Evening star., 1923-06-02
VERY
ACTIVE IN SILK
Short Sales Cause OF Sharp
Break-Crude Oil Firm.
Vital Wage Pacts.
BY j. c. ROYLE.
ni.natch 10 The Star.

Special Dispatch TO The Star.
NEW YORK, June 1.-The movement
of commodity prices, plainly apparent
in some lines during the last week. has
not as yet affected production in the
Industries involved. but it is inspiring
caution today in both buying and SELL
ing.
This situation is fully exemplif1ed
in silk. Raw silk in this market has
l-slumped 80 cents pound in Ave trad
ing days. In two days of trading on
the Yokohama bourse the price there
has dropped 120 yen, or about $50
bale. The Japanese market, according
to +. Z. Gilman of Gilman G. Bache.
large dealers and importers here, is
entirely in the hands of spectators.
The new crop of cocoons is about to
come on the market, and is estimated
fully up to normal. Filature men and
reelers in Yokohama are using every
effort to deDress the market. At the
recent high prices of silk they would
be compelled to pay correSpondipgly
high prices for cocoons.
Realizing this factor in the market
many Japanese dealers sold short in
New York at prices ranging from the
hich of 1885 for NXA 1915 denier
which obtained from April % to May
E, to $3.50. These spectators are now
covering their short lines in Yoko-
! hama at a drop of from so to S5 cents
a POUND. This. according 10 Mr.. Eli
man. accounts for the recent activity
In Yokohama sales.
No Advance in Crude OIL.
The tremendous consumption of
gasoline recorded this year, which
indicates possible consumption be-
fore December 81 of $500. .000, 900 gal
haS IL
oil prices In fact. the influence has
rather been TO increase crude oil pro-
duction in spite of efforts in several
fields to secure curtailment AS a
consequence crude oil has shown no
response to the advance in gasoline
prices.
Copper has slumped badly, but the
statistical position of the red metal
is outweighng the immediate price
changes in the minds of producers,
and output of the mines is increasing
rather than decreasing.
Tin Smelling to Cease.
Two of the most important tin
smelters in the United States, that of
the American Smelling and Refining
Company at Perth Amboy, NJ j., and
Brooklyn, will cease operations in
definitely on or before July l. owing
to British competition.
The American companies claim that
lower labor costs in England have
enabled British smeIters to bid up
VolIvian ores to point where there
is no profit in them for American
firms. This will have little imme-
diate effect on the tiplate and can in
dustrtes, as the majority of manu-
/ facturerS and Gamers already are
we'll provided for 1928 requirements.
Railroad Wage Settle mcnts.
Deep significance is attached in rail
road circles to the private settlement
OF the wage controversy of the Nnrth-
ern Pacific, with its maintenance of
way men and to the final surrender of
the Jersey Central shopmen in the
Ashley shops, who have returned to
work after an eleven month strugsl le.
The Northern Pacifc's private set
lement effects 10000 men and in
EolveS an increase of approximately
8, 100000 to the company's annual
bay roll.
The settlement means the with
Flrawal of the application OF the en-
or an increase. Typical increases
nder the settlement include a raise
rom $3.50 to $l70 a month for car
enter foremen and increas sing the
resent range of from 500 to S125
month to a range of from Sl06S4
s13l.S4 per month for section fore
en- and bridge foremen. Carpenters
ERE boosted from 57A cents to 81
ants an hour Track watchmen of
bcreaSe. And crossing watchmen.
fagmen and gatemen an increase of
] cent an hour. All common labor
VIII receive 80 cents an hour.
Copyright, 1921