Evening Star Newspaper, August 25, 1922, Page 14

T 1a b FINANCIAL. EXPECT TIRE OUTPUT TO TOP PEAK PRODUCTION OF .1920 Trade of Cleveland Area, With Exception of Steel, Moving Along With Little Interruption BL GUY T. ROCKWELL., Bpectal Dispateh to The Star. CLEVELAND, August 25.—Produc- tion of tires in the Akron district up to the first o* this month aggregated 11,000,000 ca. \gs, and it s estimated that the country as a whole will turn out 33,000,000 tires this year. This compares with a peak production of 32,400,000 in 1920. Productlon In the Akron plants, however, has slowed up this month. This Is regarded as a natural tendency at this time of the year. Business here, with the exception of the steel Industry, is moving along with little interruption from the rall strike. The coal situation has been eased by the Cleveland agreement reached between the operators and miners and banking of furnaces industrial plants throughout this trict has been checked. Coal i ing at $6.50 and $6 a to mines as compared with § last week. One local manufacturer of nuts and sell- t the to §9 OFFICE SPACE The Ecimonds Building 911 15th St. N.W. Washington’s Newest Office Building K Harry Wardman'. 1430 K ST.NW. | Main 4190 2 From Strike. bolts reported today that within the last week the first substantial orders from farm implement makers since 1920 have been placed. Small orders, according to this manufacturer, have been numerous, but the recent pur- chases indicate that buying has at- tained a broader scale. Are Hoping for Higher Cotton to Follow Crop Deterioration BY ESTES DOREMUS. Special Dispatch to The Star, ATLANTA, August 25.—The cotton crop in this section is showing rapid deterforation and confidence is strong that higher prices for cotton will re- sult. This is keeping business opti- mistic in this section and wholesalers and retailers are buying in volume in anticipation of an excellent and sus- tained fall and winter trade. It is freely asserted here that cot- ton would be at 1 2 cents a pound higher if it were not for the strikes. Some even consider 25 cents a pound below the possible maximum for the on’s crop. Retail marchants here have enjoyed an llent trade throughout the summer and pre-inventory sales are filling the stores to capacity daily. The volume of business is being re- ed in bank clearings, which show v gains from week to week over 1921, Collections are satls- f: and plenty of money is avail- able for legitimate enterprises. Those izing in building loans are reaping @ rich harvest. due to the heavy program of home building now \roETess. emand for radio outfts Is increas- tng materially after & summer slump. | Southwest Hurrying Plans for Distribution of Coal BY J. N. FINING. Spectal Dispatch to The Star. LOULS, August 25—Now that the coal mines are producing again in the central fields, state fuel commit- tees in this section are perfecting ar- rangements as fast as possible to regulate digtribution so that coal may be transported into industrial plants without delay Business men in all lines here real- ize the necessity of stimulating ca- Funds Immediately Available Real Estate Mortgage Loans Payable in Monthly Installments 1. Loan up to 60% (SIXTY) of value of land and buildings. 2. Loan from $1,000.00 to $8.000.00 on desirably located modern city dwelling occupied in whole or part by owner. 3. Charge ONLY 69 (S1X) INTEREST. 4. CREDIT allowed for PRINCIPAL PAID monthly and IN- TEREST REDUCED accordingly. 5. The MONTHLY PAYMENTS average $9.57 per $1,000.00, IN- CLUDING interest and principal. 6. Loan can be REPAID, in full or part, WITHOUT BONUS charge, on any interest payment day—(MONTHLY). 7. The LOAN is REPAID in 142 months. Let Us Give You Further Information Regarding This Attractive Loan Plan. Onr CHARGF. and the EXPENSE of Making the Loan Is SMALL. H. L. RUST MAIN 6888 912 FIFTEENTH STREET Loan Correspondent for the Prudential Insurance Company of America | Retail shoe trade of northwest is fac- THE EVENING STAR, WASHINGTON, D. C. FRIDAY, AUGUST 25, 1922. f buying power is to be nor- | now been recelved from factories that e ee Ane whiebats and retail trads | prices mave been advanced from . 50 regain prosperous proportions. Rallroads In_this section have in- creased thelr shop forces steadily, but transportation or lack of it still re- mains the most serfous obstacle to commerce. Many trains have been dis- continued, with losses to agriculture, trade and the public. The construction program continues active, and many new projects have been announced this week throughout the southwest and midwest. but It ls being retarded by the difculty of shipping materials. Brection of small buildings and homes has slackened, but a goodly number of large enterprises are being launched. Many large manufacturing plants are ready to shove production schedules up to maximum AS Soon as fuel supplies become avallable. Commodity Reports From Various Sections Chemieala. NEW YORK, August 25 (Speclal).