Evening Star Newspaper, January 25, 1923, Page 26

FOREIGN SITUATION IS AGAIN IGNORED ey e o ,.Stoc'ks Move Within Narrow :f Limits—Less Attention Paid to Rails. n 24.—The to BY STUART P. WEST. Special Dispatch to The Star. W YORK, January market today continued S show that. the orisis abroad W { bringing out no real offerings. Trad- ing was dull and fluctuations small. {There was some short covering-in the {Airst hour or two by traders who had ffigured ‘on a break Wednesday when . ¥ “{he oil shares were going down and Twho were confessing that their cal- culations had been wrong. After {these covering purchases were over, prices fell back again. There were few speclalty moves of linterest. Sears Roebuck responded to the publication of the annual re- ¥ {port, which showed earnings of near- Ay §5 a share, whereas the year be- I jfore there had been a deficit of over $16,000.000. Montgomery Ward was takKen up following the rise in Sears { Roebuck. Rail Shares Less Active. e Coca Cola report showing a net 3 a share was _almost isely what well informed fore- anis ad led the street to expect. Sonsequently the stock did little one y or the oth The statement by esident that January sales so « running $200,000 ahead of eorresponding month a year ago. x favorable impression. uncement that ti New York service commis: n is soon to order a 7 to 8 per ce cut in New York telephone rates and a 5 per cent reduction up state brought a little seliing into American Telephone and & raph. Some of the ofl shares, like S California and S went slightly lower at but later the whole group hard- Railway shares were not as iprominent, although most of them " held th recent gains. ‘ = Southern Railway Strong. i The December egrnings repbrt of the Southern Railway Company will hed next week. Southern an to show a profit after months of 1 . but it the last th months that niost of the net income applicable to mon stock W lized. De- business, it is said, will show rovement. The early 2 a share for the )y will be ex- 1 margin. Janu- ng much better n had been expected. Youn town Sheet and Tube stock was admitted to trading today on the New York Stock Exchange. Youn, just absorbed the Brier Hill Steel and Tube Company, and will be one of the largest con- ~erns in the industry. Youngstown paid dividends on its common + ock without interruption for seven- tsen years, varying from $3 to cash, together with numerou wek dividends. Review nnd Outlook. Once more today the testimony of the market as to the feeling in bank- Jng circles regarding the Ruhr sit- uation was mainly negative. In oth- er words, the disposition was for ex- change rates and security prices to steady down around existing levels reflecting no serious apprehension on the one hand, yet on the other dis- playing enough uncertainty to cause a suspension of active operations for ihe time being. There was only one exception, and this was a rather striking one, nane- 1y, a drop in French government 7% i cent bonds, dealt in in New York elow 90 for the first fime in thelr listory. Perhaps it might be easy to taggerate the significance of this in- ident. Yet a price of 83% for a gov- <rnment security paying 7% per cent aterest is a pretty low estimate of hat government’s credit, and it rep- . esents at least a tentative judgement & f the financing community that the “-rench venture across the Rhine is 210t going to yield the results which French statesmen and journalists are Predicting. Walting Attitude Prevails. i The stock markets were assuming 1uch the same walting attitude as * other Yet both in Lo »n_and k_ they were dis- s.aetly strong, and where prices _oved at all they moved for the most art upward. There had been a ‘rather widely advertised drive on the previous day against the oil shares, swhich was in the nature of a pro- fegsional experiment to test out the * irket as a whole. The result was to wosmivince the experts that the “Eu- opean crisis” as an argument for the Jiquidation of stocks held in this wountry would not do, because the ome trade situation was too Strong. Consgquently toda: operations were given over pretty largely to' the retreat of those who had been selling he market short on the previous day. Along with this sort of buying went Some iresh operation in industrial efpeks of the so-called specialty type. ¥Forelgn Exchanges Quiet. The foreign exchanges were prac- tically stationary. The further de- ~rease in French bank note circula- 1ion reparted for the week was of terest, but, taking the results of e last fortnight, the reduction in outstanding paper money amounts 500,000,000 francs, whereas in the /g8t week of January alone there had Baen @ jump of a billion francs. Fhe inference from this is that, Swhile a good part of the year end fnflation was due to temporary causes, it is not so certain that all of it was! Bent Prices Late in Day. As a rule, the best prices of the day on the stock exchange were “actied in the last hour and trading more active then than at any feclous stage. Sugar stocks were ke up in the final dealings and < entral Leather preferred was bought | the result of the attention called the favorable outlook in the leather i .ened BY TEXAS COMPANY —_—— * Received by Private Wire Direct to The Star Office . Open. [AJax Rubber.. . 1% Allfed Chemical... T Allled Chem pf.... 110 AlllsChalmers. ... ