Evening Star Newspaper, December 6, 1922, Page 28

"8 TREASURY REPORT AIDS STOCK PRCES Mr. Mellon’s Message Causes | Upward Turn After Many » FIN CIAL. "~ Received by Private Wire Opes. Higb. Low. Close. | Adams Fxpress. ol% 67la 67 67 Adv Rumle: B ua 1% Afex Rubber... 2 1Nk 12 Alagks Gold % =5 Al ) 0% NEW YORK STOCK EXCHANGE \ THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, DECEMBER 6, 1922. Direct to The Star Office Open. Manhattan Elev... @#% Manhattan i ctfs. 74 4% Manhattan 8hirt... % &% Market 8t prior., ) ) Uariand O1l. EXTENSIVE SELLNG [ v BONDS o ] Recelved by Private Wire Direct to The Star Offics. | | clines. Early De L162" | Mexican Pete. 1:3 | Mexican Seaboard. ? % | Mexican 8bd BY STUART P. WEST. DS e an Special Dispatch to The Star. {AM HIde & Leath.. 10% 10% 10% 104 3 EW YORK, December 6.—The'Am Hide & Leapf. 624 63 ety €3 | sidvate st 2% fef i s in the financial | AmIce.. fote MIStP&SS) % three chief incidents in the A M suEe 5 sy e ons | Am Intarrmtions i b e Teans... 154 situation today were the continu Am La irance pf, 13 | Mo Kan & Tex pt 89% strength of ted States govern- [ oo T Franc 234 | Mo Pacinc. ... ment bonds, the further rise of ster- ]‘A.., otcctive 122% | Mo Pacitic p. an ling exchange and the notable re-|Am Metals.. MR | HontERinecy, Ward. S 0% marks of the Secretary of the Treas- i Am afety Razor.. 7 7 1 7 ore. 16 1 ; A G 19 | Mother Lode Cita.. 11% 1n cial po- | AMShiy & Com.... 19 19 19 ury on the business and financ ial po- | Am Smelting 2 o sition of the country contained "‘i‘"‘ Steel #dy . \;\llllll;uolnrl. 54 B2 his annual report to Congress. { Am Snufr Natl Cloak 8 8 bf.. s 1ot Tn part, the buying of liberties. no | :m Sugar. e ot ford wa.l doubt, was the January reinvestment | 4 Suiatra. Nat) Lead pt ouz n: demand in its incipient stage. but | o TeIeE st | NaU Enamnung. ... oo more largely it followed the PTesl- | ‘sm aopacce (53). . 150ty 1505 1.0k 10w | Nevauu Coppe 1tk O TALE Nonday ss%, | New Or Tex & Mex 2 55 dent’s revenue message on Monday 9 o " Y Setting forth the reduction in gO - [ NYAwBrake (A) o an ernment _ cxpenditures _and _fore- | Am Writing Prpf.. 13 2t b k| N ¥ AlrBrke (3). w o adawing o eurplus during the next (A7 Zitf0€ OrPf-- 20 IR Ge RN 4 Cenuw . 9% fscal year. The significance of this, | ol o 08 ! NYChi&stiL. 8 of course, is that beyond the financ- | 4EClONPR- - . al o B rotas Realizi 5 ing mentioned today by Secretary | (T00(h RealEn 24m Méon to fake care of maturing ob- | A% LIy tiovus. il iigations, there will be no need °l|u-ocu Sise e any future government loans. | P Norfolk & Westers 110% 10% Mellon Tax Plan Discussed {1Cho0 Norf & West pf.... 74's W Yall street could scarcely attach i’ St Bl or Nortn American... i3 w ymuch practical importance to Sacre- gufie Lot Line- Northern racinc... To ot Tary Mellon's suggestion that sur-{20IPe GO o 2" wie o |Obio Fuel Sup @ 6 taxes be reduced to a maximum of | ALANLC Gulf. . it 1% | Uxiahoma trod i ‘ rec X e Tthis | Atlantic Guit pf.... 1 I not over 25 per cent, bec: eAtlantic Ref 10 10 kv 1Z0 Orpheum Circuit... 194 19% Wil he for the new Congress to de- antic Ref..... s e The | CusSceel. v o termine, and in the new Congress the | Atiantic Refin pf...119 119 1 ) [ Ouwens Bettic e, L tiok R oAl ‘elament opposed to any such | ausun Nicavie. | st wite e azw [ DRERs Bottle 3 action will have the balance of pow- | Austin Nichols pf.. 87 of 51 kb | LRciic beven i er. "But encouragement was to be |Auto Sales pf. I T n found in the Secretary’ review of the s | E2cile Mail. ] present business position, in which | Haldwin Loco. 121% 116% 12! & c VIl 48 ho emphasized the rise in commodi- | Halto & Ohto 43 4tk e | Packard Motor..... 1% w ties. 'the reductions in _inventories. | saio & Umo pt. 61w ba b% | lmn-Amer ret Py the. increase in the volume of trade | yaricuduil (Ay. s2% Bite Bch | Fun-Am Pets (&) bty and the full employment of labor. | gariCiity (B} 21 n 0% | Purish & Bingham. 1v n lso in pleasant contrast to hysteri- | Bariestall G0 oo Tl L " 6| Pennsyivan. P cal predictions regarding the Eu- | Seschna | Som Guts 6% Gh | Penn Seabd Steei i ropean situation he refers to the 5 " s ozts G0 t:b | People s Gas 9 ‘waste of war being repaired and | oeil Sieet (5) vt e GRlPere Marguesic. i Signs of progress in economic resto- | Beth St 7% (n)... % % e - : rations having appeared abroad. B'“'S;“L'* oE.-- "':a el W isheries. . L Mesnage Helps Market. ,Hm‘_“";gm N Bapf.. 2ew % 2w 26t | Philadeiphia Co pf. % The stock market went up after the i Srit B S0 s e et | e e publication of the Treasury message. | S8 BN W0 TG, sm wha | Pierce-Arro whereas previonsly it had been dis: i SKiyu fubid Wins. 10m YR S8 1M plerce-Arrow b posed to sam. Professional traders at | giivi ivah B ctis. S0 Pirerce Ol The outset of the day renewed their | Brown Snoe. Bote 5 . efforts to force a decline. They met | Burns Bros (A).... 