Evening Star Newspaper, July 29, 1922, Page 11

FINANCIAL ANOTHER CUT IN AUTO PRICES BY FOUR PRODUCERS IS RUMOR ItIJ:djustry Now Facing Most Anomalous Situation Ever Known—Survey Shows Trade Push Under Strike Leash. BY J. C. BOYLE. Special Dispatch to The Star. NEW YORK, July 20.— Four of the large producers of medium- priced automobiles expect to cut prices on or soon after August 1 As a result the whole automobile ndustry, with all of its affiliated lines and the subsidiaries which feed t, is sitting up and taking notice. Distributors and automobile chandise throughout the country are nervous over the situation be cause the extent of the i = not yet known, and, inde cases is not yet fully determin The automobile indu the most anomalous situ ever known. The majority of mobile companies do not need to cut prices to stimulate sales. Two- | thirds of the manufacturers are oversold. They cannot produce the cars already ordered and are work- ing at capaci Ford is making more cars than ever before, and the Ford factory is 100,000 cars be- hind on closed car orders. Dodge, Hudson, Overland, Chevrolet, Max- well and many other factorics have just closed the best half year they have ever known from a sales point. But there are some concerns that for peculiar reasons ve not shared this unprecedented | prosperity. These makers expect to adjust their own problems by naming | ower prices. They hope by this| method to maintain furing tha period of the s normally one of declintng activi No Price-Cutting Wave. No general wave of price is expected August 1. The p revisions downward are expected by many in close touch with affairs to| But if average about 121z per cent those reductions reveal t lifferential as compared Iling at the same prese nge. slashes by other makers may be_expected. Business responded immediately to |2 the Improved situation as regards the great railroad and coal strikes. This improvement in the various lines of trade and enough in view of the tensity which the situation was uming. That revealed in ches received within -four hours which recorded the initial move in certain sections to restrict the sale of food products as was done during war days. One big string of chain groceries In the middle west declined to sell more than ten pounds of sugar to each customer. There is not one pound of sugar in the wholesalo houses In one section of the south- west. Strike Loss, 30-50. Steel plants and factories profitable orders on their hook closed down and on the of the picture, it Is estim anthracite miners alone al wh been_ a mainstay of commercial and Industrial activity, has been saved from curtailment largely because pro- ducers and distributers of buildi material have forsaken the old r fic will bear." plaster all have been In tremendot demand, but the prices have main- tained a steady level, which would | permit continuance of operations. Or- ders for lumber. which had suffered a check as a result of the rail strike, again are expanding freely with buy- g in_evidence for export, as well as for domestic consumption. Mills again are approaching capacity production. Price Increases Continue. Leather and hides continue to record steady increases in price, although those sams increases have tended to restrain the immediate volume of pur- ~hases. Shoe manufacturers are ap- proaching capacity production in near- ly every section except the- Pacific northwest. Fruit growers, with splendid crops maturing, are extremely nervous over the railroad situation, fearing delay in delivery of containers and in ship- ping consignmenta after they are packed. The coal shortage, by curious chance. has resulted in a widespread increase in the cost of ice. Purchases of merchandise by retail- ers are heavier than for eighteen | months, and, as was forecast in this column, orders for rallroad equipment and supplles are being placed aggre- gating tens of millfons of dollars. Commodity Reports From Various Sections Steel. CLEVELAND, July 29 (Special).