Evening Star Newspaper, July 5, 1922, Page 24

o * NEW HIGH BUILDING RECORDS - SET FOR JUNE IN CHICAGO AREA| Even Exceed Figures for May, Which Wer -Larger Than Any Previously Known There. BY C. G. MARSHALL. | Special Dispatca to The Star. CHICAGO, July G5.—Bix jobbing houses completed -their inventories over July 4, and are looking forward vonfidently today to increased buying for the fall trade by out-of-town mer- chants. The retail stores enjoyed an unusually heavy sale during the pre- holiday period, especially in sports wear, and they are now busy rear- ranging their stocks preliminary to midsummer sales, which are being vigorously advertised. New high records for building con- struction were established in June. ‘These even exceeded the figures for May, which were larger than any pre. viously known her: The citizens’ exll. at Chicago or St. Louls. California Via direct routes One way via Portland Via direct routes Colorado Via direct routes Return limit, October 31. workers estward Ho! via the Baltimore & Ohio ‘The wide West—the land of romance—calls you. See its canyons, its snowy Slerras, its colorful panoramas. Decide to go NOW.' Make the trip DOUBLY attractive, by tak- ing the Baltimore and Ohio, the scenic. the historic, the SAFE AND DEPENDABLE ROUTE, connecting with all lines West Low summer fares to North Pacific Coast (Portland, Seattls, Tacoma, Vancouver, etc.) Through fare from Washingto: committee to enforce the Landis in the “building trades wage contro- versy, continued to enroll hundreds of the month branches of the building trades. increased number of apartment houses { going up is resulting rentals during in many (Los Angeles. San Franciaco. etc) Through fares from Washington (Denver, Colorado Bprings. Pueblo, etc.) Through fare from Washington Ticketa on sale: To California and North Pacific Coast points, May 15 to September 30. To Colorado, June 1 to September 30. The Baltimore & Ohlio operates FOUR through trains to Chicago and TWO to St. Louis from Washingt connections with all W ‘Telephone Main 556 and let us help you plan vour trip. W. V. Shipley. Division Passenger Agent, 423 Homer Building, 13th & F 5’ . making direct tern lines. ard | in all The in decreased cases where leases were renewed at the midyear. Announcement is made that 4 new | being a big Incentlve to pay well for $6,000,000 business building will erected on the site of the old Strat- ford Hotel, recently demolished, and it is reported the Ritz-Carlton Com- pany will erect a hotel on the site of the Illinois Theater adjoining. The steel mills in this district are| of still handicapped by with the leading interest operating at be labor shortage, Answer its N. W, S THE EVENING STAR, WASHING |ss per cent of capacity and the lead- ing independent at about 65 per cent. Trade in Philadelphia Area Broadens Into New Fields BY FRANK D. McLAIN. §ekial Dispatch to The Btar. PHILADETI PHIA, July 5.—Improve- yment in the business community of this section has broadened to lines not hitherto affected. This is due in part to the influence of the building boom which has brought in'its wake calls for new office and household | furniture and goods, such as desks, rugs, carpets, dishes, utensils and 1£as and electric fixtures. Demand for such articles is likely to continue for months, as the building program shows no signs of curtailment. The has also spread,to other lines of retail trade. Buyers are avolding | the extremes and demanding medium- i priced goods. There is a sellers’ market for iron and prices keep firm. Blast furnaces in this section manage to keep §o- {ing despite the coal scarcity, the strong demand for their products coal that is meeded. Pig iron pro- duction has increased, but has not yet caught up with demand. Although shipbullding has been dull, compared with the war perlod, a (demonstration of the fact that at jleast some of the yards are making money was_given by the declaration the $25-a-share extra dividend by Cramp & Sons. During the lull in domestic building, more attention is being given foreign shipbuilding | orders. | Expect Report to Create | Active Demand for Cotton | BY L V. SHANNON. Special Dispatch to The Star. NEW ORLEANS, July 5.