4o s With some temporary Success among | iuins Bros (B).... & “ the rallway stocks, which were more | Burns Bros pf. o or less unsettied by the prospect of unfavorable action on the Great Northern dividend and the consequent weakness in this and other of the northwestern railway shares, but in the end operations for lower prices failed to make any headway. and in the subsequent recovery a good part of the industrial lists more than r gained its early loss. Motor stocks were the leaders in the afternoon—Studebaker, Chandler and Plerce-Arrow. that it was_ getting ready for the{._errode Fascu. 4 » 2 traditional demonstration preceding ; Chandier dlotor. G bzia 0% 624 .the new year wlth its annual automo- | Cnesspeuke & U0 65y 601 66 (6h Dbile show and fts Inrush of NeW | nesa UNio Pt ™ 1. ki J0n al% s grders: Chi & Ahon. e sa th Cuban American S ar. ended September 30. 1922, net profits applicable to the $1 000,000 of $10 par value common stocl after all charges and preferred divi- dends, equivalent to §1.47 a share. It s understood that the depreciation charges were liberal. These results compare with a net loss against sur- plus of over $7.000.000 In the previous fiscal vear. Because of the restoration of divi- dends on Kennecott Copper an. other current happenings in the cepper in- Austry, unusual interest aas attached to the forthcoming dividend mestings of the four leading high-cost por- | phyry copper producers—Utah, Ne- vada, Chino and Ray—which willl probably be held Friday. It is not expected that Utah's dl\'i-' dend will be raised above the present $2 annual rate, or that payment will be resumed by any of the other three. | sono Gasof NY wi 60% The results for the third quarter of 1922 showed that all of them have begun to make money, notwithstand- ing high costs and operations far be- Jow normal. Punta Allegra Sugar Strong. With raw sugar selling around 3% the Punta Allegra Sugar Compa stands to show profits of between $5 and $6 a share on the 330.000 shares outstanding. This also is after al- lowing for sinking fund provisions and for the fact that with higher sugar prices costs will advance. By the time the new 1922-23 cropn of sugar enters the market Cuba will be entirely free of any carry over. Eastman Kodak... t3% 4% 3% %] For this reason sugar experts figure | gectric Stor Bat.. 68 b L% 7 that current price levels will at least | gik Horn Coal 2 wn o u | B malitaines | Emerson-Brant 6 & 8 Reaching $4.57 at one time today | i jonusoa. B S for the first time in nearly four years, i ..~ S 1% sterling completed a rise of nearly j BTGt ter i 7 cents within a week and of nearly | 20 cents from the low of the autumn. This upward movement is quite the ‘most prolonged of any since the re- ‘markable advance in the early part of the vear. It shows that with passing of the season of heavy staple shipments and with no pressure as yet from corporations for the next interest installment on the American war debt, the sterling market is re- sponding readily to the influences which are logically carrying it back to the pre-war footing. | The stock market for the first three hours had been the dullest and stupidest that Wall street had seen in months. The abrupt change into a lively buying movement which char- acterized the last two hours was (0 | Gen Mol be explained simply one one ground.;Gudden d that was an oversold condition an itself. For days within the market the professionals had been pounding | (runvy Consol. away trying to get prices down. They | {00l Davis. reat Northern pf. ureat Nor Ore 21| Guantanamo Sugar auil Steien Steo: Gulf States 1st pt.. 100 had been able to give the list at| times an appearance of heaviness and | even weakness, but it was only appearance. What really happened was that no Hquidation was brought out and that | the short interest was increased so that it had reached uncomlonablelfllffl" | Busn Lerm pi. | Bucte Copper. | Sutle & Duperior.. Wk CaddoOil........... B3 B Cantorn Pexing.. s 8 { causnun Zinc. M i T T T!) Cuntornia Fetrol... 60 €03 88 60 | California Pete pt.. W w5 8 : iCalumet & Arizona &4 Hupp, Moon. | satiadia.. raciae The pro- | Case (J 1) pf fessfonal view of this movement was ! enira Leain pi. ! Chi & Atton pf. Cuban American Sugar Company re- | Chi & st i ported its income for the fiscal year | Lnitreat Westrn, showing ; Chi Great W pt. o Mo S |l.'nlMll¢Ble . Chi ¥neumat Tool. CniR1& P o% pf. ChiStPM & Om. Columbia Graph pt. Culup LADUIRLUT. { Lons Cigar.. 85 oth fvuns Gasof N Y... 12644 1zby 1.4% 125 W GUn Sl LCuba Cane Sugir. Cuna Cune S p. waviason Cnem. Vel & Huasol el Lack & Wsto. Lupont (L D). { ene 24 pf. bxcnunge Buffet. ramous Players. Fidelity Fire Insur. £aaliel BOAY. . Fisher 8ot O pf Fusk HubDer. rreeport Texas. Gen Am Tank Car.. Sen Asphalt. i G | sen Crgar. 4% w k) ) & Nortnwn. ‘i R 1& Pacific... 12 i R1l& ¥ i% Pl “hue Loppes Lnino Copper. Cluett Foududy.... coca-Cou. Colo Fuel 010 & Souther! Lolumbia Gss. Conley Tin kol en Asphalt pf. so@win Corp. 223 naw Cable.. 1% &Y% dimensions. Houston Ol Whon short sellers awoke to the ! audson Moto 2% uh W% uh truth that they were going to find | yyupp Mstors. B b 3% 26 difficulty In covering in their com- | jyyaraulic Steel. G 4 % % mitments at prevailing prices, they started to bid for stocks with con- siderable urgency. The rise began with the motors but quickly spread to other directions. Big Gains fn Half Hour. The Pan-Americans rose violently, ‘Wall street recalling intimations re- e of a large extra cash dividend on Mexican Petroleum. Stocks like Bethlehem Steel and Cru- cible Steel, which had seemed to be so sensitive on previous days to speculative pressure, regained in a half hour what it had taken a week to lose. Even the rails came back quite readily. MONTREAL BREAKS ALL RECORDS FOR GRAIN Exports Much Heavier Than Last Year—New York Also Outdone. Dy the Associated Press. MONTREAL, December 6.