Evening Star Newspaper, January 4, 1923, Page 28

FINANCIAL, " WALL SREET LT TURNS RREGULAR Many Stocks Gain, But Heavy Selling Is Noted in Others—Money Easy. BY STUART EBpecial Dispatch to The Star. " NEW YORK, January 4.—Again to- day it could not be said that the European news was causing serious concern in ‘any of the markets. Disruption of ‘the Paris conference, throwing the whole question of Ger- man reparations up in the air once more, seemed almost certain, yet home security markets refused to be dis. turbed over the prospect. Outside of a further decline in the continga- tal exchanges there was very slight response in any other quarte: Stocks Very Uneven. The stock market pursyed a very upeven course. For an hour or so after the opening heavy selling came in from the speculative element which had been following the rise of the previous day. The market absorbed these offerings, and then turned up- ward under the lead of United States Steel common. The leadership of the steel shares proved effective for a while in steady- ing the balance of the list. Yet, at the same time realizing sales were quietly in progress in other of the speculative favorites, and this sell- ing began to show more as the after- noon went on ) This irregularity was the normal charucteristic of a_market in which speculative profits have accumulated. The pools and other interests com- mitted to the side of rising prices showed their command of the situa- tion by bidding up a number of se- lected stocks in face of the partial reaction in other directions. Call money was very casy again, de- spite the announcement that the Treas- ury was to withdraw_$40,000,000 from banks In_thc New York district on Friday. The renewal rate stood at 4 per cent, and new loans were freely made at 3%. This evidence of an easy credit_outlook, along with the increas- ingly favorable reports from trade cen- ters, especially from the steel indus- try, continued to count more than any anxiety over German reparations or over he threatened clash in Augora. Steel Common's Action. 1t is a speculative practice to bring Steel common to the front when the market needs a steadying influence. This is what apparently happened to- day. Some observers thought that Steel was being put up to hide important sell- ing in other directions, especially in Studebaker and equipments. But at all e ts the early profit- taking had been heavy enough to un- settle the general list. It was then that heavy buying orders were thrown into Steel and she stock pushed across 108. The logic of this demonstration was plain. United States Steel common had hung fire for several days, while the independ- ent steel shares were rising sharply. The former had a right to get its roper amount of benefit out of the Biehiy favorable trade reports. par- ticularly the statement that the De- cember production of steel was the largest of any month since October, 1920. P. WEST. Mack Trucks’ Earnings. Confldence that the earnings per share of Mack Trucks common will approximate $20 in {923 has been be- hind the strength in the stock during the past week. This estimate is made on the ground that the company's business has become more than merely the production of motor trucks for scat- tered industrial use, but rather has growp to be a supplemental railway service. Operation of motor trucks for short hauls is jncreasing at a pace and Mack Trucks is now lly an auxiliary equipment < y. The last quarter of 1922 s as profitable as any other of the ar, with earnings for the full welve months at least $10 on the common stock. Both the old and new stocks of Continental Can Company were active and strong today. Their advance, like that in American Can during the past few days, was based largely on the exceptionally good earnings situation, which is, however, well known. Con. tinental Can’s net income for 1922 on’ rapid v THE . EVEN. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office - Open. High. Adams Express... 10 Adv Rumley. 1% BY Ajox Rubber. 13% Allled Chem Allled Chem pf. Allls Chalmers. Am Agr Chemical. Am Bank Note. Am Beet Sugar. Am Bosch. Am Brake 8! T9% le‘ m% ATH . AT st a1 2 '8 9 8 e e 108% 109% 60 % my% % . 185 186 20 20% 3% 8% 8% 6% 1% 12% 105% 108% 263 28% me 1% R 534 B3 128% 128% TR Am Cotton Ol pf. Am Druggist. ... . Am Hide & Leath Am Ice. Am Inte; onal. Am La France Am Linseed. . AmLinseed pf.... Am Locomotive. .. Am Loco pf... Am Metals. B2 82k Am Radiator. 8% 8 Am Safety R: . 7 Am Ship & Com... 21 21% Am Smelting. 61% 67% Am Smelting pf... % 9 w2l 142% % 8% 79% 80% Am Snuft. v A Steel Fdy Am Sugar. .. Am Tel & Teleg. .. 123% 128% Am Tobacco...... 164% 15415 Am Tobacco (B).. 162% 162% +Am Tobac pf (n).. 104 104 JAm W Wks 7% pf.. 85% 8% JAm Wholesale pf.. 88% 9% Am Woolen....... 97 9T% IAm Writing Prpf. 21% 2% Am Zinc & Lead... 1T% 1% Anaconda.... 4 B0% Asso-Dry Goods. 63% 644 Assoclated Ofl.... 125 126 Atchison. 101% 101 Atchison pf. 8% B9% Atlanta Bir & Atl. 1% 1% Atlantic Fruit Co.. 1m 1% Atlantic Gulf..... 2% 2% Atlantic Gulf pf. 16% 163 Atlantic Ref. 122% 122% Atlas Powder. 15 165 Atlas Powder pf... 81 & Atlas Tack. 19 19 Austin Nichols.... 8% 84 . 188% 140% 6% 116% 21 4% 50% 69% 208 298 8% 5. 845 6 6% Baldwin Loco. ... Baldwin Loco pf.. Balto & Ohlo. Balto & Ohlo pf. ... *Bank of Comm'ce Barnesdall (A) . Bayuk Bro : Beechnut Packin: Beth Steel. = Beth Steel (B). |Beth St1 7% (n) . Booth Fisheries Booth Fish 1st pf. British Empire Stl. Brit Em Stl 2d pf. Bklyn Edison Bklyn Rapid Tran. Bklyn Rap Tr ctfs Burns Bros (A)... Burns Bros (B) Burns Bros pf.. . Butte & Superior Butte Copper..... Butterick. .. 