Evening Star Newspaper, January 22, 1922, Page 28

FINANCIAL, i m»sm:fifi STAR, wks'fiméwonl D‘.;VC., JANUARY 22 1925-PAR'E 1 QUiEr cortox wagEr. | [WEY YORE sawk srarmxaRt| FINDS MUCH TO ENCOURAGE IN THE BUSINESS OUTLOOK NEW YORK DRY GOQDS. .NEW' YORK., January 21—Large corporation printers today reduced the price on fine count percales to a y _! Restricted and Zoned Massachusetts YORK, J: ntr‘ - YORK, ton market was very qiiet today; and | tual condition of the clearing house fluctuations were irregular within & |banks and trust companies for th range ot 10 16 points. After sell- or_the week shows that they hold ""‘"'.712 vance of 4 to 9 points on scattersd covering for over the week end. Spot interests bought near months and sold later deliveries, and there was some forelgn buying of the later positions. decrease, $532,561,000. Cash ir own vaults, members fed- eral reserve bank, $63,972,00; decrease, $3,721,000. Reserve in federal reserve bank of basls of 17 cents for 4-4 80x80°8, & ling gt 1733 early, March eased off to|in excess of legal 1 ts. :::1[1.“‘:: 1% -,:3“"".‘«':1'1:3 aod ‘,,: 1768 on :on?vonhl- r?po;u from the | is an lncrease of $38.467,670 from last - cent. 'The lower counts wers un-|i77gl fo00 OAGe. S14 080 Y| Wook, crate : Act - : = | Avenue Shanged i price. “Te “inaniry tor | el Jotnta Iowor to-4 poinis nigner. |attions oot fonows: Actualcon-| HYophony P Howell, Banker, in Address P I gvre YZ e e mopDed. cottons In the 'he market oened steady at an ad-| Loans, discounts, eta, $4,430,234,000; ton e, “Tarnawate ms sold freely for fal arns steady. Burlaps were firmer. Silks were quiet and linens very firm. .to Dry Goods Dealers. Also Notes the Serious Aspects. M a ssachusetts Avenue, west of Sheridan Circle to the whole, however, thero Was s near Connecticut Avenue Attention == | very little show of interest, and prices | s1ears poge <> $030,720,000; increase,|. 2 3 eased off slightly late in the morning | * eserve i i oy Bridge. Rock Creek Park to ici OFFICES [/|on reports of an unsettied teeling in|qna e oo anks 32nd and Cathedral avenme, Physicians the cotton goods trade. January gold | i3, UUSt companies, §8,329.000; de-| After digesting the hundreds offyear than at the beginning. The sgeRt 1| Sur, and R RENT: ||{oF from 17.80 to 17.74, and May from | “Hestrde "*%% aepositart tate | published forecasts relative to finan- | Eeneral inventory position has been Washington’s best home sec- geons " [[{27:74 to 1732, closing within s point | banics and trust companies, 35.767000; | clal and industrial. conditions of the | \RPLOVed There mas been a return tion. Wooded lots and villa Dentists Just » fow der- || O the Fall river marercyob. the | InSrease. $801,000. United States for the year 1922, rang- | economy. There has been, &8 a resuit able suites remain, MEDICAL SCIENCE BUILDIN Net demand deposits, $3,884,281,000; decrease, $56,121,000. United States deposits deducted, $58,512,000. ‘Time deposits, $235,761,000; decrease, of unemployment and competition for ing from the most optimistic to those | T/ b ¢7H Revelopment of greater man- predicting dire catastrophes, a review | power efficiency. Wege reductions of a middle-of-the-road outlook, as{ have contributed to the bringing week were estimated at 80,000 pieces, There was no change in the news from the southern spot markets, and local brokers reported very few or- sites. Some as low as $2,000. Forty homes built and under construction. 1029 Vermont $4.545,000. down of production costs. ders from thé south either way. The | **Gin000 S hiTi00: embodied 1n an address delivered be- . N. Ray, Supervising_ Architect. Avenue amount of cotton on shipboard await- | ¢,CifpIation $35.947.000; decreass. | "oy National Dry'Goods Assocla- Price Situation Better. ing clearance was estimated at 54,000 bales, against 183,000 last year. NEW ORLEANS, January 21.