Evening Star Newspaper, June 17, 1922, Page 10

10 1. SANGS BAIK 0 PAY B EXTRA Regular 4 and 5 Per Cent pecial—Park’s Surplus Is Now $100,000. BY L A. FLEMING. Prosperity of two uptown savings banks is indicated in the news of the morning, and their excellent showing has been, in a measure, the record of the well managed savings banks of this city. The United States Savings Bank, at 14th and U streets north- west, is making steady progress to higher success than so far attained. It pays 16 per cent regular annual dividend and has just declared the July 1 distribution of 4 per cent. On top of this the conditions of the bank warranted, in the opinion of the directors, an extra dividend of 5 per cent, which has been declared and will be paid with July 1, making a 9 per cent on a capital of $100,000 for the current quarter. The bank has recently added $15,000 to its sur- plus. 3 The bank reported $2,137,972 de- posits May 5. Park Savings a “Gold Mark.” The second bank, the Park Savings, located a little farther up 14th street. has been making strides for many months until its deposits now total $2,388,986. At a recefit meeting of the direc- tors of the institution $25.000 was voted from the undivided profits to surplus account, making a matter of $100,060 nsw in the surplus, every dollar earned. so th:at the surplus now ¢ equals the capital and entities the bank to a “gold mark.” There is a big difference between paid in and earned surplus, although toth are entitled to be called “sur- plus.” Personal Mention. €. W. Warden. vice president of the Continental Trust Company, is at Hot Springs, Va.. in attendance on the Virginia bankers' convention, or rather has been. John Poole, president of the Feéderal National Bank, remained over from the District bankers' convention to the session of the Virginia convention. Calling More Millions. Becretary Mellon this morning called on banks holding proceeds of the June 1 sale of certificates to pay into their respective regional banks the balanee of sald proceeds by Tuesday of next week. The last call took most of this ‘meney, but there still remained $20.- 000.000 which will be drawn out on FINANCIA TO DISCOUNT Business W_orld‘ Survey Shows _C:)ndit_io_ns Reflecting Oversanguine Views of Profits Present and Future. BY J. C. BOYLE. Special Dispatch to The Star. NEW YORK, June 17.—Nobody ever went broke taking profits. The truth of that old adage is unquestioned, but thousands have gone broke discount- ing profits before they were hatched. ‘There lies the chuck hole in the road of the American business situation today. Business, hurled against the hard wall of adversity, has rebounded with tremendous force and the prob- lem now is to keep that rebound within bounds. Crops are good, but not extraordi- nary. They may turn out to be better or worse before the season is over. Prices for crops are good, but they may rise or fall, according to the un- faiilng ratio of world supply end demand before next autumn. Manu- facturers are in better condition. Factories are increasing production to meet the constantly growing demand and more men are going on the pay rolls every day. Retail and wholesale trade is ex- periencing a remarkable betterment. Unemployment has ceased to be a factor in industrial and business life and the purchasing power of the na- tion is on the increase. Business Morale Acts. But the morale of business has bounced back faster than business. Business dispatches received within the last twenty-four hours indicate that there is a widespread tendency and profits that have not yet made their appearance. Cotton growers with satisfactory returns in sight at the present prices of the raw staple are talking of still higher prices and a world shortage. Wheat growers . are l:ounllnfi on even greater returns with their fields springing up with the early grain. Wool producers are holdlnf rather then selling, although bids for their products are over double what they obtained a vear ago. Steel makers with their books crammed with orders have held off from announcing prices for the next quarter and labor, with a spotty demand, boosting wages in some sections is ceasing to balance production costs against its demands. Business is k at normal. but it is not abnormal and there is little likelihood that it will be. In spite of the rapid increase in construction activity, in demand for laborers in the harvest fields and factories and lumber mills there is no “boom"” in thjs order. There still remains the June 15 proceeds on deposit. W. B. & A. Meeting. Directors of the Washington, Balti- more & Annapolis Railroad Company will meet on Wednesday to take ac- tion on the dividend for the quarter. The preferred dividend is 6 per cent per annum and there is usually a 1 per cent declaration on the common shares quarterly, but this is not con- sidered as a regular distribution. Federal Reserve Ratios. Looking over the ratios of reserves to liabilities of the various regional reserve banks, we find New York the strong this despite the activity in stocks and bonds, with a percentage of 54, which ‘is entirely toe high, and should at once warrant a_reduction in discount rates from 41 to 4. or even lower. Atlanta, one of the original “frozen” credi tor Institutions has 83. per cent, Chi- cago, 79.9 per cent. while Dallas, an- other “frozen” region. is low with 64.9 per cent. The percentage of the system is 77.4 per cent, and Richmond is 1.4 per cent better than the aver- age. Bank Clearings Incre: New York bank clearings increased $280.237,000 yesterday, Chicago. $18,- $04.958, 'and Philadeliphia, $15.507.283. * Branch Banking Expanding. The Fourth National Bank of At- lanta, Ga.. announces that it will open four ' city branches. Still there's niore to follow. Extended to June 15. In order to facilitate the exchange of 4% per cent victory notes for 4% + Treasury notes, the time for the ex- change will be extended to June 22, iclusive. —_—— SHORT-TERM SECURITIES. (Reported by Redmond & Co.) —Cl lose.— z Bid. oOffer. luminum Co. of Amer. 7s 1925 American Tel. & Tel M.li oon }%a American Tel. & Tel. fs 192 101 101 :‘"‘"fl‘ "l;»h-r-'nufoi s 1922.. 1023, 102 uaconda Copp:r 8: 1 X5aconds Eone %, iy e oil 103% 104 ) 104 Canadian Pacific mu'z & St. L. 6s 1929. 99% 100 ; X 7s 1 1017 1014 Cans. of Y 114 115% | Eoamer Expors <A i o r re A" 104 Cidaby Packiog Co. T 101% uu;; Dy Pont 7ias 1931 1077 1079 Goodrich 100 1001 101% ity necott Copper ‘7s 1830. . 