Evening Star Newspaper, January 16, 1923, Page 24

FINANCIAL," CRISIS OVER RUH HITS ALL MARKETS Trading in Stocks Very Dull, But Liquidation Is Not Considergd Serious. BY STUART P. WEST. Spe«ial Dispateh to The Star. NEW YORK, January 16.—The in Franco-German relations brought about by the seizure of the Ruhr was again the overshadowing feature in the markets today. German marks sank to a new low in the course of a panic on the Ber- lin bourse. French exchange was not weak the way it was on Monday, but French government bonds showed the strain, the of the dollar loan zetting down within less than a point of the lowest they have ever sold. Under h offerings from the continent sterling dropped over 1% cents in the pound, and was oft nearly nts from last week’'s high. The commodity markets were more sensitive, especially wheat, which went up at one time rather sharply. Price §hanges Not Great. On the whole, the stock market was less concerned over the foreign news an any other quarter. All through the forenoon and well into the after- noon trading dull, with little change in prices, outside of a few individual stock idently investors and alike hud made up while this was no d to their holdings, there nothing_ as vet sufficiently 0g in European affairs to war- selling stocks. Selling did_come s the afteruoon went on, but it originated with the professional ele- ment which was experimenting with tile speculative yissues such as ldwin Locomotive, Studebaker, Bethlehem Steel and Pan-American on th 1 that the buying power being mporarily weakened, this class of ks would offer no great amount of ance to operations for the de- crisis ¥rench Outlook Dublous.® The financial community did not it- self becone upset by the war talk in- dulged in by some on more sensational a hes. It did find confirma- opinion, held all along that attitude attempting to nany into paying reparations a mistake and in its outcome, from ‘rench standpoint, extremely dubi- his view has’ been expressed for t in the low selling level of . the only exceptioa being the brief interval a_month ago when there seemed some ground for hope in an agreement on the indemnity question. An atmosphere of quietness rather han weakness was the response of to- s stock market to the unfavorable European news. ¢ Much Short Covering. me further selling occurred in a directions, but taking the list as there were no signs of genu- ation. On the contrary, ring made its appearance stocks like Baldwin Locomotive, Studebaker and California Petroleum, ch had been particularly weak at Mon close. Along with this t renewal of operations for the rise in a few carefully chosen stocks. American Water Works stocks were active and strong today on intima- tions that the six per cent participa- ting preferred stock might be put on at the meeting Wed- nticipation of favorable ion was also back of the rise today in Brown Shoe, and the prospects of an increase in the cash dividend on Reynolds B was account- able for the buying in that stock. Bethlehem Steel Weak. There were a number of weak spots, however. Bethlehem Steel B was one of these, breaking sharply on talk that the dividend might be neduced or perhaps passed altogether at the meeting which is scheduled toward the gnd of next week. It is realized that the 1922 earnings will show up poorly, but in view of the large sur- plus and the necessity of getting Mid- vale shareholders to approve of the merger, it is considered hardly ik iy that the dividend rate will be chang- ed at this time. The weakness In Coca Cola fitted in with the Wall street view that the recent advance above 80 was due to the covering of an extensive short in- terest, the ellmination of which left the stock in a vulnerable position. Coca Cola is expected to show $12 earned in 1922, but there is no idea of any further increase beyond the pres- ent 36 dividend, and in the meantime the stock is In the favorable technical vosition of “good news” being all out. New Copper Merger Rumors. ‘The formal announcement of the wompletion of the Ansconda-Chile deal brought rumors of the possible acquisition of Cerro de Pasco by an American copper group. Such a deal would put.other American producers on the same footing as Anaconda in the matter of low-priced copper. Chile, as every one knows, is prob- 1y the lowest cost producer in the world and Cerro de Pasco is not far behind, owing to its large silver ore reserves. The main point regarding the absorption of Chile by Anaconda is that the