imatat redartloas
wwa aatka?(sed by the
(' Banna Caaaaiaataa aster ?pr' 1
ralr aW at the reqaeac af
the rallraads.
The eaaaaalaalaa ataa aiaraTirf.
eVeetlrr apaa tea daya' aatlee a
redaetlaa af 8 eeaia per IBB
M?al? la rinrt rat en an Bear
fraa. Rafale fa AOaatle parts.
ararIM aarh fta.-r be aiaaafar
ared fraa. grata hraffcht (?,.
BaBalu by way at (he ureat
Ukea.
CURB IS FAIRLY
STEADY AT CLOSE
Market Moderately Irregular,
With Fluctuations Covering
Narrow Range.
NEW TORK .Aug:. 18.?Followingup
the recovery*In the cloning dealings
of yesterday, price* in the
curb market at the opening today
registered fractional grains, with
tiading on a fairly active scale. Before
the end of the first hour, iioTree
v. r operations dwindled, and the
forward movenvut in values halted.
There was considerable backing
and filling of quotations during the
noon-day period, and in the early
afternoon a moderate reaction set
in. The ratio of fluctuations, however.
was not wide, and in tlit
closing hour prices maintained a
fairly steady undertone, although
there was little feature to business.
One of the first stocks to advance
during the morning wan
Standard Oil of Indiana, which sold
up to 69?4. or o gain of 14 points
over the low of Wednesday. Subsequently
there was a reaction, but
the shares were not offered freely.
As a matter of fact, stock of this
company ia not floating about
freely, due to the fact that investors
have been picking up the shares on
all setbackfi and professional shorts
have been experiencing: considerable
difficulty in influencing the trend.
The company is doing the largest
business in gasoline in its history
and, notwithstanding the reduction
in the price, earnings are running
higher than last year, when they
Were record-break in sr. There were
i^regrular. movements in other
Standard Oil issues.
Oils braced during the first hour,
but later became qufet, with no
leading issue standing out more
prominently in the trade than another.
Only a few stocks showed
life in the industrial list. Commonwealth
Finance common and preferred.
which have been featuring
trading in this section recently,
were again strong: in the undertone.
Action of directors in increasing
the dividend to $7 per annum on
the common, and the vastly increased
earnings of tne past several
months, has helped the preferred.
Net earnings are now running
at the rate of $90,000 per
month, compared with 930.000 per
month Around the first of the year.
In the metal section such issues
as Boston and Montana. Florence
Ooldfleld, Eureka Croesus and Harmill
Divide were the most active.
Small changes ruled in bonds.
ACTIVE DEMAND
IN BOND TRADE
Certain Issues React. But
Greater Number Net
Gains at Close.
NEW YOKK, Aug. IS.?After several
days of irregular declines, bonds
came Into more active damand today.
There were some issues which
continued t0 react fractionally, but
a far greater number finished the
day with net gains. This trend applied
to industrial and railroad
bonds, even while Libertys were wilder
selling pressure and headed
downward.. The 3^s became active
on a declining scale and sold down
24 cent3 from yesterday's closing
price of 88.70. In the foreign group,
Copenhagen 5**8 were extremely active
without any material change
in price. French 7,.fcs advanced
about point to 961,- on a large
volume of transactions. There were
*4 point gains-* Belgian 6s and
Chilean government 8?. United
Kingdom 5Us qt 1937 reacted %
point to 86%.
Another n??w high record \vai>
made by Northwestern Bell Telephone
7s, their advance of point
c 103% reducing further the lead
which Bell Telephone of Pennsylvania
7s maintained. The difference
between the two was less that a
point today. Burlington Collateral
after making a new high record
at 101 Vi vesterday and after closing
at 101H, were more quietly
traded in at slightly above 101 *4.
Great Northern 7s also ran into
a quiet market. A feature among
rail bonds was a sharp rise in St.
Paul convertible 4%s from 65 to
66 Vi on a small turnover. Dupont
were up ^ point to 97*i.
The day brought forth no important
new financing, but a London
dispatch spoke on a subject in
which the investment community Is
likely to bacome much interested.
It is reported that negotiations are
under xvay here for a loan of $20.000,000
tc Rio Janeiro. London is
also talking about another American
loan to Brasll.
COTTONSEED OIL.
NEW TORK. Aug:. IS.?The cottonseed
oil market closed steady
today. Spot. 8.35aS.75c: crude
(southeast), S.25e bid. Futures?
