Evening Star Newspaper, August 19, 1922, Page 11

Federal Reserve Statement Reports It 80.2, Compared' & With 80.4 Week Ago. Combined reserve ratio stands at 80.2 per cent, as compared with 80.4 per cent a week ago and 65.8 per cent a year ago, according to the last statement issued. . The fractional loss in ratlo was oc- casioned by a small increase in de- posits and a trifling loss in cash re- serves. Dallas, Tex., was the only federal reserve bank to show a note- worthy decline ratio and this loss was natural at this time of year. An improvement may be expected after the cotton crop is out of the way. Cash reserves amount to $3,197,- £58,000, & loss of $4,319,000 compared with last week, but a gain of $162,- 390,000 compared with the correspond- ing week a year ago. Cash gains have been rather small this year. Bills secured by commercial paper again declined, despite that demand for money for Crop-moving purposes has already set in, though as vye small. Reduction in these bills indi- cates that member banks are able to take care of all demands without ask- ing the federal reserve banks for any stance. ugéottnal bills on hand stand at $532.- 085,000, as compared with $528,964,600 a week ago and $1,554,027,000 a year ag in investments last week, which just about offset the increase in total bills A vosi $1,846,965,000, an in- Deposits total crense of $11,162,000 with last week and $175,716.000 compared with the corresponding week a year ago. Federal reserve notes in circulation gasg Am Am Can Am Cai y. Am Chicle Co. Am Cotton Ofl. Am D Tuggist. . Am Lnltnrnluml. . Am Smelting. Am Snuft. . Am W Wks 66 pf. Am W Wks 7% pt. Asso Dry Good: Atchison. Atchison of. Atlanta Bir Atiantic Coast Line ] Atlantic Gulf. . Atiantic Gulf pf. Austin Nichol: Auto Sales.. Baldwin Loco...... Balto & Ohlo. Balto & Ohio pf.... Barnesdall (B) Beth Steel. .. Beth Steel (B). Rklyn Edison. Bklyn Rapld Tra... 34 gsiz: 6% 8% 36 a% 87 2% 1% There was an unimportant decrease | Barnesdall (A).... 88 26% stand at $2,142,303,000, as compared Bklyn Rap Tretfs.. 20% with $2,147,223,000 a week ago and $2,503,642,000 a year ago. Many on Vacations. With many officials and employes of local financial institutions away on their vacations a dearth of activity in local financial circles is most noticeable. August has always been a popular month for bankers of the city to hie themselves to mountains and seashore, and this summer is no exception. Inquiry for a familiar face in most all ba is met with the same reply, “Away on his vacation. TRADING IS ACTIVE IN CURB MARKET Special Dispatch to The Star. NEW YORK, August 1 was active in the day’s sl on the curb exchange and the ket generally was firm. Some irregu- larity was occasioned by the usual week end realizing. This affected gome of the recent leaders like Stand- ard Oil of Indiana, Standard Oil of Kentucky and International leum. Atlantic Lobos was feature among the low-pric jumping from 93 to 11. Angl can Oil was stronger and So States Oil was Influenced by the state- ment that the company had exercised its option to acquire stock control of Verland Oil and Gas. and had etarted immediately drilling five new wells. No increase in Southern States' capltalization will be necessary in & consequence of this deal. In the miscellaneous group there was some selling in the corporation jssues. It took all the small offerings to put the common stock down two points and preferred a point. R. H. Macy shares did better and Gimbel Brothers stock was steady. Some demand appeared again on Cuban Dominican Sugar. Mesabe Iron was well supported. The motor stocks were quiet and unchanged, with the exception of Moon Motors. in which there was considerable activity an- ticipating the transfer of the stock to the stock exchange. STRIKES HANDICAP TRADE MORE THAN RAW COTTON NEW YORK, August 19.