Evening Star Newspaper, January 23, 1923, Page 22

RAILROAD SHARES * GAINING IN FAVOR Dodging of Extra Session of .:Congress Is Factor—To- || day’s Market Irregular. BY STUART P. WEST. Special Dispatch to The Stars NEW YORK, January prominence given the railroad list was one of the principal features of the stock market here today. This activity was in accord with sentiment around the street, which is inclined to look with more favor on this class of stocks than it has in some time. The reason is that every day that passes seems to make it less likely that extra session of Congre will called. 1f that proves to be . it would not be until next members of chance to railroad cam- an b an anti n. ving in the rails, such as it was, arted with Lehigh’ Valley. Latest of what shareholders of the h Valley will get out of the coal- tion plan are highl buy to New York Centr Southern Pacifie I the case of the in B & O, covering of a short interest helped along the rise. ket Very Irregular. ket as a whole Was very ir- It wus quite strong dur- first two hours of trading and ged off azain. At one time aldwin Locomotive Iso e up a poin ral As the cmen had on Although sts that the be in the affuirs, this dend is n Jou g Nt the the sint oo that g0 on a $2 dividend basis k. A violent break in Fisher Iy followed the news that fina wus to be done which would take the form of a new issue of stock to shareholders Kansuy City Southern. stock of the Kansas Railway responded the publication of and arnings the o and 1 new high for th on. urrent rate of earnings of the Kunsas City Southern and the pros- pects for the coming months are the is for estimates in well informed ters that the company’s net gs during 1 will be at rate of $500.000 a month on the § 000 of common stock. e earnings of the United calty the fis nin ithern oda e to States A improvement Company for vear ended April 30, 1923, expe fo exceed by a substun- il margin the net income the revious twelve months, after allow- 1e for interest, depreciation, cancel- Jation of approximately $1,000,000 in inderiying mortgages i other charge Higher Earnings Likel present, rite of earn is $1% and $20 & share, as something over $16 for the year ended April 30, 1 In ition to the regular in divi- resumed last December, extra ution the stock Tooked The stweer abody common was an- her stock to get to its highest for strength was simply pgnition of the zood busines v doue in th Earnings for amounted to the common the $5 nd rate. Luitention is being an increase in have share on stock against ver, some the talk idend to $6 the change Firmer. today retraced t on Monda Hing of French and Bel- Fian EOvernment securities was su pended. ind there was slight recove i1 the French jssues. Cotton wae quite rong as it had heen weak Mon- day A< a reflection of banking dgment, therefore, regarding the European’ situation, and its probable sequel, the markets today were mnot of ‘much importance. All the facts noted were to be accepted as slight indications that the latest develop- nents were more favorab promis the Ruh nomic war would her reparati nd many not have submit to th of working r French the off part wher salled spectable onets Stock Trading Narrow. The security markets had paid lit- tle attention on the previous days to the weakness in the exchanges and ihe break in foreign government Londs. In other words, they had mot been indifferent, but simply composed n face of the apparently disturbing events in Germany. Not having been ke major influence in the situation vas no reason why the chat more favorable ¢ should have heen the im- ctor in the movement of As it happened the stock mar- s strang early in the day, then hesitate a bit, but not be- of anvthing in the outside vews, siniply because it was a very narrow professional market and as such subject to very little fluctuation either way. ‘Trade News Favorable. The trade news of the day favorable. Th were more f an isolated nature. but less ificant, of n nroducts putting up th tions. There was positive evid some of the leading users of copper metal ad v turned down flatly when hey bid 15 cents a pound, for delivery next summer. The adv: in eru ruber continued. It was guoted at a pound against cents less week . and at this new figure was considerably more than fiouble the price last vear at this time. Furiher clear explanation for the constantly new low records of the v vk appeared in the latest sbank statement. showing an- other inere 2 100,000,000,000 marks n the note circulation. The German paper money currency has now risen 500,000.000,000 since the last week of December. It has doubled since the end_of November, has more than tripled since the end of October and has quadrupled since the middle of October. Mark Collapse Explained. Under these circumstances the fresh collapse of the mark. now that all im- mediate hope of the reparations set- tlement and the stabilizing