Evening Star Newspaper, July 15, 1922, Page 11

FINANCIAL 'By Arthur B. Reeve. One of The Star's Week-End Fiction Series. Each story complete in three installments. & The story thus far: £ Kennedy goes with De. Nicholas Kharkoff. & Russian phy fo invextigate the mysteri- ous illness 5 enne house used by Russian radic: .y, father of the revoiutic s of Vassili and tie duncer, O Yova. They have a fever, se by After seelig Saratov nedy novelist, B dancer Sumarova is in loy and Dr. Kiarkoff is in 1 But Kazanovi erina Nevaky dabbles in eds D up o letter adiressed to er Otloff, in Paris, and tukes it ho manuscrpt of experiments in After reading s it & bomh e house b 1o examine. Ka: he knows who has been following Khar. # man numed Feodor Levalenko, one of thelr number. ROMPTLY at § o'elock we met at the old house on 5th avenue KharkoX's wounds had proved les: than had at first been suspected, and, having recovered from the he insisted on being shock, transferred from the ho vate ambulance so that he could be near his friend aratovsky, in spite of his high fever, ordered that the door | to his room be I and his bed | moved so that he could hear and see what passed in the room down the hall. Nevsky was there and Kazanovitch, | and even bra Samarova, her prett burning with the fever. | would not nt until she wa carried ups! protested vigoro fatal enigma that it might have e Reva ko, an sat stolidly. bout him was an ignity at Nevsky en he thought he was unobserved. indeed a strange gathering. the like of which the old house had never before harbored in all its varied Every one was on the qui vive nedy piaced on the table a small ire basket containing some test tubes, each tube corked with a small wadding cle handled platinum a number of w rendered in- n drushed in a la@ in fragments nocuous by havin huge hydraulic pre in the box. 1 to consider the the bomb,” began crime, 1 firmly e petrated without leaving v ce, even a d ger than a pinhead. m: a murde The im- cartridge by the E 2 hair the clothing of a suspected serve as valid proof of want you e, is The of blood 1o suffice to pression hammer o found on person, may er! R however, science was powerless th bomb-thrower. A bomb explodes into thousand D and its contents sudden become gas. ©ous You can't collect and investigate gases. Still, the bomb-thrower is sadly deceived if he believes the bomb leaves no trace for the sclentific detective It is dimgult for the chemist to find out the secréts of the shattered bomb. But it can be done. 1 examined the wall koff's house, and fortuna cas able to pick out a few small fragments of the contents of the bomb which had been thrown out before the flame is- nited them. 1 have analyzed them. and find them to be a peculiar specie of blasting gelatin. It is made onl ory In this count and I of purchasers for some One name, or rather the of an assumed mame, es with other evidence I ave b ble to collect. Moreover, :‘h‘»efi\plu,\x\w waus placed in a lead fube. Lead tubes are commo However, there is no need of further evidence ; He paused, and the revolutionists stured fixedly at the fragments of the now harmless bomb before them. “The exploded bomb, Craig, “was composed of the same materials as this. which T fnl}n(l un- exploded at the door of Miss Nevsky's Thom—the same sort of lead tube, the same blasting The fuse, a long saturated merely & blind explosion was by means of a chemical Tned in a glass tube which was rted after the bomb was put in place. The least jar, such as opening a door, which would tip the bomb ever so little out of the horizontal, Wwas all that was necessary to ex- plode it. The exploded bomb and the oded were in all respects iden- the same hand set both. A gasp of astonishment ran through » circle. Could it be that one of inelr own number was playing false? Jn at least this instance in the war- fare of the chemist and the dynamiter hemist had c e ut Kennedy hurried alons, “the me most about of Dr. Khar- time ba Aescript the list in sulphur, was ng that interests :::;Kcase is not the evidence of the bombs. Bombs are common enough weapons, after all. It is the evidence of almost diabolical cunning that has been shown in the effort to get rid “of the father of the revolutionm, as you like to call him.” Cralg cleared his throat and played with our feelings as a cat does with a mouse. “Strange to say, the most deadly, the most insidious, the most elusive agency for committing mur- der is one that can Qistributed with practically no legal restrictions. Any doctor can purchase Aisease germs in quantities sufficient to cause thousands and thousands of deaths without giving any adequate explanation for what purpose he re- Quires them. More than that, any person claiming to be a sclentist or having some acquaintance with sci- ence and scientists can usually obtaln germs without difficulty. Every path- ological laboratory contains stores of disease germs, neatly sealed up in test tubes, sufficient to depopulate whole cities and even nations. With almost no effort, 1 myself have actually cul- tivated enough germs to kill every person within a radius of a mile of the Washington Arch down the stre They are here in these test tubes. We scarcely breathed. Suppose Kennedy should let loose this deadly foe, these germs of death, whatever they were? Yet that was precisely what _some flend incarnate had done, and that fiend was sitting in the room with us. “Here I have one of the most mod- ern dark-field microscopes,” he re- sumed. “On this slide 1 have placed a little pin-point of a culture made from the blood of Saratovsky. I will stain the culture. Now—er—Walter, Jook through the microscope under this powerful light and tell us what you_see on the slide.” 1 bent over. “In the darkened fleld 1 see a number of germs like dancing poiats of colored light,” I sald. “They are wriggling 'about with a peculiar twisting motion.” “Like a corkscrew.” interrupted Kennedy, impatient to go on. “They are of the species known as pirilla. ‘Here is another slide, a culture from the blood of Samarova.” “I see them there, claime. Every one was now crowding for a glimpse, as 1 raised my head. “YWhat is this germ?” asked a hol- Jow volce from the doorway. We looked, startled. There stood Saratovsky, more like a ghost than s lMving being. Kennedy sprang for- ward and caught him as he swayed, and I moved up an armchair for him. “1t is the 'spirillum Obermeieri, sald Kennedy, “the germ of the re. ing fever, but of the most viru- }:3 ‘Asiatic strain. Obermeyer, who discovered 1t, caught the disease and died of it, a martyr to science.” A shriek_of -cousternation rang forth from Samarova. The rest of us paled, but repressed our feelings. “One moment. added Kennedy hastily. “Don’ be unnecessarily dlarmed. I have something more to Be calm for a moment longer.” too,” I ex- ey 1t coutains a | of the | noviteh | pital in a pri- | <h Dr. Kharkoff | The | Ken- | some | D | in | n enough. | concluded | The real method of | be obtained and | He unrolled a blueprint and placed it on the table. “This.” he continued, “is the pho tographic copy of a message which, I suppose, is now on its way to the Russian minister to France in Paris. Some one in this room besides Mr. Jameson and myself has seen this letter before. 