davidaulloa/AmericanStories huggingface dataset:
Evening star., 1922-08-05
COTTON MARKETS.

NEW YORK. August 5.-The cotton
market showed renewed weakness at
the opening today. There was no
special Improvement in weather or
crop news. but continued complaints
of deterioration from the southwest
failed to inspire any buying of con-
sequence, and it looked as though
the scattered covering on yesterdays
rallies had left the market in a
slightly easier position. The open
ing was to points lower and ac-
tive months soon showed net losses
of to 10 points. with December
contracts selling off to 21.13 or into
new low ground for the movement
European political news was con-
sidered rather less favorable and
selling on that, feature was probably
promoted by the easier early ruling
Futures opened steady; October,
2125; December, 21.20: January. 21.06;
March. 21-o4; May, 20.s3 bid.
NEW ORLEANS. August 5.-Re-
ports of rains here and there in
points in the prices Of cotton on the
opening today, but when the weather
map was posted and Indicated that
only a few very light showers had
fallen, early sellers commenced to
buy back their contracts, with the re-
suit that the market recovered to
levels three points down to unchang-
ed compared with the final prices of
yesterday October fell OF to 20.50 and
Futures opened steady-October
20.58; December. 20.64; January. 2o.5s
March, 20.52; May. 20.42.
Evening star., 1922-08-05
COTTO INACTIVITY TAPERS
OFF AT CLOSE OF WEEK

NEW YORK. August 5.-The gov
ernment's crop report placing the
condition of the plant at 70.S and the
indicated yield at 11.44S.000 bales.
with average conditions for the bal
ance Of the season, was followed by
very violent fluctuations in the cot
ton market These official figures
were lower than expected and were
responsible for the excited advance
of early Tuesday afternoon. Their
effect appeared to have been pretty
well exhausted within an hour after
their publication, however. and after
selling up to 22.90 for December. or
2lO points above the low level of the
previous week and within hfteen
points of the high record established
on July 8, the market turned easier.
This was attributed to the failure OF
the small crop figures to stimulate
general trade buying. and as prices
eased off heavier liquidation of old
long lines was reported. There was
also selling encouraged by prospects
for break in the Texas drouth ana
reports that New Orleans selling
here represented Increased hedging
by the south AS result December
contracts eased off to 21.17 during
yesterdays carly trading. making
decline Of about 173 points from the
best and taking the market back 10
about the pre-bureau trading leNels.
The advance which Immediately fol-
lowed the publication OF the government
report was doubtless intensified by an
apprehension that continued dry. hot
weather was hurting crop prospects in
the southwest and that showers were
increasing the danger Of boil weevil
damage in eastern belt sections.
The later action Of the market how
ever, reflected no special apprehension
over the crops progress and the hope OF
a break in the Texas drouth was pro-
NOTED by reports Of few scattering
showers in that section today. Bul'ish
arguments based on a comparison
of the crop indication of 1l.449.--
900 bales with last seasons estimated
worlds consumption of 12.So0.o0O bales
American appeared to have made little
impression on sentiment. owing to the
reports Of continued poor trade de-
mand and the fact that crop prospects
may be changed materially before the
end of the season.
Trading was active during the greater
part of the week. but showed disposi-
ton to tape off today though the
market were waiting for later crop de-
velopments or the effects Of the carly
new crop movement
Evening star., 1922-08-05
BALLSTON.

BALtsToN, Va, August 5 Especially.
With many novel. interesting and
amusing features, planned. a record
breaking attendance is expected this
evening. the second Of the fifth an
nual fair Of the Ballston volunteer fire
company. The fair will be concluded
Monday night.
The outstanding feature Of the fair
tonight will be a display Of fireworks.
The committee in charge has ex-
pended a goodly sum on this phase Of
the program. and the display. 1T is
said, is going to prove unusually in
teresttnE, Other features which are
going to make attendance more than
worth while include q concert by the
Ballston Band: q tug Of war In which
teams from Cherrydale, Ballston and
washington fire companies Will par
ticipate; contest to decide the most
popular girl and Q blackberry pie
eating contest sss-' :
Evening star., 1922-08-05
MOUNT RAINIER,
Special Dispatch to The Star.