cost of delivering the <copper metal from the South Amer- jcan property to Atlantic ports is only $§ a ton, whereas the freight from the mines in the west 1s $16.50 & ton. Gulf States Steel operations in 1922 are expected to show earnings of about a sghare on the common stock, hile current earnings are running at the rate of $12 a share. ¥arnings in the last quarter last Yyear were better than in any of the other three-month periods and these earnings are continuing into 1923. ‘The company showed & less in its 1921 operalions about equal to its earnings last year. Plants are re- ported operatihg at capacity. Severe Break at Close. Thesstock market did not becoms definitely weak until the last hour and @ half. Then the professional clement, making a determined drive against the speculative leaders, suc- eded in_ unsettling ‘the entire list. Fquipment, steels and motors were heavily sold and ofls were leaders in ihe decline, in spito of the announce- ment of more price advances in the Pennsylvania and midwest terri- tories. Railway stocks held firm untif late dealings. ~ Then they, too, gavelway. Studebaker was off 2 points and Baldwin Locomotive nearly 3. Steel common dropped below /105 under heavy pressure. The losses in the oil group extended from a point to & point and a half. —— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks, gold value, today, 1! TLondon. pou 8665 e ind Montreal, doliar ris, fran ols, 1 Zurch, frand 20 iens, Arachmid, g cvo Afadrid, posetn «openhagen, crown Christiania, crown . Stogkholm, crown . g o By the Associated Press, 7 ) NEW YORK, January 16.—Forelgn ges irregular, Great Britain. Demand, 4.669-16; cable ixty-day bills on banks, nce—Demand, .0679% THE EV. ENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Alaska Juneau. Allled Chemical Allied Chem pf. Allis Chalmers. ... Am Agr Chemical. . 180% Am Car & Fdy pf.. 124% Am Cotton Oll pf.. 8 t. 6% 157 o8 ‘Am Safety Ragor. ‘Am Ship & Com... Am Smelting. [ Am Sumatra. . Am Sumatra pf. Am Tobacco (B).. 148 Am Tobac pf (n).. 103 Am Water Wks... 20 Am W Wks 6% pf. 3% Am W Wks 7% pf.. 8% ‘Am Wholesale pf. Am Woolen. Am Writing ‘Atlantic Guif. Atlas Tack... Austin Nichols. Balto & Ohlo. Barnesdall (A).... 8% Bayuk Bros pf 120 Beechnut Packing 5 Beth Steel © Beth Steel (B) Beth St17% (). Beth Steel 8% p! Bkiyn Rapid Tran. 1k Bklyn Rap Trctfs 9% Bklyn Union Gas. . 110 ‘Brown Shoe. 62% Burns Bre Burns Bros (B) Butte Copper. Butte & Super Caddo Oil. California Pc! California Petrol. Callahan Zinc Canadian Pacific.. Carson Hill Gole Case Plow Works. Case (J I) pf. Central Leather: Central Leath pf.. Cerro de Pasco. Chandler Motor. Chesap'ke & Ohio. Chi & Alton. Chi & East I11 Chi & East 111 pf.. Chi Great Westrn. Chi Pheumat Tool. Chi R I & Pacific.. ChiR1& P 7% Dt Chi St P M & Om.. Chile Copper. Chino Copper Cluett Peabody. .. Cluett Peabody pf. Coca-Cola. Colo Fuel. Columbia Gas Columbia Graph. Com Solvents B Comp Tabulator. Cons Cigar. Cons Cigar pf. Cons Gas of N Y. Consol Gas new. Cons Textile. Cont Can. Cont Can Wi..... Continental Motors Corn Products.... Cuba Cane Sugar.. Cuba Cane S Df. Davidson Chem Del & Hudson Del Lack & Wstn. Dome Mines. DuSS & Alt pf. Dupont (ED. Dupont deb. tman Kodak.. Electric Stor Bat. Elk Horn Coal. Endicott-Johnson. Endicott-John pf Ei Famous Player: Famous Players pt % Fed Mines & Spf.. 47 Fidelity Fire Insur. 102% Fifth Ave Buswi.. 8 Fisher Bof O pf... 9% Fisk Rubber. Freeport Texas. 20% Gen Am Tank Car. 67 Gen Am Tank pf.. 100% Gen Asphalt &% Gen Asphalt pf. Great Nor Ore. Guantanamo Su.. Gulf Mo & Nor. Guif States Steel. Harbishaw Cable. Har C Interboro Metso.. Interborough pf.... % Int1 Agri Chem pf. 38 Int Cement. . 7% Int Combustion E." 24% Int Harvester.... 8 Int Mer Marin 9 Int Mer Marine pf. 4 Int Nickel. Intl Paper. Intl Paper (sta). Invineible Oll. Iron Products. Island O1l Jowel Tea. Jewel Tea pf.. Jones & L/ghll | Jones Tea. vee B0% ‘Kansas & Gulf Co. 2% Kansas C Sou pt. . B3% k] o W% “@% 5, Italy—Demand, ,0480%; ca. |KeLY 03, Belgium. . 1gium—Demand, .0620%; Germany—De- cables, ,000066. Hol- , .3962; cables, .3965. Norway—Demand, .1853. Sweden— Demand, .2696. Denmark—Demand, ,1980, Switserland—Demand, .188 Hpain—Demand, 1659, ‘mand, 0128, Poland—Demand, .000045, Czeohoslovaki Ar. ] 81 e | wentine—Demand,, .3762. Brazii—De- ghoand, -1155. Montreal, 99%, Greece—De- [Lima §§:a§m§ifig§3§ *’: igxsu sna8g 338528 Sa335ugygunnt HERER A . 3 $aBsge, ooef guges H S55etayFaaigicnn.aige gyorneggpen, sos | Bzputag¥ap¥yfzseagize,g5¢ §. 