davidaulloa/AmericanStories huggingface dataset:
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

additional late markets will be
found on another page of this paper.)

Chicago, Aug. Weakness
foreign situation we're reflected on
and wheat values turned downward at the
start a fair class Of buying, however.
checked the down tufn and the marke.
rallied somewhat from the inside figures.
The opening, which ranged from kc 10 u
lower, was followed by slight general gains
on all deliveries
Close was at unchanged figures to 9sc
higher, with September $1O1% to $1015 "a
and December $1.03H to $1.03as.
CORN-Corn was devoid of the persistent
buying which had been such factor in
the last few days and on reports Of scat
tered rains showed tendency toward lower
prices After starting at unchanged figures
to &c lower the corn market underwent
a slight setback, then made -something of
n recovery.
At the finish values were &C to &c
net lower with September CO.'S G60hc to
60Ae.
OATS-Oats were dull, initial quotations,
which ranged from Sc decline to &c ad-
vance, were followed by slight general gains
all arodnud. :
OVIsToNs-Provisions were easier in
line with grains.
OHlCAG0 GRAIN MARRET.
FURNISHED by The Empire Com mission Co.,
201 New England Bldg.l
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
sr. JOE LrvEsTocK MARKEr.

ST. Joe, Aug. 25--HOGS-Receipts 1000.
Market fairly aetivs, mostly 10c to 15c high
er than yesterdays average to both ship
pers and packers Bulk $50 to $40 pound
weights, S9.OOd9 10; $50 to $50 pound
weights.A $S.60@&S5;. packing sows. steady
to strong, $6.1567.00; average cost yester-
day, 1919, weight 30 pounds.
CATTLE-Receipts 500. Market nominally
steady; not enough Of any one kind here
to test values. No good or choice steers
here: veal calves, top, 5000.
SHEEP-Receipts 1000. Fat lambs, steady
to 15c lower. Sheep. about steady, top ma
tive lambs, $12.60;l bulk OF sales, $12.259
1850; few head Of ewes, $3.50.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
INFANTRY HELPS FIGHT FIRE.
Army Supplies Destroyed When Part
of Calais Docks Burn.

Calais France, Aug. 25.-A large
section of the Calais docks and ware
houses-among the biggest on the
English channelAwas destroyed by
fire yesterday. An entire regiment of
infantry was ordered out to assist the
firemen. Great quantities of British
army supplies were lost and for a
time the blaze threatened to ignite
10000 gallons Of army rum.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
a. y. GRIFFIN. Representatlve.
lToPEKA POULTRY AND EG0s.
market quot atoms By Preminm Poultry
Products Co, 40 North Kansas avenue,
Topeka. kan.) -t etr.-

Topeka, Kan, Aug. 25,
No noticeable change In market condi-
lions on poultry or eggs, Very light re-
Seipts Of both springs and fowl
Egg receipts light due 20 prevailing hot
weather and moiting condition Of hens. To-
peka market same az yesterday.
Prices for today follows:
Hens, lbs, and over. 16c Fer ID. hens,
under lbs. 1Sc per 10. !. roobtefs, &c per
springs, over 2 fbs.J 16c per ID.
Buff and white teNeept Ls6h0rnsJ fowl
lie, 'broilers and springs &c .preuiuIu over
bESiIsrs and springs SC discount from above
Eggs-On a graded basis, extra firsts. Goo
per doz. ordinary firsts, 1Sc per dos. sec
onds and checks, 16c per dos, cases in
Guided; without case lc per doz. lees.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
LIVERPOOL & BUENOS AIRES GRAIN.
Furnished by Empire Commission Co 2O1
New England Bldg. Topeka.l

5 as Aug. Is, 1922.
LIvERPQoL-wheat opened today In
nd lower; p. m, A@1d lower; $3.50 p.
IA, wheat y old lower.
BUENOS AIRES-Wheat closed Thursday
1@2c lower; corn closed Thursday uIl-
changed.
I LIVERPOOL-Wheat closed Id lower.
BUENOS AIRES-Wheat opened today,
I@2e lower: corn opened today. UNCHANGED.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

France Names New Delegate
Paris, Aug. Ex-senator De Jouv-
enl, chief editor of Lematin, has been
appointed French delegate to the
League Of Nations in place of Rene
Viyini, resigned.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
KANSAS CITY LIVESTOCK MARKET.