5% 6 a3 k2 9% 9l 26 26 18% ' 114 1% 16% 12 12% Wh 1% 0% 0% 105 106 2% RY% 10% 0% 0% 2% 2% 2% 0% T8% u% h —10% 10% 4% 1% T T 0% 0% 8% 8% 0 0% 6% 5% W% 0% 0% 7% 102% 102% 2% 2% 2% 2Th Californla Pcking. California Petrol. California Pete pf. Callahan Zinc. . Canadlan Pacific. Carson Hill Gold. Case (J ) pf. Central Leather. Central Leath pf.. Cerro de Pasco. Chandler Motor. Chesap'ke & Ohio. Ches & Ohio pf W i. Chl & Alton. . Chi & East I11. Chi & EastIIIpf.. & 64 Chi Great Westrn. 4% 4% Chi Great W pf. s 9 Chi Mil & StP... 28% 8% ChiMil & StPpf.. 84% & Chi & Northwn. ... 8% 8% Chi Pheumat Tool. 8 8 iChi R1& Pacific.. 2% 2% ChiRI&P 6% pf.. 82% &8 ChiRI&P 7%Dpf.. o1% 9% Chile Copper,..... 28 28% {Chino Copper’. 2% A% Cluett Peabody. 6T 68 Coca-Cola........ 8% 0% Coca-Cola pf. Colo Fuel. Colo& Southern. Columbia Graph... Columbia Gas. Com Solvénts A Comp Tabulator. . the old stock amounted o about $27 | Conley Tin Foil. . a share. Motors Lead Late Trading. On the stock exchange motor stocks held, the center of .the stage late in the afternoon. Their strength was 10 be set down as the traditional dem- onstration on the eve of the annual New York show. Some of the tobacco stocks—Retail Stores - particularly— developed special strength. In the majority of instances, however, offer- ings of stocks were large enougn in the last hour to check any further rise and to bring about an irregular reaction. . SHIPPING MEN ELATED OVER RATE REDUCTION Resumption of Joint Tarift bnye!ronEdlson. North and South America Lines Is Foreseen. By the'Associated Press. T NEW YORK, January 4.—Shipping men today were elated over the pros- pects” of an end of the rate war| among lines operating between North and South American ports, and the probability- of an early resumption of a joint negotiation of tariffs, as_ the Tesult of an intercoastal conferénce |Fed Mines & S pf.. yesterday attended.by all but two of | the thirtéen company members. The conference revealed, it was said, that the rate war, in effect since the organization was disrupted last June, had cut tariffs more than half, but at the same time had doubled the ag- | gregate of shipping business. ‘Whilg «cuts had ranged from 40 to 75 per déft, it was disclosed that the | number of vessels In_the service had | jumped. from 75 to 150, All the flag compandes serving Atlantic and- Pa- cific_coasts by way of the Panama canal were represented except the Amerlcafi: Hawalian Steamship Com- | pany and the Isthmian Steamship | lines. ) PARIS BOURSE FIRM. PARIS;"January 4.—Prices were firm on the bourse today. Three per cent rentes, 55 francs 75 centimes. Exuhange on London, 63, trancs 10 centimess’ Five per cent loan, 176 francs €0. centimes. quoted af 14 francs 83 centimes. SHORT-TERM SECURITIES, (Quotatigng furnished by Redmond & Co.) Aluminum“Co. of Amer. Ts 1025 Aluminum £a; of Ater. Ts 1033, American Cofton 01l s 1624 Ameriean Sugar 6s 197.... American Teh, & Tel, X el & Tel! 6s 1025 Apacon pper 68 1920. Auaconda Capper 78 1 Anglo-American Oil 7igs Armour & Co. 7s_1030 Bethlehen Steel 78 Canadian Pabific 6s 1024 Goodyear T, & Grest Nofthern Ts 1586, Hocking Valley THockinE it 553 Tods. Kansas Cfty Term, 65 1923 Kennecott Copper 7s 1080 T e o N o lsy Tobi [ 1980. 99 1107 | The -dollar 'was |Gulf StatesSteel. i3 | Indien Refining. % |Int1 Agri Chem pt. Cons Cigar. ... Cons Gasof N Y. Consol Gas w 1 Cons Textile. . Cont Can. . Cont Can w 1 Continental Mdtors jCorn Products. Cosden & Co. Cosden pf. Crucible Steel Cuban-Am Sugar, Cuban Am Sug pf. Cuba Cane Sugar.. Cuba Cane S pt.... 1% 6% 2% 120 52% (2% 101% 101% 2% 3% 26% 26% 01 101 W% 1% % 40 8% - 6% 2% 24% ) 8% 115% 127% 121% 109% 168 44 4% 12 116% 2% U% Davidson Chem. .. De Beers. . Deere Co pf. Del & Hudson Del Lack & Wstn. Dome Mines. Dupont (ED. Eastman Koda Electric Stor Bat.. 56% 6% Elk Horn Coal.... 20 20 Emerson-Brant... 7 -7 Endicott-Johnson. 913% 22 Erie..... uouy Erie 1st pt.. W% 1 Erle 2d pf. % 1% Exchange Buffet.. 26% 26% Famous Players... 9% €% Famous Players pf 9% 854 9% 0% Fifth Ave Buswi.. 9 9% Fisher Body...... 204 204 Fisher Bof Opf... 9% 9% Fisk Rubber... 1% 19% Freeport Texas... 20% Gen Am Tank Car. €8 € Gen Am Tank pf.. 101 101% Gen Asphalt...... 49 4% Gen Asphaltpf.... 78 78 . Gen Cigar. 81% & Gen Electric...... 18 18 Gen Motors....... 4% 1% Gen Mot 6% deb... 84% B4l Gen Mot 7% deb... 7% 7% Gimbel Bros. . a2 Gimbel Bros pf. % 9% Glidden...... 0% 12 Goldwin Corp. 5% 6% Goodrich. ... 5% % Gray & Davis. 12% 13% Great Norther: % % Great Nor Ore..... 81 81% Greene-Cananea.. 214 2% Gulf Mo & Nor.... 13% 13% 83 8314 8% 8k 9% 19% Y % Hartman Corp. ... Hendee Mfg. Houston O1l. Hudson Motor: &% 0% Hupp Motors % 28 Hydraulic Steel % 6% Illinois Central... 12Kk 112% Illinois Central pf. 115 115 6% 6% 6% 364 % % % 3 2% 2% Intl Cement . & Bt Combustion E 25% 26% ter.... 9 90 er pf.. 116 116% 10% 10% % u 1% 18 0% % 6% 1% 1% Inspiration....... Interboro Metro. Interboro Met pf.. ratl Harv Intl Mer Marine. .. Intl Mer Marine pf Intl Nickel. . Int] Nickel pf.. Intl Paper. . Island Oil. Jewel Te: Jones & L'ghlin pf. 107% 107% % Tidewatés OIF Bis 193] 103! Union Tank: Car.{s Vacuuu Ofl s, J! o, Western Uplon 6 Westinghoube B, & M. - 107! ! 107 12 | Jones Tea. . L ) 2% Kansas & Gulf Co. Kansas City Sou. . Kayser (Julius) Kell; ‘ Kelly-Spring 8% pf. 106% 104% 1% Kennecott. .. Keystone Tire. Lee Tire & Rubber Lehigh Valley. 