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The Washington herald. (Washington, D.C.) 1906-1939, August 19, 1920, Image 10

Image and text provided by Library of Congress, Washington, DC

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83045433/1920-08-19/ed-1/seq-10/

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STOCK MARKET
HOLDS STEADY
Professionals Sell Freely in
Morning?Later Discover
Scarcity of Issues.
CALL MONEYXDVANCES
Surprising Amount of Odd
Lot Buying Features
~ Day's Trading.
New York. Aug. 18.?Stocks were
steady today in spite of 9% call
money. The feature of the day
was appearance of a 8\irpri3ing
jnnount of odd-lot buying. The professionals
sold freely in the morn.tag
and caused some further declines.
but when they went to cover
discovered that stocks were not being
offered freely. A leading banker
said that the odd-lot buying had
been enough to absorb all the professional
sales.
* There was extreme weakness in
fjhe commodity markets, cotton, coffee
and sugar all falling sharply.
The natural result of this was a
weakening of the stocks having to
do with those industries.
, The news from Poland was nega,%fve.
as was also that from Mex*>r>.
The real troule with the markets
seems to be the banking situation
and the rate tells what
that Is. The close was steady, with
most issues materially above the
Tow of the day and with a considerable
number of net gains.
Weakness of Atlantic, Gulf and
West Indies was made more of a
mystery by a statement that no
jjew financing is contemplated. An
Unexplained weakness is always
dangerous to a stock.
- A Philadelphit newspaper has
started a report that C. M. Schwab
has been trimmed again in the stock
market, this time for $8,000,000 to
110,000.000. The yarn is circumstantial.
Allan A. Ryan being named
VB one of the brokers who officiated
during part of the ceremonies, \ ahadium
and Replogle Steel being
pallbearers. Where doe3 Schwab
get it all?
American Linseed.
President Adams of the American
Linseed Company will return to
America on the Aquitania Friday
^nd explain why he sold the company,
bag and baggage. Maybe it
will stay sold and maybe not. It
iall depends on how the common
stockholders are leaning. They are
none too happy over the events of
the last year. The break averaging
S in cotton options did not disturb
the stock market as much as it
jK>ight have done a few weeks ago
.when spinning shares were higher.
Sncar Stock*.
A Philadelphia sugar concern
startled the trade by rutting the
price of the refined article two and
a half cents a pound and advising
people to buy sparingly even at the
lower price. The sugar stocks
reeled a few points lower. But in
"spite of the present heaviness of
the sugar market it is a fact that
the crop is short. The high prices
, that Americans have been willing
Co pay have drawn sugar to this
country from all parts of the world
t"t have not reduced the general
shortage which must make its impression
ultimately.
- There is no question that the
Jcredit market is improved?but it
was very bad. The reserve board
'by neglecting its duty months ago
!has let the country into about the
^rorst crop-moving money market
.the country ever saw. Rut if the
French send that $50,000,000 of gold
they are talking about it will help
.tremendously. British selling against
the Anglo-French loan must also
"stop soon.
. From the Wall Street point of
*vlew recent liquidation of stocks
*does not hflp much. In other years
'j*\ich liquidation furnished credit for
the market but this year any credit
.so released is seized by the banks
and applied to reduction of commercial
loans.
MONEY.
New York. Aug. 18.?The tone of
"the money market continues lirm.
Call funds appear to be on an even
keel at 7 per cent, which rate bankers
generally consider cheap in exT
fsting general business conditions
and the prices that are obtained for
other commodities.
?! In time funds there is an occasional
renewal mostly at per cent
-but no new money is reported available.
A moderate increase is noted
' in the supply of prime New York
'bank acceptances, but rates are unchanged
as the demand is urgent.
f Mercantile paper is slow at a
"minimum of 8 per cent, and Eastern
bankers show very little interest.
^ Money on call opened 1%\ high,
" low, T^c; ruling rate, S%.
OIL STOCKS.
(Furnished bj W. B. Hibbs A Co.)
Hid.
Jhiglo-American Oil Co.. new.. 20 21
Horne-Scrnnser Co 420 460
Burkere Pipe Line Co 90 94
Chesebrongh Mar. Co 220 230
Continental Oil Co 120 125
CYeaoent Pipe Line Co 20 32
tiunberland Pipe Line 140 145
ur^ka Pipe Line 102 107
Galena-Signal Oil Co., common 43 47
balm-Si|nal Oil Co. pfd M 05
Illinois Pipe Line Co 14." l w
Indiana Pipe Line Co 95 100
National Transit Co 23% 27
New York Transportation Co. . 1~?? 100
Korthern Pipe Line Co 07 101
Ohio Oil Co ^ 290
Prairie Oil and <ia* Co ^O .ViO
Ptairie Pipe Line Co 190 J9.",
polar Refining 'Co 310 3$)
Sonthern Pipe Line Co 120 125
South I^nn. Oil Co 265 270
Southw. Penn Pipe Line Co... 62 65
Standard Oil Co. (California) 300 307
Standard Oil Co. (Indiana ?.... 650 660
Standard Oil Co. iKansask... 520 525
Standard Oil Co. (Kentaekj).. 350 360
Standard Oil Co. (Nebraska*. 415 440
Standard Oil Co. ?New York). 3S3 3^7
Standard Oil Co. (Ohio) 430 4.'<0
S?au A Finch Co >? HO
Union Tank Line Co 120 123
Vaennm Oil Co, 360 365
Washington Oil Co 29 33
Pennsylvania-Mexican Fuel.... 40 44
Private Wires to Oar Ji
Hornhlnnrr Sc. Week*. Post
Stocks of Ex
WILLYS' CORP.??% *
ut Pfd. Stock?par value $100
8 1-3%?dividends earned 5 tin
D. C. PAPER MFC. CO. 8'
Jpar value $100?price par?vie
MOORHEAC
Members
1416 H STREET
~ ? 7
THE WASHTHOTOK KZBALD WILL HOT FINANCE /
KNOWINGLY ACCEPT ANT QUESTION. BUSINESS /
ABLE FINANCIAL ADVERTISING ?
NEW YORK STOCK EXCHANGE
rrnwiaHKD uy w. n. i
(Members New York Stoc'
TOTAJL sai.ks, :v2Q,am
Net
Sales. Stocks Opea. High. I.ow. Close. chf?. Bslea.
