Evening star from Washington, District of Columbia • 10

PENDULUM OF WEEK TRADE IS SWAYED BY STRIKE REPORTS All Factors in Nation's Industries and Stock Markets Are Subordinated to Varying Moves of Situation. BY STl ART P. WEST. Special Dispatch to The tar. NEW TORK, July reactions to leading events of the current week showed pretty clearly that most other factors having to do with business were subordinated to developments in the great strikes.

The stock market outlined the situation through marked declines of prices at mid-week, when doubt about corporate earnings arose by reason of emergency measures for distributing waning supplies of coal, and in later sharp recoveries when hopes arose i of an early labor peace. Business men began to count the costs of short l'uel production and disarranged railroad service. The ill-effects of seventeen weeks' cessation of anthracite mining and an equal period of reduced bituminous output probably were exaggerated to some depree. The situation should be examined with reference to general industry as effects are seen up to the present date. To accomplish this, recourse should be had to railroad earnings and car loadings, to steel mill production and steel company earnings.

Figures in these lines show, at least what actually has taken place under the stress of strikes. New York Central a Pointer Among railroad earnings statements of the week with a broad bearing on business and finance, the New York Central's report may be taken as representative. The road transports all sorts of merchandise. Including coal. Its reports always disclose good and bad conditions.

The New York Central's net operating income in June, the third month of the coal strike, amounted to a little more than $6,000,000. This was nearly $500,000 more than for the corresponding month of 1921. A better comparison would be with the results in May of this year, and this showed a gain of $2,166,000. or about per cent. In contrast with May.

the Central's gross revenue of $29,462,000 displayed an expansion of very nearly $3,000,000. The Southern Pacific, which hauls much manufactyred goods, lumber and farm products, reports an increase of $1,774,000 In its June gross revenue and a gain of $238,000 in net income as compared with May. The Union Pacific made practically as good a showing. The New Haven's deficit in June was much smaller than In 1921. (Generally speaking, it was only the roads which have a preponderant traffic in coal from affected regions which suffered severely in June, in contrast with results of the month before or a year ago.

while lines which handled bituminous coal from non-union territory had their gross and net returns swelled largely. BONDS WERE SLOW AND IRREGULAR By Special I.eascd Wire to The Star. NEW YORK, July was a comparatively dull two-hour session today in the bond market, with few important price movements. The tendency of United States government issues to sag was representative of the general irregularity of the market rather than any reflection of a change in the money situation. All the liberty 4 14s fell off slightly on a moderate volume of business.

The French government externa! loans held their ground well in spite of the continued weakness of French and other continental exchanges. Heavy transactions in the Dominion of Canada 5s of 1913 and 1952 were a feature, although the quotations on these bonds advanced only fractionally. Mexican 4s dipped below 46. Indnatrlala Firmer. In the industrial section, the sugar securities remained active.

Punta Allegre Sugar 7s rose to a new high price and Warner Sugar first sinking fund gained nearly a point. The other members of this group were firm. Consolidated Gas convertible 7s. reacted. In railway division, improvement appealed in a number of bonds such as Seaboard Air Line consolidated 6s, Pere Marquette 5s.

Oregon Short Line 4s. Lehigh Yallley 6s and the Frisco incomes. L. N. 7s did not respond to the remarkably good earning statement made by the company for the month of June.

Canadian Provincial bonds traded In New York re active during the last week. Ontario 6s of 1923 were quoted at bid. offered at 101: the 6s of 1930 were 101 bid. offered at 102, and the 6s of 1943 were 1064 bid. offered at 107.

Manitoba 6s rf 1946 were 107 bid. offered at and the 6s of 1925 were bid. offered at 101. OPTIMISTIC OVER BUSINESS. CLEVELAND, Ohio.

July is not discouraged, despite the coal and rail strikes, and "is anchoring to those basic principles which underlie sound business," according to the monthly review of the fourth federal bank. Although strike conditions have become a definite menace to iron and steel production and overshadow all considerations of new business or prices in that industry, and are resulting in more uncertain conditions in the coal industry, encouragement is felt In other lines. Especially is this true In the automobile industry, which is in an unusually busy period, the report states. One large motor truck company reported an increase of 40 per cent in production over the first quarter. PB0P0SALS NOTICE TO CONTRACTORS.

1. Sealed propoaala. addressed to Mr. J. W.

Stohlman, of Town of Someraet, Maryland, and endorsed "Proposala for reconstructing streets of Somerset," will he received by Mayor and Council at Somerset until twelve o'clock noon on the 7th day of August. 1022, at that time and place will be publicly opened and read. 2. All bids must be made upon blank forma to be obtained from Mr. J.

Wm. Stohlman, at 12M Wisconsin Washington, D. and must be signed by the bidder with hla address. 3. Each bid must accompanied by a certified checks for $200 payable to A.

Starratt. treasurer of the Town of Somerset, said checks to be returned to bidder tinlesa he faila to execute the contract, should It be awarded to him. 4 The Council reaerrea the right to waive any Informality In the proposals received and to reject any or all proposals and to make the award in such manner as they consider beat for the interest of the Town of Someraet. Proposals received after the time advertiaed for opening will be returned unopened. Dnieaa postmark shows they were mailed in time to have been received at the proper time.

No telegraphic bldp will be conaidered. OFFICIAL NOTICES. COMMISSIONERS OF THE DISTRICT Or Columbia, July 10. la hfrebj given that Is accordance with the provision, of as Item chascea Is th. permanent system of highways contslMd Is D.

C. appropriation set for the flaesi year ended June 30, 1914 (public act No. 4S5, sppro.ed March 4. 1911), tin Commlaalonera of the District of Columbia will fire a pnbllc hesring Is th. bo.nl room of aald Commlaalonera on August 2, 1923, at 10 o'clock a.m., to all uartlea interested or owning land along the tine of atrmt be twees Blagden avenue and Colorado avenue (Blagden Mill rusdlr northwest.

as laid dowa us the permsuest system of highways for the District of Columbls. Plans ot propowd chsngea in th. highway plan of Seventeenth street within the above limits wfll ha displayed, asd th. Cam missfctsers win consider any anggeatioos protests coscerslsg changes asshows on the above-mentioned slana. CC.NQ IT RtllMJLPH.