—The grain_clearance beard announced to- day that 154,550,000 bushels of grain were handled at this port during the last _geason, as compared with 111,071,093 bushels at New York, and as against 138,453,980 here during the season of 1921. All previous records have thus been broken. A record also was reached in the number of vessels visiting this port in 1922, totaling 1,194, with a tonnage 9! also were 1,374 vessels bringing grain from lake ports. Lmpois Central. .. sIngersol-Rand intl Nickel. . Intl Nickel pt- inu raper. invincidle OL..... 1sic.nd Oil. Kanses Kansas C Sou pf. Kayser (Jultus). Reily-Spring Tire, Kelsey Wheel. jaesez Pond Creek Cout. Postum Cereal. Postum Cer pt « PublicServofNJ. v, " Puliman Co. 3 bl Sunta Alegre. 6% Pure Oul.... 2% 3% e 84 Ries Robert pf. Kl Scunngton Aype. 5 Remington 1st pf. 165 Refungton 2d pr. W Kewiugie Stees P e Rep 11+~ & Steel. wh @% s 1 18 a1 wa W 2%l % 8LL & 8an Fraxn. 2 % 2 St L & San ¥rpt. 29l 9w W 8t Louis douthwn. W i 294 68 7% 6% Wa 18% % Saxon AMoturs. . 3 1 In Seaboard Air Line. &% 6% bW bW SeaboardALpf... 8 3 8 8 Sears ltoebuck. 81 Bl% T 81 Seneca Copper. sl ot A “who ooty H% Swinciair O <% el sln Sinciatr pf. 100100 w1 SKeuy UL 8% aa wa T So Porto Sugar. Southern ruciic. Southern Rauway. Southern Ry pt. Sterling Prod. Stromberg Carb. Studebaker. Superior Oll. Superior Steel. Tenn Copper... 9% 9% 9 Ed Texas Company. €% 4T 46k 47 Texas Guif Bulphur (9% 5% 6s% B8% { [exas & Pacific.... R 2w 215 21l Texas& PC&ON. 20 2% 2 Tide WaterOll..... 122 122 18% 118 Timken Hearing.. 32 &6 =2 wy Tobacco Prod. Bty ‘fobacco Prod A.... 79% 7 Kt ki) TolStL& W pfd.. 58w b8ts b8% B34 L1ans Contl V. United Ry Invpf... 26 26 16 2u% united Retall Stra.. 6s% 63 65% 675 b W% 2 % b Bl €2 60 e ¥63s B6% mdly Blls 4% Bl 6% 9ty U S Smelt & Ref... US Steel. U 8 steel pf. 6t g 16% 1% lew 3 a8 w2 sy Va-CarChem (B).. 18 16 18 1g Va-CarChempf... 69 . 69 69 &9 [ u 9 wa i e e Webber & Heilbrn. 11% 12 1% 1§ Western Elec p.. Nek 1z zw, Western Md.. Wilson Company’ Wiliys-Overland. Wwillys-Overland pf Wisconsin Central. Woolworth. Woolworth pf 1255 worthington Pmp. 2% 2% 27 Wright Aero. ¥ 10 10 10 *0dd lots. CallMoney..... 6% 6 &% HOURLY SALES OF 8TOCKS. 1lam..... I46x 12m. 1pm.....5750 2pm CLOTH PRICES SOFTER. NEW YORK, December 6 (Special). —The lull in cotton cloths continued in the market today and price ten- dencles were slightly softer. The easing of prices, however, was largely confined to second hands for prompt deliveries. Sheetings were in slightly larger supply. Cotton ducks were fairly strong. 57 NEW OIL COMPANIES. NEW YORK. December 6.—The Journal of Commerce says that fifty- f with seventy- n seven oll com) ies, with a_total ca ita]l of $61.780.000, were formed November, compared seven, capitalised at $30,932.000, October. 1 until {Am. P. 8. Co., a.. 1% pf... W. Point Mfg. Co., & a. INST. PAUL BONDS Other Issues lrregula,r in To- day’s Trading—Libertys Steady. BY GEORGE T. HUGHES. n 12 ! Special Dispatch to The Star.» NEW YORK, December 6.—Heavy selling of St. Paul issues featured the bond market today. Not only the 16% | more speculative but the underlying bonds of this road were In supply. The general mortgage 4%s, secured by first lien on the system except the Puget Sound Extenslon, were pressed for sale at a loss of a point and a half. The ccnvertible 5s, the convert- ible 41gs, the 43 of 1925 and the de- benture 48 all suffered losses. The %, Source of this selling could not be 164 | learned nor was theze any reason ap- parent ir the news. In some quarters it was believed that the process was the taking of losses for income tax purposes. Other Rail Bonds Weak. Bonds of both the Seaeboard Alr Linc and the St. Louls-San Fran- cisco also were weak and lower. Seaboard Air Line 68 dropped to 60. The §t. Louis-San ments went below comes sold down to 60. lien 4s also lost fractionally. High-grade rallroad bonds were fairly active and firm. Examples were New York Central 5s. Burling- ton 5s and Northern Pacific 6x. On the other hand. Norfolk and Western convertible 6s, however, lost a point. Kansas City Terminal 4s. one of the best of the tcrminal bonds, went up half a point. Great Northern 5%s and Chesapeake and Ohlo converti- ble 53 also made galns. Toth Galns and Losses. - Among utilities Public Service of New Jersey 5s went down and Hudson and Manhattan adjustments went up. interboro 5s were firm. The statement of President Hedley showing the earnings poseible under the readjust- ment plan was very encouraging. If the plan had been In effect for the fiscal year ending June 30 last, inter- est on the fnterboro 58 and 7s and the Manhattan 4s would have been earned with a balance left over of more than $4,000,000. There was no very greai change ameéng industrials. Among the forelgn bonds the Anton Jurgens 6 were the feature, going above 78. Libertys Bit Higher. Libertys were steady and higher, Secretary Mellon's annual report was received with favor. Trading general- Iy was in small volume, and not much change (n this respect is looked for the traditional January rein- vestment demand 'makes its appear- ance. GERMAN MARKS SHOW FURTHER BIG INCREASE Figures for Last Week in Novem- ber Made Public Today in Berlin. By the Associated Press. BERLIN, December 6.