Evening Star Newspaper, March 5, 1922, Page 26

9, 26 'LINES OF INDUSTRY SHOW BETTERMENT Most Comprehensive Deal- _ings in Securities in Year Indicated for Week. NEW YORK, March 4—The action of the securities markets this week, on the most comprehensive dealings _of the vear to date, evidently was in- | fluenced by many signs of betterment in various branches of trade and in- dustry. To @ considerable extent this was true of the commodity markets, al- though surface conditions in some of the leading staples—cotton *for ex- ample—suggested an overbought or widely extended position. Trading In stocks retained much of it professional character, but even the speculative demand ran towird rails and industrials of the types which have emerged more or less suc- cessfully from the many readjust- ments of the past vear. Interest in Metal Trade. The turn into March witnessed a marked _increase in production of steel and iron, and resumption of min- ing operations in the Montana dis- trict, coupled iith better prices queted for copper. suggested a dis- i tinct revival of interest in the metal trade. i i Pursuant to the conservative poliey adopted by the directors of industrial companies, more dividend disburse- ments were suspended. The most noteworthy of these affected two of the independent steel companies and one of the prominent miscellaneous group. United Retail Stores. Opinions regarding the immediate course of the money market were somewhat divergent. arveys of prospective conditions, as view by the Federal Reserve Board and the Depart- ment of Commerce, afforded encour- agement to legitimate or productive Inl'erbszs, European Trade Better. Improvement in the ¥ n trade tuation was again ¢ expressed v the stability of foreign curren- cies. although part of this gain was forfeited in the latter part of the week. trength of South American exchanges was accompanied by the of another fairly large loan . to_the Argentine republic. { _ The auotation of fore % likely to undergo radical 1 however. as a result of the att { of the Washington administration. { Announcement th#t the State Depart- | ment purposes to inform itself of all ! future Furopean underwrit by i cur bankers marks the beginning of * a new era in the international finan- § cial history of this country. GRAIN AND PROVISIONS. © CHICAGO. March 4.—Bears raided! the board of trade grain pits today | and a hectic two and a half hours of trading resulted. The entire list lost: i zround. wheat finishing with net! ilosses of 33 for May. 23 for July| nd 11, for September: corn, 2% to s met lower: oats. % to T off, and ons from 1 to 2512 points up- Friday's finish. jprov FINANCIAL. T INDUSTRY-COMMERCE TREND STILL TOWARD BETTER THINGS e aiaha oG e sk GROWING DEMAND FORFINISHED STEEL | HE SUNDAY STAR, WASHINGTON, D. C, MARCH 5, 1922—PART 1. | RANGE OF MARKET AVERAGES. |GASOLINE PRODUCTION SETS A NEW HIGH RECORD IN 1921 The following chart shows graphically the action of forty repre- sentative stocks dealt in on the New York Stock Exchange. The period covered 18 the past month, up to and including the close of the market Friday, March 3. The lower section of the chart indicates the relative activity of the market. Most Hopeful Feat f Business Is Th: ik ost op eature O usiness 1s at ] i Traders Are Not Jumping Into Indus- f e xonie,sareh ¢—pemona tor | %9 5 finished steel continues to make slow 5 but steady growth and the various| |86 trlal Stream Rccklessly_ companies are showing gains in their| @ daily output. The demand is espe-| g4 84/ Lo = [ cially encouraging for structural ma- | g " J. C. ' LE. wheat crop will escape thn green bug, terials and for plate for tank and car! & NEW YORK, March 4.—The current | yet and the perlod of activity of this | Scneral demand for prompt delivery.| @ by the spring break-up of frozen cred- e ! keen and prices are barely steady its. Ana there is no question but that | ST PAUL, Maven “""(!;-e R :vilh“xeuers inclined to shade values 5 k ST. L, ofal) —Spring | to effect sales. it is moving in the direction of better | huginess in’ dry goods and .rotions is| The pig iron market shows further| “ conditions and greater prosgerity. If'wcll ahead of that for a gimilar period | improvement, and an encouraging that movement is not apparent on the last year. feature of the demand is that the i surface, it is none the less irresistible g ,:;‘;“';p is l:leglm-\ilnfi Ao flr‘-llelpate Ve 3 - us Meta r needs. Although prices are and is increasing in force as the slde| jopp N Vo, March 4 (Special)— | Benerally well held, inducements are l streams of various Industries DOUT|This weck has witnessed a further im- | offered for large orders. 