davidaulloa/AmericanStories huggingface dataset:
Evening star., 1922-09-02
BY STUART p. WEST.

NEW YORK, September 2.-The
advance on the stock exchange has
kept up this week, with no signs Of
halt. 1t has carried prices in
many instances to new high points.
1t has been accompanied by a grad
ually increasing volume Of business.
indicating that interest in the Wall
street situation is widening. The
security market has persistently set
its face against anything unfavorable
in the outside news. to the eonsterna-
tion of many observers, who cannot
see why the coal and railway strikes
at home and the financial crisis in
central Europe should have been so
left out of calculations.
The explanation is simply that the
forces making for higher prices have
been SO powerful that other consider
ations tending to promote caution
and misgiving have seemed of in
ferior Importance.
Heavy LOSS From Strikes.
The five-month tie-up at the coal
loss. 1t has hit certain company
earnings pretty hard. 1t has been dis
tinctly bad. for come of the weaker
railroads. But. after all, these are
matters of temporary consequence.
With the mines starting up, the losses
III Tie COuEoc Ol inc next lew
will be recouped in part. The rest
will be easily absorbed by all well
flnancied companies through their
surplus accounts.
Strikes, no matter how costly, do
not affect security values in the long
run. Had the soft coal suspension
continued for month or so longer
1t would undoubtedly have had ssri-
Gus consequences upon the business
life of the country. But the mines
are now rapidly getting back to
maximum production. An agreement
in the anthracite fields seems assured
This leaves only the strike of the rail-
way shopmen, which has never caused
any real apprehension. because it has
not curtailed railway facilities to any
important degree, and because it has
been obviously on the wane.
Amerfcn Has the Gold.
In the financial situation like that
OF two years ago the monetary dis
turbances on the continent of Europe
would have had their reaction here.
At that time there had been great
imitation and overspeculation, and in
weak. The present situation is quite
different. great defiation of credit
has occurred and at the same time
there has been not a diminution but
an Increase in the stock of gold
The tremendous addition to our gold
supply, when the nations of the world
were shipping all they could possibly
spare In payment of war purchases.
Evening star., 1922-09-02
BOND MARKET IS
DEVOID OF FEATURE

NEW YORK, September Bonds
on the New York Stock Exchange
virtually marked time today in an
uncommonly sluggish two hours
session. Price changes were small
and unimportant and the list was
featureless.
The foreign external loans. which at
tracted particular attention in their sd-
vance Of the preceding day. quieted
down: United Kingdom s1ss OF 1887 sold
French government and municipal
securities held their ground. In the
last few minutes the per cent
French bonds dropped below 101
again, however City of Zurich lost
a point Liberty bonds were only
slightly changed.
Low-Priced rails.
The movement Of the small group
of low-priced railway bonds, which
have proved especially sensitive this
week to the Chicago and Alton Incl
dent and the report of hampered car
loadings, was less Interesting. The
Chicago and Alton 3h per cent issues
gained about point.
The Eries were irregular. The Erie
first general As again sold under 55.
and the convertible bonds pursued an
uIeNcH CouIoC.
Louisville and Nashville consoli-
dated As among the better grade of
railway securities were strong. Steel
bonds continued firm and Chile Cop
per Is in their group advanced frac-
tionally. The fractions made small
gains.
Canadian Bonds.
Canadian Public Utility bonds dealt
in at New York this week outdid
the Canadian provincials, while the
whole market showed Improvement.
Manitoba Is Of 1925 were 100A bid,
offered at 101 II; the IS of 1916 were
1867 bid, offered at 1914. and the IS
of 1880 were 1011s bid. offered at
102. Ontario As of 1926 were s51k
bid. offered at 96A; the 5s of 1926
were 9Sh bid. offered at 80. and the
IS Of 1913 were 107A bid. offered
at 1OS.
Evening star., 1922-09-02
JULY SALES SHOW GAIN.