—It was an evening-up market in cotton today, covering from the short side furnishing support in the early train- ing, while in the later session liquida- “The price situation is also better. tion by Herbert P. Howell, vice pfesi- | ,, 08 BYC8 BUURLOR 18 8 e eelines dent of the National Bank of Com-|is over. This movement was still in merce, New York, will doubtless be | progress at the opening of 1921. After of interest to' those who study the |a Period of business activity for near- 1y twenty years, with rising prices, opinions of financial experts. Mr.|it was a new experience Tor ‘business Geo. David J. Howell & Son, Engineers. Middaugh & Shannon, Irc. Aggregate reserve, $553,816,000. Excess reserve, $39,625,970; crease, $23,467,670. Summary of state banks and trust companies” in Greater New York not included in clearing house statement: Loans, discounts, etc, $635,819,600; This building was erected for and is exclusively occupled by Physiclans, - Sur- geons and Dentists. in- Unequaled service. ||| tion of long contracts caused small|gecrease, $8.044,500. Howell said, in part: to have prices start downgrade. The Woodward Bldg., 15th and H Thomae. ||| 5885 The €lose was typical of the | *°Gold: 44566,600, decrease, $14000, | “The present business situation is present generation scarcely _knew : J. Edwa iy, ||| rest of the day, the list being 1 point istinctl two-sided proposition, | ROW to do business under such cir- Tenth Floor. Main 6935. 206_Southern Blag. ||| Test, of tho day, the lst being 1 poinl | Surency and Dank notes, $16,960,- | distinctly a two/slded propoSitioh| cimstances. * Although many prices Franklin 7548 200; decrease, $1,205,200. also much to be re-| Will continue to recede, business and the close of yesterday. The closing bid on March was 16.75. PENNSYLVANIA DIVIDEND. PHILADELPHIA, January 21.—The Pennsylvania railroad announces that its next dividend will -be paid on February 28 to shareholders of record February 1. The board of directors will meet for its declaration on the last Wednesday of this month. Opin- ion in financial districts is that the amount of the disbursement will be the same as that paid in the preceding quarter. WANTED Houses to Sell ‘We have immediate purchasers. Phone or write description. about, There D ts wi d eposits with Federal Rederve Bank garded seriously. Either an of New York, $54,248,200; decrease, $1,509,800. Total deposits, $659,453,100; de- crease, $19,815,900. . Total deposits, ellminating amounts due from reserve depositaries and other_banks and trust companies in New York and United States deposits, $817,815,500; decrease, $15,029.500. Banks' cash in vault, $27,093,500. Trust companies’ cash in vauit, $49,« 001,400. : El;l:‘nsi';r:hnow‘hetl‘er scl;x'ole 9 lenty of facts | CO! wi at situation. e nee 5% pessimixtcancite Blny o thet | 5280, M1CL 0%, SR o Semmaret f both schools mak- | 1zation. i?.;“’ofli‘”';'x':fi'ifni’e cases. One may “The attitude of the public in re- study the situation and find grounds [ SPect to buying is now a more cal- e ehring that no sreat financial | culable business factor. ‘In the firat problems remain to cause anxiety. place any thought that the public The other may look at events from will buy at almost any price can be his point of view and find justification eliminated from business calculations. for his fears that grave difficulties t can be set down as definite that the still confront business. 'c’-'-':?-“f.a:'x';’g bocome! tHFlfty tand; ais n uying. ecreaset Favorable Factors Predominate. purchasing power and unemployment “Both are partly right. But I have | have made it so. People are willing no hesitation in asserting the con-|to buy what they require, so far as viction that the favorable factors|they are able and where they can find outwelgh unfavorable factors. We| fair prices. A thrifty public, in the are not going to have arother great|long run, is better for business than and rapid revival of l;u-:ne’ss.tmu:’h as|is an extravagant public. the optimist might feel justified in P hoping for. But e can’ unhesitat- P "1?“1.