process has been dissipated, is perfectly in- telligible The generd quite uncertain portant was reports neverthe- of stecl stock market w. through the later afternoon. A violent crash in Fisher Body stock fitted in with judgment of the street. which has not looked with favor upon the recent jump from 150 to above 200. (Copyright, 1923) —_— WOULD BUY RAIL LINE. Officials of the South Georgla Rail- way Company submitted to the In- terstate Commerce Commission today for its approval a project to buy in behalf of their company the thirty- one-mile line of the West Coast Rail- way Company, running from Green- ville to Hampion Springs, in Florida. Stockholders of the West Coast cor- poration_will receive $250,000 in the South Georgia Company’s common stock fn exchange for their holdings, it the transaction is approved. At T merating tho West Coast line v i ng the Wes line. d;"r a lease which expires March 1983, to a com- | un- , Mother Lode Cltn. IfMulling Bodysmmen 2 & FINANCIAL." Ajax Rubber. Alaska Gold VAlltea Chemical Allls Chalmer: Am Agr Chemical. Am Bosch. Am Brake Shoe Am Can. y Am Chicle Co. Am Cotton Oil pf. Am Druggist. .... Am Ice. ¥ Am International. Am Linseed. . Am Linseed pf. Am Locomotive Am Metals. Am Radiator. ... Am Roll Mill pf w i. Am Safety Razor Am Ship & Com. .. Am Smelting pf. Am Steel Fdy Am Steel Fdy pf. Am Sugar pf. Am Tel & Teleg. Am Tobacco . Am Tubacco (B).. Am Water Wks. .. Am W Wks 6% pf. Am Woolen. Am Woolen pf Am Zinc & Lead Anaconda. Associated Ol1 Atchison Atlantic Cs Atlantic Gulf. . Austin Nichols. Austin Nichols pf. Baldwin Loco Balto & Ohio Bangor & Ar'ns! Beechnut Packing Beth Steel (B). Beth St17% (n).... Beth Steel 8% pf. . Brit Em Stl 1st pf. Bklyn Edison {BKlyn Rapld Tran. Bklyn Union Gas Brown Shoe. . Brown Shoe pf. Butte Copper...... Caddo Oil. e Californ Pcking. California Petrol. California Pete pf. Callahan Zine Calumet & Ari; Canadian Pactfic. Central Leather. Central Leath pt.. Cent R Rof N J Cerro de Pasco. Chandler Motor. Chesap'ke & Oh Ches & Ohio pf w i Chi & Alton pf.... Chi & East 111 pf.. Chi Great Westrn. Chi Great W pf.... Chi Mil & SLP ‘Chh\ il & StPpf.. Chi & Northwn. . !Chi Pheumat Tool. ChiR 1 & Pacific.. ChiR1&P 7% pf, ChiStPM & Om.. 1Chino Copper. . Cluett Peabody Coca-Cola. . Columbla Gas. Columb'a Graph. Comp Tabulator. Conley Tin |CDn= Cigar. Cons rpf. Cons Gasof N Y Consol Gas new Cons Textile Cont Can. . Cont Can w i C‘ont Insurance... Continental Motors |Corn Products Cosden & Co...... Crucible Steel. .. Crucible Steel pf. . Cuban-Am Sugar. Cuba Cane Sugar, Cuba Cane Spf.... Del Lack & Wstn.. Dome Mines. ..... Dupont (ED. Dupont deb. Eastman Koda' | Electric Stor Bat. Elk Horn Coal. ... Endicott-Johnson. Erte... Erie 15t pf. Erie 2d pf. s Famous Players. . Famous £layers pt Fed Mines & Sm Fed Mines & S pf. Fidelity Fire Insur. Fifth Ave Bus W i.. {Fisher Body...... Fisher Bof O Fisk Rubber Freeport Texa: . Gen Am Tank Car. Gen Am Tank pf.. Gen Asphalt iGen Asphalt {Gen Cigar. jGen Elec spl w1 Gen Motors. ... Gen Mot 6% deb. Gen Mot 7% deb. Gimbel Bros Gray & Davi Great Northern pf. 1Great Nor Ore. . |Guantanamo su Gulf States Steel. . Hartman Corp. ... Hendee Mfg. Houston Oil. Hudson Motors. {1llinois Central pf. { Indiahoma....... Interboro Rap Tr. Interboro Metro.. Interberough pf. Intl Agri Chemi Int Cement. .. Int Combustion E. Int Mer Marine. ... Int Mer Marine pf. Int Nickel. | Int1 Paper { Invincible Oil Iron Products 1sland Oil. . Jewel Tea. Kansas & Gulf Co. Kansas City Sou. . ! KKansas C Sou pf. | Kayser (Julius).. i Kelly-Spring Tire. Kelsey Wheel |Kennecott. . | Keystone Tire |Kresge (S8)...... Lee Tire & Rubber |Lenigh Valley | Lima Locomot! Loews Inc..... Loft Inc. Loose-Wiles [Mack Truck. .. Mack Truck 1st Mack Truck 2d.... |slackay Cos. | Macy C | Macy Co Malllson & Co Manati Sugar. . Manhattan El ctfs, {3Marland Ofl. Martin-Parry. Mathison Alkili. Maxwell (A).... Maxwell (B). May Dept Store: {McIntyre Porcu Mexican Seaboard. Mexican Sbd ctfs Miami Copper Middle States Ofl. Midvale Steel Minn & StL (n). Minn St P & SSM. Mo Kan & Texas. Mo Kan & Tex pf. Mo Pacific.. Mo Pacific pf. Montana Power. Montgomery Ward Moon Motors. ... L B % u% |Nevada Copper. INYchi&sin IPitts & WV |Pressed Steel Car., i]‘rutll“ ers & Ref. . {Punta Alegro. THE EVENING STAR, Received by Private Wire Direct to The Star Office Open. . 101% s . 4% . 6% . 125% .. 8% 1% 6l 4 % 9 8 High. Low. Close. 101% 108 n% 1% 40 66% 124% 13% 1% 6% Nash Motors Natl Acme........ Natl Biscult w 1. Natl Enameling. Natl Lead Natl Lead p 124% New Or Tex & Mex. N Y Air Brake (A) N Y Central. 5 NYChi&StL2d.. NYNH & Hartfd. 18% NY O & Western.. 20'% Norfolk & Western 111% North American. .. 102% North American pf 4% Northern Pacific.. 