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INCREASE STEEL INDUSTRY STEADILY GETTING -ffACK TO NORMA! SftWe Middle of July Mills Have Gradually Been Resuming. BEST IN SEPTEMBER Sheet and Tin-Plate Plants Show Most Marked Increase. Since the middle of July dispatche: from steel centers have borne fre quent announcements of resumptioi of actlrfty at various plants. Prio to that time, each week for man: months had added its quota to th? sum total of furnaces blown out an< mills closed down. The Increase in activity over th< DRESSMAKER MADE WELL Followed a Neighbor's Advice aad Took Ljdia E. Pinkhan's Vegetable Compound Vernon. Tex. ?"For three years I (offered untold agonyeach month with oains in my sides. UDHHSnj 1 found only temporary relief _jHB doctor's medicine ijRJ ^JKjj or anything else BK r*l took until my husband saw an advertisement of ham's Vegetable Compound. Imen[ 1 tioned it to a I neighbor and she ^ 1 'told me she had aken it with good results and adrised me to fay it. I was then in bed >art of the time and my doctor said 1 would have to be operated on, but we decided to try the Vegetable compound and I also used Lydia E. ?inkham's Sanative Wash. I am a Iressmaker and am now able to go ?bout my work and do my housework erndes- You are welcome to use tis letter as a testimonial as I am uwyas glad to speak a word for your nedicine.Mrs. w. M. Stephens, JOS N. Commerce St., Vernon, Tex. Dressmakers when overworked are rone to such ailments and should irofit by Mrs. Stephens' experience tnd try Lydia E. Pinkham s Vegeable Compound. It contains no narotic* or harmful drugs. LEG SORE A I> aire sore?rery deep?foil of foul dtocharge. Agony all day; no r#*t at night. Then Just a f?w drop* of the fen tip. cooling liquid 1). I>. I*. Irritation and p:iin gone Sweet, refreshing sleep at right. Is due tim? complete heaiing. We guarantee the flr?t bottle. 3.V. 6?>c and " $1.00. A*k for 1). D. D. today D. D. O. The Lotion For Skin Disease People'* Pmc Storm. f An itching A I" skin V^a quickly U f\\\ relieved y/j RESINOL 5o?tfttaq ud Heaiing You don't have to wait: OneappUc&tion of this gentle ointment brings J. fcaifett rehefdnd healing HAVE DARK HAIR AND LOOK YOUNG J>"1 "??T I??7. >okn<|r ra, ,,M . wkea jon darken gray, faded kalr wltk Page Tea and Mnlpkar. ; Grandmother k*pt h?r hair teaut ' 'Jy darkened, glossy and if.rat t with a brew of Sage j T. - e: Sulphur. Whenever her nair xi < on that dull, faded or ?treml. appearance this simple ti'xttir was applied with won-lerft feet. By asking at any drug * re for "Wyeth'a Sage and Su lur Compound," you will tfst a ! rge bottle of thla oldi tlsaa re' pe, Improved by the adother ingredients, all re^dy t use at very little cost. Tr.is ain ale mixture can be depended pon to restore natural color a beauty to the hair. A well-known downtown drug giat says everybody uses Wyeth's Sage and Sulphur Compound now 1 because It darken* an natural! v ,and evenly that nobody can tell it has. been applied?it's so easv to uae. too. You simply dampen a comb or soft brush and draw Jt through your hair, taking one .strand at a time. By morning the gray hair disappears: after another application or two it Is ,restored to its natural color and .took* gloaiy, soft and beautiful .TM? preparation la ? delightful ,toilet requisite. It is not intended for the cure, mitigation or ij reWntion of dij*ea*e.?Adv. j ? -- trnm 9 : i . . D DEMANI ??i past two and a half montha haa been potty, but In one reapect at least It haa been fundamental. PI If Iron furnacea have been blowing In. Net Rain for August waa only one furnace, bringing the total in blaat on September 1 to seventy. But since the latter date announcements of furnace resumptions have been . fairly frequent, and at the moment there are three or four Idle stacks which will probably resume in the course of the next two weeks. I Many Plants RfsiM. It ia Impossible to state the exact number of furnacea now In blast. 