Newspaper Page Text
U. S. SEL1
MHJJON CORDS OF
ALASKA PULP WOOD
I? SOLD BY SERVICE
??? /
Alaskan-American Paper
Corporation Purchases
Huge Tract.
45,000 ACRES IN AREA
./i
Contract Price 60c for Spruce
And Cedar and 30c for
Other Species.
Om million cord* of pulpwood on
tho Ton (in National Forest, Alaaka.
baa just been sold bjr the Forest
Service of the United States Department
of Agriculture to the
Alaakian-American Paper Corporation.
The timber la located alone
the eaat shore of tbe Behm Canal.
Revillagigedo Island, about thirtytwo
Alles from Ketchikan, the
largest city In the Territory. The
contract price of tho timber waa CD
c*mm per 1M cubic feet for spruce
a ad cedar, and > cents pes 103
i-ublc feet for all other species. The
sale area covers 45.000 acres ana
extends for flfty-flve miles alone
tho coast Twenty per cent of the
forest la spruce. ?? per cent henjand
1? per cent Alaaka and
Wetfern red cedar.
Cesditlwal Award.
A conditional award haa been
made by the Forest Service to the
company, pending approval by the
Federal Power Commiaalon of their
application for a hydro-electric
tt?wer license. Tbe timber sale
contract covers an initial period of
thirty-two years, or until 1?SJ. The
price of the stumpage will be redetermined
and fixed by tfie Federal
government in 1928. and every
live yeara thereafter. Cutting must
begin by October 1. 1323. thus allowing
two years for organization
and construction of Improvements,
rb* contract also requires the establishment
of a pulp mill of not
leaa than twenty-five tons capacity
by October 1. 19i?. A yearly cut
?f from 2.5*0,000 to 3.000.000 cubit
feet is contemplated.
if la Lb? With Policy.
T1?e award of thia sale Is in line
with the general policy of the Forest
Service for making available
the timber resources of Alaska as
a means of Increasing the supply of
pulpwod for the United States.
The National Forests of the Territory
probably contain 100.000,009
cords of timber suitable for the
manufacture of newsprint and other
grades of paper. Under scientific
management, experts say that
theao forests can be made to pro?ace
2,000.000 cords of pulpwood annually
for all time, or enough to
manufacture one-third of the pulp
products now consumed in this
country.
Tbe Alaaka forests also contain
tho second chief essential of the
?ul? aad paper manufacturing inluatry.
namely, water power. No
aocsirate survey of the power re
*o?rces has yet been made, but
known projects have a possible development
of over 100.000-horsepower.
and it is believed that a
complete exploration of the National
forests in Southern Alaska
will show not less than 250,000 poiestlal
horsepower that can be developed
from water.
y&rest Service cruisers are now
working in Alaska collecting data
for further use and devlopment of
tho forests. One block of timber
containing 33S.000.000 cubic feet?
cnbugh to keep a 100-ton pulp mill
running, has been advertised and
la,now ready for sale.
WASHINGTON PRODUCER
! fraiaiaked try Gulden 4 Compear )
Eggs?Southern. 14c
Sutter?Print. 40a?8c; creamery
'xtra. 41a4Cc; store packed, 22a24c
Poultry?Alive: Roosters. 1 Sal 8c,
turkeys. 30a35c; spring chickena
17a40c; white Leghorns. 32a3Sc:
hems. 28a30c: keets. 75c; dressed
wis. 33a35r; turkeys. 43a45e:
' patera, 20a23c.
_ preen fruits?Apples. Western.
^ box, $3 50a4.50; pineapples. $6.00
a&SO; California oranges. 16.50a
> H: lemons, per bo*. Ut.oOall 00Florida
oranges. is.00as.50: Georgia
teaches. Sl.00a3.50; currants. 18a
itTsO t' Wlne**p aPP'?*. boxes. $3.00
Vegetables?New potatoes. 13.50a
nearby per bbl. S4.00; cantaloupes.
tops, Cal. standard. (3.00a
P?r crate; -ponies. 2.25a2.75
SaU. 91.40al.75; new cabbage, home
MOOaSJS per bbl; beets. per
OTMi. late; peppers, per ct. ?2.50a
j y n*"r,>y cymlln*s, per ct. $1.50a
Florida celery, per ct, 11.50a3.00;
bunch celery, SOcall.OO; peaa. bu
j$?* ' '3.00a3.50; watermelons in
24^5? ihb" """*** ?00 00a
IsliS: ii!,, k" average, $250,00a
MCW' average. 1450 00a
Dressed veal. ISalCc.
*
" ?' * Markets. J.l, i?, im.
.?Jfjj* ?" J?'y 3* quotations In
"ykets. prices for hay.
'J! ey lot" <????ered
hi!? S" Prompt shipment.
are quoted as follows;
? rftnnttiT i?thy !2lT' ton- ??; No.
"J,'!' "rtn* wh??t bran,
wh*?t middling. 111;
. ttonaeed meal (3* per cent), 140;
? ''n**fd meal. $>?; g|ute?
K0min)r f6,d fhito).
Lhi? ' P"'P. 118.50; No. 2
'o?5t iTX v ",,4C: No * y?"low
.. ^ No. 2 white oats, 48c"t*
wh't?' oats. 44c.
