Newspaper Page Text
Is-"- raw.z-~-w~ ~~, Mtket My MAE - 8t*gped U. a Knmam as some of t I"BIbeon deelaring that thq market was-due to Adthe flotation of the i NOrthern 6% per cent at the loan has toem place aseites markets in a posi 0m g an acid test this wee stock quotations cont -Wt hgures will be sam If they don't coni A those whQ have said that ,080" a fact, and a ooneent S1ear element. g stockholders of pro a oice in the manager 0 ame large amounts of x a. Zberal reduction of prices "ot the summer, they look for pess of competition. WAR IN o9111. Th stey ate that evidences are eouing to band that lead to the "pestation of- a general war among the , automebile unanufacturere for orders Saileh 'to that which occur r94 years 44P in the bicycle man Uftetnring I". They dee e it will be a came of the "snvival of - the Attest," and the General Motors. because of its V9oderful -organ iatla., is expecg Pe, tU epise out on tOp. Some of go imllir and Sewer ompaniee $Peeually Sad a resting place t06 U ourts or be absorbed by the reduction in prices announe 04 by the Jordan CompanyL Is Sig ad a straw indicating the dletido 'of the wind in the auto mobde industry. While the auto esaies have been increasing ebipmaats in recent weeks, it. Is a fet hat many agents are storing ears all over the country because m the poor demand. *VRANT oROAXISATION. Wflaft C. Durant is gradually, but staedhr, rounding out% hi 'organisa ties for the Durant Motor Compai6Y. N will have the assistance of many automobile men who helped him build s the General Motors and Chevrolet g0paaies. Directors of automobile companies state that it takes from one and one half to two years for a new company to turn out a perfect car. Engineer lng problems consume most of the time. They figure that the Durant ear will appear in the market just at a time who the war in the auto mobile business is about to end. His inmpany is also expected to start at a time when the costs of materjaiG will be lower than now. Rumor has it that Mr. Durat is 0irting with fhe Continental Motor Company, which is a large manufac turer of motors, and supplies many companies with engines for paaaenger cars and trucks. Bankers wh. are usually familiar with the agtairs of the Continental say they have no knowledge of the deal, but it would not be logical for Mr. Durant to let it be known that he was after a com pany- before the deal was actually closed. RAILROAD WAGNS. The gloom in railroad offlies is not |The Cott Pernihed< by Thon Notwithatanding the many confict Ing leduences that have recently sur rounded the cotton market, the flue Puations have been comparatively nar row. During the entire month of April, the October option has only snoved within a range of 1 per cent, and during the week ending Friday night, the range has been twenty points. The business on the Exchange has reached the stagnation stage, the daily volume being exceedingly emal; neither the public nor the professional element see any incentive for trading. Such dullness under existing world conditions, is unnatural, and it is smore than- likely that in the very near future a revival of activity may be expected, as market factors are now developing, which of necessity. wll cempel attention. To begin with, in Europe, affairs have reached that stage where a def inite settlement of the reparation probleml is very close at hand. The Gersman government will accept the UNITED STATES EMERGENCY PLE -Proposal to Ereetfuel Station on C Norfolk H Sealed bids will be received Shippin Board Emergency Fleet gineer, Rom 507, 45 Broadway,?3 May 9, 1921, up to 10 A. M. at The work conista of installat ft. in diameter and 1 ft. thick eretion of two open frame dock-I erection of twenty 55,000 barrel disamteiijrom material supplied Board, dredging about 300,000 dock-heads and Norfolk channel. Plans and specineati'ens ofi from the District Purchaaing A: 507, 45 Broadway, New York Cit The Beard reseves the righ Sealed bids should 'be addre Roem 507, 45 Broadway, New Yc "Sealed Bids for Erecting