Evening Star Newspaper, January 2, 1923, Page 24

- RISING TENDENCY FINANCIAL FINANCIA! WHIRLWIND CLEAN-UP SUUGAR PRODUCERS THE EVENING STAR, WASHINGTON, D. C, TUESDAY, JANUARY 2, 1923 NEW_ YORK STOCK EXCHANGE | KENERAL TRENDIS [ rors BONDS e ] Received by Private Wire Direct to The Star Office Received by Private Wirs, Direct te The Star Ofica. IN1923 MARKET Opening Session Sees Sharp Upswing, Followed Later by Realizing, Sales. i BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, January 2.—The first business day of 1923 was character- iZed by a rising tendency in stocks, by steadiness in the general bond list, by renewal of the advance in the foreign exchanges, by somewhat easier rates for time money and by a check to the upward movement in the commodity markets. In so far as there were-any precise outside movements at work they were, first, the optimistic note struck by the annual business and financial forecasts, and, second, the expectation that the Paris conference of premliers will do what the London gathering of a month ago failed to accomplish, and that is, reach a compromise upon German reparations. Leaders at New Highs. Many of the leaders of the stock market made new high prices for the current upward movement, among them Baldwin Locomotive, Studebaker and some of the oil shares. There was little new to be said in connec- tion “with these operations. They simply testify to the confidence on the part of speculative cliques which see before them an_indefinite period of easy money and of favorable busi- ness conditions in a majority of lines. The oil trade still feels sure that the various advances of the past week are merely a prelude to a large and more general upward readjustment. AS Is well known, the equipment com- panies are facing probably the most active business during the 8ix months in their entire history, while the sentiment as well as practical influence of annual automobile show is the chief incentive back of the buying in the motor stocks. Later Prices Irregular. As the day went on the market be- came more irregular. Realizing sales slowed up the rise in stocks which had been prominent at the start, but new buying appeared in others.’ Tne public utility group were conspicu- ously strong on the broad ground that 1923 is expected to be an even better year than 19 Steel stocks were rather heavy be- cause of the suspicion that the large volume of current orders on the books does not, for most of them, imply correspondingly large profits. There were no indications in the security markets of the presence of fhe traditional January reinvestment demand. In contrast to the begin- ning of other years, with their active buying and rising prices, the bond list was dull, There was no particular signifi- cance to the lowering of offers of time money from 5 to 4% per cent This merely was anticipative of the resumption of funds withdrawn for January settlements. It did not point to fundamental change in the money*situation nor to a resumption of the main downward movement in interest rates which was halted in the early autumn under the influence of increasing trade demands. Buying in U. S. Realty. Buying of United States Realty to- day was not inspired by any hope of an early increase in the dividend, but rather by the consideration that the way earnings are now and on ac- count of the strong financial position of the company a larger distribution ultimately is certain. During_the fiscal year ending April 30, 1922, Realty had a_surplus equal to fuli dividends on the new 7 per cent pre- terred and 1 per cent on the common, which is now paying 6. The fact that officials of Lorilliard Company, Liggett and Myers 'and American Snuff were not stampeded Jate in 1922 into declaring stock divi- dends to take up their large sur- pluses has led persons familiar with the affairs of these companies to think that distributions in stock are mew improbable. It is expected during the current vear all three will split uyp their stocks in some way and may pay dividends on the new shares large enough to inean more money for pres- ent holders. All three now pay $12 an- nually, while earnings are approxi- mately $20 a share. Chemical Stock Strong. Although Davison Chemical stock has been influenced largely by the speculative possipilities of the silica Jel development, its recent recovery has been due to’some extent to the |Crucible Steel..... success of its acid phosphate busi Open. High. Low. Close. Adams Express... 68 Adv Rumley. 1% Afr Reduction. Y% Ajax Rubber .18 Allled Chemical... 9% Allled Chem pf.... 111% Allis Chalmers.... 4% Am Agr Chemical. 81% Am Agr Chem pf.. B9% Am Beet Sugar. .., 3% Am Bosch Am Can Am Car & Fdy. Am Chicle Co. Am Cotton Ofi. Am Cotton Oil pf.. Am Express. 160% Am Hide & Leath. - 11% Am Hide & Lea pf. AmIce.... Am Ice pf. Am Intern Am Linseed. Am Locomotive. .. 