1 and It would be unwise to hazard a guess as to the probable iron output In September compared with the 954.193 tons in August. Com> plete figures are not yet available' The record of furnaces blown in during the month includes one furnace of Central Iron and Coal Com i pany in Alabama, the Mattte stack at Girard of A. M. Byera Company, two blast furnaces at the Newcastle works of Carnegie Steel, one at the Woodlawn plant of Jones and Laughltn. one of Rogers Brown Iron Company, in Buffalo: stack No, 3 of * Shenango Furnace Company. L,ee" tonia furnace of ITnlted Iron and i Steel. Valley Mould and Iron plant r and the Cherry Valley furnace of Manna Furnace Company. f Steel plant resumptions have been ! most marked In the case of mills producing sheets and tin plate. The record of sheet mill activity In the 9 Mahoning Valley Is especially slg, nlflcant. On September 8. only 44 of ' the 105 sheet mills in this region were In operation. Within three weeks this number was almost doubled. mounting to 71 September 10. and to SC September 28. Others Jsereaae Ost?st. From the last week in August to the last week In September Republic I Iron and Steel plant operation was , ; increased by the addition of two J open hearth furnaces, one tube mill, two skelp and three sheet mills. Youngstown Sheet and Tube added j In the same period two open hearth I furnaces, blooming mill. fifteen sheet mills and Increased the out| put of rod. wire'and conduit departments. Brier Hill Steel -added five sheet mills, though open-hearth v*d plate mill output are less toda*r than a i month ago. Operations of Mahon> ing Valley Steel Increased. during the period by the addition of two sheet mills. Sharon Steel Hoop 1 added three and Trumbull Steel five sheet mills, and the latter also placed In operation three tin mills. Operations of American Sheet and 1 Tin Plate were at various times during the month increased by the addition of eight tin plate mills at I the I-a Belle plant, ten hot mill* *t the Farrell works and five hot mills at the New Philadelphia (Ohio) . plant. Other resumptions of the month ! include six hot mills of McKeesport : Tin Plate Company, four mills of I Standard Tin Plate Company, of j ' Cannonsburg: six hot mills of tne j Stark-Bercer plant, four sheet i | mills at Nile works of Falcon Steel. | I a structural mill, and Chicago ^ | Height* hard steel bar mill of inland Steel, and an addition of 2.000 . men to the wording force at the 1 Renwood plant of Wheeling Steel , and Iron. Marked Decrease In Curb Activity NEW YORK. Oct. 3.?There was a marked decrease In activity and ; outside interest ihown In the trading on the New York curb market today, about the only groups which displayed any vigor being the mining stocks and the low-priced oil shares Industrial Issues generally were In supply nt moderate decline* after the opening, although some stocks attracted attention because of ; persistent buying at moderate gains Burns Brothers. New B stock, was traded in at 304 to 314. and Fari rell Coal ranged from 18H to 18 .i during the first half of the day. Glen Alden Coal was quiet, only a small amount of business being transacted In it during the forenoon. Durant Motors was in moderate demand. I ranging from 24 to 24and Pwrless Motors was steady at 38 \*. Tobacco stocks were Arm. Philip Mor? ris selling at 5*i to 6. and - Reynolds. R. was traded in at 37H to 371*. United Retail Candy was firm, with sales at 8 to 8,i? while Sweets Company was heavy, ranging from 2H to 2*4- Radio common continued to reflect expected results from the consolidation of the ! wireless Interest and was in deI mand. selling at 2*4 and 2%. j The petroleum stocks did not make I a substantial response to the further advances in crude oil announced since Saturday. Some of the lowpriced issues were Arm. Simms Pei troleum selling at to 7. and Skelly Oil was bought in moderate i amounts at 4 % to 5. Cities Rerv! ice was strong, selling at 133l*.^to! 133. and the preferred sold at 45*; to 46*2. Profit Taking Appears ' In Bond Transactions NEW YORK. Oct. 3.?Following the higher finish of the market last week, considerable profit-taking appeared In the industrial and rail list, and prices turned irregular, but ' changes for the most part -were eonfined to small fractions. Demand for bonds continues good, but the market is still showing some effects of the comparatively heavy offerings of the past week or two. A feature of the industrials was the acj tion of Cuba Cane Sugar 7s. Opening at 54, >,4 point above Saturday's close, the bonds dropped to 53 4 and then quickly reacted further to 52. The movement coincided with ! that of sugar stocks on the exchange. | International Mercantile Marine 6s were also reavy. while the copper issues were irregular. American Smelting 5s holding strong and Chile Copper 6s again sagging off. There was little change in the rails, with the trend uncertain. Chicago Great Western 4s were particularly strong, while the 'Frisco issues were soft. Northern Pacific and Great Northern bonds were firm. Traction Issues were irregular, with Interborough 5s unsteady. BALTIMORE GRAIN. , BALTIMORE. Oct. S?Wheat? 