Evening Star Newspaper, January 8, 1922, Page 28

’.flcrease Sinc ¢ 23 JThose who predicted a loss in the &@Rosits of local banks aftér the last b Fus call of the controller of the nFn:y for a statement of condition, TAsing their opinion on the natural withdrawal of funds during the holi- day season, were entirely wrong. The call of September 6, 1921, found the banks of Washington with 3168,- 252,349.38 total deposits, while at the elose of business December 31, 1921, the last call of the controller, there was & total of-$169,58,920.21 deposits in the local institutions, a total in- for tae period of $1.356,570.83. mzs Alone Show Decrease. ngs bunks, as was to be expect- - Showing forD. g the Civistmas holidays, and of the Ehree ciasses of instituiions were the nly ones to show a decrease in de- sits. With $26,997,895.61 on hand at e close of business December 31, 921, these banks reglistered a loss in eposits over the previous call of $374,47 when_the total deposits ere §27,372. 4 ZBoth the trust companies and na- flonal banks showed -increases in de- osits over the preceding call. the st-named recording the substantial crease of $1,166,897.12, while the iter registered a gain of $564,150.75. The total deposits of the local trust npanies for the two dates were 53,501,399.31 and $54,668,296.43, and ose of the national banks showed 7,358,577.42 and $87,923,728.1%. 3 Many Annunl Meetings. § During the week many banking in- stitutions of the city will hold their annual elections, when it is expected veral changes of importance affect- g large banks will be consummated. “Men who heretofore have been rominently identified with certain| nks will cast their lots with other | stitutions. while the directorates of ! quite 2 number of local financial Rouses will zdd new names to their ats. That one of the larger banks will nnounce the opening of new branches; different sections of the citv is as- | red, while a complete shake-up in e personnel of the officers of an- her national bunk has been common _for some time. Most of the elections will be held uy, and, with the exception of those institutions that hold their an- nual sittings at other seasons of the Tear, the make-up of the Washington Tinancial houses will be known by the end of the week Savings Bank will Rold its annual meeting of stockhold- | | Wednesday at the offices of Leo arlow. 119 South Fairfax street, Al§xandria, Va. Polls will be open frdm 11 a.m. until 12 noon. e report of the condition of the! bagk as of December 31, 1921, shows a loss of deposits of approximately 338,000—occasioned, according to the cfficials, to the withdrawal of $70,000 Chfistmas savings club money. This loss was quickly recovered by de- pogits at the close of business vester- a¥ totaling more than $808.000. Forecasts for 1922. Interest in forecasts for 1922 has not alied very much, although the year al- yeagly is a week old and apparently the interest of the American people in the subject has not died out. At any rate, ! the annual newspaper reviews are still ng. Evidently the publishers are Telying upon this continued interest, and | of the reviews will not come . ‘out \mE next week. There has been the variety of forecasts—some very optimistic. but nearly all with a good re of determination to make the it—which should be better than | at least. these reviews, the we we have seen ent during the year. Few, if v, look for marked abrupt re- | very. Secretary Mellon rees many been greater than any one had agon to expect a year. ago, and index to the “A note which runs through the ex- esaions of all thoughtful people %phul:es how much depends upon H uropean recovery, and mainly the spntiment is for the most effective #nd _energetic action on the part of ?. United States in helping abroad.” | Business of Next Year. hé period of liquidation and read- stment which began in the summer 1920 is entering its last stage. It| ould be completed by the middle of | 1922. After a gradual recovery dur- i§E the first half of the year, there ould be substdntial improvement in ployment, production and the a gate spending power of the cou y. This conclusion as to the gen- 1 trend of the cycie is substan- _tfated by the rapid decline toward léw-water mark in interest rates, the il market In securities and the po- sftion of the Index of general busi- s in the cycle chart. Favorable Factors. Among the factors which are fa- rable to a recovery both in pr dfiction and prices,” says the January :g:er of the Alexander Hamilton In- ] tute of New York, “may be men- tipned the following: Strong bond market and easing 11} money rates, reflecting accumula- ipn of investment bonds. 2. Greatly improved mercantile situation, with low inventories among large corporations, generally healthy rcantile credits and the glut of rchandise in South American ports 1y liquidated. 3. Recovery in sterlink and large id reserve of the Bank of England. Optimism regarding domestic d’ international politics. Abundant food supplies in Can- Argentina and the United States. 