Evening Star Newspaper, July 3, 1922, Page 13

MY.NAME WL GO DOWN IN HISDRY ALONGSIDE THOMAS EDISON, MARCONY AND OTHER GREAT WUENTORS. T MUST GO TELL MUTT OF ., MY NEW RADIO rfi:mnu:s CONTINUE DECLINE Comgmercial failures continue to grow less week by week, according to Duti'& Co.'s weekly report. It says number of defaults last week was compared with 391 previous weel The weekly number now is approaching that of last year. because S this time a year ago defaults were bekoming more frequent, whereas for the last few months this year they hdve :been declining. The number of fallures with liabilities of $5,000 or re:also decreased last week. The previous week they formed 53 per t of y were onl c% while last week t y d \au‘lls reported. 5 per cent of all the the total, PASSING OF LUMBERJACK. SNOHOMISH, Wash., July 3.—Gone are the exciting river drives in Wash- ington lozsing! The advance agent of 2 motion picture company, anxious to n fils\'where logs were floated down the river rather than being trans- ported by train, had to give up. There is a small logging firm operating in the Humptulips district, using the splash dam method, and the motion picture people decided to frame up a logging scene there. The most mod- ern methods now are followed *in northwest logging and macpinery does ‘much of the arduous work for- merly performed by men. Anywhere —in your Auto without taking the proper Insur- ance protection. You may never need it—but it's worth all it costs in the peace of mind through knowing you'll be reim- bursed for any loss from accident done by you, or that’s done to you. For expert guidance in this matter consult us. Phone Main 601-602. LLeRoy Mark, Inc. Colorado Building H i Central Business Location Large Fireproof Building Easily adaptable for machis shops, garage or any manufactuf- ing of mercantile uses. Corner lot 124 and 135 feet with a 25-foot entrance from Penna. \ | Tyler & Rutherford, Inc. | 1018 Vermont Ave. N.W. “Maximum Service.” E “ 1415 Eye St. ; Main 4752 ! such as fies, itable setting for a western } ! ; 'AND JEFF—Jeff Might as Well Invent a Juiceless Orange. FALL ORDERS START WELL. CLEVELAND, July 3.—Orders to manufacturers of women’s garments for summer apparel have practically stopped, except for reorders. which can be filled from stock. Salesmen on the road with fall lines report buying fairly good. Factories in this second largest garment center of the country are operating at from 50 to 90 per cent capacity. The warm weather has stimulated business in wash dressed and summer garments. The effect of the rising market in both wool and cotton plece goods so far has been to stimulate sales. Fall lines are in general slightly cheaper than last vear at this time. The de- mand is for medium-priced garments. Fur-trimmed garments are preferred in the buying for fall, bolivias and the soft fabrics made in dressy styles with fancy backs and embroideries sharing the demand with the tailored sports coats. Collections are reported as fair. TURNS OUT 600 BOXES A DAY. CASHMERE, Was| Bell is the champion of the nmorthwest—an ordinary day's work for him being about 600 of these wooden containers. When hé feels like putting a little extra effort into his day he can forge out 200 more. At La Grande, Ore., last year Bell turned out 7,000 boxes in ten days of six hours lelchA ‘There are thirty-two nails to a box and from five to seven boards to handle. A simple contrivance holds the two ends while the side pieces are laid flat. Bell never gives a nail more than a single blaw. He receives from ;wo to two and one-half cents per ox. FURRIERS ARE CONFIDENT. Fur retailers are confident of a favorable demand for their merchan- dise in the fall, according to a promi- nent factor in the manufacturing trade. Retallers were more receptive and centered their attention on_the better quality of furs. he said. They did not confine their purchases to any particular article, but bought quantities of Hudson seal, squirrel, kid caraculs, raccoons and minks. Kolinsk peared to be in growing favor. “Retail merchents,” the manufac- turer reports. “are looking for the ccming of brisk business at the end of summer. They have bought a sub- stantial part of their season’s needs, {but such purchases as they ha: {made were arranged on a basis or immediate conditions and not on ! their expectations of a big demand | 1ater in the seaso: BEATS “ON-TIME” RECORD. PHILADELPHIA, July 3. record on tha Pennsylvan passenger trains “on time” since end of federal control was made during June, according to the company's re- port. Figures just compiled show that the high mark was made