'Receipts. 48.467 bua by car and 106 bus by boat; shipments from eleVators, 13,264 bus; stock in elevators. 3.895,589 bus. A small sample lot of nearby wheat sold at $1 per bus. Carlot sales: No. 2 red winter. spot, Jl.23%, 11.24% and 81.24; No. 2 hard winter, spot. 11.25: No. 2 garlicky, spot, 81.154: No. 8 red winter, spot, 81.18%; No. 4 red | winter, spot. 81.14%. Closin* prices: No. 2 red winter, spot. 81.25; No. 2 garlicky, spot, and October. 81-164 Corn?Receipts. 10,608 bua by car;j shipments from elevators. 26.541 bus; stock in elevators. 414.726 bus. Cob corn nominal. Contract spot. 594c. Domestic track corn 68c asked. . Oats?Receipts. 1,884 bus; ahip ) FOR SH Washington Banker i ^^^ppr%: j^KKm/ . jk THOMAS Manager of the Washington brai Company,'of Maryland, who is a Bankers' Association convention i has announced at the conventior blanket protection against forger auguration of this policy was decic [ of the subject and a compilation I years. In discussing the subject, Mr. the surety companies of this coun what is known as blanket forger; stances compelled the companies I market in 1910 because of the ? of their position lay in the insuffi I issuance of the policy, nor had suf | ject to enable the companies to I | the risk. "There has been a constant on the part of the banks for thi been before the Surety As&ociatio year since 1910, and on each occa> to issue the policy." VIOLENT BREAK : FOLLOWS REPORT Government's Crop Report About One Point Better Than Expectation. NEW YORK. Oct. 3.?There was a surprising rise In cotton contract ' prices from the openlnr It was fol- j lowed by an equally surprising violent i j break directly after the government's! i long awaited crop report came out. While it was only about a point better! than the average nt what had been j expected the day's events in the market proved it was a great disappointment' to the radical local and Southern bull | element who had been entirely re-1 sponsible for the unlooked for big advance In the market from the opening. Although the average of all the private reports of the last fortnight figured out a condition of about 41V* per cent against 49.3 on last month's i government report, and the indicated; yield about 6.400,000 bales against j last month's government report, indi-1 cation of a 7.000.000-bale crop and! I 8,200,000 the previous month, it ap ! I pears the radical element above re-1 ferred to had actually circulated fore- \ ? asts of a very positive character In i the trade Saturday and again this morning, that the condition figures ! would be 39 per cent and the indicated yield would be as low as 5,900,000 bales. This Information was i cabled to Liverpool Saturday and ! caused quite a sharp rise there in i both spots and futures with the market going up 31 English points to the basis of 15.03d for middling with the i day's sales 18,000 bales, and futures ! advancing 25 to 30 points before our j market had opened against what ; should have been about unchanged quotations to have equalled our clos1 lng prices. In this way prices were advanced 120 to 150 points with new high records reached for the near months, surpassing the previous highs for October and December reached on the bulges culminating the first week in September by 15 to 30 points. October went up to 21.80 on this advance against 21.95 for December, while January sold at 21.60, March 21.26, and next May deliveries at 21 cents. The buying movement was continued right up to the last minute for the government to appear at 11 o'clock, our time. The highest prices were then reached. Ten minutes later the market had gone off 160 to 195 points on a wide open break, with a scramble of early buyers to unload at whatever price could be obtained. This was entirely because the government's crop report had foiled the coup of the local and Southern bull leaders by coming out as good as 42.2 per cent and making the indicated yield 6,573.000 bales without linters. The figures were, of course, bullish, but the technical speculative position of the market had developed such an overbought and over-bulled condition on the false premises previously referred to. there was a demoralised trading situation for a time after its report had been announced. Op*n. Hifh. Low. Close. Close. Oet 20.75 21.AO 20.00 20.M 20 48 Dec 20.90 21.95 20.00 20.00 20.85 1 Jan 2O.S0 21.00 19.70 20.60 20 38 March... 