6. Generally low level of raw ma- s. 7. i 1 i ] Inereasing activity in residen- building. Unfavorable Influences. "Against these encouraging influ- egces must be balanced the following tors, which will operate against a ival of prosperity: “1. Wages in different industries are 8311 unevenly balanced, being rela- | tiyely lower in steel, agriculture and per mining than in building, tex- | tifes, coal mining and transportation. | uctions in the latter, especially ! and transportation, are needed stimulate revivals in metals and fculture. . Need of further economy among , live stock and cotton growers effect payment of overdue debts. Reports from Kansas indicate winter wheat harvest mext July. being estimated at - 60 refusal of German business lead- to support their government re- s payment of indemnity. weaken- ouraging loans to Germany from and America. Incomplete readjustment of prices many retail lines. - involving permanent investment She hope of further lowering of cost, vis., labor, money rates, terials, transportation, fuel and ts. “7. Recovery in "the United States encounter the depressing influ- ‘e af continued deflation in Europe til Great Britain resumes a gold 3. The Treasury must consider re- ing several billions of obligations 'mtllf during next twelve months will desire easy money condi- ; 1t will, therefore, not favor the tlon of funds in a revival of m and commodity Inflation. “Notwithstanding vorable factors li isted are greater 48 sumber them those which are fa- 1 649.300; financial position of allies and|Ki . Large capitalists withhold proj- 2 FINANCIAL, PANK DEPOSITS DECEMBER 31 * SHOW TOTAL OF $169.588.92021 j e September 6 More Than Million, Exceeding Expectations—Good C. Institutions. vorable, we believe the constructive elements in the outlook for 1822 will turn the tide for business recovery. The three factors which deserve the most weight are optimism regarding the political outlook, which Is greater than at any time ‘since 1910; the reduced inventories of business con- cerns in the United States, South America_and the principai commer- clal centers in other parts of the world, and,-most important of all, the large and increasing supply of bank- ing funds. The increased supply of funds will stimulate construction work and enable business concerns and forelgn countries, even those still financially embarassed, to obtain enough fresh working capital to re- Itave them of the policy of forced economy practiced In 1921 and per- mit them to resume more normal buy- ing of goods. |WEEK’S COTTON MARKET NERVOUS AND UNSETTLED NEW YORK, January 7.—The cot- ton market has beecn nervous and unsettled during the past week, with prices losing a good part of the pre- holiday advances. - March contracts here £old up to 19.20 when the market reopened for business last Tuesday morning, which made an advan over 3 cents per pound as compaved with the low levels of last November. The price almost immediately weak- ened under realizing or liquidation, however, and broke to 17.98 for March deliveries during today's trad- ing. The sclling on this decline has been attributed chlefly to liquidation and prescure from New Orleans, Wall Street and local sources. There has been gome southern selling, but local brokers have reported comparatively few offerings from that source, and the weakness has L@en considered more largely the result of a reaction from pre-holiday optimism than of any increared pressure in the £pot mar- kets. The change of feeling from the extremely hopeful view of general tiade prospects responsible for the ate old-year advances to one of ner- vousness and uncertainty appeared to be promoted by banking develop- ments reported in Chicago over New Year, following the assignment of ‘a large private wire house just beiore the holiday and the easier ruling of foreign exchange rates. In addition to that unconfirmed rumers have been circulating of difficulties in the trade at Man- cheeter and of business troubles in the local goods markets. ecattered NEW YORK BANK STATEMENT. NEW YORK, January 7.—The actual condition of the clearing house banks and trust companies for the week (five days), shows that they $56,744,170 reserve in excess of legal requirements. This is an increase of $39.577.950 from last week. The statement follows: Actual con- ditions—Loans, discounts, etc., $4.464,- $19,000;_decrease, $43,498,000. Cash {n own vaults members federal reserve bank. $73.504,000; increase, $228,000. Reserve in federal reserve banks of member banks. §558,338,000; increase, $42,092,000. Reserve in own vaults, state banks and trust companies, $9,- 191,000; increase, $362,000. Reserve in depositaries, state banks arfd trust companies, $8.921,000; increase, $98,.- 000. Net demand deposits, $3,- 926,047.000; increase, $21,110.000. Unit- ed States deposits _deducted, $8' 489,000. Time deposits, $239.525,000 increa: $6,268.000. Circulation, $33,- 180,000; decrease, $109.0%0. Aggre- Bate reserve, $5 50,000. Ixcess re- serve, $5 incréase, $39.- $77.950. Summary of state banks and trust included in clearing house statement: Loans, discounts, etc., $646,949,900; increase, $6,156,000. Gold, $4.857,900; increase, $31,200. Currency and bank notes, $18,450,500; increase, $1,274.900. Deposits with Federal Reserve Bank of New York, $58,840,100; increase, $21,945,900. Total deposits, $689,- increase, $21,661,000. Do, eliminating amounts due from reserve depositaries and other banks and trust companies in New York and United States deposits, $636,926,300; Increase, $12,416,400. Banks, cash in vault, $27,905,000. ‘Trust companies, cash in vault, $54, 243,500. —_—————— TRADE LAXITY IN SPAIN. Uncertainty Over New Tariff Is Business Deterrent. Financial conditions remain ex- tremely difficult in Spain, says the Department of Commerce in & sum- mary of its monthly butiness survey covering that country. The recent is- sue of short-térm notes on November 4 realized only 25 per cent of new money. The Spanish government has