Evening Star Newspaper, January 7, 1922, Page 14

- ris- THE ' FINANCIEL. - Taim. LOCAL WHOLESALE PRICES. PACIFIC LINE .! El’!‘—Slrlfuy :;uh, &er d-:;en, 43; e ‘R 99 ||| average receipts, 42; southern, 42. . om ort oul Live ultry—Roosters, per Ib., 17; 5 Tbe C f d turkeys, ‘per To., 46a48: chickens, Spring, per Ib., 30a52; Keats, young, each, 50a60; fowls, 27a28. Dressed poultry—Fresh-killed spring chickens, per 1b., 32a35; hens, per 1b., o SOUTH AMERICA teamers, largest to Porn and | amous lo (14,350 ‘tons displacement), bulilt es- (| 30; roosters, per Ib., e for the tropics. Comfortable state: || Ib., 50a55; keats, young, each, 60a70. double, s eduipped ||| Pork—Dressed, small, per Ib., 12a12%. ase your comfos lzleu stock—Calves, chni‘:e. Per ios . Y. to Cristotal, Balboa. Gallao, Mollendo, ho“',lfi', lambs, jgholes, per b, 8% e Green fruits—Apples, per. Feb. 11 10.50; per bu. basket, 2.50a: ern, per box, 2.75a lemons, per box, 5.50a oranges. per crate, 6.50: fruit, 3.50a4.50. Florida or: | Special Reduced Fares for Round South America Tours California '50. Grape- anges, 4.00a e Pacific Steam Navigation Co, | | 5.00. Tangerines, 4.00a5.00. .‘ 26 BROADWAY, NEW 5loxxx Vegetables—Potatoes, No. 1. P;{ { or local ‘agents bbl, "8.75a4.00; per sack. 3.76al.0: sweet potatoes, per bbl., 2.50a4. 4 tuce, Southern, per crate, 1.50a3.00. Cel- ery, per dos., 75a1.25. Romaine let- tuce, 1.25a2.00. Cymblings, per crate, 4.50a5.00. Spinach, per bbl, 3.00a4.00. Onions, per 100-1b. sack, /c.mu.so Cabbage, 3.25a3.50 per cwt.” Cucu bers, 3.0026.00. Eggplants, per cra 4.00a5.00. Tomatoes, per box, Florida, 00a8.00. Beans, 3.5024.00 per basket. Sprouts, 20a25 per quart. Peppers, pel crate, 4.00a5.50. DAIRY MARKETS. BALTIMORE, January 7_(Special). —Poultry, live—Turkeys, lb., 40ai5: old toms, 35: poor . and crooked breasts, 30. Chickens. 30a32; thin and White Leghorns, 22a35; old hens, 25a 30; small and White Leghorns, 22a 24} old Toosters, 16a16. Ducks, 2a28. | Geese, 22a26. Pigeons, pair, 25a30. Guinea fowl, each, 25a50. Dressed poultry — Turkeys, 40ads: old toms, 35: poor and thin, 30. Chickens, 25a 30. old roosters, 16ai8. _Capons, 30a 38 Ducks, 25a30. Geese, 23a28. Tigge. Loss off, mative and nearby firsts, doz., southern, 41. N | utter —Creamery fancy, b, 41a42; ’S 18th ORIENT CRUISE| A1, by superd S.S. Empress of France, 18,481 fons. 18 days in Egypt and Paiestine, 74 a ding Hotels k, A by Union-Castle Line, fll. Son, Gen. Passenger Agts. T = WATER TRIP To NORFOLK, VA. Via Potomac River and Chesnpeake Ba Modern Steel Palace Daily at 6:30 P. City Ticket Ol y Steamers Woodward Bidg.. 1 16th 8t X.W. || prints, 4zatd: nearby creamery’, 373t 1 i 26a28; rolls, a Norfolk & Washington | lsties, 235, dairy prints] 24326 eam| process butter, 34a35. St boat Co. CHICAGO, January T7.—Butter— Higher; creamery, extras, 35; firsts, 30a34; seconds, 27a29; standards, 3334. Egs—Lower; Teceipts, 4,108 case firsts, 37a37%; ordinary firsts, 32a34; miscellaneous, 35a36; refrigerator firsts, 30a32. Poultry—Alive, lower; fowls, 17a28; springs, 25; turkeys, 35; rooters, 17. CHICAGO LIVE STOCK MARKET. CHICAGO, January 7 (United States bureau of markets). — Cattle — Re- ceipts, 300 head; compared with a week ago, beef steers, mostly 50 to Rio De Janeiro Montevideo H 7 ts higher; spots, up more; fat Buenos Aires slllec:!r:::ki 35 to 50 conts higher: some i light heifers, up more; Luxurious appointed | Cutters, 15 to 25 cents higher; bulls, tonsdisplacement | 50 cents higher; veal calves, mostly sailing from N. 25 lower; heavy calves unevenly high- " ler; desirable light-weight stockers ‘Special reduced S. S. Vestris |ana feeders, steady to strong; others luced rates Jan. 21 Weak. 5 g for Tours Round dyck| | Hogs—Receipts, 5,000 head; active, South America. For ~ S: S. Vandyck|isrgely 15 to 40 higher than yester illustrited pamph- (New) Feb. 4 |day's average; light and light butch- lets, rates, etc., ap- . |ers, up most; few late sales of hsnvg compans s office, = E'bv;s""‘ and heavy mixed, only steady; £90d Broad eb. learance; top, 8. o s Biat Sound hogs: bulk, 7.60a8.50; pigs, 25 Any Steamship or Tourist Agent or R. M. | a5 pioher; up to 8.85. % Hicks, 1203 F St. N.W., General District Agent. | “‘gpeep—Receipts, 3,500 head; today's receipts all packers, direct or on the east; compared through bITINg o Hhe = bs, 25 to 50 with week ago, fa E&MFIIR‘I‘! HOLT I.IE NCORWEGIAN AMERICA LINE—SHORT ROUTE TO Norway, Sweden, Denmark, Germany ; fat sheep and yearlings, 50 T pe feeder lambs, quotably 25 higher. —_— FOREIGN EXCHANGE. Selling checks—dollar values at close today. MODERN TWIN-SCREW STEAMERS | London . S0% Dulspeatss s Stavangerfjord. 12 noon, Jam. 13, Feb. 24 | DRTIS o 77 Bergensfjord 12 noon, Feb. 3, Mar. 17 34 Excellent Passenger Accommodations. Passonger Office. 32 Whitehall St.. N. ¥. USTRALIA HONOLULU. SUVA. NEW ZEALAND The Palatial Passenger Steamers g 3 . M. S. “Makura” s .':'0?;\‘)0“ |‘~‘n = 13,500 Tons SAIL FROM VANCOUVER app) Stockholm Amsterdam Bel 041, Montreal By the Associated Press. NEW YORK, January 7.