(The following sales were mnde this morn
ing at the Stock Yards Kansas City, and
reported over long distance telephone
direct to The State Journal by Charles
d. Pipkin, Kansas City Stock Yards Co.,
Telephone Main 6SO0.l
Kansas City, Aug. 25-CATTLE-Receipt
5000 head; calves, 500 head. Market; Trade
quiet at Thursday's decline; quality Of eff
-kerings continued plain; calves, weak.
HOGS-Receipts 5000 head Market Zoe
higher. Bulk. Of sales, $S-6069O5; top,
SHEEP-Receipts 2,00o head. Market
steady. Native lambs ton. ga %
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25


Dublin, Aug. 25--The body of
Michael Collins lay on its bier in Dub
lin city hall today. while Irishmen Of
al classes and creeds filed past for a
last look at the features, set in the
look of determined defiance with
which the free state commander in
chief faced his foes to the end.
= The fag-covered coffin, which ar
Rived from Cork yesterday. was first
aiken to St. Nincent's hospital, where
Arthur Griffith died SO recently. and
then last night to the city hall. Where
the body viii lie in state until Sunday.
The funeral has been set for Monday
morning with solemn high requiem
mass in the cathedral and inter
nent in Glasneven cemetery.
Continue Policy of Leaders. ~
= 1t has been announced the govern
lnent viii be continued along the ex-
act lines laid down by Collins and Grif-
fifth. and those left in charge, william
tossrave ond Richard Mulchay. have
expressed their determination to see
the free state set on firm founda-
ton.
> Mulcahy succeeds Collins as COM
rnander-in-chief of the national army
and Cosgrave is acting as head of the
government. What actual changes
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
RAIN BREAKS HEAT WAVE.
Fall az Nearly an Inch at Hutchinson
-HotNin Nebraska

Hutchinson. Kan, A1g. 25.-A total
Of .S5 of an inch of rain fell here
during last night, breaking the heat
wave The rain was accompanied by
severe electrical storIn.
Omaha, Aug. 26.-Heat records for
several years were shattered in Me-
braska yesterday when temperatures
over ZOE degrees were reported
At Beatrice the official temperature
was los; at lincoln, 104, and in
Omaha, 102. --E
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

Kansas City, Aug: 25-WHEAT-Cash
Receipts 200 cars. Market unchanged to
No. 2 dark hard, $1.o5aII7; No. i hard.
99cG$1 Il; No. hard, 9Sc@$114; No.
red, 8; o341O4; No. red. S1.01@1 o.
CORN-Market unchanged. No. white,
SOC; No. 8 white, 541ac: No. 2 yellow,
61M Ge2c: No. 3 yellow, 81 &c; No. mix
ed, 54G55c; No. 3 mixed, 53M531hc.
OATS-Market unchanged. No. white.
S4hc; No. mixed, s3GJ4c; No. red, $50
RYEL75G76c
BARLEY-0051c
KAFIR-S1 6501 81. -F4
BRAN-73H75c.
SHORTS@l5cd$1
WHEAT-Close Sept, 051kc; Dec,
96ke: Nav. 81 00%.
-CORN-Sept, u&e; Dec, 49Hc; May,
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

Aug. 70, 1877.
tThese prices are basis delivered Kansas
wHEAFNos lhafd, s1oe@114s Ne. 8
hard, -gIc@1,12; No. hard. Seal II; No.
? red, 97c; No. s red, 96c; No. red, CSC.
CORN--No. 2 white, sic; No. mixed,
54cs No 2 yellow, &c.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
NEW YORK STOCK MARKET.

Wall ST., New York Aug 24-STOCKS-
Increased public buying impaired strong
tone to the early dealings the stock
exchange today. Public utilities were in
good demand and there we're indications Of
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

New York. Aug. 25.-BUTTER-Market
firm Creamery higher than extras, 3T9
j7%c-
EGGS-Market firm. Trash gathered
firsts, 3oQ32c
CHEESE-MaFket firm.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

sold; sheep, scarce: few native ewes to
killers, 81. 0O6I7.00; inside figure taking ex-
treme heavies.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
Aug. 25, 10.

