Evening Star Newspaper, August 1, 1923, Page 27

COAL STRKE HANS ONCHECK OFF LI Factors Pointed Out Which Have Brought. Operators and Miners to Deadlock. BY J. C. ROYLE, (Indications point strongly to a strike in the anthracite fields tember 1. This is the first of two dispatches by Mr. Royle in which it will be shown how the situation will have a tremendous bearing on industrial rela- tions mot ouly in the anthracite region, but in basic industries throughout the country.) Special Dispateh to The Star. SCRANTON, Pa., August 1—The question of a suspension_of mining in the anthracite fields one month from today is balanced on the knife edge of the check-off, the demand made by the miners that the union dues, firg, and assessments be deducted by, the companies from the pay of the min- ers and turned over to the,“United Mine Workers. Both miners and opevators have their cards on the tabley”but rot all of their cards are facs®p, Neither miners, operators noy fublic want a strike. The buried ,ards of the min- s and operato are the concessions each side is will ag to make to avoid one. The pub'w may the game through pressure of public opinion. exe’ fed’ directly or through government,al interposition in some form Bot)a Sides Standing Firm. Mean ehile hoth operators and min- ers a'e standing pat and busine men af this section, whose prosperit depsnds on both. express the bel thi £ the deadlock will éxtend to p- When the present agree- Taent expires and that it will be fal- Jowed by a suspension of mining “which, however, will not develop into @ lonz continued strike. ey “Will | never wet Withem A tember 1. the check- 11, president of | e Glen Alach coa1 Company. toid | the writer today. Mr. Inglis was a/ representative of the operators at the recent Atlantic City wage conference and voiced the opinions of the other [ operators of this section. “We will | mever concede that. The sooner the miners and the public recognize that fact the better. We are not a collect- ing agency for the United Mine If their organization is ttractive enough so that the s are willing to pay their dues retain membership, we will not ' gollect those dues for them to build up the neial power of the mine workers. That determination is fixed final.” 1f ever we are to obtain the chec off system.” said Enoch Williams. secretary and treasurer of the United Mine Workers organization for dis- trict No. 1, and also one of the At- lantic City conferees, “it must be now. Otherwise we must quit asking for it. Every man in the anthracite | enjoy the betterments and tion whic ve been obtained through our organization and which | we are under heavy expense to main- | tain. We are determined that as they reap the benefits, all shall share in defraying the expense. Our attitude is firm.” o a Weaker Positions. ‘Ne'tber side is in as advantageous a poirion to withstand a strike as in > said Mark K. Edgar, secretary of fhe Scranton Board of Trade. ““The € perators Jost a tremendous amount of poney during the six months the strike sted. They have not yet had a chance » recoup their losscs.~ The miners in- iqually exhausted their savings and strained their credit to the . breaking point. They sold their liberty bonds like hot cakes and they have not yet had time to build up individual reserves, although the mine workers' treasury is in a strong position. % Then too, the 1922 strike began in the spring, when the miners could and did camp out or seek work in the fields or cisewhere. Railroad transportation then was inadequate and the bitumious ners also were on strike. different conditions _prevail now. Winter is coming on, the pres- sure of public demand for coal will be keener. the bitumionus mines have tre- mendous production and there are ample arry in these men in section feel that ces wiil be ironed out and that even if there should be a suspension of mining after Scptember 1 it would not be long con- tinued. ‘I cannot, however, visualize the op- { erators granting the ‘check-off demand. for that demand means an absolutely closed shop and, in effect. takes from them the right to say what they shall do with their own properties and turns that