Newspaper Page Text
' 7EDIJE3DAY--TnE DOta gA'ARGXJS-OCTOl 4,-1
L - - ::3'i8;uM. k: GO FADES Sfrccf Fcc&:rc3 t mraun r. j . j v - IT MtTAKT P. Wl8lC WU Street, New York, Oct. 4. -. The virtual disappearance of the Mr cloud In aouth eastern Europe in Influence again In tof ay's markets, bat atlll mainly nega- ttv one. Starling, francs and lire atfJwent higher, (harp rebound occurred In both French and Brit , Uh government bonds, Wheat went lower and cotton higher. All this waa of coarse the natural re Mtsal of a situation only a week ago threatened by a war acare, aft er Apprehension bad been relieved. -.1 The general investment Hut was undoubtedly helped by the Euro pean development, but oh the stock exchange, as had been the case the previous day, there were other matters of much more inter est and ot much more bearing upon the price movement. ;v0f prime consequence was the overnight announcement that Standard Oil of California propos ed to double its capitalization and nay a stock dividend of 100 per cent WslI street has been discuss- . STAKPAK Oil I CALIF. The 1Q0 percent stock , dividend oh Standard Oil of California was la line, with expectations, only that It was a larger distribution than the majority had looked -for. That the action had not by . any mean been f ally discounted in the market was shown by the opening Jump. of over five points in this stoca, followed by a farther ad vance later, on. What Impressed the street most about the official statement accompanying the an nouncement was its reference to the discovery of Valuable oil fields. OTHER OIL SHAKES. Although there has been less talk about a possible melon 'cut ting on Standard Ofl of New Jer sey than any of the other Standard Oil properties, the stock rose rap-; idly in the wake ot the California shares. Sentiment was particular ly bullish on stocks ot other Oil companies located in the same territory aa the California com panyPacific Oil and California Petroleum, although the latter, be ing accustomed to moving by it self, was not as responsive as the former. . It takes a great deal of buying to put up Texas Company on account of the large additions to its market supply from the stock dividends of the last few Chicago Stocks gbipbTd'g . 7S .. 75 7 Am. Pub. 8vc pd. 88 87 '. 88 Armour ft Co. pd.100 100 100 Armour Leather. 12 ' 12 12 Booth Fish's, pd. 4S Chi. Evd. Ry. pd. 7 Cudahy ..64 .. .'. Com'w'th Ediaon.131 131 131 Consumer Co... 5 Crane Co., pfd. ..109 .. Diamond Match ..117 IK 116 Earl Motors Godchaux Hart, S. M. ... Hupp Motor . . . . . Illinois Brick . . Llbby-McNeil ... Midwest Utilities. 1 46 85 ... 23 -75 9 48 - S3 22 8. 47- 85 23 ' "i 47 rnr such csoital readjustments in Ihe Standard Oil companies for the years, but it's had its fair share of last month, or ever since the defeat Of the soldier bonus removed the possibility of the restoration of old lax burdens or the creation of new. Such a large disbursement, how ever, had not been looked for, and the natural result was another vio lent upturn in the Standard Oil issues led by the California shares and the active revival of specula tive interest on the oil group generally. - German marks which on Tues day had begun to exhibit signs of declines, today touched a recori low of 4 one hundredths of a cent The explanation is clear enough with the German printing presses turning out some eight oil lion new paper marks a day, bu! it is impossible to set any bounds to the downward movement. The rapid recovery in the steel Industry is attested in the weekly trade reviews. During September the daily pig Iron output was 61, 7pl tons as against 68,586 tons in AMgust Blast furnaces in opera tion on Oct 1 were 190 against a I0w of 144 on Sept 1 and back to where they stood on the first day !July. , On the stock exchange the up ward drift was well sustained through the afternoon. '. i'V. 111 Chicago Potatoes. Chicago, Oct. 4. Potatoes: .' steady on sacks, dull on bulk; re ceipts 107 cars; total United States shipments, 1,068; Wisconsin, sack ed, Round Whites 7595 cwt; dit to, bulk, 76S5 cwt; Minnesota, sacked. Whites 80 95 cwt; Minne sota, sacked, Red Rivers, 901.05 cwt; Minnesota, sacked, sandland - Ohio's -80 90 cwt; North Dakota, sacked, Red Rivers, 90 1.00 cwt; South Dakota, sacked. Early ; Ohio's 70(S85 cwt; Michigan, bulk whites, 75 cwt . the