—One. of the first effects of the government | estimate of the cotton crop, issued Monday, will be to stimulate busi- ness in preparation for a big fall trade. The report gave business men all over the south confidence in sta- bility of prosperous conditions for the future. The estimate of about 11,000,000 bales was in line with the views' of the south, and official con- firmation of these views wifl un- doubtedly increase buying. It is felt that the government report will con- vince the business world of the in- adequacy of future cotton supplies and create a steady and active de- mand for the staple at high prices. Local jobbers are getting more or- ders for fall delivery thun ever be- ifore at this tlme of year and are |makmg preparations for one of the best seasons they have ever had. The movement of freight through this city made a new record last month, when 17,000 cars were forwarded and re received. Lumber led in 18,000 w lthe receipts and bananas in the out- going shipments. The demand for high-grade secur- ities is one of the marked features of the financial situation here. Distri- bution of $10,000,000 in dividends and interest by local institutions the firat s of this month bas added to demand. Commodity Reports From Various Sections ¥ Steel. CLEVELAND, July & (Special).— Steelmakers generally in this terri- tory are booked from thirty days to three months in advance. Higher prices are talked of as a result of in- crease of $1.50 a ton in price of coal. PITTSBURGH, July & (Special).— Merchant brokers report a more ac- tive demand for pig iron. Nominal quotations are $25, valley. Heavy melting scrap is quoted at $17 to $17.50. with smaller amounts passing thania short time ago. Coal. July 5 (Special).—Re- re i5 per cent higher en the strike began. Coal large in this section, | sT. Louis tail prices shortage prices. o1l ST. LOUIS, July 5 (Special).—Gaso- line has been increased 1 cent a gallon to 25% cents in St. Louis. Non-Ferrous Metals, SEATTLE, July 5 (Special).—June copper production of Kennecott Cop- QhsamiGiwe GINGER ALE Ginger Ale " Sarsaparilla E: Birch Beer e Root Beer (% =\ <~ For the two of you A bottle of Clicquot Club is the ww> happiest, friendliest drink. You can fill two glasses from one bottle. Two glasses of golden liquid alive’ with sparkling bubbles that leap joyously to the brim! No need to be thirsty to drink Clicquot. To look at it creates the desire that Clicquot Man or woman, boy or girl—they all Clicquot is purity itself—bed-rock spring water, real Jamaica ginger, spgar, and the necessary fruit juices to make the blend and You should try these, too However much you like Clicquot Ginger Ale, you may prefer a change occasionally. You may have it. Clicquot Sarsaparilla, Birch Beer or Root Beer is equally pure and delightful. When you order a case of Clicquot for the home, ask for a few bottles of these THE CLICQUOT CLUB EOMPANY [ ' Mpllis, Mass., U. S/ A, & per in Alaska amounted to 5,760,000 pounds, Outpit will be incremsed ‘when . mines can obtain additional working forces. There is a shortage of labor. 2 Fish. KANBAS CITY, July 5 (Special).— A carload of white fish has reached nsas City from Winnipeg. This is t time sales of fresh-water lake fish in carload quantities’ has been undertaken here. Fruit. ASHLAND, Wis., July 5 (Special).— Daily loadings of strawberries shipped from herg amount to more than 1,000 crates. ther localities in this fruit belt are enjoying similarly heavy re- turns. Grain. PITTSBURGH, July 5 (Speclal)i— All cereal products aré dull. Oats are bought to meet immediate require- ments and corn products are qulet. Prices are steady. Vegetables. DETROIT, July 5 (Special). —Sears Nichols Canning is trying out a ma. i but operators are demanding special { {{ojleq corn at 69a70 | a1%eadz. ! | | i 1 chine for dusting pea vines with a nicotine compound. It is claimed the preparation can be applied without injury to the plant and protects vines against aphis. Outcome of experi- ment is being closely watched by pea growers. F Shoes. SEATTLE, July 5 (Special).—Shoe manufacturers here are operating at 75 per cent of capacity, which is & distinct improvement over conditions obtaining last fall. Buying has been more brisk in Pacific northwest states where these concerns find their market. LOCAL WHOLESALE PRICES. Eggs—Strictly fresh, selected, can- dled, per dozen, 24; average recelipts, 23; southern, 23. 