Evening Star Newspaper, July 21, 1923, Page 20

F "REDICTS HIGHER OVERGOAT PRICES Zlothing Buyer Also Sees Ad- vance in Prices of Men’s Fall Suits. BY J. C. ROYLE. “pecial Dispatch to The Star. W YORK, July 2 American man will dig deeper into | nis pocket when he buys his fall suit nd winter overcoat than he did last Manufacturers, wholesalers ind retailers are agreed as to that. ‘onsumers, however, will not find thelr separation from an additional ?5 to $10 painful, according to Robert | Alexander, a resident buyer, who ‘epresents large retailers located in dozen different sections of the country. The consumer will sked at retail e said today. ng patterns the advance will m small buye! sear. suiting and o S0 attrac last in the would in_ adv Deslgnig he more digtinct rtising | ampagns and than | ever before even in the |(-\A‘er-prxrwll lines, The lines of clothing most in | (emand, he p 1, would range in price from $45 for suits and from $30 to $50 for overcoats. There will not be a scarcity of vither suits or overcoats in the mar- iet, as many manufacturers have predicted,” he continued, ‘“unless business 'is phenomenal, which, ac- cording to all present indications uot be expected. Retailers, especially the larger one: red already fifty to seventy percent of their wit and over: re for fall. Advance very large re ieast ten per c this time in 15 sSmall Dealers Holding Back “The smaller retailers, however, have held back a little, feeling it vould be safer for them to wait and » into the open market when the season starts, than to buy heavily in wvance. Of course, they have bought nough for first displays and the fall opening, but they have left the bulk of their buying for later in the se son. “Some retailers, located in agricultural districts where the prices for agricultural products determines the kind and volume bus; the retailer will do, have al- ready made heavy cancellations of fall orders. These cancellations, however, have not been general, even in the zricultural states, _aithough they n large in Kansas play a at t heavier than at especially those Woolen Goods Outlook. In some sections of the south and ! southwest jobbers and wholesalers | refused to pt th 1ly their full require- ents from the mills, and the latter e now malking slow deliveries as £0o0ds are called for. Orders of the mills were exceedingly heavy, espe- cially for overcoatings. The opening of the spring lines of woolen goods by the American Woolen Company, which will take place Mon- day, is expected to have a strength- ening effect on prices for fall cloth- ing as indicating the probable future replacement value of heavy-weight goods, Cotton Move Unchecked by Failure. The marketing of cotton, either spot or new crop, in Georgia, Alabama and South Carolina, will not be affected by the failure of Frank H. Barrett of Augusta, although Barrett was one of the largest factors of the south, and his concerns normally handled at 0,000 bales annually. The rrett warehouses, according to re- ble reports, hold less than 8,000 les of spot cotton. Other factors will absorh the businesy done by Bar- rett, and the status of Augusta as the second largest inland cotton market will not be affected. Saturday Closing Now in Effect. The closing of retail stores, par- tleularly clothing stores, a half or whole day on_Saturday, which has now been in effect in many cities for three weeks, has ceased to be an experiment. The volume of business, according to reports of local store owners, has held up without diminu- tion, and retail business in general is of larger proportions this month than in Jul COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PHILADELPHIA, July 21.—The price of stove coal has been ad- vanced 50 cents a ton to $15.50 by local retailers who report that fear of 2 mining suspension in the anthra- cite flelds has resulted in an un- precedented demand for stove sizes. TOPEKA, Kan July 21.—State agricultural experts declared today the present outlook indicated a broom-corn crop in excess of the average demand. Unless the crops suffer unexpected damage Kan. Illinols, Oklahoma, Missouri, Texas, Colorado and New Mexico will har- vest 508,000 acres, compared with INANCIA BACK PLAN URGING BUYING OF FLOUR Omahe Business Men Take Up Idea and Appeal to Other Cities to Help. By the Assoctated Press. OMAHA, Neb., July 21.