Evening Star Newspaper, January 23, 1921, Page 27

g , than FINANCIAL BUSINESS OBSERVERS SEE U. S. BACK TO NORMAL CONDITIONS Continuance of War-Time Credit Inflation . and Reckless Living Expenditures Regar&ed a s Impossible. * From many competent sources in widely separated sections comes the opinion that the United States has now definitely entered upon its return to normal conditions. The average business man has come to see that a continuance of war-time prosperity, with its attendant circumstances of high wages, high reckless spending and wl‘;}gihm\'lest increases were in the paices credit inflation, rices, Rnd private waste, is impossible. has come to see also that the black | pessimism of a few months ago is intelligent esti- unjustified by any mate of the economic situation. Trust Company’s Comment. Tn commenting on the financial and the United States the Guaranty Trust Company ‘business conditions in of New York says: “Worry and fear have given way to e disposition now is to face the facts clear judgment and courage. calmly and to make such use of them as accords with the peculiar initiative and enterprise of our people. Judge Gary refers to the phenomenon as the better ‘temper of business men, Gov. Harding of the Federal Reserve Board calls it ‘a_more normal state of mind.’ Others have their own ex- pressions. but all agree that the pre- vailing feature of the business out- look is just now the change that has come over the mental processes of business men. “Nothing has happened to bring about this change except possibly the failure of some of the dire predictions that have been agitating the country, particularly in recent months. Those who have from the beginning held that fundamental, and not ephemeral, factors would determine the course of economic events in this country have never thought that there was immi- nent danger of any such collapse as was forecast in quarters less well informed or less capable of interpret- ing conditions. Their attitude seems now justified by the country’s change of spirit rather than by any turn of events. It may be added that there could not possibly be a better founda- tion for an actual revival of busi- ness.” Cost of Living Analyzed. In analyzing the high cost of living the report of the company says: “The results of an analysis of the course of living costs during the period from June 1, 1914, to Decem- Dber 31, 1920, in thirty-two cities have been made public by the Department of Labor. The figures include cost of food, which is taken as representing 42 per cent of essential expenditure of the family; clothing, 16.6 per cent of expenditure; housing, 14.3 per cent; fuel and light, 4.3 per cent; furniture and furnishings, 3.3 per cent, and miscellaneous, 18.7 per cent. The analysis shows that after a continu- ing increase in the cost of almost every mecessity of life from June 1, 1914, until June, 1920, a break came during the last six months of 1920, no decrease, however, occurring in the cost of housing, fuel and light. ng these six mo) Dur- li nths housing showed | an_increase of 5.7 per cent and fuel and light, 26.4 per cent. For the en- tire period of six years and a half the of clothing and furniture and furnish- ings. Detroit, Mich., leads all cities’ in the rise of living costs, the increase there being computed at 136 per cent up to last June. On December 31 last living costs there had dropped to 118.6 per cent above the level in June, 1914.” Buxiness Conditions. The business situation in general is treated as follows: = “The improved sentiment of busi- ness men, generally observable throughout the country, synchronizes with an acceleration of readjustment measures. These latter are of two varieties. There first, a contin ance of the proce: facturers and distributors are redu: ing their production costs, either by laying off a part of their working forces. or by reducing wages, or by insisting upon greater efficiency. In