7 their outputs into the main channel. | provement in production in-the tri-stute Copper Tone Stendie Like every great stream, it has its ed- | {edf and mne Hields. This has been due | Copper has shown rather a steadier| -~ ¢ dies and its back waters, but the most tone during the week. While no In- & : it 3 ease in business of importance hi = hopeful thing is that business men are B Auton. ; been reported, there has been a little 3 not jumping into the stream reck- CLEVELAND, March 4 (Special)— |more doing for export, and buyers tessly. I::;-_kro:d;shor the White Motor Com- | for dolmeslm consumption have shown | ;= £ industry and com- | P2 or February were the largest of | more interest. In the meantime most H m':rl:‘” '2:.‘:3:,':;‘22&(.:““. s has been {0y month since June, 1920, . of the small lots recently pressing 3 recorded on a score of accurate gauges in various seéctions of the country, a Jobbing' and Wholesale Lines. cording to business dispatches receiv- | ' PHILADELPHIA, March 4 (Spe- ed within the last twenty-four hours. | cial).—Orders in nearly all jobbing | More money is coming into the marts|and wholesule lines are running of trade. Funds long tied up in lons- standing debts are flowing back into trade chanuels. Steel Production Grows. Steel production, one of the most accurate ganges of the trend of in- dustry, is_increasing quickly Aand steadily. Sheet mills, rail mills and furnaces are increasing output, in- creasing pay rolls and increasing sales. Prices have not increased ma- terially, but they have stabilized. Farm products have given convincing evidence of the strength of the up- ward price movement. Railroads. with evidence of tremendous freight more for immediate shipment than for future delivery. This is due, merchants say, to price uncertain | which, they believe, Is likely 10 con- tinue until a tariff bill is passed and signed. Hope of lower freight rates, k‘rf_t)rts of manufacturers to cut oper- ating costs and prospects of lower fuel prices have tended to keep buy- ers out of the market. Replacement rs, however, indicate goods are moving with reasonable dispatch at retail. BALTIMORE PRODUCE. i and passenger traflic in prospect, are| BALTIMORE, March 4 (Special).— | increasing equipment and facilities. | While the egg market has been un- They are spending money by the mil- | settled and easy all week, receipts lions. have been moderate only, and with | Coal has drifted out of its back idealers taking hold readily at the water. Manufacturers and business|lower prices prevailing the market men are firmly convinced that any |closed steady at 28 a dozen for native | strike in the coal mines will not be of long duration. But they are pl ing the “better safe than sorry tem this T 8 meerns 3 serve supplies to and nearby strictly fresh stock. An: increased demand is noted from store- | keepers, the lowering of refuil prices putting mecre eggs inte consumption, } and present prices will probably hold | &00d for next week, | nsure production in their plants, no matter how long the| Under light receipts and fairly| strike lasts, netive demand the live poultry mar- Y ot rules firm, with values ruling Kgxtiletliradesiinde i higher. and liberal shipments are ad- The tenacity with which business gy ‘e i ) il i the coming week, espacially men hold to ll‘le prospect of heu;'r of desirable sized chickens, whi conditions is being shown in the | po n good demand owing ¢ v- textile trades. The strike of cotton |y L5050 emEns owing to the Jew . mill workers in New England has|peen light and demand ia not served to influence prices for|for small to medium bird goods materially. The tremendous reserve stocks of wool held by the government since war time have now been rully ab-! sorbed. Wool prices are firm and the shear- la pound for hens and young gobblers; large, rough gob- blers and old toms not desirable at this time of the year are slow sale at | while poor are not wanted at 30. and crocked breasts inz season, just started in the far!’ Liige “emooth young chick i 1 e. smo cns w sonthwest, _will bring _across the | pringo33 to 31 and® winmeens will country a flood of ready money to|pounds cnd under. 