right over. not to their employes, but to union officiais.” Opposed to Soft Coal Offer. Both anthracite operators and rriners regurd the offer of the bitu- minous operators to put the entire output of their mines at the dis- posal of the government in the event of an anthracite strike, as two strokes for the soft coal producers and one for the public. Each side here maintains that the bituminous operators have long cast covetous eyes on the markets in which an- thracite has held the dominant posi- tion, and that the soft coal men wil- lingly would submit to price fixing for the sake of getting a foothold. Eash side recognizes fully the dan- ger of this and each willingly points out that danger to the other. “The men should realize,” said Mr. Inglis, “that if bituminous coal super- | sedes 'anthracite in some places, it | will mean that less coal will be mined and le: men employed.” Fear Loss of Markets. “The operators. in seif-defense, must fight to hold the markets against | soft coal and oil.” said Mr. Williams, | “or the profits will fall off. In viewing the whole situation it should be borne in mind that each side to this controversy has made a lot of money in recent years. Mine owners have piled up heavy profits and contract miners have gained splendid returns from short' houts of work. Neither side wishes to let go of one prospective penny and each | probably is willing to make conces- Rons. What thesc concessions will be is a secret, but there is every indi- Ver: | hold cards in | i Cap. FINANCIAL:" 'NEW YORK CURB MARKET ] Received by Private Wire BY WILLIAM F. REFFERNAN, NEW YORK, -August 1.—Following the favorable reports of operations for the second quarter by numerous leading companies, the market on the curb exchange was distinctly bet- ter “today. Short covering came in sufficlent volume at the outset to bring about nd(\;nnces of a half point or so in the active leaders and these were in- creased as the day went on. = " ing ile professionals were endeavor. ‘ng to depress rubber and tire stocks onahe big board, Goodyear common held firm “in response to the report "i:;omlehz' 8’6‘"3" year, showing net fntome, Of $6.314,318 after charges and Intercontinental Rubber, ho: 8 , however, Went somewhat lower, reflecting per- sistent rumors of pending tire price foductions, which ‘were accountable Or weakness in such stocks. Officials . NEW YORK, August 1.—Followl fia:x:defldal :;l“l\nt bonds and stocks on the New York Curb - ket today: o Sales in thousands 2 Allied Packers Ss. 4 Alum 7y "25 p 2 Am Gox & Elec 6a. 4Am T & T 6s '24... 1 Am Thread Co 6x 1 Anaconda 6s . 1 Anglo Am 0f Armour Co Del 17 Asso Nim Hd'e AUGE&WIS 2 Teaverboard Sx 10 Beth Steel 7y 10 Chi R I [ & 4 Citie BONDS. High. 61 1033, 9214 1003 1021, . 101% 1023 881, o5 495 D Bal 3% E Talt 6x A 1 Detroit City ¢ 2 Dunlop T & 7 ‘ederal Sugar 6 11 Finer Tody 3 Robt, 73 . iena Signal 011 7y n Asphalt S .| 6 General Pet 6y 1 Grand Trunk 6 i 1 Manitohs Pow 1 Mantioha Pow 3 Morris & Co Tias . Nat Leather & 7 New Or Pub Ser 5a. S P'enn Pow & Lt 5s.. 12 Pub Ser of N J 7 13 Pub Ser EI Pow 6s. 5 Sloss-Sheft 6s A "aion Ol 6« B 1 Union 0il fs B 8 Uni Ry of Hav 2 Vacuum 0§ 7 Sales STANDARD OIL ISSUES in units. 200 Anglo-Amer Oil . Continental Ol new 5 Crescent I L ..... ) Cumberland P L .0 100 Humble 0 & 50 Tllinois P L 10 Twp Oil of 2300 Tnter'] Pet 40 Magnolia Pet Solar Refin 5 South Pen Ol O Ind . outhern T I, 0 Kansas new 0 Ky 150 108 497, a6 10 37 30 Sales INDEPENDENT OIL STOC in bundreds, Ark Nat ¢ N 5 Boston Wyoming Oil 3 Carib Syudicate ... 2 Cities Service ... . i Cities Service ptd., $492 Sit Ser pf C s u r § 1. t Serv B acrip. $1,000 Cit Serv B pf Creole Syndicate Derby 0 & Ref w i D 0 & Re pf w i Bugineers Pet X 0il en Itock 0il anada 0] Gulf OiL_of Hudson 0il 5 Humphreys 0il | Interstate Hovalties . Kevstone Ranger Kirby Pet . Lafayette 01 . Lyons Pet Mex 0il .. Mex Panuco . 