—Strikes throughout the country have done more to make cotton goods trading cuiet this week than the situation in raw cotton itself. While there Is still & very substantial degree of un- certainty expressed in the markets as to the probable values of the 'S staple and the course of prices for | cuie Mo & Nor pf. goods most cotton merchants say that trade cannot improve very much un- til railroad and mining troubles are | i ue0n Ofl. out of the way. Shipments of many |y, 340n Motors. goods are being delayed and in some sections of the country coal scarcity is beginning to be complalned of by cotton mills. The movement of goods on past or- ders continues steady while current new business Is very quiet. have been some minor concessions i prices for sheetings and print cloths. & The wash fabrics business elties and fancles. quiet and barely steady. The lealing gingham manufactur- gingham prices. bought to the extent of current out- | nvinciple Ofl. i pnt.g The local jobbing trade reports ifmm..cu, business steady, but In small lots for immediate shipment. All goods are wanted when due on past orders and Burns Bros (A). ‘Burns Bros (B). Butte Copper. ‘Butte & Super Calffornia Pckng. . California Petral Canadian Pacific. Case Threshing. Case Plow Works. Central Leather... Cerro de Pasco. Certaln-Teed. Chandler Motor. ... Ches & Ohlo iChi& Alton. Chi & Alton pf. . C&ETI (new)... Chi & E 11 pf (n). Chi Great W pf. ChiMil & StP... Chi Mil & St P pf. Chi & Northwn. Chi & Northwn pt. Chi R T & Pacific. Chino Copper. CCC &St Louls CCC&StLpt Cluett Peabody. - Coca-Cola. Colo Fuel. Colo & Sou Columbia Gas. . Columbla Graph. Comp Tabulator. Cons Gasof N Y. Cons Textile. Corn Products Coeden & Co Crucible Steel Cuban-Am Sugar. Cuba Cane S of. Davidson Chem | Del & Hudson. Dupont debenture. Electric Stor Bat. Endicott<Johnson. Erie. Erie 1st pf. Erie 2d pf. Famous Players... Famous Players pf. Fed Mines & S pt, Freeport Tex: Gen Asphalt. Gen Asphalt p! Gen Cigar. Gen Electric. Gen Motor: Glidden. . Goodrich. ... Granby Consol. Gray & Davis. Great Northern pt. Great Nor Ore. Hartman Corp.... Hupp Motors. Hydraulic Steel. 1llinois Central. for spring | Intl Combustion B. ‘xfl‘ ill being confined largely to nov- | intl Harvester. s asa Domestics rule | 1ntl Mer Marine JonesTea...t....o the general view in the trade is that | ganess & GuifCo.. merchandising stocks in retail chan- |gonsgs City Sou. .. 1s are light. P arrent primary market prices, while somewhat Irregular, range about as follows: Print cloths, 28- inoh 64x64s. 67%c; 64x69s, 6%c; 38%- inch 64x64s, 8%c; brown sheetings, southern standards, 13c.; Denims, 2.30s, 18%c; tickings, 8 oz. 22%c: prints, 10%¢; staple ginghams, 14%c dress ginghams, 18c and 20%¢c. —_— DIVIDENDS. Stock of record. + Pay- able, Dictograph, _Products _Corp Himphteys Ol Chesebrongh 31 Chedebrongh Mty ‘com., S “Gha Woods Siliing " Y s Y Lake of 'ihé” Wood S BERLIN BANK STATEMENT. BERLIN, ment of the Imperial Bank of Ger- many as of August 15, shows ‘the fol- lowing changes. 'l'onta; coiz_an 7. marl '(;'old decreased, 1,000 marks. and loan association notes 1n 4,000 marks, Not. 1,676,000 marks. Bills _of creased, 2,384,671,000 marks. Discount and treasury bills rcreased, §,043,884,000 marks. Advances increased, marks. ~ Investnients, increased, marks Other ‘Notes in circuldtion increased, 61,- O I eveased, 71297,377,000 1;5'... Habllities increased, 789189, Rotal old holdings, 1,004,358,000 August 19.—The state- | ao Pacific.... »t 4 bullion Increaseq, | Mother Lode Ctn. exchange and cheques in- gunn 120,122,000 N Y assets increased, 1,132,151,000 | & Kansas C Sou pt.,, Kayser (Jullus). Kelly-Spring Tire, Kennecott. . Keyatone Tire... Lackawanna Steel. Laclede Gas.... Lake MK ME&TI1stpd.... NYChi& 56,084,000 N YN H & Hartfort Y O & Western. . & Western. Nunnally Co. ‘Oklahoma Prod. 6% 6% 1% 69% 72 83% §- §83°8zeia=,nny rrapsanzeny §87°°3" 3¢ 5 B3 FHR Y & NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office 2 Rallway Steel Spr. 110 Ray Con Copper... 