P0ANLY PI
PROTESTSAGAINST
RAILROAD CLAIMS
mccPCTrriON
People's Legislative Serv
ice Head Opposes Allowance
of Huge Sum.
MANLY SPOKESMAN
Frink P. Walsh Will Act ai
Counsel, if Hearings Are
Granted.
Ekstl M. Manly, director of Peo
pl?;? Legislative Service. yesterdaj
filed with the Interstate Commerci
Commission a formal petition pro
testitif against the railroad claim:
on account of alleged inefficiency
of labor and deficient maintenance
amounting to aeTerat hundred mil
lions of dollar*. The petition aak:
for the privilege of cross-examln
inr railroad witnesses and Introduc
ing testimony and documentary e*l
dence to prove the invalidity o
the- claims. In presenting the pe
tion. Mr. Manly stated that If hear
inss were granted he would be rep
resented by Frank P. Walsh ai
counsel. The petition reads as fol
Iowa:
Letter ta I. C. C.
j am informed that the railroad!
hav? presented to your honorabli
commission claims against the gov
ernjnent of the United State
amounting In aggregate to hundred!
of million* of dollars on accoun
of alleged Inefficiency of labor am
deficient maintenance during the ?e
rlod of government guarantee,
understand further that your hon
orible body is being strongly urge<
to approve these claims speedily
without the careful investigatioi
and complete public hearings whicl
have in the past characterised thi
consideration of cases Involving onl]
a fraction of the enormous amount!
' whtch the railroads are now seek
Ing to secure from the public treas
ft"*
Take* Stand as Taxpayer.
"As a taxpayer upon whom a pan
of the burden of these claims upol
the Treasury of the United State!
win be Imposed. If they should b<
granted, and as the director of th!
People s Legislative Service, a non
partisan, nonpolitlcal organixatioi
of public-spirited citizens. 1 desir<
herewith to petition your honorabli
commission that before any affirm
ativw action is taken upon any o
all of tt>ese claims. I be permlttw
cither directly or through counsel
1. To examine the above-men
tiooed claims and all evidence pre
sented to the commission by th
railroads or by their attorneys li
support thereof;
i. To cross-examine witnesses ap
pearinw on behalf of the railroads;
3, To present to the commlssloi
testimony and documentary evl
dence in rebuttal of any claims sub
miffed upon the aforementionei
grddnds of labor inefficiency or de
He tent maintenance."
It Is charged that such claim!
should never have been pre?ente<
to the interstate Commerce Com
mission, and it gives an opportunltj
Mr.. Manly "s prepared to provi
that they should be rejected for rea:oSTwhich
include the following:
jTWat they are without warrant o
That they are in large part falsi
a lid fraudulent.
That they are as a whole basei
nit upon ascertained or ascertain
able facts, but upon extrava?an
estimates and suppositions.
That they are contrary to thi
fsfcts contained in the sworn state
mints filed with your commlssloi
b* the railroads during the perloi
in? whtch the Inefficiency of laboi
and the deficiency of maintenance
nden which such claims are based
is] alleged to have taken place.
jThat they constitute ? dellberati
paogram of the railroads to oflse
tlseir obligations to the governmen
by-Treating fictitious claims, whlcl
may be prosecuted indefinitely. 01
ufftft time and Insistence have givei
them an appearance of reality.
WASHINGTON PRODUCE.
Eggs?Southern, 33c: nearby. 33c
Butter?Print. 40a48c; creamer*
extra. 42a4tc: store packed. 22a24<
Poultry?Alive: Roosters. 16a18c
- turkeys. 30a35c; spring chickens
37a40c; white Leghorns. 32a35c
hens. 28a30c: keets. 75c; dresses
fo^ls, 33a35c; turkeys. 43a4fc
roopters. 20a23c.
Oreen fruits?Apples. Western
per box, $3.50a4.50; pineapples. $6.0)
*<>.30; California oranges. $6.50)
7.00; lemons, per box, $10.00al2.00
Florida oranges. $?.00a6.50; Georgia
peaches. $2.00a3.50: currants. I8i
20c qt: Winesap apples, boxes. $3.0'
a4.S0.
Vegetables?New potatoes. $3.00a
4&6: nearby per bbl. $3.50a4.00
cantaloupes, tops. Cal. standard
$3 10a4.00 per crate: ponies. $2.75i
3.0$ per crate, flats, $1.40al.75 pei
crate: new cabbage, home growi
$3.00a3.23 per bbl: beets, per bunch
4a6c: peppers, per ct, $3.00a5.00
cyrplings. per ct, $1.50a2.00.
Florida celery, per ct, $1.50a4.t)0
bunch celeryT 50ca$1.00; peas, bi
basket. $3.00a3.50; watermelons ii
carlots, 20a22 lbs average, $200.00)
250.00: 24a26 lbs average, $250.00)
350.00; 28a35 lbs average. $450.00)
$00.00.