—Foreign exchange irregular. Great Britain, demand, 4.19%: cables, 4.20%: sixty- day bills on banks, 4.16%; France, de- mand, .8.03; cables, 8.031¢: Italy, de- ‘anadian Pac. Washington, or_to d Ry de mand, 4.31%; cables, 4.38; Belgium, Mail Line. 181 | mand, 7.6914; cables, 7.70; Germany, = 3% cables, .54%; Holland, cables, 36.61; Norway, ‘weden, demand, 24.68; demand, 15.5 Denmark, demand, 19.90; Bwitzerland, and, 19.32; Spafn, demand, 14.90; e demand, 4.36; Argentina, de- mand, 33.37; Brazil, demand, 12.75; Montreal, 93%. ————— BAR SILVER QUOTATIONS. NEW YORK, January 7.—Foreign bar silver, 64% Mexican dollars, 49%. LONDON, January 7.—Bar silver, 34%, pence per ounce; money. 2% per NEW YORK—HAVRE—PARIS ROCHAMBEAU. Feb, 18 Mar, 25 | Feb. 21 Mar. 15 Feb. 25 Apr. 1| ar. 4 Apr. 1 ar. 2 May 27 Jan. 17 J E.Ja AINE.Feb. 4 M .Feb. 11 Mar. 11 1 Ap “| Discount rates: Short bills, 3% SSILL F 18 e | cent. Dis T : “bills, 3% FRANC - E e L4 M S apr.33 | Per cent; three-month bills, 3% P cent. —_— COFFEE MARKET DULL. NEW YORK, January 7.—Rio No. 7, §14; futures dull. March, 8.60; July, 8.35. = STEAMSHIPS. NEW YORK-VIGOsmim-HAVRE La Bourdonnais, Feb. 7, Mar. 14 ‘Winter rates now in effect TOURS in ALGERIA &MOROCCO Marseilles ings from Bordeaux or e res uaq Tour Week Motor Write for interssti tive literatare. ROYAL MAIL s EUROPE *“The Comfort Route™ lounge about and spend ha-t‘,— ng '.l!h your fellow passeagers, courteous atteading to your P etmern—Gesita, Otdunts a pleasure of memories. CHERBOURG SOUTHAMPTON HAMBURG ORDUNA. ...Jan. 21 ORBITA. ....Feb, 4 Sallings every two weeks Let ws belp you plan your tip The ROYAL MAIL STEAM PACKET CO. SANDERSON & SON, Inc., Agents 2 BROADWAY _ NEW YORK . Washington St., Chicago Largest Steamer in Bermuda service. Or say Stsamship Ticket Agent Winter Cruises de Luxe West Indies Panama—South America | % i | | BERMUDA S. S. “ARAGUAYA” Sailing from New York every Saturday. Fares, W.wml;}pl s TMPRESSOF BRITAIN® zarses 22,200 tons displacement. ml—bflfll?l. zl ‘:“-!.. ‘From New York Jan. 21 and Feb. e, Qullng ot 3 e, T:‘l'nfi:‘dr.-;f;bfl"u"mnl: ot St. Thomas, Porto Rico, Bahamas fienl:a.. " A'mimmznu equal fixn.;“x hc:g.em"' ‘vates 1 information apply to loca ™ ek The CANADIAN PACIFIC ©. BE. PHELPS, City vlv’m-mn.‘!‘)?-c. Ave., 1419 New York e * ‘! GRAIN AND PROVISIONS. BALTIMORE, January 7 (Special —Potatoes, new, 150 pounds, 3.50a3.7 No. 2, 2.00a2.35; 100 pounds, 1.76a3.5 No. 2, 1.00a1.25. Sweets and yams, bar- rel, 3.00a4.25; Ne. 2, 2.00a2.26; bushel, 1.00a1.50; No. 2, 50. Beans, hamper, 2.00a3.00. Beets, 75a1.00. Brocoli, bushel, 40. Cabbage, ton, 50.00a60.00. Carrots, bushel, 1.50. Cauliflower, barrel, 3.00a4.50. Celery, doszen, 75a 1.50. Cucumbers, crate, 6.00a9.00. Egg: plants, crate, 2.50a3.50. Horseradish, bushel, 4.00a4.50. Kale, 1.00a1.25. Lettuce, basket, 1.00a2.25. Onions, 100 pounds, 5.00a5.75; No. 2, 2.50a3.50. Oysterplants, bunch, 6a8. Parsnips, 75a86. Peas, hamper, 3.76a4.00. Pep- pers, hamper, 4.0026.50. Radishes, bunch, 3a4. Savoy cabbage, bushel, 50 a75. Spinach, bushel, 1.50a1.75. Squash, crate, 3.50a4.60. Tomatoes, crate, 3.00 a6.50. Turnips, basket, 40a60. Apples, packed, barrel, 5.0028.00; No. 2, 4.00a5.00; bushel, 1.50a2.50; box apples, 2.00a4.00. Cranberries, barrel, 30.00a35.00. Grapefruit, box, 2.00a 4.00. Oranges, box, 2.50a4.50. Tanger- ines, strap, 5.00a7.50. Strawberrles, quart, 70a76. Closing Prices at Nooa. Wheat—No. 1 red winter, spof, no Quotations; No. 2 red winnter, spot, 1.17%; No. 2 red winter, garlicky, spot, 1.15. N Corn—Cob corn, old, yellow, quoted at 2.80 per bbl.; No. 3 corn, spot, bt No. 4 _corn, spot, 57 per bu.; corn yel- low, No. 2 domestic or better, 62 per bu. asked. Sales—Bag lot of yellow, delivered, 63 per bu. Oats—White, No. 2, 45a45% per bu.; No. 3, 42%a43% per bu. Rye—Nearby, 85a95 per bu.; No. 2 ‘western export, spot, 50; No. 3, no quotations. Hay—Receipts, 23 tons. The demand for desirable quality of timothy and mixed hay is fair at a range of 18.00 to 21.00 per ton, with receipts moder- ate and ample for trade wants. Straw—No. 1 rye, nominal, 15.90; No. 1 wheat, tangled, 11.00; No. 1 oats, nominal, 11.00a11.50. CHICAGO, January 7.—Trade was light and the' wheat market was easily influenced in the early pro- ceedings on the Chicago board of trade today. First prices were un- changed to 13 lower, with May 1.10% to 1.113% and July 1.003%al.00% to 1.00%. The pit traders were inclined to be bearish, but support developed for May at 1.11 and under. One local authority said that the expected short harvest for 1922 in this coun- try should be the determining factor in" the market, but another pointed out that the efforts to rehabilitate German and Russian purchasing power was likely to have consider- able effect on_this country. Export demand was slow. Corn was in demand for the sea- board, and with outside markets out- bidding Chicago for country offer- ings local handlers raised thelr offers. The opening was practically un- changed, with May 53%a53% to 53% and July 54%. At the end of the first hour both options were up %. Oats opened % higher and shared in the strength of corn. May opened at 38%a38% to 38% and gained % before feeling any reaction. Provisions reflected the higher prices for live hogs, which command- ed the best prices since last October. Lard started 7% to 10 higher, with May the leader at 9.22. Potatoes—Receipts, 23 cars; total United States shipments, 562 cars; market, stead Wisconsin sacked, 1.95a2.10; Minnesota sacked and bulk, 1.90a2.05: Michigan sacked, 1.95a2.05; ldaho rurals, 2.10a2.20. Reported failure of an eastern ex- port house had some effect later. but toward the close increased milling demand caused a rally and final wheat prices were strong at about the high point of the day. May closed at 1.12% to 1:12% and July at 1.01% to 1. Coarse grain held a firm undertone throughout the session. Corn closed l ; l | I at 53% to 53%a53% for May and 55% for July. S0 100w Loow Lok 53 53¢ 531 53 ft < v K 9y 38y 89 #* OB OB B NEW K, January 7.