18% Remington 2d pf. Replogle Steel. Rep Iron & Steel Rep Motor Truck 3% | Reyuolds Spring: Reynolds (B! Royal Dutch. St Joseph Lead. StL & San Fran... StL & San Frpf.. 5% St Louts Southwn.. 844 Seaboard AL pf. .. Sears Roebuck. Seneca Copper. Shattuck-Arizona. Sinclair OIl. Skelly Oil..... Sloss-Sheffield pt. So Porto Sugar... 9% 0% 6% 52% 20 Stand Oil of Calif. . 109 Stand Ollof N J... 188 Stand Oil of N J pf. 117% Stewart-Warne; Stromberg Carb... Studebaker. . Submarine Boat. e Superlor Ofl... Tenn Copper. Texas Company . Texas Gulf Sulphur 43% Texas & Pacific. ... 31% Texas& P C & Oil.. 26% Tide Water Oil.... 12 robacco Prod. . 56%. ‘Tobacco Prod A... Bl Tol StL & West... 5% Trans Contl Ofl.... 4% Unfion Baz & Papr 71% United Drug. United Fruit United Ry Inv pf. United Retail Strs., U S CastIr Pipe. .. 82% U S Realty. U S Rubber. U S Smelt & Ref. .. U 8 Steel. . U S Steel pf. Utah Copper. Vanadium Corp.... Va-Car Chemical. Va-Car Chem pf.. Valron Coal &C.. Vivadou. 9% 0% Weatern Md. Western Md 2d Western Paclfic. ‘Western Union Westhse E & M. Wheeling & L E. ‘Wheeling & L E pf White Eagle Oil White Motor. . ‘Wilson Company. Willys-Overland. .. ‘Willys-Overland pf. ‘Wisconsin Central. Worthington Pmp. ‘Wright Aero...... HOURLY SALES OF 11am..... 241800 12m. HIGHEST LEVELS soue 33 NEW YORK, week's advance in 21% 18% " m% 112% situations. Partial trouble in the soft coal beneficial effect on prices investment buying, the floating supply. Basic of the week, however, a made on the assurance coal supplied. Failure of the allled reach an agreement reparations man marks falling to the 6 cents below the rate of Business been confined almost offerings, By the Associated Préss. trading. for. tion resulting %4 of n 1% 12% 8y | Western Elec pfd. 107% 107% 18% 3% 10% settlement of industries continued to be hard hit by the nation-wide labor dfs- putes, production of the United States 7% | Steel Corporation being reduced to 60 per cent of capacity as compared with 66 to 70 per cent the week be- fore with corresponding reductions in independent plants. -Toward the end of plans for curtailed production was imparted an tone to the forelgn exchanges, Ger- || level of 71 cents a hundred, or about in German exchange has speculators, most of the commercial business with that country now being conducted on a dollar basis. Money rates continue to be easy, with the supply generally in excess of the demand. This explains, in part, the steady rise in bond prices. A marked decline s noted in new'bond but two large preferred,| sr. paul Union Depot BERLIN, August 19.—The wavered yesterday, closing near .1158, | 3% u% » 2% 9% 2% 81% % % a 124 51 m 16% 8 85 - 824 u % 9% 6% 16% 81% Bi% % Bl 13 % a 18% Eo 12% 1% 4650 10% ) %% STOCKS. .. 420 400 OF YEAR FOR STOCKS THIS WEEK August stock market prices brought the averages ot rail and industrial shares to approximately the highest levels of the year in spite of the unsettlement of the industrial 19.—This the labor flelds had a of industrial shares, which reflected the effect of while_ rail shares continued to be accumulat- ed by large Interests and withdrawn from the market, thereby diminishing standard modification of increased premiers to on German irregular extreme low a week ago. entirely to | Manitoba 6s of 1930 WELLUPTO TOP fi-s: More Than Score of Rails «_| Break Through to New High Prices for Year. BY 5’!‘!7“’!' P. WEST. 12% | Special Dispatch to The Star. %, | NEW YORK, August 19.