Evening Star Newspaper, February 26, 1922, Page 28

With two.speakens of international minence o i Discussion of Activities, Past, Present and Future, of the Big Civic Organizations a nd ports scheduled, ing Trad the of le. W the China, and J. the American Chamber of Commerce of China. will be the guests of the the meeting and will boar d during Washington to be held lard Hotel, promises a busy session for the several hundred board members who will attend. iSao-Ke Alfred Sze, envoy extraordi- | nary and minister plenipotentiary of B. make addresses. The foilowing committees will sub- mit reports: Charities and corr tions. Walter ¢. Clephane, chairman; industrial interests, William C. John- son, choirman: insurance and fire | protection. David M. Lea. chairman: public_and priv buildings, W liam A, Rawlinzs, o public health. Dr. D. Percy chair- man;: publ chools. William S. W i burn, ecnairman;: pubiic utilities transpertation. Edmund D, Rheem, chairman; universities and private | Scuun s, Henry b ir, chairman, { B “r supply. . Weller. | chairman. most important of these reports will be that of the water A vig. s, Weller has been an un- tiring worker of committes, for ply for this situation, | which has been 1o atten- tion of 3 3 S pre- curious, and unie: mething is done in the near future on faces TI an_extremely serious wi amine. he commit s with the Com- ommending that ite $3.000,000 fo- ng out the construction f upply. and_fur- ther indorses the plans of Maj. M. C. up ior park purposes cservoir - after the water supply | ro. is ploted. ! §The committee held an important meeting lust week for the purpose of discussiniz the situation and prepar- ing the report hich will submit- nizht. ommittees of the board ! which et during the week were streets and avenues, Williaum Everett, chairman; public schools, and mem- Dbership. The membershin drive of the Cit Club was a big event of the week. | When the club went into .its new Wuo 100 The board of governors then authorized an increase of 500 members, ause the new $900,000 building could comfortably accom- mber. building on medate that n the expired. The athletic take nast . thon of the members will determine 'ries to retain merchants’ confidence their rolls befol n @ 1 ic work. GARDINER & DENT, INC. - open land surrounding the street the membership ebruary o'clock, [ who desire t Mr. individual Board of Trade % Work for Greater Washington nine the monthly Tue Powel the > the seven days have committ biz siride for 1 b Bec athle his teams of 130 Merchants and Manufacturers’ Assn. committee re- meet- | Board of sday night at | retary ot | Dalecarlia i 00 will be on rd. has i ical edu- | s been er to the e at the club v afternoons, 28, from 5 to examine take up gyvm- . ett's examina- also | tic activities. PARTIAL 717 14th UNFURNISHED HOUSES— Rrentwood, Petwortl 805 4th st. Petworthb—Six rooms, s.o— e rooms, bath: near tiled bath:’ how. three batlis, sten bath. hot-water 1 Tath, hotavater Leat. wond and third floors; six rcoms, .Lath, . FURNISHED HOUSES— . Wroming ave.— « R st n xieet elve rner on_Connecticut ave. r Connecticut av City Club i p Chamber of Commerce I Federation of Citizens’ Assns. That ‘motor deflation has reached its limit was the opinion expressed by Willlam Robert Wilson, president of the Maxwell Motor Corporation, in a recent address at Detroit, Mich. “Motor car manufacturers have probably gone fastest and farthest in the process of deflation,” declared Mr. Wilson. “This is one phase of the business situation that the public John Brewer, chairman of the com- mittee, says that plans are nearly compléted for the athletic program. The first “family vight” was-held in the new building Tuesday. More than 500 members and their families attended. Representative L. J. Dickinson of Jowa, one of the leaders of the farm bloc, was the speaker at the forum luncheon Tuesday. He discussed “The Farm Bloc in Congress.” The mem- bers were given many new angles on the question. John Walsh prosmeu,lln general probably has not fully The Overseas Writers' Club will|realized. hereafter hold its meetings in thei . z . . City Club. This organization is com-| _ -he automobile manufacturer realizes that competition is keener than ever, that there must be no doubt about his product. but that the geod car, correctly priced, need have little fear of a satiated market. Also, that conservative marketing and expert fingers on the pulse of demand will tstablish the automobile busi- ness on 2 more stable basis than ever. “The automobile dealer is of his own wish. converted to a firmly con- ervative