Special Dispatch to The Star
MOUNT RAINIER, Md. August s.
Mount Rainier Lodge. No. 1856, 1. o. O.
F.. has elected and installed the fol-
lowing officers: NJ. C. Harmon, noble
grand; L. I. Lamphier. vice grand; e.
B. Pitts, recording secretary; David
Laing. financial secretary; T. J. Hen
derson, treasurer. These appointive Of
ficers have been named: Right sup
port to the noble grand, Leonard Green:
left support to the noble grand, Sam
uel M. Monday; warden. W. NJ. Chase;
conductor. Earl Hutchinson; inside
guardian, John M. Earnest; outside
guardian (not yet installed); chaplain,
J. E. Sampson: right support vice
grand. John Mclaughlin; left support
vice grand, Robert E. Lee; R. S. s.,
Guy Richards: L. L. S., J. Harrison
Miller. Installation was in charge OF
Stephen Timko. district deputy grand
master.
Evening star., 1922-08-05
BY PHIL s. HANNA.

Special Dispatch TO The Star.
DETROIT, August 5.-A fight for
leadership Is on in the automobile
industry. The verdict of the financial
district here is that the price cuts
now in tie process of being made
have established closer lines Of COM
petition than ever before in the his
tory of the industry.
The General Motors interests are
striving for unquestioned leadership
and. the coming six months should
reveal whether the weight of financial
strength and a large combination of
different producing companies is
destined to have the advantages
tion expected. The Cadillac has been
the peer of the General Motors units.
Buick has ranked next. but in a sense
Buick rather fell behind in the fiscal
year just ended The Chevrolet. until
this year. was not counted a healthy
but for the last four months has been
a star performer. The Oakland and
Oldsmobile companies have made
splendid cars. but have not quite kept
pace with the procession.
Two Large Producers.
With this picture of the General
Motors in mind, consideration must
be given two large quantity producers
which have been making vast strides,
namely Studebaker and Maxwell. the
former bringing its annual production
above 10000 cars, and the latter
from bankruptcy to production
which may reach 100000 cars a year.
In addition TO these contenders in the
quantity field, Henry Ford is increas-
Ing his annual production from sOO.-
900, to about 100000.
Ten or a dozen other companies $
which have cornered large share oi
sales the past six months might also
be mentioned. Competition has Sc,
the pace. and the fight for Leadership 2
is on.
CIoseness OF Prices.
Some idea of the closeness of prices
may be seen from comparison OF
standard makes of four-cylinder, five
passenger cars Under new sched-
ules, Buick at 1856 for this model is
down to the price of $3.50 set by
Dodge last spriug,. and the price OF
Whether the Dodge and the Maxwell
will be cut further under the Buick
depends. it is believed. on the sales
response to these offerings within
the next few weeks
Studebaker is now pricing it's light
six-cylinder car at 1915. 4 peculiar
feature of price cuts coming al this
time is that the majority of plants
are running at or near capacity, bu,
1t Is almost traditional that once the
relation between prices is distributed
other companies in the similar price
classes follow suit
Production Volume Factor.
While the reductions temporarily
may cut into earnings of some of the
companies. volume production over a
long period Of time Is more impor.
tant. for it means greater profits. The
reductions just announced are sub
stantial and embrace a wide list OF
prominent producers. Buick cut from
Evening star., 1922-08-05
STOCKS FROM SOME TANGLES go
ASSUME A CURIOUS ASPECT
Security Markets Largely Ignore Trend Of
Events With Direct Appreciation to In
dustries-Very Little Liquidation.

tory by the managers. which. II at
talned, would work to check rail-
labor troubles; the evident desire Of
coal union leaders to effect com
resumption of production in time to
take care of Industrial needs of the
winter months. hence the seller OF
| stocks stood a chance of buying back
at higher prices later on.
The final outcome will show. or
| course, whether such reasoning was
sound. 1t ignored conservative re-
| ports that the steel corporation
plants. which were working at rs
per cent Of capacity early in July.
| had fallen to 20 per cent, while COM
petitors had gone down from 20 to rs
| made small allowance for the posi-
| bility that priority fuel orders would
| sooner or later depress the activities
OF many corporations whose earnings
| shape the market position of promi-
nent stocks. In other words, this
confident view of the market outlook
was built very largely upon expec-
F, tatfon that the strikes would not
last much longer and would not leave
| dead hand upon manufacturing for
| some time to come.
England's Changed stand.
! After a fortnight Of almost complete
subjection of foreign development to
l
! week drawn back rather abruptly to
happenings in England A month ago
| foreign news seemed to forecast a re-
| duction Of the French war debt to
| Britain. at the suggestion Of the lat
| ter. and cut in the reparations prin
! cipal. The British foreign Office state
| ment that all around concessions in
! war obligatio must accompany re-
| mission Of the French obligatio to
| England opened up a discussion which
| promised to be far reaching and Of
much importance to International
! finance and trade.
| On this side it was impossible to
determine the part played by political
| jockeying in the weeks events. Furth
| ermore. the action Of foreign exchanges
| spoke rather plainly Of confusion in the
| foreign centers, too. The immediate
| result of disappointed German hopes Of
British aid in the reparations situation
and new French gesture toward the
Ruhr valley. was decline Of the mark
to slightly above coil Of cent, new
low point. but rally followed almost
Immediately and sterling and francs
were steady.
Some time probably will be necessary
for the problem to be unfolded so 1t
can be understood here.
Copyright. 1927
Evening star., 1922-08-05
|NOLOWER|NG OF
INTEREST RATES
.
Bankers Do Not Believe Re.
duction Would Stimu-
late Demand.
BY !. A. FLEMING.