2 Mountain Prod ... Mutual 0il vot efs. ew Brad'd Oil w i Mex Land Omar Oil & ¢ Pa SALES. Capital Traction Co. Lanston Monotype—10 at Mergenth: AFTER CALL. Money—Call loans, 5 and 6 per eent. BONDS. Bid and Asked Prices. PUBLIC UTILITY., Bid. Aeked 25y 1024 Telephone 5. P, Tel. of Faction R. K. City und Suburban 5 Georgetown Gms st Metropoli Potomac e 1075 Washington Ges Wash. Rwy. & Blee. 4s. Wash. Bwy. & Blec. g. m. Ga... MISCELLANKOUS, . C. Paper Mfg. Gs.. Riegs steatty ov (1oag). Rires Realty bs (short). . Becurity Stor, & Safe Dep. 6. Wash. Mkt. Cold Storage s, Wardman Park Hotel Gs.. STOCKS. PUBLIC UTILITE. cation that on the part of the oper- ators, the check-off is not one of them! | AIMS TO HELP WHEAT. Julius Barnes Announces Plans for Full Investigation. NEW YORK, August 1.—Improve- ment in wheat markets, termed the greatest need of the .American farm- er. is the chief aim ‘of an inquiry ch a new wheat committee spon- sored and financed by the Chamber of Commerce of the United States will launch shortly. Julius ‘H. Barnes, president of the chamber, announced vesterda Reviewing the wheat situation, Mr. Barnes said conditions in Europe were partly responsible for the present jow .price. Ife was optimistic as to the future, but deplored irresponsible discussions, declaring that “only harm is dome by general statements about dollar wheat being below cost of pro- duction.” A Sy NICKEL PLATE EARNINGS. CLEVELAND, Ohio, July 31.—Net income of the Niekel Plate Consolid- ated railroad for June showed an in- crease of $143,492 over that. for the =ame month of 1922, or 22.97 per cent, according to figures filed by the com- pany with the Interstate Commerce Commission. In connection with the June figures the company made public a statement of operations for the six month period from January 1 to June 0. 1923, indicating an annual rate of 523.62 a share, or, after preferred dividend requirements, the equivalent of a return of $9.15 a share on rhe 320,499 shares of common sStock .outs, fa.ndhu | Amer. Tel. & Telga Capital Traction w ton_Gus Norfolk & Wash, " Steamboat W w Rwy. & Elec. com Rwy. & Elec. pfd. . com. Capital Columbia Commereia istrict Vurmers and Mechanica Federal-American Liverty - ncoln National Metropalitan.... Riggs - Riggs righ Second 1 Nauonai TRUST COMPANY. rican Security and Trust Soncineatal rose Merchants® . N fun.;} Savings & Union Trust . Wash. Loan & SAVINGS BANK STOCKS. Commerce and Savings.. . 200 fouat Washington Savings Hask 20 Security Sav..and Com. Bank.. 275 Seventh St. Savings Bank..... 175 United Staies . Wadlington Mechanics’ S FIRE INSURANCE STOCKS., American Fire Insurance. Uorcoran_Fire Insurance Firemen's Fire lnsurance . National Union Kire lusuraace. TITLE INSURANCK STQCKS. bia Title Insurance. 6 E:Ilulml- tate Title Insurs eeee 1’_'0* MISCELLAXEOUS STOCKS. Columbia Graphophone com. U?Dl‘:llllh Unnlll:plnne prd. D. ¢ £ pld. Merchants’ Trans. & Storage. Mergenthaler Linotype Old Dutch Market <om Old Datch Market ped Lanston. Monotype Washington Stock Exuhange.l r_Linotype—10 at 150%, 10 ati [150%, 10 at 1504, ™ . Direct to The Star Office of several leading companies.’ how- ever, denied that there-was founda- tlon ‘for such reports. ; Standard of Indiana .was bid up from its low -of the year to 50% on what was evidently short coyering. United States led the independents advancing a like amount. Derby Oil and Refining preferred was an excep: tion to the general tendency, and broke almost two points over night despite the statement that the com- pany requires more gasoline than it is making, and is buying in the open market. it ‘was further stated that the company would not shut down its refinery. e new $20,000,000. government ‘of zerland § per cent external gold subscription at 97.29 per cent accrued interest, to yleld 6 per cent. It is redeemable as a whole at 100 per cent and accrued interest in Au- gust, 1925, or February 1. 1926. No sales were recorded up to a late hour. T R 1 Peer Ol Comp ... 5 Penn Beaver Ol 1 ock OF .. 2 Penn 8 Ros 1 Scsc e FEEEFFH ® Santa Fe 0 & G 1 Sapulpa Refin 4 Seaboard 0l 19 Sou_ States 3 Turman o 0il 1 Ventura Cons 10 Wilcox Oil & N INDUSTRIALS. TAm Cot Fa pfd. 3 Am Multigraph ( 4 Amer sto ntern Corp A 2 Buddy Buds ... 3 Cent Teress . Teresa pfy * Centritugal Ir Pipe 1 Checker Meg A 1 Chicugo Nipple ... 4% Chieago Nipple B (r 31¢ ‘urtiss Aero pf cod 30 3 Dubilier ¢ & Radio 814 1 Durant Mot ‘of Ind 1 Gillette Safety Ke & Goodyear Tire . 