>e nhfViJiS'i"* commodities may
Sr' 2 ,r?m local < ?'?? In
?rl<*i? quoted? ^ "
N. l tlmothy (Western) hay. ton.
- lilM v' , m0,,hy rwesters) hay.
mriwL w c'?*** mixed. 111.50;
? 10; winter
mi **" : standard midmiddling.
Ill; cot?? >
<? Por cent). 141:
,1^?" horalny feed
floar- aoft winter
14^fr J" **T bblbard
winter straight (140
1>s,Jute), S7.i0al.lt: fancy spring
- "2K (f*m,ljr ?>r?nd,, "75?;* No
; UlFmZ r>JT.\p*r bu (b**' ex,r??tL
No I 1 nOW COrn <b*? **???>
3^ No" .'Si* corB (ba?? ?tra).
* '
LS ALASK.
MORE GRAPE JUI(
THAN MAI
Reduced Consumption
Which Furnishes Outle
(By THE WASHINGTON Jj
Tm H& grape Juice ln<Ju?try *? 8
popularly supposed to be the ^
chief benellclary of the Vol
lead Act. But the reiult haa been "
anything but a confirmation of the
conclusions of the jokeamltha and SI
the makers ot grape Juice found
themselves with almost a two years"
supply on hand on April 1> 1111.
The rate of consumption to this ^
time has been very low and the M
grape growers who look to the it
Juice business as an outlet for their ?
product are by no means reassured. *
This situation haa an Important ^
bearing on the market for this fruit *
since the demand for crapes haa O'
barely held Its own In recent years.
The grape growing Industry is
divided Into two great groupes with
the European type ot California J
that Is made Into raisins and wine, "
and the American grapes of the V
Eastern and Central States which *
are sold for table use. unfermented >
juice and wine. The wine industry 11
has never been large and the *'
amount sold for table use and juice 11
haa been much larger in recent n
years than that used for wine.
The grape Industry became well
established about 1910 and the commercial
plantings have remained al- 3
most unchanged since then. Some "
observers believe that production. *
both per acre and as a whole, has *
diminished. The peak of shipments *
of table stock, was reached between
1907 and 1*11. Since then larger 8
and larger amounts have been go- ?
ing into beverages.
The reduction in the wine making 0
is indicated by the census which v
places the number of manufacturers J
of vinous liquors at 342 with a value *
of products $17,4(4,000 in 1909. J
compared with 318 firms in 1919 ?
with products valued at $16,618,000.
The business of making unfer- ?
mented grape juice began in a J
small way about 1897 whei^there
was an overproduction of gnapes .
which sold for $8 to $10 per ton.
generally less than the cost of J
growing .them. The use of the prod- 31
uct as a drink by the general pub- *
lie was built up slowly by persistent
advertising while the retail ?
price of the juice was very low.
There has been a wide fluctuation
in the production and frequent ^
overproduction of juice that had to
be carried over for several seasons. *
An estimate by a reliable commercial
authority places production
in the Lake Erie district of New
York for several years as follows?
G a Hods e
Itll 1,790.000 n
1912 1.904.000 j 5
1911 2.909 000 s
1914 8,130.000 *
1915 1.100.000 ^
1910 2.0M.000 n
1917 2.770.000 t
1919 1.812.000 O
1919 4.390,000 b
1920 3.191.000 k
There are no government statis- e
tics that show production of grapes o
or grape juice. The best available d
estimate by the grape juice manu- ^
facturers places the total production
for 1919 at 7,000,000 gallons c
and for 1920 at 2,191.000 gallons, n
This comprises the product of about b
twenty factories with a total ca- p
pacity of 10,800.000 gallons. f<
The size of the grape crop as a ft
whole, omitting the Central and ti
REAL ESTATE
SSI Alabama ave se, Kosciusko p>, h
Pt of Eliza M. McKenna to Charles .V
B. Scott et ux. Jane R-. |10.
North of Princeton pi. west of 7th ?
st nw, sq 3034, lot *7$. Pleasant cl
Plains?Herman R. Howenstetn to >(
Eleanor M. McKim. $10.
Stanley st se, south of Bowen rd, y
sq 5366. lots 7S to SO. Bradbury P
Heights?R F. Bradbury, Inc. to
Chas. O. Berge, 110. ^
1S4S 12th st nw. sq SOS, lot 5#?
Emeline M Davison, exrz, to Mattie j
Young. II. '
Brentwood rd ne. e of Central av,
sq 431S. lot 15?Uriel C- Hays et y
ux. Elsie H.. to James F. Sebold et c
ux. Mary A., $14.
503 M st sw. sq 501, lot 29?Henry
J. Bleber et ux. Lisseta R.. to Harry J
F. Bieber. $10.
Near 38th and Jenifer st nw, sq si
1874, lot 1?Luther A. Swartxell to r
Chevy Chase Land Co, $48.93. 9
Md av ne bet 11th and 12th, sit r
984, lot 24?-Elizabeth Goebel to
Agnes G. Rabbitt. $10. n
u
Carroll st se. bet 1st and 2d sts, c
sq 732, part orig lot 40?Rena E.
Freida to James T. Connell et ux, s*
Vera L., $10. B
N st nw bet 30th and 31st sts; sq _
1233, part lot 60?Aileen M. Callag- $
han to James R. M. Ash, $10.