5 Live poultry—Roosters, per Ib., 14; turkeys, per Ib.,, 25a30; spring chick- ens, per lb, 34a40; keats, yoursg, each, 60; fowls, 25. Dressed poultry—Fresh-killed 'spring’ chickens, per 1b., 40a45; hens, per Ib., 26; roosters, per ib., 16; turkeys, per 1b., 85a40; Keats, young, each, 60. ive stock—Calves, choice, per Ib., medium, 8a8%; thin, 6al. Lambs, 1b. live, piss, 3.00a3.00 new, per bbl., ; nearby, 75a ‘alifornia oranges, per crate, 7.50 29.00. ~ Lemons, per box, 4.506.00 Grapefrult, per box. 6.00a8.00. Blacl berries, 8a25; raspberries, 20a25. Peaches, 1.5023.50. Cherries, per bas- | ket, 20a75. .California lopes, 3.0024.00. Vegetables—Potatoes, new, per bbl No. 1, 3.0024.00; No. 2, 1.00a2.00. Let- tuce, ‘per crate, 50a75; New York, per | crate, 50a1.50. Romaine lettuce, 1. Cymblings, per crate, 15a25. Onions, per crate, 2.00a3.00. Cabbage, new, per bbl., 50a1.00. Cucumbers, 1.00a2.00. Egg- plants, per crate, 2.00a2.50. Tomatoe: per box, nearby, 1.50a4.00; Mississippi, 76a1.00. ' Beans, 1.00a2.50 per bbl. Peas, 6.00a9.00 per bbl. Peppers, per crate, 1.50a3.00. Kale, 75al.00. Asparagu: per doz, 7623.00. Spinach, per bbl 2.50a3.00 —_— e CHICAGO LIVE STOCK MARKET. CHICAGO, July 6 (United States bu- reau of markets).—Cattle—Recelpts, 13,000 head; beef steers and butcher she stock, steady to strong; Spots shade higher on desirable corn-fed; top beef steers, 10.20; bulks, 9.50a 3 Grain, Produce and Live Stock GRAIN AND PROVISIONS. BALTIMORE, July 5 (Special). Potatoes, new, barrel, 3.25a3.75; No. 1.50a2.00; old, 100 pound: No. 2, 1.00a1.25. .5083.00 bushel, 25a50. Bee! 3.00. Cabbage hundred, 3.00a4.00. Corn, dozen, 20440, ndred, 2.0 Cucumbers, basket, 75a85. Eggplants, Onlons, crate, 1.60a2.00; spring onions, hundred, 1.00 81.25. Peas, bushel, 2.50a3.50. Peppers, crate, 6.00a7.00. Lettuce, basket, 5021.50. bushel, 1.50a1.75; Bermudas, crate, 3.00a6.00., Rhubarb, hundred, 2.0023.00. Spinach, bushel, 2.00232.25. Squash, basket, 25a40. Tomatoes, basket, 1.00a1.25; crate, 1.00a2.00. Apples, eafly 'Jtne, barrel. 2.50; bushel,” 25a1.00. Blackberries, quart, 10a16. Cantaloupes, crate, 76 a3.75. Cherries, quart, 15825. Cur- rants. quart, 135a20. Gooseberri pound, 7a8 Huckleberries, quart, 15 a25. Peaches, crate, 1.50a3.00. Pine- apples, crate, 3.5026.00. Plums, quart, %\"10' Raspberries, quart, 18a20. atermelo; each, 20a50. Selling Prices at 1 0'Clock. Wheat—No. 1 red winter, spot, no quotations; No. 2 red winter, spot, 1.34; No. 2 red winter, garlicky, old, 1.34 per bu.; No. 2 red winter, gar- licky, spot, new, 1.18 per bu.; No. 3 red winter, spot, 1.34 bid; No, 3 red winter, garlicky, spot, 1.34 bid. Sales—Bag lots of new, nearby, at 88, 90, 1.00, 1.02, 1.03, 1.05, 1.06, 1.09 and 1.10 per bu.; carlot of No. 2 red winter, garlicky, spot, old, at 1.34. Corn—Cob corn, old yellow, quoted 3.50 per bbl.; contract corn, spot, 76; No. 4 corn, spof, 74%: track corn, yellow, No. 2 or better, 77; No. 2 corn, spot, 77% per bu. o 1.5?1.15' g UuS, lozen, Ry, MR o crate, 50a76. Carrots, 1.00a = 5 2 FINANC FAIR TONE SHOWN |FIRM TONE SEEN - INSTOCK TRADE| IN LOCAL MARKET Bpecial Dispatch to The Star. day's marRets lay mostly in direc- tions other than the stock exchange. The stock market had not been sensitive at any stage to the threat of a nation-wide railroad strike. It was, therefore, not called upon to be at all enthusiastic about de- velopments over the holiday, which indicated that the rallway opmen would have to go it alone, without the support of the otfer unions, with the stigma of being outlawed by the United States Labor Board, and with absolutely no popular sympathy. e railway labor trouble sappeared from consid- There was a lit- In a word, practically eration aitogether. tle buying in railway shares right at i, ...~ which the the opening, but it had only slight effect, and in the subsequent trading rallway issues wi neglected. Franes Drop Sharply. The prindlpal episodes of an unim- portant day were break in French eicoange, reaction after Monday's excited rise in cotton options and the establis ment of new high records in some the liberty bond issues. At 8.20, franc exchange was down nearly 13 from the April high, and had undone all but 3 of the entire year's gain. French financial writers set the de- cline down to political causes, and ' have ordered a 5 per cent Bonds Active and Strong. Stocks Also Taken Quick- ly—Notes. BY L A. FLEMING. After four days' holiday the mem- bers of the local stock exchange re- assembled this morning and did busi- ne: Theré were many sales, some of them of small lots. but the indic tlons point to more active trading during the remainder of the week There was some littie selling ol January coupor had been paid. but this brought not the slightest sign of weakness. the |demand readily absorbing the offe ings. Bonds were favored, but stock transactions were restricted by t & further sharp |limit of offerings in many cases. a -wml _Clplul Traction shares sold at 104, Washington Gas at 5%, Lanston at 7§ and Mergenthaler at 14814 Capital Traction 5s brought 9. Gas 7% notes, 105%: Railway 4s, 75; s, 993 Directors of the International Bas « sem No sales. |9.75; other classes about steady: bulk beef cows and heifers, 5.26a7.50; can- Oats—White, No. 2, 48 per bu.; No. Chemicals. PHILADELPHIA, July 5 (Special). ~—Large chemical manufacturers in this district report business ex- tremely active. One corporation making chemical salts is operating Ppractically at capacity. Granite. KANSAS CITY, July,5 (Special).