Evening Star Newspaper, January 20, 1923, Page 19

FINA “SAVINGS DEPOSITS SHOW BIG GAINS People All Over Country Are More Thrifty—Sanitary Bond Issue Sold. The savings deposits in the United States on June 30, 1922, aggregated $18,087,493,000, with $16,618,695,000 June 30, 1921, an increase of $1,46: 95,000, according to preliminary fig- ures of the savings bank division of i the American Bankers' Assoclation. Savings accounts in mutual savings banks, state, national and private banks and trust companies increased from $26,637,831 on June 30, 1921, to +$28,953,526 June 30, 1922, or a gain of $2,315,695. Later data are expected to show even larger gains for 1922 than in- dicated here. Sanitary Bonds Bring $98.10. ,The Washington Suburban Sanitary Commission yesterday opened bids for the purchase of $500,000 4% per cent bonds, maturing in fifty years, with the option of redemption after thirty years. The issue was sold to Dean, Onativia & Co. of New York, with Gocal offices in the Woodward build- Jng, at $95.10 a $100 of par value. Tho next highest bid was $97.513 by the Mercantile Trust & Deposit Com- pany of Baltimore and associates. The proceeds of these bonds will be used for the extension of water and sower lines in the Maryland suburban terrltory adjacent to Washington and more particularly for water and sewer extensions west of Chevy Chase, north of Takoma Park, north of Hyattsville and in the Seat Pleas- ant neighborhood. Federal-American Bank. \Announcement was made yesterday that plans for the erection of a large bank building to house the Federal- American Bank at 14th and G streets were well under way. and that_the building committee, headed by Wil- liam John Eynon, vice president of the institution, will leave for New . Work next week to inspect the not- able banking houses of the metropo- lis. The committee will also continue through other large eastern cities in quest of new ideas. Big Back Tax Collections. The drive by the internal revenue bureau to collect back taxes brought nearly $165,000,000 in income and profits taxes into the Treasury in the first_half of the fiscal vear 1922-23, according to estimates made today by Commissfoner Blair. 1If the rate is maintained collection for the fiscal car will far exceed the estimate of 300,000,000 made last June, Mr. Blair ald Collections for the quarter ending September 30 aggregated more than 78,000,000, according to the bureau's records, as compared with mnearly 87,000,000 in the quarter ending De- cember 31, 1921 ¥ These receipts, it was explained, are in addition to current taxes, 'and therofore swell tho Treasury balance o that extent beyond estimates of normal collections Indications were given also on the basis of receipts from the first two weeks in January that the collections of back taxes in this quarter wouid outstrip any previous period. Unom- clally it was declared that monthly (average of $25,000,000 which the com- missioner had expected to maintain already had been passed. ———————— Washington*Stock Exchange | BALES. Wasbington Gas 5s—$1,000 at 85. Capital Traction—5 at ‘104, | __Washington Gas Light—10 at 57%, 10 at| NCIAL. NEW YORK Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, January 20.—The usual week end evening up of com- mitments caused a general reaction in today's trading on the curb ex- change. After a week of lively speculation that resulted in substantial advances | in many of the industrial and min- ing shares, it wag the natural pro- cedure for professional ‘operators to NEW YORK, January 20.—Follow- ing Is a list of today's highest, lowest and closing prices for the most active bonds and stocks dealt in on the New York Curb Market: Sales in BONDS. thousands, Allied Packers 8s Alum 7 Anaconda 6s Anaconda 7s '20 Anglo-Am Ol 7% Armour & Co Tt Ata G & WISS Armo Co of Del Sigs Benverboard 8s . Beth Steel 7s '23.. 