—The rail- ‘m w.gr strike was not disposed of, as 1% | had been hoped, at yesterday’'s con- ference, but Wall street, confident 2% |in the bellef that the settlement 91X | would come mnext week, went shead 424 | with its business this morning just as if the strike weére over. Rallway stocks, which had held back on pre- 30% | ceding days, were taken up under a rush of buying,. and many .of .them passed through their former highs of the year. 5 Gains of a polnt to nearly three points occurred in such standard dividend-payers as Union Pacific, New York Central, Atchison, Norfolk -and Western and Southern Pacific. Shares of the'northwestern roads were very much in demand, as they have’ been on every occasion racently when the rails have been prominent in the trading. Lower-priced non-dividend- paying issues came in for their ghare of attention, but were not as. con- spicuous relatively as the old line dividend stocks. For Freight Movement. In this diversion in the railway stocks the market was getting ready for the enormous frelght movement likely to follow the conclusion of the railroad and coal strikes. Also a great deal ‘of investment buying which had held back awaiting the outcome of the labor troubles, poured into the market, and this had a lot to do with the advance in the rallway stocks. It was an active two hours also in railway bonds, but the rising tendency here was not as marked as | it was in the stocks. The industrial list did. not suffer from the taking up of the ralls except to the extent that the rise was pars tially checked in stocks that had been leading the market upward earller in the week. Steel common held around its high, Baldwin rose sharply and marked strength was displayed in Corn Products, Standard Oil of Cali- fornia, American Sugar, Mallinson, Marland Oil and American Wool. German Mark Collapse. The further huge expansion—nearly 7,000,000.000 marks—recorded in the latest German bank statements, tells the story of the renewed collapse in the mark even more than the failure to agree on German reparations. For moment, however, the decline was arrested today.. Mark exchange held around .008 as against Friday's low of .007%. This helped the market for both French exchange and French government bonds. As a rule the high prices on the stock exchange were made during the remarkable —demonstration in the railway shippers in the first hour. But the market in the final hour took the accustomed weék end offerings without more than a trifling recession and the close was well up to the top. BONDS KEEP PACE WITH RAIL STOCK Special Dispatch to The Sta: NEW YORK, August 19.—The bond market today was very active and strong all around. New high records were made In many of the railway issues. This was the case in the Southern rallway 5s, which crossed par for the flrn_x time; with the Lake Shére 4ics, which ~ reachad 96; the Northern Pacifio b8, the Missouri Pacific 6s up to 102, the Chesapeake and Ohio con- vertible 58 at 99% and the Norfolk and Western convertible 6s, which gained over a pofht. Pacific Telephona and Telegraph 5s ;xis.; made a new high for the year at rne (DCTARd 1n Evidence. e investment demand wi much in evidence In the foreign-gov. ernment section. Argentine 58 rose a point to 85 and the City of Berne 88 a point to 114, Advances of a half to three-quarters of a point oceurred in Denmark Ss, City ‘of Zurich 8s and ::‘YJ );’W{”Shrllflanll“ 8s. Paris, Lyon editerranee; v S lents n 68 were up a half- e market for Canadia g {olal bonds this week showed Heodmd firmness and a better demand ap. peared for most issues at slightly higher prices. The Ontario 68 of 1923 were quoted at 1003 bid, offered at 100%; the 6s of 1930 were 101 bid, offered at 102%, and the bs of 1937 were 102 bid, offered at 1021, were bid, offered at 101%: the 38 of 1508 were 100% bid, offered at 1013, ang 68 of 1946 were 106% bid, offered at A P SHORT-TERM SECURITIES. (Quotations furnished by Redmona & Co.) Aluminum Co. of Amer. 75 1925, ‘Aluminum Co. of Amer. s 1583, Ameriean Tel. & Tel. 8s 1922 American Tel. & Tel. 6s 192 American Tobacco Co. 7s 1928, Anaconda Copper 6s 1f Anaconda Copper s 1020.1.:10 Anglo-American_ 01l 7% 1935, Armonr & Co. Ts 1930. Atlantic Ref. 8i4s 1931. Bethlehem Steel 7s 1623, Canadian Pacific 6s lifi: . & 8t. Louls 1929, Humble Ofl & Kapsas City T Kennecatt Coppe! Libby, McNell & Libby 7s 198! P. &S 8. M R. R. 7 Sears, Roebuck & Co. Sears, Roebuck & Co. 78 1923 stock issues of