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MOTOR TF MOTOR TRUCKS CUT RAILROAD INCOME OUR NEW ENGLAND Boston & Maine R. R. Estimates Million-Dollar Loss in One City. URGE ROAD TAXES Cttm Trucks Not Properly Taxed for Highway Upkeep. BOSTON, Aug. 1.?Railroad Officials are unable to estimate how mock business New England nilroada are losing per annum to the motor trucks, but they know that It ritts Into millions. They are determined to win some of It back. Diversion of short-haul traffic to tracks, within a radius of fifty miles of Boston, has been particularly marked since the last Increase of M par cent In freight rates. It has been estimated that for the city of Lynn alone, a big shoe center, the Boston and Maine has lost $1,000,000 of business per annum, through diversion to motor frwka. WUh this Idea. Boston and Maine made the reduction averaging a little-over 40 per cent in local express rates to and from points within a radius of flfty miles of Boston. This mov*. however. Is only a partial solution of the motor competition' problem, and It la probable that oth?r and more comprehensive steps may be Initiate?. It. is worth noting that the move recently Initiated by the New Havea Railroad, and promptly followed y the Boston and Albany and Boston sad Maine, In cutting rreignt rata* on sand, gravel and trap rock by 40 per cent, was not only with U?e Idea of stimulating construction af roads and buildings, but waa also aimed at motor truck competition In this class of traffic. Some big industrial concerns are permanently maintaining fleets of tracks to take care of local transportation requirements. American Woolen Company, for example, does moat of ita transportation betsreen Boston and Lawrence by motor 'ruck. Similarly there are concerna la the Connecticut Valley which operate their trucks regularly to New York. Railroad officials recognise that the truck has come to stay and will oe*tmue to be an Important competllsr of the railroads for shorthaul bnalnesa. But it Is also pointed ant that the rues charged by motor truck operating concerna are not yet on a proper basis, and that trucks are not properly taxed for the upkeep of highways. The rail-. roods are suWect to strict regulattons. and are heavily taxed, and muat maintain their own roadways: the trucks suffer but little regulation-aad are subject to little taxa"tp * CURB QUIET WITH IRREGULAR CHANGE ntading Position of Most m _ . n; Stocks Remains the Same. YORK. Aug. 1.?There was j injtyiart trading today in the stock of Hill F. Holbrook Company, Inc., p^jjminent in the automobile body manufacturing industry, sales being m*?e during the forenoon at 11% and 11%. The market on the New Y^fk curb was generally quiet. lrraffular changes of small extent boltag noted in a few issues, while tt# mass of stocks was practically uiMhangad In Its trading position. British American Tobacco, which h?t~l>een well maintained at and above IX for some time, was in increased supply, selling at 12 to 11%. OIm Alden Coal was quiet with a ??Ar sales of 34% and 24%. and a moderate amount of New Jersey ZlBc sold at 11*. Sweets Company tAmerica showed a firmer tons, esentatlves of controlling In?ts being active In that in which e was a fair amount of business ats 2%- United Retail Candy waa ?>*vy during the forenoon, selling C6%. Tobacco exports was also h<mvy. with sales at 5% and 5. petroleum issues were generally ?t?ady and without special feature. fow small sales of Cltlea Service beAig made at lis and 120, and the taffikers' shares sold at 12% and 14. Standard Oil, of Indiana, was the n?*t active feature, ranging from 7?k to tt%. Carlb Syndicate sold tJ4% to 4% and other tropical stacks were steady. International Ptfrolsum sellln at 10% to 10%. and Mfacalbo at 11% and 21%. simms waa unchanged at %% aq* Skelly oil sold at Z%. . ft* mining crop continued aothp. and Boston and Montana being Mfein the special feature and makJM ? further advance. Florence G<4dfield waa In Increased demand an* also made a substantial gain. \ CftOP PROSPECTS HOPEFUL FEATURE _ ywlilw conditions throughout th^ country continue to reflect a stAa of depression, it Is stated in th# monthly review of the Federal Reserve Board. Viuoul dullness in practically all# lines of trade has prevented gsjeral business conditions from shying a material alteration in Juw. the report sets forth. "Both . intolume of business, extent of unenmioyment, and depression of produftlon. the month sUll reflects a coalition of business reaction In baffie lines of Industry." 