CHICAGO. September 2.-Gains over
1921 in dollar sales are reported for
July by all groups of wholesalers
making returns to the federal reserve
bank here. with exception OF groce-
ries. Shoe sales averaged largest gain
so far this year, while hardware sales
exceeded those for any month since
September, 1921. Compared with June.
however, individual sales fell off for
all but nine firms. Compared with
last year auto accessory sales show
the largest gain, 72.7 per cent, but the
industry last year was at the depth of
depression. Retail sales for the entire
federal reserve district show a gain
of 2.3 per cent over July of last year,
but a drop of 24.6 per cent from June.
Detroit showed the largest gain \over
last-year. 12.4 per cent. Chicago had
a gain of "a per cent, and dIndianapo-
lis gain of 3.6 per cent, while Mil
waukee showed loss Of per cent.
The seasonal decline in sales from
June to July this year was slightly
larger than in 1891.
Evening star., 1922-09-02
COTTON CROP DECLINES
1873 POINTS IN AUGUST

A reduction of $4,000 bales in the
prospective cotton crop of this year
since the forecast of a month ago
was shown in the Department OF
Agricuiture's September cotton re-
port issued yesterday forecasting the
total crop at 10,575,0o0 bales. The
condition of the crop declined 13.S
points during August as compared
with an average decline of II points
in the previous ten years, the condi-
ton having been 81 per cent of
normal on August 25 compared with
70.S on July 25.
In special report, in response to a
Senate resolution. the Department OF
Agriculture announced the acreage of
cotton abandoned between June 25
and August 25 amounted to 367 900
acres or IL per cent of the area in
cultivation June 25, leaving 34,4S5, 200
acres in cultivation on August 25.
AS the condition figure of the
regular September l cotton report is
affected by the acreage abandon
ment," said the departments state
ment, mo additional deduction for
the abandonment here shown need be
made from the present forecast of
10.67s.000 bales based upon the Au-
gust 25 condition figure and the
acreage in cultivation on June 25."
Evening star., 1922-09-02
SOUTHERN RAILS PICK UP.

Southern rails are making a better
showing relatively of July earnings
than those of the north. Two reports
show only a small decrease in gross
revenues, despite strike troubles and
reduced freight rates. Southern had
gross Of s9.92e,o00. as compared with
s10,3S7.000 in July Of last. year. and
net operating income of S1,201, 900, as
compared with s1,163,000. For seven
months net operating revenues was
s10,07S,000, as compared with $780,
600 in the same period last year. Vir-
ginian Rail was helped somewhat by
its coal traffic from non-union fields
and had gross for the month of ST.
415.0o0, as compared with S1,549,O00
in the previous July, and net operat-
with $4S4,0o0. For seven months net
operating income was S4237,000. as
compared with s3,4o1.000 in the same
period last year.
Evening star., 1922-09-02
WEEKLY WOOL REVIEW.

BOSTON, September 2.-The Com
mercial Bulletins weekly wool mar
ket review says:
There is better tone in the mar
Eet this week. and even the fine
grades have been moving better.
Prices generally are firm. An early
passage of the tariff is expected as
things now stand with the proba-
bility that the net rats on wool will
be lowered slightly from the rate in
the Senate bill. Reports from the
goods markets indicate slackening in
demand, although a fair volume of
business in lightweights has been
done Bradford reports higher
prices on merino tops, good Aus
tralian warp 64s being quoted at
IS pence for December delivery. Low
crossbreds are barely steady. The
East India sales have ruled generally
firm.
"Mohair lis in fair request and
steady"
Evening star., 1922-09-02
MEMS FAIL GLOVES.

Only a very small percentage of or
ders has been placed for mems gloves
for fall. One prominent manufac-
turer yesterday said he did not be-
lieve that more than 25 per cent of
normal volume has been ordered In
advance. Furthermore, the domestic
mills got late manufacturing start.
50 that it would not be surprising II
there was something approaching a
scramble for merchandise later on.
Only the approach OF cold weather,
with its consequent consumer de-
mand, is expected to stimulate the
retailer. From the way the situa-
tion now shapes up, 1t is the belief
that capes will be the leaders for
the, fall, as this type of glove can be
retailed at about $3.50, whereas the
good mochas sell at about 81. Buck
skins are placed third in the order
of sales.
Evening star., 1922-09-02
CHEAP MONEY WITH TRADE
RECOVERY ADVANCES STOCKS
Factors Strong Enough to Offset the Unfa-
vorable Domestic Strike and Foreign
Exchange Situation.

