Evening Star Newspaper, February 25, 1922, Page 16

16 Quiet and Restful Outing Try = WATER TRIP Te NORFOLK, VA. Via Pu!m--r nlnr and It--!l t Office: ..fi'l.ll mlflt‘ ww. Norfolk & Washington Steamboat Co. NEW YORK—HAVRE—I’AR]S LA LORRAINE Inr. 2 ;‘ NEW YORK—VIGOuw-)-HAVRE LA BOURDONNAIS Winter rates now fu effect . .Mar. 11 Pl Threéatens Farmers BY J. C. ROYLE. Special Dispatch to The Btar. NEW YORK, February 25.—The lure of paper profits is one of the most pressing dangers which now threat- ens the farmers and stock growers of the United States. The advance In the prices of farm products has addeq tremendously to the resources of the agriculturists and has magnified their potential buying power. Farm com- modities have risen until they can be sold at a profit, but umtil they are sold at a profit the profit is a paper profit and liable to suffer the fate of any scrap of paper. Until farm products are sold and paid for the buying power of the farmer is largely potential. Business dispatches from widely separated parts of the country In- dicate that producers are holding To‘.‘.‘,.m IIlAA.Gl‘.RlAnm &%’K}",Eco some of their products for still higheg R e prices. In other words they a Th: nd Four Week Motor Trips ot in g fl.o:l:'ré"'téil literature. 1010 Now Fork Ave Washingten. ROYAL MAIL " to EUROPE “The Comfort Route” The days spent at sea will be the most momorable of your trip Shroad Jif on travel on one of the world-known 0" steamers— ble. roomy, completely equipped QRBITA. ORDUNA B et it Attentive stewards. dancing, concerts. famous Royal Mail Cherbourg Hamburg Aor. 14 Mey 20 A‘vr. Jun: iy 12 June 23 . Apr.23 cuisine, New York Southampton ORDUNA .. Mar. QRO®] ar 11 SRrEa ar, 31 ARAGUAY ‘The Royal Mail Slelm Packet Co. 26 Broadway New York Or any Steamship Ticket, Agent UNITED? HAMBURG AHERICAN LINE AMERICAN LINESTme: 4 New York to Europe LONDON va Plymouts PARIS va Boutogne HAMBURG By large American-fag steamers Sailing from New York 5.8.RESOLUTE May 2, May 30. June 27 2.3, RELIANCE May 16, June 13. July 2 Also weekly steamers every Thursday. New York to Hamburg direct. For 'special cab'n and third class passengers. Por rates and further information apply to UNITED AMERICAN LINES, Inc. 29 Broadway, New York, Or Local Steamship Agents. = P HAVANA WEST COAST OF SOUTH AMERICA VIA PANAMA CANAL Magnificent South American Lier. “ESSI:OUIBO ” Mar. 11 Special Reduced Fares for Round South America Tours. PACIFIC LINE (The Pl:xflt Steam Narization Co.) roadway, New York or iotal mieamaRip Yoker sreat. speculating in futures and a producer may do this with the wool still on his sheep's back or the corn\in his crib or the cattle in his barnyard equally as well as he can do it on LaSalle street or at the corner of Broad and Wall. That tendency has its dangers. There is always the possibility of |overstaying the market. That ‘was shown conclusively in the case of cot- {ton last year. Cotton rose gbove 20 cents a pound. Planters had profits on_their crops—on paper. But many held for higher prices until the op- portunity had passed. Buying and Demapd Grows. Prices have advanced because of in- creased buying and increased demand. But manufacturers and close students of the situation are wondering just how high prices for raw materials can | 80_without checking that demand and | halting that buying. Some commodi- ties have advanced 50 per cent above, the levels that obtained last year. That advance has not yet been passed on to the ultimate consumer, and business men are debating seriously to what exlenz it can be passed on. In the meantime, however, credits nn easier and the outloak far brighter for commerce and industry as a whole. Timely rains have greatly improved the situation for the farmer and stock grower in many sections. Bullding operations are getting under way. Wholesale trade is on the increase, for retailers in many sections have cleared their shelves of old goods, although at very narrow profits in some cases, and are preparing for increased busi- ness this spring. Public service cor- porations in industrial centers report increased demands for power at mills and factories. Manufacturers are re- celving releases on orders placed long ago and held in abeyance awaiting bet- ter times. Ralls Following Pace. Railroads are handling an increased amount of freight and age putting their programs for betterments and Improvements into effect. Thousands of new cars have been purchased in the last ten davs, and lower passenger rates are expected to produce in- creased travel this spring and sum- mer. Furriture is moving in increased quantities all over the country in re- sponse to healthy demand and fac- tories are working full forces. Lumber demand Is increasing for domestic consumption with the. in- auguration of spring bujlding and the | shipments to the orient continue un- { checked. Hardware has shown a spurt {of activity in many sections and farm- ers are beginning to buy new imple- ments for the first time in months. Cattle shipments have been heavy prices for live stock have advanced | strongly, and these evidences of activ- ity have been attended by a rise in the Im-xces of hay and feed. Auto Industry Active. The automobile industry is increas- ing operations by leaps and bounds. Factory forces are being augmented