2 Beth Steel Ty '35 Boston & Majne 6s. Can Nat Ry Eq 7 Cent Steel Bs Cit Serv Ts 5 Conu Gas Balto 7y Deere & Co 74 Detrolt City Gus 6 S Dunlo b 3 Gair Robt Galena Sig Kan Ci Pow Lt Kennecott Cop’ Laclede Gas {8 Libby McN & Loufsville G & B Morrls & Co 7%s Acme Tt Y Chi & St 68! 5 Ohlo Power bs B . Penn Pow & Tt b Phila Elec b% Pub Serv of N, Rears Roeb 75 23 Shawsheen Southern Cal Bd &3, S50 N Y Ts 125, 280N Y 7a 2. 50N Y 6%s. Southwest Bell Bwift & Co 78 Swift & Co s ... TUnited 0il Prod S United Ry Hav Yacuum Ol Valvoline Oil FOREIGN BONDS. 2 Argentina 7s ‘23 ... 100% 1300 Hamburg 413 12 22 King of Nether 65.. 99 Rep of Peru Ss 9815 Russian Govt 5., 108 Russian Govt cf 5ig & Rwiss Gort 20 U8 of Mexico Sales in_units. STANDARD OIL ISSUES 300 Anglo Am Oil...... 18% 800 Atiantic Lobos . 20 Continental Oil 30 Crescent P L 10 Gal Sig Oil. 55 Tmp_ Oi1_of Can 2500 Tntern'l Pet Co Ltd 25 Magnolla Pet t Tra 10 Northern P 100 Ohio 011 350 Prairle P L 5300 8 O Ind 800 8 O N Y new,.. 1800 Vacuum Oil new .. Sales INDEPENDENT OIL STOCKS. in hundreds. . 20 Allied 0il 1 Ark Nat Gi 2 Boston Wyo Ol 21 Carib Svod 0 Cit Serv . 4 Cit Serv pfd 4 Cit Serv 'B_cf 3 Creole Synd 0 Engineers Pet 8 Federal 01l 1 Fenslaod Ofl 3 Gilliland O . 1 Glen Rock Ofi.. 17 Granada 0il 1 Gulf Oil of Pa. 340 Hudson Ol 10 Harrisop Cons . 10 Keystone Kanger 5 Kirby Pet ... 2 Latin Amer Ol THE - EVEN: Direct to The Ster Office.. - |- liquidate accounts and take profits wherever available. Trading started in the new. issue of Centrifugal Cast Iron Flpe Com- pany common stock. The {ssue was offered for public subscription-at $10 per share. The first sale took place "in the open market at a premium of a half point. 2 Goodyear issues moved against the general trend, both the preferred and prior preferred rising. sharply for & 8ain of over two points. Goodyear common, however, falled to share n the upward movement. 20U 8 Continentl.. .18 2 West End Consol 10 White Caps 10 West Utah . 30 Victory Divide Min .01 SRTISH DEPLORE HESTANCY ONDEBT Press. Scores Failure to Ac- cept U. S: Terms, Which Are Called Generous. o1 By the Associuted Press, LONDON, January 20.—Notwith- standing sanguine semi-official state- ments to the effect that the negotla- tlons of Chancellor of the Exghequer Baldwin in Washington for a fund- ing of the British debt to America have been only temporarily post- poned, there is a strong undertone of anxiety and regret in tho newspaper comments and expressions of fear lest the difiiculties between the American and British negotlators are greater than they appear to be on the surface. It is widely conceded that the Amer- ican terms were very generous, and some papers do not hesitate to ex- press the conviction that the British government was ill-advised not to close with the good offer, because, it is feared, the break may mean pro- tracted negotiations in London when Ambassador Harvey returns, prevent- ing their completion by the time the American . Congress ~adjourps In March. Moreover, it Is argued, dur- ing all this time it is assumed in- terest on the debt will accumulate on the 5 per cent basis. Criticize British Haggling. “Why does the British government haggle over such a good and friendly offer>” asks the Weekly Natlon. “Does any one suppose better terms are practicable?” The Outlook declares roundly that the government blundered badly .in pro- hibiting Mr. Baldwin from making a settlement. ““Whether we like the American terms or not,” says this journal, ‘‘we were very foolish’ mot to accept them. The whole point is that the Washington ad- ministration has wheedled Congress into a good humor, and it is certain both houses would accept the terms proposed by the American Treasury.”” No “Pound of Flesh.” The Outlook argues that if the pres- ent psychological moment is missed risk is so_great that the temporary breakdown over a difference under 1 per cent appears inexcusable. The Spectator, admitting that the American terms are not ‘“a pound of flesh,” argues that the burden of pay- ment will be#so terrible on the British | taxpayer that if the American people could be brought to realize how even Congress may refuse to ratify a settle- | ment when finally reached, and this \Easy Money ;né _Be;tér Domegtic Trade ‘Week's Biggest Factors—Retail Buy- "ing am.l: CarLo BY. STUART P. WEST. Special Dispateh to The Star. NEW _YORK, January 20.