4 noticeable Improvement is rePoffidd. however, in the demand for * 3** structural steel, doe to 1* buil41n* operations. demand; as reflected in re?ii trade, 1* reported to be as go t or better than at this time las year. ,J continuing prospect of exceltm food crop r*turns is said to bo t* most hopeful feature of the oa 00k. ' 51* has been little or no Ml wo la the cotton situation, !? lndlcmtln?r obout twoof^st year's production. IUCKS CU1 ? ? RUBBER PRODl)c STILL EXCEED Reduced Output of Tir tinued Low Price ( t Tk? WuUxtM Rubber has the distinction of having been one of the extrsmaly few tneuui product* which has decreased in price steadily during the war and has not been favored even by a temporary revival. With erode rubber prices nbw around IS cents a pound the market is in a deplorable condition, since at these levels the price is only about one half 6f the cost of production. Widespread curtailment of operations appears not to have remedied the situation and thqre is little in sight that indicates that a considerably revival may appear for sometime. The statistics of rubber production show to a marked extent the cause of the present situation, which is largely a matter of supply and demand. Enormous rubber production and extended planting began to show In 1917 and the supply rapidly overtook the demand. This was due to the peculiar nature of the rubber crop in that plantations once established and yielding, continued to do so year after year Indefinitely unless abandoned or'destroyed. Rubber production during a period of years Is indicated by the following table: WORLD'S PRODUCTION Or CRCDK RCBRgR. (Utmg Tow.) Hsatatlsn Braxi! Total 25 >? 83,000 as.l? jJ,? ? *? ?.**> 40.000 ,Vi? JHJJS E-9 i?.o?7 1*8.000 30.000 315 000 1W0 . .... 810,000 28.000 3SS.OOO it nas been the enormous growth in the plantation method of producing rubber in Asia, Ceylon and the East Indies which furnish about 85 GREAT NORTHERN EARNED 7.73 PCI Amount of Net Corporate Income Totals $19,304,079.42. The Great Northern Railway Company, in its thirty-second annual report for the fiscal year ended December 31. 1920, showed a net corporate income of lll.J04.0S7.42. which is equivalent to about 7.73 per cent on Its capital stock of 8249.478.250. Gross operating revenues, according to the statement of Ralph Budd, president, amounted to 8122.(16.775, an increase of about 15 per cent over the preceding year. Operating expenses increased over 30 per cent. The consolidated general balance sheet at the close of the year 1820 i shows rents receivable from U. S. R. R. Administration, <19,876.154. Louis W. Hill, chairman of the board of directors, in his statement declared that a settlement was made with the Director General on April 22, 1921, covering all claims of the company arising out of Federal control. The amount accepted by the company in this final settlement was I6.590.009 plus each additional amounts as might be found due from the Director General when the standard return representing annual rental due was finally certified by the Interstate Commerce Commission. The company accepted the provisions of the transportation act, 1920, guaranteeing to the carriers >a net railway operating income for the six months ended August 31. 1920, equal to one-half of the annual standard return under the Federal control act. The actual operation of the property during that six months' period resulted in a deficit, and the company has filed with' the Interstate Commerce Commission its claim for the amount due under this guarantee. FEWER FREIGHT j. CARS OUT OF USE Increased Demand from Central West to Move Grain. Freight cars temporarily out of service due to the business depression totaled 555.168 on July 23, according to reports Just received from the railroads of the United States by the car service division of the American Railway Association. This is a reduction of approximately 19,000 since July 15. Reports show that surplus cars on July 23 numbered 350,772, which was a reduction of 21.278 cars compared with the total on July 15. This reduction was due principally to the increased demand in the Central Western region for grain car* Surplus box cars totaled 119,442 cars. which was a decrease of 16,191 compared with the earlier date, while surplus coal cars were reduced 5.049 to a total Of 168.5(8. Surplus stock cars fell ofl 628 during that period, so that on July 23 they numbered 16.297. Reports from the Central Westera region show that the decrease in the number of surplus cars reported In that territory was not oflfet by any Increase In the number ?'jC*r? needing repairs, but that ? freight car situation in thai part of the country has taken a turn for the better. Due to the demand for grain cars, a Shortage of 1,7(8 freight cars was reported to the car service division, of which 2,500 represented box earn. J*" " '"crease 1,500 over July 15 sh?rtage reported on SAYS! A OS SHOULD APPEAL TO WOMEN CHICAGO, Aug. 1.?"One of the beat ways to help your business no* '? kf advertising to the worn. J."' Thi* was given the National Congress of Retail , ?? their convention Ok!!' of Temple. Okla. "The men are content to 1st things slide," Mr. Mooney said. "The wife reminds him he needs a new "55i Women <?o the buying ?o addiys, your advertisements to tnem. > * RAILROA TION ' S CONSUMPTION es U Reflected in Conof Crude Rubber. mli Mr cent of the rubber produced. that has brought about the P'**?"