4 Inter Contl Rubber 1 Lehigh Val Coal .. - ar 15 wi 3 Todd Ship ..... 1 Thread Co pfd . 13 Un Reta 10 Wayne Coal . 4 Alas Rrit- 1 Alvarado M 40 Arizona Globe 10 Belcher Divide 410 Belcher Bxtens ... 14 Butte & Western 1 Calaveras Copper 1 Canario Copper ... 1 Continental Mines Cons Cop Min fe cf Cortez Silver .. ‘resson Gold ¥ide Extension. lores Esper ortuna Mines .. Goldfield Deep Mns kpot .. 50 Gold Rd Anex Mine 80 Gold Zone ... 0. 10 Harmill Div 9 Holbuger 1 Hecla Mine ... 1 Homestake Ext 1 Howe Sound 2 20 Independence ‘Lead rome Develop 20 Knox Divide itH Tig Dominion Cop w Jersey vada Ophir 2 Nipissimg 19 Ohio Copper 1 Premier He; Silver Mine of Ame 30 Silver Kg Dv Mines 30 Spearhead Gold ... Toopah Extens ... Toropah Min % 10 Tonopah North Star 10 Tuolumae ... 77 United Fastern 10 Uait Im; 3 United IN IRON AND STEEL President Grace Notes Need of Men Specially Trained Along Technical Lines. 9975, 10 at 997, } FEaAnT & By the Assoeiated Press. BETHLEHEM, Pa., August 1.—More iron and steel will be made in the next generation, if the present as- cending rate of production continues, “than have ever been made since man appeared on earth,” Eugene C. Grace, president of the Bethleshem Steel Cor- poration, deciared in a statement to- day in a Lehigh University publica- tion. “The prospect,” he said,. “invites as never before improvements, however small. in processes and materials. One of the needs of the industry, he says, is men technically trained along practical lines. i “The highly theoretical engincer. {he wrote. “can accomplish but littie jin a manufacturing organization, and it is generally necessary that a col- lege graduate gain five or ten years' practical experience before he is tolind of real value.” —_— o FOREIGN EXCHANGE. : (Quotations furnished by W. B. Hibbs & Co.) ‘“:Wm:nll !eil:;‘[chech vaiue. iny Laendoen. ind 5 Moul’rell.”;ofl *or Paris, frenc . Brussels, franc Berlin, mark Rome, lira Zarich, franc . Chrintiaba, crown - Stockbolm, crown By the Associated Press. NEW YORK, August 1.-—Foreign ex- changes irregular. Quotations. (United States dollars): Great Britain, demand, 4.565 ; cable, 4.56%; sixty-day bills on ba 53%. France, demand, .0473%; cables, .0474. Italy, demand, .0333%: cables, * .0434. Belgium, = demand, -04663%; cables, .0467. Germany, de- mand, .00000095; cables, .00000097.” Hol- land, demand, .3930; cables, .3935. Nor- way, demand, .1595% ; Sweden, demand, -2659; Denmark, demand, .1802; Switzer- land,” demand,'.1787; Spain, demand, -1413; Greece, demand, .0170; Poland, demand, .000004%; Czechoslovakia, de- mand, . .0293; ' Austria, demand, -000014% ;" Rumania, demand, .0050%; Argentina, demand, .3400: Brazil, de- mand,.1025; Montreal, .97 11-16. For Community Ring. From London Tit-Bits. » The young man it the summer re- sort, who had become éngaged to the pretty girl, receives information that led Bim to question her: “Is it true| that since you came here you've beén engaged to Billy, Arthur, George and Harry 52 well s me” | o girl assumed an air of dl. E “What s that 1o your" she demenaog “Just this," he replied, gently. “If it's 50, and you have no.objection, we fellows will all chip in_together to buy an engagement ring.” —_— The first international fishing craft will France, next-| ition of e held at. Bow: September, notes of 1926 were admitted to trad- | ing on a when-as-and-if issued basis. | The issue is being offered for public | and ! . NGTON, D. ¢, “WEDNESDAY, "AUGUST 1, '1923. - - |KRESGE ORGANIZES 5000000 FIRM Chain Store Head Will Enter Department Store Field on Large Scale. By the Assoclated Press. NEW YORK, August 1.