by the cen- tral region of the system, with 96 98.3 per cent making schedule time hetween terminals. Credit for the im- provement was given to increased co- operation between the officers of the railroad and its employes. VACATION TRIPS BY SEA TO One e $20.40 BOSTON PROVIDENCE 24 SAVANNAH 3096 JACKSONVILLE Meals and statervom scoommodstions on steamer included. Extrs charges for pro- ferred space. Through tickets to ints. e A e 1 Pier 3, Pratt St. Tel. Plasa 4800 BALTIMORE. PERPETUAL- BUILDING SSOCIATION Pays 6 Pex Cent . on shares maturing in 45 or 83 months. It Pays 4 Per Cent on shares withdrawn be- fore maturity. Assets More Than $8,000,000 Corner 11th and E Sts. N.W. JAMES BERRY. JOSHUA W. CARR, Secretary. Sure Death to Insects Parifies A'aas&mc&mww < ination packege, pint can and sprayer, $1.00. Quart Can 90c; Pint Can 50c. “All Cans are full standard messwe, trimmed merchandise ap-| per cent of all its trains.on time, and ! ‘THE Y :WORD (Copyright, 1922. by I. . regtstered A WIRELESS BicYae ? STOCKS ACT WELL ON LIGHT TRADING Railway Shares Are Firmly Held—Marks Drop—Move- ment in Specialties. BY STUART P. WEST. NEW YORK, July 3.—The stock market today fulfilled expectations so far as the volume of business was concerned. It was an extremely dull session, but how much of this was ascribable to the holiday absentees and how much to the natural inertia of the season was a question. At all events, small and unimpor- tant as it was, the day was not wholly without interest. Railway stocks stood their ground in face of the strike uncertainties. The industrial list for the part was strong, and there were a number of advances in stocks of the speclalty type. Copper shares were more noticeably in demand, antlel- pating an advance in the near future in the price of the metal. Pounding Marks. Heavy selling went on in German marks, which were quoted before the opening of business in New York at the new low of .0022%. From this level there was a moderate recovery later in the day, and sterling and francs, which had gone down at the start, joined in the rally. The latest German figures for foreign trade—those for the month of iMay—again showed the effeat which jthe demoralization inthe mark is having upon Germany's exports. It is true that the total was somewhat larger than that for April but the ad i verse trade balance was still alto- gether extraordinary. It stood at 5.200,000,000 marks against 1,686,000,- 000 in March and 939,000,000 in May, 1921. This is an interesting sequai to the predictions made a year ago, when we in this country were at th worst of our troubles, that Germany would flood the world with goods pro- duced at a cost with which no other country could hope to compete. German Trade Condtil The truth, of course, is that such advantage that Germany has had through the labor value reckoned in la debased ciarency, has been largely offset by the great inflation in Ger- man wages and prices and in the i rapidly mounting cost of foreign raw I materials. Along with this German merchants and manufacturers, with the exchanges so disorganized, have repeatedly had to lose out in competi- tion with other nationals because they could not set definite prices upon orders calling for future delivery. The call money market again showed the effects of the temporary i withdrawel of funds involved in the mid-year settlements. The rate on standing loans was fixed at 5 to 6 per cent. Time money and commer- cial paper remained at the minimum of the year. The Liberty 4%s of the Fourth loan again touched their high- est point. General Motors Active. Heav ytrading was resumed in Gen- eral Motors, and the stock was one o fthe features o fthe market again. There is quite a diversity of ppinion regarding the resumption of divi- dends. Some say payments will be- gl nat the rate of 50 cents a share in the fall. Others place the amount as high as $1. Still others claim that there will be no dividend at all, de- claring while earnings for the first half year were very good, those for the second half will show a falling off. The net for the first six months was $24,000,000. Dupont Powder Higher. It was hard to avoid the conclusi that the suden dspectacular_ri STEAMSHIPS. Cruise, January 33, 1983 Clark's 3rd ROUND THE WORLD of THE « SCOTLAND" w%sugfnk' CRUISE, 8600 and up 88 Agency, 1 Woodward ")"l’ax"”t COMPLETE OCEAN " 25000 Gross Tons WHITE STAR—To Chaanel ports, Lives of servics in keeping with the ety g ‘sxpress service. RED STAY, — To Antwerp, Plymouth and ot wuh- Attractive and Enjoyable Route to : New England Resorts Information and Litersture’ &t City Ticket