general advance in the oil group. Houston Oil without any special gossip, became much more active at an impressive advance. PACIFIC OIL. With Standard Oil of California promising a 100 percent stock divi dend rumors are now beginning to hear of a deal in which Pacific Oil will figure. The Pacific Oil plan is said to call for the complete ab sorption of another oil company with an exchange of stock on a fa vorable basis. Pacific Oil owns thousands of acres of oil lands in California, the lowest public esti mate of valuation being placed at $250,000,000 and from that point estimates range upwards to $500,- 000,000. Pacific Oil now holds about 50 MIdw'st Util.. pfd. 88 Mitchell Motors . 3 .. .. M'ntgomery-Ward 22 22 22 M'ntamry-Wd ofd 102 . . Nat. Leather, new 10 9 9 Phi(ipsborn ..... 45 42 45 Pick & Co. ..... 27 - .. Piggly Wiggly 'A' 44 , 43 44 Public Service -.-.103 ... .. Quaker Oats, pfd. 99 - 98 98 Reo Motor ..... 13 . 13 13 Stewart-Warner . 62 51 52 Swift & Co 109 108 108 Swift Intl. 23 23 23 Stand'd Gas, com. 21 20 20 Stand'd Gas, pfd. 49 48 49 Thompson (J. R.) 49 49 49 Temptor Corn A . . U.C'rb'ds&C'rb'n 63 62 62 U. L'g't7 pctpfd.. 82 .. U. L'g't & Ry. com. 70 68 70 United Iron Wks. 8 Wahl 69 58 69 Western Knitting 10 9 9 Wrigley ,108 107 108 Yellow Mfg., B ..199 198 198 Yellow Taxi .... 75 74 74 Bond Market GEOB6E T. HTTGBtra ... iCapfissM. 1S . 1 Liberty Bonds High. low Close Lib. 3s 100.70 100.52 100.52 Lib. 3s. R ..100.64 100.40 100.40 Lib. 1st 4s 99.90 Lib. 2d 4s 99.66 Lib. 1st 4s ..100.06 100.04 100.04 Lib. 2d 4s ... 99.84 99.76 99.82 Lib. 2d 4s, R 99.70 99.66 99.70 Lib. 3d 4s .. 99.86 99.84 99.86 Lib. 3d 4s, R 99.70 99.68 99.70 Lib. 4th 4s ..100.04 100.00 100.02 Lib. 4th 4s, R 99.92 99.88 99.92 Vic. ,4s 100.46 100.42 100.44 rnont f ,h lnpk nf.Vic, 4s, R ...100.16 100.10 100.1C r I in- ay t the Associated Oil company. Vic.-4s, R .100.00 Dry Goods Market BT BTtJABT P. W2ST (Oopmctit. wz2. WHO OWNS STEER? . 8& BLOOD TEST TELLS iiDixon, 111., Oct 4. A blood test by veterinarians to determine the ownship of a steer which figures in . suit here between two farmers, will be ordered today by Justice G. K, Hart, before whom the case was Wd. ftoPoth farmers claim they own the : iSeer, ..-, - LEGION WOULD FIGHT TUSKS. ..Louisville, Ky., Oct. 4. Sixteen hundred members of the American - Legion called on President Harding to take action against Turkey, pledging themselves to join armed ,. forces if necessary. i. New York, Oct 4. The demand for deliveries of cotton cloths ex tending well past December 31 was the feature ot the drygoods market today Prices continued firm with lit tle change in prevailing quotations for the greater part of the stand ard constructions. The inquiry for sheetings expanded and mills were very firm in their asking prices. Drills were in good demand. The sixty-eight by seventy-two print cloths were well sought and some sellers asked one-eighth cent ad vance for late deliveries. The trading in the raw silk mar ket was of fair proportions con sidering the price advances since the first part of, the week, and im porters were disinclined to make any price concessions. WOOL. Boston, Oct. 4. The firming ten-i dency of medium wool prices again was in evidence today. CHICAGO'S GOT VICE RING, TOO Pr. Bnndeson Says Underworld In terests Have Baised $500,000 to Beat Major Thompson. supported by the strength of the foreign market and by the anticipa tion that "woolen cloths would be advanced in the near future by some ot the large producers. Carpet wool importers are com plaining because duties are impos ed by the treasury department on these wools and then remitted if it is proven the wools actually go into carpet manufacture and not into cheap clothing. This they say ties up their capital unnecessarily. Chicago, Oct. 4. Chicago vice interests have raised $500,000 to defeat Mayor Thompson for re election and offered $50,000 to call off the drive against them, Dr. H. N. Bundesen, city health com missioner told the National Homeo pathic society in session here. "Chief Fitzmorris and I have lost the mayor thousands of votes through the fight against social disease," he said. "I personally have turned down a $50,000 bribe to stop the fight. The mayor was tendered a $50Q,000 campaign fund ii ne ousted me, but the money ob tained through vice was refused and the $500,000 will probably be useri to elect, a mnvnr rnntrnllari xuia was , fty Vlce lordg New Yorkv Oct 4.v-Bond. like stocks, were active and higher In today's market Gains of a, .point and more were common. , ' i It was noticeable that the largest advances were made by the second grade and more speculative, securi ties." Liberties, for instance, while slightly higher did not make pro portionately as large gains. . Rail road bonds were in especial de mand. The hctive issues covered as wide a range as New York Cen tral refunding and improvement 5s and Seaboard Airline 6s. The last named boad was up more than' two points at 69. Speculation here evidently was based on expectation of improved earnings In the last quarter of the year. Up to the end of July the Seaboard was earning at a rate sufficient to cover barely 95 per cent of fixed charges. St. Louts-San Francisco Income 6s, which sold ex the $6 payment on Monday, gained moreihan a point and a half today, a,, rather notable showing for a" bond on which no Interest will be paid for a year to come. St. Louis-San Francisco' earnings, however, are very good. On present indications not only will the full rate on Ijhe preferred stock be covered, llfut something like 4" tier, cent will be left for the common.' The adjust ment 6s were also higher, but speculation was not as active as in the incomes. Other railroad bonds in demand included Great Northern 7s up a point and attractive because of the non-callable featareV Erie prior lien 4s and both Southern Railway 5s and Southern Railway 6s. Colorado & Southern 4s ff 1935 also gained a point. At today's price the yield to maturity is 5 per cent and while the bond is secured by second lien the Colorado & Southern under the Burlington's management has shown remarka bly consistent earning power. An exception to the general trend among railroad bonds was Western Pacific 5s, which were heavy. This was evident more in the outside market than in the quotations on the exchange. All the foreign issues were strong. United Kingdom 5s of 1937 sold almost three points a'bove the low reached when reports from the Dardanelles were the most gloomy. French issues which were sensitive in the extreme to the bad news last week proved equally re sponsive to favorable advices to day. Both the 8s and the 7smade substantial gains, as did the French Municipals. Czecho-Slovak 8s ad vanced more than a point and the Japanese issues were noticeably higher. However, the Jugo-Slav Ss, dealt in on the curb, continued to decline. Among the traction issues some attention was attracted to Chicago railways 5s of 1927 selling about 81 against a high for the year of 85. Today's price is equivalent to a maturity return of around 10 per cent, a striking commentary on the position of traction bonds gener ally in the estimation of investors no matter what the security. The additional issue of $7,500,000 American Gas & Electric 6 per cent debentures, announcement of which was made in these dispatches yes terday, were reported heavily over subscribed. Sales were made on the curb today at par, the price at which the bonds were offered. CT1TK11CES CIIACGE LITTLE II! DAY'S TRADE I , Chicago futures :: lFAT STEERS Cj : (By Consolidated Press.) Chicago, Oct 4. Trade, in wheat was not near so broad aa the day before.1 Price changes were of lit tle consequence. Higher " cables prompted enough baying to cause a higher opening. On the upturn there was a little eastern selling followed by local pressure inspired by a report that an agreement had been signed at the armistice con ference in the near east. After a fractional dip below the previous close the shorts were disposed to cover and there was more or' less buying of December and selling of deferred futures by cash Interests who wanted to transfer hedges. The market rallied just before mid day on covering by pit shorts. Red winter wheat sold at c ' better premium while the Gulf paid 16c over Chicago December for 200,000 bushels of wheat, lc better than the bid price yesterday. Exporters say that business at the seaboard is principally in the way of covering oid sales. A local mill bought 185, 000 bushels number 2 red at 8c over December in store. 