The Washington herald. [volume], October 19, 1920, Page 10, Image 10

About The Washington herald. [volume] (Washington, D.C.) 1906-1939

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BANKERS'AID '
. BOOK ISSUED
i
?
Federal Reterre Bask of Richmond
Gets Out Authoritative and
Compreheiuive Volume.
FIFTH DISTRICT HONORED
^ AH Bank* and Trust Companies on
Mailinf List?Proiemj
Fully Discussed.
______________
For the benefit of bankers, business
men and the public generally.
the Federal Reserve bank, of Richmond.
has issued an authoritative j
and comprehensive little book on
the organization and operation of
the Federal Reserve system. It
answers many practical questions
regarding the new banking law and
meets a number of objections raised >
by persons not fully cognisant of I
the benefits and merits of the
system.
Such matters as mobilized credit,
reserve accounts, elastic currency,
rediscounts, par collections and the j
immediate credit symbol are clearly
and sufQcinctly explained. The book !
further shows in non-technical
language the benefits which have j
accrued to the banking and busi- !
.\ness Interests of the country as a
result of the establishment of the
Federal Reserve . system. Among
these a^e listed?increased financial
* security, more generous credit ack
commodations. elasticity of cur\
rency from rediscounts, an easier
system of the transfer of funds,
^mobilization of reserves when and
WH?re needed, and economy of time
anaSfconey in check collection.
The book, entitled "Questions and
Answers on the Federal Reserve
System," has been mailed to all the j
banks and trust companies in the
Fiftl* Federal Reserve district.
First jt takes up the general plan
of the organization of the Federal
Reserve system, showing next how
banJrhig institutions may attain J
niiniTr i 1T1 if The functions of the j
Festal Reserve banks are then de- j
aeiSBed. this chapter going into the j
questions of mobilization of re- |
serves, the elasticity of currency re- ;
discounts and eligible paper, and j
being followed by a discussion of
the reserves of member banks, col- |
lections, transfers and currency
shipments. State bank and trust
company membership and incidental
legal provisions.
Member banks will find, the book
of interest since it is designed to
make clearer many points regarding
the operation of the Federal Reserve
act; to non-member banks it
will be of value as explaining the |
manifold advantages and privileges j
of membership; to the business man j
generally it will prove worth while j
inasmuch as it shows how the Fed- j :
eral Reserve bank in eaeh of the <
twelve districts safeguards and I ,
strengthens the financial, industrial J
and commercial enterprises of the
nation.
The book is well printed on good j
paper; it is neatly bound in cloth, |
has a complete table of contents
and is fully and conveniently In- ;<
dexed.
"curb 'stocks.
(Furnished bj W. B. Hibbs St Co.)
RM. iikti
Aetna Explosives 10% 11 *
Alli.-d Oil 1? 21
Amer.can Candy 5 8
Atlx?ntir* Petroleum 3%
Belcher T>irlde 4 6
Belcher Extension 6 ? ]
Big Ledfe 7-1? H i
Boone Oil 1% Boston
and Montana 30 40 ]
Boston and Wyoming 15-16 1 | i
Caledonia 15 1? j
Calumet and Jerome 3-16 5-16 j
L'j nada Copper 7 s 1% ! 1
Carbon Steel 50 70 | 1
Carib Syndicate 17 17*4 \
Carib Trading 30 50 ,
Car Light and Power ^ 3% 4
Cities Service (new* 34% 34H
Cities Service (old) 295 305 ,
titles Service, pf 65*4 65% ,
Clevland Auto 45 55
Colonial Tire 3
(Consolidated Copper 2V4 2% ;
C reason Qold 1 1H
Davis Daly 6% 7%
Dominion Oil 0*4 9% 1
Elk Basin b% 8%
Emerson Phone 1 3
Ertel Oil % %
Federal Oil 2S 2%
> General Asphalt 55 56 j
General Asphalt, pf 88 94 j
Gilliland Oil 26 28
Gilliland Oil. pf 87 95
Glenrock Oil 17s 2 | 1
Guffey-Gillespie 32 33 j
Granada Oil .....V...N 8*4 9*4 ; I
Hecla 5 5%, *
Hercules Paper 23 23 I
Howe Sound 3% 3%? j
Indian Packing 4 4*4
Intercontinental Rubber 10 12
International Petroleum * 16 16%!
Jerome Verde % *4 j I
Lake Torpedo 1% 2% ?
Lone Star Gas 29 31 | i
Livingston Petroleum 5 5V41 (
Magma Copper 25 28 | {
Maracaifro Oil 1S% 19% ,
MarUnd Refinery 37s 4 1 ]
Mason Valley 2 3 ' I
Merritt Oil 14 14% j I
Mctiopclitan Petroleum 4% 6 j J
Midwest Oil, com 1 2 j I
Midwest Oil. pf 1 3 I
Midwest Refining 148 150 1 I
Motherlode (new) 5% 6 I
Nevcda Ophir 15 20 I
New Coraelia 17 1? 1
Niplasing Mines Co............ 8% 9 I I
North Am. P. k. P 5% 5ft I
Northwestern Oil 25 30 1
Peonok Oil 6*4 7 | I
Perfection Tire 1 1% j I
Producers & Refiners 6% > 3
Radio, com 2% 2% C
Radio, pf. 2% 2% I
Ray Hercules % %'
Salt Creek Producing 29 31
Sapulpa. com 5% 5^4 i
Silver King of Arizona 30 35 | i
Slmms Petrol 10% 11 J
Skelly Oil 9'-, 9\ ! J
Submarine Corporation 11% 13 1
Swift International 29 29*4 I J
Tobacco Products Export 14 16 I J
Tonopah Diride 1% 1% j j
Tonopah Extension 1% 1%|J
Tropical Oil 16 18 I 1
United Eastern 2^4 2% 1
U. 8. Light and Heat. com.... 1% 1% I
r. 8. Light and Heat. pf..... 1 2 ?