36 Lo % e sheep growers. who ‘will receive | rough, stagzy and thin are neglected b s this vear nearly half as large in as obtained in 1921 Auto Industry Thrives. at and 2i. Fat old hens, thr pounds and over. are active at 30 fsmailer and white Leghorns selling lder r prices at Liverpool and weakness in corn started wheat on he down grade from the opening.! selling by houses with New | ¥ Heavy iYork connections ran the market into | Istop-loss orders, and soon prices| showed drops of 2% to 4%, with May eading. The run on May was helped :by a local concern, which sold that Zoption and bought July, the result “being a narrowing of the spread be- . tween the months. Later there was a rally on reports of seabaord sales for export, and that Japan had takent 250.000 bushels of hard winter and 150,000 bushels of Manitobas over- night. But in the last fifteen minutes sellifg by pit traders, who bought on | the early decline in anticipation of a late rally, caused a sharp setback. Corn was weak under the same kind of selling as wheat. but when inside figures reached 5% under Friday's high seaboard houses and shorts! bought freely and the finish was onj & good rally. 2 _Oats resisted the pressure from the wheat and corn pits stoutly, and there was less liquidation in that grain. Provisions started off with a new season high mark in lard, but broke sharply when grain declined. The cprn rally gave some later firmness tp an otherwise featureless market. INEW YORK, March 4—Corn meal | eady; fine ite and yellow gran-! ed. 1.80a1.95. Wheat— 2 red and No. 2 hard, 1 itoba. 0. 2 white, 49. middle west, 12.55a212.6: les unthanged. | The { Paint Company has sufficient orders on al 28, but with the expected increased demand next week prices will ne doubt advance. Ducks continue firm, and desirable stock wanted at 32 to 36. Receipts of this sort light, but small and poor ample at 26. The market for geese rules steady, with values showing wide range ‘as to_quality. nearby be- ing quoted at and 25 and Kent but_poor and thin 1 to 22. Pigeonsand guinea fowl in light receipt and high- er, the former selling at to 40 a| Auto production continues to in- crcaze and sales are marching with it. With the commissioning of cars after the winter, tire manufacturers are speedinz up production and there are indications of a trend toward higher prices. Gasoline is in better demand and refineries in some sec- tions are operating additional equip- | ment to meet orders Furniture shipment from the fa tories now is over 50 per cent great- er than at this time last ver. ¢ materials are flowing into these fac- tories in equally increased s Sugar prices are somewhat and prospects are better. Copper is looking up and lead and zinc are in- creasing in demand and in price. Commodity Reports From Various Sections Fruit. SEATTLE. March 4 (Specialy.—Apple growers' organizations in Washington are backing a proposal to build a new railroad 120 miles long to provide an outlet from the apple-growing district around Wenatchee and connecting with the three transcontinental lines which cross the state. voung and 40 for old. There is a| better demand prevailing for dressed pouitry of all kinds. { Receipts continue light and the market is firmer. with the movement best on straight lots of young chick- fat hens and large, fancy capons, while ordinary mixed Iots are slow to find favor. Choice to fancy S sell 43 to 45 a pound; fair to good, 38 ; old toms, 35 and 36, and poorly dressed and thin. 30. Choice young chickens active at 33 to 35, while old and mixed are slow sale at 30 ‘to 32.| Choice to fancy ducks will bring 321 to 35 and geese 28 to 30. Large ca- | pons. seven pounds and over, wanted at 32 and 43, and medium. 5 to 6 pounds, 38 to 40, but small slips not so_desirable at 32 and 33. The supply of white potatoes is ample for ail trade wants, and only | smooth of uniformly large size will {gommand outside qiotations of 2.00{ i 15 per 100 pounds. Maryland and ! Virginia McCormicks slow sale at 1. jto 1.90. No. 2 anad frosted stock, all seetions, not active at 75 to 1.00, and No. 33 not wanted at any price. Sweets and yams running liberal and Paint. BALTIMORE, March lithophone plant 4 (Special).