'Corn was easy in tone. Commis sion houses bought at the start but there was corn for sale on all of the hard spots. Cash corn was strong and premiums were c to c better than the day before. Ex porters want corn in nearby posi tion and other offers are hard to dispose of. St Louis reports a sale to an exporter at best premium on the crop. Transferring of hedges from the December to the deferred futures constituted the bulk of the busi ness in oats. Cash oats premiums were unchanged.' "' Provisions were without much change. Trade was featureless. Wheat market closed quiet un changed to c lower, Dec. 1.06 to 1.06; May 1.08 to 1.08; July 1.02. Corn closed to lower; Dec. 60 to 6060; May 62; July 63. Oats closed unchanged to c lower; Dec. 38; May 39 and July 38. Lard and ribs closed unchanged. REP UBS, DEMOS JOIN HANDS IN NORTII DAKOTA (Continued from First Page.) - (By the Associated Prase.) Wheat-r-December . May ....... . Corn December Jpsta-i-December -ay .......... Lard October . Ribs October . January ..... ...... ' Open. " High. Low. 1.04 l.M 1.04 1.08 1.08 1J7 .60 ..61 .60 .62 .62 . .61 7 -.39 JT .38 .39, .38 - 11.20 11.20 11.10 Close. 1.66 IMW .61 -2 .38 .39 1L10 12 10.37 I FINANCIAL NOTES I Figures compiled today show that American Car and Foundry, earn ings are running at ah annual rate well in excess of $12 per .: share dividend on common stock. In the first nine months this year more than 111,000 freight cars were or dered and of these American Car and Foundry got the largest numfl ber. It is estimated the companf has $40,000,000 worth ofiforwarfj huKinomi on its books. - V .' i For the year ended July 31 the Pullman company reports total revenue of $66,493,037 as - against $67,242,066 in 1921, operating ex penses $55,182,022 against $54,853, 523 net earnings $11,311,015 against $12,388,543 and dividends $10,499, 940 as against $9,599,820 in 192L . Illinois Central's September car- loadings were 141,807 cars-against 185,277 the previous month and 156,- 971 a year ago. -.. Coffee was quoted: Dec.', 8.98; March and May, 9.00; July, 8.87. Raw sugar: Dec., 3.55; March, 3:30; May, 3.42; July, 3.56. Refined sugar, Oct, Nov. and Dec, 6.75. Cable reports say' many South Wales Tin Plate mills are idle and that others are soon to' elose be cause of lack of orders, , English and Scotch shipbuilders will be awarded a two "million' pound contract for construction of eight passenger and cargo vessels for a western Australian syndicate. Shipments by Tobacco Products Corporation in September- were 127,000,000 cigarets against 57,000, 000 in September, 1921. .. There was another general rise today in refined sugar, which gen LiveStock All the news all the time Thr Argus. Dr. Bundesen attacked women's organizations and ministers, who opposed him in , his proposals to subject inmates of resorts to medi cal examination. He declared that for his own boy he would "rather trust to prevention than a prayer to keep his body clean." Dr. Bundesen yesterday jailed an alleged infected man who had obtained a marriage license. Washington, Ind., Oct. 4. Mrs. Sarah C. Cannon, said to have been the oldest native of Indiana, died yesterday. Gran'ma Has a Picture of Herself Doing It! Curb Market BT WILLIAM G. HEFFEBNAN. (Copyright, 1822 Chicago LiYMtock. Chicago, Oct 4. Cattle receipts, 13,000; strictly choice and prime naAve beef steers, strong to high er; top matured beef steers, 12.66; other ; grades" beef steers, slow; western grassers In liberal supply, few well conditioned North Dakota grassers at 10.00; highest of year; balk native beef steers, 9.60O1L25; bolls, steady to strong; other classes about steady; bulk desir able bologna bulls, 4.004.15; bulk veal calves, early around. 11.50; bulk atockere and feeders, 6.25 7.50. : . Hog receipts, -16,000; market slow; around 10c to 15c lower; balk 180 to 240 pound averages, 9.70 9.85; top, 9.90; few choice 240 to 250 pound butchers, 9.80i9.90; bulk packing sows, 7.40 8.00; desirable pigs, 9.00O9.25; heavy, 8.6509.85; medium, 9.659.90; light 9.50 9.85; light lights, 9.309.60; pack ing sows, smooth, 7.508.20; pack ing sows, rough, 7.007.60; killing pigs, 8.509.25. Sheep receipts, 18,000; opening generally steady; no choice fat lambs sold early; beet westerns held somewhat higher; few desir able, native lambs selling at 13.50; better grades confidently held high er; good 98-pound Montana year lings wethers, 11.00; good fat Washington ewes, 6.50; desirable Washington feeding lambs, 14.75. HOGS. Bulk of ntes S 7 .90 a 9.8 Heavy butchers 9.2042) 9.70 Butcher. 