Evening Star Newspaper, January 5, 1923, Page 24

FINANCIAL, WALLSTREET LT STRONG ALL DAY Mg;hy‘ Good Advances Are Scored Regardless of News From Abroad. BY STUART P, WEST, Hpectal Dispateh to The Star. NEW YORK, January & frion of today's stock n Yore out the conclusion th movement at Thursday's would have come about zardless of the outside news. g Of course, the disruption of the reparations ' coufercnce afforded u lconvenient pretext, but it remained ffor the market today to demonstrate Walk street” titude toward the atest crisis in uropean affairs. Tt f 4id not take lomg after the opening tor- such further selling as came in to be absorbed. Then pool opera- tions were resumed with quite as much confidence as before the inter- ‘uption of the previous afternoon. The two quarters _in Buropean news had it» he ac- arket ful the sell- the al ¢ rench francs. Of equal sig with the streigth in our secu was the steadiness of “hang. which N mol than on Thursday ignored the weakness in :ontinentals. It could not be doubted that the break in marks and francs meant that in banking circles the “hances of an agreement on the repa- rations question through American intervention in any other way were regarded pessimistically. The inference simply was that America and Great Britain feel suffi- olent confidence in the strength of their home situations to not be upset over what may happen it France car- ries out her threat to occupy Ruhr and force an independent tiement on reparations. Call Loans Low. Ono helpful influence, both in stock and bond markets, was the reduction in the rate for standing call loans from 4 to 3% ver cent, the lowest in over six monthe. This was of no great importance in itself, but it was important as a reminder that funds are now flowing back to the main financial centers and are pressing for occupation either in the Joan market or In the security market. Reason for the strength of United States Steel common was disclosed in the high price fixed for the annual offer of stock to employes. The rest of the steel group were not so prom- inent as they have bee d inte; also shifte way from the equip- ments and from most of the racently In their place a consid- umber of stocks of specialty type were t 1p, the motors con tinued in demand and of the ion even was bestowed upon the noglected rails, California Petroleu b ot rling ex California ito new high ground for ail t A price of 72 had not been reached since 1912, In 19 California Detroleum sold down around 1 re now run- ning et s a share. while the compan some of the finest grade crude acific coast. Its output is clos day. Despite denials th ain people in the financ believe that Dohen: purchas stock with the suring control once mor terest has Rubber st has been a radual improvement | ecarnings pe constitutes | 40 per cent of United | Rubber's operations and the season has brought heavy Petroleun sales. During 1922 it was a question in the street whether the company was earning its preferred dividend, the payment of which was in doubt until the announcement of the regular dis- iribution on this class of United States Rubber stock was actually made. Marland Ol in Good Shape. Although final results for 1922 of Ma Ol Company have not \n received in the street, estimates that after interest charges, divi- Jends on the stock, depreciation and depletion, there was something left wer. Production of the company is increasing. with a gross output of | about 20,000 barrels of fine grade oll ! . day ‘and a refined output of ahout | 12,000 barrels daily. Average produc- | tion in 1921 and a part of 19: ss than half the present ra Substantial premium is being pa rge percentage of Marland's oil, nd any ces in the price of crude petroleum in Marland's flelds nat- urally will strengthen the company’s rnings position, for its equipment 1s tn a condition that will permit the full benefit of higher selling prices. Late Renlizing Sales. In the last hour on the stock™ ex- change the usual realizing sales were pparent to some extent and prices ame down rather generally from the high. It was noteworthy that cotton %ike stocks, d of its un rket did little, but owed al Total of 10.3 as against 123,000 the and only 60,000 in the corresponding week ast year TOBACCO RAISERS' TURN IN 117,937,109 POUNDS Virginia Growers Make Fine Year- export ly Showing, Reports —The Asso from its men her growers 117,937,109 pounds of to- bacco up to December 20, according to announcement from héadquarte of the tri-state organization. Total payments to organized tobacco: gro ors amounting to $19,248,895.64 wil complete the second payment by the association, when approximately 40,- 00 checks, now being prepared in the Rickmond office, reach the growers of the old belt. The third payment to zrowers in South Carolina, it is stat- | “d, will begin in the near future, the {ate to be set by the directors at the January meeting. According to statements mailed to | the commissioners of agriculture in | the Carolinas and Virginia, 56,771,454 | pounds have been delivered to the co- verative floors in North Carolina. The bright growers of Virginia have ned in pounds; the dark ! swers 3,085, and | brought to co- | 935 pounds. South © growers have mar- pounds through the| had floors na membe 5, MOTOR TRUCKS CARRYING | HUGE FREIGHT TONNAGE PHILADELPHIA, January 5.