—More than eighty of Omaha's business men, in- cluding bankers, manufacturers, mer- chants, professional men and farmer representatives, met in an organiza- tion meeting here today and adopted | a slogan which is Intended to eniist | the aid of every housewife in Amer- ica. The new slogan given sanction is “Buy a barrel of flour.” This by- word was added to that of “buy a thousand bushels of wheat,” with th idea of helping grain growers to ob- tain higher prices for wheat. John L. Kennedy, president of the United States National Bank here, was appointed chairman of a commit- | tee which will draft the plans for the campaign. The committee was au- thorized to get into communication with the chambers of commerce in other grain centers with the object of enlisting their active support in making the movement a nation-wide wheat buying campaizn. The plan is a step in the right di- ection to remedy the farmer's ills d Charles S. B: t. national phe at of the Farr nion, who d ssed the subject with the busin men. The Wichita Credit Bank is $100,000 a day to grow cent’ under this Farm bureaus in for 00,000 members, the storage plan, cate Support of & (Kan) Intermediate already ad stated x states, with co-operate in to its advo- including . will be which énlisted in the | is in line with 1 proposed ago in Chicago, which 'd the general public individuaily | to buy for future delivery 1,000 bush- els of wheat. Inc ed demand brought about’ by flour and purchases, with the withdrawal 200,000,000 bushels from the mark and locking it up, would have an im- mediate effect on prices. exponents of the movements declared. SLUMP REPORTED IN COTTON SPINNING Drop of Million Active Spindle Hours in June—Yet Way Ahead of Last Year. Cotton spinning activity fell most a billion active spindle hours i June, as compared with May ceeded June of last year b 000 active spindle hours, the « 's monthly report today shows. e spindle hours during June totaled 8,384,555,582, or 224 hours per spindle in place, pared with 9,309,093.873, age of 249, in May this vear and 7. 646,304,949, or an average of 207 in June last year. Spinning spindles in pl numbered 37,374,876, of which 34,843 421 were operated at some time d ing the month, compared with 37,334,- in place and 90,137 activ May this vear and 35,300,924 in 1 and 31,8 June last year. The a of spindles op- erated during June was 36,8 at 95.7 per cent capacit shift basis, compared with 40,1 or at 107 this year and 33,803,263, or cent capacity in June last y NEW YORK CURB CUTS or an aver- June 30! t 91.6 per = RATES ON COMMISSIONS |! NEW YORK, July 21.—The board | of governors of the New York Curb Market has adopted an amendment to | the constitution authorizing a small decrease in the commission rates for the execution of orders in stocks | seiling under $5. The new move is| designed to help the members obtain additional business and will become operative at once. For several weeks | trading on the curb has been light, | Sales in ! $3,000 as an aftermath of the bucket shop | failures, but within the last fe W days the outlook for an increased | volume Is promising, according to| prominent members of the exchange. | Under the old rate the cost tof the nonmembers was $4 a hundred for stock selling at from $1 to under $3. This is cut to $3 a hundred. Stocks selling at from §2 to under §i Lave a new rate established at §4 per hundred. Stocks selling at $4 and un- der §5 continue at the present rates In stocks selling under 50 cents there | is & change in the give-up rate from 1 per cent to half of 1 per cent. BUSINESS AT GLANCE. INDIANAPOLIS, Ind, July 21— James E. Bartlett, of Detroit, has bought a controlling interest in the Pitman-Moore Company here, manu- facturers of pharmaceutical and bi- ological products. He was formerly president of Parke, Davis & Co. ALTOONA, Pa. July 2L—Work on one of the largest icing stations on the Pennsylvania railroad has been begun by A. L. Anderson & Bros., Inc. It wiil cost about $100,000. Contract for building ten miles of track at the plant has been let to 257,000 acres last vear. High prices last year encouraged increased acre- age. ELDORADO, Ark., July 21.—Three gushers brought in within twenty- four hours this week and which have a combined flow of 44,000 barrels dafly broke the records for any sin- gle week’s new developments in the south Arkansas fields. PATTERSON, N. J., July 21—De- lveries of raw silk to manufacturers are growing heavier in preparation for fall broad silk demand. Mills have had only enough silk on hand to carry them through July, even at the pres- ent reduced operating schedules. CHICAGO, Jul —Officlals of the Chicago Motor Coach Company opera- ting bus lines in this city stated to- day after a week's operation of new busses designed especially for the grade- less traffic of Chicago, that the spe- clal type bus to meet special condi- tions,” in thelr opinion, was superior to the one type bus for all cities. ATLANTA, Ga., July 21.—Elberta peaches from this section are mov- ing morth to market at the rate of 1,000 carlaods a day. The crop is late and smaller than that of last year, but total returns to %rowel’a will ap- Erox)muta those of 1922 as prices have een well maintained since the open- ing of the season. ROCHESTER, N. Y., July 21.—Grape growers in the Genesee valley re- orted today their vineyards were be- ng devastated by rose bugs. In Mon- ro county some vineyvards will yield only 15 per cent of the average, From present indications the New York wpple crop will be from 40 to 60 per gent of normal. ! PLAN OWN WHEAT POOLS. REGINA, Sask., July 21.