— of the Glidden hand to keep it running at capacity all Grain. FORT WORTH, March 4 (Special). s | —1It now appears certain that the Texas imarket rules lower and .easy, with!pounds and 3.00 to 4.00 for No. 2. WARNING! Always say “Bayer” when you buy Aspirin. puir and the latter §5 to 30-each for S for sale appeared to have been either absorbed or withdrawn, and while some metal is said to be still avail- able around 123 cents, the bulk is reported to be in small ingots. which are in relatively light demand. The port business reported has been largely for shipment to France and the continen but small sales have been made to Great Britain, and there (Copyright, 1922, by W. F. Meyer.) Industrinls, 1921, Industrials, 1922 to Date. 81.50, December 15 | High.. .. $6.52, March 3 63.90, August 24 Low. 78.59, January 10 Ralls, 1021. High. Low.. Ral 2 to Date. High. 77.56, January 13 i‘lllgh“ 9.16, February 25 Low. 65. June 20 j aaow, 13, January 9 has been a moderate inquiry for cast- Twenty Industrial Common Stocks Used Are: ng. for China A Am Can Am Sugar s ‘Tin w weak, following sharp de- | Am Car & Fdy Am Tel & Tel 1 clines in London and the far east,| Am Locomotive Anaconds Westinglouse which has badly disturbed confidence | Am Smelting Baldwin Loco T 8 Rubber Western Union among local dealers. Twenty Rallrond Common Stocks Used Are: Lead showed little change and gen- | arcnison CM&StPaul K Southern Northern Pacific Reading eral trade conditions have continued| Baitimore & Oin Del & Hudson New Haven uthern Pacific satisfactor inc has been firmer with not much offering. There is some disposition to anticipate requirements, including a better demand as far ahead as June delivery. Antimony remains quiet, the large arrivals supplying what demand there is from consumers. —_— NEW YORK BOND LIST. " YORK, March 4 reggistored 0 conpon U s registerad U 2 44 coypon. Panama s registered. Leligh Valley . Rrie Loix & Nahi Norfoik & Western Ilinois Central N Y Central Pennsylvania Daily Movement of Averages uthern Rw Union Paciti itic Industrials. . 8383 Febroary 1. Wednesds Februar Tlursaay February 3, Friday . X February 4, Saturda; | February February fonday | February 44 February 60 | February uesday . Wednesday . Thursday Frida Saturday Wedpesduy Tuesday " Thursday .. 5. Wednesday 5, Fridas February 16, Thursday i ONDS AT A GLANCE. FINANCIAL. Five-Billion-Gallon Financial Gasoline is the key to prosperity in the oll industry. Year after year new high records of its production and consumption are set up. To this rule 1921 furnished no exception, in spite of the slower trend of general business. Gasoline is the one commodity that shows a steady increare in demand in the United States. ’ A consistently progressive gain in the use of this new “monarch of mo- tion™ is revealed in figures just pub- lished by the United States bureau of mines. Last year's output was nearly four times that of 1915 in volume and more than eight times greater in value. Y The five-billion-gallon mark in the production of gasoline was passed for the first time in 1921. The total amounted to 53,549,318 gallons, as against 4,882,546,649 gallons during the previous year, 3.957,857,097 gal- lons in 1919 and 1,344,000,000 in 1915. Last year's output represented a gain of 271,002,669 gallons over t preceding twelve months. It w equivalent to a daily average of 14.- 119,313 gallons, compared with 12 340,291 gallons daily in 1920, 10,843, 444 gallons in 1919 and 3,682,191 gal- lons in 1915. Consumption in 1921 Makes Record. Gasoline consumption in 1921 totaled hand at the end of the last year were 586,087,132 gallons (forty days’ sup- ply). as against 462381571 gallons (thirty-five days’ supply) on Decem ber 31, 1920. Demand for gasoline is constantly encroaching on the proportion of crude oil output reserved for other products. In 1921 gasoline produced in American refineries represented in quantity about 26 per cent of the petroleum congumed. This ratio. which has increased steadily ea year, compares with 12 per cent in 1915. Gasoline became the chicf deriv: tive oi crude oil as to value in 1815 i Three vears later it was worth $634.- 000,000" and equaled the value of ail l ! A i nels o other products combined. Since then A an grelung, and Refining {it has become an increasingly impor- Armour T Ce Maturity —~—-1921, —1922—, Close ltant factor. until now the gasoiine Ateison gor ds.0 0 e P . J'ht')'.s" "‘s‘;# T"‘g_r'";jf»\‘b‘l&-d'mar]wl gocs far toward determining juatie Coast Line s Liberty s 6-15-47 7. . 7 3081 the status of the oil industry as a Betiioes: Saeqo ¢ Liberty 1st 4 . 