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MONDELL ACT HOUSE PASSED * WILL EASE BURDEN, SAYSG.O.P.LEAteR; 1 Points to Relief Given ; Many Families of Small Income. | RID OF "NUISANCES" I ?_ S Declares Excess Wofits Levy ! Has Worked Hardship j And Injustice. Another revision of revenue laws, * presumably within a year or two, 1 x making further reductions in war- t time taxes, waa forecast by Republican Leader Mondell in a speech in 1. the House last night reviewing: the | work of the special session of Con- T greaa. Mr. Mondell declared that the tax c Mil recently passed by the House c and now before the Senate Finance 4 Committee will lighten the burdens t of familiea of small incomes appre- r i iably. t '*As la entirely appatftnt/* said Mr. 4 Mondell, "the first and immediate i relief front war taxes comes to ^ families having: an Income of less <j than $5,000. For them there is, for t the current calendar year, an additional exemption of $500 from in? ome tax and an additional exemption of $200 for each dependent. r There are over 3 000,000 heads of 8 families benefited by this provision. 8 Cut* Oat "XalMict" Taxen. ? "On the passage of the bill, or on t January 1 next, the country is to 5 have relief from the payment of the *t *o-called nuisance taxes. Uncle 5am is no longer to collect pennies j J at soda fountains or pass the hat : round for small contributions on | purchases of palls, liniments, or I1 baseball bats. The country is to 1 have a welcome relief from stamp * axea. from taxes on articles of ap- a parel and all every-day sporting 1^ soods. c '"Transportation taxes?passenger, c freight and express?go by the <3 Soard and are to be relegated to the i 1 timbo of war levies not Justified ih j :imes of peace. With these reduc- 8 rlona cornea the repeal of the ex. * ?*sa profits tax?a tax that has i worked hardship and injustice upon ihe people of small means engaged x in new and venturesome enterprises e n innumerable cases, a tax which, 1 tven wh?n paid by those who act- * >ially made the large profits, has c unquestionably been passed on to * the ultimate consumer more sue- I reasftflly than any other tax we lave collected. =- War Levies Rrdncrd. Still retaining an income tax of ! 1 1" cents on the dollar on large in- a tomes, the war levies above that F 'mount are repealed, to take effect 1 ext year. These high levies which J ave been repealed are clearly t evies of war and emergency, pre- a tailing nowhere except under stress d f war burdens. y "In the presence of the enormous t ftverhang of war expenditure it was j iot possible to brir.g Federal taxes 9 town to what should be their nor- t lal and peace levels. Thia will be t he work to be accomplished in the ext revision, which, if all goes ' veil, should not be long delayed. \ n fart, it waa necessary to piace "mporariiy some new levies to re s lace a .small portion of the very 1 teavy reductions in revenues which 1 :he provisions of the bill would 1 ?roduce." h Srr* Aid to Induntry. Commenting on tariff legislation, *Ir. Mondell predicated that the per- . nanent tarff bill passed by the I! House una now pending in the Senit^ Finance Committee will aid in r ? vivins the industries of the coun- tv. He declared that the Fordney a ill has met l^ss criticism than any I ?ther tariff bill presented to the \ &.?use in the last half century. REVENUE FREIGHT LOADING NETS GAIN 1 im rea.se of 24,184 Cars Recorded, Railway Asso- L ciation Reports. ????? j J l^r. increase of 24.184 In the num-!a r *15f cars loaded with revenue.'0 r? tight during tho week which rnd- ! d on August 12, compared with! 0 lie previous week, was shown by 0 "Ptfts just received from the raillotlfe of the country by the car f' ^r-fica division of the American " 'all^pray Association. The- total for ^ ho -week was 808.965 cars, which nap. however. 162.304 cars less than u 'efejjoaded during th#? correspond- ^ titc ^eek in 1020 and 23.474 cars ?1 ?el*fr the total for the correspond- b ag freek in 191* ?' Iqfreases in the loading of all |11 f-imr^odities were reported. Thoj01 ?i irjqipal gain was in the loading of ??a^ the total for the week being f] f?S.2 Ht) cars, which was an Increase I1 i lV|PS7 cars over that for the pre- 'r dUvjT It-was. however, 63.- J*5 l?0 <j?ra less than were loaded durfig *<he corresponding week last 1,1 *a?V ? Tabulations also showed an inrea^e of 7.209 cars compared with It?; iw^eelc before, in the number J. sude$! with merchandise and m!s- w >ellattev>U8 freight which includes " sanujlartured products, the total be3g 4^#749 cars. Loadings of grain E nd guun products were 61,560 cars a] omp4i ed with the same week in 919. increase of 225 cars in the umber loaded wit^i live stock was Iso r<uaorted. the total being 26.- w 85 ca^.. which was 261 more than w 'ere lr^Jed during the correspond- c< ig i*{ee*c last year. j: Loadiq g of forest products u, rrounteaf to 45.333 and 1.873 cars H ore itmu were loaded during the receding week while ore loadings i ft] >taled 3P+H5 cars which was an in- | tfi reasa of 884 cars within a week, jee iacrf?MBe of 68 cars compare^ j ith the *\?eek before was reported in IT cike *hlch totaled 4.286 cars w bccfept fl>t the Southwestern dis- to let. intra.toes in the loading of all 12 smmoditfcra compared with the m eek whictn ended on August 6 were is sported in ?ali diatricta but in none b? Id tlje tot:Bl loadings equal those in m* thr ?amt| district for the corres- th :>iidlag wetjk laat year. cr ;SUGAR MARKET. * "? (V TORK^ Aog. 24.?The sugar mar- p, rtoaKl T lower to 3 points higher. j? Hlfb Ia>? Otaw Mi > J-KS 2.7: v. ?,1 ? ....