400 Adams Express 33 33 S3 33 ? Vi 5700
100 Advance Kumely pf... 57ft 5?V4 57^ 57^ ?2 100
1W A His Chalmers 4Jt 2? 2? 20 - % -400
100 Amer Agricnl Chern... 70% 7fl\ 70% 70*4 + 300
300 Amer Beet Sugar 73 78 71 71 ? 4(H)
800 Amer Boech Magneto.. S3 81 84 +2% 000
1200 American Can 33 33 32?4 32^ -r- V* 1200
100 American Can pf ?S 88 88 88 + V? 300
00 Amer Car & Fdry 132* 133'4 130* 1314 ? % 2100
800 Amer Drug Syndicate.. !>T? 0% 1)% 9% 200
100 American Express 129 120 120 120 ? Vs 400
0 Amef Hide A Lea pf.. 72 72% 72 72H ? % 1200
200 American Ice 37% *7% 37* 37% MO
2400 Amer International ... 70 70 68 6?>i +1% 100
1200 Amer Linseed Oil 07 ?7* 00* ? \ 7000
5200 Amer Lornmo 92\ 08V4 ?1% 1*2* ? * 100
000 Amer Safety Kaxor 12% 12* 12% 12% ? % fiSOO
1100 Amer Ship & Ccm.... 21 * 21% 21>4 21* ? % 20200
000 Amer Smelting M* M* ftS% 63% ? % 200
. 100 American Steel Fdrjs. . 34% 31% 34% 34% ? % 1400
2000 American Sugur 113 1\3 112 112 ?1% IKK)
400 Amer Sumatra Tobacco 81 81% 80% 81% ?1% 100
2UO Amer Sumatra Tob pf. 8t> " 80 80 80 ?1 100
900 Amer Tele & Telog... 95% 96% 95% 96% + % 400
100 Amer Tobacco Class B. 107 107 107 107 200
1000 American Woolen 75% 76 75% 75% ? % 100
300 Amer Wheel pf 90% 90% 90% 90 + % 290
( 300 Amer Zinc. Ld A Stl.. 11% 11% 11* 11% 100
3?0 Anaconda Copper 50% 51 50% 51 ? % 1200
100 Associated l?rng 29 29 29 29 +1 000
100 Associated Oil 86 86 86 86 4- % 300
I 300- Atch, Top & S Fe 80% 80% 80% 80% + % 200
1UO Atch. Top & S Fe pf. . 71% 74% 74% 74% + % 2900
100 Atlantic Coast Line... 85% 85% 85% 85% +- % 300
3000 Atl. Gulf & W Indies.. 130% 130% 128% 130% +1% 100
J 200 Atlantic Fruit 19\ 10% 19% 19% ? % 100
47000 Baldwin Ix?como 108% 103% 101 % 102 ? % 1000
j 1200 Baltimore & Ohio 35 35 34% 35 + % 400
300 Barrett Co 133 133 183 133 ? % 200
100 Burnsdall Corpn Class A 35 35 35 35 ?4 7200
300 Ba topi is Mines % 14 a. \ 4- % 8'JO
2800 Bethlehem Motors .... 11 12 11 11% + %
400 Bethlehem 8teel 70 71 70 71 +1 WW
4600 Beth Steel ('lass B... 72% 72% 71% 71% %
600 Booth Fisheries 6% 6% 6% 6% % 100
100 Butte Cop & Zinc ctfs. 7% 7>4 714 714 4 ^00
700 Butte & Superior 18% 18* 18% IS* 1 300
100 Brooklyn liapid Transit 9% 9% 9% 9% % 1500
100 Butterirk Co .. 12 12 11% 11% % 1200
400 California Packing . 60% 66% 60% 66% '-100
500 Canadian Pacific 117% 117% 117% 117% ? % ?K0<?
900 Central leather 51% 52% 51% 52% + % 200
400 Cerro de Pasco 37% 37% 37% S7'., + % 1000
1000 Chandler Motors 81% 82 79% 81%
300 Chesapeake A Ohio .. 53% 55% 55 55 ?1 400
1500 Chicago Grt Westrn pf. 21% 21% 20% 21% ? % oT^I
700 Chi. Mil & St Paul... 32% 32% 82% 32% ? % 7^.
;?C0 Chi. Mil & St Paul pf. . 49% 49% 49% 49% + % '
1500 Chicago. Ii I A Pacific. 83% 33% 33 33%
1U0 Chi. It I ft I'ac |>f <k; ? 82 ?_ '
am i'Iiido Copper 85 ssfc S3 ? ?? r!J2
100 .Colorado Fuel and Iron 32 . 32 ^ 32 32 4- %
100 Col <>as A filet 52% 53 53% 53 -1% *"*,
800 Col Graphophone lit7, 22 21% 22 - % : ,
300 Gas 7s% 78% 7S 7* ? % -J"
300 Con Int Callahan Min.. 10 10 97? 9% ? %
800 Consol Textile 30 30 % 30 30 -rl , *
100 ContI Candy io% 10% 10% 10% ? % It
1*00 Corn Products S6% .m?% h6 86% + * , %*!
1W OVsden A Co 33 33 33 33 ?I JJJ
. 390* Crucible Steel 131% 133% 131 133% 4 1% 1
3200 Cuban Cane Sugar 36% 37% 36% 37% 4- %
*00 Cuban Sirgar 33)% 39% 39 39% 4- % '."J
100 Davidson Chem 32% 32% 32% 32%
3O0 Dela. I.a? k:i A Western 245% 245% 245 245 ~~uh,
300 Denver A Rio Gr pf. . 9% 9% 9% 9% ? %
US) Dome Mines 11% 11% 11% ? % rr*|
200 Endicott Johnson 67% 67% 67% 67% ?1
900 Erie R It 12 12 12 12
5?H) Erie R R 1st pf 1>% 19 18% 19 4- %
100 Famous Players pf.... 81 81 81 81 ,
100 Fedl M A S pf 35 35 35 35 '
? 2200 Fisk Rubber 26% 27 26% 26% 4-14 1"7nu
100 F W Woolworth 10?% 106% 106% 106% 4- %
100 F W Woolworth pf*. . . . 105 105 105 105 -t-2 "V*'
11(H) Freeport Texas 21% 21% 21% 21% ? %
600 (Jast??n Wuis 9% 9% 9 9 " ,r?