A Mm r. DTffM. c. mLIU. lannisstuvrs.

C. The natural deduction is that until the end of June at least, there was enoueh coal to keep both railroads and Industrial plants running In satisfactory fashion. 'It may be manufacturers drew on accumulated fuel stocks, but information reaching Wall street was that such was not generally the csrfce. All through steel plants in the Ohio valley had trouble in getting sufficient coal, but it was not until this week that trade surveys began to disclose fearS lest reserve stocks would have to be used by mills in other regions and it was not evident that such a condtion had yet arrived. In respect to car loadings, the ord comes nearer down to date.

The week of July 15, when both the coal and rail strikes were in force, saw 783,573 cars of general merchandise loaded, a total exceeded in the bistorv of American railroad only in the peak traffic movement of September and October, 1920. Coal was not in this record. The coal movement, of course, was less than in years when there was no strike. The United States Steel Corporation's earnings in the second quarter certainly gave no plain reflection of fuel shortage, for the best of the three months was June with net- income in excess of $10,000,000 or about 38 per cent more than in April. Momentum The proper deduction from all these comparisons is that the momentum I of business carried forward from the first months of the year through and I bevond June, despite the coal strike.

While plans for parceling of coal shipments among essential industries, as worked out by the Interstate Commerce Commission this week, seemed to threaten slackened operations in some lines of endeavor, that possibility had no complete bearing upon the really fundamental currents of manufacture and trade. Reference to this week's events would not be'complete without including the Treasury's plan for reducing the country's short-dated debt. Mr. Mellon's program is entitled to receive full approval and respect. The calling in of $1,000,000,000 Victory per cent notes will leave practically $1,000,000,000 outstanding of the original issue of nearly $4,500.000.000.

While the process of redeeming the great blocks called in on December 15 will doubtless entail the issue of at least $300,000,000 new notes in exchange for the Victory's, this short-term issue will command a lower rate of interest than the old. Relaxed money rates reflected by the and 3 per cent calfr loans in New York and a remarkable rise in reserve system ratio of cash to deposit and note liabilities, has an important bearing on business in the future as on the Treasury operations. PIES STEADY By Special Leased Wire to The Star. NEW YORK. July curb market was featureless today, and business was smaller than it has been in recent weeks.

Professional operators and floor traders merely evened their accounts over Sunday and were not inclined to make new commit! ments for the time being on either side of the market. This attitude I probably was due to the uncertainty I of strike developments before the rej sumption of business Monday. ComI mission houses were less active and the attendance on the floor was the smallest for any half-holiday this year. Active and Firm. Standard Oil of Indiana was mod! erately active and firm, and most of the independent oils held about steady.

Transactions were light in 1 the miscellaneous group and prices ranged near previous closing levels. Some profit-taking appeared In Phillip Morris in the last hour. Radio issues were firm. What little trading appeared in the motor group was confined to the Durant issues. In the mining department interest centered in the low-priced Issues, but fluctuations were confined within narrow limits.

Boston and Montana ruled around most of the session. Bonds were steady and dealings were of small volume. MAKING LAMP SHADES. Two Million Tons of Sand Used in Making Glass Each Year. From Sew York A little less -than 2,000,000 tons of sand is used in the United States each year in making: glass, according to the experts of the geological vey.

The actual manufacture of glass Is carried on chiefly in the cities of the natural gas regions, ana a recent article in Gas Logic gives an interesting account of the process. Natural gas is ideal for heating the great pots which often hold thousands of pounds of materials requiring very high temperatures to reduce them to toolten glass. New York manufacturers are content to manipulate the glass that comes to them In flat sheets from these producers. Not the least Interesting of these are the makers of bent glass lamp shades, of whom there are some half dozen in this city. In the process of making these shades the glass sheets are first cut into identical sections to fit the dome or shade being made.

This is done by hand with a glass cutter's wheel, a tiny steel wheel of the hardest temper and sharpest edge. The cut of glass are taken to the fireproof brick furnace, which Is about four feet square Inside and Is fitted with three roaring gas burners. The flames from these burners curl against the oven top and are reflected down toward the center. In front of the furnace on a table are ranged a number of molds resembling huge tnetal flowers a foot and a half or more In diameter. One of the segments of glass Is fitted into each of the petals of these grotesque blossoms, the sise.

shape, curvature and number of petals on each mold corresponding to the pattern of I particular lamp. When a plate of glass has been fitted Into each of the molds the swinging iron curtain, which serves as a door to the furnace. Is raised and the furnace man picks up the mold with a lOng-halMled prong and sets It on a small circular platform In the oven floor. When the door is dropped tne platform begins to revolve, so that every part of the mold is subject to the same heaV. After three or four minutes In a temperature of 1,500 or 1,600 degrees the pieces of glass soften and drop thotr own weight to fit the mold's concave outlines.

It Is set on another table to cool and the next mold Is placed In the furnace. The manager of Ane of the companies Is planning to install an endless chain which will carry the racks Into the furnace, turn them about for the proper time and carry them out again. By this means he hopes to Increase the output and decrease the labor cost. The present system has increased one man's dally ontf Lput from SS0 or 400 pieces of glass, flhe limit whan each piece was hfnt peps rate! ander a hand -Mower, MM. NEW YORK STOCK EXCHANGE Received bv Private Wire Direct to The Star Office uOpen.

High. Law. CIom. Adams 64 84 84 Air Reduction HH AJmx Rubber 12 Allied Chemical TO All Is Chalmers 64 84 Am A(r Chem 84 64 64 64 Am Can UH 68 Am Car Fdy 172 172 172 Am Chicle Co. Am Druggist Am Hide ft Leather 14 Am Hide ft Lthr pf.