business policy. He knows that the day of the telephone order is gone for good—for the good of all war correspondents and writers who saw service overseas during the world war. Representative John F. Miller of Washington will be the speaker at the forum luncheon uext Tuesday. His subject will be “Ford's Muscle Shoals Offer— What it Is and What it Isn't.” As this question is likely to bring out an exceptionally large at- tendance, the meeting will be held in the main auditorium. Mr. Miller 18 a member of the military affairs committee. ed of i concerned. He is in a frame of mind jamicable to present conditions. He TRADE REVIEW. jknows that he must go after busi- NEW YORK. February siness, and is fully aware the review of wee | offer of real service ia a genuine sales with the holt inte need. He is prepared to follow these ¥ week has been productive of a fur- fer moderate enlurgement of he iy assured. volume of business. While clearly lacking uniformity. the betterment of | l_'"'f'{'n' on Quality. e conditions is more distinet in different elieve the public is more deeply branches of enterprise, and indica- | intercsted in the automobile than tions point to continued gradual and | ever. but more critical. It is select- reoaular prosress. Itexponse to the |ins vars more caretully and is more recent noteworthy rise of grain prices | insistent on quality, as evidenced by has uppeared in he strengthenod | the rcent New York and ~Chicugo confidence and iucreased buying of {#'ows. The New York show drew merchandise in the west and in the ;:I(?:d):llliv;‘git‘nue.J::;M:.‘:,:“r;m‘;:;: financ as reflected the | Sales. y se manufac Guaatial Mot imcn offered a product of evident value as| oney situation and the up- e mmarkets, |7 {found an agrecable amount of n able aspects are still con- | business, i synim’x;:; Al Wil ot be quickly ! “Prices *of raw materials have eliminated, but the underlying fac-|been substantially deflated, vet the tors that’ will govern the future€ost of labor is still 80 per cent course of business are more reas-|higher than in 1914 and the cost of suring, and more positive evidence of | llVing 60 per cent higher. In view of these facts, it is worthy of note that the majority of motor cars are {down to a point close to or lower | than 1914 prices. “The buying public !been fair to the Industry revival is disclosed in iron and steel and elsewhere. With the end of the inter approaching, seasonal expan- on of operations begins to develop in various trades and sections of the countr: d unemployment of work- 1 has and always it is it catis- | certain to realize shortly the extent ers, although remaining an unsatis- [ Certa the n factory feature, is rather less exten- | to which the motor manufacturer sive than recentl has gone in helpnz to bring prices “Weekly bank clearings, 466,- | as W business back (o nor- % . 998, Pennaylvania Shareholders, 141.804. Number of shareholders of the NOVELTY DEMAND DROPS. |p.nnvivania Railroad Company NEW YORK, February 25.—Opinion | reached a new high record Febru that a break in demand novelties | 1 at 141,804, an increas fs due soon Is gaining force gradually | January 1 and an in in the retail market. A few are act-|over a vear ago. Ave ing on that belief curtailing pur-|on February 1 was < chases, with the view of getting out | compared With-70.47 the month of the market as quickly and with as | fore and 74.0i {he vear before. little loss as possible when the break | Foreign holding: shall appear. The public's tendency | showed another increase during the to swing from one extreme to theimonti, percentage of stock held in other and the fact that novelties have | foreign _countries on. February 1 per cent, as compared with 18 had a steady run for a considerable time are causing more conservative merchants to pin their faith on staple goods. Novelties, it is explained, may do for fill-in business, but are too susceptible to the public's vaga- being 3.77 per with ent on January per cent on December 1. with 1.47 per with 1.54 The and 1, svember 1, per cent on January 1, 1921 number of foreign holders was an increase of 58 over January 1, of 1,523 over a year ago. 1t ‘might _be noted her Pennsylvania is_the only important railroad which has mot yet certified to the Labor Board the existence of disputes over proposed wage rela- tions for shopmen, clerks, track workers and others outside the train service. | “Officers of the Pennsvlvania state ¥ that they have so far not gone be- fore the board because under their plan of employe representation nu- merous conference committees ure at work on the wage question. It re- mains to be seen whether some or cent on for a long time. ihat tne LIST OF St. NW. car line. heat, electricits: garage. all of these committees will effect m heat. electricity.