1 will hold it up as I | pass around and let each one see it." before each H of us, holding up the blueprint and searchingly scanning the faces. No one betrayed by any sign t he recognized it. At last it came to Revalenko himself. “The checkerboard. the checker- bhoard!” he cried, his eyes half start- Ing ffrom their sockeis as he gazed at_it. Yes." “the checkerboard. itime to figure it out. It Is a cipher ithat would have baffied Poe. In fact, is no means of deciphering it ou chance to know its secret. pened to have heard of it a long ago abroad, yet my .recollection and I had to reconstruct difficulty. It took me all 1t is a cipher, howevs nown among the offic classes of Russia. Fortunately 1 remember the crucial without which I should still be ing over it. It is that a perfectly innocent message, on its fac v be used to car: letters which compose the words, ead of being written continuou as we ordinarily write, have, you will observe if you look twice, jbreaks here and there. ~These breaks in the letters stand for numbers. Thus the first words are {thanks." The first break is a of the letter ‘n,’ between it and the ‘'v.’ There are three letters before this bri That stands for the number 3. When you come to the end of a word, if the stroke is down at the end of the last letter, that means no break : if it is up, it means a break. The stroke at the end of the ‘v’ is plainly down. Therefore there is no break unt!l after the That gives us the number 2. o we get 1 next, and again 1, and still again 1; then 5; then 5. then 1: and 0 on. Now, take these numbers in pairs, —1. By con- n arrive at the said Kennedy in a low tone, It took me some 5 this tablé you ca en message.” He held up a cardboard bearing the ! following arrangement of the letters of he continued, means the column and second line. That is Then 1—1 is ‘A Vi 5—1 —and we get the word i ot a soul stirred as Kennedy un- folded the cipher. What was the terrible secret in that Scientific |1 had puzzied so unsuc | the night before? i en this can be complicated by | choosing a eeries of fixed numbers | to be added to the real numbers over and over again. Or the order of the alphabet can be changed. However, we have the straight cipher only to | deal with here And what, for heaven's sake, does it reveal?’ asked Saratovsky, lean- ing forward, forzetful of the fever that was consuming him. Kennedy pulled out a plece of paper on which he had written the hidden message and read: Have successfully inoculated S. with fever. Public opinion America would condemn violence. Th death should appear natural. Sama- rova infected also. Cook unfortu- nately took dose in food intended Kharkoff. Now have three cases. Shall stop there at present. Danger- cite further suspicion health I eliminated in my ons mentioned, as Saratovsky, of course, was not guilty, for the plot had centered about | him. Nor was little Samarova, nor | Dr.” Kharko 1 noted Reva and Kazanovitch glaring at other and hastily tried to decide which I more strongly suspected “Will get K.' coniinued Ke “Think bomb perhaps all right. case different from S. No public sentiment.” “So Kharkoft had been marked for slaughter,” 1 thought. Or was “K.” Kazanovitch? I regarded Revalenko more closely. He was suspiciously sullen. Must have more money. Cable ten thousand rubles at once Russian consul general. Will advise you plot against czar as details perfecied here. Expect break up New York band with death of 8. 1t Kennedy himself had thrown a bomb or scattered broadcast the con- tents of the test tubes the effect could not have been more startling than his last quiet sentence—and sen- tence it was in two senses. gned,” he said, folding the pape up. deliberately, “Ekaterina Nevsk It was as if a cable had snapped and a weight had fallen. Revalenko sprang up and grasped azanovitch Kby the hand. “Forgive me, comrade, for ever suspecting you." he cried. “And forgive me for suspecting you,” replied Kazanovitch, “but how did you come to shadow Kharkoff?" “T ordered him to follow Kharkoff cretly and protect him,” explained Saratovsky. Olga_and Ekaterina faced each other flercely. Olga was trembling with emotion. Nevsky stood coolly, deflantly. If ever there was a con- summate actress it was she, who had put the bomb at her own door and had rushed off to start Kennedy on a blind trail. “You traitress,” cried Olga pas- sionately, forgetting all in her out- raged love. ou won his affections from me by your false beauty—vyet all the time yYou would have killed him like a dog for the czar's gold. At last you are unmasked—you Azeft in skirts. False friend—you would have kilted us all—Saratovsky, { Kharkoft— “Be still, little fool.” exclaimed Nevsky, contemptuously. “The spir- illa fever has affected your brains. Bah! I will not stay with those who are so ready to suspect an old com- rade on the mere word of a charla- tan. Boris Kazanovitch, do you stand there silent and let this insult be heaped upon me?”’ For answer Kazanovitch deliber- ately turned his back on his lover of moment ago and crossed the room. : he pleaded, “I have been a fool. Some day I may be worthy of your love. Fever or not, I must beg Your forgiveness.” " With a cry of delight the actress flung her arms about Boris as he im- “rlnted a penitent kiss on her warm ps. “Simpleton!” hissed Nevsky with curling lips. *“®Wow you, too, will die. “One moment, Ekaterina Nevsky,” interposed Kennedy, as he picked up some vacuum tubes full of a golden llow powder, that lay on the table. e spirfila. as scientists now know, belong to the same family as those which cause what we call, euphemis-, tically, the ‘black plague.’ It is the same species as that of the African slecping_sickness and the Philippine yaws. Last g:.kr a famous doctor Whose photagPaph I see in the next room, Dr. Ehrlich of Frankfort, dis- covered a cure for all these diseases. It will rid the blood of your victims of the Asiatic relapsing fever germs in forty-eight hours. In these tubes I have the now famous salvarsan.” With a plercing shriek of rage at eing her deadiy work so quickly and completely undone, Nevsky flung herself into the little Iaboratory be- hind her and bolted the door. Her face still wore the same cold, contemptuous-smile as eKnnedy gen- tly withdrew a sharp scalpel from her DT rhaps 1t 1s best this ot “Perhaps way, after he sald simply. | | ned 1 all THE END. REDEMPTION IS ORDERED. Secretary Mellon yesterday author- ized federal reserve banks to redeem cash at par acorued interest, %‘lfiflfi August 1, ry certificates of indebtedness dated August 1, 1522, I In intense silence Kennedy passed | k best | !}—Such a large p! s BUSINESS MOVES CAUTIOUSLY. - BUT IS UNDER FULL CONTROL BY J. C. ROYLE. Special Dispateh to The Star. NEW YORK, July 16—The block signal has swung up in front of the business special in warning that the track is not clear ahead. In conse- quence, business is proceeding cauti- ously and under full control. There seems little prospect that business will be wrecked or suffer disaster or even serious delay, but the track ls not clear and will not be until the { present labor controversies are re- moved from the right-of-way. When that is accomplished there is every reason to believe that business will make up lost time. For the demand is there and business usually man- ages to meet demand. The coal, rail and textile strikes are serious obstacles, but business history has shown that while labor disturb- ances cause month-tdmonth irregu- larities they merely retard rather than prevent business expansion. The textile strike has not the broad sig- im ance of the other two, as it is af- To prove the effect of the coal strike is 2 Simple matter of arithmetic. The country is burning 3,000,000 tons a | Week more than it is producing. In- dustries already are feeling the de. pletion of surplus stocks. 1f the trouble is adjusted speedil the effects will not be keenly felt. Credit Conditions Enxed. Money rates are lower, credit condi- tions have eased and the banks are in splendid shape to take care of the reasonable demands of business for expansion once labor controversies are out of the W This will be alded by the upward trend of prices for basic commodities, the excellent proepects of the cropgrowers, and the broadening demand for manufactured products. P ailroads are preparing to ask for bids on tens of thousands of new cars. ‘They are in the market for locomotives and other equipment which will cost scores of millions of dollars. Building _activities have been only temporarily lessened. Steel mills are falling further behind their orders, with buyers clamoring for i deliveries. The automobile industry summer stump, is proceeding at rec- ord production. One Significant Trend. Perhaps one of the most significint trends apparent at_ present in the business world is the decided im provement both at wholesale and re- tail in the demand for clothing. Hats, caps, shoes, shirts and Laoes- dashery are booming, and manufac- turers are adding to their werking at this time last year, and the totals influx of money to farmers from the harvest has hardly begun to make it- self felt as vet. Fruit is perhaps more likely to suf- fer from effects of the rail strike | than other commodities, but at least a large part of the crops can be ex- peditiously moved by boat and motor truck. Some of the markets have been flooded with fruit, with a con- sequent severe drop in prices, but the yield has been profitable in most in- stances Lumber Not Curtailed. Lumber production has not been curtailed in the northwest, and there again water transportation will take re of the larger part of the output. The demand for metals has set the {mines to rushing production. Ircn ore shipments are rapidly back toward top figures, and four- and demand for zinc are aiding ducers and smelters. Live stock quotations are rising and growers are on a more stable financial basis. Packers are doing more business, both at home and abroad, and the markets for hides and leather continue to record gains both in prices and Yolume. Tire production is being maintanied though not augmented, but manu facture of other rubber goods is gaining steadily. Furs are fairly active and higher prices are pre. dicted. Department store trade ha: been affected somewhat by weather conditions in various sections, but this slump ls regarded as merely temporary. Lower prices for crude oil are forecast. Commodity Reports pro- Rice. NEW ORLEANS, July 15 (Special). —Domestio rice trade is buying spar- ingly, waiting for new crop to move. The new crop promises to be 12 per cent larger than last year and s ex- pected to bring fully a cent more than the old crop. About one-half to fwo-thirds of the crop will be sold through the farm bureau. Rubber. AKRON, Ohio, July 15 (Special). Tire production in Akron plants con- tinues good, but the mechanical goods departments of rubber companies are increasing operations. Rubber boot and shoe business §s increasing Tapidly, in anticipation of fall and Winter business, while rubber heel production reached record proportions this June. Furs. NEW YORK, July 15 (Special).— Furriers predict marked increase in buying around August 1. By that time manufacturers, furrlers and cutters-up will shown _thelr gamples to the trade and will have a definite idea of the requirements for the winter season. . Cabbage. MILWAUKEE, July 15 (Special).— Full sauerkraut barrels are assured for next winter, according to cabbage growers in this section. A crop of 90 Per cent is expected. Shoes. SEATTLE, July 15 (Special).—Or- ders for shoes placed with manufac- turers for fall and winter delivery are limited to strictly conservative re- quirements, especially in the higher- priced grades of men’s shoes. Dealers believe the public thinks prices are %0 high and purchasers are con- faced that manufacturers must lower costs. Knit Goods. PHILADELPHIA, July 15 (Special). —Production of seamless hosiery is well maintained and is in exceas of demand. Full-fashioned hoslery is in better requirement, and heather mix tures are expected to do a big, busi- ness for fall and winter. N ‘Wool. BOSTON, July 15 (Special).