authorized a new issue January 1. The uncertainty caused by the high rates of the new tariff due to come into effect January 15 is still fur- nishing an effective deterrent of busi- ness activities gemerally. Although important commereial agreements have lately been concluded with Nor- way and Czechoslovakia, trade with France has declined in view of the recent break in commercial relations and with that country. The mining and metallurgical in- dustries are Improving to a slight extent; coal strikes in northern Spain have been abandoned by the miners involved without securing the con- cessions_desired. The iron mines of Bilboa have experienced a resump- tion of activities due to the securing of contracts for 2,000,000 tons of ore for the export market during the coming year. Increasing cost of liv- ing and falling wages have aggra- vated industrial unrest. _——— NEW YORK BOND LIST. coupon. i, registes T. 4s, cou . 1, Tanaima 35, registered. es0 Panama 3Js, coupon. . N0 American Smeltls & Reflning Bs. B Amerlcan Tel. & Tel. c.v. 6s: D100y Armour & Co. 4% cesens . 87 Atchison gen. 4 85% Atlantic Coast 85 Baltimore & Ohio cv. 4 Bethlehem Steel ref. 5s. Central of Georgia Consolidated Js. Central Leather 5s. T oeay Central Pacific 1 & 14 Chesapeake & Ohio cv. 3a. D88 Chicago, Mil. & 8t. P. ev. 43} St Chicago, B. I. & Pac. By. ref. hicago & Northwestern 3s. £ s g. nnay] Pennsylvania ger Reading 48, Beputile ! e hold ; i THE SUNDAY -STAR, WASHINGTON; LACK OF PEP NOTE ATYEAR'S OPENING Marked lmprovemenf, How- ever, in _Money Market. Call and Time Loans Low. NEW YORK, January 7.—The first Wweek of 1922 was a disappointment $o those hoping for a radical change rom the unsettled conditions mark- ing. the close of the year in the finan- cial and commodity markets. The only marked improvement was that evinced in the money market. Call and time loans to brokers fell to lowest quotations in almost six months with simultaneous easing of the rate for commercial paper. Another sentimental incident was absorption of a prominent Chicago bank ‘and its subsidiary under un- usual circumstances and sharp cuts in oils and by-products. Industrial Conditions Noted. Suspension of cash and stock divi- | dends by Ggneral Motors and Kelley- Springfleld Tire was cited as evidence that industrlal conditions requjred further readjustment. The stock market withstood these developments with equanimity where season, or standard Issues were con- cerned, but many speculative groups were depressed two to ten points. Bonds were active on the usual Janu- ary reinvestment demand, although final quotations showed moderate ir- regularit The extent to which the Old_World looks to this country for assistance 2gain was strikingly demonstrated by the public sale in this market of ‘the Dutch East Indies $40,000,000 loan. Other ncutral European na- tions are negotiating more or less actively for credits, as are also sever- al Latin American countries. Forelgn exchanges followed the ebb and Tlow of events at Washington, Anglo-French relations and the pro- posed economic parley. The decision of the allled supreme councll to in- vite Germany and Russia to partici- pate in the latter conference was awell received. BALTIMORE PRODUCE. BALTIMORE, Md. January 7 (Spe- clal).—Receipts of native and nearby | |{irictly fresh eggs have been more| liberal the past week, and, with the | idemand of a hesitating character, the jmarket broke badly the past two days | and closed easy, with 43 cents a dozen as top price. This is a drop of 7| cents a dozen within the week. Prompt and frequent shipments are advisable, | as buyers are critical and values wil probably rule uncertain the coming ek o he market for both young and live chickens is falrly Nim wader mode erate receipts, and a fairly good de- mand for smooth chickens, more in- quiry gradually developing for win ter chickens weighing around two! pounds u piece, which will bring a| premium over the average run of large young chickens, which are quot- ed at 30 cents a pound. Rough, staggy and white leghorns are slow sale at ]22 to 25; demand good for old hens at 25 to 30; small and white leghorns | In fair demand at 22 and 33. Receipts of turkeys are light, and fdr hens and | medium sized gobblers there is a fairi :glor:'nnd L0 to 45; old toms and and crooiked breasts ver- looked at 30 to 3. AT Market for ducks is steady, with no surplus of the better sort, for which there is 3 So0d demand at 25 to 28. Seese, on the other hand, are easy. 20 to'23, with Kent 1sland varieties bringing 25 and 26. Pigeons and gulnea fowl not In much demand .at 25 to 30 cents a pair for the former and 25 to 50 cents each for the latter. In the dressed poultry market it takes fancy stock to bring a premium over duotations for live poultry; demand fair for choice fancy stock, on whic the market rules steady to firm. 5:&:.:’;:'\'?; pounds and over in good 0 , Wit B dium selling at 30. e oane here is a firmer tone to the market for white poumeueuglfi'l"eim: | i { 3 | i gree that there will be gradual bet- |companies in Greater New York not|cleaning up of previously accumulat. ed supplies and an improved demand !Maryllnd and Virginia McCormicks l?")’; lnelo":ns mos}ly 176 to 2.25 per nds, with othe; Ibri'nglnz PR A e | No. 2 stock. all sections, selling 1.00 to 1.25. Under more liberal receipts the market for sweets and yams rules a shade easier, with the demand only | fair on good stock. which Is selling 323 to 4235 a barrcl for the former, land 3.00 to 3.50 for the latter. No. 5 i 8tock, 2.00 to 2.25; b tock af Both werly ushel stock af ng better at 1.00 to 1.50, Eg:&z;&;&:’cfi'o. 2:. Culls and ln(e:lr:l(l]' not w - S pek unted and of un ho general market for native inearhy garden fruck rules. easy oa some lines and firmer on others. Re- ceipts running fair and demand {s fairly good at the following quota- { tions: Beets, 75 to 1.00 per bu.; bro- I coli, 40 a bushel; carrots, 1.50 a bush- el; ‘caulifiower, 3.00 to 4.50 a barrel: Norfolk kale, 1.00 to 1.25 a barrel: oyster plants. 