TOW TOW Amice 110 110 Am Am La Am 118 118 Am Radiator 101 101 101 101 Am Ship ft Am Smelting 61W 81 Am Steel Fdy Am Sumatra 39 89 Am Tel ft Teleg 122 122 Am Tobacco 148 Am Tobacco (B) 143 Am Water ML 17 Am Woolen Am Zinc 48 46 48 45 Anaconda Asso Dry 64 Atlanta Blr ft SVi 8V. Atlantic Fruit "4 Atlantic Cult 32 Austin 27 Baldwin Loco BaltO ft Ohio Barnesdall (A) Barnesdall (B) Beth Steel (B) Brit Em Stl 2d pf. 30Vi 30V. Booth Fisheries 9 9 Bklyn 26 26 Bklyn RapTrctfs. 23 Suite Copper Butte ft Butterlck Caddo Oil California 80 60 60 Callahan Zinc Canadian Central 39 39 39 Cent RR of 198 196 Cerro de 38 38 Chandler 66 63W 66 Ches 71 71 Chi Great Chi Mil ft St 29 29, Chi Mfl ft St Cnl ft North 77 77 Chi R14 44 44 Chi Rift est ft Omaha Chile Copper CCC ft St 78 78 78 78 ft St pf 97V4 Coca-Cola Colo Fuel Colo Columbia Gas Columbia Graph pf.

Cotnp 66 66 Cons Cigar Cons Gas of Cons Textile 10 10 ContCan 77 T7 Corn Products 1G7W Cosden ft Co Crucible Sleel 91V. Cuban-Am 26 V. 16 Cuba Cane Sugar. 18W Cuba Cane 40 Davidson 47 47 Del ft Hudson 126V. 126V.

Del Lack ft 128 128 Eastman Electric Stor Bat. 47 47 Elk Horn Coal 20 20 20 20 Erie 17 17- Erie 1st pf Famous 82 82 82 82 Famous Players pf. 94 91 94 94 Fed Mines ft pf. 60 60 60 50 Fisher of Flsk Rubber 13 13 Freeport 23 iS Gen Asphalt 1.. 71 71 Gea Asphalt Gen Cigar 77 Gen Electric 181 182 181 182 Gen Motors Goodrich Great Northern pf.

83 Great Nor Ors 40 40 Guantanamo Sugar 13 18 13 18 Gulf States Harbishaw Hendee Mfg 21 21 21 21 Houston OU Hudson 21 21 Hydraulic Hi lllnols Central 111. Central Ill 111 Inspiration Interboro Interboro Met pf. Intl Mer 18tt Intl Mer Marine pf. 72 Intl Nickel Intl Paper f. 63W Invincible Oil 13 18 13 Iron Island Oil Jones Tea 41 46 47 Kansas ft Gulf Kayser 43 43 43 43 Kelly-Spring 47 47 46 46 Kennecott Kej-Ltone Tire Lackawanna Steel.

Laclede Gas 8S 86 Lehigh Valley Liggett ft 176V. Lima 109 109 Loews lno Lorlllard Louis ft 131 131 MackayCos Mack Truck Mallinson ft 35M Market St 69 69 69 69 Marland Oil 39 Maxwell (A) 60V. Maxwell May Dept 118W 116V. Mclntyro 16 16 18 18 Mexican Pete 169 Mex Seaboard 22 Mexican Sebd ctfs. Miami Copper 30 30 Middle States MidvaleSteel.

63 62 83 MKATwl 18 Mo Pacific Mo Pacific pf 66 Vf 66 Montana 72 72 Montgomery Ward. 22 22 Muilins Body 23 23 Natl Acme 17 17 17 17 Natl Biscuit 161 151 Natl Conduit 2V. Natl Natl Lead 101 101 Natl Ryot Central 98 Dock ft Hartfon NYOft Norfolk Southern i. 19 IS 19 19 Norfolk ft Western. lit lis lis 112 North 7W4 70 Northern 78 78 Oklahoma Prod Pacific OU 66 Pan-Amer 78W 78 74 Pan-Am Pete (B).

88 Pennsylvania Penn Seabd People's Oas 87 87 Pere Marquette Pere Mrq prior pf. 78 T8 TO 78 Phila Company Phillips Pete Pierce-Arrow Pierce 7H Pitts Coal 86 86 86 65 Pitts ft Va Pood Creek II 77 77 77 77 Pressed Steel producers ft Public Ser? of 81 Pure Oil Railway Steel Spr l88 108 Ray Coo Reading. KM Readlnc 1st 8ft 88 88 88 Replace Open. High. Um.

cIom. St 16 16 16 16 St A San 10 St A San Fr 61 St Louis 8OH Mi St Loula Sown Seaboard Air Line, tH Sears Roebuck 80H 80W 10 80 Seneca Copper im Sinclair Oil 11 Skelly Oil Southern Southern Railway. SH 26W Southern Ry pf 68 68 68 68 Splcer Mfg Co 18 11 18 18 Stand Oil of Stand OH of 4614 46 46 Stromberg 48 4884 Studebaker 18114 Submarine Superior Oil Tenn Copper 10H Texas 46 Vi Texas Gulf Sulphur 48 48 4814 Third Ayenue Tobacco Prod 78ti Tobacco Prod 65 66 Tobacco Prod Trans Contl Union Bag papr 60 60 60 60 Union OB Union Pacific Union Pacific United Retail Btrs. 72 US Indus KssetLty 7IM us Rubber 4914 Mij US Steel pf 121 121 121 121 Utah 1714 1754 Vanadium 49 49V. 49 49 Va-Cnr Chemical.

27 27 Va-Car Chem 6814 80 60 13 13 Wabash pf A) 33 S3 Western Elec pfd. Western Md 12 12 12 12 Western Md 20 0 20 20 Western Pac Western Union 62 White Motor 4814 Wick wire Spencer, is 18 1614 8S Willys-Overland pf wool worth Worth 1 ngton Pmp. 62 62 Wright Aero HOURLY SALES OF STOCKS. 11a.m..... 123 800 1 2 279 600 DIVIDENDS.

Stock of Pay. record. able, pf q-- 10 Aug. 23 83 July 28 Hi! 82. -8epl.