- 2 6.1 ;tu 2,e?92 00 ? t ...... - PREDICTS | TIMELY WALL NEW YORK. Am*. 24.?There wa no let-up to the pressure exertei by professional shorts in the stocl market. Attacks wefe again dlrecte< jhiefly against the same vulnerabl) ndustrials which yielded bo easilj n Monday and Tuesday. In iom< sues the declines wyre due to i nation of short selling an( oreed liquidation, notably In Unitei >rug and International Paper. Onlj i small volume of offerings wai lecessary to depress such stocks ai Columbia Graphophome common and (referred. Pierce Arrow common ind preferred. Chandler, American (melting. National Lead. Americas Sumatra and Amerifln Steel FounIries. Very little heed was given te he fact that money was plentiful it 5Vi per cent on the exchange ind at i per cent In jirlvate offlces, Announcement this morning oi urther substantial price reductions ?y two more (^mpajiiea, I'cerlest ind Stevens-Duryea. confirmed pre. lictions made some time ago oi i motor price-cutting war for tjw ate summer and fail. Although lews of this sort .was not unexpect. id. shares of most of the leading ompantes reacted. Pierce Arrow ontlnued its recent weakness by ieclinlng to a new tow ot J2H ?9* he preferred and 10 W t<r the comnon. Chandler also Invaded view low erritory for the year In selling at U,4. General Motors was sold hearly and at SH clipped H off Its prerlous low price for the year. Stulebaker. however, was an exception o the general trend and held firm. The trading community preferred nystlflcation at the failure of the tock market to make adequate reponse to good news when if come! ,ut. and this is a feeling that ie ommon to bear operators as well as he constructive element. The conencus amcmg keen observers is that his condition is due mainly to the itter lack of support which must >e contended with in the case of at east half of the Industrial list The public is not buying stocks 'ersons who would like to take .art in this market and will probibly do so when their courage run. ligher, have about come to the conlusion that the bottom of the deline Is somewhere in the immeliate future. They apparently beieve that stocks cannot go up. havng been given so few notable intances of that tendency recently :he Street believes that this conlition can be changed In no othet ray that by creating a strong leadr?a stock that will really go ur n such a sensational manner as o change public sentiment. In this onnectlon there is talk of grooving some such stock as Mexican >etroleum to perform the service. A break of nearly five points In 'nited Drug in the early mornlnc rading led to the belief that a part ,t least of the large holdings of tne iresident of the company. Louis K ,iggett. was being liquidated. On uly ST. following a break of over wenty points in United Drug, it was .nnounced that the assets of Prest[ent Liggett had been placed In the tands of three trustees to admlntser for the benefit of creditors. The (resident stated that he had bought tock at $142 a share and had coninued to buy It down to 80. and hat he had suffered a loss of over 5,000.000 in the past eight months. I latter statement from the preslent to stockholders of the company aid In part: "Should my stock have o be ?old In the market, undoubtedV our stock will sell much lower. ilo not know whether they will lave to liquidate my stocks or not. tut not one share of my stock will ic sold if it '-an possibly be avoldd. At that time the president said held 39.000 shares of United >rug Company and Liggett's Inter lational stock. Today Lnited Drug :orroN closes at high figures "X _____ tullish Factors, at Work. Bring Decidedly Firmer Tone in Market. NEW YORK. Aug. 24.?A decidedy firmer undertone prevailed in the otton market today. The market t the opening was rather active nd first prices showed net f 10 to IS points, which were held broughout the day. A number of vernight buying orders had acumulated. but the vital bullsh actors that brought about the upvtrn were the same as circulated 1 the market during the past week, 'hese reports camc chiefly from fie Southwest, where, the crop is ndergolng deterioration, estimated v the Texas Department of Agriulture to show a loss of 2,826,000 ales during the month of August 1 Texas This authority placed ie crop of Texas at 1.500.000 bales, r 'only 3t> per cent, of normal. For the last few mornings the >tton goods trade has been reporti a god business from all producig centers. Southern and New Engtnd mills are reopening after some aving been shut down for several lonths. In England. a private iblc told of an improving demand >r India and China, but some of hr bids were under the asking rice. There is a big short interest spotted in the Liverpool market *!rh is still outstanding and aparently is bein^ maintained in nttcipation of increased activity by nglisli mills. Tho cotton markets re also affected by a general agitaon throughout the South to boost ie price of cotton at th<* point of fllvery to 15 cents a poutid, which ouid make cotton at the seaboard orth between lfi cents and 18 nts a pound. While this talk of and 20 cents a pound is being sed for ail it is worth, there is carrv-o^er of American cotton of ound 50^0.000 bales and there is lother 5.000.f?00 bales outside of ie United States which must be, tnsumed. The New York cotton echange j i its annual report shows that the j orld's takings of American cotm were 10.322 547 bales, against | MIR7.364 bales last year. Comission houses declare that there I every indication of a 12.000 000 j il# consumption durine the com-i g year which is about equal to te sum of the carry-over of old <tton and the estimated new Ameran crop. Todaj'* Ye?t. Op* it. Iligh. Low. Clone. Do?e. t. ... 