1503 Vermont ave nw; sq 271, lot ?
29?Aileen M. Callaghan to James R/ r
M. Ash, $10.
F st. Virginia ave and 23d at nw; c
sq 58. lots 9 and 10, Llewellyn Apt..
James R. M. Ash et ux, Fannie B.. t
to Aileen M. Callaghan, $10.
1408 21st st nw; sq 68, lot ^8?H. A
James Benson et &1. to Aileen M.
Callaghan, $10. 1<
M st se bet 33d pi and Branch G
ave; sq 5498, lot 35?Jennie W.
Barker to Mathias B. Fink, $10. K
630 I st ne; sq 857, part lot 21? P
Jno. F. Colllne et al, to Louis Bottomley
et ux. Kate E., $10. p
700 Randolph st nw; sq.3131, lot u
20?August J. Wiegman et ux. Car- $
oline. to Edward J. Hillyard. flo.
1338 Girard st nw; sy I860, lot 51 ?
?Otis J. Ware to Onrille H. Ayior, B
$10.
North of New York ave east of P
First st nw: sq 618, lot 74?John J1
Jessop et ux. Mary E.. to Joseph D.
Sullivan. $10 ><
Joseph D. Sullivan conveys same
property to John Jessop et ux, ^
Mary X.. as joint tenants. $10.
Foots st ne between 42nd and p
44th sts: sq 5091?lot 3$ and 24. Man- ?
ntng Heights, Wm P. Irvln et ux.
Blanche H. to Henry Thomas. $10.
Jenifer st between 38th .st ana
Conn ave; sq 117$. part lots 10, 21.
23 and 13?John P Ned et ux. Kattie ['
B. to John F. B Smith. $1*. "
$17 Keefer place nw; sq 3041, lot '
7?Geo. H. Em ma ns et ux, Gladys _
& to Clarence 8. Creel et ux Anna. ?
111. !
Ne corner of 5th and Butternut ,
sts nw; sq 1171. lot 115: Daniel J. s
Mattlngly et ux. Elizabeth C to |{
Doran 8. Piatt, 111. f,
7*7 Harvard at nw; sq $$$$. lot I,
5S?otto B. Hopkins et ux. Gladys ti
to Nellie E, Kelly. $11. a
S22 L st ne; sq 155. lot 217? Si
AN PULP1
2?
UCET REQUIRES
Depresses Industry
it for Grape Surplus.
IERALD ECONOMIST.)'
Duthern California regions. la lnicated
by the record of oarlot ship- I
lents reported by the railroads to
)e Bureau of Markets, which is a*
)llowi:
ill'MENTS Or gAftTSRN COMMBBCIAL
GUI PBS.
Hlate 1918 1917 1*18- 1919
tlawsrs 34 89 30 2T 1
w? 148 M 08 1M
lima* . . 30 38 14 S3
irblfsn 1.843 3,697 1.837 3,795
Lsaourl * 37 33 26 43 1
?bra?ks 113 8 2 12 1
Mr York .... 4.4*0 4.140 2.005 4.215
ito t? 215 54 108
'nnsjlvMQi* . . 1,012 827 387 1,018
SHhlAfton ... -V? 88 59 81
tlwr 8f.ii>* ... 88 20 IT 23
7otsl 1 8.031 9.140?4.338 9.4T2
This record of shipments includes (
ut a small part of the crapes used \
ar juice, however, since the fac- |
ories are usually located within t
agon-hauling: distance of the vin- \
ards. The cost of the grapes to ^
He Juicemaker Is lower under these |
onditions due to saving jn hand- 1
nr In years of a short crop shiplents
may be, ma<Je from distant ,
olnts to supplement a deficient lo- \
a! supply. ,
The grape crop in 1919 in the
nice producing sections was estt- I
nated to be 90,000 tons, of which (
bout 45 per cent was used by the <
rape juice factories. The 1920 '
rop was about 100,000 tons and of 1
his only 14 per cent was used for. <
rape juice for the much reduced
utput. 1
Grape juice Is taxed 10 per cent J
n the manufacturer's selling price 1
rhich adds, on the basis of cost of J
roduction figures of 1920. $32 per
on on the grapes used. When sold 4
t soda fountains diluted with car- '
onated water the beverage is again J
axed 10 per cent. When it here ]
omes Into competition with other
rinks produced at much less cost '
he consumption decreases.
The price of the grapes has been {
etermined by the demand for table '
se, for home wine making ?and for
ulce making. The crop Varies con- ]
iderably as general frosts, such as ,
ras experienced In the Kast this ]
pring,. severely cuts production. f
.ast season there was an active de- ,
/land for grapes for home wine ,
laking by foreign born Americans
rhlch made the cost of the juice |
bnormally high. This demand may ,
ontinue for a few seasons but ls>.
ot expected to be permanent. A \
The high cost of the W19 and ,
92o output of juice, combined with f
he tax, retarded sales to such an (
xtent that on April 1, 1521, the y
lanufacturers reported a stock of
,146,737 gallons on hand unsold and <
ties mince September at only 319.- ,
J3 gallons, or about 10 per cent of <
ormal. The grape juice manufac- (
urers are pleading for a reduction |
f the tax on grape Juice on the |
asis that It is depressing the mar- i
et for grapes which must be sold ?
ither in the form of table grapes
r unfermented juice, aside from the ,
ecreaaing outlet for homemade
'lnes.