* surplus. About 7? per cent of thto acreage If owaed by Brltloh capital and located la Brltlah terrltorr j The result 1? that tk? "r,.tU^ bar market I* In a particularly bad condition. The English companies are facing a depreciation In the value of their stocks and are operating at a losa even though output haa been restricted to a large extent. There >? a feeling that such ah essential product can not long be produced at a loss since the demand must shortly absorb the surplus. At present prices synthetic rubber can not compete with the genuine article. Although the United States owns but few rubber plantations In the Philippines. It 1? hy far the J*r?r?st consumer of crude rubber. In isi? the United States used about 51 per cent of the world*? production, while In 1917 the amount had Increased to nearly 78 per cent. Great Britain stands second In the line consuming about 12 per cent In 1117. In the United States the largest amount of rubber went Into the manufacture of automobile tires and tubes, or approximately 70 per cent of crude rubber and 23 per cent of reclaimed rubber. The United States has always led In the manufacture of rubber goods and has also been the leader In recent years in the manufacture of automobile tires and tubes. The production of tires In the United States In 1914 wu a little over 8,000,000 tires, whlla In 1317 the output amounted to nearly 2S.000.000, and In 1520 32,400.000. This increase, however, has not kept pace with the Increase In rubber production and there has also been a decrease In the use of rubber In the industries due to the general Industrial depression and the growth in the use of reclaimed or "shoddy" rubber. Many Industries now use more reclaimed rubber than they do of the new crude product. The history of rubber prices during the war is one of almost continual decline and for the greater part of the period 1913-18 the price was below the level at the beginning of 1913. The Import regulations of the War Trade Board was a factor in keeping rubber prices down since It was one of the first commodities on which import licenses were required. It Is Interesting to note that while the prices of all rubber products increased from 1916 to 1918, the price of crude rubber was stlll^declinlng. It was not the cost of crude rubber that was the cause of the increase in the price of automobile tires, but rather the increases In cost of fabrics and labor. The decline of crude rubber prices since the beginning of the war Is indicated In the following table: CKUDB RUBBER PRICBS Plantation First Braaillan Uprlver Latex Crep? Fine Pare (Per Poand> (Per Poond) 1918 80.7* 90.87 191 4 95 .74 1915 .66 .62 1916 78 .74 191 7 72 .71 1916 61 .63 1916 49 .36 1920 (July 1ft) .33 .85 *1921 (July 1ft) .16 .15 A further indication of the decrease in consumption of automobiVe tires during the past year is in the value of tires exported, which declined from 848.500,000 in 1919 to 82,600.000 in 1920. WHEATPRiCESOFF IN WEAK MARKET Receipts Continue Large, But Crest of Wave Is Over. v CHICAGO, Aug. 1.?Weakness prevailed in the wl?eat market, with prices at the Inside showing 1 to H4 cents under Saturday's finish. Hedging sales and lack of export demand was a factor, as was the weakness in coarae grains. Receipts at the leading winter wheat markets continue Immense, Chicago. St Louis and Kansas City having 2,661 cars, but consignment notices In the Southwest have fallen off sharply, and many in the trade believe that the crest of the movement has been witnessed. Famine news from Russia has had little or no effect on the market, due to financial conditions and the weight of the big movement of cash grain which calla upon the market to absorb big hedging sales at a time when there is a lack of speculative Interest. Sentiment generally Is bullish as to the ultimate trend of values, although temporarily a majority of trader* look for lower prices. Crop reports from the spring wheat territory were mixed. A big Increase i? expected to be shown in the visible supply. Coarse grains showed a decidedly heavy undertone, with corn off over 1 cent and oau. around 1 cent, with cash houses on the selling side. RAelpts of both grains were more than ample for all requirements. No rains of consequence fell where most needed, although the forecast was for generally unsettled weather. The cash corn basis was about unchangMl. with contract grades 1 to H cent over the September. Receipts of oats were estimated at 900 cars at Chicago, with practically all of the new grain grading No. 3 and No. 4 there being a liberal number testing around 15 pounds ber bushel. Provision* were weaker and lower with grains and hogs. l<atter were steady to IS cents lower, with bulk of sales at ?1.M> to 111.00 to $11.50. Receipts. 46.000. with 21.000 for tomorrow. Western run, 06.100 against 106,000 a week ago, and 01.100 laat year. Exchange par. Money easy; call. 6H; time. $H to 7. Wheat?Open lll?h. Low CIM*. gJrT.TlS* 124% 1-HK .<*>* mh Dee ..... 00fc 00* .30% ?% .0*14 I*r 41% .41% .45\i .41* ? ? 12.10 12.12 12.02 12.10 Oct 12.15 12.13 12.16 12.12 Itlto? flrpt .... 