13*2 14.1# 13 7* 14 12 18.77 H* 14.SS 14.8# 14.IS 14.4A 14.1? n 14 33 14.55 14 21 14.3* 14 2* irrh .. 14.4* 14.S7 14 3ft 14.H7 14 33 ij 14 58 14.75 14 49 11.7." 14.40 'uraisfced by W. B. Hibb* tc Co.. member^ j New York Cotton Exchange.) I FURTHER , STREET TOPICS I ' b opened down % at 64% and dropped I on a few sales to 66%. when it ral- ' c lied slightly and turned dull. 1 The industrial list as a whole Is ? so near the lowest level of the year r that ne.w' low records in Individual s stocks are easy to attain. The bare i statement that a certain stock has i [ made ? new low does not necessariy J I mean much in points of deprecla. tion, for the loss of as small a frac, tlon as an eighth Is sufficient to , send many new low Into new low i ground. Comparison between present prices and the point from which they started their decline, however.] 1 is interesting. The following table tells a story of liquidation in stocks j as a measurement of deflation in in- i ' dustry: i1 Noon 1121 1920 | ' Stock. - , today. High. High. Col Graph pf ?% ?2% 92% Col Graph com... 2% 12% 65% Pierce Arrow pf.. 22% 28 108% ? Pierce com 10% 42% *2% l Pnited Drug 50?; 106 148 . Cane Sugar pf . .. 17% 68% 85% < f Cane Sugar com.. 7% 26 53% l . Manstl 26 89% 161% , Int Paper 38% 72% 91% 1 . Gen Motors 9% 16% 42 1 . Atl Gulf 20% 76 176% < 1 Utah Cop 42% 59% 80% J , Int Nickel 11% 17 26% J . Marine ?... 7% 17% 61% 1 Anaconda 32% 43% 66% J vEvery one believes that the logi- J ' cal place to purchase anything, whether it is stocks, bonds, real es- J tate, livestock or merchandise, is at . the bottom. The question is to And 1 the bottom. That is exactly the! question which speculative Wall'* Street is trying to answer at the ' I present time. Some traders prefer jj to average toward the bottom by i purchasing on the way down, j i Others believe that just as good re- j j i suits can be obtained by purchasing ^ ? on the way up?after the turn. The t problem of finding the turn still re- x mains. There is a certain school of e , market observers which teaches ^ I that any movement, downward or i upward, terminates only when the t j market becomes active. This is the \ j theory of "volume" as the sign of j ^! a turning point. t CURB PRESENTS j TWO-SIDED STATE ; it r Traders Exercise Discrimina- { tion in Commitments?High I" Price Issues Firm. ' j J i l1 NEW YORK. Aug-. 24.?'Traders in | % i curb stocks exercised discrimina- r tion in their commitments today * and as a result there was a two- c i j sided appearance to the market. For x .instance, practicaly all high priced * (securities held to a firm trend while1 , many penny-per-share Issues were J ? under presure and sold to new low j ^ { levels, in some cases for the move- L, . ment and in others for all time. In , I this respect, Perfection Tire and Allen Oil wore foremost in the! downward trend, while Acme Pack- , S ' j lng dropped down quickly to about t 80 after an early high to 93. ' \ In the case of the so-called bet- a ter grade shares, like Simms 1 . Petroleum. Glen Alden Coal, United a ' Retail Candy, British American To- P bacco stocks, Libby, McNeil and Libby, and Sweets Company, quo- a tations followed a steady course v and business, at times, was quite * ! active. South American oils, llks iCarib Syndicate, Maracalbo and In- * , ternational Petroleum continued to hold back with the last named (s stock selling to a new low for the j ^ ' week to about 9. ! g Not much activity was noted In r the Standard Oil group and price) change* were without special slg- : ^ niflcance. Reduction of 1 cent per'c gallon in the price of gasoline to > s 17 cents wholesale In the Chicago i n district by Standard Oil of Indiana. jc had no effect on the market price I tl of this issue. The reduction today p i was regarded in line with the com- p ! pany's policy of a gradual read-Jv j lustment of its gasoline quotations, j n (to meet the trend of the times. Their | Indiana company is doing an enor-j p j mous business at the present time j with sales running considerably! p I above those of last year when gaso- j t line sales were the largest in the j n j history of the corporation. | h There was not much feature to j S the metal section where prices! s j ruled irregular and few netjr 'changes of importance occurred in t j bonds. j P BOND TRADING IS j? RELATIVELY DULL ; I" , p Signs of Greater Firmness j Appear?War Issues ; More Active. ' ? I lr I NEW YORK, Aug. 24.?Another J1 I relatively dull day was passed in r (the bond market, although there ! were some signs of greater firmness I' than had appeared either Monday or Tuesday. Our own government war a< issues were somewhat more active | for one thing, although very little , . change in price was recorded among | h; that 1 ret. Victory 4~i for example, c< which represented well over half of S1 all war securities sold today, held j r? even with Tuesday's close. | Fluctuations in the price of the j ui Cuba Cane Sugar convertible deben- j ti ture 7 per cent bonds attracted more i 7( attention than anything else in to- pi j day's market. These bonds opened j la I yesterday at 5S%. then made a sen- t? jsational drop in heavy selling, par- cl ticularly during the latter part of ! gr I the day, and closed 6 points lower, tc at 52%. Such a decline is not com- st ' mon among bonds, even in times pi like the present, and it was not sur- ai prising that some recovery should tfr be made today. They opened at 52% C< this morning and by early afternoon |o had recovered 3 points, to 55%. No re new important news