® agreements on new wage scales. ieat, elictricits: garage. Failure to reach agreements with electricity: two-car garage. jany class of employes would mean - | submission of the dispute to the board. 3 Train employes are not involved fn any of the new wage scale cases now before the board and set for Tosme,foas hathaiate joint hearings beginning March 6. Toging: (tlnee baths, sledtricityvites Regional committees of company of- i o 2 i ials are working in the eastern, “Ten rocms, two baths, hot-vater heat, electricity. Qetls o e e STORES AND OFFICES— 519 15th < SUBMIT OFFER ON ANY OF THE ABOVE. SEND AND GET OUR COMPLETE LIST. n.w. 7 Connecticut ave. -Office th n.w.—Two-story fireproof bld, Desirable sto Will_rent n.w. Spac and office space. i show room, garage ‘and service station. | committees from each of the four train brotherhoods in an effort to settle all questions of wages and working conditions without recourse to the Labor Board. A. L B. Visitors. Many of the national officers of the American Institute of Banking and out- of town guests who attended the ban- quet of the Washington chapter of the organization at the New Willard Hotel st night will be shown around the re with large display window. each floor separate. Will rent separate. dictates, for on them his 1922 smceess | morning. DECLARES MOTOR DEFLATION HAS REACHED ITS LIMIT Maxwell Head Also Believes Public Is i More Deeply Interested in Autos Than Ever, But Is More Critical. city today by different members of the chapter. The country clubs have been placed at the disposal of the visitors, and quite a number have signified their intention of playing a “few holes of golf" if weather permits. Columbla Graphophone. Following close on the refusal of the Wilmington, Del., courts to appoint a receiver for the Columbia Grahpophone Manufacturing Company, word was re- ceived yesterday that an application for appointment of a receiver by certain stockholders, filed in the United States district court at South Norwalk, Conn., had also been denied by Judge Edwin F. Thomas at that place. The grounds upon which the appli- catlons were denied were identically the same as those In the case filed by the same parties in Wilmington. As these were the only upplications for receivership filed, interests co cerned with readjustment of the com- pany’s affairs are now free to proceed with formulation of a definite plan of reorganization and readjustment. At the time of the dismissal of the Wilmington case Francis S. Whitten, chairman of the board, announced that the management is_doing everything possible to protect the interests of the stockholders: that the company's in- ventory is being liquidated as rapidly as the market will permit, and over- head expenses and salaries have been cut to the lowest possible figur Loan Contraction Noted. Reports from leading bunks that make weekly reports to the Federal Reserve Board indicate continued loan { contragtion, except in the New York ! Federal Reserve District. For the five weeks ended Febru- the decrease in loans was $332.- 000; for the previous five weeks, A and for the five weeks ended November 30, $86,034.000. Nor- mally the change in November and j December represents an increase | rather than a decrease. Decrease of $332,615.000 in five }weeks ended February % compares {with a decrease of $437.877,000 for ! the corresponding period a year ago. Decrease in reporting member bank loans since January 7, 1921, totals $2,430,105,000. As these banks are supposed ' to carry about 40 per cent lof ‘total hank loans of the entire country, the figures indicate that the total reduction in all bank loans since January 7. 1921, has been ap- proximately $6.000,000,000. Tregoe to Speak. J. H. Tregoe, secretary-treasurer of the Nutional 'Association of Credit Men, will be the speaker on “ladies’ nite” the midwinter dinner ‘of the Washington Association of Credit | Men, which be held at the new City y at 6:30 p.m. i be furnished by i Club Wedne intertainment w a well known local quartet. The welfare committ composed of A. W. Wright, chairman: Mrs. N. L. Pennington, vice chairma F. W, White, F. W. Buckler, A. Harlan, W. C. Hanson and E. M. Ellis, has had charge of making arrangenents for this dinner and have prenared COFFEE MARKET IS QUIET. an excellent program for the évening. | Friday, February THE SUNDAY STAR, WASHINGTON, D. C, FEBRUARY 26, 1922—PART ‘I THE WEEK'S BOND MARKET. Below is shown a summary of the fluctuations of prices of active bonds on the New York Stock Exchange for the week ended yesterday, February 25, 1922: Previouy £ woek"s . close. Low. Cloue. U. 8. liberty 3%s. 96.96 96.86 96.96 U. 8. liberty 18t 4 9714 96.80 97.00 U. 8. liberty 2d 4s. 96.94 96.54 96.64 U. S. liberty 1st 4%s. 96.90 96.80 97.12 U. 8. liberty 2d 4%4s .. 