Evening Star Newspaper, August 12, 1922, Page 10

10 STR FINANCIAL. SITUATION A DETERRENT |N, Y. Curb Market!Auctior—Three Bridge Sharks, Who Made a Large Mistake—By WEB INFLUENGE ONLY ON STOCKS| == s . Wall Street Refuses to Become Excited. Looks for Great Railroad Earnings After Settlement—Exclxange. WES' BY STUART P. Special Dispateh to The Star. 2 NEW YORK, August 12.—This week's events have witnessed the curities W up connection w ned. Such losses as directly con oceur are so D! caleulations of security values. st long enough to could possibly 1a any vital injury. the government, life of the nation W roads running. Refuse to Become Excited. Consequently the munity h over the strike news, no matter how bad it has scemed on the surface. The figures on car loadings since the first of July. when the have persistently failed to reveal any harm done except to shipments of coal. Were the coal strike over the yailroads would be confronted with an »us trafhic, s and th would have on its hangs in Gver control. took as all along been foreseen. the investment ernment danger h s The improvement in Ket has enabled the roa w -xtensions, imping, ¥ np Yy s t . the ] 2 4 O tne pace with ac- | tive except combinations to cut down | Haent 1 DronviccSREDERS 1 overhead . or running along at very| SO 2 small profits. Freizht Congestion. .| The independent steel companies. ! The come with the cCsl| choosing between these two courses. !, strike with the autumn |have sought a way out by putting ing. leled an unpa fhese thonzs happen is well founded. That it will involve inconvenience and loss to shippers due to inability o fr t through on time 1is INDUSTRIALS ARE MARKET LEADERS Rails Reflect Fear of Strike Spreading—Steels Are Favorable—Notes. BY STUART P. WES’ YORK, August NEW night developments cisive reply of the rail program altogether—brought selling into the railway market. Exchange Firmer. is promptly reflected of the part of th timent v Jee jn_the reco ng part des ation amounting week I 1s circulation. Industrials Strong. The strength of industrial a more significant feature t! rman note been ket, no s but the the financial Stecls to the Fore. preparation n Lackawanna-k 1hese stock nt along, but in its ca tive setilement of the the incentive. bus and Advanc feature. Steel _among the gas stocks, new high records. And the strength in these quarters brought about active short covering ‘where there had been an attempt earlier in in the motors as in others, the week to force down prices. Lackawanna Steel. Lackawanna Steel and the Bethle- hem' Steel shares were the leaders in the industrial section of the market|cent less than in 1921 and 12.2 per today. The buying was believed truth of the old adage that strikes are no argument on which to sell se- never have had in re- ion-wide railway tie- s has been threatened by the policy of the four big brotherhoods in ‘ith the shopmen’s walk- ¥ a temporary mat- ter that they cannot affect long-range ‘The threat of a_general paralysis of trans- cilities is on its face ex- The whole power of realizing that the at stake, would be brought into play to keep the rail- investment com- used to grow excited ail strike began, of worrying about the labor r effect, the business a_more the ht congestion rjvaling just before the gov- This to sell urities and raise funds for larger and engines. coming after have ent of the new crops to mar- The prediction of traffic volume when t that it will mean niuch s of the railroads and supply companies 1s the anticipation of Over- in the railway strike—the expansion of the train- men's walkout in the west, the de- o) executives to the Harding proposal for arbitra- tion, and the report that the shop- men would refuse the administration’s some list today. but had no effect upon the general While railway shares were dropping off a half point to a point, the better part of the industrial list moved ahead, and o did the recent leaders in the public utility group. ing word from London the conference of pre- to accomplish defi- toward solving European ot back mnearly all stained during the early when financial sen- imistic on the sub- Other continental rates joined; even German marks | te the further huge to 9.000,000,000 hown in the Jatest statements stocks ; and 161 in 1918. han | vas the moderate decline in the ralls. Nhese industrials nearly all repre-. CANADA’S BIG WHEAT CROP. gented manufacturing and disttibutive: opTAWA. Ontario, August 12— companics which would be severely{ canada's wheat crop is estimated at Rit if the transportation industry of | 320,968,000 bushels, more than 20,000,- the country were really crippled for | go0" bushels larger than the 'final| gny length of time. That there should | estimate of last vear's crop by the | lling in this part of | Dominion bureau of statistics. contrary active; numerous directions, made | 752,000 bushels, com- | ng about the railway! for the formal an- nouncement of the completion of the thlehem steel merger were actively Bought and common e the pros- coal strike Wilson & Company | Rumley were prominent i of the group of stocks that huve recently been reflecting the im- ovement in the agricultural outlook. Columbia Gas and North American, again made a situation of this sort that ac- counts for the remarkable strength in these two groups of securities all through the recent market. Foreign Situation Depressing. Uncertainty with regard to the con- ference of premiers at London, wheth- er it would be any more successful than its predecessors at Genoa and The Hague in settling German repd- irlllona and the problem of the in- terallied debts, had a depressing ef- fect during the greater part of the week upon the foreign exchanges. out. But we have had vast stoppage e S £ of the country's productive forces Eniai imavks) wentota , NOw R throush strikes in the steel, coal and | ord low and the French, Belgian lnne text industr ©d yet in no in- {;alf:,i‘;rflf;ffo;“ got down clos s ..g“:x.,fi,,;“:;,.ofi Sterling was an interesting excep- liguidation in Wall street. tion, but an exception readily enough L e that usually labor | inteiligible. British finances do nol, stentgles Uf such magnitude do not | like those of the rest of western 1u- Jast long enough to occasion impor- Tope, need German indemnity money tant 1 even In the industries most |to bolster them up. do British Finances. The latest figures on government income and outgo are most striking. During the month _of July the total revenue of the British exchequer portation ched £71,000,000, as against £41.- tremely ink. bat 1t is unthink- | Seached £TL000 000 B, e met re- able that uld such a crisis oecur it ceipts of over £29.000,000. This re- do ! suit, brought in face of last April's reduction in_the incomé tax, is a measure of Great Britain's returning trade prosperity. It makes clear the willingness of the London government to take up the question of the American war debt and start sending gold aver here to meet interest payments. It throws ample light upon the strength in sterling exchange through the crisis of continental Europe, and at the season of the year, too, when offer- ings of commercial bills against Eu- ropean purchases of our new grain and cotton crops are usually near their maximum. 3 Bumper Crops Will Help. The prospect of bumper crops of wheat and corn held out by the gov- ernment's August figures has had a favorable effect upon business senti- ment. It seems to mean that the farm- ers, out of debt for the first time in two years, will have their normal buy- ing power, the loss of which was one of the main causes of the industrial slump of 1920-21. Against this it has to be remembered that this is a vear of active competi- tion in many lines and where this com- petition 1s severa there is no alterna through mergers. The rubber and tire companies are in much the same posi- | whether they will attempt to solve the problem the same way. The oil com- panies also have a difficulty on their hands. They must clear up an evident- ly excessive supply before they will be (Coprright, 1922.) DRY GOODS DULL. Light. | Week End Trading Is Prices Firm. EW YORK, August 12 (Special).— Week end commitments were few and far between in the dry goods market today. Sellers of the print cloths maintained their demand for 9% for the thirty-nine-inch sixty-eight by | seventy-twos, while the thirty-eight one-half-inch sixty-four by sixty's ruled around 81, although the shad- ings yesterday caused sales at 9%, and 8%. respectively—some for Sep- tember delivery. Sateens were quiet agaln, as were sheetings. The raw silk market was extremely quiet after its spurt of activity, with no advance in prices. CALL FOR FALL SHIRTS. Retailers had been displaying no tion and it will be interesting to see| in a position to take part in further in- . dustrial recovery. | great eagerness in placing advance orders for fall shirts, but recently a considerable number of telegrams have been received at New York houses requesting immediate ship- | ment of merchandise. This partic- | ularly ~aplies to the higher class goods. In explanation of this it is said that retailers have had a some- what better summer shirt business than they anticipated. They are also said to have underestimated their fall § requirements, with the result that they are finding need for merchandise sooner than they thought would be the case. In the cheaper grades there has been a slight quickening in the demand. Spring lines are being pre- Ipared and will be shown to, the trade in probably beginning September 15. MORE FAILURES THIS WEEK. After a decline last week commer- clal failures this week jumped. R. G.! iDun & Co. report 402" failures this: ! week, against 347 last week and 407 in the week before last. The increase is noted in all sections of the country. Bradstreet’s reports 368 failures for the current week, compared with 352 !last week, 329 in the same week a year !ago, 147 two years ago, 115 in 1919 The estimated yield of oats is 509,- as compared with | 426,232,900 last year, and of barley 4.881,000 bushels, as against 59,709,- 1100 in 1921 