davidaulloa/AmericanStories huggingface dataset:
Evening star., 1922-06-17
WEAK SPOTS IN STOCKS
CONTINUE PRICE BREAKS

NEW YORK. June 17-Stock market
prices broke sharply again this week
after several interludes which seemed
to justify the hope that the preceding
weeks decline had been effectually
checked. Later reversalS were SO
drastic. however, as to convey the
idea that many weak spots yet re-
mained.
Oils suffered more than any other
group, but steels, equipments. motors
and shippings paid heavy toll. the
latter rejecting poor trade conditions
ard waning, prospects, of ship sub
sidy legislation. Secondary or cheap
rails also cancelled much Of their
spring rise.
Apart from the likelihood of more
acute labor difficulties with the ap-
proach of the midyear. industrial and
general business conditions offered
no explanation for the additional de-
probation Of values, which also
affected the leading commodities,
notably grains and cotton.
Although brokers' loans were main
tanned at the years record total,
and renewals Of commercial paper on
a lower basis were made on what is
commonly known as good names"
The coal strike continued to reflect
itself in higher operating costs, but
production of steel and iron, as we'll
as other finished materials, held at
the rapid. pace set in May and April.
Quotations for metals shaded slight
ly. despite further foreign demand
for copper.
In the international field the most
important event was the reduction
Of the Bank of England discount
rates to the lowest figure since Janu-
ary, 1914. Advices from Washington
gave no hint that this action would
influence the present conservative
policy of the Federal Reserve Board.
Evening star., 1922-06-17
WEEKS COTTON STEADY
OVER BULLISH CONDITION

NEW YORK, June 1.-THE appear
ance Of better weather in the south
realizing or liquidation in the cotton
market during the week. The selling
was also promoted by reports of
rather less active business in cotton
goods. and the price of october con-
tracts declined from 22.2s. the recent
high level. to 21.2s. or Just a cent a
pound from the best Offerings be-
came lighter below the 21k k-cent
mark, however. and there were mod
crate rallies on covering. with to-
steadiness owing to bullish week end
statistics. uncertainty as to weather
prospects in the extreme southwest
and reports that boil weevil were
numerous in nearly all parts of the
south. The rains reported on Mon
day were confined almost entirely to
coast sections of Texas. while weather
conditions elsewhere in the belt were
considered generally favorable, and
much of the selling was undoubtedly
based upon the hope that end-June
figures would show an improvement
in the condition Of the crop.
'The mid-month reports issued indi-
Gated comparatively little change for
the first half of the period, one of
them placing the condition at from
condition 69.2 and the indicated yield
10.350,000 bales, compared with an
end-May indication Of 1O.2s6.OOO
Liverpool made a comparatively quiet
showing during the earlier part of
the week and reported a less active
business in Manchester. but today's
cable advices were more favorable,
and said that spinners had been call
ing cotton on the English. market
There has been little comment on
conditions in the domestic market
for cotton goods, but the opinion is
expressed by local traders that domes-
tic mill consumption is increasing
somewhat. The census report on sup
ply and distribution for the month
of May showed domestic consumption
of 495,674 bales. compared with 440,-
ia for the same month last year, ex-
Guiding finters. For the first ten
months of the season domestic con-
sumption has amounted to 5,431,OS1
bales. including linters. and exports
for the same period have been 5.451.-
500 bales. Cable advices received here
late in the week said China prospects
had been affected unfavoraby by the
latcness of rains. and that the Indian
monsoon was poor. with> rains con-
fined chiefly to western counties.
Evening star., 1922-06-17
BY STUART p. WEST.
peciai Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. June 1.-THE severe
check to Wall street speculation in
the past week had been clearly fore
shadowed In developments as they
were summarized a week ago. Moth
ing happened in the outside situation
that had a really serious bearing
upon the market. The failure. at
least for the present. of all me-
gotiations for a German loan. was
disappointing. 1t naturally revived
discussion of German ability to full
fill the reparations program and un-
easiness on this account was reflected
in the drop in German marks very
close to the extreme low point of
two months ago: and In the conspicu-
GUS weakness of French exchange.
But from the Wall street point of
view, these were only minor factors.
The market had discovered at the
close of the previous week that the
public were no longer responsive to
efforts on the part of speculative
syndicates to draw them In. Good
news, in the shape of falling money
rates and increasingly favorable trade
reports. fell fiat.
The succession of million share
days" on the stock exchange. accom-
panied by the continuous ana o1ten
violent upbidding Of prices. did not
fall far short of the markets of 1915
and 1919, when general business was
piling up abnormal returns and the
country was in the midst Of its war
imitation Recognition finally had to
come that no such conditions con-
front American industry at the pres
ent time. and that Wall streets cam
paign discoupting reviving prosperity.
was, in the FIRST place. oversanguine
and. in the second place. altogether
excessive.
The whole question before the stock
market at the close of the week is
whether the readjustment has been
sufficiently thorough. In many In
stances stocks have come down two
thirds to three-quarters of their en-
tire gain since March. and as March
price level was a conservative level
when taking into account the i'm
provement in outside business. II
would seem that where the reaction
has run thus far. 1t has run far
enough.
Investment Market Better.
In other instances where setback
has been less extensive, the corrective
process may have to be carried
further. But at least the Wall street
position as a whole is very much
Evening star., 1922-06-17
BONDS less ACTIVE
SOME LOW PRICES
iaI Ia..ad wi,. tn rhe Star .