Office, Woodward 731 15th St. N.W. most | in Du Pont de Nemours shares and the unusua laetivity ‘in General ‘Motors, were closely conected epi- sodes. The Du Pont company through its sudsidiaries owns 7,400,000 shares of General Motors common, a good part of this representing what was taken over from W. C. Durant in the winter of 1920. The Du Pont company put out its own ten-year bonds to the amount of $35.000,000 for the purpose of permanentl yfinancing this pur- chase. When General Motors suspended | aividends, it threw the whole burden of these new obligations upon Du Pont's own earnings, which in 1921 fell off heavily. Under these circum- stances resumption of dividends on General Motors would be a great boon to the Du Pont company and its sub- sidiaries. Iron Products. The upward movement which start-, ed toward the close of last week in| |iron products continued today. A i good deal of the buying was sald to have come from the south—tnat is.| from sources Iikely to be in touch with what was goinf on in tie com- pany’'s affairs. at a deal of some! sort is on between Iron Products and janother company, there s bood rea son to believe. Mention is made par. ]llcuhrlr of the Sloss-Sheffield Steel, | which is in a logical position for a combination. = No inkling has yet been given of the terms of such a merger, supposing that ft goes through. Friends of Iron Products maintain that with earnings as they 1 mow are, their stock would be regard- | jed as worth as much as Sloss. : STOCKS ON CURB SLOW, BUT HIGHER | NEW YORK, July 3—Trading on ithe curb exchange today was dull and ientirely professional. There wer: { few price changes of any consequence. The tone of the market was gen- érally steady. Motor shares were the leaders, Reo making a new high of 29 and Hayes Wheel getting above 30 for the first time. Moon Motors was fractionally higher and the Du- rant issues were unchanged. Standard Oil of New"York on small buying orders went up from 428 to 439, Standard Oil of Indiana fluctuated within a narrow range around Satur- day’s closing price of 106. The Ken- tucky shares gained a little ground. Among the independent oils, South- ern States reached again a new high jrecord. Mexican Seaboard issues were active at somewhat higher prices. Skelly, Marland of Mexico and Mutual Oil held well, while Merritt was somewhat heavy. On Reo Motors. In addition to the 100 per cent stock dividend on Reo Motors announced on Saturday, it was thought likely that cash dividends would be con- tinued at $1 per share on the in- creased capital. Gillette Safety Razor on small buy- irg orders rose a point and a half. Goldwyn ~Pictures, for the Ifirst time in a long while, dropped below 7, but subsequently rallied on the appearance of supporting orders. ‘Among the mining {ssues there was a fair demand for American exporta- tion. The bond list showed varying changes. Winchester Repeating Arms 7%s lost a_half point, and Al- lied Packers 8s lost nearly a point. There were fractional declines in | Kennecott Copper 7%s, Brasil 73s| and Mexican 4s. On the other hand, United Oil Products 88 were off a half point and Goodrich 7s and Armour 7s were a trifie higher. _— BAR SILVER QUOTATIONS. NEW_ YORK, July 3.—Foreign bar silver, 71%; Mexican doflars, 51%. LONDON, July 3.—Bar silver, 36%d per ounce. Money, 1% per cent. Dis count rates—Short bills, 2% per cent; three-month bills, 2.3-16 per cent. DAIRY MARKET CLOSED. CHICAGO, July 3.—Butter, eggs and poultry, no session today and tomor- row. JOHN COTTER’S FEAT. Engineer Performs “Movie Stunt” | as Part of the Day’s Work. From the N. Y. Tribuge. Baby girl on the track ahead; emergency brakes; engineer clambers from cab to cowcatcher, snatches up the child in outstretched arm ahead of the grinding wheels, restores her to her mother—only a moment lost—takes his train right on to Jersey City. A Scenario rescue. ButiJohn J. Cot- ter is not of Holl . 'He's just a locomotive engineer with s forty-year record of service on the Greenwood Lake branch of the Erie. A clear head, trigger-quick decision, strong muscles, native bravery—not a bad eqeuipment for & man who has hundreds of lives in his daily. keeping. A ‘“movie stunt” that commands a fancy price as addare- devil feat of the film John Cotter per- forms without rehearsal as part of the The Something Besides Wages. Edward L. Thorndike, in Harper's Magazine. If the labor of the man sailing an airship is not all bad—a necessary evil to him, endured for wages— nefther is the labor of the chauffeur, driving hig chosen car, nor-that of the tazicah driver, nor necessarily that of the motorman, nor that of