—The | president of a company manufacturing axles exclusively for trucks sees a ' marked Increase in the truck business as reflected in receipts of his own com- pany. Net profits, he said, have risen from $1.169 in January to $32,923 in June, while business in July is expect- ed to run higher than for any month so far this year. The company s op- erating at about 50 per cent of ca- pacity. Bullding Materials. PITTSBURGH, July 29 (Special).— Buflding_contractors’ supplies are sell- ing freely. This is especlally notice- able in lime, cement, plaster and brick, which are in strong demand with prices well maintained. ‘Wool. PHILADELPHIA, July 29 (Special). —There is a firm demand for carpet wools from spinners, but the miners strike is likely to have an adverse ef- fect on carpet trade here in the fall, Farm Implements. KANSAS CITY. July 29 (Special).— 1 With the peak of the implement trade past, a survey in this section shows that sales were only fair. Most buying was of parts for repairs rather than of new equipment. Stocks in hands of retailers are small and wholesalers will feel im- mediately any improvement in farm buying. Rice. NEW ORLEANS, July 29 (Special).— Steady and firm prices for the rice crop this year are expected by rice farmers. The Farm Bureau Assoclation controls sale of cnough rice to play an impor- tant part in establishing quotations. Hoslery. CHICAGO, July 29 (Special).—In- creased popularity of low shoes with both sexes is creating a steady demand for high-grade hosiery for fall, accord- ing to Marshall Field & Co. -Advance sales Indicate that black will predomi- nate. Embroidered importations in «jlk and wool hose aré meeting with widespread favor. SEATTLE. July 29 (Special).—Rall shipments of lumber from western Washington and Oregon mills are keep- ing_shead of facilities, Unfiled, rail according to latest reports of :b. ‘West Coast Lumbermen’s Assocla- tion, amounted to 6,422 cars. New busi- ness booked by flecordinfinllll is about 8§ per cent below product Coal. ST. PAUL, July 22 (Speclal). —Min- nesota officials have begun a state- wide coal survey through 2,225 deal- ers to determine needs for remainder of season. A shortage in the north- west 1s decl. Gov. Preuss is confident that this sec- tion will be given priority l!!er rail- roads are supplied. PHILADELPHIA, July 29 clal).—Philadelphia’s board of edu- cation has asked bids on 33,000 tons of coke to be supplied this winter. This product will take place of an- thracite coal in heating the schools. | day | strenuous e commerce was natural | d _ unavoidable, but expzriencing difficulty in obtaining steel bars at prices which will en- able them to manufacture at prevail- ing quotations. PITTSBURGH, July 20 (Special).— The pig iron market continues-qulet, with nominal prices $25 for Bessemer and $24 for basic and foundry, f. 0. b. valley. One hundred tons of mall able sold at $27 valley. YOUNGSTOWN, Ohio, July 29 (Spe- cial).—Since beginning of rail strike ve been thrown out of 2,400 men here banking of blast fur- Onfons. July 29 (Special). e hundred farmers in Collin county, Tex.. have agreed to plant 1.000 acres of onions next year as a result of a contest conducted by the Onion Growers' Association. —This < crop was highly profitable. Shirts. PHILADELPHIA, July 29 (Speclal). - hirt plants here are working @t full time and the trade is very active tarily idle have been reduced In th state by 00 workers. Total in- volun without jobs at present is pla t 109,305, There is ample work for all if the men will forsake their usual vocations and g0 on the farms or take jobs as_laborers on building operations. The greatest mong the skilled artisans ¢ for plasterers, who are being_ paid premium above the scale of $12 a CHICAGO. July 29 (Special).— are being made to trike on street car s which is scheduled The second annual ress” exposition is the same day, zo thousands of -western territory. using every means to vent the strike from interfering h suceess of the exposition. T. PAUL, July 29 (Special).