—Formation of a $25.000,000 corporation, to be known as the Kresge Department Stores, Inc., was announced late yes- terday by S. 8. Kresge, its directing head. The company will acquire and develop a chain of department stores in the principal cities of the United States. The new corporation will be inde- pendent of S. S, Kreske Company, but will have with it a number of Mr. Kresge's present assoclates in that company. “The first unit in the new chain will be the L. S, Plaut & Co. store, Newark, N. J. The authorized capitalization will consist of $25,000,000 7 per cent cumu-~ lative preferred stock and 200,000 shares of no par common. “In the formation of the Kresge de- partment stores” Mr. Kresge said, “I have put into ope on a plan of mine under serious consideration for \many years. I have long been of the opinion that the same principles of merchandising and the efficient distri- bution of goods perfected by the five and ten cent chains can be applied with unusual success in the depart- ment store fleld. Mr. Kresge celebrated his fifty-sixth birthday vyesterday. He began the five and ten cent business with J. J. McCrory, opening one store in Mem- phis. Tenn. and one in Detroit. Mich.. ©n a capital of $8.000. At the present time the S. S. Kresge Company operates 223 five and ten cent stores, selling in 1922 more than $65.000,000 worth of merchandise. |ROMANGE OF HOUSE ENDS IN ELOPEMENT vIFormer Representative Ryan Weds District Woman in New Jersey. Former Representative Thomas J. Ryan of New York, and Mrs. Ger- trude Keleher of this city. married in Glassboro, N. J., July 14. according to word received here to- The ceremony followed an were % | { elopement. Mrs. Keleher was formerly Gertrude Dakin, whose mother | in the Cumberland apartments. She was graduated from Holy Cross Academy in 1917 and the following year was married to John B. Kele- her of this city. Later she was jgranted an absolute divorce. The oup! made th {Chevy Chase Mr. Ryan. who was known as the voungest congressman ever in Wash- ington, met Mrs. Kelehér shortly after she was granted the divorce. Mrs. Ryan arrived in Washington Monday night and left for New York esterday. where she is expected to be }joined tomorrow by her husband. Ac- ording” to friends, they expect to leave Monday for an extended honey- moon through California. {GEORGIA CONSIDERS ANTI-MASK MEASURE | Bill Favorably Reported to Lower { House of State Legis- | lature. Miss ed r home at 8 Leland street, { By the Associatcd Press ATLANTA: August 1.—An anti- of the Georgia legislature today with a favorable report from committee, Decision to report the bill, intro- duced by Representative Bozeman of Worth county, taken last night after 1 1 {at which both opponents and propo | nents of the measure were heard. The blll would prohibit the wearing of imasks in° public except for carnival | purposes. Mr. Bozeman describing the Klux Klan as the “most dangerous menace this country has to deal with at the present time,” said it had “frightened away most of our negro laborers by his hideous masks.” TItis decidedly against American prinei- ples, he declared. The klan was defended by Coburn, -formerly klan official of California, Who asserted that no masked parades were - ever staged | thorities. Representative Joe Wood of this city, editor of the klan pub- lication, “The Searchlight.” said that | it was necessary for klansmen to con- jceal their identity to keep from be- ing boycotted in their business. | Jesse W. Mercer of Atlanta, speak- {ing' in favor of the measure, declared jhe could not understand why any or- ganization composed of 100 per cent Americans would want to hide its ac~ | tivities behind a mas| —_— BOSTON STOCK MARKET. August 1.—Following is_a ilisf of today's highest, lowest and ‘cmflng prices for the most active stocks {dealt in here: Ahmeek Allovez ... Am Tel & Tel . Roston & Maine Roston-Elevated Calu & Ariz . High. Lo oo 591 B9 ‘arson Hill Min . { Connor J T Copper Range . | Fast Butte . Eastern 8 § Hardy, Coal . Tood “Rabber Island Creek, . Isle Ravale . Libby McNeil & Libby Mass Gas . Mohawk i North Butte Old_Colony Pacific Mill Shoe Mach Superior & Swift & Co Swift Inter U S Smelt pi Ttah Apex .. Utah Metal . Yentara Oil Waldort £ Waltham ‘Watch . Walworth . Warren Bros w 2 one child, a daughter, and{ mask bill was before the lower house | w. S| without the permission of the au-| COMMODITY NEWS WIRED STAR FROM ENTIRE: COUNTRY LYNN, Mass., August 1.—A distinet boom has developed in the shoe in- dustry “here after several months of' curtailed production. Manufacturers today expressed confidence that all departments would be working on full time for the next few months. HOUSTON, August 1.