Aug. 25 1922.
Liberty. bonds opened today: 3h's.
$100.62; first Ans. S1O0.T6; second 4E's
10000: third 4h's, $100.34; fourth Ar
500. g.; Victory. $1005S.
Liberty bonds closed today: So g,
$1O0.6S; first AVS, S1Oo.T6; second AZ s,
800. 20; third AIS, $1oO.SS; fourth AIS
$100.7S; Victory, $1O0.7O
NEW YORK sTOCR, MARKET.
(TurnIshed by Empire Commission Co.,
POI New England Bldg.)
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

TOPEKA CASH GRAIN MARKET
FURNISHED by Derby Grain Co, $50 New
England Building, Topeka. Kansas.)
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
LIVESTOCK HECE1PTe.
FURNISHED ty Empire Commission Co.. 2tn
New England Buildingl
KANsAs cITY LIvEsTocK MARKEr.

Kansas City, Aug. 25SCATTLE-ReceIpt pts
$500. Trade duh and irregular on fat
she stock stoekers, feeders and palmer
er classes around steady; best steers offer
ed $500; better grades gTassers. 81. SO6lT 20;
few common to medium feeders. 5000 90
inferior to plain stockers, "a. 000 $50; most
cows, 81 500 5O; few sales, 5000 $50; can
ners and enters, generally 81 2jM3 Is; bet
ter grades vealers, s10O0@1050.
tive to packers and shippers 10c-t0 15c
top $40; packer TOP. s9,Oo; bulk Of sales.
20 and 500 poundeTs. ssooereoo I psesisG
sews. 1O@15e higher; bulk Of sales, So 751
10; few stock pigs. steady; not enough
sHEEP-Receipts 1000. killing classes,
steady; tendency slightly lower: native
lambs, 3d. fat ewes, largely $8oOd0 70.
CHICAGO LIVESTOCK MARKET.
Chicago. Aug. . -CATTLE-Receipt
$500. Market generally steady. strictly
prime yeariings, stronger; beef cows and
sfos sEht io51 t pDunG dGns buH bsst
steers OF quality and condition to sell at
Ss.75 to $1,000; Gamer and cutter. COWS,
81 0044. Is: veal calves around s11-50H12oo
HOGs-Receipts 1900. Lighter weight
active, Toe 70 15c higher: top, $40; bulk II
Strong 40 to 80 pound butchers. ' mostly "
pound but .herE, $S-zoae1O; packing sews.
mostly mostly sa291s bulk sa, pigs' e
sows. smooth. s6.75aT45; packing sows,
SHEEP-Eeceipts $500 Fat lambs. ac-
tive. generally steady to strong; spot,
higher; fat sheep and feeder lambs, steady !;
TOP NATIVE ambs sis2S to city sStebsss
natives to packers. S12 50a Il 20. native
cuIfs, mostly $500; eight loads Idaho. un-
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
KANSAS ROAD REPORT.

By q. s. department Of agriculture,
Weather Bureau, Topeka. KAN. for the "a
hours ending at a. m., August 20. 1922
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

Chicago, Aug. 25-BUTEER-Market
higher. Creamery extras, 34@341Sc-
EGGS-AaFket higher Ffrsts, 23hd24c.
POTATOES-Market strong on Early
Ohios; steady on whites Minnesota sacked
and bulk Early Ohios. 81 3On1 20 cMt.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

LIBERTY BOND QUOTATIONS..
FURNISHED by Empire Commission Co., 201
New England Bldg.)
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
TOPEKA POULTRY MARkET.
Furnished by the Topeka Packing Co.
corner Laurent and Madison ste. To
peka. kan.l
Tapaka. Kan. Al

Topeka, Kan, Aug Is.
Hens. TBS and ever, 16ci under lbs.
13c: fancy broilers. 2 lbs. and under, IDc /;
Leghorn and black broilers, ICE; fancy
springs over lbs, 16c black aud Leghern
Eggs-S6oo case delivered, Including new
cases.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
KANSAS CITY HAY MARKET.