128 Am Metals. .8 Am Radlator Am Safety Razor.. Am Ship & Com. Am Smelting...... Am Smelting pf... Am Steel Fdy. Am Sugar, Am Sugar pf. Am Sumatra. Am Tel & Teleg. Am Tobacco. Am Tobacco ( Am Water Wks. Am W Wks 6% pf. Am Wholesale pt.. Am Woolen. Am Woolen pf. Am Writing Pr Anaconda. Asso Dry Good: Asso Dry G 1st pf. Assoclated Oil Atchison. Atchison pt J Atlanta Bir & Atl. Atlantic Cst Lin Atlantic Fruit Co. Atlantic Gulf..... Atlantic Ref Atlas Tack Austin Nichols. ... Austin Nichols pf. Baldwin Loco. Balto & Ohlo Balto & Ohio pf. ... Bangor & Ar'nst’k. Barnesdall (A) . Barnesdall (B). Bayuk Bros. Beechnut Packing Beth Steel. Beth Steel (B) Beth Steel 7% p! Beth St1 7% (n). Bklyn Edison. Bklyn Rapid Tran. 16% Bkiyn Rap Trctfs 12% Bklyn Union Gas.. 118 Burns Bros (A)... 14 Butte & Superior.. 8 Butte Copper 10 Butterick.. Caddo Oil..... California Pcking California Petrol. California Pete pf. Callahan Zinc. ... Canadian Pacifiq. . Case Plow Works. Case (JI) PL...... Central Leather Central Leath pf.. Cerro de Pasco. ... Chandler Motor. .. Chesap'ke & Ohio. Ches & Ohlo pt w 1. Chi Great Westrn Chi Great W pf. Chi Mil & St P. Chi Mil & St P pf.. Chi & Northwn. ... Chi & Northwn pf. Chi Pheumat Tool. ChiR1& Pacific. . Chi R 1& P 6% pf. ChiR1&P 7% D Chile Copper Chino Copper. Cluett Peabody. .. Coca-Cola. . Colo Fuel ces Colo & Southern. .. Columbia Gas. .... Columbia Graph. .. Columbia Graph pt Comp Tabulator. . Conley Tin Foil... Cons Clgar. . Cons Gasof N Y Consol Gas w 1 Cons Textile Cont Can. Cont Can wi Continental Mot 1 Corn Products. ... 129 Corn Products pt. . 119% Cosden & Co. [ Cosden pf. . 101 % Crucible Steel pf.. 8% 2% 1% W% 2% ness. Davigon's capacity for the pro- |Cuban-Am Sugar. duction of acid phosphite is 32,000 [Cuba Cane Sugar.. tons a month. Last summer little |Cuba Cane Spf.... more than 10,000 tons were delivered . for thirty days, while late in 1922 the | Davidson Chem. .. average delivery had expanded to|De Beers. .. 2% more than 20,000 tons monthly. Del & Hudson. .. .- 118 This was due to_the disappearance | Dol Jack & Watn. . 121% of competition in Baltimore and to & | oit Edison healthier market for acid phosphate. | 5o Sh o Activity slackened in the smaller | JOT5 Ly number of shares of Pond Creek Coal | JUPOT () ; avallable for trading. Tt is under- | DUD: Kodai .5tood that the stockholders of Pond |Eastman HooR't:- o, Craek will receive around $15 a share |Electric Stor Bat.. A for their holdings. when the titles | Elk Horn Coal.... have been verified and investments jEndicott-Johnson. $8% liquidated. The money for the prop- [Endicott-John pf.. 117 erty is held in Boston banks pending |Erie. . u% mpletion of negotiations involved |Erie 1st pf. T in the purchase by Henry Ford. Erie3dpf... ... 1% Copper Shares Firm. Famous Players... 1% Copper shares were firm but did Ffl"“":“"z”;l‘;"’ ot make the response that,might |Fed Mines sl have been anticipated to the word (Fed Mines & Spf.. & that the market for the metal had |Fifth Ave Buswi.. 10% started the year firmly fixed on a |Fisher Body. 208% 14% level, as compared with the 14 Fisher Bof O pf... 971% which was the prevailing figure all |Fisk Rubber.. 18% through the latter half of 1922. Ac- |Freeport Texas. tive short coverings came into the |Gen Am Tank pf. independent steel stocks during the |Gen Asphalt. afternoon and some of the rails did |Gen Asphalt p¥ Riter. A Gen Cigar The equipments and motors in the |Gt Gigar last hour felt the effect of specula- [Goh Fie0F TF tlve realizing. Gon Eloospl wi..o 3% - INCOTION NARKET Gen Mot 7% deb. .. Gimbel Bros pt. Goldwin Corp. Goodrich. ... By the Associated Press. NEW YORK, Jantary 2.—There was quite a flurry of buying at the opening of the cotton market today 43% Great Nor Ore..... 30% Gulf Mo & Nor pf.. 4% Gulf States Steel.. 8% 2 generally optimistic feeling s 10 |Inspiration....... ®% trade prospects for the new, vear.|Interboro Metro First prices were firm at an advance | Interboro Met pt. dfter the call. Liverpool cables: at- tributed an advance there to general buying and an improved spot demand, an sccumulation of buying orders qver the holidays put the price of cotton higher today. Around the Granby Consol. Gray & Davis Great Northern pf. 6% Harbishaw Cable., 1% Hendee Mfg 2 Houston Oil. .. . Hudson Motors. éowing to relatively firm cables, re- |Hupp Motors. ports of a good tone in-the markets for stock and forelgn exchange and |Ljinols Central. .. B8 of 16 to 35 points, but the demana |Interborough w1 tabered oft after the initial orders had been -executed, and _the mar- ket became comparatively quiet, with Yiices easing off under realizing. March sold down from 26.92 to 26.76 and May from 27.00 to 26.84 shortly ¥t said that higher prices met reall : .m. _blde—January, 26.25; March, 26.40; May, 26.43; July, 26.16 Ogtober, 24.50. Steady. NEW ORLBANS, January 2.—Bet- {gr cables than due, cheerful ac- «ounts from dry goods markets and ©pening there was a rise of 13 to 30 ppints, old crop months being sironger than the mew. March ross 10 A .4 ) {Noon blds—January, 26.16; March, £4.26; May, 26.23; July, 26.00; October, #4145, Steady, Intl Agri Chem pf. 1% Intl Cement. . % Intl Combustion B 24 Intl & Gt Northern 22 Intl Harvester.... 8 Intl Mer Marine... 10 Intl Mer Marine pf &% Intl Nicke u Intl Nickel pt. Invincible Oil. Island Oil.. Jewel Tea.. .. Jewel Tea pf. Jones & L'ghlin pf. 107% Kansas & Gulf Co. 1% Kansas City Sou.. 19% Kansas CSou pf... 84 Kayser (Julius) % Kelly-Spring Tire. &% Kelly-Spring 8% pf. 102% Kelsey Wheel..... 110 Kennecott........ ¥Wh Keystone Tire. . L] LakeErfe & W.... Lee Tire & Rubber Lehigh Valley. . Liggott & Myers. . 