2% Nunnally Co...... 10 |Ohio Body & Blw. . Ohio Fuel Sup. . Oklahoma Prod. .. Orpheum Circuit. . Otis Steel Owens Bottle. Paciz Develop. Pacific Gas & El Pacific Ol. .. Packard Motor {Pan-Amer Pete. (Pan-Am Pete (B). nhandle P & R.. |Panhandle pf. Pennsylvania..... Penn Seabd Steel. . People’s Gas. . Pere Marquette. .. Pere Marq pf. Pere Mrq prior pf. {Philadelphia Co. Phillips Pete Plerce-Arrow. Plerce-Arrow pf.. Plerce Of1 Pierce Oilpf...... Pigely-Wiggly... Pitts Coal Pond Creek Coal. . Postum Cereal Postum Cer pf Pressed Stl Car pf. Public Serv of N J. Pure Oil. .. 5 Rand Mines. Ray Con Copper |Reading 2a pt.."" ™ |Reynolds “ | . |Savage Arms d Reuding. . .. Reading 1st p Replogle Steel | Rep Iron & Steel. . prings. | iteynolds Tob (B). Eeynolds Tob pf B al Dutch L & San Fran. .. H ISt Louis Southwn. 31% 3 3 | |St Louis Sown pf. . g £l 5% ars Roebuck . rell Trad & Tran. hell Union. air Ol ms | a7 »Porto § .o 4l%a suthern C. 9 . Southern Railway picer Mig Co. . Spicer Mfg pf. ... Standard Milling. . Stand Oil of Calif. Stand Oil ot N J wi Stand Oil of N J pf Steel & Tube pf. erling Prod..... tewart-Warner. . i Studevaker. .. g5, | Studevaker 10 | 126 [ 7 1% 2% | Studebaker pf Submarine Boat. .. Superior Steel. Tenn Copper. . Texas Company... { Texas Gulf Sulphur Texas & Pacific. .. Texas & P C & Oll. Timken Bearing. . | Tobacco Prod..... Tobacco Prod A. Trans € ontl Oil. | Union Oil | Union p: u3 B | n 5 | 874 § 8605 | 8% | 192 284 { 0% | 69% | 19% 1% 60 64% 94 8 108 69% 118% kD AT 86% iUsc {wi Union Pacific pf. Union Tank Car United Drug. United Fruit United ¥ 5 United Ry Inv pf.. United Retail Strs 5 st Ir Pipe.. 1% 1% | stir Ppf. 3 | 0od Prod. 4 i Hoffman Mch. w‘i Indus Alcohol. Realty Realty pf. Rubber. Utah Copper Utal Seeuriti 5 Vanadium Corp. . n Raalte. 24% | 18 87 25 93% 7 2% s Wabash. Wabash pf (A). Wells-Fargo Exp. Western Md. Western Md 2d. Western Pacific ‘Western Pac pf... 67% Western Union... 109% Westhse Eles & M 597 Wheeling & LE.. 8% Wheéling & LE pt 17 White Eagle Oil.. 26 White Motor...... 5 White Oil. . 8% on Company : Willys-Overld Willys-Overld pf. Wisconsin Cent'l. Woolworth Worthington (B). 66% Call Money. ...« HOURLY SALES OF STOCKS. 11aumn..... 195 600 282 9% Ap.Mm..... 350 900 438 400 NEW STEP IN‘RAIL CASE. Denver & Rio Grande Interest Pay- ment Opposed. NVEZR, January 23 ng the receiver of the*Denver and Grand Western railroad not to $301,000 i rest on the first con- 2 p.m An order di- | solidated mortgage bonds of the com- {pany, due April 1, is asked in a peti- tion filed in the federal district court here. Attorneys representing the New York Trust Company, trustees under the adjustment morigage of the company, and a joint plaintiff in the suit of the Bankers' Trust Company as trustee against the road, filed the petition, whic] ald to have come as a sur- prise in connection with the, extended litigation involving the company A date for hearing arguments on the petition is expected to be set within the next few days. Filing of thé petition, according to a -state- ment issued by attorneys, “is in line with the policy of the Sutro commit- tee, which s representing the refund- ing and adjustment bondholders, and is designed to secure the return to is {the Denver and Rio Grande Western of the equity in the Utah Fuel Com- pany's stock, or the payment of the entire $16,000.000 consolidated mort- gage out of that stock.” Acording to the statement, this “would relieve the railroad line of an annual fixed charge of about $600,000 and improve the financial structure of the system accordingly. PARIS BOURSE STEADY. PARIS, January 23.—Prices were firm on the bourse today. Three per cent rentes, b8 francs 65 centimes. Exchange on London, 71 francs 75 centimes. Five per cen loan, 76 francs 40 cen- times, The dollar was quoted at 15 francs 34 centimes, | French | Tepeated] {higher in RECOVERY IS MADE INFOREIGN BONDS French Issues at " Higher Prices—Libertys Are. Also Stronger. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, January 23.—Recovery in foreign bonds, especially the French issues, and higher prices for United States government loans were the features of today's bond market. Aside from the higher quotations for franc exchange there seems to be no particular reason in the news why bonds should advance. It is nevertheless true that both the gov- ernment and provincial issues showed # distinetly better tone. As has been pointed out in these dis- patches any approach to a solution of the reparations problem could not have an immedfate effect on the mar- ket price of French securities. De- partment of the Seine 78 were prom- inent among the issues to show gains today. General List Sume. 1 the general list conditions were <ame as for the past week. large order to sell could notwbe cuted except at a concession from last sale. The Baltimore and Ohio 58 suffered in this way today ind there was no reason either in general raflroad conditions or to those affecting thix particular road to mccount for the weakness, It was simply there was a lack of buying power for seasoned Issues, probably