New York, Aug. 25-COTTON-Spot
quiet; middling, 22.25.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

Chicago, Aug. 25-WHEAT-Close
sssRt, s. 5 SIN Dec. siosa GLOSS
As e6R ss an sSSeaeO14c; Dec, $40
$3.50: Nav, 5Sk @5Szc.
OATsz.sept., s21sc; Dec. 34A@34ssc;
RYE-Sept, Gee Dec, Tic: Nay, 75Hc.
LARD-Sept., Is10sS7; Oct, $i042
RIBS-Sspt., $40.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

1000 a, m, Aug. rs, 1922
English sterling, AT 7-16; German marks,
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
NEW YORK SUGAR MARKRT
NEW YoRK COTTON saARKI

n New York. Aug. 25.-SUGAR-Raw, fu
lures, irregular; $50 for fine graduated.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
The Cause of Irish Irregulars
/ Believed TOttering.
De Valera Has Only a Small
3 Army Left, Is Report.
THOUSANDS SEE COLLINS BODY
Followers Make New Determi-
{ nation for a Free State.
Leader of Murder Party Has
Abandoned the Rebels.

Belfast, Aug. 25.-National army
troops today captured the towns of
KinsaIe and Dunnanway. the last two
Positions held by Irish irregulars in
County Cork, according to advices re-
ceived here
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
GRAIN RECEIPTS
Aug. %, 1922.

FURNISHED by Empire Commission Co.. 2O1
New England Building, Topeka. Kanl
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
FOREIGN EXCHANGE

FURNISHED by Empire Commission Co., 2J1
New England Building. Topeka. Kan.bi
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
KANSAS CITY PRoDUCE MARKET.

Kansas City, Aug. 25-BUTTER-MaFket
unchanged. Creamery, SIC; packing 2Oc.
Butter fat. unchanged, zoe.
EGGSAMarket unchanged Firsts, &c.
POULTRY-Market unchanged, 14@19c
broilers, 20c.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
DAILY WEATHER REPORT.

Furnished by the United States weather
bureau office. Topeka. Kan, for the "a
hours ending at q. m, Friday.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

KANSAS CITY CASH GRAIN.
orange Of futures on Kansas City Board
of Trade as reported by Il. c. Christie.
phsr & CO., 22G New England Bldg. To-
peka, kan.) -,
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25

United States Department Of Agriculture
Bureau of Agricultural Economics. Mar
Harrison 1945
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
FEEDING LAMBS AND BREEDING
EWES

Breeding ewes have moved slowly Attic
have come into local territory and eastern
orders have been limited. With killers
paying higher prices some loss have gene
found a country outlet A few again went
out at $7-T5 but S1;2S secured 9 desirabls
most offerings. No western feeding iam6s
baYe been offered.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-25
From 100 to le5 at Ottawa.

Ottawa, Kan, Aug 25--The tenn
perature dropped from the high sea-
SON mark OF 100 degrees, reached at
p. m. yesterday, to a minimum OF
60 degrees here early this morning
with prospect that the maximum to-
day would be- in the eighties. There
New-York tribune., 1922-12-29
The Dollar in Foreign EXCHANGE

Foreign exchange rates moved un-
certainly yesterday, and there was con-
siderable irregularity. Cable rates on
London sagged fractionally 70 S464.
while French francs recovered appreei-
ably.
New-York tribune., 1922-12-29
Freight Rate Reductions

Important rate reductions which have
been made effective since the increase
OF August. 1920, represent decrease
of about $500 900. 900 In. annual gross
revenues. according TO a compilation by
the Bureau Of Railway Economies. In
the Eastern group the increases Of Au-
Gust. 1920. we're reduced from 30 per
cent 10 26 per cent This amounted TO
total decrease OF about 35 per cent OF
the 1920 increase. In the western
group there was a decrease Of 80 per
cent Of the 1920 increases, and IN the
Southern and mountain groups the
1920 increases Of % per cent were re-
duced 125 per cent. In addition there
have been other downward rate read
justments affecting export grain, bi-
luminous coal 20 Lake Erie ports Tor
the Northwest and ore and lumber.
New-York tribune., 1922-12-29
Tn. Anaeonda-chils Deal