—The. home security market has effectually demonstrated this week that domestic business conditions are the supreme consideration, and that even the seri- ous - possibilities suggested by the French .occupation of the Ruhr are a matter of secondary importance. ‘The purely technical explanation for the steadinegs of the’ stock market, that is. the explanation which appeals to the - professional mind, ‘{8 that. . there had been no chance during the up- ward movement which started around December 1 to distribute stock on.a large scale. G Confident of America’s Positl There is, however, the broader view of the situation—that it must be proved that the European troubles might eventually affect home -busi- ness conditions before these become & major factor in the price movement. Wall street -has been exprossing its judgment that the worst that may happen to Germany, or even the.com- plete failure of the French efforts to collect reparations, will not impair the favorable outlook for. trade in this country. The London security market and the courge of sterling exchange have shown that Great Britain feels the samé confidence in its position re- gardless of developments on the con- tinent. Recovery Rests on Home Demand. The one way in which a breakdown in” Germany and France cauld possibly affect our situation would be through curtailing the = demand for. American goods. But our business conditions for the last year and a half have accom- modated themselves to a minimum ex- port movement. - The recovery of the past twelve months has rested almast entirely upon the home demand. A decided increase, o be sure, has occurred during the last few months in the export totals, mainly due to larger | purchases by South America and the far east, but we have probably seen European buying power at the. lowest it can conceivably be and American business. has adjusted itself to this con- dition. New Capital Issues Absorbed. Regarding the investment market, it is perhaps well to remember that in January a vear ago bond prices had a considerable advance. This was fol- lowed by u sharp reaction in February and March and the secondary upward movement did not start until well along in the spring. There were two reasons for the intervening recession. The first was the exhaustion of the January re- investment demand and the second I'us‘ the uncomme iy large output of mnew sccurities. §th these factors may COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PHILADELPHIA, January 20.—The | {firmness of raw wool and cotton tras | strengthened prices for both cotton and woolen yarns in this market This move bas been aided by in- creased. demand since Janvary 1. Land Steel chairman this week. G STAR, WASHINGTON,. D. C. SATURDAY, JANUARY: 20, |EUROPEAN. OUTLOOK FAILS | adings Heavy. quife easily recur. in-the.situation this year. As yet ‘there are no’ signs that the supply of new capital jssues has over- taken the demand. On the contrary, nothing in the whole experience of bond ‘syndicetes during the last two | years has besn more remarkable than tho outcome of the Anaconda Copper financing, where, with a combined is- | sue of $150.000,000, the larger sub- i scribers recefved only 20 per cent of what,_they had applied for. But it has been the uniform ex- perience of the past that new flota- tions, keeping on 'at the rate they have since the first of the year, in the -end’ afford such competition for the older established securities that they either check ‘any tendency to advance or Bring about a lowering of prices. - Easy Money and Better