6-15-47 9800 9500 *97.30 417]whole. Central of Liberty 2d 4s. . 11-15:42 0784 0560 #0704 421| The l“\'as}llll}‘glon Baitimore and Central Leather 5 Liberty 1st 44s. 6-15-47 98.06. 9600 9740 4.42}Annapolls Railroad Company earned ral Pucific 1st 3 4 sty dividends on all its outstanding stock Chesapeake and Ol Liberty 2d 4!4s - 11-15-42 98.16 95.74 9720 4.46ifor 1921, according to preliminary e e GRS Liberty 3d 4i4s D o528 0828 9671 U820 4.36|fkures for the year, now availabie. Chicazo’ and Northwestern gen. 5s...... Liberty 4th 413 .. 10-15-38 9820 9586 9748 4.47| The income of the Annapolis Short Chiie Copper,” col. trust Gs. 10030 9996 10002 370;Line Company is included for com- 'and Southern ref. 41y . 30, 20 : 370} parative purposes in the figures for er and Rio Grande con . 100.32 100.02 10028 390i both 1921 and 1920, although the Ilinois Interborouxlr Ita Int. Mer. M Kansas City. Liggett Tx Louisvilie & 3 Missouri, Kan. and Texas 1st 4x. zen. 4s. r G w York Central dob. Wes: North, s . ern jr. 63, I public 1 ouin and San Pran. R.R. 20j. 6. ward Air Line adj. 5s Southern Bell Tel. Sontiern Pacific ¢t Virgini Wabash_1st Wilson Ty ( *Bid. the supply of choice stock equal to demand at 3.50 to 4.50 per barrel for the former and 3.00 to 4.00 for the latter. No. 2 stock of both selling mostly 1 to-2.00. Bushel hampers bring 1.25 to 1.65 and 30 to 75 for No. 2. With the increase in supplies of early_ spring vegetables from Florida the demand for native and nearby garden truck eased off and the rules easy Oyster market quotations bunch; turnips ket; parsnips, folk ach, tinu at the following plants, 6 to 9 30 to per 4-8 bas- to bushel; Nor- «le, 1.25 to 1.40 barrel, and spin- 10 4.00 barrel. Onions con- active at 6.00 to $.25 per 100 | | 1 J w he'n you see the name “Bayer” on tablets, you are getting genuine Aspirin prescribed by physicians over 21 years and proved safe by millions rfor Colds Toothache Headache Neuralgia Neuntis - Rheumatism Lumbago ~ Pain, Pain. Accept only “Bayer” package which contains proper directions. Handy “Bayer” boxes of 12 tablets cost only a few cents. Druggiets also.sell-bottles of 24 and 100. ') Asbiriniathe trade MATK ¥ Bayer Masutactuse of Menoscetiossidaster s e | Southern Railway &s teids ou sictory 3 nd 43;s are to Juge 13, 1922, nearcst possibie redemption date. Below is shown a summary of the fluctuations of prices of active bonds on the New York Stock Exchange for the weck ended yesterday, March 4, 19; Previous liberty 2d 4 7 liberty st 4igs. & liberty 2d 4is. . liberty 3d 41 liberty 4th 4%s. 97.24 . 8. victory 3%s.... 100,00 100.00 T. S. victory 43%s........... 100.26 100.24 City of Rlo Janeiro §s, 1946 100 French government $s French government 7Tiis .. Government of Switzerland Kingdom of Belgium 7l3s.. Republic of Chile 8s. 1946 U. K. of G. B. and Ireland <. of G. B. and Ireland 5} U. K. of G. B. and Ireland 5%zs, 19 Am. Agri. Chem. 71gs, 1941.... Am. Tel. and Tel. conv. 6s. Armour & Co. 4128 s A.T. and S. F. gen. Atlantic Coast Line 8 Atlantic Refining 672 1931 Atlas Powder i%s, 1936.... Baltimore and Ohio conv. 418 Balitimore and Ohio b Baltimore and Ohio S.W. Div. 3 Bethlehem Steel s. ogh Burlington (N. P.-G._N. joint) 6 Canadian Northern s, 1940 Canadian Nat.-Canadian Nor Central Leather 38 .. Central Pacific 4s, 1949 ... Chesapeake and Ohio conv. . Chesapeake and Ohio conv. 5s i, Mil. and P. ref. 4 Chi., Mil. and St. P. conv. 1%s. Chicago Northwestern 61;s, 1936. Chi., R. I. and Pac. ref. 4s.. 7 Chicago_Union Station 6lis . 113 Cuban Cane Sugar Ts, 1930 7915 Du Pont Tts, 1931... 1085 Delaware and Hudson 10712 Erie gen. lien 4s .... 145 General Electric 65 .... 104 Goodyear Tire and Rubb Grand Trunk 7s, ret.... Great Northern 7s, 1936 Tilinois Central 53s .... 5 International Mercantile Marine 6s. Inter. Rapld Transit 1st ref. 58 Louisville and Nashville s Mo., Kan. and Texas 1st 4s. Migsouri Pacific gen. 4s....... New York Telephone 6s. 1941.. New York Central 7s, 1939. New York Central deb. 6 Norfolk and Western cons. Norfolk and Western com Northern Pacific 48 ..... Packard Motor Car §s, 1931 Pennsylvania 5s, 1968 .. Pennsylvania 61:s. 1936 i Pennsylvania 75, 1930 ........... Pennsylvania gen. mort. 4%§s.... Reading gen. 48 ........... Seaboard Air Line 6s, 1945.. Seaboard Air Line ref. 4s... Seaboard Air Line adj. 58........ t. Louis and San Francisco 48 A St. Louls and San Francisco Inc. 6s. Sinclair Cons. 71gs, 1925 Southern Pacific 1st ref, Southern Pacific conv. 4s er §s, 1941. 107% “4s! 6s outhern Railway gen. 4s . Union Pacific 1st 4s........ TUnion Pacific cony. 4s ... Union Pacific 6s, 1928 . United Drug Ss, 1941 U. S. Rubber 58 U.'S. Rubber 7% U. 8. Steel 8.{. 58.............- U. S. Realty and Investinent 38 Va.-Car. Chemical 73:s, 1932 Wilson & Co. 1st 6s. ‘Western Union 633s, 1936 .. The Year 1922 to Date on the Washington Stock Exchang‘e. Up to including Saturday, March 4, 1922, Furnished by W. Il. Hibbs & Co., Hihbs Buflding. Bales. BONDS. i) Open. High. Low. Clos $1,000—Ana. and Pot. River R. R. i8 80 30 50 0 1,000—C. & P. Tel. of Va. 55....-- 01 oL . - 91 a1 40,500—Capital Traction 1st 5 as 95% 94 9515 9,000—City and Suburban R 8 £0 8 80 500—Georgetown Gas_1st -5 &1 81 §1 81 4.000—Metropolitan R. R. 1st o8 . 941z 4% 94y 2,000—Pot. Elec. Power 1st 08..... B 94 a1% M 44,000—Pot. Elec. Power cons. 58 913 9 6,000—Pot. Elec. Power deb, 6s. 99 98 68,100—Pot. Eloc. Power gen. 6s. 99% 99y 10,000—Wash., Balt. and Annap. 18t 8% 8% 33,500—Wash.' Gas Light gen. 53 903, 90 64,000—Wash. Ry. & Elcc. cons. 4 89% 69 25,600—Wash. Ry. and Elec. gen. 65 97l 971, 30,700—Wash. Gas 7%s..... 106 105% 62,500—P. E. P. gen. mort. 7s. 106 105% Shares. 'STOCKS. 10—Amer. Tel. and Tel 115% 115% 2,225—Capital Traction . 9% 9534 857—Washington Gas .. 50 49 1,134—Wash. Ry. and Elec: com. a3 4012 36 1:365—Wash. Ry. and Elec. pfd. 64 6632 6615 20—Commercial National Bank. 135 135 2—District National Bank. 168% 168% 10—National Bank of Wash. 190 190 190 10—Second_National Bank 148 148 148 $0—Amer. Sec. and Trust. 232 230 141—Continental Trust 9815 95 1—Union Trust ....,. 118 1s 20~—~Wash. Loan_and Trust 275 275 10—Merchants' Bank 147 147 1—Firemen's Fire In: 18 18 493—Mergenthaler Linotype ... 129% 151 151 215—O0ld - Dutch Market pfd...... 7 0—Lanston Monotype i3y THE WEEKS BOND MARKET | al Short Line properties were not con- olidated with the Washington, Balti- {more and Annapolis until the spring {of last year, and the latter company {unly derived the benefit of operating {economies resulting from the merger curing a few months of the year. Total railway operating revenues of the company for the year were 1512,540. or a reduction of only $65.690 as compared with the preceding year. Operating expenses were $1.510,454, or $137,680 less than the vear before. making net_revenue from railway operations $702,055, or an increase of from auxiliary increased net oper: nues to $808,990, or $1 {of the amount reported for 1920. jductions of taxes amounting to §1 112 left operating income of $651,878, 23 against $554.394 for the previous car. Total nor-operating income was $135,621. which, added to operat- ing income. made gross income $790. 499, an increase of $153,876. Total deducticns amounted to {while net income for the vear wa $250,531. or a decline of only when contrasted with the fore. Bank Boys Sent to Night School. “The boy who has stopped growing from the neck up is of no use to the financial worid.” This is the dictum that has sen- tenced every boy employed as a run- iner or page in the New York Stock | Exchangey to night school. No boy }is employed who will not agree to go ko night echool, according to Cameron i dey opera- reve- Beck, head of the exchange personnel rtment, Wall Streci divi : York University, and the boy gives up scheol automats up his job. “We frequently have boys come in positions who have just stopped inight schol,” said Mr. Beck. “Some- times I am able to persuade them to £0 back, but in case we employ them they are obliged to go to night school. “A short time ago several of the boys came to me and said that they were not getting just what they 5,067,660,027 gallons and exceeded ; 1920 by 260,000,000 gallons and 1919 by 1,081,000,000 gallons. Stocks on Mark in Production < Passed for First Time—Local Situation. talked the matter over and 1 found that they wanted to know more about the whys and wherefores of the stock exchange and th ay financial busi- ness. was carried on. 1 _suggested that” they go to see A. Wellington Taylor, ‘dean of the Wall street branch of the New York University. Dean Taylor was much interested th but because they were not for any of the courses at university the New YoYrk Stock hange Institute was created for Classes are held four after the closing of the Instruction is given