‘" Optimism. ingly count on a continued gradual mant 'hfl these facts of better- trend of developments toward more TNt why, should the decision not be Vi i e optimist? Stable and more active business con- [ Endered In favor of the optimist? dl“ltlsun':heu was in far better shape|Picture there are certain serious optimist %flfllflfllflfllfllfllIIIMWWWWWWWMM@HWWHE = = = = = = S MR. J."W. CHILDRESS and MR. JAMES H. HOWARD Are GARDINER & DENT LADIES’ I. 0. M. The officers of Union Lodge were installed by District Deputy Miss Jessie Sammond as follows: _Senior worthy president, Mrs. Lilly Mullay; worthy president, Mrs. V. Herr; vice president, Mrs. Nace; recording sec- retary, Miss Jessie Sammond; finan- clal secretary, Mrs. H. Burke; treas- ;-chaplain, Mrs. conductress, Mrs. M. w Associated With . . . elem 2 - Union Realty Corporation | oot il 60 th e Min, & {2t the end of 1921 than at the begin: | [ "5et ol ogladusiment thet san: W. Main 8415 | Stark; trustees, Inez M. Maxwell, ning. Tt will be in ments to the healthy functioning of the end of 1922 than it is now. In net e | Mentan b and 3. Fatapaveh. han | the markets and difficulties in the Sales Department e T war . Sresdon presentad | SeSults 1922 witl be'a better yeasthan | wa DEICL A, STchicn, b, (e Miss M. J. Sammond and Mrs. A e costs of production and distribu- ment by saying 1922 will be better, provided business men as a Wwhole continue to act sensibly. We might say that developments will be favor- able if economy, consprvatism and ef- ficlency rule in business rather than| efforts at stimulation and expansion. | ar erent in the Situation. “But it is not necessary to make that qualification in words. It is in- herent in the facts of the situation. Conditions are such that economy, conservatism and efficlency will pre- vail in business because the pressure of circumstance compels observance of these measures, Business that tries to run ahead of the conservative progress of the times toward normal will be liable to disaster. Efforts to spread out will bring disappoint- ment and fallure. Lucky individuals may run ahead of the game for spe- clal reasons. But, as a rule, 1922 will be a good year for remembering, above all, that business is business and not speculation. During fhe boom business had to speculate de- spite itself, due to the rapid change of circumstances. Rising markets often made it unsafe not to go long of materials. Fallure to expand un- der conditions then existing seemed x like turning one's back on opportu- and prices were advanced ten points inity. But that is not true for 1922 to the basis of 5.00 for fine granulated } ndue stimulation and expansion sim- by several of the local refiners. There ! . ! ply will not work this vear. The was a good inquiry, with refiners all | b2 & PG WOUE TS S d ahead and unabl, sold ahea unable Ecomomy a Requisite. prompt delivery. Therc were no transactions in refined | “Profits can be made and success futur can be established during 1922. But they must be built up by means of within the tion. These obstacles must be over- come before anything like a funda- mentally normal business situation can be re-established. “Among the obstacles to reduce the sts_of production and distributioh ‘e ertain classes of wages. Mining, transportation and building_ labor must be further readjusted. The ef- | fects of the still relatively high wages permeate all kinds of business. There can be no thoroughgoing completion of general readjustmemt until theee sources of high production and distri- bution costs have been dealt with. “Similarly, on the cost side.of doing business, s’ the burden of taxation The country’s obligations must be met by taxes. Relief in this situation must be worked out through the diffi- cult process of reducing current gov- ernment expenditures and through shifting the burden of necessary tax- ation so as to reduce as much as pos- sible its hampering effects upon pro- ductive enterprises. The new tax law and reduced aggregate tax levy are encouraging features. Debt Factor Consldered. “Again, as