due to the demand upon the market from the new offerings since the first of the vear. 1t looks now as though the investment banking fraternity bad decided to give the market a much-n rest few features of spe- exican government ‘ed on the news that the Mex overnment had deposited funds meet the interest due n Agricultural Chem made a new high ‘on this Here the influence doubtless was not only the high current return at the market, but the increasingly favorable outlook for the fertilizer companies. Activities in Other Inmuen. New York Gas, Eleciric Light, Heat and Power 5s were again in deman d among the high grade rails whic showed strength were L. & uni- fied 4s and Northern Pacific prior ien 4s. New York Central 68 were ympathy with the advance in the stoc Paul issues moved uregularly, the general 4%:s meeting with the most favor. Midvale Steel 5s sold up again, this time withif a point «nd a quarter of the high all time made in May last. Missouri Pacific geperal 4s and Erie prior lien 4s were reactionary WARERPORT TRADE STILL MAINTAINED 11922 Figures Reveal Much | of Expansion Has Been Car- ried Even Further. Muintenance of the war-time expan- sion in the export trade of a number of industries in the United States is re- ed in an analysis of quantity figures vering the first nine months of 1922 nd the same period in 1913, made lic by the foreign commerce de- “hamber of Commerce Gain in imports United Stat 70% | in the first nine months of 1922, as com- | Inter Paper Ist 58 A pared with the same period in 1821 aiso are analyzed. and are attributed part shipments in anticipation of tariff increases. Quantity increases in exports cited by the department in its comparison with pre-war figures show Sugar gaining 4.955 per cent, rve, 1.782; rice, 1,178; 564 ; corn, 2 : ‘wheat flour, ard, 78 t raf rude petrol- ron scrap, zinc slabs, blocks, iron and steel sheet ; iron wire, 3: automo- bile trucks, 939 passenger automobile: 140: incandescent lamps, 68; internal combustion engines, 58, and cotton cloth, 29 per cent. Import Gains Recorded. Among the import grains recorded in the nine-month perlod last year, as compared with that of the preceding year, brass increased 596 per cent in value and 819 in quantity; linseed oil, 568 and 501 per cent: pigiron, 377 and 525, and coal, 198 and 239 per cent. Of all the tmports in the period in 1922, nearly 11 per cent of the value was found to be represented by raw silk, totaling $237,000,000, with cane sugar, valued at $208,000,000, com- prixing 9.5 per cent. second. and co! fee, worth $109.000.000. representing 5 per cent of the total, third on the list. Declines from the first nine months of 1913 are shown in that part of 1922 in raw cotton, 13 per cent; cot- tonseed oil, 77; cotton waste, 16; wood staves, 52; leather boots and shoes, 50 leaf tobacco, 10; oil cake and oil- cake meal. 56; hydraulic cement, 6 railway ties, 45; prunes, 30; fertilizers, : lumber, '41; binder twine, 13; coal ; structural iron and steel ntits, rivets and washer: g iron, 83; illuminating ofl, 18: steel rails, 41; iron ore, 39: iron pipes, 40, and iron and steel rods and bars 13. ates, ete, Value of Fur Imports. The value of fur imports in the first nine months of last vear, as compared with the corresponding period of 1921, increased 162 per cent, raw cotton increased 86 per cent, tin bars and blogks, 149 per cent; woven fabries of ax, hemp and ramie, 92 per cent, and per cent. - Quantity gains in imports for the same periods com- pared included rags, noils and waste, 481 per cent; Wwrapping paper 44 quebracho wood, 442; beans, 39 fluorspar, 39 Chinese nut oil, 289, ana fertilizers, 227 per cent. CANADIAN EXPORTS SHOW 24 MILLION INCREASE Imports for Same December Period Also Larger Than in 1821. NEW YORK, January 23.—The monthly summary of trade issued by the Dominion bureau of statistics of Canada shows an increase of more than $24,000,000 in the produce ex- ported during December, 1922, as Gompared with December, 1921. The figures for December, 1921, were 386, 304,163. ‘Those for December, 1922, were $110,873,425. Imports in the same periods were: December, 1921, §60.050,166; Deoember, 1923, $70.204," 388, NEW YORK DAIRY PRICES. NE;V YORK, January 23.