102 Libby. MeNelll & Libby 991 M. St. P.. & 8. 8. M_ @ 10114 N. Y. Central 7s 1930. 1054, i Procter & Gamble 7s 1923. 102 Sehry. Rosback & Co. 1s 103 1o re, e - 75 Bouthwestern Bell 7 5 1o Switt & Co. 7s 1925 it & Co. 193 ‘TREASURY CERTIFICATES. {Quotations furnished by Redmond & Co.) i ——Close. 1, 1922 1005 108116 103318 102 29-32 103 1-32 10135 100 316 102 SHIPPING INCOME OFF. " AALADZEA R IAD 101 100 11:18 102% NEW YORK, June 17.—The long- delayed preliminary report of Inter- national Mercantine Marine for 1921, dlacloses estimated net earnings of $14,070,436, against actual earnings of $17,484,015 in 1920. Total net earn- ings, plus dividends from subsidiary . campanies, after deducting taxes, geoneral expenses and bond iInterest, amounted to $6,175,584, against $: t 100 tober 16, 1922. 100 922 1923 a ), 1921 SIS, doas 015,762 in_the previous year. Presi- “It {s with nesl et that we have to-inform you tHat the outlook for 1922 is far from efjcouraging. The estimated results ffom the first five months of this yéar show a marked decrease as com- g-d with the corresponding period t year.” di“ Franklin says HEADS MEXICAN PETE. YORK, June 17.—Herbert ‘G. ‘was announced today. 3 heny, as president at his own request becomes of the board of ra of these companies. He re- his position, however, as 4 of the Pan-American Petroleum Transport Company. —_— BAR SILVER QUOTATIONS. NEW _ YORK, June 17.—Foreign bar silver, 71; Mexican dollars, 54%. BHONDON, June 17.—Bar silver, 36d per ounce; money, 1% ; t rates, ‘bills, 3 7-1€ per cent; three-: 2% per cent. i Iy T H i paint Co prospect. Far-sighted business men are rec- ognizing this and are waving a warning, but in the meantime signs of improvement and encouragement for normal prosperity are not lacking. Working at Top Speed. Producers of building materials are working at top speed and still are failing to keep pace with demand for lumber, cement. steel, roofling. glass, brick and other commodities. umers of steel products are having difficulty in securing enough suppligs to meet their needs. Demand for jewelry and automo- biles, regarded as a sure measure of surplus money and purchasing power, is increasing steadily. Sugar, one of the basic commodities. which has been in the dumps, has risen to levels where profits again seem certaln, and the demand is so great that refineries | figures would show an improvement are working day and night. Live stock ranges west never were in better condition. with ample water jcated comparatively little change for and good feed, and herds are fatten- ing and increasing at a rate which has smoothed the wrinkles from the brows of the cattlemen. Wool prices on the ranges. however. ' have vanced to a point where they threat- en to stifie demand or make available large supplies of foreign wools, but no weakening in the stand for fur- ther increases is being shown by growers. Cotton goods are in demand even at the present high prices, hardware manufacturers are working at capac- ity, furniture stocks are being re- plenished, and the leather markets have shown big improvement. Commodity Reports From Various Sections Steam Shovels. MARION, Ohio, June 17 (Special).— Marion Shovel has recently reported j an order for 100 steam shovels. This contract, it is sald, cleans up inven- tory on hand. Officials state that all the shovels made this year have been disposed of. Furs. SUMMERSIDE., Prince Edwards Isle, June 17 (Special).—Production of sil- ver black foxes this spring has been eminently satisfactory to ranchers. Comparatively few losses in the valu- able animals have been reported, and farmers have prospects of big returns because of the ®rowing demand from the United States for registered foxes for breeding stock. ‘Woolens. PHILADELPHIA, June 17 (Special). —Forward buying knitters show less hesitation in taking orders for worsted yarns in this market. There is a good demand for novelty wool yarns for the women's wear trade and this has been increased by the firmness of the market. ' 2 Hats. NEW YORK, June 17 (Special).— Orders for fall hats are showing a decided increase over last year ac- cording to large manufacturers in this district. 'he tan shades seem to be the favorite, although there is some demand for the lighter green, such as spruce and sage. Vegetables. NEW ORLEANS, June 17 (Special) —sShipments of ‘vegetables from pro- ducing sections of this state not af- fected by the flood and from the Mis- sissippi section have been of record- breaking proportions this year. Re- turns have been satisfactory in most cases and have brought good profits to many country communities. BOSTON, June 17 (Special).—The shoe manufacturing industry shows general improvement, although this is a between-season period. Frualt. SAN FRANCISCO, June 17 (Special). _A'banner yicld is indicated from Call: fornia vineyards. Inquiries. for fine wine grapes is nationwide. Growers show no_disposition to sell at present prices, but are holding for higher rates. Lumber. EATTLE, June 17 (Special).— Production of lumber mills last week has been about 9 per cent above nor- mal. About 35 per cent of new busi- ness booked by mills was for future water delivery, amounting to 32,710,847 board - feet. Unfilled domestic cargo orders total 114,124.234 feet. Unfilled export orders total 77,439,012 feet, and ;loll‘l:,l.led rail orders amount to 6,956 car- s. ISCOL! DRISCOLL, Tenn., June 17 (S cial).—S. E. Messengill & Co., mn?:: facturing pharmacists, are installing a Kansas City branch for prdouction of drugs and druggfsts’ supplies. This :Drueh C:'lm d"";r Mlunurl.NKnnnu, ywa, Colorado, 3 lowac = ebraska, Furajture. NEW ORLEANS, June 17 (S A —Furniture manufacturers pl'e:!p.olr)! marked increase in orders this month. They say retailers’ stocks are very light and factories have enough busi- I scmewhat. i tendency at the present moment, both |a week ago. IMPROVEMENTS —~ N ':'llel in sight to warrant running full me. . Shoes. BROOKLYN, N. Y., June 17 (Spe- cial).—One leading manufacturer here of men's high-grade shoes reports fully one-third of his fall output has already been sold. Buying has in- creased materially for fall dellveries since June 1. Notes. \ SEATTLE, June 17 (Special).