It is estimated that the| vield of rye will be 37,858,000 bushels, as compared with 21,455,240 last year, and flaxseed 4,530,000 bushels in comparison with 4,111,800 in 1921. TRADE BUYING GAINS. Purchasing by retailers from wholesalers and manufacturers for week ended August 7 advanced 0.5 per cent over previous week, 2.6 per cent over the same week last year and 1.7 per cent over two years ago for country as a whole, the credit clearing house reperts. The gains in buying were largest in the middle { and north agricultural sections, but showed a decline, compared to last week, in the Pacific coast and moun- tain sectlons. Indebtedness dropped 14 per cent compared to last week, but was 10.4 ‘Per cent in advance of last year and 10.2 per cent above 1920. Payment activity improved 2.3 per cent'over the previous week, but was 8.2 per to | cent less than in 1920. be from banking sources closely iden- tified with the properties and was in ¢nticipation of the pending merger which was held up during investiga _ tion by the authorities at Washing- which has now been ap- It was said that statements cclaring the oonfirmation of thq me-ger have been prepared to be mail- “ton, but roved. ed_soon/to shareholders. The continued advance of American Radiator into new high ground re- * flects the benefits derived by the company from the building boom. Sales are reported away ahead those “for the same period last year. An extra dividend is contemplated, it = §= sald. Directors in the past have paid many extra dividends in ad tion ‘to the regular $4 payments | the stock. yalue is $25. o merican Radiator's par shipments of bituminous coal _the Readlng totaled 831,513-tous, 1.217,580 tons in same month LINER MAKES RECORD. The French liner Paris, which left New York August 2 for Plymouth and, Havre, arrived at Plymouth last Tuesday at 3 p.m., establishing a new record for this steamship of five days and twenty-one hours for the trip between New York and Plymouth, ac- cording to cable advices to the New York office of the line. Passe 7 p.m., or in time for dinner. C. & 0. EARNINGS OUTLOOK. If operating ratio of the Chesa- :_un and Ohio is as good in second alf of year as it was in first half, and t c increase in usual propor- tion, it should show about $18 a share earned on 627,926 shares of stock outstanding at. close of year. or A ik for London arrived at that city at| cent of ‘4 year's gross THE EVENING sTAR WASHINGTON, D C, SATURDAY, AUGUST 12, 1922 furnishad by the Associated Presa) INDUSTRIALS. ———N\ " YES ,THAI DUl 'D Lo Sates. | N High. Low. Close. > Mo i fove o NAY. % BA e Ty Ty D | HAVEN T PLAYED WHIST FOR YEARS 180 Bt A R Wi 1ol g BUT | Don'T SUPPOSE THE GAME HAS [} mEhelias g T o Corve pEse e BEET D] 100 Chicago Nibple % o NS'DEREDQ. BE| .s;r Do‘ufl.l o g R CareTeie, Mt SOTA e 100 purant, Motors 84 18 SAuK. CENTER , MINNE SOTA. | HAVE %ggg",\“e:';:n b, “§ ? S1% CUT GLASS OLIVE DISHES | E & g Lol 3 WO AND AT LEAST A DOZEN [— MER AR o4 =k Beitice 100 Lehigh Power Sec.. 15% 1B 1200 Lincoln Motors A. 2 1& 100 Mercer Motors . 3 3 800 Phillp Morris 20 19 2300 Radlo Corp cor 4! 4‘52 800 Radfo Corp pr. !& E303 100 Reo Motor Tri 18% 13K 1000 South Coal & Tron. 32 .82 200 Standard Motors. 4 4! 200 Switt" Tnteroatioal 208 20% 200 Tenn El Pow. 14 14 100 Tob Products Ex.. 7 T 10 Todd Shipyards.., 801 O 100 Torbensen Axle. 25! = 700 lz B Light & Heal 13 1 200 Wayne Com s I w 5 STANDARD OILS. Anglo-A 3 ‘ 10 Galena Signal Oil.. 5215 52% 155 Imp Ofl, Canada. 110 108 :; y:-l;u‘ln xPIlpe I{,Ine. 165 1&; o 5 2100 80 ot Tad. o fgfi bt INDEPENDENT OILS. 200 Aetna Con Oil. 200 Alean Ol .. 1000 Amer Fuel 0O 1400 3500 146 7 1 100 Columbia Pete I 520 Creole Syndica 21 1000 Cushing _ Petrol. 05 «]»:‘mj inghurr: Petrol... .20 20 quity Pet pr 1414 %o 14 12200 Federal Oil e 1400 Glenrock 011 1A 1% 1% 7000 Hudson 0l B 24 600 luternation Petrol. 20 % 20% 500 Kirby Petrol 4% 4% 4y 600 Lyons Petrol 66 65 600 Magna 0il 1% % 1% 1100 Maracaibo Ol ... 21% % 20% 200 Marland OIl of Mex 6 6 00 Merritt Ofl 8% Bl 8% 1500 Mexico Oil 1M 1% 1y M {!mu 1l 0il Vg 0% 0 New Eng Fuel.... 61% 61 1 Noble 0il R 00 Omar Ol 1% 4 9000 Red Banks 24 400 Salt Creek . 1% 400 Sapulpa_Ref 3% 300 Simms_Petro By 8i 1000 South Pet & Ry 207 20 300 South States Ol 13% 13% 100 Spencer Pet Corp. 4 i 7800 Texon Ol & Land.. .63 .63 100 Tidal Osage . 2% 12% 800 Turman 01l 1 1 4500 x Oil . FLA 9000 Y™ Ol & Ga BER MINING. 100 Am Exploration 1 1000 Big Ledge a® 5000 Boston & Mor L AT 200 Boston & Mont Con 1% 1% 10000 Canada _ Copper.... .08 .07 13000 Candelaria Mining.. .30 .30 1000 Comb Fraction Min. 08 .03 Consolidated Cop.. . 40 ‘opper Canyon a5 tez Silver 1 1100 Cresson Gold . 2% 1000 Diride Extension a1 5000 Gold Zone Div K 3000 Hard Shell Mining. o1 100 Heela Mining % 2200 Hilltop Mining. 1 1A 400 Hoilinger Gold M.. 117 118 Howe Sound Ce 3 3 3 4 5 10 1000 22 100 Magma_Copper . 4000 Marsh Mines CC 500 Mason Valley 4000 National Tin 1000 500 1300 FAVOREDON ELRB By Special Leased Wire to The Star. 5000 Rex Consolidated. 700 Siatdon Since - NEW YORK. August 12.