6 to-8_a bunch; pars. mnips, 75 to 85 bushel, and 40 to 50 per 4-8 baskets; savoy cabbage, 50 to %5 a bushel; Norfolk spinach, 3.50 to 3.75 2 barrel,. and 1.50 to 1.75 per bushel for native; turnips, 40 to 60 ‘tor 4-8 baskets. Onions continue in g00d demand, and the market rules higher at 5.25 to 6.00 per 100 pounds, and 2.50 to 3.50 for No. 2s. 4 GRAIN AND PROVISIONS. CHICAGO, January = vely final hour following a light lé‘lg};' market marked today's short session +on the Chicago board of trade. Prices jwere bid up sharply toward the close the final figures showed net jEains of 1% to 1% in wheat, % to 3% scent in corn and % to % in oats. Provisions were firmer and generally unchanged to 712 cents higher. Wheat was inclined to slide at the start, but strong commission houses absorbed offerings at 1.11 or under for May, and easily took the slack out of the market. Reports of fresh flour exports and of further milling demand started the shorts to cover, but later they found the pit-almost g:}v:ldweoet o;telr!ngs Substantial s re registered b - tained all their wheat. S Aot Aside from quiet export demand for wheat, the news was generally against the bears. St. Louls sold 50,000 bushels to mills overnight, dry woather continued' southwest = and coarse grains were strong. Exporters were after corn and took 200,000 bushels here. The local cash market was affected by high bids to the country from outside markets and this was soon reflected in the pit. Oats developed a strength of its own, mainly on southern and south- eastern demand. There was a steady advance toward the close. Provisions ranged higher with live hogs,” but speculative demand was rather light and the full expectations of those who pointed out that the {h‘:dn!lg:::: DTYln.;‘ for live animals rices since not realized. To% Osfober mere NEW YORK, January 7.—Wheat— Spot, steady; No. 2 red, 1.20%; No. 2 :%rdé 1.193%; Manitoba, 1.25, and 1 New York Corne Spot. steady. rn: pot, s 5 N 66%; No. 2 white, ‘6%‘0-.:",#'1’?"2. mixed, 66%, c. i. f. New York, all rail. Oats—Spot, steady;-No. 2 , . Pork—g'n:(fle:lammal& 'lgg‘%. S I—Firm; middlle wes: .65. Other articles nngnmné et —_— DOLL DRESSMAKERS COSTL! NEW._ YORK, January 7.—The m child of Paris carrying her best|doll often has a small fortune in her arms, for doll dressmakers are as expensive, jn proportion, as those who make ‘the newest. creations for mamma to sport when she takes her Su y morning: walk in the Avenue du Bois. A tiny doll’s cloak of gause lined with sky- blne silk and edged with costs, 100 _l?nu. and an_ ne.coat for dolly 65-fra: dress with dainty Toses means an outlay of 70 francs. A complete trousseau for a really up-to-date doll oosts 1,500 to 2,000 france. Ichanges which became efféctive on the mixed drum, 110, c. 1. f. track | ‘| coupled with colder weathe: ' 150,000, COMPARATIVE FIGURES SHOW DEPOSITS OF BANKS IN THE The following comparative figures show deposits of Washington banks ptember 6 and December 31, 1911)1. as of Sej The compllation is the work of A. and Trust Company. NATIONAL BANKS. ., JANUARY. '8,- 1922—PART 1.~ AVOLUME OF STEEL | BUSINESS SMALL |Revival Expected to Be Slow. D. D.C . Savage, with the National Savings Sept. 6,1021. Dec. 31,1021 Tous. American ... S Si0ho04 $4.071.86105 $122.608.18 Banx of Waskingion | Toozmess Taizsise: 58,1751 | S i 122076772 11,507.684.20 g Statistical Position of van , 505, 4 3 3 .. Fargers 238720138 - 2,363,980.62 Copper Improves. Federal 4166,454.30 4.442.354.10 Hetropaltt mescies Towesn ume of new business in the steel mar- Natloaal e Matiies ket since the turn of the mew vear Biegs Weoaszes 2LEWILC00 has been small and is not expected = SAIRI008 sicseid to increase very rapidly for some SSTES8TITAT $8T.922,T:8.17 time to come. A slow.but steady im- BAVINGEIBANKS. ;-5 provement is confidently anticipated, ; g $248.021.78 .74 however, especially in the needs of RRES 784.450.30 ¥ railroads and oil companies, while Commerve 1,i74 2082 9 Ea e - structural material of all kinds i5 ex- st Washington ‘88267817 04 . h broader Exchange 623,083.64 .47 pected to meet with a much br Hamilton ©£00,948.53 .00 demand. In conSequence the market Iniustrint Dopmen ® is steady. e ; Sy ok 5 Pig iron is quiet but ‘steady. e Monat: Yerna e re s 2% | statistjcal position is fine and leading North Capltol 721,05 53 43 | furnades are very optimistic over the Northeast 120.718.48 8 outlook for a much improved demand. Northwese o 1%"3;'%;-: g Copper Market Statistics. People’s ‘Commerciai - 223,793 08 % In the copper market, while sup- otwmac 2.702964.08 410 plies are still far above those carried ooy Bireer glITeaEe prior to 1915, preliminary calculations Ktandard ... 