30.55 21.00 19 75 20.42 20.02 1 May 20.05 21.00 19.20 19.94 10.50, (Furnished by W. B. Htbbe 4 Ce.. members Kew York Cotton Exchange.) ments from elevators. 3.398 bus; stock in elevators. 359.858 bus. No. 2 white, 47a48c: No. 3 white, 44a46c. Rye?Receipts, 36.692 bus; stock in elevators, 1,492.385 bus; shipments from elevators, 1,107 bus. No. 2 Western spot rye closed at $1.00*. Mill Feed?City Mills winter bran, per ton, 100-lb sacks, $28; Patapsco mill feed, per ton. In 100-lb sacks. $26; white middlings, per ton, In 80-lb cotton sacks, $35; same In 100-lb Jute sacks. $33. These quotations are for jobbing lots. EET STEE n A. B. A. Limelight "| '-'^5 % - ^2H^BE ;^HHg ' .|*r' ". ':- HR . .'-JHHbb F' GRANT, . ich of the Fidelity and Deposit delegate to the annual American now in session in Los Angeles, i that his firm is now issuing y to American banks. The inled upon only after careful study of data covering the past ten Grant said: "In 1907-8 some of try made the first effort to write f protection for banks. Circumto withdraw the policy from the normous losses. The weakness icient data collccted prior to the ficient study been given the sublandlc properly the character of and growing demand, however, is protection. The question has n of America several times cach ion the companies have declined IRREGULAR TRADE RULES IN WHEAT Heavy Tone Develops After General Selling by Commission Houses. CHICAGO. Oct. 3.?Wheat market was unsettled and while higher at one time after a lower start, turned heavy on rather general selling by locals and commission houses. Under $1.22 for May there was fair support, which was attributed to profit-taking, but. while sentiment was somewhat more in favor of the buying side on account of the big break of late, outside assistance was limited. News generally was somewhat more favorable to holders with a decrease of 10.162.00ft bushels in supplies on passage which are now down to 46.160.00ft bushels, despite world shipments of ?round 12.ftfto.ftnft bushels per week. A great deal of damage is said to have been done In Canada by recent rains and there was some export business under way at the seaboard, with 750.000 bushels. mostly Manltobas. sold Saturday. Country offerings Northwest rather liberal, but in the Southwest, small, with bid* at the Gulf unchanged. Red winter remains scarce. Snow's report indicated a total wheat crop of 740.000.000 bushels, or 14.000,000 bushels under the government September returns. Corn showed considerable resistance to pressure and despite the receipts of 1.475 cars, the average of prices was fractionally lower. Cash houses were fair sellers, hedging against purchases in the sample market. where the basis was about the same as Saturday. Country offerings light, and a smaller movement is looked for shortly. Bulk of trade In provisions was In lard, with fair scattered buying. Hogs were 10 to 20 cents higher, and with the heavy decrease in stocks had a strengthening effect. Bulk of sales at the yards were at at $6.80 to $$.35. Receipts. 30,000. with 26,000 for tomorrow. Western run, SO.200, against *1.600 a week go and 60,500 last year. Exchange par. Money steady; call. 6; time. 6 to 6^i. Wheat?Open. Hlfh. Low. Clone. Clone. 1.17% 1.20% 1 lfl'4 l.H?4 1.17% May.... 1.22% 1.25% 1.21 1.21% 1.22% Corn? <0 .50% 4M% .40** .40 Ml Maj.... .54% .55% . 54 % .55% .54*4 c *0 30% .JUl% .36 . .40% .41 .40 .40% .40% Lara? J*1 10 12 10.12 10.05 10.05 9.5< Jan 9.20 9.22 9.15 ! 20 Rib*? *1.75 ".... 7"? 7.92 7.0" 7.92 7 92 (Furnished by W, B. Hibb. 4 Co.. members Chicago Board of Trsdt.t BALTIMORE PRODUCE. BALTIMORE. Oet. 3. ? Butter Fancy creamery. ?a4?c; good cream ery, 41a42c; creamery prints. 47a48c; blocks. 45a46c; ladle. 30a32c; Mary land and Pennsylvania rolls, 28a30r; ?n? 26n28c: West Virginia rolls, 25a27c: store-paekej. 25c: Maryland. Virginia and Pennsylvania dairy prints, 2Sa30c; process butter. 33a34c, Eggs?Wholesale dealers add la2c Ic following quotations for jobbing lots. Quotations are. toss off: Maryland and Pennsylvania and nearby firsts, ?a?c; Western high grade. 42a43c; Western average receipt*. 41a42c; West Virginia firsts. 41c; Southern firsts. 