IOO General Cigar 60% 60% 60% 6t)'4 ? % 106-W
400 General Electric 139% 139% 139% 139% ? % 1(JJ
57IIO (general Motors 2.17^ 20% 20% 20% ? % 1 r00
HH) Genera! Motors deb ... 68% 68% 68% 68% 4- % 1;J'J
1<N) ?;?*neral Motors 7% pf. Sl> 80 SO 8U ?1% 7
100 Goodrii-h Rubber pf... 83% 85% 85% 85% 4- %
j aJ?H? Great Noilliern pf .... 72% 73 72s, 73 4- \ ***
2(H) ?.rt Nortl.n Ore cWs.. 30% 30% 30% 30%
200 Greene Cananea 32% 32% 32% 32% ? % j00
1200 Guantanamo Sugar ... lS-3 18% 18 18 ? %
10?.> Gulf. Mobile A N pf.. 25% 25% 25% 25% ?2%
100 Gulf States Steel 50% 50% 50% 50% + % ^
12?)0 Haskell Barker 67 67 % 66 ?'>6 ?11200
104) Houston Oil 92 92 90 % 90% 43iK)
Hupp Motor Car 14 14 14 14 4 %
200 Indijhoma Re/f 6T4 6TS 6% 6%
3?M) Inspiration Copj?er 4." 45 44% 44% ? %
300 Intl AgrI 17% 17% 17% 17% 4- %
Interboro Consol Corpn 3% 3% 3% 3% ? %
300 Interboro Con Corpn pf 9 !i 9 9
100 Inter Harvester 122 122 122 122 4 3
6400 Inter Nickel 19% 2;) 19% 19% ? % 8:m)
20O Inter Mere Marine .... 23 21% 23 24% +2% 100
2500 Inter Merc Marine pf.. 72 72% 70% 72% 4-1% 1?K>
lt?K> lutl Motor Truck 42 42% 41% 41% ?~% 200
300 Intl Motor Truck 1st pf 75% 75% 75 75 ?2
500 Inter! Paper 75 75% 75 75 ? % HWO
100 Intl Paper pf stamped 72% 72% 72% 72% ?^ % 60?>
"Profit Derived from Sale of Stock
Taxable as IncomeLatest 1
Profit derived from the pale or terially different from
stock is taxable as income, accord- upon which the stock <
ing to a ruling of the Bureau of paid, the cost.* or fair mi
Internal Revenue issued yesterday as of March 1. 1913, i
as an amendment to the income tax prior to that date, of the
regulations and designed to comply of stock shall be divide
with the recent decision of the Su- such old stock and the
preme Court holding stock divi- or classes of new stock,
dends nontaxable. For the purpose tion, as nearly as may
of computing the gain or loss de- respective values of eac
rived from the sale -of such stock stock, old and new, at
the following rules have been pro- the new shares otsStock
jmulgated: and the cost of each sha
(1) Where the stock tssued a; a be the quotient of
1 dividend is all of substantially the class to which such
j same character or preference as the divided by the
J stock upon which the stock divi- shares in that class.
dend is paid, the cost of each share (3) Where the stock v.
j of both the old and new stock will which a> stock dividen
| be the quotient of the cost, or fair wae purchased at dif^e;
marke t value, a8 of March 1. 1913. iand at different prices an
jif acquired prior to that date, of t'ty of the lots cannot
j the old shares of stock divided by mined, any sal^ of th
the total number of the old and stock will be charged tci
l new shares. est purchases of such
(2) Where the stock issued as a Article 39), and any sa
dividend is in whole or in part dentl stock issued with
of a character or preference ma- such stock will be presun
been made from the st
* * * r?i^r~-r with respect to the ea
COTTON MARKET. chased stock, to the amt
dividend chargeable to !
New York, Aug. 18.?Heavy un
loading of cotton followed the pub- GRAIN \1ARKE"
lication of the concluding portion of
the weekly report of the Weather t . ,P ,
Bureau from Washington today and Chicago, - ug.
broke the market severely. With severe setbacks >n the
the exception of November, which day' ^hea' ?>el< . fairly
was unchanged, the market opened ry^,a oats decline! .
rather firm at a net advance of 151 beat u as 2 to c
to 29 points. The market showed .at 1 e c*ose- Considerab
a pretty tone during the first hour. }|? October deliveries de
but there was not much snap to the * e start, prices react
buying, and after showing net ad- Canadian offerings were
vances of some 30 to 40 points, the there was little local pres
demand tapered off with later flue- by cash interests dev
tuations irregular. considerable strength.
A demand from room operators on Corn declined 1% to
the opening sentences of the week- Heavy selling in Septen
lv weather report carried October ^ries by principal ho
to 30.05 and December to 29 04. or largely responsible for tl
*\!?out 40 to 27 points net higher. Considerable strength wq
On the bearish ending of the sum- soon as th* opening, but
mary, however, prices almcst im- was later lost with the
mediately dropped. Selling was declines. Commission hi
heavy and general, and there also fairly good buyers, with
was liquidation on stop loss orders, demand.
the latter being especially noted in Oats closed % to 74
October. The market showed poor was light in Volume and
rallying power late in the day and ered an exceedingly wide 1
closed not far from the bottom, firmness of wheat and
Final prices were 60 to 90 points net ever, kept the trend
lower. previous close. Sellinf
was lacking throughout
? .. Rye was % to 1 % low<
I II II m~TPiTr^STfrg^Tian?ley ruled unchanged t
^ lower.
ew York Correspondent*s B /
?? Flags. A. B. Leach A Co. I
_ . . . " . . . g THE D0L
iCelient Yield I innMcdtr ^
iccum. Convert. Sinking Fund I Kniiand (pound suriiat)
1 offering pricc 96?yield nearly I .'!!Ii!
ICS. I Shanghai (taei)
9 France (francs per dollar"
Jo Accu. Sinking Fund Pfd. Stock I Bfl*ium <per dollar)....
1 i orrf j j . , Switserland (francs per dollar)
la aye dividends earned 4 times. Italy (lire per doHar)
B Germany (marks per dollar)...
| O CT I SVI O C I Deon urk (kroner per doliar)...
' Ot b L Ifl W n Li Norway (kmner per dollar)....
rork Stock Exchange (kroner per dollar!
ligton Stock Exchange Urw>e Idrat-Umaa par aolmri..
1 _ I HolUnd I raider* per dollar)..
PHONE MAIN 2IO0 5 Spain (pesetas per dollar)
(yen per dollar)
Austria tkroucn per dollar)....
VAT IONAL
1 STOCK QUOTATIONS
IIRIIS A CO.
k Exchange.)
> SHARKS.
Ifot
. Stock*. Open. High. Low. Cloee. cbg*.