0 Ot. 2 Shell Ln. O. q.f July 29 Aug. 15 agyttvfc.

v. fifths, i it WEEK'S STOCK DEALINGS I MAINLY PROFESSIONAL NEW YORK, Juiy coal and railroad strikes continued to influence operations In the stock market this week, professional interests contributing a large Percentage of the total dealings. Prices were Inclined to case in the first half of that period, but a better tone ruled later when it appeared that a settlement of the country-wide labor difficulties in sight. Further curtailment of production In several of the important Industries resulted from the Increasing shortage of coal, but the better state of the steil trade was ln the quarterly reports of the United States and Bethleham Steel Corporations. Railroad earnings for June were generally favorable, there being few exceptions to reduced operating expenses and increased net returns.

Carloading figures for the second week of the strike showed that the railroads were effectually meeting the strike emergency. Reliable data dealing with the general business situation again emphasized a hesitant tone on the part of buyers in leading lines of merchandise. but this was ascribed largely to backward seasonal conditions. Abundance of money In the local market caused further easing of rates for time funds. Most of the short maturities were placed at per cent, but loans extending Into next year ranged from 4 to per cent, with a 4 per cent rate for high-grade merchantlle paper.

Foreign exchanges were hardly a market factor, although the question of German reparations caused fresh demoralisation ln marks, that currency falling to a new low record. COTTON PRICES STEADY AFTER EARLY-WEEK DROP NEW YORK, July selling at new low records for the movement early in the week, the cotton market became steadier and advanced about $2.50 a bale from the lowest levels. Interest was naturally centered In crop developments, which, according to private advices, have been very much mixed. Up to midweek, these reports generally gave the that the crop was making satisfactory progress ln both the western land eastern belts. There were high temperatures in the southwest and contnlued rain ln the east, but dltions were not especially unfavorable and prices yielded easily to selling pressure, as there was little outside support in evidence and the railroad strike was a very unfavorable feature.

Late In the week, however, the entire situation was changed. Crop and weather news became decidedly bullish, there more cheerful tone to the strike news, and supportI Ing orders came Into the market from many quarters that had hitherto been bearish. It was judged, from character of southwest news, that the crop has deteriorated, at least In the last few days, because of hot winds. Weevil damage has not been so great In the southwest as elsewhere, but ln the eastern belt the crop was reported have suffered more or less from this pest, which is present In large numbers. Private crop reports received dur! Ing the week showed Improvement over the previous month with one exception, and pointed toward a government condition figure at least equal to the ten-year average of The range of in these private reports were from 11,440,000 i bales to 12,229,000 bales.

Textile markets were quiet during the week, but firm, awaiting the bureau report Offerings of new crop cotton from the southwest have met a poor demand, partly due to the fact that Eurdpe has large stocks of consigned cotton which are supplying the "demkrids ln that quarter at comparatively low prices. As the week closes, sentiment appeared to be. a trifle more bullish than at any previous time In the past ten days, but Inclined to be cautions until after the government report. BUYS MOST "OF CAJTADA. OTTAWA.

July United States, which, in the fiscal year ending June 1921, and Canada's best customer by a wide margin, has been nosed out by Great Britain, it is disclosed In balancing the books June 10 of this year. During the first period Canada's exports to the United States totaled and those of the United Kingdom In the year covered by the 'latest report Great Britain, with purchases amounting to HOl.MS.OOO, wan first place from the United States, which purchased only 1296,398,000. YORK MAHK STATKMBNT. TORJC, July condition of the clearing house and trust the liptf ON NEW TtORK BONDS STOCK EXCHANGE Received by Private Wire Direct to The Star Office, UNITED STATES WAR BONOS. Difh.

Lew. Liberty SHa, HjO 100 92 100 92 Liberty 2nd 4a 100 62 100 61 100 Liberty 1st 414a 1M2-4T. 101 CO 10144 Liberty 2d 414 100 74 100 100 62 Liberty 100 66 100 66 100 Liberty 4th 1933-38. 10164 101 Ml Victory 100 GO 100 44 Victory 1928. 10090 10088 100 88 FOREIGN GOVERNMENT, STATE AND MUNICIPAL.

Hlsh. Low. CloM. 1 Argentine 7s 100V4 100 Belglum 6s 100'A Belgium 7Hs 106H Belgium Is 8a Bolivia Is wl 100V4 Bordeauxes 84 rju Brazil 7s Brazil 8s WOW Canada 5s 1981 Canada 1929 101V. 101 Canada 5s 1962 Chile 8s 1948 Chile 8s 1941 I08W Copenhagen 514s 92 Czechoslovakia 8s Denmark (s 99 S8W Denmark 1s Dutch East Ind Dutch EI sf 6s 62 95 French Govt 8s 102 French Govt 100 Japanese 4s Japanese 1st I Vis Lyons 6s Marseilles 6s Mexico 4s Mexico Es 68 Netherlands 6s 97 Queensland 6s 102 Queensland 7s 110 Rlode Janeiro 8s Rio de Janeiro 8s Rio Grande do Sul Sao Paulo.

State of. Seine, Deptof, 7s Solflsons Sweden 6s 104 104 104 Swiss Confedsf Utd Kingdom J1JJJ Utd Kingdom 5 tts 11014 Utd Kingdom Stts 104 104 104 Zurich 8s 112 H2 111 MISCELLANEOUS. AJax Rubber 8s 9914 Am Agrl Chem Am Smelting 1st Am Sugar Ret 6s Am Tel 4 Tel cltr 99 99 Am Tel ft Tel cv 6s 11Hi Am Writing 85 Anton Jurgens cvlsvi 96 Armour 4 Co 4 Ws Atlantic Fruit 7s Atlantic Refining 6V4s. Barnsdall 8s A 103V. Bell Tel Pa 7s 108 Bethlehem Steel sf Central Leather 5s 97 Cerro de Pasco Ss 11? J'? Chile Copper 7s 106 106 106 Con Gas conv 7s 121 Cuban Am Sucar 8s Cuba Cane cv deb 8s.