1956250 lbs. .. 9.601 10 10 Hey and mixed packinc 7.1O0 8.00 Bourn heavy packing- .... S.76& 7.05 Medium weifhta 8.30 8.00 Licbt bacon. ISO a 190 lbs. 9 4OW10.10 erally was quoted at 6.25 Saturday.', lb. . ?ioa ii6 - atssl BWav llllillhlli 11033., ARE OFF AD. (By the Consolidated Pre.i ' U. S. Yards. Chicurn rJT''. Cattle trade was again ot two ki? today. Stronr demand T steers brought these up to 11m? i . the start While sellers are Zl I'Jl plaining about a slow markstat' plain steers, yet buvera ZTJ. s that these would have bssa lower If the trade bad not ka- helped by a fairly good 4e2 for feeding cattle. More tbantt. 000 hogs were held over frosui terday and values were down. ? celpts were estimated at 13,00) 7 tie, 16,000 hogs, 18,000 shesa ml 9 Ann ! CATTLE. Demand for fat steers was tab I active and values were stn? II "1 Some extra good animals utZ U J 12.69, but few sold above 13 A Anything below 11.00 showed . a going at i.Wltlt were steady, while medium tryZ were 10c to 15c oft in most cam Canners sold up to 3.00 3.10 et . fully steady market, while bolom bulls were strong. Some ot tat went at 4.304.40. Calves slow at the recent decline, tog4 vealers going to packers at 1UI HOGS. Demand was slow from the atait with most of the sales showing i decline of 10c to 15c from the av age of the day before. Some llrt butchers sold at 9.90 while bulk ot 180 to 240 pound stocks went at iMflifff-sa- une small lot' sold 10.00, but 9.90 remained the practi cal top of the trade. Rough pack ing hogs sold at 7.007.25. Th trade was as much as 25c oS ii some spots late in the day. SHEEP. Lambs sold steady. Best west erns again were placed at 14.40 tt killers, while big packers bought natives at 13.00 13.50 with the be quoted at 13.85. Feeders agaii sold up to 14.75. Montana year lings at 11.00 were steady. a as Pennsylvania Sugar company an nounced a 25 point rise to 6.75. Na tional Sugar refining company an nounced a 10 point rise to 6.60 less 2 per cent for cash. Horses and Mules. Horses: Good to choice draft 8145170; good eastern chunks, 880115; choice southern horses, $5070. Mules: 16 to 17 hands, $175 250; 15.1 to 16 hands, $15022o; 14 to 15 hands, $6090. 1 hp vjAMT huhPH1' EtL &EE WHIl X A NEVER HEFtt OF , W . , ISCflftTCHIN' i i t.i '. A DIRTY , , S ----Xfc g, l ft j- A ' '. HUM!' I LIKE To y 1 If , II r " - . ' '. ' . " i i tff- ' ' T" . I Jj1 ?i 1 ' 1 , .' ,' ' ' ; :': " . ' ' i ; , . II ... II iggT'V , jj .'--.---.., v.'".;,..''.-.'.--'-.::.'-- '.'-....'.. New York, Oct 4. Announce ment of the Standard Oil of Cali fornia capital increase was the overshadowing consideration on the curb exchange today. It set at rest any doubt there may have been as to the solid basis for re cent gossip about Standard Oil "meloncutting" and led to another day of excited trading in the Standard Oil group. , The volume of business in these issues was larger than on any day since the beginning of the upward movement over a month ago. The Indiana stock was heavily traded in and got close to its high for the year. ' Spectacular advances occurred in Vacuum Oil and Stand ard of New York, again, the for mer at a new high for the year, up almost 40 points from its previous close. Standard of Kansas, Stand ard of Kentucky and Standard of Ohio were others to make new tops. Aug io-American on was taken in band, opening up 1 points and continuing higher. Five,, thousand shares of this stock were traded in before a sale was recorded on the tape. , Imperial Oil of Canada gained z-ti points in tne early trading, but profit taking by those who had pur chased this stock before its rise of Tuesday, brought about a drop to below its previous close before the advance had terminated in others of the group. Ohio Oil gained over 10 points at one time. Cities Serv ice common attracted 'attention getting up to 200 while others of this group held firm. " The rise in Standard Oils had a stimulating effect on others. Mutual Oil got across '12 and a good de mand for Mountain Producers, Salt Creek producers, Simms Petroleum and New England Fuel Oil resulted in substantial' advances. Turman Oil also did better. Gulf Oil of Pennsylvania crossed. 