— Chemicals here are extremely firm. Further gains are predicted. Cam- phor monobromated has been ad- vanoed to besis of $1.90 to $2.10 for crystals and §2 to $2.20 for powdered Non-Ferrous Metals. JOPLIN. Mo., August 25 (Special).— Despite coal and rall strikes, produc- tion of lead and zinc ore in tri- states fleld has not fallen below 10.- 000 tons a week. Lead and zine ores are both exceedingly firm, zinc being quoted at $35.50 to $37.50 a ton and lead at $80 a ton. Sales of ore in Missourl. Kansas and Oklahoma to- taled $339.706 for week. Yoear's out- put to date brought $128,863 Wool. YAKIMA, Wash,, August (Spe- clal).—Wool clip of this section amounting to over 1,800.000 pounc has finally been disposed of. Aver- age return o Erowers was pound or about double what they ceived last year. Lumbe NEW ORLEANS., August 25 (Spe- clal—Pine mills are increasing out- put, but shipments are delayed by car shortage. Orders for week at 150 mills totaled 89.000.000 feet of pine. Pro- duction was 76,600,000 feet and ship- ments 67,000.000 feet. Unfilled orders aggregate 373,000.000 feet. Corn. KANSAS CITY. August 25 (Spe- clal).—Farmers are making bitrer complaints over prices at present obtaining for corn. They pgint out that in 1914 the price of a ton of coal would buy 2.04 bushels of cofn while this year it will purchase 9.03 bushels. Protracted hot, dry weather is threatening corn and killing pasturage. Automobfles DETROIT, August 25 (Special).— It is expected that laying off of 3,000 men at River Rouge plant of Ford Auto Company because of delay in receiving fuel shipments will be only femporary and that men will be back at work Monday. Hardware. CHICAGO, Ausust 25 (Speclal).— Hardware wholesalers report im- provement in demand for tools, shop hardware and staples. Demand seems to be encouraged by fear of shortage of supplies. Knit Goods. NEW YORK. August —Several leading hosiery (Special). distribu- tors report a decided improvement in movement of staple cotton goods for Demand has aiso men, women and children. for ‘women's lisle hosiery shown greater strength. Glasn. PITTSBURGH. August cial).—It is announced tha Owens Glass Manufacturing closed a transaction by whicl and plate glass manufacturers stock company of Essen, Germansy, is given right to window-glass manufacturing machines by American company. Clothing. CHICAGO, August 25 (Special).—A controlled number of popular-price department | I stores already are presenting their new fall men's suits at moderate prices. Majority of these stores are featuring four-plece suits, selling in neighborhood of $25. which are of- fered in worsted, blue serges, tweeds and other material: Bricks. MOBERLY, Mo, August 25 (Spe- cial).—Lack of fuel has caused Mo- berly brick plant to close, throwing scores out of employment. Shoes. SEATTLE, August 25 (Special) ing a condition which will necessitate instant action. Stocks have been Kept 1 g s ',““,-"'.','1"‘ o, I those who get the coal out of mine have not the right to say some- llgng about ?ht’chat organization o, work and that life — who HAS the right?” cents a palr upward, due to increased quotations for hides and leather. Steel. PITTSBURGH, August 25 (Speclal). Flttsburgh Steel has advanced plain wire to $2.35 and wire nalls to $2.60. In April independents advanced naila to §2.50, but the figure did not hold. American Steel and Wire has continued plain wire at $2.50 and nalls at $2.40. Canned Goods. SEATTLE, August 26 (Special).— There will be a heavier pack of string beans In the Pacific northwestern val- | ley than was estimated a month ago, due to improving rains. Yfeld will be normal. Farnitare. i NEW ORLEANS, August 25 (Spe- cial).—Furniture dealers here report retall sales for July and August to be 25 per cent ahead of those for same months of last year. They declare they can sell all goods they can get. { Factorles have plenty of orders and are working at full capacity. Machinery. i LOUISVILLE, Ky.. August 25 (Spe- | clal).—The Louisville and Nashville has placed an order for fifteen mikado- type Jocomotives, welghing 295,000 {pounds aplece. from' American Loco- motive Company. Notes. PHILADELPHIA, August (Spe- 1).—A survey of state oMclals indi- cates that Philadelphia industrial plants last year produced goods valued at nearly one and one-half billion dol- Iars. " of which about one-half was ipped out of state. lead with a valuation of $39%.422,000 Hoslery was worth $49,000,000, and woolen, worsted and silk goods nearly as much. Philadelphia wage earne were pald $214.000.000, of which wom en received $53,000.000. NEW ORLEA August Textile products 25 (Spe- elal) —Report of | Missisaippl- Warrior barge line shows that tonnage handled r this year exceeded that of a similar period last year by 419.000 tons, This addltional business is held to rep- resent saving for shippers of $850,- 000 _as compared with rall rates. BOSTON, August 25 (Special).