I?larible Oil 33* 33 31% 32% + %
Iron Products 40 41% 40 4114?1
Island Oil Trans 5% 5% 5% 5% + u
Kansas City Southern.. 17% 17% 17V. 17% + %
Kelly Springfleld Tire.. 74% 74% 71% 72?? 3%
Kenneeott Copper 23% 28% 23% 23%
Keystone Tire & Rul>. . lt?% lfl% i?i/fc i6i. __ %
l.akr- Erie & Westrn pf 17% 17% 17 17 it
l.<>ewM Inc 20% 20% 20% 20%
Looae Wile* Bia"uit... 45 45 45 43
Martin Tarry ... 21 21 20'* 20% ? %
Maxwell Motor 10% 11 10% n?%
Maxwell Motor 1st pf. 20 20 10>4 191^
May Department Store. 70% 70% 70% 70% 1%
Mex Petroleum 152% 254 151 l.*,2 ?1'
Miami Copper 18% 18% 1*54 iN9t
Mid vale Hteel ...v.... 30% 30% 30 30 ? %
Middle .states Oil 12 12 10% 11 Vi %
Mo, Kansas & Texas.. 6% 6% 6% <514 ^
MiMotiri I'aciHc 24% 24% 24% 24% ? %
Missouri Pacific pf 42% 42% 42% 42% + %
Montgomery Ward ... 28% 28% 2S% 28% %
Natl Acme 34% 34% 31% 34% + %
Natl Aniline & Chem.. 70% 71% 70% 71% + %
Natl Biscuit 100% 106% 100 l<!6 ? %
Natl Biacuit pf 103% 103% 103% 103% 2%
Natl Conduit & Cab pf 6% 6% 6% 6%
Natl Enamel &. Stamp 54 54 54 54 3
Natl I-end 72 Y2 70% 70% ?2%
Nevada i'onsol Copper. 10% 10% 10% 10% ? %
New York Central .... 70% 70% 70% 70%
NYC and St Louis... 32% 32% 32 32 ? %
N Y. N II & Hartford 32% 32% 32 32% + %
Norfolk & Western.... 00 00% 00 90% + %
Northern Paciflc 73% 73% 7373% -r H
Nora Scotia S & C 42% 42% 42% 42% ?1%
Okla Prod & Iteff 3% 3% 3% 3% ? %
Otis Steel 22% 22% 22 22
Owens Bottle Machine.. 40 40 40 40 ? %
Pan Amer Petrol & T 70% 81 70% 80% +1
Tan Am Pet Clans B.. 75% 76% 75 7# ?2
Paciflc Development ... 34 30 34 34 +1%
Penaaylvania It K 40% 40% 40% 40% 4- %
Penna Heaboard Steel ..18 18 18 18 ?1
Peoples lias 27% 27% 27 27 ?1%
Pere Marquette 22% 22% 22% 22% 4- %
Phillips Petroleum 3"i% 3"?% 35% 3.*.% ? %
Pierce Arrow 36% 37% 36% 3T% + %
Pierre Oil 12% 12% 12 12
Pierre Lonillard 130 130 130 130
Pittsburgh Coal 59 60 % 50 60 +2
Pittsburgh Coal pf 81 % 84% 84 84 ?1
Pitts a W Virginia... 24% 2.'. 24 24% ? %
Pond Creek Coal 15 15% 15 15 ? %
PreRHcd St?>el Car 02 03 01% 02% + %
Pullman Co 110% 110% 110 110% + %
Puntu Alegre Sugar ..71 71 66% 00 ?3
Pure Oil 38 38 37% 37% ? %
Rwy Steel Spring 02 02 02 02 i- %
Rwy Cons 14% 14% 14% 11% ? %
Reading It R 87 87% 86% MJ% ? %
Roplogic Steel 60% 70% ?0% 70 +2
Rep Iron & Steel So 80% 70% 80 ? %
Rep Iron & Steel pf.. 03 03 03 03
Republic Motor Truck 3* 38 3^ 3S
Royal Dutch of N Y... 78% 70% 78% 70% + %
St IiOui* & San Fran.. 21 24 23% 23% ? %
St Louis Southwestern. 20% 20% 20% 20%
St I. Southwestern pf.. 31 31 31 31 4- %
Santa Cecilia Sugar... 14% 14% 14 14 ?1
Saxon Motor Car 6% 6% 6% 6%
Shell Tran L Trad 4S 48 47% 48 ? %
Sloas Sheffield 63 63 63 63 + %
Sint lair Oil 26% 26% 25% 26 ? %
Southern Pacific 00% 01 00% 0<?% + %
Sou Porto Rico Sugar.. 12"? 125 125 125 ?9
Southern Railway .... 26% 20% 20% 26%
St Joseph l,ead 15 15 15 15
Standard Oil N J pf... 105% 105% 105% 105%
Standard Milling pf.... 78 78 78 78
Stewart Warne/ 31% 31% 31% 31% ? %
StrouilMTg Carbureter.. 66% 60% 64% 65%
Studebaker t'orpn 60% 60% 58% 50% ? %
Superior Steel 48% 48% 47% 4"?% + %
Tenn (' & Chem 0% 0% 6% 0% ? %
Texas Pacific 32% 32% 32% 32% ? %
Tex Par Coal & Oil... 3"S% 3S% 38% 38',
Texas Co 44% 46 44% 45% ?1%
Third Ave 0% 0% 0?, 0% ? %
Tobacco Products .... 50% 00 50% 50% -f %
Transcoutl Oil 10% 10% 10% 10% + %
Transue W M & St K. . 44 44 44 4 1 ?1%
Union Oil 27% 27% 27% 27% ? % '
Union Pacific 116% 116% 116% 110% ? %
Union Pacific pf 6~? 6". 64% 04% ? %
United Alloy Steel 30% 30% 38% 30 ? %
United Fruit 186 1*6 1H1% l^tf
Uniteo Retail 62% 63% 62% 63% + %
United Railway Md... 7% 7% 7% 7% ? %
U S Food Products.... 56% 57% 56% 57 ? %
U S Rubber *3% h4% 83% 83% + %
U S Smelt. R & M 50% 51 50% 50% ? V*
U S Steel S6% 86% 85% 86%
I S Steel pf 106% 106% 106% 106%
Utah topper ."<0% 50% 57% 58% 4-1
Vanadium Corpn 65 65 % 64% 64% ? %
Vivadou 14 14 14 14
Wabash It R pf Class A 23% 23% 23% 23% ? %
Western Maryland .... 0% 0% 0% 0% + %
Western Paciio* 2.~?J-j 25% 25 2T> ? %
Westinghouse Elec .... 47 47 47 47
Wheeling & Lake Erie. 10'4 10% 10% 10%
White Motors 4."?% 45% 45% 4".%
Wilson t < 52 52 52 52 ? % j
Willys Overland 10% 16% 16 16
Worthington Pump .... 57% 58 57% 57% ? % i
i MEXICO COTTON CROP
PROSPECTS ARE GOOD
Rulino Especially favorable reports were j
I yesterday received by the Departi
ment of Commerce as to the soil
. . . conditions for growins cotton !n |
.. ? SH?C- . i Sonora, Mexico. A number of firms,
enr 18 | mainly of foreign origin, it ?is reirket
\alue ( porte(jf have obtained acreages and
acquired i jntem] to cultivate the crop extcnold
shares sivf.,y
between | American-British concern, it
new stock, was SiAi<j. had this year planted 259
in propor- , acrea cf Durango long staple cotton j
be, to the on ranch near Hermosillo, with J
h class of | pro?,pects of a ?ood crop.
the tirT\e t The cultivation of the crop is by j
are issued, j dry-farming method, without
of stock j irrigation, the ground first being
the cost ot plowed a good depth and finally
share b<y , mulched by harrowing several
number of times and by frequent surface
dressings. It is claimed that
'ith respect jn a few inches from the surface the
d is issued ground is damp through capillary
rent times j attraction from below, thus giving
d the iden- ; sufficient sustenance to the growbe
deter- i ing plants. In a near-by field where
e original j dry-farming was not practiced the
the earli- j cotton has turned out a failure.
stock (See. This region appears to be virgin
le of divi- i field for cotton, as there are nonr>
respect to J of the insects which afflict cotton
led to have , elsewhere. The same can be said
ock issued of the Yaqui Valley, but the second
rliest pur- year produces boll weevil in largw
>unt of the numbers.