most cases this has resulted in-a curtailment of output, in some the level of output has been maintained, and there are occasional reports of an increased output even with shorter hours and fewer employes. As a rule employers have stated their situ- ation to employes plainly; it is either a case of reducing the cost of pro- duction or of not being able to pro- duce at all, the second alternative being predicated. of course, upon a continuance of the prevalling decline in the prices which consumers will pay. Such statements have been vari- ously received, but in general work- men have accepted the first alternative. “A second phase of the readjust- ment movement is the meetings which are mow taking place between job- bers and buyers. Here the views of producer and consumer are being brought into contact and conflict by the men whose bargainings establish market prices. Buyers are apparently going to the: big distribution centers prepared to restock the shelves and |- storehouses of their principals. In other words, there are the makings of a good buying movement in the interest which they disclose in a great variety of lines. The probabil- ity is that wholesale purchasing will Week’s Price Range New York Stock Exchange Corrected to the Close of Business January 22, Saturday, at the Office of The Evening Star. be in substantial volume, with the chances considerably in favor of big sales jn those lines where the con- sumers’ strike has been broken by a readjustment of retail prices to a fair level.” STEEL DULL, EASY SHADING OF PRICES . Market Shows Iron Slow and Weak—Review of Other Metals. NEW YORK, January 22.—Steel has been dull and easy, reflecting a con- tinued shrinkage of new business. In a few instances independent companies have shown a disposition to shade prices below the Steel Corporation levels. Pro- duction by independents is running light, whilé the big plants are operating at 90 per cent of their capacity or bet- ter. Buyers expect further readjust- ments and there is little constructive demand. Pig Iron Production Light. Pig iron remains slow and weak. Con- sumers are well supplied and in some cases have stocks to sell. Production, however, is light, as many furnaces are out. Copper has been a shade easier. Export demand continues, but domestic consumption ‘does not broaden, which fact, with unfavorable British trade re- ports, unsettles sentiment. Larger pro- ducers are said to be accepting orders at 13 cents for first quarter, but this figure might be shaded for prompt shipment. Increased inquiries have been reported from Switzeriand and the far east, the latter attributed partly to Japanese agents for China. A small sale of sheets also was reported to Italy, being the first of the kind in some time. Exports and Imports. Completed officlal figures show im- ports of 38,291,000 pounds for November and exporta of 38.619,000. According to the Copper Export Association, the pro- duction of refined copper in the United States during 1920 was 1,670,759,000 or nearly 98,000,000 pounds estimate of the geological survey recently published. Lead showed little or no change for the week. Demand continues good, pro- duction is low and imports increasing. Tin Drops, But Recovers. ‘Tin dropped 3 cents, but had a sub- stantial recovery, due to improvement in the London market and In sterling. Zinc was_slightly easier for prompt shipment, but futures were steady. Consumers appear to be well supplied and stocks in first hands continue large. Antimony was in somewhat better de- mand, with prices a shade higher. _— GRAIN AND PROVISIONS. CHICAGO, January 22.