Calves, choice, per lb, 3He; lambs
choice, Italic.
Y > i
EQUITABLE
CO-OPERATIVE BUILDING
? ASSOCIATION
Ort*il*4 187ft
, >41st TEAR COMPLETED
haaasa MJDUM.lt
Sarplas ?,rw.9>
Systematic Saving Lead* to
Great
-SaTa Tom ears, ssd yoa will bet's
to get stead Is financial way
sd be prepared far emerfaaclea tkat
to a j arise later.
?
for thm
i Sl*t lame of Stock
Delate RewlvH
Shares, R50 per Month
14 Per Oat latereat
EQUITABLE BUILDING,
915 F St N. W.
JOHX JO* EUSOV PraaMeat
FRISK P. MCCSIOC, lN"
-
10TESTS Ri
?
CHEAP 1MPORTE1
HURTS AMEFU
Imports Approximate 1
| creasing in Re
(By THE WASHINGTON !
THE suggestion that a duty be
placed on potash for fertiliser. ]
thug inaugurating a departure ,
from previous policy, has stimulated
interest in the present status of
American production and our import 1
trade. It has .only been since the \
r beginning of the war that there was ,
> any American potash Industry
worthy of consideration.
The prewar consumption of pot)
ash in the United States waa about ]
250,000 tons which was practically
alt imported. Due to the cutting off
of the German trade during the war
American sources were developed
until the domestic production waa i
. 4S.000 tons in 1920. as yet but a
small part of the prewar consumpr
tion. The use of potash decreased
9 during the war and may not come
- back to the prewar level for some
v time since it was apparent that the
V use of potash in fertiliser has been
highly stimulated before the war.
* largely by German importing firms. ,
? The American producers point out
* that they were able In 1120 to pro
duce more than one-third of the
quantity used in the country and
( that this proportion may be in
creased if the industry is protected
- from destruction by competition
from abroad. They have reduced
1 costs so that some companies are
- said to be selling potash now in
competition with the German producers.
Protection, they believe,
b would enable the industry to be es?
tablished so as to sell at a reason
able price to farmers and that new
s sources may be discovered to sups
plement the present supplies.
t The opponents of the duty point
1 out that the cost of this protection
. to the people of the country would
1 be far more than the development
- of the industry would be forth at
1 the present time. They estimate
r the result of a tax of SO cents per
\ unit at $12,500,000 which would flr^
i be paid by the farmers and then be
e reflected in the cost of farm
f products to the consumer.
i The question of the probable fu.
ture American supply is largely a
. technical one for geologists and
chemists and as yet has not been
adequately worked out. There are
suggestions of possible improvements
in the methods of making
1 potash available from our natural
8 source materials that would pro"
vide cheap sources. This is In the
e field of electro-chemistry, but this
is as yet in the experimental stage.
1 The American consumption of
* potash is indicated by the summary
6 of imports and domestic production
in the following table:
j imports and production of potash.
Imports Domestic production.
Short Tons Short toss
" 190:, 129.4100
19U9 155,000
e 1907 144.000 ?
* 1908 139,000
1909 173.00O
- 1910 279.00U
1911 274,00"
- 1912 2ftt.0nn 1
1913 270.00)?
" 1914 207,000 <
- 1915 48.000 1 090
I 1919 7.000 9.730
. 1917 i.00l? 32,573
1918 7.000 54 *tt
? 1919 39.000 30.845
j 1930 233,000 48.684
i CURB DEALINGS
' AGAIN DWINDLE
g
! Market Generally One of De'
dining Values, Featured
By Odd-Lot Trading.
1
1 NEW YORK. July 14?Business ]
r on the New York curb market
. dwindled away to a still smaller
volume today and the market gen\
erally was one of declining prices 1
; of offers of small lots of stocks.
This was especially the case in
1 Cities Service common, which dur- '
r Ing the forenoon had a further drop
1 of 2 points to 101, making a new
low record, although less than 100
shares were sold in that period.
The other two classes of Cities
Service stock naturally followed
i the common shares on the downi
ward movement. Dealings in tho
i foreign oil stocks were generally
; small and movements of those isi,
sues were narrow. International
; Petroleum ranged from 12% to 11%
\ and Maracaibo from 20% to 19V l
; The attitude of the administration ?
in opposition to Import duties has
w so far not resulted in any improveD
ment in the trading situation in the
x foreign oil stocks. Carib Syndicate i
. Ranged from 6H to 6%, and Skelly i
i Oil sold at 3%. Standard Oil issues
t were fairly well held. Indiana sell- i
0 ing at 96% and 66% and New York j
at 304. Anglo American yielded to
1 15%.
The only active trading in the in
' dustrial group was In Glen Alden .
' Coal, which, after moving up from
p 3134 to 33. reacted to 32.