well known depart- ment stores were well taken. MARKS CONTINUE SLUMP. Buui*nmken Attribute It to Pre- carious Political Situation. although .1230 was freely pald for |5iis December 10, 1922 American currency in post bourse :3 2% Tho final allotments Tepre- {5is Juns 15 192 88% | sented only ona-half the volume called :g September 1035, - fa Bourse and banking circles at-|% tribute the new. slump. primarily. to the insecurity of the political situa- from the apparent foundering of' the reparations nego- fations. They assert this obvio is stimulating unloading abroad and speculation at home, althoug speculation in Germany 1s not be- lieved to be of sufictent magnitude to | ber, mar! wn to today's level. |7 tho: bh::flnn; ‘t’hu the government has not been maRing s foreign currency mark | 5: :s:gm-nr 15, 1922 usly [ton seed ofl market closed steady: thel rude, nominal. August, 9.85; Septem= 154 Novembaer, Southwestern Bell 7s 1935, Swift & Co, Ts 1925. Swift & Co. 7s 1981... Tank Car 7s ns&. Rubber Co. 7s 1928, Union *U. 8, 1, 1822, at 102, —_———— TREASURY CERTIFICATES. - Bedmond & (Quotations furnished by 24 & Co) tember 15, 1922. October 16, 1922. 138 December 15, 1023... March. 15, 1028 e dar s June 15, 100% Jund 18, s March 13, 1926... s Beptember 15, 1928.... 100716 1009-16 COTTON SEED OIL STEADY. NEW YORK, August 19.—The cots Prime summer, yellow, 9.90 bid; 9.73; October, 878 v December, 7.85; January, 7.85) y March, 7.95. “Total] {strike, be " the _ extant -fdrought bel High, Liberty 8t4s, 198247...: 100 98 Liberty 1st 4s 1982-47..q. 101 00 Liberty 1st 43 198247, 10100 Liberty 24 43 1927-43..: 100 48 Liberty 34 43 1928. ... 100 48 Liberty 4th 434s 198338, 10108 Victory 4%s 1948. 10074 10072 Victory 4%s (called).... 10034, 20082 FOREIGN GOVERNMENT, STATE AND MUNICIPAL. 10060 101 60 14090 10040 100 44 10102 Argentine 7s. Copenhagen 5: Czechoslov; 85, Danish Municipal 88 A. 1104 Danish Muniocipal $s B. 110% Denmark 8 - 10% Denmark 6s.... - Dutch East Ind 65’47.., %% Dutch East1sf 6s'62.. %% French Gavt French Govt Queensland Queensland 6s. Rilo de Janeiro 8 Rio Grande Do Sul 8s San Paulo, City of, 8s 8eine, Dept of, 7 ore Swiss Confed s £ Tokio 5 Utd Kinge 109% Utd Kingdom 5% '39. .. 110% Utd Kingdom 5%8'37... 104% Zurich 88..as cavsesonss 15 MISCELLANEOUS. Am Smelting 1st b Am Tel & Tel cl tr & Anton Jurgens cv 6s. Armour & Co 4%s. Atlantic Refining s w1 %% 102% Cincinnati Gas & E 5 % Colorado Industrial 6 Con Coal Md 1st ref 6 Goodrich, BF, 8%s tc Goodyear Tire 8s'31. Goodyear Tire 8s'41..... 116% Holland American s £ 89 Inter Paper 1at58B..... Lackawanna Steel 53°50. 92 Manati Sugars £ 7%8 Mariznd Oil 88 war.. Mexican Petroleum 8s. Aidvale Steel Montana Power Morris & Co 1st 4% New England Tel 58 wi. New York Tel 64 1041. ... 1064 New York Tel 68 1549, New York Tel 4%4s. North Amer Edison 8a... 3% NooromaTrkLTr.:ll 5% m.-r: x:% Northwest Bell vl %h K Pac Tel & Tel 68 otfs. ... WA 843 % Philadelphia Co ref 68 A. 101% 101% 101% Pierce Oil deb 5s. o @ % Stnc Crude Ol Southern Bell Tel & Sou Porto Rico Sug Utd Steam Copen 68 Bteel s £ 58. g:h Pow & Light 5s. . va-Car Chem 7%8°32. va-Car Chemical 7 va-Car Chem cv 7% Wiison & Co 1st, Wilson & Co cv 1% Wilson & Cocv 6s. . DEPRESSION OF WHEAT FEATURES WEEK’S GRAIN CHICAGO, August 19.—Acute de- pression of wheat prices this week, extending at times to under one dol- 1ar a bushel, has closely .followed the breakdown of theé interallled confer- ence at London. Compared with a week ago, wheat this morning was 2% to 4% lower, corn up 3% to 1%, oats off % to % and provisions vary- ing from 27% decline to an advance 2%, O hure of tho alliled premiers to agree over German financial affairs caught the wheat market when the domestic outlook appeared uncertain, the rail strike settlement in particu- lar, and buying power seemed to be restricted almost entirely to traders who had been on the selling side and were in. position to profit. Subse- quently, with coal mines reopent and ~ with- railroad troubles less ‘threatening, the wheat markst rallied somewhat, buyers apparently becom- ing more confident. g Dro{uzht l.