The grape Industry looks to the
ommercial manufacture of unferlented
juice, jellies, jams and conprves
as the outlet to absorb that
ortion of the crop formerly used
?r win#, believing that the demand ,
or homemade wine will not connue
to be large.
transfers. i
? .B"n<l tx " Annie ^
lichael Cavaliero. $10.
Park road west of Warder pi.ee ,
W; ** S#4J- '"t 17?Geo. Schreyer
t M. Elizabeth c. to Jno w. Colion.
|lo.
Jttte b'VT T: ,ot **^
fc. Lamph to Joaeph w
^"n et ux, Fannie W.. $10.
1*'7 Hth at n?; sq 242* lot 1
' -wVuXr.a SuevU
"I" 'tH " nW' ^ "0. lot
and pt oriK lot 9?William H
,OI4r,a.r7d " 1V!' i,th ">* 2?th ,ta.
X At. W 5 John W. Gaver et
*. Alice M.. et al to Vertia M. Ruey,
J*2015 Twn.y,"?n *' e of ?t nw.
LI and P' ?-Plnehur.t
Yoi* . CT ? aouldma". ? .
1018 ?th at nw. sq 370, pt orlg lot
Q- Wilson efui, Maria"e
E- to Wm. H. Heron. $10
' of J??rid? ave e of Trinidad ave
X. Ma! M IOt 7!r"Jno M- Trant et
X. Mary M.. to Domenico Del Veehio
et ux., Gaetana $10.
S of Princeton at. w of 7th at nw
H-Phi,tr
N of Kenyon gt, e of Georgia ave
w. aq 304> lot ?0-Charle, F. Bus her
et ux. Mary C. to Giuaeppe MaIno
and Giuaepps 8. Marino. $10
indolence." part tract, taxed parels
84-51 and 84-49?Laura S. NelyiT
Charlea F.. to Hugh A.
nrirt and Jacob S. Gmver, $10
217 F at ne. gq 754. lot 88?Ada
.. Deane to Ethel M. Rutty. |10.
44? New Jersey ave *?, aq ?'?4.
>t B?Elizabeth C. Springman to
reorge H. Holmes. $10.
706 2*0th st nw. sq 102, |0. 23
lllsabeth M Willard to Roae B
arks, $10.
Rose B. Parka conveys same
roperty to Albert W. Willard et
10 ?"**b,th *- * J?lBt tenants.
1328 Morae at ne. aq 4M?, l0t 11
-Stephen A. Clementa. Jr.. to Roae
l Parka. $10.
Roae B. Parka conveya aame
roperty to Stephen A. Clements
et ux. Beatrice C., $10.
North ot" Van Buren at. eatt of
t ?t nw. aq 3366. lota 41 and 43?
ohn F. Rargha;iaen et ux. Blanche
.. to Roae B. Parka, $10.
Rose B. Parka conveys aame
roperty to John F. Barghauaen et
x. Blanche L., $19.
METAL MARKET.
NEW YORK. July 15.?The aoot
i the London market today waa 15s
,w?r at {1(5, while futurea at ?1?7
I* showed a drop of 10a. Strap*
wllne :5a were quoted at ?1?2.
?lca. spot. 150 tona, and futures,
W tona. Standard Coppar, spot. ?70
7a Cd. a drop of 15a. and futures.
71 2a (d. showing a lose ot 13a fd.
alee. 25 tona, spot, and 125 tona.
Jturea. Electrolytic, spot. ?75. and
iture. ?7*. both ?1 10c lower. Spot
?.-d we* nnoted ?23 7s 6<l. nnd fulrM
tj? both representing an
dvant9 Of. 2s 6d. Spelter, epol, ?2<
I. and fixture*. f?7 ksi.fc im lower.
f? r i ii
WOOD A1
15PERCENTDHTY
ON HIDES IS ADDED
TO BILL BY HOUSE
Committee of the Whole
Votes It in by 152
To 97. '
WOMAN AGAINST IT
Miss Alice Robertson Says
Farmer Will Lose by
Provision.
Agricultural Interests .favoring a
luty on hldfK won a vt< lory In the
foliar yesterday when an am?ndoent
* ? ">?<? to tho "orrtnry
arlff bill In committee of thr whole
mpoalng a duty of 15 per rent ad
ralorem. Hldra were on the free
lat In the bill as reported from
he Waya and Meana Committee.
The vote In committee of the
vhole waa 15: to S7 Another vot?
yIII be taken In the House proper
nrlth a roll call next week.
l.eath*r and ahoea alao are on the
r?e llat in the bill aa pending. but
ifter the victory for the hl<ie tariff
Chairman Fordney indicated that
intendments would be presented
ater providing compensatory duties
jn (Vather and ahoea.
Action An the' amendment waa
(receded by a five-hour debate.
Republican members of the Waya
md Meana Committee dividing
ibout equally on the pronosltlon.
There waa a similar diviaion of,
jpinlon among other prominent Republicans.
Chairman I'ordney spoke
Tor a duty on hides and Republican
Floor t-eader Mondell did likewise.