By Special Leased Wire to The Star.
NEW YORK. June 17.-The effect
of the completion of the Mexican debt
negotiations was to put the Mexican
government bonds up a point at the
start, after which they dropped back
to below where they were selling on
Friday. In other words. the news.
having been anticipated for week.
was very fairly discounted. y
The Mexican S., where they were
quoted today, were down Z points
from their recent high. This was
measure of the markets disappoint-
ment that while interest should be
resumed on these external loans on
the 1st Of next January there was no
provision for liquidating back inter-
est claims except through a process
Of slow amortization.
United Kingdom bonds of 1922 and
1929 were adversely affected by tne
break in sterling exchange. French
government issues, both the So and
ms, stood up remarkably well con-
siderine the continued heavy pressure
aeainst the French exchange, with
the uncertainty which this reflects
regarding the outcome OF German
reparations.
high. Among cooperative issues tte
United States Steel sinking fund IS
were a feature. sympathizing with
the strength of the group OF steel
stocks on the stock exchange.
Recent Offerings Slow.
The volume of business in the New
York market for Canadian Provincial
bonds fell on this week. The demand
for issues underyritten S during ing geosn reoent
tions for example, on the Greater
Winnipeg IS of 1925 were ,;oa,a 81 offered erred
lust above 50. Manitoba IS Of 1925
We're @ 1907 bid, offered at 1ooN: the
SIS Of 1880 were 1ol bid, offered at
1919, and tfe IS of 1916 were 105h
bid, offered at 106h.' Ontario IS OF
1928 were quoted one 100 bid: 9f1esed 9aaE IA &C
ofYered at 101h, and the IS Of 194S
were 1o7 bid, offered at lo7h.
with the announcement Of further
re.diustment of Cuban political and
financial affairs it is expected that
negotiations will be resumed @ toward
New York bankers.
Evening star., 1922-06-17
SEVERE CHECK TO SPECULATION
DUE TO OVERSANGUINE TRADERS
Stock Market Situation, However, Is Re-
garded Much Stronger Than It Was
at Beginning of June.