—Wheat prices averaged higher today because of short covering and buying by houses with export connections, the latter removing hedges against sales abroad. At the finish wheat showed a net ad- vance of 1% to 3%, with March at 1.66% to 1.67%. and May 157% to 1.58. Corn was up % to 2; oats show- ed a gain of % to 7%, and provisions were 81: to 221 higher. A report that Belgium had effected & Joan of $20,000,000 to buy wheat and other commodities was a factor in the wheat market. Winnipeg reported =ales of flour to a continental govern- ment equal to 150,000 bushels of wheat, while exporters were said to have worked 1,250.000 bushels of the cereal to continental Europe. Domes- tic mills reported the purchase of 25,- 000 bushels. There was fair selling on the bulges credited to leading longs, but the market rallied quickly from declines, the fluctuations being within & narrow range. Country offerings were not large and Oklahoma report ed complaints of green bug and Hes. slan fly, the latter affecting the mar- ket at one time. Buying against weekly bids of corn amd oats furnished the bulk of sup- port in coarse grains and the lowest prices of the day were made early. There was rather general buying by local traders and commission houses, but the understone was not very ng. Receipts of corn were large and warm weather caused buyers to be slow in taking hold of the high moisture test grain, except at & good discount under the May. Provisions were somewhat firmer Wwith scattered commission house and local buying, the strength in hogs be- ing the main influence. WHEAT- Open. High. March Ceeeemeee 1645 1673 May T 154 158% RN Low. Close. 1685 1.66% 1 1573 or! 88! “n;: 5% u-i 4y T 48w 4l 43 44 RE, January 22—Flour— spring patents, 9.25a10.00; clears, = 7.0088.00; winter 8.50a9.00. Wheat, _spot, nominal and No. 2 1. truck New York: Junuary shipment; No. 2 mixed durum. 1.90, i f. to arrive. Corn, No. 2 yellow, 85%, and c. 11 New York Oats, spot, steady; No. firm; middle west, mixed. 85 day shipment. 1 white, 56. Lard, 13.70a13.80. Other articles unchanged. ISEE RESUMPTION OF SHORT SELLING News of Diverse Trade Branches Lacking—Money Market Not Encouraging. NEW YORK, January 22.—In the securities market this week there was 2 resumption of short selling and oceasional liquidation, which went far towards effacing the general, if some- what irregular, advance of the pre- ceding fortnight. Pressure from both accounts focused in the steels, equipments and, afllated industrials, spreading later to a varfety of special issues of companies whose financial status under impending re- adjustment is likely to become more clearly defined within the first quarter of the year. Statement Soon to Be Published. The financial statement of the United States Steel Corporation for the final quarter of 1920 will be made public next Tuesday, but the course of steel shares and kindred issues suggests that any unfavorable features of the report have been largely discounted. Expectations of improvement in the railway division, based in part on excellent November earnings of the leading transportation systems, failed of fulfillment, albeit reactions in that qQuarter were comparatively trivial. News involving the diverse branches of trade and industry was almost wholly lacking in constructive ele- ments, dealing ‘principally with ad- ditional reduction of working forces, lower wage schedules and consequent further contraction of the country’s buying power. Forecasts Not Encouraging. Conservative forecasts ding the money market were not especially en- couraging to speculative interests, and unofficial advices concerning the atti- tude of the Federal Reserve Board pointed to an indefinite continuance of nr:vllfln: interest and rediscount rates. International phases of the financial markets were noteworthy for the coming flotation of the $30,000,000 loan to Belgium, a moderate loan to one of those countries. American bankers, it eign underwritings which have re- —_———— ':na.! condition of clearing house |reserve in excess of legal require- ‘The statement follows: increase, $21,499,000. Cas] crease, $7,401,000. $2,301,000. crease, $311.000. crease, $259,000. the French railroads and the excep- tional strength of exchange rates to is generally