with respect tj the position of Cuba Cane Sugar tie- at veloped during the trading hours to rc influence today's prices. ar Various small lots of the different ci foreign government bond issues ol were bought and sold throughout St the day. but the sales did not estab- B liah very clearly either an upward th or downward tendency. Most of rc these bonds, held about even In "l price with yesterday's close and only a few of them showed a D greater change than % of a point in either direction. T ' I Among the public utility issues. . |the change in the Bell Telephone of I Pennsylvania 7s was most marked. ! These bonds had lost virtually a full point from their previous close ei by early afternoon at 103%. North- > < | west Bell Telephone 7s on the other rc I hand, gained % of'a point. Most ct of the other changes were frqv is 1 tionut. f in REDUCTI01 > M'ADOO CHARGES HARDING IS MISLED 5 ABOUT RAILROADS I V Denies U. S. Obligated to Fund Carriers' Debts ti To Government. ? 1? BURDEN ON PUBLIC t; _ v I v. ????? ( ^ Lines Now Owe Government n $1,444,000,000, "Why Lend m More?" He Asks. *r * ?; CONTINUED fROM PAGK ONE- j yt hargeable to the United States isi- hi lurther declared to be an emergency ^ 01 >ower to be used by the director^ general only when he finds that no ? m ?ther reasonable means Is provided j th >y the company to reimburse the sc JnitiM States and, us contemplated i0 >y the Presidents proclamation and u >y the Federal control act, it will 0( >e the policy of the director fen- rc >ral to so use such power of deduc- oi Jon as not to interrupt unneces- i| larily the regrular payment of divllends as made by the company dur- bi ng the test period.' ir "This provision imposed no obll- b; Cation whatever on the director n? general as he could not go beyond $ he power conferred upon him by b; aw. It was a mere declaration of T jolicy. | n? While I was director general j m [year ' 191S) and Walker p. Hlnes at vas director general (January, 1919, ,o March. 1920). the railroads were ai lot required to pay for 'additions pt iud betterments' out of the rental pi lue them at the expense of dlvi- C\ lends, nor to sell bonds or stock as | c? hey had theretofore done, to relm- j >urse the government for these ex>endltures. The cost of such 'add!- | ion# and betterments' was gener-., b< tusly advanced by the United States j tl 10 that, on March 1, 1920. when the j Q| allroads were returned to private |c> rontrol. they owed (and still owe) rr he United States the enormous , it turn of $1,14 4,000,000. These 'addl- al ions and betterments' include 'mo- p, ive power and equipment." These | ii xpenditures were not forced upon j b< he railroads. The railroads needed j i?, hem and were glad to have the t fovernment lend them the money at ; per cent, which was less than the b< narket rate. Congress had to ap- j jt ropriate this $1,144,000,000 out of j fC axes levied on the people and these j p, rery appropriations for loans to the tn allroads have been used by un- | nj rlendly critics as a basis for the j t harge that Federal control was u, vasteful of government money, u vhereas the debt the railroads owe he government on this account is . valuable asset if those charged rlth the execution of the law Insist ipon satisfacotry security as <he i th aw requires. j rn S7fi3.lKMl.000 line Now. ' So "Of this vast debt, the United 1 rj Itates extended for a long period j ^ he time for payment of $381,000.- | t" 00, representing new 'locomotives I1 nd cars' furnished to the railroads. al 'his leaves now due for 'additions cl nd betterments' the sum of approximately $763,000,000. "* "February 28. 1920, Congress en- cc cted the 'transportation act.' pro- tn iding for the return of the rail- !al oads to private control on, March j re 1920, and gave the President. In er ubstance, discretion within certain j 1" Imitations to set oft against the ebt the railroads owe th* United | *? tates any indebtedness, arising out ; ra f Federal control, that the United j th tates might be found to owe the jb* ailroads. jin "That act further provides that j my remaining indebtedness of the j r? arrier to the United States iu re- j r? pect to such additions and better- j th lents shall, at the request of the | ^? arrier. be funded for a period of ; to en years from the termination of m: 'ederal control. or a shorter eriod. at the option of the carrier. ' _f Hth interest at 6 per cent per an- ti< um and upon such security as the j Pr resident, in his discretion, may | co rescribe.' i "While it is true that the trans- j ,r ortatlon act seems to confer upon |to he President discretion to 'deter line, within certain limitations.!8'1 ow much of the debt the United j tates owes the railroads may be :lo et off against the debt the rail- , "c oads owe the United States, never- <a heless the act does not contem-j1" late that none of the debt of the f P8 nlted States shall be set off. but n the contrary, assumes that it will 8h e, because in express terms it pro- jwi ides for funding only 'the remain- { lg indebtedness of the carrier to j^1 he United States.' At any rate. It ;to s indubitably clear that under the j iw and the contract between the | b arties, the United States is not norally and legally bound to fund,* lo| s stated by the President In his m lessage, the $763,000,000 of debt the ! til roads owe the Treasury for 'ad- j itions and betterments.' The? j resident must have been misled I ro ito making such a statement. All Ujc lat the United States is required j re, > do. legally and morally, is to ; Ka ind, for ten years 'any remaining | Dot ulebtedness of the carriers to the loot nited States" after balancing of ! ccounts. j tia "Hoads* Claim Cluawhcd." j th< "Up to July 15. 