65 again on a large turnover. , Oil shares monopolised the atten tion ot traders and were sections of the list were somewhat neglect ed. R. H. Macy gained fractionally and a further rise of over a- point in Philipsborne was noteworthy. Glen Alden and Southern. Coal and Iron were firm and qujet Schulte Stores was active again but lost its early gain in the late trading. The rest of the miscellaneous sec tion did little. But in no instance Lwas there any weakness. ine snort covering movement in Durant Motors was brought about higher prices- in the stock, ran its course but the other stock, hold around its top prices. ' ' , . Silver. ' " ' New York, Oct 4. Foreign bar silver, .69; Mexican dollars, .53. primaries, as the case ' may, be, just to be able to help theirVespec tive causes. Wins fiepub Totes. There were about 14,000 to 15,000 votes cast in the Democratic pri mary of which O'Connor received about 9,000. He will get practical ly all the remaining Democratic vtes. He will also fall heir to four or five thousand votes cast in the Republican primary for Orms by McHarg by those voters who don't care to vote either for Mc Cumber or Ftazier. There's no telling what the Mc Cumber supporters will do. For a while it seemed as if they would prevail upon Mr. McCumber to run as an independent and thus help Frazier but the plan fell through.' The truth Is, the foes of the Non partisan league are making con siderable headway. They were suc cessful in forcing Governor Frazier out of office by a recall election two years af 0 and they have man aged to Sign Democrats and Re publicans in the common cause. Fight Son-Partisans. For example, it was agreed sev eral months ago between the Dem. ocrats and the organization which represents the old line Republicans that after the primaries they would get together and agree to vote against all Non-Partisan league candidates who had been success ful in the primaries. Thus, this year, the regular Republicans won the primary fight and R. A. Nestos will receive the support ot the Democrats whose candidate is mak ing no campaign at all. The Non partisan league is running W iljjam Len.pke for governor as an Inde pendent and it can readily be seen what would happen if the Demo crats fought the regular Republi cans. Incidentally, Lempke is un der indictment in connection with his conduct while attorney general, from which office he was recalled. He is making a race for vindica tion. ' "Careful Schratchlng" .Needed. The North Dakota voters will have to do some careful scratch ing, therefore, to express their choices and there will be very few straight tickets voted. For instance under the Republican column one finds Mr. Nestos, a foe of the Non partisan league, and further down the same column are the Non-Par. tisan candidates who were success ful in republican primaries. The Democratic column, on the Other nana, contains a candidate for eov- ernor whom most Democrats have agreed to forget about so as to help the conservatives on the Re publican side. And besides all this, mere a sun a uiira column wbere in the Non-Partisan league men have placed candidates for those office in which they lost in the Re- puDiican primaries. What is O'Connor. What would Mr. O'Connor be if elected to the United States sen ate in this overwhelmingly Repub lican state. He says be will not oppose protective tariff duties on farm products, he will loin the farm bloc at once, he stands with President Harding on the bonus, that is, he believes In it but that some suitable provision must be first made to pay the bill. What ever else he votes for or against doesn't matter much right now, for the ' regular ' Republicans would rather have O'Connor in the senate as a Democrat from North Dakota than to send Frazier there and give , new impetus to the Non-Partisan league movement ' Peoria Livestock. Peoria, 111., Oct. 4. Hog receipts, 1,000; 10c to 20c lower: lights, 9.00 9.50; mediums, 9.009.65; heav ies. 8.509.60; packers, 6.758.00. Cattle receipts, 300; slow and weak; top on veals, 10.50. Chicago Produce. Chicago, Oct 4. Butter; unset tled; creamery extras, 42; firsts, 34V&37; extra firsts 39041; seconds 3233; standards 38. EggsT unchanged; receipts 6,253 cases. Poultry: alive, unchanged. I Weather Forecast Stags, subject to dockage .. 6.50 6.25 CATTLE. Prime steers. 1 . 200 W 1,600 12.25612.55 Good to choice, 1.10Ol,500 9.6012.10 Poor to rood. 900 a 1.400.. 