10.TO 10.SO 10.10 10.S0 TsiVt W. H Hibta * 0*.. Beaten Otfpas Board .f Trade.) D INCOMES ? ?????? SENATORS ADOPT BROADER VIEWS ON FARMER RELIEF Substitute for Norris' Bill Offers Loans on Products. OPPOSE U. S. BUYING New Plan Will Greatly Extend Powers of War Finance Corporation. By MARK ?l'LUV\S. The question Just now being decided by the Senate is how far the government of the United States should go in extending direct financial relief to farmers who are embarrassed by their inability to find a market for their crops.' The distance that the Senate is now willing to go as expressed In the most moderate of the three measures now before them as compared with what they were willing to do six months ago shows how ftr we have gone in the direction of those experiments in government relief, which always comes to the front in a time of financial distress. ' Provides Oaveraaseat I??aa. The most moderate of the "measures before the Senate, and to be decided within a few days, provides that the government shall go the whole distance of buying goods direct from the farmer and selling them to European consumers ana to European governments. It is now clear' that this latter measure will not pass. But It is only being prevented from P*"inR by the_ fact that the administration threw the weight of its influence against It. When Congress came together last December the chief proposal for the relief of distress among the farmers was the revival of the war Finance Corporation. The functions of this corporation ^ as proposed at that time, were far short of what 's now under discussion. Limited to BiHrten. The functions of the War Finance Corporation, as revived last January, were practically limited to loaning government money to exporters. At the time, this function was substantially limited to transactions in which an order for tne goods had already been secured from abroad, and the Intention was merely to provide banking facilities for transactions already arranged. Even in this simple form the revival of the War Finance Corporation was opposed at that time by the Secretary of the Treasury and by President Wilson. But the bill j was passed over the President s , ! veto, and the corporation haa been | doing business for some six months, i during which It has loaned something over $100,000,000. to j facilitate the exrort of cotton. That i the operations of the War Finance ] Corporation have Been skilfully con- j dacted. and have done much to help the distress among the farmers and bankers of the cotton States, is one of the most obvious facts in Washington today. More Dlreet Relief Asked. But as the difficulties of the farmers continued there arose demand for a more direct and radical form of government relief. This I expressed itself in the shape of the I bill Introduced by Senator Norrls. j of Nebraska, chairman of the Committee on Agriculture, providing I that the government should become i a middleman and a dealer; that It ! should buy the goods which Uie farmers have on hand and sell them to individual consumers and to governments In Europe. This was so radical a proposal, and the failure of the government as a business man has been so recently and so forcibly demonstrated in the case of the Shipping Board and In other respects, that several prudent members of the administration were alarmed. Senator Norris's measure had gained so much momentum that it was not possible to defeat It as the bonus bill was defeated, but it was decided to offer a substitute, which should remain within the bounds of what the administration regarded as a prudent and possible function of the government. Extends Banking Plaa. This substitute eliminated entirely the idea of the government becoming a direct buyer and seller of farm products. It also eliminated the idea of forming a separate government corporation for this purpose. Instead of that, the substitute provided that the functions of the War Finance Coloration should be extended so as to permit that corporation to be not a merchant but a banker. Under the terms of the adminstratlon s substitute, stated broadly, the government Is permitted to loan money to persons, corporations and associations having farm products on their hands on the security of those | products. The introduction of this substitute and the blocking of the original Norrls bill have caused as mucn political commotion as anything that has come up in the Senate this session. Senator Norris and the members of what has come to be called the 'farmers' bloc" are bitterly resentful of the administration's jide-tracking of their measure. May I.?an oa Farm Prodaets. Undoubtedly, the activity of the administration has been successful In blocking the original Norris bill. All that remains In dispute are certain details of the suKstltute. Some of the farmer Senators insist that the governmert shall not confine Ita loans to dealers, but shall loan di-1 rect to the Individual farmer on the security of the crop In his barn The objection tothis is that In order to take on such a mass of, Individual transactions with Isolated farmers an enormous government machinery would have to be built up. What will come out of It all la, the War rthance Corporation