—Butter— Weak; creamery higher than extras, 51%a 52; creamery extras (92 score), b firsts (88 to 91 score), 415;550 Eggs—Steady; receipt. Cheese—Steady; receipts, Dboxes. cases, 277,110 E WASHINGTON, D. O, receipts, 24,374 packages; | Mad i G e [szs voxx BONDS rox main] by Private Wire UNITED STATES BONDS. Sales (81,000). High. ow. Close. Liberty 8%4s.... 285 10148 10128 Liberty 2d 4s. 2 982 9826 Liberty lst4%e 56 %76 %64 Liberty 24 4%s. T4 9634 9820 Liberty 3d d%s. 170 996 9388 Liberty 4th4%s 33 9874 9858 Victory 4%s'28 179 10022 10022 UB4%s1952 b1 9998 9992 FOREIGN GOVERNMENT, STATE AND MUNICIPA . Sales (8$1,000). High. Low. Clese -3 W%k ek e d) 96Y% 988 7%k M% % %' M W% o2 w2 2K N 2 % % 7 2 8% 8% 6% 5% %% 8 % 9% 100% 1004 100% w1 W 100% 100% 100% 8 9% 8% 102% 102% 102% 103 100% 102% 6% Gl B1% 1004 109% 100% 0% 0 W% 0% NG W% s 8 8 100% 108% 108% nh W % 8 e% 8 uu 2 w% 8 ®# W% 0% % W% % %% 9% 0% ol 3l @K% s 8% 1% % Argentine 7s. Belglum 7% Belgium 6 Belgium 8s. Canada 6%s 1 Canada 6s 1931. Canada 65 1962. ., Chile 85 1946 Chile 85 1941 Christiania 8 Copenhagen 5% Cuba 5%s w i . Czechoslovakia 8 Denmark Denmark Dutch East I 6547, Dutch East I 6s°63. French Govt 8s. French Govt 7%s...106 Haiti 68 ctfs. Japanese 15t 4348 Japanese 2d 4 Japanese 4s. : Lyons 6s. ... Marseilles 6s. Mexico 5s. .1 Mexico 4s. .. Montevideo 7s. Netherlands és Norway 8s. 8% 81 % 0% m% 0% 50% B0 w3 w0 %0 8 9T nz uz 8% 98 67 65 108 107% 102 101% 9 €35 B W %% 964 % % 0 % 60 60 69% 69% 106% 106 s us% % TN Mm% 1% 103% 103 106% 10433 uz 11z MISCELLANEOUS. |Ajlxkubber!l 5 %l %% 108 014 102 1024 16 s 995 98l 92 1% 100% 100 965 964 e T 8% 83% ,Y 69 1075 107 M 984 w2t 024 f8ly 8L 6 0515 0% 108 9 %% 132 my 8% 95 u6 116 9l 8% 8 0% 102% 108% 108 106% 106% 104 103% % Ml 9 Bly Queensland 7s Queensland 6: Rio de Jan 85 1946.. Rio de Jan 88 1947.. ao Paulo, City, 8s 1 Sao Paulo, State, 8s.. 1 Seine, Dept of, 7 Serbs Crotes Slov 8s.. 31 Soissons 6s. Sweden 3. Bwiss Confed s f §s. Tokio 58 Uruguay 8s 194 Zurich 8s. Am Smelt & R 1st 5s. Am Tel & Tel cv 6s. AmT&Tecitr5s. AmT&Tcltr4s Anaconda cv d Anaconda 1st 6s Anton Jergens cv 6 Armour & Co 4% Atiantic Refining Gs. Beli Tele Pa 7s. .. Bell Tele Pabs w i i Beta'em Steel p m 5. Beth'em Steel & £ 65 Brier Hill St 18t 5 %1 | Bkiyn Edison 76 D { Central Leather 5s Cerro de Pasco 8s. Chile Copper 6s. { Chile Copper 7s. - {CinG & B15 Con Coal Md 1st & H Cuba Cane S cv d 8s. | Det Edison ref 6s i Du Pont de Nem 78 Duquesne Light 7 Duquesne Light 6s. st Cuba Sug. Empire F &G 7 Fisk Rubber 8 108 107% Framerican I D 738, 18 7% 6% Gen Electric deb 6s.. 6 105% 105 Gen Electricdeb 5s.. 8 101% 101% Gen Refractories 6 Y 98T Goodrich (BF) 6%s8. 21 101% 101% Goodyear Tire 83'31. 448 106 102% Goodyear Tire s8°41. § 115% 115 o 8o 0% 951 101 1005 83 8oL 8% 5% Inter Paper 1st 58 B., 23 % Bdl Julius Kayser = f78.. 1 106% 106% | Lackawanna S 5s°28. 2 10 ° 100 Lackawanna St5s'50 10 #2591 Liggett & Myers 3. w o Lorillard (P) 68 o7 97 96% 96% 108 107 a9% 995, 91k S0t %t 9%ia Bils 8ois 100's 100% %Y 9 0% 110% 9% 98% 1054 106% 9% o2% . smm 2% 9% 107 107% %% % 24 9% e MY 108 108 100% 9% wne 107 126 1% ®Y w% 100% 1003 8% % 86l%. £ % 9% 99% 99 105% 106% 101% 101% 108 108 07% 107 6% MWK um u3 88 % 108 102% u% N% °w N 2% 9% 105 105 110% 110 Holland-Amer s f6s. 2 Humble Oil & R5%s. 21 Indiana Stee! Se. i Inter’Mer Mari; Mich State Tel 1st §s. 8 Midvale Steel &: . Montana Power §s. Morris & Co 18t 41s. { National Tube 1st 6s. 10 New England Tel 5s. 20 N Y Edison 1st 614s. NYGELHE&Pis. New York Tel 6s'41. New York Tel 4338... 5 North Am Edison és.. 3 North States Pow 58. & Northwst Bell Tel 7s. 36 %% 6% 100% % 110% 106% 3% PhilaCorefés A. Producers & Ref Producers & Rf 8s w. Sinclair Oil 7s. 8in Crude Ol 5% Sinclair Pipe Line 6s. Southern Bell Tel 5s. Sou Por Rico Sug 7e. Stand Oil of Callf 7s.. 14 Steel & Tube 75 Tide Water Ofl 6% Toledo Edison 18t 7s. Union Bag & P 6a... United Drug ov 8s. U S Rubber 1st rf 58 U 8 Bteel 8 £ b Utah Power & Va-Car Chemical 7 Va-Car Chem 738 w. Warner Sugar 7s. ... Western Union 6% ‘Wickwire Spencer 7a. 12 9% 7% Wilson & Co 1st 6s... 13 100% 100 Wilson & Cocv 7i4s.. 18 103% 2% Winchester Ams 7%8s 4 108% 103 ————— LABOR DISPUTE ENDS. Haverhill Shoe Interests Are Near Agreement. HAVERHILL, Mass., January 23, Speclal).—The long drawn out labor controversy between shoe manu- facturers and shoe workers unions has virtually been settled. The two parties have agreed on wages but the manufacturers are holding out for a five-and-one-half-day week and workers want a five-day week. A compromise is expected. - —_—— ‘WOOL MARKET FIRM. BOSTON, January 23 (Special). The Summer street wool market showed no sign of weakening prices as & result of the heavy-weight goods rices announced yesterday and today B Cthe American Woolen Company and quotations continued _ strong. Trading was somewhat spotty, how- ever, as buyers were shopping around for special grades to meet their needs. 106 110 8% 100 03 108% FOREIGN EXCHANGE. (Quotstions furnished by W. B. Hibbs & Co.) Neminal Selling checks, gold valoe. today 12:80. 8665 . 86! 1.00 193 188 28 18 198 198 183 Christiania,’ erown. ... Stockholm, crown... TUESDAY, JANUARY Direct to The Star Office. ' RAILROADS. Bales . High. Low. Close. 8% ase 88% % 1% 8% a% 6% a% QW W% T T T 101 100% 100% H we 1 8% 8% . 13 0y €2 64 54 syg 89% & 86 ns% % 8% £ola) i I % ] 6% L Wi 0% 3% m% 8% 8% 3% ChiB&Q1lstrfss.., g Chi & East 11l gn 5s.. 12 Chi Great West 48 2 ChIM&StPrf4igs ChiM& St Py 5s. 11 ChiM &St P48 1925, 11 ChiIM&SLPev4lis. 18 gz:g}:sll‘lsll .01 StPgndys. ChllNW1." et i R1& Pac rf 4 Chi Un Station 416 Chi& W Ind con 4 Colo & Southern 4343 2 Del & Hudson § 4e. Den & Rio G con 4s. .. 