3rdegfggre $38 $FEgdae geueRREdEts ] upfy 7% | Southern Ry pf... 4 |Stewart-Warner. . Loose-Wiles zgef Market St Ry. Market St prior... (Marland Oll. zuggs53angeen Montgomery Moon Motors, Mother Lode Natl Ry of i 2d. evada Copper. 15% New Or Tex & Mex 84 N Y Alr Brake.... 20 N Y Air Brake (A) 4 N Y Central. % N YO & Western.. 19% Norfolk & Western 111 Norf & West pf. North American North American pf Northern Pacific. . Nunnally Co...... 9% Ohio Body & Blw.. 8% Oklahoma Prod... 2 Orpheum Circuit.. 18% Otis Elevator..... 146% Otis Steel. .. 8% Owens Bottle. % Pacific Gas & El. Pacific Oll. T% 102% 3 u Penn Seabd Steel. . People's Gas Phillips Jones pf. . Phillips Pete. Plerce-Arrow. Plggly-Wiggly... Pitts Coal. Pitts & W Va. Pond Creek Coal.. Postum Cereal. . .. Producers & Ref. . Public Serv of N J. Public Service pf.. Pullman Co. Punta Alegro. - Pure Oil. . Railway Steel Spr. Ray Con Copper Reading. 9 Remington Typr.. 4% Replogle Steel.... 27 Rep Iron & Steel.. 49% Rep Iron & Stlpf.. %0 Reynolds Springs. 21% Reynolds Tob (B). 61 Royal Dutch 8t Joseph Lead. StL & San Fran St Louis Southwn. St Louis Sowr pf.. ¥ Santa Cecilia Suga Savage Arm 2% m 14 % Shattuck-Arizona. Shell Union. Shell Union pf. Sinclair Oil. Sloss-gheffleld i Southern Pacific.. 8si4 Southern Railway 27% 67 Spicer Mfg Co. 2 Standard Mill pf... 9% Stand Oll of Callt. 59t Stand Ollof NJ wi 1% Stand Oll of N J pf 116% Steel & Tube pf... 104% Sterling Prod..... 6% & 66 113% u2 Stromberg Carb. Studebaxer. Studebaker pf. Submarine Boat... 8% Sweets Coof Am.. 2% Tenn Copper...... 11% Texas Company... 48 ‘exas Gulf Sulphur 61% xas & Pacific... 20% Lexas & PC & Oil. 20% Tide Water Oil. 23 ‘Tobacco Prod. 'Tobacco Prod 'Tol St L & West, Trans Contl Ofl... Twin City R Tran, Union Bag & Pap. 6% Union Pacific. .... 187% United Ry Inv pf.. 27 United Retall Strs 69% U S Cast Ir Pipe. USCastIrPpf..., 0% U S Food Prod. . 4 U S Hoffman Mch. , 20% U S Indus Alcohol. 66% 8% 9% | U S Smelt & Ref., E & USSmelt&Rpf.. &% 105% Utah,Copper. Utah Securities.... 16% Vanadium Corp Van Raalte. [ Va-Car Chem’l pf. Vivadou. . 16 Wabash pf (A)... 23% Wabash pf (B)... 17 ‘Webber & Heilbrn 125 Western Elec pf.. 118% Western Md ‘Western Paci 16% Westhse Eles &M 534 ‘Wosthse Air Brike. 108 Wheeling & L B.. ‘White Eagle Oil.., 25 ‘White Motor. White Oll. ‘Wilson Company. ‘Willys-Overld. ‘Willys-Overld pf. ‘Woolworth. ‘Wright Aero. Cnliunney..... ~F oBsanzesrguystynasgeagalfseietyny. grgng g FLIPLE AL T ~F oBsaempngabess zzef fz§9aTesgey sasug “a% 8 2% 4 19% 110% T 9% 110% szeg;gusnagyeyy- yazege LEH #38 10% 9% o 9% 8% ol A% a1 6% 17 104% 105% 63 63 &% &2 65 66 u2% 1u8% uz 2 M 8% % M u% u% T a% § 3% 15303 Egke §3sefatnan. gu $5afEsege 2858 FEE ggae g8 5 =5 § § HOURLY SALES OF STOCKS. 1lam.....210 500 1p.mi.... 476 800 12M... 2pm... 278 100 13 900 SHIP GOLD TO INDIA. NEW YORK, January 16—With- drawal of British India continued today. bank announced with- in addition $500,000 withdrawn yesterday. federal reserve drawal of $600,000, 1d bars for shipments to ‘The to Com- petition of Afleflun financial inter- ests in_the ‘llld to have qui ents.and n | ing into the American market for. precious metal, 5% anmelant gai Soegst don gold auction fs India for her mint re- from ob- her com- the ST TRENDINBONDS ISREACTIONARY Further Selling in French and Belgian Issues Noted. Liberties Firm. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, January 16.—Today's weakness Iin the bond market w: not surprising in view of all the cir- cumstances. In the first place the European dis- patches reported multiplying difficul- ties for the French and-franc ex- change and French bonds reacted ac- cordingly. In_the second place, the market faced the Anaconda fi cing to the amount of $100,000,000 in 6 per cent first mortgage honds to be offered tomorrow. This big block comes on top of last week's heavy output of new issues and the consequent clog- ging of the market. Permanently to place a bond issue of the size of the Anaconda offering is no small matter, especlally when it is remembered that the purpose of the offering of these mortgage bonds is the acquiring of stock. Outstanding Anaconda Bonds. Of the outstanding Anaconda bonds the series B 7s, due in 1929, are to be redeemed, but the series A 6s are non- callable, and the latter, under the provisions of the indenture, become the Anaconda's first obligation prior in lien to the new 1963 bonds. The 6s of 1929 were quoted on the curb today D. ¢, TUESDAY, JANUARY 16, 19237 |2 vore BONDS i simivn] UNITED STATES BONDS. Bales Liberty 1st & Liberty 2d 4 Liberty 3d 43s. 476 9896 Liberty 4th 4 US 4%s 15! FOIEIG: GOVERNMENT, STATE ND MUNICIPAL. Sales 9 Canada 53s 1929, Canada bs 1931.. Canadé 58 1952. . Chile 85 1946. Chile 85 1941, Chinese Govt Ry 5 Copenhagen. 