the man on the trucks, nor that of the man on the tip cart, nor even that of the day | laborer pushing his wheelbarrow load of bricks! There is no necessary gap. Doubtless more men would drive for enjoyment a motor car than a wheel bllrrc.w. Ilmt some men n’t“:::;t' l:‘rll; uine satisfaction from wheelbarrow, Labor is not 21l bad, 2 nasty sl it extel T Sppcsval tholr Sk, snd.schiove o ofr - B s e e e 804 g u{c fll:dllnm the boss. In fact, every fundamental human ap- be gratified to some ex- | iz : Fisher. Trade mark Pat, Of.) BIG LOSS SHOWN IN BANK DEPOSITS all for Report, June 30, Dis- closes Effect of Heavy Tax Withdrawals. BY L A. FLEMING. D. R. Crissinger, controller of the currency, “called” all banks in the District and all national banks for a statement of condition at the close of business June 30. not unexpected, in view of the fact that June 30 marks the close of the fiscal year of the government and the compllation of the usual annual statistics requires the facts regard- ing banking conditions. In the interim between May § and June 30, the dates of the two latest calls, Washington banks have lost millions of dollars of deposits. e chief cause of the loss was the payment in May of personal, in- tangibie and real estate taxes, vari- ously estimated at $10,000,000 to $12 00,000, The second Installment of the in- come tax for the year 1921 was pay- able June 15, making another draft, while the government has made very serious inroads into its credits with the banks handling Treasury certi- ficates, eta Yet a third source of withdrawals is reported, and credited with being responsible for no small part of the aggregate loss; that is, the deposits taken out of bank in anticipation of the personal property tax, returnable as of July 1. The trust companies will probably how the most severe loss, through the payment of taxes on estates, etc., but very few of the entire list wili get away without & more or less s rious decrease in deposits. Some few banks actually show a gain. Any attempt to estimate the' total shrinkage in deposits before the offi- | cial figures are at hand would be but a guess, the only certainty being an assurance of a loss of millions of dollars. Comparison of deposits will be with $189,084,663, the totals of May Busy Day at Banks. Although a day between two holi- days, business at the banks was very heavy. Many coupons that might have been deposited oh the 1st, were credited to accounts, much redeposit- ing of money, and some withdrawal for going-away dates. Travel in the United States has been heavier than for many seasons and this has been a source of heavy with- drawals. Some Investments. Crane, Parris & Co. place average market value and return on the bonds and stocks named as follows Bonds. Price. Yiela. Cits and Suburban Ry. 5s. . $85.00 6.1 Anacostia and Pot. R. R. e & Pot. Tel. of Va. gton Gas Light 5o Potomac Elec. deb. Potomac Electric 7s. Fn. & st 55 *In our opinion this issue is free of District of Columbia personal tax. EAGER FOR IMITATIONS. ‘With novelty dealers agreeing that their most popular merchandise this fall will be long earrings, bracelets and necklaces, they have all done their utmost to put as novel a touch as possible In these articles to make them take. One of the leading imi tion jewelry houses has a comple: line of these things, featuring very thin and delicate chains, with jade, lapis, coral and pearl the leading stones. A beautiful earring is one of pearl with a grape cluster of pearls hanging from a two-inch thin chain. All kinds of flexible bracelets, with single and triple rows of chains adorned with stones, are also being shown. In view of the expected popu- larity of these novelties, they will also Ye shown in sets. One young woman was’ reported having told a novelty merchant that she had fif- teen sets to match as many dresses. SEES GAIN IN HOSIERY. Conditions in the hosiery busin seem to be steadily improving, ac- cording to Joseph H. Zens, president of the Milwaukee Hosiery Company and newly elected president of the National Association of Hoslery and Underwear Manufacturers. He says that all signs point to a better bus! ness this fall than during the first six months of this year. This for cast he made in face of the assertion that prices for fall will almost ger- tainly be higher. e COTTON MARKETS. NEW YORK, July 3.