29 geg:'l:c IstrfGe.. 29 G o8 o Erlo 1at con far. o 1 o8 Erie gen 4s Erie conv4sA., GrTrunk s f deb 6s. .. Grand Trunk 7s. Great North gen 75, Great North gen 5 Green B & W deb B, Havina ERL & P §s Hudson & Man ref 5 Hudson & Man aj 5 11l Central 5%s. Inter-M 43 ctfs ata. Inter Rap Transit 5 Inter R Transit 7s Int & Gr Nor aj 6s. Towa Central ref 4. Kansas City Sou 3s Kansas Clty Sou bs. Kansas City Term 4; Lake Shore 45 1931. Lehigh Val cn 4s 2003 Louis & N unifled 4s. Louis & Nash 5143 BaZloner LunmBoloay Market St Ry ¢n § Mich Central deb 45 s. M & St L ref ext a:. MK&TprinssA. MK&TésC MK& T adj os. Mo Pacific 6s Mo Pacific gn 4s. Montreal Tram 1 4 New Orieans Term 45 & N O Tex & Mex inc be 4 N Y Central deb 6s. . .108 N Y Central deb #s. N Y Centralriss. . New Haven cv deb §s. w Haven 2 New Haven 7s francs. 59 N Y State Ry 4%s.... 13 Norfolk & West cn 4a. 4 Norfolk & West av 88 25 Northern Pacific 3s.. 39 Northerh Pactfic 4s. . 47 North Pac ref im 6. . 55 Northern Paclfic 2 Ore Short L cn 38 '46. Ore-Wash 1st ref 4s. . 13 Paris-Lyons-Med 6s. . 47 Pennsyivania gen Pennsy) gen 4 s, Vennsyivania 6158 Pennsylvania gold 7s. Pennsyl con 4 %s. Pe-ia & Kast inc 4 Reading gen 4s. . .. Rio Grande W clt 1s.. StLIM&SR&G 4s. . SLL&SFprindsa: StL&SFprinss StL&SFinc s StL & S F ad) 6s. StL&SF prinés StLS W 1st 4s. 1 San A & Ark Pass 43, 1 Seaboard A L 4s sta Seaboard A Liref 4s Seaboard A L adj 5s.. Seaboard A L con 6s. Sou Pacific cv Sou Pacific ref Sou Pacific clt 4s Southern Ry 1st 5t Southern Ry gen 4s.. 41 Southern Ry dev 6148 22 Third Ave adj 5. = Union Pacific 1st 4s.. 2¢ Un Pacific 1st ref 4s.. i Unlon Pacific cv 4s. Virginia Ry 18t 5s. { va Ry & Pow lst 65 | Wabash 1st 55 Wabash 2d 5s. Western Maryland 4s 1 2% Wisconsin Ct gends. 1 9% WA TOTAL SALES (Par Value): - 1lam. 25290000 12noon.. 4880007 lpam.c.. 6251000 2P.m.... 750000 . —_— SHORT-TERM SECURITIES, (Quotations fornished by Redmoid % Go.) B Yo 08 B9 an % 2% % 7% 1015 5% 1% 8% 261, 86t 84 .1 e 189, .12 2 9% 1 & s | 89 @iy 3 Ofter.. Aluminum Co. of Amer. 7s 1983. 106 ... 96l An 1926, | Anglo-American_ 011 7is Armour & C¢ 03 thieliem Central Leather os 1925 €., C..C. & St. L. 65 1626, Dii Pont' 7izs 1931 Goodyear T. & R. S& & Valley Humble 011 5148 1 Kanas Cit Kennecott : Libby. McNell & Lithy v i631. 1011, . M. 81is 1001. 104 148 1930 ; Penn. R. R. 7y 1030 St. Paul Union Depot K Roebuck & Co. 75 1923 Southwestern Bell 78 1925 Standard il of Calit Tidewater Oil 838 1831.. Union Tank Car stern Union 6 Westinghouse El. P L RTINS L 108 TREASURY CERTIFICATES, Rate—Maturity. 3ian Maren 13 3%s June 15, 1923. ags Beptember 15, s’ December 1 : 101 11-16 101 1518 - 1019-16 101 1316 e 18 4%x December 13, T 4%s March 15, 1926, 43,5 September 15, 4358 December 15,1927 'TALK MERGER ALL NIGHT. Oklahoma City Bank Finally Pur. chased by Competitor. OKLAHOMA City, Okla, January 2 Purchase of the Southwest Na- tional Bank of Oklahoma City by the First National Bank was announced early today, after @ conference of of- ficers of the two institutions which lasted until after 3 ‘o'clock. The Southwest National reported ‘on the Decémbér bank call that it had de- posits of approximately $2,500,000. The First National, in a statement ublished today,. listed- deposits of 14,628,869, with a capitalization of $1,000,000. . —_— BAR SILVER PRICES. NEW YORK, January 23.—Foreign bar silver. 66%: Mexican dollars, sga LONDON, January 23.—Bar silve; 32% pence per ounce, Money, 1% pe: cent.. B i ‘per cent; thre 2%5a23-16 per cents . - i iper barrel: §~ CHIC 'NEW YORK STOCK EXCHANGE {Grain, Produce and Live Stock LOCAL ‘WHOLESALE MABKET. “Very bad,” was the report of the condition of the pork market this morning. Receipts were heavy and demands light. Prices were low. It i8 - belleved the market will get stronger as soon as buyers recover from the effects of the Christmas holiday season. Beef prices have undergone mo change the past few days. Large shipments are being received, but the demand is only fair. The market is quiet. Both the butter and ezg were holding firm today. prices remained the same, slight advance in egg prices noted. Bggs—Strictly fresh, selected candle per dozen, 40; average receipts, 36a3i southern, 35. " Cold storage eggs, 27. Live poultry—Roosters, per 1b., 1! turkeys, per lb, 30; spring chick- ens, per 1., 26a27; keats, young, each, 60; fowls, each, 23. Dressed pouliry—Fresh-killed spring chickens, per 1b,, 30a33; hens, per 1 26:21 roosters, per 1b, 18; turkey per lb., 35a45; , young, eac T0as0. keats, y 8. Live stock—Calves, choice, per 1b. 14; medium, per Ib., 13a13%; thin, per Ib, 6a9. Lambs, choice, per 1b. 13; live pigs, 3.00a8.00 cach; live hogs. s kL 175 reen fruits—Apples, per bbl, 1. 7.00; Delicious, N 1. per bbl. 6.00a 1.80. California oranges, per crate. 