L'nited Profit 8haring 2% 2*4 I C
V. 8. Steamahip 1% 1% C
United Retail Candy 10% 11% C
Warren Bros 20 30 ! C
Wayland Oil % % c
Wayne Coal... 3^4 8% IC
West End cons 1% 1 3-16 ! C
White Oil 24% 25 C
Wright Aero 4 6 A (
y[
Capital and Surplus, $2,000,000 c
1 c
LAY something by steadily U
NOW while yon have | \
health and rigor. Then when {
earning becomes difficult, you
will be well able to lay down j i
the pen, the saw or other im- 1
plement with which you have I
labored.
f We're helping over 40.000 secure
their financial future and j
want to serve YOU. *
National Savings & *
Trust Company In
Cor. 15th and N. Y. Are.
rirr?-ror?th year
1 J o
38,880,000 Bushels of Peanuts
Estimated Production for 1920;
Price Drop Shows Rivalry in East
By DR. FRANK M. SURFACE.
To the average American pfobably the strongest association connected
with the term peanuts is that of his happy boyhood days at
the circus. Aside from his acuaintance with the roasted nuts
Americans now make some use of peanut butter. In the south the
boiled nuts are consumed under the local name of "pinders. All ot
these uses are of relatively minor importance and many people do not
realize that nearly 3,000,000 acres of land are devoted to this crop
with a yield of harvested nuts often above 1,000,000,000 pounds.
In addition to the acreage of peanuts annually harvested for nuts
a large area is always grown for hog feed. The hogs arc simply
turned on to the field to harvest the crop. This acreage is not included
ip that ordinarily reported by the Department of Agriculture.
Last year the Department estimated that the acreage "hogged oft
was slightly greater than that harvested for nuts. _ .
During the last ten years there has been a large increase in the
culture of peanuts. This was partly due to the ravages of the boll
weevil which made cotton growing unprofitable in certain parts of
the south and partly to the increased demand for vegetable oils during
the war Shelled peanuts yield from 30 to 40 per cent of oil. This oil
compares very favorably with olive oil and is often sold for culinary
purposes, although its principal use is in the manufacture of margarine
and compound lard.
The big increase in peanu.t production occurred about 1915. Prior
to that time the Department of Agriculture did not report the acreage,
or yield. The following figures give the total yields in bushels since-!
1916.
191 6 34434,000 bushels.
191 7 1 S2.5?S.POO
191 8 46,010,000
191 9 33,263,000
192 0 38,880,000
A bushel of ordinary unshelled peanuts weighs approximately 22
sounds of which the kernels weigh about 142-3 pounds. Reduced to]
a shelled basis our estimated production for 1920 would amount to
about 550,000,000 pounds.
In addition to the nuts raised in this country wc have always imported
relatively large quantities. These come principally from Japan
and China although in certain years large quantities have been received
from British India. During the last few months there has been an
enormous increase in the imports of peanuts and also of peanut oil.
This is nearly all coming from Japan and China. Many of the Chinese
nuts are imported into Japan and then re-exported to the United
States either as nuts or as oil. This vast importation has had a serious
effect upon the market for domestic nuts and the southern farmers
are clamoring for tariff restrictions to protect their product.
The actual imports as recorded by the Department of Commerce
are shown below. Unshelled nuts have been reduced to a shelled
basis.
IMPORTS INTO THE UNITED STATES.
Peanuts
Shelled Basis. Peanut Oil.
Year Per cent Per cent I
ending increase increase I
June 30. Pounds over 1913 Gallons overi9i3l
191 3 14.993.229 1.195.683 .... I
191 4 38.73i.403 158 1,337.136 12
191 5 19,342,526 29 852,905 *29
191 6 25,409,738 70 1,475,123 23
191 7 32,387.358 116 3,026,188 153
?9i8 75463.753 403 8,288,756 593
1919 20,425,375 36 11,392,724 853
I920..? 128,393,780 756 22,064,363 1745
Decrease.
The importation of nuts during the last year amounted to over!
128,000.000 pounds or an increase of 756 per cent over the imports in j
I9'3- The imports of peanut oil in the year 1919-20 was over 22,000,000]
gallons which was double the amount imported the previous year and
an increase of 1,745 P" cent over 1913. The oil imported last year.j
calculated roughly represents the products from about 360.000,000 \
pounds of shelled nuts. Adding the imports of actual nuts gives a!
total importation equivalent to 488,000.000 pounds. Our domestic production
in 1919 was equivalent to approximately the same quantity.
In 1918-19 the importation of oil and nuts was equivalent to
about 300,000,000 pounds of shelled nuts while our production in the
omparable year, 1918, was roughly equal to 715,000,000 pounds. Thus
the ratio of imports to production has increased from 42 to 100 within
the last year.
Exports of peanuts and peanut oil as such frpm this country |
have never been a big factor in the situation. During the last fiscal j
year the exports of peanuts both foreign and domestic amounted to1
ibout 19,000,000 pounds and the exports of peanut oil were approxi- I
mately 692,000 pounds or about 90,000 gallons.
The effect of the heavy importation of peanuts and peanut oil on
the domestic price can be judged from the farm value of the nuts as
fiyen by the Department of Agriculture." Before the war the average'
price was around $5.00 per hundred pounds. In 1919 the price was!
about $9.00 per hundred and for the first seven months of 1920 the I
average was just below $11.00 On August 15 the Department of Ag-j
nculture gave the average farm value as $8.50, a drop of about 25 i
per cent from the preceding month. Commercial reports indicate
that prices for some grades were as low as $6.50 per hundred in September.
In fact prices have now dropped to a point where it is no
longer profitable to import the oriental nuts.
The farmers of Virginia and North Carolina representing about
Dne-third of the crop are reported to be forming a pool in order to
stabilize the market.
(Copyright, 1920, by Washington Herald.)
Active New York Stock Exchange Bonds
Furnished by W. B. Hibbs k Co. (Msmbars New York Stock Exchange.)
LIBERTY UOMJS.