‘l;rl! heat .:‘lmll‘nlg. com led’ afterward to a sharp upturn_ in the pft:a of - wheat, as well as other cereals, but wheat fell in value again wken timely moisture and cooler tem- perature relleved anxiety as to corn. At thiw. Juncture, too, prospective in- cressed recsipts of wheat, as a resuit of expected setilement of the rail r o & noticeable begrish factor, heightened in effect through practical assurance that the spring wheat crop was made 'and would soon led the corn ns and cooler t remal bullish, actual 4 g6 by . & question. Enlarged larrivals eased the osts market a little. Provisions were governed -mostly 'by. ghanges in the value of hogs. . WEEKLY TBADE REVIEW. 3 _YORK, August 19.—Brad- strest’s review of trade sa f He - outlook for the future, ‘both ! a!' - hnn‘g‘-' i » changed- for etter, owing to' proved strike: settlement - prospects; there is slight refiection, except in the wmatter of ) eerful. tons be had: in the week's reports as trade and ind: .. The, charac Atchison gen 4s........ 8% 88 B% Atlantic Coast L col % 8% 8% Balto & Ohlo gold 4 85% 854 B5% Ealto & Ohlo 6 % & Ohlo ov 4% Chicago & Alton 3%s.., 1% 6% B Chi & East 111 gen 58 84 CB&Qlat&ret5a 0% 101% 2282 i3 Cuba RR 6 Del & Hud cv Del & Hud 53 Tz 0% 102 Den&RioGconds.... 8 ™ 7 Den & Rio G 1strefbs.. 471 4% 41 8% 8% B3% o 6 6 &% 51 ET% D 53% 63% 63% .. BT% BT% BTH 9% % % 04 104 w1 108% 108 1% 13% 8% 8% Il Central ref 4s. % 0 1 Central 53a. w2 102 Inter Rapld Transit 5s. 6% 6% 69% Inter Rap Tran 6swi.. % ™% 9% Inter Rap Tran 7s w i. Inter & Grt Nor adj 6s owa Central ref 4s. Iowa Central 1st b KanCFtS & M4s Kansas City Sou bs. . Lake Shore 45 1928. Lake Shore 45 1931. N Y Central deb 4s N Y Central ref imp New Haven cv deb 6s. N Y Rysadj bs. . Paris-Lyons-Med Pennsylvania gen 6s. . Pennsylvania 6 Union Pacific ev 4s. Virginian Ry 1st5s. .., Western Maryland 4s. SUDDEN SHIFT IN VIEWS ON CROP COTTON FEATURE NEW YORK, August 19.—The = ture of the week in the cotton nfi‘?. ket was a sudden shifting of the trade’s attantion from the bearish view of increasing new crop receipts to fear of a very substantial scaling down of crop estimates by the end- August condition reports. The seil- -ng movement, which started shortly after the publication of the end-July conditien figures, continued during the earlier part of the week, being en- couraged by continued complaints of & poor frade demand, nervousness over domestic labor troubles and the break in central European exchange rates. As prices approached the twen- ty-cent level for December contracts, however, the market steadled on cov- ering, and a ge’nerll buying move- ment developed on the advance, ow- ing to increasingly serious compiaints of crop deterforation, the settlement ?l the lcmd x’-:,é"” and reports of an mproving irade in cotton Manchester. Eooanat Prices shot rapldly upward on cov- ering by recent sellers and a broad- ening trade or commigsion house de- mand until December contracts sold at 22.23 yesterday morning, or 211 points above the low level of Tues- day and within 67 points of the best price touched on the end-July crop figures. Realizing then developed on a con- siderable scale. causing more or less irregularity, although there was no change in the general character of weather and crop news. Judging from comment in the trade here, the market has been advancing on ex- pectations that end-August condition figures will show a falling off of about 10 points in the crop outlook, or a réeduction of- perhaps 300.000 bales in the indicated yield, compared with the last officlal figures. Private mid-month condition figures have ranged from about 66.7 to 6€9.4, representing declines of about 5 to 7 points, as compared with the corre- sponding end-July reports. Private cables have - attributed the