—Pork Quiet; family, 25.00a27.00. Lard— Steady; migdle west, 9.35a9.45. Other articles unchanged. BONDS ARE ACTIVE, SOME NEW HIGHS Market Is Higher Than on Any Day Since the First of the Year. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, January 7.—During the two hours of trading today the bond market was stronger than on any day since the first of the new year. United States war loans main- tained their advance, although the ®ains were more moderate than those of yesterday. United Kingdom b5%s of 1937 made a new high price at 97% and the issues of 1922 and 1929 were firm. Most of the bonds-in this group were ynchanged. However, the Ital- {an 6%s at 9215 were d from their lut*pnvlouu ::’l: L Rallway and industrial bonds were steady. Price changes were mostly on the upside. Missouri, sas and Texas 6s and 5 each gained about a half point, and similarly higher level were reached by Union Pacific co: yertible 4s, Missouri Pacific 4s and Iron Mountain, River and Gulf 4s. Frisco Issues All Strong. Northern Pacific 35 and New York Central 3%s went up almost a point. The St. Louls and San Francisco {s- sues all were strong. The Erles kept to their closing quotations of last night. Buch Terminal guarantee 6 reached 87 for the first time, tractions were active and did sligh better. Third Avenue adjustment bs roz to 46, and Interborough Refund- ng bs gained a half point. Lee Higginson & Co. will head syndicate for the sale of Edison Electric Illuminatin, of Boston 5% per cent Du consisting of $4,000,000, maturing in one year, and $12,000,000 maturing in three y: The notes will probably k. | 1 $16,000,000 g Company pont notes, 8. be offered publicly early next w —_— FINANCE AND TRADE NOTES. The Hornell Repair and Construo- tion = Company, private corporatioh which has been_operating the Erie rail shops in Hornell, N. Y. for two years, will take over Janu 15 the Hrie shops at Susquehanna, under & simi easing plan, Reduction of wages ranging from 15 to 26 glr cent, and affecting every class of marine employe on privatel owned ships of the Pacific coast 'I.fi be made soon, it 18 reported. Approximately $10,000,000 will be spent by the Union Pacific Rallroad this year on new equipment to take care o_f. the “inevitable resumption of trafic,” it {s announced, and 4, box cars have been ordered. On_ petition of the receiver for B. R, Wagner & Company, grain brokers who_recently failed, Federal Judge Landis entered an order itting the reciever to deliver 200,000 bushels of grain and 100,000 pounds of lard to_various firms that placed thelr orders before the failure. OIL HOLDINGS PURCHASED. NEW YORK, January 7.—Trans- continental Oil h; S| e e e & lprln{ 1lines are attracting more and 0 Walls peodioing | caAbest 40-to EXCESS PROFITS TAXES Condueted by DR. JOSEPH J. KLEIN, C. P. A. questions should be addi to Dr. Klein, in care of the editor om paper. bT: wm, .guuK.l.‘h.“ ‘communications ‘must L ‘e X inswers will veal the identity of inquirers.) e ARTICLE II. In my first article of this series, which appeared Friday, I pointed out fourteen important changes in the new revenue law which took effect from January 1, 1921. There are a few other changes, which apply to all of 1921, to which I wish to allude, namely: 15. The new law contains a most important administrative provision (section 1312) whereby the final de- termination of a taxpayer's liability and the agreement to settle tax claims, in writing, shall be fina] and conclusive, except for fraud. 16. Section 1309, also. fmportant, provides that in most cases there shall not be more than one examina- tion of a taxpayer's books for a given taxable year. Need Not Be Retroactive. 17. To do away with a source of much annoyance under the preceding revenue laws, section 1314 now pro- vides that decisions of the commis- sioner of Internal revenue or of the Secretary of the Treasury need not be retroactive if they reverse a previous regulation of the department. Congress has at last come to realize the inequity of charging tax- payers interest on delayed payments without providing for a similar pen- alty against the government for de- lay in making proper refund to those who have overpald their tax accounts, often due to unwarranted pressure on the part of irresponsible minor offi- cials of the revenue bureau. Section 1324 contains a provision for the pay- ment of interest at one-half of 1 per cent per month by the government to taxpayers on refunds and court judg- ments in certain cases. 19. Section 1328 simplifies the ex- emptions previously provided by the various liberty bond acts. Should Appeal to Taxpayer. 