1920, the railroads ' '01 ?d filed with the director general *?? >unter claims against the United an :ates aggregating $758,000,000. Dl- 1 jctor General Davis says that the reater part of these claims is for nder-malntenance of way, struc- ro3 ires and equipment, and that from "ei ) per cent to 75 per cent of that j8U< irt is for alleged 'inefficiency of ,to bor.' The director general charac- ] niJ rlxes these 'Inefficiency of labor' |a' alms as "of a too highly indefinite, i aB( leculative and contingent charac- j r to warrant consideration' and j ates that they are not contem- ' ated by the 'standard contract/ id that he has refused to allow * J lem. The Interstate Commerce ;an >mmisslon has, in a recent decisn, upheld the position of the dl- ! ^ >ctor general. , ^ j. "The President, in his message. J*" iggests that the claims of the rail- ; * ?ads against the United States may itl nount to $500,000,000. It is dlfffi- 1 ? lit to conceive that the just claims I ' the railroads against the United > ates can approach any such sum. , ut assuming, for illustration, that j ley may. the account may be ?ughly stated r- follows: Due the United States by the railroads $763,000,0o0 j ue the railroads account of alleged under maintenance 500,000,000 j - i Balance due United States $263,000,000 "Payment of this balance the govnment would have to defer for ten ?ars at 6 per cent Interest on the quest of the carrier, provided seirlty satisfactory to the President given. Thi* Is the kind of settleicnt the law now authorises and V ^ - - <"- - ' - NSiNWAF onteraplatea. Such a settlement lnolves no added expense, no added lvestment, no added liability, no dded tax burden, and no added aproprlatlon.' It involves only the lak of loss in waiting ten years (or ie remainder, namely, I2ti.000.000. hen the security may not be good, ut the risk the Esch-Cummlns bill as already fastened on the taxayera and it cannot be avoided. Hir4lif Clearly Mistake*." "But the Prealdent propoaes a sw plan, namely, to defer for ten ears at 6 per cent Interest the en re $7(1.000.000. due by the carriers > the United States, and to pay t# ie carriers, in cash. ?SOO.OOO.OOO for lleged under-maintenance claims. that be the amount Anally deirmlned. The President assures ua lat this involves (1) 'no added inestment,' (2) 'no added liability.*' <l) o added tax burden.' Clearly he is ilstaken. . ,, 1) There is an 'added inveatetn' of the taxpayers' money mounting to *1(00.000,000, because. iHtead of offsetting or canceling 100,000,000 with an equal amount t the debt the railroads owe the niled States, the Treasury will I jvc to nay the railroads 1500,000.>0 of new money. "(2) There Is an 'added liability* r $500,000,000 because the Treasury iust continue to lend that mm to ie railroads, some with irood and irae with poor credit, and a large >ss may finally result. Thus, if the nlted States now cancels $500,000.>0 with a part of the debt the railtads owe it, at leasts to the extent t $.'*00,000,000. the chance of losa or ability will be removed. (3) There will be an "added ta* urden/ unless the advances and all iterest thereon are finally repaid y the railroads, because there is [> way for the United States to Bet .00.000,000 for ti.e railroads except y* taxation, unless it borrows on reasurv certificates of Indebtedess?the same thins, because these ust be paid ultimately out of tax'ion. "Blit the President says let the uthority of the War Finance Corv?ratlon be extended 'so that it may urchase these railway funding seirl ties' and thereby avoid the ne sslty of 'added appropriation.' Falls Taxpayer. "This does not alter the situation, j ?cause the War Finance Corpora- , on is merely an agency or bureau f the Treasury. The War Finance I orporation will have to get the j loney from the Treasury or issue s own bonds, partially tax exempt, j nd sell them to the public In comftltlon with Treasury financing, i order to do this authority must e had frotn the Congress, and that j the purpose of the pending bill. ] he $400,000,000 credit which the j ar Finance Corporation has on the I ooks of the Treasury is not money. is merely a credit and was given , >r specific purposes which do not | ?rmit its use for the railroads any , ore than an appropriation for the j ivy can be used for the railroads, i carry out this plan, whether I irough the War Finance Corporaon or through the Treasury direct, | ivolves a new appropriation. "However the play may be con- j immated. whether through the 'ar Finance Corporation or irough the Treasury direct, it realns clear that a new credit of 00.000.000 Is to be extended to the lilroads for a period of ten years, hatever may be said, it is certain iat the railroads should be reilred. before any further advances e made, to abandon the 'ineffi- j ency of Tabor* claims which the j rector general declares are 'too ghly indefinite, speculative and i ntlngent to warrant considers- : on." The railroads should not be lowed to get $500,000,000 more and , main at liberty to keep the gov- { nment in litigation over such lm- | oper claims for an indefinite timej 'Nor should the government bd { reed to buy the obligations of the | ilroads at a higher price than eir market value at the time. The 11 as drawn obliges the President, j the exercise of the authority ( ven him, to purchase such railad securities en a basis that will turn not to exceed 6 per cent of , c investment, subject to such disunt as may represent the cusmary and reasonable expense of ; arketing such