Sailing Of Anaconda yesterday vas
,,tributed 10 rumors that the reported
Joal nth Chile was on, but another
factor was probably the desire Of
hoidor, 10 register Losses for income
a., nuynoses on the last day that this
eonid be done in the regular way.
Anaconda officials made. no eoImsn' =
on the report that negotiations TOT S. AZ.
ou,sltion OF Chile were on, put thIs
was not surprising in view OF the iles ..t
tbat there was no confirmation @ on t1g lg
yenort that the deal was or saoul9 s,al
ths deal be cousummated Il u oeiisFeu
~, no formal announcement viii bo
n,ode until March At the esriiest'
Ths financing may involve tne issui
anre Of between Ss00oO'OOO an"
si0o OoO. 900 Of new securities.
New-York tribune., 1922-12-29
Money and Credit

Call money Of both classes yesterday
opened and renewed az per cent, later
worked up TO 5lz per cent and closed
at the higher rate.
New-York tribune., 1922-12-29
Chang. Psn.Amsriean ~EI" Date

up until after the close Of the mar
ket yesterday the impression prevailed
that both the Pan-Amerieon common
and "B' eomon stocks would sell "ex'
the 20 per cent stock dividend to-day.
After 2 o'clock, however, II was an,
nounced that neither will sell "ex
until further notice. In taxing this
action the stock Exchange followed
the policy IL has adopted with respect
70 other stock dividends w az ehort
IN make the "oT dates and the pay
oble dates come rs near together as
nossible. Otherwise there would be
\ period when the securities In que'-
tion would sell considerably lower.
necessitatlng tho placing Of additionsl
collateral with the banks.
New-York tribune., 1922-12-29

Dsy Tear
New-York tribune., 1922-12-29
Selling for Tar Purposes

u WAS generally agreed that the re-
..tion IN Yesterdays market, partie!ui,,
% ,s,iy N those issues which arc still
,.onsid.rably under the highs Of the
roas we've Tor the purpose Of register
yen', .-,. ~ iosses. u was the last
IL. s ~ tho year In which this could
boAone With deliveries made the FOL
i"uJ,~ m t. 5av. or what is known in the
parlance Of the Street as the .tesu.sl
way. Sales made to-day ior tne s'n. =.
nurpose must he made for eash, AZ
deliveries would otherwise run Over
until next year. The volume OF seI'
inv 20 register tax losses, while apgaI'
ent ali through ye.terday's market
was heaviest in the last hour, when
IN. declines carried the price list 20
its lowest level for the day.
New-York tribune., 1922-12-29
L.K.Rice.Lr.&Co.WilI Sci

~ ~ - - - - - = - - =
n 100 American Cyauamid Com. lI
III 100 AnacO Go. ii
III SO Atlas Portland Cement Com.
II rs Amer. Each. Nat1 Bank stock II
III fO0 James lfutirr Com a Pfd. III
200 y. ", Bliss Com. II
III t1O Rucyrus Co. Com. II
II 100 Clinthheld Coal Com. II
III IS Coal SALES Co. III
II iO0 Chestnut q smith Com III
roo Campbell Baking Com. ii
100 CHM. Ind. a Western Com.&Pfd.
III 90 Continental ina. III
iii 90 Equitable Trust stoek III
nth Ave. Bank stook III
iii 20 fldelity-PheniK Ans. III
II 100 Great Amer. ins. III
30 G~neral Baking Pfd. III
100 Kirby lumber Pfd.
III 20 Louisville. Hen. a ~. l.. Pfd.
lord 4 Taylor Com.
III 90 Mohawk Valley Co.
HI 100 Mccall Corp. Com. a rfd.
III 100 Nat. Ice Leasing Com. a Pfd.
iii 90 New York state Hys. Gem .APfd. A
iii % Nat. Tuel Gas
iii Is National iiberty Ins.
iii IS New Nork Trust stock
iii ics Penn. Coal a Coke
iii 80 Phelps Dodge Corp.
iii 90 Faciio Coast TALL lssuss)
iii % Rochester Gas & Elec. See Pfd.
Ill 100 Singer Mfg.
iii leo Standard screw Com
iii 75 Tayler-Mhart. Iron A Steel Com.
iii 80 United Bakeries Pfd.
iii 100 Victor Taking Machine
iii 10o Winchester Co. end Pfd
iii fb Ward baking Com.
200 West Va Pulp 4 Paper
III so Yale Iovne Mfg.
J.K.Rice, e,Jr.&CO
pa.s.. .sss 70 .sie John - wsns 81 "
New-York tribune., 1922-12-29
In Wall Street
d. s. st,,l snII Hold LIbsrtIss