did not begin to appear as a factor
until after the Industrial slump of
1920-1S21. Previous to that time it
had been needed as prop to the
huge credit structure reared upon the
abnormal production and abnormal
prices OF the war and postwar
periods.
Gold Converted to Capital
When the great wave of liquidation
came and a year ago finally ran its
course 1t uncovered this vast store
OF gold, converting it from fixed to
free capital. The result was what
might really be called a gold imitation.
The two phases of this imitation. as
they have appeared during the last
twelve months. are. first, a steady
pressing down of the interest rate
and, second, steady rise in invest
ment values which are governed by
the relative cheapness or dearness of
money.
These economic processes are SO in
exorable in their workings that they
grind down all opposition This IS
why the domestic labor troubles have
not avafled to check the markets
swing forward and why all the un-
certainty over German reparations
has not counted more than it has.
General Trade a Factor.
The downward tendency of interest
rates must. of course. be supported by
a satisfactory volume of general
trade and by the assurance that this
willrcontinue. There must be reason
able certainty of earnings sufficient
to maintain existing interest and
dividends. But granting this much
the money rate is the conclusive fac
tor.
1t has to be remembered that our
railways and manufacturing corpora
tions have got back to normal earn
ing power without the assistance of
recovery in the foreign trade This
is one essential reason why the
not found our situation more sensi-
that Europe no longer has immense
holdings of American stocks and
bonds that might be thrown over in
case of smash. The balance of Sc
curity ownership has shifted 10 our
side.
1t is too early as yet to Judge just
how much relief to the European po-
sition will come from the new ar
rangement regarding reparations
payments. Germany has gained the
most pressing point in not having to
pay out any more gold for the re-
mainder of the year. But the vital
problem. which is German capacity
to meet the full demands of the in
demnity program, has not been set
tied, it has merely been postponed.
1t will not be solved until Germany
convinces the allies that she has done
her utmost to balance her budget and
Evening star., 1922-09-02
B. & O. SHOPS FILL UP.

BALTIMORE, September 2.-Daniel
Willard. president of the Baltimore
and Ohio, who has been making a
trip of inspection over the company's
lines, declares that the Baltimore and
Ohio now has so per cent of Its
normal shop force working. This
was not entirely satisfactory, OF
course, he said, but every effort was
being made by the company to re-
cruit a complete force since efforts
for conciliatfon had failed. Mr.. Will
lard also stated that the railroad
were determined to ad-
here to their promises to loyal en-
p1oyes who did not strike and new
men hired since the strike began.
Evening star., 1922-09-02
REACH NEW HIGH LEVELS
IN SPITE OF IRREGULARITY

NEW YORK. September 2-Despite
several periods OF pronounced irreg
ularity, quoted values in the security
TO new high levels.
The progress made by railroads in
recruiting shop forces to take the
place of strikers, increased car load
fngs, approach of soft coal production
TO normal and definite assurances
that no Immediate seizure of mines
and railroads was contemplated by
the government all contributed to
the more cheerful sentiment. Prog
ress also appears to have been made
in the settlement cf the anthracite
strike. which was reflected in the i'm
proved prices of hard coal carrying
railroads.
Growing use of oil for fuel and it's
substitution for coal by several large
corporations found expression in the
strength of oil shares in the latter
part Of the week, while motor stocks
responded favorably to the report of
the National Automobile Chambef or
Commerce that August production
would exceed that of July by 10000
cars.
Steel prices are going up, as was
expected when the industry an
>nounced 90 per cent increase in
wages. effective September 1. A slight
advance was noted during the week
,in the price of raw Cuban sugar,
while other commodity prices also
were mainly higher.
Equipment companies report in
creased orders for rolling stock, in
dicating the confidence of railroad
executives in business conditions this
Iall. Copper production also is in
"reasing. the Copper and Brass Re-
search Association stating that 100,-
0oo 900 pounds of the red metal would
he used for the manufacture of auto
mobiles alone this year.
Call money rates were slightly firm
er this week, due to the calling of
1oans in anticipation of first of the
month requirements. Time money
rates also hardened a bit, as did those
for commercial paper, which has been
in good demand by out-os-town
banks
Frances acceptance. of the Belgian
compromise offer on German repara-
tions had a beneficial effect on foreign
exchange rates and the price of
French governmental and municipal
securities. which had, developed pro-
nounced weakness earlier in the week
upon reports that France contem-
.plated Individual action against Ger
many to enforce her claims.
Canadian exchange tou6sA par this
week for the first time In several
years Cessation of coal expoHs to
that country. combined with extensive
American purchases of Canadian
wheat, resulting in an improved trade
balance for CaEaSss was responsible
for the steady improvement in the
Caneafau rate.
Evening star., 1922-09-02
HARDWARE PRICES UP.