secxiritles. The bill j so authorises the War Finance >rporatlon to purchase the securi?s from the President at the same ices, etc., and then prohibits said j rporation from selling the securi- ' ?s at less than the original rost. the War Finance Corforation is be thus used as the Marketing . rencv, then clearly the securities ould bear such rate of interest as 111 permit them to be sold without i ss. If railroad securities cannot i >w he sold on a 6 per cent basis j nd I think it will be conceded ] at they cannot be), then the obli- j itlons purchased by the govern- j ent should bear a higher rate or ould be purchased at a price that ill yield a high enough rate to at- j act investors. Otherwise the i lited States must either continue hold them until a market, which ! ill absorb them at C per cent, can . found (a very uncertain contin ncy) or dispose of them at a | ss?a loss which on final analysis ' ust be borne by the taxpayer. What It All Mean#. "Suppose you realise that, in ad- j Lion to the $1,144,000,000 the rail- j ads owe the government for 'addl- i ins and betterments,' they have < celved additional loans under the i ich-Cummins bill, of about $*W0.- ( [>,000, making a total of $1,444,- , [?,000. 'Stripped of confusing nonessen- ; ,1s, what is now propoyd is that ! c government shall wairten years $7G3.000,000 the railroads owe It \ r betterments and improvements , d pay immediately $500,000,000 to a railroads on account of claims ; alleged under-maintenance, etc., . <lng from the ISO or more rail- ; ids involved, with their varying precs of financial responsibility. . ;?h securities as they may be able provide?securities which in j iny instances may not be ade- . equate to protect the government j ainst loss. ' 'This is not a question of 'legal , d moral obligation' on the part the United States to lend the j ilroads $500,000,000 more for ten j ars. It is a question of policy, j: d should be considered from that ! indpoint only. For the adoption i such a policy the administration I ist. of course, take the responsi- j it/ but it should be candid about J The public mind should not be ! if used by juggling of figures, ma- i JACKSON B Dependable GRAIN-STOC Postal Telegraph BRANCHES M,rch?at?' Exokaai*. St Cklc.ro. Bo?r Tj^nta *o?rd ,f Trad*. I>uu City. Comm.rc. Produce Exchaage, Dnluth. Boar< York. , Winnipeg. OrsJ Board of Trade. Detroit. . I. M* Board of Trade. "Math. ** Produco Ezeh&Afo, Toledo. eaaago. Chamber of Commerce Milwaukee. < Commerce. V 1 TAXES WI Europe Loses Taste For Chewing Gum Aurkta chawta* m I. Its Mr-time MKlarttr (kmckMI the nrli. atcwMai ? CHuum DttnnHM rqwra. ObIt MIMIMH atlrk. ar WHn? itoni were rxi>?rtr I '"<?* tkc iaral r?r Jut tiM "Hrt? ta tkc (KVtKil >k??rcd rcatcrtar. (Jatu reeeatl? ex. P?rt, were ?aakle tkat amu. America* 4aa(kbara lu.Ut Aacrlcaa ckcwlas |?aa yatalai la a <owa caaatrlea tarlai tkc w?*. Bat iaaaar?latelr wkca i tkcM a, leal (mart e. of tkc aaraMa )?? kagaa ta be trawa back ta 1 Aaaarlea, export. af ekcwlac becaa ta fall Kxaert. f Urata. Jaaa maalr, mu4 tkc Ilka, alee made popular br tkc AaaaHcaa cipedltloaary fereea. are akawlaK llttlr rcdactiaa ta *kc qualities In wklck tkey 1 ***< abraad iarlag the war. Bat American rhpwiag gaa~! i I Tat! Tat! J Part, has dropped It. Laadaa **#ra* It. likMfh UoadoN J j ever tolerated It. Am4 Renr, well Italy I. barely aacatlaaed la the llat of tkoae eoaatrtea . aaxlaaa to parrhaae Aaacrlcaa |a fkewlag gun. GRAIN MARKET AT STANDSTILL !] Sentiment, GeneraUy, Bescomes More Favorable i To Buying Side. j, J < CHICAGO. Auk- 24.?Strength in | j OMh Wheat with a keen demand from the seaboard and sales of ] around 1.600,000 bushels yesterday ' and today to exporters Induced many of the local element to take j the buying side of futures and made (< a higher range. There was con-1 \ siderable September for sale at 1 ! cent under the December and the'' j difference widened out to around 2 | 1 cents. The hulk of the trading is' | now in December delivery. Trad- j ] | ing in May started today at Ca4 ' j .cents over the December. Red win- j ter in the sample market is rather: | scarce and is quoted at a fractional j . ! premium over hard winter with " mills after the grain. Country of- j . ferings remain light and part of the arrivals here are coming from Missouri liiver markets which ! ' made heavy sales recently. Senti- J J ment generally has beome more fa- ( vorable to the buying side, but the ! _ local element are geting no help 4 from the outside. I i Corn and oats showed consider- ' able strength and averaged, higher * with September corn going to a < fractional premium over the De- j * camber against *4 cent discount at j * the close yesterday. The seaboard was after corn and bought 100.00# ' bushels here on the basis of 5 cents 1 over September c. i. f. lluffalo for No. I 2 yellow country offerings were larger due to an advance of V cent I in bids to arrive for 15-day ship- * ment. Two boats are said to have loaded oats from elevators and will < be held afloat until next spring t with the option of either unloading them or shipping Hast at rates 5 current at that time. Country of- ! ferings light. _ i Pckers were fair buyers of lard an 1 ribs and with hogs up 15a40 ] cents an advance was easily at- | * tained. offerings being light. Aver- 1 age price of hogs at the yards was , i 7.3oa0.50. Receipts, 13.000. with 15.- j 000 for tomorrow. Western run.! 70.WO, against 87.900 a week ago, , and 71.400 last year. Money seady. call 0: time. 6aGS. Kxcb.Jnge par. To4ay*? Twt. , i H*n. llifh. I/>w. Clot*. Close. ? Wheat? Sept. ... 1.17V 1.1?H 1.17*4 1.18*4 1.17V < lw?. ... 