—Bufld- construction in Minnesota in- ed 53 per cent in June as com- .red with June, 1921 Residential quarters for 200 families were in- Q in the total. June contracts crezated $9,622,100. This brought total amount expended for bulld- ing_in the state for the first half of thiS vear to $41,686,800, a gain of 21 t over the first half of 1921. SITTSBURGH. July 29 Work on one of the largest bulldings £ construction is held up ste between carpenters’ and kers' unions as to which is cant of metal w h entitled to put up a metal cornice. MINNEAPOLIS, July 29 (Special).— Minneapolis officials” are backing a movement for a charter amendment to permit the issue of at le: 000 in bonds, the proceeds of v would be used to finance improvement in the river harbor here. Freight traffic re- cently resumed on the upper Missis- sippi Is expected to be increased to a | Jegree by the addition of a fleet 1, coal and ore barges. PHILADELPHIA, July 23 (Special).| hipyards in vicinity of Philadel- hia are ready to undertake work on and construction of locomotives and railroad equipment for roads on the eastern coust that have been af- fected by the shopmen's strike. ‘WALL STREET NOTES. Report comes that Greene Cananea Copper will resume operations Au- gust 1. Pittsburgh & West Virginia stock- holders unanimously voted to in- crease the capital stock from $47 000,000 to $51,000,001 Directors of Pierce-Arrow will meet Monday. No action on reorganization or financing plans is likely to be taken meantime. Atchison rail officials explain the $2,000,000 Increase in operating ex- Dpenses in June as caused by a liberal allowance for maintenance, whereas last summer that item was cut to the bone. Standard Textile Products stockhold- ers will meet August 15 to vote on a proposal to issue $10000,000 20-year 63 first mortgage bonds, of which $6,500,000 are to be offered. Transue & Williams Steel Forging Co. sales last month amounted to $477.000, an increase of $73,000 over May. A net income of $3.087,418.78 by Brooklyn Rapid Transit system for | year ending June 30, 1922, is shown in its report, against a deficit of $4,- 880,932.99 for preceding year. Edison Illuminating of Boston has $3,000.000 7 per cent notes maturing August 1, to be paid off from tempo- rary borrowings. et earnings avallable for divi- oA O N . | cremned £ 4 per cont oyer the wask Massachusetts Gas for June were $240,708, an increase of $65,021, or 37.01 per cent over a year ago. L(vndon reports that Metropolitan Railway has declared a dividend at rate of 216 per cent on ordinary and 3 per cent on surplus land stock. Advices from Amsterdam are that Royal Dutch has issued new shares to the value of 730,000 guilders, which are to be used for payment of par- ticipation of foreign interests. Carnegie Steel has awarded a $12,- 000,000 contract to the Koppers for 200 by-product coke ovens to increase capacity of Clairton works by 60 per cent. AGENCY TRADE REVIEW. NEW YORK, July 29.—Dun's week- eview of trade say: ‘Existing strikes have unmistak- ably restrained the business recovery (Special).— | except |brought the general average of pur- i previous week, THE EVENING RAILS ARE HIGHER, |Grain, Produce and Live Sto INDUSTRIALS SLO Earnings of Various Roads . Satisfactory—Ending of Strike Not Far Off. BY STUART P. WEST. NEW YORK, July 29.—The under- tone of rallroad stocks was firm to- day, showing that the profit-taking of Friday had not impaired confidence that the strikes were drawing to an end. The street saw considerable signifi- cance in the decision of the Balti- more and Ohio shopmen to walt for a national settlement of differences with the roads Instead of making a private arrangement with their indi- vidual employers. While it was not |clear in the absence of détail about the Baltimore and Ohio proposal that the program was satisfactory to the workers, i1l surface indlcations pointed toward expectations that some general scheme satisfactory to all concerned would grow out of Presl- dent Harding's suggestion. Ralls Open Firm. show of strength. Union Pacific led with an initial gain of nearly 2 points, and good-sized fractional gains were marked up by New York Central, B & 0, C & 0, and Northern Pacific. The day's railroad reports showing results in June, were