Detroit Edtson ref 6s Du Pont de Nam 7 107 Duqucane Light 6s 103 103 Umpire Fuel Flsk Rubber 8s 107 107 107 FTamerican I 97W Goodrich. BF.6V4SW I. 100V4 Goodyear Tire 8s'31 Goodyear Tire 116 116 Holland Americans: 6s, 88 Humble 1. 100 100 100 Indiana Steel 1st '62. Inter Mer Marine 6s 97 Kavser (Julius) 105 Lackawanna Steel Ss'50.

I Liggett Myers 7s 116 116 116 Liggett Myera 5a Manatl Sugar Mexican Petroleum 106 106 Mldvale Steel 5s New England Tel 5s 1. 18 NYGELHAPBs 99 99 99 Sew York Tel 6s 1241.... 1MV4 v.w York Tel 4 Vi Wli WV4 WH North Amer Edison Vnrthwest Bell Tel SSSSm ftori. 107H Pacific Tel ft Tel 5. WJJ Pac Tel Tel Bs ctfs 92H 101 101 101 Philadelphia Co 6s A.

99 Oil deb 8s 4 Public 8ervlce 86H b6V4 Sine Crude Oil 6 SovTporto Rico Sug 100W 10014 I Stand Oil Calif 7s 19614 106 1WW i Steel ft Tube 7s 100H Union Bag ft Paper 8 98 United Drug CV 8fl Ill 111 Rubber 1st 5a 91 90.4 91 Steel a 5a WJH IWVb 103M. Utah Pow Jb Light 91 909-4 91 I Va-Car Chemical 7a 1.. Va-Car Chemical 106H Warner Sugar 7a 104 103V4 104 Weatinghouae 108 Co let 6a? Wilson Co CV 6a 93 93 93 Wilson Co cv 7 a WHERE THE WEEDS WIN. Farming in Tropical Panama a Con-' tinuous Fight With the Jangle. From the National Geographic Magazine.

A Florida orange grower would turn gray if he had confronting him the problems which face any one who attempts to grow fruit In Panama. The grass problem alone is enough to stagger the heart of the bravest planter. Think of your own vegetable garden In midsummer, when the days are steaming hot and the weeds are growing about as fast as you can pull, them out; project these conditions ln-i definitely, for there Is never any winter to check them, and you will get the endless vista of weeding which confronts the tropical planter. Grass Is certainly the curse of agriculture in the rainy tropics, and he who imagines tractor work or the use of any of the ordinary tools of our northern agriculture In use on tropical farms should never lose sight of the grass. There Is really nothing so looking to a northern fruit grower as a little orchard In a clearing In a tropical jungle.

The great forest insists on taking back the little clearing to Itself, and It Is one continual with a machete to Seep It from doing so. When I was shown what looked from the deck of a launch like virgin forest, with great trees covered with creeping lianas, and was told that it had all grown up in eight years from cleared land, and when I recollected how fungus and Insect pests haunt a clearing, I could better comprehend the feeling that, after all, for the Individual of small means, there really Is no way to farm than to cut down and burn, plant and get a crop or two; when the plants and weeds of the returning forest drive you out, move on. It Is the way of the native everywhere; clear a spot, rash In. rush out again, and let the land grow up to trees. BUN DOWN BY OWN AUTO.

Cranking a machine while In gear resulted In the starting of the automobile and knocking down ot John Shreve of 1147 Qulnoy street, member of the firm of W. O. Shreve and Sons, wholesale corn merchants. In front of street last night. The machine ran -over Shreve's foot.

was treated by Dr. William P. Burns, at'his office, and later was taken to Garfleld Hospital. HAS EIGHT TO PEAT. I PORTLAND, in public Is not an offense against the civil service, the commission ruled today In reinstating George Winters, veteran employe of.

the city park bureau. who was discharged several weeks ago because he persisted in praying aloud as a preliminary to opening his lunch pail. In War Terms. From the Birmingham Age-Herald. "Well, how was your reception when yon got home last night?" "The wife laid down a word barrage," said the ez-sMjIee man.

"and I retired to a prevtojiftftr prepared posltioa." if. -How was thatr' I RAILROADS. High. Low. Clwe.

Atchison gen 4s 83 Atchison cv 4s '60 lOlVfc Balto Ohio ref 6s 89 89 Balto A Ohio 4s 85V4 86V? Balto Ohio 6s 101 Balto A Ohio cv Canadian North Canadian Pac deb Central Pacific 4s Ches A Ohio cv 89K 89 Ches A Ohio cv 5s 96 Chicago Alton 3 60 A 1st ref Ss Chi East 111 gen Chi Great Western A St ref 66 A St 4s 1925 81V4 81vi St cv 4 s. 69 Chi A HON I A ref 4s Chi Union Station 92 Chi Union Station Cleveland Term 104V4 Colo Southern ref Cuba RR 1st 5s 85 85 85 I Cuba 1st ref Del A Hud cv 5s 97V. 97W Del A Hud 5 102 Den A Rio con 4s Erie 1st con 4s 66 66 66 Erie ten 4s I Erie conv 4sA I Erie conv 4s i Orand Trunk deb 104 10314 Great Northern gen 110 Great Northern (ten 102 Hudson A Man ref 5s III Central ref 4s 89Vi 89V. Ill Central 101 101 i Interborough-Met Inter-Met 4 ctfs. Inter Rapid Transit 70S Inter Rap Tr 6s I 78 77 78 Inter Rap Trcv 7s 96 '-6 16 Int A Gt Nor adj 6s Iowa Central ref 45 45 Iowa Central 1st 5s Kansas City Sou 5s 89 89 89 Lake Short 4s 1928 Louis A Nash 7s Market St Ry cons Mln A St ref ext os I St A Mcon 90 90 90 A pr In 5s A 84 t4 84 MKATadJSs Montreal Tram 1st ref 5s.