will be authorised greatly to extend Its present powers In the way of loaning money on the security of farm products and otherwise helping the farmer. Through this extension of power, as well as through Its activities for the imst six months, the W?r Finance Corporation has become one of the mos'. important government agencies In Washington. (Oepyrigkt, lill.) S-FIGURES ? LA FQLtETTE SEES PLOT AGAINST U.S. MERCHANT MARINE Charges U. S. Rail Heads Joined With British To Undermine It. URGES DEEP PROBE Senator Says Shipping* Board Has Let American Control. Slip to England's Hands. British domination of the American merchant marine waa charged in the Senate yesteftlay by Senator La Follette, of Wisconsin, in resuming his speech In behalf of his resolution calling for an Investigation of the government's shipping policies. The Senator also declared that powerful railroad magnates, putting profits above patriotism, had formed a combination with British shipping interests to transport all the foreign shipment^ they control In British vessels. Mefers to Report. In support of hl^ charges Senator La Follette referred to the report made to the Shipping Board last March by 'Roscoe C. Mitchell, assistant to the special American shipping commissioner in Europe. In which he declared that the British were conducting an active prooaganda campaign, "within our own borders," to discredit the merchsnt marine. He also quoted from the sensational speech made last January by Senator Jones, of Washington, chairman of the Senate Commerce Committee and author of the pres- j ent shipping act in which he stateJ : that the British were determined to retain their maritime supremacy and were willing to go to any J length to do It. Senator La Follette declared the \ British had gained control of the nation's merchant marine through companies that were posing as American concerns but were in reality English. To these, he said, the Shipping Board had all coated its finest vessels. As tyical of the workings of thisi plan, he cited the International Merchant Marine. This company, he' asserted. masquerading as an) American shipping corporation, is; operating a number of the government's vessels, though it Is "merely a holding company for British shiping corporations." Not the Only Oae. "I am not saying that this com- I pany is the only so-called American company dominated by British in-1 terests," the Senator said. "I am! merely using It as an illustration i ?as a cross-section of our merchsnt I marine?to exhibit the manner in I l which the British Influence perme- i ates the whole organization. There j are other shipping concerns claiming to be 100 per cent American I which I believe are Just as bad and I perhaps worse." 1 I As a part of his speech. Senator! La Follette read from a contract) entered Into in 190? between the i British government and the Inter-) mtlonal Mercantile Marine. In which the latter bound itself for i twenty years to. pursue no policy (that would be "injurious to! British shipping or trade." The i contract, as quoted by the Senator. also contained provisions in respect] to the employment of British crews ' on the ships operated by the com-1 pany. and otherwise placing them within the complete jurisdiction of the British government. "It is evident from this eontract." the Senator asserted, "that this company is completely controlled by the British government." Continuing. he paid: "It must vote Ihe stock It holds for British directors and, moreover, for British directors satisfactory to the British government. The British directors. In turn, absolutely control the management of their subsidiary companies. They route the ships, they fix the rates, they man and officer the ships with British subjects, and hold their ships at all times subject to the orders of the British navy. At any time the ships this company controls may be taken over by the British authorities." fpbraids Skip Board. Senator LaFollette upbraided the i Shipping Board for not taking proper precautions to protect the title of vessels It had allocated to I the International ercantile Marine, j which, he said, had practically passed into British ownership. i "If the British Board of Trade; had controlled the afTairs of *%hej Shipping Board, it could not have done worse for our merchant marlne than the SShlpping Board has ! done." he declared. The combination between the | railroads and British snipping companies to ship American goods in Bnglisl^ bottoms had been accom- J plished, the Senator said, through a system of interlocking directorates. Pointing out that in a great j many instance^ the directors of the largest railroads of the company. 