Hardware jobbers and manufactur-
ers believe that the recent 20 per cent
wage advance made by United States
will be reflected in the hardware mar
kets within a short time by price ad-
vances. says Hardware Age. The coal
and rail strikes are causing stock
shortages and delays in deliveries.
Nails and. many items of builders
hardware are daily becoming more
difficult to obtain. Both wholesale
and retail business during August
was active, and many jobbers have
estimated that the volume of busi-
ness during the past month was so
per cent larger on an actual dollars
and cents basis. than it was during
August, 1891. Retail stocks generally
areI low and demand for staples is
fucreaSidR. 80
Evening star., 1922-09-02
QUEST WORKS O. K.

One of the larger houses making a
complete line of women's gloves,
underwear and hosiery varied its
customary policy of sending it's men
out for the second time for fall after
Labor day by sending them this year
during the last two weeks in August.
This was an experiment, to see If the
final portion of the fall business
could not be better stimulated, not
by waiting for it to come in, but by
going after it earlier. The scheme
proved successful. according to the
sales manager of this concern, and
the road business during the last
two weeks has been in bigger volume
than that taken in the local sales
room. While the idea was consider
ed very applicable to present condi-
tions. it may be that the firm will
advance the date of the second fall
trip for it's statesmen as a permanent
policy.
Evening star., 1922-09-02
TRACTOR SALES GROWING.

Shortage of coal has reacted favor
ably upon the power tractor indus
try. 1t is reported! The demand for
gasoline tractors in the farming dis
tricts for use in threshing, where
coal is not obtainable to run the old
fashioned steam-t -threshing machines.
has increased measurably in the last
tractor and farm implement people
are counting on greatly increased
sales next year. due to the fact that
requirements have not been made in
normal volume for the last six years.
For FIVE years prior to 1921 farmers
purchased only 10 per cent of their
requirements. Last year they pur-
chased even less because of the low
prices for grain. Good crops this
year, however, are expected to put
the agriculturists in position to buy
new machinery for use during the
planting. growing and harvesting
seasons next year.
Evening star., 1922-09-02
BIG POTATO CROP.

TRENTON. N. J., September with
the crop far larger than last years, New
Jersey farmers are shipping white po-
tatoes to markets in more than three
fifths Of the territory of the United
States. a state report indicates
While Maine, one of the greatest po-
tato-growing states in the east. shows
an estimated decrease Of 12,500.000
bushels in its crop. New Jerseys fg..
ures at present indicate an increase OF
$500, 900. The white potato crops
throughout the country are good, ac-
cording TO federal estimates. which IN
dictate q total production OF 439 goo. 600
bushels, compared with 346.S23.o00
bushsla In 1924.
Evening star., 1922-09-02
FALL SHOE STYLES.

Our shoe styles are well in advance
of those in Europe, according to a
leading retailer just back from busi-
ness trip abroad Contrary to some
reports that the long narrow vamps
were being adopted for this season
in Europe, the merchant reported that
practically all shoes over there show
the medium vamp with somewhat
rounded toe. Moderately high, grace
full heels will be seen often on new
shoes, in his opinion. The factor be-
lieves that well dressed women every
where will wear the colonial slipper
this fall, and' that low shoes with
openwork designs will have taken
the place of the sandal of last season.
will be the best colors. he predicted
while black patent leather will also
have an important place.
Evening star., 1922-09-02
FUR s0UTLooK STRONG.

Although shipments to forthcom-
ing fall sale of raw furs in New
York had not yet been completely
gone over, it is estimated by s1ole
market leaders that total value of
pelts would reach about 100000.
The Offering is said not to be un-
usually large, and this fact, coupled
with the improved demand, both in
the wholesale market and at the
August retail sales, presages very
strong market. The cloak and suit
makers, who had been experiencing
something Of a lull as buyers Of
trimming furs, are back in the mar
ket and are purchasing fair quanti-
ties of wolf and other skins adapta-
BE to their purposes. The improve
ment reported in patronage OF the
August retail fur sales in the last
week has also tended to strengthen
the market more or less sympa-
thefically.
Evening star., 1922-09-02
DIVIDENDS.