8714 Mo Pacific sen 4s 66V? Mo Pacific Cs Central deb 4s 14... I Central 7s Central deb 6s 108 NY Central ref imp 16'k Central ref 6s i 96V. Rys adj 5s 11 Rys 1st ref 4s 38 38 New Haven 81 New Or Terminal 4s Tex A Mex inc West A Bos 4 bbVt Norfolk A West con 48... 92 v2 92 Northern Pacific 3s 4314 Northern Pac 5s i 97 97 97 I North Pac ref 65 Ore Short ref 4s 93 i Pari s-Lyons Med 6s 80 so Pennsylvania sen 4 93 :3 Pennsylvania gen 5s 1 Pennsylvania 6 tis I Pennsylvania gold 7s 110 110 110 Pere Marq 1st 5s StLASFprlnts St A pr In 5s St ASF inc 6s 71V4 1 StLASFadJCs 81 81 81 i StLSWlst4s 79 79 79 Seaboard A adj 5s 28 -jg 18 Seaboard A ref 4s Seaboard A con 6s 63V? 13 1 Seaboard A 4s 59', 5914; Sou Pacific cv 4s 92V4 921, Sou Pacific cl 4s 88 88 I Sou Pacific ref 4s 90 90 90 Southern Ry 1st 5s 97 I Southern Ry gen 4s I Southern Ky dev i Third Ave adj 5s, 62 62 Union Pacific 1st 4s .51, i Union Pacific cv 4 96 95 is I Virginian Ry 1st 5s 96 95 Wabash 1st 5s 99V, Wheel Jt i- con 4s I Wheel ref 4 68 fb 68 Wisconsin Cent sen TOTAL SALES (Pap Value): 11a.m. 3 060U0J 12 noon 6 670 00U I TREASURY CERTIFICATES.

(Quotations furnished by Redmond Co.) 1 Close. 1 Bid. i September 13. 1922 100 3-82 September 15. 1922 100 3-16 October 16.

1922 loo 15. 1922 1-C2 4Ws 15. 1922 100 13-12 414s March 15. 1923 100 13-32 lUO 17-32 15. 1923 1W 7-32 June 15.

1924 103 5 September 15. 1924 103 15. 1925 101 loiAfc 1 1 44.8 December 15. 1925.... 100 13-16 100 15-16 March 15.

1926 102 I SHORT-TERM SECURITIES. 4Reported by Redmond Co.) 1 offer. I Aluminum Co. of Amer. 1925.

104 American Tel. Tel. 6s 1922.. American Tel. Sc.

Tel. 1924... 1 American Tobacco Co. 7s 1923.. Anaconda Copper 6s 1929 101 A urn olid a Cupper 192? Anglo-American Oil 1925...

104 iJJ? Armour Sc. Co. 7s 1930. 104 "4 105 Atlantic Kef. 1931..

Hetlilehem Steel 1923 lo4-? Canadian Pacific 6s 1914....... 101 C. 4 St. I-. 0s 1929 102 of S.

Y. 7. loo? lulA Cons. Gas uf N- 7s 192o 123 Copper Export "AV 8s 1924.... 103 i cSjiwr Export "A 11.

Parking lo. i. 1923.... loa 1 DoPont 1931 I It. r.

4. OoodTear T. H. 8. 1931......

101 I Gulf Oil Corpn. 7. 1833 11M llMi. llumble Oil Bef. lUUfj luu? K.ou> City Tenniasl 1923...

101U Kennecott Copper 7. 1930 1(10U Ubbv ilcNe.l 4c Ljbby 7. By? St. P. S.

S. M. 1931. i Central 7a 1930 lOoA I Gamble 7a 193 looS Sears. Roebuck Co.

7s 1922.. Sears, Roebuck A Co. 7s 1923.. Southwestern Bell 7. 1925 103" Swift A Co.

1925 101 Ji, Switt A Co. 7. 1931. Unton Tank Car 7. 198a l(Bi.

U. S. Bublier lo. 1923 We.teni Electric 7. 192j 108(4 lOS'-j Wf.tlngliooM E.

4. M. 7. 1931.. Sept.

1. at FORJSIG1V EXCHANGE. Selling value, at cio.e today: I (Quotation, furnished by W. U. Co.) London 4.46 Budape.t 1'ari.

0819 l'rague 0232 Brussels 0779 Warsaw 0017S Berlin 0016 Copeuii.gen.. .2157 1 Home 0459 Cfaristl.nia... .1728 Madrid l.Vi9 .2610 Zurich 1910 Atken. 0320 Belgrade .0131 Vienna 000036 Montreal 9925 By tlie Pretis. NEW YORK, July ex- I change, Great mand, 4.44%; cables, 4.44%; sixty-day bills on banks.

4.42%. cables, cables. 1.0467%. cables. .0773.

cabfts, mand, cables. .3866. Norway? Demand. demand, Denmark, demand. Switzerland, demand.

Spain, demand, Greece, demand, Poland, demand, Caechoslovakia, demand, Argentine, demand. Brazil, demand, Montreal, .99 BERLIN BANK STATEMENT. BERLIN, July statement of the Imperial Bank of Germany as of July 22 shows the following changes: Total -coin and bullion increaaed 1,004,000 gold unchanged. Treasury and loan association notes decreased 1,438,811,000 marks; notes of other banks Increased l.tlt.OOO marks. Bills of exchange and cheque Increased 1,011,022.000 marks.

Discount'and treasury bills increased 188,661,000 marks. Advances decreaaed 26.310,000 marks. Investments increased marks. Other assets increased 1,024,176,000 marks. Notes In circulation Increased 1,689,606,000 marks.

Deposits decreased 671,316,000 marks. Other liabilities Increased 546,406,000 marks. Total gold holdings, 1,004,659,000 marks. it sclent 19c tests have failed to show that electricity makes seeds (Quotations furnished by the Associated Press) INDUSTRIALS. Hifh.

Low. Clow. 1700 Acme Coal .85 .80 .85 100 Aru Hawaiian 8 22 22 22 100 Allied nfd tl 31 81 15 Am Fow it 700 Atlantic Fniit 800 Buddy Rnda 100 Car Light 55 .55 .55 800 Chicago Nipple 5 100 Cleveland Auto 200 Com Solvents 45 45 I 100 Com Solvents 100 Conley Tin 100 Daries. Wm. 200 Dub Cond it Radio.