Fuel C5a== lsalnad. Norfolk Harbor, V r Stock This Week 'AN WALL ,U.S 0een ojms. a most oomservative banker i recent upward movement in concentrated banking support $230,000,000 Northea Pacifio bond issue, the announcement I with investors, now puts the Lion where they will have to inne to manifest strength the ipted as evidence of a bull inue upward, the statements the rise was manipulated will rated drive is expected by the ninent motor companies who aent of the concerns in which money invested, say that while is not expected until the end ward to a general cutting be - ho heavy And the outlook in less dark owing to the fact that unekilled labor of a number of the transportation companies has informed the railway e.ecutives that it is willing to accept wage reductions running from 86 cents to. $1 a dag. Some have already made agreements, notwithstanding that the United States- Labor Board has Pot made its ruling on a gnneral cut in wages. There are from 40.,000 to m0.009 unskilled laborers employed cn the nation's arteries of -commerce. When the wage situation.19 mettled the railroads will then devote theit attention to a campaigefor the redue tion of freight rates which are a source of complaint from shippers in all parts of the country. SALVAGING WRECKS. Quite a number of industrial wrecks are expected to be washed up on the financial shores as soon as the frozen credit situation becomes such that the banks can safely force the paymentfof, loans without undermining the gen eral industrial situation. As it is now, many trust companies and banks are being forced to extend loan as they mature owing to the inability of the borrowers to pay them off. Ordinarily the companies would be placed in the hands of receivers. but there are so many companies in unsound financial position that it would be highly expensive for the banks to force the companies to the wall. The Goodyear Tire and Rubber Company financing is an illustration of what constructive work can be done if pattence and co-operation are used. One fair-sised company finds itself in a position where, owing to a falling off in business and a sub stantial ipventory, it cannot take up its commercial paper. A committee of bankers has been formed and is now directing the company's buginess and inducing holders of maturing ,a per to extend it pending improvement in business which is expected to re sult from a proposed redretion of bO per cent in the retail price of its product. A number of prominent bankers are making preparations for the pur chase of wrecked companies. They beoieve that there will be consider able money made during the next two years in salvaging wrecks. They may form companies which will make a specialty of buying the assets pf bankrupt concerns. on Market son a McKinnoa. terms offered, as there is an alterna tive. Then we have a very bullish foun dation in the prospect for the next crop. Private reports that are :.Ow being published confirm the views which we have frequently expressed. that the acreage will be materially reduced and the preliminary estimates show a reduction of approximately 30 per cent, and an equally large reduc tion in the use of fertilizer. While the weather through the belt has been unfavorable, the crop is getting a poor start, and therefore, notwithstanding the bea rish statisti cal position of cotton, the trade of the world must soon recognize the fact that with a short crop next year. they will be in a poor position, the advantage will be wIth the owner, and it is just possible that we may witness competitive buying for *he choice grades of the remnant of this crop. Reports of trade conditions are de cidedly better, and there has been an improved demand for cotton in tha douth. SHIPPING BOARD rr cORPORATION Oil Storage Bunkering raney Island,. arbor, Va. nt the office of the United State. Corporation by the Consulting En [ew York City. N. Y., on or before which time tey will be publicly Ion of 20 concrete foundations 117 resting upon wooden piles. The eads and twelve pile