96.76 96.52 96.86 U. §. liberty 3d 43s. Uoersz 97.30 97.50 U. 8. liberty 4th 4%s. 97.06 96.90 97.24 Ul 8. victory 3%s . 100.02 100,00 10000 U, §. victory 4%s . 10026 10024 100.26 City of Rio Janeiro 8s, 1946 100% 100% 100% French government s . 102 101% 103% French government 7%s 7. 97 973% 100 Government of Switzerland 8s 114% 1141 115 Kingdom of Belgium 73%s 107% 107% 1071 Reprblic of Chile 8s, 1946 101 101 10112 U. ¥ of B. and Ireland 5%s, 22. 105% " 104% 106% U. K. of B. und Ireland 5%s, 1929. 1063 105% 1055 U. K. of G. B. and Ircland 5%s, 1937. 991 89% 99% Am. Agrl. Chem. 7%s, 1941. 100% 100% 1003, Am. Tel. and Tel. conv. 6s. 1115 111% 112% Armour & Co. 4% = 881 8715 871 A. T. and 8. F. gen. 4s. 871, 878 Atlantic Coast Line 75 .. 106 1043 Atlantic Reflning 6%s, 1931.. 104 104 Atlas Powder 7l.s, 1936 103 103% Baltimore and Ohlo conv 763, 6% Baltimore and Ohio 6s 9 96% Baltimore and Ohio S.W. 3 871 Bethlehem Steel s.f. 881g Burlington (N. P. .. 106% Canadian Northern 7s, 1940 ... 109% Canadian Nat.-Canadian Nor. 6%s, 1946 108% Central Leather 58 ............... 2 9514 Central Pacific 4s, 1949 . 82% Chesapeake and Ohio conv. 4.8 83% Chesapeake and Ohio conv. 5s. . 86 Chi., Mil, . P. ref. 4%4s. 581 Chil, Mil L P conv. 4Y 63% Chicago Northwestern 613s, 1936 .. 1068 Chi., R. 1. and Pac. ref. 4. - T4 8% Chicago Union Station 613 112% 113 Cuban Cane Sugar 7s, 1930. % 8 Du Pont 7% 1931 ...... 103% 1031 Delaware and Hudson 7s, 1071 108 Erie gen. lien 4s .. 443, 44’4 General tric 68 ........... 4% 105% Goodyesr Tire and Rubber 8s, 1941 ¢ 12% Grand Trunk 7s. ret...... . 108% 109 Great Northern 1936 10712 107% Illinols Central 5%s ............. a8y 99 International Mercantile Marine 6s . 93 Inter. Rapid Transit 1st ref. 5s. Louisville and Nashville 7s .. Mo., Kan. and Texas st 4s. Missouri Pacific gen. 4 . 5 New York Telephone 6s, 1941.. New York Central 7s, 1939 .. New York Central deb. 6s.. Norfolk and Western cons. 4s. Norfolk and Western conv. 6s.. Northern Pacific 45 ..... Packard Motor Car 8: Pennsylvania 5 Pennsylvania Pennsylvania Pennsylvania gen. 874 Reading gen. 45 ...... 8215 Seaboard Air Line 6s, 1945 5014 Seaboard Air Line ref. 4s 3% Seaboard Air Line adj. bs. .. 19% 18% 18% St. Louis and San Francisco 48 691 68% 69% s 63 603 62% Sinelair Cons. Oil Tiss 1001, 99% 100 Southern Pacific 1st ref. 4s. S4% sS4 84% Southern Pacific conv. 4s 89 58% KRy Southern Railway 621, 61% 62 Southern Railway s . 901, 90 2015 Union Pacific 1st 4s .. 911 90% A% Union Pacific conv. 918 913, A1 Union_Pacific 6s, 1928 103 1027 10: United Drug 8s, 1941 .. 107 106% 107 Rubber z 867 86 S6% Rubber 7 104% 1031 104 Steel s.f. 55 ... 100% 100 100 Realty and Investment 94l 931 93y Va.-Car. Chem 81y, 91 a1 Wilson & Co. 963 94y 5y Western Union 6%s 108 106% 108 RANGE OF MARKET AVERAGES. The following chart shows graphically the action of forty repre sentative stocks dealt in on the New York Stock Exchange. The perioé covered is the past month, up to and including the close of the marke The lower section of the chart indicates the relativ activity of the market. —JAN.— 259 27 28 30 3 FEBRUARY 2 3 46 7 8 ©1011 1415 1617 18 20 21 23 NEW YORK, February 25.—The market for coffee futures was very quiet today. Yesterday's heavy liqui- dation and switching appeared to have pretty well cleaned up the March position. as there was no fur- ther blsiness in that delivery this There was a little cover- ing in the later months at the start, with the opening 1 point lower to 3 points higher, but the buying was very limited and prices later sagged oft * under scattering liquidation. iMay reacted from 8.67 to 8.60, with the market closing at af net decline of 1 to 6 points. Sales were esti- mated at about 11,750 bags. $.47: May, 8.60; July, 8.67; Sept .68; October, §.70: Decemer, 12% to 12% for Santos 4s. No fresh ofteds were reported in the cost and freight market, and owing to the holiday there were no official quo- tations from Brazil. COTTONSEED OIL ADVANCES. NEW YORK. February 25.