— Marrion & O'Leary, Inc., manufac- turers of stone monuments, with headquarters in Vermont, have com pleted plans to make Kansas City dis. tributing center of their business in this section, which totals approxi- mately $3,000,000 a year. Furniture. ATLANTA, Ga. July 5 (Special).— A local wholesale furniture house reports business was better during June than at any time this year, with heavy orders coming In both by mail and ‘from traveling representatives. Paper. KALAMAZOO, Mich., July 5 (Spe- cial) —Vegetable Parciment has au- thorized construction of a new paper mill here to cost $500.000. Work will be started within a month. Plant will be one of the finest paper mills in the country and have a capacity of 120 tons of paper a day. Tobaceo. SEATTLE. July 5 (Special).—Sales of tobacco in this section total less in cash value than a year ago, but buyers nu- merically are greater, according_to wholesalers and retaflers here. This trend of buying has brought increased | sales of 5 and 10 cent cigars. There has been a distinct falling off of cigars re- tailing at two for a quarter. lce Cream. ATLANTA, July 5 (Special).—Price of e cream has been reduced from 75 to 65 cents a quart in this section, and in some instances competition has been so ! keen that quarts were soid at 40 cents for several consecutive days. Georgia Creamery Men's Asmociation has been organized here for finding a market for Georgla milk and butter. Hay and Gra PITTSBURGH, July 5 (Special).—A distinct depression is noticeable here in rket for forage. No. 1 timothy is elling at $23.50 to $21 a to & bushel; oats at Stoves. SEATTLE, July 5 (Special).—A large plant which makes stoves, ranges and furnaces here has doubled its working forces to meet demand for these prod- uets from nearby territory Notes. DETROIT, July 5 (Special) —Em- ployment in' factories here still is on the increase. Reports compiled to- day show an advance of 3,800 over the number emploved a week ago. This makes a total industrial employment in Detroit r pared with 160,000 at sthis time last year. PHILADELPHIA, July 5 (Special). —Savings deposits in the banks in this district showed a decline of about 7 per cent in the last six weeks. These deposits now are 1.9 per cent above the figures recorded a year ago. The decreases are largely attributed to the coal strikes, which caused miners in the Scranton and Wilkes- Barre districts to withdraw their ac-{ counts. MINNEAPOLIS. July 5 (Special).— A G-cent street car fare is forecast by eity officials. They base their opinion on the valuation and study of the Twin City Rapid Transit Com- pany's books. The 5-cent fare, they declare, would be sufficient to pay & per cent dividends. It is expected a fizht for the reduction of the fares will be brought before the state util- ies commission this month, PITTSBURGH, July § According to chamber of commerce officials and hotel managers, there have been more forelgn buyers in Pittsburgh during the past six weeks| than in any similar period before the war. Many of the visitors are buyers for large corporations. Business and Bovernment representatives here re- Gently were from China. Japan, South America, England, Scotland, Belgium. ; Norway and Czechoslovakia. —_— Department sfores report business unusually good, with sales well up and comparing unfavogably with those of a year ago, says a weekly trade review. of 270.000 workers, com- : (Special).— | ners and cutters, largely, 3.00a3.75; bologna bulls mostly 4.65a4.80; early sales veal calves, 8.00a8.50; tew cholce handyweights to city butchers, 9.00 a9.50. Hogs—Receipts, 25,000 head; opened 6 to 10 higher on better grades; later steady to 5 higher; mixed and pack- | ing grades, slow to 10 lower; top. 3, new, 47. Rye—Nearby, 90a1.00; No. 2 west- ern export, spot, No. 2, 991 per bu. No. 3, no quotation. Hay—Receipts, 36 tons; range is 17.00 to 21.00 for fair to good quality timothy and mixed hay; market firm; supply on _hand ample for trade. Straw—No. 1 tangled rye, 15.00; No. 1 wheat, 11.50812.00; No. 1 nom- 10.90; bulk good butchers, 10.50a10.565 pigs. about steady; packing sows, 9.00a9.25; heavy, 10.40a10.65; medium, 10.55210.85; light, 10.80a10.85; light light, 10.25a10.75; packing sOwWS smooth, 9.00a9.60; packing sows, rough, 8.6529.10; killing pigs, 9.26a 10.30. Sheep—Recelpts, 5,000 head; lambs, 25 higher; sheep, strong to unevenly higher; top native lambs, 13.50; seven {doubles good but short shorted Idahos. 