—One of the best signs in the condition of the skilled and semli-skilled workers of the Pacific northwest is found in reports from pawnshops.and from concerns affiliated with the national federation of remedial loan societies of New York. These reports show that borrowing on jewelry, household furniture and musical instruments amounts to only about one-third of such accommodations made during the latter past of 1921. Redemptions of pledged goods have cleared the vaults and shelves of the recogeTzed remedial loan offices. NEW ORLEANS, June 17. (Special). —General feeling of optimism pre- vails in commercial and banking cir- cles here. Bank clearings increased $4,000,000 from preceding week and showed gain of $8,000,000 over cor- responding perlod of 1921. One of the most cheerful developments is the great improvement in.the collec- tion of mercantile accounts and the decrease in commercial failures. An- other is the rapid decrease in unem- ployment. Employment situation has improved so much that it has prac- developing to discount improvement | yicill\ ceased to be a factor. OTTAWA, June 17- (Special).—An- nouncement of awarding contract for work on the new Welland canal is expected in near future. It is otfi- cially reported that a Montreal con- struction company presented the lowest bid for the work, which will occupy at least three years. ST. PAUL, June 17 (Specigl).—Re- sources of 622 North Dakota state banks increased $326,238 during first four months of year. Total resources in May amounted to \'1".271 752, —_— WEEK’S COTTON STEADY OVER BULLISH CONDITION NEW YORK, June 17.—The appear- ance of better weather in the south proved the signal for considerable realizing or liquidation in the cotton market during the week. The selling was also promoted by reports of rather a less active business in cotton goods, and the price of October con- tracts declined from 22.28, the recent high level, to 21.28, or just a cent a pound from the best. Offerings be- came lighter below the 21}:-cent mark, however, and there were mod- erate rallies on covering, with to- day's market showing a tendency to steadiness owing to bullish week end statistics, uncertainty as to weather prospects in the extreme southwest and reports that boll weevil were numerous in nearly all parts of the south. The rains reported on Mon- day were confined almost entirely to coast sections of Texas, while weather conditions elsewhere in the belt were considered generally favorable, and much of the selling was undoubtedly based upon the hope that end-June i the condition of the crop. The mid-month reports issued indi- the first half of the period. one of them placing the condition at from 67 to 68. while the other made the condition 69.2 and the indicated yleld 110.350,000 bales, compared with an end-May indication of 10.296.000. Liverpool made a comparatively quiet showing during the earlier part of the week and reported a less active business in Manchester, but today's cable advices were more favorable, and said that spinners had been call- ipg cotton on the English market. There has been little comment on conditions in the domestic market for cotton goods, but the opinion is expressed by local traders that domes- tic mill consymption is increasing _The census report on sup- ply_and distribution for the month of May showed domestic consumptiofy of 495,674 bales, compared with 440,- 714 for the same month last year, ex- cluding linters. For the first ten months of the season domestic con- sumption has amounted to 5,431,081 bales. including linters, and exports | for the same period have been 5.451,- 1800 bales. Cable advices received here late in the week said China prospects had been affected unfavorably b)? the lateness of rains, and that the Indian monsoon wad poor. with, rains con- fined chiefly to western counties. BOSTON WOOL REVIEW. BOSTON, June 17.—The Commercial Bulletin's 'wool review says: “The wool market shows a halting in the eastern markets and in the west, where the bueysr limits in some instances have been cut down. The prices paid at Kerrville, on the whole, are said to show a slight re- cession from the extreme prices of The manufacturers’ position is hardly changed, the tend- ency still being to mark goods up to the parity of raw wool prices. Tariff indications as translated from Sen- ate action this week are taken to be that progress' on the bill will be faster, with a likelihood of modifica- tion of extreme rates. “London {8 a bit easler since the opening, espetially on inferior wools, and the foreign primary markets on the whole are easier, ‘except on the best fine wools.” —_— DRY GOODS DEMAND FAIR. NEW YORK, June 17 (Special).— A fair demand for standard print cloths was evident in the dry s market today and grlces generally held firm. Traders wére mary of raw cotton market, as they have been all week, and confined their business to covering operations. Prices for 64 by 60s and 68 by 72s were fully main- tained, however, with very. little tendency to shade at second hands. Sheetings were steady, with' no it bulk of sales, and interest was k- ing in pajama checks, drills, twills and fine goods. Raw silk market was slow, although strength of prices was not endangered. * PACKARD EXPORTS GAIN. DETROIT, June 17.—Evidence of improvement in the automobile ex- port situation is shown by Packard motor car, export shipment of which in the first four months of 1922 was 50 per cent greater than during the corresponding period last year. s estimate that the year's in- will be not less than 100 per —_— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs-& Co.) Selling checks—dollar values at close today: .44 Pa 2200 Buddy Bud; 9800 g0 1 tal 200 Hudson & 1 ‘Toba 100 Todd Lij Coal 400 A; 10 Im Oil C; 10 Prairle P 30 Eo 300 oil 2000 Boon m EVENING STAB 'msmefrofi REPORTS WIDESPREAD TENDENC |N. Y. Curb r Curb Market (Quotations furnished by the Associated Press.) INDUSTRIALS.. Sales, rant 10 Gillette 100 Glen Alds 1 H a8y 39 ¥ 8 & T ) i Sbipyards 3 VT0 700 U8 Light & Heat. 1 1 1 500 United Ret Candy. @ 8 8 800 Wi gy 4 1 1 200 Willys Corp it pr 1% 17 17 STANDARD OILS. nglo Amer 01l 201 20 400 Atlantic_Lobos. 108 10 50 Galena Signsl Oil.. B7% b57% 35 0 Im Canada i o 20 Liligols Pipe L. 178 . 118 173 irfe P Line. 260% 2601 260% 50 Southern Pipe 94 94 B4 uth Penn Oll.... 220 220 220 9700 Stand ONl cf Ind.. 108% 106 1084 of Ken... 93% 03% 93 20 Stand Ofl of N Y.. 410 410 410 5000 Allied Ojl. #100 Ark Nat Gai e Oll.. 675 Citles Servic e. 100 Cities Sery “'B* ctfs - 1% '§~ By ) 6% 6% 6% 13 13 1% 04 .00 00 10 81 015 10y 10 10% %0 gd 3100 Mexican Seaboard.. 43% 41 42% 900 Mountaln Producers 157 1% 15% 94 10 108 g5 l?h 1400 Sapulps _Ref. 300 Blinme® Petroieam. '3 3000 Bkelly Oil.... 10 7000 South Pet & Ref. 2 K K 100 Tidal Osage. 