—Cotton- seed oil advanced half a cent a pound on urgent demand from refiners and shorts, inspired by the bullish situ- tion in crude and the higher ruling in other markets. Considerable real- izing developed on the bulge, but final bids showed net gains of 35 to 47 points, Sales, 19,500 barrels. Tenders, 1,500 barrels; prime crude, 10.00 bid; prime summer yellow, spot, 11.05a11.15; March, 11.10; May, 11.42; July, 1 bi WARNING! Always ééy .‘“'B‘ayer” 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 safe by millions for Colds Toothache Headache Neuralgia Neunitis Lumbago Rheumatism Pain, Pain Accept cnly “Bayer” package which contains proper directions. - boxes of 12 tablets cost only a few cents. Druggists also sell bottles of 24 and 100. Handy “Bayer” Aspirin is the trade mark of Bayer Manufacture of Monoaceticacidester of Salicylicacid Fe E CTNWNH HOI F3 % i, SIUVHS NOITUN (Copyright, 1022, by W. F. Meyer.) Industrials, 1921 Industrials, 1922 to Date. . 8150, December 15 . 85.81, February 21 .7 63190, August 24 78.59, January 10 1921, 1922 to Date. FINANCIAL.. FEDERAL INCOME AND EXCESS PROFITS TAXES Conducted by DR. JOSEPH J. KLEIN, C. P. A. (Copyright, 1922, by Joseph J. Kleln. All rights reserved.) (Tax questions should be addressed to Dr. Klein, in care of The Star. To receive sitentiou all communications must be signed. Dr. inquirers.) ARTICLE XXXV. Klen 1 ‘While I am inclined to dlscontlnuai further discussion of Section 202 and |$2,300. proceed to other matters, 1 feel tbat we are justified in spending more time on this section because of its great importance. Subdivision of Section 202 deals with three mat- n's’ answers will not reveal tie identity of Q. (114)—Will you kindly explain gross and net Income?” My salary is $3,000. Receive from rent $300, in all, What do they mean by net in=- come? I am a widower with two children above exemption age; but pay $50 monthly for housekeeper. (d) | Can 1 deduct ner salary? A. Your gross income is $3,200. You ters unrelated to each other, two of | may deduct from this business ex- which 1 propose to discuss in the present article, The reader will recall that the pre- | janitorial services, if any. e ceding four articles dealt with sub- |balance is net income. | penses such as taxes on real estate, I any; interest on mortgages, it any, . The If 'you have no division (c) relating to & number of deductions, your gross income equa.s exchanges® of property whic result in the “recognition™ o loss as a result of the exchange. h do not | YOur met income. ¢ gain or | bousekeeper's salary, but you are em- You cannot deducs titled to exemption of $2,500 as heafl Subdivision (d) (1) provides that|Of the family. “where property is exchanged for other property and no gain or loss is recognized under the provisions of subdivision (c) the property received shall., for the purposes of this section, be treated as taking the place of the property exchanged therefor * * This is not only equitable, but good accounting. In order to make the language of the law clearer, let us assume that 1 own certain property (stocks, bonds, or other securities, real property, per- sonal property or mixed property) which, upon a sale for cash, I would alue at $X (representing cost or March 1, 1913, value, if acquired prior thereto). Instead of selling this prop- erty for cash. let us further assume that I exchange the property in ques- don under any of the conditions dis- cussed under subdivision (c) of Sec- don 202. The property which I re- ceived in exchange for my original property must, if subsequently sold ‘or cash, be valued by me at $X in order to determine taxable loss or axable gain. This subdivision (d) clearly brings »ut the distinction so important in in- ome taxation, especially in the ear- lier acts, e., the distinction betweer + “closed” transaction and one which = not closed, or, as it is sometimes »ut, between a “completed” and an ‘'uncompleted” transaction. The second item under this subdi- sizsion (d) of Section 202 cannot be liscussed here, for lack of space. 1 nust postpone its discussion until next Monday. QUESTIONS AND ANSWERS. Q. 113—A friend of mine has small cigar store and he does a busi- 1ess of about $10,000 a wear. which sives him a profit of about’$2,200. He a $400 for light and rent, which eaves him about $1.800. He is a narried man, but is separated from 1s wife, to whom he pays alimony f $6 per week. Does he have to nake out an income tax, and what is 1e exempt from? He also has a mar- vied daughter, to whom he contrib- ites about $200 a year, owing to her ausbhand’s inability to get a decent salary sufficient to live omn. A. Must file a return; 1.000. exemption (115)—As per your reocelpt statement that dividends from stodk are not