.iberty 3^it 92.36 3.97 Liberty third 4lis.... W ?? 5 71
liberty first 4s 89.*i0 .... Liberty fourth 4>i8 ' r*i%
liberty second 4s .... Victory 4K? T?. ? i'i'
Jberty first 4?4? 89.70 4.95 Victory Zi \u r <
.iberty second 4?%s 89.50 5.84
FOREIGN BONDS.
Yost's
llZU
lerlln is . 15% German Government 3%? 11%
ireater Berlin 4s 14% German Government 4s .. 115
iremen 4%s 17% German Government 5s llu
"hemniti 4s 18 Krupp 4s
"oblenz 4* 17% Badische Aniline 4%s."!!!!!!!.' ik? !
clogne 4a 16* Allgem Eleck Ges 4%s IS?
)anxig 4a 17% Meininger Bank 4s.... i
Jurmstadt 4s 15% Norddeutscber L. B. 4s ii
Iresoen 4 18 I'reuss Bank 4s I
Iresden 4%s 16% Berliner Bank 4s 1 JbS I
Jnsseidorf 4s 15% Vienna 4 5,2
4s 15% Vienna 4%s X2
rrankfnrt 4a 18(4 Vienna 5a
'rankfurt 5a 22"* French 4s a? 1
iamburg 3a 21% Trench 5?
iamburg 20% French Premium 5s. !
lamtyirf 4? 15% British Victory 4s..
Iamburg 4%. 17 National War Loan 5s. Jar
locnlgsberg 4s 15% War Loan 5s .. .
'IP?i? 4%a 17% lt,u,n 5,
.clpalg 5. 18 Italian notes 1925
Junich 4s 18% Belgian Restoration 5a.'.'.' i?
ierman Government 3s n% Belgian Premium 5a 74
MISCELLANEOUS.
Bid Asked Rtit 4vic?<i
n.ertcan Agricultural 5s 92 93 Int. Merc. Marine ?. K" '"TT
Imertcan Cotton Oil 5s 77 79 Kansas Cltv South. r.r -ix- ,-i?
y,ner'tV' 8* Lake Shore deb. 4s (1931)...! 82% 84
Im. r Tel k. Tel. conv. 9?% 97 Liggett & Myers 5a MT s;,*.
tmerlcan Tobacco 6. 117 Lortllard 5s 771? s, V
Jrmour * Co. 4*. W* TS'i Louisville * Nashville un. 4, ! 82% 82%
Itchlso.i gen. 4s 77',, 78 Mldvale Steel V?
ttchlson CT. 4a (1?80) 87 90 Mo. Kan A Texas lit 4s ?2U A3 *
u>.ntlc Coast Line cons. 4s.. 77-4 78-4 g'e" 4^ !!! 38% S%
Baltimore A Ohio 4s 73 74 Montana Power -m aa ar
laltimore it Ohio ev. 4%s.... 73% 75% v Y r . . ~
lethlebem Steel ref. 5s. 78% 79 ? y r Zt, V ' IV' 2*
irookljn Transit .% (1918) 30?^ 384 N* Y c' n9(W,
>ntral of C.eorfla cons. 5s... 85'^ 86 Vork ^iilwars ?'dj Be'
entral leather 5s *90% 91 N H. N H Jk H.rt cr *
>ntrsl Pacific 1st* 74 7~> ?. *} cv. os... hi
mi&E s % mmig i
h?lio B* %^-y gea u"" 78% 80S cons. 4vis 89% 00 J
? gb;J{ we'stim^..-.-. S% s* Kr/lT0"^ sr ?5 %?
hi.. Mil. 4 St. P. cv. 5. 71% 74% Reading gen 4s "; S'*
hi-R'IVP.cp R'p?"i'8,ee. 5. ;',94?,*% s%
lv " J: * P,c- 12 8t- Lonis Sc 8an Fran. p. 1. 4s. 63 ?3U,
kl"- footer cTVta I?, ?t. Lao la ?.n. 1st WrJ? 5..,. ^%
, ue Lol. Tr. os 7- vs Southern Pacific conv 4s 701/ i
oloradoft Southern ref. 4%s.: 7?4 78 Southern Pacific ref. 4? !J!!! ?o% ??%
enver A Rto Grande cons. 4s. . 87 87 % 8olltbern Ra||?,r 5s 89% ?%
*_R'? "f- - 52 S Southern Railway gen. 4... ?>% m
distiller* Securities 5s 79 tsi?i , r? Z?
>ominion of Canada 5? (1931). 90% 91 fnlon Piciftc 4s mu. siu
uu - "B" 44., 48 f-as RrtC ?. S14 S5
. U. 8. Rnbber 1st & ref. 5s 78% 78t4
ieneral Electric >? .... 88 87 Virginia Car. Chemical 5a 92% 93%
-reat Northern 1st 4%s 83 83 n.,.eT,
Indaon & Manhattan ref. 5?... 82% 83% vF?Ison k Co conv 8s Rati aj
lllnoia Central ref. 4a 78 77% "l,IK>* * Lo- eo*T- 83% 84
GRAIN AND COTTON PRICES.
Furnished by W. B. Hibbt k Co. (Msmhars New Tork SUck Exchange.)
T""'* ? Vest's Prsv.
C?r?? Close. Close Cotton? Close CIom
".ember 88 . 87% Llow'
lay 88% .91% October 18.90 19.48
December 17.?0 18.80
.y mrrrrrrrrrrrrr ?% 17.55 i8.2?
Wheat? March 17.80 18.85
r,"?b*r 2 tS% May 17.53 13.351
l?rch , 2.01% 2.07%
_ . ritovisions.
Pork? . ,d_
October 20.50 ?0 6"
l tuber 24.10 25.00 January 10.87 17.32
GRAIN SUFFERS
' MILD DECLINE
Free Selling by Commission House*
C?nsed by Walkout of British
Coal Miners.
Chicago, Oct. 18.?Widening of the
spread between December and March
was the feature of the wheat market
on the Doard of Trade today.