'also hold directorstes In the British j shipping corporations, he declared J "The road* that bring the prod- j ?f the country to the coast for 1 shipment, of course, largely control I shipments. Here we see how j skilfully the masters of transportaI tlon , by land and water of Great i Britain and the United States are! , combined (^interest and associated together to control olir maritime commerce in the interest of British j shipping corporations and the Brit- j Ish government, so that a few fl: nanciers may be able to reap the! profits of ?he business from trans- : parting our goods abroad * Demand* Investigation. To remedy the situation, a sweep-' Jng Investigation. Senator LaPol-1 lette said, shbuld be made of the companies operating government JACKSON E GRAIN-STOC - Postal TelegrapJ branches ** Cbi~f. Urn Comm.ro. Im D ninth. Bm 1 Tnto, DrtnM. *""**-? ?' 1 Trad.. D?Utt. ?t- LmU. P, OdBO* lHt.ll.. Tllli. rtUH s. a*\tb?n ** anw?iju?fc| FOR FREIC [ TIMELY WALLS ! NEW TORK, Aug. 1.?WkM the market opened this moraine stocks 'mmodlately rHuntd the l4raa which ku Harted in Uu lut few minutes of Saturday's huIoo. With Steel common aa a loader the stools and allied manafactottng ah area made advaaaaa running up to I Points. Tobacco. Sugar. and a fe# of the domestic oil., together with a majority of the miscellaneous la. dustries joined la the movement. Northern Pacific, Great Northern. ^ Pjclflc. Rock Island, Southern Pacific and Reading were lead. J a_ *d?anee of rail whole movement was f" to covering by short* It ended. therefore, when' the demand from this source was filled, ran b~u*ht the market up to miS" ?" hour thereafter very dl??i^>U"5jr" COT,r*d '?> either direction exv.pt that a'few spe?,!4 were taken up separately th. for a ?ho" period. In eativ !"non t,d* *?? ?*? and J* ij. *alns were reduced to small fractions. A S* per cent call "4. ..".V ,n ,he U,t hour roJf* to the reaction. Today's market furnished addllOWCROPRffORT SENDS COTTON DP Government Figrure of *4.7 Advances Prices 90 Points. . NEW TORK. Auj. l.?Prices for [ ""'on contracts made an extreme | advance of between >0 and tS I Points over Saturday's closing quotations on a general buying move| ment for both lon^ and short accounts. which immediately aet In j after the government's monthly I crop report waa announced at noon | our time. It continued with hardly an interruption until 2 o'clock. By that time October contracts had | Bone up to 12.08; December, 12.(0: | January, 12.58, and next March dej liveries to 12.?2. There was a good J deal of covering of shorts on stop orders n the scale up for local and | Wall Street traders. Their buy! Ing with a good deal of. covering of I hedge sales put out last week by | local spot houses and Liverpool turning up a good buyrt- helped to ' I make the high prices. The Uver- ! pool markets were closed on ae-1 I count of the day being observed there as the usual midsummer bank-' ing holiday, which Is always the case on August l. When the Liverpool trade got the gist of our government's report, large buying orders wire received from houses I there and at Manchester, which I had kept open to receive the report. ! in anticipation of a sharp rise in I prices developing on the Liverpool ! market when business is resumed' there tomorrow In following the ad- j vance here which retched a maxl- I mum of nearly 1 cent a pound or 25 a bale. There was nothing else on the market but -he government's report. Tt proved somewhat of a surprise to the trade by making the condition figures 84.7 per cent for, July 25. as contrasted with 6S.2 for June 25; 74.1, July 2t last year, and 75.4 the ten-year average condition for that date. The average of all the private crop ,-eports had been about S7 to 67 Vi per cent. On the basis of the government's crop report the present indicated j yield is for a total crop without lln| tcrs of 8.202.000 bales airainst the ; : indicated yield of 8,442.000 on last j month's government report. The I supplementary statement issued In i | connection with today's report say* J the crop has suffered more than the | usual decline in condition in July, through biing damaged bv the I spread of the' boll weevil." Thla j Pest has recently Invaded territories in South Carolina and Eastern Georgia. thereby now covering practically all of the cotton belt excep* North Carolina in its movement since it first developed some years ?g<? in Sourhwest Texas The estimate surplus of American { cotton being carried over into the j new cotton statistical year which | begins todsy i? about 7,000.000 hales ! I With 2.000.010 of this believed to be ' | very low-gri le cotton. It now re- I j mains to oe seen what kind of weather the crop will have during I the month of August and early j September, during which period the i j great bulk of the crop Is made or' marred. Open, nurh l?w ciw, 1 October ... 12 14 || I* 12 . ne~mher 12.IS IS 12 ?<! IS 4". j -Tamiary 12 M U..%? 12.si u st ! Murch IS no i? 12. ? is as I '*"> '* ?? 