Evening Star Newspaper, July 22, 1923, Page 22

o - RESUMING BUILDING .~ BOOM TOBUSINESS Construction Men Make Most Important Move of Week in Commercial Wf)rld. SECURITIES DO BETTER Foreign Tangle Must Eventually Be Favorably Adjusted—Rail Situation Still Causes Worry. By Dispateh to The VORK, July 21.—Perhaps the wost encouraging development of tho week in the commerclal situa- tion v the announced decision of the large construction companies to £o ahead with the building program which the andoned last May be- cause of excessive costs, both for libor and material It ix not that this tmportant in itself. but it Mlustrates the unvarying by which exces co prices are cos <hould be who fores: continu GRORGE T. HU apcel NEW incident is so rather that process or in lesson those taken by wh 1y dee More Eunildings Needed. is a large un- | building construc- r has not been be made for several two months a no prospect of any let u continuous demand for higher e und in steadily mounting costs ie building program ibrupt halt. The mort- ce companies, which construction, as well as withdr nd lumber anparentiy sta- itional work- . ad 2 by the pub- higher share | to labor So in thi siness takes cent reaction 18 couras. left behind Efforts at Price-Fixing. hui ry is different some that there is de- gard to Tha from xcessive s nd_ is in is lower prices But it in lower the fn- The < must ind be- consumptive B bubt s low 1 g0 before this increased den gomes evident Sooner or later, is reached > speculator 1o unticipate this In so d« he performs useful service and whatev culution however, this th Lower AS far as w have been repe sovernment st would the farmer 1 the cost of production. to argue that this will e WOrse. smed s mune to the argument. If, by ny scheme for gov Tt g8 1 nly however. iment - s ady the cutput of ately 8 limit also low the dem: per- disaster in al their sup- | | FINANCIAL. THE SUNDAY - STAR, WASHINGTON, D. €, JULY NEW YORK STOCK EXCHANGE WEEK ENDED JULY 21, 1923 113% Those | are fm- . d on the minds tocks that | is not entitely bla Securlties Dolng Better. e and Tost s 10 be considers wd while it would seeedingly dangerous to indulge ¢ prediction when there are So urknown factors, it can well sooner or later & must compel nient between France If and when that is not an im- “h industry A5 it will nk A. V: i derlip ins ne 4n be maintain- t7 nix ¥ avin swithout the ypean market, but a clearing un lie situation over there would prosperity here. Forcign Bonds FI N in this counection n bond market no - manifests the nervous interest I ss of negotlations d when the French inst Germany last bonds still sell . but remarkably firm, Sidering the nature of the news the reaction in the exchanges, In only one respect does the situa- il to show Improvement. ‘There is still bitter political opposi- tion to the rallrcads and threats of in rate: In the face of this tion and these threats railroad ocks make only a feeble response 10 the extraordinarily good earniggs statements. (Copyright, 1923.) BOND TRADING QUIET. Chief Saturday Interest Is in For- eign Group. NEW YORK, July 21.—Trading in honds on the New York Stock Ex- change today was on a small volume, with prices holding firm. Chief interest in the forelgn group centered in the Mexican 4s, which have been reactionary recently. “These bonds registered an advance of 113 points on a fairly large turn- over. United States government ls- sues were quiet, with net changes un- important. Changes in the railroad group gen- srally were small and mostly up- ward. New York Central consoli- dated 4s, however, fell back a point. Industrial lines were strong in dull trading. Gaing of a point each were recorded by Plerce-Arrow ss, Cerro de Pasco 8s and Atlantic Reflnery 5s. e . DRY GOODS MARKET. NEW YORK. July 21.—Gray cot- ton goods have been bought moder- ately at very low prices to stem a further declino and further curtail- ment of production Is looked for in southern mills. Yarns were fery irregular. New prices named on ht-weight underwear lines for <pring 1924 did not hold steady. Gurlaps were quiet. Large openings +f men’s wear and dress goods will wccur in primary markets on Mon- Gay. e people try to keep their 1s b nutting them on Too ma cood resohit e did e i function | 9g1; 1 103 1% 61% 43% 204 12 53% 24 22% 10 5% 34k 109% 107% 0% 17 48% 34 53% 344 19 61 £8 908, 116% 6714 % 107 624 1% Div. Zow. Bate. 5 Adams Expres: 8 Advance Rumel 4 Air Reduction —— Afax Rubber.... 4 Allied Chemical & Dye.... 7 Allied Chemical & Dye pf 4 Allis-Chalmers Mfg. . —— Am Agriculture Chemical. —— Am Agriculture Chem pf. 5 American Bank Note. —— American Beet Sugar. .... —— American Rosch Magneto. 5 Am BrakeS & Foundry... 5 AmericanCan............ 7 AmericanCanpf......... 12 American Car & Foundry. 50c Am Chain class A w i. American Chicle. ... American Cotton Oli —— American Cotton Oll pf. . —— Am Druggist Syndicate 6 Amerlcan EXpress. .... — American Hide & Leather. —— Am Hide & Leather pf.... 7 - American Ice. 6 American Ice pf American International 1 AmLaF Fire Engine. —— American Linseed. —— American Linseed pf —— ‘Am Locomotive (new). 3 American Metal ‘American Radiato 7 American Rolling Mill pf 4 25 American Safety Razor. .. ‘Am Ship & Commerce. ... 5 American Smelting & Ref. 12 8 American Steel Foundry. . ‘American Sugar Refining. Am Sumatra Tobacco. 5 Am Tel & Cable 5 9 Am Telephone & Teleg. 2 American Tobacco. . 2 Am Tobacco Class B. 6 Am Tobacco pf (new)..... — Am Water Works & Elec.. Am W W & Elec par pf. Am W W & Elec 1st pt American Woolen. ... ‘American Woolen pf Am Writing Paper pf. American Zinc Lead & § American Zinc L & S pt. Anaconda Copper. Arnold Constable o Asso Dry Goods. ..... Asso Dry Goods 1st. Assoctated Oil. ... ¢ Atchison, Topeka & S Fe. Atch, Topeka & S Fe pf. Atlantie Co: . Atlantic Gulf & W I. Atlantic Gulg & WIpt. Atlantic Refining Atlas Tack 5 Austin Nichols. Auto Knit Hosier: . aldwin Locomotive. Baltimore & Ohio. . Baltimore & Ohlo pf. —— Barnsdall, Class A. Barnedall, Class B. Beechnut Packing. Bethlehem Steel. Bethlehem Steel pf new Bethlehem Steel 8% pf British Empire Steel 24 pf. Brooklyn dison Electric. Rurns Bros s Burns Bros Class B 2 Butte Copper & Zin Butte & Superior. Caddo CentO & R.... California Packing < Callfornia Petrolm (new). iforn Petroleum pf allahan Zine & Lead. Calumet & Arizo: . Canadian Pacif Central Leuther Co Central Leather Co pf. Central Raflroad of N J asco Copper +d Produc andler Motor. .. apeske & Ohlo icago & Mast Tlinol: t. Illinols pt. & Great Western. 