BANKING 1
MORE than a centur;
American business
ganization to an
gree. Sound banking pri
keep pace with the finan
time, and full co-operati<
successfully guided our
period.
The benefit of our loi
service. ?
frfifclfclwA.
The Mechank
Nationai
of th* Ctfy o4
Capital?Surplus?Profit
'
MLROAD <
0 POTASH
[CAN PRODUCER
Prewar Amount* Decent
Months.
HERALD ECONOMIST.)
This table shows how low our
potash consumption waa during the
war. This led to aerloua raaulta in
tpme districts where aolla need
potash to return good yields of certain
cropa. In other caaea the loss
ot potaah waa not noticed and the
Tact that more than neceaaary was
uaed before the war became apparent.
Another outatandlng (act ia the
heavy Iraporta of 1(20 which with
the domeatlc supply brought our
available aupply back to a total of
{71,000 tons, nearly equal to the
heaviest Imports In 1110 when It
waa 227$.000 tons. Imports have
been leading up during the fiscal
year 1121, cloae to the level of 1(20
until thla spring whea during March
and April Imports of Kalnlte
dropped behind. During the nine
montha ending In March, 1021, the
total waa 1*1,000 tons agalnat 154,OOo
tona a year ago. but In April
the totals were 202,070 for 1021 as
against 202,420 In 1020.
A new factor In the world potaah
situation aa a result of the war Is
that France now controls the Alsatian
mines and haa provided for the
purchase of the mines by the state
to be leaaed to opeaatora under government
aupervlaion. It la eatlmated
that theae mines contain 300,000,000
tona of pur^ potaah, enough to provide
all the French farmera need
and also to export sufficient for the
rest of the world which Imports
potaah -for 300 yeara.
The posafbillty that competition
for world trade between Franca and
Germany may reault in even cheaper
potash for import to the United
States makes the problem of protection
even more difficult for Congress
to decide. The American producera
report their costs to have
been in 1920 12.04 per unit against
an average cost of $1.55 for the Imported
product. This left a difference
of 49 centa per unit agalnat
which they have aaked for a duty
of 50 cents per unit. There Is considerable
doubt aa to whether auch
a duty will protect In view of the
possibility of lower priced potash
from Germany or France. The price
of this product la largely determined
wages and tranaportation rates
on ships. Both of theae are declln n*
*nd no oqe knows where the
minimum lies. It ia not unreasonable
to expect that European producers
will do all they can to sell
potash to the United States at a
price which the American conaumer
cannot overlook in order to secure
a balance of trade so needed to adjuat
International exchange and indebtedness.
To establish an American potash
Industry by protection under auch
circumstances is anything but a
simple problem for the tariff makers
In Congress.
J Breadstuff Movements
.hTJ.W,wTZ5' ? -? following
v, .r .i. of hreadataffa at New
Ycrk today la baahels of gra;a aad barrel. 0f
?w? fcstalpu Bxporte
Sr1' "moo
,4 00? "MO
as
Tbe export clearance* from the seres nrtaMpal
ports of the Atlantic seaboard I
**" 0"*?aa) than
ill 51. . . compered with rornepoading
day at la at week, hare been aa folfcnra:
Today Thla w'k La at week
..yj!? ioo.ooo at om
"JT* "L?SL 2,000,000 J. 108,000
S3 08.000 070.000 001.000
100.000
Kxporta of wheat from Hoar porta (New
iere'?7^O0?ta "l"*''4"'"* ?ad Baltimore)
*ere 87.000 bushels; last jeer. 2S4.000.
coffee market. NEW
YORK. July 14.?The coffee
market was almost at a standstill
today. During the entire morning
only one sale was reported In
futurea?a single lot of December
at 6.78 compared with 6.70 at the
close yesterday. The local spot
market was almost equally neglected
and the early afternoon markets
developed no fresh feature, with
traders evidently waiting for a revival
of consuming demand or a
change of some sort in the general
ruling of Brazil.
Today was a holiday In Brazil
ind very few offers wye reported
In the coat and freight market.
High Low Close
0.10a 0.1.1
September 0.S4 0.34 A.34a0 35
December 0.78 0.7S O.7W7O
Hareh 7.07a7.0?
The market eloaed ateady: aachaaaad ta
1 point lower. W **
I
PRINCIPLES
r's intimate contact with
has developed our orrmusually
thorough denciples,
determination to
cial requirements of the
>n with our clients have 1
efforts throughout this
ng experience is at your
a 10
cs&Metals
l Bank
'1W1M
>37.000000
1
XAIMS?Ar
, ... "Y ; .' ?
' Stockyards Workers S
Awarded Decision
CHICAGO. Jmlj 14.?
tkaaaand ntoekyardK workrn over '
tht etMlff today worn a rletory
wkea J?d ge Nnmael Alichiler,
arbitrator, refuaed thr requeat of
the Ave HI* parkrm to reduce
pay ft eeata mm hoar.