assumed, will soon take up with more confidence various for- ceived little more than passive recogni- tion in the last few months. NEW YORK BANK STATEMENT. NEW YORK, January 22—The ac- banks and trust companies for the week shows that they hold’$12,427,640 This is an increase of $14,- 500,030 from last week. ) Actual condition: Loans, discounts, ete., $5,154,064,000; own vaults, members fed- eral reserve bank, $81,372,000; de- Reserve in federal reserve bank of member banks, $514,038,000; increase, Reserve in own vaults, state banks and trust companies, $9,093,000; de- Reserve in depositaries, state banks and trust companlies, $10,038,000; in- Net demand deposits, $3,927,460,000; decrease, $89,955.000. United deposits deducted, nflz.filx.ooo.sum! Time _deposits, $254,987.000; crease, $19,184,000. L Circulation, $34,407,000; decrease, $118.000. ¢ Aggregate reserve. $533.169.000. Sxcess' reserve, $12,427,640; increase, $14.500.030. et i Summary of state banks and trust companies in Greater New York mot included in clearing house statement: Loans, discounts,” etc., $596,245,800; , $2.184.600. $7.901,600: increase, $272.600, Currency and bank notes, $17,92 000; decrease, $1.375,100. Deposits with federal rese Gola, rve bank, w York, $61,157,500; decrease, $1,- 350,100 Total deposits, $638,147,300; de- crease, $3,914,700. Do.: Eliminating amounts due from reserve depositaries and other banks and trust companies in New York city and United States deposits, $585,- 810,000; decrease, $7,456,400. Banks’ cash in vault, $26,122,200. Trust companies’ cash in vault, $50,- 858,900. —_— Pittsburgh will plant 1,600 vellow tulips near Neptune Fountain, in Schen- ley park, in the mmt nmufla gold stars, in memory of soldiers, ‘who fought and fell in the world war, LEAF TOBACCO PRICES . SLUMP IN TWO STATES | _ —1921— Rate. ‘Weék ending January 32, 1921, Net. 1921 Rate. Week ending January 22, 1921. Net. Baltimore Trading Quiet, Sales *’1‘;5'; 1‘:‘6' Div. ‘i‘;fit ll;; ‘lfgm_::ri‘ f;ax;{ la;zv D‘s'.h . L ;i;:n. fr’;“ g;‘*":”’;" Largely of Medium Grades. = . . & ckawanna Steel. 395 30K ki 383% 34 35 “41 40 — LacledeGas....... 41 49 4 +1 North Carolina Report. 5545 4y 83 483 50 —3 | M5 175 2 LeeRubber& Tire. 0§ 184 1016+ | BALTIMORE January 22 (Special). 93% 8 7 Alled Chm & Dyepf. 933,92 926 — 3¢ 5014 5215 314 Lehigh Valley..... 554 52§ 5235 — 29| —With leal 'l?}";;;‘gnstsczfis St 37% 20% 4 Allis-Chalmers.... 37% 3434 364+ 1 [18% 15 2 Loew's (Inc) 174 16 16% — % three hogsheads. the market 81% 75 7 Allis-Chalmers pfa. 8% 79 79 + 3; 12%{ 103{ — LoftCandy .12 g IBg— %‘—m- ~¥l\:!‘elwnzr:g ;r;a:::;v:ll:hx:{ week. 65% 541§ 8 AmAgrChem...... 5% 5 58 —54/35 31 — Loose-WilesBisculr 36 33§ 36 +4 |The sales were principally of com- 49% 434 8 Am Beet Sugar. 45% 46% + 14[145 1373 12 Lorillard.P........ 141% 140 from 5 cents to cents. The 50 42 4 Am Brake Shoe. 483 48 483 — 1% 15 10 — Mallinson Co...... 16 15 nd possibly somewhat lower prices. 2% 25 — AmCan. 29 26% 284+ 14 563 45 7 Manhattan Elev... 503 49% Quotations today for Maryland to- 88 7% 7 AmcCanpfd. 8 8 71+ 13 25 193 13 Manhattan Shirt... 107§ 19% terior AT Toort A M Teat: 5100 1274 120 12 Am Car & Fay. 12516 12154 1235 — ils| 1954 14} 6 Marlin Rockwell... 18 1454 to $.00. sound common and greenish, 217§ 19% — Am CottonOfl..... 23% 217§ 22 -+ 14l 21 144 2 Martin Parry... 21 16 x;iogn‘;:‘m;]_\m‘ 1!:;33 :g 84 6% 80 Am DrugSyn. 7 T — % 7% 244 — Maxwell Motor Co. 5% 5 o e 36100 0e Eil0b tons Eo%o i 133 1200 '8 Am Express. 1263 130 +3 |78 6514 8 May Dept Stores... 17 3 60.00; seconds, common to 'medium, 14 8% — AmHide&Lea..... 104 8% 9% +1 167 15035 12 Mexican Petroleum 1663 15514 0 X ;m;.(l,rr:;.\hr,zo::r;‘;, 1"5%‘ 53% _43% 7 AmHide& Leapfd. 495 43% 4 1915 15% 2 Miami Cons Copper. 187§ 183 = DRer o e Al ren, 43,7 421474 AmIce Sec....... 44 4244 43 — 1% 15} 124 160 Middic StatesOil... 13} 1214 to 4100} ground ieaves (new), 4954 '33}5 — AmInter Corp...... 494 443% 47%+ 134 3314 31 2 Midvale Steel...... 