—It is the consensus of opinion in local wool trade that the rise in' weol has come to an end. Prices are now :{ from :o“:.o 100 per cent compared with last al 3 ‘ Fruit. LANSING, Mich., July 15 (Speciad). rtion of the fruit crop of Michigan is hauled by truck and boat that growers belleve the en- tire crop will escape any possible de- lay becguse of the railroad strike. fecting only the New England mills. | . however, instead of experiencing the usual mid- | getung teen-cent copper and better prices From Various Sections - Some Activities Are Retax:ded By Labor Troubles, But Mills Are Behind Orders -and Buyers Clamor: for Deliveries. obviate shortage for locomotives when {‘ll;m products are ready for the mar- et. Hats. ST. PAUL, Minn., July 15 (Special). —Jobbers and manufacturers in furs, hats and caps report that business at the present moment is quiet, but that theavy bookings are being received for ‘the fall trade. Increased fur prices are forecast. Notes DETROIT, July 15 (Special).—Ad vance in the price of bullding construc- tion, which served to check operations somewhat in June, seems to haye been forgotten by the builders. A tremen- dous amount of residence construction is going on just outside the city limits, the figures for which do not appear in the city building permit total. Money for building continues easy and the only deterrent factor is the lack of skilled labor. Architects say that many which have been held up by labor & age will be released about September 1, when it is expected many workers will be laid off from the factorles. ATLANTA, July 15 (Special).—Im- realty corporation here that leases on business property totaling $1,272,000 jpave Just been signed. SEE REGION TURNED INTOVAST GRANARY British Consider ‘Damming of Blue Nile to Benefit Sudan Area. The advisability of damming up the Blue Nile not far from Khartum, in the Anglo-Egyptian Sudan, so that { the rich triangular region betwee the two mighty forks of the most i historic river in the world may be | turned into a granary for all the Su- | dan, is being considcred by the Brit- ish government, newspaper dispatches “The Blue Nile, or the Bahr-el- Azrek, as it is called locally, rising forces. in the highlands of Abyssinia, to- The use of electric power and gas | gether with two other affluents from consumption are on the increase, and | the same source, furnishes the world- utilit companies are expanding | famous Nile with much of the rich capacity. More paints, varnishes and , sediment which for centuries has en- oil% have been made and sold than|riched the plains of lower Egypt for many years. The sales of farm | during the flood season,” says a bul- implements have nearly doubled the|letin from the Washington, D. ( headquarters of the National graphic Soclety. Almost an Unknown Region. “Down through a region little known and almost devoid of inhabitants or any form of cultivation, rushing over numerous cataracts and rapids, the Blue Nile cuts’ its way from its source, the beautiful broad sheet of water known as Lake Tsana. The lake. which in the future miy be- come the reservoir for the ca- tlon of a vast ar Ton foe above sea level and about 2,500 below the normal level of the muu{x:: jin a basin resembling somewhat the crater of a volcano. Near its south- | castern corner, through a great fis- sure in its almost inaccessible rim, | the river issues, and, circling around the mountains, strikes out in an $30- mile course toward the northwest, to Join the chief branch of the Nile at Khartum of Kitchener fame. Ge Gezira on its left bank, are among th richest on the continent and it is these that the irrigation projects are to develop. In Sennar, the Dinder, a Blue Nile tributary, which also rises in the Abyssiamzn highlands, add during the rainy season, its sediment- jladen flood to that of the already i swollen river, and together at Khar- | tum they discharge over 10,000 cublc meters of water per second. thus out- oing the White Nile its that time. atnE Main Stream Already Dammed. “From July to October this mighty flooding goes on, the waters of the Blue Nile, so called because of their clarity and blueness at ordinary sea- sons, mingling their chocolate brown with the greenish-gray color of the “white branch of Father Nilus. “This great difference in the volume of water from Abyssinia is due to the heavy rain that falls in the moun- tains of the country not far from its leastern coast. The Nile system In j itself may be said to be a simple one, its basic source being that steadi flowing river from the tropics which is fed by the great lakes in the east- ern and central portion of the con- | tinent, augmented at times by a great | volume of water from its Abyssinian ! affluents. i “Since 1902 the inhabitants of ypt near the mouth of the Nile ) have had their water supply replen- jshed during the season of low water by the reserve supply stored In the Assuan dam. : Much of Area Uninhabited. “Long stretches of the area north of the Blue Nile are almost entirely i uninhabited, one traveler reporting that he traveled ‘eighty-six miles in | Abyssinta and had not seen a dwell- ing or a sign of cultivation’ And even when one encounters inhabi- tants in_the country further to thbe east he finds them ‘unashamed of any crime or vice' They perpetrate their crimes with perfeck indifference and recount them with gavety and laughter as part of the regular con- versation during meals. Up in the highlands near the river's source, despite the burning tropical heat of the day, one is glad to crawl snugly beneath his blanket when night has fallen. The beautiful blue lake encircled with mountains and dotted with islands leaves much for future explorers to do, as few data concerning it have been gathered and few - soundings made. The “sudden | gusts and squalls which rush down the valleys across it give plenty of varjety to its some-time deceptive calm. Hippopotamuses, which the natives hunt for their hides, infest its waters. ‘he mystery which has always clung to the dark continent still en- compasses much of this virtually un- known region, but its promise is great when man learns to-harness the power it possesses, to give water to its thirsty and dry sections, and wrest from it the wealth of its natural gifts.” —_—— DENBY VISITS CHINA. Sails From Nagasaki With Admiral Strauss on TU. S. 8. Huron. By the Associated Press. NAGASAKI, Japan, July 15.