—Motor | vehicles in the United States carry six times as many passengers as the railroads, James W. Brooks, director| of the American Highway Educa- ional Bureau, yesterday told mem- bers ‘of the Poor Richard Club. They also carry 1,400,000.000 tons of treight, S0 per cent as much as is ransported annually by the railroads. Repairs to Pennsylvania roads in 1921 cost $9,723,000, and receipts from close | anyway, | the THE EVENI \G_ STAR, WASHINGTON, , FRIDAY, JANUABY 5, ,1923. FINANCIAL, [ov v roxx BONDS o simavs] NEw YORK sTOCK EXCHANGE | WEAKNESS SHOWN Received by Private Wire Direct to The Star Office Open. Adams Eixpress. Alr Reduction. . Ajax Rubber. Alaska Gold. Alaska Juneau.... Allled Chemical. .. Allied Chem pt. Allis Chalmers. Am Agr Chemical. Am Agr Chem pf.. Am Bosch. ... Am Brake Shoe. Am Can Am Can pf. Am Chicle C {Am Cotton Oil. Am Druggist Apidcene sl Am International. Am La Franc Am Locomotive. |Am Metals. . Am Metal pf. Am Radiator . Am Safety Razor. . Am Ship & Com. .. Am Smelting. . Am Smelting pf. Am Steel Fa. Am Sugar. Am Sugar pf. Am Tel & Teleg. .. Am Tobacco. ... Am Tobacco (B).. Am W Wks 75 pf Am Woolen. Am Woolen bf. ... Am Writing Pr pf. Am Zine & Lead... Am Zink & Ld pf. . Ann Arbor pf..... Anaconda.... Asso Dry Goods. Assoctated Of1 Atchison. Atchison pf. Atlantic Cst Line Atlantic Fruit Atlantic Gulf. Atlantic Gulf pf. Atlantic Ref. .. Powder pf ! Tack. .. Austin Nichols. Baldwin Loco. Balto & Ohio Bangor & Ar'n Barnesdall (A) . Bayuk Bros. Beth Steel. Beth Steel Beth St17% (n). Booth Fisherles. Bklyn Edison..... Bklyn Rapid Tran. Bklyn Union Gas. Burns Bros (B)... Butte Copper. Butterick. . . ase Plow Works. “ase (JI) Pf... ntral Leather Central Leath pf.. Cerro de Pasco. Chandler Motor. .. Chesap'ke & Ohio. “hes & Ohlo pf w i. Chi & Alton..... Chi & Alton pf Chi Great Westrn. Chi Great W pf. Chi Mil & St P Chi Mil & St P pf... Chi & Northwn. hi & Northwn pf. hi R 1 & Pacific. . iRI&P 6% pt Chi RI& P 7% D, 1 | Chile Copper Chino Copper. luett Peabody. Coca-Cola. Columbla Columbia Graph Columbia Gas. . Comp Tabulator.. Conley Tin Foll. .. Cons Cigar. .. Cons Gas of N Y Consol Gas w i.. Cons Textile Cont Can. . ! i Cont Can w Continental Motors Corn Products. ... Corn Products pf. Cosden & Co : Cosden pf.... Crucible Steel. Cuban-Am Sugar.. Cuba Cane Sugar Cuba Cane S pf. Dayidson Chem. De Beers. . Del & Hudson. Dome Mines. Dupont (EI). Dupont deb. ... Eastman Kodak.. Electric Stor Bat. Emerson-Brant pf Endicott-Johnson. Erte. .. Erie 1st pf. Erie2d pf...... Famous Players Famous Players pt Fed Mines & S pf.. Fifth Ave Bus w i.. Fisher Body...... Fisher Body pf. Fisk Rubber. s Freeport Texas. .. {Gen Am Tank Car. Gen Asphalt. Gen Asphalt pf. Gen Baking. Gen Clgar. Gen Electric Gen Elec spl w 1 Gen Motors. Gen Motors pf Gen Mot 6% deb Gimbel Bros. Gimbel Bros pf. Goldwin Corp. Goodrich. . Granby Consol. Gray & Davis. {Great Northern pf. |Great Nor Ore. . Guantanamo Su Guantanamo pf. Gulf States Steel.. Hendee Mfg. .. Houston Oil. . Hudson Motor Hupp Motors. Hydraulic Steel Illinois Centra! Indiahoma. . Indian Refining. Inspiration Interboro Metr Interborough pf. Int Cement.. Int Combustion {1nt & Grt Northn. Int Harvester. Int Harvester pf Int Mer Marine. ... Int Mer Marine pf. Int Nickel .. Intl Nickel pf. Intl Paper. . Int] Paper (sta) Invincible Oil. Iron Products. Iron Products pf. . Island Oi1 Jones & Lighlin pi Jones Tea. ....... Kansas & Gulf Co. Kansas City Sou.. Kayser (Jullus). Kelly-Spring Tir Kelly-Spring 8% pf . Kelsey Wheel Kennecott Keystone Tir Kresge (SS). Laclede Gas Lee Tire & Rubber Lehigh Valley..... Liggett & Myers. . Liggett & Myr (B) Lima Locomotive. notor taxe: aled $9,496,690, he said, CAR SHORTAGE CUT. The freight car shortage on De- cember 23 fell below the 100,000 mark for the firat time since Septem- bew 15. Loose-Wiles. Lorillard (P). Louis & Nashville. Mack Truck. [Mack Truck 1 69% B8% 13 % 1% TT% m 452 N% 61 Art Metal Constn. . w4 164 1% 91 8% 9% 9% 204 16 13% 1% 6 4 135 High, Low. Close. i [Market St Ry pf. 4 |Mackay Cos pf % |Maxwell (A) 4 [Midvale Steel. Open. High. Low. Close. .8 8 86 - GI% 61% 61% . 18Y% 8% 18K 691 ool 6ol Magma Copper. 81 81 81 Mallison & Co. .... 371% 8T Manhattan El ctfs. 39 8% Manhattan Shirt.. 47% 463 g 4 6955 vee 29 207 50 Mack Truck 2d. Market St prior... Marland Oil. Martin-Parry. Mathison Alkili 53 16% 68 184 16% 2% 1% 8% Maxwell (B) May Dept Stores Melntyre Porcu. .. Mexican Seaboard. Miami Copper Middle States Ol.. Minn & St L (n) Minn St P & SSM. Mo Kan & Texas. . Mo Kan & Tex pf. Mo Pacific........ Mo Pacific pf. Montgomery Ward Moon Motors Mother Lode Citn. Nash Motors pf. Natl Acme Natl Biscult w1 Natl Clouk & Sult. Natl Conduit. Natl Enameling Natl Lead. Natl Lead pf Nevada Copper. New Or Tex & Mex N ¥ Air Brake. ... N Y Air Brake N ¥ Central NYChi&s NYChl&StL N Y Dock. N Y Dock pf . NYNH & Hartfd. N Y O & Western. . Norfolk & Western 111 North American. . North American pf 45 Northern Pacific.. 4% Nunnally Co . Ohio Body & Blw |Oklahoma Proa Orpheum Clreuit. Otis Elevator. Otis Steel. Owens Bottle. Pacific Develop. ... Pacific Gas & El. Pacific Ofl Packard Motor. Pan-Amer Pete... Pan-Am Pete (B). Panhandle P& R.. Parish & Bingham Pennsylvanla.... Penn Seabd Steel People's Gas. Pere Marquette 18% - 1824 8% Y 15 10% 8% 8 ¢ | Pere Marq pf. 1025 2% ) o 9 23 5% 81 15 2% 214 |Tol St L& W pt 183% s 29 68%% 210 210 59% 9% 11% 62% 164% 185 1% n% 8% ¢ |Shell Union pf. Phillips Pete. Pierce Plerce. Pierce Oil. Pierce Oil pf Piggly-Wiggly Pitts Coal. Pitts & W Va..... Pond Creek Coal. Pressed Steel Car. Pressed Stl Car pf. 9% Producers & Ref... {Public Serv of N J. [Public Service pt. Pullman Co. Punta Alegro Pure Oll..... 39 Con Copper. Reading. : {Reading 1st pt. Reading 2d pf.«. Replogle Steel. Rep Iron & Steel. Reynolds Springs. Reynolds Tob (B). Royal Dutch. Rutland Ry Df. St Joseph Lead. St L & San Fran. StL & San Frpf.. St Louls Southwn. 30 St Louis Sown pf.. 56% Santa Cecilia Suga 2% Seaboard Air Line. % |Seaboard AL pf... 4 ears Roebuck. ... 8% Seneca Copper. L) Shattuck-Arizona. % Shell Trad & Tran. 3s% Shel Union. 12% o2 E 2 r 51% 3543 18% 21% 387% Sinclair Oll. |Skelly Oil........ 10 Southern Pacific.. 8s! Southern Railway. 24 Southern Ry pf... 6% Spicer Mfg Co 20% Stand Oil of Calif. &% Stand Oilof N J wi 424 Stand Ol of N J pf 116% Steel & Tube pf... 92 Sterling Prod 61 Stern Bros pf. s Stewart-Warner.. & Stromberg Carb... 86% Studebaker. .. .... 11§ Submarine Boat... T4 Superior OLl. . Superior Steel. ISweets Co of Am Tenn Copper. Texas Company. Texas & Pacific Texas Gulf Bulphur Texas & P C & Oil. Tide Water Oil. Timken Bearing. Tobacco Prod. .. Tobacco Prod A. Tol St L & West. 21 59% 2 1208 344 66% 8% 64% B6% 13% . 8% .. 188% k3 Trans Contl Ofl Transue & Will Union Pacific Union Pacific pf. |Union Tank Cr pf. 110 United Alloy Steel 38% |United Drug 1st... 474 United Fruit.. United Ry Inv. United Ry Inv p? United Retail Str U S Cast Ir Pipe. U S Food Prod. U S Hoftman Mch. . U S Indus Alcohol. -ee 156% 21% 8634 2% -108% Utah Copper. ‘Vanadium Corp. Van Raalte. . Va-Car Chemical.. 25 va-Car Chemical pf 63 vivadou Wabash Wabash pf (. Wabash pf (B) Wells-Fargo Exp. Western Elee pf. Western Md. Western Md 2d ‘Western Pacific. Westhse Eles & Westhse 1st pf. Wheeling & L, White Eagle Oil White Motor White-Oll Wickwire. ‘Wilson Company. $6% Willys-Overld, ™% Willys-Overld pf. 474 Woolworth. ..... 221 High. Low. Last. CallMoney..... 5 3% & HOURLY SALES OF STOGKS. . 260900 12m « 441 %00 600300 2p.m 763 700 87 61 2% 1% 9% 2% me 82 2% u 23 17 61% k3 264% 8% 46% 4s% 24% 221 .24% ARMOUR BOND ISSUE. NEW YORK, January 5 (Special). A public offering will be made Mon- day of $50,000,000 Armour & Co. of Delaware 5% per cent first mortgage bonds. The price is expected to be around a 5.85 per cent basis, B : INFOREIGN BONDS High-Grade Domestic Issues Remarkably Firm in To- day’s Market. BY GEORGE T. HUGHES, Special Dispateh to The Star. NEW YORK, January 5.—The only place In the investment market where weakness appeared following the news from abroad of the break up at Parls was in the quotations for for- elgn bonds, particularly the French and Belglan issues. Losses Are Not Severe. Testimony of the bond market was the same as that of the foreign ex- changes. The remarkable point was that the effect was so small. Losses on both the French issues up to the early afternoon were less than a point. Curiously enough the Belglan bonds went down more than the French. At no time was there any sign of the panicky selling which carried French issues down to their lows for all time in the middle of last November, which in the case of the 7%s, was 913, and in the case of the 85, was 931 Apparently investors were of the opinion that the situation abroad was not as bad as the foreign dis- patches made it out. Domestic Issues Firm. Outside the forelgn list and a few speculative domestic issues, the bond market was remarkably firm. De- mand for high-grade securities more than kept up with the supply. Such issues as Chlcago Union Station 4%is Tnited States Steel sinking fund_ 5 Atchison general 4s, New York Cen- tral 65 and Delaware and Hudson re- funding 4s were bought at advancing prices. - There were few outstandnig fe tures, one of them the activity In S Louis, Iron Mountaln and Southern obligations. Libertys Unchanged, A good deal of interest was also shown in Chicago Terre Haute and Southeastern first s, a large block of which {s being privately offered. Ac- quisition of this road by the St. Paul is sald to have been the best bargain the St. Paul management has nego- tlated in a long time. There was very little change In<the United States government bonds. BREAK IN PARIS SENDS MARKS 70 NEW LOW Heavy Selling Makes New Record for All Time—Francs Also Take Tumble. By the Associated Press NEW YORK, January 5.