5.00a6.00; Florida, 4.00a5.00. Lemons. per box, 3.50a4.50. Grapefruit, 3.008 Tangerines, 3.50a4.50. Vegetables—Potatoes, per bbl, No. 1, 1.50a2.00; per sack, 2.00a2.25; No. 2, 50a1.00. Sweet potatoes, Carolina, 75a150: nearby, 2.00a2.50. Lettuce, ' per crate, southern, 2.00a 3.50. Romaine lettuce, per crate, 50a 125. lceberg - lettuce, per =~ crate . Cabbage, northern, 1.75a2.00 per nearby cabbage, per bbl southern, a2.50 per baske ., per crate, 2.50a5.00. Toma: toes, per box, Florida, 2.50a5.00. Beans, 2.00a4.00 per basket. Peas, 5.0025.00 per . Peppers, per crate, Florida, . 3.50. Kale per Spinach, per barrel, per dozen, 1.00al.25 crate, §.00a8.50. erate, 3.00a4.00. 16az0, market Butter while & was North per grapes, per sprouts, GRAIN AND PROVISIONS. BALTIMORE, January (Special). —FPotatoes, white, 100 pounds, 30a 1.35; 150 pounds, 90a2. barrel, 75a2.00: bushel, barrel/1.00a1.50; bushel, . 75a4.00: 40a bushel, 0240; bru: cabbuge. Lushel, 1.0 0a1.75: carrots, crate. 4.00; cucumbers; crate, 7.00 plants, crate. 4.00a6.00: horseradish, bushel bushel. ton. ulifiower, sket, ps. bughel, 1.2 00a4.00; peppers, crat Ny Selling Prices at Noon. Wheat—No. 1 red winter, quotat No. red winter. % nominal: red winter. spot guotations: red winter g lied, 1.32% nominal: No. 3 red w ter, garlicky, no quotations; January 1331 nominal ¢ es—Bag <pot Spo lot of “ob coru. contra 2 corn, spot E no quotations: track corn, vellow. No. new or bett Sales—Non Oats Ked Ry 2 western export. spu Shel; no quotat Hay . 7% tom ter descriptions of t there was a fair de per _bushel ¢ the er Jim 1 tangled rye. 1 wheat, 11.00a1Z.00: 12.00a13.00 TODAY'S CHICAGO PRICES. GO, January.3.—Although bu ing on part of houses with eastern and foreign connections made wheat prices average a 1i dealings today, new deciines soon took lace. y based on strength of European ex- change and on a reduction in It import duties on flour and other f stuffs. Sustained demand, however, w: lacking. and heavy accumulations wheat at primary terminals had a bear- sh effect. The opening. which varied from unchanged figures to one-half cent higher. with May 1.16% to 1.163%. and July 1.11% to 1114, was followed by slight gains and then'a materia all_around. Corn and oats swaved with wheat, After opening unchanged to 3 higher, May 115 to 713, the corn ma ket reacted to well below yesterday's finish. Oats started %a¥ off to 3 up; May, 43% to 43% Later all months scored a little advance and then turned down- ol 13 Al i Nominal 1142 DAIRY PRODUCTS. BALTIMORE, January 3 (Special).— Live poultrv—Pound, turkeys, 36a43; old toms. 25a30: poor and crooked breasts. 25: voung chicken poor and leghorns, 20a22; old small and leghorns. 18a2 ais: ducks, hens, old roosters, geese, 17a25; turkeys, 32a | dressed’ and ; old' and geese, 24a 28; capons, 36a42; . 3032, off —Native and nearby : southern. 35alf. fancy. pound, v _creamery, 47as 33a35: store-packed, 34a35; process but- ter, 42a43. CHICAGO LIVE STOCK MARKET. CHICAGO. January 23 (United States Department of Agriculture).— Hogs—Receipts. ,300 head: slow, butehers about steady; light hoge, 10 cents lower: bulk, 160’ to 190 poun averages. 8.65a8.75; top, 8. 330 to 300 pound. butchers, § packing sows, mostly. T Sirable 80 to 110 pound pig: ¢y hogs, 8.20a8.35; medium, §. light, §.55a8.75: light lights, 8. iepacking sows, smooth. 7. 7.60; ‘packing sows, rough, 7.00a7.30; flling pigs. 7.7588. kCltl‘lzD—chCflDlfi. 8,000 hea ket mctive: eef steers and beef hel ers largely 25 higher; spots, up more: top matured steers, 11.50; few loads 11.00a11:40; bulk beef. steers, 8.50 10.25; ‘beef cows, 15 to' 25 highe: capners and cuttérs and bulls, 15 higher; stockers and _feeders. scarce, firm; veal calves, 25 to 60 higher; bulk desirable heavy bologna bulls, 4.75a4:90; bulk canners, around 3.00; bulk desirable veal calves, 10.50 pts, 14.000 head: open- lln'bg& u(end)‘h ;g strong; eart 15.00: many he higher; fresh clipped lambs, 13.5. summer shorn, up to 14.00;, fresh 99- pound fed yearling wethers, 13.2 sheep, n:nm‘z’ to, 25 higher ublés _ chol -pound: ewes, g?ie load clipped '98-pound wi 8.25. ing, active . 19,000,000 lines. = {husines S04 | per bu- | ¢ vet- | v and light le higher during the early | The initial buying was apparent- | 1923 TOBE BIGGEST ADVERTISING YEAR Banner Records Predicted by Merchants Now on Buying Trips to New York. PAPER MILLS SPEED UP Narrow Profits Cause Business Leader to Seek Greater Vol- ume of Trade. BY J C. ROYLE. Special Dispatch to The Star. NEW YORK, January 20—Unless some unexpected calamity befalls business in the next eleven months. 