41c. Lire Poultry?Chicken*, old hens, 4 pounds and over. 26a U7c; medium, 3 to 4 pounds, 25c; smaller, 22a23c; white Leghorns, 22a23c; old roosters 15al6c ; springers, large, 25a2Sc ; small to medium, 24a25c; white Leghorns, 1H pounds and over, 23a 24c; smaller, 22c. Duck*. Muscovy and mongrel young, 21a22c; white Pekln. young, 25c; puddle, young, 23a24c. Pigeons, old, pair, 25a30( ; young, pair. 25a 30c. Guinea fowl, young, 14 pour.J" each, 70c; sm&lUr each SOc. rr . L AND T UNSTABLE EXa HANDICAPS Growing Trade Balan Offset by Gold Mo1 Delays B (By The The important effect of foreign exchange rates on foreign trad# has only come to the public tion within the last two years. The great depression of foreign money in terms of our money and the rapid fluctuation In exchange a Mew York has been an after-war development, so serious as to bring suggestions that an international conference will be held to devise ways and means of stabilizing exchange. Two important factors stand out. First?The unfunded balance or indebtedness of Europe **as Increased from about $3,000,000,000 $4,500.000.000 to the end ? and gpld imports of a half billion dollars have not preserved the balance. Second?Speculative activities in the exchange market appear to have caused many short-tinie fluctuations. which is a bad influence on trade. The chief trouble resulting is tne uncertainty and is the element most feared by the American shipper. High and low exchange In themselves offer no disadvantages; the trader being chiefly Interested in stable relations of money values so that contracts may be made and completed without too great changes of exchange in the meantime. Exchange differences between J countries would have relatively littic effect in trade if these dlffer| ences could be known In advance I for certain periods. It 1? the un j foreseen fluctuation that causes I trade uneasiness. These changes In exchange beI pan to he notice^ about two years ago when. In the spring of 1905. foreign governments ceased "pegWASHINGTON PRODUCE. Kggs?Southern, 3Sc; average rei ccipts, 44c. Poultry, alive?Roosters, lh. 18a 1 20c: turkeys, lb. 37a40c; chickens. .-pring lb. 30a33c; hens. lb. 30a32c; , keats, young. 50a60c. Pressed 1 fowls. 35a3Sc: fresh-killed spring chickens. ll>. 3*a42c; turkeys, lb. 45 a50c: keats, young, each. 60a75c. Livestock ? Calves, lb. 12al3c; I lambs, choice, lb. lOallc; hogs. 9c. I PRl ITS A\D VKGKTABLR9. ; (Compiled by the V. 9. Bureau o( Market* nnd Crop Estimates.) Hale* from Wholesalers to Retailer**, \ Apples?Barrels. Virginias and West Virginias. Grimes No. 1. best, few sales. $10all: No. 2. $7a9 York Imperials. No. 1. best. $Sa9; No. 2, fair color and condition. $la6. Bushel baskets. Virginias and West Virginias. York Imperials. No. 1. j $2.50a3, ordinary condition. $2a2.25 j New Yorks. King David?. No. 1, fair condition. $2.5Aa2.75. few ! best. ?3. Cabbage?New Yorks. bulk per cwt. Domestic round type. $2a2 25. Cantaloupes ? Colorados, Honey Dews, all sizes. $2a2.25. Lettuce?New Yorks. crates, twe dozen heads, best. 12; ordinary, lis ! 1.50, poorer. 50a75c. Sweet Potatoes?Virginias and North Carolina*. cloth top stave and slat harels. yellow varieties No. 1. some quality and condition ordinary, best. 12 50a3. Onions?Indiana* and Ohios. 1A01 lb. sacks. Yellow varieties. Nf>- 1 $4.25a4.50; some small size, poor ' condition, ?4. White Potatoes?New Yorks. 1501 lb. sacks, round whites. No. 1 14*4.25. Tomato"* ? Homegrowns, ball bushel baskets, best. $lal.25. String Reans ? Home-growns bushel baskets, $1.75a2 Lima Reans?Home-growns. 35s 45c per qt. i Celery?New Yorks. bunches, all 1 sizes. 50ca$l. 4 ! Pears?New Yorks, Rartletts bushel basket. 94.S5a4.50. Grapes?Michlgans. 12-qt. baskets various varieties, $1.40al.50. Oranges?Californias. Valencia* all sizes. $5.?5a7.25. ? Reefs ? Home-growns. dozer bunches. S5a90c. V. S. Department of Agriculture llurean of Markets. Rased on October 3 quotations ir i important markets, pr'ces for hay | feed and grain in carlots delivered j Washington. D. c., for prompt ship, ment are quoted as follows: No. 1 timothy hay, $25.00 ton; No 2 timothy hay. $22.50 ton: No. 1 clo ver mixed. $22.50 ton: spring wheat bran. $20.25 ton: spring wheat mid dlings, $31.50 ton: cottonseed me* (36 per cent). $43.00 ton; old procesi linseed meal. $44.25 ton; gluten feed $34.75 ton; hominy feed (white) $29.00 ton: dried beet pulp. $2S.2I ton; No. 2 white corn. 65 Vic bushel No. 2 yellow corn. 65**c bushel: No 3 white corn. 64^c bushel; No. : yellow corn, 64Vic bushel; No. j "white oats. 45 Vic bushel; No. I white oats, 44c bushel. I The following commodities ma; be obtained from local dealers Ii carlots. basis cash payment at price ! quoted: ' No. l timothy (Western) hay $26.00 ton: No. 2 timothy (Western hay. $23.50 ton: No. 1 clover mxied $23.50 ton; spring wheat bran. $21.0 i ton: winter wheat bran. $23.00 ton standard middlings. $22.25 ton; flou middlings, $29.50 ton: cottonseed meal (36 per cent). $43.76 ton; glu t ten feed. 186.60 ton; hominy fee? I (white). $30 00 ton. Flour?Sof winter straight (140-lbs, Jute). $6.2 ! to $6.75 per bushel; hard winte straight (140-lbs. Jute). $7.26 t< $7.75 per bushel: fancy spring pat ' ent (family brand). $7.75 to $S.5' | per bushel; No. 2 white corn, 68c pe bushel (bags extra); No. 2 yellov Jcorn. 