20. The tax simplification board, created by section 1327, should par- ticularly appeal to the taxpayer as a move in the right direction. The appointed by the Secre- tary of the Treasury, and three repre- sentatives of the public, appointed by the President. The personnel of ‘he present board is admirable. Many ex- pected Dr. T. 8. Adams to be on It, but he was entitled to a rest after years of unsparing and effective serv- ice. The appointment of Joseph E. Sterrett, who had done so much to make the excess profits intelligi- ble and worl le, wi wise one. Mr. Sterrett’s acceptance of the post placed the public, and especlally the accounting profession, under a fur- ther debt of gratitude to him. 1 do not wish to appear churlish, but it does seem to me that Congress might ¢ gone a step further and created a similar board of review to which appeals from!the commission- er's decisions might be made before going to law. This board should be entirely independent of the Treasury Department. This suggestion is not intended as a criticism of the present committee on appeals and review, which is doing a splendid piece of work and in a satisfactory manner, but is in line with well-founded pub- lic sentiment and in accordance with British practice. Two Changes Noted. Before proceeding to a discussion of the changes which took effect on January 1, 1922, I wish to refer, briefly, to two changes which occur- red with the signing of the bill, namely: 1. Section 229, similar to section 320 of the revenue act of 1918, permits unincorporated organizations, which earned at least 20 per cent on in- vested capital, to elect to be taxed as a corporation from January 1, 132i, provided incorporation tdkes place on or before March 23, 1922. 2. Section 214 (a) (5), affecting in- dividuals, and section 234 (a) (4), re- lating to corporations, include a dras- tic provision aimed at “wash sales.” Except in the case of dealers in stocks and securitles, it appears to be the in- tention of Congress to prevent the taking of losses by those who “with- in thirty days before or after the date of such sale or other disposition” reacquire and hold “for any period after such sale or_ disposition” “sub- stantially identical property.” (Caution—Readers should not delay their inquiries. Remember that re- plies are made In the order of receipt of questions.) (Artiele III will be published to- merrow.) HOLDING COMPANIES FORMING TO TAKE OVER SHAKY CONCERNS One of Two Methods to Effect Business Rcha]gilitation and Trade Stabilization. Diffusion of Production Also Is Plan. Special Dispatch to The Star. NEW YORK, January 7.—Business has learned that there are more ways of killing a cat than choking it with butter. There are two methods of dis- posing of some of the troubles that harass business men—through con- solidation and diffusion of production —and those methods will be extens- ively used during the coming year. This year of 1922 will be one of mergers. Business dispatches receiv- ed within the last twenty-four hours indicate unmistakably that many of these are well on the way to com- pletion. These consolidations and expan- sions_are based on the sound prin- ciple of reduction of costs in over- head, in production and.in distribu- tion as a means of meeting competi- tion and a lower level of prices. Con- cerns with national markets are not waiting for reduction in freight rates, nor are they yielding the fields to competitors more advantageously placed. They are arranging to put themselves on an' equal footing through consolidation ~with other companies adjacent to these fields, or by the erection of plants in widely separated sections, which will produce like results. These tendencies are _especlally prominent in the iron and steel in- dustry. The Jones & Laughlin Company, one of the largest inde- pendents, is preparing to erect a plant at Hammond, Ind., to meet competition in the Chicago district, and will operate a fleet of river craf: to equalize freight rates to southern markets. -Youngstown independents are working on a combination which will give them plants in flelds far removed from their present locations. Te Aveid Disaster. The general trend toward reorgani- zation is scarcely less noticeable in other lines. Strong banks and business houses are absorbing concerns of less- er bility, not to stifie competition but to avoid commercial disasters det- rimental to business as a whole. The day of widespread bank and business failures is fast passing, for experience has shown that such disruptions of business confidence are only slightly less detrimental to those who weather the storm than to those who go under. Throughout the coyntry, therefore, holding companies are being formed to take over sound but non-liquid as- sets of concerns in doubtful positio: paying euch concerns the cash and managing the assets until they can ba realised upon advantageously. This is relieving %anks and busineds houses ¢ burdens which, while of undoubted lue, would hamper them at every step toward business rehabilitation. Companies operating chain stores are expanding and some areé absorbing smaller concerns in whole or In part. Vital assistance in cutting indlvid- ual and commercial overhead is com- ing through widespread revival in building operations, which give as- surance of the reduction of high rents, one of the chief overhead items. Ho- tels in buying centers are crowded with buyers for retail establishments, and, while many of th for for