5 /908,55 indicate that stocks of refined were Terminal Commerce and Savings 765,70 reduced by 163,000,000 pounds and Unlon - ..oeee 1.395.773.96 blister 165,000,000 during 1921 This Unitea ‘Histes - 1/991,007.60 improvement In the statistical posi- Washington Mechanics’ 1,146,818.79 tion, combined with prospects for im- Washington Savings 3 e & proving general trade, Totals . American Security . Continental jon . ‘ashington Loan TRUST COMPANIES, reeponsible for the firm price views of leading producers. Trading has been very quiet during the past week, with small lots offering a little more freely, but quotations generally have been maintained at about 13% to 14 for electrolytic. Large Avaflable Supply of Tin. $26,997,805.61 &i Totals ......... Natfonal Lanks Bavings banks Trust companies . Tin has been easler, owing to the large production in the straits, with a big increase in world's visible sup- ply and freer offerings by dealers. Available supplies are reported to be Totals ....... FEDERAL INCOME AND EXCESS Condueted by DR. JOSEPH J. KLEIN, C.P. A, (Tax questions should he addressed to Dr. Klel i Br. Kleln' (Copyright, 1922, by Joseph J. tentfon, all commupieations must be signed. of inquirers.) ARTICLE III, The first two articles of this series discussed the changes in the new revenue law which went into effect either on January 1. 1922, or on the date when the President signed the Lill, that is, on November 23, 1921. I now wish to point out some of the firet of this January, 1922. 1. Change in suriax rates and fix- ing of maximum eurtax rate at 50 per cent, instead of 65 per cent, as under the earlier act. 2. Repeal of the excess profits tax. 3. Increase from 10 per cent to 123 per cent in normal income tax rate affecting corporations. 4. Elimination of prior specific ex- emption of $2.000 in favor of corpora- tions, if such corporations have a net income in excess of $25,000. So-Called Nuisance Taxes. 5. Special provisions for the deter- mination of net income of insurance companies. 6. Tho repeal of the so-called nui- £ance taxes. The old tax on tele- phone and telegraph messages is re- tained, but the old tax is repealed on freight, express and pipe line charges and on passenger and Pullman fares. The old tax is also repealed on ice cream sodas and on insurance pre- miums. The tax on admissions re- mains practically unchanged, except that if the charge iv not over 10 cents no tax is due at all. The so-called luxury taxes are eliminated, but a corresponding tax of 5 per cent is levied against the ‘“manufacturer. producer or importer” on the excess above given prices for a few specified articles (see section 904). Section 900 provides excise rates on a num- ber of articles, but eliminates them from a number taxed under the 1918 law, - among them N&rs and chewing m. ‘ul should like to call special atten- tion to an unfortunate provislon of the new law. Section 214 (a) (2) pro- vides that the interest paid in connec- tion with purchasing or carrying United States Victory 3% shall not be déductible, unless these bonds were “originally subscribed for by the taxpayer.” Thie provision is not keep- ing the faith with those who bought these low rate bonds early in 1921 While it was proper to enact the pro. vision cited to take effect after No- vember 23, 1921. it should not, in com mon decency and fairness, have been made retroactive. 50 Per Cemt Surtax Rate. I wish also to say a word regarding the fixing of the (0 per cent surtax rate after the, House and the Presi- dent had both favored a more reason- able but =till too high rate of 23 per cent. As I said in my Annalist article of November 28, 1921: WHEAT MARKET UPSET BY FINANCIAL TROUBLES CHICAGO, January 7.—Severe dis- turbance of the wheat market this week resulted from financial diffi- culties that led to a big bank merger here. On one day,-the price of wheat fell 7%cents. Compared with a week ago wheat this morning was off 33 to 4% cents, corn down 5% to 5% cents and oats lower, % to % cents. Provisions showed net gains of 2 to 12 cents. Nervousness in the wheat market was partly due to Wagner faflure which had preceded by only a few days the troubles of the Fort Dear- born National Bank. At first it ap- peared that the bank merger would have no special effect on gragn values, but heavy liquidating sales of wheat on the part of eastern interests took place, and false rumors became cur- rent that various board of trade houses were insolvent. Excited sell- ing and wild margin-calling followed, and on the downward sweep of the market July wheat went under $1, making a low reeord for the season, & record sharply in contrast with $1.68 for May wheat a year ago. Readiness with which all margin calling had been met brought about rallies in the wheat market on subse. quent days with the help of enlarged milling demand here and at §i uis, eapolis as well. Only part.of the losses in the flurry, however, were thus overcome. Corn and oats received better s: port than was the case with Why and proved relatively stable. Provisions showed comparative firmness owing more or less to sence of any important ificrease of western stocks. of meat. + —— YORK, _January 7.