5% s Cazechoslovakia 8 CEETTET TN 98 M1 I PP 1 el . at 102, at which price the yield is|N 5.6 per cent. The reaction of today extended throughout the list, but was most obvious among the foreign bonds. Both the_government issues and the provincial and municipal obligations reacted sharply. The municipal issues approached their lows for all time. Belgian §s and Belgian 73s were also weak, as were the Kingdom of Italy 6%s. Among South American bonds, Brazil 8s were down, but the short- term Argentina 7s were very firm. Considering the news from abroad, the remarkable fact was that the grench bonds held as well as they id. With hardly an _exception, ralls were reactionary. ‘The New Haven bonds were especially weak, notwith- standing the favorable statement madd in behalf of the management last night. St. Paul lssues were down, although the losses were not large. Even Southern Railway 4s ylelded, and Southern Railway has been the one road to enjoy specula- tive favor of late. St. Louls Iron Mountain and Southern River and Gulf division's 4s, another very ac- , was offered down a full point on the exchange. Com- paratively strong spots were furnish- L. & N, unified 4s and Northern United States government bonds held their own very well. What 1 tle change there was was in an up- ward direction. It was reported today that the Northern Pacific _through it's local bankers would offer shortly $10,000,- 000 in it's refunding and improve- ment 6 per cent mortgage bonds. The price is expected to be slightly un- der par. (Copyright, 1023) VIRGINIA TOBACCD MEN T0 RECEIVE MILLIONS Second Payment to Growers Will Be Sent Out From Rich- 1 mond on January 22. By the Associated Press. RICHMOND, Vi January 16— Checks totaling $7,000,000 will be mailed to the members of the Tobacco Growers' Co-operative Association in the old belt of Virginia and North Caro- lina on January 22, it was announced teday. This will be the second pay- ment to the growers of that section, and will bring the total payments of the association to its members this year up to $19,000,000. The third payment to the growers of South Carolina will be made on February 15. Recelpts by the asso- ciation so~far this season total more than $124,000,000, it was stated. OIL SHARES INCREASE FROM $600 70 §3,00 0ld Standard Oil Stock Has Made Most Amazing Record ~ Since 1911. NEW YORK, January 16.—The in- crease in values of the stock of the Standard Oil companfes that were ’nmezlted from the old Standard Ol 1!, the Assoclated Press. Company of New Jersey when it was ordered dissolved by order of the Su- preme Court in 1911 is shown by the fact that an original share of the old company which carired with it on dissolution of the parent company fractional shares of thirty-three sub- sidiary companies has increased in value from $600 in 1911 to around $3,000 today. ‘When_the old company was dis- solved the shares of the Standard Oil Company of New York were quoted at $300 and the accompanying rights to_fractional shares in thirty-three subsidiaries were also quoted- at $300. Today the original one share of Standard Oil of New Jersey, which had a par value of $100 in 1911, amounts to twenty shares of $25 par value each, through stock dividend increases and a recent reduction in par value, or a total par value of $500 with a market value of $840. The other fractional shares in the thirty-three subsidiaries, which in- cluded the Standard Oil compantes of Indiana, California, Kansas, Ohio and Nebraska, the Atlantic Refining Com- pany and a number of smaller- oil companies and pipe lines, have in- Ccreased in value in the past twelve years from their original market val- ue of $300 to & quoted value today of around $2,160.+ Many of these stocks are not quoted on any exchange, and are sold pri- vately or over the counter. Accord- ingly it is dificult to state the exact market value of the entire list of the thirty-three subsidiary companies. SRS A S e TWO OIL FIRMS FAIL. Receivers Nanled for Kansas and Oklahoma Concerns, KANSAS CITY, Xan., January 16— Federal Judge J. C, Pollock an- nounced today that he had appolnted three recelvers for (he M, C. oil and Gas Company of Wagoner, Okla., and the Elbukan ©Oil Company of for the receivership Eldorado, Kan. The petition was made by the Southwestern Ap- praisal Company of Kansas The two companies. . stock of umo.m -c‘l:. o:‘nh ':‘k‘ compan; an outstanding st oF About §1,500,000, City, Mo. | March, a capital Queensland 7s. Queensland Riode Jan Rio de Jan 8s 1947. Sao Paulo, City, 8s. Sao Paulo, State, $s. . 