in bus. K mathematics and Wall street tactics. All the classes are sub-university and do not | carry university credits. Boys Useful to Business. “Few people reailze how important hoys are in the financial world,” con- tinugd Mr. Beck. “They are just as essential as money itself. Besides carrying securities from one broker- age house to another, the boys act as pages on the floor of the exchange. For instance, a brokerage house re- ceives an order to sell 100 shares of a certain stock. The message is tele- phoned to the excnange, written on a slip of paper and given to one of the pages to deliver to the broker on the floor. The page must know where 1o find him quickly and perhaps carry back a verbal message to be tele- phoned to his office. “Advancement of an intelligent and ambitious yYoung page is often rapid. on the floor of the exchange auickly spot them and as soon a= there is un opening take them into their own offices.” Better times are at hand for the whole of the United States, accord- ing to William A. Bennet, vice presi- dent of the Equitable Life Insurance Company, in an address befors the company’s District of Columbia rep- rescntatives, at §16 14th street, yes- | terday. Mr. Bennet was exceedingly opti- mistic over conditions. He praised the work of the local organization, and stated that it was his honest opinion that the present year would prove one of the most favorable for life insurance in general that has been experienced since befors the war. More than fifty Jocal members of the company were present, the ocom~ sion being the inauguration of tl “go-getters” campaign, which starts in this immediately. Mr. Benmet's Address. In his address, Mr. Bennet sald, i part: “In bringing improvements there 18 a part to be plaved by you and mes and it is no insignificant one. We must get together and employ our time and abilities fully in discharg- market. iness English. business | Brokers ing the duties devolving upom that the interests entrusted to us may advance. and in such a manner as to le no doubt at the end of the, we year's campaign as to Whether have done our duty or not. 'o assist in this upbuilding thera is mited and unbounded capital ready and waiting for the men and institutions who_will employ it in the production of the vast commodi- t the world. evidence the government a few weeks ago $400.000,000 tre certificates, for which the bids reached the colossal total of 82.- 0.000,000. Federal reserve banks have a reserve of 80 per cent, a ridiculously large and unneeded sur- plus. This money must find a_place in the marts of business, and tre- mendous effort wiil be made to put it to work. Therefore, it is my firm belief that inning with spring and j=ood we there will be a_great improven in business, which will n that the economic nt conditions ing you and me will be tremen- v relicved. “Gradually all kinds of business will Swing into line and a great ef- fort will be made to speed it up un- til the essential momentum is gain- ed, which will mean that good times are ahead of us." In addition to Mr. Bennet's speech, cther talks were given by Local Supt M. A Skinner, Asst. Supts. W. Davis, J. B. Ely, T. B. Ely, T. R. Dodd, George L. Gibson and S. D. Tenny- son. as well as by a few of the agents. The following were in attendance: William A. Bennet, vice president: A. Skinner, superintendent of the istrict; Gilbert A. Clark, actu- Supts. T. R. Dodd, W. B. Ely, George L. . Tenn Harrison, Harknes: drex BN G. Farson, E. W. Yates, W. Chappelear, W. A. Burch, F. W Louk, R. B. Lyons. F. K. Price, L. I Cook, Eugene Robey, George Pren der, W. R. Morrison, Beverley Davis, J. A. Carden, L. P. Fullington, T. 1 Howlin, T. B. Owens. H. D. Willlam: J. L. Taylor, W. H. White, C. 7T C.’F. Fowler and W. T. Gra ;é;% l wanted from the night school. We Myers, REAGTIONS FROM PROFIT-TAKING FAIL TO STAY STOCK ADVANCES BY STUART P. pecial Dispatch to The Star. NEW YORK, March 4-—The most important incidents of the past week for their bearing upon the financial situation were the new highs for the season in foreign exchange rates, the continued recovery' in‘farm prices, the lowering of money rates, and the re- ports of increasing activity at the steel mills, It is well known that the rise in sterling exchange, in its jump within less than two months from $4.17 to $4.44, with an accom- panying advance in French franes from § to 91 cents, has attracted