advance in Liverpool to growing uneasiness over the crop and an improving in- quiry for cotton goods from India. + Liverpool importers were said to be buying spot cotton in the south- ‘west on the earlier stages of the ad- vance, but telegrams received later said that the demand had fallen off yesterday morning. The census re- port on supply and distribution for July had no appreciable effect on the market. — DRY GOODS LIGHT. Prices in Standards Continue High- er on Cotton Strength.' NEW YORK, August 19 (Special)*— Week end commitments were lght in the dry goods market today. Prices in the standard prints and sheetings contjnued higher,‘'as was to be ex- pected in view of the advance in the cotton market. The 89-inch 68 by 728 ruled around 9%oc and sales of the d3%-inch 64 by 60s brought 8% and In both!varieties the rise was practically. %c. There was little change today in the finished goods market. Prices in the raw silk market are firm, holding to their previous levels. ATLANTA, August 19.—A broker or commission merchant whose busi- and terminates within uired to % $178,000,000 for July 4 lcompared with ESADINDROP N TRADE BALANCE Decrease in U. S. Foreign Business to Help Exchange, Says Federal Bureau. Decrease of more than $90,000,000 in the favorable trade balance of the natlon during July as compared with a year ago will help the inter- national exchange situation, the Com- merce Department declared in a state- Iment today making public the re- sults of the nation's foreign trade for the month. While gold imports increased, com- modity exports decreased, the state- ment sald, in July as compared with T4Re decta. e decided reduction in the favor- able trade balance from' $147,000.000 a year ago to $54.000,000 for July, the department declared to be 4 ‘healthy sign, pointing to a gradual return to more normal relations be- {tween our exports and imports, which |is bound to have a beneficial effect on the international exchange situa- Commodity Exports. Commodity exports for Jul gated $305,000000 against §334.000. 000 in June and $325,000.000 in July, 1921, while imports totaled $251,000,- 000 against $260,000,000 in June and a year ago. For the seven months ended. with July exports aggregated $2,1 " $2,859,000,000 Corresponding periou’ of 1921 mports were $1,670,000,000 us against $1,498,000,000 f "same v or the same months Gold imports for July were highest of the present vear, totaling $43.000,000, against $13,000,000 in June and $64,000,000 a year ago, while ex- POrts of gold for the month were the Jowest of the yoar. ageregating $645.- . against $1.600,000 ¢ $3,700,000 1n Juiy, doz1, - TUne and WEEKLY WOOL REVIEW. BOSTON, August 19.—The Commer- cial Bullefin's review of wool says: The demand for wool has contin- ued at a moderate and somewhat ir- regular pace, with interest more es- peclally shown for the medium grades, although fine grades have not been altogether neglected. Medium and fine scoured wools have been in rather better request this week. “Foreign markets are reported firm, The East India sales at Liverponi have been advanced from September 19 to August 29 in order to anticipate the passage of the American tariff.” I WOOL PRICES STEADY. Demand Continues Only Modersts in Boston Market. BOSTON, August 19 (Special).—Quo- tations were steady and practically unchanged in Summer street today. The modierate demand, already noted, continues for half-bloo for the three-eighths varfety. Commercial Bulletin today ms up the week as follows: “The demand for wool has continued at a moderate and somewhat irregular pace, with interest more especially shown for the medium grades, although fine grades have not been altogether neglected. “Medium and fine scoured wools have beer;( in rather better request this week.” Money to Loan Secured by first deed of trust om real Frevailing taterest and commisrion. Joseph 1. Weller 32, ™ %: T aw. 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