13 Seine, Dept of, 7s. 7 Serbs Crotes Slov 8s.. 20 Sweden 6s. 29 6% | Int & Gr Nor a 6: Atlantic Refining Bell Tele Pa 7s. ... Bethlehem Steel rf b8 Brier Hill St 1st 5% Bklyn Edison 7s D. Bklyn Edison gen bs. Central Leather Cerro de Pasco 8s. Chile Copper 6s. Chile Copper 7s. CinG & El5%s ] Comp-Tab-Rec 63 "41 1 Con Coal M4 1st 5: Cuba CaneScvd8$s.. 12 Det Edison ref 6s. 4 Du Pont de Nem 7%8 14 Dugquesne Light 7%; Dugquesne Light 6s. Gen Eleetric deb 6s. « Gen Electric deb 5. '31. 28 Goodyear Tire 8s'41. 9 Holland-Amer s 6s. 13 Humble Oll & R5%s. 12 Indiana Steel 5s. .... 10 Inter Mer Marine 6s.. 7 Inter Paper 1st5s A.. § Inter Paper 1st 58 B.. 22 Julfus Kayser s f 7s. Kelly-Springfield Lorillard (P) bs. Lorillard 7s. . Manati Sugarsf 7%s mobSnpaEEel National Tube 1st 65. 1 New England Tel bs. 22 N Y Edison 1st 6%s.. & 3% | St LS W 1st 4s. Northwst Bell Tel 7s. 24 Otis Steel 8s. Pacific Gas & El 5s Pac Tel & Tel 58 '52. Packard Motor 8s PhilaCoref6sA... Producers & Ref 8s. Public Service bs. Sinclair Ofl 7s, 8in Crude Oil1 5% Sinclair Pipe Line 5: BBe valalee Somaanon I8 Va-Car Chemical 7s... 14 Va-Car Chem 7%8 . 19 ‘Warner Sugar 7s. 22 106 Western Union 6%45.. 24 Wickwire Spencer 7s. 7 Wilson & Co 1st §s... & Wilson & Cocv 7%s.. 8 % 101% 103% ;’ENNSY HANDLED MILLION MORE CARS DURING 1922 PHILADELPHIA, January 16.—In- dicative of the extent fo which the country’s railroads were taxed during 1922, as compared With previous years, are the statistics, just released by the Pennsylvania Railroad Com- pany, showing that the movement of revenue freight over its lin in- 0% | StLIM& S 4s'29 B&Oprin 3% 1a gzizzeagel T FILT T 100t b b by o PRRRRRR e & 30000000 g g2 /s *31 BkIRT 7’31 ct sta Buff R & Pitts 4% saggxssfihgl;:;g i 22 12 Canadlan Pac deb 4s. 19 Central Pacific 4s. g3t g.# & 25, ChiM&StPcv4%s. 18 ChiM &St P 451934 ChiM&St P gn 4%s. 9 Chi & N W 63%s. 9% | Chi & N W 78, 20 Chi Un Station 6%s. 2 Chi Un Station 4 " 2 GrTrunk s deb 6s.... 8 Grand Trunk 7s. 18 5 & Man ret 5s. 17 Hudson & Man aj & 1l Central ref 4 11l Central 5%s e Inter Rap Transit 5. 9 Inter R Transit 7s... 10 “ 5 Kansas City Ft 8 4s.. 11 Kansas City Sou3s... 3 Kansas City Sou 5s... 7 Kansas City Term 4s. 3 Lake Shore 451931.. 4 Lehigh Val cn 4s 2008 11 Lehigh Valley 6s..... 4 Long Island ref 4 1 Louls & N unified Louis & Nash 7s. Louis & Nash 514, Mo Pacific 1st 5565 Mo Pacificgn 4s...... 17 Nassau E Ry 48 1357. 29 New Orleans Term 4s 2 NOTex& Mexinchs & N Y Central deb 6s.... 21 N Y Central r{ 5 New Haven deb 48 67 11 New Haven 7s 2 North Pac ref im 6s. . 11 Northern Pacific 6s. . Ore & Calif 1st 5s Pennsylvania 61s... 8§ Pennsylvania gold 7s, 8 Pe -ia & East inc Reading gen 4s Rio Grande W clt 4s RIATk&L4iYs StLIM&SR&G 4 StL&SFprindsA. 5t L& S F prin bs. StL&SF inc 6s. StL&SF5%sD. StL&SFadjés..... 1 StL&SFprinésC. 12 Sou Pacificev. Sou Pacific ref 4 Sou Pacific clt 4s, Southern Ry*1st 58 Southern Ry gen 4s.. 33 Southern Ry dev 6%s 7 ‘Third Ave ref 4s ‘Third Ave adj 58 Union Pacific 1&t Unlon Pacific cv 4s. 106% | Un Pacific 1st ref Union Pactfic cv 6s. Virginia Ry 1st Gs. ‘Wabash 1st bs..... ‘Western Maryland 48 4 ‘West Shore 18t 4 ® 82 8 Wheel&LEconds.. 2 6 6 TOTAL SALES (Par Value): 1lam... 2787000 12noon.. 4684003 1pm... 5953000 2p.m.... 7490000 —_— SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) —Noon.— Aluminum (o, of Amer. 7s 1925. 1038 Aluminum Co. of Amer. 7s 1938, 105 American Cotton Ol 1924, 961 American Sugar 6s 1987. American Tel. & Tel. 6o erican Tel. Tel. Anaconda Copper 8s 1929, Anaconda Copper Great Northern 78 1 Hocking Valley 6s 1 Humble Oil 5%s 1982. Kansas City tt Co creased nearly 1,000,000 cars during |/ the year. of 7,489,221 revenug freight cars handled compared with 6,651,158 in 1921, and with 7,661,269 in 1820. Had it not been for the coal and rallroad strikes it is quite evident that a much higher figure would have been reached. = 450,000 MILES IN 48 HOURS. CHICAGO, January 16.