—Un- less _sufficfent fuel is recelved shortly in New England to carry on varlous road-building projects now in progres about 16.000 men will have to be laid off. It i aiso belleved that delay in this work will result in impassable rosds throughout fall and winter. now engaged chusetts. FOREIGN ISSUES SHOW WEAK TONE Br Special Leased Wire to The Star. NEW YORK, August 25.—The weak- ness in French government and exter- nal loans were the most important in lents in the bond market today. For some time French securities dealt in the New York Stock Exchange har withstood fairly well the depressing in- fluence of the decline in francs. A sharp drop again today in French exchange, accompanied by a new low for German marks, made itself felt in the French Republic 7%8 and 8s, which lost more than & point, and in the Department of Seine 7s, and the Soissons 6s were at their bottom prices. Other French municipals also went lower. The European situation and the weakness in forelgn externals rath- er drew attention away from the domestic list. Railway bonds were steady, but h less active. Most of the high- e mortsiges were little changed. A few. including New York Cen- | al refunding 5%, Missourl Pacific general 4s. Southern railway 4s and Louts ithwestern second 4s ouched their highest prices ¢ th year. ledo, New England this About 28,000 men are In road work In Massa- and Western 4s snture Bs also substantial gains in Southern Pacific | refunding 4s. Atchison general ds, | ie generals, Chesapeake and Ohio | and Minneapolis and | nding Air Line fs were among i ¥ honds which softened. and this tendency was particularly th noticeable members of the group, such as Mis- speculativ among souri, Kansas and Texas Frisco bonds. Tractions a Feature. Greater New York traction securities were again a feature. Third Avenue | adjustments got to Hudson and { Manhattan refunding 58 made a new {high for 1922, and New York Railways refunding 4s advanced a point. | "In the indusirial section there was a {recovery in_the International Mercan- tile Marine 6s following their recent de- line on reports of what effect passen- ger rate cuts in the Atiantic traffic would have upon the securities of this company. General Electric 65 were higher, and {50 were the Cerro de Pasco 8s. i~ American Telephone and Telegraph 6. !influenced by the announcement of the {new $115,000,000 common stock issue, imx back. and the Governments Easier. United States government bonds were slightly lower, and the volume of busi- ness in this quarter siackened | The largest new offering today—a 1$3.000,000 Chicago joint stock land bank {5 per cent farm loan bond issue—was | quickly taken IDLE FREIGHT CARS FEWER. Surplus freight cars in good repair for week ended August § totaled 153,850, according to official reports fled. This was a reduction of 21,047 cars since ] Of total, 118.044 were surplus coal cars, which was a decrease of 13 3 since July 31, while 15.873 were plus box cars, or a decrease of 5,49 within same period. Statement also showed 1,852 surplus coke cars, a re- dnction of 51 In_slightly more than a week, while surplus stock cars stood at i, 0 a dacrease of 1.375 | gerseassnanmTN TR R TR RR AR, et | il £ - H =l = = - B - 8 £ g s flappers are always fresh | PPECTTRPEr PR PP T serve ban of New York at the close of business August 22 shows: Total ! gold reserves, $1 035.4° total re- LOCAL WHOLESALE PRICES. Eggs—Strictly fresh. selected, can- dled, per dozen, 27a28; average re- ceipts, 27; gouthern, 25. Live noultry—Roosters. per 1b., 15; turkeys, per 1b, 25; spring chick- ens, per b, 32a33; keats, YOUNg, each. 35a50; fowls, £3. Dressed poultry — Fresh killed SPring chickens, per 1b.. 30a35; hens, per 1b, 25; roosters, per 1b.. 10; tur- key, er 1b., 35a40; keats, Youns. each, 35a50. Live stock—Calves, choice, per 1b. 11all's; medium, per 1b, 10a10%: thin, per 1b., 5a7. Lambs. choice, per 1b., “13a13%5; live pigs, 3.00a8.00 each: live hogs. per Ib., 10. 1 Green frults—Appler, new. per bbl, 1.00a4.50: per bu. basket, nearby. 50a 1.50. ~Callfornia oranges. Per craic. 8.00a10.50; lemons, per box, 3502801 Peaches. per craté, 1.503.00. lonpes. §0a2 0, Vegetables—Potatoes, per bbl. 1. 2.00a2.50; per xack, 2.00.2.50; No- 50a1.00. Swoeet potatoes, North Car lina. 1.00a2.50: nearby, 2.50a3.00. Lettuce. per erate, 50a Sw York. per crate Canta- No. 1.00a150. jomaine lettuce, 100 Cymblings, per crate, 75a). Onlons, per sack, 3.0023.50 C‘P"‘:fl"-' West Virglnia, 1.50a175 per bbL nearby cabbage, per bbl. L()I)IE- Cucumbers, per box, 1.00a3.00. BE&" plants, per crate, 7oal.00. Toms toes, box, near! 50a1.50. Beans per 3.0085.00 per bbl A2 basket. Peppers, per crate Kale, G0a Spinach, per crate. 