January. X.llaX.IJ: February, 8.10a
i.SO: March. X.SSaX.X!: August. x.;5r
S.S?: September, X.3?aX.17: October.
s.4?a?.4(; November, ?.l#a8.20; I>?nemhar.
X10aX.lt
ZINC PRODUCTION
REPORT REVEALS
HEAVY DECREASE!
r ' '
.?
First Six Months of Year
Show Sharp Drop
From 1920.
PRICE ALSO. FALLS
World Zinc Stocks Placed at
About 160,000 ShoA
Tons.
Fifurcs compiled by C. E. 8lebenthal
and A. 8toll, of the United
i States Geological Survey. Depart-!
| ment of the Interior, from report*
submitted by all zinc smelter*
: which operated during the first ilx
I months of 1921 show that the production
of sine from domestic ore
, in that period waa 100,781 short
I tons, and frora foreign ore 1,744
' tons, a total Of 102,525 tons, as
compared with 205.ftf tons In the
last half of 1920 and 258,108 ton*
| in the first half. The stock of
zinc held at smelters and In warehouses
June 30 was 96,747 tons,
having increased from 71.027 tons
at the end of 1920 and 29,982 tons
at the middle of that year.
From the foregoing figures ano
from tl^e statistics of imports and
exports as recorded by the Buresu
or Foreign and Domestic Commerce.
jt Is calculated that the ap!
parent consumption for the perloo
j was 83.945 tons, as compared with
147.783 tons in the last half of 1920
and 175,248 tons in the first half.
Bared From Ashes.
In addition to the sine produced
| from ore. 11,950 tons was rei
distilled from zinc ashes. skimmings.
and drosses. Much of this
zinc wa? of grades above prime
western, and the total, added to tne i
primary output, gives 114.475 tons
consisting of 13.858 tons of "higti*
grade. 1.106 tons of "Intermediate"
grade, 17.466 tons of "select and
bras* special' grade, and 82.548 tens
of "prime western." Electrolytic
'zinc amounted to 4.617 tons, as com!
pared with 27.591 tons In the last
! half of 1920 and with 24*035 tons
I in the first half.
I The total number of retorts at
plsnts at which there were some
'operations during the first half of
' 1921 is 123.528. as compared with
' 158.545 at the end of 1920 The
j number of retorts In operation on
; June 30. 1921. was 36.000. as compared
with 56,000 at the end of 1920
j and 95,000 on June 30. 1920.
The average quoted price for
I prime western zinc at St. Louis for
the first six months of 1921 was
14.85 rents a pound, as compared!
j with 7.8 cents for the year 1920.
j The price at the beginning of 1921 1
| was 5.6 cents .but a steady decline]
i brought it to 4-63 cents at the mid
| die of April. After rising to 5 cents'
by the end of the month, it again
fell by degrees and closed the half
| year at 4.25 cents.
Drop of Tadastry.
1 The demoralisation of the zlncj
j Industry during the half year, with |
: imports of 7.405 tons, experts of
| 2,255 tons, and apparent consumption
of 83.965 tons, Is strikingly
; shown by comparison with the two
periods of 1919 and the first half of j
! 1920, when imports were nothing.
' exports from 70.000 to 90.000 tons.1
and consumption from 160.0C0 to
175.000 tons.
i Thp output of zinc by Belgian
'smelters in the first half of 1921
, was 35.858 short tons, as compared
to a total of 91,542 tons ?n 192?.
.The output in June was 4.817 tons, i
It is understood that the monthly,
; output has been limited by the
Federation of Belgian Zinc Smcl-1
I ters to 5.000 tons.
World zinc stocks have been recently
stated as about 1C0.000 short
i tons, exclusive of the stocks of
sheet zinc, of which Belgium is re1
ported to hold 45.000 tons.
! V Mixes fa Silesia.
The tentative division lines In i
j Upper Silesia so far proposed throw
| the lead and zinc mines and umeltera
to Poland. The output of j
Upper Sileala for the half year has ,
; not been published, but It must 1
have been reduced by the recent
struggle for possession between
' Germans and Poles, and the output
| in the near future will undoubt|
edly by handicapped by the impend- !
jing political change.
The Bunker Hill and Sullivan j
! Mining Company has been experl|
menting with the electrolytic re-;
ductioji of zinc ores for some time.;
i and has been recently operating *
I pilot plant, from the results ofi
| which it has decided to Install a
i plant capable c.f handling the zinc j
| of the Star mine and of the pine:
J Creek district. An experimental
! electrolytic zinc plant has been;
i started at Bhodesia Broken Hill, I
I Africa.