to market conditions, are the debts created by the extensive funding of current obligations fol- lowing the boom. This has created interest and amortization charges against present and future earnimgs. Also the burden of high overhead charges for extensive, overbuilt or idle "plant equipment has to be reckoned With. “These various sources of special production and distributing costs add to the difficulties of doing business, of reducing prices, and, therefore, to the slowness of recovery. While they are operative they must be met by econ- Stark with a handsome centerpiece. Supper was served, this belng the twenty-first year of the organization. LADIES’ AUXILIARY, A. 0. H. Division 1 held a reunion at its meeting last wecek, Mr. Rossa F. Downing, state president of the Amer- ican Association for the Recognition of the Irish Republic, delivered an address. Musical numbers concluded the program. The entertainment committee promises a surprise for the next meeting. SUGAR MARKET FIRM. NEW YORK, January 20.—The raw sugar market was firm and unchanged at 21 for Cubas, cost and freight. equal to 3.73 for centrifugal. There were no sales locally. but the United Kingdom bought 12,000 to 15,000 tons at 12s. The firraness in the spot market led to renewed buying in raw sugar fu- tures, and prices advanced four to seven points. There was a setback 'later under realizing, with prices at midday one point lower to three net higher. The market for refined was firmer HOMES $500 CASH Price $7,450 $75 Monthly Payments SAMPLES—OPEN 543 Kentucky Ave. S.E. 957 14th St. S.E. 1352 K St. S.E. Large Sleeping Porches; Open for OPEN SUNDAY From 1to 5 1825 Lamont St. N.W. 10 Rooms 3 Baths Hardwood Floors and Trim Hot-Water Heat and Electzic Lights to make Porches Deep Lot economy and efficiency bounds of conservative business oper- ations. A lower turnover is inevi- Inspection / On] One l‘eft table. ‘There 16 & i omies in other directioms. It can be : gid price resist- Fine Conditi Roors for Two Garages v . ance trom the ultimate consumer that | 518 {08 Rever, Belory [n modern : must be accepted. erefore, profit a d T 5 ne Condition i| 1108 Bachanan” St. N.W. ||marcin in business must be sffocers | Pressing need fof economy. never be- fore such an imperative necessity to reduce wastes and increase efficienc: “Finally, on the cost side of busi- ness must be cited the high-priced in- ventories still to be reduced. Despite the general progress made in inven- tory readjustment, there are many lines yet carrying a heavy burden here. ‘Impaired buying power made impossible in many cases the distribu- tion of stocks at prices covering pro- duction costs. It seems inevitable that some further losses must be taken. on this account. Here again there ap- pears to be no alternative but to off- The Homes with the Big Lots—20-foot front—plenty by economies in production costs. “There are definite reasons for the statement that the improvement in business during 1922 will be gradual. Enough favorable aspects are obvious in business to encourage confidence, but not to warrant any relaxation in vigilance and care. “Foremost among favorable factors in the general situation is the condi- | tion of banking. Fear need not be felt regarding the ability of worthy busine in' command _adequate banking facilities and at reasonable ‘Immediate Facing Saul Subdivision 7 rooms and bath, hot-water heat, electric lights, hardwood “floors, front and back porches; large lot, room for garage. Price, $10,750 of room for garages, flowers and garden. Possession Price, $15,500 Be Sure to Inspect This Perfect Home Sunday The only new city houses offered on the market for $500 cash and price $1,000 less than regular price. Take Pa. ave. cars to 14th st. S.E. and walk % square south. TERMS. rates. ~ The banking situation s |set these losses by unusual economies i = strong, because the underlying condi- | in the total activities involved in Best Buy in Washington -OPEN DAILY tions upon which the structure rests | handling such stocks. [‘a & Beu have been strengthened. At the open- Marketing Side Discussed. w TER BROWN H R H 1 Ing of the year 1921 bank credit Was| -on the marketing side of busines characterized by inflation, non-liquid- | . O 5 Siness: o . i , nor lid- | e are confronted with a choppy con- AL A ) . R. Howenstein Co. 493 G St. SW. e vy Tnescurir Dasing | e, are Senteonted with o chopty cons the course of the year there has been | a material reduction of non-liquid and {unsound credits. Volume of Credit Reduced. “There has also been considerable reduction in the total volume of credit, in keeping with the progress of liqui- dation, falling prices and *reduced business activity. There is more gold than the country needs as a basis for its credit structure, and there must be no disposition to inflate credit on the basis of this gold. The high res¢rve ratios caused by the presence of the huge gold supply must not lead us into easy credit and unsound money policies. “The very bulk of our gold reserves emphasizes the warning that the operations of sound business, not the ratio of gold reserves, must remain the basic_consideration in credit ex- tension. The more healthy conditions in the investment money market make it possible for commercial banking to adhere_to strictly commercial busi- ness. Investment funds are available for lomg-time réquirements. The banks are free to take care of current needs, as is their function. Thus in lall major aspects the nation's bank- ing system is ih an unusually strong condition. Mereantile Business Improves. “We can also feel that mercantile business is in far better shape at the ¢énd of the year than at the openin of 1921. There has been a widesprea adjustment of inventory valuations. During the boom many ill-conceived business sprung up and flourished, due to easy conditions for success. A horde of speculative middlemen came into being. The more rigid competi- tive conditions of the period of reac- tion have eliminated many of these various classes of business units. It has not been a pleasant process, and, while not complete, it has created & er mercantile business situa- gone much further toward the pre- war basis than others. This has made impossible, for instance, the absorp- tion by the agricultural communities of normal volumes of retail goods whose prices have not fallen to so great an extent as have prices for farm products. “Again, as the market conditions, although some prices have apparently reached comparatively stable levels and no general collapse is to be feared, nevertheless, there are some prices where further changes are to be expected. This is true where ex- cess stocks of raw products are over- hanging the market because of over- produotion or impeded distribution. Further downward movements may eatpected here. inally, there is the effect of the situation in the world markets upon the domestic industry and commerce. America is a quantity production country. It must, therefore, have world markets. This is broadly true in respect to agricultural products. It also is true in respect to many of our manufacturing industries. While the world markets are in their present demoralized condition the marketing of such surpluses will be a problem. “America has the resources and i equipped to do a tremendous bus Phone Frankl bt Or Any Broker. 1400 H St. N.W. 1314 F Street N.W. Main 1653 | in the foreign field. But the mar- Ikets. both in the domestic field and the foreign field, are still greatly out £ of gear.” Washington Rated High. Out of 120 cities in the United States Babson's Reports, just issued, rates Washington second 'in its fore- cast of business for March. The per- centage rating given the city is 115 per cent, which is topped only by Toledo, Chio, which is given the high rating of 120 per cent. New York city, with its 5,620,048 inhabitants, is rated at 95 per cent, while Chicago, jBoston and Philadeiphia draw the i | stron _ | same figures. ~ Baltimore is given 110 tion. ‘It also has