4% [Liggett & Myer: 101% 04 26%% 101 8% 30% W% 2% 3 116% 127 108 4436 1 4% 6% 2 7 % 1 2% @ 5% “ n% 3 2 2 6% 84 18% % 31% 2% 13% Lima Locomotive Loews Inc Toose-Wiles, Lorillard pt. Louts & Nashviile. Mack Truck. . Mack Truck 1st. Mack Truck 2d. Mallison & Co. Manat! Sugar . Manhat Elec Sup.. Manhattan El ctfs Manhattan Shirt, Market St Ry pf. Market St prior. Marland Oil. . Marlin-Rockwell Mathison Alkill Maxwell (A). Maxwell (B). May Dept Store: McIntyre Porcu. Mexican Seaboard. Mexican Shd ctfs. Miami Copper Middle States Oil. Midvale Steel Minn & StL (n). MinnStP&SSM. MStP&SSM pt Mo Kan & Texa |Mo Kan & Tex pf. Mo Pacific. . Mo Pacific pf. Montana Power. Montgomery Ward Moon Motors Mother Lode Cltn. Nash Motors. . Nash Motors pf. Natl Acme Natl Biscul Natl Conduit. Natl Enameling. Natl Lead pf, Nat R of Mx 1st Natl Ry of M 24 Nevada Copper. New Or Tex & Mex N Y Air Brake. ... N Y Air Brake (A) N Y Central. . NYChi&StL. NYChi&StL2d Norfolk & Western North American. .. North American pt Northern Pacific. . Nova Scotia Steel. Oklahoma Prod Orpheum Circulit. Otis Steel. Owens Bot Plclx: Develop Pacific Gas & El. Pacific Ofl. . Packard Motor. . Packard Motors pf. Pan-Amer Pete. .. Pan-Am Pete (B). Parish & Bingham Pennsylvania..... Penn Seabd Steel People’s Gas Pere Marquette Pere Marq pf. . Philadelphia Co. Phillips Pete. ... Plerce-Arrow Pierce-Arrow pf. Plerce OIl. .. Plerce Oil pt. Piggly-Wiggly Pitts Coal. . Pitts Coal pf. Postum Cereal. Postum Cer pf. Pressed Steei Car.. Producers & Ref. Producers & RY pf. Public Serv of N J. Pullman Co. Punta Adegro Pure Ofl....... Pure Oil 8% pf. Ray Con Copper. Reading.... Reading 1st pt. Reading 2d pt. Remington Typr Replogle Steel. Rep Iron & Steel. Reynolds Springs. Reynolds Tob (B). Royal Dutch. Rutland Ry pf. St Joseph Lead.... StL & San Fran.. St L & San Fr pf.. St Louls Southwn. St Louls Sown pf.. Santa Cecilia Suga 'Seaboard Air Line. Seaboard A L pf. Sears Roebuck. Seneca Copper. Shattuck-Arizona. Shell Trad & Tran. Shell Union... Shell Unton pf. {Sinelalr O1l. {Sinclair pf. Skelly Ofl. . Sloss-Sheffield. Southern Pacific. Southern Rallway Southern Ry pf. Spaulding A G p! Spicer Mfg Co.... Standard Milling.. Stand Oll of Calif. Stand Oilof N J wi Stand Oll of NJ pf Steel & Tube pf... Sterling Prod Sgern Bros pf. Stewart-Warn Stromberg Carb. Studebaicer. . Studebaker pf. Submarinc Boat. Superior Oll. . Superior Steel. Sweets Co of Am Tenn Conper. Texas Company. Texas Guif Sulphur & Pacific. .. s & P C & OIl. Third Avenue..... Timken Bearing.. Tobacco Prod Tobacco Prod {Trans Conti OIl. .. Twin City R Tran. Unlon Bag & Pap Union Pacific. . Union Pacific pf. Unfon Tank Car. Union Tank Cr pf. United Drug. United Drug 1st. United Fruit. Utd Paper Board United Ry Inv. ... United Ry Inv pt United Retail Strs. S Indus Alcohol. U us us U S Rubber..... U S Rubber 1st pf. U S Smelt & Ref. U S Steel. . U S Steel pi Utah Copper. Utah Securities. ‘Vanadium Corp. Van Raalte. . Va-Car Chemical Vivadou Wheeling & ‘Wabash pf (A) ‘Wabash pt (B) ‘Webber & Hellbrn 19% | Western Pacific... % AT% 104% ‘Western Pac pt. Natl Lead.,... . N Y N H & Harttd. N YO & Western.. 204 9% 2% 135 “ 52 16 % 2% 6% [ 3 % 88% 18% % o8 24 19% wh 9% o 1'% 8% 1% 67% 126 3% % 3 16% ST 28% 8% 24l & & 214 uz% 105% 3 3 23% 2 19 88 1 % P 10% 2 9% 8% 13 6% 2% 2% 7% % 95% Ly 521 u 18% 2% 30% F) 66% 2% 5% 9 8 8% 8% 8% 12% 91 8% 9 10% a 8 2% 5% 105 0% 87% 128% 2% nm% ) $1% 13 % 6674 um% m % 5% £ 2% % o 0% 214 22 16 £ 6% 8% u 5 66% -138% Y%, 85 109% 81 4T% 166% 16’ 12 = 6% 90% 39% 107 1 6% % 1% ] 2% 2 17 &8 Bles & M. 60% ‘Westhse 1st pf. . ™ % 8% 218% 60 19% 6% n 125 61 8 85 105% 62 22 8% . 2% 8% TH @ 69% 28% 51 54 17% 68 18% 17% 16% | = 12 k2 6% 0% 8 W% 8% 16% < 8% 221 19% % 10 9% 1% LA 1% 66% 126 118% % 3 16 5 2% 8% %% 82 82 213a 1 205 m 104 “ 5% 29 1% 1% 8% 0. «<% “% 13% kD % a 6% 0% . Wk | 5% b 39% 6% m% . 9 % Y% 133% % 29% 9% 15 k] &% 8 6% 2% 12 % AT | o | % | - 2 9% 0% % 2% 6% % 186% 16% 18% 29%° % 5 % 9% 104 5% 0% 39% 107% 1221 3 16% 9% [ %% 1% el 64% 17 12% 18 n 2 | stipulating what they are prohibited ING ' STAR; TRADING IS HEAVY INBOND MARKET Land Bank Issue Is Quickly Taken—OQutlook Much Brighter. BY GEORGE T. HUGHES. Special Dispatch to The Star. , NEW YORK, January 4.—Some heavy transactions over the counter, combined with a remarkably quick absorption of the new offerings, gave great encourage- ment to bond traders, today as to the future of the market. Not only were the $75,000,000 Federal Land Bank 4%s taken, but the Flelschmann Company common stock offering was reported oversubscribed several times. In the face of these returns no rgom for doubt was left as to the large amount of funds avallable for investment whenever terms appear attractive. The price at which the land bank bonds were offered is also taken to indicate confidence. The new issue is offered tdf yield 4% per cent to the redeemable date. Among the large trades which did not appear on the record of the stock exchange was one of $500,000 St. Louis, Iron Mountain and Southern 6s. There also were heavy transactions in Union Pa- cific refundiyg 4s. Denvers Become Active. Ariong dealings on the exchange the activity in Denver and Rio Grande refunding 53 was_ very noticeable. Continuing the advance begun Wed- nesday the bohds ran up over 3 points today. It was reported that favorable progress had been made toward re- organization. All the Brooklyn Rapld Transit Issueg were also very active, both the 7s and the certificates ad- vancing on rumors that the reorgani- zation plan would soon be ready and that the terms would be favorable to the holders of these bonds. Nearly all