—As a re- sult of the increased e of taxi- cabs caused by reduced fares, the Yellow Cab Company of Chicago ex- perienced the busiest forty-elght hours In_the history of its organiza- tion on New Year eve and New Year day. It had 1,700 of its cabs in serv- ice, and on these two days- 202,000 passengers - were transported 450, 000 miles. TODAY’S COTTON PRICES. NEW YORK, january 16.—Cotton futures open teady; January, March, 27.65; May, 27.75; July, 11:45 a.m. s—January, 27.42; March, 27.69; May, 27.87; July, 27. October, 25.95. Steady. . » NEW ORLEANS, January 16.— 27.¢ 27,10; 27. Octoher, 25.5 uwnm October, 2 noon ' bids—January, - 27.08; March, 27.19: May, 27.26; July, 27.11; | and Californi 5.52, Stoady, u The figures show a total | 11 o 1028, Co. 74 1023. Sout - Standard of Calif. 7 Tidewater 1l 6%s Union Tank Car 7s 1! Vacuum Ol 7s 1836.. Wel‘:‘lnm Union 83s_1936. TREASURY CERTIFICATES. (Quotations farnished by Redmond & Co.) axl maasscon ‘WOOL MARKET STRONG. BOSTON, January 18 (Special).— The Summer street wool market con: tinued today to dl;nl-y an exceeding- elbourne also was The wide demand ent trades has had a heartening effect on the goods market. Stocks are low and foreign markets are attracting much_attention from dealers. Texas i1 ‘wools are strong and | l } FINANzlA S Grain, Produce and Live Stock per dozen, southern, 35. - Cold storage eggs. 27 Live poultry—Roosters, per 1b., 153 turkeys, per 1b., 35a40; spring chick- Killed spring hens, pei 18; turkeys, 700 a7.00; Dl 7.60. Icfous, 5.00a8 Lettuce, per crate, southern, 350. Romaine lettuce, per crate, 50a 1.25. Iceberg lettuce, crate, 5.50. Cabbage, northern, 100 1bs.; nearby cabbage, per bDI 1.25a2.25; southern, 2.00a2.25 per basket, Eggplants, per crate, 2.50a5.00. Toma- toes, per box, Florida, 2.50a5.00. Beans, 2.0024.00 per basket. Peas, 3.0025.00 per basket. ~Peppers, per crate, Florlda, Kale, per barrel, 1.25a1.75. Spinach, per barrel, 2.50a3.00. Celery, per dozen, 1.00al.5; California, per crate, 8.00a8.50. California grapes. per crate, 3.00a4.00. Brussel sprouts, 25a30. GRAIN AND PROVISIONS. BALTIMORE, January 16 (Special). —Potatoes, white, 100 pounds, 502 1.25; 150 pounds, 90a2.15; sweets, bar- rel, 76a2.00; bushel, 25a65; yams, bar- rel, 1.00a1.50; bushel, 40a60: beans, bushel, 3.0024.50; beets, bushel, 85; brocoll, bushel, 20a25; brussels sprouts, quart, 20a25; cabbage, to: 20.00a25.00; savoy, bushel, 75a1.0 carrots, basket, 50a65; caulifiower, crate, 1.50a2.00; celery, hundred, 6.00 a8.00; cucumbers, crate, 3.00a6.00; eggplants, crate, 4.0026.00; horse rad- ish, bushel, 3.00a4.00; kale, bushel, 20a 25; lettuce, basket, 2.50a3.75; onions, 100 pounds, 1.50a3.25; oysterplants, hundred, 4.0028.00; parsnips, bushel, 1.20a1.25; peas, bushel, 3.0024.00; pep- pers, crate, 1.50a3, spinach, bushel §0a90; squash, crate, 3.00a4.0 toes, crate, 2.50a5.00; turnips, 6070, Apples, packed, barrel, 2.0025.00; bushel, 50a1.50; loose, 100 pounds, 1.25 21.50, ket, 50a60; cranberries, bar- rei, 10.00a12.00; grapefruit, box, 2.75a 4.00; oranges, box, 3.2524.50; straw- berries, quart, 40a50; tangerines, half strap, 2.00a3.00. - Selling Prices at 12:30. . 1 red winter, spot, no 2 red winter, spot, 1.35 3 red winter, spot, mo No. 2 red winter, garlicky, No. 3 red winter, gar- no quotations; January, 134 ;. tomi ‘bushel, Sales—None. 5 Corn—Cob corn, new, 4.10 and 4.15 per_barrel; contract, spot, bushel; No. 2 corn, spot, 86%: no_quotations; track corn, yellow, No. 3, new or better, 87 per bushel. Sales—None. Oats—White, No. 2, 4% per bush- el asked; No. 3, 54. Rye—Nearby, 85a95 per bushel; N 2 western export, spot, 1.00% per ‘bushel; No. 3, no quotations. Hay—Receipts, 46 tons; for the bet- ter descriptions of timothy and light there was a fair demand under lim- ited receipts at a range of 17.00 to 0.50 per ton. Straw—No. 1 tangled rye, 15.0f 16.00; No. 1 wheat, 11.00a12.00; No. oat, nominal, 12.00a13.00. 0a 1 TODAY'S CHICAGO PRICES. CHICAGO, January 16.—Buying on the part of houses with seaboard and foreign connections led to an upturn in wheat prices today during the ear- 1y dealings. Reports which were cur- rent that the French planned to oc- cupy Berlin had some bullish effect. Besides farmers' deliveries in Argen- tina were said to be unexpectedly small, and there were continued ad- verse weather conditions in the do- mestic winter crop territory. The opening, which ranged from 3 to % higher, with May 1.19% to 1.19% an. July 1.13 to 1.13% was followed by material further gains. Corn and oats responded to the ad- vance in wheat. After opening % to 3% higher, May 72%a72%, the corn market continued to ascend. Oats started unchanged to % high- er, May 45 to 45% and later showed an advance all around. er with the relative smaliness of warehouse stocks. gave strength to the provision market. .11.35 150 1135 1130 11.30 1160 1130 1152 11160 1100 1085 1085 CHICAGO LIVE S’.I‘OCK MARKET. DQCH!CAGO. Jltnulry lCl(Un)ledHBLl!eB partment = of icuture ).