219 Lima Locomotive. . ® @ 6 1% 18% 58% B8% 1B %% 0 ™ m% 1% *% 6% a% 81% 0% 6935 =% 8% e 3% U T 184 182 6% 6% %% 18 R ) 2 140% un% 1% C 105% 106 8% 8T% 2% 2% 21 30 128% 127 824 B1% % 6 o Th 21% 20% 56% 6% %% 8% T 8TW 9% 79 108% 108% 29 28% 123% 123% 186% 164 182% 161% 103% 108% 8% 284 9% 8% 98k 98% 9% 110% 110% n o 0% 4% 65% 64% 8 8 124% 122 102% 102 0% 8 1% 1% 1% 16 ® 2 2% 22 2 19 8% 16% % 89 8 189% 137T% a% 2% 8% 8% 2% 2% 4% 2% 2% 20 52 51 62% 61 61% 61% 6% 624 %% 9% % 5 1% 14% 6% 16 13 12% 3% 13 % 144 2 2 10 9% B B ™ 6% 0% 2% 69% 6% UM% N 10% 10 W% 1% R % N% 8% 2% 8% 68Y% “% 46 68 6% % 71 W% 102% M 4k % 9 3% 8% &% 4% 81% 80% 6% 116% &% 3% R N% 8 2% 2 o2 8% s 7% @ 6% 68% 0 % % 9 2% 2% 107% 106% W 2% 8% &% 0% 0% 1 % 38 38 21% 120 6l 0% u% uk% uz 16 “y % 1o 10% 129 1274 9% 119% 5% 63% 01 101 71% 70 8% 8% 26 =% 1% 13% 9% 9% 2% 82% 2% 24% 5 18 121% 127% 107% 107% 107% % &% wo A% % 8 0% 9% 8 % 0% 20% % 924 wowm 14, 10% W% 18 u% 1% 2% 9% %8 % 9% 9% @ a% 10% 9% 206% 202 % 9% 9% 1% 2% 2% 101% 101 ok @ 80% 80 ®Y% 82% 104% 104% 182% 182 12 u% 15 Wha uY% % MW I 1 %% 5 4% 26l 3% U u 1% 12% % 0% 30% “ho % % 79% 1% 1% 2 9% % 70 m 1% % B u us 1% 14% % 354 §8agegaihengs g3y sys g& ) 1% 8% 12% 9 10% “©% 1% 0% 8% a 8% 184 6% 1% 38 v W 67 105 7% 26% 324 12 51% 8% L 2% 6% 8% % 79% 108% 29 2% 155 182% 103% 2% 9% 0% 95% 110% 2 49% 4% 3 122 102 89 1% 2 120 Beoge g gurgannnany, 5:;!,:; g & Open. . 10% Loose-Wiles . B2 Louis & Nashville. 133 Mack Tiack...... 68% Macy Co... Magma Copper. Mallison & Co Manhat Elec Su Manhattan EI ctf, Manhattan Shirt. . Market St Ry. Market St prior. .. Market St Ry 2d. Marland Oil. . Marlin-Rockwel Martin-Parry. Mathison Alkili Maxwell (A) Maxwell (B) McIntyre Porcu Mexican Pete. . Mexican Seaboard. 17% Mexican Shd ctfs.. 17 Miam! Copper Middle States Oil. Midvale Steel. . Minn & 8t L (n). Mo Kan & Texa Mo Pacific. . Mo Pacific pt. Montgomery Ward Moon Motors. .... Mother Lode Cltn. Nash Motors. Nash Motors pf. Natl Acme. Natl Biscuit w Natl Cloak & Suit. Natl Cloak & S pf. Natl Conduit. Natl Enameling. Natl Lead. ... Natl Lead pf Nat R of Mx Natl Ry of M 24 Nevada Copper-. .. New Or Tex & Mex N Y Alr Brake.... N Y Air Brake (A) N Y Central..... N Y Chi & St N Y Dock. 2 NYNH & Hartfd. 21% N Y O & Western.. 20% Norfolk & Western 112% North American. .. 106% North American pf 4% Northern Pacific.. 75% Ohio Body & Blw. 6% Oklahoma Prod 1% Orpheum Circuit. Otis Steel. . . Owens Bottle. Pacifiz Develop. .. PacificGas & El... Pacific Oil. Packard M . Pan-Amer Pete. . . Pan-Am Pete (B). Parish & Bingham Pennsylvania. Penn Seahd Steel People’s Gas. . Pere Marquette Pere Marq pf..... Pere Mrq prior pf. Fhiladelphia Co... Philadelphia Co pt Phillips Pete. Plerce-Arrow Plerce-Arrow pf.. Pierce Oil. Pierce Ofl pt. Piggly-Wiggly Pitts Coal. Pitts & W Va. Pond Creek Coal.. Postum Cereal. Pressed Steel Car. Producers & Ref.. Public Servof N J. Pullman Co. Punta Alegro..... Pure Oil. ... Pure Oil 8% pf. % 60% 8% 39% 1% 81 0% 2% 13015 s 29% %% 1% 1% s B3t Railway Steel Spr. Ray Con Copper. Reading 1st pf. Remington Typr. Replogle Steel Rep Iron & Stee! Rep Iron & Stl pt. Reynolds Springs Reynolds Tob (B). Royal Dutch...... St Joseph Lead. St L & San Fran. St L & San Fr pf.. St Louls Southwn St Louts Sown pft. Seaboard Air Lin Seaboard A L pf. Sears Roebuck. . Seneca Copper. Shattuck-Arigona. Shell Trad & Tran. Shell Union. Shell Unlon pt. Sinclair OI1. Sinclair pf Skelly Oil. . So Porto Sugar. So Porto RS pt... Southern Pacific. . Southern Rallway. Southern Ry pf... Spicer Mfg Co Standard Milling. Stand Oll o2 Calif. Stand Oilof N J wi_ Stand Oil of NJ pf Sterling Prod Stern Bros pf. Stewart-Warner. Steel & Tube pf. Stromberg Carb. Studebaker. .. Submarine Boat. Superlor Oil...... Sweets Co of Am. Tenn Copper..... Texas Compan; Texas Gulf Sulphur Texas & Pacific. .. Texas & P C & Oil. Third Avenue Tide Water Oil. Timken Bearing.. Tobacco Prod. Tobacco Prod . Tobacco Prod pf. Tol St L & W pf... Trans Contl Ofl... Union Bag & Pap. Union Pacific. Union Pacific pf. Union Tank Car United Alloy Steel United Drug. United Fruit: United Retall Strs. 76l .. 21 SJIndus Alcohol. 68% S1nd Alcohol pf. 99 S Realty. . S Realty pf.. 8 Rubber. U S Rubber 1st pf. 9% U U U U U U Utah Copper.... Utah Securities.... 1% Vanadium Corp... 3% Va-Car Chemical.. 24% Va-Car Chemical pf 63% i Vivadou.. 1% ‘Wabash. - 9% ‘Wabash pf (A] .2 ‘Webber & Hellbrn 124 ‘Western Elec pf. Western Md. . ‘Western Pacific. W ‘Westhse Eles & M. 603 Wheeling & L E. 9% Wheeling & L E pt. 1% ‘White Bagle Oll... 2T% White Motor...... & ‘White Oil. . ‘Wickwire Spencer 10% Wiliye-overiand. . ‘e ‘Willys-Over Willys-Overland pf 2% ‘Woolworth....... 220 ‘Worthington Pmp. 8% ¥ ;E sBagarge Call Money..... 12% T High. Low. Close. 1% 0% 19% 5214 133 9% R HFLL Be EEEH 5% 153 B8% 61% 81% 8% 3 29 6% 9% 69% 264 29 10 29% 51 1% 18 68 n 27 E) 6% HOURLY SALES OF STOC! LACKING IN BONDS First Market Day of New Year Finds Many Investors in Waiting Mood. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 2~The in- terest and activity evident in the stock market was absent from the bond market on the first busine: day of the new year. The keenest Judges could detect no general trend and investors seemed to be content to satisfy their immediate require- ments, but not to anticipate them. Short-term notes continued in good demand, always & mark of uncertain- ty as to the course of prices. Good preferred stocks were well taken by those who were wlilling to take a little more risk for the sake of the larger return. Some of the new of- ferings along this line went very well, others dragged. Ralls Higher. Speculative rails continued the re- covery begun after the Incubus of tax selling was completed. Cases in point were the New Haven, Erie and St, Paul issues. Seaboard Air Line obli- gations also did some better. Here, ;| however, the process was more a cor- recting ‘of the position into which these bondg fell during the last few weeks of 1922 rather than an advance based og improved prospects. For the immediate future the outlook for all these roads is evidently better now that they have caught up, in part, at least, on the expenditures caused by the effects of the strike. The rest depends on general business and the favor of Congress. Forelgn List Mixed. The foreign list can no longer be treated as a whole. United Kingdom issues moved in accord with securities of the yiighest grade, responsive only to money Tnarket conditions, the specu- lative fssues of which the City of Greater Prague 714s are an example, reflect varying opinion as to the d velopments abroad, present and pro- spective. Speyer & Co. and J. & W. Seligman & Co. will offer tomorrow at 97 and in- terest, to yleld more than 6.20 per cent, $13,500,000 International and Great North- ern Railroad Company's first mortgage 6% per cent, series A, due July 1, 196: The bonds are a part of a fotal au. thorized issue limited to $40.000,000, of which $20,000,000 already have beer issued and are outstanding. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ATLANTA, January 2.—Cotton acre- age in 1923 will depend to some ex- tent on the price of calcium arsenate, the chemical used to fight the boll weevil, according to state agricultural officials today. KANSAS CITY, January 2.—The Al- bert H. Welnbrenner Shoe Manufac- turing Company of Milwaukee has been forced by the growth of business in this territory to establish a distribut- ing branch here. SEATTLE, January 2.—A strong post-Christmas drive for the sale of shoes by, retailers is now in progress with prices in general marked down about 20 per cent. DETROIT, January 2.-—Men with big holdings in motor stocks declared today that the net increase in motor cars last year in this country was approximately 1,000,000, which they say was not more than was needed when increase in population, extension of good roads and the added useful- ness of the automobile are taken into consideration. GREENVILLE, 8. C., January 2.— Twenty cotton mills here which have had a prosperous year will pay stock- holders more than $1,000,000 in divi- dends this week. This has been the trend all ever the southern textile field in the last few weeks. SEATTLE, January 2.—Coal imports to the Pacific northwest from Aus- tralia have stopped, but some bunker coal is coming from Japan in Japanese Iiners. CLEVELAND, ~ January _2.—Coal moved over the great lakes last year amounted to only 19,745,892 tons, or about 7,000,000 fons below 1921 PHILADELPHIA, , January 2—A plant here making insulated wire an- nounced today that 1922 had been the greatest year in its history. Produe- tion will reach a total of 4,500,000 pounds, or 1.500,000 pounds above th. previous record. CLEVELAND, January 2.—The head of a concern here making railro: equipment, which has just declared an extra dividend, said today that prospects for 1923 busine bright®and that heavy Lcornln‘ in. PITTSBURGH, January 2.—Gro ceries and provisions are selling to- day in larger volume at wholesale than in any period heretofore in the last year. BOSTON, January 2.—Candy manu- facturers 'are still experlencing an unusually heavy demand despite an increase in production of 30 per cent over 1921. Page & Shaw oversold their December production, although the Cambridge factory turned out 1,000,000 pdunds in that month. NEW BOND SALE SOON. Farm Loan Bureau Plans for $75, 000,000 Issue. EW YORK, January 2 (Special). 15 | _Plans are being formulated today 7% | by Treasury officials and New York 29% | bond houses for issuance within a R 5 1% few weeks of a block of $75,000,000 to $100,000,000 farm loan bonds for agricultural relief. These big bond issues are arranged and carried out by the federal farm loan bureau in ‘Washington. BAR SILVER PRICES. 1o |, LONDON, 151 31%a per ounce. Money, 14 per cent. Djscount rates—Short bills, 25-16a 6% |23 per cent; three-month bills, 2%a 17% | 277-16 per cent. % NEW YORK, January 2.—Foreign U% bar silver, 64%; Mexican dollars, 49%. &°| B.&0. PLACES CAR ORDER. BALTIMORE, January 2 (Special).— sée|A $10,000,000° car order has been Dlaced by the Baltimore and Ohio 18 | Failroad, to include 5,000 gondola and 1% | hopper cars. Bids have been received 2% | for from 1,000 to 2,000 additional box S 112% ot CRUDE OIL OUTPUT. 9%| 'NEW YORK, January 3 (Special). 1M% | —Crude oil production in the United 20% | States durin, November totaled 47,- 4 1889,000 barrels, against 47,885,000 -in 3% | October and 38,107,080 barrels in No- 11 | vember, 1921. 