high-grade _securities were firm and higher. Atchison gen- eral 4s, Unlon Pacific 6s and United States Steel sinking fund 5s were in demand. TIn this same class Canadia Pacific debenture 43 crossed 80. Spe, ulative bonds shared the improve- ment. Chicago Rallways 5s sold above 79. Hudson and Manhattan ad- justments, Seaboard Air Line 6s and Chicago and Alton 3is were other examples. Forelsn Bonds Hold Well. One of the most notable features of the day was the way in which the forelgn bonds held up under the wp- parently unfavorable news from abroad. While forelgn exchangs was generally weak, the bonds wers firm, although not very active. It remains to be seen what will be the effect of a break-up at Paris if it should go that far. All the Canadian issues were strong today, a good omen for the success of the expected new financing. Among South American is- sues the Uruguay 8s were prominent. BRITAIN IN MOVE FOR MORE COTTON Would Increase Supply by ‘1 10,000 Bales in Sudan. Other Steps Planned. By the Associated Press. LONDON, January 4—In view of the threatened shortage of, American cotton. for the Lancashire mills and the ‘resulting serious position in which England's textile industry is Iikely to be placed, British ofcial circles are directing considerable at- tention to development schemes in the Sudan by which it Is estimated Egypt's annyal production of long staple cotton can soon be Increased 110,000.bales. - A'loan s about to be issued, guar- anteed by the British government, to provide funds for the construc- tlon of a 217-mile extenslon of the Sudan rallway to Kassala in order to make possible the expansion of the cotton-growing area in the delta of the river Gash, at the same time open- ing eastern Sudan for the export of cereals and cattle. Within & few years of the opening of the railway extenslon it is stated that 100,000 acres of cotton will be grown annually, and eventually a considerably larger area will be cul- tivated in this district. A further loan is 8oon to be raised to finance the building of a dam at| Makawar, on the Blue Nile, and a canalization system for the irrigation and development of a large cotton area‘ dn the El Gezira district, south of Khartum. ~Contracts for_ this work have already been let, and the first crop will be planted in 1925. The El Gezira scheme is capable of the development “of 3,000,000 acres, but is to be limited to 100,000 acres for the present. | GOVERNMENT DESTROYS GYPSUM ASSOCIATION| Judge Enox Signs Decree Intended to End Possibility of Price Fixing. By the Associated Press. ‘NEW YORK, January 4.—Federal Judge Knox signed a final decree yes- terday in the government's case against the Gypsum Industries Association, set- ting forth a code of principles by which trade assoclations will be governed un- der the Sherman antl-trust law, and from doing. Explaining the terms of the decree, United States Attorney Hayward said: “The method devised is unique in the respect that it practically destroys the trade association and its regular weekly or monthly meetings at which oppor- tunities were afforded, as the govern-’ ment contended, for open or illicit price fixing by the group, for arrangsments for the curtailment and limitation of production and for defining and devising the many other abuses that have re- sulted from such trade association meetings. “In the place of the trade assoctation, the decree substitutes a non-profit mak- ing corporation for the joint welfare of the members, powers ilmited express- Iy by the decree and by its charter of articles of incorporation to certain well defined and concededly lawful activities,” The action was the outgrowth of a conference in Washington attended by Attorney General Daugherty, DMr. Hay- ward, other government officials and representatives of the Gypsum Industries Assoclation and its members. The gov. ernment had conducted a nation-wi investigation and for more thar a monti & grand jury had heard exaauative evi- lence. ‘Wheeling & L ‘Wkite Eagle Oll White Motor. WhiteOfl...ueunnn Wickwire Spencer 11% Wilson Company.. 374 Willys-Overland.. 74 ™% Willys-Overland pf &% w46 Woolworth. . AT 20% 21T% 2 0% ‘Worthington Pmp. 34} 4% 3¢ 8¢ Worthington (B). 6% 6% 6% e1% *0dd lot. High. Low. Last. Call Money..... 4 W% 3% HOURLY SALES OF STOCKS. 204800 12m. « 4T 200 T41900 2p.m + 830500 g 16% 26% 60 3 u% Ed 16% 25% 0% 3 4% | i 7% EEFEERH j Gen Electric deb 6s. . ’Géod)eur Tire 85°41. { Mexican Petrol §s. | Sou Por Rico Sug 7s.. “WASHINGTON, D. 0., THURSDAY, JANUARY 4, 19237 (72 vonr BONDS o v Received by Private Wira Direct to The Star Offica. 3 UN‘TID“ STATES BONDI s > + ($1,000). Liberty 3%s... 405 Liberty 2d 4s..." 4 Liberty 1st 4%s &8 Liberty 2d 4%s. 255 Liberty 3 4%s. 221 Liberty 4th4%a 413 8% Victory 4% 412 10026 10024 10024 2 Ufl'lulllfl.‘. 210 10000 9993 €998 FOREIGN GOVERNMENT, STATE @ND MUNICIPAL. Sales Close. 836 904 848 8% 2888 8z, s sz . High. Low. Close. w01 100% " 101 02 0% 102 B 9T 01 100% 108 108 Q% 9% % 1% 8 8 8% 9% % 9 9% 102 10% 9% 9% 103 102% 103 1% 107% 0% 89 109 8 ©% o 8% Argentine 7s. Belgium 74%s. Belglum 6 Bordeaux Brazil 7, Brazil 7%s Canada bs Canada 6%s 1929. Canada 5s 1931 Chlle 8s 1926. Chile 851941 E Chinese Govt Ry 5s. Christianta 8 7z Copenhagen 51 29 Czechoslovakia 8s.. 13 Denmark 8s L1z Denmark 6s .o Dutch East I 6s°47. . 38 Dutch East I 6s'62.. 