—Hogs— Receipts, 30,000 head; earl around 25 higher; later; 150 to 200 pound averages, 8.40a8.5 top, 8.60; bulk, 225 to 300 pound butch- ers, 8.15a8.25: packing sows, mostly, 7.00a7.50; desirable pigs, ~§.00a8.50; heavyweight hogs, 8.10a8.30; medium, ,1528.50; light, 8.35a8.60; light light, packing sows, smooth, 7.35a 7.75: packing sows, rough, 7.00a7.4l killing pigs, 8.00a8.50. Cattle—Receipts, 12,000 head; slow better grades beef steers comparatively scarce, steady to strong; other gtades about steady; top light steers, 11.60; best yearlings, 11.25. Bulk beef steers, 8.50a10.00 ; other killing classes about ady, undertone weak on butcher she stock and bulls. Veal calves strong to 25 higher, stockers and feeders steady, bulk desirable veal calves to packers, 00; choice, upward to 12.25 to bulk stockers and feeders, .50. Sheep—Receipts, 15,000 head ; opening slow; fat lambs and yearlings about steady; early top, 14.50 to packers; some held higher: three loads choice 95-pound fed Colorado yearlings, 12.75; sheep weak to lower, 103-pound ewes, 7.00a7.25; one load 120-pound wethe: 8.00; desirable 70-pound feeding lam DAIRY 'PRODUCTS. BALTIMORE, January 16 (Special). —Live poultry—Turkeys, pound, 35a 40; old toms, 30; poor and crooked breasts, 25; spring chickens, 25a26; poor and leghorns, 20a22; old hens, 23a25; small and leghorns, 20a22; old roosters, 15; ducks, 23a27; poor and thin, 20; geese, 21a27; poor and thin, 20; pigeons, pair. 30a35. guinea fowl, each, 40a70; dressed poultry, turkeys, pound, 35a40; old toms, 30a32; poor and crooked breasts, 25; chickens, 24 227; old roosters, 16; ducks, 25a30; geese, 24a28; capons, 36a42; small slips, 30a3. Eggs, 1o firsts, dozen, 40; southern, 38. Butter—Creamery fancy, pound, 55; prints, 56a57; nearby creamery, 47a51: ladles, 36a36; rolls, 33a35; store packed, 31a32; dairy prints, 34a35; process butter, 42a43. off—Native and nearby ) 1 calitorala” Packing~ Gor. Bastern Yiass. 86wy Higher quotations on hogs, togeth-| BIG POWER PLANTS ENTERING NEW ERA Increased Industrial De- mands to Force Vast Amount of Expansion. BY J. C. ROYLE. Bpecial Dispatch to The Star. NEW YORK, January 16.—The buy. ers of the United States have got ‘en working nights. Industrial records compiled today indicate plainly that, except in ony or two states, where industrial oper. ations involve out-of-door work af. fected by the weather, plants are noj only working full time during thy day but are putting on night shifts t¢ meet consumers’ demand. That trend is thoroughly confirmed by operations of the electric ligh| and power companies of the country, Power and light production of thosq companies has broken all record: with every month since the middle o 1922. For the twelve months companies marketed about 51, 000 kilowatt hours of power, crease over 1921 of nearly 17 per cen! according to officials of the Natio! Electric Light Association today. Power Plants to Expand. A large portion of this power pro- duction in the last six months waj from steam power plants, as t hydro-electric companies have be badly handicapped in many sectiont by drouth during the late summer and fall. The handling of the stean reserve plants and the co-operatios of steam and water power units has been better than ever before, accord- ing to> government officials today, who declared that November and De. cember operation of electric planty showed an increase of efficiency of 25 per cent compared with corre. sponding perfods of 1921 Power production, however, is fall- ing behind {ndustrial demand and the electric companies of the country ex- pect to expend between 3$800,000,00¢ and $1,000,000,000 this year in addi- tions and betterments. Of this sum over $750,000,000 has already beer raised. Applications already are on file with the Federal Power Commis- sion Involving projects to dgveloy 17,692,000 primary horsepower, an new projects involving developmeni of 2,500,000 horsepower TnOw _ar under way. The additional capit involved in developing, transmitting distributing _and marketing powel from these projects will involve aps proximately $6,000,000,000 in the nex! five years when the necessary auxil liary steam plants are taken inte