dolphins, the teel oil tanks 114 feet 7 inches in by the United States Shipping :ubic yards of material between h1e above work may be obtained ant U. S. Shipping Board, Roomn r on a deposit of $6.00. I to reject any or all bidsa. ised to the Consulting Engineer, rkCtNew York, and endorsed OU Sorge Bankering Station, Irginia, and 'Do Nt 0pen.'" WORKES' WAGES 9TUATIOI KEY Deoreased Purshasing Power Also Held to Be Important Factor, Big Bank Says. The quietude existing today is due to the unbalanced state of industry as regards the compensation received by important bodies of people, the Na tional City Dhak of New York points out in its May bulletin on economic coadiflons in the United States, and either farm products and raw mate rials must rise to the level of manu factures and the common basiq- of wages, or the latter must come dbwh tv the level of the farmer, or they must meet on some intermediate level. The fundamental requlsite, it is held, is that they get together. LOT PUrCEASNO POWER. "A great portion of ,the population has suddenly lost a large part of its purchasing power," says the bank. "and no longer is able to buy the products of the other industries as it has been accustomed to do. The People in the 'other induptries. em ployers and epployes alike, seem to have no definite idea about what has happened to them, but are sitting around, trying to cheer each other up, and watching the skies for better weather. There has been en such dAis location of exchange relations, either between countries, or betweban indus tries within this country, in all'the past. That dislocation must be cor reted before trade can be restored to normal proportions. "oTe next thing is to step talking in terms of money only, when compen sation is concerned. The labor lead er. knew better than. tIhat when the cost of living was rising; why net recognis that the purebasing power of money is of much importance when it is rising as when it is fall ing? -And -why not tecognise that the wages paid in every industry are a factor in the cost of living of all tbe wage-earners?" PRESERVE RAILOAD CREDIT. The bank in discussing the railroad situation emphasizes the need of pre serving railroad credit if the trans portation lines are to met the grow ing needs of the country. , "The talk to the effect that the Esch-Cumqiins act is a failure is un warranted. It has laid down a sound general principle of rate-making for the guidance of the Interstate Com merce Commission, via., that charges should be so adjusted as to psoduce a fair return upon the actual value of the aggregate property employed in the transportation service. and named 5% per cent for the first two years. It is true that owing to the high cost of operations together with the general reaction in businese, the new rates have not produced the return contemplated: and it in also true that some of the rates adopted have had the effect of diminishing traffic. But that does not prove that the principle laid down in the act is unsound. There is no getting away from the principle that the railroads must earn and pay the cost of operating' *rem. The present situation merery empha sises the necessity of reducing operat ing costs." Federal Re Sees Busin Complete business recovery is prov ing to be slower than was generally expected, according to a raview of conditions for April, issued by the Federal Reserve Board today. "The rhonth of April has, however, given evidence of the development of an improved feeling in many sec tions og the country." the report adds. "While there Is still much uncertainty as to when the readjustment now in process may be expected to reach its end, and while the business situation in some sections of the country and in some fields of Industry is still beset with difficulties, some of the recent factors of uncertainty are either being eliminated or are of diminish ing importance. PRICES PIVOT POINT. "The point upon which the business situation has pivoted since the reces sion movement begun last autumn has been