22, French Govt 8s French Govt 7 Haitl 65 ctfs. , Japanese 1st 41, Japanese {s. ... Lyons 6s. . Marseilles 6s. Mexico 5a. Mexico 4s. . Montevideo 7s. Netherlands 6 Norway 8s. Norway 6s ctfs. Prague 7%s Queensland 7s Queensiand 6s. . . . Rio de Jan 85 1946 Rio de Jan 851947 Sao Paulo, City, 85 Sao Paulo, State, 8s.. 5 Seine, Dept of, 7s Solssons 6s. Swiss Confed s f .5 Ud Kingdom 51529 112 Ud Kingdom 5 %8 '37. 11 Uruguay 8s 1946. 9 MISCELLANEOUS. AjJax Rubber Ss 2 9% Am Agri Chem .. Am Smclt & R 1st 58. 10 Am Sugar Ref 6s. ... 26 Am Tel & Tel cv 6s. 16 AmT& Teltrss AmT&Tcitrds. ... Anton Jergens cv 6s. . Arniour & Co 4%s. Atlantic Refining §s. . Bell Tele Pa Ts..... Beth'em Steel p m 5s. Beth'em Steel s £ 65. . Brier Hill St 1st 5%s. Bklyn Edison gen bs. Bkiyn Edison 78 D. .. Bush Tm Bldg 5s "60. Central Leather s Cerro de Pasco 8s. Chile Copper 6s Chile Copper 7 CinG & El5%s 62 Comp-Tab-Rec 6s Con Coal Md 1st 5s. .. Cuba Cane Scvd Ss. . Du Pont de Nem 73;s Duquesne Light 6 Duquesne Light 71s. East Cuba Sug 712s. . Empire® & G T%s Fiek Rubber 8s. Framerican 1D 7133, PRSI @ Gen Electric deb 5s. . Gen Refractories 6s. . Goodrich (BF) 614s. Goodyear Tire 85 '31. Holland-Amer = f 6x. Humble Oll & R 5%s. Tlinois Steel 41 s *40. Indiana Steel is Inter Mer Marine 6s. . Inter Paper st 55 A . . Inter Paper 1st s B.. Kelly-Springfleld Ss. . Lackawanna St 5= '50 Liggett & Myers 5s. Liggett & Myers Ts. .. Lerillard (P) 5s...... Magma Copper cv 7s, Manat! Sugar s 7%s Loarw vEunaauallmacn Saso Much State Tel 1st os. Midvale Steel 5s. ... Montana Power 5s. .. Morris & Co 1st 4%s. National Tube 1st 65. New England Tel bs. N Y Edison 1st 634s. . NYGELH&PSs.. New York Tel 6s " New York Tel 4 North Am Edison 6: North States Pow 6s. Northwst Bell Tel 7s. Otis Steel §s. Pacific Gas & El Gs. . Pac Tel & Tel 58 '52. . Packard Motor 8s Phila Co ref 6s A Producers & Ref 8s Producers & Rf 83 w. Public Service bs. T tocs ety 101 8% 1% 95% 105% £3% 4% 2% 107 2 2% o114 107% 100% 10s% 123 % o8 m S a0aBBafanlalSacan Sinclair Of1 s Sin Crude Oil Sinclair Pipe Line 101 615 80% 100 105% 104% 102 106% 7% 103% nuze 9% 834 108% 103% o1l 9 9514 104% 1% 614 101% 102% 101% oRe Stand Oil of Calif 7s. Steel & Tube 75 Tide Water Oil 63s. . Toledo Edison 1st 7s. Union Bag & P 6s. Union Tank Car Ts, United Drug cv 8 U S Realty o U S Rubber 1st rf 5s. U S Rubber 7%s. U S Steel s f5s. . ‘Utah Power & Lt 5: Va-Car Chemical 7s. . Va-Car Chem 73%s W. ‘Warner Sugar 7s. ‘Western Unlon 63s. . Wickwire Spencer 7s. Wilson & Co 1st 6s. .. ‘Wilson & Co cv 73s. . Winchester Ams 7%s 5 101% —_—— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks gold value. today,11:80, London. pound. 4.8685 4.65 Montreal, dolla z Paris, franc. Brussels, franc. Berlln, mark. Rome, lira. Zurich, fra Athens, drachi Madrid, Viennt 5 Budapest, crown. Prague, crow Warsaw, mark. Christiania, erowr. Stockholm, crown. By the Associated Press. NEW YORK, January 4—Foreign exchgnges easy. Great Britain, de- mand, 4.64% ; cables, 4,64%. Sixty-day bills ‘on banks, 4.623%. France, de- mand, .0709%; cables, .07103. Italy, demand, .0510%; cables, .0511. Bel: glum, demand, .0657; cables, .0657%. Germany, demand, .000124; cables, 000125, Holland, demand, .336 cables, .3965. Norway, demand, .188 Sweden, .demand, .2693. Denmaf demand, .2047. Switzerland, demand, 591, Spain, demand. .1571. Greece, demand, .0i22.. Poland, demand, (000066 Czechoslovakia, _demand, 0304, Argentihe, demand, .3775. Brazil, demand, .1162. Montreal, 98 15-16. —_—_ BAR SILVER PRICES. LONDON, Janwary 4.—Bar silver, 32% pence per.ounce. Money 1% per cent. = Discount rates: Short bills, 2%a 25-16 per cent; threg-month bills, 2 5-16 a2 T cent. oW YORK, January 4—Foreign 0% silver, 66%; Mexican dollars, 50%. ... . | Paris-Lyons-Med 6s. . RAILROADS. Bales ($1,000). High. Atchison gen 4s. Atlantic C L col 4s. Low. Close. 89% 02 , 82 9% T4 ™% 80 101 101 3t % h o1% 5% O SW atv 334, B & O Toledo div Bklyn R T 75’21 Bklyn RT BkIRT7'21ctsta.. 24 Buft R & Pitts 4%s. 8 Canadian North 7s. .. 8 Canadian North 6%s. 8 Canadlan Pac deb 4s.150 Car Clinch & Ohijo 58 Central Pacific 4s. . . . Ches & Ohlocv 5s. ... 23 Ches & Ohio cv 4%s.. 1 Ches & Ohio gn 43¢s. , 2 Chi & Alton 35 1949, Chi & Altor 31 Chi B&Q 1st rf 5s. .. Chi & East 11l gn 58, Chi Great West 4s ChiM&StPre4 ChiM&StPeovis. .. Chi M & St P 45 1925 ChiM&StPevdls. ChiM & St P 451934. 11 C M & Pug Sound 4s.. & Chi& N W 6%s .2 Chi Rys5s.......... 10 Chi R1& Pacrf 4s.,. 35 Chi Un Station 4%s. . 10 Chi & W Ind con 4s. 3 CCC&StLrf6sA...20 Cleveland Term 5%s. 10 Colo & Southern 4358 & Cuba RR 5s: 1 Den&RG 1st rf 5s..298 D&RIOG5sBTctfs 1 Erle 1st con 4s. .15 Erie con ext 7s, Erlegends. .. Erie conv s A Erie conv 45 D : Erle Genessee Riv 6s. Erle & Jersey 6s. ... Gr Trunk s f deb 6s Great North gen Ts Great North gen Hudson & Man ref 5s. Hudson & Man aj 5¢. . 1l Central ref 4s. 1il Central 5% e Inter Rap Transit 5s. Inter R Transit Inter R Transit 7s. Int & Gr Nor aj 6¢ Kansas City Ft S 4s. Kansas City Sou 3s Kansas City Sou 5s Kansas City Term Lake Shore 4s 1928 Lake Shore 451931. . Lehigh Val cn 4s 2003 Long Island ref 4s.... Louis & N unified #3. Louis & Nash 5s. .., PYTTTIET Manhattan Ry cn 4s. Market St Ry cn 5s Mil El Ry & L 1st 5s. . MStP&SSM6%s. 12 MK & T 1st 4 MK&TprinisA MK&TS6s X MK&T adj Mo Pacific 6 o Mo Pacific 1st 53 '65.. 3 Mo Pacificgn 4s..... Montreal Tram 1st 55 O Tex & Mex inc 52 N Y Central deb 6s N Y Central deb 4s Y Centralriss.... N Y Cent L Cclt 3%s 1y ew Haven cv deb 6s. % ew Haven 78 s 6.5 a1ia 624 @4 85% 1045, 0% 3 6% 594 5% 6% 2% e 79 orfolk & West cn 4s. 9 orfolk & West cv és 3 3% 1 orthern Pacific 3s. 2 rthern Pacific 4s. . 6% orth Pac ref im 6s. . 109% hern Pacific 9%, Ore & Calif 1s 10 Ore Short L ref 92 Ore Short L cn 55 '46. 