Djcemb?r declined only 2 cents,
while the March was off 5 to 5%
cents, the difference widening about
3 cents. Strength in the December
option relative to the deferred
month wag due to increasing anxiety
of aborts over the small accumulation
of stocks. The walkout
of the Ilritish coal miners furnished
the excuse for free selling early by
locals and commission houses.
Cash prices here were 2 cents
lower, following December.
Reports of a fair export business
nCOrn faiIed to ca"se much of a
ral^y and the close was weak. Cash
corn was Va to 1 cent lower, receipt
of 302 cars being more toan
ample for requirement.
Heavy covering by shorts in oats
checked the decline which started
early. Resisting prices, however,
were not far above the low figures
'or day. The cash market was
easy, half to 3 and 4 cents lower
with sales of 56.01)0 bushels. The
export demand was slow.
A good demand for rye was reported
at the seaboard, but futures
here were draggy with other grains
closing weak. The market is reflecting
the action in wheat.
parley was quiet, with little outside
interest displayed.
* At the close of the market wheat
was 2 to 5 94 cents lower, corn 1
to 2 cents down, oats s, to % cent
"IT. rye % to 21? cents lower, and
barley l',4 to 2% cents lower.
LOCAL SECURITIES.
SALES YESTERDAY.
Washington t;aa 5s, $500 at 79
After call?
Monotype. 20 at 82*. 20 at 82%.
? ; Si "1 Mt *?* 20 ? 20 at 82*.
at *-* 20 82%. 20 at 82*. 20 at 82*.
BONDS.
PUBLIC UTILITIES.
Amer Tel and Tel con* 4s
Amer 7*1 Mn<f Tel cobv 4^*... 8214 84
Amer Tel and Tel ,onv 5a 79^
Amer Tel and Tel conv 68 <*514 07
Che* and Potomac Tel, 1st 08. . 1?3
Capital Traction flr*t 5? 85
Metropolitan R R i9t 5s S8
Pot. Elec. Power, l?t 5s ** 87
Pot. Elec. Power coj*. 5s 78 701/
Pot Elec. Power d? b 6? ?7
Pot. Elec^ Power ten f? 93 ^
JJashAlex Sc Mt. Ver. 1st 5. 33
JJash i.** Light |en 7*^
\\asji Ry and Elec cons 4?.... -54 551l
Wash. Ry. & Elec. gen. 6*.... 88 91
n r- ? MISCELLANEOUS.
n ( Paper Mfg Co 1st, 6s na
Riggs Realty 5st (long)
Riggs Realty 5a (*hort) .! 92
STOCKS.
PUBLIC UTILITIES.
Am'r Tel and Tel
Capital Traction *'-/ ,,
Washington tlas ' 41 3
? W. Steamboat icn
^ ash. Ry. nnd Elec. com 18
Wash Ry and Elec Co pfd... 511: 'no
Wa*h. Vs. Ry. Com...... . ' J *
Wash Va Ry pfd 3
NATIONAL BANKS
American i70 .
Capital 185
Columbia 17(]|
&rel".H ,so"
Farmers & Mechanics 2"'"?
Koderal " *
LnxT.r iS . js
Lincoln ' " |JMetropolitan
21"?
ni?*' II!!!!!' 4%o i?n
Washington
TRUST COMPANIES
Amer. Security & Trust
Continental Trust .*.'.107 115
National Savings and Trust 2HO too
T nlon Trust
Wash. Loan & Trust 250
savings banks.
Commerce & Savings
East Washington 13 !
Merchants' Rank ]"?o "**l
Sec. 8av. A Com l ***" ifl<i
Seventh 8treet " 14- I
rn,?n no I
United States 21'> - iKn I
Washington Mechanics . . . . . . . . 17 '
FIRE INSURANCE.
Arlington w,,
Corcoran ' 70 3
Firemen's *?o
Herman-American ....** ?Tn
National Union " ov
TITLE INSURANCE. * I
Columbia
Real Estate !!..! 80 ^
miscellaneous. ""
Col Graph Mfg com o<
Col (? raphe. Mfg. pfd... 4 o,
D C Paper Mfg Co .!!!"* 7n 1 I
D C Paper Mfg pfd '* o
Lanston Monotype N'.,,, 1
Merchants Tfr. A Storage ! . " ioG ^ I
Mergenthaler Linotype l20
Old Dutch Mkt com ?t Vs.... U''
Old Dl*It'll Market nfd of Va . ..
Security gtoraje -o.) 0,4 ,
Washington Unrltet II" *17u.
Ex. dividend. ' ^ ....
EXPORTS OF WHEAT.
According t!T Bradstreet. the exports
of wheat and wheat flour
the U"'ted States and Canada
for the week ending October 7 was
equivalent to 10.169.665 bushels I
compared with 6,022.488 bushels in'
the same week last year. Since I
July 1 the exports from these ports
amounted to about H4.S60.000 bushels.
compared with 96.444,000 in the
same time last year. |
THE DOLLAR IN F(
(Furnished by American Se<
England (pound sterling)
Cniiadian dollar
Hong Kong (local)..*."."*'**
Shanghai (tael) '.V.V.'.V.'.
France (fraucs per dollar)....
Belgium (francs per dollar) .".*.** "*
Switzerland (franco p?r dollar)
Italy (lire pe/ dollar)
(Jermany (marks per dollar) . . .'
Oennark (kroner per dollar)
Nfrwsy (kroner dollar) !
Sweden (kroner ner dollar) *
nr^TC*J(drac,,ro',s Roller!
Holland (guilders per dollar) .
opaia (pesetas per dollar)
Japan (yen per dollar)......'.***.*"*
Austria (kronen per dollar)!!"!!"*
~
t ^ mericai
* banker
J ^Vssociatior
^ V J E extend yo
* vitation to
home in 01
* J
*
j if.
^ The American Exch
^ New Y01
*
-
==S ' == = _ I , I ?