prices. The fail of whole sale prices, which has been continu ous and at times precipitate in recent months (especially for the agricul tural raw materials grouph, appears to be in process of arrest. At any rate, many wholesale prices have shown a greater degree of stability during April." Among the factors regarding re adjustment are retail prices, high transportation charges, wages, and the relatively high prices of such important requisites of production as coal and steel, the report continues. While labor Is participating in the jyrocess of readjustment, the partici HARVARD ANEMI, SAY TFROSII;' BAN0ON FIGHT BOBTON May 2.-Harvard has pretty well "gone to pot," say stud ents. The latest ban is placed on the senior picnic down the harbor and the annual "free-for-all" between the seniors and the freshmen on the steps of Widener Memorial Library. The annual free-for-eli. theoretical ly, is nvo'tght at all, but simply the photographing of the senior and freshmen classes on the library step But theory and actuality differ. Thi last-year men use t he occasion to make thetr "appeal" tn the freshmen for contributions to paf the expenses of the senior pionic. Last year the "appeal' looked like an airplane view of Chateau Thierry. Gun Shoots Around Corner. DETROIT. Mich., May 2.-A .lv ice that permnits a gun to be shot "in a circle" has been invented by Alexander T Fisher, of Detroit. The i'n~ted States War Department has just sent him two Springfield rifles, which h'e will -equip with his device,. and he hopes to obtain the indoreement of the Government. Friends of Fisher substantiat. his claim that a gun so equippen will An able a policeman to shoot aro'uni a corner and maam a. robber without be ta==e==osed-taa return ir. 11EW YORK&5 vow. Eo. P.M. es Adv. Rsamler ... 17M m% 1 'In Adame alWpe. 40W 40 40 40W Alaska dol.... x 9 x Alaska iune".. L;% 14 "13 1% Alis ChalmeRs.. Mg W NIX A. Chem. & Dm 44)6 4k 41% AL. Ch. aD'orp. am6 am 5% tog 4m. Ag. Chem.. 47 469 463J 47 Am Bank Note. , 51 52 Am Best Sugar.. 3636 39 37% Am. Donsh...... 0 (O% 08 61 Am. Can........ 3W 31% 3231 31W AO. Car A D. 13 13 l3 127 Am. CotteR .061. so 2131 2 . 036 Am. Drug Brad. 6% 6M 6% Am. Expres..... 1M 12% 30 Am. Mide Lea. 12& 11% 1J 1% Am. . & L. 1f. 51 5036 513% 463 Am. I.e...... 58 50% 8W 57% Am. lee VI...... 05 65 65 65 Am. Inter. COer., 47% 46 -47%J 4736 Am. La..F..c. 10% 10% 10% 209 Am. LInseed.. . 48 473 48 48% Am. Linseed pf.. 6% Of 9311 Am. LOGO....... 8% V F s Aam. saft Rasser 16 6 % 6% Ass. Ship & Co. 9X 9)J 9% 934 Am. melting..e 44% 42% 44% 43 AA. Smelt. pC..& 77% ff% f7% 77% AM. Sugar...... 96 109 B Am. TOL & Tel.. 107) 1073 1016 107% Aa. Tobaee.... 124 1216 123% 121% Am. Tob. 3. 121X I0% 121M 120% AM. Wool...... 79 ft AA 79 Am. mine.... 9% 9% 9 Aasensa ..... 42% 41 42% 40% Asm.Dry Goo. 34M 34 3431 34 Atabless ....... 623 " 81% 82U 81. At..*S W. 1.... 381636% 36 as At. G. & W. I. p. 333% ?3i 33)J 34 Atl"alo Petrol... 23%) 12 22)% alas. 4 Ohio.. 37 363i 37 % B.'& o. Pt...... 42% 49% #99 Baldwin Loso... I" M9g6 gg Bethlehem Steel. 57% 573J 571 67 Beth. Steel B. - 61% 69% 61% 60)4 Brook. Un. Gas.. 56,& 6e;, b6 Butte & Super.. 15% 14 15 13% Cadd 011....... 173% 1734 17 171j %al. Packing.... 50% 56 6936 69 Cal. Petrol..... 48% 47 48* 461% Cal. Petrol pf-.. 76 76 76 Cana. PaciA. ..- 12M 111 11234 111 Case Plow Was. 9% 9 ,9%4 Cot. Loather... 40 381 39>1 3734 Cean. Loather. pf. 77 76h 77 75 Cer'o de Paso. 306 28 30 26) Chandler Met... 8 t 3% 64X 85 Chin. Con. 0o. 25X 246 256 24% C.. M. & St. P. . 263% 2* 26 25)1 C.. I. & ft. P. PL 423i 4136 4234 410 C.. L . & P.. 29N 27% 2,% 27% C..LL&P.1w 73>, 73,4 73, 73% Chile COpper-. - 1236 11% 123o 115% ChL. Pneu. Tot..- 64% 64js 3 Coca Cola....... 30% 3 32% 30% C. L Caaha . 5% 531 5% 536 Col. uel & Iron 30% 301% 30h 31 Con. Ga........ / 87 7 87 Col. Ges Dles... 60 6% 59% 59% Columbia Graph. 