resuited in the re- 5 &l tab- | per cent. B {moval of many obstacles to the esta In order to draw a comparison in he con- 2 lishment of fairer prices for the percentage with March, 1921, he says, multiply the percentage figures by sales during Madrch (in dollars) and the result will be the volume of busi- ness that can be safely planned on for March of this year. District National Dinner. er. S industrial husiness also condi- | tions are sounder at the end of the Money to Loan \ WARNING! Always say “Bayer” when you buy Aspirin. When you see the name “Bayer” on tablets, you are getting genuine Aspirin prescribed by physicians over 22 years-and proved Secured by first deed of trust on real estats.| pe officers, directors and employes Prevatling interest and Commigslol. ;. ¢]of the District National Bank were entertained at dinner last night at the Arlington Hotel by the bank. Robert N. Harper, president, pre- sided as toastmaster and many ad- dresses pertinent to the “District Na- tional family” were delivered. . Oth and F n.w. Attention, Builders Stimulation of home bullding. The Nationsl Mortgage and Investment Cor- ration is in the market to purchase Second Rrust Mortgage Notes on improved Real Es- Joseph L. We!ler g 2 ey Frun oA R evrn: “od "heies secura b7 | FURNITURE OUTLOOK GQOD. safe by millions for - B s SRR Do unuary 12 rand s NATIONAL MORTGAGE AND |lds furniture manufacturers are in a better position than ever,. according to the president of the Van Sciver “ INVESTMENT CORPORATION Colds ‘Headache Neuralgia Rheumatism \ e, Grapa Rapids ot condltions: 0 1418 Eye Street N.W. S Establisbed 1609, Real Estate Notes for S: In amounts from $250 up o $1,000 or more. WELC more thoroughly than we ever have. It is like an old-time market, with every manufacturer eager to make sales. All exhibitors have full stock- rooms, and they are after business with a very wide variety of samples.” —_— Toothache ~ Neuritis Lumbago Pain, Pain Accept only “Bayer” package which contains proper directions. Loan > 3 Consult The big minor leagues can't be mamgrs, SPeeiAlst | bamed for objecting to a rule that rmits the majors to draft players 3 15th & N. Y. Ave. Main 4346{ 2500 minor league star can be sold ” hoxes of 12 tablets cost only a few-cents. Druggists also sell bottles of 24 and 100: . References: Any Rank, Trust Co.|for five to ‘twenty-five times the draft Aspirin is the tr3de‘ mark of Bayer Manufacture of Monoaceticacidester of Salicylicacid or Title Co. in-the District. price. Handy “Bayer” ness, bath in the domestic field and | e e e e S t | i | | iU i i i | Chesapeeke and Ohio conv. 4 { Chesapeake and Ohio conv. 5s. | Louisyille and Nashville 7s. | FINANC RANGE OF MARKET AVERAG firlvh!l.'llly ew York Stoc! . ‘The followl chart sho: sentatlve stocks t in on the IAL. -1 the action of forty 'k Exchange. The ;ovaretl is the past month, up to and including the close of the market ‘riday, January 20. activity of the market. — a ODECEMBER— ——SCALE FOR INDUSTRI. 3 ‘The lower section of the chart indicates the relative 2232427 8293031 3 45 6 ’IJQN”UI??!YB 14 % 17 18 52 MILLION SHARES SIYVHS NOMIN Industrials . January 3 |Industrials 81.50, December 15 Rails .. November 3 ils .... . 7156, January 15 : Low 1921, Industrials December 21 | Industrials August 24 Rails .... February 11 | Rails . June 20 Twenty Industrial Common Stocks Used Are: Am Can Am Sugar Central Leather Rep Iron & Steel U S Steel Am Car & Fdy Am Tel & Tel Corn Products Studebaker Utah Copper Am Locomptive Anaconda Gen Electric Texas Company ~ Westingliouse Am Smeiting Baldwin Loco Goodrich . U S Rubber ‘Western Union Twenty Rafirond Common Stocks Used Are: Atchison CM & Bt Paul K O Southern Northern Pacific Reading imore & Ohio Del & Hudson Lehigh Valley New Harven Bouthern I'acific Canadian Pacific Erie ui Nash Norfolk & Western Southern Rwy Ches & Obio Ilinols Central N ¥ Central Pennsylvania CUoion Pacific Daily Movement of Averages: Industrials. Raifs. ! Industrials. December 21, Wednesday .02 73.95 | January 7, Saturday 79.12 December 73.47 | January 9, Mondas . December 23, 73.26 | January 10, Tuesday December 24, 78.67 | January 11 December 2 73.71 | January December 31, January 3, Tuesday Januazy 3 Wednesd: 2y . January 5, Thursday January 6, Friday LIBERTY B 0] Maturity Date, Liberty 314s .. 