stronger than 1t was at the beginning
of the present month. The investme mt
market has been little affected by the
weakness in the speculative quarter
but still there are no signs whatever
that the main advance, which was
checked in April Is about to be re-
sumed. Several of the liberty issues
and other government war bonds have
sold up to their high points and even
higher. but these are exceptions. The
general run of high-g grade corporate
| bonds continues below the high
average of two months ago.
Reduction of British bank rate to
3k per cent-the lowest since the
early part Of 1914-is mainly an effort
to encourage revival in British trade
The very relaxed conditions in the
English money market. which made
from dullness in general business
| and the consequent piling up in bank
repositories of funds which normal,
should be employed in industry. Blu,
lower bank rate is unquestionably
favorable. 1t means that Grea,
entire change in its foregn trade
relations that 1t can afford to lie,
down the credit bars without fear OF
any serious exodus of capital to Other
markets offering higher return.
Germany's Economic Plight.
The abandonment. for several
months at any rate. of the project OF
| great international loan to Ger.
many has made the German economic
plight worse than ever. Without helI
from abroad Germany must depeno
upon two expedients which have al.
ready been tried-increase in taxa.
ton and forced loan to be absorbed
by German business men. The bes
opinion is that the new tax program
will prove inadequate, because it will
not reach German capital that lonl
ago was sent out of the country. Il
will fall Upon domestic incomes al.
ready overburdened.,- AS for tn,
forced loan 1t will surely have dis
couraging effect upon industry and il
1t does not bring about reduced pro
duction will at least stand in the way
of any advance.
| A year ago it was a favorite theory
that on account Of her vastly depre-
Hiated currency which meant low
costs OF labor and all domestic sup
plies, Germany would underbid the
rest of the world in the foreign com
merce. The falsity of this notion ha,
now become apparent The result II
productive costs and the imitation il
home prices generally at Length
brought German export values to {
close approach to the market price!
of the outside world.
(Copyrirht 1921
Evening star., 1922-06-17
BOSTON WOOL REVIEW,

BOSTON, June 1.-THE Commercial
Bulletins wool review says:
The wool market shows a hating
tendency at the present moment. both
in the eastern markets and in the
west, where the bueysr' limits in
some instances have been cut down.
The prices paid at Kerrville,- on the
whole. are said to show a slight re-
cession from the extreme prices of
a week ago. The manufacturers
position is hardly changed, the tend
ency still being to mark goods up to
the parity of raw wool prices. Tariff
indications as translated from SEN
ate action this week are taken to be
that progress on the bill will be
faster. with a likelihood of modifica-
tion of extreme rates.
London is a bit easier since the
opening, especially on inferior wools,
and the foreign primary markets on
the whole are easier, except on the
best fine wools."
Evening star., 1922-06-17
WOOL MARKET QUIET.

BOSTON. June II (Speciai). Trad
ing was quiet in the wool market to-
day. Traders were inclined to await
final results of the London sales and
the developments of the western
markets 1t has been found that the
majority of the Utah clips have been
sold somewhat under present figures
and profit-taking sales were in evi.
dence. Pulled wool stocks are low
and offerings are eagerly seized here.
Evening star., 1922-06-17
TREASURY CERTIFICATES,
iouot.tious furnished by Redmond & Co.
SHIPPING INCOME OFF.

NEW YORK. June 1.-THE long
delayed preliminary report of Inter
national Mercantine Marine for 1921,
dtscloses estimated net earnings of
$H,070.436, against actual earnings
of $17.4S4,015 In 1920. Total net earn
irgs. plus dividends from subsidiary
companies. after deducting taxes,
general expenses and bond interest
amounted to $6,175,5S4, against So
dsnt Franklin says: TT Is with great
regret that we have to inform you
that the outlook for 1922 Is far from
encouraging. The estimated results
from the first five months Of this
year show a marked decrease as COM
pared with the corresponding period
last year"
Evening star., 1922-06-17
STORAGE POULTRY DROPS.

TRENTON, June 17.-There was a
decrease of more than one million
pounds in amount of poultry held in
cold storage warehouses June 1. com
pared with 2,647.15s pounds May 1.
other foods in warehouses. according
to the state health board. June 1.
eggs, ss4,237 pounds; cheese. 104.s51
pounds; butter. 156.041 pounds: fresh
meats, 3,833.499 pounds; fresh fish,
41I.773 pounds; milk and milk prod
ucts, $1,000 pounds; edible fats and
oils, 300,35S pounds. and 100.132 mis-
cellaneous food packages.
Evening star., 1922-06-17
B. & o. COST EXHIBIT.