—Sec- retary Denby of the United States Navy and his party of the Annapolis class of 1881 arrived here yesterday on the transport Henderson. Admiral Joseph Strauss, commander of gthe American fleet in Asiatic waters, tendered ‘& luncheon - aboard the United States ship Huron. The Huron, bearing Secretary Den- by, - then lett for Chin Wangtao, China, on_the Gulf of Liaotung, near the Manchurian border, the scene of the last fighting that preceded the truce between Wu Pei-Fu, the cen- tral China leader, and Chang Tso-Lin, urian chieftain. proving trend of business in this city iS% indicated by announcement of a leading | lies 6,000 feet | “The vast plains of Sennar or EI. . THE m : STAR, WASHINGTON, D. C, SATURDAY, JULY and 'Live ‘Stock|LOW MONEY RATES RENEW G Produce LOCAL, WHOLESALE PRICES. ' Eggs—Strictly fresh, selected, can- dled, per dozen, 26a26; average ro- ceipts, 24; southern, 23. Live poultry—Roosters, per 1b., 15; ‘turkeys, per 1b., 25; spring chick- ens, per Ib., 32a36; keats, young, each, fowls, 26. Dressed poultry — Fresh spring chickens, per Ib., 35a40; hens, per 1b., 26; roosters, ver lb., 16; tar- keys, per 1b., 35ad0; keats, younsg, | each, 6o, | Live stock—Caives, choice, per 1b., xillea 9; medium, Ib., 8a8%; thin, Ib., 5a7 Lambs, choice, per n 12; live ph fiu&-udo each:’ live hogs, per Ib. Green fruit—Appl . per bbl 15084 0 pples, new, P C 1la er bu. baskets, nearby, b 1a2.50. ifornia oranges, per cral 17.50a9.00. Lemons, per box, 4.5086.00. | Blackberries, 3a25; raspberries, 20a 35. Peaches, 1.50a3.00. Cherrles, basket, 20a75. California lope 24.00. Vegetables—Potatoes, new, per No. 1, 2.75a3.75; No. 2, 1.00a2.00. { tuce, per crate, §0a75; New York, | crate, 50a1.50. ' Romaine lettuce, 1 Cymblings, per crate, 25a75. Onion: per crate,’ 2.00a3.00. Cabbage, new, jper bbl, 50a1.00. Cucumbers, 753 150. Eggplants, per crate, 2.50a3.50. Tomatoes, per box, nearby, 1.5025.00. Beans, 1:0023.50 pér bbl. Peas, 6.00 }a8.00 per bbl. Peppers, per crate, 50 {a2.00. Kale, 75a1.00. Asparagus, per a3.00. Spinach, per bbl., 2.50 per 3.0/ | bbL., per COTTON MARKE®S. NEW YORK, July 15.—The cotton market opened steady at a decline of 9 points to an advance of 2 points and firmed up right after the call on covering by some of vesterday's sell- ers, who were disappointed that the weather map did not confirm private reports of good rains in Texas. OC- tober sold up to 22.60 and December to 22.45, or 12 to 14 points net higher. The demand, however, was not active, while there was further scattered southern selling. and the initial ad- vances were followed by rather fr regular fluctuations. If anything, do mesilc labor news was regarded as somewhat more favorable, and there was also some bullish comment on reports of a firm goods situation, which may have contributed to the early advance. Futures opened steady; July, 22.40 offered; October, 22.35; December, 22.25; January, 22.00; March, 21.90. A.B. A REPORTS TEL THRRT TORY Total Savings, $16,500,000, C00—Much Less Than Bureau Figures. BY L A. FLEMING. Thrift is one of the greatest alds o business in this country. Thrift means new money for various enter- prises and for the development of the possibilities of the nation. The savers of the United States are accredited with having to their credit in the banks a matter of $16.500,000 {000. Almost as great as the entire | fotation of liberty bonds during the {great war. The American Bankers' Assoclation is responsible for these figures, com- ipiled through its savings bank sec- { | | {tion, the total including savings de- | posits, certificates of deposit, 30 days { land longer; postal savings, etc., for {\which the data at hand was complete, {through the aid of the controller of {the currency and his bureau. These figure are at direct variance in the total with the showing made by a government bureau, which |placed the amount at $27,000,000,000. |This total was arrived at by taking { mutual savings banks' deposits and !the total outstanding of liberty bonds. {"But the liberties are not all held by savers, by any means. Banks hold large amount of liberty bonds, eor- . i porations still have many millions of dollars invested in them and the tem- perary employment of millions in lib- erties is admitted. Tt is probable that the American Bankers’ Association figures are much nearer the correct total than the bu- reau estimate and the totals are suffi- cient to warrant continued efforts in cvery direction to stimulate saving for the good of the nation. Gold Coming This W The resumption of gold shipments from England may mark the first preperations of Great Britain for the payment of her obligations to the ‘nited States government. It {s gen- erally considered that the accumula- tion of dollar exchange on this side will continue for some time before the initial payment will be under- taken. The S. S. Homeric, which salled from England yesterday, carrled nearly $3,000,000 gold for the United States. Bank Clearings Increase. New York clearings yesterday, $118,- 200,000 increase; Chicago, $9,930,000 {increase; Philadelphia, $8,000,000 in- crease. -~ Federnl . Reserve Ratlo. The combined ratio of the reserve of the federal reserve banks stands at 77.3 per cent, an evidence that re- discounting i8 exceedingly light and that there is no particular call for a lowering of rates. & CONFLICTING FEATURES MARK WEEK’S TRADING NEW YORK, July 15.—Dullness and an irregular reaction of prices in many divisions of the stock list off- set by a fair distribution of busi- | ness, mainly at higher prices, in the {bond market, were the conflicting features of the week in Wall street. Prolongation of the coal atrike and latest aspects of the rallway workers' walkout exerted an increas- ing influence, regardless of the time- worn theory that labor disturbances are not to be regarded as more tha; sentimental factors. Much of the week's unsettlement was_occasioned by a sharp setback in oils. Mexicans were severaly de- pressed on a revival of “salt water” rumors, while domestic shares of that type owed their heaviness to fpars of federal regulation. The money market was in no accountable for the declining of values. Call loans eased to the unusually- low quotations of the pre- ceding month, commercial paper was in better demand, and yet another cut in the British bank rate reflected the plethora of funds in London. Germany's more acute ‘oblems were the subject of earnest discussion in banking circles and the cause of renewed nervousness in the wide ng 85 n: reported by United States Steel co: firmed recent estimates of a 76 per cent production by that corporation, and the quarterly statements of in- dependent companies, notably Lacka- wanna st:u. (l :z-‘fl progressive jm- provement o nings in th half of the current year. A * INDUSTRIES ARE ON MEND. STOCKHOLM, July 15.—E; increased its censumption of 8 iron ore, & fact taken here to indi- cate that European industries are on fin ni:nd.’ Th&l:l‘fzutn::on ore min- g firm in len, Graenges- berg _Oxeloesund, has through Narvik in 1922 250,000 tons of iron ore than during the period of 1921. In May alone year Narvik cleared 600,000 iron ox';,.fi breaking all n | | =t / 15, 1922. GRAIN AND PROVISIONS. BALTIMORE, July 15 (Speclal) — Potatoes—New, barrel, 2.50a3.00; No. 2, 1.26a2.00; 100 pounds, 1.50a1.75; No. 2, 76n1.00; beans, bushel, 65a1.15; lima beans, bushel, 2.25a2.50; Leets, 100, 1.50a3.50; cabbage, 100, 1.50a3.50; car- rots, 100, 2.50a3.50; celery, dozen, 1.00 a1.26; cotn, dozen, 12a40; cucumbers, basket, 25a50; eggplants, basket, 1.25 al.50. Lettuc basket, 50a75; onlons, 25; Bermuda, crate:1.25 onions, 100, 1.2581.50 . 2.00a2.25; peppers, bas. rhubarb, 100, 2.50a3.50; 25a35; tomatoes, bas- green, crate, 1.25. barrel, 1.25a blackberries, quart, 16a20; cantaloupes, basket, 75a 1.50; crate, 1.00a2.50; cherries, basket, 45a75; currants, quart, 12a18; goose- berries, pound, 7al quart, 18a25; peache: crate, 1.25a! basket, 75a1.00. berries, quart, each, 15a40. Closing Prices at 1 0'Clock. Wheat—No. 1 red wiater, spot, no quotations; No. 2 red winter, spot, 1.26%; No. 2 red winter, garlicky, spot, ‘new, 1.20 per bushel; July wheat, spot, new, 1.20 per bushel; Au- gust wheat, 1.16% nominal. Sales—Bag iots of new, nearby, by sample, at 86, §7, 90, 92,94, 95, 1.00, 1.02, 1.05, 1.08, 1.06 and 1.10 per bushel. ‘argoes’ on grade No. 2 red winter garil at 1J9 per bushel; No. 3, 113 per bushel; No. 4. 1.08 per bushel; No. b, 1.03 per bushel. Corn—Cob corn, old, quoted, 3.50 per harre! contract corn, spot. 76; No. 2 corn, spot, 77%; track corn, yellow, No. 2 or better. 80; No. 4 corn, spot, 74% per bushel. Sales—Car lot of No. 1 yellow, do- mestic, spot, at 80 per bushel. Oats—White, No. 2, 47 per bushel; No. 3, new, 46a463 Rye—Nearby, bas lots, 80a95 per bushel; No. 2, western export, spot, 93%: No. 3, no quotation. | . Hay—Receipts, none; range is 17.00 i to 21.00 for fair to good quality timo- thy and mixed hay; market firm; sup. ply on hand ample for trade. 8traw—No. 1 tangled rye, 15.00; No. 1_wheat, 11.50a12.00; No. 1 nominal, 12.00a13.00. CHICAGO, July 15.—Wheat prices during the early dealings were gov- erned largely by the strength in Liverpool. Short covering was much in evidence at the start, and the local sentiment was.mixed. The govern- ment report on Missouri telling of damage by cinch bugs, which are said to be more menacing than at any time during the past twenty-five years in that section, also acted as a factor. After starting unchanged to ‘half-cent higher, with September L13% to 114, ‘and ‘December L16% to 1.16%, the wheat- market hel near to the initial range. Corn and oats were governed by the action in wheat. Trade in coarse grains was only fair. There was some buying of corn futures which was attributed to cash interests. The opening, which ranged from un- ghanged figures to %a% higher, with September 65%, was followed by a slight gain all around. Oats started unchanged to % up, September 37, and then scored a slight further advance. Higher quotations for hogs tended to lift provisions. Potatoes—Weak on sacks, dull on barrel States ‘shipments, 829 cars; eastern shore Virginia barrel cobblers, 4.00a 4.30; Kansas cobblers, 2.00a2.25: 1y around 2.10; Minnesota sacked early Ohios, no sales, buyers offering 1.65a1.75 cwt. DAIRY MARKETS. BALTIMORE, July 15 (Special).— Live poultry—Spring chickens, pound, | 36a38; smail to medium, 30a33; white leghorns, 28a33; old hens, whit 23 | 13a16; pigeons, pai; . Eggs—Loss_off, native and nearby firsts, dozen, 23; southern, 22. Butter—Creamery, fancy, pound, 38a39: prints, 39a4l; mearby cream ery, 34a36; ladles, 29a30: rolls, 26a28 stofe packed, 26; dairy prints, 27a2s. process butter, 33. CHICAGO LIVE STOCK MARKET. CHICAGO, July 15 (U. S. Bureau of Markets) —Cattle receipts, 1,600 head: compared week ago stricily choice prime and corn-fed steers and year- lings, 25 to 35 higher: other grades steady to 15 higher; best corn-fed butcher cows and heifers, strong to 25 cents higher; other grades steady to weak; canners' and cutters steady bulls strong to 10 cents higher; veal calves, 25 to 50 cents higher; top beef steers for week, 10.60; week's bulk beef steers, 9.00a10. butcher cows and heifers, 5. 7.5 canners and cutters, 3.00a3.85; veal calves, 9.25a 10.00; stockers, 5.75a6.75. Hogs—Recelpts, 4,500 head; asking very uneven, mostly ady to 15 cents higher than Frid: average; top, 10.80; bulk, good butchers, 10.25a 10.65; packing sows, mostly 8.00a 8.71 estimated head, over 5,000; heavywelght, 10.15210.40; medium, 10.85a10.60; ‘light, 10.55a10.75; light light, 10.10a10.70, packing smooth, 8.25a9.00; packing {gl;‘h, 7.70a8.36; killing pigs, .25. Sheep—Receipts, 400 head; practi- cally all direct to packers; compared with week ago, fat lambs and yearl- ings mostly steady: sheep, cull lambs d feeders, generally 25 to 50 cents higher; week’s top, native lambs, 13.85; westerns, 13.75; four-year yearlings, 12.25; fat ewes, 8.00: feed- er lambs, 13.25; closing bulk fat lambs, 13.50a13.75; fat ewes, 6.50a 7.75; teeder lambs, 13.00. COTTON TURNS FIRMER ON MID-WEEK RALLIES NEW YORK, July 14.—After sell- ing off to 2176 for OctoBer contracts at the beginning of the week on reports of improving crop conditions and nervousness over for- elgn political and financlal affairs, the cotton market turned firmer on the mid-week rallles in foreign ex- change rates, and reports that boll weevil were already doing seridus damage in some section of the south. For a time the demand was active and prices advanced rapidly, with October selling up to 22.84 or aore than a cent above the low level of Monday and within 42 points of the high record established on the publication of the government crop report’ early in_the month. The buying movement was checked by renewed nervousness over Euro- ipean affairs or domestic labor troubles, however, and later fluctua- tions were irregular as a result of realizing, although there was no im- provement in crop news and the pres. ence of scale down buying orders gave the market a steady undertone. The advance appeared to be started by the weekly report of the weather bureau which read favorably as to the development of the plant in parts of the belt, but said that boll weevil were causing damage in Georgla, and that in some other localities plant fro'wth had been at the expense of ruit. There were also very numerous private reports concerning the pre- valence and activity of the weevil, and the fear of