13.50, with 350 feeders out at 12.50; cull, natives, mostly, 7.25a7.50; fat ewes, largely, 6.00a7.00. e L COTTON MARKETS. NEW YORK, Julv 5—The cotton market opened at a decline of 15 to 32 points under liquidation by some of Monday's buyers who were disap- and better weather advices than ex- pected. Liverpool and some of the spot houses were sellers at the open- ling decline, but Wall street and New Orleans houses were buyers and the demand secmed suficlent to give the market a fairly steady undertone after the opening break to 22.85 for October and for December. Futures opened October, 3 in fair demand; prices steady. middling, 14.20; fully middling, middling, 13.75; low middling, {good ordinary, '12.45; ordinary, Sales, 8,000 bales, including American. Receipts, 20,000 bale: cluding 17.600 American. _Futures closed quiet but steady. July, 13.28; 12.86; December, 1 Jan- March, 12.27 NEW ORLEANS, July les from the long side. poor cables | d favorable weather returns from | about two-thirds of the belt put the price of cotton lower today, the trad- {ing months losing 43 to 45 points in | the first hour of the session. October | fell off to 22.37. The tone was steady at the decline as scattared new buy- ing was met. Futures opened steady; July. October, ; December, : e 22.05; March, 21.80. et 1 DAIRY MARKETS. { BALTIMORE, July 5 (Special). —| Live poultry—Spring chickens, pound, 38a40: small to medium, 30a35; white leghorns, 28a old 'hens, 25a26: small and white leghorns, 23a24; old | roosters, 15a16; ducks, 18a22; spring {ducks, 25a28: pigeons, pair, 30a35. Eggs—Loss off, native and nearby i firsts, dozen, 24; southern, 23. Butter—Creamery, fancy, pound, 39 |a40: prints, 40a42; nearby creamery 35a37; ladies, 28a30: rolls, 26a2s | store ‘packed, 25 dairy prints, 27a28: i process butter, 32a33. CHICAGO. July 5.—Butter higher: creamery extras, 36%: firsts, 32a35% seconds, 30a31%; standards, 3615. | Eggs higher—Receipts, 19,636 cases; ! firsts, 22a2213: ordinary firsts, 20%a 21; miscellaneous, 21%a22; storage i packed extras, 23a23%; storage pack- | |ed firsts, 23. } " Poultry— Alive higher; fowls, 231 | broilers, 26a34; roosters, 143, NEW YORK, July 5—Butte, | recelpts, 17,108 tubs: cre than extras, 383:a39 tras (92 score), 373-a3s. Eggs—Firm; receipts, 30,132 cases; | fresh gathered, extra firsts, 27l4a | 2912 do., firsts, 2414a261; New Jer- sey hennery whites, extra fancy can- dled sclections unquoted: do., un-i jcandled. 41a43; state nearby and| nearby western hennery whites, firsts |to extras, 29a41; state nearby and nearby western hennery browns, ex- tras, 33a37; state and nearby gath- ered browns and mixed colors, firsts to_extras, 253:a31%. | Cheese—Firm; receipts, 4,233 boxes; | state whole milk flats. fresh specials i21a22; do., average run, 201;a203% i state whole milk twins, fresh spe- clals, 21a21%; do. average run, 20a | 4.600 creamery ex- | 20 e BAR SILVER QUOTATION NEW YORK, July 5.—Foreign bar silver. 71%; Mexican dollars, 547% LONDON, July 5.—Bar silver, 36%d per ounce: money, 1% per cent. Dis- pointed by the showing of Liverpool | 86% | down, !WEST TRADE PROMISING. i ference agreement, inal, 12.00a13.00. CHICAGO, July 6.—Wheat declined in price today soon after the open- ing, although initial . qrotations showed some gains reflectir. yester- day’s advance at Liverpool and Winni- peg. - Today's advices, however, indi. cated less cause for apprehension of crop damage. Developments regard- ing_the railroad strike were also of @ character to ease the market. The opening, which varied from un- changed flgures to 7% higher, with September 1.17 to 1.17% and Decem- ber 1.20 to 1.20%, was followed by a setback all around to well below Monday's finish Corn and oats were firmer. chiefly as a result of elevator interests being active buyers of corn. After opening junchanged to 3% higher, September, to 67. the corn market con- tinued to point upward. Oats started at % off to % gain, September, 38%, and later showed & slight general advance. Provisions were firm in line with hog values. Potatoes—Weak: receipts, 87 cars; total United States shipments, July 3, 484 cars: July 4, 209 cars; Texas and Oklahomas. sacked cobblers, 2.25 a2.40 cwt.; Kansas sacked early Ohios, 2.30a2.35 cwt.; eastern shore Virginia stave barrels, Irish cobblers, 4.25a 4.50; Norfolk, North Carolina Irish cobblers stave barrels, 3.50a3.85. Wheat rallies which ensued proved transient. Rural off¢rings were light, but export demand was .slow. The market finished nervous and at the same as Monday's close to 1 cent with September 1164 to L16%, and December, 1.19 fo 1.19%. Need of rain in some important sec {tions together with some export in- quiries here for corn tended later to .uphold values. The close was un- settled. 