—If plans for ‘the formation of an inter- provincial voluntary wheat pool of the three prairie provinces fail to materialize at a conference to be held here next Monday, Saskatchewan will have its own seiling organiza- tion for_ the handling of this year's crop. Plans have also been made for separate pools in each province with a central market from the Bgency. —_— Sixty th d in the Eng- % n:unnm»lon-nl the same company by the railroad. MOBILE, Ala., July 21.—The value of exports passing through this port is estimated at $30,000.000 for the year ended June 30, 16 The ac- tual value for the first eleven months was $28.912,040. The total for the twelve months s predicted as being between $4.500,000 and $5,000.000 more than the exports for the prev- fous twelve months. BALTIMORE. Md.July 21.— An- other music roil manufacturing plant has been established here, the Har- Mel Music Publishing Company hav- ing installed a $50,000 establishment, with daily capacity of 1,000 rolls of music for piano-players. —_— BOSTON STOCK MARKET. ‘BOSTON, July 21.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: Anmeek ... ‘Amer Tel & Tel Amoskeag Arcadian_Cc Arizona Com Boston & Albas Toston Elevated .. Calumet & Hecla ((ynnor, R’. 1.;" ‘opper’ Ran Ei ‘T Butte .. Fastern 8 8 . Hardy Conl Hood Rubber Island Creek . ind Creek p . MeNeil & Libby. Massaclhusetts Gas Mohawk . New Cornelia NY NHS 014 Dominion Osceola . 8¢ Marvland Bhoe Mach . Shoe Mach pf Bwift & Co U 8 Smelt . U S Smelt pfd . Yentura Oil . ‘Warren Bros . ‘Wolverine POTATOES GO LOWER. CHICAGO, July 21.—Potatoes lower; receipts, 71’ cars; total United States shipments, 621 ‘cars; Missouri and Kansas sacked early Ohios, U. S. No. 1, 1.25a1.40; few best, 1.50; dirty field run, 1.00a1.20; sacked Irish cobblers, U, 8 'No. 1, 140a1.60; few best, 1.65a 1.70; small fleld run, 1.80; car_lots ‘Virginia cloth top stave barrels cobblers, No, 1, ¢.75a5.00 tate way under priva : / 3 THE EVENING STAR, WASHINGTON! D '0! SATURDAY, JULY 21E 1923, FINANCIAL Turn for Better in Wall Street NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HERRERNAN. NEW YORK, July 21—Ofl shares went lower on the curb exchange to- day, accompanying a similar down- ward movement in the same class of stocks on the big board. The ofls have been lagging behind all through the recent turn for the better because of the feeling that the trade has not yet completed its readjustment. Sxpectations of further price cuts were given as the reason for the sell- ing this morning. In the rest of the list little interest W YORK, July 21.—Following is an officlal list of honds and stocks traded in on the New York Curb Mar- ket today: BONDS. High [N thousands 1Al 1 Alum Low. G4, Close. o4y 1031 2%, Packers 8y & WSS Beaverboard s . 1 Charconl Co Am Ss 1 Col Gr % part ofs 11 25 Ey 100 H 1700 Inter'l Pet Co Ltd 100 Ohio Oil new Prairie Ol & Gaj P L 100 8 0 Ky 908 0N Y new 9y T OIL STOCKN it 60 Keyst Minracu 17 Mex Ol .. {EXPORTS OF COAL SOAR DURING JUNE Exports of coal from the United States during June were four times as large as those of June last year, The Commerce Department today reported the totul exports last month to be 2.418.869 tons, a year ago. ed to 418, Anthracite NEW YORK COTTON DECLINES DURING DAY Scattered Showers Send- +Prices Lower—New York Ex- change Closed. Associated Pre W ORL July 21.—Covering {of the short interest put the price of the most active months 7 to 11 points higher soon after the opening of the colton market today, but values al- most immediately ged in a moder- te reports of s tered showered in droughty areas of Texas. October 1 traded up to 22.83 and then fell off to 22.63. July was altogether inactive. sed steady at net de- o0 46 poin e Spot cotton dull, sales on the spot, twelve bal low middling, 25.00; NEW YORF 3 York Cotton Exchange was closed to- day because of the transfer to its new home from the temporary quarters it ied for the last vear. The taken to afford oppor- for installation on the floor of the new exchange of the great num- ber of telephone and telegraph wires required. —_— BRADSTREET’S REVIEW ‘SEES ADDED CAUTION By the Associated Press. NEW YORK, July 21.