32 31 l'{r::ou-;»‘; i baaly misedloackancs 58% 49 3 AmLinseed........ 583 54/ 534+ 1)) 13 1){ — Minn&StLnew... 12‘15 1’x’l.' m 3 to 5 cents per pound lower : 863 8144 6 AmLoco.... 81% 83 — 14 2§ 25 — MisKans& Texas.. 21§ 2% rehiouses today: Maryland, 0 B~ et 8 S+ W B 4% - MisKan&Texprd. 5 4% heads; Onlo, "4.507 “hogs 14 8% — Am Ship & Com. 104 114+ 14 206 185 — Missouri Pacific. m?{ 181 Ground leaves, to date, $35 39 35 4 AmSmelting 304 3+ 3| 43{ 395 — Missouri Pacificpfd 40N 334 e o e 83 75% 7 AmSmeltpfd. 8134 gfl ;ZQ 16}4 — Montgomery Ward }‘:4 !:,l; r season 45418557 %flu“ds ;"; 101 109 12 Am Snuff. 00 101 +6 8 3 Montana Power. 553 5 right le: ave been 30 313 30 ; Am Steel Fdyold.. 31X 3014 30% — X| 28% 21 4 Mullins Body. 254 ':4'11 ":x, 'glcnr\\a{s5;?| {:?:fi; ;?’;?J?fi,“g; 8% 85 7 AmSteelFdypfd.. S87% 8534 87% + 114 30 22} 314 Nat Acme... 2038 224 e ; 96 893 7 Am Sugar. . 9% 9136 924 — 34110734 102 7 NatBiscuit........ 1073 s)::‘lm;dqlu»rr:r l;)s,: n)(;efll.;;’ 4(}! :rz.:s:v.aist 105% 100 7 Am Sugarpf 105 1037 105 +1 | 35% 2514 — NatCloak & Suit L\_‘_m‘;’" of Yotin o e 8314 73% 10 Am Sum Tob. 82 76 78K+ 14 5 3 — NatCon & Cable cording to board of trade fgures. 9976 95% 8 Am Tel & Tel 9976 994 9% + 4 64% 492 6 Nat Enam & Stamp. i;l.:gflnfx'f.fl lh‘z w_;";‘:_(l iggxmgoz:;;m‘?; 1203 114 12 Am Tob........... 120 11634 1184 4+ 134/ 74 693" 6 NatLead.......... $579,836.69. or an average of $19.51 11734 113 12 Am Tobacco B. u9%g 113 14— 3 5 44 — NatRRofM 2d pfd per hundred pounds. 7134 59 7 Am Woolen. 69% 65 67 —2 |11 97 1 NevConsolCop.... —_— 97 94 7 Am Woolen pfd.... 97 98¢ 9676 + 134 6614 GO 6 New Or Tex & Mex. 30% 32 — Am WritPaperpfd. 30% 36%5 36% + 3 84){ 75%% 10 N Y Air Brake..... | 94 84 — AmZinc... 9% 84 84— % 14y N 5 NY Central... 7Y - 2% 33 20% — AmZincpfd. 33 2076 29% — 3% 50 46 — NYChic&StL. 40 = z,s 434 337§ — Anaconda... 4015 37 38K+ 4 24 21% 2% N Y Dock.. 21% % 4 25% 253 — 3 3% 18% — NYNHG&H....... 2036 — 1% 9715 94 974 94 9 — 34 19% 18 1 NYOnt & West. l!}’fi = 843 82X 6 AtchTop&San Fe. 83}4 8235 8276 — lg 12)4 10J§ — Norfolk & South... 1075 — 15§ 79% 5% b AtchTop&SFeptd 79% 79 9% — 4102 98 7 Norfolk & West. 100 — 2% 7% 64 — AtlantaBir&At... 64 64 64+ 4 5 543{ 5 North American... 55 5 86 84 7 AtlCoastLine..... 85% 84 843 — 1l 86} 81 7 North Pacific...... 8215 — 1% 9 7% — Atlantic Fruit Co. 84 8 8 36% 31 5 Nova Scotia Steel... 2% — 2’% 76 6134 10 Atl Guif& WI 75 67% 69 — 34 48 47 2% OhioTuel..... 8 + % 44} 38% 5 AtIGuif& Windpf.. 44 2% B%+ 1% 4 3% 40 Okla Prod & Ref... 3%’ 94 84 7 BaldwinLocoCo... 93% 87% 83% — 3l 54 4% — OntarioSilver..... 4}5— % 37% 34%4 — Baltimore&Ohlo.. 3675 34%4 343 — 1%| 28%4 26 2 Orpheum Circuit. 24— %t 54 503 4 Baltimore&Opfd.. 51% 51% 5l%+ %[125 115 8 Otis Elevator. 120 +5 4% 24 — Beth Motors... % WU ¥ 16 13 — OtisSteel... 5 144 — 134 503 503 5 Bethlehem Steel.... 593 50} 50} — 674 48%{ 46} 5 Pac Gas& Elec 4% 4% ADE— % Tifnols Centrad ria’ 63 53% b BethSteelClassB.. 59% 53% 55% — 3% 414 344 — Pacific Oil 3% 3% 3u, + ,!m.m".g'mffl ffinufl"flum e 107 99% 8 BethSteel8%pfd... 1045 103} 103} — 4 | 42 38 — Pac Tel & Tel . 2 fii% 38% + 1% 1’:’;:: (.;x; )sl;-.’::"snm.em, Bs. 5 4% — BoothFishuriesCo. 5 4% 5 + 3| 8% 7% 6 Pan-AmerPotro... T1% 734 74— 1 |DEECand Meem s 184 104 — BrooklynR T...... Mi§ 13{ 14 +24/ 71% 6 6 Pan-AmerPetroB. 70 013 6D — 154 Yisoulr, Kanss and, Texas 1s 9% 6% — BrooklynR T ctfs 9% 814 9%+2 | 144 126 — Parish&Bingham. 4% 14% 1%+ % Montana Power e, 42 41 — BrownShoeCo..... 42 40 4l +1 [43{ 40X 3 PennRR.......... 415 415 41% Yew York Centrai deb. 6 91 81% 10 BurnsBros........ 913 8% 8%+ 17 9 — Penn SeaSteel..... 6 4% — ButteCop &Zinc... 5% 54 135’5‘ + g% fifi - Peo'G;s&Cn:s‘... R e 4 - Sup Copeeas 1 12; — Pere Marquette.... - Telephone and Telegraph 5. ;:/‘ :‘z‘fi - ::::::ck(;...p._: Nm ISB}Z 18% — 54 57 53% & Pere Marq'tte prpfc nsylvania Cansolidated 43s - 40 Ofleaveensoon I 15% 16} + 3] 35% 32 3 Philadelphia Co. éifi ;;}’2 6 g:;lmk...