50 T Lima beans, per quart, 15a20. Celery, per doz., 50a1.00. CHICAGO LIVE STOCK vu;u(‘r:r. CHICAG, August 25 (U. 8. Agricu ture Department). —Cattie—Recelpts 5.500 head: market generally ateady: strictly prime yearlings. Stwonge beef cows and heifers, very slow: 10D long vearlings, 10.85; welght. 1.051 pounds; bulk beef steers of qvlnlll”) and condltlon to sell K75 to l{:' 00; canner and cutter cows, mostly 2.75a 3.50; bologna bulls, largely. 4.00a41 veal calves, early, around, 11.504 Hogs—Recelpts, 18,000 head: light- er weight active, 10 to 15 higher: top. 9.70; bulk, 6.6029.63; others slow.} steady to strong: 210 to 240 pound; butchers, mostly, 9.25a9.50; good and cholce, to 300 pound butchers. 8.7089.10; packing wows. mostl a7.10; bulk plgs, 1.7 heav 49.15; medium. 8.75a9 lght, 0 light. lght, $.90a94b: sows, smooth, rough, 6.15a 5 Shoep--Recelpts, 8000 head: fat lambs, active, generally steady to strong; spots, higher: fat sheep and feeder lambs, steady; top native lambs, 13.25 to city buichers: packer top., 12.90. with 13.00 bid: bulk na- tives to packers, 1250a12.76: native culls, mostly 9.00; elght loads Idahos unsold; sheep, scarce; few native ewes to killers, 4.00a7.00 inside figure tak- ing extreme heavies. DAIRY MARKETS. BALTIMORE, August 23 (Special). —-Poultry—Live spring chickens, pound, 22a23; white leghorns, 22a26: old hens, 20a25: white leghorns, 20a- 1: old_roosters. 16; ducks, 19a2l; small, 15a16; pigeons, pair, guinea fowl, each, 40a60. Eggs—Loss off native and nearby firsts, dozen, 25: southern, 23. Butter—Creamery, fancy, pound, 37a38; prints, 38a40. nearby creamery. 33a35; ladles, 2827 rolls, 2 store packed, 22; dairy prints, 23a24; process butter, 30a 9.408 packing packing sows, killing pige. 7.50a8.75 a7 DIVIDENDS. Stock of / Par- record. able. o 1. Co., American Tel. and Tel. Co.p 20 Jan. 15 t d Tel. Co.. e A T Mar. 16 Apr. 18 imer rel. ‘and Tel. Co.. Aty o 0 T T ane 20 quly 16 r“l"“cm" iy qflvopl. 8 Bept. 23 class Oct. 23 Nov. 15 i Pleept 15 0ct. 2| Co., Sept. 11 Sept. 2 Duvitier Condenser and Itadio Corp. pt., 9., 82 Sept. "sr‘?fi“u”".r. s A.‘ Sept. 1! Beacon 01l € mo. Aug. 301 NEW YORK RESERVE BANK.| NEW YORK. August 25.—The state- ment of condition of the federal re- serves, $1.165 hills discounted secured by governmen! war obligation for members, $28.452.185.61; all others, i $18,368,051.40; bills bought in open mar- | $10.430,766.25; total bills on hand : total earning assets, $237 uncollected items, $116.3 1o members, reserve ac count, $700,221,889.33: total deposis. | $734,110,696.17; F. R notes in actual cir- | culation. $609. 16; ratio of total reserves to deposits and F. R notes, liabilities combined, 8 Washington Stock Exchange ! ‘Washington Gas I’Al Potomac Electric g. ington Railw ¥ and 1at 7. Light—3 at 50% 5 at 9. Tanston Monotvpe 10 At 80, Mergenthaler Linotspe—in at AFTER CALL ! Washingion Kaliway and Electric com.—15 38. | Money—Call loans, 546 per cent. BONDS. Bid and Asked Prices. } PUBLIC IJTII.]TY.B " American Tel. and Telga. 4 at 59, at i No. 5, 86 per bughel. iand bulk Irish Cobhblers, GRAIN AND PROVISIONS. BALTIMORE, August 25 {Speclal).— Potatoes, white, bbl., 1.75a2.00; No. 2, 75a1.00; 100 Ibs., 150 1bs., 75a 2.00; sweets, bbl., 2. .75; yams, bbl., 1.7522.00; beans, bushel, 40a60: lima Leans, bushel., 60a75; beets, 100, 2.00 a2.50; cabbage, 100, 3.00a4.00; carrots, 100, 3.00a4,00; celery, dos., 40a80. Corn, doz., 6a12; cukes, doz., 50a75; eggplants, basket, 650a60; lettuce, basket, 50a1.26; onions, bushel, 76 peppers, basket, 15a40; squash, basket, a50; tomatoes, basket, 35a40; pack- Ing stock, bushel, 70a75; yellows, bagket, 35840, Apples, bbl, 1.00a2.00; bushel, 50a 1.00; crabapples, basket, 40: ; dam- sons, 1b., b; grapes, basket, 75a1.00; huckleberries. qt., 15a20: peaches, hasket, 50a75; crafe, 1.50a3.75; pears, basket, 50a1.00; watermelon primes to select, '5a30: cantaloupes, basket, 50a 85; crate, 75a1.26. Selling Prices at 1 0'Clock. Wheat—No. 1 red winter, spot, no quotations; No. 2 red winter, spot, 1.14% ; No.'3, 1.11%: No. 2 red winter, garlicky, spot, 1.04% per bushel; No. 3, 95%; August wheat, 1.048; Sep- témber, no bid. #Sales—Bag lot of nearby., by sam- ple, at 65, 70, 80, 85 and 88 per bushel. Cargoes on grade—No. 2 red winter, garlicky, 1.03% per bushel; No. 3, 6 per bushel; No. 4, 81 per bushel; leés—Car lot of No. 3 red winter. spot, at 1.11% per bushel; car lot of No. 3 red winter, garlicky, spot, at 96% per bushel. Corn-—Cob corn quoted 3.75 asked per barrel; contract corn, spot. 77 per bushel; No. 2 eorn, spot. and No. 4 track corn, yel- 79a80. 0 sal s Oats—White, No. 2, new, 42 per bushel ). 