18.10 13.SI r?nurtjd try W. H Kibb. 4 C.. member. ?'v Terk Co tt on Etshur*.) To Use 55,000.000 Lbs. Twine. PIfty-five million pounds of biiider twine is the estimated quantity necessary to tie op the crop of I the prairie provinces of Canada this year. Twenty-eight million pounds 1 were used laat year. While the ! season is not yet opened 3.000.000 pounds has been sold by a single distributor, while others report orders rapidly piling up! ships. If they are found to have British affiliations, tlt^y should, he declared, be completely divorced or I else cease as an American shipping; company. "The remedy is drastic, but the I disease calls for a drastic remedy" i Senator LaPollette declared. "If vtc are to buil<j up an American Merchant Marine we muat have the absolute loyalty of every person engaged In that enterprise, from seaman to shipowner. "There must be no divided allegiance. Thfe crews must be American seamei^ the officers must be Americana, and the ships must be American-owned and free to meet I the competition of Great Britain and all other countries In-p. legitimate struggle for our portion of the I maritime commerce of the world." iROS. & CO. ^ StJee im KS-COTTON > >?*- Chicago. UHM ? *"a<a. Jut, Wntmm t? 1?^' ? *1^" ? "T *"* s? ? ? f . J&_ . ; fi^WfcfV'n I iHTCHARC ? : -* TREETT0P1CS |1 Uonal proof that the wMklr d<tr- ( U* house bank iuimmiii Ian loat UMr Importance a* a ataek i ?rket factor The fact; that a arplu, rtMrvi at aboat IIIMIM ,BU> a d?6clt ot mora " MI.MMM at tb? aa4 ot laat V** *" aatlraly Ignored by **2r?!. *?< market observer. did "J* I*'1* ?Wr calculations at all. i? J??a. i?j?, hm dwrtu a?.1"* , ****". sported the Drat deceit since tha Inauguration of tba Federal raaai-ra system and tba occurrence created no IrttU disturbJBCJ, *' "W time atocka wei e J booming along and bank loan, and _iepoalt? were increasing rapidly. 7? ?f" ?taee than | la tAa ?rat place the demand for '?'? " ?* and bank deflclta ??*? * "? about P?rt of the baaka to retire their * ? ??> the Kedet-al rearaa bank. ?ot considered worth] while worry in* about. If the precedent established and carried out wTaim- ' lar occasions during the paM year 1 Isfollowedthl, time. OieS-aerre I deficit ahould be made up before i the end of thla week, probably at the ?WMe of a allrht Incraaae ' in rediscounts at the oentral bank. ' However It la possible that the sec of !r..P?C*<,t"t' ^"e tendency rowlii *? borrowings at the reserve baak and I r!*!b,Tto raak* vp tk* ' j?I"t'r"t* wh|ch ?? usually welt < informed on development* in th# . SEJfS* ^ W^lv? reporta to the effect that the de maud at the new <-cent level n better than It waa before racent i fa 1**"?* Th<? *if one of W ?f'Vr*1"1* f,ctop? <n the buying of the sjigar atocka In today'a , the hi J* *" ?ot e,e"r whether , _? h'rher price produced the i "'V" dfman<1 or whether the con. vletlon that the demand?for the usual fall canning?waa about to ?.ri-t,kpr0mpte4 ,h* ~?ners 1" raising their price. An jther bit of which rave the sugar sltua-|' tion a brighter hue waa the dia- ' patch from Havana stating that a i' German conaortium had made an!1 inquiry Into the price of 1 AOO 000 M tone of augmr. Thla la believed to 1 "*i the amount of surplus supplies'1 which the Cuban authorltlea plan 1 to withhold from t*e market a* a ' means of preventing further de- 1 moralizations. Many trading sessions have!1 Paaaed aince the laat time Steel i' common held Ita old time price aa 1 leader of the Induatrlal depart- 1 ment. It aiiumrd that role today ' many observers profeaalng th* be- 1 Mef that ita strength from the very j' beginning of trading waa primarily 1 Inetnimental In giving the whole 11 market ita appearance of strength. 11 Thla movement In Steel common i' really began in the laat ten minutea 1 i of Saturdays aeaaion and waa gen- > erally ascribed to ahort covering i * It ia not often that one heara ot i a shortage in the floating supply! or steel common, more than s.otm).- ' < n#0 Bharea of which are outatand- 1 inc. But there are reporta. and i from houaea which are not usually ii riven to idle talk, of shorts en-! i countering difficulty In borrowing | i the stock. Aa far aa outalde influ. < encea are concerned, there jpa*! ? nothing in the news to account for i t I tren*<h Steel common ! t Bethlehem Steel b. Crucible and < the minor iaauea were quick to! < profit by the buying of Steel com- j i mon. The better demand for rail* i roal equipment atocka waa not aur- i 1 prising In view of the prevalence i or short Covering in the general1 INDIA WILL OFFER 1 GOOD PUMP MART' I American Machine in Test Shows Efficiency and Low Costs. ' i The possibilities for th* sale of i American pumps in India, where at i least 16.000.000 acres are Irrigated! from about 3.000.000 Welle, not to 11 speak of large areaa Irrigated from j 1 tanks and canala are shown by some 1 figures Just received showing the < results of some tests carried on at}' the request of Trade Commissioner * c. c. Batchelder. Most of thla Irrl- j, gation ia carried on with primitive j i contrivances operated by men or cat. )1 tl?, and but few pumps either w5rked by hand or by power are ' used. a Vlnch American pump of the ! type often used to puinp out cellars. worked hy four men In relays. lifted water at the rate of 2.200 gallons an hom, at a cost of 2 ru- , pees (normal value of rupee. 