Ja?gr AlnrfcBlrr ruled that the p
coat of Itrlag had aot au file leaf l> *
declined to warrant the cut. He I
Save the packera n ronrenalon, I
however, whea he ruled the anea
could he worked oae hoar overtlaae
three dnya a week and he
paid atralpht time Instead of
time a ad a half. ^
WHEAT HEADS LIST *
TO LOWER AVERAGE
General Realizing On Forecast ih
For Rain Over Wheat Belt lh
re
Sends Grain Down. isi
* c<
CHICAGO. July 14 ? General real J til
tzing and local selling on the
forecast for showera and cooler te
over the entire grain belt with ar
some rains in parts of the 80
leading corn producing sections, fll
led to a lower range with m
whedt in the lead. The latter grain
at the Inside figure up to noon was pi
off around 2 cents from yesterday's th
finish although early there was free
buying by strong commission houses tl)
Reports from the Northwest indi- jj,
cated that the damage from the in- c,
tense heat of late last week is ir- jt
reparable, and while rains ana ar
cooler weather have followed the of
black rust is developing rapidly and in
the extent of damage will . not be pi
known for 10 days to two weeks, ta
Cromwell, a local expert, finds plenty
of black rust in Manitoba, and his
report was generally rather pessi- in
mistic on "the southern portion of pj
that province. Export demand was m
reported as slow with only a small m
amount of exchanging futures for oi
the cash grain under way. tl
Country offerings to arrive some- Ai
what smaller than yesterday. The w
local elevator situation rather serl- ti
ous and the board of trade direc- ta
tors will hold a special meeting this tii
afternoon to consider the proposi- a*
tion. General selling developed in fo
corn due to the forecast with pros- a
pects that the drought might be ai
relieved in some sections, but the Pr
market received good support around lr
61 cents from holders of bids ana
from local bulls and partly recovered
the loss In the later trading. The lt
detailed weekly weather and crop ?
report indicated that the crop needed
heavy rains in practically all parts of
the belt, with some deterioration in
Ohio and Kentucky. The report in
general says that small grains have
ripened prematurely. Oats showed ra
fair strength and at the inside
showed only 5-8 cenvts under yester- ^
day's close. Disappointing yields and dt
low test weight reported from .
practically all sections where
threshing Is under way. Cash prices
showed little change as compared ^
with the July.
Provisions were firmer early with m
hogs which were up 15a2bc higher fo
with bulk of sales at 98 75al0.18. h
Receipts, 81.00. with 25.000 for tomorrow.
Western run 71,700 against
68.100 a week agd and 92,400 last ^
year. w
Open High I** Clow m
^.29 1 S3 1.27*4 182*4 8t
Sept..... 1 27% 1.12*4 1.WS 182* cl
Dec 1.2#** l.U\k 1.29 Va 185* fe
Cora? w
July 68 .04
Kept 62'-* .82S 01 .62
Dee .00!% .01*% ."OH .00*
Oats*? tv
Julf SOU .*?% MH d.
R*pt 40 .41* .40* "
Dm .42% .4S14 ? .421* a(
Port? P?
s?pt >8.00 n<
Lard? #i
Sept 1160 1163 11.30 11.02
NOT 11.73 11.73 1.00 11.73 v
Ribs? ,
Sept 1100
, p,
1 nc
FOREIGN EXCHANGE. ci
(Furnished by American Bscurity and 1 m
Trust Oe.) fo
Te.r aI
Close. Ago. at
England, pound 8.03 3.92 th
Canadian, dollar 8773 .88* PT
Hongkong, local 3023 .74 a<<
Shanghai, tael 0923 1.04 jjj
Trance, franc 079 -.0837
Belgium, franc 0773 .0901
8*itserland. frsar 1002 .lwtt Tl
Italy, lira 047 0003 w
Germany, mark 0130 .020 w
Denmark, kroner 1613 .109 js
Norway, kroner 1872 .109 p,
Sweden, kroner 213 222
Czecbo-Slovakla. kroner 0136 .0222
Greece. drachma 129
Holland, guilder 3198 .8323 ..
Spain, peaeta . ...~ 1313 .1623 "
Japan, yen 4823 .3173 1^
Anstris. kronen 0016 .007 m
Rumania 0140 .0283 ti'
Draw only In U. 8. dollars. th
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| Before YOl
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Considi
Woul:
enjo
loss
Bonds, silve
your absenc
It does no
this. One ]
rent of a Si
dred years.
I
fi
The Munsey Ti
_ Pa. Aye., Between 13th
Munsey Bi
lilHltUIIUIIUUUUIIUIIHllllUlllimillll??
^PERSON I
IAW MATERIALS [
BODY APPEALS TO !
FEDERAL AGENTS:
H
r
'resent President and ?