Trade. The speculative market fs in a quite different position from the in- vestment market.” Values of Invest- ments of the higher rank are de- termined chiefly by the rate of money Interest and the relation of demand and “supply, as influenced by new flatations. Speculative values depend upon the relative abundance or scarcity of credit and upon the earning power, present and prospective, of the cor- porations which they represent. The rise in the stock market during the last six weeks has been based partly upon the easy condition of the money market, and partly upon the favor- able trade eituation, with the indica. tions that it will continue through the new year. \ At no ‘time, so far, have reports from the steel trade been so optimis- tic. 1In the Pittsburgh district some plants are operating as high as 85 per cent of capacit which less than six months ago were operating at 50 per cent. More important still, is the rising tendency of steel prices. Whut this has meant for the com- panies was strikingly disclosed by the statement of ths Republic Iron He said that, after two vears of continu- ous loss, the earnings of his company during the lust.quarter of 1922 were sufficient to cover preferred dividends twice over. Favorable Retail Buying. In other directions the trade reports are equally cheerful. December wes the largest month on record for retail sales and for building activity. It also was the largest December ever known in railway car loadings, which are the most rellable measures of the general volume of trade. TUnder these circumstances the strength displayed in Wall street despite the disturbing news from abroad is intelligible enough. The one danger of the present situation in the market is that speculation will overdo things— will go beyond the facts of the business Bituation, as it did last spring and again in midsummer. As yet however, the customary signs of excess have not ap- peared. (Copyrigh WEEK RECORDS FURTHER ADVANCES IN COTTON Recovery Reflects General View on Revival of British Cotton Goods Trade. By the Ansociated Pross. NEW YORK, January 20.—Nervous- ness over the state of affairs in Eu- rope probably promoted a disposition ! 923) 1923. EQUITABLE Co-Operative Building - Association Organised 1879 434 YEAR COMPLETED Assets -$4,657,959.50 Surplus $1,180,880.81 . Systematic Saving A plan to make saving easy— Save a little each pay day and you will be surprised at the n‘mount accumulated in & ghort time. Subscriptians 1 84th Issue of Stock Belag Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON. President FRANK P. REESIOE, Seey, ope Let.us manage your Rental Prop- erty. Over a Quar- ter of a Century Experience. B. F. SAUL CO. 1412 Eye St. NW. Main 2100 “We will” ~have ready for delivery in about ten days a limited amount of Gilt Edge First Mortgages % Investments In Amounts of $250 Up Make your reservations now. The opportunity to get your savings invested on a basis of 7% interest is rapidly passing. - Chas. D. Sager 923 Fifteenth St. N.W. Main 36 Loan Dept. Money to Loan Secured by first deed of trust on real estate Prevailing iuterest and_commissioty, Joseph I. Weller 28 Weslk I 470! If you have money to invest, we can safely place it on gilt-edge first D. C. Mortgages. record of 30 years insures your protection. Courte- ous treatment. ww. | FINANCTAEL. SECURITIES First Mortgage Notes Secured on Improved D. C. Real Estate Il Appraised by Experts of 35 Years’ Experience Without a Loss Offered in Denominations of $250 and Up A Good Investment. WILL PURCHASE First and Second Trust Notes - Warehouse Receipts, and Make Construction Loans 811 Vermont Avenue N.W. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Down Through the Ages HE First Mortgage Note is a form of security dating back to time im- memorial and maintaining always a rep- utation for safety and stability. No other security has stood this test of time —a fact which testifies to the soundness and safety of mortgages in general. P AW AV AT A2 e YAV, Our own experience and care make possible the never-failing dependability of the First Mortgage Notes we offer. They are in convenient denominations, and the interest is paid promptly on the day due. These Notes merit your investigation. 53 Years Without Loss to an Investor. Swartzell Rheem&HenseyCo. H. Russell Co. i i -ea 727 152 Street NW. S.W. Cor. 15th & “K” Sts. one-half of 1 per cent 'would make -to take profits as the price of cotton jTeached the 25-cent level in the mar- ket here at the beginning of the week. There was s considerable volume of | liquidation, but it was absorbed on | reactions of 60 to 70 points. with| trade interests reported Zood buyers i AFTER CALL. Patomae Wlectric deb. 6s—$1,000 at 90%, $1.000 at 997 Capital Traction 55—$500 at 97%. Washington, Balt. & Aonap. 55—$1,000 at Tio. $1.000 At 171 4 East Washington Savings Baok—10 at 17%. 4 Lowey 011 68 Lyons Pet . 28 Mammoth Oil & Marlaod .. 22 Maracaibo 01l 3 Merritt OIL 4 Mex Eagle 53 Mex OIl . great difference, they would endeavor to| Buyérs today are anticipating -still find a way to m#ake the load less heav: lmruwr ,advances. THE WEATHER SO T ladvanced prices for their products 20.—Nearly ‘all BONDS Bid and Asked Prices, PUBLIC UTILITY. 102 Asked. 92 American Tel, & Telgs 2 105 American Tel. & Telga. 4 Am. Tel. & Tel. ctl..tr. bw. Amer. Tel. & Tel. conv. ; \nacostia ‘and_Pototoac Ow... . Anacostia and Potomac gnar. 5 ¢ hesapeske & Potomac Tel. 3s. t'hes. & Pot. Tel. of Va. Bs.... Caplial Traction R, R. ds... City and Suburban 3 Georgetown Gas Tt Mitropoltan R. R. b Potomac Elec. 16t b Potomae Elec. cons. 8 Pot. Elec, Po. g m. & i< deb. 65, Wash., Waeh, 4 Washington Ry, & Wash. Rwy. & Eiec. g. m. 68, MISCELLANEOUS. ©. Paper Mfg. 6s.. Riggs Realty 5s (long Tggs Realty s (short).. Recurity Storage & Safe Wash. Mkt. Cold Storags Wardman Park Hotel 6s.. STOCKS UTILITY. n American Tel. & Tel capital Traction. Washington Ga vtk ang Wi Tormipal Taxi com... Terminat Tazi ptd. Commerclal District -.... Tederal-American Liberty . 2 Tigeoln L.l Natlonal Metro Tiges . Second Wasbing TRUST COMPANY. Amorican Security & Trust Contibental Trust Merehents’ National S Waehiogton Lost and Trust Washington Loan an: 5 asblogton Lol INGS BAN Commerce and Savings.. Viast Washington Savings.... urity Storage and Com.. nth Street. Vnited States. Wasbington Mo TITLE INSURANCE. Columbla Title.. Ttcal Bstate Tifle. MISCELLANEOUS. Mergenthaler ~Linotype. 014 Duteh Market com. nid Dutch Market pfd. TLanston Monotype. —_— BOSTON STOCK MARKET. BOSTON January 20.—Following is a list of today's highest, Towest and closing prices for the most active stocks dealt in here: Amalie ... Boston & Albany . Calu & Hecla Ooy Range .. Davts Datly 01d_Colony Swift & Co. Shoe Mach Trinity .. Tuolumne Venturs Oil . Waldorf *ywalworth’ Miss Hattle Mills Hanna, a Wyom- ing girl, is the conductor of a brass band composed mostly of men. 50 Midwest-Tex Oil. 50 Simma Pet .. outhern P &' . Eou States il 96 Texon Oil & Land 6 Turman O4l ... INDUSTRIALS. 13 Acme Cosl 10 Acme_Pack molien3ummki g0 Nipple ado Pow & Lt. Cox Cash Stores ... Dubllier O & Radio Durant Motor ..... Durant Mot of ind. 24 Flelschmann & Co. 1 Film Tospection Mch 3 Gardoer Motor . Gillette Safety Alden Coal 10 Goodyear Tire ... 19 Goodycar Tire pfd.. Goodyear Tr pr pfd &1 1 11 Gt ENB ool WEOEE SN § TR s in el 2 Marlin Fire Arm 18 Mercer Motor 88 Mercer Mot vot cfs all Sup 0o of Del. New Fiction Pub C N Y Tel o pfd 18 Phoenix Hosiery ‘. 2 Phoenix Hose pfd. 17 Radio Corp .. 58 Radio Corp pfd . District of Columbia, Maryland and Virginia—Rain tonight and tomor- row:. warmer, temperature above treezing: fresh east to south winds. West Virginfa—Rain tonight and tomorrow; warmer tonight Records for Twenty-Four Hours. Thermometer—4 pm., 45; 8 pum., 12 midnight, 34; 4 am., 30; 8 am., noon, 40. Baromater—4 p.m., 30.4 30.49; 12 midnight.” 