—Brad- street's review of trade says: B p- t, “Post-holiday. quiet features trade:$6,000,000 and industry as a whole, but the in- fluence of counter currents in retail trade and in some of the big indus- tries relieves the situation of some of the usual early-in-year inectivity. Thus, while l't‘fllll'-l :‘l.ln“;wrlel or preparations for sending salesmen on the road occupy wholesalérs, there is some life seen. in-cotton goods at large primary markets. . Wool is active and advancing, though the goods market 1s qutet, and raw silk is strong, with December consumption 16 per cent off from November, but over-double last UIn retail trade, after-holiday sales, r i some areas, h distribution, - ing :w:rlzl. shoes and rubbers. prominent in the latter. In the orh, and i Texas h.l:’h t.mrna“ . [ o} AN and ght, which latter hurts the N aokly” bank . clearinge, 105,252,349.36 $109.088,920.21 $1,350,570.83 the largest in twenty years. Lead remains firm, notwithstanding liberal supplies, and demand contin- ues satisfactory, especially. far desil- verized. Zinc hes been moderately active for early shipment, particularly from gal- vanizers, with some inquiry reported from Europe. Antimony is quiet and unchanged. PROFITS TAXES| | more plentiful, with the tone easy. T it | STEADIER TONE NOTED “Ordinarily, the Senate is the con- IN THE cDTTON MARKET cervative wing of Congress. In this| NEW YORK, January 7.—The cot- case, the House originally fixed thelton market was very quiet today, but maximum surtax rate at 32 per ccnt,'show(—fl a generally and it was the radical members of the | with March contracts selling up to Senate who raised this rate to 50[15.36, or thirty-eight points above the per cent. The Senate members of the [low level of yesterday and nineteen conference committee were mot in(points net higher. That delivery favor of the 50 ver cent rate and | closed at 15.26, with the general mar- were ready to agree to lower rates.!ket closing steady at a net advance The House, however, reversed its own|of seven to thirteen pointe. action and accepted the Senate'’s| The market opened steady at an change, thus nccessitating the accept- advance of three to six points. The ance of the higher rates by the con-!announcement that a committee of ferense committee. If this was a con- | creditors had taken over the afairs gressional joke, the joke is on thejof a New York firm doinz an im- n care of The Star. answers will not reveal Al rights reserved.) Klein. public. However, 1 think it is a seri- { porting and exporting business in ous miscarriage of equity.” dr: goods seemed to clear the 1 wish further to quote this Annalist {atmosphere of uncertainty arising article: from recent unsettling rumors. “The two outstanding shortcomings|There was some further scat- of the new law are its failure to rec- | tering liquidation at the start ognize the intimate relationship be- tween business revival and taxation and its fallure to appreciate that|favorable reports from the cotton the basls of revenws raising suitable;goods trade at home and abroad, and for war purposes is inapplicable to|the market did better during the which caused slight reaction, but sell- ing otherwise was held in check by i i { i hensive study should have been made either before or during the seven months when Congress was In ses- slon for the purpose of determining ! nounceme: Tot only the minimum financial needs | pomn “pmeny I o st night had of the government, but also the best | gome months and were due o i and most reliablo sources of revenue. { ability to make collections on goods Profits Unstable of Tax Basts. shipped abry London cables_r: “I think it is obvious to all stu-}Ported a very optimistic sentiment in dents of the subject that at the pres- | J.ancashire with a gocd inquiry fir ent time, and probably for some time i 800ds. & in the future, profits will be the most| NEW ORLEANS, January 7.—Week unstable of all tax bases. The c.,.n.rnd covering of ‘the short interest for over the week end. It was re- ported that the difficulties of the ¢ porting firm culminating in the an- wission which Senator Calder's pro- | %as a supporting Influence in the cot- posed bill is to call intc being may|ton market today and much of this yet write for itself as enviable a rep- | character of buying appeared to be utation as was achieved by the Brit-|due to a better feeling regarding the ish ‘royal commission on the income }financial situation in Europe. Cable taxes' which rendered its report in|messages from Italy, saying that 1920, and upon which report were|stock market troubles had been predicated the British revenue law |cleared away and that the stock ex. changes. Hope for improvement is!change of that country would re also based upon section 1327, which|sume trading next week, had not a provides for the creation of a tax(little to do with the buying. simplification board. WOOL TRADING MODERATE. “In passing it seems that Congress should have provided by direct taxa- BOSTON, January 7.—The Commer- clal Bulletin's review of wool aye tion (some form of sales or .turnover tax) for at least the amount of inter- “The business in wool privately has been of moderate proportions this | est on governmen: indebtedness ns| representing the most democratic scheme of taxation, and as most fair and equitable in that all of the peo- le are called upon to bear the bur- | the outcome of the government auc- den of the ‘war for democracy.’” The !tion on Thursday, which showed an balance of the government's require. | average advance of 20 to 25 per cent ments should be raised by means of | in prices compared with a month ago, a tax on_income, no heavier on theeverything being sold, with competi- individual or partnership than on the |tion very general. corporation, and from customs and |the mills is without material change, excise taxes. I venture the prediction|everything awaiting the announce. that the promised revision of the act of 1921 will not fail to take into con- sideration what is implied in the pre- ceding sentence.” Article IV will be published tomor- row. next season. The announcement that lower wages cannot be expected in the mills in the near future will serve to indicate at least a continuance of present prices on goods. More cloth- ing is belng sold at the recent reduc- tion in retail prices.” |WEEK’S STOCK DEALINGS | WERE ACTIVE AND BROAD| DECEMEBER COPPER OFF. EW . January 7.