7.25 (a 10.25 Low trade fcillinr steers.. 4.35a 7.00 Bulk of beef steers 8.25ai2.00 Yearuncs. 70081.100 lbs.. .50ei2.45 Fat cows and heifers ..... 4.50al0.50 Catmint cows and heifers. . . 2.25 3 00 Poor to choice bulla 3.25 a 7.00 Blockers and feeders 4.750 8.25 Poor to fancy calves 8 00 e 12.25 Western ranee steers 4.750 9.2a SHEEP AND LAMBS. Western lambs 12.2514.50 reductions in freight rates on fan products. A "In considering the matter ol freight rates of agricultural pro ducts there are two things whick should always be kept in mjot First, that the cost of transporta tion is essentially a part of tkt cost of production, so far as agri culture is concerned, and any it- crease in transportation costs uh nnmA nut rxf Vi nrlna thtt fM NatiTe lambs 10.00Q 13.851"""? "" " " Lambs, doo rto best culls.. 8so lo.oo receives. In this the farmer lag Feedinc lasnbs. fair to best. 13 00 to 14 75 Ewes, poor to best 3.75.U 7.00 Yearlinrs. all trades 8.00 a 12 00 Wethers, poor to best .... 4.75 w 8.2ft Breedinc ewes, all area..,. 6.25ll.n0 Feedinc ewes 3 00 5.25 Bucks 2.aOJ 3.00 FREIGHT RATE REDUCTION IS VITAL TO FARM Illinois, Indiana and Missouri: Fair tonight and Thursday; con tinued warm. ALLIED POWERS AD TURKS NEAR Secretary Wallace Says There - No Quarrel With Kailroads; ' Hast Adjust Costs. Is (Continued from First Page.) for the Turks, Js assumed' to have explicit directions from Mustapba Kemal Pasha, based on the assur ances given the latter by M. Franklin-Bouillon, the French en voy. f The Turks' demand that the Greek army evacuate Thrace within eight days is regarded as almost an impossibility. Constantinople dis patches mention the possibility of blockade against Greece by the al lies if the Athens government re fuses to recall its forces, but -this is not borne out officially here. Russia Looms Large. Constantinople, Oct 4. (By the Associated Press.) Bussia loomed on the horizon today; for the first time, as likely to prove an import ant figure in the settlement of the Turkish problem. The negotia tions at Mudanift have brought to light the fact that Mustapha Kemal Pasha's advisers are urging him to obtain from the allies pledges for eventual fulfillment of all the con ditions of the - so-called national pactf including control , of i the straits and modification or annul ment of the capitulations. Should he succeed in this, it is said, he will at the same time at tempt to abrogate the treaty made with the soviet foreign minister, M. Tchitcherin, in Moscow on March 16, 1921, which permits the soviet and the Black Sea .countries a to share in control of the straits. Kenallsts Nervous, Many of Kemal's advisers have no love for the- Russo-Turk: al liance, and -feel that it is time to repudiate an agreement which has ceased to be. useful to the Kemal- lsts. There never has been, nor can there be, they say, any lasting af fection between such natural eco nomic and political rivals as Rus sia and Turkey. The Kemalists for some time have been nervous about their Caucasian frontier. Cancellation -of the treaty there fore is regarded by. many of the Na tionalists as a sound national pol icy. Almost all their leaders now are understood to regard- with mis givings the Idea of . sharing with Russia the oontrol of Turkey's defenses. The farmer has no quarrel with the railroads, doesn't want govern ment ownership, but must insist 6n reduction of rates on crops and stock, to bring market returns in to proportion with cost of market ing, Secretary of Agriculture Henry Wallace told 5,000 farmers at the Mississippi Valley fair grounds to day. "One of the heavy burdens the farmer has been forced to carry at a time when he was least able to carry it has been the large increase in freight rates. In 1920 many of, these were double what they were before the' war. At the same time, increased rates on things the farm er had to buy added to his cost ot living and cost of production by just that much. A freight rate of 25 cents a bushel on $1.75 corn is not serious but a 25-cent rate on 50-cent corn is ruinous. During 1921 influence of the administra tion was exerted in every proper Way to bring about a reduction in j freight rates on farm crops and a number of important reductions oo- tained. Rates are still altogether too high, however, with relation to the selling value of crops and fur ther substantial