highly satisfac- tory, helping to center speculative i terest in the carrier stocks. Northern Pacific, for instance, which had made an indifferent showing In the earlier months, announced gross and net incomes twice as large as ap- {peared in June, 1921, The L & N gained $2.000,000 in gross revenue, and had a very large ex- pansion’ in net income, ~The Great Northern did very well. Industrials Spotty. Industrial stocks were quite spotty. Anothe r sinking spell in Studebaker carried it down more than 2 points, with a partial recovery later. The chemical stocks, particularly Davison and Allied Chemical, were in suffi- cient demand to bring early bulges of 1% to 2 points. Trading was rather quiet and in thé last hour consider- able irregularity developed under profit-taking sales. German marks again suffered a col- 1 apse, falling under 16-1000 of a cent. The Market Irregular. Irregularity prevailed in the stock market today with points of strength and points of weakness about evenly divided. The chemical stocks, Allied Chemical and dyes and Davison, were among the strong features, both ad- vancing sharply, apparently on belief that each would be helped materially by the tariff. The motors were the weak features, with Studebaker get- ting down below its previous point of resistance and Chandler selling off also. General Cigar. General Cigar directors are expected to put the common stock of the com- pany on an $§ dividend basis this fall. This is the reason behind the strength of the stock in recent market sessions. | General Cigar could well afford to in- crease the dividend from the present $6 rate. The company at the present time has outstanding $5,000,000 in 7 per cent sinking fund debenture pri ferred, which is convertible into com- | mon, but with the company paying only 6 per cent there is not a great deal of incentive for holders taking jadvantage of the conversion privilege. _ BRICK TRADE SOUTH GAINS. ATLANTA, July 29.—Improvement in the brick industry in the south- eastern states has been s0 rapld the last three months that virtually all of the manufacturing plants are now | operating at capacity, according to | Atlanta manufacturers. This is due to unusual construction activity that continues unabated over the entire south. Orders in hand at brick plants are reported to be well In excess of stocks in the yards and storage. HIGH COST HITS BRICK. CLEVELAND, July 29.—Industrial and commercial building here is be- low normal and house bullding about normal. With bricklayers demanding $1.35 to $1.50 per hour. brick masonry is threatened by same fate that be- fell stone. There is a growing tendency to dodge brickwork and substitute con- crete because of the mounting costs of bricklaying. TRADE BUYING ADVANCES. Gains in buying from manufactur- ers and wholesalers for week ended July 24, in all sections of the country Rockies and Northwest, chasing up to 1.9 per cent above the according to the of the proposed wool tariff as unfor- Buying, however, ‘'was 1.9 per cent under last year and 3.1 per cent un- der corresponding week of 1920. In the east, despite strikes, which are holding back busindss, buying in- before and 2 per cent over the cor- responding week of last year. In- debtedness increased 1.3 per cent over: the last week, but was 4.6 per cent year agd 1 per cent years ago. Payments showed a decline of 2.6 per*cent from the week before. They were also 12.5 per cent under last year and 16.7 per cent under two years ago. WEEK OF WOOL REVIEW. BOSTON, July 29.