__..- 05% 62 31 27% =— Phillips Petroleum.. 304 27% 29 + X% st 'lnuln and San Fran. R.R. ad, 39 25 — CalPetrol...coeesm 39 29 2% 194 — Plerce-Arrow........ 265 2336 25 1 |Zeaboard f‘:lbfi’;g{’h o 76 68 7 CalPetrolpfd.cee—e 76 73 80 68 8 Plerce-Arrowpfd.. 804 75 7% +5 |Southern Pucin 50 413§ 4 Calumet& Aris.... 50 48% 1% 10 — 1+ 3| Souern [ 119% 115 10 Canadian Pacific.... 1173 115 78 4% 8 %+ % ;l";fi; -‘x,z:i“l;:u‘nf 1sf = 43% 36§ — CentralLeather.... 43% 3834 62 5 5 W 1| R e e 8i% 313 21 4 CerroDePasco..... 32§ 30 32 2% — 3 20 —2% 5.' Rubber 5s. = 8% “ 343 4 Certainteed Corpee 44 39 14 12% 1 Pond Creek Coal... 14 125 14 + % % 72% 64 10 Chandler Motors... 72 67% 893{ 81)4 8 PressedSteelCar... 89 843 89 —4 g," 624 589 4 Ches&Ohlo....—.. 0603 58% 593 — 134110 105 8 Pull PalaceCar. 110 106% 106% — 2% % 9 8% — ChicGtWest.eewms 8% 8% 5134 45% 8 PuntaAlegreSu..., 50% 463 4§ + % —_— 20% 184 — ChicGt Westpfd... 19% 184 36% 34% 4 PureOilCO...eww.. 36 34% 33U+ X% NEW YORK SUGAR PRICES. 31 28 — ChicM&StP... 29% 28 8% 82 8 RySteel Spring.... 8 84% 8%+ 3| NEW YORK, January 22—The lo- 46% 43 — ChicM&StPptd.. 45 43 26% 23 135 Rand Mines....ee..: 23% 23 23 — 2% c:l market for raw sugar was un- 71 654 5 Chic& Northwest.. 69 67% 14% 1134 1 RayConCop....... 144 BY BY%+ % : “"i‘:“l at 4% for Cubas cost and 2% 26% — ChicRI&Pac..... 20% 20% 8% 81 4 Reading. &= 6| eteny «mul’ to 5.39 for centrifugal. 65 634 6 ChicRI&P6%pta 64 62 51% 50% 2 Reading lstpfd. 50% — 1% bm_lnn; Wa-fl:::d active, and the only % 72 7 ChicRI&P1%ptd. 74 Y% 57% 537 ° 2 Reading 2d pfd. 5614 — 1 (‘u!;n.: - ’:ploul r‘e’nl: 4,900 bags of 12%4 9% — Chile Copper. 12% 114 37% 26 — Rem Type. 3% + 2% q‘mmd =h er, in port, at 23} 19% — ChinoConCop..... 23§ 21% 3%%6 33 — Replogle Steel. 34 — 24| e demand for refined was less G 5 3 Omcravetr s @4 W TH % S Repabliora s 55~ | 158 o ok Rt caEcinees o8 62% 57 8 Cluett-Peabody. 62)4 *57 L epublic e - o 5 = by 19% — Coca-Cola... 693 63% 520 Royal Dutch. B — g L M omest o bt 0 ey lose 30% 271 _ 3 Col Fuel & Iron. ;::% Iflzl% 1 St Joseph Lead Zfi_ l}i the previous finals. — Col & South. = - :gx gfi 5 Columbia Gas&El.. 62 60 B% 81— 3 — 1% 12% 7% 1 Columbia Graph. 10% 0 8% — 26% — 1% 38% 35% 4 Computing Co..... 384 22% 4; 336?(/‘ = 3:‘/; ; 23 ou 5% 7 Consol Cigars. - If Y Have 77! 2% 1% — 17 -2 :?;4 m’: 56 24 — s+ % 5 3% — ContinentalCandy. 4% 3% T 6% — 65— X% 2 50 7% 5% 2 ConIntCal'mMin.., 7 6% 12 1y - % -"% T334 65 4°CornProducts..... 73§ 68% ®y 88 8 B + % 3234 2874 250 Cosden & Co-eeeew 32 30 2% 17 — SenecaCopper....... 20% 17% 18%— 1% Or more that is not earn- 107% 73 8 CrucibleSteel...... 100§ 91 6% 47§ — Shattuck & Ariz. 6% 6% 6% ing you 7% interest, here 32% 2 7 Cuba-AmericnSug 32% 28 46%4 42 74 Shell Trans Ter. 413 8 — % is a good opportunity to 253 21% — CubaCaneSugar... 253§ 22 25% 22% — Sinclair Oll.... 2% BK— X% 11.13_vcst 11:{ We haveN on hand 67 61% 7 CubaCaneSugpfd. 67 645 56 50% 6 Sloss-ShefS&I.... 5 52 52 —2 dl;st ] otr_tgagef otes x: 102 99% 9 Del&Hud......... 101 100 101 96)% 6 Southern Pacific.... 98% 96% 96% — 2 sfwm:im ons o ,f” = 220 208 10 Del,Lack&W. . 26% 193 — Southern Pacrights. 224 19% 21%+ 3% D.C u"“’a‘ edestzte prove 14 % =— Denv &RI0G. 2% 2% — SouthernRR...... 237 22% 22% — 1% > 7 3 14 — Denv&RioGptd... 2% 2 60 51% 5 Southern RRpfd.. 60 58l 5844 — 34 These notes, combining 12% 10% 1 Dome Mines. 12% u% 167% 158 5 Stand. ONN.J.new.. 165 160} 1606 — 63 : temm“";“’ mox= 37 21% 2 Durham Hosfery. 37 30 110 105% 7 StandardOil, N.Jpf 110, 108 109 4+ % mr::tiz'i:gg:: rtso the 18%_17%_— Elk Horn Coal.. 17% 17% 35 21 4 Stewart Warner.... 35 30% 3%+ 1% e lei:o'l:" 624 52 5 Endicott-Johnson.. 62)f 5814 42% 31% 2 StrombergCarb.... 41 364 3B+ ¥ It will inmg"““t o 94 8 7 Endicott-Johnpfd. 94 927§ 564 43% 7 Studebaker........ 55% 504 55 +3 4% 13 = Erie..ccccoceencees 14§ 13 1034 8% 1 SubmarineBoat..... 