8UCh stock. jt js reported through the press
that the cotton mill on the Sonora
IS. Iliver, which ordinarily imports
cotton from Texas, has signified its
rn suffered Intention of buying at United
trading To- ^tates prices all the cotton grown
strong and the Sonora River valley.
ent higher CALIFORNIA MINING.
le strength
C- "Conditions in the metal-mining
I- U* J industries in California during the
light and first half of 1920 were even more
pure. Buy- burdensome to the operators than
eloped to a jn ioi9," declares C. G. Yale, of the
Geological Survey.
3% cents. During the first six months of the
iber deliv- current year the production of geld
lders was was fl.d8G.739 less than in the
tie declines, corresponding period of 1919. The
s displayed loss in the gold output is caused by I
: the bulge the curtailment of operations in'
subsequent certain of the largest mines in the j
ouses were State, because of the high cost of!
some cash production under present conditions.
Many properties which were I
ver. Trade worked profitably under normal
prices cov- ^conditions are now operating at a
ange^The loss, says Mr. Yale, who adds that
corn, how- if these mines are shut down and
above the allowed to fill? with water, they may
I pressure never be reopened.
tha day. A few years ago a profit could be
>r, and bar- made on ore that yielded $3.50 per
o 2 cents ton. but na profit can be made now
on less than $6 a ton.
LAR IN FOREIGN EXCHANGE.
.merican Security and Trnat Company.)
Yest's Close
365
M%
79
1.14
13.64 per franc 0733 '
12.787 per franc U7J*2 1
5.944 per franc 10S1 j
20-23 per lira 0493 |
40.51. per mark 0215 ?
6.55' per krone 1525'
6.55 per kvone .1525 j
4.S3 per krone ^ 207 I
S.6S per drachma 1152
.............. 3.012 per guilder 382 j
6.576 per peseta ...A l.Vj
104 per yen 1
102.307 j per krone 0052
MARKETS sssbt.
Active New York Stock Exchange Bonds
(FimXItHRD BY MOORHKAI) Ac F.LMORE)
(Members New Tork Stock Exchange.;
L.IDKR1Y nOXDS.
Twt'? Approii- T?if> Appro*!- I
Tlh.rt? Clou*. *?U T'M J
5^" ;;; * J5 I-,b?r'Jr fouru, t>?t M ?2 IIC
Libertj first 4/ji M ,0 5.3? Victory <?-, v a * > ,
Liberty seeqnd 4>4t 84.22 5.50 Victor^ 2\? u 'w I w
Ubert7 tkird 4'*. 87.76 ? 20 *
RAILROAD 1IO \DS.
Ye?t'? TW?
*!?? . J?? n?? rlini
Atch., Top. & Santa Fe fen. 4*. lf>05.. 75 Louisville & Nashville 7?. J.MP. reef.
Atlantic Coast Line 7?, J.P.M. r*ets. 5030 ....... J ' 102
1M0 08 Missouri Pacific fen. 4?. 1?75..62*
n.m.or,* oh.cn 4,:::::::: ?* S.-j.-K?%* .; 5*
Baltimore & Ohio refund 5s, 1905 62% Norfolk & ^^eri^ronv. ?s. 1929 09
Chesapeake A Ohio conv. 5s, 1946.... 76?4 ?*,,in*7j*anl? K. R fen. 4Vi?. 1965 74% ,
-t Penneylvania It. It. 10 yr 7"i secure
C ,?.?p?k? A OMo con,. 4*,. 1930. .. 72'i bond.. April 1. 1M0 102*
llilnio, Otnt Wnlen Dm 4i, 1M9.. f.l'-j KrMlIiig K.n 4, iwjt ,5*
ChUrfo A NortbWMtrro Ilwj. 10 jr. Kl l.oul? A 8a a Fraa pit.' iiVa qoote
7?. MTOD.1 ?oM. 1930 100 "A." 1?30 ,4,1 q M
Cb - 1111 S?. Paul coav. 4%a. ,#S2.. ?T? St. lx?il? A San rrao. adj. iiss!!; 81U '
)?lca(o B_r Farigr rrtnd 4>. 19S4. . 6S? Kt U? I. A Kan Fran Inc. 1060 4s5
D?-nver A Rio Grande first ref. 4k, 19.">5 47 Southern Pacific coov. 4*. 1929 7h?.i
D<Uwai? A Uud.rin Imp Ta. 1830 J00?4 8<?iitl.*rn R R. 5a. 1!KI4 " tr"?
Erie 4?, writ. "D," 19M 37% Konlharn R. 11. tea 4a. 1858 1! S?2
Erie fen. 4s, 1990 491^ i;Dion Pacific lat ref. 4?. 200S 8OV4
MIlCRLLAXEOIJS.
Amer T. A T. col. trust 5s. 1946 76 Inter. Mercantile Marine ?W. 1941 R2
Interbo. Metro. 4V*s. 1956 12'^ General Electric deb 6*. 1920 93
Interbo. R- Transit Zn. IMS 42?4 I\ X lubber first and ref. 5s. 1947. .. 77\
Amer. Smclr A Itef. lit mtf. 5?, 1947 76^ l*. H Htcel 5s, 1963 ui\
Central Leather us, 1925 90 Belgium 25-yr. ext. fold 7V*s, 1945.... 97^
FOREIC.\ HO> OS.
(Furnished by W. II. Hlbta A CM
. Zf*1 a Teat's
Issne? Close. l?>ne? eio?e.
French 4s 55^ Frankfnrt 5a
French 5s 67Vi? Hamburg 3* ' 15V4
French Premium 5s 7S Hamburg 3ki
Rttish Victory 4s 097 Hambur* 4s %
National War Loan 5h 370 Hamburf 4%n ...!!!!!!!' 23
War Loan 5s # 322 Km nlcsb*rg 4* 19^t
Italian 5s 40^ 41 . *
Keifian Restoration Z* 7S I>ipziir ."a 25
Relfiaa Pre in I urn 5s K3 Munich 4*
Rerlin 4s . . 21 Germun Government 3* 14V. !
Greater Berlin 4* 21 Oonnan Government 3',2s jr, j
Bremen 4V^s 24 German Government 4s 17 |
(Ormolu 4s (icrmao (lovrrom.ot 5a lfl>4 !
I oblrni 23 Knlpp ,, * |
(olofnr 4a oj Iladiwlir Aolllor 4'^a >u I
pnmlf 4. XT A Itef? Elr<-k l .ra 4V>i
Ilarmsta.lt 4a JJ U.loloirr Unok 4s |
llrrsdro 4. Iterlloer It.ok 4. '
;?* 28H \ inula 4. ?>
Doaarldorf 4a 20A, Vlrtuia 4<,a ?>
p"*".*' 23', Vitiai 5a <jv i
Frankfurt 4s 24Vti *1
GRAIN AND COTTON PRICES.
M'llriiiakrd by \V. X?. Mil.I.. * c?.?
(Members ChicaKO Board of Trade.)
. T~,'? Teat'a Pr... I
Corn. Close Clcm%
September 1.45 1.4S?4 Cotton. Clo^ CIom |
December 1.3 ' 1.25 October 2S.75 29 58
Oats: . . ^
September 0<t, ra U-cember fT. on
December 6*?4 69'? Ji-nuary 27 22 *?7 95
Wheat:
December 2 2.8814 i'art" 27.00 27.65
2.40*4 2.40>4 May 26.71 27.53
PROVISIONS.
: 1 ji rd:
September 24.SO 24.90 ^ept^mber is.60 18.75
October 18.90 19 07 |
BRITISH FOREIGN TRADE FOR THE
HALF YEAR
Imports Now 34 Per Cent of Exports Compared With 147 in 1918
And 20 Per Cent in 1913?Total Value of Foreign Trade j
Nearly 300 Per Cent Greater Than 1913 But Shipping Indicates
No Increase in Commodities Handled.
By DR. FRANK M SURFACE.
European countries are making desperate efforts to put their
foreign trade balances on a sound "basis. During the w ar these countries
were able to purchase 011 credit from the United States and
other exporting nations. Immediately after this credit was withdrawn I
loreign exchange depreciated. The only way that this exchange can
be brought back to par is to increase the foreign balance of trade in I
n'ru ?r' a vTry cx,cnt this improvement tor the present'
uill have to appear in their visible trade ot commodities.
The trade figures for Great Britain for the first half year of 1920 I
are now available. The following table gives a comparison of the '
total imports and exports for tV first six months of recent vcars
and 1913. The values are expressed in thousands of pounds sterling.
lie pound is equivalent at par to $4 80. The amounts have not been
converted into American money because the fluctuations in exchange
in the last year make a/iy accurate comparisons very difficult.
BRITISH TRADE IN* FIRST HALF YEAR.
(000 omitted.)
1018 1919 1920
J!",.por,s 378.914 (>5-\5Si 71(1,7s7 1.033^3;
British exports 257,0.,. 246.833 334,7,6 637,4671
?c;c*p2.r,s 59.051 ,.,.778 5'.434 13,0411
Total Exports 310,112 203,611 390,190 773.3 = 7
hxcess of imports over JJ''
Exports 62,802 388,970 326.=97 2=9 9=7
Pcr cent excess imports 190 147.5 8j i,.6
lncrPascs ?> prices render it impossible to make direct valid'
comparison between the values in different years but the per cenl
excess of import, o\er exports 111 the last line of the tabic gives a
\er\ good analysis of the changes that have taken place.
In 1913 the value of commodities imported was 20 per cent creater
than the value of the exports. 1? the last year of th! wir ,^8 i?iRv
tn.o th! . S,i T?uths \vc' ? 147 1>cr ccnt greater than exports
B> 1019 this ratio had been decreased to 84 per cent. This change
was caused by the great expansion 01 exports in the lat.er vcar Between
1018 ar.d 1919 British exports increased nearly 50 per cent in'
value whereas imports increased only io per cent. I
lor the first six months of the present year the imports were'
o 34 ?cr ccntf Prca*er than exports which is getting cio^cr to the
pre-\var figure of 20 per ccnt. '
The following table compares the values of imports and the dothc
two last yea???rtS Br?"''S ?' co,nn,odi(ics 'or the first half of
FOREIGN TRADE BVvGROl'PS OF COMMODITIES.
(000 omitted.)
FIRST HALF YEAR 1919.
. . Fer cent imports
Imports Domestic exports to export*
Food, drink and tobacco.... 325.24,, ,*,86 *
Raw materials.... i I'
Manufactures " r,-VinS "'a =082
Total 271.298, So.o
' 710,/t$7^ 334.756 214.1
FIRST HALF YEAR 1920
Food, drink and tobacco.... 38^19 2= u- ',-067
Raw materials o.o"
Manufactures 2%}?} 8,'S'4 5'8.6
Total io? As "6 704 43 3
, : 1.033,33s 637,467 162.1
These figures show that in the last vcar there were slicl? re,l?.
rctiUd artidef B,!'?T l? ^ ?"ials a'nd mann-"
of importVto exnor's nf 7L.,,,ark,Cd ,;cdl'ct'0" occurred in .he ratio
SfiK^?s^13rarh-c=as
crca'^t^imporuof YcZ "'T bcf" a concerted effort to depean
eountri^ This U refIl .O Cr c?"sumabl<= ^'icles in all EuroUnited
States which in the Ust si" ilZt, ?f ^ fKm ,'hC
than for the precceding ye-r On thP it 1 <^re considerably less
materials have been encouraged In Fn^r I fi" '- "npo',s of raw
tryti 1 uo ioc? r.* vuur??Kea. in l.ngland the imports of raw cotw
1, ?7 0,2^ X,rn,hS WerC Va,ufd at ?183.926,859 compared
Tn value of ,4, ner P",0f last >car This 15 a" "'"ease
an increase of only 55 per ?nt.Ct 0,,ant">'. however, .t represents
portTvaClu?X0tnit0if, ve" to'^bta9 imp?r,ant a part inf ""
export^ for t^Trsf liaff ^ -? thc^Brit^slTVmports ?
pared with 695,000.000 pounds^n 15 ,'806-?0?:000 Poun<ls sterling comtrade
tonnasp ?j, " 9 3l.-vft tlle figures on the foreign
is nnlv ahr,?t leaving British ports with cargoes in 1920
is only about oo per ccnt of that in il j '
figures for the siXP months of each ye^ are* '9'3
Entered with cargoes Cleared with cargoes
lons Tons
1913. , 23,133,126 32,896,24s
1919...... 12,565.000 16,362.0*6
1920...... 16,857,884 ,8,206,626
(Copyright, 1920, by the Washington Herald.;
,1- ... ...... . a r
FWABCLAL ADTZBTISZVO ACCXP7E
TO TUT HXEALD MUST STAKD
LZOID TEST 07 SUBSTANTIALITY.
Local Securities.
SALES YESTERDAY.
Metropolitan National Back. 5 at 225. &
t 225. 5 at 228 . 5 at 225. 6 at 225. S at
i2.r>. 2 at 225
1 .anatoo Monotype. 2 at 71Vfc.
Capital Traction. 8 at BSfe.
Washington Gu. 10 at 43. 15 at 43.
B0*DA
PUBLIC UTILITIES.
B Id Aaknd
Amer. Tel and Tel. eonv. 4a.. 74\ 76
Amer. Tel and Tel. coot. 4fe? 78 81
Abut. Tel. and Tel. col. tr. 5a 77 77 >*
Amer. Tel. A Tel roar Sa 9*4 96
Ana. and Pot. River B H lat 6a 4B
Ana. j.n<l Pot. River. |?tr 5a.. 48
C. * P. Telephone Sat Sa S8 90
Cel. Gas A Else. Set 5*..
Col (iaa A Elee. deb 5a
Capital Taction Sat 5a M
City and Suburban By Sat 5a.. 48
CJeorgetewn tins Lt lat Sa
Metropolitan R. R Sat 5a *9 90
Potomac Elec. Power Sat 5a.. .. *1
Pot. Eloc. Power cons. 5s 80^. S2Vfc
Potomac Elec. Power d?b. fla. .
Pot. Elec. Power fen. 6a 91 93
Waah. Alex and lit Ver lat 5a 35
Wit ah., 1la I to A Arnap lat 5a.
Wnahington Gaa Light fea. 5? 76 78
Waah. Rj. 4 Elec. coaa. 4a.... 554 564
Waah By A Elec ger. <W 90
MISCELLANEOUS.
D of C. Paper Mfg. lit 6* **
Rigga Realty (Lang) 5a tl
Rgg" Realty 5a <ahort> 90
Bee. Stge. A Safe Depoait Sa...
Wish. Market cote. 5a
Waah. Market Cold btge 6a...
STOCKS.
PUBLIC UTILITIES.
Amer. Tel. A Tel 954
Capital Traction 85 4 86 \
Columbia (in A '.kettle
Eastern Ligiit A Fi?ei
Washington G a* 424 43 4
N. and W. Steamboat 215
Waah. By. A Elec. com S7 I
Waah. By. and Klec. Co. pfd *45 40
Wash., Bait. A Au. <om *
Waah., Bait. A An. ffd
Waah. Va. Ry. Com 1
Waah. Va. Ry. pfd 5 8
NATIONAL BANKS.
American 170 SSS
Capital SSS ...
Colombia 160 ...
Commercial S724 180
District 175 ...
Farmer* and Mechanic* 225 ...
BriAfS S75 SMI
Liberty S28 133
Lincoln 166
Metropolitan 223
Rigg* 43S 460
Vrropd 150 SSS
Washing ton 192 205
TRUST COMPANIES.
American Security and Treat.. 210 ...
Continental Truat 105 ?
National Savnga and Truat... 2SU 2W>
Cnion Truat 115 120
Washington Loan and Truat.. 250 260
SAVINGS BANKS.
Commerce and Savinga S40 ...
East Washington Savinga 14 ...
Merch: cu' Bank 150
Set. 8av. and Com'l S9H 230
Seventh Street Savings S45 ...
Union Sivmga S10
U b. Savings Hank 212 250
Waahingtun Mechanics 1Z ...
KIBE INSURANCE.
Arlington 7 ...
Cnrrotio 70 ...
Fireman'* 20 ...
German-American 190 ...
Mtionai Lni<>n 5 4
TITLE 1NSUKANCK
Columbia 4 4 54
Real Estate SS
MISCELLANEOUS.
Col. Grapho. Mfg. eom 21 4 224
Col. t?rapho. Mfg. pfd S3
CI -pin Sa< kt> Mfg. Co
o? C. Paper Mfg. Co 75
D C. Paper Mfg Co. pfd 95 102
Greene Cananea Copper
Merchants' Trans A Storage... 100
Mergenthaler Linotype 122*? 123'?
Old Dutch Market of Va. Com. 44 6
Old Dutch Market of Va. pfd.. 94 S04
Lanaton Monotype 7<t 72
Security Storage 2v?0
Security Stor. A Safe Depot-it.. . . ...
Washington Market 174 ...
tx. Dividend.
CURB STOCKS.
(Furalahed by W. B. Hibba A Co )
Bid. Aaked.
Aetna Explosives SO S0*?
Allied Oil 19 21
American Candy 4
Atlantic Petroleum 3?4 34
Belcher Divide 4
Belcher Extension 4 6
Big Ijedfe 7-16
Boone Oil -'a 2Vi
Boston and Montana 63 66l,,
Rt*ton and Wyoming S S-16 l1*
Caledonia IS
Cailumet and Jerome 4 V?
Canada Copper 4 91*
Carbon Steel
Carbi Syndicate 10 4 11V
fa rib Trading 4'? 6>~*
Car Light and Power 24 2S
Cities Service New 321* 32\
Cities Service Old...? 25*0
Cities Service pfd 64 65V
Ul<\eland Auto 45 6??
Colonial Tire 2
Consolidated Copper S*i 2
CrpsMin Gold 7? S*i
Davis Daly 7 8V
IVminion Oil 6 6l,
F.Ik Basin 64 7^
Kmerson Phone 3 5
Ertel Oil 4 H
Federal Oi! 2S
General Asphalt 49 50
General Asphalt pfd S3 SS
Gilliland Oil 27 ??
Gilliland Oil pfd 89
Glenro?'k Oil 2*>4 2*i
tJuffey-Gillespie 24 26
<;ranada Oil S 9
Ilecla 4'^ 4',
Hercules Paper 2l,-a 26
Howe Sound st "
Indian Packing 65i 7
Intercontinental Rubber 16 S2
International Petroleum 33 35
Jerome Verde
I-ake Torped?? 1U 2
I?ne Star tins 25 2"*
Livingston Petroleum 41* 5 |
Magma Copper 24 26
Maracaibo Oil 17,a l^1
Marland Refinery 4 4 4
M.iaor Valley 1
Merritt Oil 13 12P
Metropolitan Petr<?leum 4 6
Midwest Oil com 1 2
Midwest Oil p^d 1
Midwest Refining 146 14*
Motherlode New [-'i 5\
Nevada Ophir 15
New Cornelia lr? 1R
Nij?i*sing ilines Co S4 8*;
North Amer. P and I* 4\ .?