CHICAGO LIVESTOCK.
?v
UNION STOCK TARDS, CHICAGO.
Aug. IS.?Receipts today, 10.000 cat-1
tiff. 27,000 Ii-jk*. 17.000 sheep and
lambs, and 3.000 valve!).
Cattle?Best light cattle. }10.50a'
j 10.90: me'litim and plainer sorts
Weak: some Western cattle. J?.D0a
7.90; cows and heifers stronger: can.
ners. $2a2.75; good bologna bulls.
M.50fci.7S; outsiders paid |!>.25ai.7S
for small lots of prime calves.
Hogs?Light, hogs steady to 15c
lower; other grades up 25c in spots;
choice lots. $9.75a9.S5; rough packing
hogs. 97.40fc7.7S; heavy butchcra.
*8 ?5a9.50.
Sheep?Best range stock, $10.50a
10.75; shippers paid $10.25 for top
natives; aged mutton steady; no
choice ewea for sale.
JACKSON E
Dependable
GRAIN-STOC
Postal Telegrap]
BRANCHES
Karobaata' Exsteac. *t Ohicag,. Mm
LmU.
Board *t Trad,. ?*? Mlaa???,11,,
City. O"wi*
PrWiio, Exchaac*. In Balotk. Ssa
mJ[ld*'?f Trad,. Betrslt. **"**** -?*
aard ?f Trad,. Dalatfc. ?. testa,
rradses Eiekaar,. T.teda ?fcsa?e.
Chamber ,f Onmira, MIlwaakM,
MORAN PRAISES VALUE
OF REAL ESTATE LOANS
Local Financial Declare* They Are Safest of
All Investment*.
Howard Sbru. Tic* president of |>|< at the ttm* It la paid. It I*
th? American 8w?rlty and Truatj p*p?r
Company, conducted the eighth oT "A d.<d of tr*|t pri)li4M {wr ,h,'
a a^rioa ?f ?wajtr-o?o lactuwa oa appointment of two trustees or a
bank In, topic befor. Supply Corp. tru? ?k0 ^ta for both
officer.; C. 8. N.. yejterday. The thc borrower and the lender, and
lectures were arrangedby the Naay ln ot default ia tha payment
Department to aid officer. In the M ,ltb,r prlndpal or lntarwt theaa
betUr discharge of their dutloa and trustees are authorised. upon proper
ar. beta, conducted by a group of notification, to advertls. the proplocal
financier, headed by Alfred erty for |n acoord with the
C. flathr. manager of the new t#rTnl Df the dead aad tha law* ?
business department of the Amar- th. SlAt(. and upo. ula they ca'can
Security and Truat Company, cob,,, a gooH record title thrret*.
B^al interest w? attaehedto ,n t'h# opt|ll<H1 Mr Moran. the
*r. Koran a lecture on "Real Ea- ot tru.t baa ? material ad
UU toan." b.cauae of tha lac* o. ranta(r# th? mirage in tha
houalBK in the United States and mattrr o( tnT?,tm,nt feature,
particularly in W ashlngton. and the Por in?la??, . loan of *t?.Mt can
necessity of using all available he -a4# (|| ,pn noti, of cach.
funds for such purposes. There la a? f th, ?n), period of time,
conaiderable discussion on tha part an<, then be ?old to a number
of financiara. corporation* and the of in4|viduaU. and none of them,
government, to devtaa waya and ,f holdin( a i.r>er amount than
means to encourage build in* and another. would have any advantage,
the buylnjr df home., and some man- fof , the of tbe property foT
ner in which to be abl, to finance default In tbe pajtuent of either
thoae who are not In a position to pr,BClpal or merest. or both. tn?
pay cash and desire to purchase. j trustees would aell under the ?n-|
To meet thla situation, according tlr? deed of truat and disbursement
tp Mr. Moran. there are two classes woujd be made in aecord with the 1
of auch loans, one termed a mort- ho,dinBl of tach individual. In
rate and the other a deed of truat. oth,r words. If one peraon held 11.the
former being from peraon to qqq Qt auch a loan and another
person, or person to corporation, and ,f w# the )aUer wouid have no
ia accompanied by a bond for the; a<)vantage over the former.
faithful performance of the eon- ?.fMt A?
tract with lntereat uaually payable ** n
aeml-annuallj. In caat of default j First mortgages, or deed ot truat.