constantly, production programs are being expand#d and sales are better in general than they were a year ago. ! The clean uwp of used cars has ma- ! terially, aided this upward trend, The wool market is strong and still ad- vancing. Growers are polling _their spring clips and holding firm for a CLARK'S CRUISES by C. P. R. STEAMERS Clark’s 3rd Cruise. January 23, 1823 ROUND THE WORLD Buperb 83 “EMPRESS of FRANCE" 18451 Gross Tess. Specially Chartered 4 MONTHS* CRUISE. $1,000 and up Iscluding Hotels, Sees, Drives, Guides, sto. Clazk's 19th Cruise, February 3 %= MEDITERRANEAN Sumptnous §S “EMPRESS of SCOTLAND" ‘39000 Gross Tous, Specially Chartored [5] n.uri' CRUISE, $600 ai TIacluding Hotels, Fees, Drives, Gu! ys Egypt, Palestine, Spain, Italy, Grescs, ets, Europe stopavers & fowed on both cruises. Europe and Passion Play Parties, $400 up Ober's 8. S. Agency. 1 Woodward building. South Amenca by one of the famous V fleet S. S. Vauban Sailing March 11th for Rio de Janeiro, Monte- video and Buenos Aires Escape the discomfort of the Winter months. Visit South America on this “De Luxe" V Steamer. Special round trip at low rates with ample stopover at ports of call. Vessels are fitted with every device for safety and comfort. Other sallings—S. S. Vestris, April 1, 8. S, Vai Y&l. April 22, ‘asari, Ma; 5. 8.V l‘ tfi and {-flhfir ompa: T Brasdwy, Wow uxy Illlll.“g “nfllt vlft. n-m'u District Agent. =t Lamport & Holt Line further advance. ‘Warm weather has brought- in- creased production of eggs and prices in_ widely scattered localities have fallen sharply. The demand for gaso- line has strengthened and experts de- clare the oil industry is facing a pe- riod of prosperity. Steel mill outpucs are Increasing steadily, although prices have shown no material ad- vance. Commodity Reports From Various Sections Horses. DETROIT, February 23 (Special).— Sales of horses and farm implements throughout the countfy district: cate advancing prices. Horses strong demand, and good teams ar bringing as high as $400 a span. Man§ farmers are buying horses because of the high cost of upkeep and fuel for tractors. ‘Wool. MANHATTAN, Kan., Februal 26 (Special).—The annual report of the Kansas Wool Growers’' Assoclation shows that the larger part of the Kan. sag production was not of high grade and growers, therefore, did not secure top prices for the 1921 clip. ‘Razors. . BOSTON, February 25 (Special).— Sales of Gillette safety razors broke all records last year, according to of- ficial fleures. The company, in the = A . TRALIA HONOLULU. SUVA.NEW ZEALAND BERMUDA S. S. “ARAGUAYA” Sailing from New York every Saturday. Largest Steamer in Bermuda Bervice. RoyAL MAIL tt EUROPE “The Comfort Rote™ Evenings aboard tha fa- mous “O" steamers—Orbita, Orduna and Oropesa—are in- variably delightful Passen- gers gather in the spacious and beautiful salons for pleasant social hours, Im- promptu musicals, or to listen'to the ship's orchestra. ' You will always be glad you went via the Comfort Route. New York Cherbourg Southampten Hunlmrg Orduna, Mar. 8, Apr. 14, May 26 Oropesa, Mar. 17, Apr. 28, June 9 Orbita, Mar. 31, May 12, June ” The ROYAL MA STEAM PA cxm'o% 26 BROADWAY NEW YORK Or any Steamship Ticket Agent g l THE EVENING STAR, WASHINGTON MANY PRODUCERS HOLDING OUT, HOPING TO GET HIGHER PRICES Lure of Paper Profits for Farm Products an‘d Stock Growers. Credits Easier; Outlook Is -Brightgzj. twelve months sold 4,248,000 razor sets and 19,500,000 dozen extra blades. com- pared with 2,090,000 sets and 19,000,000 dozen extra blades for previous twelve months. Coal. CHICAGO, February 25 (Speclal).— Mfld Wweather has left both -domestic atrial consumers well sup- Putd with coal, and little movement "lwra.x?’at;‘!lld' helr(.h until dlumelhh'A efinite with re to & po: aible strike is known.‘" ¥ Milltmery. NEW ORLEANS, February 25 (Spe- cial).—Cheap and medium priced millinery is flndln‘ ready sale in this section, but higher-priced hats are hard to move. . P 7 Shoes. PHILADELPHIA, February 25 (Special).—Shoe manufacturers here who materially cut the prices of win- ter shoes are putfing out apring styles at high prices with all the trimmings and new designs which their experts can conceive. Steel. XOU’"XGSTO“NY Ohlo, l-‘ebrulry 23 (Special -Youngstown mills are re- ceiving large sheet orders, and de- mand for black sheets continues on a liberal scale. NEW YORK, February 25 (Special). —Increasing demand = for canned gg(::! for export is reported here. e varieties are in extremely short | supply. Dealers Dl Dealeraare disposed to buy Notes. PHILADELPHIA, February “25 (Speclal).—Two indications are cited by business men as showing that business and Industry here still are below normal. Bank eclearings have fallen off considerably In com- parison with those for a similar pe- riod of 1921. The latest monthly statement of the local transit com- pany showed that the number of pas- sengers carried decreased over three million from the number carried in a similar period in 1921. This is a loss of about 100,000 passengers a day, and is belleved to reflect industrlai inactivity. CANEY, Kan, February 25 (Spe- j cial) —Work on the extension of the Kansas and Oklahoma Southern rail- way from this place to Vinita,eOkla., and to the coal mines of the Vinita regions is expected to get under way | as'soon as the weather is settled. TO ATTACH EVERY VISIBLE ASSET OF E. B. P. CARRIER Receivers for Bankrupt Philadel- phia Firm Act Promptly in Auto Stores Case—Other Failures. PHILADELPHIA, February 25.