—A new rec- ord in cotton exports was establish- ed by Houston 1in the year just closed, 719,942 balee having been sent to foreign countries, Exports during the previous year were 478,141 bales. LAWRENCE, Kans., August 1.— The Kaw valley potato.crop is about half dug. vields ranging from 100 to 150 bushels per acre. refiners here haye reduced their price half a cent a pound to 81 &ents a pound. Fresh demand was not stim- ulated, however. Consuming trade is buying from hand to mouth. Re- finers have brought in very little foreign raws for a month, ware- houses being overloaded. KANSAS CITY, Mo, August 1.—A satisfactory fall millinery business in the southwest is indicated by the presence here of several hundred the Kansas City Millinery Jobbers' Association. Liberal buying is re- |condition on July 25, which was 67,2 | per cent of a normal, the Department ! were up. §1, lot A NEW ORLEANS, August 1.—Sugar |°f, ASTiculture announced today dealers for the fall fashion show of ! COTTON FORECAST 11,516,000 BALES, Government Reports Condi- tion of Crop 67.2 Per Cent of Normal in July Summary. | Cotton production this year was forecast at 11,516,000 bales from its i The July 25 condition indicates a1 vield of about 143.9 pounds per ucre. | The condition of the crop by states follows: Virginia, 88; North Carolina, South Carolina, 64:; Georgia, 4%; Florida, 52; Alabama, 66; Mississippi Louisiana, 68; Texas, 71; Arkan 68; Tennessee, .69; Missouri, 70; Oklahoma, 63; California, 88; Arizona, 91; New Mexico, 85. COTTON ADVANCES ported. ST. LOUIS, Mo., August earnings of the Moon Motor Company for m‘-.n first six months amounted to 751,410, CHICAGO, August 1.—During the first half year 11.572,265,000 feet of copper wire for communication con- {duction was used in the manufacture of cables, it was announced today by officials of the Hawthorme works of the Western Electric Company. PORTLAND, Ore,, August 1.-Ore- gon's onion crop is expected not only the earlicst maturity known. Some damage in spots is seen. but the gen- eral condition is splendid. LA CROSSE. Wis. August 1.—Only §5 br cent of last vears pack of peas in fhis'Stute has been packed this me: son just closing. ATLANTA, August 1.—South Geor- gia's bright leaf tobacco market will open Thursday. This is the fifth year's crop and has been highly suc- cessful, largely supplanting the cul- tivation of Sea Island cotton along the coast. FAVOR RAILROAD. HEAD AS LINE’S RECEIVER lMlnnupoXis and St. Louis R. R. Directors Urge Bremner. Other Notes. By the Associated Pross, NEW YORK. August of the Minneapolis and Louis Railroad ~ Company have gonme on record as favoring. the retention of { W. H. Bremner, president of the road as permanent receiver. Some oppos! qtion to this course is anticipated when the matter comes up in federal court at Minneapolis tomorrow. A total of $36.638.500 worth of bonds has been called for redemption month in advance of maturi {largest item consists of St jof California 7 per cent bonds, re- funded recently by an issue of serial 5 per cent notes due from 1924 to 193: July orders for new equipment cluded 11 locomotives, 2 of were for export, 68 passenger s and 2,047 freight cars, of which 1.000 were for Canada and 25 for other ;iurtlgn countries. SWISS LOAN OFFERED. $20.000,000 in Notes Being Sold by Morgan Company - Here. NEW YORK. Avgust 1.—Public of- fering of $20.000,000 three-year 5 per nt notes of the gover tzerland at a price to yicld the investor 6 per cent, was made throughout the country today by a {group of bankers headed by J. P. Morgan & Co. Thia is the first for- eign_loan of any consequence since the $25.000,000 loan to Austria a few Imonths ago, which carried a T per cent coupon and were offered at 90 to yield 7.80 per cent. While the purpose of the loan was inot made pubiie. it is understood that {the proceeds will be used to finance purchases, particularly of wheat, in this country — 32— { i i Lake Ontario. | Spectal Dispatch to The Star. ROCHESTER, N. Y., August 1 Ku!new line of car ferries from Roches- | i ter to Toronto on Lake Ontarie. now | |under