30. 30.49: § a.m., 30:48: noon, 30.39, Highest temperature, 46, ocourred at 2:15 p.m. yésterday: lowest tem perature, 28, oucurréd at 5 a.m. today Temperature same dato last year: Highest. 52; lowest, 38. Condition of the Water. Temperature and condition of the water at 8 am.: Great Falls—Tem- perature, 33; condition slightly muddy. 39 s pm. Tide Tables. (Furnished by United States coast and geodetio survey.) _ Today—Low tide, 4:44 am. and 02 pm.; high tide, 10:36 a.m. and 10:49 p.m. Tomorrow—Low tide. 5:28 a.m. and 5:48 pm.; high tide, 11.18 a.m. and 11.31 pm The Sun and Moon. Today—Sun rose 7:23 am.; sun Sun rises sun sets, 5:16 p.m. Moon rises 9:18 am.; 7:23 am; sets 8:59 pam. Automobile lamps to be Ii one-half hour a,nepr su.nml'.’ aea Weather in Various Citles. % Temperature. Btations, weather. 1 Repett| Candy 3 Reo Motor 5 WEELS Brses 81,2 MINING. Brit-Col . 4 Globe 20 Am Commander Min .07 50 Rooth Mine 05 12 Big Ledge 0 Bison Gold 10 Boston & “ ranain Con - 11 Cagario Copper - wiara stin | » Columbia Emeraid. 10 Combination Faction 4 Cons Cop Mi te efs 900 Cracker Jack Mine. 532 R RLR &R 28 Dryden_Gold . 20 Emma SHver . 10 Forty-nine Mine | 140 Bureka Oroesus . 10 Florence Silver 490 Fortuna Mines 60 Goldfield B B 90 Goldfield Cons . 440 Goldfield Dev 700 Goldfield Deep M. 39 Goldfield Florence. 130 Goldfeld Oro Sl £ H] Ly 3 8. 338aB.B31BREREER: 'Li'i:;'s.uk' & o 70 Jumbo_Extens 150 Lone Star . 23 Mason Val . 30 Kewanls Mi 120 National Ti 10 New Dom 2 Nipissing 44 Ohlo Cop 59 Ray Hercnl 480 Red Hil Florence. 20 Richmond Copper. 40 Sandstorm Kendal 110 Silver Mines of Am BEE.2.23E824HEER *® HETH 1 k4 ® 1l 50 Spearhead gold 10 Stewart Mines Mines 2 Teck Hughes - 4 Tonopah Divl 15 United Eastera EEEEEEEEEIEN N W £ & Abilene, Tex. 29.80 Albany’ .. Asbury Pa Atasile City 30,50 Baltimore .. 30. Birmingham. 30.2¢ Bismarck .. 29,04 Cioudy Cloudy Pt.cloudy Clondy Clovay Pt.clouty Clear Pt.cloudy Cloudy Pt.cloudy Cloudy Rain Cloudy Cloudy Clogay Clor Galveston Clear” Helen Huron, 5, Jacksonvi Kaosas City Los Avgel Louisville Mi gzuzsesyasy RRR2ES22LEE tELEELFEET TS P ML T ERNGSHP R RS R T H H 2058 30,02 Pittsburgh. Portland, Me 8t. Louls. St Paul. Seattle Spokane . WASH., D. FOREIGN. Greeawich- time, today.) mpe‘r‘-mul.,' vze-lg-’e‘r. art cloudy Raining Copenhage Stockholm, 'Sweden.. Gibraltar,' Spai. Horta (Fayal). Asores.. Hamilton, Bermuda. Sa Rico. Part cloudy ‘Waterproof. Sandy (in_restaurant)—Hoot, mon! That’s ma umbrella you are taking. gcncdmnl)o - l‘:‘ “Em talk. ly—Do you ken 0 you're e to? I'm Mclntosh. innis—Faith! Then you don't need it. 4 am.,| ifollowing the increase in the. quota- | tions for crude oil on the mid-conti- nent and Wioming fields. PITTSBURGH, January chant tailors are having a busy sea son at present. Their difficulty Is to secure workmen. While men’s suits and overcoats are £5 to $7 abaove prices of a vear ago, retailers are selling them on a fair scale, { = { ' QUAPAW. Okla, January 20.—The Quapaw MinMg Company, controlled | by Charles M, 8chwab and assoclates, | | has - just purchased the Wolverine {mine near here for $70,000. This is {sald to be the first of a number of acquisitions by the company in this section of the lead and zinc field. ] KANSAS CITY, January 20.—The output of the Kansas City flour and mills in 1922 was valued at ,608. Tt is expected to be larger this yoar. ' NEW ORLEANS, La., January 20. Sales of white goods in local dry goods stores, since January 1, have broken all records, according to local i merchants today. ST. PAUL, January 20.—Organiza- { tion of co-operative potato marketing {agency to serve seven of the north- { western states has been begun. The ency Is expected to market 75 per nt of the tubers produced in lhls' territory. BRADSTREET’S REVIEW. Home Conditions Bright and For- eign Situation Dark. NEW TYORK, January 20.