subject to the normal 4 per cent tax unless income is $5.000, will you please state if such dividend : must be reported on the forms, and also, if savings bank interest is sub- Ject to tax. Last year I pald a tax to both the government and state on some small dividend returns, and al on savings bank interest, and I y sume others have done likewise, ow- ing to the wording of the forms. Will sums unnecessarily paid be returned by the federal and state authorities" A. You misunderstood me. I said dividends received on the stock of do- ‘mestic corporations are not subject to the normal tax (4 per cent or 8 per cent); they are subject to surtaxes only. I trusf that you recall that sur- taxes are not levied on mnet incomes under $5,000. Accordingly, unless a person’s net income inclusive of divi- dends exceeds $5,000, the dividends escape tax altogether; i. e., not sub- Ject to normal taxes regardless of amount and not subject to surtaxes. because total uet income is not over $5,000. vings bank interest is subject 1o both normal and surtax. This is so despite the fact that such interest often referred to—erroneously, course—as a dividend. Amend your incorrect returns and secure credit against &3y tax you may owe the government §g the future. Q. (116 Yy wife s $34,000 in United States fourtu liberty loan bonds, on which she receives $1.4 annual interest. My understan: ing is that these bondx are exemp: from income tax up to §35.000. Am I correct? Our joint income is less than $5,000. 40 Stat., 291, provides for a permanent exemption on_ $5,000 of these bonds. and 30 Stat., 1311 (act of March 3, 1919) provides for an ex- emption on $30,000 for five years after the close of war with Germany as fixed by the President’s proclamatior; total exemption on $35.000. A. Fully exempt. See section 1325, which simplifies and summarizes liL- erty bond exemptions. Q. (1i7)—Are union dues—that of miners, tradesmen's unions—a de- ductible item? A. Yes; but not insurance assess- ments. \RGENTINE REPORTS ADVANCE OF NEARLY $2 CAUSE GENERAL UPTURN| MARKS CLOSING COTTON CHICAGO, February rade statisticians deduced an ilarming wheat situation in the Ar- gentine today and this, {aken in con- nection with independent strength in corn and oats, caused general upturns. ‘Wheat registered net gains of 1% to 23, corn of 23; to 23%. Oats of 14 to 11;'and provisions generally off 7% to 15 cents. Wheat opened easy on lower Liver- pool cables, prospects of Sunday rains in the southwest and a desire of some cating reductions of from ten twenty million bushels in the export- able surplus of the South American!iy absorbed on coi granary. On this advance there Was' gothacks. and the m: some selling by strong commission houses and a reaction developed at wround 1.46 for May and 1.25 for July. Then a brokerage news agency gave out what purperted to be a cable ad- vice to a leading exporter showing 000,000 bushels as the remaining exportable surplus and the anonv-1 mous exporter was credited with pre- dicting that it was “quite possible that Argentina might import wheat by summer. The resultant buying dominated the final hour of the Sat- urday short session and cartied prices to the high point of the day. Corn sold for a new high on the crop. A strong undertone prevailed and the market was broader than for some time. Ex- tensive profit taking caused only slight recessions, the state of country supplies and reports of export demand Svercoming_tais. Announcement that the Russian relief would receive bids next week for 25,000 tons of corn grits helped the market. Outs were influenced by a good ex- port demand and the strength in corn. It wi visible supply of oats woul Ineiude about 1.650,000 buehels store d d 25.—Grain | as announced that Monday's fig-| | | olders to take profits. The Argentine:vance of 2 to 5 points and sho: -stimates quickly overcame this move- i ed some irregularity during the early nent, however, the first figures indi-|trading as a result of renewed re- i | ! i ] | NEW YORK, February 25.