—Sales of NEW YORK. January 7.—The mosti foreign and dom Interesting feature of the first week | cember showed a shars hicin. ficn of the new vyear in thé financial mar-}those of November, according to offi- kets was the drop in money rates|cial figures. December's sajes wire after the release of large January |put at a little more than 110000 q00 interest and dividend payments. pounds, in contrast to 198,000,000 i Call loans fell to 31 per cent, the|November and 140,000,000 in Ootober lowest rate since last July, and time | The monthly average sales for the funds extending into the second:last quarter were 135,000,000 pounds, quarter of the year were made at a[of which about 70,000,000 were for fraction under 5 per cent on seasoned | domestio consumption ~and 65,000,000 col leral. or foreign acco 5 t o1 Dealings In stocke were active and | duction from . the. mines et Norn broad, but a.combination of liquida- | America and South America is ati: tion and short selling caused sub-|mated at approximately 40,000,000 stantial recessions in almost every|pounds monthly, with an additional branch of the list. Rails were free | 10,000,000 pounds recovered from th from pressure, but the demand for |smelting scrap heap. b those issues was so small as to play —_— no part in the week’s operations. Sort selling was Invited by the CANADIAN PACIFIC'S YEAR. n “merger” and _suse v = 2 pension of cash and stock dividends | by arespie: CopolilUsTy 7T.—Judging by General Motors and Kelly Spring- Ports Of ,approximate €7053_earnings of the Camm . cific for December, the geoss. fur (h: last year will run approximately $23.- 000,000 behind 1920. But, the net wu'¥1,352,937 to the good at the end of November, it is quite possible that the company will show around a mil- lion net gain. At the end of Septem- ber there was & net gain of $2,743,531, but decreases since then have re- duced the amount by about one-half. The decrease for November was $401,- 208, so that a similar decrease in net for December, not yet announced, would pull the total slightly under the milllon-dollar gain level. COFFEE FUTURES QUIET. NEW YORK, January 7—The mar- ket for coffee futures was very quiet today. OWwing to the holiday there were no offiolal quotations from Brazil and the few sales in the market were attributed to realising field Tire. Indications of reduced production in steel and iron affected shares of that class. Independent steels had a brief upward spurt on rumors _that . various consolidation plans were progressing. International credits and foreign exchanges moved irregularly in con- sequence of the financial crisis in Italy and developments at the arms conference. Quotations stiffened later in connection with the decision to call Germany and Russia into the proposed economic discussions. GOODRICH SCORES FOR 1931. NEW YORK, January 7.—At the end ‘of 1921 the B. F. Goodrich Com- pany had no bank loans outstanding, 1t iz reported. When the year began ithe notes owed by the corporation famounted to $29,000,000, but all of !mem had n paid before the end of the year. In its :ml quarter the last|after y:ue:’days“: rally and for over ,000,000 was the week end. First prices thre which stood at $72,000,000 at the b to six L lfl'ervlnd t::r:zl?ke: iginning of 1921, had been cut down Jto $38,395,000 by Its ond. The company +has no big llwrly of crude rubber and (has been buying at the market for jconsiderable time. No effort has been | Closing quotations we; made to contract ahead to supply its | 8.50; March, neéd of crude, and what little it has on hand stands the company around the current figure of 21 cents a pound. * WOOLWORTH’S BIG YEAR. NEW, YORK, January 7.—December sales of the Woolworth Company poin: closed at a net decline of four to sel o were estimated abot S 33;-Decem- ber, 5 = “The spot market was nominaily un- changed at 9% for Rio 7s and 12 to 121 for Santos 4s. Owing to an in- terruption “in ‘' the eable service, no firm offers were received from Brazil. -COTTONSEED OIL FIRM. is considered | steadier tone, | peace times. A scientific and compre- | middle of the morning on covering | week. the disposition being to wait| The situation at| ment of the opening of goods for the|U FINANCIAL. |Thc Year 1922 to Date on the Washington Stock Exc}xange. Tp to and including Saturday, January 7, 1922, hed by Hibbs & Ce., Hibbs Bulldirg. { Sales. BONDS. Open. High. L 3,000—Capital Traction 1st 5s.. 95 95 500—Georgetown Gas Light 81 8,000—Pot. Elec. Power cons. 89% 7,000—Pot. Elec. Power gen. 65. 11,000—Wash. Gas Light gen. 5s 6,000—Wash. Ry. and Elec. cons. 4s. 2,000—Wash. Ry. and Elcc. gen. 6s 4,600—Wash. Gas T1s 500—Pot. Elec. Power gen. mo ort. Shares. STOCKS. 205—Capital Traction . 97 95 97 130—Washington Gas 50 493 49% 62—Wash. Ry. and E 40 9 40 6414 6315 641 130 130 130 20—Mergenthaler Linotyps 1293 129%; 1283 5—Lanston Monotype 1% 713, 71 RANGE OF MARKET AVERAGES. The following chart shows graphically the action of forty repre- sentative stecks dealt in on the New York Stock Exchange. The period covered is the past month, up to and including the close of the market Friday, January 6. The lower section of the chart indicates the relative activity of the market. ———————DECEMBER JAN— 7 8 9 1012 13 141516 17 19 20 91 22 23 2 3134 56 84 — [ 8 82] 2 o < 8o 800 E RO i = - @ ~ 378 T - a ! ] z Ed i 87‘ ; = o z “ {7 4 } o } '[12 T 72 70, 70 Py z & z 2 ; Z 3 z i 1o z 2 2 3 2 » £ P (Copyright, 1822, by W. F. Meyer.) High 1920 High 1921. Industrials .109.88, January 3 | Industrials 81.50, December 15 Ralls . 