Durant Motors 41 41 2100 Durant Motors Ind. 100 Gardner Motor 400 Gibaon How 20 100 Glen Alden 000 Goldwyn 200 Goodyear Tire 10 10 Hayes Wheel 400 Heyden 200 Intercontinent'l Rub GOO Lima Loco i 5 Mitchell Motor 1000 Mercer Mot ctf. 500 Moon Motor 20 New Jersey 144 105 Tr pfd 144 4700 Philip Morris 13(H) Radio Corp 200 Radio Corp pd 1000 South Coal A Iron. .40 .40 SOO Stilts Motor 21 18 Tenn EI Pow 14 14 1700 8 Lt Ht 1A 1000 8 Steamship 10 .10 3(10 Tnifed Retail Can 1500 Wayne Coal 100 Willys Corp 1st pr. .20 .26 STANDARD OILS.

100 Anglo-Am Oil 600 Atlantic Lobos 8 10 Eureka Pipe 88 88 85 Imp Oil. 2600 of Ind 200 of Ken. new. 25 of 422 422 INDEPENDENT OILS. 100 Aetna Con Oil 2 2 13410 Alran Oil 4 1000 Allied Oil 04 .04 1000 Roone Oil 12 12 3100 Roston .81 Carib Syndicate 30 Cities Service 195 Cities Serv ctfs 200 Creole Syndicate 1000 Kncineers .20 .29 64S? Equity Pet pr 14 1(8)0 Ertel 05 .05 loo Federal Oil Fensland Oil 200 Gilliiand Oil 1300 Glenrock Oil 20000 Hudson Oil 10 .15 International Petrol Too Keystone .52 .50 200 Kirhy Petroleum 5 (Um? Lyons .71 .70 loo Mai gay Oil 4'Ki Mariand Oil of Mex 500 Mountain Prod 5900 Mutual Oil 9 200 New England Fuel.

59 1000 Noble Oil 19 .19 200 No Am Oil it WW Omar Oil 300 Ryan 200 Simiiis Petroleum. 4000 Southern Pet A Ref .14 .12 1000 South States .19 .19 3oo South States 1100 Sjiencer Pet 6100 Texon Oil A .70 .65 100 Tiinuan Oil 2800 Wilcox Oil 6 2000 Oil ic Gas 15 .18 MINING. 100 Alas-Brit Col IOW Belch Ext 04 .04 .04 4000 Big Ix-flge 13 .11 .12 1000 Bos A Mont Dev. .20 .19 .20 llooo Bos Mont 1O00 Calumet A Jerome. .20 .20 .20 nooo Canada Copper .17 .17 .17 2000 Candelaria Mining.

.34 .34 .34 500 Canario 2200 Cortex Silver 1 tVr 1 200 Cresson Gold 2000 Beaver Con 28 .28 .28 looo Dolores 18000 Eureka Croesus 38 .37 .37 14000 Fortuna 15 .13 .15 WKii Gold Development. .07 30(IO 44 .44 .44 1000 Gold Zone Div Min. .08 .08 .08 Hard Shell Miniug .11 .11 Hnmi Harmill Div .08 .08 100 Ilecla Mining 4000 Ililitop Min 1A 1 1A 100 Hollinger Gold Min 1900 Indcp Mines. .54 52 .53 100 Jerome Verde Div. 100 Kerr Lake 300.) i.ox Divide 04 .04 .04 4000 Iji .25 .25 .25 00(si Hone Star 08 .07 .08 1000 McKin Dar Sav 20 .20 .20 lOOO NcNam Min A Mill .08 .08 .08 1000 Marsh Mines Cons .15 .15 .15 2000 Mohican Copper 15 .15 ,.13 looo Morherlode cit 10 lO National Tin 37 .31 .31 1000 Nevada Ophir 19 .19 .19 2000 Petersen 11 .11 .11 700 Ray Hercules Mines loo Sheldon Mines 1A 1A 1000 Stand Silver Lead.

.19 .19 .19 Success Mining .20 7000 Temiskam 27 .27 .27 5000 Tonopali Cash Boj. .08 .07 .07 20o Tonopah Divide 70 70 76 200 Unity Gold 000 United Eastern 20OO Volcano 30 .30 .30 200 West End Cons 100 Yukon Geld 1 1 1 BONDS. 1 Allied Packer 6s 1 Allied Packer 8s 10 Am Cotton Oil A in Tel A Tel (Is 2 Am Tobacco 7s 1923. 11 Anglo-Amer Oil 1(M 3 Armour A Co 7s 105 2 Atl Gulf I 20 Cana Nat Railw 1 Charcoal Iron 94 94 2 Columbia Gra 8s ctfs 7 Commonwealth Po 6s 11 Con Gas Bait 6s 2 Cons Textile 8s 5 Con Exp As 8s 1923 102 102 8 Goodrich Tire 7s 103 102 2 Hershey Co 10 Humble Oil 7s 99 1 1 8s ctfs 91 91 10 Inter 7s 20 Inter 8s 1922... 1 Kennecott Copper 7s.

105 105 9 I 101 9 Manitolia 7s 96 90 3 A Hart 7a. 87 2 Phil El 101 24 Pub Ser Co of NJ 7s 1 SeaiR Roebuck 7s 7 Sears Roebuck 7s '23 3 Shawsheen 7s 104 30 South Bell Tel 103 5 St Oil of 109 1 Swift A Co 7a 102 If 12 4 Swift A Co 7s 103 3 Un Oil Prod fa 98 5 Western Electric 7s FOREIGN BONDS. 11 Argentine 7s, 100 100 7 Bar Silver 100 33 King Serbs Croats Ss 4 Swise NEW VIEW OF PLANTS. From the Xew York Some interesting statistics have been gathered as a result of exhaustive studies of plants from a new point of view. Taking those species that are of economic is, the vegetables, cereals, of value to the human investigator has assembled them In his agricultural laboratory and determined with definite accuracy their efficiency.