NEW YORK STOCK EXCHANGE STOCK QUOTATIONS |
iURNJSHED BY W. B. HIBBS & CO.. MEMBERS NEW YORK STOCK EXCHANGE.
'I'OTAL SALES, 330,TOC SHARDS.
8"iso0 Advanr^'llttmely ?^?' Hjih' Ct**' C]"', , Stocka. Opea. Hl*fc. Uow. Clow. <*? .
SS Tr i j? ?: + * .? :::::::: i:* ?? ? ? _ *
is 152: js^issi- * * * * , sr-aMA* us lis s& ?* =,*'
? r .4* ? ?*-* saan?rs:: k ^ J* i*z$
IS ?"LSr Vf S* H* s* b + v ? 2S3S.^?? ?* "5 ? s* + 5
2 s??e 11g* s* e> 5 s; h: p ? -,
vui Am ',.? ? .?. 83 33 2200 Houston Oil J03 106 103 10311 ?1%
8 Hat^fc:i| 3 1 ? *i i iiSnSv :::::: ?S ? S? 3 ZI :
5 ??fW: ?]51| as as -? SSiE v *> -it -is ?s
800 *T - I3* 72* "-S ? IK 9011 Interboro Cona Corpn pf 15(4 ? * 15* 15V4 ?4
100 Am ni ro'l of" M 2 84 4 2* ~ 14 3"? In"'' 18*4 ?*(4 1*S 17* ? *k
z i~ ?7? t :: Is ,S* s* s* -* - sr-ssr-i--:*55 "55 ? ^ -*
fn? a"" SET?!!;:::: ^ *5$ *?? ?5 !:? ?E,1Uri" "' 2* ?*' 55 ?5 _,
!2 is: Jr?: v; 2* 59Ti M* M* -** 1: *5 ?5 ?* ?*
,c irr-sr? E. i8. r 78 78 +i 2300 ?? . *1% *2% ? ? -1 ,
iaio imlri. I"I. 5 .? "* S 3,! ,4<l0 Iron Prodocta Conn... 4U% 40 \ 40 40 ?1
900 Anit*ru tin Hugar 102% 104 102% 103% ? 14 'Too 1,1,Oil A Tr?n. n ?1/ m <1/ 1 jx
arnll Amtrl S"m;.t7.TVrbV'<'? ^ 88 Km Ksno. City Southern.! 24\ ?,% 24% 24% ?1%
1," i h 1 4 Tele*. SB* 100K TO* 100% + % J00 K?? Citj Southern pf 50 50 48% 4t>% ?1%
' Inn aT"Ja?f? J5' 1134 134 1'' 700 Kelly Hprln(llel.l Tire. 52* 52* 51% 51% ?1*
I 0000 Amerf ! i">,P 2S" ?2''i a?,u K<,|1? ?PrtM Tire rt?. . * * * * ? %
. S??". " I!* I * 8,1m'A ?1* 200 Kel*ey Wheel 48% 48% 48% 4*% ?2% 1
llion Am r wi. ?" ?"' rti, ,, .H M J00 N?I1 Aniline * Chein pf *0 Ml Ml ?> ? *
liS A^. < " P " r,"i ?1*4 200 X.tlonnl Anne K!% *2% ?2% 32% ? %.
^on A^Jt ll HP,Mr JS 4B* 5,1 500 Montnna Power ?4% ?4i, IH% 64% ?1%)
! ^ * ?? 3,4 314 3^ 3% 4300 Uontjoin. Ward 25% 25% 24% 24% ?1*
?no AtPuieml M. a"^'" 7.'. T?. 2,5 ?* 200 National BIlKUlt 107 107 107 107
<m!n w * V' f ' AUV.. ]0 10% 10 10% ? % 400 Nail Conduit & Cable.. 7 7 7 7
' f 2 ?" 87% s?% 100 Natt?nal J-ea.l pf 104 104 104 104 ?1%
^00 AH c, lf''x \v t hi .IS ,7S^ 7k'" +*4 300 Sin Bya of llel 2d pf ?% 6% ?% ?% ? %
i ill. ? Indie#.. 143 143* 143 143% ? * 31KI Nevada Conaol Corpn.. 10% 10* 10% 10* + %