4 14% 1000 W States Ol & L.. .34 t oM 400 Wilcox OIl. 5% % oW MINING. - 900 Alas-Brit Col Met.. 3% 3% 3% Big Ledge. LI T A 2 30 1000 jaria Miniog.. 33 a3 27800 Consoliduted Copper 77 ‘80 5200 Cortez Silver. 1.00 1.00 1300 Dolores Espera: 2 13000 Eurska Croes 3 30 Hard Shell M .18 5000 Har Divide Mi 08, 400 Hecla Mining. 6% 1500 Howe Sound ( 3% £500 Indep lzad Mines. 1000 Iron Blossom. 200 Jerome Verde Div. ‘a0 22 1 1% Fr i 40 40 ;x vadae Ophir. .30 -2 E \'lgl Silver Horn .07 07 07 A O ] .08 08 .38 .32 ) ‘Tapopah Divide. N N 1000 Tr(-lrl:l Sm & Dev. 10 10 500 Unity Gold. 38 3 400 United Eastern.. Tit 1000 Voleapo ...... A4 A4 3000 West End Cons i 1 BONDS. | 2 Allied Packer 6s. £31, K3 83 1 Allied Packer & 951y 951 051 1 Am Tel & Tel 24 101% 1018 101% 5 Am 102 1021 1024 8 A 100 100 100 8, 1y 5, 2 Anglo Amer Oil 35 Armour & Co 104 103% 104 1 Beth T L 104% 104% 104% 1 Can . 1081 108%; 1081 19 Can 10513 104% 105 1 Citles 94 94 B4 3 Cons Gas of Ralto WY Wy Wy T Cotan el Tign... 108 108" 108" | 3 Galens Signal Oil Ts 1t Ss. 10415 10415 10414 100y 100 1004 104 104 104 B e i 1001, u 1 29 29 0 2 National Acme Tigs. 96% 98% 96% 1 Nat Cloak & Suit 8s. 1033, 1081, 103%g 8 N3 7., 101 1007 101 ks 981, 0Sl; A8 10115 101 101 04 104 104 107y 107 107 4 108 108 101% 101% 101% 102% 102! 3 Texas Go ... 10134 1013 101 Ta Ol Prod 8s. 105% 1031 106° 'n Rys.of Hav 10813 1081 10815 facuem (Ni(fs.3.... 1074 1087 107 Western Electric 7n. 106% 1061 108% FOREIGN BONDS. %97 613 CONTINUE PRICE BREAKS NEW YORK, June 17.—Stock market prices broke sharply again this week after several interludes which seemed to justify the hope that the preceding week's decline had been effectually checked. Later reversals were so drastic, however, as to convey the idea that many weak spots yet re- mained. Oils suffered more than any other group, but steels, equipments. motors and shippings paid heavy toll, the latter reflecting poor trade conditions ard waning prospects of ship sub- sidy legislation. Secondary or cheap rails also canceled muech of their spring rise. Apart from the likelihood of more acute labor difficulties with the ap- proach of the midyear, industrial and general business conditions offered no explanation for the additional de- preciation of values, which also affected the leading commodities, notably grains and cotton. Although brokers’ loans were main- tained at the year’s record total, money rates remained relatively easy and renewals of commercial paper on a lower basis were made on what is commonly known as “good names.” ‘The coal strike continued to reflect itself in higher operating costs, but production of steel and iron, as well as other finished materials, held at the rapid.pace set in May and April. Quotations for metals shaded slight- 1y, despite further foreign demand for copper. 2 lln l:le llnternlc!lonll field the most rtant event was the reduction o‘;w(;ha Bank of England discount rates to the lowest figure since Janu- ary, 1914. Advices from Washington gave no hint that this action would influence the present conservative policy of the Federal Reserve Board. ——— COTTON MARKETS. NEW . YORK, June 17.—Futur. opened today steady: July, October, 21.90; December, 21.65; Jan- uary, 21.54; March, 21.40. ‘The early reaction was followed by renewed firmness on the prospects for showers in the southwest, cover- Ing by early sellers and trade buyin October sold up from 21.74 to 22.05, with the market closing steady at a net advance of 10 to 12 points. 22.55. 22.0 Spot cotton steady; middling, ‘utures closed steady: July. October, 21.98; December, 21.76; Ja: uary. ‘21.60: March, 21.46. NEW ORL] , June 17.—Contin- ued dry weather over the greater part of the belt and the failure of Texas 0250 | to report heavy rains over any great NEW YORK, June 17.—Forelgn: ex- -change weak. Great Britain, demand, 4.43%; cables, 4.43%; sixty-day bills on banks, 4.40%. nce, demand, 8.66%; cables, 8.67. Italy, demand, 4.93%; cables, 4.94. Belgium, demand, 8.20%; cab 8.21 ny, demand, .30%; cables, .30%. Holland, demand, 38.70; cables, 38.75. Norway, demand, 17.05. Sweden, demand 25.76. Den- mark, demand, 21.53. Switzerland, de- mand, 18.98. Spain, demand, .15.65. Greece, demand, 4.00. Poland, demand, .03%. . Csechoslovakia, demand, 1.92. Argentine, demand, 36.12. Bragil, de- mand, 13.87. Montreal, .99%. area as the result of the passage in- land of the gulf disturbance camsed enough selling in the early tradin® in ootton today to put prices 7 to 1 points under. the close of yesterday. Exports from Galveston of 34,854 bales of cotton stimulated new buy- ing, and later prices were unchanged to 3 points down compared with the close of yesterday. July fell off to 21.83 and then recovered to 22.00. Futures opened steady: July, 21.95; October, 21.37; December, 21.12; Jan- uary, 20.89; March, 20.61. Spot cotton firm, 13 points highe: sales on the spot, 892; to arrive, 73! low middling, 20.38; middling, 21.88; good. middling, 22.08. Futures closed barely steady at a net advance of :8 to 16-points; Jul 2.16;-October, 21.57; December, 21.26; January, 21.03; March, 20.78. <] D. C, SAi*URDAY, JUNE 17 ; 1992, ' SEVERE CHECK TO SPECULATION DUE TO OVERSANGUINE TRADERS LD ROMANGE GONE IN WHEAT CORNER *|Squeezing as in Days of “0ld Hutch” Prevented in May Oversales. By the Associated Pres: CHICAGO, June 17.~L. L. Winters, a. director of the Chicago Board of Trade, is authority for a utriking comparison of present methods in the wheat business as In contrast with the days of “Old Hutch,” B. P. Hutchi- son, most famous of old-time grain operators. Referring to May wheat dealings here which have attracted wide attention, Mr. Winters today sald: “The day of the grain corner is gone forever, may be seen from the so-called ‘May deal’ just gone into history. This has been accom- lished by strict rules of the board tself in the last ten or fifteen year: In the old days, before traders, for their own protection, had adopted stringent rules to prevent manipula- tion, the recent situation would in- evitably have developed into a corner controlled by some leader like ‘Old Hutch.” 