—Trading 1000 Stewart Atining. on the curb market today continued 3200 Tech m..xe-' fairly active, with a large volume of 300 100 Tonopah Belmont. Tonopah Cash Boy. . 3400 Tonopah Divide ... Tonopah Extension. 100 Tonopah Mining. 1800 Tuolumne Copper. business shares. Goldfield Development accomplished a new high ment. There was a better in the low-priced mining inqui 200 Unity Gold 3y 3 31 5 5 X 00 United Eastern 4 14 1ilalso for Eureka Croesus. Lone Star 100 United Verde Exten 2" ok land Gold Deep Mining—all of which 1600 West End Cons. 1A 1 1 | moved upward. Nipissing mines sold o Wit R ko 1 .9 99 1 up around 6 for the first time in quite O:Xexrington €3 02 2 g while. An exception to the general tendency in this quarter was Canada 6 Allied Packer 611, 641, | Copper. which felt the effects of spe- 2 10414 m.,,‘cm selling and sank to a new low 5 Beth Steel s o fdeure: 5 Beth s 0 3 5 Beth Steel 7s, '35.. 1048 1041, 104% I Lincoln Motors. 1 Canadian Pacific 6s. 101 { In the motor group Lincoln Motors L Cop s AN, S 10e was the feature, dropping on fairly e e on large transactions from 1% to 1%. 4 General Asphalt After its sharp upturn yesterday | 19 Goodrich Tire 7s trading in Goodyear Tire quieted down, but the stock held stead. Inter-Continental Rubber did some- what better. ‘Glen Alden Coal was quite weak, losing at one time a full point. Stutz Motors held around 24 most of 1 Inter R T 7 16 Inter R T 8 Kan Gas & Eiec Kennecott Copper Lib, McN & Lib Mer & Mfgrs 7s tional Acme 7 ars Roebuck 7, 22 1003 100 100% { the session. Hayes Wheel was fairly 1 Sears Roebuck 7a '3 1013 1014 1014 | active between 293 and 29%. Shawsheen T - Joas 1047 1047 (" Declaration of the regular dividend S O N T 1r10%0.. . 1018 l0i% 1io7s | of Imperial Oil of Canada was fol- Switt & Co. Ta 1925, 105™ losiz {lowed by a drop of 2 points in the stock. Cities Service old stock gained an- other point at the start, but lost this later. Standard Ofl of Indiana fluctuated within a_range of a half point be- tween 1091 and 109. Other oil shares were comparatively neglected. T = SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) —Close.— Offer. 1051 108% 100, 1018 10234 10135 1044 Un O1l Calit 6s. Un 0il Prod Ss. Vacuum Ofl 7 Western PFlectric 7s 106% FOREIGN BONDS. FOREIGN BONDS WERE AGAIN SLOW, NEW YORK, August 12—European government bonds were not respon- sive to the better news from the Lon- don conference. French 7%s were only lightly dealt in around 99%, which was yesterday's closing price, and the 8s sold at 100%, likewise un- changed. Denmark 8s were strong, selling up from 110% to 111. City of Greater Prague 7%8 were upwardly | Nei York Central 78 1830. dealt in_around 83. The rising ten- | Penna. . K %8 1037 dency of Dominion of Canada 58 con- | Sears, Roebick & o7 tinued. They sold at 99, as against | Sears Roebuck &, 983, the Friday’s close. United King- | ;):m & Co. T8 1925. dom 5%s of 1937 were a trifle higher |gyise & Co. 78 1831 at 105. ST Payl Union Depo ‘ank Car. Rall Bonds Higher. Union Rubber Co. Kansas City Southern b8 Were the | sWestern Electric Ts 10: i feature of the railway list, with a i Westinghouse E. & M Ts 1831, 103% jump of mearly 2 points to 9115, the| tCalled October 1, 1022, at 102 )]l((ghent &ley Th:r‘-’:ur:.l“:ud this yel,r‘. ———— ansas City nal 4s were up to 85, St. Paul 48 of 1925 were up a TEEANURL CRSTIIOATES. half point to 84, and Atchison adjust- ments a half point to 86. Among the industrials, Consoli- dated Coal of Maryland bs reached a new high of 92, nearly 2 points from the last previous sale. Reflecting the improvements in the paper situation, Union Bag and Paper 6s sold at par, a gain of nearly a point. ‘Wilson and Company 7%s, which carry the convertible privilege, nat- urally follawed the rise in the stock. They were up nearly 2 points. Also in sympathy with the new high rec- ord for the stock, Columbia Gas and Electric 68 rose more than a point to 96%. The market for Canadlan Provincial bonds this week was firm, with less actlvity than recently. The Ontario 68 of 1923 were quoted 100% bid, of- fered at 101; the 4s of 1926 were 95 bid, offered at 95%, and the 5%s of 1937 were 100% bid, offered at 101%. Manitoba 68 of 1926 were 9712 bi offered at 98%; the 6s of 1928 were 101 bid, offered at 101% and the 6s of ‘H }_were 106%, offered at 107. 4 ' DIVIDENDS. Am. P. & F. Co., q., $2..... Bawbowmimmeans Aluminum-Co. af Amer. 7s 1925 Aluminum Co. of Amer. 7s 1933. ‘American Tel. & Tel. 65 1022, American Tel. & Tel. 8 1 5 American Tobacco Co. 7s 1923, Anaconda Copper 6s 19: ‘Anaconda 11 An:lwm:ucfl s Armour ) ‘Atiantic Ref. 6%s 1831 Rethlehem Steel 78 1923 dian. Pacific 6s 1924 C. & Bt. L. G 10: r Export Conohy Packing Co. 78 1 Du Pont 7%s 193] Humbl Kangas City Term K tt_Copper 78 1930...... e MeNell & Libby 7s 1831 MO8 P, & . 8. M. 0%s 1831 s September 15, 1922.. A September 15, 122! 3i4s October 16, 1922, 3348 December 15, 1922. 4725 December 15, 1922 4723 Maren 15, 1923, 3%s June 15, 1923. 5%s June 15, 1924..... | §iae Beptember 15, s December 15, 1925. 