—Paper marks in circulation in Germany increased by 110.300.000,000 during the last week In November. the Reichsbank report shows. The total of notes in circula- tlon is given at 754,000,000, Enormous {increases in Germany's currency have been shown consistently in the recent Reichsbank reports. but even by their most strenuous efforts the money pressmen have been unable to keep up with the demand from the big industrial concerns, which require great quantities of paper marks for their pay rolls. DIVIDENDS. Stock of Record. Dec. 15 “Dec. 15 - 29 > 5% Y. & Trust Co. n Ry. Co.. 1. Indianapoi's viile Ry. Co %o Chi.. Indisnapolin & By Co n Jan. Jan. Dec. 31 Manila_Elec. Corp.. . Motor Wheel Corp.. Mfg. Finance, Mfg. i Mfg Finance. q.. . C R stock, Finance, cash. 236, 135 2. a. . 3% Dec. Wrigley Co., atock. 106, 5 MURDER MYSTERY SEEN IN DISCOVERY OF HEAD Fracture of Girl’s Skull, Dug Up by Dog, Believed to Disprove Medi- cal Student Theory. By the Annociated Press. S PUNXSUTAWNEY, Pa.. December 6. —District Attorney W. C. Morris of Jefferson county and two physicians, who Investigated the finding of the :!head of a young woman at the incin- erating plant here, announced that they were copvinced that the uni- dentified girl “was the victum of brutal murder. The head was dug from a garbage pile by a dog. At first the authori- tles were inclined to belfeve that med- ical students, dissecting a corpse, had attempted to dispose of the head, but it was announced today that investi- gatlon had caused the district attor- ney to reject this theory. Tho back of the head, near the base of the skull, showed a large fracture. Wads of cotton were found in the no: trils, ears and mouth. The victim's red hair had been cut off, only a few strands remaining. Physiclans who inspected the head sald the girl was between fifteen and twenty years of age. bl PLAN BIG SUBWAY. PHILADELPHIA, December 6.—A comprehensive plan for a subway under Broad street from Olney ave- nue to League Island, with two ele- vated spurs, one to run southwest from Broad and Chirstian streets and the other northwest at Germantown avenue, has been submitted to Thom- as E. Mitten, president of the Phila- delphia_Rapid Transit Company, by Mayor Moore. The entire project, as proposed by the city transit depart- ment. will be bullt progressively In three main sections and would tost §101,410,000. RAIL MERGER ANNOUNCED. CLEVELAND, . December 6.—The consolidation of the Nickel Plate and Lake Erle and Western railroads for operating purposes has been an- nounced and the authority of the In- terstate Commerce Commission re- ceived, but unothing has been said bout including the Toledo, §t. Louls and Western (Clover Leaf) in the merger, as had been hinted in ad- vance rumors. B TODAY’S SILK PRICES. NEW YORK, December 5.—Raw sllk irregular; prices per pound: Kansal double extra cracks, 8.45a8.65; Kansal best, No. 1, 8.30a8.35; Kansal, No. 1 fil, 8.25a8.30; Shinshu, No. 1, 8.20a8.26; Cantom extras A 14-16,-7.60a 7.70; Shanghai-China steam fil gold double deer, 8.8028.90. o HRREE, . . 8 UNITEHYATEB BONDS. es (31,000). High. Liberty 3%s. 400 w)'m Liberty 1at ¢%s 7 9864 Liberty 2d 4%s. 727 98 Liberty 3d 4%s. 20 9874 Liberty 4th » 350 9860 Victory 4% a°23 155 10082 Victory ¢%s (¢ 18 10000 US4%s1953... 210 9980 FOREIGN GOVERNMENT, STATE AND MUNICIPAL. Ralen ($1,000). High. Low Clese 100% 100% H Closs. 109% 100 100 96% 96t ST 100% 100 1004 108% 108% 108% 104 110% 110' w34 % % T% % 1% Bl B4 W 984 9% % W 8% i Canada fs o .10 %% 9% MY Canada 518 1929..... 17 101% 101 101% Canada 58 1931. Canada 68 1952. Chile 8x 1926 8 1 Chile 85 1941 3 Chile 85 1946. 2 Chiness Govt Ry 65.. 43 Christiania 8. . .5 109% 108 108% Copenhagen 5%s. 2 9 ©0 20 Czechoslovakia As.... 4 6% 67 8% Tan Municipal 83 4.. 5 108 1074 107% Dan Municipal s B.. 6 108 107% 107% Denmark 8 L10 110 1091 110 Denmnrk @x. L. 4 ' A% WY Dutch East Ind 6847 16 4% 94 ™ Dutch East Ind 6s * o 3% 3% French Govt 8s. 8 % 8% French Govt 744 R L) Halti 6s ctfs. %% %% Japanese 4s. st 8l Lyons 6s. ™ T Marreilles 6s. 7 T% Mexico 5«. o 9% 905 0% w8y 8% mo 10 3 95 100 Pragn 6 ™% % 7% Oneensiand 63 3 101% 101 101 Riode Jan8s1946.. 2 974 9% 9 RiodeJan§s1947.. 6 1% 21 914 Rio Grande Do Sul8s 2 94 €815 S8l Sao Paulo, City of. 83 6 8% o5 <8} Sao Paulo. Stof. 8a.. 2 Reine, Dept of, 7: 0 Soisson: 7 Sweden 6n L Swiss Confedsf8s... 7 1174 17 117% "4 Kingdom 5% °29. 79 111% 111% 1% 7"d Kingdom 5%8°37. 