—Failure of the allled premiers’ conference to {arations resulted in heavy selling of German marks here today, the rate dropping from 1.23 to 115 cents hundred, a new time. The latest Reichsbank state- |ment showed that the total circula- tion of paper marks in Germar passed the trillion mark. The normal or pre-war price of marks was 23.8 cents each. French francs sustained an over- night drop of 12 points, being quoted at 6.92 cents, the lowest price in more than two months. Other European rates also declined. 2,287,000 Autos Made in 1922; 240,000 Trucks Special Dispatch to The Star. NEW YORK, January 5.—The 19! motor vehicle production totaled 2,287,000 passenger cars valued at $1,374.487,000 and 240,000 trucks, val- ued at $184,080,000. Passenger cars produced in 1921 total 1,514,000 and trucks 154,550, valued at $1,093,918,- 000 and $166,082.000, respectively. The Willys-Overland Company shortly will announce prize reductions on both Overland and Willys-Knight models, ranging from $70 to $370 per car. The touring and roadster models of the Overland are to remain un- changed at $525. Financlal circles here today expect lubricating ofl prices to be advanced within a short time. Tt is expected the advances will be first felt in the domestic market. U. S. STEEL EMPLOYES TO GET STOCK AT $107 NEW YORK, January 5.—Judge El- bert H. Gary, chairman of the board of the United States Steel Corpora- tion, has announced the terms under which the usual annual offer of com- mon stock will be made to the em- ployes of the corporation and its sub- sidiaries. During the current month the employes may subscribe for 60.000 shares of the company’s common stock at $107 a share. The market price of the shares got up to 108% vesterday 1ana later receded to 1073. - As in previous vears those availing themselves of the offer will be allow- ed to pay for the stock in small monthly installments and will receive a bonus of $5 a share annually on Stock held for five vears. For those holding the stock for that period the latter provision reduces its cost to $82 share. SUGAR MARKET EASY. NEW YORK, January 5.—The early raw sugar market was easy today with spot Cubas offered at 5.46. There Were no sales of spot, but 32,000 bags sold for February shipment at 3 7-16 cost and freight, equal to 5.21 for cen- trifugal. Raw sugar futufes were less active, but the undertone was unsettled by the continued decline in the spot market and prices at midday ! ere unchanged to 1 point net lower. DIVIDENDS. Stock of a Pay- . Glue Co. 2% Pf. §. AB\oT Con Co., q. 3¢ Associated Dry Goods Corp. Associated q, 1st pf, 1%%... .. Associated 'Dry Good Corp. q, 24 pf, 1%%. .. +..Feb, 10 Cluett-Peabody Bus Securities Corp., 16 cents. . Feb. Hammond Heating Co., 68% Interstate Public Service Co. q, pr. llen, 1%%. Kentucky Utilities Co. 1%4% Kaministiquia Power 29 . 11teen paintin, vtted Btern Siinine . q, 10 cents.... § Jan. 25 reach an agreement on German rep- | low record for all| had ; Rmhl‘by_l’rthhDMlomfllrm D.. 0,. FRIDAY, UNITED STATES BONDS. Sales (81,000 Liberty 3%s... 825 Lib'y 1st-2d 4%s Liberty 1st 4s. . 2 Liberty 24 4 . 3 Liberty 1at 4%s 4 Liberty 24 4%s. 204 Liberty 3 4%s. 395 Liberty 4th 4%s 86¢ 1 Victory 4% s°23 207 10026 ‘10024 206 10000 9995 FOREIGN GOVERNMENT, US4%s1862... High. 10124™ 101 10 9900 9390 9884 900 9842 9896 98 82 Low.. Close. 10120 60 9890 834 2896 9836 896 28 12 10026 996 STATE 9900 9880 822 9892 9884 9892 9872 AND MUNICIPAL. Sal Argentine Ts. Belgium 7%s Belgium 6s. Belgium 8s. Bergen 85 1945 Bern §s. . Bolivia 8s. .. Bordeaux 6s. Brazll Ts. Brazil 8s. Brazil T%s..... Canada 5%s1929. Canada b5 1931 Canada 58 1952 Chile 85 1946. Chile 85 1926. Chile 85 1941. Chinese Govt Ry Bs. Christiania 8s...... Copenhagen 5%s. Czechoslovakia 8s. . Denmark 8s. Denmark 6s. Dutch East I Dutch East I 65'62.. French Govt 8s. . French Govt 7% Halti 6s ctfs. . Japanese 1st 4153, Japanese 2d 41¢s. Japanese 4s. Lyons 6s. Marseflle Mexico is. .. .. Mexico s large. Mexico 4s. . | Montevideo Netherlands 6s. . Norway 8s Norway s ctfs. .. Prague 718 Queensland 7s Queensiand 6s. Rio de Jan 8s 1946 Riode Jan 8s 1947 Sao Paulo, State, §3. . Seine, Dept of, 78 Solssons 65 Sweden 6s. Swiss Confed Ud Kingdom 51529 . Ud Kingdom 5%8°37. Uruguay 8s 1946. Zurich $s... Ajax Rubber 88 Am Agri Chem Am Sm. Am Am Tel & Tel ¢ {AmT & Teltris AmT&Tcltris Anton Jer; Armour & Co Atlantic Refining §s. . Bell Tele Pa 7s. .. Bethlehem Steel rf 68 Beth'em Steel p m 5s. Beth'em Steel s f 65 Brier Hill St 18t 5348, Bklyn Edison gen 5s. Bkiyn Edlson 7sD. .. Bush Tm Bldg 55 '60. Central Leather i Cerro de Pasco 8s. Chile Copper 6: | Chile Coppe: 5 CinG & E151:8°62 { Comp-Tab-Rec 65 " Con Coal Md 1st & Cuba Cane S evd Det Edison ref & Du Pont de Nem Duquesne Light 6: Duquesne Light East Cuba Sug Empire F & G Fisk Rubber 8 FramericanID 7 Gen Electric deb