Northwes'? rn Oil 2^ 27
Pennok Oil J5
Perfection Tire 1 5-16 1 i It
Producers and Refiaiers 5?* 6-i
Radio Common 1'a 1%
Radio pfd "Jl
Ray Hercules H S
Ryan Oil JJ
Salt Creek Producing 29 31
Sa pul pa com 5
Silver King of Arifeona 32 36
Simms Petrol ! 1?%
Skelly Oil 9 yA
Submarine Corporation 10 12
Superior Oil 1*% 19
Swift International 30 90*4
Tobacco Products Export 9 9Vj
Tonopah Divide l^a 1 7-li
Tonopah Extension IS 1%i
Tropical Oil 18^ 19V
I nited Eistern 2V, 2r*
U. S. Light and Heat com 2V 2S
U. S. Light and Heat. pfd.... 1% 2Vi
United I'roflt Sharing S V? SS
C S St<^iisltip lTa
United Retail Candy 11 12
Warren liroa 55 t?5
Wnyland Oil ^
Wijyne Coal 3
West End Cons 1 1 Vi
White Oil 174 1*
Wright-Martin Aero 6 7
LARGE AMOUNT OF SILXER
LEAD FOUND IN CANADA
Winnipeg* August 18.?A large
amount of silver lead, claimed to b?
of great commercial value, has beer
discovered by two prospector? al
the north end of Herb Lake. Manitoba,
twelve miles north of Mil
Eighty-two on the Hudson Baj
Railway. It has been traced foi
1.000 feet and for a width of 1&(
feet. A surface sample analyzed
showed 18 ounces of silver. 1? pel
cent lead and a small gold and copper
content. Other samples art
said to be far richer.
COTTON CROP " '
SUFFERS MOST
____
Past Week Very Unfavorable
to Crop Except in
Few Districts.
The past week wa? unfavorable
for cotton. It tvertfed warmer
than normal in the Kaatern part
of the cotton belt. #li*htly cooler
in the central portion, and much
cooler than normal in Western districts.
Sunshine was inadequate In
nearly ail parta of the South. Thera
were frequent moderate to heavy
irainfalla. with excessive amounts in *
J a few places. The reault was a
'very unfavorably week lor cotton J
in all but a few Northern central J|
districts. i
Cotton deteriorated over large
areaa except for Northern Arkansas.
eastward, and those parts of
Texas where the rainfall man light.
Shedding and insect damage increased.
and there were complaints
of rank growth. Boll rot was reported
from Oklahoma and Texas.
The weather favored the opening
of the bolls in Florida, but they
opened alowly in the South central
section of the belt.
Picking made satisfactory progress
in lower coast counties of Texas.
but was delayed elsewhere in
ithat State. Picking was begun in
extreme Southern Alabama and Mississippi.
Notwithstanding the unfavorable
week, cotton continued in
good to excellent condition in Texas
and Oklahoma, good to very good
in North Carolina and Tennessee,
and fairly satisfactory in South Carolina
and Northern Arkansas, but
was generally poor in Florida and
Southern Alabama.
J Corn mas improved by shom-ers 1
j throughout practically all districts
ea*t of the Mississippi River anl
in Oklahoma and T? xa- There at*
; still some districts in Indiana and H
, Illinois where more mMsture ,3 ^
needed. The crop is deteriorate ;n 1
practically all sections of M-o jri. '
jdue to little rain, and particularly
iso in Eastern Missouri because >.T
{damage of chinch bugs. Corn in
i some places in Kansas is in excellent
condition, but the whole i^tate
, need* a soaking rain. In Iowa corn
lis late. Broom corn made g-.od advances
in Oklahoma.
The weather was unfavorable for
and threshing of various grain crop#
harvesting and threshing of various
grain crops throughout Western
parts of the country, but the work
j was delayed by rain in the North'east.
There wag a report of rust in
spring wheat in Southeastern Wyoming.
Spring- wheat yielded well in
South Dakota, but the yield was poor
In Vforth Dakota and Minnesota
where threshing war goin? on. I^at?
I oats and spring wheat were benefited
by scattered showers in the Far
Northwest.
Frequent rains in the Southern
and Eastern parts of the country
produced conditions favorable i<r
.the advance oi vegetation. M or#
i moisture is needed froqj the Central
I Mississippi Valley north and west.
j for the b^st cr<..f crops anl
ifor ranges. The week avcraced unusually
cool in the central and lower
<*re?t Plains States, but these con.dTi'-ns
were rather favorable. The
f week was favorable for harvest- m
iinc: and threshing in most of the I
West, but f Ids wer.? delayer* m m
many parts of the Kast and South. ^
- J
? ' More for
Your Money
The only way you can get
more for your money than
you could a few year? aso
II is to purchase good securities.
Some of the best railroad.
government and cori|
poration bonds yield from
lrr up. There are obvious
opportunities which should
be taken advantage of by
those who have larce or
small funds immediately
available.
I ll'rite * 'r tr.rrrlmrnt
i~u?S'"-Hisr.t S li .'is.
A. B. Leach & Co.. Inc. 1
Investment Securities A
62 Cedar Street, New York ,
| TV* ton Chicago Butf;iln ('ImcIwI
i Philadelphia Miuucapoli* Halt:mora
Moorhead & Elmore,
? Washington
Correspondents
1416 H St.
ij=l? ?/
SAVE
TO BE INDEPENDENT
Con*i*tent of earning' in th?
netire period of life i* the one tuif*
mean? of achieving financial indei
1 jtendenre for your later yfir*. Thi?
habit of Piiving miiKt be tu< ked by
intelligence in investment*. Tit* - *,
ing* that took year* to aeeumulato
ran be wiped ont over nigiit if they
are not rarefuliy safeguarded.
Our First Mortgage 6^ Vote* on 1m5
pro red Wn*hingt?n. I>. C. pro|?erty
? yield a liberal and fcafe return oa
1 i your iDTONtment.
? | Your Inquiry Will Reeeize Prompt
Attention.
SWARTZELL. RHEEM &
HENSEY CO.
727 Fifteenth Street,
W aakington. D. C.
1
,
, I
?! Capital and Surplus, $^,000,000
DIG or little, your de,
** posits will be welcome
here, and you'll be made
to feel that your patronij
age is valued.
That's the sort of service tliat
is back of the standing this
t old bank ha< won, and is the
spirit energizing our steady
growth. ,
?? Uniform interest rate paid.
; National Savings &
Trust Company
C*r. 15th and N. T. Are.
riFTV-rOt RTH VF.AR

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