0 & Gt Western pt.. Tilwaukee & St Paul. 4 8 3 7 1 ago Pnebmatic Tool. . icago, 11 1 & Pacific..... Chino Capper . Cluett-Peabody Coca-Colu. Coca-Cola pf Colorado Fuel & Iton. Columbla Columbia Commercial ommeretal Solvents, B. Comput Tab Record. Consolfdated Clgar onsolidated Gasnew. . Consolldated Textile Continental Can itinental Motors Corn Products Ref. . Cosden Company. . Cructble Steel......coo... Cnban-American Sugar. .. Cuba Cane Sugar. . . Cuba Cane Sugar pf. Cuban-Dominican Sugar. . mel Fruit. .. . Dome Mines Du Pont de Du Pont de ndicott-Johnson. rie Rallroad 3 Erie Rallroad 1st pf. irie Rallroad 2d pf. § Famous Players-Laskey.. 7 Federal Min & Smelt pf. 6 IMidel-Phoenix Fire Insu 64c Fifth Avenue Bus 10 Fisher Body........ Fisher Body Ohio pf. Fisk Rubber...... Fleishmann Company . Foundation Company. . Freeport-Texas. .. Gardner Motor. General American Tank General Am Tank pf. General Asphalt. General Asphalt pf General Clgar. ... General Electric. General Motors. General Motors 6% de! General Motors 7% deb. Gimbell Brothers. . . Goodrich (B F) Company. Goodyear T &R pf.. Goodyear T & R 8% pf Granby Consolidated. Gray & Davis 5 Great Northern pf. 2 . Great Northern Ore ctfs. . ——— Greene Cananea Copper —— Guantanamo Sugar. .. —— Gult, Mobile & North pt 4 Gulf States Steel . 7 Hartman Corporation. 3 Hayes Wheel... 8 Household Products. —— Houston Ofl..... 42% Hudson Motor Car. . 1 Huppmobile Motor Car. 7 Illinois Central........ —— Independent Oil & Gas . ~—— Indiahoma Refining. —— Indian Refining. 23% Inland Steel 4 2 Inspiration Copper. . Interboro Rapid Transit. —— Inter Agricultural pf. 8 Ipternational Cement 2 Internat Comb Engine —— Internat & Great North 6 International Har, new. —— Inter Merchant Mrain —— Int Merchant Marine pt. —— International Nickel. —— International Paper... 6 Int Telephone & Teleg. 9% —— Invincible Oll..... 341 —— Iron Products. .. 17% —— Jewel Tea, 50 4 Jones BrosTea.... 7 Jones & Laugh pf.... 16% —— Kansas City Southern.. 28 —— Kayser (Jullus) & Co. 80 —— Kelly Springfield T1, ‘84% 6 Kelsey Wheel ‘Week ending Jul High. % 108% 108% 151% 159 ly 41, 1923, Net. Low. Olase. & @ FRER LR R R R R A R R S R | ™ Eddgddbdd ] 4 LR o I S e | bttt bt Ittt I+t E+ 4 e = R | | F b P © - & Phbdtb L bbb bbbt bbbt b bbb bt Chge. 55% Dividend rates as given in the above table are the an: ‘Week ending July 81, High. Low. Kennecott Copper. ~—— Keystone Tire & Rubber. 8 Kresge (S ) Company t10%Laclede Gas. .. ... s 2 Lee Rubber & Tire. 3% Lehigh Valley. . 12 Liggett & Myers 4 Lima Locomotive. . ~—— Loew's, Incorporated. Lott, Incorporated. —— Loose-Willes Biscuit. 12 Lorillard.P.. . 5 Louisville & Nashville. 1 MelIntyre Porcupine Mines 7 Mackay Cos 4 Mack Truck: —— Macy (R H) & Company. .. —— Magma Copper —— Mallinson & Co —— Manat! Sugar. 4 Manhattan Elec Supply. 240 Manhattan Elevated gtd. 3 Manhattan Shirt . ~—— Market Street Ral ay. 6 Market St Rallway pr pt 4 Marland Oil & Refining. .. 