1.18V 1.21 l.W'i l.lOVi 1.10*4 I ' Mar . .. 1.13 1.24*4 1.22V 122'* Corn Sept .55** .33*4 .54*4 .58H j < Ore :*% .54*4 .RSV *4 .5SV 1 Mar 577i .58 .57*, .57V * I Oat ? Vpt 34*? .34*4 .33% 34V -34V I , T>e?* 37 .37 V .37 .37*, .37*, J Mar 41*; 41S .41*i .11*, ... Provisions. Pork , 4 Sept. 17.00 17.0?? \ lard ' Srpt 1?.05 30.77 10.65 10.72 10.47 Oct ... 10 75 10.00 10.75 10*5 10.00 1 Ribs? f 8<pt. ... 9 17 9.30 0.15 0.20 0.00 IV t. 0.410 0.20 0.UU 0.12 8.0 5 (Furnished by W. B. Hibbs ft Co.. members Chicago Board of Trade.) COFFEE MARKET. ??? 1 NEW YORK. Aug. L4.?A further decline ??f ten to thirteen points y occurred in the coffee market today ' ^ As Friday is the first notice <!?>',* on September contracts there : ^ seemed to be greater eagerness <among holders to sell out or ? a- j $ change their September for more ' distant controcts. . In fact, a good i " share of the business was of the: ii switching variety. Practically the a only demand came from trad, houses 6 who were disposed to cover hedges 6 in September and put them out I a again in the deferred deliveries at j a the attractive differences ruling. Otherwise there was nothing in b the situation to stimulate buying, i a both public and private cables be-! 4 ingf easier Santos was .10a 100 reis ' o lower. Rio unchanced to 75 rels i lower, and ^xchan^e oh I.ondon j N l-16d lower at 7 27-C2d. The dollar, rate was unchanged. The crop | j* movemen* remains liberal. j * Early firm offer* were Santos Us! y 4s pa?*t bourbon 10.35c. 7igainst 10.45al0.6r.e yesterday. Htid oart bourbon 4? also at 10.;<5?\ Some ship-|pers asKed up to 10.50c for 4s yes- ' terday, althouch it was claimed that a bid of lO.SSe. had hern accepted. Spot markets are dull. In keep-| nipulation of accounts, or securities. I t?r governmental agencies. To get j the facts is the subject of your in- : quirv. as it is equally the object oi my reply. "With kind regards. I am. "Sincerely yours, (Signed) "W. G. McADOO." | ROS & CO. Slnee 1876 KS-COTTON Ckleag*. MEMBERS d of Trade. Sew York. Stock Ex* . chaste. Chamber oi Baltimore. Chamber et 1 ef Trade. Commerce. Lb Exchange Toledo. Produce Exchange, rchants' Ex* Detroit. Beard af Trade. H?r York. Produce Ea Chamber of ckssft. BSBBBSSSES55S355S5S5S^' 0 / THINYEAI ii | Real Estate Transfers | | US O at .ne. ? ?U| lot IS?Emma j MeCormlek to lUrr P. Thl?L lit. 1U1 Parkwood pi *, H 1M7. tot 127?Thomas A. Juinon to John R Sweeney et ux. Cecelia t. 111 "Turkey Thicket." pt tract?Florence A. Flanagan to Alice P. McKay. 110 Ml Mat. nw, aq II. lot ?T?Jamee P. McCarthy to Mae McCarthy. 110. | 1114 Hat nw. aq 177, lot 1W?Same 1 to same, $10. 1304 Kenyon st nw, aq 2841. lot 1 Columbia Heights?Gertrude 1* Oar. riot to Gertrude L. Grace Garriott, m. Alley bet Cth and 7th. G and I , la ae. aq S7?, lot 124?Mary AHarvey to Samuel S. Alloy. 910. Alley bet ?th and 7th. O and T at* to. aq 871. lot lit?Audrey O. Morgan to Samuel Alloy. 110. 1521-1517 and 1412 ft at nw. aq 191. lota 11 and 9. aq 207. lot ?1.?Mary E. , Moore to Joaeph B. Lanahan. $10. j i Cth at aw. bet FAQ ?ta. aq 407. < ?art lot 28?Mary E. Yatea to Ellen P T. Taltavull. 910. 1 11 at ne. bet 4th A 5th ata. aq SIS. !l l>art orig lot 9?Alice L. Curtis to j 1 John A. Griffith et ux. Ella V.. 910. B at ne, bet 4th Sc 5th ?ta. aq 815, i * part orlg lot 9?John A. Griffith et . ix, Ella V? to Helen W. Gantt, 910. | 1521 * 1517 8 at nw.; 1412 8 at nw. j ?q 191, lota 11 A 9; aq 207. lot ?1? I. Harold Hampton to Joaeph B. \y Lanahan. $10. ^ 1317 W at nw. aq 234. lot t?Mary , Hunter, minor, to Martin Wie- , &and, $10. : i 1120 Montello av ne. sq 4070, lot j TO, Trinidad?Jerome B. Stahl to ! 1 vlollie Herman. $10. Warder at nw, bet Lamont at A j * Lairay pi, aq 3043. lot 34. Whitney \ ^loae?Corral 11. Hunt et ux. Minnie \ \ Id., to Henry C. Richter ct ux, Joaie , i *.. $10. i 39 K at nw. aq 621. lot 12??E. H flay White to Emllio I'alumbo et ux. 1 < Teodolinda, 110. 1 i 602 16th *t ne, sq 4543. part lot H [00 & 101. Long Meadows?Michael 1 H. Lyong et ux, Margaret G.. to Na- ? ban T. and Martha E. Crumraer, .i 73 Eye at ae, sq 6S6. orig: lot 13?i Michael A. Sullivan et ux. Nora J., 11 :o Richard II. Sinclair. $10. 1 i Richard H. Sinclair et ux. Anna, , M., conveys same property to Gus- i , ave W. Foraberg and John Alden ! f (10. t 2212 Channing at ne, aq 4255. lots i I and 3, Langdon Park?Burllie M. 1 Jdum et ux. Anna M . to Elbert H. s _,loyd et ux, Analee, $10. 1437 Irving st nw <garage), sq * :674, part lots 17. 18 and all of 18? lulemor Co.. Inc., to Irving Street * jtrago, $10. 48th at ne. north of Sheriff rd. sq 1 il53. lots 57. 58 and part of 56. Mu-j ^ nicipal Realty Co. to Leonarti Mc- ? Intoah. $10. South of Kenyon east of lSth.c st nw. aq 2597. lot 103?Benjamin H. "Jruver et ux. Lizzie M-. to Mary I. J* tlail. $10. P Ft nw east of 1st st. sq CI5. >art of lot 25?Frank M. Miller et * i\ trs.. to Clarencc M. De Veile.. 12.400. 1245 G st se., sq 1020. part orig * ot 27?Dwight T. Arndt to Ella J. 3oyd. $10. 31 H st nw, aq 374. part lot 7?:i "?eo. G. Webster et ux. Marion L. o Levi T. Jonea, $10. || 904 and 806 F et ne. sq 935. lots and 10?Elizabeth Oedekoven to isamuel E. Cross et ux. Elizabeth, \ 110. 2220 G st nw. sq 3G64. lot *'D"? * Irene Johnson to Clarence M. De * ITelle. $10 < 2228 G st nw. sq 57. part original <1 ot 5?Carrie Cvpre?s to Clarence 1 tf. De Veile. 110. iito ?th ?t nw. F<1 30fi4. lot ~T>"?: 1 riar< nee M. De Veile to Hannah I Ichnson et al. *10. . 1 222S G st nw. aq 57. part original I ot 6?Sam#- to Carrie Cypress. $10. i*, 1362 Irvine st nw. sq 284$. lot *L 53. Columbia Heights?Mary B. * Tigh** to Margart t J. Gilbert. $10 \ * 190S Riltmore st nw. sq 2541*. lot * 118?Margaret J Gilbert to Emma 5 [>. Venal.le. $10. "Fniontown.