Books close. Payable.
westrn OIL Fields, 2.s9; :: Sept; Sept; I Sept 1s
Golden Cycle Mining and Re-
Am. Woolen Co.. O.. s1.75. Sept. IS Oct. 10
Am. Wool Co.: a. pf.. 81; 70 Sept. IS Oct. 1S
Stand. Oil Of hy:. q. $ls5. Sept. 10 Oct.
Engine Build. Co., q. 1qe Sept. Is Sept. 80
Manatt Sugar Co, pr. O.
7 SO Sept. IS Oct. ls
Ca1brda lp1e. s.-a-, "a. ..espt.I u. Oct. 2
Evening star., 1922-09-02
LEAF TOBACCO MARKET.

BALTIMORE. Md. September 2.-Re-
ceipts fell oG 10 912 hogsheads. while
Gales totaled 1,7S9 hogsheads during
last week. Above figures would indi-
cate that nearly 1000 bogsheads of
previous receipts were inspected or
sampled this week, but it is esti-
mated that there are still at least
= $500 hogsheads numbered among re-
ceipts waiting to be sampled. Prices
held firm at outside quotations for
pra actically all grades. However, many
of the commonest grades remain neg
lected.
Prices per 100 pounds-Inferior and
frosted, S.00a4.00; sound, common,
4O0aS. 90; good, common, 9.00a17.0Q:
medium. 1S.00a27.00: good to fine red.
2S.000a50.O0; fancy, 51.00: seconds,
common to medium. 00a10.00; do.
good to fine, 11.00a25.00S ground
leaves s.00a2000; upper country
4air-cured), nominal.
Unsound and badly mixed pack
ages, from 1 to cents lower.
Evening star., 1922-09-02
WOOL TRADING DULL.
Position Of Holders, However,
Continues Firm,

BOSTON. September (SpeciaD.-
There was promise today that the
raw wool market would brighten up
considerably after the holiday in view
ofetle demand both from worsted and
wooden manufacturers, but trading
today was of a decidedly dull char
acter.
Prices suffered not a bit, however,
the position of holders being firm.
Evening star., 1922-09-02

put stop to the terrific emission OF
paper currency. The decision of the
reparations commission not to grant
an absolute moratorium evidently
means that the commission does not
believe the German government has
not been eXerting itself 70 the full
to pu: its house in ordsr.
fCopyrIpnt 1907
Evening star., 1922-09-02

Sale of a membership on the cot
MP $1,000. -9---.---s
Evening star., 1922-09-02
Money to Loan

Secured ~ hrst deed OF trust on real estats.
Prevailing interest and commission.
JosephI Weller siar Ia wssh s,h and IN T5n.. rus.
Evening star., 1922-09-02

HOURLY SALES OF STOCKS.
II a.m..... 1873 800 12m. 244 900
Evening star., 1922-09-02

TOTAL SALES (Par Valuel:
IL am ................ l Gal COZ
L noon. n.................. 4SIl 0Op
Weekly journal-miner., 1922-12-20
LUMP THE DRIVES

THIS is the season of unreserved giving, and
 l Prescott is meeting every demand with the open-handed generosity that has always marked its gifts. Many drives have been put on, cam paigns conducted, contributions taken and dona- tions received.
 It is also the time when the city and county taxes and the paving bills are due, or have just been paid.
 A suggestion that always recurs at this time of the year is for the Jumping of contributions in a community chest that will contain the budgets for all of the major charities. Maricopa county Is about to embark on its annual campaign, and has seen the light. Its drives are concentrated one contribution is asked and 1t spreads over all of the larger fields.
 Just now the municipal Christmas tree is to the fore, and 1t should be heartily supported. Time was in the recollection of many Prescott people when, after wonderful free Christmas tree had been decorated that commtte had to be ap- poined to look around on Christmas Eve to find some poor people to whom the baskets might be given. There were no poor people in the accept ed sense of the term. Finally few Mexican children were found and conducted to the Christ mas tree-then held at the Yavapai Cldb.
 It is not the same this year. There are needy families. Not so many are on the list as last year. when out of population of probably more than 75O0 persons, only IF needy families could be found. Conditions have certainly i'm proved because employment has improved.