—The ad- vance of nearly $2 a bale in the cot- ton market here today seemed chiefly the result of more bullish trade ad- vices, including reports of a more active demand for cotton goods and a better spot business in the south. May contracts sold up to 18.24, or 37 points net higher and 57 poinis above the low level of vesterday. That delivery closed at 18.20. with the general mar- ket closing steady at a net advance of 26 to 33 points. The market opened steady at an ad- 10} alizing for over the week end. On the whole, however, ofterings were readi- paratively slight ket soon turned firmer on_trade buying to fix prices, covering by people who had sold for a reaction earlier in the week and fresh buving for long account. The increased sales of cotton goods re- ported in the Fall River market for the week came in for a good deal of comment, while bullish sentiment also was encouraged by the more favor- able reports from Manchester and a belief that a continued improvement in the demand for British goods would soon force Liverpool importers into the spot cotton markets. Trading was comparatively quiet at the start. but became more active prices %orked higher, -and forencon advance was pro: bullish southern spot advice 80ld up to 1855 and July to 35 to 38 points net higher. an. crop positions showed net advances r 28 to 33 points. The close was a few points off from the best under re- alizing. The week's sales of cloths in tha Fall River market were estimated st 230,000 pieces, or the largest totul reported for any one week since the 5 , January 15 . 78.71, February 24 |! tfors which have not been re- | beginning of the year. The curtafl- . 6552, June 20 73.43, January 9 I o their suppiles. Provisions | ment of production there was. eati- Twenry Industrial Common Stocks Used Are: were only moderatel !ahcefl::h:g; :;e]m?;et: h:: mu:ooh pieces, and it was strength in grain an - | sal goods buyers were nervous BT aray AmTARTe ComTrommen Semeraker o Tian Gopoer Jence in 1ive hogs worked prices up- | over the porsibility of increased cur- ‘Am Locomotive Anaconda . Gen Electric Texas Company ~ Westing ward and lard showed a new high for| tafiment in New England. There wers AmSmelting Baldwin Loco Goodrich U8 Rubber Western Union | the season. also reports of a more active demand Twenty Rallroad Common Stocks Used Are: for cotton varns, including business ©M & St Paul K C Southern Northern Pacific Readinj X ard shipmen! Biotincore & Ohio Del & Hudson * Iehigh Valley New Haven g:umer'n pacifie NEW YORK BANK STATEE:‘ ‘ Eri s & Nasl Nort ‘estern Bouthern Rwy .—The : e i Miinois Central N ¥ Central Denveyivania " Uaton Pacise eNEw STl Eevrnasy Clearing| LIVE STOCK MARKETS. Daily Movement of Averages:- house banks and trust companies for | BALTIMORE, February 25 (Special). TIndustrials. the week (five days) shows that they Live cattie—Receipts at the stock- January 25, Wednesday . February 9, Thursday . e $44.200.520 in_ excess of legal|yards are ample, but very light on the Thursday. [ikebruary, 10 Frlaays.. requirements. This is an increase of | wharves: demands fairly good for 2 Friday i;:g;‘;:g 15 Batwcey $46,401.260 from last week. choice fat stock, but common, ordi- Jamuary 28, Satuviay February 15, Wednesda: The statement follows: _{nary cattle in slow sale. Quotations ‘1,.& 31, Tuesday - February 16, Thursday Loans, discounts, etc., $4.352,573,000; | today at Ligth street wharf: Beef cat- February 1, Wednesd | February 17, Friday . decrease, $25.725.000. tle, first quality, Ib., 7a7i%: medium, February 2, Thursday | Feboary 18, Baturday .. Cash in own_ vaults, members fed-|51.a63; bulls, 313a5; cows, choice to February 3, Friday . T8({February, 20 Monany. eral reserve bank. $65,980,000; in-|fancy, 41,a5; common to fair, Sad: February 4, Saturday e S Ty crease, 3,605,000 : Kk ot|oXen: 3atia: mileh cows, choice to Kebtuaty 6, Nimeny - 38 (38 February 24, Friday ... : 38 Reserve in federal reserve bank of | fancy, per head, 50.00a75.00: common e Weaseaaey 74 X 2 et banks, $533,007,000; increase, | to fair, per head, 30.00a40.00. - - = $14.542,000. Calves—Choice. handy-weight veals, “LIBERTY BONDS AT A GLANGCE. | strcive in own vauts, state banks 10213015 "choiee 1oy, heses veain * |and trust companies, $7.632,000; in- 10a11: "fair’ to good. $3al0; —1922—, crease, $97.000. smooth, fat calves, 8a91;; il figh Tow, Yertomany. Tiela, |~ Reserve in depositaries. state banks rough calves, faz. i Liberty 3% 6-15-47 9793 9484 9696 368|and trussstz:g‘;npnmu. $9,113,000; de- plames ntnd nherv-—g\'o. 1 sheep, per Liberty 1st 4s. . 6-15-47 5. 9800 9600 9700 4.19[crease, 3NN qoposits, $3.811.876.000: mon. 215a01s: ;'lld‘b?ckn? sadle: com Liberty 2d 4s. . 11-15-42 97.58 8534 9784 9500 *9664 424|gccrease, $14.248.000. ~United Stateschoice, Ib., 13al4; fair to good, 10a1° Liberty 1st 4%s G-5-47 9300 8540 9806 9600 9710 444|deposits deducted. $8LE96000 | common thin, Sas. Liberty 2d 4%4s 11-15-42 97.80 8530 . 9816 9574 9686 448 ’le'lar:: ’ldf;’;?z“l‘-;. $265,096,000; Liberty 3d 4%4s 9-15-28 9824 8800 9820 9674 9746 470 | S ation, $33,627.000; increase, | choats, 10all Liberty 4th 4i4s 11538 OBI¢ 8574 SEA 95%6 . 