—The Commercial || Bulletin says of the weekly wool marke: “There is a better tone In the wool market as a result of the Senate tariff vote, although wool merchants are inclined to deplore the passage of the proposed wool tariff as unfor- tunafe and bound te bring a reaction. Wool prices are very firm.in_this market for all wools out of bond, that had been steadily gathering |While the forelgn markets are firm, momentum, and evidence is not lack- Liverpool-East India auctions having ing of a distinct check In certain jTecovered on the last day some of its quarters. Priority orders in railroad !earlier weakness. The demand for transportation and distribution of fuel reflect- the more disturbing as- pect of the labor troubles, and pre ent conditions cause the deferment of | numerous transactions which would woolens in the goods market has been fairly satisfactory, the American Woolen Company has witl drawn the production of nine mills from the market. Worsteds, however, otherwise be consummated. Hesita- ido not seem to be meeting with so tion in industrial circles not un-|much favor. naturaily follows the development of doubts regarding supplies and costs of coal, while producing capacity in me leading lines cannot be utilized to the extent that had been previ- ously foreshadowed. ctual curtailment of manufactur- ing, where it appears, results more from the inability to maintain output than from restriction of buying, yet demand has also slackened In some | instances because deliveries are more uncertain, and there is an increasing disposition' to postpone important ac- tion_pending a clearer insight Into the future. Although this is normally the quietest period of the year, the prevailing drawbacks tend to accen- tuate the summer abatement of ac- tivitles and to ymmaz a’waiting pol- in different quas e ‘eekly bank clearlnxl‘ $6,325,118,- PLAN SHIPS FOR LAKES. DETROIT, July 29.—Reports that Detrott & Cleveland Navigation con- templates building two huge passen. gor steamships, to | cost $3,000,000 each, are confirmed by the pmldent nd general manager. He says, how- ever, the bullding of the vessels is contingent on a modification of the seamen’s act. Little is reported from the west that Is new. ‘Mohair is hardly changed, with d mand still centering on the finer g;]ndu. and practically none avail- able, X BUTTER IS UNSETTLED. CHICAGO, July 29.—Increasing ac- cumulations of butter brought about extremely weak market conditions, but the demands of speculative in- | terests caused a reaction toward the end of the week, says the weekly re- port of the United States.bufeau of agricultural economics. Because of a curtailed demand for storage, the u gqrt continues, receivers have nienad practically since July 1 wlth vy accumulations. Whi (lll' ouueu fatled te atlon dealers during th prices and man: p:l? of htho Aceun; 4 P! rought a keen spec- uun interest’ and prices to l M‘h" hvaL “With muht bmm- ?‘”“ ~—At the NDO ‘wool anation sales llll bnl. wm offered. | Boats are to be 535 feet long and a | Pric little more than 100 feet wide. Each would have 600 staterooms, or 110 more. than any laks mh of to- day contains. Railroad stocks started off with a|day, cotton traders were moderate STAR, WASHINGTO. O] mc-. Egga—8 fresb, melected, can- dled, per dosen, 35; average receipts, 23; southern, 22. Live poultry—Roosters, per 1b., 16 turkeys, p .nl. r §; towis, thin, o 8a12; }‘b" nl,.: 3.00a8.00 each; live hogs, per Green fruit—a, w, D 1.50a5.00; per bu.,%unt. 2.00. fornia £.00a10.50; yoJeman Hunbe , 20a 1.0082.50. cnarm Cantaloupes, 75a2. Yogetables— s per bl No. 1, 2.75a3. P‘"‘"’"‘ ”'s%." Let- dig bnlhl BOM- Blackberries, quart, basket, 36a1.00; cr: Sppics crate, 2.008: b0 ket 40a C, SATURDAY, JULY 29, 192 ck ARGENTINA’S WOOL CROP IS LISTED:FOR BI@ DROP Federal Burvey Indicates That It Will Be the Smallest in Twentleth Century. Argentina's vul clip which begins next nwto-b smallest in the t'l.l 1, GRAIN AND PROVISIONS. 1 uly - _39.—Potatoes,'| 0 15, No. 2, 1.26a1.50; Pust o. 3.608 - J lh.l ,'.o% 3, 4gais; ts, barrel 3.5028.00. 4.00. . busbel, hundred, Dbushel, 1.2581.50. 'n'o'“'c'ig}'i: c“" , 2.0023.00. Departmen .00 fflllfl‘ T Argenting, the dm&fld from tn 44,886,000 In l.l 'pr{ nt time. clared, that this -.r’ ip unn will prodm more than 180, unds of wi OF & roxln‘ 1 ,000 bales, :t“’ ‘whi lch”un taloy rate, 100418 50, c’-h apples, » bas 50a65. Currants, uart, 10a16. Dlmonz. ‘%onnd, a7, uck eberri qnl-rt. Pln e- Pl lum; 65, Watermelons, each, lSAlD here was a lack of wheat export Geres St o ks Kt besams Satr dull, the closing showing a net de- per cline of % to 1 cent. with September 1.80, sgplants, e crate, Tomatoes, per box, Beans, - 3.00a5.00 bbl. Peas, per e, 50!per bushel: 8.00 per BbL Peppers, per crate, e/t bushie a75. Kale, 75a1.00. 