10 103 10% 102% Uruguay 88 1946 2 100% 103% 103% Zurich 8s z 2 n2 o MISCELLANEOUS. Afax Rubber 88 % Am Agri Chem 7 Am Smelt &R 1 Am Sugar Ref 6s. | Anton Jergens 6a. Armour & Co 4%, Atlantic Refining 5s.. Azucarea Bar'a 7 {Bell Tel Pa 7s.. | Bethlehem Steel rf 58 1 Beth’em Steel p m 5s. i Beth'em Steel s f 6. Brier Hill 8t 1t 5%s. Rkiyn Ed:son 78 D, | Bkiyn Edison gen 3s. { Centra] Leather b: { Cerra de Pasco 8a. Chile Copper 6s. Chile Copper 7. { Comp-Tab-Rec 6s *41 ! Con Coal Md 1st rf 5s Cuba Cane S c deb 88 i | l l l ‘I { l RAILROADS. €31,000). Figh. Low Cless . 8 8% 89 9% Atlantic Coast L4%s Atlantic Cst L col & Bail & Ohlo prin 3%s 11 Bal & Ohlo gold 4s... 29 Bal & Ohlo 8s. . Bal & Ohlo cv 4% 3 14 1 B&OPLE& WVads. 5 8% T4 T4 B&OSWdIv3ks... 11 9% 9% Sk Bkiyn RT 78 °21. 14 9% % 2 BkiynRT 7s'21ctfs. 8 8 8 8 Canadlan North f%s.10 112 112 112 Canadian North 7s... 2 12% 112% 112% Canadian Pacdebds. 9 79% T9% 7% Central Pacific4s.... 20 #6% 5% Central RROf N J 58 3 106% 106% 105% Ches £ Ohfocv6s....31 9% 2% 2% Ches & Ohlocvéls. 19 89 8% RD Ches & Ohlogen 4%s 33 85% £S5 85% Chi & Alton 235 1949. 2 82 8 Chi & Alton 3% 2% 25 2 Chi B& Qgen & 87 873 BT% ChiG&QIst& rf 0% M CB&Q-lidiv3 - 814 81% 8% Chi&EastTlleends. 2 81% 81 81% Chi Great Western4s 29 61% K 51 ChiM&S8tPcvbs... 8 70 € L ChiM& StP4s192K. 49 80% 19'% 79% ChiM &St Pevien % 66l ChiM & St P4s 34 0 CM&StPan4ls 811 A1% CM& PuzRoundds. 2 614 674 6% Chi&aNW 103% 7 | L 15% 0 % CCCA&StLref6sA. 6 01% gl!lve;a:fl T;rm Gl%s. 3 103% 103% 1M% Colo outhern 4%8 9 814 8% &Y% Cuba RRES......... ¢ B4% 8% “4% Del & Hudson 5%s=... 7 101 101 111 Den& RioGeonds.. 4 74 n% T Den & RG st ref Ss. 83 “®v% 6% Detroit United 4%3s.. 11 5% R5Y Erie con ext 7 102% Frie gen 4n.. “% Erle conv4n A 2% Erle conv 4s D 4 Grand Trunk 7s Hudson & Manre?Sa 8 Hudson & Man ad) 5s 62 111 Central 5% Inter-M 4 Ls c Inter Rap Tra: Inter R Transit bu rt. 12 nter R Transit 7a w § 37 Tnt & Gr Nor adj 6a. 12 Kan Cty Sou 38 1950. 2 Kansas City Soubs.. 2 Kansss City Term 4s 5 Lake Shore 48 1928... 15 Lehigh Val cn 452003 3 Louis & N unified ¢ 1 Ta & NWSs. 2 Manhattan Ry cn 4s. 3 Market St Ry con: 13 Mich Central debds.. 1 MIIEIRy & L 1st 58. 10 MStP&SSM 6% MK&T1st MK & T prin 5 MK&Té6sC. MK & T adjés... Mo Pacific 6s. Mo Pacific gen 4 Montreal Tram 1at s & New Orleana Term 4« 13 N O Tex & Mex inc 5o 2 N Y Central deb 6s... 31 N ¥ Cent ref imp 5s..108 New Haven cv deh 6« 19 New Havendeb4s 57 5 N Y West & Bos 4% 43 Norfolk & West cr 4s 12 Norfolk & West cv 6s 13 Northern Pacific 3s. | Peas, bu.. 4.00a5.00. { top grade of FINANC Grain, Produce and. Live Stock WHOLESALE MARKET REPORT. Eggs—Strictly fresh, selected, can- dled. per dozen, 55; average receipts, r”“:‘z'o: southern, 52. Cold storage €ggs. Live poultry—Roosters, per Ib.. 14: turkeys, ..r"’]b_. T apHng | chickens, per Ib., 24a26; keats, young, each, 65a70; fowls, each, 22a23. Dressed poultry—Fresh-killed spring chickens, per 1b. '.".":2’8!: hens, per 1b. 26a26: roosters, per Ib., 18: turkevs. per 1b.. 40a45; keats, young. each, 70a80. 12% Ive stock- 1b " Gas. ltve pi, r Es. 3. X ; live hogs. por Y, 2.00a8.00 each - reen fruits—Apples, new, per bbl. 1.76a7.50; per bushel basket, nearby. 3 20e225; Dellclous, No. 1. per bbl.. 750 o A . _per C e 5.0026.00; Florida, 3508450 Lemon '‘angerines, 3. .50. Vegetables—Potatoes. per bbl. 1.50a2.00; per sack, 2.00a2.25; > §01.00. Sweet potatoes. North Caro. line, 1.00a1.50; nearby, 1.50a2.25. Let- tuce, per crate, routhern, 2.00a3.00. Ro- maine lettuce, per crate, 50a1.25; Iceberg. lettuce, per crate, 5.23a5.35. Cabbage, . 1.50a1.55 per bbl: nearby cabbage, per bbl., 125al.50. Egs- plants, per crate, 3.50a6.00. Tomatoes, per box, Florida, 3.0025.00. Beans. 3.0025.00 per basket. Peas. 30021.50 per basket. ~Peppers, per crate, Florida, 2.0043.50. Kale, per bbl.. 1.00a1.50. bbi., 2.00a3.00. Celery, per 501.00; California, per crate, 6502 California grapes, per crate, 1.50a 3.50. No. 1 Spinach, per doz. GRAIN AND PROVJSIONS. BALTIMORE. December 6 (Special). —Potatoes—White, 100 pounds, 40a .10; 150 pounds, 75a1.85; sweets. bbl., 1.00a2.2: 265: basket, v 1.5022.00: bu. Beets, 25a35. i Brussels Cabbage, ton. Savoy, bu., 40a50. Car- Cauliflower, bbl., sprouts, qt., 12.00a18.00. rots, 100, 3.0024.00. 3.0026.00. Celery, doz., 50a1.00. C cumbers, crate. 4.00a6.00. radish, bu.. 3.0024.00. 4.00a5.00. Lettuce, basket, 50a | Kale, bu. 25a35. Onions, 100} pounds, 1.25a2.50. Ovaster plants, 100, 5.00a6.00. I'arenips, bu. 30al.00. Peppers, crate. 100, 1ova2 0o. Squash, crate. 4.00a7.00. 4.50a5.50. Pumpkins, Spinach, bu.. 50a76. 3.00a4.00. Tomatves, crate, Turnips, bu.. 50a60. Apples—Packed, bbl., 2.00a5.00; bu.. 50a1.50; loose, bu.. 50a’ basket, 252 40; box apples, 1.25a2.25. anberries, bbl, 11.00a14.00. Grapetruit, box, 3.00a4.25. Oranges, box, 3.00a5.00. Pineapples, crate, 4.00a7.00. Tanger ines, sirap, 4.00a7.00. Nelling Prices at 12130 Wheat—No. 1 red winter, spot, no quutations. = 1.283, nomin; 1.29 red winter, garlicky, No. 3 No. 3 red winter, December, 1 les—Bag lots of nearby sample at 90, 97. 1.00 and 1.05. Corn—Cob corn. new, 3.70 and 3.75 per barrel; contract, bushel; No. 2, 19%; n tions; track corr, vellow, No. 2, or better, 84 per bushel. Sales—None. Oats—White, No. 2, 53’z per bushe No. 4, mo quota- oid 30 per bushel; No. estern export, spot, 97% per . 3. no quotations. 29 tons; market for imothy and light clover Hay mixed, 17.00a20.00 per tom, and for £00d mixed, 16.00a17.30. H Straw—No. 1 tangled rve. 15.00a | 16.00; No. 1 wheat, oat, nominal, 12.00al TODAY’S CHICAGO PRICES. 