Solons with Ad Criticiz- ?
ii
ing Fordney Tariff. ,
IUOTE EDITORIAL."
_ 1
merican Industry Will Be >
Curtailed Unless Harding
Interferes, They Claim. i
c
There wan prevented yesterday to
e White House, each member cf 1
e Senate and the House of Hep- J
sentatlves a copy of yesterdiy'a
sue of the New York Journal of
>mmerce and Commercial Builen,
containing a one-page adversement
of the bureau of raw ma- ^
rials for American vegetable oil*
id fata industries composed of
ap manufacturers, edible oil raters,
oil compounding concerns,
anufacturera of oil products for
ie tanning induatry, and allied inlatriea,
carrying an appeal to fl
resident Hirdinft to Intercede on '
e behalf of American industry in
e enactment of a new tariff act. t
There are quoted In the adver- t
sement editorials appearing in the 1
ew York Journal of Commerce and f
>mmercial Hulletln under dates of I
ily 6 and 7, relating to the tariff i
id following thereafter the views t
' the members of the bureau bear- c
g upon the neceaalty of the com- t
ete reconstruction of the Fordney <
riff bill as it atanda. f
Ulre Situation ProanUed.
The membera of the bureau atate
'their advertisement "that if f
reaident Harding doea not take the f
atter in hand, and unless our aa- c
inistration in Washington inalata g
I the complete reconetruction of .
te tariff bill aa It now atanda. .
merican Industry and commerce
ill be aerlously curtailed," con- j
nuing further as follows: "A
riff law ahould define a broad na- *
onal policy, promoting Induatry j
id commerce, providing revenue
r the government, and providing f
national program for commerce
id industry and a conatructlve ,
ogram for participation In world
ade."
"This tariff bill does not encour- re
and promote American Induatry.
proves no conatructlve program s
if the United States aa a nation t
the whole to expand its foreign j
ade. which is an abaolute necea- c
ty for our I industrial activity at
me to be revived. e
"An outstanding feature of this a
II is the incresse made in the p
ites of duties on a great many
w materials required by many of j
e largest and moat important in- x
ities In the United States snd (
ie imposition of duties on other i
mllar raw materials which hare f
ways hitherto been free of duty j
previous tariff acts c
"The American manufacturer a
ust purchase raw materials from t
reign sources at prices Inflated by to
iia tariff. Tn many cases the duties ?
III be prohibitive and he cannot c
jrchase at all. European Indus- *
lea will enjoy a free field the I
orld over from which to draw raw "
aterials. Under these clrcum- 1
ances, the American manufacturer (
tnnot manufacture and export to *
.reign countries In competition c
Ith his European rivals.'*
Menace* LaW,
"Through this bill American labor 3
hich Is being asked to meet the
>wnward adjustment of wages ia J
: the same time to be fonced to ?
ty artifically high prlcea for many J
scessities of life, of which for- y
gn raw materials are a necessary
trt.
"The United States produces a
irplus of our principal farm-grown
oducts and It is axiomatic that
> tariff on such materials can inice
the buyers of Europe to pur- *
lase this surplus and pay a penny ?
ore than the world level of values
r these products. *
"The Emergency Tariff Law has J
ready proven that we cannot ere- s
e an artificial level of values for t(
ose raw materials of which we g
oduce an exportable surplus. Any
Ivance bf values of such coramo-!;
ties that has taken place during {
ie operation of the Emergency |
ariff Act, has been due to a world 1
Ide advance, based on the world*
Ide law of supply and demand, and
in no way attributable to the
mergency Tariff Act."
Fall* aa Revenne Producer.
"As a revenue producing measure
iia tariff bill would be a failure,
egislation which restricts cr.merce
and industry and internaonal
trade automatically destroya
ie source of revenue."
mill
mill
er
D the benefits of the most
>vable vacation atone for the
of your securities. Liberty
rware, jewelrv. etc.. durin?
e?
t pay to be indifferent about
oss of $300 would pay the
afe Deposit Box for a hun
I
Our Vault '
yr Safety First ||
ust Company
and 14th SU. N.W.
lilding
"V
whiiiiiiiiiiiiiiiiiihiiipiiiiiiiiiiiii
SCORES HI
TIMELY WALLS
NEW YORK. July 14.?Another
lay of professional operators left
he market situation little chanced
xcept for an increase In the abort
Mount In the ' motor and steel
rroupK and In a few cereal* ?na
nlsc?llaneous Industrials. Trading
tan just about M du'l a? during
he previous three da>s of this
irek. In addition to loaaea of 1
ind 2 point* In the motor* and
teelH there waa a aharp break In
Aestern Union Telegraph and a
ractional loan In moat of the lucar
locks. Mexican Petroleom did
velI In the early trading. but reeled
n the afternoon. Only the mort
ictlve railroad Issues appeared In
he trading and their action wan
tlow. resulting In unimportnt
hansel.