—Brad- street's Review today says: The trade, price and industrial situa- {tion varies greatly accordingly as domestic or forelgn happenings or conditlons are considered. The first mentioned with industry busily en- gaged, unemployment mnegligible, trade for the first three to six months of tho vear apparently secure, bulld- ing favored by mild weather in wide areas, unprecedently active, and the chief subjects of complaint scarcity of cars, coal or materials for manu- facture, are almost uniformly favor- able. On the other hand, with punitive military measures being enforced |ageinst the world's greatest debtur.‘ {mr $3. the conference with the representa- tives of ‘Britain adjourned, prices of cotton and the grains diversely af- fected by war talk, foreign security ! markets weakened, the exchange sit- uation, one of the most important keys fo foreign trade, unsettled .be- yond * deseription, and our export trade medlocre, the forelgn 'side of the pictures is hardly ome to wax enthusiastic about: B Weekly bank clearings, & $7,98,- 046,000 CUBA’S FINANCES SOUND.* !Beserva Bank Expert Reports ou' Fiscal Mission. : l BOSTON, January. 20—Willlam P. G- Harding, the new governor of the {federal Reserve bank here, in an address hero told the members of banking investment houses. that the Republic of Cuba would not find it necessary again to sell her bonds abroad after the placing of the curs rent loan of $50,000,000. -With, this {ssue, -he sald, her financlal condi- tion would be secure. - Mr.. Harding, who was_formerly governor of the Federal Reserve Board, recently. re- turned from a fiscal mission to Cuba. —— New Tarifls Agreed on. NEW YORK, January 20.—New tar- iffs on iron and steel products be- tweenthe Pittsburgh-Buffalo district and New England territory will soon ‘be published as the re{:ufll‘tlm confer- tween manut repre- mt;:’u and officials of the Trunk Line Association. on a scale down. -Between an idea that the contracts sold wero going jnto strong hands and reports of im- | proving trads in Manchester, the mar- Ket turned steadier during the middle of the week and later made new high | records for the seuson on replacing by earlier week sellers. May contracts which had eased off om 28.06 on Monday morning to 41 on Wednesd sold up to the §15-cent level today. making an ad- vance of something like 41 cents per pound from the low prices touched early In December. This recovery was regarded as reflecting a generally bullish view of the supply situation | combined with indications of a re- vival in the British cotton goods trade. LABOR SHORTAGE LOOMS PITTSBURGH, JanBlary 20 (Spe- cial).—Labor shortage is being falt in various lines. Manufacturers fear | an acute shortage when men begin to leave plants for outside work as: the weather improves. In the fall an advance in wages to attract men to plants was a possibility, but sufli- cient men left outside work for in- de employment to meet the demamn. Government State Municipal Bonds To Yield 3.48%—5.25% GRAHAM, PARSONS X% Co, PHILADELPHIA NEW Yorx WASHINGTON 4035 Hises BLos. - Telephone: Main 2655 . REPORT OF DISTRICT AGENCY COMPA We, the wice president and s majority of the board of trustees, of the DISTRICT AGENCY COMPANY, of ‘the District of Co- Iumbia, do hereby certify that the authorized capital stock of sald company $1.000, of ‘which $1,000 bas be paid in and that the assots_of said_compan, as at December 30, 1922, Were $37,171.98 ca HORACE 7. PHELPS. JAMES A. MACELWEE, s ‘Trustees: 1 DANIEL G. DAVIS, vice preaident of the’ District Agency Company. of the Disteict of Columbia. do hereby swear that the facts stated in the above certificate are true to the Dest of my knowledge and beliet. : D} G. DAVIS, Vice President. Bubgcribed ‘and sworn to before me this 20tk day of January, 1923. > (Seal) HELENA D. REED, Notary Public for the District of Columbi on hand to loan on real estate. THOS. E. JARRELL _ Woymar Slds. Main 768, to Loan 1st Trusts L. W. 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