Those who have loans from the
banks secured by collateral, and mer-
chants. as well as real estate in
terests. need not look for any reduc-
ton in the going rates Of discount
from local banks, despite the fact
that call money is 3h per cent in
New York. time money to ~ per
cent and additional evidence Of ease,
In the enormous orders placed for
the ~ per cent four-year notes just
issued by the Treasury Department.
Six per cent Is the rate, nor has
there been any clipping to the slight
est fraction thereof. And with the
mortgage money there is the added
u per cent for the Intangible tax OF
the District.
Probably the reason why rates are
maintained so stiffiy is found in the
belief that lower rates would not
stimulate the demand for accommo-
dations to any great extent, while 1t
would reduce the profits on the ex-
listing loans.
Good collateral that can be liquidated
on a minutes notice should be able to
command 5h per cent loans without
trouble.
II compelled to pay 6 per cent on a
loan and then the II per cent IN
tangible the borrower on and 8
per cent bond is paying rather high
FOR the investment: and might WITH
profit take the other alternative, liq-
uidate.
The investment demand was never
better than it is at this time. Bank
ers have been utterly unable to NIL
their orders for A.. per cent four
year notes. and the action Of the
bond market has demonstrated the
fact that investors are far from hav-
t., hAN
Bankers look for easy money. and
probably will have to lower their own
rates before very long. unless the
crop movement stimulates the de-
mand.
The first real evidence of ease in
the money market that has existed
all summer and much of the spring
was referred to frequently in this
column in early April and enlarged
upon as the evidences multiplied.
Baltimore Farm Loan Bank.
Announcement is made that the
Baltimore Farm Loan Bank has de-
clared a dividend. payable to each
member association that is not de-
linquent on amortization payments. ,
Payments by borrowers are made
semi-annually and collections have
been greatly improved thereby.
This bank has made loans to S.915
farmers for $2i.457.Ss4 and is loaning
more than 100000 month. 1t has
paid per cent dividend from date Of
organization.
The total resources oof the institu-
tion are $21.253,227.21.
War Finance Cooperation.
During the last two weeks in July
the War Finance Corporation received
nearly $5.000.000 repayments: for the
first seven months of the year the re-
payments totaled s105.s4O.920.
High Reserves.
The Federal Reserve Bank Of Chi
cago has 8s.2 per cent reserves; New
York, Sc; Richmond. 1875; Minneapo-
lis, 20; Atlanta, So; Kansas City, So.
and Dallas. 50.
Tho large cities have the largest
reserve. again demonstrating the fact
that the reserve banks are not able
to use their assets to good advantage.
Evening star., 1922-08-05
SHOWS LIVING COSTS
DUE TO HIGH FREIGHT
RATES ON RAIL ROADS

ing in Cleveland Wholesale Tor
$12.75 q box. while fruit OF the
same size and quality sells in New
York for 6.25 a box, is cited by
Senator Arthur Capper Of Kansas
as an illustration of how inpor-
tant a part the mounting costs OF
railroad transportation are play
ing In the high cost of living.
Apparently the farther away
from California the lower the
price," Senator Capper comments.
but this is not the answer. New
York gets it's California oranges
via the Panama canal. She doesn't
have to pay excessive freight
rates one-half the way across the
continent. Transportation Is the
biggest bump on the high cost OF
living"
Evening star., 1922-08-05
EDMONSTON.

The citizens committee of Ed
monston and the Woman's Club OF
Edmonston. at the residence of Mrs
Butler, on Wells avenue, tonight. will
hold a lawn fete. The funds raised
at the entertainment will be used to
defend the bill Incorporating Ed
monston. petition to annul the
charter having been filed in the cir
cult court for Prince Georges county
by certain citizens of the community
A bunch of flowers donated by Mrs
Harding, wife Of the President, will
be disposed of at the lawn fete. The
sale Of tickets for the affair would
indicate a large attendance.
Evening star., 1922-08-05
W0RSTED TO REORGANIzE.
Plans Call for Formation Of Big
New Company.