annual more attention. Ceal & Dark Trade Spot. The coal situation, which has been one of the dark spots of the business firmament for months, is showing de- cided improvement. Prices are not expected to advance, but costs of pro- duction, it is felt, will be effectively luct Development of . new oil flelds and the bringing in of’ new wells give promise of increased oil production throughout the year. X ‘Lamber demand in many.sections is fully equal to production, and in some cases excseds it. = Pri are and_actively on the increase. The market for wool is very strong, and the industry has besn stabill both with_re to_ prices for manufaoc- tul oods and in respect to wages for textile workers. Crop conditions are brighter now than they were at this time last year, and. the situation of the farmer is ually assuming a more cheerful corop season diminution of the sto: this country has I prepare for resumption of and nearly half the norm loyed in the Michigan copper coun- ‘work the 8, mine owners to R ettt S companies .are follow! Im! - tics to keep pace with ! nd. Commodity Reports From-Various Sections Cepper. and Hecla and other copper proper- ties in this district are back at work putting the mines in shape to begin producion copper again. $ Steel. ATLANTA, January 7 (Special).— ‘The Atlantic Steel Company officials here declare that, while the outlook is brighter than for some time, orders do not’r{et warrant full time opera- tion. e company is running at about 35 per cent of capacity. ‘Woel LISBON, Ohlo, January 7 (Special). —There were shipped from Colum- biana county during the last ship- ping season 108,000 establishing a new high record. unds of wool, The clip brought a net return of from 20 |, to 31% cents a pound, although rough and uc-ou'le stock brought only 8 to 1 cen! Sugar. 5 PHILADELPHIA, January 7 (Spe- clal).—Sugar now is advertised for sale in Philadelphia, Camden, Lan. g at 4% cents a pound. This is the lowest price re- corded here in seven years. Lumber. SEATTLE, January 7 (Special).— ‘The production of 123 lumber mills of Western Oregon and Western Washington was 46 per cent below normal last week, while new business now booked is 27 per cent above pro- duction. Over 40 per cent of these orders will be shipped by water de- spite rail freight reductions. Fur. ST. LOUIS, January 7 (Special).— Arrangements have been virtually completed for the reorganization of the International Fur Exchange here with a capital of $820,000. This is felt to be an important step toward re- habilitating the raw fur business here. ‘Tobacco. RICHMOND, January 7 (Spec! Large sales of tobacco at satisfactory prices have been made in this district and this has aided materially in im- proving the businesg outlook in Vir- ginia and North Carolina. Live Stock. ST. PAUL, January 7 (Special).— Northwest live stock producers were paid & total of $55,000,000 by South St. Paul packing houses last year. The bulk of the animals were slaughtered here, although some were shipped to other packing centers. Automebiles. SAN FRANCISCO, January 7 (Sp cial).—The inquiry for motor car; increased to some extent in this tion with the lowering of prices in some_lines, and dealers look for im- provement in sales with the turn of the year. Netes. ST. LOUIS, January 7 (Special).— The m-olu% department o‘f E’l‘lfll’lilm tios today that February 15 the rates on fire, lightning, hail and wind insurance will be reduced 15 per cent. 8T. PAUL, Janu 7 eclal).— City officlals 'ho"n’n B;:nln‘:’ to fight for a 5-cent street car fare de- clare the Twin City Rapid Transit Company has effected an annual sav- 0! {he abolishment of the midway. fre s St. Paul to the Minneapolis city limits plan a protest aguinst the abolition ’;:n{:‘ ,sone, _The St. Paul fare is 6 0ILS ARE CURB LEADERS. Firmer Tone Is Displayed in Ex- change Trading. ‘WALL STREET, NEW YORK, Jan- uary-7 (Special).—A firmer tone was displayed on the curb exchange to- Ol shares were the leaders again, Standard Oil of Indiana was active and stronger. International Petroleum, Imperial Oil of Canada, banker's -l'lfluy higher, but ran inte moderate ing and reacted. Dealings “were the mis- thers were slight gains in_the neady, Toad Bntphuial o' steady, uilding moved u 1::"’ in the first gll-l! huu‘r. but ouga er. 5 Th boj and the tone was and to . were s of three Treasury rep- | U. iere was more active tréding in|new S Grain, Produce and Live Stock|/FEDERAL INCOME AND __ B.& 0. SHOWS GAIN BOND AND CURB MA&I;ETS. (Furpished by Redmond & Oo.) . 8. LIBERTY BONDS. 8. Liberty 2d ds...... U. 8. Liberty 1st 4%s. U. 8. Liberty 2d 4 U. 8. Libe OTHER BONDS. City of Rio de Janeiro 8s 1946.. Krench Government 8e 1945, French Government 73%s 1941......... Government of Bwitseriand 8s 1940, Kingdom of Bel Republic of Chi Uuited Kingdom 5s United Kingdom 3%s 1929 United Kingdom 5%s 1937’ American Agri. Chiem. 7% American Tel. and Tei. conv. 6s 1925.. 83 84 . D8 1946, 85 Chi., Mil. and 8t. Paul refd. 4%s 2014.. 56% Chi.. MIl. and St. Paul conv. 4348 1982.. 00% Chicago Northwestern 614s 1936. . 107% Cbi., R. Island and Pac. refdg. 4s 1934. 76% Chicago Union Staton 6i5s 1965......... 