—The cotton market ppened steady at an advance of 4 to 8 points in resvonse to rela- tively steady cables. There was a little southern selling, but the small offerings were absorbed by scattered covering, and the market held fairly steady right after the opening, with October ruling agound 21.57 and De- cember 21.37, or about 9 points above last week's closing quotations. Business was very quiet and traders evidently inclined to wait for the'government report due early this afternoom. Private cables reported a very quie market in Liverpool, with futures steady but trade demand poor. Futures opened quiet—July, 21.3 October, 210! ember,. 20.73; Jag- uary, 20.58; March, 20.32. NEW ORLEANS; July 3—Rains in nearly all sections of the belt caused 2 buying movement in cotton today, the ‘fear Dbel: raised that ¢he moisture Potomac Electric Capita]l Traction Po,omac Electric damage The orgnln‘ ‘was higher, cables being ll'htl{ better than due, and in the first hour of trldlns the acth months gained 14 to 17 points. tober rose to 21.16. POOL, July demand; prices s 46; fully middling, 1 n,fi 13.01; lor middling, 12.5 ordinery, A1l ordlnary. 113 o8, American. Recelpts, 21,000 o}:éflat 11,100 Amfi-}én. Futu $i00%; Obto fi'&&:‘%m 1 Jsnuary, 11987 Ma ¥ -85, The ‘call was| —Cof teady. wi Ea 5 'EVENING STAR, WASHINGTON, D. C, MONDAY, JULY¥. 3, 1923 NEW BOND OFFERINGS DWINDLED LAST WEEK NEW YORK, July 3—Temporary congestion in the local bond ket is shown by the comparatively small amount of new offerings last weel which totaled only $30,000,000, compared with a weekly average of $100,000,000 -during the “early spring months, - Prices Iast week were firm to strong, with the principal dealings in the liberty issues. The tourth liberty 4%s reached a record high of 10032 on Saturday. Prices of railroad bonds were mnot affected by the threatened labor trouble: ‘While offerings of forelgn bonds to date this year have reached the huge total of $684,000,000, or less than $10,000,000 below the total for the whole of last year, a decided slump in these issues is predicted for the nevt few weeks. Negotiations for three South American loans prob- ably will be concluded within the next few weeks. Negotiations for short-term issue of $2,000,000 to $5,000,000 to Peru pending the nego- tiation of a much larger long-term refunding loan. a loan of $5.000,000 to the Pacific rallway of .Colombia and a loan, of $12,500,000 to Guate- mala, the proceeds to be used for the rehabilitation of, the paper curremcy of that country, the payment of the government's internal debt and the establishment of a national bank of Guatemala. During the first six months of the yeaf the total par value of bonds s0ld on the New York Stock Ex- change, which does not take into acount those sold “over-the counter” and at private sales, was approxi- mately $2.330,000,000 as compared with $1,540,000,000 in the same period last year. Principal offerings last week Includ- fed: $4.245000 5 per cent one-to-fif- teen-year equipment trusts of Wa- ! bash " Railway Company, offered to vield 5.30 per cent; $3,000,000 7% per cent ten-year first mortgage bonds of the Electric Auto-Lite Company, offeréd at par; $2.700,000 6% per cent twenty-five-year first mortgage bonds {of the Clarion River Power Company, offcred at 97, to yleld 675, and $2,000,000 5 per cent ten-to-thirty- ear farm loan bonds of the St. Louis joint stock land bank, offered at 103, to yleld 4% to 5 per cent. JUGOSLAVIA TOBACCO. Farmers Find Good Refults in ‘Weed Introduced by Turks. Tobacco growing as one phase of the agricultural development of Jugo- slavia—or the kingdom of the Serbs, Croats and Slovenes, as that country profers to be known—is receiving the close attention of the ministry of agriculture, and the acreage Is be- ing increased. says an official report. This particular item in farming is centered chiefly in the province for- merly Macedonia and is one of the few inheritances from long Turkish rule which have been of benefit to the country. The product, according to Ameri- cans who served on the technical ad visory staff which surveyed the vast resources of the country following $6.15 | the formation of the kingdom, 7 Turkish tobacco, which equals quality that of the Ottoman empire. It was derived from the same-source, and during Turkish occupation of that part of Macedonia which is now with its growth. As yet, partly due to the fact that the government maintains a monop- oly on the annual production of about 10,000 tons, the entry of Jugoslav to- | bacco into the world market has not ibeon carried out to any extent. De- | spite this, Americans who have spent | some time in the country have the jhighest praise for the manufactured products. g Nine factories. using an average of 1.000 tons each, annually, are engaged in the manufacture of cigarette cigars and cut tobacco and as a side |line produce about 100 tons of