consideration. New Steps in Industry. ‘The development of power facilities in districts close to raw materials i revolutionizing the locations of manu- facturing interests. The New England cotton mills are contemplating la: additions to their plant capacity in the south, where hydro electric development has been extremely active this year. The center of the shoe manufacturing industry is ehifting from usetts to Missouri for somewhat similar rea sons, Development of power facilities in the far west has been followed by tremendous development of manufacture in that section. This was strikingly exemplified in the announcement today of the acquisition of the Chile Copper Company control by the Anaconda Copper Company. Offi cials of the Anaconda Company said that the production of the Montana mines of the merged companies would be amply absorbed by western manu- facturing plants, while the output of Chile copper would be available for sup- plying the American Brass Company, a subsidiary of Anaconda, and other eastern and New England plants and for export. Business Booms in South. ATLANTA, January 16 (Special).— The state of Georgia today opened bids for $2,500,000 state school war. rants discounted at the beginning of each year and payable {n the autumn. Atlanta bank clearings are register- ing large gains daily over corre. sponding days in 1922. Statements show approximately $40,000,000 more on deposit than a vear ago. More than a score of manufacturers of nas tional scope have opened southers headquarters and distributing sta- tions here since January 1. Wants $4,000,000 Hall. MINNEAPOLIS, January 16 (Spe cial).—This_city plans the construc tion of a $4,000,000 municipal audi- tortum, provided the state legislaturg will approve an_increase of bonde indebtedness. A bill has just been in- troduced in the legislature providing . |for the razing of the old state capital to make way for a new $750,008 structure. Fruit Shipments Heavr. HOUSTON, Tex., January 16 (Spe- cial).—Reports received today from the state department of markets in- dicated plainly that an increased ac- tivity in the movement of fruits and vegetables for northern and eastern markets from eastern and southern Texas is in full swing. Lower Steel Prices Likely. PITTSBURGH, January 16 cial).—The steel market here strong and indications that lower prices cannot be expected to return in the near future are stimulating = Purchases: coprright, 1028) BALTIMORE LIVE STOCK. BALTIMOKE, January 16.—Cattle— Receipts for week ended at noon yes- terday were 3,538 head, against 1,818 head last week. \Receipts, 130 car- loads for market for the week. Al kinds of steers declined 25 to 40, heifers steady; bulls weak; choice cows 25 lower; Maryland and Penn- sylvania cows considerably lower. C Driver &, Co. sold for Fairfax Harri- son, president Southern railroad, one load fancy white-face Herefords on private terms. Steers, choice, 9.25a 9.60; good butcher, 8.00a8.75; medium, 25a7.00; common, 4.75a5.75. Heife: choice, 7.50a7.7I fair to good, 7.00; common to medium, 5.00a5, Bulls, choice, 5.25a5.7! fair to good. 450a5.00; common to medium, 3.50a 4.35. Cows, choice, 5.00a5.25; fair to good, 3.75a4.25; common to medium, 2.0083.00. Maryland and Pennsylvania cows generally lower than above quo- tations. Sheep and lambs—Receipts for week ended noon yesterday were 2,906 head, against 1,413 head last week: light supply, market steady; sheep. 1.50a6.50; lambs, 8.00a16.25. Hogs—Receipts for week ended noon yesterday were 23,779 head, against 17,696 head last wee! d supply, 5 heavy oice western hogs, 9.65. 4 Calves — Receipts for the week ended noon yesterday were 1,414 head, against 1,327 head last week; fair . / ‘ f / i i ) supply, market weak; calves, 4.00a 14.00 ! e —— 1. C. C. TO HEAR PLEA. All parties to the controversy over control of the Central Pacific rallroad, now before the Interstate Commerce Commission, have been. asked by the commission to express their opinions on & tentative plan of settloment un- der which the Southern Pacific would retain control over the stock of the Central Pacific while the latter would join with the Unfon Pacific in main- taining a transportation service be- tween the Pacific coast., BAR SILVER PRICES. ssippl valley and the b3 LONDON, Jauuary 16.—Bar silver. Money, 1% short bills, onth bills, 32% pence per ounce. per cent. Discount rate: 2a2% per cent. Thre: 23-16a2% per cent. NEW YORK, January 16— Foreign bar silver, 66%; Mexican dollars, 51. . &y A