8 Martin-Parry. Mathieson Alkal Maxwell Motor, Class A. Maxwell Motor, Class B. May Department Stores. Mexican Seaboard. . . Mexican Seaboard ctfs. . Miami Copper. ... Middle States Oil Midvale Steel. . Minneapolis & St L new, Mo Kan & Texas new. Mo Kan & Texas pf ne —— Missourl Pacific. % — Missourl Pacific pf 4 Montana Pow: —— Montgomery Ward. Moon Motors. Mother Lode Coalition. Mullins Bod, Nash Motors. ... National Acme Natlonal Biscuit Nat Department Stores Nat Enamel & Stampg. Natfonal Lead. Nat Rwys of Mex 2 Nevadu Con Copper. New Orleans, Tex & Mex. New York Air Brake. N Y Alr Brake class A New York Canners New York Central NYCh&StLpfwi....... New York, NH & Hart. . New York Ontario & W Norfolk & Western. North American. . North American pf. Northern Pacifl Nunnally & Company Otis Elevator. Otls Steel. .. Owens Bottle Paclfic Gac & Paclfic Oil Packard Motor Car. Pan-American Pet Trans. Pan-Am F Pennsylv Penn Seaboard . People’s Gas, Chicago. . Pere Marquette. Philadel Philadelphia Co pf Phillips Petroleum. I3 rrow prior pf. Pie 3. oo Pierce Oil pf. o Pittsburgh Coal. Pittsburgh Coal pf. ... ll’lnsburxh & W Virginia. [on| ][] [onna]mntuns | mmmsion] | 2] aa] [a0] =] =] -3 Public Servi Pullman Co. —— Punta Alegre Sugar. 20 PhreON . 5ol 8 Raflw 235 Rand Mines. ... Rapid Transit w { 31% —— Rapid Transit pf w { —— Ray Consolldated Copper. 4 Reading. = 2 Reading 5 Reading 2d pf. ~—— Remington Typewriter. Replogle Steel —— Republic Iron & Steel —— Reynolds Spring. . . 3 Reynolds Tobacco, B. 362 Royal D St Louls Southwestern pf. —— Savage Arm: Schulte Store: Seaboard Alr Line aboard Air Line —— Sears-Roehuck naca Copper. ck Arizona. Shell Union O1l. . 6 Shell Union Oil pf. 7% —— Simms Petroleum. 2 Sinclair Con Ofl. 8 Sinclair Con Ofl pf 4 — Skelly O11. —— Sloss-Sheflield & ron —— South Porto Rico Sugar. 6 Southern Pacific. Southern Rallway. .. b outhern Rallway pf. —— Spleer Manufacturing. 2 1 7 7 Steel & Tube pf. 4% Sterling Products. . 815 Stewart Warner Speed. . 7 Stromberg Carb..... 10 Studebaker.. 2 ~—— Submarine Boat. . 1 Tennessee Cop & Chem. 3 Texas Company. 6 Texas Gulf Sulphur. 4 —— Texas & Pacific. 1 Texas & PacificC&O —— Third Avenue. 7 TobaccoProductsClass A, 7 Tobacco Products pf...... 4 Toledo StL & Westn pf ctfs —— Transcontinental Ofl. . —— Underwood Typewrite: 6 Union Bag & Paper. 10 Union Paclfic.. 4 Unlon Pacific pf. 1 50%United Drug... United Fruit. United Railway Inves United Rwy Invest pf. United Retall Stores. ... USCCIP & Foundry.... USCIP& Fdy pf.. U S Hoffman Machine, T S Industrial Alcohol. United States R & Imp. USR&Imppt.,... United States Rubber. |« e a 3 [rl==f]=| 5 United States Steel. 7 United States Steel pf. 4 Utah Copper... Utah Securities....... Vanadium Corporation Van Raalte. V Vivaudou Wabash. ... Wabash pf A. ‘Wabash pf B. Waldorf System (ne Weber & Hetbroner. Wells-Fargo. ... ‘Western Electric pf. Western Maryland. Western Maryland 2d p; West Penn. Western Pacific. . Western Pacific pf. =111 - e ® | F oo W West'ghouse Elec & Mfg. Wheeling & Lake Erle Wickwire Steel. ‘Wilson & Co....... Willys-Overiand. % 421 —— Willys-Overland pf 109% 8 Woolworth (F W) 23% —— Worthington Pum 80 63% 65 Youngstown Sheet&T. ments based on the latest quarterly or hal: therwise noted, extra or special f yearl: dividens are not includsd. t Partly Y 22, 1923—PART 1, BQED SUMMARY FOR THE WEEK 1083, 'Net. Close. Ohge. 36% + 1% 5% + 1% +14 228 80 19% 61% 200 64 16% 6% 44% 1556 89% 16% 108 124 FAE Rl bbb R R bbb N L e A IR T AR Fhb A 4 bbbt I I I o o I A oo A I S S S S I + + 1 Pt L+ 44+ nual cash declarations. ',Q.l P FEEFEFER % Fh bbb bbb bbb A High, Low. —1 High. Low. . 