4 SEAT SELLS $1,500 HIGHER. sd NEW_YOR! January 2 (I ). —The E. A. Plerce, 2nd, membership on the cotton exc was sold to 8. B. Chapin for $28,500, an increase of $1,600 over the last previous sale. 6% % 90% 103% 6% B i % Many a woman prides herself on her ability to understand things with- out giving them a thought. N UNITED STATES BONDS. Sales ($1,000). High. Lew. 10106 300 94 "io b did 9908 9908 10082 9996 Liberty 3%s... 414 Liberty 1st d%s &1 Liberty 24 4s. 19 Liberty 34 4 1 '6‘:5::" ) ;‘u. o1 ctory 4% s'23 US4Ks o firer] 9900 L 9890 98384 100 26 %90 Close. 10094 i na 8% 884 1028 »o FOREIGN GOVERNMENT, STATE AND MUNICIPAL. Sales (81,000). High, Tow. Close. Argentine 7s Belgium 748 Belgium 6s. .. Belgium 8s. .. Bergen 85 1945 Bern § Bolivia 8s. - 17 -2 Canada 65 1952. Chile 85 1946 Chile 85 1926 Chile 85 1941 Chinese Govt Ry Christiania 8s. Copenhagen & Czechoslovakia Denmark Denmark 6; Dutch East I 6s°47. Dutch East I 6s '6: French Govt French Govt 7%, Haiti 6sctfs.... Japanese 1st 434 Japanese 2d 4% Japanese ds.... Lyons 6s. Marseilles 6s. . Mexico 58 Netherlands Norway 8s. Norway 6s ctfs Prague 7%s Queensland 7s Queensland 6s Rio de Jan Rio Grde Do Sul 8 Sao Paulo, State, 8 Seine, Dept of, 78 Sweden 6s. Swiss Confed sf 85, Tokio 6. ... Ud Kingdom Ud Kingdom 5%8'37. 28 6s. MISCELLANEOQUS. L1 9 - 9% Ajax Rubber 8s. Am Agri Chem 7%s. . Am Smelt & R 1st 5s. Am Sugar Ref 6s. ... Am Tel & Tel cv 6s. AmT& Tcl tr5s. AmT&Tcltrds. ... Anton Jergens cv 6s. . Armour & Co 4%s. Atlantic Refining 5s. . 34 Bell Tele Pa 7s...... 82 Bethlehem Steel rf 5s 2 Beth'em Steel pm 5s. 1 Beth'em Steel s £ 63.. 7 Brier Hill St 1st 545.105 Bkiyn Bdison gen 5s. 2 Bkiyn Edison 78 D... 1 Bush Tm Bldg 5s'60. 14 Cerro de Pasco 88 Chile Copper 6s. Chile Copper 7s. CinG & E15%s°62, Comp-Tab-Rec 6541 3 Con Coal Md 1st 5s.... 1§ Cuba CaneScvdss.. 6 Du Pont de Nem T4%s. 4 Duquesne Light 6s. ... Duquesne Light 7 East Cuba Sug 7 Empire F &G T%s. .. Fisk Rubber 8s. . 6 Framerican I D 7%s. 13 Gen Electric deb 6s. . 11 Gen Electric deb Gs. . Gen Refractories 6s.. 9 Goodrich (BF) 6%s. 6 Goodyear Tire 88'31. 10 Goodyear Tire 88°41. 3 Holland-Amersf6s. 5 Humble Oil & R5%s. 27 Indiana Steel 5s. . Inter Mer Marine 6 Inter Paper 1st 58 A Inter Paper 1st 55 B Julius Kaysersf 7s.. Kelly-Springfield 8s. . Liggett & Myers 7. Liggett & Myers 5s. Lorillard (P) 8s. Marland Ofl 7%s Mexican Petrol 8s. Mich State Tel 1st &s. Midvale Steel 5 5 Montana Power 5s... Morris & Co 18t 43%s. New England Tel 5s. 29 N Y Edison 1st 6% NYGELH&PSs.. New York Tel 6s "41. 1 S " 15 wnSaSasanan 101 102 7% 101% 100 1% 3% % 8% . 985 ” 9% 1% 99% %% 108% 101% 108% 51% 108 0% 8714 108% 8% o 2% 6% 4% 9% % 2% 82 9% 100% 101% 1% 100% 108 m% 2% % L] 5% 6% 9% 101% %% En 108 101% 103 51 102% 92 1034 16% 8% 9% 80% 8 9% 108 %% bl oy 6% N 108 o 135% 6% usy% 8% % _% NH 108 103% oY% i LA P 35 100% 102 7% 101 108 8% L 8% 6% 9% 0% RAILROADS. IN POULTRY MARKET ‘Receipts Light and Demands Heavy, Wholesalers Report. Meats Show Improvement. Atchidor gen 4 Atlantic C L 1st 4 Atlantie C L col fxgayesf 33 A whirlwind clean-up Saturday put the poultry market in good shape. The reaction was directly opposite that of the previous Saturday. Re- ceipts were light and demands heavy. i\ odundency to upward prices was noted ay. No ‘change in the butter and egg market has been noted since last week. The market continues firm on both products, Following the close of the holiday Season, when poultry was in demand, there iy every indication of a de- clded tmprovement in the meat mar- ket, demands already showing an in- crease. E!ll—!lrlcfly fresh, selected. can- dled, per dozen, 48a50; average receipts, 47a48; southern, 46. Cold storage eggs, 30232, Live poultry—Roosters, per 1b.. 1 turkeys, per b, 35; spring chicken: per Ib., 25a27. Keats, young, each, 6 fowls, éach, 24a25. Dressed poultry—Fresh-killed spring chick per 1b, 30a32; hens, per 1b., per 1b., 18; turkeys, per 1b., 35a45; keats, young, each, 70a80. Live stock—Calves, choice, per 1b., 12%; medium, per Ib., 12; thin, per Ib. 6a9. Lambs, choice, per lb, 13; };nsx!s‘ln. 3.0028.00 each; 1ive hogs, per W div3%s. . a & Bklyn R T 7821 Buff R & Pitts 4% gegzgesisannie] E Canadlan North 638 Canadian Pac deb 4s. Central Pacific 4s. Ches & Ohio cv 68 Ches & Ohlo cv 4 % Ches & Ohlo gn 4% Chi & Alton 38 1949 Chi & Alton 3% ChiB&Qgn 48 1958. Chi B&Q1strf5s... Chi & East Il gn 68. . Chi Great West 4s. .. Chi M&StPrf 4%s ChiM&StPcvbs. .. Chi M & 5t P 48 1925 Chi M&StPcv 43%s ChiM&BtP 481924, Chi M & St P gn 4% B 7 £33233 BaBava Chi Un Station 4 %: Chi Un Station 6%s. Chi & W Ind con 48. CCC&StLrfésA. CCC & St L db 4 % Cleveland Term 5%s. Cuba RR bs. . Del & Hud 1st & rf 48 Del & Hudson 6 %: Den& R G 1st rf 5i Des Moines & Ft D 48 Detroit United 4%s. . Green frufts—Apples, per bbl., 87.00; per bushel basket, nearby, 7 1.00;" Delicious, No. 1, per bbl., 6.00a 7.80, " California oranges, per crate, 5.00a6.00; Florida, 4.00a4.50. Lemon er box. 6.00a7.00, Grapefruit, 3.00a Tangerines, 3508480, Vegetables—Potatoes, per bbi, No. 1, 1.50a2.00;_per sack, 2.00a2.25; No. 2. 5021.00. 'Sweet potatoes, North Caro- Iina,” 75a1.50; nearby, 2.0¢a2.50. Let- tuce, per crate, southern. 