M A S' S' ","- ,5* ** +H 1?? New OrU. Te.aa * M. t*H 58% 58% 58% -1
100 Auto Rules ( orpu pf... 10 10 10 lo '?1 '-{Too \ Y Cf>nir?l wi i lt*?ix wil, fci i.
2i5!!o H?'lilWln ^"nhi 'JJ" l'"14 l'314 113v? ?1* 300 N Y. Chi * 8t Loala . <10% 01* ?0% ?1% +1*
3 *. , ? nJl tat, l7* ? l" 2200 N y. N H A Hartford. 34 34 33 % 33% ? *
? '! " 4 01,10 1* " * * "' < 'J'* r-3'? ? * 700 N y, Ont * Western. . 24% 25% 24% ?% + %
SCI i, ,. ,! II .IT. 47 *' + *4 3110 Norfolk k Weatera 119 TO* 98% 98% ?1%
mh HJ|M I ,,'V ,, 5^ 131 _1 100 North American 50% 58% 59% 59% .+ %
wS i. !rs 4*4 4,1 4'--I 2200 Northern PnriBc 90 91 00 90 ? *
100 R+tlilfhorn Hteel 68 ftS 6S 68 -f I. 3<>n Ohio B?k1v & Itluw 17^ 17W 17L. 171' __i
HW Beth steel H% pf 104*4 104'4 1<>4% 104*4 + K -JU0 Okla I?rod A. Ueff *\ 9\ ? %
Ti ,'r1,', " 7r? ' T,? 52 SSr^tufer '::::: 1% ?%?*?* *
I oino u L'l d"^ t"",' * ,9*" ? " "*? 100 Owena Bottle Machine. 48% 48% 48* 48% +- %
"oil iil J. lr,,u"11 1*54 14'" 13^> 14% 4- % 7200 Pan Amer Petrol A T.. 89% 1*1% 8-!% S8% ? %
ino Sr'" , 1 i "? , ' r- * + * liaio Pan Am Pet Claaa B.. 81% 83 81* 83 +1
1 Brookl) n lulon Gaa... ?> o.. 54 .?4 ?2% 500 Pa<16< Development .. 24% 24% 23% 23% ?1%
. ' ^ Wl ?|L 400 Pa.lBo Oa? A Klertrlc. 53% 53% 52% 53% ? %
am . i0,'u 1 ,2i? ,5 * " ? 8 " + ** 1000 Pennsylvania B It 43 * 43 % 43* 43*
1H n it I, h"l> r,<"' ' * l,7 l"*4 '*'? 100 People a Gaa 3!l 3!i% ?*% ?8% ?1%
??IIn r nil !iL ^ :,llfl Peoria A Eastern 17* 17* 17 17 + %
iHS , L ; ; 28f 1 14 1? + '? 2200 Pere Jlamuette 28% 28% 27% 27% - *
300 t alumet A Arllona 54% 54% 54 51 ph,,. Conioanv JtHW. *?i A8*T *8? _ _
S 124,4 124T- ->* IS ::::::: S" ?c ?% "% z5
flUII " 41 * iiJ4 4,4 4I1? ? 100 Pierce Arrow pf TO* 9o% 90% 90% + %j
I ->iut r-hrtlf' ',"r ? ?!!? 1? i 38 ? % 100 Pierre Oil 14 14 14 14 ? %/*
i "nil < !" i, i"rni,i ? 12 il" + 5* 100 Pierre UTlllard 140 14<i 140 140 ? %?
til I'lir ^T ... ?',? ,,,. MIO Plttsburjli Coal 67 87 W!% fi?% ?1*1
; ,i?? Jc!"'0" 4 ! ?.. J.4'"" If * J4^ l4'4 + ' 1000 Pltt.burfh A Weet Va 30* 37% 38% 38% ?1%|
I ri.,".' Vr?- . ,? "... iH* ,2* - * 100 Pond Creek Coal 15 15 15 15 _%|
?IJI I-l!i ;r'v ,r" " ? S ' JU'" ~500 Preiwed Steel 97% 97% 90 98 ? I * f
mm ?? Mil l's,'^'' ? , *r... ~ i4 1"0 Publii Service Corpn. ?1 81 til til
i ulU! I'hi.I!! i. ,r , i3. i3? I2!4 400 Pullmrn Co 113 113 113 113
1000 Chtmgo 1 neu Tool 18*4 78*4 ?8*4 i8*4 ? 2Vj S4io l'nr# Oil 20 3*i'' tu -
I 100 Chl. Kt Paul. M A O.. 70% 70% 70% 70% +% l!? SLi Coooer ' " u u* w ~ Jl
6100 Chicago. K I A Pacific 3s% 38% 37% 37* ?1% ...^ ncadiL Tt It 98 9"% ?5 ~ % I
' ^ ;"s ir ia% if "ut pf -: 5 ?; : z?\
W? c c. C A St Loula. .. 58 58 58 58 -1% . x<m Bepltji Steel . . . 77 77% 75* 7?% -%
.,?? .l,lno;.t]?l'l"r ; ?s ?J* 2? 24 - *4 1H? Republic Iron A Steel. 76% 77*- 76% 76% -%
"im rM e lt v' i i'i Jlr* .IJf rj[? ? *? 200 Bepubllc Motor Tru. k . 34 * 34 * 34 31 ?>4:
I -III " I". 1 ' ?',* ? ,4 ?, ,* . * 72<?l Itoyal Dutch of N V.. Kl% M>% 77% 77% ?2%
' -inn r?! I'*" . ^J*4 ft' * JJJ4 a 3711,1 M Lo"1' 4 S,D |rr:'1' *2 32% 31% 31% ? *
J Co ?.r?r i?ph?ne .. 20 20% 19* 19* -* <jn0 St Lonl. SonUlwe^n. 36% 36% M 86 _ * !
,J2 nl ".raphophooe pf... ,.% 7,% 77% 77% St L Southweatem pf.. 42 42% 42 42% -*
I 51! I" , . 1" n", ,, Sii ?1 100 Santa Ceillla Sujtr 11% 11% 11% 11%
3W Conno! Textile n 4 2B 4 t, :MO *Mon 4S *K 4*> 4% _ % !