In the payment of either principal are conaldered the aafeat of aH inor
interest. It la neceaaary to call: vestments. for their aeeurlty te real
the fact to the attention of the court | property, but of coarse such toand
proceed with the sale of the vestment* depend entirely upon the
property In accordance with the law ability of the appraisers to properof
the 8tate ln which the transac- ly eatltnatc the value of the proptlon
occurs. When they are to be erty on which the loan la aecured
released there la an indoraement on Concluding his address. Mr. Moran j
each paper which provldea for the said: _ _ ,
satisfaction of same, and this 1? "In the District of Columbia ve
signed by the owner of the mort- I have State banks, or. in other words.
savings banks, chartered under the
"" laws of the several States of the
/'A'n'AH DPifUFC Union and authorlaed to do buslLU1
lUfl KtALllldU ,n lh? I,"trlCt of Columbia.
W *W4' [national banka. aM of which are
tirrn irr mfmbe of the Federal Reserve
HIGHER AVERAGE
tcrehs, which are required to
??I1.00e.000 capital or more. All auch |
Earlv Indications of Substan- banks can make real estate loans
in thin Dtatrict.
tial Advances Interrupted "Th* American Security and Trust
Company, the inatltution of which
Bv Heavy Selling. I have the hanor to be- an oflror.
< onafdrri thU claaa of aecurity the
very safest and' beat, and thereSEVS'
TORK, Aug. IS.?When the for^ hMr inreated mora of Ua funds
cotton market opened thla morning ln thi% 1;ianner than in any other
4 to 7 points higher it looked aw , C|M# security, and I am happy
though prices would advance nia- tQ gay th*t the loaaes In the thirty j
terlallr. but soma cotton houses >-rar< they have been buslseemed
to have a habit of have been small 1nd*e<l.
on the generally poor financial con- ?|t t|J BUn,ri8inr the few aales |
; ditlons. and the best the market under foreclosure in this class of I
i could do late in the afternoon wa* joans< particularly covering resl- i
j to come back to a level slightly j <jenc^ property, for as a rule when \
higher than the previoua cloae. , in4|V|dual derides to buy his,
Possibly the crop has improved horoe he makes every effort and sacin
aome portions of tha belt, but ^ pay for it."
i the weather reporta to private cot- ;
ritS FOOD EXPERT GETS
RncDti OFFIfF i
gla the rainfall was rather light. 1 Lll/L?IVi\ij Vallx/ii
and In Texas, where, the government
weekly weather was more fa- r
vorable than many had looked for. _ p Mnntmnm in Chargft
the temperature, were again exces- K. O. MOnigOincrv in v""St
siveiy warm. t Of Commerce lJepartA
most important interest spec . . |
I ulatlvely took particular pains In j ment's New Branch,
scanning tbe news from Texas. |
where the boll weevil has perhaps i been
more active than in any year. The appointment of K. ti. Montjit
is even pointed out that cotton- t gomerv, of Ithaca. N\ Y.. a specialist
raising in Mexico lias been prac- ln ma'rketlng foodstuffs, was antlcally
abandoned, due to activity nounced at the I>ei?artment of Ctffof
the weevil. Will the Texas crop merce yesterday lie is to take
onlv be 30 par cent of normal* In charge of foodstuffs d vl.lon creall
probability there will be .nearly ated In the Bureau of Foreign and
movement of new cotton, whatever Domestic Commer ' ufidci'ahe prothe
crop, and even if tlic farmers visions of the ro-ently enattod exin
th. Southwest are reported to | port Industries legialation. _
be holding ?? per cent of their co*. ; For the past t- year. Mont.om^
ton. th? farmer cannot look' back er> has Blv. n special atu?rl?tne
with favor on previous holding world production, distribution uses
'.'I*!? iand consumption of food products.!