13,766,000 Bushels Sold. “Also he might have lost heavlly, let it be remembered. Few corners made money for the manipulators. A dozen fortunes were lost where one was gained. The 'Old Hutch' of to- day would have had to pay the full price of 13,766,000 bushels of wheat which were delivered om May con- tracts this year, a tidy sum, even at the unmanipulated price of $1.16 a bushel at which the market closed May 31. Had there been a corner, the price assuredly would have been much higher, for the bull manipulator is compelled to bid up the market on himself. In the Leiter corner the late P. D. Armour and others delivered the actual grain by millions of bushels to Mr. Leiter; Leiter was unable to stand on his resources, stupendous though they were, and the corner col- lapsed., “In the present Instance. no one was attempting a cornmer. Last winter certain speculators thought that wheat for delivery in May was a bargain, and they bought independ- ently in_expectation of an advance. By mid-May they owned everything in the public warehouses deliverable on contracts, and hence what would have been a ‘natural corner'—that is, one brought about without manipula- tion—existed. Sellers had contracted to deliver more wheat in Chicago during May than the elevators would hold. 1In the old days these shorts would have been compelled to make a money settlement with the bulls at sent many a firm on the financial rocks a generation ago. sidered unsound and futile. A con tract is a contract and its sacredness i Protect Interests of All ¥ soufrces toward the end of May that a settlement price, in order to pre- must be preserved. The contracts l.l prices set by the bulls. Such squeezes “Suggestions came from: many the directors of the board should fix vent a squeeze. but this was con deliver certain quahtities of wheat during May of commerce. “What the directors of the board actually did was far better. They simply declared wheat in cars regu- lar for delivery on contracts; in other words, they made each car a public warehouse until the emergency passed. In this way every person who had made a valid sale for future de- livery, that is. in May, was able to deliver the wheat, and those who bought it received it as per contract. “All interests, including that of the farmer and the public, were protected and the price at which the market were valid instruments FINANCIAL. Stock Market Situation, However, Is Re- gar&cd Much Stronger Than It Was at Beginning of June. BY STUART P. Special Dispateh to The 8t NEW YORK, June 17.—The severe check to Wall street speculation in the past week had been clearly fore- shadowed In developments as they were summarized a week ago. Noth- ing happened in the outside situation that had a really serious bearing upon the market. The failure, at least for the present, of all ne- gotiations for a German loan. was disappointing. It naturally revived discussion of German ability to ful- fil] the reparations program and un- easiness on this account was reflected in the drop in German marks very close to the extreme low point of two months ago. and in the conspicu- ous weakness of French exchange. But from the Wall street point of view, these were only minor factors. The market had discovered at the close of the previous week that the public were no longer responsive to efforts on the part of speculative syndicates to draw them In. Good news, in the shape of falling money rates and increasingly favorable trade reports, fell flat. Sy succession of days” on the stock exchange, accom- panied by the continuous and often violent upbidding of prices, did not fall far short of the markets of 1916 and 1919, when general business was piling up abnormal returns and the country was in the midst of its war inflation. Recognition finally had to come that no such conditions con- front American industry at the pres- ent time, and that Wall street's cam- paign discounting reviving prosperity, was, in the first place, oversanguine and, in the second place, altogether excessive. The whole question before the stock market at the close of the week is whether the readjustment has been sufficiently thorough. In many in- stances stocks have come down two- thirds to three-quarters of their en- tire gain since March, and as March price level was a conservative level when taking into account the im- provement in outside business, it would seem that where the reaction has,run thus far, it has run far enough. Investment Market Better. In other instances where setback has been less extensive, the corrective process may have to be carried further. But at least the Wall street position as a whole is very much WEST. “million share stronger than it was at the beginning of the present month. The investment market has been little affected by the weakness in the speculative quarter, but still there are no signs whatever that the main advance which was checked in April is about to be re- sumed. Several of the liberty issues and other government war bonds have sold up to their high points and even higher. but these are exceptions. The general run of high-grade corporate bonds continues below the high average of two months ago. Reduction of British bank rate to 3% per cent—the lowest since the early part of 1914—Iis mainly an effort to encourage revival in British trade. The very relaxed conditions in the English ‘money market, which made such action possible, have resulted from dullness in general business and the consequent piling up in bank depositories of funds which normally should be employed In industry. But lower bank rate is unquestionably favorable. It means that Great Britain has brought about such an entire change in its foregn trade relations that it can afford to let down the credit bars without fear of any serious exodus of capital to other markets offering a higher return. Germany's Economic Plight. The abandonment, for several months at any rate, of the project of a great international loan to Ger- many has made the German economic plight worse than ever. Without help from abroad Germany must depend upon two expedients which have ai- ready *been tried—increase in taxa- tion and a forced loan to be absorbed by German business men. The best opinion is that the new tax program will prove inadequate, because it will not reach German capital that long ago was sent out of the country. It will fall upon domestic incomes al- ready overburdened.