Thoae voting agaln?t a duty on
lildes Included former leader Mann
and Representative Burton. of
Ohio. former United States tSenator.
Mlaa Uohertaoil Speaks Agalnat.
Mias Alice Robertaon. of Oklahoma.
made a apeech against a duty
m hides, although her colleague
rrom the same State. Representative
Chandler, also a Republican, j
offered the amendment placing hides j
on the dutiable list
"I am against a duty on hides
because 1 love the farmers chilJren
better than I do the packers."
he said. "The duty would Increase
the price of shoes for farmers
:hll(Iren and other leather goods ao
that the farmer would be the loser
is the result, but the packer and
the ahoe manufacturer would gain."
The (House considered only the
jne amendment yesterday and when
action was taken adjourned for the
lay- Today the amendment eliminating
the dye embargo provision
rrom the bill will be taken up. It
is expected that consideration of
the amendment will take up the
sntlre day.
U. S. STEEL HAS
FEW NEW ORDERS
Unfilled Tonnage Amounts to
Fifteen Months' Production
at Present Rate.
(Special CoilMJ TJe Waskisct?a
Herald tad Tho How York ETeniaf Tmt.)
riTTSBURGH. July 15.?The common
analysis would be that the June
decrease in unfilled obligations of
the United States Steel Corporation.
264.619 ton*, was almost exactly the
tame as the May decrease, slightly
leas than the April decrease, and
only 66 per cent as great as the
March decrease. Thus there would
appear to be a wide variation during
the four months.
Viewed on another basis, however,
the decreases of the four months
hang closely together. In each
month the decreases fell short of the
estimated shipments in the month by j
almost the same amount, and that
amount was a small one, say 75.000
to 125,000 tons, or 5 or 10 per cent
of full capacity for a month. The
monthly decreases tapered off from
March to June, b\|t so did the shipments.
It hat been well known that the
steel corporation was booking very
little strictly new business, and the
figures confirm what has been said
that the corporation has lately had
little of capcellatlons. Little construction
work, such as would psoduce.new
orders, has come out. while
as to the corporation's regular customers.
Including Jobbers and manufacturing
consumers, they already
had their contracts and what was
needed were specifications against
the contracts. The unfilled tonnage
reported Involves contract tonnage.
For producing and shipping steel
specifications are necessary, and of
late specifications have been filled
very promptly, often within two or
three days.
Steel Corporation unfilled tonnage
at the end of June, 6,117.S68 tons,
would be qulvalent to fifteen months
of production at 25 per cent, approximately
the corporation's rate in
the past week or two. Last January
the corporation operated at
about 90 per cent and had 7,537,164
tons unfilled. At a 90 per cent rate
it would require only a trifi3 more
than six months to produce an
equivalent tonnage.
Cotton Speculation
Is Not Enthusiastic
\
Above the 18-cent level for October,
. cotton met with considerable
Southern hedge selling, which subsided
as soon as that option got below
11 cents, reports A. A. Hou?man
ft Co. Speculation Is not enthusiastic
on the other side at this level and
traders are disposed to look for ths
ttme being.
Sales in Liverpool continue heavy,
being 10.000 balea today agalnH 20,900
bales yesterday, a total of 41,000
bales for the week.
NEW YORK PRODUCE, i
NEW YORK, July A ? Buttar markets
strongly advanced. Creamsry
extras. 41a44^c; creamery firsts, Its
lie: creamery, higher scoring, 41*
44Hc; State dairy, tuba. 34a4lc;
ladles, fresh flrsts, JO^aaiVio.
K-gs?Ma. ket irregular; nearby
white fancy, SlaSt: nearby brown
fancy, 41a41c; extra, JlaJ?c; firsts.
IU34c.
*E A?BRIT
i" "
Tax Receipt? Gain
$2jD00fl00 a Day
m
Tax collections of the Federal
government showed an Increase
>f 12,000.000 a day for the first
half of July aa compared wltn
the name month last year, an official
Treasury statement showel
yesterday. This Indicate* the
nation now Is making reaUpwiress
in working out of thl economic
depression.
For the first half of the month
the total ordinary receipts of the
government were nearly |Wa"
000,000 as compared with only
$<9,000,000 for the same month
of INI. In July. lift. the ecolornlc
depression was at lti peak
as far ss the big nationwide
buver*' Ftrike was concerned.
Solnclding with the eommeroptlmism
Indicated In the
alsing tax returns are reports to
several government departments
and the Federal Reserve Bosnl
of the r^openlpjr of score* of fac
Murine thr winte-. a
reduction in unemployment and a
. j;. .. fti ) l:o 'n th?great
Cvestrrn wheat belt.
SELLING BEARS ON
COTTON MARKET
Majority Comes from Bear
Element, Resisting Advancing
Tendency.
NEW VOIIK. July If.?There was,
a good deal of local selling pressure |
against the cotton market from the i
opening this morning. Most of it.
however, leemed to come from the j
bear element which has been resisting
the advancing tendency the market
should be showing the paet week
on the much Improved European
cotton trade situation and outlook i
and also the hardening tendency to
the cloth and yarn markets here. In
this selling movement prices went
off only to 8 points, however, as it
was met by renewed trade buying
and some further important purchases
by some of the large Wall
Street houses and spot interests. j
October sold down to 12.78. December
13.22 and January 13.23 |
After this there was a gradual rgllv :
ranging from 22 to 23 points in |
prices from those quotations before j
2 o'clock. This rally was due to the |
buying above noted. continuing ;
through the noon hour under the
stimulus ot some bad crop reports
from Texas and the central part of
the belt where It Is plain there has
been too much rain lately. Similar
complaints have been coming In the
last few days from some parts of
Georgia and Southern Alabama.