1.00a11.00; No. 2| 30. { vestizations concluded tod: { IAL. MARGIN OF PROFIT - I | GROWING STEADLY Volume of Business in Count- less Plants Also Adding to Prosperity. BY J. C. ROYLE. Specia! Dispateh tn The Star. NEW YORK, December 6.—The @if- ferenos between doing business and doing business at a profit measur exactly the progress of business be- tween this year and last. Up to lats fall days the improvement conld be oounted in direct ratio to volume of production. Merchants made more money because they sold more gonds: Jobbers and wholesalers made more money because they distributed mor. goods and manufacturers made mo money because they made more gool and consequently made them cheaps Now, however, the margin of pro! it is widening. This factor is jc ing forces with business volume bringing prosperity to the mercha diser. These profits give every ind cation of increasing rather than growing less. Prices are rising. gradually and steadily. Reports fron s all sections of the country give basis for the belief that this trend will continue at least well into the new Costs are rising also, but the margin of profit. aidesl the tre- mendous increase in the volume of transactions, has kept ahead of oper- ating expenses and is insuring greater and greater returns apacity Production. Capacity production is being reached in hundreds of different factories. Many plants which have been held back by inadequate fuel xupplies and auity transportation How are run- ning at top speed. The grezt basic industries have be the first tc respond to the betterme of manufacturing conditions. The im- petus given by forced draft operation in the steel mills and cotton and woo!- n mills has taken effect on the smaller factories making other ifnes. Unfilled orders are mounting in nearly every line, although output is at a rate which would have been record-breaking be- fore 1914. Not all business men are vet read to subscribe public'y to these conciu- sions, but while it 15 sometimes saf 10 discount what a business man says it never i= safe to discount what he does. This ie what he has done: I v embrac- ing over a hundred and fifty companies ir two-score different industries in ail sections of the country, show that for every company which has reported decrease in earnines as compared with 1921 there are four which show an in- crease. vear. y Gains In Earnings. For every company which reportec ting_deficit last year ther: which reported increase: this vear. Practically companies which had been on a div vidends, cent {ncreased their div or declared extra div dends. while about 8 per cent. whic'. had suspended dividends previousl:. have resumed their pavment. inventory period is approaci- ing and the betterment of prices also will mean an increase in inventory values. But. having just finlshed the paiuful process of writing off high price inventories, most business men will be extremely careful of the weight they place on the crutch of in- ventory estimates. Volume of business is the plug by which wise invesiors now are testinz the stock dividend melons which have become so plentiful in the last three montns. Some of these melons are ripe and represen: fine profits ix this and previous years, but some undoubtedly are being cut more for ~xhibition purposes than for actual consumption. The anncuncement which the Jones & Company will increase from $30,000,000 to $120.000, cates the confidence of the steel i dustry in continued activity. May Cut $50,000,000 Fair to $10,000,000 Special Dispatch to The Star. PHILADELPHIA. December 6 —Tia determination to reduce the sesqui- 1 centennial celebration of Philadelphia Ifrom a $50.000.000 exhibition to a 1$10.000.000 project will have some { bearing on the business community of ithis cit especially n real estate Many options were taken and consid- jverable properiy bought in I tion of demands arising for the ex- hibition. Its general effect will not be keenly i felt. as plans for the project had mot assumed definite shape. Many large employers had opposed a lurge scale celebration as tending to disrupt reg- ular business and industry. Texas Farmers Borrow $2,500,000 in Month of plans by Laughlin Steel its .6 = Northern Pacific as.. 1 HICAG: Dery (DG) Ts... 7 v CHICAGO, December 6.—Largely In Det Fdison vef 6o 6 North Pac ref Imp 6s. 57 response to lower quotations at Cer b Ch ol Northern Pacific §s 9 | Liverpool the wheat _market here Doth e Lieheatan s Ore & Calif 18t 5n 10% { underwent a mioderate setback in Doicine Lttt 5 Ore Sh L con 5s *48... 102% | price today during the early dealings. | el ] Ore-Wash 1st ref ds. 37 51% 1% | An apparent lull in export demand. | e R a1 Paris-Lyons-Med 6x.166 2% 71% 21| together with something of a let-up | Fisk Rubber 8s. 4 Pennsylvania genSs. 5 101 100% 100% !in the domestic flour trade. 2cted also F Pty Penn gen 4 7 %1% %% 9% |as bearixh factors. On the other hand, { { Framerican I D%z 8 Pennsylvania. 108% ‘1 |strength in sterling exchange at- fen Elec(riciden 6a -/, Mo® ‘2 |tracted eufficient notice to make Gen Elec.ric deb n.. 10 o7 97% | wheat seilera cautious, and to en- Soodrich (BF) 6145, 1 % 9 |courage scattered buying. Initial Goodyear Tire8s'31. 