serious damage later in the season was promoted by re- ports of rather unsettled or showery weather. Midmonth crop reports pointing to an Increase in the yield indication compared with end of June figures of about 800,000 bales, appeared to have been discounted on declines early in the week, d a deal of local or Wall street was said to be based on a b:fiel that the crop had just entered the period of deterioration and might be expected to lose ground during the balance of the season. Some of the advices received here from the southwest gave & more favorable view of the prospects to- ward the énd of the week, but a expected and combined with reports ‘good busin was ai 1n"chrton Foods was & facior’on on week rallies. huckleberries, | * INTEREST BY STUART WEST. Bpecia] Correspondence of The Star. (Copyright, 1022, by Tne Star.) NEW YORK, July 15—The most important event of the past week In the financial situation has been the resumption of the downward tendency in money rates and of the coincident upward tendency in the investment market. Bank of England reduced its discount rate and the money market here has been following the English lead on the assumption that it means another cut in our own federal reserve rates. The chief objection of the reserve board to lowering rediscounts has all along been the fear of encourag: |ing speculation. This was not. how ere reduced from 43 to 4 per cent a month ago. Rediscounts stood at their lowest in the early part of June. The increase since then, even on bills secured by United States govern- ment obligations, which take account of transactibns originating in Wall street, has been negligible. The total stands now at $157,675,000, against $140,639,000 in the week of June 14 and the high record of $1,573,000,000 in February, 1920. On the other than government paper—that s, on purely { commercial operations—the rediscount {increase has been smaller still. The | Present total is $272,380,000, against $271,305,000, the low record of June 7, and ‘the maximum of $1,616,000,000 in December, 1920. Rate Reduction Being Discounted. Whether or not the fact that last month’s reduction had no infla- tionary results will influence the {federal reserve mttitude now, remains |to be seen. The investment com- munity {s manifestly reckoning that irates will come down, probably to FINANCIAL For the fourth time this year the ever, the effect produced when rates| IN INVESTMENTS High Records Made on Many Bonds—Slack Demand for Rediscounts—Strike Troubles Only Menace. of two lines—either an {nternational loan or the sort of moratorium which Germany has applied for, during which reparations claims wiil be met in kind instead of money. That Ger- many sincerely wishes to meet her obligations cannot be doubted when there is coneldercd the great political risk the Berlin government is run- ning in trying 1o put through the huge forced loan. This loan project calls for 60,000,- 000,000 levy of paper marks, to be assessed uyon German industry, and upon which no interest will be paid before November, 1925. This is a more desperate measure than any which even the government of th French revolution attempied whe the assignat had become practically worthless, gold had disappeared from Irculation and a forced loan was the only way out. Even the compul- sory Investor was not told that he interest payments for | must forego three years. France May Modify Attitude. There is reason to believe that the French will agree to a modified ! reparations program, under which the form of pavpment would be goods and labor instead of cash. Already th- French minister of public works has Pproposed that Germany be allowed to construct public works in France t the extent of 1%,000.000,000 francs, part payment of the war indemnity This scheme may be defeated through the opposition of French labor. But even so, France is not interested for | the next two years in the guestion of cash, as compared with goods pay ments, because for that time the Bel- glan priority claim would allow Bel- glum to get most of the German gold. England to Send Gold Here. Gold transfers from London to New' York, in preparation for meecting ihe interest on England’s war debt to th United States government, are lik to be & feature for the next month 3% per cent, from the 4 per cent.|or more. The aggregate is not, how- It has been tentatively discountingiever, expected to be large, for Great such action during the last week with a buying movement, which has swept liberty bonds forward to new high records and has carried the higher | demption, Britain will undoubtedly provide the necessary funds, as she did in the case of the Anglo-French bond re- through accumulation of grade railway mortghges up close to:dollar credits in the exchange marketl their high of April and May. In a word, it looks as if the ad- vance in investment securities, which was checked three months ago, has been resumed. Crisis Tided Over. { The German financial crisis has |been tided over another month be- icause phyments which the Germans had made In goods were turned into cash and thereby the July instaliment Ior 50,000,000 gold marks was reduced | i 1 to 32,000,000. This small sum the German government was able to pay. The latest reichbank statement shows, however, at what a terrific cost in paper note expansion even this com- paratively moderate sum of gold was gathered together. Within a single month German bank note circulation has risen from 155,000,000,000 to nearly 173,000,000,000 marks. Similar increases to obta{n fu- ture monthly installments are unthink- able. The German mark would sink to the level of the Austrian kroner and Germany would make a formal con- fession of bankruptcy. A woan or a Moratorium. The solution of the German problem clearly lies along one or the other EQUIPMENTS ARE MARKET LEADERS Anticipate Big Buying Orders After Strike—0ils Again in Slump. BY STUART P. WEST. NEW YORK, July 15.