8% 836 836 836 CoJ. Grag. PC.. 41 41 41 Coat. Candy C"w. .i 134 Ig 1.4 Con. Tea. Cor. 20% 903 20% 2D% Cora Products 75S 75 75 7436 ;erve Board ess Improve pants has been uneven an between different sections of the country. as between different lines of indu., and as between different groups of labor. it was stated. "Wage readjustments has be.n greater among unskilled workers in sections of thekountry whose indus tries have felt in a peculiarly high degree the effects of readjustment." the review sets oua. UTEEL C"T9 MONTH* 3VENT. "The outstanding event during the month In the iron and steel industry." says the report. "was the reduction by the United States Steel Corpora tion on April 12 of its schedule of prices on various standard products to figures 6 to 1 per cent below the prices of the ladustrial Boarti. Pig Iron production during March was 1.590.522 tons, as compared with 3. 957.257 tons during February. Building operation, showed in creased activity during March. whic~h Is a normal condition for this seison of the year. Contracts awarde.i in the New iRngland States amounted to $1.1.262,000 durIng March. an increase of )M per cent over Febtuary. The New Yor district feporth contradam amounting to $29,846.000, an increase of 40 per cent over the. February fig ures. Of this total 59 per cent were for residential buildings. The report finds "extreme unven ness" in prioe reductions, some oom modities having receded practically to a pre-war basis, while other indus tries make no reductions at all. HAD HARD TIETO GT $5 ON $25,000 JEWFL SAV ANN AH. Ga.. May - .-'The $1.000 reward fer the recovery of the 525,000 diamond and sapphire brace let lost in Savannah by Mrs. Horace DeLisser, of N~ew York, and found by a negro boy, has been paid. and the bracelet returned to its owner. The boy found it on a street. He had considerable trouble in getting any one to advance him as much as 5 on It. Opent Loot on Woman Barber. PORTLA ND. Oreg0 May 2.--John aC. Johnson. bookkeeper Ifor a contract ing company here, was arrested el-arged with embezalement from his employer of more than 810,000. Officers said Johnson confessed having taken the money arnd in a detailed statement said he had lav ished it all on a woman barber (or merly of Portland. but now of Aber den, Wash. Boston Tech Dean Quits. BOSTON. May 2.-Alfred E. Burtnn, dean af students at Tech since 190'. hss announced his resignation. H.m action was necessitated by the Illness of his wife, who is is' California, wher, D~ean Burton wiU go upon completion ot hMs d.la. cKUEXICHA I WA I isw. si C0e6e11; -8-- 44W 489 44.. crues" age* ... wk 83 M6 Cub, All. .sm. M 0 HK Caba C. mwmr.. MK I 0 18 CubaC..p.... 86% MM aM3 "m De.& I a QG... 3 3 .. Dow. & &. . 1 4 16 14 Vle .Mimes. .- 3 I Ik Boea Coal.. 19% 10% 1gg ere ...... 18 13 i3 13 mrie sepf...... 1594 1934 191 19 Mrse 24 pt...... 133 4)13i6 13 madieott Johns 4934 1i FaM Leak7i aP 813g 79 * 71% F. M. & .p.. 28 N 25 risher Bdy .... 86 NJ 63 Fiske Rbber... '17% 1736 17% ;173 General ephait. 7 71 73% 72 GOC . CIg Co.. 60 58 40 .8 Ge. a3 ...... 13 I %08 138% 13% ueA.Mos.Ota.... 149 14)g 144 14 Q. Mot. dab. 7-e. 78 78 78 Uoodrick. 3. .. 42 % 404 42 41 Goodrich .P.. i. 79 79 79 79 Grabu Mimes... 22 214 =;- 21" Grose C. 0... -9 23625 z5 G". North Ora.. 3W 034 30g 3D GL North P.... 71% 71X 71% 71 GulfI tate &.... 37 36 37 4 Kodree Mtg.Co. 23W 28%.233 2m deuste - OU.... x 1 a2 8K suppe Mot.Q Cr.lba 154 166 154 kiydraullo Steel. 12)6 12 123 loaisnl COV. 37% 33 3% 36 lter. CMol. - 431 4% 4g 4% .ut. COW, Pt... 12h 14 12 123% in. Me. Truck... 413% 40 40 40 later.I Agr...... 94 9 936 Lt.ArLA t. 453t 431 458 Later. Nickel...A 17 16 1 6 inter. Paper---- 646 63 64 629 la. Y t st.... 723i 7234 4wiag @ T.. 436 4%44 LatsI 'OB... 20)6 2~s Jewel T11...... 11 103 1'% 104 Kam.City go..... 274 26 27 2w0 Kelly-Spg. Tire. 52 50 Se 50% KeeeY Wheel... 57 7 57 57 4eyetose fir.. 17} 173i 17 17 Kenneott....... 203, 3D 206 20g Lacia. Miee-i.. - 63 3 5 53 % 54 Lee I. & Tire. 29S 203 29. OX Loew-s one- -. 19 -8 19h IV Lott Inorp...... 116 11% 11% Lorillard .....-- 1493( 14734 149X 14b Marine, com... 144% 14M 14% 14% Marine. ptd-.--.-. 053 E5 55)6 64% may Dept. Stores. B go 88 Mex. Petrol. ..... 