— Receivers for the United Auto Stores, Inc., which failed here Thurs- day, announced today that they would attach the Lomg Island home and_every visible asset of Edward B. P. Carrier, president of the con- cern, for the benefit of creditors. Liabilities of the corporation were listed at $1,500,000, according to a petition filed in federal court by stockholders asking & receivership. Meanwhile, a petition asking a re- ceivership for the United Guaranty Corporation, sald to have been or- ganized by Carrier as an agency for Selling stock in the auth stores come pany, has been filed in federal court. NEW YORK, February 25.—An in- jvoluntary petition in bankruptcy jwas filed in federal court today iagainst Rietze & Sullivan, stock brokers. Liabilities were listed at $25,000, and assets at $3,000. NEW YORK, February 25.—An in- voluntary petition in bankruptcy also was flled against the brokerage firm of A. R. Smith & Co. Liabilities were es!lronolted at $75,000 and assets at 25, A few minutes later an involun- tary petition was flled against Heat- ley Robles & Smith, Inc. Liablilities were estimated at $20,000 and assets at $5,000. —_—_— DRY GOODS PRICES FIRM. Grays Move in Considerable Vol- ume—Silks Are Irregular. NEW YORK, February 25 (Special). —Prices in the dry goods market con- tinued firm today. Gray goods moved in considerable volume, although the demand was largely for the narrower constructions of print cloths. Sellers in many instances are declining bi at present price levels for deliveries of wider constructions beyond March in expectation of higher prices The bag trade again was active in sheetings, and there was some de- mand for export for brown branded goods. Percales, cretonnes and print clnthl sold in small lots, and there was some trading In pajama checks and drills. Prices on the wides co! structions of print cloths remained about unchanged. The silk market was irregular and inactive. There were few changes in price levels, either her or at pri- mary markets. The trading in fin- 1shed silks was of small volume. FEWER IDLE FREIGHT CARS. Frelght cars idle on account ot business conditions were 449,819 on February 15, a reduction of 18,178 cars in & week, according to official reports. Of that total 278,481 were in serviceable condition and the re- mllmnf 171,338 needed repairs. Sub- stantial reductions were recorded in the number of surplus box cars and coal cars. ——— UTILITY WITH STYLE. NEW YORK, February 25.~Com- bining utility with atyle is“being em- by women's umbrella manu- facturers to attract trade. The time when umbrellas were a symbol of a rainy day is being displaced rapidly through manufacturers’ efforts to make the umbrella & necessary junct of & woman's street dress. Black is no longer in vogue, but bright blues, browns, eens and purples are now the staple colors of umbrellas. Curved wooden handles are being abandoned and ivory and inlaid pearl straight centerpieces with arm straps or rings are being substituted for them. AU‘I‘O PRICES DISCUSSED. EW RORK, February 25.—Bankers fll‘nflll.r ‘with conditions in the auto- mobile industry reported yesterday a movement on the part of many com- panies ampunting almost to concerted action to make current prices on their proauct the absolute bottom. The feel- ing exists in some quarters,'that price-cutting has gone beyond the point which costs justify and that the time for stabilisation has been reach- ed. The demand for cars is increaging and many plants are working at or close to capacity. With price cutting eliminated it is believed that thé situ- fon is such as to make practicable upward adjustment in such cases as current selling prices do not re- turn a fair margin of profit. —— NEW YORK BANK STATEMENT. | NEW YORK, February 35.—The actual eondltlon of the clearing house bamks and trust companies for the week (five days) shows that they hold uuozno in of legal requirement This an lfiorene ot 34‘ 40!.2‘0 from ll!t week. - s ‘Grain, Produce LOCAL WHOLESALE PRICES. Eggs—Strictly fresh, selected, per dozen, 2 ts, 28 "’i:,"“ ‘mo average mllo“, = ive poultry—I jor_1b., 18; turkeys, per T Aoatb: chicken sring, per ib., 52035 keats, youns, each, 50a60; fo Dressed ultr: illed -nrlni chickens, per 1 A r 28; _rooster: flfi b, 30: mrkeyu per Ib, 35a45; keats, youns, each, Pork—bre-ua £mall, pér 1b. 12% e an 24 1 r 1b., ve ltonk ll' .cholce. pe 12a12%; lambs, eh:l'!.:e per 1b., 12213} live hogs, per Ib., Green n?ul'.:—Applu. r_bbl, 6.00a west Californ 11.50; per bu. basket, ern, per box, 2.75a4. 50. lemons, D!r h 0.5 80. Ca“lorn oranges. p 00. Ir\lll. l50.4.50 B‘lnr.ld or-nfll. 28.00. Tangerines. 8.5024.50. les—Potatoes, No. 1, per bbl, .75; per sack, 3.85a3.90. Sweets, 3.0024.00] Lettuce, southern, per, crak 2,0004.00. Romaine lettuce, 1.25a2 Cymblings, per crate, 3.0084.00. Spin ach, per bbl., 2.00a5.50. Onlons, per 100-1b. sack, 8.0029.00. Cabbage. 2.75a 3.00 per cwt. Cucumbers, 3.0 Eggplants, per crate, 4.00a5.00. matoes, per box, Florida, 3.50a5.00. Beans, 4.00a5.00 per baskef. Sprouts, 2538 ‘por guart. Pepvers, per crate, $.0024.00. Kale, 1.50a2.0 GRAIN AND PROVISIONS. BALTIMORE, February 25 (Special). —Potatoes, white, 100 pounds, 1.75a 2.15; No. 2, 75a1.00; 150 pounds, 3.00a No. 2, 1.75a2.00 eets and yams, barrel, ~ 4.00a5. 