3, new, 40%a4l per bush- el: No. 3. no’ quotations. Rye—No. 2, western export, 82; No. . no quotations. Hay--Receipts, 32 tons: range is 16.00a18.00 for falr to good timothy and light mixed: market firm; supply on hand ample for trade. Straw—No. 1 tangled rye, 15.50; No. 1 wheat, 10.00a10.50; No. 1 oat, nomi- nal, 12.00a13.00. CHICAGO. August 25.—Weakness at Liverpool and the unsettled foreign situation were reflected on this side of the Atlantic today =and wheat values turned downward at the start. A fair class of buying. however, checked the downturn and the mar- ket ralHed somewhat from the in- aide flgures. The opening. which ranged from % to % lower, with Sep- tember 1.01 to 1.01% and December corn, no quotations; low, No. 2 or better, 1.02% to 10213, was followed by slight gencral gains on all deliv- erles. Corn was devoid of the persistent buying which has been such a factor in the last few days, and on reports of mcattered rains showed a tendency toward lower prices. After starting at unchanged figures to 3 lower. with September 608 to 607, the corn market underwent a slight setback. then made something of a recovery, Outs were dull. Initial quotations. which ranged from % decline to % advance. with September 31%. were followed by a slight general gain all around Provisions were easler, in line with krains Potatoes—Strong steady on whites: total sacks; on early Ohios. receipts. 49 cars; United States shipments, 711 northern New Jersey sacked 2.00a2.15 sacked Gfants, 1.50a1.60 ewt; Idaho sacked round whites 1.80 ‘ewt.: Minnesota sacked and bulk Early Ohios, 1.30a1.40 cwt The wheat market showed consider- able resistance to selling pressure and while the news, in the main, was considered hearish, offerings . ewt; do. light. Local shorts covered on the bulges, and increased pressure found the market poorly supported The close was at unchanged figures to fwe higher, with September 1.01% to 1017 and December 1034 to 1.033 Corn hecame unsettled with wheat and fafled to retain advances. At the finish values were % to 1; cent net lower. with September 603%a60%. Wheat— Open. Close Sept 101 Lovs, Der. 1031 Mas 10w, Sept s, hec. ty Siay EETN Onin— ept KL i Dec. 33 3y May 3% 3T Lard Sept 1040 1050 1035 oct 1050 1057 104 ACTON I O FEATUREOF RS By Special Leased Wire to The St NEW YORK, August 25.—Trading = smaller on the curb exchange and price variations for the part were comparatively unim- portant Standard Oil stock did rather better than the average of the market else- where. The New York shares sold dividends of $4 and immediately regained half of this deduction. Standard Oil of Kentucky on a few transactions rose another half-point. | The Indiana shares moved within a narrow range around their previous j close. Realizing sales. on the other hand. were felt to some extent in Prairfe American Tel: and Telga, 4%y Am. Tel. and Tel. cfl. ir. i Am; Tel conv. 6s. and Potomac 8. guar. 5. d Potomac " and ¥. Telephone & C. and P. Tel. of Va. Capital Traction R. R City and Buburban A Georgetown Gas _lst & Metropolitan R. R. 55 Potomae Electric lst 5 Potomac Electric cons. Potomac Electric deb. ¢ Elec. Power . 0il and Gas, Prairie Pipe Line, Atlan- tic Lobos and International Petroleum. Anglo-American, Imperial 0il of Can- ada and Galena-Signal Oil were neg- lected. Other Ofls Vary. Citles Service Bankers' shares slip- ped off a fraction, but the preferred stock was better supported. Among the independent ofls the feature was Alcon Oil. which was avtively sold, with a decline of about a point. Ar- kansas Natural Gas was again in de- 9314 10514 1y Prg MIBCELLANEOD 7 Reaity G5 (long FiEEs Realty 5a (short) mand at rising prices. Fensland, Mu- tual, Maracaibo and Southern States were all firm, while New England Fuel Ofl at one time was quoted a point higher. New High Made. Public Service preferred was one of the leaders of the miscellaneous OF TOBACCO OPENS WELL RALEIGH, N. C., August 25.—Ware- Fouses of Tobacco Growers' Co-operat- Ive Marketing Association, in eastern orth Carolina, opened with initial re- ceipts of roximately 760,000 pounds. Large crowds gathered in twenty-elght citles and ywns where co-operative marketing was inaugurated and watch- ed the new system get Into action. Advances made on tobacco dellversd $28.80 for the twenty-eight different grades. Growert generally expressed satisfaction with prices. Participation receipts entitling the members to the remainder of their money when a suffi- clent amount of the association's to- old were given with the ad- vance payment checks. The growers appeared much impressed by the man- ner in which thelr product was graded. At Smithfield, where approximately 70.000 pounds were delivered, singing of the Daxology and & prayer by Rev. D. {:L Tuttle preceded opening of ware- ouse. NEW YORK STOCKS AGT FAIRLY.WELL Drop in Marks, Francs and French Securities Ignored. Equipments Lead. BY STUART P. WEST. NEW YORK, August 25.