1.60a2.00. COTTON MARKETS. NEW YORK, July 29.—Fearing con- tinued unfavorable weather over Sun- Spinach, per bbl, buyers at the opening today, and prices were from 6 points higher to 2 points lower. The weather map showed continued high temperatures in the south and showery conditions in the east and, while business was very nar- row, there seemed to be little pressure on the market. Early sentiment was more bullish than otherwise, par- ticularly as the strike news appeared to_be a little more cheerful. Futures opened steady: October, 31.55; December. 21.46; January, 21.30; March, 21 21.12. DOMINGO TRADE OUTLOOK. Outlook for trade between this country and Santo Domingo is prom- ising, according to Otto E. Glocke, In New York to organize an American company to market long-leaf yellow pine. “The mew arrangement.”. said Mr. locke, “for the evacuation by the U. S. military forces and patting the government back in the hands of the Dominicans will give an impetus to the development of the natural resources of the island, which, ac- cording to recent United States gov- ernment investigation, have only been developed 10 per cent. GRAIN CROPS IN EUROPE. Grain crop conditions in Europe are about average or slightly below, ac-| cording to federal reports. covering the latter half of June and the first part of July. Dry weather in England has been offset only K‘h“y by cool, rainy days, while in nce rains and low | temperatures have delayed growth. Con- ditions varied from fair to good in Rus- sia, and were slightly below average in Spain, while they were poor in Africa. Crop faflures wers reported -in South Africa, and Egyptian wheat was slight- ly below average. Rains, cold weather and snow were said to have proved beneficial in Australia. FINANCE AND TRADE NOTES. | Philadelphia has awarded the whole | issue of $6,000,000 Aifty-year 4 per cent | city bonds to a syndicate headed by Drexel & Co. Assessments of oll and gas com-| panies for current year in West Vir- ginla total $128,884,361, as compsared with $124,321,820 in 1921. Lackawanna road reported for June net operating income of $411,745; de- crease. $983.428. Buffalo, Rochester and Pittsburgh rallway reported net operating deficit for June of $186,917; increase, $218,010. Toteco, Mex.. crude ofl output Jul 24 was 130,000 barrels. as compar with high point of 480,000 barrels a | day in February. Decreased output | represents 17 per cent of world's to- tal daily ofl output. Lima Locomotive reports for yexrl ended December 31 net earnings. aft- er federal taxes, etc.. of $1,136,591. South Manchuria rall reports for year ended March 31 net profits of 31,386,000 yen, approximatély $15,693,-. 000, an_increase of 3.990.000 yen. Economy In operations resulted in th increase, according to statement. H G. R Kinney. Inc. reports total sales of $7,882,927 for first six months of 1922, compared with $8.978,244 for correspondin( period of 1921. De- crease Is charged to decline in price of shoes. Increased efficiency and re. ductions in overhead expenses, how. ever, are expected to result in ap- proximately $645.000 before interest on bonds amounting to $93,750—one ! of the best records for any six months | in the history of the company. quotation: Net earnings of Consolidated Cigar in June imereased 25 per cent, as com pared with May. 1521, while for the | five months ended May 31 they in- | creased 104 per cent, compared wnn' the same period a year ago. COTTONSEED OIL STEADY. NEW_TORE, July 29—_Cottonsesd oil closed steady. summer yellow: 1030 Bgrlmabeu'ugg, 10.49. August, 10.36; tember, 10.49; Oo- tober, 9. ovember, 8.61; Deoemn ber, 8.39; 'January, §.40; February, 8 40: March, 8.46. Total sales, 5,200. The National Investment ‘Yokaham: , to be shading prices in’ certain in- Second Trust Notes Are Purchased by Corporation On A Fair Basis : ( Tanpomry Ofim) "Third Floor Sansbury 1418 Eye Street, N W. 1.07% to 1.10 ‘Wheat—No. 1 red winter, spot, no red winter, spot, No. 3 red winter, spot, 1.20; spot, new, 1.09 per ao bushel; July wheat, spot, new, 1.163% August wheat 115 bid Sales—Ba, by sam- 1.00, Cargoes on grade—No. 2 rad ‘winter, glrllcky, 1. 