43 Mareh 15, 1925 4%s ) ‘March 15, 1826. 102 :g: Boptember 15, 1 100% e eg iy NEW YORK BANK STATEMENT. NEW YORK, August 12.—The ac- tual condition of the clearing house banks and trust companies for the week shows that they hold $50,001, 020 in excess of legal requirements. This is a decrease of §819,990 from last week. 6 100 13-16 100 = 15-16 ey BAR SILVER QUOTATIONS. bar sllver, : ollars, X I%NDON. \Augm 11—1 silver, 34! ounce. 3 per cent. Dl’l‘cullp:{ rate: Short Bills, 2 3-16 per cent; three months' bills, 2 3-16a2% 1| per’ ct ent. 1 5 NEW YORK. August 12—Steel prices, f.o.b. Pittsburgh, * per 100 pounds;- Blue annealed sheets, 2.40a Galvanized sheets, 4.1524.40; for the present move- | % | about steady; bulls, Grain, Produce and Live Stock LOCAL WHOLESALE PRICES. | Eggs—Strictly fresh, selected, can-| dled, per dozen, 26a27; average receipts, | 25; southern, 24. 1 Live poultry—Roosters, per Ib., 1 turkeys, per Ib. 25; spring chick- | ens, per Ib., 30a38; keats, young, each, as0; fowls, 23. Dressed poultry—Fres chickens, per Ib., 28a; 24; roosters, per Ib., 35a40; keats, young, each, stock—Calves, choice, GRAIN AND PROVISIONS. LTIMORE, August 12 (S white 00; 100 Ibs. 40450, Cucumbers, bas basket, 50a60. Le Onions, bu. killed spring pens, per 1b. sagie 1.00a2.5 ket, 2 Green fruits—Apples, new. PEBREREG Hia00. D .5044.50; per bu. baskel, Grapes. b \-30310 ollfornlfl or: e s Neathee, p o . Watermelons, primes s, b crate. to selects, 10240; culls, 4a6. _Vegetables—I’otato Closing Prices at 1 0'Clock. New York, per crate, quotations; No. 2 red winter, spot, ne lettuce, 150, Cymblings, PET| 203 No. 3, no quotations; No. 2 eale, Bath. Onlons, per haskey red winter, garlicky, spot. 1.18 per % Cabbage, new, Lo bushel; No. 3, 1.04%3 bid; August Cucumbers, plants, per cr: per box, nearby, wheat, 1.13% per bushel; September. o bid. Sales—Bag lots of nearby, by sam- | 250 3 3L = e i ple. at 70a80 per bushel. 100 St oh. Ter crete. Lima| Cargoes on grade—No. 2 red win- S v 2 2 | 1133 per bushel; No. ter, garlicky. 1.0412; No. 4, 941, per bushel. Car lots of No. 2 red winter, spot at 1.195% per bushel; car lot of No. 2 red winter, garlicky, spot, at 1.14% per bushel: car lot of No. 3 red win- ter, garlic spot, at 1.05% per bushel. CHICAGO, August 12.—Liquidation of a line of September wheat was re- sponsible for a break in values dur- inz the early dealings today follow ing an early rush of selling. Houses ith ez connections took both September and December. partly to over shorts, and this caused a rally. fessages from the interior showed n improvement in the rail situatio There appeared to be a lack of motive power. rather than a scarcity of cars, which is causing slow movement of grain in many sections. In parts of Kansas some dealers are said to be unable to fill contracts for wheat, ow ing to inability to move the grain The opening, which varied from un changed figures to % down, with Sep tember 1.04 to 1.04% and December L04% o LAGT. was followed a jight rally, then a general downturn beans, per qt., 20a25. Celery, per doz 50a1.00. 13 per bushel; No. DAIRY MARKET! soultry—Live; spring_ chickens. ! 25232; ‘white leghorns, 22a26: ol f1sa22; white leghorns, @ | roosters, 14; ducks, 19a21; s 16; pigeons, pair, guine: each, 60. Eggs firsts, doz., 24: s | Butter—Creamery, prints, 3 33; ladles, 2 ed, 22 dairy prin! butter, 31a32. CHICAGO, August 12.—Butter mar- kets were steady to firm during th last week. An unsettled feeling ruled parL of the week and declines oc- tcurred, but a shortage of quality goods caused prices to react, with a tendency upward at the closc. Poultry—Al unsettled: fowl a24; broilers, 24 spring roosters, 15. Butter' — Unchanged. changed; receipts, 7.859 ca NEW YORK, August 1 Firm; receipts, 13,674 tub: Firm; receipts, 20,235 cases. steady; receipts, 2,571 boxe: Poultry—Live, steady: fow Dressed poultry, weak; chickens, 31a38. CHICAGO LIVE STOCK MARKET. CHICAGO, August 12 (United States bureau of agricuitural economics).— Cattle—Receipts, 1,000 head: com- pared week ago: Beef steers, 10 to lower; better grades declining leas she stock, uneven, steady to 50 lowe low grade beef cows, canners and cu ters, off most; best Kansas Cows, ostly 25 lowes 75 higher; stoc to 'stron, Loss off; native and nearby uthern, 2 fanc. 16 Eggs — Un- Butter— Eggs— Chees, finish. September corn showed pronounced strength at the start, and averaged higher, despite a break in the new crop futures. After starting 3 high- er to 3% lower, September 581 to 5814, the corn market scored a mod- . 22a26. western wheat. Pro toes weak. part receipts, 66 cars shipments, 794 sions lacked support. Pota- ularly_early Ohio total United States cars; New Jer: sacked cobblers, 1.50a1.60 cwt.: Min nesota sacked early Ohios, 1.05a1.15 cwts.; Wisconsin sacked early Ohios, 1.50 ewt. ~ Wheat declined readily to new low records for the season, due more to lack of support than to any -aggres- | sive selling, and the finish was weak, with values ranging from % to 1% lower, with September. 