Gen Electric deb &s. Gen Refractorles 6s. . Goodrich (BF) 6148. Goodyear Tire 8s°31. Goodyear Tire 8s°41. Holland-Amer & f8s. Humble Oil & R 5148, Illinois Steel 4143 '40. Indiana Steel 5s. Inter Agr Corp 6s. ... Inter Mer Marine 6a. . Inter Paper 1st 58 A. Inter Paper 1st 55 B.. | Julius Kayser s £ 7s.. | Kelly-Springfield s. . | Lackawanna St 5350 Liggett & Myers is Liggett & Myers 7s Lorillard (P) bs. Manati Sugar s £ 7%3 Marland Oil 7248 Marland Ofl 8s war. Mexican Petrol 8 Midvale Steel 53. Montana Power 5s. . . New England Tel 5s. N Y Edison 1st 6138. . New York Tel 65 '41. . New York Tel 4148 North Am Edison 6s. North States Pow 8. Northwst Bell Tel s. Otis Steel 5. Pacific Gas & Pac Tel & Tel 58 '5: Packard Motor 8. PhilaCoref 6sA.... Producers & Ref 8s. . Producers & Rf 85 w. Public Service 58..... Sinclair Ofl 7s. Sin Crude Ol 5% Sinclair Pipe Line 58. Stand Ol of Calif 7s. Steel & Tube 7s. Tide Water Oi1 6 Toledo Edison 15t Union Bag & P 6s. United Drug cv 8s. U S Realty Bs........ U S Rubber 1et rf 58 U S Rubber 7%s. U S Steel 8 £ 58 Utah Power & Lit 5s. Va-Car Chemical T Va-Car Chem 738 w. Warner Sugar Be Wickwire Spencer 7s. ‘Wilson & Co 1st 6s. ... ‘Wilson & Co cv 7% ‘Winchester Ams 7%s clal).—Local of ' this year, $136,000,000 a year clal).—More than PARIS, January firm on the bourse centimes. francs 50 centimes. The dollar was quoted at 14 francs 43% centimes. es (81,000). wxBRe Western Union 6%48. . 10 101 m ERnelEdo IS1-11 e & 89 E anad SE8awe wokSeRe H 104 wa®d High. 191% 97%, 1008 108% Low. Close! 100% 101 00% 101 n 9% 108 m 8% % 18% 114% 10% m% MISCELLANEOUS. .2 9% w235 108 1 8 .10 5 5 .25 £l 4 5 T BeBacaaaws aaRnwSa 5 19 10 3 4 10 2 1 5 T 9 .12 . n 8 3 13 I 2 10 10 103% wesw « 109 aate % B 6 9 1 98 102 ago. % 1n2% 0% 83% 1044 ol % 104% m% 102% 01% BIG GAIN IN DEPOSITS. SEATTLE, Wash., January 5 (Spe- banks carried $149,- 000,000 in deposits at the beginning as compared with SEEK MORE CAPITAL. KANSAS CITY, Mo., January 5 (Spe- 200 Missour! cor- tod. porations hate made application -to increase their capital stocks. * PARIS MARKET FIRM. 5.—Prices were Three per cent rentes, 58 francs 55 centimes. Exchange on London, 66 francs 80 Five per cent loan, 76 — MILLION PAID FOR ART. Collection of Italian Old Masters Bought by Duveen Brothers. NEW YORK, January 5.—One of the finest collections of Italian old mas- ters ever gathered in this country has just been obtained from the es- tate of the late Willlam .Salomon by It consists of fif- , for which over $1,001 15000 was paid, in consummation of one of the largest single art transactions in this city. Duveen Bros. ever made | Reading gen s RAILROADS. i s (#$1:000). High. 0 s2u Atehison gen Atchison adj Atlantic CL 1st Atlantic C L col refbs.... PLE&WYV ButaBuallond BKIRT7'21ctsta.. 5 Buff R & Pitts 4% Canadlan North 7s. Canadian North 6%s. 2 Canadlan Pac deb 4s. 18 Car Clinch & Ohlo 68, Central Pacific 48 Ches & Ohio cv Gs. Ches & Ohlo cv 4%8. . 88 Ches & Ohlo gn 4145.. 4 Chi & Alton 3s 1949, Chi & Alton 3% Chi B&Q 1st rf Chi & East Ill gn CH1 Great West 4s ChiM&StPrf4%s.. 3 ChiM&StPcvbs... 4 Chi M &St P 481925, 27 ChiM&StPcv4i4s. 19 ChiM & St P 481934. 48 Chi M&StPgnéis. 2 Chi& N W 6%s. Chi Rys 5s. .. ChiRI&Pacrf4s... Chi Un Station 43%s. . 14 Chi Un Station 6%s. 2 Chi& W Ind con 48 CCC&StLrfésA Cleveland Term 5% Colo & Southern 4%8 1 ceees 4 Del & Hud 1st & rf4s 23 Del & Hudson 5%s Den & Rio G con 48 Den& RG 1st rf bs Erie 1st con 4s. Erle gen 4s. Erle conv 45 A. Erie conv 48 D. Gr Trunk s f deb 68 Grand Trunk 7s. . Great North gen 75. Great North gen 5 %a. Havana ERL & P 68 Hudson & Man ret Hudson & Man aj 5s. . Ill Central G34s . Inter Rap Transit 5s. Inter R Transit 5sct. 1 Inter R Transit 7s... 50 Int & Gr Nora 6s.... 29 Kansas City Ft § 4s.. 10 Kansas City Sou 3s. Kansas Gity Sou 5s. Kansas City Term Lake Shore 45 1925 Lhke Shore 451931.. 16 Louis & N unified 4s. 5 Louts &Nash 7s..... 1 Louis &ash S Manhattan Ry cn 4s. Market St Ry cn 58 Mil El Ry & L 1st 53, M & St L 1st ref 48 MStP&SSM6%s. 2 MEK& T 1st 4 1 ME&TprinssA MK & Tadj 5s. . Mo Pacific 6s. Mo Pacific 1st 6865, Mo Pacificgn 48..... Montreal Tram 1st 58 Nassau B Ry 48 1957. N O Tex & Mex Inc S8 N Y Central deb 6s. .. N Y Central deb 4. .. N Y Centralri5s....141 w Haven cv deb 6s. w Haven 7s...... ew Haven 7s francs. New York Rys ad 5s. N Y West & Bos 4145 orfolk & West cn 3s. orthern Pacific 3s.. orthern Pacific 4s. . North Pac ref im 6s,, Northern Pacific és. Ore & Calif 1st 58 Ore Short Liref 4s. Ore-Wash 1st ref 4s. . Paris-Lyons-Med 6s. Pennsylvania gen 58. Pennsyl gen 4% Pennsylvania 6%4s. Pennsylvania gold 7s. Pennsyl con 4 3 Pere Marq 1st 4s '56.. Pere Marq 1st 5s. . cnBaaBoopaain 0% ™% I3 2% % 3% 91 108% 108% 62 e | ‘ aamoecBSBE 2% m 110% o 81 % 5% 80Y% 3 8% % 85% 691a 2% 6% 100 ™" 81 % % 2% e 924 % % % 68% 101% 601 e [ 1004 W 9T % 64 RIAMK& L 4%s. StLIM&SR&G 4s.. StLIM&S4s'29... StL&SFprinds A StL&SFprinds... StL&SF inc 6s. StL&SF5ksD. StL&SFadj 68 StL&SFoprin StLSW lst 4s. St P&KC Sh L4 %s " San A & Ark Pass 48 Seaboard A Liref 4s. Seaboard A Liadj 58 Seaboard A L con 68 Sou Pacificcv 4s Sou Pacific ret 4s. Sou Pacific clt 4s. Southern Ry 1st b8 Southern Ry gen 4 Southern Ry dev 6 Third Ave adj 5s. . Union Pacific 1st 4s. Union Pacific cv 45 Union Pacific cv Virginia Ry 1st 5 3 ‘Western Maryland 4s 10 Western PacificGs... 