16 per bushel; No..3, 1.09 1.04 per bushi 6 99 per b\llhel . Car lot of No. 2 red winter gar- licky, spot, at 1.17-per bushel; car lot £ Ne frefl winter, spot, at 1.21 per S e IZ red winter, spot, at 1.24 per bushel P rh—Cab corn quoted 3.75 per bbl. asked; contract corn, spot, 76% per bushel; No. 2 corn, spot, T6%;: No. 4 3 per bushel; track corn, or better, 81 per bushel . No. 2, 4613 per bushel; bag lots, 85a95 per western export, spot, No. 3. no quotation. H-y—Recelpu, 70 tons; range 18 17.00 to 20.00 for new timothy and mixed hay: market firm; supply on hand ample for trade. Straw—No. 1. tangled rye, 15.00; No. wheat, 11.50a12.00; No. 1 nominal, 12.00a 13.00. Reports of rain in tha much needed sections of the corn belt-did much to carry corn values off, and ths finish showed a decline of % to 1% cents, with September 62% to 62% DAIRY MARKETS. BALTIMORE, July 29 (Speclal).— Live poultry, spring chickens, pound, 20a25; White Leghorns, 18a20; old hens, 22a24; old roosters, 14: ducks, 16a20; spring ducks, 20a24; pigeons, air, 25. P*Efgs (loss off)—Native and nearby, firsts, dozen, 22; mouthern, 21. Bu!ter—Crelmen. fancy, pound, 37; prints, 37a39; nearby creamery, 34: 1adles, 26a27; rolls. 24a26; store pack- ed, 24; dairy prints, 24a26; process butter, 31a32. GRAIN TREND DOWNWARD DESPITE HEAVY EXPORTS CHICAGO, July 29.—Notwithstanding enormous export bushmess, wheat has gone down in prices this week as a re- sult of the new winter crop being pressed forward in greater volume than the market could readily absorb. Com- pared with a week ago, wheat this| morning was 1l4a2% lower, corn off % to 1%al%, oats showing ¥a% de- cline and provisions at a setback of 7a30. With speculative buying of wheat re- stricted to nearly the vanishing point, and with primary receipts swollen at times to almost double the aggregate for iast - year's corresponding period, the burden on the market appeared too heavy to prevent at least a moderate descent of values. Exporters systemati- cally awalted declines, and on a single day took as much as 4,000,000 bushels without causing prices to develop any unusual strength. One of the most bearish elements of the situation was the difficulty of get- ting an attractive offer on wheat for deferred shipment. Owing to the rail and coal strikes, buyers displaved ex- treme reluctance to assume risk of de- lay in delivery. Toward the end of the week much notice was taken of opin- fons that a settlement of the strikes would so stimulate general business as to be a bullish instead of a bearish factor in wheat. Corns and oats receded with wheat, nd touched new low-record prices for he season. Provisions were affected by griin weakness and by a break in Liverpool quotations for lard. DRY GOODS TONE EASIER. NEW YORK, July 29 (Speclal).— Sellers in general turned a deaf ear today to bids for cotton cloths slight- i1y under the figures which have pre- valled s0 steadily this week, but the tone of the market appeared some- what easler. with some shading among second hands. Neither standard print loths nor sheetings were active, {traders avoiding commitments pend- ing the government taw cotton -c- port mext week. Some small lot or ders were put through in’ drills and sateens. What trading was done in raw silk ‘was for nearby deliveries only and the market was quiet in reflection dr .and sellers were reporfed stances. Mortgage and Building MAIN-2100 . — —which are offered in am LOOKING FORWARD The foundations of most of the-large fortunes of this country have: ot been based upon successful speculations, but upon conservative investments. . Our FIRST MORTGAGES ounts ‘of $250 and up, * e tee absolute security of pvnncrpal, cer- tainty of yield and an. adequate return. P . We recommend that yos the-: preuat mzren rate while it B. F: SA - take xflnflta‘xe of i puvlvls. “ Gy ey e mzzvzsm fiw e be ‘first = incident with the Zwcling in th “pum- | §7A88 in Florida swamps for paper adoption of mn- reedi] Rortheastern Argenti "{nm almost enu'r‘:ly npornlhd very little real m'rlno wofl is pro- esu lar beit and two uce The decline year from the which was estimated at 290,000,001 noul:.d.!l'u -l!d lb‘th 1 ice fo! en first to be the result o low price for sheep wool since the sutumn of 1920. 