9% *8% 8%— X uh 21% 198§ — Erielst Pfdeeeeewss 21 195§ 1% 12 2 SuperiorOil......... 1% 1244 124+ % Wm. S- Phl“lps 15% 14 — Erfe2dpfd.... 15 14 48 42% 6 Superior Steel. A 2% 43 ~3 59 48 8 FamounPlayers. 59 5254 9% 7% — TennCop&Chem.. 9% 8% 84— % Real Estate Investments 82 76% 8 FamousPlayerspf.. 813 79 80 45 42)4 3 TexasCo (new).... 45 43% 44 1409 N. Y. Ave. M/ 2B 7 FedM&Smeltpfd. 28 21 28+ 14| 213 10/ — Texas&Paclfio..... 21% 19 194+ % 90 79 10 FisherBody....... 85% *85) 85} — 2l4l 36} 26% 1 Texas&PacC&O.. 364 28% 34 + 5% 15% 1% 14% — 34| 18% 13 — ThirdAveRR..... 18% 15% 18 +5 201§ 13% 173 — %|170 161 8 TidewaterOil...... "gv l%% 1:(‘))%19}/ = 1 . 47 435 — 12 9% 250 Times Sq Auto Sup.. 103 4 . 7‘?‘ 43‘5 - &‘ZZ.';'}ZLL‘;?“ n 5:;: wi‘fl- EZ 573 Bl) 6 Tobacco Products.. 5T, 54 55— 14 Republlc Iron & Steel ot e g’lic‘:flcéo".- 120 123% 125 + 13| 43 39 5 Transue Will& Wig. 42 *403§ 41 Vanadium Middlestates 120 120% 8 Gen 4 Midvale Steel Transcontinental 16% 14 1 GeneralMotors...... 15% 14 143 — %|150 145 10 Underwood TCo... 150 1493 150 +35 B e I 703 64 6 GenMotors6%deb. 60% 69 69 243 20% — UnionOil.......... 2% 2% 2% iais &t e 81 6% 7 GenMotorsTwdeb. 79 794 70% — %122 1174 10 Union Pacifio 120% 1815 119% — U4|] White Motors Gt. Northern R.R. 4436 35% 403 — 1% 67 64%6 4 Union Pacific pfd 67 6526 665 — 36| Radio Corp. Utah Copper 24% 20 2336 + 134|108 944 8 United Drug....... 106 103 104 +1 Studebaker Chino Copper 184 9% 13 + 34 45 44% 3% UnitDrugistprd.. 45% 45% 453 BT w 785 74% 7 Great Northpfd. 75% 76 — 724|207 10134 8 United Fruit....... 1007 1024 10415 — 1% An :::r::lurl; :; ; m:g u;awm; = 30 2834 4 GreatNorthernOre. 30 20 20 — yl1n 10 — UniRyInvestment. 103§ 9% 10 :;;‘ :m Abpms o & 23% 20 2 Greene CananeaCop 225 2206 225 + 24 22 19% — UniRylInvestprd.. 225 19% 21 + 14 16% 12% 2 GuantanamoSugar.. 164 15K 16% 573% 513 3 UniRetall Stores... 5% 543 5% — % 24 21 — GuifMobilepf..... 28 22% 23 —1 |M) 14 — USCIronP&Fo.. 144 12 13 + 3 34% 28} — GuifStateSteel. 34 30 ¢ 30 —2Y%| 21% 20 — USFoodProd..... 2% 24§ 25 + 1% 34 55% 4 Haskell & Barker 5814 5514 56 — 1l 713 6438 8 USIndust’l Alcohol 71 67} 6734 — 1 ?;x 50 ~— Homestake..eeceee 50 50 50 51% m}: = U S Realty & Imp, 3;;4‘ gn ;ggi 2;4 = e 80X 72 74 4+ 1 | 72% 62 U S Rubber........ a Zfi HE :.:;u;:o?;:cu 134 124 126— %|103% 101 8 USRubilstpra 1025 — 1||| 44 Court Street, Brooklyn §9% 8 7 IlinolsCentral..... 89} 89 8 — 4 ifi g% i g::ne;ti Ret. g;%-#—l!: - iration Cop. 35% 34 35 + 34 eel..... - % %i T IteroiconsCorpe. 5% 44 04+ D4 17 7 USsteeipra. 113 + 134 Money to Loan 15% 104 — Interb-CeCorp ptd 15% ‘125 143 + 34| 5% 48% 6 Utah Copper. 55% + 1% e s ey 133% 11% — Inter Agriculture.. 12§ 114 124 — 41 324 4 Vanadium Steel. 3% —1 “""‘"m' intirant ‘.:,, m‘:: 57 50 5 InterAgriculpfd... 53% 50 52 —1 |42 38 4 36% — 13| Joseph 1. WelleriZ) ash. L. & Trus 95% 93145 93y — 134102% 95% 8 100 e g ggy 8;% lu“ (Inc) ter Mer Mapfd... 51% 54% 54%+ 4| 8% vivadou (Inc). (:;18% 33 - lznnu(otor’l‘nwk 36 34 35 + X| 8 7% — Wabash..... TIZENS 76 72 7 IntMotor Tristpf. 76 75% 5% + %| 2% 20% — Wabashpfd A. 636 57% 7 IntMotorTr2dpf.. 63% 63 35— 34 72 ~ 494 — Wells Fargo Exp SAVINGS BANK 16% 13% — Inter Nickel... 16 14% 15 1134 1036 — Weflemfld--‘.u - 68§ 45 — InternatlPaper.... S S5 20 — W2 % - Western Pacido. Commercial 75 71 6 InterPaperptastp 75 73 75 +2 | 8% West Union Tel. Ao 26 22%4 = Invincible Ofl........ 0% 243 + 215 45% 42% 4 Westinghouse Mfg. 4{ 4 — IslandOIlL - KR 1 94 — Wheeling &LE. Safe it % Deposil 5 4 — JewelTeSeeosessem 4% 45% — 34) 403 35)4 4 White Motors. Ftios 18% 14 2 JonesTea. 183 + 2%| 17% 14% — White Oil... . - 47 38% 5 WileonCo...cecese: Menthly States 21 19 = KanCity South. 19% % % = Bencly Stase 473 45% _4 Kan City South p: 45% — 5| 9 5% — WillysOverland.... SN VA 493 40% "4 KellySpringfield... 49% 44% 47 + %|4 30 — WillysOverpfd. B 21 17% 2 KennecottCopper.. 