—Interest in the financial markets shifted today from the domestic labor sftuation to developments in the European money centers. The home security markets have settled down to a complacent attitude toward both shopmen's and the an- thracite miners' strikes. There was disappointment that srounds for settlement had not been reached, but no adequate reason was found in this faflure of negotiations for the throwing over of security holders. The primary test today was wheth- er the same imperturbability would be shown in the face of the latest ev dences of Germany's financlal break- down and the serious implication which it has for French finances. French Franca Drop. The panic continued on the Berlin bourse and the mark fell to .00041, as against Thursday's low of .0005%. Later in the day there was a partial recovery. But more striking e collapse In the German rates was the extreme weakness in French exchange and the reaction which this had upon ven than the French public and private bonds. Breaking well under .0760, the franc was guoted at the lowest since December. 1921. Jt was in the first week of that month that the recovery set in which carried the value of the franc from .0689 to the high of .0937 in the middle of April. The drop of 21 cents during the last four months is a measure of the deterioration in French credit since the faflure of persistent effort to settle reparations problems. French Securities Soft. The market for French securities was more sensitive than any other ay for a long time. due to the weak- ness in the exchangees' French gov- ernment 8s and 7lzs fell over a point, the later reaching the lowes: that they have xold the last three months or more There was heavy selling aiso in the department of Seine and Paris Lyons and Mediterranean bonds listed in New York. I flerence Here. If there was any uneasiness on ac- count of the European situation how- ver. it did not show In the slight- {5t Jn the day’s stock and bond mar- ets Trading in stocks went along with about the same characteristics as on other days. ‘There were few points of weakne. while there were numerous advance among special stocks. The industrial list was favored over the rails, al- though the latter were well sustain- ed. and in some instances moved for- ward. Equipments Firm. In the industrial section the princi- pal buying centered upon shares of the railway equipment companies, two three of the American oils, the eels, the leather stocks and some of the motor and motor accessories. United States Steel common made a new high for the year, a sufficient in- | dicatfon that the wage increase is ex- | pected to be offset by the advances which have already begun in steel production. Motor Stocks. The move in Studebaker was de- clared to be under the same patronage as the other principal upward swings in the stock. More immediately i1 was responding to_ the authoritative statement printed Thursday that, al- though the second half year iz never to the association ranged from $1.20 to FINANCIAL. - e e 0 ol e s s g Qe TP o queeand Tave Stock |CO-OPERATIVE MARKETING MERGY’S EAm SHOW GOOG GAIN Reduction in Debts and In- crease in Cash—Phone Company’s Earnings. BY L A. FLEMING, Mergenthaler Linotype Company i aking excellent progress during the current calendar year, each month's PTOgTess marking excess sales and with it increased profits, reduced 1a- bilities and incereased cash on hand the two latter items seldom gomg hand in hand. For the month of July the net gain was $180.160, as compared with $113.- 627 for the same month in 1921. Bllls payable, $2.855,500, Au , .500, August 1 1922. as ‘compared with 34,612,500 same date a year ago. Cash on hand August 1, 1922, $88%,- 390, as compared w il pared with $493,348 & yea Accounts payable, $58,197, August 1 :;zoz a8 compared with $317,017 & vear The net gain in earni o period October to Juiy 22,";‘2',03.'52‘1“ After ten months of operation dur- Ing the flscal year the surplus stands at $10.761.902. ‘as against $9,719,902 at the same time last year For the same period of the current year the net earnings have bheen & small fraction Letter than 16 per cen “Mergy" pays 10 per cent annual dividends, a rate that seems amply warranted by the earnings of the cor- poration. Paying Out Yellowbacks. During the last week the twelve federal reserve banks have patd ous $41.000.000 gold from the fund of yel- low metal “with the federal resarve agents and $3.000,000 more from the 80ld redemption fund The yellowbacks have baen found in pay Tolls for the las: few weeks. but this is the first time the combined statement has shown a noticeable de- crease. 