;.on"?' "v , r? -s ~ ^ 16890 Seara. Boebui k 107 109* 105% in',% j. *
*'*' * oh*1 * y l? 1 ' , " I", ? 200 Sear.. Roebuck pf 105% 105% 105% 105% _1 %
300 Con?ol ti?ar .2 72* 72 72 -2 Mt shell Tren? A Trade... 48% 48% 46* 46* -2% |
4.00 (orn Producta 83,. 8J% 81 , 8.% Mn(1 sioa* Sln-ffield 67% 67% 67% 67% + % I
2?)0 Torn Trodurtt pf 101 101 ;oi 101 1MOO hincUlr Oil 31 *? 32*4 31 >, 31*, ? H
100 CoKtlen Co 27*4 27*, 27*i 27% 5t??0 Koutbern PaHflr 1110 lini ??S-, ? l
2(8)0 (rurible Hteel 1-H? 130% 12D Il1?% + *4 MM .Southern Railway 31% 31% 31 31 ? \ 1
2400 Cuba Cane Hu*ar .33 34% 3L?% 34 + \ ?*W Southern Railway f?4% 64% 64% 64*?- ?1% |
18<a? Cuba Cane Sugar pf... 73% 73% 71% 7L"i ?1% 60 Standard Oil of X J. . Q3A 6T?H tM 6.3 +12 I
200 Cuban Sufar 41 41% 41 41% +1 2448) Standard Oil N J pf. . 105% 10.1% IOT.% IOT.%
500 Delaware A Hudson... 105 105 1?4 I'M ? % 1O0 Standard Millinf 125 125 125 125 -f4 |
100 Dela, La. ka & Western 249% 249% 249% 249% +2% 3?H) Studebaker Con>n 57% 5s 56% 57 ?1
400 Denver A Rio Graml*.. 2% 2% 2% 2% ? % 1<8) Superior Oil 17% 17% 17% 17% ? %)
500 Denver A Kio Or pf... 3% 3% 3% 3% ? % 200 Tenn Cupper A C hem. . 9% 9% kv du
2T8) Dome Mine* 11% 11% 11% 11% 5200 Te*a? Pacific 21% 22 20 21% + % '
3<K) Elk Horn Fuel 24 21 24 24 300 Teia* Pacific Coal.... 33 33% 3^'% 32% ?1 {
1800 Erie R R %... 18% 1*% 1*% 18% ? % 730o Texaa Company 5o% 30% 49% 49% % i
1200 Erie R R l*t pf 28% 2S% 2S 28 ? % 4<-"> Third Avenue Elevated 19 20% 19 19',
200 Erie R R 2d pf 21 21 21 21 ? % 400 Time* Sqr Auto Supply 19 1?# 16% 16% ?3
300 Famous Players 70% 70% 00 6S?% ? % 500 Tobagro Products 06% 06% 6T.% 65% ?1% I
100 Famous Players pf 83% 83% K3% S3% % 700 Traiux-ontl Oil 11% 12 11% 11%
100 Fisher Body 104 104? 104 104 ?1 L*iO In ion Hx( A Taper... M% S41. K3% K3% l*i i
! 12*? Flsk Rubber 20% 20% 20% 20% ? % Vm I nion Oil 27 27% 2tf% 27% % !
I 000 F W Wool worth 108 10s 107 107 ? % 2"J*i T'uion Pacific ....... . 127% 127% 126% 126% ? I
1 100 F W Woolworth pf 107 107 107 P?7 ?1% 500 f'nlon Pariftc' pf. * 07 67% 6T.% 67% + % J
3"0 Freeport. Texas 22% 22% 22% 22% ? % 500 Cuited Fruit 20t 2"6% 205 205 ?2% i
100 Oeneral Chemical pf.. 8?% 88% 8K% 8?% + % 3100 Cnited Retail Stores... 72% 73% 72 73% 4-1 i
100 Cfneral Cigar 62% 62% 62% 62% ? % lOO l td Rwy Investment . 12% 12% 12% 12% ? %
800 r.eneral Electric 140% 140% 139% 140% + % jaw ltd Railway 1st pf... 2S% 28% 2*% 2>% %(
3100 General Motors 18% 18% 1K% 1R% _ % 1lMto y H k<kx1 products 49% 49% 49 49% %
200 General Motors pf 72% 72% 72% 72% ? % 1300 I* s Indus Alcohol 84% 85% M% 84% % J
100 General Motors 1% pf. 78% 7^% 78% 7*% 7*10 y s Rubber 76 76% 75% 75% 1% j
100 General Motors deb.... 67 67 67 67 _ ?*? y h Kubber 1st pf 105 ]<?% 105 10H%
700 GoAlrlch Rubber 49% 49% 49 %9% ? % ? 100 I* S Smelters .13 52% 52% % 1
290 Granb.v Mlniujc 30 30 3-> ?2 S2000 C S Steel b"7% 8*% 87% 87%
700 Great Northern pf 88% S8% 8s HK ? % looo U S Steel pf 108% 108% 10*% 108%
20O Great Northn Ore ctfa. 34% 34% 34% 34% 22?0 I tah Copper 57% 57*, 56% 56% ?1%
300 Greene Cananea 27% 27% 27% 27% ? % 500 Ctah Securities 10% 10% 10% 10%
200 Gulf States Steel 50% 50% 49 49 ?1 jsia) Vanaditm Corpn 64 64% 63% 63% ? % j
900 Kennecott Copper 22% 22% 22% 22% ? % 100 Va-Carolina Chem 59% 59% 59 ;.P 1 J
1200 Keystone Tire A Rub.. 14% 14% 14% 14% 500 Vivaadou 11% 12*? 11% 12% 4- %
1000 J^ackuwanna Steel 64% 65% 64*, 65 ? % 1400 Wahath R R 12 12% 11% 11% ?1 1
200 I.ake Erie A Western.. 22 22 t 22 22 ?1 loo Wabash R R pf A 32% 32% 31% 31% ? %'
4?K) I-ake Erie A West pf. . 39 39 3S% 38% ? % joo Wabash R II pf F 22 22 22 22 *. i
100 Lehifh Valley 54% 51% 53% 53% ? % 2600 Western Maryland .... 15% 15% 15 15 % 1
1500 Loews Inr 20% 2o% 20% 20% ? % 47,10 Western Md 2d pf 26% 27% 26 26% ? % ;
300 I/?ft Inr 13 13% 13 13% + % 7,Mt Western Pacific R R . 36 30*, 36 36% ? % J
300 Ixtose Wiles 38 38 3* 3* ?2 2<NI Western I rion 86% S6% Mi>a Mi*i V
30i? Ixx>se Wiles 2d pf 103*4 103*4 103% 103% -f3 10,) Westinfhouse Blec . .. 47% 47% 47% 47% %;
100 Louisville A Nashville. 107% 107% 107% 107% ? % 34m Whet-ling A l*ake Erie. 15 15% 14*, 14% % !
100 Manhattan Guar 57 .r>7 57 57 +1 2?*> Wheel A I^ake Erie pf 27% 27% 27% 27%
100 Manati Sugar 89 89 SO 89 1?m? White Motors 46 46 46 46 ? *i !
100 Martin Parry 19 19% 19 19% +1% joo Wilson A Co 52 52 52 52 1 |
800 Maxwell Motors 3% 3% 3 _3 ? % 3^0(? Willys Overland 11% 11% 11% 11% ? % '
I'M! May Department ,8tores 73 .3 .3 .3 +2 lrt0 Wisconsin Central .. . 45 45 45 45 f
28300 Mex Petroleum 190 193 1SS% 188% ? ^ 100 Worth Pump pf 80 80 Ml so
oil stocks. 0,1 cc?. S,;: S 5S ZZ & %
An.lo.Amer^a 01, Co. .new! 20% 21 SSJ3 S! SJ ^ j W> klv,o" Oil C*.'.*80
llXyl p!^ Une IS 5! j 8"MU"1 0U C? ?) '?) 400 420 | P?.M,lv.nU-Mexlcn Fuel... 44 S ,
i Chesbrougli Mfg. 4'o 210 225 - ??
j Continental Oil Co 100 110 J ??????