112 Du Pont 71:s 1931 Brie general llen General Plectric 6s 1940, : Goodyear Tire and Rubber Co. 8¢ 1841 Grand Trunk 7s_1940. Great Northern 7s 1936, International Merc. Mar. s, 194 Int. Rapid Transit 1st and ref. Gt Kelly-pringfleld 8s. 103 Louvisville and ui Missouri, Kansa and Texas 1st 4s 45, 1975, ew York Central s, 1980. ew York Central deb. 6s. 1935. ew York Telephone 6s. 1941 orfolk and Western cons. 4s orfolk and Western n! Northern Paeific 4s, 1996. Packard Motor Car Co. 8s, Pennsylvania 1968. Pennsylvania 7 ;::nl’: ‘: s of 1 ' P nsyivania gen. mOFtEAKe Readiag ‘genetal dn. 1007 ok 8t. Louls ai Missouri’ Pacific general BSouthern Railway gen. ds. Southern Railway GOs, Unfon Pacific 1st 45, 1008. Union Pacific 1027 thern Pacific conv. 45, 1 Union Pacific_6s, 103 United Drug 8s, 1941....... U. . Realty and Imp. Bs, 1924 93 17, 8. Rubber Se. 1023, U. . Rubber 7%s, 193 United States Steel S. F. B Vacuum Oil Corp. 7s. 1986. Virginia-Carolina_Chemical 7 Western Union 614s. 1986. Wilson & Co. 1st Gs, 1941 American American Tel. & Tel. 6s 1922 Tel, & Tel. 6s 1024 American Thread Co. 6s 1928. American Tobacco Co, Ts 1922, Amerlcan Tobacco Co. 7s 1923.. Araconda Copper 6s 1929 Anglo-American OIl 7s 1935 Armour & Co. 7s 1 RBethlebem Steel Bethlehem Steel 7s 1923. Bethlehem Steel Ceoadian Pacific 6s 1827 Central Argentine Gs Chicago, B, 1. & Pacific 6s C.. C. 0. &8t. L. 6s ! Can. Gag of X “opper Export Col Export 1922, Hocking Valles oa 365 8% 97 { Hocking Valley { Humble Oil 7s 1923.. 9914 wos Kennecott Copper s 1013 101 Proctor & Gamble_7s 100% 1001 tor & Gamble 7s 1923 101% 101 R. J. Resnolds 6a 1022 1008 1008 rs, Roebuck & Co. 8" s Sears, Rotbuck & Co. Ts, 1923.. 97 97% Biuclair Con. Oil 73 98y 2 Southern Rallway 6s 1922, 991, Southwestern Bell 7s 1926 100: vift Co. 78 102 100! 3 102 . 1 101y 1031 ‘Western Electric 7s 1925 T18% 1% E. & M. 75183100 105" 106% U. 8. TREASURY CERTIFICATES. —Close.—— Ra tard 1022, te—Maturity. 5148 February 16, arch 15, 51s March 15, 1f E 4Us 4 arch 15, April 1, 1922. June 15, 5%4s Juns 15, August 1, 00 September 15, 1933.. 132 100 September 15, 1922 1.. 100916 1001116 A e LS September 16, o30.... 101 1516 102 116 (Furnished by W. B. Hibbs & Co.) —Close.— T 12 13% w1 et 2 21 22 2 0% 5 7 13 16 S R B fex 09 171 Cities ice ptd. 52 &3 monwealth Finance . 38 L) Consolidated Copper 1 1% Continental Motors . s 4 Daviealy 8 g s 2 Domiton 01 Glen Rock Ofl. Guffey-Gillespie ... Intercontinental Hubber . International Petroleum (new).. Jerome Verde .....: . Kay County G Lake Torpedo . Lincolu Motors Lone Btar Gas *F & & o poneEBuatitsiawe Bl 8t % . 2! Radlo_pfd. bl '_'t Ray Hercules 7 R. 37 . 6 » % % I kelly Oil .. 5% B Southern Coal ‘and iron.. o Sweets Co. of Amerfca ........ 2% 8 Swift International . 2a° =z Tonopah Diyide - [ pah_Extensi 1916 1 United Eastern .. 2% 2740 U. 8. Light a B Baste t 131s 1% -] 1 TU. 8. Ship 010 3% U. 8. Steamship.. 2 Uhlted Retall Candy % 8 Wayne Coal 1 13 West End Co s % Wright _ Aero. 2 5 CHICAGO— Armour Leather com. Armour Leather pfd. Armour r'd. seee Cudahy Packing Libby .. National OIL STOCKS. Bid. Anglo-American Oll Co. (new).. 17 mser Co. 325 Borne-fery: uckeye Pipe Line Cheseborough Ma 120 130 8 [ 40 2 04 107 L1 161 53 3 28 29 140 144 90 94 %9 263 17 18 Prairie 0il and Gas Co. 535 545 Prairle Pipe Line Co. 28 29 Solar _ Refining Co. 3 3 Southern Line ] k] South Penn. Oil Co. 1% 190 Southwest. Penn. Pipe 50 ° 54 Standerd Oil Co. California..... 821 831 Standard Of] Co, Tndia & 51y Standard Oil Co. Kansai 560 570 Standard Oil Co. K 440 450 Standard Oil Co. Nebras 160 170 Standard Ofl 350 334 Standard Oil Co. 380 . 390 Swan & Finch Co 30 40 Union Taok Line 92 96 YVacuum 0il Co. 300 305 ‘Washingte 30 33 PENNSY ORDERS RAIILS. PHILADELPHIA, January 7.—The Pennsylvania Railroad Company has placed orders for 80,000 tons of steel rails for 1922 delivery, it is reported. The Carnegie Steel Company received orders for 40,000 tons; Bethlehem Steel, 18,000; Cambria Steel, 18,000, and Lackawanna Steel, 4,000. In De. cember, 1920, the company gave or- ders for 200,000 tons for 1921 deliv- ery. The company will carry into 1922 unfilled orders and ralls on hand amounting to 74,000 tons, which, with the 80,000 tons contracted for, will make a total of 154,000 tons for 1922. INVESTMENT MARKET SHOWS FAIR DEGREE OF ACTIVITY Able to Absorb Enormous Offerings of i Four Months Without Strain on Credit. Trade Conjectures Not Borne Out. Special Dispatch to The Star. NEW YORK, January 7.—The open- Ing week of 1922"has seen a further display of investment activity, a fair- 1y general declirie in stocks, the es- tablishment of the lowest money rates in over four years, and a serles of un- certain fluctuations in the commodity markets, It is not surprising that the money market should' have worked lower. This is what normally happens after funds, tepporarily needed in the January settlements, find theilr way back into active use, and when at the same time money is flowing into the reserve centers from the harvest dis- tricts. It is, however, a matter of note that money rates should have gone down in face of the very heavy out- pour of new securities. This shows that the investment market has been able to absorb the enormous offerings of the last fo months without in- volving the least strain upon credit. Still the general bond list, while re- malning strong, has not felt much fresh stimulus from the 8% per:cent call loan rate or the 4% per cent quotation on time money and com- mercial paper. It has fuilfilled the ex- pectation that the upward movement reached its peak in December and that renewal of the advence would be impeded by -the keen competition ‘which listed bonds, up 10 to 1?'90:..