11 8 8 Wheel& LEconds.. &5 &4 L TOTAL SALES (Par Value): 1lam 3175000 12 noon.. 6118000 1pm.... 7206000 2p.m.... 8652000 POWER CONTRACT SIGNED. Big Ohio Companies Merge Facili- ties to Benefit Cleveland. CLEVELAND, January 5—With the signing yesterday of a contract by Robert Lindsay, president of the Cleveland Electric Illuminating Com- pany, and B. C. Cobb, president of the Northern Ohio Traction and Light Company, of Akron, final nego- tiations _wére announted whereby eastern Ohfo will be converted into a great super-power zone. ‘Work on ‘a $7,500,000 construction program, which wili. eonnect Cleve- land electrically with power systems as far south as the Ohlo river, will be started immediately, it is said. BRITISH QUIZ MEXICANS. MBXICO CITY, January 5.—Norman King, the British consul general, has started an investigation into the killing of George W. Steabben, a British mer- chant, who was fatally wounded In a street duel here Wednesday. Gen. Leovisiloo Avila and Lieut. Col. Con- stantino Lazcina, the combatants, are held pending completion of the inquiry. WILL NOT MEET SHOPMEN. HAGERSTOWN, Md, January 6.— An effort to bring President Maxwell C. Byers into,a conference with the striking shopmen of the Western Maryland raflroad to.settle the differ- ences which have existed since the strike last March 25 has-failed. This was annbunced vesterday by Joseph C. Byron, a prominent manufacturer of this - city, following ~conferences with Willlam H. Johnston, president of the International Machinists’ Asso- clation, and President Byers. President Byers flatly refused to deal with the shopmen as a unit or their representatives. At the same time he made known the intention of the Western Maryland to carry the de- cision- of the Labor Board into the courts, declaring that he would abide the decision of the supreme court. nti] that time the contract system will remain as at present. - 8 afuoniEasdal 8% 101% 9% 2 96% 105% SRS RIELRER AR e onuantal® | a3.00. per California, per crate, 7.50a8.00. Grain, Produce and Live Stock LOCAL WHOLESALE MARKET. Eggs—Strictly fresh, selected, can- dled, per dozen, 48; average recelpts, 4 southern, 45. Cold storage eggs, 30a32- Live poultry—Roosters, per 1b., 15; turkeys, per Ib., 35a40; spring chick- ens, per Ib., 28a30; keats, young, each, 80; fowls, each, 25a26. Dressed Poultry—Fresh-killed spring Chickens, per Ib., 32a35; hens, per Ib., £3a30; roosters, per Ib., 18; turkeys, per 1b., 40a45; keats, young, each, 70a80. Live stock—Calves, choice, per Ib. 13; medium, per 1b, 12; thin, per 1b,.6a9. Lambs, choice, per b, 13; live plgs, 3.00a8.00 each; live hogs, per 1b., 93;. Green fruits—Apples, per bbl a7.00; per bushel basket, nearby 1.00; Delicious, No. 1, per bbl. 50. _ California oranges, per crate, 5.0026.00; Florida, 4.00a5.00. Lemons, per box, 3.50a4.50. Grapefruit, 2.00a 3.75, Tangerines, 3.50a4.50. Vegetables—Potatoes, per bbl. 1, 1.6022.00; per sack, 2.00a2.25 : 2, 50a1.00." Sweet potatoes, Nortn Carolina, 75a1.50; nearby, 2.00a2.50. Lettuce, per crate, southern, 1504 2.50. Romaine lettuce, per crate, 50a 1.25. Iceberg lettuce, per_crate, 4.25a 4.50. Cabbage, northern, 1.75a2.00 per 100 1bs.; nearby cabbage, per bbl, crate, 2.50 1.50a2.25. Eggplants, per @p.00. Tomatoes, per box, Florida, 4.0027.00. Beans, 2.00a3.50 per_basket. Peas, 3.00a5.00 per basket. per crate, Florida, 2.30a4.00. Peppers, Kale, per Spanach, per bbl., 1.00a1. Cal fornia grapes, per crate, 3.0024.00. GRAIN AND PROVISIONS. BALTIMORE, Md.. January 5 (Spe- clal).—Potatoes—White, 100 1bs., 502 1.2 sweets, bbl., 1.50 a2.50; bushe! basket, ams, bbl, 1.50a2.00; bushel, eans, bushel, 2.50a3.30; beets, bushel, 76a90; brocoli. hushel. 40a50; brussels 20a25; cabbage, ton, 20.00 bushel. 50a65; carrots. ; cauliflow bbl., 3.00a 100, 5.00a7.00; cucumbers, crate, 3.00a6.00; eggplants, crate, 4.00 6.00; horseradish, bushel, 3.0024.00; kale, bushel, 40a50; lettuce, bbl., 1.50a Tbe., 150a3.000 ovs- ter plants, 100, 6.00a8.00; parsnips, bushel, 100a1.25: peas, JDusnel. £00a .00; ers, crate, 2.00a3.50; s . oL s squash, crate, 3.00a 50a5.00; tur- 1.35a1.50. Celery, doz. sprouts, at. 225.01 basket, 6.00; celery 2.00; onlons, 100 bushel, 80a1.10; 490; tomatoes, crate, nips, basket, 35a40. o ‘Apples — Facked, ~ bbl, 2.00a5.00; bushel, 50a1.50; loose, 100 1bs., 1403 1.65; basket, 40a50; cranberries, bb! 12.00a14.00; grapefruit, box, 2.25a3.5 oranges, box, 3.00a4.00; pineapples, crate, 5.00a8.00; strawberries, qt. 40a 50; tangerines, half strap, 3.00a3.75. Selling Prices at 12:30. 0. 1 red winter, spot, no red winter, spot, V0. 