1037 Ore-Wash st ref 4s. . % 2k 101% L2ty n 0% Ivania gen 5 vl gen 41 vlvania 6328. . Ivania gold Ts. & East inc 4s. 28 Reading gen ds...... § 5% Rio Grande W clt 4s. . € RIArk&L4%%s..... # StLIM&SR&G 4s.. 5% StLIM&S 4s°2! 8% StL&SFprinisA. 0% | StL&SFprinis. StL&SF inc6s. StL&SF5%sD StL &S Fadj 6s. StL & SFoprinés StLSWistds...... San A & Ark Pass {s. Seaboard A L ref . Seaboard A L adj 5s.. Seaboard A L con 6s. Sou Pacific cv 4s. Sou Pacific ref 4s Sou Pacific clt 4s. Southern Ry 1st 5s. Southern Ry gen 4s Southern Ry dev 638 Third Averefds..... Third Avead) 5s. ... Union Pacific 1t 4s. . Un Pacific 1st ref 4 Union Pacific cv 4s Virginia Ry 1st 3. Wabash 1st 55 Western Mary ‘Western Pacific 5s... 10 81% West Shore 1st 4s. ... 16 82% TOTAL SALES (Par Value): 1lam... 30:1000 12noon.. 663300) l1pm.... 7636000 2p.m.... 8389000 CRUDE OIL PRODUCTION 3 934 2% e 0% 8% 2 4 24 % 11 € 9% %% € GAINS DURING WEEK B the Assoctated Press, NEW YORK, January 4—The daily average gross crude ol production of the United States increased 49,450 | barrels for the week ending Decem- ber 30, tot#ling 1,741,200 barrels, as compared with 1,691,750 barrels for the preceding week, according to the weekly summary of the American Petroleum Institute. The daily aver- age production east of. the Rocky mountains was 1,231,200 barrels, as compared with S decrease of 39,450 barrels. Califor- nia production was 510,000 barrels, as compared with 500,000 barrels, an in- crease of 10,000 barrels, Pennsylvania crude advanced from $3.00 a barrel to $3125 a barrel. No other changes were reported for the major _districts, Midcontinent crude oil being quoted at 90 cents to $1.50 a barrel, according to the gravity of the ofl, and Gulf coast at $1.25. According to figures collected by the American Petroleum Institute, the imports of petroleum (crude and re- fined oils) at the principal United States ports for the week ended De- cember 30 totaled 1,853,255 barrels, a daily average of 264,751 barrels, com- pared with 1,304,876 barrels, a daily average of 186,410 barrels for the week ended December 23. Oll Going Higher. NEW YORK, January 4 (Speclal). —Standard 0il 'of New Jersey will in- crease price 5 cents a barrel Friday at New York, Baltimore and Nor. folk, following a similar Increase by Mexican Petroleum Company. MILLS MAKE RECORD. NEW_ YORK, January 4 (Special). —The Carnegle Steel Company’s seven-. teen mills at Youngstown set a new high record for production in 1922. The fifteen open-hearth furnaces set a new high record of output in steel ingots. ——— TREASURY CERTIFICATES, (Quotations furnished by Redmond & Co.) Rate—Maturity. 3 4% Maren, 18, 1928 3% June 15, 1928 8%s September 15, 1923, B4s June 15, 1924 - 101 5348 September 15, 4%s March 15, 1625 4%s 'December '15. 1 4%s March 15, 1926. 4i(s September 15,1926, 3i4s March 15, 1923. 4s December 13, 1933 4%s June 15, 1923.. 100 1-16 | Senate by Saturday failed to stimu- 11.19% to 1.20 and July 11115 to 1113, o1 | cline { “Provisions were weak in line with 0% | i B 62% | w | 8 | 8% ! ) | January 1,191,750 barrels, a | FINANCI ‘Grain, Produce and Live Stock LOCAL WHOLESALE MARKET. Bggs—Strictly fresh, selected, can- d, per dozen, 48ab average re- celpts, 4 Cold storage Live poultry— re, per 1b., 15; turkevs, pes T 39040, spmine chiclc: ens, per 1b., 28a30; keats, youns, each. 99; fowls, each, 25a26. Dressed = poultry — Fresh - killed Spring chickens, per Ib. 30a32; hens. per Ib., 27a28; roosters, per Ib., 18; turkeys, per 1b., 40a45; keats, youns, each, 70a80. Live stock—Calves, choice, per 1b.. 13; medium, per Ib, 12; thin, per Ib., 6a9. -~ Lambs; choice, per 1b., 13: live pigs, 3.00a8.00 each; live hogs, per Ib., 93, Green fruits—Apples, per bbl., 1.75 a7.00; per bushel basket, nearby, 758 1.00; Delicious, No. 1, per bbl, 6.00a 7.60. California oranges, per crate, | 5.0026.00; Florida, 4.00a5.00. Lemons, | per box, 3.50a4.50. Grapefruit, 3.00a 3.75. Tangerines, 3.50a4.50. Vegetables—Potatoes, per bbl, No. 1, 1.50a2.00; per sack, 2.00a2.2 . 4 2, 50a1.00. ‘Sweet potatces, 1 Carolina, 75a1.50: nearby, 0 Lettuce, per crate, southern, 2.50. Romaine lettuce, per crate, 50a 1.25. Iceberg lettuce, per crat. 4.25a 4.50. Cabbage, northern, 1,75a2.00 per | 100 Ibs.; nearby cabbage, per bbl. | a2.25. Eggplants, per crate, 2.5 a5.00. Tomatoes, per box, Florida, 4.00a7.00. Beans, 2.00a3.50 per baske Peas, 3.00a5.00 per basket. Pepper: per crate, Florida, 2.50a4.00. Kale, pe bbl. 1.50a1.75. ~ Spinach, per bbl., .75 | a3.00. Celery, per doz., 1.00a1.50; | California, ver crate, 7.50a8.00. Cali~ fornia grapes, per crate, 3.00a4.00. GRAIN AND PROVISIONS. BALTIMORE, January 4 (Special). Potatoes—White, 100 pounds, 50a 1.25; 150 pounds, 90a2.15; sweets. bar- rel, '1.50a2.50; bushel, 65a90; basket, 25a40; yams, barrel, 2.00a2.. 65a90. Beans, bushel, 2.50a3.50. Beet: bushel, 75a85. Bro: 50. Brussels sprouts, quart. Cabbage, ton, 20.00225.00. S; bage, bushel, 50a75. Carrots, basket, 50a60. Celery, 106 bunches. 5.00a7.00. Cucumbers, crate, 3.00a6.00. Egg. plants, crate, 4.00a6.00. Horseradish, bushel, 3.0024.00. Kale, bushel, 40a50. Lettuce, barre}, 1.50a2.50. Onions, 100 pounds, 1.50a3.00. Oyster plants, per 100, 6.00a8.00. Parsnips, bushel, 1.00a 1.10. Peas, bushel, 4.00a5.00. Pep- pers, crate, 1.5023.00. Spinach, bushel, | 75a1.10. Squash, crate, 3.0024.00. To- matoes, crate, 2.00a4.50. Turnips, basket, 35240, Apples, packed, barrel, 2.00a5.00: bushel, 50a1.50; loose, 100 pounds, 1.40 al.65; basket, 40a50. Cranberries, barrel, 12.00a14.00. Grapefruit, box, . Oranges, box, 3.00a3. Pineapples, crate, 5.00a3.00. Straw berries, quart, 40a50. Tangerines, Lalf strap, 2.00a3.50. Selling Prices at 12:30. 