Tho? mllls In England using; During the
American cotton are now working , has Ii?een ' " of the Bur .,u of
3"? hours weekly. Instead of 14 hours,, inar Department of Agrias
prevlouslj-. and the Egyptian sec- . t.' )n department he detions,
too. will Immediately reaum d organixatlon with for-'
full-time operations. It Is said. 8p'n" ' representatives, which has
tiers in Manchester were calling fo . summarising world-wide pro- j
cotton, but reported .ales from that i|u<.tjon ail<i consumption of agrlpoint
were very small. If this buy- (.u,tljrai products as a basis for j
Ing Is for sentimental reasons, some < trade promotion and with a purpose
think we may se. a setback in . asJil?jnK j? determining the agUverpool.
but the trade is lnclineu rU.ullurai policies of this country,
to believe that there are good ex- ,n hi, new position Montgomery j
port orders on the Manchester mar- w!? take BtepE to establish contacts j
ket, which may be put through If wjth the ccnters of the foodstuffs
exchange show, any signs of stead- lra<je m connection with the de-'
lness. Continental Interests were vejomnent of export sales. He F'1'
reported selling ln Liverpool to- work In close To-operaiion with |
day. but on the whole trading there projucera and exporters,
was ptofessional. Exchange was Montgomery Is a graduate of the 1
slightly higher. University of Nebraska. He Is a
In the American cotton market frtrmsr member of the faculty or ,
two Mediterranean countries were that unlveralty and of Corne<l.
making Inquiries for sheetings ?o. MARKFT
deliveries as far ahead as Novem- SI (tAK
ber. but the demand from the Far NKW yoBK. A at is?Tb. tagsr market
East is not So active. Those cotton rl.?e<l t to 7
mills , which were not forced out! Wj- - . M
of business by the recent depression JVj ;'n ;.Ti?;.T:
are opening, but they are t raploy- I janaarj j.?g ;.?i S.Kti2 6S
Ing people who ar. willing to work
at reduced wages. The mills claim i
they cannot sell their output ati ^====~
higher prices, so they must cltner ^?'
buy the raw cotton cheaper or em- j r?
ploy cheaper labor, or botb in or- /T*
der to .make a reasonable profit. I flBl
Some rather bullish private reporta
arc anticipated thc latter l,,j't | VX
of this week or early Iff
Last year *he decltnc In condition
from July H to August -? vus
?.? per cent and the_ ten-year aver- DAMVIW/*' r>f
age decline was 7.. per cent If BANKING CC
the decline In condition is
to last year s. It would bring the, ___ /^c-d .Tf
condition of the growing crop down, CO-OPERATE
to 6?I per ce-it. or the lowest ever, I fullest extent at
recorded. , i , <>ur
' ctlc ntmdred years ago.
open. Hl?h. LOW Clo^ t U-e ;
?1 ii " ',i ? li t: li 41 li'.S" ! . Th? individual busi
Jaa'*"."".* it'.h w-w 1# u hrm?. e corporation?c
Mart*. .' W ? 13 " ij ** }! I? 1 requiring banking comic
'ij W. 'i ?VW * oi?. Will find our servioe one
irew Vwk o.ttw Exokaag..) ! painstaking endeavor.
?We cordially invite i
!ROS & CO. lii T . '?
Slaee 1S7A IHE XlfcCHAXI
'ks-cotton nationa
> !??, Ckleais. I * tK. CUy a
HEMBERK
Ltd it Trad*. ?.w Twk. *?eli ExckamWr
? ! Capital?Surplus?Profits
Baltlmara. CSamSar al ] .
rd ,1 tiad.. CimMm
ala Eackaaga *' fi*d?* Exskaags
rckalU' Ea- tart .f Trad..
Sir T?rk, VradaM Ea ^
Okamkn 1 cU"*
COAL PRODUCTION
PERMANDEMm
DECLINE <WHM$13
- '
Average Daily Output
Now 1.9 Tons, and 2.4 *
Tons in 1913. .f
MINERS' PAY .GAINS,
Mine Workera' Earning Average
138 Per Cent Abovt '4i
Pre -War LeVel. *"
While the Mine workers' earnings
are on the average 13k per cent.
*bo\> lerel of illS. the amour* ?
eosl produced by each man has de
cllned.
One of the lacge coal producing
companies in .the *-huykill Held mit
coot accountants at the task, of analysing
the volume of coal produced
per man in order to establish with
precision say variations that mtght
be found In the Individual productive
capacity This was the result
Average daffy production: It 13 '
2.4 tons; It 21, l.t to**.
A company in the Wyoming field
now employs S.tC* men. and obtain*
the same number of tons of coal a It
produoed three years ago mith
4.000 men.