68c per bushel (bags extra) j No. 3 white corn, 67c per bushe ' (bags extra); No. 3 yellow corn, 67I per bushel (bags extra); No. 2 whit .1 oats. 47Vic per bushel (bags extra) No. 3 white oats, 46c per bushe 1 (bags extra). Jobbers prices in ton lots or mor terms cash at dealers' warehouse? 'range mostly from $1 to $2 per toi over local market prices on hay am > from $2 to $3 per ton on feed. CHICAGO LIV ESTOCK. CHICAGO. Oct. 3.?Cattle?Prim steers. J9al0.30: Rood to choic steers. f8a9.15: fair to good steer? i SSaS.lO; yearling*, fair to cholc* $8.SOall.15; feeling steers. *5 50i 7.15; heifers, f4aS.50. Hors ? Choice, light butcher! f7.85a8.45; medium weight butcher! . 87.75a8.40; heavy butchers. 275) 325 pounds, $7.25a8.30; fair t fancy light. ?7.26a8.fS: heavy pack ins. J6.59a7.25; rough packing. JB.l a?.50; pic*. 7.00a7.75. Sheep?Native lambs. f7.00a8.7li | Western lambs, $7.nOa8.85; feedin I lamb.-, J6a7.25; cull lambs. f4a? i yearlings. I5a7; wetheraf3.50a6.6C I towca. S1.50a4.75. IN PLATE 1ANGE FOREIGN TRADE ce Against Europe Not cement?Speculation usineM. VtraU EfowBlai) in?" their currencies. The following table gives the record alnce 1?1?: Fsniga Exchnn*. Kiui 19U-1M1. u u >i H , H : : *?' ?.M 193 .19110 JM 191* month], .?... 4 ST .1980 .1030 .28Si' 1914 muntliiy at... 5.14 |M)? l?S0 II2W IMS mo?Ui|, mT... 4.78 .l&il 1?M .0209 1?1? muathl, ?... <; .17(18 .IMS .0180 1?17 noatbl, 4.7^ 17(7 ijg,-, 1918 monthly it... 4 70 .1785 .1839 .... 1919 monthly nr .. 4.41! 073J .0881 1*20 monthly it... 3 ?# 07UJ .0507 .0173 lttl'l Jan. mo. nr. a.73 0#4I .0*54 .0159 ?>b. mo. it. 3.8ft .0715 .0365 .01*4 Mnr mo. nt. a Ml <I70? 037# .0160 Apr. mo. nt. 3.KE .07111 .0454 .0157 Mny mo. ?t. 3.07 .0837 .0531 0163 Jane mo. nt. 3.80 .0813 .0501 .0147 July in. nt. 3.63 .078 .045 .013 Au*. mo. s%. 3.65 .077 <143 .011 1 he decline, which began in 1919. went on with many fluctuations until the last part of 1920, when the bottom was reached. Sterling was lowest in February. 1S20, but recovered only to drop again in No ?!"? r a,mo?< a' low. French and Italian exchange showed the same fluctuation but reached their lowest in December. 1920. This year there was a steady gain until the middle of the year but since then another decline. TUIs repeats *the history of last jear. French. Italian and German exchange have struck new low4 points. Wiy the decline continue toward the end of the year as It did last year? Foreign traders would 1 iIc?f to know. The conditions that have brought about this wide difference In money is not the war debt alone, but largely the trade balance. The | Federal Reserve Board estimated I the unfunded balance at the end of | July. 1S20. created since th.- armistice at j3.ooo.oon.no11. The balance 1 sheet for the last year is somewhat | as follows: I July. 19-JO. unfunded hnlnnee ,?K 000 cflO.ftOO | "sport, to July, 1921 ?,.-.is nno.onn j Imports S.667.0uo.tico ; JSaresn ..f export. 2 852.000.006 imjKTtv gold and *ilTpr....... oil) 0;hi uoo I ' i S.ttS.Ow.iRM I roreifn loan*. *t?- HSL'.ono.uoo | !n<rra??*d unfunded ba!an<e... l..Vj0.<>on.00n \x't\.to V/- 11,21 i?.SM.ooo.am ??nile thin is necessarily a very , r??egh estimate in som<- details it is I near enough to show the chief factor causing a reduced value of foreign money in terms of our money. , The imports of gold have continued j large all through 1521 and r . doubt helped the situation to ?ome degree. ! tut this cannot h.* expected to adjust the large balance since thin would require mor? gold than U !; now in the hands of all th#- Kuro| Kan governments romblnvd , j An estimate about April last j spring placed the gold res rves in all the central banks and government agencies at $?i.S3? ooo ooo of j Which (2.529.571,000 or 37 per cent was in the United States. j The imports of gold were very ! tmall from the armistice to March. I; 1920^ From November. 191*. t'? April. 1921. the net gain was only [ about f44.000.0no because the cxII ports had been so heavy In 1919 j As our trade balance began to trrow I In 1920, however. Imports began, as ' ! f?