Crescent Pipe Line Co 31 33 ~
Cumberland Pipe Line 130 140 ^
' Eureka Pipe Line 114 118 1
' Galena-Signal Oil Co.. com... 43 46
Galena-Sign.il Oil Co. pf 90 95 j
Illinois Pipe Line Co 16ti 165
National Trajisit Co*..-, 29 31 j
New York Transportation Co.. 170 1*0 j
Northern Fipe Line Co 100 102 j
Ohio Oil Co 300 305 i
j Prairie Oil A Gas Co 550 560
Prairie Pipe Line Co 220 225
Solar Refining Co 395 400 j
Southern Pipe Line Co 110 123
South Penn. Oil Co 265 270 j
wi'i'drrd o'rncori7cam"o'rn(ta) sal 323 TTie Other Fellow's View
Standard Oil Co. (Itdiana)... 699 702 " w 1V **
)REIGN EXCHANGE. , . , . , . ,
tirity nnti Tro.t company.) In "ie handling of correspondent accounts it is of
'' *3.45>"* portance to appreciate the other fellow's viewpoint.
|735* cially true when the two institutions are widely
15.31 per franc 0653 prompt, independent action must be taken without
14.51.. per franc 0689 j r t
6.260 pe rfraac 1595 ?? Conference.
25.64 per lire 039
69.44 per mark 0144 1
7.117 per krone 1405 j
4 987 per krone '.'.'.'.'.7.7.7.'.'. '.a?5 0"r dealings with and for our correspondents are fea
's.-sa ?Ir JSIliHe *.'.'.7.1'.'.3106j stant e^ort ,0 sfnse wishes and to anticipal
1 958 per yen*'8 7.7.7.7.7.7 Ml',! ments so far as possible. In no other way do we be
285.71 per krone 0035 j can be rendered.
~?~~ ~^~~ I Financial institutions, corporations and indiz-i
^ | seeking \eu! York councctioHs arc imitcj to
I it i us for particulars.
*
5 * UNITED .STATES
i $ - MORTGAGE L.TWSJ COM
U all a cordial in- + Capital and Surplus, $6,000,
{ NEW YORK
^ Member of Membe
WASHINGTON HOTEL, X Federal Reserve System K. }'. Clearing
Rooms 105-107. ^
ange National Bank *
rk City. ^
*|
MINERS' STRIKE i
LOWERS STOCKS
Farther Skarp Breaks in Cotton
AIm Contributes to Moderate
Setback Suffered.
STERLING DROPS 3 CENTS
Professionals Believe Tkat Cotton s
Continued Dediae Is Menace
To Sontkeni Credit.
New York. Oct. It-?Stocks suffered
a moderate setback today,
owing to apprehension iVlatlve to
the English coal strike, and decline
of 3 cents in demand sterling
to the lowest level reached since
last March. Another factor which
was considered unfavorable was a
further sharp break in cotton options
and a decline in grain.
Brokers and bankers stated that |
the severe declines in the price of fl
cotton since last June have Anally ^
become a menace to the credit situation
in the South. Other brokers
and bankers, however, argue that
the declines in the price of the staple
will be of benefit to 'the country
at large.
Strong Karl; I Bdrrtenr.
The execution of an accumulation
of buying orders over Sunday
resulted in a strong undertone in
the trading early today. Substantial
gains were made during the
afternoon. Ike feigner quotations
were taken advantage of by professionals
to sell short and persons
having paper profits began to convert
them into cash, owitig to the
seriousness of the labor situation
in England. Around 1 o'clock offerings
became pronounced, and during
the afternoon the early gains
were replaced with losses Final
prices were around the lowest of
the session.
Trading was on a much reduced
scale compared with the turnover
on Friday and in the minds of
brokers indicated its professional
character.
Coppers.
Copper shares were easier owing <M
to a decline in the price of the metal ^
to 16 cents a pound. Although the I
important producers have been cur- ^
tailing production surpluses are declared
to be showing steady accumulation.
Some of the banking institutions
which have had securities on the
shelves for many weeks were reported
to be taking sdvantage of
the recent advance to convert stocks
into cash. This selling puts them
in strong position as it will make
available funds to finance new offerings
and at the same time treat*
a buying power which could be used
on any substantial setback in quotations.
Call Moief.
A good supply of call money mas
In evidence. The opening and renewal
rate was 7 per cent but ease<j
off to 6 per cent in the afternoon.
Bankers and brokers refused to
make any comment for quotation on
the charges msde against them by
John Skelton Williams. Comptroller
of the Currency.
Friction Among Htir? s^
Old friendship* often are wrecked J
by the squabbling inspired la apply- ^ %
ing a will.
Court orders and litigation frequently
are necessary. eves where
the beneficiaries are on nmicsble
Our first mortgage notes on im- j
proved Washington real estate ha**
n<>t only the advantage of unequsk-d
safety ? as investment for yoor lifetime.
but?an estate con?iat*ng of
tliem can be decently and quickly
divided.
SWARTZELL, RHEEM &
HENSEY CO.,
727 Fifteenth Street,
Washington. D. C.
oclS-4t
"
i
point
the utmost imThis
is espeseparated
and
the opportunity
tured by a conic
their requirelieve
full service
duals ^
wrtlt ^
PANY
000
T of
House Assn.
*
?k