0:{- It is chopped into pleces 3 H the department viewed the | inches e as nmponry. asserting that | bar| = A blower. the Argentt heep expand enn-ld-nbl glons and it was onl that any increase could be reasonably At the present time, ths umut stated, Argentina. is th ur{. est wool ubartln’ conntry in world and while du per cent of its total shipments to foroll'n couutrlu ‘went to the United 1 Germany took the lead u - mnrk-z tor Argentine wool. Dnrlnl “81. the principal foreign Argentine wool were: G-rmsny. ll 000 bal Great h les; France, §9.000 bales: Belgium, N 36,000 bales, and Italy 11,000 bales. 1 —_— Wright Aeronautical declared its usual quarterly dividend of 35 cent: a share, Dlnhll Aul‘ st 31. Net sal Qual ended amounted to "l'l 0" and net profits to $136,340, after nllowln‘ for taxes Jormist | Al uea i | Swartzell, Rheem Notes of $250 | & H Co. income from- all Up to $5,000 | i d FINANCIAL," WOOL l'RADIlG SMALL. Boston Market Winds Up Week |* e (Joseph 1. Weller{f Wemn: L. & 70 to be.the t / nu heen bought for Amert, D Liverpool, which closed Fri- ; '. and fio wl;-o of trading today was ent & —_—— ‘ indrgen-| NEW GRASS HARVESTER. A special harvesting machine is be- ing bullt to cut the salt rst_crose merin maki; The machine, first of .lwcn e ding, merines In | already ordered, s described as & omblnlthn un and mll::-mi the r...gg time | and ln fiu{:r. It Il equipped :1.?‘ ‘- o 2 -. I. 15 frt }o:t[ lnnd du tee‘t the clip for next t of steel and woo =) | A redhems ot three men operates the 0t 396:008,000 maokhine, whion is equipped with two 78-] wer lllol ngines. The cut l- about 15 feet Peace-of-Mind FIRST Mortgage Notes bave an especial appeal to the man who is endeavor- the D‘Dll'lm.nt Jong and then thrown into th bl | industry could in the arid re- in this territory Our First Mortgage Notes are not temperamental in- vestments. They are un- fluctuating, safe—their in- ' terest is paid promptly. Let Us Tell You About Them ring the war 76 “Never” e esemse ::‘.f- )-nn- rm United States, Britain, 68,000 Now on Hand 727 15th Street N.W. LIBERTY BOND PR!CB If you want to buy, sell or rent Real Estate, think of LANHAM & HILL EQU IT ABLE Co-Operative Building Association, Organived 1879 424 YEAR COMPLETED ystematic s.mp to thl_ldl?-lnrfll-.ll D': llf:: Subscriptions for the 83d lssue of Stock Being Received Shares, $2.50 Per Moath EQUITABLE BUILDING 915 F St NW. JOHN JOY EDSOW. FRANK P. COMMERCIAL Chas. D. Sager 923 15th M. 36 Losss and Iavestments. 53 Years Without Loss to an Investor LIBERTY BOND EXCHANGE 004 14th St. N.W. Hous, § a.m. to § pm. Mala 3907, FIRST MORTCGAGE mortgage is less than w% of the n-fly market value of the property. 1. Absolute Safety. 2. Reliable Security. 4. Insurance Against Loss. 5. Protection Against Depreciation. 6. Prompt Payment of Interest. 7. Repayments of Principal in Full : at Maturity. Choice First Mortgage Investments $100—$250—$500—$1,000 WILLIAM S. PHILLIPS Realtor 1409 N. Y. Ave. N.W. Main 266 FIRST MORTGAGE NOTES FOR SALE IN DENOMINATIONS OF S500 DOLLARS ANED UPWARDS M%.;Z/nefi z % 7207 %fimev&'a;[ %II{IQ Complete Service HE American Security and Trust Company of Wash- ington will take care of your savings account, check- ing account, advise and execute your investments, ad- minister your estate, hold funds in trust for any purpose, act as registrar and transfer agent, collect your income—in short. gender a complete financial service secured by Federal regula- tion—a high type of administrative ability with every pro- tection. . Our officers will be glad to show you how we meet your individual needs. EVERY FINANCIAL SERVICE - 3% onsavinGs TRUST " - 15th and Penna. Ave. . Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES Sthaond H Sts. N.E. 436 7th St. S.W.