Meanwhile the good demand of
earlier In the week for spot cotton
on the Liverpool market from British
trade and continental interests
on the improving state of the general
cotton goods business continues.
The spot sales at Liverpool were
10*000 bales today against 20,000
yesterday, 10.000 Wednesday and
also 10,000 bn Tuesday against 12,030
on Monday, making 62.000 bales the
total for the past five business days.
This is the largest turnover of
actual cotton on the Liverpool market
the past year. Private cables
denote some of the largest cotton
mills In the Lancashire district,
which has been running on a 30 to
36 per cent basis the past three
months, are now preparing to work
full time.
Today's advices from Fall River
reported sales of print cloth for the
week up to 70,000 pieces mostly for
delivery the letter part of August
and September, with prices for
spme styles up % cent per yard from
last week's quotations. Total stocks
of cotton of all kinds at Liverpool
are now 1.130.000.000 bales against
1.117.000.000 last week, 1.000.000.000
a year ago and 617,000 in 1919. This
Includes but 722.000 bales of Ameri-i
can cotton against 711.000 last week, |
686,000 last year and 432,000 two
years ago. The Liverpool market
for futures closed steady . today
with prices unchanged to 10 points
net advance on the day against 9 to
12 points decline due to have met
our closing prices on yesterday's
setback of 30 to 31 points. Spots
there were off only 5 points from
their recent good advance with
middling in that market now quoted
at 8.19d per pound.
Open, nifii. Low. Clo*.
July 12.83 11.13 12.13 12 ?
Octobe- 12 90 *8.91 12.78 12. W
December 11.90 11.41 18.22 11.82
January ....... 13.30 18.45 11.24 13.35
March 18.M 18.70 18.47 18.SI
(Faraiakad by W. B Hibb. * Oe.'.
Hew York Cotton Eiokasge.)
PLANSBELTO
REFUND LOANS
Liberty and Victory Bonds
Affected by Measure Introduced
by Rep. Luce.
Refunding of Liberty Loans and
Victory Notes and funding of botn
the floating debt of tne Unite'
States and the debts due this country
from the allies through a
bond system is provided for In a bill
Introduced In the House yesterday
by R, presentative Luce, of Massachu
setts. ... .
The blU was drafted by Alfred
D. Chandler, a Boston attorney, whv
was chiefly responsible for the Substitution
In Massachusetts of t?f
serial bond system for the slnktn?
fund system, Mr. Luce said.
The bill provides that the Secretary
of the Treasury, in exchange
for the outstanding Liberty Bonds,
Victory Notes, and evidence of floating
Indebtedness, is to issue new
bonds In serial form. They would
have a final term or terms of no?
less than twenty nor more thar
fifty years, with Interest between
I and I per cent, as the Judgement
of the Secretary of the Treasury
shall prescribe. The questions of
catling, redeeming or converting the
bonds also Is left to his discretion.
The bonds thus Issued would be
exempt from National and State
taxation, except for estate or inheritance
taxes.
With the approval of the Pre*?dent.
ths Secretary of the Treaaury
I* Instructed to arrange aa soon aa
possible tor funding the loans now
payable by foreign nations, together
with the Interest due, using tn.
srlnl system.
The bill does not grant persulsIon,
howerer. 10 accept other forIgn
bonds than thoae of the debtor
-tatlons In payoi'M *f the foreign
<>a?*.
A1N RgVIS
RAILWAY ORDC
HELP S'
Carriers Can Only Bi
Government; Orde
Lower
(Spaeial Carsaapaadaaoa ?f The Waafciagtaa
HeraM a ad the Vew Trrtr Evwiai Pa^t.)
PITTSBURGH, July l&.?Whik
there are dis.inct poaslbilltlea of
railroad buying in tha near futurv
involving steel mill products. stee!
producers evince a decided unwillingness
to predict thst such buslnesa
will develop. They assert that
the more one endeavors to intestir*te
the railroad situation the more
disinclination he develops to form
any definfte conclusion. N
One point, however, la emphasised
that in present conditions it Is
wholly a question with th? railroada
of actual money. Trends in railroad
earnings may te favorable, aai
prospects may be good for Increased
traffic, but actual money Is necessary.
snd the best chance In thst respect
la along the line of payment
by the United 8tatee government.
In numerous cases deliveries of rails
have been help up by steel mills, on
contracts made for this year, because
the railroads could not pay
and unless liberal payments sre re,
celved from the Government It Is Improbable
that all rail contracts made
will be completed this year. With
| such a situation it is considered
| fruitleaa to speculate about car and
| locomotive orders.
Kffeet ( LeWtr Price*.