00; N 2, 3.00a2.5 bushel, 1.50a1.65; No. 2, 50a75; beans, hamper, 4.00a5.50; beets, bunch, 4a cabbage, hamper, 1.00a1.15; carrots, bunch, 3aé; caulifiower, crate, 1.750 2.50; celery, dozen, 80al.2s; crate, 2.50a3.50; cucumbers, crate, 3.00a8.0 eggplants, crate, 2.60a5.50; horse radish, busllel 45011500 kale, barrel, 1.00a1.25. Letiuce, basket, 1.50a3.00; onions, 100 pounds, 6.00a8.50; No. 2, 3.0085.0 oysterplants, bunch, 8a3; paranips, bushel, 75a90; peas, hamper, 5.00a6.0 peppers, crate, 3.00a4.50; spinach, ba: rel, 2.00a6.50; squash, crate, 4.00a5.0 tomatoe: crate, 2.50a5.00; turnips, basket, 33240, . Apples, packed, barrel, 6.00a9.00; No. 2, 5.0086.50; bushel, 1.50a2.75; box apples, 2.25a4.00; cranberries, barrel, 25.00240.00; grapefruit, box, oranges, box, 3.50a5.00; tangerines, strap, 5.0089.00; strawberries, quart, 40250, SELLING PRICES AT NOON. Wheat—No. 1 red winter, spot, no fl\lo!lllol\, No. 2 red winter, spot, 147%: No. 3 rea winter, garlicky, Corn—Cob corn, old, yellow, quoted 3.4583.50 per barrel; contract corn, 71%; No. 4 corn, spot, 70% per bush- el; track corn, yellow, No. 3, do- mestic or better, 73a74 per bushel. Oats—White, No. 2, 47%ai8 per bushel; No. 3, 461247 per bushel Nearby, 95a1.06 per bushel; No. 2 western export, 1.14% per bushel; No. 3, no quotation. Hay—Receipts, §0 tons; range is 18.00a21.00 for good to choice tim- othy and mixed hay; market firmer. Straw—No. 1 rye, nominal, 15.9 No. 1 wheat, lln(kd 11.00; No. nominal, 10.00a11.5/ CHICAGO, February 25.— Wheat started 3§ to 1 lower on the Chicago Board of Trade today, but quickly rallied to above yesterday's finish. In- itlal prices were 144 fo 1.44% for May and 1.2315 to 1.24 for July. - Easier Liverpool advices and pros- pects of further moisture in the south- west caused the break, but there was some immediate covering, and when Argentine cables predicted a reduc- tion of from ten to twenty million bushels in the exportable surplus con- siderable fresh buying developed. Sall- ing on the bulge by local professionals und commission houses was readily absorbed. By the end of the first hour May was above 1.46 and July had bettered 1.25. Corn opened % to % higher for May at 66% to 66% and 3% lower to un- changed for July at 68 to 68%. The export demand was good and the mar- ket developed broadly on a strong un- dertone, with some ‘leading commis- sion houses on the buying side. The movement took May up to 67% and July to 69%, new highs for the crop, before he end of the first hour. Oats shared export prospects with corn and were correspondingly strong. Initlal prices were 3 higher, with May 41% to 41%, and July 43. The advance was steady and May soon reached 42% Potatoes, firm; receipts, 30 cars; to- tal Unitéd States shipments, 352 cars; Wisconsin sacked round whites, 1.80a 2.00 cwt.; Wisconsin bulk round whites, 2.00a2.10 cwt.; Minnesota sack- ed round whites, al.85 cwt.; Idaho sacked rurals, 2.00a2.10 cwt.; Colorado sacked brown beauties, 2.10. Provisions started generally un- changed to 5 higher. No marked de- velopments were observable. Profit-takers could not shake the wheat market, and, when further bearish Argentine predictions and estimates appeared, there was an up- turn that took wheat to the high point of the day at the close. Final figures were 1.46% to 1.47% for May, and 1.25% to 1.26 for July. Profit-takingd caused some reaction, but toward the end the scant country offerings and strength in wheat sent corn prices rocketing, and the close was 68% Lo 68% for May, with July at 0% to 70%. T 1 oat, iw Ta% 1 fl% x 26 1.23% 1.25 sy o8 - - 4 4 43 A% 42y fl* iy 4-“& “% DAIRY MARKETS. BALTIMORE, February 25 (Special). —Live poultry—Turkeys, Ib., 33a45 5ld toms. 35; poor and crooked breasts, 28a30; youne chickens, 30a3b; thin and staggy, 28a24; old hens. 268 28; small and_white Leghorns, 24a25; old roosters, 17: ducks, 26a3b; geese. 22030; poor and thin, 18a0; pigeons, palr, 35a40; gulnea fowl, each, 30a60. Dressed poultry—Turkeys, 1b., 38a45: old toms, 36a36; poorly dressed and thin, 28a30; young chickens, 27a30; 21 Foosters, 18; capons, 30a4z; ducks, 30a35; geese, 23a: ggs—Loss off. native and nearby firsts, dos., 28a29; southern, 27; duck eggs, 40. - Butter—Creamery fancy, b, 33a39; ints, 38a40; nearby cmeamery, 34a 3 laates, zhza‘ rolls, 20a23; store packed, progess butter, %! 18; airy prints, *20a23; CHICAGO LIVE STOCK MARKET. CHICAGO, February 25 (United States bureau markets).—Cattle—Re- ceipts, 1,000 head; compired with a week ago, beefrsteers closed largely steady to 15 higher, with spots 25 up; low grades showing the advance; fat she atock, 10 to 25 higher; canners and cutters, mostly steady;. bulls gained largely 50; veal calves mostly lnb‘hixhel" stockers and feeders, 156 to 26 high Hogu—'mcam-. 7,000 head: ' active and ‘mostly 10al5 “higher than Fri- day’s average; shippera bought about 1,600; hold-over, light, top, 11.10 for one load 175-pound average; bulk, 10.50a11.00; pigs. steady. Sheep—Receipt: !000 head; mo-ny packers® direct; the few loads on s: brought about steady . prices; com pared with a week ago, killing ‘classes 25 to 50 higher; shearing lambs, 50 to 75 higher. —_— SUGAR MARKET FIRM. NEW YORK, February. 