*"eign nations tried to correct the j difference in balance. The imports of gold in May yielded a net balance of |S8.000.non; June. >51.800.000 and July. (34.300 000. Altogether this is a Kaln of '! about $2o7,000,000 In our balance since November. 1918. This should . I not be confused with the net gain | of ?51.1.000.000 in gold for the last 1 fiscal year mentioned above * I large part of which merely offset I i previous losses by excessive ex| pcrts. Gold movement as a corrective 01 exchange differences ig therefor, . j Inadequate to balance the situation ! The checking of the short-tlm. , 1 fluctuation Is another matter. prnl> | ably within the possibilitv of con1 trnl by international bankers wit; the assistance of government Trtasury officials Perhaps som< method of fixing exchange rate. , (or given periods, with definite re . lation to certain other trade fac I tcrs might be worked out This . prohlem Is largely one growing ou< of the war and cannot be met bs . any- Immediate adjustment 01 . trade. A new par for foreign cur t rencies has been established In ef - feet, but not yet recognized bv thi 1 market. 5 > The extent of these short-timi . changes Is indicated by the follow . mg cases: sterling dropped 71 fen ?in 4 II ,W? <,'y" Frenih . fell 10.4 per cent in three dav? I centan. droppc'i "early 20 pe, ' marks fel^To **"' *nd - marks fell 50 p*r cent during on, 3 .mw?on,dh.yo.nij-10 ?>'? ' These fluctuations were d?. . ? I< sreUdl>.Var> ln? ? trader o settle accounts for exports o Imports combined with a certaii > othera1 ?' buying1'^ ? Pr!cehor ",rgU'd th?t ?">? 'hi : I g[* Poetically deter r aVlinr.'h ot ,h? Ameri car dollar, the value of all othei . ,"1r'ncle, must be measured it 1 makes* no 'aluo of ? " <i""a t t^: ? such rapi<? Changes a: the market has shown for foreigt i ^ ? ' :"e'"ve*mnnta' ? 1 can be obaervld P"ri>0" "> " l\Everything About i; Cuticura Soap Suggests Efficiency educational. e JAZS PIAKO PI a vi\r e jJXSSPJX*? Kwlaaer. In 20 Iw ,0r Plsyer. Boeklet ?n * ' HKMTEXSKX SCBOOL OK POPI LAK a music. JBf" " Plwne ColnwMn 913 ? ,?,?!: jomps college 0 s.i J!1.? A~- " * * ? ??. ^ Rfg?ter K*w. FILING v p"1"" \ oration : Dny ssd *'?lst OUsssn. Snnssanbl. TnltWi t o, *?'? 1711 <. ^ ^ Lu.Ua lMMr ?: - - Is4nxlsg Olnbn-Wsrnlokn Ooapisy. Itll-UM t it. a. Wnnktartna. riONAL 1 ting i >r the work of the Auditor? I c in the principle* and pro- I cational program of H >ol of Commerce I Street It W. Pkoae ML SMS SHORTHAND Tml T>??ililu TAUGHT IN 3* DAYS w-DAT mvoctiriuc acmoot 1410 R M. W W.. Ixm Floor Mail Ml EDVCATX0?AL ~ ~~ Colombia Cnl**wlt> Bcfaool, w Ttiot Rk??k?rtf. Pk.D.. Pi?o., WWV, t., y w Coiidj. finmatT. Laarsatn. ?a>b.?a ttr?. k1?n OOMnlar. hlitl Offir. Eiama krmt. Vtrj. D??. Ni?bt: C? M M'nli rate*. Arrr?4ttr4 (Jth rtr. YMCA SCHOOLS C?<n?tlml HM IMaaii Latt Tw Isantluc; School ! Drama* Irtnl Lev (Wmi Cooroa iiUMIn lti r Commaretel ftcbooi EmpioyW, Boti ' Preparatory School I Bor> D?7 School C*U or Addroai. 1TM 0 n. b,1c um WASHINGTON COLLEGE OF LAW C?-E4aratloMl Twenfy-Slatk Year?-Vow Opm TaltUa SW per Abiim Sesslosa lOiOfl to 12sOO M. or Bill ? T1O0 P. M. Cobfera Drfrer* LL.B., LL.1V. M.P.L. Office Honrs II n- n. ( < p. at. 1?> K H. W.W. Pfc?? 4&?g Lucia Gale-Barber School ' Day and Boarding?All |wln?kio4?rtartan to High School. Rhrthak Hfi'tk | Training. Special?Maatr. Literature. French. Span Uh. Handwork?Normal r|nm D?r ?:d Evening claasea 1b RhTthmir Training Mary Gale Parle. P P M . Prtr Fen ton. AaiiMtn'. 1914-16 Belmont Buad Phoae Col. Reaearch University Fall Quarter Now Opea 150 Kvralac ^nbjfrta Call Mala r.?o for C atalog 30 Jarkaoa Place Faring I.afayett? Square acd White Houae Register Tfcla Week. THE MISSES EASTMAN S SCHOOL 1306 17TB. COBBEB MAS? ATZ. 23RD YEAR High School Dept. How Opea Intermediate and Primary Department* How Open. Send far Catalog Phoso Fraafc WW K. off C. EVENING SCHOOL 1004 F St. and 1311 Mats. Ave. Registration open for entrance 1n Elementary. High School. College and Commercial Departments. Tuition free to ez-service men and women. AMERICAN UNIVERSITY School of Diplomacy and Jurisprudence The Department of Diplo niacy offers high grade g: a< uate instruction in preparation for the Diplomatic or Consul Service. positions connects! with Foreign Trade, or tV practicc of International La I The Department of Jnr*< prudence offers graduate conr- t in law leading to the deg-' of Doctor