a WEST. 73 should be moments when the specula- tive following was tempted to draw down its profits, and one of these waves of profit-taking made itself felt at the close of the week. But these reactions do not obseure the leading facts back of the upward movement of the last two months— ngmely, that it marks the beginning of a real cconomic recovery in Europe 2nd at the same time such an adjust- ment of international balances that western Europe has ceased to be debtor In current transactions with America. Loans Eq ize Exchanges. In the case of France and Italy the ital to meet the comparatively mod- erate indebtedness now arising from the trade with this country. la the case of England the excess of im- ports has been so cut down that it is offset, and probably more than o%set. by the invisible or nor-commercial credits which England holds against us. For 1921 the trade balance in favor of this country was $1,376,000,- 00, but the greater part of this total was piled up during the early months ¢f the year. The real determinant in the ex- change movement is ‘the export ex- cess as it _has been running more recently. If the average for Decem- ber and January were kept up for a full twelve months our favorable trade balance would amount $732,000,000. Leaving ail invisible credits and gold transfers out of the question—and ‘our net gold imports last year were $691,000,000, this is & sum only a third more than th foreign securities which the Ameri can market has taken in-the past rear. . ” It is estimated that we absorbed some $500,000.000 of these securities in 1921, mostly in the shape of Eu- ment and municipal loans. As'a fac- equatation® has been brought about through the lending of American cap- | to! ropean and South American govern- Itor in righting the exchanzes this has scarcely been of less importanca | than the enormous gold shipments. May wheat virtually touched the $1.50 mark, a recovery of almost 50 per cent from last autumn’'s low. |For the time being the upward | swing scems to have been too rapid. |1t has counted too much upon en- | sational reports of propsective crop shortage in the southwest. The grain trade may find it necessary, as it has in vears past. to revise considerably its calculations of the winter wheat crop. Even a crop like the present which has gone through a very poor winter, j=_capable of surprising r- covery with the coming of bette weather. But the rise in wheat and in other farm commodities has been = X 1too st v i it o great deal of speculation. It is mot| {00 SIron&ly grounded to edmit ot surprising, therefore, that lhere‘not hold Increased Export Buying. In the first place, looking back at what happened last November, the prices reached were panic prices, for they were the result of a panicky rush from farms to market brought about by the pressure for the return of | banking credit. Seqondly, Europ@ i completely overestimated 'the size | of the new Argentine and Australian harvests, and this, with the very low condition of the new American’ crop, radically changed the foreign atti- tude as to the relation of world sup- ply and demand in 1 The increase in the export byying has been quite as much of an influence all through the recent upward movement as the forecasts of diminished crop yields. The most itteresting part of the week's decline -in money rates is its relation to the question of invest- ment values. The best judgment has been that bonds of the first rank were high enough uniess money were to work permanently lower, But. as against this possibility, is the fact that every time so far that the Wall street money rate has got down to 4 per cent out-of-town bagis have drawn their balances and have so reduced the supply that the market has quickly hardened again. This sequel. on the present occasion. |is more Mkely to follow, in view of the gradually increasing require- ments for credit incident to reviving trade. The testimony of the iron trade re- views that the active capacity of t steel mills had risen on the avera from 50 to €5 per cent, is the strong- est_possible support to the view that 1922 wouid see a slow but steady recuperation in general business, and that the second phase of the recovery interrupted in December would be entered upon with the approach of spring. It is confidence in this trade revival that .is the governing im- fluence -in thg present stock market. (Copyrighit, 1922.)