1t is a healthy sizn—that the goy- ernment has found the money market so plentifuily supplied and the gen- eral situation so much improved that there is no longer need for the hoard- ing of the preclous metal Reserve Ratio 79.5 Per Cent. Increased investment in bilis bought in the open market by $16.000,000, and $24.000.000, all told. has heen resporn- sible for a siight decrease in the ra- tio of reserve 10 deposit and note lis- bilities of the reserve banks. which today stands at 79.5 per cent, as coni- pared with 80.2 last week C. & P. Phone Company's Earningn. Net income of tho Chesapeake and Potomac Teledhome Company for July was $75,649.96, according to 1t monthly statement filed with th. {Public "Utilities Commission tod. This was a falling off from th~ company’s busifiess for June, when net income amounted to $98.032.11 Total teiephone operating revenues for July ageregated 342223865 Op- erating expenses amounted to $318.- 381.01.° This left total net operating revenue of $103 847.65 After making allowance for other regular deductions, the net income was brought down to §75,689.95 On the Local Exchange. On this, the last day of the week =0 far as the local stock exchange trad- is_concerned, business quietcd materially. Brokers, the very that are still in the city, were favored with many orders ei some of the old trading favorites being entirely neglected. With the first session of next week. many investors will probably be back in the city, although the rush of turning ationists will not come until after Labor day. . If there was a featurs to the local market is was the weakness in Rail- e v preferred. The first sales were hen the stock sold at stock was slow at 56 changed. and Merge one transactions was each of the typesetters In the bond section lack of strensth, but the number of buying and sclling orders were light and at limits that permitted of sm business. Sales of strong at_¥0. 4%, but ouTy reported thera was eorgetown Gas 5s at 1057, ana o1 1ot ¢ Electric general mort - gage 6 at 1001 Personal Mention. E. N. Brueninger, president of ths ©U7ens’ Savings Bank. has returmed from a European trip. after an al- sence of some months. Marks In Doll Tt requires some 1800 German marks to make one United States dni- lar. SHOWS BIG EXPANSION. Telephone Company Offers New supposed to be anything like the first half vear in the automobile business. Studehaker actually earned in July £3 i share. There was some buying of W sympathetic sort in the other mo- tors. particularly Chandler and Pierce- Arrow. Some of the motor accessory Stocks were favorably affected by the strength in motors—especially Parish & Bingham and Stromberg. American Telephone. Rights to subscribe to the $115.000,- 000 of new American Telephone and ‘Telegraph stock began to be dealt in this morning. They opened at 21, sold at 2%, then moved forward. The market took its cue from the course of these subscription privileges as to what was likely to happen to Ameri- can Telephone stock {tself. In this instance the strength of A. T. T rights was taken to foreshadow a prompt subscription to the new stock on the part of shareholders, and the selling pressure of the previous day was speedily relaxed. Copper Reports. The most significant thing about the operations of the porphry copper companies—Utah, Nevada; Chino and Ray—for the quarter ending June 30. which concluded the first three Stock4-Phenomenal Growth. NEW YORK. August 25.—Directars of American Telephone and Telegranh voted to offer stockholders of recond of September § one shars of new stock at par for each five shares of outstanding. for a totalamount of §115.000,000. Inmak- ing the announcement President Thayer says: n the pas’ two years of ad- verse business conditions demand for telephone service has shown no abate- ment. In that period there have been 1,000,000 telephones added to the Bell system, and there are now on file un- filled applications for about 200,000 tel phones. WOOL MARKET DULL. Buyers Picking Up Lots When Chance Offers. BOSTON, August 25 (Special).—The wool market continued dull toda although buyers were picking up lo of three-eighths blood whenever the opportunity offered. Sentiment has i i & Bate Dep. 68 months of mining since the resump- 8 . | SR el group, making & new high record of | tion of production "April 1. was the zf::‘hle,g%r;::z?n;}::;L:tderd‘“:‘o:th a e e . This stoc estment mer- | progreesive increase in output. This R 5 | i STOCKS. its in regarded as having been sell-| fmprovement was apparent particu. |ihe leading woolen manufacturing ® I?’ PUBLIC UTILITY. ing altogether out of line with pre-|larly in June. except in the case of ['™\F68L =\ o4 gqemana with P American_Tel. and Telg - 121 ferred shares of other companies which | Nevada, part of whose property was I ety e D Tor the Is i Capital Traction Y are doing the same in the matter of | destroyed by fire. . i otias e g Sovtolks ana “Washi Sicambont. 