consideration, is expected to materialize within a_year. according to reports today. - The New York Central, the Buffalo, Rochester and Pittsburgh; #he Grand Trunk and {other railroads will combine. it is ls'\id. to institute this ferry line to carry coal between the two lake cities. The corporation will ba Ca- nadian and the boats will sail under Canadian registry. Four ships with la capacity of fifty coal cars each | il be operated. RENTS REMAIN HIGH. iMinneapolis and St. Paul Still Have Housing Shortage. | Special Tiepateh to The Star. ST. PAUL, August ceptional building activity this year the Twin Cities still suffer from housing shortage and no reduction of rents is probable. Residential con- struction has broken all records, but has been insufficient to overcome the previous shortage and keep pace with the increase in _populations. Rentals generally are from $50 up and the greatest need is for apart ments renting from $35 to $45. BEECH-NUT.SALES GAIN. SW YORK, August 1.—The Beech- ut Packing Company's sales for the first half of 1923, as compared with the first half of 1922, show an in- crease of 24.5 per cent. Fhe net earn- ings befofe taxes for the first half, ending June 30, 1923, were $1.215, 030.13. This compares with $96 562.85 for the half year ending June 30, 1922, BUSINESS AT GLANCE. BALTIMORE, August l—Incorpo- ration papers for the Morris Plan Bank of Baltimore have.been filed with the state tax commission. The charter calls for capitalization of $200,000, to be divided into 20.000 shares of $10 each. It asks the privi- lege of operating for forty years. BIRMINGHAM, Ala, August 1— During the first six months of 1923 .| Birmingham cast-irom pipe manufac- turers shipped 100,000 "tons of. their products to the Pacific’'coast through the port of Mobile and the Panama canal. . Twenty tHousand additional tons of pipe are on the books for 1.—Despite ex- .| shipment to the west coast soon. Rumors of burie& crime started th police piek and “shovel ‘squad - of Brooklyn, into action ‘recently. They. were digging in a back yard when a woman’s voice called from a nearby. .window: “Hey, what are you doing there?” . “Digging: for a trunk. We scent'as mystery,” answered the shovelets. - “Get out of there. That trunk’is filled with nru:tr:u There- ain’t.no e ST e Wit mins LA GRANGE, Ga., August 1.—Lock~ wood, Greene & Co. have closed a contract with the La Grange Lumber and Supply Company here for the construction of 128 operatives’ house and a superintendent’'s house for the International Cotton Miils at Hogans- ville, Ga. FORT WORTH; Augustl (Special). —Loans of the Federal Reserve Bank to member banks for this, the eleventh district, increased ..3$3,000,000 last '1=l- The total loans were §43,590,- 1.—The ; to break all records. but also to show | irectors | {NEW FERRY LINE PLANNED. a lengthy hearing by the committee, | ';‘Bulronds Interested in Service on :|MORE REDUCTIONS | | | | | | OVER $6 PER BALE: !Jump Follows Government Report' | Indicating Smaller Yield . | ! Than Expected. | { By the Associatad Press. NEW ORLEANS, La. August 1.-| The government cotton crop condition | report of 612 per cent of mormal.| with an indicated yield of only 11,- £16,000 bales, resulted in a rise of ! more than $6 a bale on the New! Orleans cotton exchange today short 11y after 10 am. sending the October | position 1o a pound. The irade haa looked for a condition report of 0 per cent and a crop foreca 112,000,000 baies. Wild Rise in New York, Tee. W YORK. August 1.—The gov- ernment report showing a, condition |of only 67.2 .was a sensation and was followed by a jump of 140 _points, which_carried October contracts up from 21.10, where they sold just be fore midday, to 2250, and December from 21.00 to 22.45. The trade had been iooking for a condition figure not lower than 70 and the govern- ment's report produced an exeited covering movement. To this was added heavy trade and public buying based on the idea that owing to dry weather in the southwest and exce: sive rains in the east, the crop has gone backward since the government figures were compiled as of July 25 Realizing operations checked the ad- vance around 22350 for Octobe but | the market continued active 12.30 1 o'clock and only a little under the Righest NEW YORK futures closed 22.43; December. 