3 red winter, spot. no quotations; No. 2 red winter, gar- lieky, 1.30%, nominal; No. 3 red win- ter, garlicky, no quotations; January, 13613, nominal. Sales—None. Corm—Cob corn, new, $4 per bar- rel; contract, spot, $2% per bushe No.' 2 corn, spot, 8 no quota- tions; track corn, yellow, 3, better, new, 86 and 87 per bushel Sales—Bag lot of white, dell at 83. Oats—White, No. asked; No. 3, 4. _ Rye—Nearby, 85a95 per bushel; No. 2, western export, spot, 993 per bushel: No. 3, no quotations. Hay—Receipts, 21 tons; market for top grade of timothy and light clover mixed, 16.00a20.00 per ton, and for good mixed, 16.00a17.50. Straw—No. 1 tangled rye, 16.00; No. 1 wheat, 10.00a11.00 oat, nominal, 12.00a12.50. DAIRY PRODUCTS. BALTIMORE, Md., January 5 (Spe- clal).—Live Poultry—Turkeys, b, 4445; old toms, 40; poor and crooked breasts, 34235; spring chickens, 26a 26; poor and leghorns, 20a23; hens, 22a26; small and leghorns, 2 old ‘roosters, 15a16; ducks, 20a2 geese, 22a28; pigeons. palr, 30a33; gulnea fowl, ‘each, 40a70. Dressed Poultry—Turkeys, 45a52; old toms, 40a42; poor and crooked breasts, 35; young chickens, 27a28; old and mixed, 25a26; old roosters, 17a18; ducks, 25a30; geese, 24a30. Eggs—Loss off; native and nearby firsts, doz., 48; southern, 45a46. Butter—Creamery, fancy, Ib., 5da 55; prints, 55a57; nearby creamery, 34a35; ladles, 35a36; rolls, 33a3s; storepacked, 32; dairy, orints, 34a3s; process butter, 41a42, CHICAGO, January 5. Subsequently, offerings of wheat became light and general by shorts led to additional upturns, which, however, failed to hdld in the final dealings. ~Prices closed unset tled, % to & net higher, with May 118% to 118% and July 111% fo 111%. WHEAT— May . July - September . . Wheat £ quotations; No. 1.32%, nomina red, 54% per bushel 15.002 o, 2 Lovw. 1175 1105 1.08% iy s e 1. 112" FE FEEE CHICAGO LIVE STOCK MARKET. CHICAGO, January 5 (United States Department of Agriculture).—Hogs- Receipts, 51,000 head; market active lighter weight steady to strong: butchers weak to 10 lower: bulk 150 to 200 pound averages, 8.60a8.70; top, 8.75; bulk 240 to 300 pound butchers, $.4028.45; bulk packing sows, *7.60a 7.85; desirable pigs, 7.75a8.25; hea hogs, 8.30a%45; medium, 8.40a8.80 light, 8.6088.75; light light, 8.50a8.75 packing sows, smooth, 7.70a8.15 packing sows, rough, 7.40a Kill- ing pigs, 7.76a8.50. Cattle—Receipts, 8,000 head; beef steers slow, steady to weak; killing quality plain; eafly matured steers, 10.35; few head, 11.50; bulk beef steers, 5.00a9.25; vearlings®scare, she stock_weak to 15 lower; veal calves largely 25 lower; other classes large 1y steady; bulk desirable heavy bo- Togna buils, 4.50a4.75; bulk good to! choice light vealers, 10.00a10.75 to packers; few upward to 11.00; out- siders paying upward to 12.00 and above; canners around steady. Sheep — Recelpts, 12,000 head; fat wooled lambs opening steady; clipped kind_strong; early top, .13.16 to city butchers, 15.00 to packers; desirable clipped fed lambs, 12.30213.00; fed yearling wethers steady, one load, averaging 104 pounds, 12.00; less de- slrable kind around 11.50; sheep scarce, weak; 128-pound _iwethers, 25; some-130-pound ewes, 7.50. e FOREIGN EXCHANGE. (Quotations fornished by W. B. Hibbs & Co.) Nominal Selllng checks golTvalue. tod London, 8665 Montreal, Parls, RBrussels, Berlin, Rome.' 1 Zurlch, pound. dojlar. | Libby, McNeil & Libby By the Associated Press. NEW YORK, January 5.—Foreign exchanges irregular. Great Britain— Demand, 4.64%: cables, 4.65%; sixty- day bills on banks, 4.6 15-16. 'France 22y emand, :0708; cabies, .0708%. Ttaly Demand, .0507; cables, .0507%. Bel- glum—Demand, .0655; cables, .0655%. Germany—Demand, .000119; cables, 1000120, Holland—Demand, .3960; ca- bles, .3962. Norway—Demand, .1891. Sweden—Demand, .2685. Denmark— Demand, .2060. Switzerland—Demand, ‘1896, Spain—Demand, .1572. Greece —Demand, .0120. Poland—Demand .000068. - Czechoslovakia — Demand, {0395, Argentine—Demand, .3737. Brazil—Demand, .1132. Montreal, 89%. covering | COLLAPSE INPARIS - ISVIEWED CALLY Business Chiefs Believe Sup+ ply and Demand Law Is More Vital to U. S. BY J. C. ROYLE. Special Dispatch to The St NEW YORK, January 5.—Americ.g business resolutely thrust aside tc day the depressing influences of European situation. _The break In the relations of France and England over the reparas tlons question undoubtedly had 4 marked effect on some commoditiesy but men closely allled with thq products most affected expressed tos day the belief that the laws of sups Py and demand would prove greated factors in the situation than the plans of premiers. They pointed out that hopeful ins fluences were not lacking and pr ducers of cotton, su, wool and other world necessities asserted th foreign nations would find_means ‘4 buy American products and that de. pression in sules and prices would 4 but temporary. { Debt Amnertion Pleasing. Many found strong encouragem. fn the announcement that imp: duties into this country in 19 gregated $455,000,000, or $133,000, greater than in 1921 This, they clared, indicated a greatly iner buying power on the part of