BOSTON. August 5.-Plans for the
reorganization of the United States
worsted Company. made public. call for
the formation Of a new company to ac-
quire the assets and business Of the
present organization. Under the plans
there would be authorized $1,000. 900 of
ffteen-year per cent debentures. OF
which $2.s6s.400 would be issued; 30,-
900 shares of first preferred stock. of
which 24.946 would be issued: 10000
shares Of second preferred stock. OF
which 1852 would be issued, and 125. 900
shares Of common stock, of which 116, :
664 would be issued.
The first and second preferred stock
would carry preferential dividends of
$6 a share.
Evening star., 1922-08-05
ROBERT D00LEY, ACTOR, j..
WOOD ALCOHOL VICTIM
Vaudeville Comedian Father of
Three Other Footlight
HeadHners.

By the Associated Press.
NEW YORK. August g. Robert
Dooley, hfty-two-year-old vaudeville
actor and head Of the Dooley family
of variety headliners, died in a hospital
Of wood alcohol poisoning.
His daughter, Ray. and his sons,
Gordon and John, are we'll known for
their funny antics behind the foot
lights. The entire family had at
tended the marriage Of Gordon here
this week to Martha Morton. Another
son, william, died last September Of
injuries received in fall from taxi
cab.
The elder Dooley and his wife came
here from ireland about twenty years
ago and entered vaudeville.
His body has been sent to Philadel-
phia for interment. -
Evening star., 1922-08-05
WOOL CLOSES ALERT,
Weeks Lethargic Market Shows
Signs of Awakening,

BOSTON, Mass. August Especially
The lethargic wool market Of Sum-
mer street showed signs of awaken
ing as the week closed. Volume of
trading was not exceptionally large
even for a short week end day,
but there was evidence that the
manufacturers had determined their
requirements and were ON the point
Of entering the market. Develop
ments in the wool schedule of the
tariff at Washington have not served
to affect prices. although some irregu-
larity was in evidence.
Some buying of small lots in the
west was reported at prices ap-
proximating $1.15 to s1.20 for secured
Boston. Ohio and Pennsylvania de-
LANES remained firm at 81 to Sc cents
in the grease.
Evening star., 1922-08-05
BY sTEtART p. WEST.
special Dispstch to The Star.

Special Dispatch to The Star.
NEW YORK. August 5-The Sc
curity markets this week largely ig-
nored events and news with a direct
application to industry because these.
for the most part. were closely link
ed up with the great strikes. Un-
producers were having dificulty from
fuel shortages seemed to be of less
dismal import than it would have
been on other occasions. as it was
felt that an early ending of the coal
strike would change the situation
completely. The prospect Of fall of
railroad earnings in August from
the July level availed the bearish con-
cause spectators committed to the
rise were more impressed by the
ground swell of growing traffic seen
IN the June income figures.
From some angles the relative sta
bility Of stocks was somewhat curl
Gus. Enough blast furnaces had to be
closed down by August l, because OF
insufficient fuel. to reduce the rated
daily capacity some 7.400 tons under
the output in July. The corollary to
this process was the slackening OF
operators at steel works and the de-
stocks convenientially seek to dis
count events far in advance. d de-
cline in steel shares might have been
looked for But, on the contrary, there
were very few signs of selling out
side of operations Of day-to-day
traders.
The steel market came under the
unfavorable influence of declining
sales to consumers who feared pri-
ority fuel orders, in case of a pro-
longed coal strike, might react un-
favorably on their own business. Yet
long range spectators and investors
who acquired their stocks earlier in
the year were not moved to liqui-
date.
Market Situation Analysis.
The market situation seemed to
lend itself to analysis something
along this line: The actual damage
Of the coal strike in industry was. as
yet. apparent only in general terms.
not to be described in dollars and
cents: before the damage became Sc
we're. the strikes probably would end
and be followed by a squirt in busi-
ness and railroad traffic: in regard
to the railroad strike, by itself, in
dications pointed toward final vic
Evening star., 1922-08-05
LIGHT BUS|NESS0 ON
THE CURB MARKET
sy specis, Leased Wire to The Star.

BY special Leased wire TO ING otal.
NEW YORK. August 5.-Dullness
characterized the curb market today. al
though some Of the leading features dur
ing the week continued to enjoy a fair
inquiry at slightly higher levels. Com
mission houses reported a small amount
of business The tone ruled about
steady. Despite the reduction in oil
prices the Standard Oil issues were
again in urgent demand.
Standard Oil of Indiana continued the
leader Of this group. AS the lower
levels were established in Cities Ser
vice shares steadiness developed and
the buying was such as to maintain a
fairly even tone.
The industrial list generally gave a
good account Of itself, although trans
actions were light
Mining shares were moderately ac-
tive and without particular feature.
Bonds were inactive and featureless
Evening star., 1922-08-05
BERWYN.