1.04% to 1.04%, and December, 1.03% to 1.03%. Corn followed the trend of Ywheat. although the September delivery Showed some strength. At the finish prices ranged from ¥% to 1% lower, with September, 58%. veal calves, largely, ers and feeders, steady week’'s top beef steers bulk prices, beef steers, butcher she stock, 5.10a7. and cutters, 2.75a3.75;. bologna bulls, 3.85a4.15; veal calves, stockers and feeders, 5. Hogs—Receipts, 5,000 hea ; closing dull; top, 10.25; bulk of 180 to 220 pound weight, 10.00210.15; 225 to 250 pound butchers, 9.2529.60; 290 to 300 pound butchers mostly, 9.00; bulk of packing sows,!| WHEAT— Open. High. Low. Close. 7.2588.00; desirable pigs, 9.75210.00; | September 10640 105 108% 1.04% hold-over moderate heavy, 8.25a9.50; B medium, 9.10a10.10; light, 9.75a10.2; & -08% 1.08% light light, 9.60al packing sows, 9% 584 smooth, 7.85a8.25; packing sows, 53% .51% naugh. 7.00a7.50; killing pigs, 9.25a 56% 55K 10.15. ait a0, Sheep—Recelpts, 2,000 head; market steady; compared week ago; fat lambs mostly, 25 to 40 lower; natives | declining most; strictly choice fat lambs comparatively scarce; bulk of western in feeder flésh; week's ex- treme top on western, 12.65; natives, 12.50; week’'s bulk Dprices,” western lambs, 12.00a12.40; natives, 11.90a 12.25; feeder lambs and fat sheep steady; bulk of feeders, 12.25a12.40; fat ewes, 3.50a7.00; elghty-two pound fed western yearlings, 11.00; good feeding yearlings, 9.2589.50. ‘FLOWERS FOR FALL TRIM. Among flowers that will be seen this fall as millinery garnitures, morning glories are shown profukely by the trade. They are seen on hats for all manner of wear and in lovely tintings and colorings. One of the most attractive materials from which they are made is a firm silk, shaded in the natural hues, with a film cov- ering in the iridescent tints of moth- er-of-pearl. These are especially effective when placed on & black hat. Other blooms for fall include Scotch 37 361 FOREIGN EXCHANGE. (Quotations furnished by ‘W. B. Hibbs & Co.) Selling” checks—dollar values at close toda; Budapest Montreal By the Associated Press. I NEW YORK, August 12—Foreign exchange steady. Great Britain, de- mand, 4.46%; cables, 4.46%: 60-day bills on banks, 444%. France, de- mand, .0819%; cables, .0820. Italy, demand) .0462%; cables, .0463. ~ Bel- gium, demand, .0775%: cables, .0776. | Germany, demand, .0018%; cables, .0013%. ~ Holland, demand, cables, .3885. Norway, demand, : Sweden, demand, .2620. Denmark, demand, .2150. Switzerland, demand, .1904. Spain, demand, .1554. Greece, thistle blossoms, with their tassel|demand, .0305. Poland, demand, tops of finely spun silk threads and|.0001%. Czechoslovakia, demand, stems with rich satin foliage. | .0254. y 1 o tine, ~demand, .3605. ) all around to well below yesterday's ; erae rally around in sympathy with i FINANCIAL. STER.[,THREATENED AUTO PRICE WAR 'SEEMS CURBED BY ACTIVITIES BY PHIL 8. HANNA. Special Dispatch to The Star. DETROIT, August 12.—Price slash- ing by the automobile companies con- tinued this week with both Hupmo- bile Company and Reo people an- nouncing cuts, but some of the in- tensity of a threatened price war, which was evident last week in the reductions announced by General Mo- tors, followed simultaneously by the leading independents, was lacking. At the moment the equilibrium of car prices in the Ford class has mot been disturbed. 1f Willys-Overland gets back thoroughly on its feet they may be heard from, but at present none of the big three—Ford, Chevro- let and Overland—has shown a dis- position to act. Ford is swamped with business; Chevrolet, with 10.- 000 cars a_month, is making good money, probably the best in its re- cent history, and Overland, selling about 400 cars a day, would proba- bly rather continue at that rate on present prices than take chances on a price war with Ford and Chevrolet. Some motor bankers say the same about Chevrolet, namely, “let well enough alone.” Perhaps this is the explanation why the small Chevrolet touring car, the big seller, was not reduced with other Chevrolet models August 1. But, un- less all signs fail, there will be some- thing doing before long in the Ford class of cars. Ford dealers here and there are hastening to unload cars on hand, while_one hears more often about a new Chevrolet to sell at a low price. Four Classifications Made. An accurate comparison of cuts made by the various General Motors units with cuts made by other makers is difficult to draw because of the wide variations in the equipment and construction of models, but in order to get some idea of how the leading independents line up aszainst the Gen- eral Motors combination, four class ns of touring cars and one clas cars have been ficat ification of closed inder, medium-sized | neral Motors, with | and the Bu s on a_price par Dort and N Do, Maxwell is rapidly re P ‘ & finan- 1 health and Dodee Brothers has a 1n.uvu for most any kind of a pro- lonzed battle. As the number of ecars in this class sold in volume to the Ford c fight for right here. ally is second | s. th in zed leadership