85.37, November 3 |Rails ............ 77.56, January 15 i Low 1920 | Low 1921. Industrials 66.75, December 21 | Industrials . 63.90, August 24 Rails ............ , February 11 | Rails ... . 65.52, June 20 Twenty Industrial Common Stocks Used Aret Am Can Am Sugar Contral Leather Rep Iron & Steel U 8 Steel Am Cur & Fdy Am Tel & Tel Corn Products Ktodebaker Ctah Copper Am Locomotive Anvaconda Gen Electric Texas Company Westinghouse 4w Smelting ~ BaldwinLoco Goodricl U'S Rubber Western Usion Twenty Railrond Common Stocks Used Ares Atehison € M & 8t Paul K C Southern thern Pacific Reading Baltimore & Ohjo Del & Hodson Lehigh V; 'y v Haven Bouthern 1'ncific | Canadian Pacitic Er Touis & N Norf Western Southern Rwy Ches & Olio Iilinols Central N'Y Central Pennsylvauis Union Pacific Daily Movement of Averages: December Wednesday December Thureday . December 9, Friday December Deceraber December 1 December December December Jauuary 8, Tuesds: December turday January 4, Wednesds December 19, Mouday 5. Thursday December 20, Tnesday Junvary 6, Friday | December 21, W i | LIBERTY BONDS AT A GLANCE. | 1920. Matarity 921 Close 7 _ High. Low. Date. High. Low. Yesterday. Yield. Liberty 3%3s . .40 89. 6-15-47 9670 8600 9596 375 Liberty st 45 coope.... 9348 8300 61547 97.20 4.8 Liberty 2d 4s . 9290 8140 11-15-42 980 422 i Liberty 1st 4%s . 6-15-47 0732 443 Liberty 2d 4%s ...... 11-15-42 07.10 447 i Liberty 3d 4%s . 95.00 85.60 -15-28 9784 463 iLiberty 4th 44s 9300 8200 10-15-38 3 x 9740 447 Victory 33%s . . 99.40 94.60 5-20-23 10008 9580 10008 3.60 Victory 434s - 99.40 9470 5-20-23 100.10 9586 10008 400 THE WEEK'S BOND MARKET. Below is a summary of the fluctuations of active bonds on_the New {York Stock Exchange for the week ended tit:rday, January 7, 1922: T. 8. libertv 3%s.. §. liberty 18t 4s. ilfl & liberty 2d 4s. U. 8. liberty 1st 4%s. {U. S liberty 2d 4%s. i U. 8. liberty 3d 4: {C. 8. liberty 4th 41 10 S, vietory 3%s. T. 8 vietory 4%s. French government 8s. Government of Switzerland $s Kingdom of Belgium 7l:s. French government 7}4s. K. of G. B. and Ireland B. and Ireland 5izs, B. and Irelnndfi 5 s. 3igs, 1923 1929 1937 T. K. of Am. Tel. and Tel. conv. Armour & Co. 4%2s. A., T. and S. F. gen. 4s. Atlanti¢ Coast Line Baltimore and Ohio S. ‘Bethleh?m Steel ref. . { Burlington (N. P.-G. N. ? Canadian_Northern 7s, 1940.... I Central Leather 5s.. Central Pacific 4s, 194 . { Chesapeake and Chio conv. 41zs. i Chesapeake and Ohio gen. 4%s. Chesapeake and Ohio conv. 5s. Chi, Mil. and St. P. ref. 4% Chi., Mil. and St. P. conv. 43 Chicago Northwestern 7s, 1930 Chi., R. I. and Pac. ref. 4s. Chicago Union Station 6les. Consolidated Gas 7s.. Delaware and Hudson 75, Erie gen. lien 4s.. General Electric 6s... Goodyear Tire and Rubber §s, 1 Grand Trunk 7s, ret.. 5 Great Northern 7s, 1936. Illinols Central 5%s.. o International Mercantile Marine 6s. 8 Inter. Rapid Transit 1st ref. 5s. 5 TLoulsville and Nashville 7s. 10 Mo., Kan."and Texas lst 4s. 7 Missouri Pacific gen. 4s.. 13 New York Central 7s, 1939. 1055 New York Central deb. 6s. o8 New York Telephone 6s 102 Norfolk and Western cons. 4 85 Norfolk and Western conv. 6s... 1084 Northern Pacific_4s... B41g Packard Motor Car 8s, 1931 981 Pennsylvania 58, 1968...... 031y Pennsylvania 618, 103% Pennsylvania 7s, 1930.. 1053 Penngylvania gen. mort. 4is 857 Reading gen. 48........ br s 80 St. Louis and San Francisco 4s A HY St. Louis and S8an Francisco 6s, 1929, % St. Louis and San Francisco inc. 6s. 54 Seaboard Afir Line ref. 4s. cee 31% Seaboard Air Line adj. 1813 Sinclair Cons. Oil 7%s. 19! 985 Southern Pacific 1st ref. 4s. 5345 Southern Pacific conv. 4s 56 Southern Raflway gen. 4s.. 61% Southern Rallway 58 371 Union Pacific 1st 4s..... 86 Union Pacific conv. 29 TUnion Pacific 6s, 1928 102 U.S. Rubber 58 56 T. S. Rubber 7% 104% T. §. Steel s.f. 58 99! U. 8. Realty and 92 Va.-Car. Chemical 7%s, 93 Wilson & Co. 1st 6s... o OUTLOOK FOR WHEAT. | CUT IN RAIL FORCE. CHICAGO, January 7.—According to the Modérn" Miller, soil condition in most of Kansas and Oklahoma is poor, and the percentage of moisture in the ground is low. Reports indicate that recent’ snows did not improve the ALBANY, N. Y., January 7.—Notice of a 25 per cent reduction in working force in the locomotive department and a 30 per cent reduction in the force employed in the car department of the New York Central shops at amounted to $24,155,400, in contrast £ % 21,624,073 -in Do o 7 ects and cold -weather followed | West Albany is posted. -Approxi- o naae ot 1293 lp:ru Ll umm.» oJORK. Jatuary 7—Wnile :“’:.'5,.“ 1:1::: rfi‘i?“piizi' in that ter- mataly 150 men (il be atfected. :‘)‘: :\:‘Inm’a‘:fi:‘t’:‘ll‘:::o:w '::n- the bulhllnk -lwn'fin:' {:"I..M H}orgnrl Tiver the outlook is still | would work on a five 'Imlub;d :‘ -.uux pared with those of 1920 The in-|ton. Leading months closed sing and miuch of the territory | day basis. The order - e ctease was due, in part, to the open- r's neficial moisture. The rmn.-h ‘Tuesday. Frres uu . £ o and 13 part o b e T e s mat-aD To'Sor-| due. to 1aSk Of material and weehs. rear and in part to better public buy- ) i w -up or= . s 5 H u%:mahl e y mal. 7 SR be only. temporary. “ing fn wthe