After every "reduction" in steet
prices the question arises hew much
business it produced. A difficulty
with last week's announced reductions
in steel prices is thst ss to
moat of the commodities the reductions
were formal or nominal rather
than resl. being simply an open recognition
of cut prices previously
made by many sellers. The case of
plates is particularly notable. Any
one with a fair-slsed order could
have placed it at any time aince the
middle of June at 1.30c, while the
"reduction" announced last week
was from 2.20c to 2.00c.
The Steel Corporation, however.
TIMELY WALL S
NEW YORK, July 15.?The ]
amount of trading which originated!]
outside the stock exchange today
was barely perceptible, but -?it was
so concentrated as to cause sharp
reactions in numerous industrials
and thereby opened the way for a
general selling movement In the
afternoon. Rear pressure was concentrated
with some success on
such stocks ss General Electric.
Crucible. Bethlehem Steel. American
Woolen. Steel Common. Baldwin,
snd American International. On a!
rumor that there had been some
hitch in the negotiations between
railway executive! and government !
officials looking toward an secernent
on a funding plan, the rail- '
road stocks, notably Chesapeake
and Ohio, Northern Pacific. Read- j
ing. Rock Island and Baltimore and
Ohio, reacted aharply in the afternoon.
The damage via done beI
fore the rumor could be denied.
Before today the shorts who were |
selling General Electric atock used
I only the argument that the con-1
I tinuance of stock dividends at the j
rate of 4 per cent annually was
doubtful and that the stock simply'
| on an 8 per cent cash basis was not
entitled to its high market position.
Wlille today's selling was go-i
I ing on, however, one could hear in
! almost every brokerage house expressions
of doubt about the nature
of the business which the company
is said to be booking st a rate
somewhat In excess of 50 per cent
of capacity. Whether these book - j
ings represent real orders without j
any strings attached to them or |
simply inquiries to await specifics- j
tion?that was the question raised.
And the discussion of this subject
was not confined to those houses
whose customers are known to have
taken an active bearish position on
the stock. Genersl Electric stocks
sold down steadily, going below
120 around midday. This price
compared with a previous low of
120% and with a high of 138% on
March 18. It sold ss high as 172
last year and 176 in 1913.
In the case of Weatinghouse there
wat no stock dividend to be considered.
but this company and General
Wectric are engaged in practically
the same line of business
; and is therefore under the same
trade influences. Westinghouse declined
a point establishing a new
low for the year. A price of 4IV4
on this stock (par value $50) is
equivalent to 82. or 37 points less
than General Electric. Both receive
a cash dividend of 8 per cent.
There were reports of a rste under
6 per cent today for time loans
based on liberty bond collateral,
but It could *ot be ascertained
whether any loans had actually
been made on such terms. Borrowers
were bidding 6 and 6% per
cent for ordinary time loans backed
by fnlxed collateral and H per cent;
fw.B. HIBBS
'
AMD
COMPANY
New York Stock Exchange
Boston Stock Exchange
Philadelphia Stock Exchaage
Washington Stock Exchanj*
New York Cotton Exchange
Chicago Board of Trade
New York Curb Market A* ociation
Hibbs Building
Washington. D. C.
______________
ES CREDn
RS MAY
TEEL INDUSTRY
uy With Cash From
rs Decline Despite
Price#.
present* ? (?ie of its own, linct IU
business lately has be< n chiefly Ir
the form of iptclSi^tloiii tfalni
jOBtmctK, kikJ it haa been the cor
porat ton's common practice to fur
nlsh Its customers material on con
tract at prices then openly rutins
by the corporation. In some quar*
ters. however. It la assorted that th?
usual practice has not been rigldl>
observed, and that a? a matter o
act some Eteel Corporation custom
ers have leceived steel ai comptltive
prlcea rather than at the open
pricea.
iMlaeu Htm otifk.
On the whole. It Is plain that
the shipping orders of the steel mill* j
in general are not materially heav- j
er than a week or a fortnight ago )
The steet Industry has been opersting
at* *n average of not over about
20 per cent of capacity in the past
jortnlght. and it does not look as It
the rate ia ft> increase at present
For the greater part, laat week'*
'reductions" in steel prices were
imply formal recognition of prices
prevlousl> quoted by tome sellers,
but then regarded a? "cut** prlcea
Whether or not the Kteel Corporstlon
has recently been deviatiue
from Its open prices on the principal j
^tee| commodities, there is no question
that the corporation will deviate
in future !f the management
considers it desirable to do so. *n
other words, independent competition,
when sufficiently important,
will be met from time to time. In
trade vernacular, the Steel Corporation
mill not "hold the bag" or furnish
Independents with a msrk to
shoot at. As the corporation's incoming
bu*ineaa Is largely In the
form of specifications *gain*t regular
contracts it has with customers,
the corporation naturally would ??et
care to have cuatomers attracted
away from it. nor to see Its custom
re put to a disadvantage as compared
with their competitor*. Wjying
from Independents at. ou{ prices.