25.—The raw sugar masket was firm and un- changed today, at 2%, cost u\d: freight, for both Cuban and Port Rican, equal to 3.70 for cen(rll\l‘ll. No sales were reported, ‘The raw sugar futures market was | firmer on covering and outside buy- ing prompted by the steadier feeling in_the spot market. ing was onlz moderate, with closing utlce- 4 points net higher, March, 2.22; May, 2.42; July, 2. 61 'ptember, 2.75. There were no changes. in refined sugar, with fine granulated listed at 5.10 by all refiners. Refined futures were without trans- ing unchanged, with ; May, 5.60, and July, 85. Futures closed firm.. Approximate sales, 4,500 tons. actions, cl March at D. \ C., SATURDAY, FEBRUARY 2, 1922. MARKETS' CUE LARGELY FROM Two Most Important Business Recovery Elements Making for ! Greatly Strength- ened—Buying Power Is Revived. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, February 25.—The agreements rgain this week have taken their cue largely from develop- ments in two quarters, the grain trade and the foreign exchanges, The May wheat option has risen 40 cents a bushel from the low prices of last autumn, when the farmers, under pressure from the banks, were rush. ing their grain.to market for anything % would bring. It went. to $1.03% bushel in the first week of November; it sold as high as $1.47% during_the past week. In the same interval May corn went up from 35l4 cents to 66 cents, that is, it has nearly doubled In value, while rye is selling around $1.07, as against 76%, last autumn's record low. Considerably more than half this recovery has occurred within the pnll month. The same period has seen sterling exchange go from around 0 to wel over $4.40, and the French franc seil for more than 9 cents as against 8 cents. From the end of January, ac- cordingly, to the end of February, two ‘of the most important elements mak- ing for business recovery have been greatly strengthened. On the one hand the improvement in farm prices holds forth the promise of reviving buying /power in the agricultural states, without which no return to normal conditions can be expected. On the other hand, the Improvement in the forelgn exchanges is preparing the way for an Increase later on in our export trade, the shrinkage In which has been one of the prime influ- ences In the recent depression. Trade Outlook Stromger. One does not have to look beyond these two movements for the expla- nation of the advance in the security markets. By reason of the changes which have come over the grain ma ket and the foreign exchange situ tion, the ground for assurance re- garding the business outlook is much stronger than it was even four weeks ago. It is this which has been re- flected in the advance in stocks. Of course, the rise would have seemed somewhat extravagant were it mnot for the recollection that a speculative market, when it begins to discount outside trade recovery, goes along at ’n mflch faster pace than the recovery taelf. 'The actual business data at the mo- i ment are by no means all on the bright side. Such a representative company as the Republic Iron and Steel has seen fit this last week to omit its preferred dividend and has given as the reason that it is unable as yet to meke {ts business pay. This may or may not be typical of the stesl independents in general, but it does suggest that even with the re- cent Increase in orders reported in the steel trade the position of most of these concerns will not be miich helped until the larger demand makes itzelf felt upon steel prices. Desplte the unsatisfactory situation, however, in this and a few other quarters. it is undoubtedly true that the volume of commercial transac- tions in general is slowly increasing. ‘We have this on the authority of the mercantile agencles a in the bank exchai d duation of empty freight cars on the rallroads. Statistics Tell Story. ‘The unbiased view is that the Inter- national trade statistics have a very plain story to tell, showing that Ei rope during the last twelve months | Gre: has cut down its purchases in the American market a good deal more than it has lost on its own shipments to this ountey. at qually important is the credit r!llxallon in the United States and in Kngland. Western Europe has been able to negotiate adverse trade balances with America and England by borrowing privately from Ameri- can and English bankers, who In turn are rcady to lend because of the attractivenass of the terms offered as gompl.red with what they could get at ome, Our total excess of gold imports for 1920 and 1821 together was close to $1,100,000,000. Of the $667,000,000 sent here last year, $201,000,000 came from Great Britain and nearly $191,000,000 from France. These gold shipments, along_with our purchases of Engli and French bond fissues, would sufficed in all reagsonable probability to extinguish the floating loan ac- count, as it stood to the debit of these two countries, at the end of 1920. This is only another way of stating that in the process of thawing l7 the frozen credits and restoring the federal reserve position to normal strength the foreign exchange mar- ket has borne its share along with general business, with agriculture and with the stock exchange. (Copyright, 1822.) FEDERAL