reductions must come in the near future," he said. "The urgent demand by farmers for large reductions in freight rates have led some people to.think that if the farmers could have their way they would put rates so low that the roads coud not possibly oper ate. Nothing could be further from the truth. The farmer has a direct interest in efficient railroad opera tion and knows that the roads must 'bo' permitted to charge enough to cover all proper costs of operation and enough in addition to-give a fair return upon the money invest ed and thus keen capital in the business. . Neither does the farmer want government operation of the railroads. He had enough of that in his three years' experience to satisfy him for all time. He will never forget the losses, both, di rect and indirect . which he , suf fered because he could not ship when his stuff was ready for mar ket, and because of bad service. Must Reduce Rates. "Nevertheless, freight rates on farmer simply cannot afford to pay come down. With present prices for his crops and with probable prices for the next year or so the fanner simly cannot acord to pay the present rates.- They are out of all proportion to the pay be gets for what he grows. "A hopeful sign which points to ward the possibility of reductions in railroad rates is the gradual re duction in the part wages contrib- a disadvantage witn me manuu turer, the jobber or the retailer, ill of whom as a rule are able to adt increased transportation costs the price they get from the bayif and who are therefore interests! not so much in the freight char proper, but in being assured (ha the freight charge, whatever k may be, places them at no disat- vantage in meeting competitor Thory Reversal Effect, "Second, our business and indw-v trial life has been built upon system of relatively low railrosi rates for agricultural crops, de signed to encourage their mow ment over long distances to indu- trial and business centers. A so den reversal of this theory of rati making resuUa in great economic injustice, from which thp faitoert are suffering now, and if pcrsistei in will keep up in a state of cofr fusion and agricultural and bad ness uncertainty for a proloungei period." MCLINE COUNCIL ORDERS RESTORED CLOSED STATI0I a t 5 X a a a (Special Moline Serrtee.) I The Moline city council vote! last night ot reopen the No. 4 llrt station at Fourth avenue inl Twenty-seventh street, Oca. 15, sal to have the police and fire comm sion certify five additional men M handle the equipment. No. 4 station was closed in lull when the double platoon ' systcu was inaugurated. Residents of tb east end were then given the im pression that the station would reopened Oct. 1. When it seemel that the station would be allowe.1 to remain closed indefinitely, reil dents of the east end grew alarmed over the possibility of being with out adequate fire protection during the winter, and started a petition, which was presented to the ci.T council. The resolution calling for the re opening of the station and the ap pointment of five more firemen w passed without much discussion!" public meeting last night TM secret conference held prior to -M open session, however, is said t have been quite stormy. . How the new station is to " financed the mayor and alderaw are at a loss to understand. Tn are no funds available besides u fire department appropriation, clared Mayor Skinner. , a uo in whose 'are the station is situated, declared uj the bills will be paid by uecia. an emergency and then borrom the money. "The fire, police W health departments have aWW" bee nallowed to declare emerr encies," he said "Hardly a raw passes but what that is done. all the fuss now?" DEMOLAY ADVIS0ET , IN MEETING TONIGHT The advisory council of land commandery. No. Is. W" Templar, in charge of the org tzatinn of DeMolay. are request by P. G. Linter to meet .in t ' M. C. A. this evening at .oc'" eveniua- . The chanP of the i oniai instead of tomorrow previously planned has been made in view that tne Dig groiui lc' , oott morrow. A large number of aw i jtl Ho vnlert UDOU ute to the total operating cost Ap- cations win oe vuwru k - ii j . .lu-'rw..!,,! meetine will oe steady progress In the reduction and tickets are now in of these costa, and should therefore of the committee. At ieasi be able soon to make substantial ' expected.