the rest of the world, as the sums paid by th country for foreign goods have in tu become available for purchases American products. Business men and bankers here e«q pressed satisfact over the statsy nent of the British debt commissicn ¢ ‘Britain always had and alwaye would pay her debts.”” British busi. ! ness men who have just arrive: here made plain today the Britis}y stand on German reparations. Enge land is not self-contained, they pointed out, and is dependent on forqs elgn trade for existence. At preserfl the terrible depression in Britis! trade continues, with more than 1 350,000 totally unemployed and = large number working only part tim Germany’s recovery is the key t European recovery an the recov ery of British markets, according -,3 the British financiers. Worry Over Mine Wages. Of far more importance than ;,,, foreign situation, in the opinion of manufacturers and busin men, wa4 the fact that the bituminous workers and operators had failed reach an agreement as to wage s and working conditions to replace arrangement which expires April Large consumers indicated that they would continue to accumulate surplug stocks of fuel and some additional ore Jers were placed here for English coal to be dellvered in the next twg months. Coal prices in some districty are rising. The measure of improvement in th( steel industry is measured with co siderable accuracy in the announces ment by the United States Steel Com poration that 60,000 shares of conu mon stock would be offered to ems ployes under the part payment and bonus plan of the company at $107 , The price of this stock offering each year is fixed by the average price of the stock in the open market during the last three months of the vear. Ir 1822 the price was fixed at $84 a share and in 1921 at $81. Paris Advance Helps Ofls The increase in_the price of bunk fuel oil at New York, Baltimore Norfolk went 0 effect today added stimulus to the improvemen| which the entire oil industry shown since the turn of the year. The forecast for higher wages '3 the garment trades. made weeks ag{ in this column was fully borne out by the award of the referee in the Cleves land Garment Workers' arbitratios proceedings, which eliminates the 1{ per cent wage reduction of last year Ford Taking Hundreds ) of New Workers Daily Special Dispatch to The Star DETROIT, Mich., January 5.—Induss try in Detroit, which hardly hesitated during the holiday season, has jumped right baek to the level obtaining before Christmas eek. The employment report shows an i crease of 19,243 for this_week, bringing the total employed to 276,033, which ig higher than for any week of last year, The Ford Motor Company reopene this week with 80,000 men and is take ing on new workers at the rate of sevq eral hundred a day. Southern States Happy Over Business Outlook, Special Dispatch to The Star. ATLANTA, Ga., January 5.—Predicy tion for industrial developments In th {south- which will equal boom days i ithe far wes% are being measurably jusq tified by the events of the first few business days in 1923. I The first business day of the yeay saw permits issued in Atlanta alone fot $1,900,000 In building construction, ine cluding a department store, an officq building and a public_school. The movement of New England texy tile industries to the south has only bes gun, according to expert opinion here. e The Mexican Petroleum Compan:y, as noted in yesterday's 5:30 Star, has advanced the price of bunker fuel oif ’ 5 cents a barrel to $1.563, Including 613 cents for lighteragea in New Yorid harbor. A similar rise has been ef. ifected by the Standard Oll Compa:yy fof New Jersey. The Standard Oil of Louislana has increased the price of Smackover, Ark, crude oil. The new =acale fixe4 75 cents a barrel for crude of 26 grav- ity or higher, and 40 cents a barre} for crude of less than 26 graviy. Tha yrevlouu price was 30 cents a barre) 'or all Smackover crude. —_— SHORT-TERM SECURITIES, (Quotations furnished by Redmond & Co.) , —Noon.——, Bid. Offer, 1033 108 Aluminum Co. of Amer. 78 1925 Aluminum Co. of Amer. 7 1933, ‘American Cotton Oil 8s 192 American Sugar 6s 1937. | American Tel, & Tel. 9 American Tel, & Tel. 6s 1925.. Anaconda Copper 8¢ 1929.....0 Anglo-Ameri Armour & C Central Leather 5 C.C & Copper Export Copper Expos Du Pout 7igs 1881 Goodyear T. & R. 8% Great Northern 75 1936, Hocking Velley 0s 1924 Humble Ofl 5i4s 1982 Kansas City Term. 85 12 Kennecott Copper 7s 1830. 1981, . ., 8t. P. & S. 8. M. 814s 1881, Morris &5, "s Ts30, Penna. R. K. 7s 1630. 8t. Paul Union Depot Sears, Roebuck & C Southwestern Bell 7s 1925.....0 Standard O11 of Calif. 75 198i.. Tidewater Ol 6% 131 . jon Tank Car 7s 1930. Vacaum Oil 78 1038, Western Unlon_8%s Westinghouse E. & e TREASURY CERTIFICATES, (Quotations furnished by Redmond & Co.) ——Noon.—— nia. Otter, 100 $0'fa.16 Rate—Maturity. 4%s March 15, 1823. June 15, 1928. September 15, Bitemter T5. fombir !:preh 15, 1925, Beptember March 15, 1923, ecember 15, 1923 s June 15, 8 B 5 5 & 4 4 4 3! 4 41