- As for the forced loan it will surely have a dis- couraging effect upon industry and if it does not bring about reduced pro- duction will at 1dast stand in the way of any advance. A year ago it was a favorite theory that on account of her vastly depre- siated currency which meant low costs of labor and all domestic sup- plies, Germany would underbid the rest of the world in the foreign com- merce. The falsity of this notion has now become apparent. The result in productive costs and the inflation in home prices generally at lensth brought German export values to a close approach to the market prices of the outside world. (Copyright, 1922.) Grain, Produce LOCAL WHOLESALE PRICES. Eggs— Strictly fresh, selected, can- , per dozen. ; average receipts, 4: southern, 2 Live poult turkeys, per Ib., 25a30; spring chickens, per Ib., 40ad6; keats, youns. each, 60; fowls, 24. Dressed poultry—Fresh-killed spring chickens, per Ib., 45a50: hens. per 25; roosters, per Ib., 16; turkeys, per Ib., 35a40; keats, young, each, 60. Live stock—Calves, choice, per Ib. 9; medium, 8%; thin, sa7. Lambs, ghoice, per 1b, 13. Live hogs, per b.. 11, - Green fruit—Apples, per bbl. 5.002 9.00; per bu. basket, 2.0082.75; western. per bex, 2.75a4.25. California oranges, per crate, 7.50a9.00. Lemons, per box. 3.50a7.00. ' Grapefruit, per box, 6.00a $.00. Florida oranges, 5.00a10.00. Straw- berries, homegrown, 20a30. Vegetables—Potatoes, old, No. 1, per Roosters, per Ib., 13; closed on the last day of May was tables—I ; the fair balance set by conditions prl:bb szemns Spenanck 3-14‘035’«:;’; supply and demand the world over.” | U5 K527 '062550. " Yams, 1.50a3.50. CUR TRADE LIGHT; PRICES ERRATIC By Special Leased Wire to The Star. i NEW YORK, June 17.—There was a sharp falling off in dealings on the curb exchange today. Commis- sion house business was smaller than in some time and professional traders confined their operations generally to evening their accounts over Sun- day. Price movements were irreg- ular. Early advances were followed by moderate selling and a reactionary tendency. A feeling of nervousness continued. Marland of Mexico was one of the most active issues. On urgent buying as a result of the success of the Mexican financial conference that stock moved up mnearly two points, but reacted later. Mexican Seaboard issues moved in opposite directions. The old stock rose rather sharply in the early deal- ings and then reacted, while the voting trust certificates after an initial loss rallied. Cities Service old advanced several points before profit taking caused a recession. Dealings in the standard oils were smaller. Price Movements Erratic. Price movements were wide and at times erratic. Imperial Oil of Canada scored an over night gain of 3% points, while Standard Oll of Indiana dropped rather sharply for a time. Increased interest was shown in the Tobacco Products, when issued, shares. The common, after moving up rearly two points, reacted quite sharply, while the *“A" shares on| moderate buying orders also rose nearly two points in the first half hour. Beechnut displayed a “firm tone. Durant Motors continued in supply because of the increased capitaliza-; tion. Lincoln Motors started higher, but receded-in sympathy with Durant. Mining shares were easler, with floor traders selling. Another drive was made against Consolidated Copper, which reached a new low mark again. Cortez Silver, however, was quite active, near its highest. Activity in the Mexican issues fea- tured the bond market. The 4s moved up sharply at first, but then reacted on moderate selling. STORAGE POULTRY DROPS. TRENTON, June 17.—There was a decrease of more than one million pounds in amount of poultry held in cold-storage warehouses June 1, com- pared with 2,647,158 pounds May 1. Other foods in warehouses, according to the state health T | were: Eggs, 618,998 cases; broken eggs. 884,237 pounds; cheese, 104,851 ounds; butter, 156,041 poun fresh Theats, 3,833 pounds; fresh fish, 411,773 pousds; milk and milk prod- ucts, 43,090 pounds; edible fats and olls, 300,358 pounds, and 100,132 mis- cellaneous food packages. —_— INDIA CARGO RATES CUT. NEW YORK, June 17.—Reductions of about 20 per cent in cargo rates to Indla from Atlantic ports have been made to stimulate business. To Ka- rachi, Bombay, Colombo and Calcut- ta_general cargo, not otherwise spe- clfied, was cut from $21 a ton to $16: machinery, from $20 to $14; automo. biles, from $16 to $14, and cotton d mestics, from $16 to $12.° As before, Madras and Rangoon take rates $2 above those to the four other ports. Lower rates also were declared by the lines in the far east conference, coverirg China, Japan and the Phi- lippines. —_— More herrings are eaten thany any other_kind of fish. = | 3 | Lettuce, crate, 1.00a2.50. Romaine let tuce, 1.50. Cymblings, crate, 1.50a3.50 Onions, per crate, 2.00a2.50. Cabbage. new, per basket, 75al.00. Cucumbers, 1.5023.00. Eggplants, per crate, 2.00a 2 Tomatoes, per box, Florida, 2.00a 3.50; Mississippi, 1.35a1.60. Beans, 4.00a 450 per bbl. Peas, 6.00a11.00 per bbl. Peppers, per crate, 1.50a3.00. Kale, 75a 1.00. Asparagus, per doz, 15a3.00. Spinach, per bbl., 2.50a3.00. DAIRY MARKETS. BALTIMORE, June 17 (Special).— Live poultry—Spring chickens, pound. 45a50; medium, 35a40; small and white leghorns, 30a40; old hens, 23a old roosters, 15al6; ducks, 18a 22} spring ducks, 28a30; pigeons, pair, 0a35. Eggs. loss off, native and nearby firsts, dozen, 24: southern, 22. Butter—Creamery. fancy, pound, 37%a38; prints, 39a41; nearby cream- ery, 34a36; ladles, 27a28; rolls, 26a 28; store packed, ; dairy prints, 26 a28; process butter, 30. CHICAGO, June 17.—Butter and eggs® unchanged; receipts, 30,699 cases eggs. Poultry—Ali higher; fowls, 21%; roosters, 14. broilers, 32a4. BONDS LESS AGTIVE SOME LOW PRICES By Special Leased Wire to The Star. NEW YORK, June 17.—The effect of the completion of the Mexican debt negotiations was to put the Mexican government bonds up a point at the start, after which they dropped back to below where they were selling on Friday. In other words, the news, having been anticipated for a week, was very fairly discounted. The Mexican 58, where they were quoted today, were down 7 points from their recent high. This was a measure of the market's disappoint- ment that while interest should be Tesumed on these external loans on the 1st of next January there w. of slow amortization. ‘United Kingdom bonds of 1922 and 1929 were adversely affected by the break in sterling exchange. French government issues, both the 8s and 73%s, stood up remarkably well con- continued he:v, pl’ellx::; against the French exchange, wi tlf: uncertainty which this reflects regarding the outcome of German reparations. sidering the Liberty bonds were well up to their st high. Among corporative issuea tte 7 Steel sinking fund bs United States Steel sinking fund 58 ture, were a fea steel the strength of the group of e ia on® the ‘stock exchange. . Recent Offerings Slow. The volume of business in the New York market for Canadian Provincial bonds fell off this week. The demand for issues underwritten during recent months became slack, and the quota- xample, on the Greater of 1925 were 94 offered, inst the syndicate price Manitoba 65 of 1925 tions, for ‘Winnipeg no bid, as agal just above 99. {were 100% bid, offered at 100%; the of 1930 were 101 bid, offered at :;l’i. and the 63 of 1946 were 105% bid, offered at 106%.