8. BONDS, lgl 90 100-08 Liberty 3148 1932-47. 8 80 97-10 Liberty 1st 45 1982-47 4 96-20 Liberty 1st 41,8 193 . 96-24 Liberty 2d 4% 5 1927-42 97-25 Liberty 8d 43s 1928 96-27 Liberty 4th 4%s 1983-25.. 98-1 Treasury 4%s 1947-0%... 95-16 98-15 98-15 98-16 " FOREIGN, 100 Argentine 7s 1927. 93 Belglum 73%s 1945.. 93% Belglum 6s 1925. 91 Belgium 8s 1941.... 69 Bordeaux 6s 1934.. 91% Brazil 55 1941 99% Canada 5s 1926. . 100 Canada 5%s 1929. 97% Canada 5s 1952. 100% Chile 85 1946 100 Chile 8s 1926 100 Chile 85 1941. Chinese Govt Ry bs 1851, Copenhagen 538 1944 Czechoslovakia 8s 1951. Denmark 85 1945..... Denmark 65 1942 Dutch East Indies 63 1947.. Dutch East Indles 68 1962. . Framerican Ind Dev 7Tis 1942.. French Govt fx 1945. French Govt Tis 1941 Holland-American s f 6 Japanese 1st 41s 1925 Japanese 2d 4l¢s 1°25 Japanese 4s 1931..... Jergens Utd Margarine 65 1947. Lyogs 6s 1934. ... Marseilles 6s 1934. Mexico bs 1954. ... Mexico 48 1954.... ... Netherlands 6s 1972. Norway 8s 1940 Paris-Lyons-Med 6s 1958. Queensland 7s 1941... Queensland 6s 1947, .. Rio de Janeiro 8s 1945. Sao Paulo, State of, 85 1936. Seine, Dept of, Ts. i Sweden 68 1939. ... Swiss Confed s f 85 1940. ... United Kingdom 51s 1929. . United Kingdom 5%s 1937. ... INDUSTRIAL AND MISCELLANEO! 96% Amer Agrl Chemical T3s 1941 Amer Smelt & Ref 1st Amer Sugar Refining Amer Tel & Tel cl tr 55 1946 Amer Tel & Tel cl tr 4s 1929 Armour & Co 4%s 1939. ... Atlantic Refining deb 5s 1937. Bell Tel (Pa) ref 5s 1948. . Bethlehem Steel p m 55 1936 Bethlehem Steel s f 63 1943. Brooklyn Edison 7s D 1940 Central Leather 5s 1925. Cerro de Pasco 8s 1931 Chile pper 6s 1932, Cons Coal (Md) 18t ref &s 1 Cuba Cane Sug cv deb $s 193(. Detroit Edison ref s 1940, % Du Pont de D e General Electr Goodrich (B F) 6%s 1947 Goodyear Tire 8s 1931 Goodyear Tire s 1941..... Humble Ol & Ref 535 193! Indlana Steel &s 1 Inter Mer Marine 65 1941 Inter Paper 5s B 19 Kelly-Springfield §s 19 Lackawanna Steel s 1950. Liggett & Myers 5s 1951. Manat! Sugar s £ 75 194 00 43% 88% % 75 107% 95 2% 92% B3% 5 9714 New York Edison 1st New York Tel 65 1941. New York Tel 41cs 1939 North American Edison Pacific Gas & Elec bs Pacific Tel & Tel bs 1952. Philadelphia Co ref 6s 1944. Publlc Service 58 1959 g Sinclair Ofl 7s 1937 South Porto Rico Sugar 7 Standard Ol of Calif Ts 1931 Tnion Bag & Paper 6s D United Drug cv 8s 1941......... 112 1°'S Rubber 1st & ref 5s 1947. U S Steel s £ 53 1963. ... TUtah Power & Light bs 1944 Va-Carolina Chem s f 7s 1947... va-Carolina Chem 73&s '37 war. Western Unlon Tel §3%s 1936 Wilson & Co 1st 68 1841. Wilson & Co cv Tis 1881 RAILROAD, Atchison gen 4s 1985.. Atlantic Coast Line 1st 4s 1 Baito & Ohio pr In 33ks 1 Balto & Ohlo gold 4s 1948 Balto & Ohlo 6s 1929. Balto & Ohio cv 4%s % Balto & Ohio ref 53 1995. 