149M 143 149% 147%f Miami Con. Cop. .. 23%1 23 23h 23% Midvale Steel.... 29% W2 Mid. States Oil. - 15 115 Min. & St. PAR 10)j M.. K. & T Pt 4 4 Mo. Pac........ 1o 183 18 Mo. Pac. pf ... .. 30 373% 38S 37% Montgom. Ward. 243i 2336 243i 2236 Mullins Body Cor 241 24,1 2436 24 Na. Cloak & Suit 33.% -3% 333% Nat. Lead.......77 77 77 79 Nov. Con. Cop... 12% 12 12% 12 N. T. Air lrak . 76 75 76 H. r. Central... 7036 70 70 6W1 N. Y. Dock..... 326 32 32 333% N. Y.. N. M. & 2. 17 1634 17 17 N. Y. 0. & W.... 1736 17% 17%6 North Pas...... 75 74,' 75 74,14 Norfolk & W.. 953% 95)6 9 % Nova Sootia Btd- .A 353 36 Ok. Pr. & Rf. -. 3% 3j. 3.i Orpheum Cireult 29 28 29 Otis Steel......2% 2% 12&2 123 1 P15094 Oil Ca..- - 3 37% M38% 37% Pan-Ams. Pet.... 71% 673J 70% 70,6 Pan-Am. Pet. 1. 64 61 64 62,44 Pere Marquette.- 18,; 18 1836 18 Pena. R. R.-.-.. 336 343w 366 36 Pa. Soh. Steol... 1134 10% 11g 103 Peo. Ge. CO....-48 47S 48 4736 PIA. 0.& . 00.. 5034 036 50%, Phila. Coa 32 32 . , Piero" Afr . 41% 39 40% Pierce Arrow IL-0 80 So Piere Oil . 106 103i 104 1i Pierce Oil Vt... 70 70 70 69X Pitt. & W. Va.. 28% 28 2114 28 Pond Ck Coal... 15% 1.j3 15% Punta A. Sugar. 43 42 42)t RaY Con Cop. Co. 1434 123 144 3. Reading ........ 74 72A 74 . 124 Kem. Iron & t... 66% 6331 '8i 683 Rep. Motor T4. 21 2W,3d1 r ,t Replogle SteeL... 3336 32 33%6 32' Retail Store...... 56 6336 5434 53%6 Itoy Dutch N. 1- 534 6736 6736 s, St. Joaeph Lad. 12,6 12 12. 12. S.L. S Qa V.... 223, 22 22 22 St. L &S. F. Of- 30 3 30 St.LI ..W..M. 2d 2/362 St. L.8. W..PL. 3636 36%3336 Saxob Motor .... 6% 6%6 sohre Rlodbueh .. 863 84 63 Senuea Copper... 17 16% 17 16%6 Shat-Aris. ,Cop... 63. 636 66 6%6 Sinclair Oil .... 27 26,4 26 263 South Pacilo ... 7636 75% 7636 7536 douthern Rwy .. 21%4 2136 21%4 2136 Stand. OliN. J.pt 18 108 108 108 dto-War. Speed.. 3334 3136 33%6 3136 stromberg Coep. 4536 4.3% 4336 44 Studeakr-- 89%6873698 IMM Teau.C &C. 10 9% 36 1 Cexas & Faci8l. 2136 20) 21 reeia Co--------416 40% 41%4 4034 Tex. P.C. & 0 93- 2 9 283w 2 Tobaes Pro..7- 833 526 5336 631% f'ranaconj. 0O1.. 1.1% 1136 1136 11.3 uinieon Paotle -- - 11736 1161e 1173646% Union Oil.---.....22 21%6 236 United F'ood..... 23 2236 22% 2136 United Fruit ... 1101393 111, 11036 U.R. & In... 10 936 . 1* U. R. &law. pt- 21 21 21 2136 U.. C.L1.P. &V 18% i183 '1i% 18 U.. lad. Alo- 73% 72 '72% 713h U .Rubber. 78% 763N 78 7836 u.i.SteeL.----84 83 84 833% Utah Copper . 55%3%~~ 559 e4 Utah~eca.......10 10 10 Vanadium. lao ... 3636 363( '653 va.-ch Cha.. IS 259 Wj- g7j Va.-Car.Chem- pf 88%4 83 6334 4 WabshL .. 7y 7% g Wabaah pL.A. 2034 20% 2034 Weber Heilbrea- 1236 1236 12%6 123 West. MdN- 103 10. 104. West. Md. 3d. 1734 173 17% Wht. & Lake Erie 93g 936 g3. g Watihmaa- 46 47a 46 47 6 V1M AA s Insti i in U. Two, H. Jr. Collar sited States Leagee P 1: as and Loan Associatie 't sub mitted to the t -14 tb annual aeetinlg, Friday. at New Orleans, said relative activities of those aeo. stions I t year: "11111141 .sad 4oea associations of United 8tateS enjoyed unprecedented grow , last Ypear. both Ia assets .and mean hip." A ltbgh thiy bad dur lng I -inf iarges a ever re eegded 14 'statle yesK fgures for 12M In ' s Increae 26 sets of that year larger than' that of lol and 1919. &ad membership gain was almost equal to that of the three pro. ceding years. "This wout Iadieateo that during the period of ar-tie- prosperity, with its high wages &ad reekless speining, the .frpgal peabuts - ol building associations laid soide a larger percentage of their darningi than usual for the. proverbial raimy day. "With inceased funds at thoir dis. posal. these asusociatie wer,ble te make larger amounts Of leaus tc those wishing to buy build homes and yet could not the demand for such purposes. a tions. promoting thri idin homes, are really the os10 actical agency through which tei ousino situation can be solved because they are nearer the working people and best understand their needs.. -)*Mere are in the Unit ateu ' b3 building and loan ation1 ith assets ig rotati 914. 