° Ontario 6s of 1923 were quoted 100 bid, offered at 101%; the 6s of 1925 were 100% bid, offered at 101%, and the 6s of 1943 were 107 bid, offered at 107%. With the announcement of further readjustment of Cuban political and financial affairs it is expected that negotiations will be resumed toward the loaning of $50,000,000 to Cuba by New York bankera. ——e NEW YORK BANK STATEMENT. YORK, June 17.—The actual Wl:mon of the clearing house banks and trust companies for the week shows that they hold $63,931,060 in ex- cess of 1 nts. This Is an 1 requ Increase z?nz.uz.m: from last week. no provision for liquidating back inter- est clalms except through a process and Live Stock GRAIN AND PROVISIONS. BALTIMORE, June 17 (Sper Potatoes, new, barrel, 4.00a4. d 2.0022.50; 100 pounds, 1.5021.75: Asparagus, doz., 2.50 0a1.80. - 2 Beans, bushel, beets, hundred. 3.50a5.00; crate, 1.00a1.25; carrots, hundred, 4.0026.00; caulifiower. bushel, 1.75a2.00; corn, crate, 1.50a2.50: cumbers, basket, 125: eggplant crate, 1.50a2.25; kale. bushel, 30a40. Lettuce, basket, 1.00a1.75; onions, 100 pounds, 2.50a3.00; Bermudas, crate. 1.75a2.50; spring onions, hundred, 1.00 al.25. Peas, bushel. 1.6523.00; pep- pers, crate, 1. ; radishes, hun- dred, 3.0024.00; rhubarb, hundred, 4.00 ::;?o;h gpinach, _bushel, 1.25a150; ash, basket, 75a85; tomat e oes, crate, pples, early June, barrel, 2.50a4.00; bushel, 1.00a1.75. Blackberries, quart, 15a22;" cantaloupes, crate, 1.3528.00° cherries, pound, 10a15; quart, 10a20. Gooseberries, pound. 6a7; huckleber- ries. quart, 20a30; peaches, crate, 3.00 a4.50; pineapples, crate, 3.00a5.00; raspberries. quart, 25; strawberries, quart, 15a25; watermelons, each, 30a Closing Prices at One O'Clock. . 1 red winter, spot, no 2 red winter. spot, red winter, garlicky. July and August, no bid. 200 bushels of No. 2 red winter, spot, at 1.24 per bushe Corn—Cob corn, old vellow, quoted 3.50 per barrel: contract corn, spot. 68%; No. 4 corn, spot. 67%: track corn, yellow, No. 3 or/ better, 703;a71. Oats—White, No. 4435345 per bushel; No. 3. 43a43% per bushel. Rye—Nearby. 90a95; No. 2, western export, spot, 9615 ; . 3. no quotation. Hay—Receipts, 24 tons; range 1s 16.00 to 20.00 for fair to good quality timothy and mixed hay: market firm; supply on_hand ample for trade Straw—No. 1 tangled rye. 15.00 1 wheat, 11.50212.00; No. 1, 12.00a13.00. Xo. nominal, CHICAGO. June 17.—Wheat prices were unsettled at the start today, ini- tial quotations ranging from 1.11 and September 1.11% to 1.12. Dur- ing the early dealings values became firmer on scattered buying, but the trade was light and prices held with- in narrow limits. Buying by local bulls strengthened the corn market shortly commission house selling and a reac- tion followed. 1§ higher to % low Oats started unch: with July fractionall, Provisions were dull, Potatoes’ very weak; July 62, nged to % higher, receipts, 34 cars; total United States shipments, 568 cars: southern sacked Bliss tri- umphs, 2.50a2.75 cwt.; Spaulding rose, 2.00a2.25: long whites, 1.70a2.00 cwt . North Carolina, cobblers, stave bar- rels, 4.65a4.8 5.25: old stock steady: Michigan round whites, 1.90a2.10 cwt. CHICAGO LIVE STOCK MARKET. CHICAGO, June 17 (United States bu- reau of markets).—Cattle—Receipts, 5 head; compared with weck ago, strictly good and choice steers, 10a15 higher: ztlhse‘;u‘, 15a40 lower with uneven decline ,to 75 on common grassy yearlings; week's top beef steers, 9.75’; )l'uat |o‘n'g yearlings, 9.65; dry lot beef cows and heifers, 15 to 25 lower; others, mostly grassy, 35 to 75 lower; some plain kind Off more; canners, cutters, stockers and feeders, largely 25 off: bulls about steady; veal calves, 1.75a2.25 lower; Wweek’s bulk prices beef steers, 8.35 to 5; stockers and feeders, 6.75a7.50: cows and heifers, 5.25a7.25 ; canners and cutters, 3.1024.00; véal calves, 9.0029.75. Hogs—Recelpts, 6,000 head: market opened firm on better grades, fully eady, at Friday's best time; top, 10.75; bulk, 10.00210.75; noldover, ligh heavy mixed packing grades, slow to lower; pigs, about steady: mostly, 9.50 a10.25; heavywelght, 10.40210.65: medi- um, 10.60a210.75 ; light, 10.70a10.75 ; light lights, 10.25a10.70; packing sows, smooth, 9.35210.00; packing sows, rough, 8.00a 9.40; killing pigs, 9.25a10.30. Sheep—Recelpts, 5.000 head:; practi- cally all direct to packers; market nom- inal; compared with week ago, killing classes lambs mostly 2.0022.35 lower: yearlings, 1.00a1:25 lower; sheep, 50a 75 lower ; closing bulk prices, fat lambs, 12.00a12.25; culls, native, 6.0027.00; fat yearlings, 9.50211.00; wethers, 6.00a 7.00; fat ewes, 2.50a6.00. —_— COTTONSEED OIL STEADY. NEW YORK, June 17.—The cotton- seed ofl market closed steady. Prime summer yellow, 11.50a12.00; prime crude unquoted. June, 11.50; July, 11.60; Au- gust, 1 September, 11.67: October, 11.05; November, 9.80; December, January, 9.57. Total sales, 4,000. NEW YORK BRO! NEW YORK, June 17.—The cotton brokerage firm of A. T. Jennings & Co. today filled a voluntary petition in bankruptoy in federal court. Lia- bilities_ were listed at $25393 and assets $9,237. 7 > |Mexico as rapidly lower to a like advance, with July 1.10% to after the opening. but the bulge brought out Initial quotations were 34%. and then advanced Norfolk section Vir- ginia cobbiers, stave barrels, 4.50a Wisconsin, BANKERS TOADILST DEBTS. MEXICO International Agreement Which Covers Securities Exceeding $500,000,000 By the Associated Press. NEW YORK, June 17.—A plan for adjusting the entire national debt of the Mexican government, the National Railways debt of that country and certain so-called internal debts held largely outside of Mexico, was agreed upon yesterday by the international committee of bankers on Mexico and Adolfo de la Huerta, finance minister of the republic below the Rio Grande. The agreement, which is subject to the approval of President Obregon. covers securities with a face value exceeding $5600,000.000 in gold. on which the Interest in arrears approxi- ! mates $200,000,000. Under the agreement. cash ments on current interest are to be: after January 2. 