6-15-47 Liberty 1st 4s . 6-15-47 Liberty 2d 4s .. 11-15-42 Liberty 1st 4!4s . 6-15-47 Liberty 2d 4!3s . 11-15-42 Liberty Liberty 3d 4%s . tion date. The Year 1922 to Da 7388 | January 71 | Junuary 89 | January 27{ January 35 | January 18, 1 | Junuary 19, 433 are to June 15, 1922, January 20, Friday . ONDS AT A GLANCE. —1022— Close. fligh. Low. Yesterday. 97.98 94 96.90 9800 9640 *97.54 9784 9620 9692 9830 9.52 9760 98.16 96.00 97.30 9820 97.18 9780 9820 9650 97.30 10026 100.02 100.16 100.30 10002 100.18 nearest possible redemp. te on the Washington Stock Exchange. Up to and including Saturday, January 21, 1922. Furnished by W. B. Hibbs & Co., Hibbs Building. Sales. BONDS. 18,500—Capital Traction 1st 00—City and Suburban R: . Power gen. 6s Balt. and Annap. sh. Gas Light gen. . Ry. and Elec. cons. gen. . P. gen. mort. STOCKS. 10—Amer. Tel. and Tel 5 Traction .. Wash. Ry. a Zlec. pfd. al National Ban Amer. Sec. and Trust 5—Continental Trust g 20—Wash. Loan and Trus 10—Mdérchants’ Bank .. 143—Mergenthaler Linotype 200—Old Dutch Market pfd. 493—Lanston Monotype Open. High. Low. Close. y: o o THE WEEK'S BOND. MARKET. Below is a summary of the fluc York Stock Exchange for the week v liberty 3d 4%s liberty 4th 4% victory 3%s . 8. victory 4%s. French governmen French government 73s. Government of Switzerlan: . K. of G. B. and Ireland 53 U. K. of G. B. and Ireland 5%: Am. Tel. and Tel. conv. 6s Armour & Co. 4%3s. A, T. and S. F. gen ‘Amer. Agr. Chem. Tls.. Atlantic Coast Line 7s.. Atlantic Refining 6lss, 1 Atlas Powder 7128, 1936.. Baltimore and Ohio conv. Baltimore and Ohio 6s Baltimore and Ohio S.W. Bethlehem Steel ref. 6s Burlington (N. P.-G. N. joint) Canadian Northern 7s, 1940. Central Leather 5s.. Central Pacific 4s, 194 iigs. Chesapeake and Ohio gen. 41%s hi., Mil. and St. P. ref. ¢3%s Chi., Mil. and St. P. conv. 4% Chi., R. 1. and Pac. ref. 4s Chicago Union Station 6%s.. Consolidated Gas 7s. Delaware and Hudson 78, Erie gen. lien 4s... General Electric 6s . 5 Goodyear Tire and Rubber 85, 194 Grand Trunk 7s, ret... Great Northérn 7s, 1936. Tllinois Central 5%s. .. 5 International Mercantile Marine 6s. Inter. Rapid Transit 18t ref. 5s... Mo., Kan. and Texas 1st 4s. Missouri Pacific gen. 4s. . New York Central 7s, 1939. New York Central deb. 6s. New York Telephone 6s. . Norfolk and Western cons. 4s. Norfolk and Western conv. €8 Northern Pacific 4s ...... Packard Motor. Car 8s, 1931 Pennsylvania 5s, 1968... Pennsylvania 6%s, 1936 . Pennsylvania 7s, 1930... Pennsylvania gen. mort. 4%s Reading gen. 4s. St. Louis and San Francisco 4s A. St. Louis and San Francisco 6s, 1929 St. Louis and San Franciaco inc. 65 Seaboard Air Line ref. 4s. ~eaboard Alr Line adj. 5s. Sinclair Cons. Ofl 718, 1925 Southern Pacific 1st ref. 4s. Southefn Pacific conv. s, Southern Raflway gen. 4s.. Southern Railway 5s . Union Pacific 1st 4s. Union Pacific conv. 4s. Realty and Investment 5 ar. Chemical 7%s, 1932, on & Co. 18t 68 Va. Wilse tuations of active bonds on the New ended yesterday, January 21, 1922: Previous week's close. High. 9 CHILDS COMPANY PROFITS. NEW YORK, January 21.—The an- naul report of Childs Company shows net profits for year ended on Novem- ber 30, after deduction of charges for depreciation and s, of $1,- 540,799, which is equivalent, after de- duction of preferred dividends, to | $30.5¢ a share earned on outstanding | gommon stock. This compares with $41.61 a share earned in the preceding year. Profits for the year were $1,- 997,386, against $2,299,294 the year be- iore, and depreclation charges, $456.- 587, inst $327,465. Dividends of - $627.089 were paid. leaving u surplus for the year of $913,710 and a total profit and loss surplus of $2,683,894.