3%af to % net higher, Sep- tember, 67%s. WHEAT— Open. High. low. Close. July. ... 4 L% 1156 1 September 1178 1784 1163, 120 1190 119 et X 631 681, Sept P 4 Y 863, 5 December .. ... T esn 611 Juls.... E1En September % 3687 : 9. December. ... 391 38 a2 4 ETEA June Rail Traffic Exceeds 1920 Record Despite Strike. CHICAGO, July 5.—Grain traffic in the west for the first six months of the vear was the largest on record, with the exception of,1915. Total re- ceipts of ali grain at terminal mar- kets aggregated 462,000,000 bushels, an increase of 37,000,000 bushels over the similar period in 1921. and of 57,000,000 bushels, or 14 per cent, in excess of the average of the last five years. In 1916 the total was 508,00 000 bushels, made as the result of a record movement in wheat and oats. The arrivals of corn this year set a new record, being 214,000,000 bushels, compared with 166,000.000 bushels in 1921, when the arrivals were far above the average. The movement of corn this year has been persistent rather than spasmodic, and there were only a few weeks when the movement could be called ex- cessive. he big movement of new crop grain will hardly get under way until the middle of July, although i{n parts of Kansas wheat is now coming for- ard. whith Wichita. Kans.. receiv- ng thirly cars of new grain Satur- day. —_— AUSTRALIA TO JUNK SHIP. SYDNEY, N. S. W., July 6.—The days of H. M. A. S. Australia. former flag- ship of the commonwealth navy, are numbered. and she will be scrapped, in accordance with the Washington con- after a heroic s reer. She originally cost £2,000,000, and equipment for her North sea service in- volved hundreds of thousands of pounds additional. Fear of the Australia's twelve-inch guns kept the German Pa- cific fleet from launching any attack on count rates: ,Short bills. 2a2l per cent; three-month bills, 2% per cent. Australian ports during the world war, according to naval experts. Telephone Records kept of thousand: mons throughout the country prove conclusively its low cost tenance. May we have the oppor- tunity of talking dollars and cents with you, showing you how low f:rst cost and low wltimate cost car on the market ? MARMON The Foremost Fine Car T. V. T. MOTORS CORP. j 1501 Connecticut Avenue North 7853 Established 1851 :: INDIANAPOLIS Marmon the most economical fine At Dupont Circle NORDYKE & MARMON COMPANY s of Mar- of main- make the they are doubtless correct. The data bearing upon the economic situation proper are unquestionably more fa- vorable. The latest foreign trade figures continued to show & close approxi- | mation between exports and imports, while the revivel in home industries is attested by what observers declare to be the complete disappearance of the re-employment problem in France. But the danger lles always in the political game being played with such severity in the matter of Ger- man reparations that Germany will fall down in her cash puyments. It is this danger which the drop in francs has been apprehending, 2ll the way from the high of 9.37 two and a half months ago to the 8.20 reached today. The reaction in the cotton markef was not surprising after the extra. NEW YORK, July 5.—Interest in to- i annual dividend payable August 1 10 shareholders of record July 1, beink the sixth dividend, fncluding stock dividend, to be paid by this corpora- tion since incorporation in July, 1920, The International finds the new lo cetion on the ground floor of the Southern building more favorable and expects a continued increase in earn- ings. As now constituted the following ls the personnel of the bank: Frank 1. Scully of Boston, Mass.. J. A. M. Adair, Peter A. Drury, Earl J. Farup J. R. Guthrie, L. J. Hart, A. A. Leots- cher, S. A. Nelson, F. J. McFadden. George C. Scott, E. A. Stuart, William L. Symons, Austin C. Waller and John R. Waller, To meet increased business de mands an addition to capital stock of $200.000 has been planned. ordinary reception given to the gov- ernment crop report on Monday. With ! all allowance for the department's estimates being under expectations, a jump of 150 to 170 points in less than two hours was plainly overdoing things. In the calmer view prevailing today there was less suggestion of the possibility of shortage than there was when the forecast of only an 