3 B &O Pitts LE & W Va 4s 1941 3 B & O Southwn div 3%s 1925. Canadian Northern 612s 1946. Canadlan Pacific deb 4s . Carolina Clinch & Ohlo 55 1938 ntral Pacific 45 1949..... Chesapeake & Ohio cv 53 Chesapeake & Ohio ev 4%s 1 A Chesapeake & Ohlo gn 41s 1992 Chicago & Alton 3s 1849 4 Chicago & Alton 3%s 1850...... Chi B & Quincy 1st ref bs 1971.. Chi & astern Ill gen §s 1951... Chl Great Western 4s 1859 Chi M & St Paul ref 4%s 20 Chi M & St Paul cv 53 2014. Chi M & St Paul cv 438 1932.... Chi M & St Paul gen 41%s 1989.. Chicago Railways bs 1827...... Chi R I & Pacific ref 4s 1934 Chi Union Station 41:s 1964 Chi Union Station 63%s 196 Chi & Western Ind con 4s 1852.. CCC & St L ref 6s A 1929, Cleveland Term 53s 1972. Cuba R R 5s 19562 Delaware & Hudson 5%s 1937 Den & Rio Grande con 4s 1936 74 Den & Rio Grande 1st ref bs 1955 47% Detroft United 4328 1932, 854 4 Erfe 1st con 4s 1996. 5% 4 Erie gen len 43 1996. 46% Erie cv 4s A 1953 48 Erfe cv 48 D 1953......... 51% Grand Trunk s £ deb 6s 1936 103% Grana Trunk 7s 1940 S 12% 1061 Great Northern gen 73 1936.... 108 96% Great Northern gen 518 1952... 99% 76% Hudson & Manhattan ref &s 1957 79% Hudson & Manhattan ad) 58 1957 60 Tllinots Central 53%s 1934....... 101% Inter Rapid Transit bs 1966..... Inter Rapid Transit cy 7s 1832 4 Inter & Great Nor adj 6s 195 Kan C Ft Scott & M 4s 1936 Kansas City Southern 8s 195! Kansas City Southern 63 1950 Lake Shore 4s 1928. = Lake Shore 45 1931. . Lehigh Valley 6s 1928 Louis & Nash unified 4s 1940.... Louls & Nash 1st ref 53%s 2003.. Market St Ry con 5s 1924 Mil Elec Ry & Lt 1st ref 5s M St P & S 8 M 645 1931, Mo Kan & Tex 1st 4s 1990 o Mo Kan & Tex pr In 5s A 1962.. Mo Kan & Tex adj 53 1967. Missour! Paclfic 63 1949, Missouri Paclfic gen 4s 1975 N O Tex & Mex inc 55 1935. New York Central deb 6s 1935.. 104% New York Cent deb 4s 1934.... 881 New York Cent ref imp 5s 2013. N Y N H & H cv deb 65 1945... N Y West & Boston 4%s 1946. .. Norfolk & Western con 4s 1996, Norfolk & Western cv 68 1929.. Northern Pacific 3s 1947. g Northern Pacific 4s 1997. A Northern Pacific ref imp 6s 2047 Ore Short Line gtd 58 1946 Ore Short Line ref 4s 1929 Ore-Wash 1st ref 4s 1961. Pennsylvania gen bs 1968 Pennsylvania gen 4%s 1965. Pennsylvania 6%s 1936 10 105 91 100% 8414 92% 52 32% 86% 107% 59 81% 105% 994 90% 5% 98 34 89 108% 60 83 108 0 88 lgg* Peoria & Eastern inc 4s o 921% Pere Marquette 1st 55 1950. 81 Reading gen 4s 1997 * 60% Rio Grande Western clt 4s 1949. 72% R I Ark & L 4145 1934... 5 74% St LIM & SR & G 48 1933..... 65 St L & San Fran pr In 4s A 1950 80 St L & San Fran pr In 5s 1950.. 58 St L & San Fran inc 6s 1960.... 88 St L & San Fran 5%s B 1942 70% St L & San Fran ad)j 6s 1956.... 39% Seaboard Alr Line ref 4s 1959.. 22% Seaboard Ajr Line adj bs 1949.. 58% Seaboard Alr Line con 6s 1945.. 80 . Southern Pacific cv 4s 1929 88% Southern Pacific ref 4s 1955... 17% Southern Pacific col 45 1949 928 Southern Ry 1st Gs 1994. % 66% Southern Ry gen 4s 195 100 Southern Ry dev 6%s 1956. 46 Third Ave adj 6s 1960.. 884 Unlon Pacific 1st 45 1947 844 Union Paciflo cv 90% Virginian Ry 1st 58 106! 84 Wabash 1st 53 1939. . 59% Western Maryland 4s 1952. 7% Western Paclfic §s 1946 97 \Weet Sioee loo 13 2361, 98-16 98-11 98-11 98-12 9829 98-12 99-26 427 . 100-15 100-8 100-10 . 98-1 Tow. 101% 100 95% 100% T8% 112% 101% 97 89%, 1017% 96% 92 % 10: 79 9% FINANCIAL. BLAME DESPOILERS rOR WHEAT BREAK Farmers Scoff at Claim That Overproduction Caused Break in Market. Yield. 