TREET TOPICS
higher on industrial collstersl
loans
The statement was made in a
well informed quarter this morning
that the Hethlehem Steel dividends 1
lue October 1. will be paid. This
in s long distance to look ahead
but the subfect naturally ?omes ur
for discussion along with mental :
peculation on the compan>'s earn-'
Ings for the quarter. From the !
source referred to the statement'
comes that Bethlehem earned a full
year's dividends during the first sixmonths
of 1921. The Street is ir-!
clined to believe that this Ic so and
does not hesitate to sacribs the
rompany's position to its shrpbuild- j
ing activities. Commercial ship- !
building is not a flourishing btisi-,
ness at the present time by any
means, but the liethlehem yards are ,
working on naval conatruction and
is said to have a schedule of operations
which will run well on to
the clone of the year. Despite this
forecast of earnings, the stock was
under heavy selling pressure. It
opened with a net loss o( at 40
declined to 4S1*. reentered to 4Cfe :
?nd then dropped beck close to the j
farlv low price. All this hsppened:
within the apace of three hours.
Early yesterday when Mexican
Petroleum was selling around 165
R report came from the floor that
the price would be raised 5 points
before the close. That advance did
not materialize. Again, before the
market opened today almont every
second person In the Street was ,
sure that the stock would react j
sharply on the overnight report
from Mexico City to the effect that j
the government had not withdrawn
its order for an export tax of 15 ]
cents a barrel on crude oil. The
average sale^ was well above the
Thursday closing and for a long
time it remained in a trading position
above 105. Mexican Pe- !
troleum's action Is one of the un- j
certainties of the marke*.
rHARI.KH ?
Chairman of
A
MTLTOX E.
WI I.I.I AM J.
FLATHKVt [M MP I
Vice President
jo* mi ^HHHi
EVA**. Jr.
Vlee President I SH
ROBERT V. |H V I
KLBNIRG Q I Hi?i
Vice President- T I dHB
Caahler 1 I
He Who
?in five or ten or twenl
financial worry, saves h
and prepares for oppoi
condition.
Systematic saving his anol
merit?it enables one to n
cone many emergencies wh
embarrassing.
Open a Savlnga Account
and anticipate opportunities
dltloa.
SbeHiMsl
OF WASHI*
On Aennsyfc/eroo /Venue 1
' SYSTEM
BRITAIN REVISES
SCHEME OF EXPORT
CREDITS SYSTEM
To Entertain Proposals to
Guarantee Drafts Made
Againfct Shipments.
DIFFERS FROM OLD
Amount no Longer Based on
Actual Coat of Goods?New )
Conditions Offered.
?
This differs from the prcvioiM application
of the scheme In that tb?
amount is no longer based on th?
actual cost of the good*- >n4 ti??
government only guaran'ees up to
a maximum of 8* per eent of the
bill, whereas previous advance*
were up to the full IN per cent
cost of the roods. If the importer
puts up security to cover the whote
a mount guaranteed. the govern menu
in case of default, will have
no recourse against the exporter
But the government Is prepared to
operate the scheme In cases where
the importer puts up less than full
security, or even In cases where
the importer puts up no security st
all. In auch cases. If there ia a
loss the government will retain recourae
against the exporter
for half the loss after the
deduction of the amount, ff any.
paid by the importer and of the
amount realised by the security \
(should some security have been
given). V g
The new scheme offers conditions
on which the government la' prepared
to maae arrangements with
private banks. Ranking houses and
credit associations for participation
In losses incurred by them In transactions
carried through for exporters.
For in agreed premium the
rovernment will take risks up to
TO per cent of such losses. It Is
contended that the amended scheme*
provides greater elasticity In respect
to flnancinr exports and In
acceptance of security than the old
plan.
Parliament originally granted
for the operation of t^e
export credita scheme. Under the
eld plan advances amounted to
? 51.443. and applications amounting
to C2.Cll.Cf7 were sanctioned.
Th^ new scheme is expected to effect
a large expansion of these speeisl
exports
The British Board of Trade has
announced the operation of a revised
scheme of export credits under
which the British government .
Instead of makfne sdvances to ex- I
porters guarantees bills In respect
to approved exports. The scheme
has been enlarged to Include coun- V
tries within the British Empire a*
well as the countries of Eastern
Europe covered in the orrgfnal plan
Details of the new scheme which
have Just been received by the
Bankers Trust Company of New
York, from Its English Information
Service, are In brief as follows:
t'ertaia (aiRtriet Cited.
The government will entertain
propoaals to guarantee drafts drawn
against shipments of goods to the
countries named in the original
plan, namely. Finland. Latvia. Esthonia.
Lithuania. Poland. Chechoslovakia,
S*rb-Oroat-Slovene State-.
Rumania. Georgia. Arsenia. Bulgaria.
Austria, snd Hungary: also
all parts of the British Empire excepting.
for the present. India. Ceylon
and Far East possessions. The
guarantee will be given to an extent
not exceeding &S per cent of.
the total amount of the bill drawn
against the shipment The Export
Credits Department will decide the
porportion in each case, taking into
consideration market value. not v
profit and security. "
_???i
. GLOVKR.
the Board.
BrKtRLES C.
GLOVKR. Jr.
Vice Pre?tde?t
AVOW M.
WE VI l'g
AMlstast
Oaafclev
GEORGE O.
VAN
Aaaftstaat
C?hler
EAKLE M.
AVICK
AalHsv
Expects
ty years to be free from '
ii? money systematically (
tunities to improve his
:her and equally important
neet and successfully overich,
otherwise, might prove
with the niGOa NATIONAL
to better your Snaaclal cobe
itional lank
JGTON DC.
?c<ng JwlLS. Treasuo' 1
~ . .. rU .?? . I - . ? , "