In the light s ss, General Mo- tors. with the O ow is a con- | tender for honors azainst the Stude-| baker and the Jewett. while in the y X the Buick, S 4 and aud Studebaker have the Nas ad e this year, with indicatior ker got the lead in sales ick $80 under that | ng con- i I so-called qu: | | | Studeb: | Hence the i its rival gi will be another intere In the biz six touring classifi- ation, Studebaker, Hudson and the dler have been cut, as have the k and Oldsmobile of the G test i Closed Car Reduetions. reductions have been | losed-car models, consid- 1 demand. Take the | six-cylinder sedan. on now has one at nd Studebaker. | comes b at § and an Olds 145. The banking frater- { sees a_great significance in the {corporation’s move toward lower Iprices at a time when the public de- -neral Moto in 1a It is believed tha it would like to regain its bann. roduction of 400.000 vehic | With debts and inventories pare {down this would return ample profits. = have been cut simultaneously {with car prices, and, second. it i h {lieved the corporation is looking ahead with a view to increasing its momen- | | tum as concern, so that either {of two possible hazards—the formid- able competition of a similar combi- nation or the diminution of the public demand—cannot weaken its position. Detroit refu: - that Ford is through expunding as Henry Ford! grows older and Edsel Ford grows more powerful. The twenty-vear con- sistency record of the older Ford may give way to the ambitions of the {younger Ford, and.with the Ford back- {inz, a new combination of factories imight cause trouble even with the General Motors. {Commaodity Reports From Various Sections i Grain. | KANSAS CITY, August 12 (Spe- { cial).—] s indicate Missouri! {corn crop will amount to 185,195,000 | i bushels, or 2,300,000 bushels greater | than 1921. The wheat yield, it is pre- | dicted, will be 36 e of 2,500,000 bushels over la $15,000 bushels, an ! ! Furniture. ATLANTA, August 12 (Special).—: Juilding boom here has stimulated | iretail furniture trade. One large; { house is offering free storage to cus-! tomers to September 1, which is “moving day.” August 12 (Speeial). ¥ thousand pounds of j tobaceo raised near here sold for 4 cents a pound. Representatives of largest tobaceo concerns in the coun- try, who purchased .the crop, declar- Three Big- Motor Companies at Detroit Busy Turning Out Cars Rapidly—Sur- vey of Trade on Cut Comparisons. cumulation of tonnage acquired dur- ing two months of idleness. Notes. Jx LAND, Ohfo, August 12 (Spe- Glal)-—Improvements in banking con- Gitlons in_Ohio and —especially in eveland are shown in peports of of June 30, just made Depesits in Cleveland banks 90.094,549 on June 30, a gain orine 40 ‘in half vear. Total §iate, banks' deposits June 30 were - as compared with $1 1 March 10, a gain of $67 i15.845. Of this increase, $20,000,000 Tiioonosavings accounts’ and about $44.000.000 in commercial, indicating, Danikers Sav. that businéss has im- sufficiently to enable corpora- 8 to Increase bank balances. Loans W qmember banks at the Cleveland and 361,000,000 one yene aga2rclh 10 NEW CORSET STYLES. Quite a bit more boning distinguishes new corsets for autumn, according to { manufacturers, but the new garments {are none the iess soft and flexible and are modeled on graceful lines. Low top models continue in favor, and what o state banks public. bones are used ar bones are used are placed o as to give | eracetul Support. with very little o aint, There is a growing feeling that elastic \must be combi with )im" N(I‘ ms of fabrics to met the best re- sults, and this has led to.many lines of laceless corsets and girdies. of the Members ade are optimistic regarding hu’x-;'n.» and say they be- will be more popular, judg- {;.lgyb);hmc ;arly 5"” suits and dresses an they have been for th e et e last few NO REASON FOR PESSIMISM. Although the better husin. jewelry makers had expected t has as yet not materialized to a; tent, there is a marked absence of pes simism in the trade. This is based the knowledge that retail throughout the country are ably below normal, and belief that end- ing of coal and rail strikes will restore confidence that will help bring better business. According to a well posted trader, wages lost as a result of strikes have been a factor in holdin K bus- iness. While the strikers themselves may mot be heavy buyers of jewelry, it is pointed out, th ney that they would have spent for ot than bare necessaries had they n__working would have passed info general circula- tion. As it is, thi frozen capital, an that might have be not taken place. With t of the is advanced t! moved by settlement however, " contention better business is it TOY BUYING STARTS. While it is still ea for holiduy purchases in quantity, toy make recent orders have been v 2d. Some, who have booths at t Grand tral Palace in New Yori y the advance buy there has been notew from now on are expected to show large gain in volume, as T period of purchasing will set in wi in the next month. The fact that d @ at the fa