nico- tine for agricultural purposes each vear. Two of these factories have been established within the last two years. . B —— CLOTHIERS FIND PROBLEM | Motorists’ Attire Cuts Suits, But Hastens Wear. While the theory that the infor- mality of a motorist's attire has re- duced the number of suits that he buys from five to three is an inter- esting one, it does not entirely meet the facts. The idea was advanced by a clothing designer. Manufacturers kave been accustomed to take an op. posite view, believing that a suit gets more wear in an automobile than if the owner walke: The reason for this is that the batk of the coat and the trousers seat are constantly rub- bing against the upholstery. g Some of the women's garment manufacturers have recelved com- plaints regarding fabrics ‘used in| their models, only to find out that the customer motored a good deal and therefore gave the cloth much harder service than it could be ex- ected to stand. rhaps the motor- iist, it 1s suggest may be better able to excuse a poor appearance, but the public generally is trying to make its clothes last longer and thereby economize. — PARIS BOURSE FIRM. PARIS, July 3.—Prices were firm on the bourse today. Three per cent Tentes, 57 francs 85 cemtimes. Ex- change on London, 52 francs 85 cen- times. Five per cent I 75 francs 55 centimes. The dollar was quoted at 11 francs 98 centimes. INDUSTRIAL NOTES, T tric Company is book T i Tate of over. 3325000 ly, 1921, orders have s"“"u‘lfia each month. i Union Tank Car August 1 will re- S Bt s Y ‘l‘“o, ::rl?l% snd interest. i i aigt < mills in Chicago “g.flfi mo! ihd Tasor Fishar Bod: 3 hy into thi} rter rneo’fll volume nF bgl‘:l.aln ly 82 will d August-output ! Pacific returned a good for May, showing an increase 1,883 snd & still better. i, ‘u‘!‘u.fiu. : Jugoslavia, the farmers grew familiar | ——— OAL SITUATION HAS CENTER OF NEW.ENGLAND TRADE STAGE Industrial Activity Slightly Greater in June Than in May, Despite Slow- Down Tendencies. BY EDSON B. SMITH. Special Dispatch to The Star. BOSTON, July 3.—The local sup- plies of bituminous coal in New Eng- land have been pretty well used up and the coal sitdation is attracting more and more attention locally. If the strike continues several more weeks manufacturing = curtajlment ‘will begin. Except for tI however, the outlook in New England is en- couraging. Industrial activity was slightly greater in June than in May despite the seasonal tendency toward slowing down. The woolen and cot: ton mills, except where there are la bor troubles, are fairly b and are making money. . There is a feeling in textile circles that the backbone of the strikes has been broken, although manufacturing is being resumed very slowly in the big New Hampshire and Rhode Island mill The metal trades show steady Im- provement, although sales of ma- chinery are still below normal. The. number of inquiries for new equip- ment now coming in are very grati- fying. Leather, shoe and textile manufacturers, a number of com- panieg making automobile parts and paper mills have definitely entered the market for new machinery, and in some cases, have made substantial purchases. Activity in the boot and shoe fac- tories has been increasing for several weeks and a normal fall business is looked forward to for the first time in two years. The paper industry, on the other hand, slowed down some- what during the latter part of June. Nothing Dull in Frisco Despite Vacation Period BY LYNN . SIMPSON. 8pecial Dispateh to The Star. SAN FRANCISCO, July 3.—The cus- tomary summer dullness is absent from this section, although this is the height of the vacation Season. Bank clearings, week by week, are registering an in- crease over those of last year. Both wholesale and retail trade are showing gains of about 15 per cent in compari- son to the corresponding period of 1921. Building permits are beinz ted in in- creasing volume and nearly all lines of business show improvement. The actual volume of sales in money value is greater in nearly every line than for the same time last year. Lumber mills are running full time to keep pace with the demand, which is coming from all over the country. The movement of a bumper fruit crop is well under way and sales are pouring money into the farm districts. As a result country trade is keeping pace with the movement in the cities. As a result of the steady building campaign. assisted by easier money rates, the housing situation is less acute although rents so far have shown little tendency to drop. In financial circles there is less activity in bonds, although new issues are finding a ready market. June