The trite of approximately
Odd mine worker* of the Lehigh
Coal and Navigation Company hi
the Panther Creek Valley began by
a walk-but st Lansford Colliery <fn
July JJ. O* the tfth four collieries
were idle. x>a the tttk flee, and on
the 30th the entire six were down
The strike ended on .Xmgum t.
when the exetmtVve board of the
United Xine Workera in the vallf
derided to send the men bac^ to
work with*, the understanding tHst
they would present the grievance
which csused the suspension to the
Anthracite Board of Conciliation.
The latter course is provided, for
in the agrement under which the
miners are working,.but IgnqrinK
this arreement. they went on **vs
cation" for a meek. at. the end of
which they decided to take precisely
! the coursc of action wh'ch thei~
aareement required them to tains In
I the first Instance
Strike Is Cssllf. Tn
the mesnwhile this anthracite/
strike, which is typical of mgfcv
that constantly" take iMt.e ' fn Hi#
snthrsrjte regions, has resulted *n'
the loss of about CM** days' wages
in the lass of 120.000 tons of oro
auction, and in a heavy. outrof?'
pocket expenditure by |be eoptlcofa-*
pany to keep the propeVty !n "
tion to return** oj>efatJ?**-, * ' m
The original dispute t?otie#rne?f
the <-)aim of two men a#
should receive for certain worlL Ignoring
the lersl m?thod*for tt^e. s?4tlement
of the dispute the atrfVe
spread Ujitfl the entire wovlttAg*
force of the company .wag out.*
On thr day that the *Le?ftffc **oa:
srvd Navigation men were ordered
back fb_ work hy their official*
after a "week's IdUsties*. a **vaes^%'
tion" *of '?.?<? * mWi' fegSLn Hnet*s>v>
anting* Vaitey oa'xiih*-wrcpseueV
of the Letftgfc Valley Cstl <?ersp*n*
- j
Building Per rails.. * |'
ltlt?TK> .TiOtlix
:i;rra< *v? tiw:iot-t?. mssc t ?r
liSJ?T? Tti'rA rf rtta?f^htrntr.'
exekvate. ? ? If rt n?r, ?o( M)
4?*. T"5*. H
1354?To J. .T. Maddo*.
H!i Sd st te: lot |4. sq 7CJ. *'
lit??To J Se*so. ffl<T tth
nw: lot 62. mi 34^.
ljtl?To J. E. Vracy* ^ rs'tnt hprfw
icoo'ioth ft 'nr: i6tw; trrs. ' *
1342?To S. I- Johnson. retSan'."
J st nr : Jot X mi iffSS. ,
- 13R3?To J. J. -"lopruhaVc'h." rtfrafv
2!S) Q st y*-: lot 14. n 2511.
13C4?To "C.? T-. <"*'r?otI. rafratr.
3712 13th st nrn : lot St, s?i 2?i?. *
1345?To n. Harris. 1111'
X. J. tvr nw; lot 811. *q 5nl. * *
12tC?To H K. Ifirton; bo??,'
5814 Ftlton ft Jot V of f.
1812. , *
13?:?To H. E. Burton. rtMl. Ml*
Fulton *t nv; lot t> of N] W 1348?To
A. X. Stoh?.' gart^-f. Ct
I ?t ne: lot S23. ?q S5T. ...". '
1370?To St Rh*efer. v^naCMti*
?ve, bet C and D w; lot tOI.
wi 5435.
1371?To Georrr Pattarao*/ tafl
houses, 7887 Elvin rd : fdt 4 atf
?173.
1371?To A-rthur ?eag*n. pax
tanks, 1st It ond'XId.- are lot
t. aa I7i.
i37? ? To 'ito|>u*r
OiurcK. rrpafrs; 4^-^t'lf'at'%%:
lot 5. sq S?l. "*?T*
1S7S?To OifTort ftncKot,' lCfc ft .
I. ave nv lot 10. aq 'ft?, ' .
. .
I'?ll?f4 Klooka. Bu4. ss4 >*.
rarttlra tUafll. Said aad q..t?4
C*U. arlu, ar Ifn. Mala tit
RIEME* II
f - r~s .. ! J
^-OPERATION
with our clients to the r\
all tiroes has been our
y foundation?more than i -? (
C\
si
ness man?the business >r
the out-of-town Bank,
ction in New York City.
of prompt attention and >j
,i
correspondence or a call. Jl #
' V ' ' 1.4^ !*0M
. d .*
. isio H .; i ikfr
CS&MEIALS ' 1:'
l Bank - "A
nwwk . .y '.'j*
V
T <_?
$37,000,000 , '?
t . . J w . .