BALTIMORE. June 17.-Baltimore
& Ohio shows for first four months
of 1922 $7,902.537 spent on main
tenance of way and structures and
s14,02S.262 on equipment. former an
increase of $1,7S2.170 over corre-
spending period last year. while lat
ter was s6l4,26S less Expenditures
for maintenance of way averaged
just under 100000 per month for
first four months and total increased
$1.7S2170. or 22.5 per cent more than
last year. The season for out-of-
door work started in April, when
maintenance expenditures were $780,
435 smaller than in March.
Evening star., 1922-06-17
INDIA CARGO RATES CUT.

!. NEW YORK, June 17.-Reductions
of about 20 per cent in cargo rates to
India from Atlantic ports have been
made to stimulate business. To Ka-
rachi, Bombay. Colombo and Calcut-
ia general cargo. not otherwise spe-
cifed, was cut from $21 ton to SIG;
machinery. from $50 to $14; automo-
biles, from SIS to $14, and cotton do
mestics. from SIS to $12: AS before.
Madras and Rangoon take rates 81
above those to the four other ports.
Lower rates also were declared by
the lines in the far east conference,
covering China, Japan and the Phi
lippines.
Evening star., 1922-06-17
DRY GOODS DEMAND FAIR.

NEW YORK. June II (SpeciaD.-
A fair demand for standard print
cloths was evident in the dry goods
held firm. Traders were mary of raw
cotton market, as they have been all
week, and confined their business to
covering operations Prices for 81
by SOS and 6S by 72s were fully main
tanned, however, with very. little
tendency to shade at second hands.
Sheetings were steady, with no great
bulk Of sales, and interest was lack
ing In pajama checks, drills, twills
and fine goods. Raw silk mark ct
was slow, although strength of prices
was not endangered.
Evening star., 1922-06-17
PACKARD EXPORTS GAIN.

DETROIT, June 17.-EWdence of
improvement in the automobile ex-
port situation Is shown by Packard
motor car. export shipment Of which
in the first four months of 1922 was
SO per cent greater than during the
corresponding period last year.
Officials estimate that the years in
crease will be not less than 1eO. per
cent.
Evening star., 1922-06-17
HEADS MEXICAN PETE.

NEW YORK. June 17.-Herbert G.
Wylie. vice president and general man
a$er Of Mexican Petroleum, has been
elnctsd president Of the company and
itk subsidiaries operating In Mexico. 1t
was announced today. e. L. Doheny,
retired as president at his own request
and becomes chairman of the board Of
directors Of these companies. He re-
tains his position, however, as presi-
daft of the Pan-American Petroleum
and Transport Company.
Evening star., 1922-06-17
Grain, Produce and Live Stock


Eggs Strictly fresh. selected. can
died. per dozen. 81; average receipts
2ok: southern. 25.
Live poultry-Roosters. per lb.. 13;
turkeys. per lb.. 25a30; spring chickenS
per lb.. 40a46; keats, young. eacn' oo'
fowls, "a.
Dressed poultry-Fresh.k KILLED sprine
25: ROSTERS. per h.. 16; turkeys PEI
h.. 35a4O: keats. young, each, 60: u
Live stock-Calves. choice. per To-
8: medium, s1s; thin, Sal. LAMBS
choice. per lb.. IL. Live hogs PEI
Green fruit-Apples. per Dbl. s,ovs Nn
500; per bu. basket. 2.ooa2.7o: We Was
per crate. 7.5Oas.00. Lemons, per oon 90.
3.5oa7: 90. Grapefruit. per box, e:vus
500. Florida oranges. S.ooa10.0o. Straw
berries, homegrown, 2oaS0.
hb xesesa5lesPotatoes :saS o!d no "a 60
$50; No. 2. 1ooa25o. Yams. 1,5cas;5o
Lettuce. crate. 1.o0a2.5O. Romsine let,
tuce. 1.5o. Cymblings, crate. l5oaS. 90
Onions. per crate, 2.o0a2.50. Cabbage
new, per basket. 75al.o0. Cucumoers
1.5oa3.0o Eggplants,, per crate, a'oUs o0s
$50; Mississippi. l.s5a1.eO. Beans. 4;oos
$50 per Dbl. Peas. SOCIAL 90 per bbl
Peppers. per crate. 1.50a3.0o. kale. 75s
100 Asparagus, per doz., IoaS.oo
Spinach, per bbl., 2.50a3.o0.
DAIRY MARKETS.
BALTIMORE, June II (SpeciaD.--
Live poultry-Spring chickens, pound
45a50; medium. ISAAC; small a@ne @
white leghorns. 30a4o; old hens, 23s
2S: old roosters, 15a16: ducks, 1ss
22; spring ducks, 2Sa3o; pigeons. pair
3Oa35.
Eggs, loss off. native and nearb!
firsts, dozen, "a; southern. %.
Butter-Creamery. fancy, pound
37ha3s; prints, 39a41: nearby cream
cry, Sass; ladies', 27a2S; rolls. 26i
IS; store packed. 26; dairy prints. q
a2S; process butter, 80.
CHICAGO. June 17.-Butter ant
eggs. unchanged; receipts. 30.69!
cases eggs.
Poultry-Alive, higher; fowls, 21k
broilers. 32a42; roosters. II.
Evening star., 1922-06-17