Shortly after the Insusuratlon of
Resident Harding Wall Street beame
mi re that the beat place to
JEAVY TRADING IN
COTTON MARKET
Continuance of Favorable
Weather in the Cotton Belt,
However, Prevents Gains.
NEW YORK. July 14.?There wai
luch a broad demand for apot colon
on the Liverpool marke' today
he total sales went up to 20.000
laie* from the early transactions of
0.000. This ! the largest turnover
or any one day reported on the
Jverpool market either during the
var period or before It. except in
,lme of excited bull movements or
orners. The teature of these heavy
ransactions was that 11.000 bales
if this total was sold to exporters
or shipment to Scandinavian counrles
or some of those in the east
lsing American cotton.
It makes the total transactions
or spot cotton on the Liverpool
narket this week 62.000 bales In ludlng
10.000 Wednesday and the
lame amount on Tuesday
2.000 on Monday This record breaking
total turnover for a Ions time
>ast clearly shows the improving
endency of the cotton trade In
Ireat Britain and on the continent,
'rlvate cables say many of the
British mills are now preparing to
un on full time. They have been
leld down to operating on onl> z->
o 35 per cent of their normal spinlleage
capacity during
>art of the long period of the Brit
sh cosl miners' strike, which lasted
rom April 1 until about two
vgo. During this Interval German
ind other foreign spinners
aking advantage of Great Britain r
ndustrial depression to broaden
>ut their trade.
There was a good deal of
,f futures on the Liverpool market
is a hedge against some of these
ipot transactions.
In our contract price market
.rices made an advaice of but ?
.oints in the early trading. ?ith
)ctober selling at 12.22. decern
2.60, and January 12.58^ This was
ollowed by a- slump of 12 to I.
loints from those quotations on
onsiderable furthersouthernhedge
filing and scattered loca* "? <??*
ion in the late trading, with Octo
>er going off to 12 ?5 and lumber
,nd January to 12 00. mainly on acoum
of the continuance of Itener
illy favorable weather in the cotton
>elt and absence of much new local
ind outside speculative and Investnent
buying. The-amount of cotton
onsumed according 'o 'he census
,ureau> report shows 4?1.*Mi bales
onsumed in June &? ?"""
or May. as contrasted with 5^.155
or June last year, with 3..665.00
ictlve spindles in operation against
14.417.000 a year- ago.
Open Htf'i
"f jit: lis ii ii ii?
(ee ' .V.V.*. It.M 15 18
Urcb 18.;a H 76 L.M
METAL MARKET.
NEW YORK. July 14.?In the
.ondon market this morning tin
pot was Quoted 1146 a decline
f 10s. while futures dropped lis to
168 Ss. Sales were 60 tons of
pots and 240 tons futures. Stan-,
ard copper spot ?71 12s fid. and fuures
?71 15s. both being 10s lower,
ales were 60 tons spots and 350
tins futures. Electrolytic copper
pot ?7? 70s and futures ?77 10s.
| WASHINGT*
find in-the Union Trust
attentive service which,
facilities and every convei
ing transactions pleasant t
, The household, persona
Accounts and the Savings
Washington women are h
and new. accounts are alwj
2% pad on Chicking and
\ J STF.LLV
'' JACKSON B
Dependable
GRAIN-STOC
Postal Telegrap
BRANCHES
MsrsfcaaU' Exchange. St. Chicsco. Bo
?i?\f Tr*d?. Ksa? *'????
rreasss axc*aac?. Sulstk. Boi
Yerk. Wissip*t. O
sard ef Trade. D.tr.tt. ,. ,
ef Trade. Datata.
froduoa Eaekaag*. Telede.
*f CtmsarM, BllwaakM.
IGH FREIG]
~ . ?
STREET TOPICS I
?- 1
m^ h?r. " tor m nm1??tonU"+rVe*",t
??ul<? ^ *"??>.
terlan, a i m"rin' mortnmit ma^ntthI?,K5.?U*h
"ot 1,1 lh' *'
wIlLi ?i. 8tr<*' dMlr*4 fc"<? *'
, ||, . ,J^lrn c*m' ">? seven ?rrk>
due!!. " u.?? and declining price,
enti *"w? .1 "" market appar"
'*.7" b"?>"d up ??'y W >?. ?xP'
tatlon of better thin*, to romi
through the Intercession of the
Prownt sdnii nistratmn. sine, the
" ?** . howewr. murk
wm" out ?t Wash"5'*
bringing adequate
Thr?m ,h<' *tork market
The artm nIKt ratfon's solitude for
the railroads ia measured by the
plan* of the Traataury for placing
1500.000 al their disposal within the
next s.g month* and by a scheme
for funding to the carrier*' obligation*
to the government. Nothing
more favorable to the railroad* haa
been contemplated since the paasage
of the Kach-rummlnr bill.