—Bradstreet's Review today said: More quiet in trade and industry with an added note of conservatism in surplus wheat-growing regions, but a slightly more cheerful tone in some speculative lines and a further gain_in crop conditions are the out- standing features of the report this week. These cross currents give an additional appearance of irregularity to a situation which, displaying most of the characteristics of midsummer, Vet depict conditions in most mar- kets as still in_advance of a year ago, despite the fact that the advance of the year is bringing changes in comparison with this date a year ago. Absence of salesmen from the road, due to the vacation period, is credited in some markets with a portion of the quiet in evidence in dealings for the future, but the reports also give evidence that decline of wheat below $1 at largo markets early in the week had an effect on the tone of trade in west central markets, while hot weather acted as a bar to op- erations in areas in the southwest, Where, nevertheless, hot weather had been welcomed because of its bene- ficial effect upon the cotton plant. DRY GOODS MARKET. NEW YORK, July 21 (Special). The week in the cotton cloths mar: ket closed dull today. There was some business in_ drills and narrow print cloths. Sheetings were at about the lowest point reached thi year. Print cloths held firm to re- cent levels, the 64x60 being quoted at 9 cents and the 68x72 at 10% cents. In Yokohama the raw silk marke was quite lively today. More than 0 bales were reported sold. Here the trading had its usual Saturday's dullness. Quotations were at yes- terday's level. ———e If kept continuously runni - watch will tick 160,144,000 gimes in & 75 points lower; none; to arrive, middling., 24.00; »od middling, 25.50. Direct to The Star Office was taken. Prioes held firm, however. Standard Oll of Indiana soid a point under the previous close before the decline was checked.. Standard of Kansas lost half that amsunt, while othery of the group were off similarly. Mutual Oll relinquished —the gain made earlier in the week, and the rest of the independents were lower for the most part. Glen Alden Coal remained a leader of the industrials, and at the close was at its high prices for tho week I Nngs in the new Reading Coal issues were quieter, but prices here were firm. Centrifugal Hydrox amd Rosenbaum Grain preferred were strong spots 4 Monut Prod ... 1 Mount Gult 82 Mutual Ol vot 10 Noble OIl & Gas 12 Omar ON & Gas 13 Penn Beaver Of 1 Peanock Ofl ... 3 Roy Can Ol & R @ Ralt Ck new ... 7 e 0 & G R rd 01 Sou States Ol ... (9] e FERREF iridie port Brit Am fuddy Buds entrifug_Ir Clicago Nipple .- Chi Nipple B trust Cbi Kteel Wheel pf Common Pow & Lt Cox Cash Stores Dubilier ¢ & ltadio Turant Motor u Axle raph . Alden Coal.] cur TH yden Clem Tnd & Mann 10 0 Grain Corp Faper pf Prod Exports MINING Globe Copper Ter Extens 3 sd Ited Mount patte & Western. . Ariz e Namur ul Dominion Jerses Porcupine .. FIRST BALE OF 1923 11 COTTON IN SAVANNAH By the Assoclated Press. SAVANNAH, Ga., July 21.—The first | bale of the 1923 cotton crop arrived | at the Savannah Cotton Exchange to- day. It comes from the Florida farm W. §. Richardson, at Whitney. The cotton is classed good middling and will be auctioned. | Eeri e B Exchange Sent, $588,000. YORK. Juiy 2I1.—Robert n s bought the Stock ership of Henry M. The last previous 000 IEQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED 84,750,762 $1,207,281 The Time To Save Is Now up your mind to put aside your salary and NEW | Thomas s Exchange Post fe was at § Make Subscription for the 85th Issue of Stock. Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. | Money to Loan | ANY AMOUNT onable Charges on Acceptance Warehouse Receipts, Manufacturers’ Accounts, (| $mort-Term First and’ Secona | Mortgages or Approved Col- lateral. American Finance Corporation Commercial National Bank Bldg. Lowest Rates of Interest and Commission. Prompt Action Fisher & Company, Inc. Thomas J. 5 738 15th Street 10% Preferred Stock Of the Lenox Office Building Owners, inc., operating the 7-story office bullding knows 25 Lenox Office Bldg., 1523 L Street Northwest 75,000 anthorized. £55.000 aold . advance of public offering. Remainder for sale at par, $100. FEATURES. preferred dividends, 10%. ‘equally in Common Stock Cumulative Particips Dividends. Preferred ly. “"Rétirable at §12 s to assets after lst trust lnln:, exdnllwo‘ol' l?le‘lm"n::‘ol(mfll? IIH; third to seventh floors inclusive, for office purposes. EXLAMATION. ., ‘The owners of this prefer ay large return to individual mm&n rather than stand the excessive cost of financing in the usual manner. writing commissions, curtailments and in- terest charges under which second-trust and other loans can be obtained from the usual sources are unduly burdensome and { | considerably more costly than even this 1 || #xtremely attractive Preferred Stock e ‘A thorough examination of this offer reveal this is an absolutely sound inves ment, without any element of inflation or speculation. T & Fmn Co e, 1] { QT s First Mortgage Loanll After Decline of Three Months Higher Yields Appeal to Investing Pub- lic—-Business Sound—More Agitation for Lower Freight Rates. BY STUART P. WEST. Special Dispate to The Star. NEW YORK, July 21.