of Civil I^aw iDt ^ or Doctor of Jurisprudence (J. D). j For catalogue and fv- er information wiite to. or ca'l at. 1907 F St. j LAW SCHOOL or THE NATIONAL UNIVERSITY Co-Educational ? ' (Incorporated by Special Act of Congress.) Fifty-third Year NOW OPEN Classes 6:3fl to 9 Each Ewntng Stsnd&rd course leading to th'degrees of LI- l< LLM ani , M.r.L. and qualifying for admission to examination to th# Bar. Students by Intensive st'idv 1 may complete the maximum work offer* d in shorter time, i For catalogue or other lr.f rI raation. apply National rr.ivrra1 ity Law Building. KIS-13th Str-'" N. W. Telephone Main 6617 and Franklin 2*0t I George Washington University Chartered by Act of Congress is | 18 Jl?Co-educational leaaloa In all Depart nsrato Kaw Opea Offers graduate and undartra 1uate I Instruction to Literal Art* Engineering Law Architecture Mediciae Education Pharmacy Id addition to classes during the forenoon and early afternoon over two hundred classes In college, engineering and legal subjects are 1 held In the late afternoon between : five-ten and slx-flfCy For catalogs and other Informs1 tlon apply to ITfce Registrar, Llaser Hall SS2S G Stsest Nartkwaal Telephone Seat iSJpt 1 Ji 11 3b [ EDUCA' I^PPMMPPMHR AUDI Utable, practical traininf ft a complete and thorough court cedures of Auditing. Part of the professional edt The National Schc Edwin C. Boswm International Building, 1319-21 F 1 CD A KITC14 whool of jrAIlljn WAIHIXGTOX Profs. from Bpil?-CoDferMtt?il Method. | Kapid Progree*. 1X15-17 F st. aw. U Sidwell's Friends School 1811 Eye St. *. W. For Boyi and Girls 39th Year THOS. W BIPWELL. A. M-. PriactpaL hiropractic I 1 Cnmplrtf row*. Evening ' p" rlaa?e?. 6-10 p m Pro?p? I tlve students Invited to attend lectures 1 and rllnlca. Catslog mailed oo request. Address: Riley School of Chiropractic 111*1 F St. Washington. U. C. NATIONAL SCHOOL FINK AND APSLIE0 ART rcux UAIIONT. Dlrertof lew lecatad at Com. Ava. at M. Pkou Main 17M. Day and Rvraiag Claw Chlldrea'a Satardaf Class laterlor Decoratiofc. Costume Design. Teatile Design. Color. Commercial Drawing. Life. Sketch Painting and Modeling Claaaea. Hoars 'or Registration. 11 to 2, 4 to t dally. School now open. GEORGE WASHINGTON UNiVkRSITY LAW SCHOOL Co-Educstional 57th Tear Mow Open. Member of Association of American Law Schools. Strict Standards. Meat Approved Methods of Instruction. Fall courses offered both morning and evening. Optional Morning Classes. 7 60 to I 40. Forenoon Ciaitaa, 9 te 10 50. Late Afternoon Classes. 6 10 to f ?0. For fall information, write to or call apon the Secretsry. Telephone Mala 4503. LAW BUILD IMP. 1435 K STBEET M.W. "MISS WASHINGTON" Nlaa Margaret (.orman ?under the direction of Mr O'Connor. I? now rehear?itig her play. "The Prise Winner." to tw prevented this ?-i?>n by the O'('ou?r Player*: Ml** <?ursaan having enrolled a? a pupil m the Dramatic d?-|>artment of the O'CONNOR SCHOOL OF THE SPOKEN WORD Mills Hid*.. 17th and Peaaaa. Ave. X. W. WOOD'S SCHOOL 311 EAST CAPITOL ST. All Commercial BRANCHES One month, day. $15. evening. IS. After 7 monthly payments the next a months are free. A year a scholarship coats 18.31 a month, day session, or 14.17 a month, evening session Evening sessions are Monday and Thursdav from C 30 to 0:30. LINCOLN 38 37lh YEAR COMMERCIAL ART Illustrating. Cartooning. FashIon Drawing. Lettering, Drawing From Life. Color. flay nnd llvealng Claaaea. Will H. ( handler. Director. Children'* Saturday Class. KNKOLL >OW. WASHINGTON SCHOOL OF ART ! ISO2 14th at. >.w. Fr. 2497 GEORGETOWN LAW SCHOOL 1S21?19Z2 >OW OPK\ Afternoon Coarse* for the l?t. 2nd, 3rd. postgraduate and patent law classes. 5:10 to 7 p. m. Xen Morning Course for 1st year class, 9 to 12 a. m. j For information apply to 1 Hack J. rrsnn. St.A.. LL.R. Pk.D. 3 Assistant Dean s Georgetown Law School Building, 606 E Street K. W. Phone Main 729S. Y.W.C. A. School 1333 F Street N. W. Opens Today Day and Evening Classes Cultural and Vocational Courses to fit you for the job ahead! Gymnastics, Sports, Dancing;, Swimming. Competent Instructors?Adequate Equipment?Moderate Rates. REGISTER NOW! ,333 F St. N.W. 614 E St. N.W. CORPORATION ACCOUNTING t I A course t-eating in a practical way. the difficult ana interesting accounting problema of the modi. ern large-scalo business organtsa-! rion?part of the professional eduj cational program of THE NATIONAL SCHOOL OF COMMERCE ' Edwin C Bosworth. Presides! 1009-11 Interaatieaal Bail ding ' '1319-21 F St N.W.y Pk?M M. SMi