INCOME AND EXCESS PROFITS TAXES Conducted by DR. JOSEPH J. KLEIN, C. P. A. (Copyright, 1922, by Joseph J. (Tax questions should bo addressed tg Dr. Kieln, in care of The Star. gued. Dr. Klein's' answers will mot reveal the identity of all communications must inquirers.) (Nota: Article XXXIIL which should bave appeared 1a order todsy; was published in the Star February 17, 1922.) ART[CLD XXXIV. ‘We have not yet finished dealing with section 202. Subdivision (e) (3) thereof deals with another class of transactions which was harshly dealt with in the predecessor act. The new law provides that when one or more persons secure the con- trol of a corporation previously in ex- istence or newly created by the trans. fer to the corporation of property in return for its stock no galn or loss shall be recognized, under certain cir- cumstances, as a result of the transac- tion. The conditions which make ble the deferring of the determinatio: ol gain or loss are as follows: &% ) The person or persons In ques- tion, immediately after the transfer of their property to the.corporation, must be in control of the said cor- poration. (b) The stock or the securities, or both, received by such persons must be “in substantially the same propor- tion as their interests in the property before such transfer.” (c) To avoidl administrative difficul- tles, control of the corporation is de- fined as existing when there is owned “at least 80 per cent of the voun‘ stock and 80 per cent of the total number of shares of all other classes of_stock of the corporation.” Inasmuch as Title 1, general defini- tions, section (2) (1), defines a per- son as including corporations, if & corporation transfers its property to another corporation and immediately thereafter is in control thereof, the sltuation l8 the same as where the transferer is a natural person. Al- most any number of combinations of possible transactions may be seen to be covered by subdivision (c) (8) of section 202. However, it is not neces- sary to bring a corporation under this subdivision (3), because the case of & 1 | corporgtion transferring to a corpora- tion is apparently covered in (c) (2) as well. QUESTIONS AND ANSWERS. Q. (107)—(a) I filed my 1920 tax re- turn for fiscal year ending April 1921, showing a loss of $1,800. This year I anticipate making a profit of approximately $8,000. Under the ne laws may I use any ?1‘" of lllt vei loss as an_expense this year? (b) My brother and I have urn te businesses in one office. I pa: expenses and render him a blll of hn.ll’ for each month’'s expenses. Throug! lack of funds he gave me two notes, covering expenses for November and December, which are not due until 1922. Can he use the expenses for these two months as a deduction from his 1921 tax return if same Is filed on a cash basis? (c) Can premium pald on life insur- ance policles with a firm as benefl- ciary be considered a deduction from lncoma tax? If th- answer I8 CURB TRADING IS SMALL; MBVEMENTS IRREGULAR NEW YORK, February 25 (Spe- cial).—Business was smaller on the curb exchange today, and price move- ments generally were Irregular, Durant of Indians, was a falrly ac- tive stock In the motor group. Libby, McNeil & Libby was higher, and advances were recorded in Postum, Thilip Morris and Swift International. On the other hand,: Amalgamated| Leather, Goodyear and sevéral oth were ler. Anglo-American co! poration continued quite active. Petroleum was n!l(hdy tive. Standard Oil of Indiafa, S| ly 0il and International Petroleum were steady. Mining shares were firm, with most inter shown in the low-price issues. Thers was less activity in bonds. —— REPUBLIC STEEL REPORT. NEW YORK, February 26.—Repub- lic Iron and Steel passed the quar- terly- preferred dividend due at’this time. The common dividend had been passed in May, 1921. The annual report gives a loss for ‘he year1931, { after the payment of interest. but he(nn the payment-of dividends, 3.003. .‘Bc;on d”xr““m ontt‘l;; pret red stock an per cen! the :smmon called for‘a total of $2,. 200, rg 2 !mll accumulated surplus o! pnvlo\u years of $7,800,000 and reducing the bnhmee sheet surplus to $39,676,001 —— e DAI SILVER Qvo‘lwnoul. YORK, Febrpary 25.—Foreign bar gilver, 63%; Mexican dollars, 4 l{‘ , February 25.—Bar silvel ’D"‘ yer ounce; mnn-vy’.llx per .cen ] A 2, 3 ? w all Cai h ‘rr!nruuln Klein. All rights reserved.) To recelve attention, - rnl are there any exceptions to this et loi (b) ?\lu cash means cash. (c) Q. (108)—The year 1920 was the first year my earnings were sufficient 0 bring me within the class due to le income tax. The year 1921 my earnings were less than $2.000, and, being a mearried man, will not have any income tax to pay, but want ln,gm., know If it is necessary for me to flle | Southwestel a report showing just what my earn- | for the year 1921. No unnecessary. 109)—(a) Are the salaries of public school teachers exempted from income tax? (b) Is the Interest income for Lib- erty Mnfll (U. 8.) and Victory bonds ex- cluded from one's personal income when, reckoning the total net Income? 