—The past week has seen a definite turn for the better in Wall street affairs after three months of almost unimproved decline. It became necessary for Wall street to offer unusually tempting bargains before attracting new buying suffi- clent to absorb the offerings from hard-pressed speculative holders. After stocks were selling to yield ywhere from 7 to 8 per cent the temptation to investment capital was great enough to overcome all other considerations, Upturn Now Is Natural. The upturn on the stock exchange has been partly the natural recoil of a market pressed down much too far and partly a realization that pessi- mistic predictions about the business outlook, the fashion a month . do not and never have squared with the facts. Neither the situation abroad nor business conditions here are any different now from what they were when Stocks were at the bottom at the close of June. The evidence of the foreign hanges has been rather negati 0 far as reflecting opinfon in banking circles regarding the British reply to Germany and the reception it will meet at Paris and Berlin If any conclusion were to be draw: it would be that the markets skeptical about the success of Britain in the ro Ator. do not 100k 10 s back from her extr Germany forsakes sistance. te that down unless her. policy of pase And "they do 'not sermany will abandon r only effective weapon, with out guarantee that France will dc what all other nations, except herself | and possibly Relgium, regard as the | fair and reasonable {hing to do. Business Conditions Unchanged. | General business conditions in_this country remain about us they were | a week ago. The time has not vet, come for active buying in anticipa- | tion of the autumn trade; thercfore, it is not p hle to K an ate | line upon the business volume of the closing quarter of the year. But the essential fact remains that, with a few exceptions, stocks of merchan- dise and raw materials are compara- tively small \ over pro- | duction in crude oil which has so far failed to yield to correct measures, There is s in cotton goods, in boots ar and in one or two other branches of industry. Iron and tput will have to come down in order to accoms | reduced demands. | hot serious points | So long as there is no <ing _of goods, no orders, the gen- Position must be con- The d ne in com- involving as it does| in thol cancellation eral bus side modity prices a ocorresponding ‘reduction | went further than cost of living, takes away what fur- ther excuse there might be for in- creased wage demands. One of the, most significant occurences of the, week was the announcement by one of the largest construction companies that it was ready to go ahead with| new contracts for the first time in| two months, because it belleved that ages in_the building trade had be-| come stabilized and that prices of; materials had reached their peak. i Cotton and Corn Offset Wheat Drop. | The depression in the wheat trade continues without any (I’l’lln):xl;l:::fl signs of relief. Governmen! 5- ures intended to help have fallen down, as they were bound to \\henl set against the law of supply and d mand. It is not on the N:on‘nmn side that the low prices of wheut are a matter of such concern, fOl: lh(‘; Teduced buying power of the wheat farmer should be largely balanced by | the increased buying power of the| cotton planters and the corn Erowv ers. Rather the danger from the fi nan standpoint lies on the poli % ical de. There was a Very l‘llv!«—‘ con tion Dbetween the drop In w t prices and the victory of the | radieals in the senatorship election { in Minnesota. Freight Rate Agitation. The aglitation for lower frelght! rates, more particularly rates on farm | «, has received a powerful im- | Two years ago the railroads | Ives, seeing what was coming, grain and al- schedule tak- January. product petus. themse voluntarily cut rates on led products, the new effect the following hey may decido that it is the best! ¢ to do the same thing now, or may €lect—supposing Congress ses some mandatory law—to fight question out in the courts. here is much at stake for com- like the St. Paul, which s covering fixed charges, and for like Great Northern and North- ern Pacific, which are just about weraping through in their efforts to meet current dividend requirements. The ultimate recourse, as it now appears, will be to the Supreme Court. This body has always taken the stand that there must be an ade- ate return upon capital ac invested in properties of wh sort. Less than two months this in_the of the Southwestern Bell Telephon Company, when it fald in effect t it would not approve of rates that did not take into proper account the cost of reproduction at current prices This decision, to be sure, had to do with public utility companies, but it s difficult to see why the same prin- hould not apply to railway Supreme Court were to de- clare that railroad rates must be fixed, not with ref: ce to what was actually spent for original con- struction and subsequent improve- mnts, but with reference to what it} would cost to reproduce at the pres- ent high prices of labor and materials, the advocates of reproduction would have & hard case on their hands. (Copyright, 1923.) 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