1.00a2.25. Romalne lettuce, per crate, 50al.25. Iceberg lettuce, per crate, 5.35a5.75. Cabbage, northern, 1.75a2.00 per 100 Ibs.; nearby cabbage, per bbl, 1.50a 2.00. Eggplants, per crate, 4.00a7.00. Tomatoes, per box, Florida, 4.00a7.00. Beans, 2.50a4.50 per basket. Peas, 3.00a750 per basket. Peppers, per crate, Florida, 2.5024.00. Kale, per bbl., 1.50a2.00. 'Spinach, per bbl, 3.0 4.00. " Celery, per dosz., 1.00a1.25; Ci fornia, per crate, 7.50a8.00. Califor- nia grapes, per crate, 3.00a4.00. Erfe conv Erie conv e Gr Trunk s f deb 6s Grand Trunk 7s. Great North gen 7s. .. Great North gen 5% Havana ERL & P 68 Hudson & Man ref b aBE L aaRe R R a8 unan arnronnBnenSaES 111 Central 5%s - Inter Rap Transit 5s. 13 Inter R Transit 7s. .. Int & Gr Noraj 6s....118 Grain, Produce and s Live_Stock Kansas City Sou5s.. 6 Lake Shore 45 1928. .. & Lake Shore 451931. .. 17 GRAIN AND PROVISIONS. Lehigh Valley 6s 2 BALTIMORE, January 2 (Special). Long Island ref 4s. ... 13 —Potatoes, white, 100 pounds, 50a Louls & N unified 4s. 16 1.25;°150 pounds, 90a2.15. Sweets, bar- La& NW bs. S 1.50a2.51 basket, . 3.0022.50; bushel, Market St Ry cn 58 B . 2.50a3.50; beets, Al Drasseis’ sproute gudrt S0ai5; ca s, oy S g bage, ton. 20.00825.00; 50a7; carrots, basket, 5028 hundred, 5.00a7.00; cucumber 3.00a6.00; eggplants, crate, 4.00a6.0 horseradish, bushel, 3.00a4.003 kal bushel, 40a50; lettuce, barrel, 1.50a 2.60; onions, 100 pounds, 1.50a3.00; oysterplants, hundred, 6.0048.00; pars- nips, bushel, 1.00a1.10; peas, bushel 4.00a5.00; peppers, crate, 1.50a3.00: spinach, bushel, 85a1.10; squash, crate 3.00a4.00; tomatoes, crate, 2.50a4.5 turnips, basket, 35a40. pADPles, packed. barrel, 2.00a5.00: ushel, 50a1.50; loose, 100 pounds, 1. MoN Hayon Siviaer & 1.65; basket, 4050, Crarberries. bar- S e Intesuce- I8 rel, 12.00a14.00; grapefruit, box, 2.25a N Y State Ry 4%: -1 3.5 oranges, box, 3.00a3.75; vlneap-, N Y West & Bos 4%5. 19 ples, crate, '5.00a8.00; strawberries Norfolk & West cn 4s. & giart, 40450; tangerines, half strap, Norfolk & West cvés 7 3.00a3.50. orthern Pacific 3s.. 2 Selling Prices at 12130. e -y Wheat—No. 1 red winter. spot. no ot xcselim O¥. - 13 quotations; No. 2 red winter, spot, Northern Pacific 6a... 15 1.31%, nominal; No. 3 red winter, Ore-Wash Istref 4s.. 6 pot, no quotations; No. 2 red winter, Paris-Lyons-Ded 6s. . 23 garlicky, 1.30%. nominal: No. 3 _red Pennsylvania gen 55. & winter, garlicky, no quotations; Jan- Pennsyl gen 4%s..... & uary, 1.303%, nominal. Pennsylvania 6%s. - . 10 Sales—None. Pennaylvania goid 78, 6 Corn—Cob corn, mew. 4.00 per bar- Reading gen 4s. .. rel; contract, spot, 83% per bushel; Rio Gin de Wit No. 2 corn, spot, §414: No. 4. no quota- RIArk& L 4%s. tions; track corn, yellow, No. 2, old to better. 87 per bushel. ales—None. g:k?fstfi er"G"‘ Oats—White, 2, 54 and 54l per pE xS bushel asked: No. 3, 53% and 54. StL&SFprinbs. Rye—Nearby, 85a95 per bushel; No. StL&SF inc 6 2. western export, spot, 99 per bushel; StL&SF5%sD. No. 3, no quotations. StL&SFadjés Hay—Receipts, 17 tons; market for StL&SFprinésC. 7 top grade of timothy and light clover Seaboard A L ref 48 mixed, 16.00a20.00 per ton, and for Seaboard A L ad] 5 Beaboard A L con 6s..25 £00d mixed, 16.00217.50. Sou Pacificcvds..... 19 Straw—No. 1 gled rye, 16.00: No. 1 wheat, 10.00a11.005 Sou Paclfic ref 4s. Southern Ry 1st 58 &TprinbsA MK & T adj 5s. New Orleans Term 4s 2 N Y Centraldeb6s... 4 NYCentralribs....207 NYCentLCclt3%s 8 New Haven cv deb 6s. 11 2% 8% | 64 0% Cry- 0% 6% - 2% % 9% ma 2% 6% 12 % n% BS 15.00a. No. 2 oat, nominal, 12.00a12.50. January 2.—Bar silver, | New York Tel 4148 North Am Edison 8s. North States Pow 5s. Northwst Bell Tel 7s. Pacific Gas & El 5s.. Pac Tel & Tel 58'52. . 10 Packard Motor 8 Phila Coref 65 A Producers & Ref 8s. . Producers & R 8s w. Public Service §s..... Sinclair Oil 7s. . ... 8inCrude Oll 6%s. . . Sinclair Pipe Line 58 Sou Por Rico Sug 7 £33 Southern Ry gen 4s. . 8% Southern Ry dev 68 17 101 ‘Third Ave ref 4 . 4 % 6l Third Ave adj 58 8% Union Pacific 1st 4 2% | Un Pacific 1st ref 4 5% ‘Union Pacific cv 4s. 5% Union Pacific ov 6s.. 28 1004 Virginia Ry 18t 58.... 9 o ‘Wabash 1st 5: -4 8 Wabash 2d bt 24 ‘Western Pacific 58 2% 82 2% TOTAL SALES (Par Value)s 1lam... 4115000 12noon.. 6852003 1pm... A8041000 2p.m.... 9143000 HUGE BUILDING PROGRAM. Total of $6,000,000,000 Likely to Be Expended in 1923. NEW YORK, January ' 2.—Based upon a survey which it has just com- pleted, the Copper and Brass Re- search Assoolation estimates the total building construction for the year 1923 at $6,000,000,000. The po- tential market for copper in bulld- ing construction in this country next year (including sheet copper for roofing, leaders and gutters, ete., as well as the copper content of the brass used iIn Dlumgll:g nl)pai hlrdu- ware and lighting fixtures) is esti- mated at approximately 780,000,000 pounds. In 1922, statistics for eleven months of which are now available, the total expenditure for building truetion is placed at $4,910,000,000. In addi- tion, there were projécted (but not built) other buildings of a total esti- 80,000,000, in 1922 there was am of $7,390,000,000. :Tmount little less than $5,000,000,- 000 has actually been constructed and the remainder is carried over into 1923. . CLOTH MARKET HIGHER. NEW YORK, January 2 (Special). The market for.cotton cloths was ac- tive and strong today, with price ad- 108 13 8 01% 8% 29 100% 108% 104 108% W63 1% 108% n2% 100 8% 100% 208% n% % 8% 104 m% 98 100% 0% 01% Toledo Edison 1st 7s Union Bag & P 6s.... Union Tank Car 7s... United Drug cv 8s. U 8 Realty 5s.. U 8 Rubber 18t rf 5 U 8 Rubber 7% U S Steel s £ 5 Utah Power & Lt 5t ‘Va-Car Chemical 7: Va-Car Chem 7%sw. Warner Sugar 7s. ‘Western Union 6% ‘Wickwire Spencer 78. 