«. rom last summer’s low, were meeting from the great mass of new flotations. Open to Two Interpretations. The stock market of the week is open to two Interpretations. Either the speculative commupity had al- lowed {itself last month to become too sanguine about the immediate prospect for outside trade and has been undergoing wome revision of their caloulations, or the decline has been merely & market readjustment due' to the taking of profits accumu- lated on last years purchases at a time when speculative syndicates and other large interests were standing aloof. The probabilities are that both of these versions are true. it r. Spots in the trade situation and lead to an increase in comme! mortality. It was not to be wondered at, there- fore, that the market mmud.;';u re- flected some disappointment. At the same time there has undoubtedly been re or less selling of stocks by woalthy individugis who were wait- ing to take their profits until the snd more lsnient ton | sheula L AL A AR A BSOS Al A A o LA SRR Tk Rt AU : = the pools to be willing that s should come down. But the mllnp:o?:lt is that the decline has not gone be- yond the proper limiis of a reaction after a month or more of steady ad- vance. Look for Moderate Profits. Speculative Wall street ma; - fess to be disturbed becau: lu’h::?y conjectures of a January trade revival have not been borne out, but there is no reason to infer from the action of this week's markets any change in opinion of the more substantial sort with regard to the business outlook for 1922. It is not now and never has been expected that there is to be any’ return of prosperity in the old-time sense. The most that is looked for is a period of moderate profits with a probable gradual increase in the trade volume as the year goes on. Most thinking persons will agree with the president of the National City Bank, who predicted that 1922 would be & year of consolidations, inspired by the necessity of getting costs 2:::; ;opl::valld( :;!:l""‘:n price level o nst increast ah;;p ‘:lomlf.“llhm = e decline in money rates is in likelihood a precursor of further 103! ering of federal reserve discounts. It would not be surprising if such ac- tion were taken within the course of the next week. But, while, the very easy condition in the money market is Iping the distribution of new bond issues, it is not the-occasion that it has been In other years for & “Janu- ary boom™ on the stock exchange. The reason is that whatever interes: the stock market has in the money movement is completely overshadowed by l.u conoern with the course of Little Light on Cenditions. In the other markets it be sald that the week's m-:‘::::’-! have thrown much light upon the po- sition of . things. The foreign ex- changes are awaiting the next move in the process.of attempting to solve Europe's economic problems, and are hoping for some results from the gathering at Cannes. The improved situation “in the wheat trade was further revealed in the promptness with which prices recovered from the shock of the Chicago bank dis- olgnmm ‘ket has i e cotton marke ts attentio) fastened almost exclusively, as it uI: ways has at this time of i‘"’ upon the trade demands at e and On this subject it has seemed to alternate day by day between hope and doubt. As for the price cutting in-the ofl trade, it has yet to be es- tablished whether the 50-cent drop in Pennsylvania crudecrwas merely a re- adjustment because this grade of oil had e up more than the others, or whether it will be followed by a more J‘d‘:‘l lovu.rlnl'as '_:(wmlc- in other The this question OVEROCTOBER, 1520 Month’s Income of $3,422,- 497 Is in Excess of Any in 1921. The monthly report of revenues and expenses of the Baltimore and Ohio for October and the first ten months of 1921 furnishes a striking contrast with the figures for the preceeding year, and particularly with the data given in the recently issued annual report for 1920. The net rallway operating income for October, $3,422,497, is considerably in excess of that of any previous month of 1921, and more than $500,000 greater than the figure for October 1920. For the first ten months of 1921 the road had a net railway operating income of $18,693,694. In the first ten months of 1920 the property experienced a deficit of $5,661,523. The figure, therefore, mfiunu an improvement of $24,355,- This improvement is, in part, due to the adjustment that waes made in rates and charges in August, 1920, in part to economizing in mainte- nance, and in part to improved oper- ating conditions generally. The Baltimore and Ohio in 1920 handled the largest business in its histor: At the present time its net ton-mil are averaging but two-thirds tho of 1920. The latest figures available are those for September, 1921. Up to the end of that month the road had handled since January 1, 1921, 11.