11 ®% 98 %% 81 & (Drices which varied from unchanged Goodyear Tire 83'41. 11 115 14% 14y s figures to half cent lower. with yt‘- MASR&G4s.. 9 R~y 4% | 1.143 to 1.14% and July 1.07 to 107%. Holland-Amersf6s. 2¢ 884 8 8% |SiT 1M & S4s'29... 12 '.,:_'. zy' “:2 were followed by a slight rally and Humble O & R51x. 9 %3 % % SIL&SFprindsA. 8 7% 7% 7i% |then by a decline all around. Illinois Steel 4133°40. 2 911 $1% 9% g e Scantiness of rural offerings to ar- Indiana Steel 58 18 101 1004 101 61 e 6u%|Tive gave relative firmness to corn Inter Mer Marine 6s. 1 81ty 89 6% 1 76 land oats. After opening % off to a Inter Paper Ist5s A.. 7 874 #6ly 6L 1% 100 109 |Mke advance, May 68% to 68%. the Inter Paper Ist 5 R. 3 874 86% 864 %4 84 54 |corn market showed slight general Kelly-Springfleld 85. 6 106'4 105% 106% o ol o == Lackawanna Stosdiso W Wi ® 3 Al ) s LoetE eancal g URShe ey 2% ckawanna St5s'50 6 % 0 ‘0 and held close to the opening figures. | Liggett & Myers 2 17 17w aivy |Seaboard ALcon6s. 35 €% 6 604 | Provisions were steady In iine with Marland Ol 7%s 8 101 101 o1 | Sou Eaclficevds.....e1 gk a1y 34 | tne hog market. Mexican Petrol 85....% 107 103% 107 | o) Pacificrefds.... 12 & 8% &7 { Announcement that a bill to create Miacroateo sl e o s ‘m‘ Sou Pacific cl 4s 10 8 8% & {a farm credits department had been M Poworie . 3 B %q e |SoutheraRylstBs..2s s % 97 | introduced in both houres of Congress Morris & Co 18t 4155, & 8™ 87 a7 | Southern Ry gends.. 9 71 676 674 | led to a sudden upturn in wheat prices [N el T b asies a S0 81| Southern Ry dev6is 7 101% 101 101 |near the end of the hoard of trade ses- jNatlonal Tube 1st58. 10 100% 1004 1004 !Term Assoof StL4s 1 7 7 78 |slon. The market closed strons. % to {New England Tel6s. 19 99 @\ & & |15 net higher. with Mav 116% to | New York Ed 1st 6% 3 110% 110 10% $6% 6% (1.16% and Julr 1.08. |G E LH AT Sac 1S 08 9031 Hoat D12 s1% 91, 91! WHEAT— Open. Hieh Low Ciose VYGELH&P4s. 2 8 & 8 |UnPacificlstrefds.. 11 85 85t 8574 | Docember. 11R% 11 1181, New York Tel 68°41..21 105% 1G5 163 | Union Pacificcv 4s... 23 9 5 o5 |Mar 1161, New York Tel 4%8... 11 %44 8% 4% | Virginia Ry 1st58.... 2 9% %% o6% | 106 North Am Edison 6s. 10 %% %l % | Wabash 1st 53. 81 97% | December, aom, North States Pow8s. 3 9% 9l 91% | wahash 2 1 % s s Ty Northwest Bell Tel 78 6 107% 107% 107 | westorn Maryland4s 6 €3 624 63 ; K cific Gar & El5s .. 6 82 91% €% | western Pacifiz5s... 2 81% &1% 8I1% ~n£;‘.:§: 427 {PacTel & elBs'62.. 9 OI% 914 1% | weot Shore Istds.... 2 2% 82 &% | Ma: o Pan-Amer Pete 7s... 1 102% 102% 102 | wisconsin Ctgen4s. 12 81 8% 0% j3u o) iPhllaCoref65A.....12 10 9% 997 | LARD— Public Service bs 9 8% 8 &Y% TOTAL SALES (Par Value): penuary e T N o0 1la.m.... 3308000 12noom.. 600500 | Ripk_ RN 2 |8acks & Cosf7s 1 100% 100% 100% ...2 780000 2p.m.... 92740X0 (January 33200 2.65 Sharon Steel Hoop8s 4 99 %% 9 May 3 e 950 Sinclair Oll 7s. 11 10% 100% 100% Z | Sin Crude o1 53¢ 2 88% 88y S8l . FOREIGN EXCHANGE. 1 DAIRY MARKETS. SouPorRicoSug7s.. 1 9 9 9 | (Quotations furnished by W. B. Hibbe & Co.) | BALTIMORE, December 6 (Special). Stand Oil of Callf 7s. 13 105% 108% 106% Nominal Selling checks | —Poultry—Live turkeys, pound., 40a Tobacco Prod s f 1 108% 1034 1034 2 Rold value. today. 12:43. poor and crooked breasts. 30a35 Toledo Edison 18t 2 107 106 106% | yendon. pound o auring chickens. 21a23: leghorns, 17a Unlon Bag & P6s....13 9% 7% 97 | Pame taane ot ] 120: old hens, 20a22: leghorns. 17alx: | United Drug cv 8 2 2% 112 112% | Brussels. franc 1:‘!& ;?.Z:":"'.y ducks l'g?kl;ergnn Unisteam Copen fs oL En o s | R o | pair. 25a30; gulnea fowls. each, 40a70. UDDEEAY.IerSals NBEA L Vi S 8K grion. franc & i Dressed poultry—-Turkey, pound. 42a 1081 1081 108% | Athens, drachma - 45: old toms. 40: poor and crooked chickens 22a25: old 2 ©) 3 Va-Car Chemical 7s.. 3 Va-Car Chem 7%sw 9 ‘Western Union 63¢s. ¢ Wickwire Spenceris. 6 % 4% 9% { Wilson & Co 18t 6s... 11 100% 100 100% | Wilson & Cocv 7ls. 2 104 103% 103% —_— H SHORT-TERM BECURITIES, (Quotations furnished by Redmond & Co.) Aluminum Co. of Amer. Aluminum Co. of Amer. Ts 1988, merican Cotton OIl 6 1024. Westinghouse 1< D! yens reai umble Of Libby. |Pen —_— ‘WOOL MARKET DULL. BOSTON, December € (Special).— !The local wool market showed no change today, although dullness pre- valled. The London sales which close this week were reported to have shown a slight softening for finer merinos, but traders here expect prices to be fairly well maintained in London until the close. Considerable buying for American account is re- ported from South America. s e — The Iatest fad of the Paris society woman is to have her portrait en- graved on the head of her note paper. oAl Copenhuge: Christiani Stockholm, 'crown. By the Associated Press. NEW YORK, December 6.—Foreign exchanges irregular. Great Britain— Demand, 4.56%: cables, 4.56%: sixiy- day bills on banks, 4.54. France—De- mand. .0699; cables, .0700. Italy—De- mand, .0496; cables, .0496%. Belglum —Demand, .0643%; cables, .0644. Ger- many—Demand, .0001 3-16; .0001%. Holland — Demand, cables, .3996. Norway—Demand. . Sweden—Demand. _2690. Denmark— Demand. .2050. _Switzerland—Demand, 1887. Spain—Demand. .1050. A5 ae “_Demand, .0102. Poland—Demand, 0000%. Czechos’ovakia — Demand, .0819. Argentine—Demand, .3768. Bra- zil—Demand, .1230. Montreal, 1.00. — TODAY'S COTTON PRICES. NEW YORK, December 6.