2 ‘Wiison & Co 1st 6s. ‘Wilson & Co cv 7% 1028 ‘Winchester Ama 7%s 4 101% N FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) ‘Nominal !.Ilw bl 1064 m% [ 101% snacaBnblenvpelvelo? cpablie 100% 101% SHORT-TERM SECURITIES. (Quotations furiated by Bedmeod & Co.) “Bid. Offer. Aluminum Co. of Amer. Ts 1925. 108 TODAY’S CHICAGO PRICES. CHICAGO, January 2.—Material de- clines In the wheat market today dur- ing the early dealings resulted from persistent selling based on liberal re- ceipts, especialy in the northwest and southwest. No aggressive support for prices was in evidence, buyers apparently lacking any fresh incen- tive for expecting an immediate up- turn in values. Demand for the time being was confined to traders who wished to even accounts on outstand- ing sales. The opening, which varied from unchanged figures to % lower with May 121%al.22% and July 1.13%a1.13%, was followed by a de cided general setback. Open. High Low. Close: 121% 118% 118 % 1105 110 10 1085 1.08 115 1140 CHICAGO LIVE STOCK MARKET. CHICAGO, January 2 (Umited States Department of Agriculture).—Hogs— Receipts, 31,000 head; market 20 cents higher; bulk 150 to 200 pound aver- ages, 8.7528.80; top. fi.!fia~ bulk 225 to ! 376_pound butcher: 8.70; bulk packing sows, 7.75a8.00; desirable pigs around 8.25a8.40; heavy - hogs, 8.45a8.60; medium, 8.55a8.75; light, 8.70a8.85; light lights, 8.50a8.80; pack- ing sows, smooth, 7.85a8.25; packing sows, rough, 7.50a7.90; killing pigs, 8.00a8.50. Cattie—Receipts, 6,500 head; active; beef steers largely 15 to 25 higher; better grades showing most advance. top matured steers, 11.25; few loads .00; bost yearlings, 10.35; bulk eerw, $.00 0; she stock and s and feeders steady to strong: slow, steady (o weak; veal calves largely 25 higher; bulk can- ners, 2.9023.10; bulk desirable bologna bulls, 4.75a5.00; bulk desirable light vealers to packers, mostly around 11.00; few upward to 11.50; hand- picked kind upward to 12.00 to out- ider: 5 Bhl‘dp—Recelnll. 13,000 head; open- EXPECT FINE YEAR Good ' Profits Anticipated, With Even Prices Be- lieved Assured. BY J. €. ROYLE. Slnsh P!lvlh.‘h to The Star, NEW YORK, January 2.—Orderly marketing of the sugar crop will be the main factor of sugar distribution this year, according to sugar men of the south and west today. Those in close touch with the situation ex- Préss declded satisfaction over the outlook, which, they say, promises excellent profits without a runaway market. " Manufacturers in nearl 4 i y every section wrxwre sugar is produced are suf- ncozntly well financed to hold their X‘J\; ucts for advantageous prices. orld demand undoubtedly is in- greasing, according to recent advices from France, Germany and England e German beet sugar crop was small this season. The French pro- duction was even more unsatisfactory and recent developments in the ex- port situation indfcate that Germany #nd France have not lost their buy- ng power for necessities, iR spita of their financial difficulties. The Cuban carry-over has been completely ellminated as a market factor. The Cuban crop is an excel- lent one, but sugar men here ars firm in the belief that the Cuban planters will not sacrifice thelr crop at low prices this year, but are in sufficiently good financial situation tn hold it for opportune marketing. 5 Planters Take Profits. The Louisiana lanters, day, already have taken their profit on their crop. Many sold at the top of the market and some spread their sales over considerable periods by disposing’of future options, shipping as the periods for future delivery roll ground. Those cane planters wha hn\e not yet disposed of their crop ave secured ample funds from t! War Finance Corporation to allow them to hold it until prices are bet- The sugar beet growers and o- ries of the Intermountain states ave in an equally advantageous position Thelr crop was a satistactory one in many respects and sugar prices have made a remarkable recovery in tha last year. They also are in a position to market advantageously. As they do so, farmers who have operated on a sliding scale with the factories, ay many have done, will gradually re- ceive additional sums’ to those paid them per ton for the beets at the time of delivery to the factories. Lower Prices Possible. Prices, it is believed, may be slight- Iy lower during the first part of 19 because at that time grinding is go- ing on in Cuba and more sugar is be- ing produced than consumed, which always has a depressing tendenc: After that time, however, the pri, trend appears pointing unmistakably upward. Sugar refiners have broken all records in the volume of meltings this year by several hundred thou- sand ‘tons. The situation of the Michigan beet growers and refiners is not so satis- factory as that of the intermountain west. since