2) Ye: a limited extent from surtaxes. lectlonl 213-b-4 and 1328 & and b.) , (110)—I am.a shareholder of a certaln corporation, which lost money 1ast year amounting on my shares 1o $1,000. As employg of Baid corpora- tion I received a net income of $2.000. Is the loss deductible from my 1921 income? A. No, unless, in the most unlikely case, you refer to a “personal service” corporation. Q. (111)—My income for the past year has been $2,000. My brother and I living with our mother contribute to her support. Would one of us be exempt to the amount of $400, or can we divide this with 3200 each? Also, during the year I allowed my mother extras. Could these extras be de- ducted plus the $200? If your mother is a widow or if your father is alive but does not sup- rt her, one of you Is entitled to 500 exemption as “head of a fam- ily,"” provided his gross income is not over $5, oco or to an exemption of It hi !rv- income is more than dition he is also entitled P! ul a dependent. The other brother can claim no exemption, as the 3400 cannot be divided in any event. “Ex- tras” are not deductible. Q. (112)—(a) Can I ded: the cost of a revolver and expen that go with it that I purchased during 1921 for my self-protection? I am & col- fector and carry large sums of money. n I deduet this from my return? (b) notary public fees exempt from mman for federal taxes? It is a New York state office, and I think it ought to be exempt. (c) Can money pald to the city of ‘Wew York toward the teachers’ pen- slon fund be deducted? A. (») Yes, if you have secured proper authority to own and carry a revolver. - TRADIN BROAD, LARGEST DESPITE HOLIDAY RECESS NEW YORK, February 25.—Despite the holiday recess, business on the 8took exchange this week was on the largest and most comprehensive scale of any similar period this year, prices for the most part showing substantial enhancement. Buying of rails was the noteworthy feature, the demand for those shares, as well as the bonds, embracing an unusual number of low priced, con- vertible and debenture issues, espe- cially Missourl, Kansas and Te«as, 8t. Louis and San Francisco, and St. Louis Seuthwestern. In the investment group Canadian Paalfio led, rulnr About fifteen points from its recent low. Other transcon- tinentals, also oonlorl and several of he more popular.. cotton. carriers gained two to five points. Equipments, motors and olls were foremost lmo?‘ the stron ln u trials and Unl tod States serted rmmh of its former Iudershln condary stesls broke sharply, how- ever, on the g of the preferred @ividend on lc Jron and Steel. | Call money ag! per cent rate prevall- nger_dates, ettt rxon mmnss BETTER. YORK, February ls.—New lln'lud 'l‘ulwhoan and Tel net income in 1931 was $6.! n.u after charges and taxes equal to $9.01 @ share of stock; only a trifle less thap the year before. Its report said that Iu-lnell improvement ulnoe the ulfldh ‘0f 1921 has been apparent, al- ;.:(."I"h gradua ‘L ‘The sum of $15,111,~ Was spent on mew construction during last year. i proportionate part otlB F. to do so, but It is ”m Tank Car (b) Altogether for normal taxes, to !4 (See L3 L e | ph's | mand, FINANCI BOND AND CURB MARKETS. and Live Stock, GRAIN AND FOREIGN EXCHANGES| muree o288 o o Cisee.. U. 8. LIBERTY BONDS. OTHER BONDS. ity of Rio de Jnaeciro s 1046, 01 w1 French Government ¥s 1945, 108% 3% 3% French Goverument Tias 1 1™ | 2 L3 Government of fiwllurhnd ) 1040. 1143 187 _19% Kingdom of Belgium 7358 1943, 1 176" I Hepublic of Gl 82104 ;_ }m% pta. 55 88 i tec ingdom 5iys 1922, 05 Commonweal Slys i Continental Motors 5 by Amer. Agri. Chem. 7%s 1941. s % - Americus Tel. and Tel, conv. o0 105,00 112 »:"'.Tf..';,"" SIS B Armour & ¢ 1089, £y e Ateiison, Topeku and 8. K. gei. L1 Atiantic Coust Ling 73 1030.. 3 S wtic Retialag Co, Bt 0415 A Atias Dowder G, 6 f"g:'lc:-v; Pem.u..... E 53 53 Baltimore and Oliio con! 1 | Farrell Cont " Frl H Baltimure and Oblo 64 1929.. 96% | Federal Ol * e 3 Baltimore and Obio 8. W. Div. 8% 1925. 'fl Fensland 0j1 . N ll:e“l::ltlnn Btecl P. M. 5v 1986.. Gillette Safety % B Burlington i 0% Giliand Oit 2 7 o-n.min Iq.;:n Alden (ul Jg .1} * H rrrvml(mn 2l Rubher 8 814 e ; % M’ Terome 'yl Petrolenm (mew).. 14% 1% 2 0133 | Kax Conni T 10682 | Lake Toppage 5 o o i | Lineoln “SiGior e (n.gu Tnion Station Gtgs 1 i = Oubn Cane Bugar 7s 1930 =y Deluware and Hudson 7s 1930.. 2i Du Pont 734s 1831.. 1 Erle general lien 4s Dw General Electric Gs 1940. 2 ::\::ie;; ]1:91!!;“!“\;!*! Co. 85 1941. Midwent gu pfe 3% = s 703656, Younidls e T Tiinots Central xda Opiiy s B International Mer e Int Rapid Transit 18t s = £ Kelly Spriogleld. oy Loufwrille .ml suville 7 1930. 1 2 25 Missourt, d Texas Iat 4s 1990, 3 » Missouri’ Paci = 2 3 Reading. E!Il?lll 45 1997 8t. Lonis and San Fran St. Louis and San Francisco b Besboard Air Line 6s Beaboard Alr Line refdg. ard ‘Air Line adj. 5s 1049, Pacific st ref. 4% 183 Factic conv. .1‘\ % Tnion oited D AL. (Quotations fnuhlnd by W. B. Hibbe & Ca) ,——cu- = he 5 onts a1 lvm 36 634 - A 3 Arinour Lenthy = Acmoor mm.’.‘; T,’f‘ 2% Armour 34 s, ann & Co 1t ot "'.":‘: SHORT-TERM SECURITIES. ot tose.—, . s sl Atumingm Co. of Amer;fl- 1025, 1013 101 & Tl 102 i0 im0 13160 OIL STOCKS. 3‘.’:1 w:u.' | Angi 0 % | Anglo-America ¢ 2 1028 | Bofue Serymens Co, .. 