BROOKLYN. N. Y, June II (Spe-
ciaD.-One leading manufacturer here
of mems high-grade shoes reports
fully one-third of his fall output has
already been sold. Buying has in
creased materially for fall deliveries
since June 1.
SEATTLE, June II (SpeciaD.-One
of the best signs in the condition of
the skilled and semi-skilled workers
of the Pacific northwest Is found In
reports from pawnshops and from
concerns aff1liated with the national
of New York. These reports show
that borrowing on jewelry. household
furniture and musical instruments
amounts to only about one-third of
such accommodations made during
the latter part Of 1921. Redemptions
of pledged goods have cleared the
vaults and shelves of the recogE-zed
remedial loan offices.
NEW ORLEANS, June H. Especially.
General feeling of optimism pre-
walls in commercial and banking cir
cles here. Bank clearings increased
$4.000,000 from preceding week and
showed gain of $s.ooo.0o0 over cor.
the most cheerful developments is
the great improvement in the collec-
tion of mercantile accounts and the
decrease in commercial failures. An
other Is the rapid decrease in unem-
ployment. Employment situation has
! improved SO much that 1t has pEac-
tically ceased to be a factor.
OTTAWA. June II. (SpeciaD.-An-
nouncement Of awarding contract for
work on the new Welland canal is
expected in near future. 1t is OFF,
cially reported that a Montreal con-
struction company presented the
lowest bid for the work, which will
occupy at least three years.
' ST. PAUL, June II (SpeciaD.-Re-
sources of 622 North Dakota state
banks increased $326,238 during first
four months Of year. Total resources
Evening star., 1922-06-17
EAR SILVER QUOTATIONS.

NEW YORK. juno 17.-Foreign bar
silver, IL; Mexican dollars, SAX.
LONDON, June 17-Bar silver, SD
Per ounce; money, III discount rates.
short bills, 7-16 per cent; three-month
bills, ~ Per oont
Evening star., 1922-06-17
CoTToNsEED OIL STEADY

NEW YORK, June 1.-THE cotton
seed oil market closed steady. Prime
summer yellow, 1I5oa12.00; prime crude
unquoted. June. 11.s0: July. 11.60; Au-
gust, 1857: September, 11.67: October,
11.o5; November. $50; December, 9.57:
January, 9.57. Total sales, 1000
Evening star., 1922-06-17
NEW YORK BROKERS FAIL.

NEW YORK, June 17.-The cotton
brokerage firm Of A. T. Jennings &
Co. today hled voluntary petition
in bankruptcy in federal court LA
bilities were listed at $25,Se2 and
assets $9,237.
Evening star., 1922-06-17
rvw work. RANK STATEMENT.

NEW YORK, June 17.-The actual
condition Of the clearing house banks
and trust companies for the week
shows that they hold $63.s31 $50 In ex-
cess Of legal requirements. This Is an
increase Of $32,422,460 from last week.
Evening star., 1922-06-17
Furniture.

NEW ORLEANS. June II Especially.
Furniture manufacturers report
marked increase in orders this month.
They say retailers stocks are very
light and factories have enough busi-
Evening star., 1922-06-17
Furs.