—The stock market furnished the usual midsum- mer Saturday spectacle of dullnes: There were more points of strength, however, than weakness, with most strength making itself felt in an en- tirely hew quarter. This was shown in the equipment group and every member of this group advanced sharply. The buying which appeared here showed more than anything else that equipment stocks were scarce at present prices. The situation in the equipments has not changed for some time, 8o it could not be sald that a new element had entered the market position of the stocks. All of the railroads are in the ma: ket for new equipment, and these or- ders are expected to make their ap- pearance soon. Specialties, such as International Paper and Industrial Alcohol, also were strong, while the usual weal nees in the oils made its appearance on_the announcement by the Stand ard Ofl of California of a reduction of 25 cents a barrel in the price of crude oil. Olls Go Off Again. The company announced that the cut was made because of overhead production in crude and subnormal demand for fuel oil. Companies in the midcontinent field are expected to follow the lead of the California company. The demand for the United States government war issues and high- grade railway issues continued in the bond market. New high prices for the year were reached in both of these groups and the market gener- ally was strong. French government and municipal issues recovered more of their recent losses. There was little change in the for- elgn exchanges, all holding about at their closing prices of Friday. BONDS ARE ACTIVE i _NEW YORK, July 15.—Although United States government securities continued active and strong, their leadership of the bond market, ac- quired on Friday under the stimulus of easier money, passed today to the rafllway list. All the liberty issues held Sround their high prices of the pre- Geding day, the second 4%s striking 2 new top for 1922. It was in the railway group, however, that record high prices were numerous. High. grade bonds which have featured re- cent dealings kept up thelr advant some of them above the bast figures of last spring’s buoyant market. In the foreign government section French government and municipal |10ans were the outstanding incidents. Gains here were only moderate, but | refiected the improvement in the con- ch: particularly in francs. and the municipal loas recovered their .p‘al(;?n above 83. Swedish 6s hed 10 "’Kfim... the industrials, Consolidated Gas convertible 73 were less promi- nent than on Friday, and sold below 124 most of the time. Rubber, pub- lic utilities and steel company bonds * AT FIRM PRIGES: In the meantime the British treasury has been pressing France for the in- terest on war advances made by the British to the French, selling of francs to mect these claims has been one of the causes for the decline 1n French exchange. Labor Troubles Serlous. Labor troubles are the one deep shadow at the moment on the bus. ness situation at home. The threat of fuel scarcity increased by the rai way shopmen’s strike has at length begun to affect the steel mills. Con- tinued for another month or so there is no doubt that not only in steel trade, but in many other lines, pro- duction would have to be seriously curtailed. The stock market had not allowed itself to be workcd up over the labor difficulty because it still believes tha the shopmen's strikg will soon fizzle out and that the administration at Washington will force a settlement in the coal business before any vital injury is done. But th ct remaing that until these strikes are dizposed of the business situation will be un- certain and this uncertainty will its reflection in Wall street ope tions. WHEAT SHIPMENT FEARS BACK OF WEEK UPTURNS CHICAGO, July 15.—Possibilities of transportation of wheat being cur- tailed as a result of strikes have been eftective in bringing about upturns this week in the value of wheat. Com- pared with a week ago, wheat this morning showed gains ranging It 32 10 1% a bushel corn was do 35 to 2%a%, outs off 1% to 1% and provisions at 15 to 35 decline. Reports that rural loading of wheat had b checked b coal shortage and by other conscquen of labor unrest were quickly exploited by bullish traders in the wheat mar- ket, and were soon seen to act as more than a counterbulance for the opposing influence of German finan- cial conditions. Some railroad em- bargoes on shipments or live stock and perishable commodities gave spe- clal point to talk about likelihood of contracts for-wheat deliverable here, becoming perhaps difficult to fill. The government crop report and wet weather hindrance t threshing put bears at a further disadvantage. Supposed indications =t one time that a settlement of the railroad strike was near had an immediate but transient reflection in a decline of wheat values. On the other hand, temporary renewal of disquiet about black rust led to price upturns which, however, failed to hold well. notwith- standing they were accompanied by considerable export business and b signs of enlarged demand from d mestic millers. Corn and oats were weakened in price as a consequence chiefly of the breaking of prolonged drought in northern Illinofs. Big deliveries of lard here and re- ports that Germans were trying to cancel purchases tended to depress the provision market. OUTLOOK FOR WHEAT. CHICAGO, July 15.—Modern Miller's outlook on grain is as follows: “Raln delayed harvest work over consid- erable areas of the winter wheat belt, but no damage of consequence re- sulted. The quality may be affected temporarily and the movement re- tarded ‘Threshing returns are gen- erally satisfactory in reports from Indiana and Ohio, but are more irreg- ular In states west of the Missis- sippl. Complaints of disappointing ylelds are rather numerous from Mis- souri and Nebraska. Few localities in Texas ylelded over ten bushels per acre. Spring wheat is filling nicely in the northern portion of the belt, but the crop is more uneven in the southern part. —_—_— FOREIGN EXCHANGE. Belling checks—doliar values at noon today: London . ;‘.:.dlpefl ceene Coment Copenhiagen Christiania . Stockholm . Amsterdam Relgrade Montreal n Y 2 - FEEH i3 90 0047 By the Associated Press. NEW YORK, July 15.—Foreign ex- change, firm. Great Britain, demand, 4.44%; cables, 4.44%; sixty-day bills on_banks, 4.42%. France, demand, 8.27; cables, 8.21%. Italy, demand, 4.57; cables, 4.57%. Belgium, demand, 7.85; cables, 7.85%. Germany, demund. 22%. Holland, demand, 38.77. Norway, demand, 18.17 demand, 15.65. Greec demand. 2.82. Poland, demand, .01 Czechoslovakia, demand, 2.20. Argen- tine, demand, 35.75. Brazil, demand, 13.62. Montreal, 99. SALMON PACK LIGHT. PORTLAND, Ore., July 15.—Radio reports from Alaska state that this season’s pack of salmon will be light. Packers' estimates are 60 per cent of normal. Fishing conditions in the lower Columbia river district are im- proving and indications point to a nearly normal run of salmon. BAR SILVER QUOTATIONS. NEW YORK, July 15.-“Foreign bar silver, 70%: Mexioan dollars, 53%. LONDON, July 15.—Bar silver, 35% e : Paton Y Shar(” bilin, 1 13-16 cent; three-month bills, 1% per 2