—There was a renewal of liquidation at the opeaing of the cotton market today, but it was less active after the big break of late yesterday and prices were steadied by covering. Liverpoot was a shade better than dde, If any- thing, while the firmer ruling of for- eign exchange was regarded as indi- cating a more optimistic view of Eu- ropean politics. 11:45 bidr: December, 24.29; January, 24.25; March, 24.38; May, 24.33; July, 24.08. Quiet but steady. NEW ORLEANS, December 6.—Im- provement in the technical position was generally given as the reason for an upward movement of 16 to 20 points in the price of cotton in the early trading today. Noon bids: December, 24.06; Janu- ary, 24.06; March, 24.12; May, 2405 y. 7 asked; July, 23.89. Stead: —_— TREASURY CERTIFICATES. (Quotations furnished by Redmend & Co.) ——Noon.—— Bate_Matarity. B, offer. e s June 15, 1 lt ber 18, s March 18, l::h : 00% 100 m 5 4# March 15, 1928. mot mu& 4iie Beptember 15, 1026.... 98% 9% i breasts, 34a35 5 s rs, ducks, 24a28; geese, 25 a. store packed, 32; dairy prints, 33a35; process butter, 38a3s. CHICAGO LIVE STOCK MARKET. CHICAGO. December 6.—Hogs—Re- ceipts, $24,000 head: market very slow: steady to weak: few sales: 210 to 260 pound butchers, 8.10aB.15: to 8.20 early; big packers bidding lower; cholce 130 to 180 pound averages around $.15; packing sows mostly 7.2527.60; desirable pigs around §.10: heavy welight, 7.80a8.15: medium welght, 8.05a8.15; light weight, 8.00a 8.15; light light, £00a8.15; packing sows, smooth. 7.40aT. packing sows, rough, i.15a7.50; killing pigs, 8.00as.15. Cattle—Receipts, 12.000 head: fairly ctive on killing classes: beef steers and butchers' she stock steady to strong: spots higher; early top ma. tured steers, 13.00; bulk native beef steers, 8.25210.25; western graseers in moderate supply: several londs early, 7.00a7.25; bulls, stockers and feeders about steady; veal calves steady to weak; bulk desirable veal calves and packers, 9.50a9.75: bulk desirable heavy bologna bulls, 4.25a4.40; bulk stockers and feeders, 5.7527.00. Sheep—Recelpts, 15000 head; fat lambs opening slow; few early sales around steady; early top. 15.35 for choice fed western lambs on shippins accounts; feeder demand large; de- sirable 62-pound western feeding lambs, 14.50; sheep steady to strong: heavy fat ewes around 5.00; lighter welight upward to 7.50. —_— CAR DEMAND HOLDS UP. NEW YORK, December 6.—The heavy demand for raiiroad cars con- tinues, with practically all bullders booked until the middle of next year. There -are inquiries for 35,000 cars in the Chicago market, 9.700 of which, involving 77.900 tons of plates, shapcs and bars. were entered last week. NEW ENGINES ORDERED. NEW YORK. December §—Baldwin Locomotive Works has received an order for four engines from Brasil. A Special Dispatch to The Star. HOUSTON, Tex., December 6.—Loans {to farmers in Texas in November jamounted to a littie under $2.500.000, | according to the local land bank. 1 These loans will bring the total for he bank since its inception to about $72.000.000, which was distributed 1o more than 23.000 borrowers. (ollec- [tions are good znd delinquents hatve irepresented less than three-quarters of 1 per cent. Boston Building Costs . Advance 27 Per Cent Special Dispatch to The Star. BOSTON, December 6.—The cost.of building construction in New Eng- land has advanced 27 per cent sincr | January 1. according to the Massa- chusetts Department of Labor. Bufld- ing costs on January 1 were 51 pe: cent above those of December 1, 1314 and are now 92 per cent above pre- war basis, There is practically no unemployment in New England toda: {New Orleans Merchants Want Colder Weather Special Dispatch to The Star. NEW ORLEANS. December 6.—Cola er weather is badly needed here to ani merchants in moving the heavier cloth ing and apparel. Buyers are turning more to holiday ! goods, and sales in these lines are {brisk, especially in leather goods furs, millinery, silks and children" clothing. Collections In_the countrs district have fallen off somewhat | Wholesale grocers said today that business in their lines has reached the high point of the year, with sales 25 to 30 per cent ahead of last yeu at this time, 1Copyright, 1922.) FOREIGN LOAN PLANNED. Argentina Completes Plans for Funding National Debts. By the Associated Press. BUENOS AIRES, December 6.— Plans for funding the Argentine short-term and floating debts have been nearly completed by Minister of Finance Herrera Vegas, according to the newspaper La Razon, which says it has learned authoritatively that the government has decided to re- quest the present extraordinary ses- sion of congress to authorize a gen- eral loan of about one billion pesos. Of the total 700,000,000 paper relos would be floated Internally while an external loan of 150.000.000 gold pesos would be accorded to the bidders of- fering the most favorable terms. \ J |