the Michigan crop fell off sharply and the cost of produc- tion was high. Oil Dealers See Prosperity. Holders of crude oil are counting on heavy profits in 1923. The demand for gasoline gives every indication® of attaining record proportions and price advances have followed one an- other quickly in various fields in the last ten days. The latest advance in Pennsylvania crude is counted on to stimulate field operations and new drilling. Fremiums of 10 to 30 cents a barrel were paid before the 25 per cent advance and independent refin- ers are expected to continue these premiums, Reports from Pittsburgh indica today that there is no evidence of gpeculative buying in the steel mar- ket, purchases being made for actual use. Additional mills are resuming operations daily. Lead, copper and zinc production coninue to improve steadily with prospects for remark- able demand for those metals in con- nection with the $6.000,000,000 build- ing program scheduled for 1923, 30,000 More Men Find Work in Year in Frisco Special Dispateh to The Star. SAN FRANCISCO, January 2.—Thir- ty thousand more men went to work today than were employed in indus- trial plants here a year ago. This increase does not include the addi- tional workers employed in mercan- tile, office and other enterprises be- sides those u* strictly industrial lines. The year started with an appreciable Increase in bullding construction of all kinds. Also export and import business between San Francisco and the orient has almost doubled over a Year ago. Optimism “as to what the present year holds is indicated by the rush of many local corporations to increasa their capitalizations. Shipments of raw sugar from Hawali in 1921 totaled 560,000 tons, and as a result of hetter prices and Increased business thres large Hawalian companies have an- nounced dividends ranging from 25 to 100 per cent. New England Expecting Fine Business Year Special Dispatch to The Star. BOSTON, January 2.—The new year finds New England's industries ope- rating at the best rate in over two years. Optimism is widespread and it Is the consensus of opinion today that 1923 will be an especially pros- perous year. Dispatches from nearly 21l the important industrial centers indicate generally satistactory condi- tions as" the new fiscal period begins. The gist of expression by bankers and financiers today is that if prices for raw materlals and manufactured goods do not advance to a point where consumer demand is checked, nothin; can prevent 1923 from being 2 year ol satistactory profits. Effective February 1, the Consolidat- ed Gas Company will reduce the pric, of gas to $1.25 per thousand cubic feet, the second cut of 5 cents a tho sand within the year. Texas Cattlemen See ‘Aluminum Co. of Amer. ‘American Cotton Oil 6s 1024.. lehem Steel 7s Betadian Pacite Central Leather e ch s L, Copper Export ‘A’ 8s 1924.. 1925, vances well maintained in print cloths and the trend In sheetings somewhat higher. The raw silk market was de- Gidedly stronger here today, although Yokohama was closed to trading by hollday which will extend to Janu- ary 6. 5 —————— HUP CUTS AUTO PRICES. very slow, few early sales fat {::m. t5 packers weak to 25 lower: early top, 15.00 to packers; sheep and yearlings, around steady; good 75- pound fed yearling wethers, 12.25; one load 110-pound cholce ewes, 8.50, DAIRY PRODUCTS. BALTIMORE, Ma., January 2’ (Spe- —] Itry, turke; ound, NEW ORI Iunuaey 3 (specin. | st CLive poRln (IS posEd —The Hupp Motor Company has re- |y, ote, 35. Chickens, 26a27: poor and duced prices from $36 to $110 on |, s, 20a23; old hens, 22a36; o small and leghorns, 20; old roost: 16a16. Ducks, 20a27. Geése, 20a28. Pigeons, pair, 30a35. Guinea - fowl, oach, 40af0. Dressed pouitry, tur- Yoys, 46a48; old toms, 40a43; poor and crooked breasts, 35. Young Shickens, 27a28; 0ld and mixed, 25826 old roosters, 17a18. Dutks, 25a30. Geese, 24230 Eggs—Loss off, native and nearby firsts, dozen, 48; southern, 46. Butter—Creamery, fancy, pér poun 54ab5: prints, 56a57; neard: m , 34a35; lad! 35836, ore packed, 32: dairy process butter, 41a42. TREASURY CERTIFICATES, (Quotations furaished by Redmond & Co.) e NOOR ey Return of Prosperity Special Dispateh to The Star. FORT WORTH, January 2.—Dark clouds which have hovered for twa years over the Texas stockmen seem to_be breaking up at last. Plenty of fat cattle are ready for market in south Texas. the open winter has been the salvation of the herds in west Texas and the trend of prices i= advancing. Receipts at the local yards in the last ten dayy have been sma!l and as a consequence prices have been uneven or_ higher. Calves show an advance of 50 to 7§ csnts a hundred pounds and the de. mand is broad. Hogs also have worked to higher levels and the de- mand for sheep and lambs seemj good, although recelpts are negligible (Copyright, 1923.) —_— HUGE SUMS EXPENDED. SAN FRANCISCO, January 2.--The demands of business in the west may be measured with consiverable ac. curacy by the increase in expansion of the public utilities of California, Figures covering the period from January 1, 1922, to date show thay $148.925,206 was in_increasey and bettermente public_ utility companies as compared with $94.134,. 946 1n 1921 and $34,711,173 in 1920, !