** lots 547 and 548. y Kred's 1+ Casseen *t ux. Ida V.. to Edward A. Diehl et ux. Grace L+, 1 MO. 146 lltli ?t se. sq *8*. lot 27? . Anni Luckel to James S. Morris. HO. 337 I. st sw. sq 543. lot 38?Wil>ur F. Nash et al to Isidor and Bestie Kaplan, $10. IS.>5 Swann pi nw, sq 132. lot 215 ? ?Carri*' L. White et vir. Edward. to | riiomas O. de Iteck. $10. l*:*5 Swann pi nw. sq 132. lot 215 Thomas O. de Reck to Isabel Sid- , u-y. ?iv. J S.? cor of 10th & Otis st* ne. k?i sh2. l<?ts 8. 10 A 11?Rachel J. IV Villiams to Sol Freedman et ux. lolly. $10. S of Evarts st. e of 12th st ne. s i ; 9S7. lot 31?Harry C. Talbert et ux. < 'atherine E., to Wm. E. Russell. 1 ?? 11 ng: with the decline in futures. Rios | re easier. 7s beint quoted at 6:,a ^?c Vict* ria 7s 8s ar?? nominally . *aa6s4C. Choicv Santo* 4s remain t lOV^allc. but poor descriptions; re available as low a* 9c. Later firm offers were: Santos 4s ourbon at I0al0.40t. aurainst 1A.25 10.75c yefetetday. and part bourbon a at 9*ac. Victoria Ss plus 20 are ffered a*. 6.2i?c to New Orleans, "esterday 7s 8s were offered to: "ew York at 4?.40c. Tilth b?w flow ..pt a.ss ?.ti??.x2 ?o0 A M #; 7.*? ' larrh 7.2S Mi 7.21 j Iny 7.4? T.?; 7 4**i7.4t n?e market rlo?*?Kl S to 11 points lower. > < Bread am Some people will tell y< essary to man. But if yoi carefully, the butter, also. ' invest in our First Mortgage erty in Washington. D. C., 1 ings will provide ample butt will go on earning in other Swartzell, Rheen 727 15th Sh Washinfto The Nation's I SS lean WHfcaat La * or twd business at low ebb indicated by monthly survey Potter Bros. & Co. Find Conditions Differ in Various Sections. * reserve bank firm Crop Moving j? Different Localities Pats Strain ; I'pon Money. rt.nrf.tVm0n,l,,y *urv" ?f bu.ines- 1 condition, in ihc various parts of Corner, v P??,rr '??<' Company. New ^ ork stock brMf4T slth a branch office here, find thai the general financial. Industrial an.i agricultural condition. I deal mixed, differing widelv In various sections. As a . hole It ?,a,ld ,h?t business * \ *!w ebb. with one or two eiceptlona. The survey, which the comMni plan* to Issue monthly iD the fU ture. was compiled from quoationnaires which were dlstributea broadcast over the country. ,B<J represent* the consensu* of ftplron of approximately 10.000 bankers ind banking institutions In the United States. * " In discussing the financial situaao" "? survey read* a* follows.The financial situation, in uearlv 1 " * sections from which <rt have reports, shows Improvement. Bi hough m the crop raising StaXt* improvement I* halted for the Ci.l position /rop moving period will loubtless be further strained This * having, and will have to a greath. eS!T"t-. *. mat'riaI upon "ttuation and money -onditlon In this center Crops are J noving at an earlier date than heretofore. which Is encouraging but sill mean an earlier tightening ..f < money rates. "The Federal Reserve Bank, how ler. both in this district and the country as =. whole, is In a very 2T5 Position to take care of this 'ituatlon. the ratio of total reserves o deposits and Feierat Reserve vote liabilities combined amounting o per cent on Auguat 10 as igainst >1 T-1.? per cent on August > and against only 4i ?-l? pet "ent on August 13. l?lo. M e understand that a re?erv, of >0 p, r . ent or over represent* a Itrong position The position "of district. which represents th? noncy center of the country. Is lis., a very strong one. The hanks lere have oeen gradually worhlrfc'Ut of the Federal Reserve Bank ind there are no*- only a few of he larger ones that are still borrow ng from the bank. The ratio of otal reserves to deposits and Fedi"! , u??erve note liabilities is 9 S-10 per cent as of August 10. is against *? S-10 per cent a* of Aifs 19:I' and against orilj s b-10 per cent on August 12. 1S2?' he period of the most ?eriou> 1 train * F Rompers to Address Railway Employes l'residen: Samuel Uomper*. oCUuVmerican Federation of Labor will in September IS addresa the apViu.V onvention of the Amalgamated A?lociatlon of street and Klectri, tail way Employes In Atlanta. Ua. K Mahon. vice president of the American Federation of Labor is iresldent of the street railway employes' organisation. An interesting feature tn niuecion with the fortl,.-.,mlng convmion is that twenty-nine years -g" >n September 15 President Crompers ailed to order in At:?-,ta the nuet.r.g at which the organisation of street Railway. Workers w as first 'orroed Tli. meeting on that day * as called to ord? r at 1m o'clock n the niorn.ng. the sain. hour at shich .Mr. tiompers will sixak to :he coming convention. - ik/ ss mttch rwf wonn cWAPPtAir It shows the progress of investaient ia our romptnv. If you have real estate unn*r accounts. thrift stamp* po.tal uritti stocks, industrial or railroad bonds, for' ernment or municipal securities, liberty bonds certifies tee of dtpMt. otber investments or idle mono? bringing you less than It', annually. ir.sest?nie our organisation. We are offering lt^ preferred t?o<* with participation ia further protto through our common stock. Write or call us today. STOCK EXCHANGE SECURITY CORPORATION. SFSCO SM Bond Building. 1*00 New York Arm . Washington. D. C. sin lOTf High Class Representation Wanted. i Butter ou that only bread is neci save wisely and invest ivill be provided. If you Notes on improved prophe earnings of your saver for the bread that you . K ways. t '2 i & Hensey Co. 1 eet N.W. , d. c. lone Town 1J a to an 4 BUM i 'i i' -v > V ,