Par more Important for lt? bearing
on the whole industrial and flnanclal^
situatlmt. in the call sent
out for a conference on disarmament
and the "expected willingness of the
power* to discuss thi* subject.
The stock market haa practically
ignored this factor. Again there ts
the soldiers bonus legislation which,
on account of the President's disapproval.
is virtually tabled to await
the time when the country can
stand the strain. A salutory reduction
in railroad wages has been accepted
without disturbance. The
?ar Finance Corporation haa been
transformed from a passive to an
*ctlve body. The reserve systems
position ha, been strengthened by
progresive steps Vet in the face of
wi. * e, d*'v?loP"">nts, any one of
Splch might furnish the foundation
of a strong stock mirket under contions
more nearly normal, the market
Is marking time t0 the accompaniment
of professional operations
that mean absolutely nothing.
Chandler Motors bore the brunt
of what appeared to be a well or"a"J"d
*"ac!< on th* motor share.
Jhi? !" "" nt * mon
than 2 points In thi. stock brought
the price down to 47<i. the lowest
since the organisation of the comTw?
W"'k" *lr,> ,ht ** ? ?
or this company quieted questions
.l"' dlv,d'rd ?? 'tatin,
? directors will not meet
??*ain for the consideration of dividend*
until September. Today the
same fjuestion was raised, probably
because some sort 0f explanation
was necessary for the heavy offerings
of the stock While the stock
?a? fallinc the Chandler treasurer
issued a statement to the effect
that retail asles throughout the
country f.,r the month of June were
Tf'" .for ?ny single month
since October. 1*20
STEADINESS RULES
IN BOND MARKET
Somewhat Smaller Volume of
Trade .Marked by Slight
Rise in Prices.
NEW TORK. July 14. ? Under
I somewhat smaller volume of trading
the bond market today maintained
J* Arm tone, with a slight rise in
prices. The advance in Burlington
collateral IJs and the Great Northern
7s into which they are convertible.
was checked aa naturally
It might in view of the prominent
part these Issues had stayed In
several previous sessions. The
former sold around SSS? and the
latter around 9SV New Tork Central
4s. due in 1934. opened at
and advanced to 76>*. Canadian
Nothtern Railway 7s sold more than
a half point higher at 101 ??.
Sales of United States war bonds
accounted for about half the market's
volume of business. Liberty
second 4 V.S were particularly active,
selling up almost ?0 cents to *7.10.
Other Liberties moved Irregularly,
but not far above or below the Wednesday
closing level. Argentine
government 5s recovered from the
spell of weakness, advancing a little
less than 2 points to ?S\,. Swis.
#s went to 105t?. compared with
J051, at the close on Wednesdoay.
All foreign bonds, as a matter of
fact, were In good demand at higher
prices. Belgian 8s advanced a half
j point to ??>?.
DN WOMEN
Company that courteous,
combined with complete
lience, makes their bankis
well as profitable.
il and business Checking
Accounts of thousands of
andled by this institution
lys cordially welcomed.
3% on Savmgi Account a
Union
must Co.
OF THE DISTRICT i
OF COLUMBIA
Cor. 15\h and H St?.
Northwsit I
VACXN. RBFSrpjTNr Jjj
IROS. & CO. *
Since 18TI
:ks- cotton
b Bids.. ChicagoNEMBKU
ard of Trad*. How Tork. Prsdaoo E?
Chimb., ^ "*"?*
Baltimore. Chamber mi
irt a Trad.. Oomawrc..
rata Exafcaag*. T.U4*. fndao. Euk>v>
Unhaau' Ex- D.trolt. ImH * Tnfe
a.w Ysrfc. Stack EsCtaaw
W chaac.
HT RATES
HIGH FREIGHT RAZE
MENACES FARMS
ANDERSON CLAMS
No Relief for Industry at
Present, Minnesota fiepresentative
Says/-1?
CAUSE OF MANY ttAS
Testimony Disrkxwd Rhtirn
Rates Responsible for Flntf
And Industrial Trouble*.
Freight rate* muM be -reduced I
bef*?r^ there can be any relW for
the farmers or fr?r Industry. pipte- ^
tentative Anderson, of Minnesota,
chairman of the Joint Conn e?Isnal
commission of agricultural tefalry,
said yesterday.
Testimony before the commission
during the thres days of Its hear;
ings haa shown that high freight
rates is the causa of many pfeeent
agricultural and industrial fits.
"We hsve clearly establishedfHar
the freight rates are too htgh and
that the farmers of the nation cannot
continue to pay them." said Mr
' Anderson. "I think there ts no
Question about this. Thd"' Mily
question to my mind is whether
lowering of freight rates dh'ould
precede genersl economic adjustment
or whether general economic
adjustment should come befogs'the
freight rates are lowered.
Cat Bring Belief.