Hits High Southwest For All Lines of Trade BY JAMES R. RECORD. Special Dispatch to The Star. FORT WORTH, July 3. —Hot, dry weather, such as has obtained the latter part of June, has raised the hopes of farmers, merchants and bankers throughout the Texas cotton belt. The, farmers are now engaged in a desperate battle against the dev- tating boll weevil. The pest made s appearance in the Texas fields earlier this year than ever befor: and its presence 2 month ago dis couraged all connected with south- western agriculture. The heat, how- ever, has helped in the campaign to stamp out the weevil. All business men, bankers and cotton growers of this section are entering the second half-year with reviving spirits. If ithe weather continues hot and dry for thirty days, it is believed the spread of the scourge, will be controlled, and such weather will repair much of the damage aiready done. June was one of the best busines: months known in the southwest in two years. This applies to all lines of retail trade with the possible ex- ception of millinery, and wholesale business has done equally as well. Jobbers of automobile accessories were especially pleased with the first month of the summer. The volume of trade was equal to that of two years ago. This, of course, was a direct result of the big increase in auto sales by retail dealers. Commodity Reports From Various Sections PITTSBURGH, July 3 (Special).— The flour market is quiet and dealers do not anticipate special betterment in the near future. There appears to be a lack of confidence in existing prices. Large consumers are picking up a car here and there to meet im- mediate demands and orders gener- ally call for prompt delivery. Bakers are inclined to await new crop offers. Bread. { ATLANTA, July 3 (Special).—A 13- ounce loaf of bread at 4 cents has made its appearance on the market here. < Fish, = SEATTLE, July 3 (Special).—Ship- ments of fiew-catch canmed Alaska sock-eye salmon received here this week totaled 40,000 cases, which is about half the deliveries expected from the north. Cordova district packers were first in the market with new salmon. Milk. ST. LOUIS, July 3 (Special).—Milk prices were advanced July 1 and this product is now quoted at 12 cents a quart instead of 10 cents and 7 cents 2 pint instead of € cents. Frait. SAN FRANCISCO, July 3 (S; . —A fine peach crop is coming on. In spite of the large yleld, growers are slow to contract and prices are firm. Strawberries. DETROIT, July 3 (Special).—The local crop of strawberries is exhaust- ed and prices are rising. First cur- rants of the season brought 27 cents a quart. The crop is of excellent color and flavor. Cherries continue to come to Detroit market in large volume. Prices are running from $3 to $4.25 for 24-quart cases. Woel. . PHILADELPHIA, July 3 (Special). —Although wool prices ‘are firmly held in this market tradiug is qufet.l The demand from the mills u ‘wool spinners is not much better than the demand for cotton yarn. This is the slack seasom, however. = Paint. ATLANTA, July 3 (Special).— Locsl branch of Sherwin-Willlams Paint reports business increased 50 r,cent over year ago and that still urther improvement is éxpected. Ad- vances in prices are forecasted. Radio. , U“'l!!, July ’ (‘s':mg)'.._zn‘;fi': s growini %‘7‘:‘;&’: Electric Manufacturing_has ‘bought ap interest in Colin D. Ken- nedy, which will move its headquar- ters to St. Louls and open a factory; but wil r continue to run its San Francisco plant. Lumber. KANSAS CITY, largest July 3 (Bpecial).— | July 3 .&nm-’n the construction of a gigantic motor way. It i» estimated that, laid end to end, the lumber would extend 1,000 miles. Machinery. SEATTLE, July 3 ( clal There has been a decided Ii‘c’:one)Tn demand for machinery and motor ! cars for shipment to East Indies. Hardware. NEW ORLEANS, July 3 (Special).— Hardware sales &how improvement in June for first time during the year. Spring sales were light, espe- cially in farm implements, becau of flood condition in the Mississippi valley. Steel. ) YOUNGSTOWN, Ohio, Jul; - clal).—“We old“ i, . _“We are receiving both domes tic and foreign orders. The dutlook is for good business unless coal or rallroad strikes interrupt.” PITTSBURGH, July 3 (Special).— Jones & Laughlin have scheduled a fleet of barges loaded with steel pro- ducts for shipment by river far south as Loulsville, this month. Heavy shipments as far south as New Or- leans would be made all summer by big producers of district if the Ohio rllvllllr were navigable south of Louis- ville. MASSILON, Ohio, July 3 (Special).