12 ; cents) a day. while It took twelve , men six days to lift the'^same amount 1 the tame distance with native appliances at a coat of s? rupees. a , report giving extended Information 1 on the subject is In preparation. The importance of India as a market for American agricultural ma-1 i chi/iery and Implements Is only Jusi beginning to be appreciated, and! | there are already calls for small :, engines for farming purposes, to be i driven h?- kerosene, fuel <m1. and j, other fuels. Gaaoline is too high-i' priced and too difficult to secure j i to make It practicable as a fuel,* in the Interior. i Years of I When the investor stop time some one wins in*the else loses the same amou measure of wisdom whicl of First Mortgage Note*. ' able lessons to be drawn stock value* is the desiral are immune from fluctu 1 Note* head the list. Swartzell, Rheen 727 ISA St WasUagt* The National U Tears VltkMrt L ' ?J iESXUVEN PENNSYLVANIA R.R. CLAIMS COST DOE Ft) FREIGHT SMALL Enter But Little Into Prices of Ordinary Hone Commodities. 20 ARTICLES GIVEN ntrureg Represent Only Final Charge for Haulin*. To show how little freight charges PD^r into the retail rout of ordinary I purchases for the average household. the Pennsylvania Railroad la publishing for the principal cities I pa Its lines a statement of freight costs on twenty commodities. In- I ;1 tiding food, clothing and other danestle arti^er This statement is baaed on a compilation mads by the Bureau of Rail- 11 ray Economics in Washington The reight chsrges shown take Into ac- I pount not alone the recent rate In- I creases, but slso the accumulated j-esult of all advances that have been nade In ths rates on the commodijies listed. Ths point of origin in each case s one of the principal sources of I i up ply of the artlcls for the city I Bnsntionad.' The cities for which the I lata has been worked out are: Phil- H tdelphia. Chicago, Toledo, Ft Louis. I Baltimore. Norfolk. Va.; Cleveland. Buffalo, Washington. D. C-. and New fork. Waablngiea Rates. I For Washington D. C.t the freight I Boosts are as follows: A suit of men's clothes, from Baltimore, 1 Vfc cents; I ? hat from Philadelphia, cent; a pound of beef from Chicago. 1 cent: I a sack of flour; 16 pounds, from Minneapolis. 4\ cents; a pound of vugar. from Philadelphia, cent; I a peck of potatoes from 8wedens|>oro, N J.t cents; a pound of H tea from New York. % cent. I One dosen oranges, from Lake- I land, Fla . centa; a quart of milk from Frederick. Md.. 1 cent; a piaaw from New York $6 39: one automobile tire from Akron. Ohio. 15 V Icents; a typewriter from Hartford. Konn., 42\ cents; a quart of paint rom Pittsburgh. l \ cents; s vacuum cleaner from Canton, Oljio. 11 \ [cents, a Ford car from Detroit. 1 120.85. a plow from Louisville, Ky . , I cents; a pound of newsprint pafrer from Carthage. N. Y.. 1-1 ceat; 1 pair of shoes from Boston, 2 4-1 I ents. a gallon of gasoline from Balimore. 1 c^nt. These freight chsrges represent ?nly the final transportatioa cost t is manifestly impossible to trace | relght costs for esch step in the nanufacture of an article. An ap- 1 >roximation of the relation to the 1 otal freight chsrges and the final j :ost to the consumer can be deter nined, however, by dividing the to- I al cost of llvine of the nation by I he annual rail tralaportation charge I ?ost of the average article. From I to I cents can be charged to trans. I portation. BONDS ARE STEADY IN SLOW SESSION Demand and Supply Evenly Matched Make Narrow Movement. NEW YORK. Aug. 1.?After a full I reek of steady and substantial pains ob top of about five weeks *?i I more moJir.te appreciation, bonds I sent through today's session with but few important changes The MM class that continued to sdvanre I a-as that represented by railroad convertible bonds which followed I upward trend of stocks. South- I ern Pacific convertible 4s went up I to SI, compared with SO* at the I lose on Saturday. Chesapeake and I Dhlo convertible 4*0 sold from I h* to ?t<4 and Baltimore and Ohio I IH* from TO*, to 71. I While the volume of trading was Kmaller, there waa still a substantial amount of buainess done, but Hemand and supply were so evenly matched in most Issues that few Shsnites occurred. The French ro*Btrnment for instance, were juite active, but moved over a narrow range between li% and M. compared with >114 at the close Hsaturday. Canadian S*s ad v.need a quarter point to *. Canadian Northern Railway ?*a sold up to S8*. as against the previous clonBni price of M*. f Hurl.ngton collateral ?*s sold Bnoftiv at 100* and 109*. and the Bbreat Northern To at 1*1. Having I advanced !V polnu Inst week In anticipation of n vote to pay the regular interest for the first six [m <?n ths of this year. Hudson and I Manhattan income 6s remained barely steady today. Interborough -efunding &a declined * point to it St. Louie and San Francisco issues continued active, the Income ts ad. I vancing I* points to ? Liberties moved within a narrow range and pnded the day practically unii an ged > >iscretion to consider that every stock market some one at, be realizes the full i supports the purchase One of the moat profctfrotn the deprewion of >3ity of securities which ation. First Mort{t|t i & Hensey Co. LtR. V. .DC Home Town - d