SUMMERSIDE, Prince Edwards Isle
June IT eciaD.-Production of sill
yer black foxes this spring has been
eminently satisfactory to ranchers.
Comparatively few losses in the valu-
able animals have been reported, and
farmers have prospects of big returns
because of the growing demand from
the United States for registered foxes
for breeding stock.
Evening star., 1922-06-17
By the Associa ted Press,

NEW YORK, June 17.-Foreign ex-
change weak. Great Britain, demand,
4.43k; cables, 4.43N; sixty-day bills
on banks, 4.40A. France. demand,
S.66h; cables, s.67. Italy, demand.
s.2oH: cables, s.21. Germany, demand.
.301l; cables. .30x. Holland, demand,
1870; cables, 1915. Norway, demand,
1905. Sweden, demand 2575. Dem
mark, demand, 21.53. Switzerland. de-
mand. 1888. Spain, demand, 1856.
Greece, demand. 400. Poland. demand,
.02x. Czechoslovakia, demand, 1.92
Argentine, demand. 36.12. Brazil de-
mand, 1887. Montreal, 1914.
Evening star., 1922-06-17
Drugs

DRISCOLL, Tenn, June II (Spe-
ciaD.-S. e. Messengill & Co., manu-
featuring pharmacists, are installing a
Kansas City branch for production of
drugs and druggists supplies. This
branch will serve Missouri, Kansas,
Iowa, Colorado. Arkansas, Nebraska,
Oklahoma and Texas.
Evening star., 1922-06-17
Commodity Reports
From Various Sections
Steam ShOyelH,

MARION. Ohio. June II tSpeciaD.-
Marion Shovel has recently reported
contract, 1t is said. cleans up inven-
tory on hand. officials state that all
the shovels made this year have been
disposed of.
Evening star., 1922-06-17
W0Olens.

PHILADELPHIA, June II Especially.
Forward buying knitters show
less hesitation in taking orders for
worsted yarns in this market. There
is a good demand for novelty wool
yarns for the women's wear trade
and this has been increased by the
firmness of the market.
Evening star., 1922-06-17

More herrings are eaten thany any
other kind Of fish.
Evening star., 1922-06-17
Vegetables.

NEW ORLEANS. Junel7 Especially.
Shipments of vegetables from pro-
ducing sections Of this state not af-
fected by the flood and from the Mis-
sissippi section have been of record
breaking proportions this year. Re-
turns have been satisfactory in most
cases and have brought good profits
to many country communities.
Evening star., 1922-06-17
Hats.

NEW YORK. June II (SpeciaD.-
Orders for fall hats are showing a
decided increase over last year ac-
cording to large manufacturers in
this district. The tan shades seem
to be the favorite, although there is
some demand for the lighter green,
such as spruce and sage.
Evening star., 1922-06-17
Lumber.

SEATTLE. Juno II (SpeciaD.-
Production of lumber mills last week
has been about per cent above nor
NAL. About 35 per cent Of new busi-
ness booked by mills was for future
water delivery, amounting to 32.71O,847
board feet Unified domestic cargo
orders total 114,124.234 feet. Unified
export orders total 77,439,0I2 feet. and
untitled rail orders amount to 6,955 car.
loads.
Evening star., 1922-06-17
FOREIGN EXCHANGE.

Quotations furnished by W. B. Hibbs & Co..
Selling checks-dollar values at close today:
Evening star., 1922-06-17
Shoes.

BOSTON. juno II Especially The
shoe manufacturing industry shows
general improvement. although this is
a between-season period.
Evening star., 1922-06-17
REPORTS WIDESPREAD TENDENC
TO DISCOUNT IMPROVEMENTS
World Survey Shows Conditions
Rejecting Oversanguine Views of
Profits Present and Future.

ness in sight to warrant running full
time. =
Evening star., 1922-06-17
Emit.

SAN FRANCISCO. June II Especially.
"A banner yield Is s-indicated from Call
fornia vineyards. Inquiries for fine
wine grapes Is nationwide. Growers
show no disposition to sell at present
prices, but are holding for higher