1 red winter, spot, no quotation 0. 2 red winter, spot, | 1.32. nominal; No. 3 red winter, spot, !no quotation 0. 2 red winter, gar- licky. 1.30%, nominal: No. 3 red win- rlicky, no quotations; January, 11 nominal. b corn, new, 4.00 per bar- | rel; contract, spot, $2% per bushel; | No. 2 corn, spot, 84; No. 4, no quota- | | tions; track corn, vellow, No. 3, or| | better. new, 861 and $7 per bushel. Sales—None. H | oats 541 per bushel | | asked: 3 i 5a%5 per bushel; No. market for top of timothy and light clover | mixed, 16.00a20.00 per otn, and for | good mixed, 16.00a17.50. | Straw—No. 1 tangled ry 116.00; No. 1 wheat, 10.00a11.0 { oat, nominal, 12.00412.50. TODAY'S CHICAGO PRICES. CHICAGO, January 4. — Prospects that the diplomatic conference at Paris would be dissolved within {twenty-four hours had a bearish ef- fect on the wheat market today dur- ing the early dealings. eastern connections were rather free | sellers, and there was a lack of im- portant buying. Assertions that farm credit bills would be reported to the | grade 15.00a | No. 2 Houses with late demand. The ng, which . with May ranged from was followed by material further de- | Corn and oats eased down with wheat, notwithstanding decreased ar- | | rivals of corn here. After opening | 3 off to a like advance, May 1% | {to 71%, the corn market scored a slight general upturn and then under- {\ent a moderate setback all around. Gats started % to % higher, May | 443 to 44%, and later showed losses 'Oll all months. hog values. M #FER FR T September ... PORK—Nominal 11.10 1140 10.80 1075 1140 11060 . DAIRY PRODUCTS. BALTIMORE, Md.. January 4 (Spe- | cial).—Live poultry—Turkeys, pound. | 45; old toms, 40; poor and crooked | breasts. 34a3s; chickens. 25a26; poor and leghorns, 20a23; old hens, 22a26; small and leghorns, 20; old roosters, | 15a16; ducks, 20a27; geese, 30a28; pig- | eons, pair, 30a35; guinea fowls, ‘each. | 40a70. Dressed poultry—Turkeys, 44 a48: 0ld toms. 40a42; poor and crook- ed breasts, 35a38; young chickens, 27 : old and mixed, 25a26; old roos- 17a1$; ducks, 25a30; geese, 24a May i te i ‘30I.‘:[:g< (loss off)—Native and nearby | firsts, dozen, 48; soutnern, 45a46. | B fancy, per pound, nearby creamery, 46a50; ladle { packed, 32; butter, 41242, CHICA LIVE STOCK MARKET. CHICAGO, January 4 (United States | Department of Agriculture).—Hogs— Receipts, 62,000 head: market active; 5 to 10 lower; bulk 140 to 200 pound averages, 8.60a8.65; top, 8.65; bulk 225 to 300 pound butchers, 8.50; packing sows, mostly, 7.50a8.00; desirable lightweight pigs, 7.50a8.00; heav. hogs, §40a8.65; medium, 8.4528.6 | light, $.50a8.65; light lights. 850 8.65; packing sows, smooth, 7.70a8.15; packing sows, rough, 7.40a7.75; kill: ing pigs. 7.50a8.50. Cattle—Recelpts, 14,000 head; ket slow: run late in arriving: beef Steers mostly steady to 16 lower: bet- ter grades holding steady; early top- matured steers, 10.25; some held around 11.00; bulk beef steers, 8.25a 9.75: butcher she stock slow, tending lower; canners and cutters, stockers and feeders steady; bulls strong; veal ahlves unevenly lower; buik desirable fieavy bologna bulls, 4.5024.65; few upward to 4.75 and above: bulk veal calves to packers, 10.75a11.00 early; Shippers upward to 12.00; bulk stock- ers and feeders, 6.25a7.00. Sheep—Receipts, 12,000 head: open- Ing fairly active: killing classes generally steady to strong, with fat fembs tending higher: early top, 15.25 to city butchers; 16.00 to packers; de- torabie fed clipped lambs, 12.75; fed Yearling wethers, 12.00; 'cholce 95 bound. fat ewes, 8.75; cholce 57-pound feeding lambs, 14.60. TODAY’S COTTON PRICES. NEW YORK, January 4.—The cot- ton market was influenced by a less favorable view of the foreign news early today. Cotton futures opened Ssteady; Janugry, 26.58; March, 26.72; May, 26.80; July, 26.50, and October, airy prints, 34a35 process | double ti {product |mess_circles, {tributed here to HUGEAUTO OUTPUT N FR s Estimated 1,700,000 Wil Be Required to Replace Those Sent to Junk Pile. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 4.—It is go- Ing to take somewhere near 1,700,000 new automobiles this year to replace the cars that go to the junk pile. . Automobiles are getting more use and harder use than ever before, ir Spite of better roads; and consequent- 1y their term of usefulness is les al though (heir durability pever haps been so great. i Automobile men in close touch wit! the situation decla today that a part of the surprising sales and pro- duction records of last year, when ap- proximately 0,000 American car and trucks were turned out, was duc to underestimating the number of ve- hicles required for replacements. It required approximatel one millicn new rs to replace old cars in 192 and the depression of 1921 made less than that number necessary, but ex perts estimated today that 1,300,000} replacements were required in 1922. Price Cuts Help Demand. Taking into consideration the num ber of cars shipped abroad, there probably are not more than 1,200,000 more “automobiles in operation this year than last, or less than was turned out by the Ford factory alons There is little doubt, however, that every cut in price made by the auto- mobile companies, including the re- cent reduction by the Hupp company has added a tremendous number of prospective purchasers, so that auto- mobile manufacturers are now pre- paring for a tremendous