1923, out of a spe- icial fund into which will be paid the oil export taxes and a surcharge o:. ratiway gross receipts. Back Interest Walved. All cash payments as to back inter est are to be waived. Overdue cou , pons will be deposited with a trust and the receipts for the coupons \ QY be amortized without interest over § period of time, this arrangement, iy effect, being a cancellation of part c* the back interest. The railways of Mexico are to '3 returned to private manageme.. promptly. The government will as Ly indorsement, all raivns . not already guaranteed by it. In order to give time for full rc sumption of all cash obligations, @ classes of bondholders are to agree temporary suspension of sinking funu® rights, etc., during a five-vear period Committee Issues Statement. After the agreement had been signed last night by Mr. de la Huerta on be- half of the Obregon administration and Thomas W. Lamont on behalf of the bankers, the international com- mittee issued the following state- ment: “Finance Minister de la Huerta and the international committee of bank- ers on Mexico this afternoon signed a comprehensive agreement covering the matter of the Mexican govern- ment's external debt. The settlenrent arrived at is, as stated earlier in the week by the Mexican minister, sub- Jject to the approval of President Ob- regon. “As a preliminary the agreement re- cites the determination of the Mexi can government to fulfill its obli, tions to the full extent of its cap city and states that the international committee recognizing the difficulties of the situation caused by the revo- ution and desiring to co-operate with the government in promoting the full economic restoration of as possible, will recommend that the bondholders make substantial adjustments of their rights. Handling of Current Interest. “The more important points covered in the agreement relate to the hand- ling of current interest, arrears ou interest and the railways. The plan of adjustment relates to all exter- nal Mexican government debt direct or guaranteed, the National Railways debt and certain so-called internal government debt largely held outside of Mexico; the total face value of the securities covered being over $500.- 000,000 gold, on which the interest in arrears amounts to approximately $200,000,000. . “As to current interest, cash pay- ments, in varying proportations among the different bond_issues, are to begun after January 2. 1823, out of a special fund as provided for in the agreement, the schedule of dis- bursements in general to be based 07 the relative values and priorities ol the different issues of bonds. For such part of current interest as Is not met in cash, scrip will be lssueu and redeemed in due course, certain funds being made available for this purpose. “The special fund for current inter- est, etc.. will be increased each year until January 1. 1928, when full serv- ice of the debt will be resumed. The il export taxes and a surcharge of railway gross receipts will be paid into this special fund. “As to back interest, all cash pay- ments zre to be waived. The matter will be arranged by the deposit of overdue coupons with & trustee Against these coupons receipts will be issued, to be amortized without in- ) terest over a period of time. This ar- rangement is. in effect. equivalent to cancellation of @ part of the back in- terest. Rallways to Private Hands. “As to the roilways, they are to be operated by private management as before the revolution. The gover ment will assume by indorsement railway debt not previously guara teed. The rights of foreclosure hither- to held by the bonds will be suspend- ed o long as the plan is being carried out, thereby protecting both the stoc ownership of the Mexican gover ment and other shareholders. as well as the ultimate rights of the bond- holders. “In gemeral, in order to give time for full resumption of all cash obliga- tions, all classes of bondholders are to agree to temporary suspension of sinking fund rights, etc., during & five-year period. after which all con- tract clauses will again become effec- tive. Fuil details of the plan will be submitted to the bondholders by the committee as soon as possible, and de- posits will be invited by the banking houses and institutions hitherto identified with Mexican government financing.” De la Huerta's Comment. Mr. De la Huerta in an informal statement said both sides had made sacrifices in reaching the agreement President Obregon, he added, had kept in touch with negotiations, step by step, but there still remain in the agreement assigned several clauses to_be approved by him. Mr. Lamont, commenting on the settlement, said the best of feeling had prevailed throughout the nego- tiations. De la Huerta, he declared. “had handled a difficult situation in a_ broad, statesmanlike spirit.” He added that the harmony among the foreign and American members of the international committee was com- plete. Today's agreement brought to a successful conclusion negotiations be- gun last October, when Mr. Lamont went to Mexico City for a series of conferences. The sessions, which ended last night, In which bankers from England, France, Belgium and Germany participated, began; two weeks ago. B. & 0. COST EXHIBIT. BALTIMORE, June 17.—Baltimore & Ohilo shows for figst four months of 1922 $7,902,537 spent on main- tenance of way and structures and $14,028,262 on equipment, former an increase of $1,782,170 over ocorre- sponding period last year, while lat- ter was $614,268 less. ° Expenditures for maintenance of way averaged just under $2,000,000 per month for {first four months and total increased |81,781.110. or _22.5 per cent more than last year. The season for out-of- door “work started in April, when maintenance expenditures w $300,- 435 smaller than in March. WOOL MARKET QUIET. BOSTON, June-17 (: Trad- Special).~ ing was quiet in the wool market to- day. Traders were inclined to await final results of the London sales and the developments of the western markets. It has been found that the majority of the Utah clips have been s0ld somewhat under present figures and profit-taking sales were in evi- dence. Pulled wool stocks are low and offerings are eagerly seised here. ’