15 March, 2 st of | 1 August 1—Cotton eady—October. 22.40a TWO BUILDINGS SOLD FOR $10,000,000 |Grand Central Palace and Park: { i Lexington Change Hands in New York. | | 63 the Asmociated Press. NEW YORK, August 1.—The Grand Central Palace and the Park Lexing- {ton building were sold vesterday for 10,000,000 by Robert M. Catts, presi- | !dent of the Merchants and Manufac- |turers Exchange of New York, to the |Park Lexington Corporation, recently jorganized by August Heckscher. | The Grand Central Palace, twelve-story building, contains what | is believed to be the world's largest exposition hall. The Park Lexington | building is twenty-three stories high. i | The rentals from both buildings were placed at $1,800,000. {JULY LAKE TONNAGE ' BEATS ALL RECORDS of 159 Freighters Pass ,Through Locks in One Day as Month Ends. | By the Associated Press. SAULT STE. MARIE, Mich., Augast | |1.—Freight tonnage through ihe {locks here for July will exceed that, of all previous like periods, accord- | ing to unofficial estimates of canal| {authorities. | { Frank M. McArthur. superintendent ! of the lacks, announced that a total ! tot freighters passed through yes | terday, exceeding by twelve vesaels ! { the previous record of 147 on July 5.! ilast. The freight tonnage on lhe_h‘ i | vesscls aggregated 435.000 tons e figures do not inciude the cargoes of | | vessels passing through the Canadian | lock, which will bring the totai to {more than 500,000 tons for_the day. i | IN SUGAR PRICES Refiners Keep Up Cutting Move- ment in Effort to Get New Business. | By the Associated Press. NEW YORK, August 1.—The price- cutting movement - in “sugar went merrily on today, when all the finers_announced further declines in fine_granulated, one cutting as low | as 7.90 in an effort to get businpss.[ Other prices ranged up to 8.10. This represented a decline of 2 cents from | the high price of the year, reached last April. > HESTER REPORTS SMALL CARRY-OVER IN €OTTON By the Associated Press. NEW ORLEANS, La., Augusé 1 ‘The smallest carry-over of cotton into - a new cotton year since the -south! bBecame an . important producer of‘ staple wae announced in the annual | report of August 1, issued today by the - New ~Orleans 'Cotton Exchange through its secretary, H. G. Hester. The world’s. carry-over of Ameri- | Dales against 4519.000 o Soar ago, ®: '8 , , a year “d4go, the report .added. = Consumption of American eotton during the Year ending yesterday was.placed at 12,- 631,000 'bales against 12,829,000 -dur- ing_the preceding year. e total carry-over in the.cotton belt was put at 947,000 bales com- pared_with 1,906.000. The total quan- | tity held on plantitions and un- counted towns in the south was esti- i re- i | mated_at 184,000 against 964.600. Mr. -Hester announced that ti merelal crop of the vear just ended amounted: to 11,283,000 bales com- pared with 11,653,000 last year. . Ace tual glowth was counted at :10,424,- 000 balés against 8,442,000, | I} FINANCIAL. PENNSY’S JUNE REPORT * DISTINCTLY ‘FAVORABLE PHILADELPHIA, August 1.—The Pennsylvania = rallroad system's re- port for the month of June was di tinctly favorable and has an impor- tant bearing on the final figures of the carriers as a whole. Operating revenues showed an increase of $i3,- 508,043 aver June, 1922, and net oper- | ating income showed a gain of $2,2¢ 098 For the first six months operat- ing revenues totaled $356,130,371 and net $41,486,060. Net was- 32,266,098 beléw the corresponding period last year. In June operating expenses were $51,934,851, an increase of more than $10.000,000 over the same month last year. The increase in transportation {costs was the main item. amountizg to more than $5,000,000, while mai tenance of equipment increased {’ 000. Freight revenues for June | eased $11,302,684 compared wita | June, 1922 and ‘passenger revenues' in Money to Loan Becured by first deed of trust om real estate. Prevailing interest and commission, Joseph I. 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