348 410 412 436 436 440 Last., 102% PROFITS ARE WIPED OUT Grower Gives Detailed Cost Fig- ures Showing of $2.50 Per Acre on $1 Grain. BY GREENVILLE Special Dispateh to The Star. CHICAGO, July 2 matter with wheat? For this question, aeked with anxlety in hundreds of farm housey throughout the nation, fn financial centers, and in the counclls of the major political partles, there ars n! most as many answers as thers ure classes propounding the query. When wheat went below the dollar mur here this week, the fact was horalde as a seventh day wonder. In 1914 dollar wheat caused an even Greater hullabaloo, but in a different sensey Dollar wheat before the war was the helght of the farmer's ambition, b today, after years of inflation, do wheat brings cries of calamity Farmer Hasx Just Compiaint. The farmer, it is admited, has gooa grounds for complaint. But ha is alx the vietim of poor judgment. Intoxi- cated by the pre-war and immed: post-war periods of high prices, Increased production greater than the, world conMimes and now he Is suffer ing because of this fact. In addition many renters, who became prospe ous through war prices, were buy their own farms, but cums far above the intrinsic of the land. Today they find they ara unable to produce wheat on this ir flated land, and secure a profit at tie present price of the grain TRe greatest sore spot to the far- mer {s the fact that while he as had to undergo al] the sufferings of deflation, Industrial lines have not been subjected to the same opera-y tion. A« a result he finds his Incomd 100 meager in comparison with his OUtgO or the cost of living, which remain in the neighborhood of 1918 Agitators Help Drop. Politiclans and agitators have bee: quick to learn of the farmers Al content, and have done all they could do to keep it alive. Laws have been passed to bolster up the wheat mar ket, but these have proved unsuceass- ful. The present low price of wheay can be atiributed to the remarks o uninformed agitators and politiclans Who believed they werc helping the r, but instead only informed TS of our wieca- that we had “n oppressive surplus. This informa- tion scared off the « tive pur lacks his BROWN. ‘What is the uropean raisers h rned to normal, purchasers of the America, with the sole exception o Great l’;}rl(alnm!e‘u- Acpreciated currens oday which restrict thei yini Iph““ r buying Meantime, a recent estimate by delegate to the International Inst. tute of Agriculture showed the world's crop 119,000,000 bushels in ex- }eess of last vear, and Broomhall, th: English statisticlan, said the world requirements would be only 592,000 - 000 bushels this year as agafanst 65 000,000 bushels last year. Overproduction Cause of Break. The chief cause of the low price of wheat s overproduction Tolit st ,1,,1?;;,-; that wheat is selling at « 94% | Remedles for the wheat situati s on 1125 |are offered by many peaple, but moes 71 | Of them are artificial suggestion takes demand to keep up the of wheat, and the orgnized rain the best ¥ method o nrestricte gheeulation ' ana feas: government in Jusiness will help the farme . than anything e o oeenmon _of the foregoing