5724 448 63,060, Coriitsr ats, 10a11. Victory 33is... 5-20-23 10008 95 . X 10002 370| Aggresate reserve, .754,000. Vic!m’y 4;25 5-20-23 100.10 95.86 ° 100.32 100.02 10026 393| Excess "051‘;'5':- $44,202,520; in-| FINANCE AND TRADE NOTES. Note.—Tlelds on victory 8%s and 4%s are to June 1, 1922, nearest possible redemption date. | cTease, $46,401,260. e Meat ity o ieare Meabiice M- The Year 1922 to Date on the Washington Stock Exchange. Up to and including Saturday, February 25, 1923. Furnished by W. B, Hibbs & Co., Hibbs Bullding. Bales. BONDS. Open. High. Low. Close. $1,000—Ana. and Pot. River R. R. 58 80 80 80 20 33,000—Capital Traction 1st 5s 95 _9%% 94 9415 9,000—City and Suburban Ry. 1st 5s.. 8 80 -8 80 —C. and P. Tel. of Va. 58 . 91 91 91 a1 6500—Georgétown Gas 1st 5s.. 81 81 81 81 4,000—Metropolitan R. R. 1st bs... 94% 9L 94% 943 2,000—Pot. Elec. Power 1st 5 9% 94 9% 94 44,000—Pot. Elec. Power cons. 893, 9% 89 91% 5,500—Pot. Elec. Power deb. 6s. - 99 99 98% 983 64,100—Pot. Elec. Power gen. 6s...... . 98% 99 10,000—Wash., Balt. and Annap. 1st 5s. . 18% 8% 32,000—Wash. Gas Light gen. 58. - . 881 89% 59,000—Wash. Ry. and Elec. cons. 4s.. . 653% 69 17,500—Wash. Ry. and Elec. gen. 6 . 953% 7% 20,200—Wash. Gas 7%s... . . 104% 106% 57,500—P. E. P. gen. mort. 78 104% 105% Shares. STOCKS. 10—Amer. Tel. and Tel... 115% 1,207—Capital Traction . 9515 757—Washington Gas ..... 487 1,009—Wash. Ry. and Elec. com. 36% 1,236—Wash. Ry. and Elec. pfd.... 65 20—Commercial National Bank. 135 2—District National Bank.... 168% 10—National Bank of Wash 190 10—Second National Bank.. 148 50—American Security and Trust.. 222 232 141—Continental Trust B 9815 95 1—Union Trust ...... e 118 20—Wash. Loan_and Trust.. 275 10—Merchants’ Bank .... 147 1—Firemen’s Fire Insuran 18 473—Mergenthaler. Linotype 145 215—O0ld Dutch Market pfd. 7 663—Lanston Monotype .eee 0% aary of state banks and trust o ies In Greater New York mot o Paed in clearing house statement: Loans, %‘%‘;‘1‘%&' etc., $627,971,100; ase, $8,057,600. dGota. $4,950,800; increase, $19,800. Gurrency and bank motes, $16. 935.600: increase. $224,700. Y Sposits with Federal Reserve Bank of New York,- $52,341,700; decrease, $1.192,400. Total _deposits.: $652,933,300; de- crease, $12,359,100. Eliminating amounts due from reserve depositaries and other banks and trust companeis in New York and United St'lstz; f::ol".l. $606,969,400; crease, $5,628,: deflsnk.—Cuh in vault, $26.386,500. Trust companies—Cash in vault, $47,461,600. DRY GOODS STEADY. NEW YORK, February 25.—Cotton goods were steady, with the demand less active. Wash fabrics received more attention among buyers. Yarns, wool goods and sllks were quiet. Burlaps were steady. Linens were quiet in first hands, but, sold steadily in distributing channels. —_— COFFEE MARKET EASY. NEW YORK, February 25—Coffee, Rio, No. 7, 8.1515-16; futures, easy; March, 8.47; July, 8.67. —_— Comets vary in their speed, like traina. The great comet of 1882 traveled 298 miles per second. Hal- ley’s comet does ot travel so fast— roughly, about fif:y miles per second ! ing the colors of Hungary has sailed from Baltimore. It is the steamer Haros, which halls from Budapest. On February 28 the Farmers' Loan 2nd Trust Company will celebrate the 100th anniversary of the granting of a charter by the New York legis- lature to the Farmers' Fire Insurance and Loan Company, which the trust company succeeded. Detroit Edison, in its report for year ended with January 31, shows net income after interest of $a, 735, an increase of 43.3 per cent from $2,084,493 for the preceding year. Its gross in the former period gained 5.9 per cent to $23,590.885. Savage Arms had in 1921 a deflcit of $1,234.011, of which $559,950 w: accounted for in loss from operatio: and $674,061 through readjustment of inventory values. For 1920 a surplus of $117,769_was reported. General Cigar reported gross earn- ings of $7,724.610 in 1921, a decline of $2,155,138 from the total in the preceding year. Net earnings before interest charges amounted to $2,447.- 141, against $3,707,03 in 1920, and after providing for interest there re- mained $2,113,855 available for divi- dends. Union Bag and Paper has declared a dividend of $1.50 a share on its capital stock for the current qua: ter, in contrast to previous divident at the rate of $2 quarterly. A New York Stock Exchange mem- bership has been transferred for $86.- 000, a_reduction of $2,000, compared with the last previous sale of $88,000. ———— The violet is the flower of the Mo- hammedan religion and violet is the mourning color of its followera.