180 earnings. . nominally quoted between 52 and 60 ~ 4 ok Rwy. and Elec. com.... 55 Among the department store stocks, RS 4 L TER 4 Gimbel common and Macy common FOREIGN EXCHANGE. Ry 00 000 nlon ne ° Terminal Taxi com . were both active and slightly higher.{ g, tne Assoclated Press. & Terminal Taxl PTIONAL BANK. ___May List Gimbel Stocks. NEW YORK. August 25—Foreign DRY GOODS SLACK. e : Application will be made to list the | exchange heavy. d i ety Gimbel stocks on the New York Stock | mand, 447 1-16: cables, .47 PR with . . 7 0 Columbla Exchange. The company's business is | ty-day s on banks. 5 ng Policy Is Seen, ROPHY! Coal digger, philosopher, trusted leader of thousands. President Commereial stated to be running well aheal of |Francs, demand, .0747; cables, .0747%. 2 = . stric| 1921, with an indicated aggr: value | Italy, demand, .. i cables, .0429% t : = o District dicated esn 1 Italy, d d, .0429% bl 042938, Prices Very Firm. of District 2 of the United Mine Workers of America. Inch by inch, he fought farmers 1o of eales for the full year of 1022, of | Belgium, _ demand. 0708 & cabler.| ‘it vonk Augmst 25 (Special) X : $ Fedenal upward of $70,000,000. g - Germany, demand. . B K, his throu has become the forces anized labor. The new Bethlehem Steel issues|bles, = .0006%. Holland. ~demand,| —Trading was slack in the cotton way gh until he one of the greatest m org) nonsl moved In opposite directions, the pre- | 1904; cables, ‘3908 Norway. demand. |cloth market today. slowing down s # =4 1 . R ferred gaining e, while “he com- |.1750; Swe , de nd, . en. 7 7 I his own story, “A Coal Miner's Lic,” he portrays che shades and high- Things as They Are | K545 - e e e A e e e e e . . . % ess active, ut succeede: n old- | mand, . , nd, . . | © lights of struggle, disappointment, tragedy and slowly emerging victory of Lookingoutthewindow Ameticen Ny ing recent highs. Greece, domand, 0330 boland de-|next government cotton report. 600,000 mees i oy wh skl cosf o dhewmion. ot Beop P IOWE. of the aversge dwelling, Sarii? LEAF TOBACCO MARKET. |Tapd -Q0352%., Areenting, demand. | F008 evtons 1o spot. and. nedrd o 5 objects lool diuone:. 2 treal, .99%. t Gelivery were very firm and holders - i i shows umanly, si the min E, August 25.—Receipts , Without talking “strike,” he you h y, sincerely, er’s side wavy—unreal. [f you tor woak 781l off o 1,685 hogsheads. | (Quotations foraiahed by W. B. Hisen & Co) | 2560 81, ancresKb Gt Rent fopey; i i hile sales increased to 1,816 hogs-| elling checks—dollar values at noon toda; t . but of the century old fight for steady work and steady wages. I :"."‘::elg“.':’:fi’i :l:‘t" ; heads. Tnspeotions at warshouses are Budapest ... 00003 Ritng was spotty. - The demand for : AR Y Lt 1 ¢ . X Seventh still from 1,000 to 2 ogsheads | Faria Pragwe 11 e | e afites ana fine count goods wis Regardless of your occupation or position in life your mind and heart will be Polished Plate glass in U nmion Mechunmes Lehina receipts and it Wil DROBABLY } Prasein < &M;"ln“‘:m.: 312" | comned o amatl fots. T / 1 8 o s ) enriched by reading this most striking autobiography of a great labor leader. the windows of your XD DYNURAND catch up. Under active competition | Bome Chittiants > e e b home. The cost is but American - & few fancy hogsheads sold up to 65c. [ Madrid B ] aationt 0| BEEdL: repant S £ el gf::m' . while all other grades held firm at|ithens price advances still was in evidence. i e mone National Unjon . ~ outside quotations. Vien Mhe coarser grades were fin best ° TITLE- INSURANCH. Prices per 100 pounds—Inferfor and sy of 27 ° Write for infermation Columbla Title e trosted, 3008400; sound, common.| mam _suLvER QuoTATIONS. Oh“ Real Estate Ti 4.00a8. 800! common, . = EW YO 9 ‘ugust .—Foreign ona ' e TUe : MIBCELLAYEODS. roatume Sro0aTo0r wood to Ame | NEW, XORK: SUEN ST | RAW SILK STEADIER. Great Features 4 . HIRES TURNER Columbla Grapbophone com. .. Ted, 28.00a50.00; fancy, 51.00; seconds, | PYTONNO * Bigugt 26— Bar silver,| e ambia _Graphophone D dium, 4.00a10.00; do.. 1 ver:] NEW YORK. August 25—Ras Colt common to m ., $5%d per ounce; money, 1% per cent ; Trans, and Storage. 100 %d pe: teadler; prices per pound: Kan in the September GLASS COMPANY Merchante, T oo - good to fine, 1100a26.00; ' ground | L0, Rt wies Short and three-month | steader: pricés per, pound: Kanial WASHINGTON, D. C. o Bk s, SARSY. Bomimar ntPr SHEET S [RMA Wi TS st P bt So; Shinsbu, No. 1.7 05 : Rossiyn, i 3 n 7.1507.20; . No. 3..7. 2 Lanston Monotype N. B—Unsound and badly mixed| . edo, St Louls and Western made | Canton, extras A 14-16, 7.65t Shan = i packages from 1 t0 8 eeer—Marviand, | a wide gain on prospects of dividends |1 hina, steam fil, gold donhle dcer, 22,098; Ohio, 3,953. Total, 8.35a8.50. at rate of at least & per cent annually.