prihy. Orde ir el iveries of foreign toys have be« held up, due to many causes, has played no small part in the recent ulation of business for the d¢ ic manufacturers. There still re mains a great deal of price competition, however, which has unsettled the trade. SEES BETTER LARD TRADE. CHJCAGO, August 12—M. F Cudahy, Milwaukee packer, takes a bullish view of the lard situation and predicts higher prices this fall. He ficures that domestic consumption is 25 to 30 per cent more than a ¥ ago, which more than offsets the fall- ing off in export demand, and tha scarcity should develop by October 1 TO GROW RUBBER TREES. GEERSWORTH, Fla., August 12— Rubber tree cultivation is to be at- tempted on a commercial scale in the erglades region of Florida thi vear by T. G. Hickley of this plac formerly extensively engaged in th: rubber industry in the Malay pen- insula. He states that climatic and soil conditions in the Everglades are nearly the same as in Malay. ‘WOOL FAIRLY ACTIVE. BOSTON. August 12 ' (Special) Summer street closed a fairly active week today, and while the market, in retrospect, appears €potty, it gave i comparatively good account of itse WALL STREET NOTES. United Verde Extension Mining produced 2.648.810 pounds of copper in July The “Penns operation of G Rail, in accordance that property. nta Fe reports car loadings k at 35656, which compares S7 in same week last year. has assumed active and Rapids & Indian: with lease of s has been opened by e on of use of tractors. A com- Paratively large business in solid Yires for Fordson tractors is on mow. Ju! copper sales are estimated at 125,000,000 pounds. compared ‘with 110,000,000 pounds in June and 210, 000000 pounds in May. Approxi- mately 70,000,000 pounds were taken for expor{ and 55,000,000 pounds, for domestic deliver: International Milwaukee is Harvester plant operating at 60 pi ed it to be of superior grade. i Eggzs. NEW YORK, August 12 (Special).— New: York Mercantile Exchange, which handles this city’s supply of | eggs, has organized a campaign to! | increase consumption. Its slogan is| { “Two eggs per day will clean up the; ilay.” Cold storage egg holdings onj August 1, according to federal re- port, totaied 10,153,000 cases, as com- | pared with 7,605,000 cases this time last year. Shipping. SEATTLE. August 12 (Special).—! iHigher freight rates from Seattle to Japan and China on wheat, flour and Jumber are given out by operators of . United States Shipping Board steam ships. Cost of tonnage on flour and {Wheat has been advanced from 34 to $6 per ton. Shipping Board boats are booked to capacity until October. I { Salmon. ASTORIA, Ore., August 12 (Special). __The 1922 pack of salmon will be so Jight that Columbia river canners will be unable to deliver in full on their contracts, it is said here. Fruit PHILADELPHIA, August 12 (Spe- cial).—New Jersey peaches on market here-are of a fine quality, and plenti- ful. Pears are also on the market, the crop being good. It is a satisfactory fruit year in this section. Coal. DETROIT, August 12 (Speclal).— Heavy shipments of cqal by lake treighters are reported along Detroit river this week. Boats also are being rushed to ore-loading ports to move as much ore as possible before lake steamers are haited by~ threatenéd strike, Steel, YOUNGSTOWN, Ohio, August 12 (Special). —Beginning August 15, Brier | Hill Steel wiljstart o n of its 1132-men’ piat, "ol -ac ent of capacity. The plants normal 1y employ 4,000. St. Paul freight loadings for first five days of August were 29,052 cars. against 24,321 cars a year ago. Reo Motor has reduced price of touring cars from $1,595 to $1.4%.. A new low priced closed model is promised for fall. Brier Hill Steel will start its 132- inch plate mill_August 15 at work on tonnage accumulated during two months' idleness. Central _Leather has trimmed another $1,500,000 from its bank loans, bringing them down to $6,000.- 000. National Ginners estimates mid- month’ conditions of cotton crop at 67 per cent, representing a 6 per cent loss from last month. Rock Island’s June earnings show up better than any similar month since before the war, despite lower treight rates. Annual stockholders’ meeting of Southern raflway will be held Octo- ber 10. Dividends have been resumed on Isle Rovale Copper stock, a payment of 50 cents a share being ordercd August 31. This will be the first dis- bursement since September, 1919. Report of Keystone Telephone for first seven months of 1922 discloses gross earnings of $967,058, compared with $1,011,454 in corresponding period last year. Net increase, $55.- 814 to $384,462, Wabash June earnings show up best of any month this year, at an annual rate of $9.50 a share on $64.184,400 preferred A stock outstanding at close of 1921 Operating income amounted to $800,946, compared with $432,659 in May and $35,036 {n April. Not an Exclusive Privilege. From the American Legion Weekly. “Don't you sometimes envy the idle rich?" ~ “No,” said the old farmer. “I know fellers that hain't got e dollar wkn cau be jest as idle as anybody.”