9714ehich is an .tp 214, bi1 .ar 18.49 per, gen th4 he totql 96p2. h ~the it r, vce rage ambunt -'aft nie ber 7.71 as against $496.80, the amount shown last year. Ihe 1nfe50ste .CompeiOer Ootnmis. sion- todqy granted authotity to the Virinia' Blue Ridge Railway tc pledge and reopledge 'from timeetc time 5&3.000 of first mortgage d pe sent boad now held in the carrier's treasury 1pall.eraf security for any 16ti 9 w~fhilq may be Iaue dtdet osava, porn merdeat P-wC 00m Waga UNM Md..,M4y I.-Ths loc vel ta y cut t o jo $1 an ou a at meeting of Plumbers, hteamintters and Helpers Local. No. 489, Friday night Ralph Clark. president, saya the reduction was made at "the solici tation of the chamber of commerce to forward building needed in this city." Investora noe Weaslaffte "B48 in bei investmeats in stocks and beo"d elV the most autheritatlve seErs Thism a letters will be N14 to strtetest esaSie ad address of the writer ad twese mrs *a niib owe N M0'5. T. R. Le.e ive mhe your opinion of Ateblase. 14pona' Mto. Fe Railway onavertable 4m. due 10s. Is it a better bond at 79% than the general mortgage 4's of 195 at 76%? Would you prefe. it to the adjustment 4's, due 1995? Amewer-Any of these bonds is a high grade investment. We shotuhi say that it was a toss up between them. The convestible 's of 194f are con i at p' Into the toda Sa stoei I.& t, ~ d-naccoun1 PuM6dn 4MM hr than the and about tes petal highea adjustment 4's. f I ally outstanding in thl amount of 543.000 they have beer retired through convertible until onli $10.932.000 are outstanding. They are a direct obligation, but not. a mort gage. The general 4a .of ..A95. arm secueed .y a ist- lien 62F 5.241 MN4 ged by colateteta lie.n. me LL m *p* see opd lien on .A ypls. Oge adjust meat"4's -are secured .ly a ecnd hlem on the proberty covered- by. tbh geo eral 4's. PACKZNG STOCKI. L. J. A.-Kiwdly advise se if you think that Aywsear ? Ca. V per "eat 1W0 TE!ACH IGRIT~ R*MU, May 2.--%wenty-w$.aaun. who seiled from Naples on April 24 for Trenton. N. J.. to establigitS new religious house are bearizsg 'a:- auto. graphed letter from ,Pope Benedict ordering that the new insltitution shall be the "Mother House' to simi lar institutions. The chief 'aim, of the new religious house. .will be .to'-edte0t the daugh ters of Immigrants. The vicar - gen oral of the institution will reside im Trenton as the representative of the superior general, who -resides -im Rome. Fix County Tax Rate. BROOKNEAL. Va., May 3.-The supervisors of Campbell .county have fixed the county tazrate at fift-6iv. cents, the sante*Rs .5teaa, an In crease being unn es abcause of a heavy real estate nssment gai* over last year. Western Union... M 8 9 White Motorp... #4 42%E 431 43 Willys .y~~ 41-' 39K '9K 891 Woolworth ... ,d $ 1k 1163 Call money....,.....HiT -o Cl.' Stock ISls up to ti am. '1 noon I Di. , 2 p.m 282.300 is :400. Bond sales up to-' 11arnm IlSnoon 1 p.m. 3 pms With A abiisti 04mpt Criminger 4 of the t banking iUAiW6s "am ste instanoes: are any losmes .ho1 Where; ay Joam a elh. be direegy pftt A " troller pieked ut, and of-ti month. The Riegs ,ational B~nl mately $23,000,000, which i $1,500,000 over the 4"at call. AM IC AW ~L arUr a6 %'bin' #8 Thq Amerin aeurity a.1 TWUs4 Company, with deposits of $P.,I6-e 822.44. shows a traetioaftl fioes e. a bit over $7,040., 4 1 With depoits of appoXWinIV $9,600.000. the National Javi X . Trust CompaNY abowes a. gain.@ 44 416.46, while .tk ,Z4berty Bank also shoey a ga& S of 14.7 Other deposits and. ala * .As follows: Frakig1. 70sUonal .3ak. tional Bank, $4. 34 . x . Merchants Bash. $14 Too 676.96; Mount VeEsos. 4L Ik% $1,410,744.72, .. 901; Sea4rity Savings anA. 6;umr., 1 . $se 10,29.95. 88,.4 . The institutjen .sbewing.