Reports that the United states steel
Cooperation has been selling its hold
lngs Of Liberty bonds with the view OF
using the proceeds 70 retire part Of Us
si74,32e,OoO second mortgage bonds
are authoritatively denied. lts hold
ings Of these securities, which eonsti-
sute the greater part Of its sisi 49,
egi marketable securities, are still In
tact. This dlsposes Of another rumor
affecting tho use OF the Steel Corpora-
tion's large cash surplus. Recently
Judge Gary denied that any stock div.
idcnd plan or any other Arrangement
involving an extra distribution 20
stoekholders was under eonsideration.
n h tho opinion IN speculative circles,
however, that n earnings show marked
Improvement next year the present
iJcas ~ the management may be re-
vised 20 tho extent that extra cash
dividends may be declared
New-York tribune., 1922-12-29
Stock Market
Shows Slight
Price Declines
Tax Selling on Extensive
Scale; Traders Make
Capital Of UnfavOrable
Reports From Near East

Stocks declined yesterday and In
view OF the professional character OF
trading Il was only natural that those
In search OF plausible excuses for this
movement should have made capital Of
the unfavorable aspect Of the Turkish
situation. There was abundant evil
dence in the other financial markets,
however. that the trading community
erred in ascribing weakness In the
stock market developments In and per-
tanning 70 the Lausanne conference.
In the FIRST place wheat was under
considerable pressure, some options
selling two cents lower. Corn, oats and
other commodities likewise developed
weakness, closing with material net
losses although above the low levels Of
the day. Weakness in grains, however
has never been accepted as an indiea'
tion Of nervousness over European dis
turbances. The opposite usually holds
true. unless some abnormal influence IL
NJ work. In the ease under observa-
tlon weakness IN grains might properly
be attributed 20 difficult telegraphiC
Communication with interior points, a
factor which operated 10 withhold a
large measure Of the markets custom
ary support. Realizing also was IN
large volume.
Nor did the relative steadiness Of
cotton. both here and abroad. support
the contention that heaviness In the
stock market was a direct result Of
dissatisfaction with the trend Of events
abroad. War seares should have on
cotton an effect diametrically opposite
10 that on wheat. What happened in
cotton yesterday was merely a further
slight recession from the forward
movement which was checked Wednes-
day. In the foreign exchange market
there was no evidence that those who
give proper weight to foreign develop
ments we're the least bit disturbed yes
terday A decline Of a half cent In
sterling, such as the exchange market
produced. has not been considered
particularly significant since the re-
cent phenomenal rise. Sterling lost less
than half a cent on the day in n quiet,
orderly market. French francs actually
gained ground, ending with a net gain
Of sh points, while German marks ad-
vanced 7 points. The outstanding fea-
ture Of exchange was the rise Of rupees
10 a new high for the year at 31.20
cents.
With q few notable exceptions the
decline in what are known as invest
ment stocks was not severe, for the
reason that stocks that are close to
the high Of the year and which are not
far below the peak Of their 1919 move
ments did not bear the brunt Of tax
selling, q familiar year-end expedient
resorted 10 quite extensively yester-
day. There was evidence, however, that
low-prieed railroad and industrial
shares were under pressure Of this
sort Of selling yesterday. In the bond
market too, there was significant sell
ing Of weak Issues, especially those
standing at a considerable discount
from the high level Of the year. Yes
terday presented the last opportunity
for establishing losses by selling Sc
curities IN the regular way" although
It will bo possible to accomplish the
same end to-day and tomorrow
through cash transactions.