— Central Steel reported. today tha arter bond interest requirements for May had been deducted the company has shown a profit so far this year of $488,000. Company is operating at capacity and has commitments which will carry it well into the third quarter. Coal. PITTSBURGH, July 3 (Special).— Butler county coal operators are quot- ing prices of $3.25 to $3.60 per ton. For Pittsburgh gas coal, run of mine, the quotation is $3.25. PHILADELPHIA, July 3 (Special) —About the only bituminous coal ar- riving here is.by barges from Hamp- ton roads. Shipments by rall prac- tically have been _discontinued. Trans-atlantic s making this port are carrying suf- ficient coal to last them for a round trip because of the difficulty in secur- ing bunker supplies here. Gas. DEXTER, Kan., July 3 (Special).— Plans have been completed for a $2.000,000 plant here to utilize the pro- ducts of the Dexter Union gas fields. Glass, PITTSBURGH, July 3 (Special).— Lighting gl " ity sponded to the influence of the build- ing movement. Retailers are said to have large stock: DETROIT, July 3 (Special).—De- troit manufacturers and wholesalers are elated over the prospect of & railroad rate decrease which will abol- ish the differential existing for some time in favor of Milwaukee and Chi- cago. Although distances from De- troit to many other cities are less than from those cities to Chicago, much business has been lost by De- troit houses because of the higher rates applying here. The new rates, for example, would reduce the tariff on first-class freight from Detroit to Sault Ste. Marie from $1.28 a hundred to $1.14. These reductions, it is claimed, will be in addition to gen- eral reduction recently ordered by the Interstate Commerce Commission. CHICAGO, July 3 (Special).—There is a decided labor shortage among isteel mills in this district. This i8 slowing up production and resulting !in piling up orders. Deliveries are | practically impossible to guarantee. Most mills are sold well into October and November. One leading mill is said to have rejected orders for 200,000 tons of steel the last six weeks.. Another mill is offering 40 cents an hour for common laborers. U. S. Steel and the largest of the in- dependents, however, are maintaining the 30-cent scale. SPRINGFIELD, Mo., July 3 (Spe- cial).—The attorney general of Mis- souri, acting on demand of state banks, has instituted proceedings to ) test right of national banks to oper- jate branches. First National of St. Louls recently announced plans for opening sixteen branches, one of which already is in operation. The ibank claims to have obtained a rul- ing from the federal government per- mitting national banks to operate branches. lmAHcE AND TRADE NOTES. i New York Mutual Gas Light stock- j holders have approved plan to sell the plant and other property to the Consolidated Gas Company and dis- solve their own company. Maxwell Motors business continues to exceed production. Last week new orders averaged about 400 a day, or at a rate of about 10,000 cars monthly. ‘Todd Shipyards in the fiscal year ended March 31 last is understood to have earned about half the $8 divi- dend on 232,000 shares of stock. It started period with about $14,000,000 of net current assets. Sloss-Sheffield Steel and Iron booked 150,000 tons of Birmingham and Northern Alabama iron up to the close of June, or about 10,000 toms more than in May. Aluminum Manufacturers, Ine., stockholders voted to accept pro- posal of Aluminum Company of Amer- jca to lease plants and purchase cor- porate stocks and inventories. ‘Bulk of Cramp Shipbuilding’s extra dividend of $25 a share will go to American Ship and Commerce, owner of a majority of the stock. Owing to improved business condi- tions, Boston and Albany road will open its locomotive shops at West Springfield, 5., with a full force on basis of five days a week. Increase of 2,497 in employment in Detroit is reported, with a total of | 180,971, as against 109,000 in the same week of 1921 and 189,000 in the same week of 1920. Properties of International and Great Northern Railway.will be sold at auction July 28 in accordance with the reorganization pla: The Standard Oil Company of Ne- braska has advanced prices of gaso- line and kerosene in Chicago district 1 cent a gallon each, effective July 1. Continental Oll, which operates in the Rocky mountain territory, also ad- vanced prices of both commodities 1 cent a gallon. —_— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) ‘Belling checks—dollar values at noon today: ¥ Budapest 104 Warsaw o) Chrimgania. - Ameteraam ' Notireal The rule eliminating fractions i Ty American Raijway Bepre: n Sty 18 ions less than