11,000,000-bale crop was first put out. Mexican Olls Slump. There was an hour of 8o of fairly general strength in the stock market. Then the movements became very uneven 2s between individual issues. A genuine smash occurred in Mexi- can Seaboard stocks. listed on the curb exchange, following a story thut #alt water had appeared in the com- nany's wells. Inasmuch as Mexican Petroleum has an important stake in the same territory, the shares of this company and the Pan-American were heavily sold. The break in the Mexi- can oils put a check upon further operations for the rise in other parts of the ‘list, but did not bring about much selling. A number of pool operations which were suspended in the pre-holiday period, were resumed this morning. Coca Cola made a new high, an- ticipating that with earnings having reached $1.000.000 a month, an in- | crease in the dividend will not long be_delayed. DuPont stock had another spurt to 150, but inasmuch as its rise was wholly dependent upon General Mo- tors going back to the dividend list. the stock came down sharply later { when the upward movement in Gen- eral Motors shares showed positive stgns of a halt. Motor accessory | stocks did better—Stromberg, Bosch Magneto and Spicer. Hudson Metors Firm. Studebaker ran up sharply across 1130 soon after the opening. but the {advance was dependent largely upon | short covering. and when the demand ! {frcm the shorts was over the stock jeame down again. General Motors {Bucceeded in getting through 15, but {ran into heavy selling at 15} 1 Much publicity was given to the H recommendation of a prominent i Broadway house to switch from Gen- eral Motors into Hudson Motors. The house in question does not believ that General Motors will resume | dividend, while it makes the point that the two-dollar distribution on Hudson is sure. Salt Water Bugaboo. The old salt-water bugaboo was | brought out to plague the Mexican ofls, and it had the effect desired. The bottom almost dropped out of the Mexican seaboard issues on the curb exchange, following the report that salt water had been found in three of the company's wells in the Toteco-Cerro-Azul district. As Mexi- can Pete has large interests in the same general locality. the selling quickly extended to Mexican Pete | stock ~and to the Pan-Americans. | Considering the violence of these de- clines, the rest of the oil group stood up well. CURB SENSATION, NEW YORK, July 5.—Mexican Sea- board issues dominated the trading on the curb exchange today. The stock ‘had left off at 47% Mon- duy. and it opened at 47% this morn- | ng. Then came word that three of the 'welll in Toteco Cerro Azul field had !MEXIEAN SEABOARD! i developed salt water. This caused a violent break ol some ten points in Mexican Seaboard shares and a cor-| { responding fall in the voting trust| certificates. i Public interest in these stocks has been very keen and there was a very large open speculative account, which; was badly caught in the collapse. Up to a late hour no official denial haa come from Mexican Seaboard officials regarding the salt water story. Other oil shares were not much affected by the break in the Mexican: Operations of a new pool were re- ported in Standard Oil of Indiana. The stock rose over two points soon after the opening, then broke for a time while the. Mexicans were going down, but immediately encountered efficient protection and rallied easlly. Standard of New York Higher. Standard Oil of New York had a 10-point advance. while Citles Se: vice after galning a point or so fell back again. Skelly Oil was strong on the re- port for May showing net earnings of $838,364, this after deducting all expenses, interest and taxes, but not providing for depletion and deprecia- tion. The May total made & new rec- ord for the company. Carib Syndicate was steady and there was a fair demand for Simms Petroleum and Mutual Oil Salt Creek and Mountain Producers went lower, but International Petro- leum and Atlantic Lobos held up well. Aection in Moters. Changes in the motor group were not of much importance. Durant and Reo were strong at the start while motor shares were going up on the big board, then later they yielded to realising sal It took only small offerings to put Phillip Mor down a point. Hayes Wheel made a new high. Radio commom was heavy and the new Tobacco Products shares irregular. Among the mining stocks, Independ ence Lead was in fair demand, while Magma Copper lost about a ;omt The trading began in B, Good- rich 6%s, which opened at $73%, sold up to 97% and fell back again. Al- led Packers 68 declined a point and | Mexican