These statistics show that the most efficient of all economic, plants Is the Jerusalem artichoke. ThiB valued vegtable produces on an acre of good land about 7,127 pounds of starch and other digestible substances. It takes from the soil incidentally $26 worth of material. But the difference between consumption and production In terms of value is 1116. One might imagine that the potato would be away up, but the beet comes next, with an output of 6,384 pounds of digestible substances to the acre, taking $41 worth of material out of the soil, and yielding a balance of $112.

Third is corn, which produces 4,652 pounds of digestible substances, consuming $17 worth of material and giving a balance on the credit side of $108 for the acre. These are the most efficient economic plants, the best workers for man. The potato Is fourth, taking $4 worth of material out of the soil for each acre are planted. It 4.440 pounds of digestible substances (nearly all starch), and shows a balance of $72. Rlcd gives 2,254 pounds, taking $5 worth from the land, and allows a balance of $41.

Peas produce 1.S64 pounds, drawing on the bank io the extent of $2 and give the farmer a clear $40 to the acre. Carrots yield 4,111 pounds and show an expenditure $17 worth of plant food and a margin of $61 to the good. Kye affords an output of 1,824 pounds of nutriments at a cost of $10 to the soil, and furnishes a profit Of $26. Passing th? Piste. From the York San.

Mrs. have nothing but praise for the new minister. I noticed when the plate went around. BAR MLVBR UIOT NEW YORK, July bar silver, St34; Mexican dollars. LONDON, JBly silver.

pence par otftce; money IK cent. Discount bills, per cent; three months, I AS TO THE 60 BID, WHEREISjT NOW? Bankers and Brokers in Quandary Why Proposed Proffer Is Missing. BY A. FLEMING. The "Will you consider an offer of $60 a nhare for the 27,500 shares ol 1 Railway common stock held by your committee as collateral for the Washington Utilities defaulted notes?" seems to be in a somnolent condition.

Wttn the answer was passed along1, "We will consider any positive offer received by this committee," every one thought that it would be bat a matter of a few days before the offer was on tap. and the committee arguing whether or not to accept it. A few days passed and sentiment among ipembers of the committee seemed to be changing. First impressions favored a turning down of the offer, should it be made, as expected Comment was made anent the speculative character of any such refusal after being guaranteed their principal and interest. If the committee decided to hold off for probable dividends expected from the proceeds of the big fund In escrow pending the Supreme Couri ruling in the Potomac Electric This aspect seemed to agree with the revised views the committee and general in banking circles was that the offer, if made, would be accepted.

Numerous holders of utilities notes that have been deposited with the committee, who anxious to get theii money out of the proposition have urged the acceptance of such an offei as suggested, but which has not appeared. The mystery of it all is what become of the proposed offer and the negotiations? A meeting was held once after the offer had been queried, but nothing came of that. Mr. Harper, chairman of the noteholders' committee, has received no information whatever regarding the matter after the first and only conference with local people. SomeN blunt people on the street are even hinting that the whole scheme was concocted for the purpose of strengthening the bull movement In Railway common.

which has been under way for ninety days or longer. Holders of contrary views do not lieve that failure to go through with the negotiations would have any unfavorable effect on the stock. They think that with the dividend prospects, to a certain extent depending on tfae ruling of the Supreme Court In the Potomac Electric the common shares of the Washington Railway Company are worth close to their present price or even higher if the court decision is favorable. During the year to date Railway common has been marked up, at gradually and then with speed. to from tfie low of the year In the interim the preferred has gone from 63 to 80 and is now quoted at 79.

The position as to price the greatly improved condition ol the company, -thji ability to pay per cent dividends on the preferred shares and the belief that the common stock will soon come in for a dividend. Peraoaal Mention. W. J. Flather, vice president of the Riggs National Bank, left last ing for Portland.

Me. E. J. Stellwagen and Frank Henry are awaiting his arrival. Mr.

Flather has been poorly of late, but has stuck to his desk and will welcome his long month's vacation. He will return with September Demand for Independence Not to Be Pushed, Mayors Indicate. BY GEORGE WITTE. By Cable to The 8tar and Chicago Daily fopyrifbt. 1922.

BERLIN. July developments Indicate that Bavaria's demand for independence will not be pushed to a point involving secession. A delegation of mayors of northern Bavarian cities, who were received by the Bavarian premier, Lerchenfeld. left him convinced that the government does not contemplate a disruption of (Jerman unity. The federal government in Berlin has deferred action with regard to Bavaria's independent legislation pending the result of personal representations by President Ebert to Premier Lerchenfeld suggesting an amicable settlement on the basis of a repeal of the offensive Bavarian laws, provided adequate arrangement is made for proper Bavarian representation in the new federal tribunal for the protection of the republic.

Premier Lerchenfeld recently received Frank A. Vanderlip. former president of the National City Bank of New York, and discussed with him the conflict between the north and federal and states' right? in the United States back in the 0s. POST CHECK C. 0.

D. MAIL VIOLATORS Notices Sent Out Requesting Names of Firms or Persons Advertising The Post Office Department took4 steps today to end the practice of firms and Individuals advertising that their merchandise may be x-til by mall, collect on delivery, with the privilege of Inspection before acceptance. Third Assistant Postmaster General Glover Issued instructions to postmasters to report at once the names of any firms or individuals using advertisements giving this guarantee They were also instructed to refuse to accept for mailing any package containing labels stating that the recipients may open the package before settling C. O. D.

charges. Although this ruling has been in effect ever since the establishment of the C. O. D. postal service, complaints have been Innumerable regarding the practice and the greatest difficulty has been experienced by carierrs In convincing patrons upon delivery packages that they are not entitled to open them.

Decision of the third assistant postmaster general to stop the publi. cation of advertisements that merchandise may be examined Is the first step In a campaign to straighten out a situation that has been a source of trouble to the postal aervlce for years. womaiTrnps body. Berry Picker Remains Lacy Walker at Staunton. STAUNTON.

July voir huckleberry picker Wednesday stumbled upon tbe dead body of Lacy Walker, younc farmer of the Walkers creek section of Rockbridge county, who had been missing since last Mar. The body was found an the above Mldvale on the oM tramway..