re compilation of views obtaised in Ch cago—the center of the wirld's graiy market—today. Other views are held in other places. The farmer, for in- stance. wouldn't give & penny for {everything set down this far in this dispatch. In an effort to get the farmer's reaction, a correspondent in Wichita, Kan., was asked for in- formation. His reply, In rather pic- turesque language, began as follows God help the rich; the poor can beg. Farmers Blame Manipulntors. The Wichita correspondent repo: that the farmers belleve o Erouh T despoilers are responsible for the present low price. Interviews with ten farmers, representative wheat |Erowers from different sections of Kansas, demonstrate that the farmer does not believe the “overproduction’ theme, and the typlcal view of the farm belt i{s set down In this wise “Every few Years the industrial . m, through the manipulations of {the despollers, gets the jim-jam Capital flies to cover, factories closd and labor goes tramping across the country seeking honest employment and listening to th duction’ by de at large be: The able editor looks into his leather spectacle case and with owl-llke gravity announces that if the farmer raises less wheat and | more cockle-burrs, if the import tax - on putly be increased somewhat, or fiddle strings be placed on the free list, the American farmer will have money to throw at the birds—that mortgages and mendicacy will pass like a hideous nightmare and the , farmer gally bestride his plow like unto Solomon in all his glory. Scoff at Overproduction. “To the farmers of the wheat bell, who keep In touch with actual con- ditlons throughout the country, the - cry of ‘overproduction’ is but a tals told by an idiot, full of sound and, fury, signifylng nothing. For at the same time this cry is ralsed there . come figures from the five large mar=, keting centers of the United es refuting it. At the newly organized Southwest Wheat Producers’ Conference, hel in Wichita this week, Clayton M. { Hyde, one of the largest wheat grow- jers in Oklahoma, gave the following figures on the cost of wheat produc- tion on his farm, the unit of compu- tation being an acre: Story Told in Figures. . Cost of labor, $2; rent, $4; board, 50 cents; insurance, 60 cents: repairs to machinery, 25 cents; threshing, $1.80, and seed, $1, or a total of $10.15 an_acre actual cost of production. With an average yield of ten bushg els to the acre and the present price lof 80 cents a bushel, the farmers of the southwest bid fair to play a los- ing game to the tune of $2.15 per acre. Perhaps these figures account for the vigorous phrase used by the { Wichita correspondent. At any rate, the farmer and the middleman hold ) views as widely separated as are the poles of the earth regarding what is the matter with wheat. The ultimate consumer is the only silent element in the controversy He has to pay, no matter what it may be. (Copyright, 1928.) COPPER PRICES SHADED. 47% 9o | NEW YORK, July £1.—The llmi’ex‘ tone of copper has been a trifle eas- 94% | o+ with some shading of prices and| 95% | producers egnerally are holding for! 81 '|14% cen Unsettled Buropean coms 79% | ditions have restricted . deman& 80 Isomewhat Iron quiet and easy. 7% 1% {