Special Dispatch to The Star.
BERWYN, Md. August 5.-A bunga-
low owned by Bert Miller near the rail-
road station at Branchville was struck
by lightning and burned to the ground
during the storm Thursday night. Mr..
Miller was In the house when 1t was
struck. but escaped uninjured. Hail
as large as marbles, accompanied by
severe lightning and a high wind. did
much damage to crops and roads. Riv-
erdale, a few miles south. reported only
q slight rainfall.
Evening star., 1922-08-05
SAXON PLANS REFINANCING

Stockholders of Saxon Motor Car have
approved a plan for refinancing the cor
poration. Under plan the company
IL to issue 100000 shares OF new
stock, which a group Of New York
bankers has underwritten for $780,
900 in cash. and 100000 par value
of the now outstanding preferred,
Mus accrued interest Of $4,000.
which is equivalent to $S.40 share
for saxon Motor stock. The pre-
ferred to be turned in will be can
celed and retired.
capital liabilities will remain un-
changed. while $3.50 900 of new money
will be provided for working capital
to take care of expansion. Contingent
liabilities at present amount to $780,
900 and total Indebtedness $780, 900.
Evening star., 1922-08-05

Special DISPATCH 70 Ihe SUIT.
NEW YORK. August 5.-Foreign
exchange firm. Great Britain. demand.
4.45x; cables, ASH; sixty-day bills
on banks. 4.43A. Franc, demand. .01s1s;
cables, .0s20. Italy. demand. .0462h; /;
.o775h; cables. .o77e. Germany, de-
mand, .0013; cables. .oo13A. Holland,
demand. 1855; cables, 1870. Norway,
demand, .1715; Sweden. demand, .2610;
Denmark. demand. .215o; Switzerland.
demand, 1900; Spain. demand, 1850;
Greece, demand. .02so: Poland, de-
mand, .0001h; Czechoslovakia. de-
mand, .0246; Argentine, demand, .3637;
Brazil, demand, 1870; Montreal. .99%
Evening star., 1922-08-05
BERWYN HEIGHTS.
Special Dispatch to The Star.

Special Dispatch to The Star.
BERwYN HEIGHTS. Md, August 5.
The home and school association of
Berwyn Heights will hold country
fair on the carnival grounds the even
ings Of August II and q. Proceeds
win 70 to the new school. Among the
attractions will be dancing and q sale
of homemade cake. pies and candy.
Evening star., 1922-08-05

A new line Of low-priced cord tires
to be known as the wedge tread and
to sell in the 30x3h size for $3.50
has been announced by Miller Rubber
The company also plans manufacture
of new fabric tire in Ford sizes only
to sell for $40. The present fabric
type casing in the Ford size has been
Evening star., 1922-08-05
BIG AUTO MAKERS ARE IN FIGHT
FOR LEADERSHIP IN INDUSTRY
Price Cuts So Far Indicate Closer Lines
of Competition Ever Experienced by
Motor Concerns-TradeO Outlook.

$50 to 5000: Studebaker. $40 to $500:
Cleveland. $50 to $500: Chandler. $50
to $500: Nash $50 to 5000; Chevrolet.
SIS to $3.50: Oakland. 500 to $240:
Oldsmobile. so to $3.50. all according
to various models.
In addition the Jewett fve-pas-
senger touring has been reduced $70c
the Chalmers touring $210, and TIN,
Haynes SIS model 500 on the opekl
and 5000 on the closed.
Evening star., 1922-08-05
HAM PRICES DECREASE.

CHICAGO, August 5. - Wholesale
prices for hams have gone down IL to
20 per cent in the last thirty days ana
hams are relatively cheap compared
with other foods, according to Ed
ward Morris, president Of Morris &
Co. He said that consumers have so
far failed to take advantage of the
decrease in cost.
Evening star., 1922-08-05
RAW SILK EASIER.

NEW YORK. August 5.-Raw silk
easier. Prices per pound: Kansal
double extra cracks. 7.65a7.7o: Kansai
best No /. 7.15a7.20; Kansai No.
III, 7.05a7.15; Shinsu No. /. 7.00a705;
Canton extras A 14-16, 7.60a7.65i
Shanghai-Chin steam fl gold double
deer. S.25a3.40.