"It is certain If agriculture..!* u>,
experience any real relief, the't the
i railroads must reduce their c^rrr!
ing rates. This part of our invs*tigation
is practically completed, I
don't think there will be a*u* disj
agreement among members ?f -the
commission on the subject."
Mr. Anderson said the hearing*
were producing much Information - (
that is being supplemented by valuable
facts gathered by \a.rlous gov- t
ernment departments.
"We are irolng now to try to ftpA.
<^ut the truth concerning the financial
situation." Mr. Andersoa continued.
"We want te know..Sow.
much money has been withdrewn
from regular fields of Invetfrnfnt
to be used for speculative purpose#
snd to what extent. If any. the
I Federal Reserve Board msy be lf-1
sponsible. If the Federal Reserve
i Board Is responsible it mighty be
only through an error of Judgment...1 '
but if It i* responsible because of*
I any wiful discrimination, we oilfht
| to know and *e will know."
May Maaoa Magnates.
Asked if the commission wa?r<iro?
I ing to summon big business and
; financial . macrnates to testify on
I conditions. Mr. Anderson said:-*'
"We are going to get informstlon
wherever It can be found. It
t is our intention to make the investigation
thorough. The question of
finance is all Important ati<* we
I must- get all the facts concerning
| credit and financial systems as-the v
may be associated witti the .fa rmI
ing industry.**
??????? 1
Old Gloty is no*v^
on the Seven Seas'
AMERICA \ SHIPS ABE AVAILABLE
FOB YOl B OTEA\ VOYAGE
New Combination I'aescnger anU
I Freight Ships. Fast. Luxurious
j Steamers.
j Key number beside ship's name
I indicates operator shown botlom of
column. ,f .
ElBOPE
Boulogne and Union
From New York
July ia?August 15?September 35?Old
North State (1591.
I July SO?September ?? Osteosis! tnste
<i5ti.
Bremen nnd Danalg t.!
From New Vork
July l*-Auru-t jn-HaAmrm <191 4
July JS?September 10? Pttnssss Bsn-ik.
(ias?
August 10?September 2^?Potomac .(130).
Naples nnd t.rnon
From New York
Pocahontas (1591.
Plymouth. Cherbourg nnd Bremen
From \en 1 ork
July as? August a:?September 2*?'A Wee
ica i i;.?i.
Augu?t 3 September 3?0. tober ?fcea.
Washington (.ISSi.
SOtTH ANKBICA
Bio dr Janeiro, Montevideo am*
Buenoi Aire*.
From New York
July 30?American legion (ill.
August 3?Huron (tt|. **<
AilgU't 17 - Aeolus < !>. *
August 31?Southern Crosa .
FAB EAST
Honolulu, Yokohama, Kokr. skau.
kal. Manila. Hoaaloat
Praam Kaa Fr?rlaM
Jul. 23? Kaapir. Btatr <MK>.
Anfu.l Btatr IIOS). -, .
Annual VI?Hooatrr ?uu >1851
Yokohama. Kobe. Skaachal. H.alkaac.
Maalla.
_ Kram SrMtlr
July 80? Krritoa. Stat* I100)
[ .( ? ! (1M).
Hawaii, riiii.im-iM:*. tAsx
i>i?ia
lloaolala. Maalla. ^alcoa. Wayaptfk
Colombo, lalrmin.
Baa KraRdw. . .
July 14?Graalt. Rut. (1UT.I. %
Aucu*t !??Crrolr Kt.f I 10S|. { t
Sri-traibrr 14 *.l,.rlK stat. ,
CQ?JT?HE AND HAWAII
Ha*aaa, Carnal. Ihm A ucrl.ii, Haa
Praurlar. aad Hawallaa UUute.
Pram Baltlaaor.
July ?0?Bark.?. But. |M|. ?
Srptriubrr ?? Ilaarkryr Mat. (Mr.
York. Caba, Snnla
_ July IS?Black Arrow (W).
h? Mat (.on \ ailBatlM ('*. ..
130 MartH Rlmt. wv
Baa ftaKlv?, Col.
S? South O.y stmt. Blltlaioru. UA
1 Man.oa Stra moklp LUr
07 Wall Btrrrt. X. T. ,?-a
| Trl. Boarllat Cwa 8B0C
10S Parllr Mall S. ?.
10 Haaovrr Bo . Jr. r *
1*1. Buarllac tlrcru ?B(l . .
?1 W.rk.t strrrt. Baa huarlM. Cat
1?MI Thr Admiral Um.
1J Stat. Stiart K T.
T?l. Bowling Urraa MS.
U C. Hiatto BUfe . Am It la. WaA
ISA tl. B, Mall ?. g. c*. |ac. ' v' '
? Broadw., N T
Tal. WMtahall 1S0B.
M War* 1.1 ar. a
raat Wall St.. N. T.
UNSHIPPING BOAROI J j
^mD,