- 062,904,000 net ton-miles. In the first nine months of 1920, the nect ton- miles aggregated 16,095,181,000. The increase in net, therefore, is the more remarkable because it has taken place in spite of this falling off in traffic and in spite of the resulting sharp decrease in gross income. Attitude of Personnel. It 18 fairly well understood that the Baltimore and Ohio has experienced rather rough going during the last three or four years. It has been handicapped by the manner in which its lines were divided during federal ocontrol under the jyrisdiction of six federal managers reporting to fo regional directors and by the divi sion of much of its traffic, particu- larly in high-grade freight, and pas- senger business, to other roads. While the ofticers of the road them- selves do not believe that the system has regained all the ground lost dur- ing federal control, the 1920 annual report states: “In the ten months of the year (1920) during which the road was operated under the jurisdiction of the company the pre-war basis for maintenance of way and structures was re-established, and some improve- ment made in truck and equipment condition: that the through pas- senger train service was re-estab- lished, and the general ability of the road reflected in the fact that the Baltimore and Ohio “during the year 1920 moved a larger volume of traf- fic * * * than ever before in its his- tory. ‘The general attitude of officers and men seems excellent. The substantial increase in net railway operating in- come, notwithstanding the falling off in business which has characterized the first ten months of 1921, seems to indicate that the Baltimore and Ohio has turned the corner and should con- tinue the improvement which has al- ready been developed. Treasury’s Call. Federal reserve banks received a call today for the reduction on Tues- day of 50 per cent of the balance remaining on account of purchase of 4% and 4% Treasury certificates of indebtedness, dated November 21, 1921. The combined amount of the two issues is $21,041,600. New Financial Paper. The Security News, a four-page sheet, issued in gazine form, by the American Security and Trust Com- pany, made its first appearance yes- terday... The new .prgan. which is edited under the direction of A. C. Flather, manager of the business de- partment of the company, detaiis activities of the staff of the institu- tion, and is attractively gotten up. 1t will be issued monthly. Commenting on the publication, Charles J. Bell, president of the bank, stated, “It gives me pleasure to write a few words for the Security News. Its introduction in this bank has a twofold purpose: First, To .stimulate a closer interest of the entire staff in the company itself, so that a more thorough knowledse may be gained of its internal and external business and efficiency. Second. to strengthen that vital element o necessary to the success of any financial institution— co-operation.” BOSTON WOOL ACTIVE. Every Pound Offered at Federal Auction Is Sold. BOSTON, January 7.—There was a large attendance and bidding was spir- ited throughout the government wool auction here, when the government of- fered 8,000.000 pounds, mostly of low- grade wools. Every pound offered was sold. The wools went largely to dealers, although some manufacturers, including the American Woolen Company, were buyers. Prices showed an advance of 20 to 25 per cent on the average as compared with the previous sale in early Decem- ber. The strength of the sale indicates the growing scarcity of wool available in the country. The government has left between ten and ‘eleven million pounds of wool. DRY GOODS QUIET. NEW YORK, January 7 (Special).— Trading was again qulet in gray goods on the local market today, al- though some interest was shown in print cloths. Some sales were report- ed in 383-inch 64 by 60s at 8% and in 68 by 728 at 7%. mmi: houses said more business was offer- ing in_ sheetings than in any others. For 5.50s a price of 7% was accepted and thirty-one-inch five-yard goods ‘was off at the same price. Denim markets have been advanced a half cent a yard and sales are be- ing made at the new prices. — NEW YORK BANK STATEMENT. NEW YORK, January 7—The actual condition of the clearing hou and trust companies for the week (five days), shows that they hold $656,744,170 reserve in excess of legal requirements. This is increase of $39,677,950 from last week. —_— COTTON MARKETS, NEW YORK, January 7.—The an- nouncement that a committee of creditors had taken over the affairs of a New York importing and expor! ing firm dealing in dry ap- peared to clear the atmosphere of re- cent rumors, and the cottom market showed a steadler tone today. There was_still some nervousness and the market showed sensitiveness to com- paratively small_ orders, but after slight reactions from an opening ad- wvance of $ to 6 points active months sold lb:lul 12 to 16 polnts above last night’s closing. l‘r":nnrel opened steady. January, March, 18.20; May, 17.76; July, October, 16.45. = ofal nan: up, and at the end of the first hal hour of trading was 12 to 17 points over the close of yesterday. fell to 17.17 and then rose to 17.31. Futures opened quiet. January, 17.26; March, 17.20; May, 17.10; July, 16.65; October, 15.75. LIVERPOOL, January '7.—Weekly cotton statistics: Total forwarded to mills, 57,000 bales, of which 37,000 were American. Stock, 1,005,000 bales, of which 585,000 were American. I g.mvm ““fi""i".&‘a,&'-‘i