-a ..40 erese In de sit11 jdlIg: rederal XDtosit*'.fank, with. de posits of $4,14.J26.64, shows the fractignal los 3.511.53. The Continental Trust COpADy, with deposits 4 pTq~J#atiNg 2,11. #90. shows a dee r ut f 1a. 000; while the' t Ba , with deposits o 0 a decrease om %I jet I' of $9, 268.84. AFTER NEILEAW *IiL atiftl Commercial Attache McQueen. at Santiago, Chile, has reported to the Department of Commerow that, tendets for steel ratis, joint *rails, spikes, bolts, switcbes- and crossings of a total value at about 1.800.000 Ihiss were received and:9poned atJSanta un March 17 by offloials of the State Railways included bids from Goeranisn rrench, and Belgian Manufsturers, In addition to-American. - Two German proposals were sub niittea, one by the Metalgevselechaft lrankfurt and the other by the ircat representative of Krupp & Co, of Essen. One French and one Belgian bid were received. The German bids were considerably lower than the others, the report stated, but their failure to camply xtrictly with @pagioeations, including terms of paymestAay prevent their receiving the award, and at is p-no able that alt- will. * reteoM pending possibie ult4bs''in 'other markets. MEXICO SUTYltO LOCONOTEVEU. The Department of Commerce is in receipt of a telegram from Commer cial Attache Jackson at Mexico City ' Sevice to anwer fo, Its r..ft I.. ires a t I ve boat ava Ifm tio "A" Isveniry int esetr"a" n . tap e oss ain*" ** ress all queris to The W Semes p! x :a , ',~ -Preferee al - IMF V"WPE~ steeks we god ivstmets. D you think these companies will al ways pay their dividends? Whicia of the two is the better? Answer.-Armeer & C. I per eest preteerved. at 89%. will yield 7.9 per cent. We believe it to be reasonably secure as to dividends and attractive speculatively as to price, as it Is sell ing now 24 points under the hign cf last year. Swift is sell' slI U pr and thereforp 8 per cent. Its resen level Fs points under . "OpMIMIr Thera ha begn~hb~ed~~ in which Swift A COL, missed .,dlvi. dend. . In no year ha Joses, than 6-per cent been paid, and sia& 1915 the rate has been 8 per ceni.jlus extras as fol Iows: 33 1-3 per cent, 1016; 2 nor rent. 1917; 20 per cent r stock, 19A8. There is very lit Is chance, wo. be' Heve, that dividends on either issue are in danger for the time being, Ad think that either stock will give you a good investtent. 12 PASSENitS IN -RE AS TitAIJUNSTRACK ROCKFORD, Minn,.. May 2 dozen passengers rere Injured and nearly 100 more were badly sbaken when a Soo Line'#rs4n, which' leff Mlnneapolia tast -.ight*; wras derailed two miles vest of' here. Witnesses deelined 4et t'he ael dent was causend by a broken~r7 which snapbed 'Es tlV redr eenheA of the train passed' ovest it? Three cars, two pullfsn*n and-an obierva-' tion car. weie-' thrown frotn the track in the derailment and rolled. over three tiffhee, ?aerling t11e pag sengers from their berths. Another year has ji more t1ian half a centur mortgages without los: tradition is now 52 year: where a more triistwor dependabili y ? Swartzell, Rhew ~7t5th 5 low AWL4 dition 4C" = . Washispids d d 1*A its dily 5rges 3an& e M in doelst.4 E, it is poated outs faisa special date whith tha 4onip ibreaa foit that.it1y othe reports deposits of approxi s a gain - of approximately etating t t road in the Unite ttes for igiate delivery, * It e69btie U1*, A e trat? t.more ithin a tow days George J,'Whelaah presideSt United-' Retail Stores copometmi, -returned to New Yotk $aturday aftdr i asth's trip to Ebgland and France. Mr. Whelan said the meet of his tim e in Englad T con notle a proposed a~t chanji bac Prese Uport Co an Ameriea to a British - M.d, bowad ever, t doto r mained to ua we t. an#' that the plan was by ne cenplete. Mr. Wheelan speat' be 4.ehort time in Paris. and @Ai that'no"11* ha been done by him derf* bw T tbere witth ftepnt 44 ;;us ion of the French tobae mo"nopoly. 4 AM'".cN -cAPW ARE AVAILADLE PdR J OCEAM Y 0101 and . Reiab THE STA NDA RD OF THE MARINE WORLD UNITED STATES SHIPPING BOARD Sailings from every port in America to the lead. ing ports of the world Foreign Tramefers. Pest Remit 9...... ~Ltt. ef Credit. THE WASHINGTON LOAN AND TRUSr COMPANY 9W F t *~1tkh . ef C. * - "'~ fl, P 1 R 'O sThee addl edt to the of our ealngsO in frtY Uold.N Caijl beind ahen-s14 hyrneuide toy vetet tret . W .tM. s anCD C Rome Toeps