2 Ansconds Copper s % 083 | uckoe Fon Lins Anglo-American_ 01l Armour & Ct Copper Export Cobper Export Copper Expor Cmunz; l‘u«.ll;' Co s 1833 nd ll. B 1931 Gul{ 0| (urpnrluuu Ts 1833. H. J. Heinz 75 1930, Hocking Valley 6s 192 Humble Oil and Ref. Kansas City Term. 6s 1923 Keanecott Copper 73 1080 oet Gote. Ol T3, Yi5 Bell Ts 1925, Swist & Co. Switt & Co Ts i Rubber Co. Wentern Blectrie Westinghouse E. & M. TREASURY CERTIFICATES. Nu Bty mus 16 lmuu lm. 18 '6 o - 165316 100110 BOSTON WOOL QUIET. Prices Firm, But Trading Is of Small Volume. BOSTON, February 25 (Special).— The wool market here was quiet to- day and trading was of small volume, although prices, except for wools of inferfor grade, were firmly main- tained. The speculative trading which previously was in_evidence seems to have died down. Dealers are watch- ing the Arisona situation closely, as shearing will start there next week and few clips have been sold in - vance. Interest also is expressed in bids for the Johnson county, Wyo. 1,000,000-pound pool. bids for whlch will be opened at Buffalo March 1. Considerable Utah and Nevads wnol has been contracted for at prices ranging 2s high as 323 cents a pound. Ohio and Pennsylvania de- lajnes continued to be quoted at 48a 50 cents, with little change in terri- tory or pulled wools. —_— COTTON MARKETS, NEW YORK, February 25.—Bullish week end reviews of the cotton goods trade led to renewed buying in the cotton market. The opening was steady at an advance of 2 to 5 points, and thers was considerable realizing at the start, but it was readily ab- sorbed and after selling at 17.88, ng contracts soon rallied to 18.14, wit! active months generally selling about 17 to 27 points net higher. Earlier week sellers for a reaction were among the buyers on the advance, while there was a moderate demand from brokers, 'l.th trade connections and local suppor! Futures opened ~steady: Mareh, 18.25; May, 17.83; July, 17.25; October, 16.58; December, 16.44. Reports of a better spot demand and reiterated reports of Increasing ac- tivity in cotton goods gave the mai ket a firm tone later, May sold up to 1824, or 37 points net higher, and the close was steady at & net ad- vance of 26 to 3% points. Futures_closed steady; March, 18.5¢ May, 18.20; July, 17.56; October, 16.8 Decémber, 16.6. Cotto! pot steady; middling, 18.80. LIVERPOO! bruary 25.—Weekly cotton statistics: Total forwarded to mills, 53,000 balés, of which Amer- lun, 18.000, stock 1,024,000, American 594,60 imports © 71, erican 88, 000 exports 5,000, American 2,000. FOREIGN EACHANGE. gelling checks—dollar values at noon today: Touotations furnished by W. B. Hibbe & Co.) London 4.41% Budapest - Paris 207 e Mr'fil! Copenhagen %fl! Christiania Madri Stockholm Zarich 235 Amstertam thens 35--:- 6215 Montreal By the Ansociated Press. NEW YORK, February 25.—Foreign exchange strong. Great Britain, de- mand, 4.4F; cables, 4.4135. Sixty-day bills on banks, 4.3! France, demand, 9.05%; cables, 9.06. Italy, demand, 5.14%: cables, -5.15. Belgium, demand, 8.601%; cables, 8.61. Germany, 447%; cables; 45%. Holland, demand, 38.40; cables, 38.46. Norw: demand, 17.08. Sweden, demmd 26. Denmark, demand, 20.9. Switzer- land, demand, 19.56. Sllln. demand, 16.96. Greece, demand, 4.56. Poli demand, .02%3. Czechoslovakia, mand, 1.74%. _Argentina, demand, l'l.(lfll.‘ Brazil, demand, 13.75. Mon- treal R | Contirentat o et k. Musufacturing Co. m Crescent Pipe L Cumberiand P o o Eureka Pipe Galenn-Sighal Off Galeua Sigmal OUl Cy. pla. Tratena Bi5% e o National Transit Lennsylvasia-Mex Prairie Oll and Gaw | Prairie Pipe Line C: Solur Refiming Co, Southern Pipe Lin Bouth Penu. Oil Co.. Scuthwest. Penn. Taton ek Live Go: ¥acuum Ol Co.... Washington Ol - %7 BONDS ARE STRONG HIGHS ARE SCORED Coming Week Expected to Witness Livelier Interest in Offerings. Bpecial Dispatch to The Star. NEW YORK, February 25.—Bonds on the stock exchange today were Strong, with most of yesterday's ir- regularity in foreign external loans cleared up. Leading domestic and foreign offerings made moderate gains and losses. Strength was shown by St. Paul issu and Atchison, Reading and Chesapeake and Ohio were fractionally higher. In the fo: eign division Tokio 53 and Chinese railway 58 were strong. Japanese governments eased slightly and mod- erate reactions occurred in Union Pa- cific ¢s. Seaboard Air Line adjust- ments and United States Steel Ta. Buch issues as Dominion of Canada 5%zs of 1929, Tokio 55, Uruguay §s snd Denmark €s reached record high prices, while the United Kingdom 5% per cents and French obligations were firm, taking their cue from the re- sumption of the rise in exchange. Among corporats maturities the Missouri, Kansas and Texas, St. Paul and Frisco incomes advanced, and International Marine 6s and Sinclair Ofl 7%s worked higher. The last named crossed par, influenced by the possibility of the calling in of these 7% per cents at 103 or better, and then substitution by a long term issue. Netherlands Leoan. The coming week will see a liveller interest in ocurrent bond offerings, stimulated at the outset by the public sale beginning Monday morning of & 75,000,000 ' guilder ffty-year € per cent kingdom of Netherlands loan. A similar amount will be sold simul- taneously by Holland bankers ‘The bonds to be offered by American Syndicate, valued at normi exeh-nfe at $30.150,000, will be dated and will mature March- ‘nn re non-callable for ten ‘. and their price will be on a sis to yleld approximately ¢ per cent. The bonds will be listed for trading on the New York Stock Ex- change. ' e