guveinment 4s a half point. IS A R R R R s R e e R T i prices for the United States gover: Profits Not Large. Bankers referring to the proposei large increase in the payment c dividends ‘to member banks, express the belief that the returns to the federal reserve banks this year will be light; that the employvment of their assets has not been as great by many millions, hundreds of mii- lions, of dollars, as during the lasi two or three preceding years. that the rates are much lower and likely to be still further cut before borrow - ing will reach any proportions. Eve: then it is doubtful if the comme cial demand will develop activity Gains Mid Louse American Savings and Com mercial Bank. one of the newer in- stitutions, reports a gain in deposits between May 5 and June 30 of $100,000, an excellent showing in a time of general withdrawa The Liberty National Bank a shows on the plus side, with a gain of $54,400. Proponed Brightwnod Bank. At a meeting of the stockholders of the proposed bank of Brightwood, held Friday. June 30, in the Masonic Temple, Brightwood, D. C.. the fol- lowing were elected on the board of directors: Willlam P. Killeen, Wil liam L F. King, J. C. Beard, C. 1. Osborn, John Wischhusen, James . Fraser, Earl H. Ankeny, David F. Swab. ‘A W. Felka, L J. Slaven George W. Langley, Calvin Bread G. R. Canby. A. W. Stonestreet, F. Hazel Cashell, Dr. E. L. Bullard, George B. Mullin, jr.; J. Edward Chapman. Raymond L. Schreiner snd vd F. Gaines. The following officers were elected for the ensuing year: William P. Killer president: George B. Mullin, Jr. vice president: J. C. Beard, vice president . Raymond L. Schneider, cashier, and Lioyd F. Gaines, assistant cashie William P. Killeen is vice president and general manager of the Washington Rapid Transit Company. R. L. Schrein- er was previously with the Unlon Sav- ings Bank and the Contineutal Trust Company of Washington, D. C.. while {Lloyd F. Gaines has been on_a sales force of the Munsey Trust Company, real estate department, for the past year. BONDS ARE ACTE AT HIHER PRCES Gover_‘nfnent Issues Show Positive Strength—Con- Solidated Gas 7s Firm. NEW YORK. July 5—New high ment group,, strength of the United Kingdom external loans, numerous advances in the railway section and further buying of the Consolidated Gas convertible 7s were the features in today's bond market. Trading was moderately active and the general trend of prices was upward All the Liberty bonds either bettered or equaled their previous tops, and the buying of the fourth 4is was again the most conspicuous. This performance proved a stimulating in fluence on the whole list. Tnited Kingdom 5%s of 193% got tu a new high for the year, and the 19 and 1929 loans moved forward in syn pathy with the rise in sterlinf ex- change. The action of the French Repub- lic loans was quite different, for in spite of the fresh break in francs mt the outset today, the 7%;s and 8s held their ground very well, The municipals, too, were firm. Re- rubllc of Chile bonds were irregu- ar. City of Tokio 5s advanced, and the rest of the group was featureless. Many Stromg Issues. Consolidated Gas 7s jumped ahead as, the company’s stock. into which the bonds are exchangeable, becaine stronger. The bonds of ghe United States $teei Corporation and the independent 20 panies as well were fairly active ynd little changed, Bethlehem Steel 6y of 1936, however, got below 90. Ceriw ue Pasco 8s declined more than points from Monday's close. W inghouse 7s were slightly Ligher. © Ralls Mose Uyp. Among the rails the Atchison gci- eral 4s again went to a new high fuy the year, and there was buying alse of & number of other high-grade is< sues. lilinois Central refundings were nearly two points higher. Erie ix sues_were strong, with the converti- ble Ds at their best for the current move, New York Westchester and Boston 4%s got to §5. St. Louis and San Francisco incomes and adjust- ments and the Seaboard Air Lipe is- sues gained ground. A danking firm is offering $4,500,000 Erfe Railroad Company equipment trust, bearing 5% per cent interest. —_— WOOL TRADING-GAINS. BOSTON, July 5 (Special).—There was_considerable trading in the wool market today, but the market was not especially active. Manufacturers pur- chased certain grades for immediate wants. Prices maintained the levels of the close of last t':i.k't mmd“;m urchases were reported a ,rell in the middle west and Cali- ornis. g American buyers have resumed ac- tivity in some of the foreign markei centers, and dealers here are watching closely for the results of the Liver- Lcol sales which begin temorrow. ) 4