increase in production and shle over the totals of 1922 In the early da of this year Kansas is leading with a car to a fr n less than every five inhabi- tants, with California, Iowa, South Da- kota' and Nebraska close behini Thousands of automobile owners stiiil were standing in line in the street here today in an effort to secure 1323 number plate: ! Farm Machinery Booming. Farm implement producers through- out the middie west declared today that they expected their 1923 business to The presid i and Hoe Compan: announced v that the fall trad had been -excellent and that enough orders were now on the books to ke the plants running until April, even if n further business came in. Implem: companies are having difficulties 1n ge ting deliveries of steel. () Striking developments in productioh and use of electricai power are now under way. The Seuthern Hydro Elec- trie companies are making vigo: forts to enlarge power produci anticipation of a demand for industrial purposes which expected to excecd ansthing ever known in the south before. of the Am { Already the amount of power furnish textile mills in Georgi Alabama and Texas is rising in Tespons to invasion of the soutiicrn fleld by northern textile interests. Reading's New Pl The plan of the Philadelphia and Reading to run its tremendous cosd , 1 and distribution system by electricity will rag many million dollars’ worth of equipment, and_the program of the Llinois Bell Tele- phone Company to expend $100,000,000 in the nex e years in betterments insures other tremendous orders from electrical equipment concerns. P The steam carriers are not falling chind_in improvement plans. The nta Fe system will spend $24,100.- 000 in 1923 for such purposes, while the St. Paul road expects to expend about $30,000,000. Little effect on building material prices is to be expected as a result of the decision of the federal cour listing the *trade practices forbidde under the Sherman law in the dissot lution case against the Gypsum In{ dustries Association. Those practices heve been thoroughly banned by pre- vious decisions. The announcement of the big government building program. { however, s expected to boost material prices in some centers. Steel Mills Very Busy. CLEVELAND, January 4 (Special).— Industrial leaflers here are unanimous today in the belief that business in the next six months will continue at the present pace or exceed it. Stoel men ideclared that business today was far ahead of where it was a vear ago. The Newton Steel Company has placed two more sheet mills in_operation this % | week, and the Shenango furnace is pro- ducing at a greatly increased pace. St. Paul Wants Ford Plant. ST. PAUL, January 4 (Special).— The ' unofficial “announcement of the coming of the $10,000,000 Ford Motor Company plant here already has stimu- lated activity In real estate and busi- and preparations: are bed ¢ ing made (o cater to the trade of the new industrial population the plant wiil bring. Minneapolis is expected to benefit as well as St. Paul. Farmers Are Prospering. ST. LOUIS. January 4 (Special). Farmers of all sections of the west agd southwest are fairly well off financially at the start of the new year. They have cash surpluses and are buying machinery, tools, equip- ment and supplies. All basié condi- tions are sound, but it s noticeable that all costs and prices have a tend- ency to advance. Notwithstanding generous holiday spending, savings deposits have increased. Lumber Business Plcking Up. SEATTLE, January § (Special).— The holiday check to the lumber in dustry brought production down er cent, but new business booked F een about 75 per cent more than production, while shipments were only 2 per cent below the new or- ders placed. Mills are rapidly getting back to production at or above mor- mal capacity. Ten million dollars worth of silk arrived here from the orient this week for shipment by rail to Atlantic coast points. Bank Deposits Decline. KANSAS CITY, January 4 (Special) —The slight decline in deposits shows by some of the banks in this section in the last three months is today at-* increased business activities. The relation of deposits to loan accounts shows the banks In ex- cellent condition. Consumers are re- sponding freely to the semi-annual sales of retailers which have been heavily advertised in newspapers and which have cleared the shelves of tremendous quantity of merchandise. particularly wearing apparel and dry goods. o (Copyright. 1923.) e BIG REDUCTION IN CARS NOW REQUIRING REPAIRS Railway Association Makes Im- portant Report on Status of Equipment. 4he car service division of the American Railway Association re- ported today that freight cars await- ing repairs on class 1 railroads on December 15 totaled 213,837, or 9.4 per cent of the cars on line. This is a reduction of 12,451 cars, compared With the number in need of repair on December 1, at which time there were 226,288, or 9.9 per cent The number awalting repairs on De. cember 15 was the smallest since Feb- ruary 15, 1921. On December 15 last 24.73. Eleven-forty-five am. bids: January, 26.52; March, 26.77: May, 26.88; July, 26.55; October, 24.76; qufet but steady. - NEwh&RLE? 23 anuary, 26. 26.57; May. 26.57; July, 26.31, and Oc- tober, 24.50; steady. year, 318,556, or 13.5 per cent, were in) need of repairs. » Cars in need of light repairs on. De- cember 15 this year totaled 44,567, a reduction of 5715 since the first of the month, while those in need of heavy repair totaled 169,270, or a re. duction of 6,736 within approximately two weeks.