1923 will see the greatest volume of advertising ever presented to the public. That conclusion is based on statements today from big merc now on buying trips to this city on announcements of advertising pro- grams by merchants in San Franeisco Pittsburgh, St. Louis, Chicago and other merchandizing centers, on re ports from individual newspapers, to the American Newspaper Publisher Association and on statements b agencies handling national advertis ing, Preliminary amount of _newspaper utilized in 1922 indica not much more than the record vear of 1 resentative of the general 3 to date show that if the pr ns are maintained the total year will be approximately ag muc above 1820 as 1922 was below that vear figures on the tota advertising = Records for New York. Figures for the New York are representative of the geners trend throughout untry. Ap- { proximatel 000 pages of adve {tisini were used in New York new papers in the last twelve months, total of 160628884 lines and an in crease over the preceding vear of neariy In 1920 it The present advance. | far more healt) condition, for there was | spread suspicion in 1920 that ce able advertising was used simply means of eseaping federul & The behind riat Merchant s and dealers indicat used. represents re ever, I show a . that compet at they must depend on vol ales 1o insu Kuccesstl is to attain this volume of bu that they are tuming to newspaper ad sing. Representatives of sor agencies handling national advertisit indicated today that their patrous wer turning to the daily newspaper to a greater extent than ever b of tihe sults these of facts already are { seen in the increased demand for prir | paper. Both Canadian and_America: mills have been speeded up, but weat r conditions have delayed distributio w materials as well as finishe products and reserve stocks are not be- ing built up at a pa tactory to large con. terment I { tion as r { suppli in the situi rds water power and fue however, and no increase | { present prices seems imminent. Umions in Financial Field. | Financiers today indicated a belis {that the acquisition of a substanii interest in the Empire Tru Com pany of this city 1 the Brotherh { Locomotive Engineers was o in the program of some and more in; tlal un rganizations 1o make their resourc i in the finuncial world as v «li as in the industrial field. In this onnection it will be remembered ! that the United Mine Workers en jtered into large megotiations with « ’pruh t New York bank during th. {prc s of the o rilie lust vear | Progress in the wage scale negotia tions between miners and operator jof the central compe bitum i lieve final se arr d at wtihin the xt few day | Dispatches from the northwest to day indic a slightl {reduced spring wheat acreage th { season. Alternate thaws and fre in Minnesota, the Dakotas and V onsin have been somewh, ble for winter grains, {Northwest Is Escaping ! Serious Fuel Famine that i i v and fears of ill elfects from fuel shortage in this tegritory now have passed. The open weather has been & boon to railroads, motor trane- port lines and the farmers, as it has 'permituvd free marketing of agricul- tural products and heavy distribution of manufactured commodities. Northwestern farmers are being loa: ed about $125.000 & duy by the St. Pau Federal Land Bank. which now has {farm mortgage loans ontstanding tofa 1ing $82,000,000, President Quamme of ithe bank declared today land values ihave hit rock bottom and that v Philadelphia Real Estate Soars to New Heights Special Dispa i PHILAD i Prices of s ngs have to extraordinary heights here. Inside housex of brick rows located far fre the center of the city containing only 1 small rooms command $ | day Thi: is double what the | brought before the war. Desirablc corners for business purposes arc ! being sold for extremely high prices and the feature of these transactlon is the large credit extended to fina buyers. There has never been s nuch buyving of real ate here o! I ‘a shoestring.” The recorder's office {is so far bLehind that it requires = { months to get & deed recorded. Steel Business Booming in Pittshurgh District Special Dispatch to Tue Star. PITTSBURGH, Janiuary 23 —Sweli ing outputs are reported today in the major industries of this section These are attributed partdy to in- creased efficiency and partly fo changes in conditions which tend to reduce costs. The buying movement in steel so general that markers find it possible to operate all de- partments and units, and thus reduce overhead to a point where producing costs are favorably affected. Price advances in several steel lines are anticipated. Ingot production, which was at the rate of about 40.- 000,000 tons a month in December, will touch higher levels this month iz _is expected, and may reach 000,000 tons by March. Actual v is between 50,000,000 and 53, Siaay, (Cops¥ight, 1923) CALCIUM ARSENATE = . INQUIRY. ORDERED Investigation of the valclum arse- nate:{bdistry by the Federal' Tride Commission was ordered today-bythe Senate in adopting a resolution by Senator Fletcher, democrat, Flowida.- The commission was dirccted to re- port whether there was any violation of the anti-trust laws in the manu- facture or distribytion of calcium ar- senate, used in fighting "The cotton ol weevil. :