21 19% 20 + 34[l13% 11134 8 Woolworth... s 3% 8 — KaysloneTitbwsns D% 06 Mg, 3504 66 Worthington Pump.. PROBE POULTRY DEALERS. Dea’t Worry About Your Income Tax Returns ‘We Will Prepare Them for You at a Reasonable Fee. * NEW YORK. January 22 —Investi- ation of complaints that wholesale poultry dealers have combined to keep the prices high by creating an artificial Scarcity was started today by federal and state authorities. Mrs. Louise Read Welzmiller, dep- juty commissioner of markets today informed the district attorney’s office that quantities of poultry were be- ing detained in New Jersey freight terminals, notwithstanding high _de- | { murrage charges. to restrict New j York's supply. The wholesale price | of geese, she added, had jumped | lwithin a few weeks from 30 cents a pound to 43. - The district attorney’s office at once | got into communication with repre- sentatives of the Department of Jus- tice. Call at Room 907, District National Bank Buailding, for Appoinmlgu Tells how Peter Perkins sccumalated $10.511.82 in ten years by systema- Gcally investing $28 —_— CRUCIBLE TO MOVE OFFICES. NEW YORK. January 22—The executive offices of the Crucible Steel Company in Pittsburgh will be moved to New York some time in April or May. it was announced today by the New York office of the company. The | change, it was announced, will be in the nature of a consolidation of the Staff of the organization. ATLANTIC GULF AND PACIFIC STEAMSHIP CORPORATION Preferred and Common Stock This Company Operates the Atlantic-Pacific Express Direct Fast Freight Coast-to-Coast via Panama Canal The 8% Cumulative and Convertible preferred stock with a like amount of Common stock offers SECURITY OF PRINCIPAL LIBERAL YIELD SPECULATIVE OPPORTUNITY for steady increase in market value to an exceptional de- gree, based on company’s earning capacity. Full Information on Request A. B. CROUCH & COMPANY Investment Securitien. 406-408 Water- Street, Colorado .Building, Baltimore Washington Telephone Calvert 3300 Telephone Main 7186 Why Investors Prefer Our First Mortgages They know.the security back of these investments—real estate located in de- sirable sections and well improved for residential and business purposes. They know that the values of the prop- erties are largely in excess of the amounts loaned and that these values are not sub- ject to dangerows fluctuations, caused by adverse conditions. They consider, too, the reputation we have acquired for handling only the best class of loans—for appraising properties conservatively—for insisting on wide margins of safety—and looking after the interests of investors from the time the investments are made until they are paid in_fu Over a Quarter With these facts in mind, they invest of a Century with tull assurance that their money 1 - safe and will earn a sure and certaln Without a Loss. income. B. F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. Hart Ol ....cceveeuvneomecnnes $175 Metropolitan 5-50c Stores. ... .-.$65.00 U. S. Metal Cap and Seal.......... $2.00 Werite for special QUOTATION SHEET et 3 Miscellaneous and Unlisted Stocks and Bonds FRANKLIN AYRES & CO. Since 189% Investment Bankers and Brokers Drexel Building, PHILADELPHIA, PA. Ower a Billion Yearly for cAuto cAccessories DAY this vast business—the retailing of tires and accessories—is being effi- lished for the permanent future. Stabiliza- tion is being accomplished by proven chain store methods, through the medium of UNITED AUTO STORES o Incorporated recognized as one of the foremost merchan- dising syst:;u in America specializing in automotive ith storesin five states, and many others soon to be opened. 'We are offering a limited amount of UNITED AUTO STORES 8% cumulative preferred, which, in our opinion, possesses }m\mul merit, presenting many attractive features and surrounded with unusual Write for illustrated booklet, reviewing past history, present status, and future ontlook. It’s and there’s mo obligation. CHARLES E. GLASSER & CO,Inc. X High-grade Saqfl'h'g g 226-27 Bond Bldg.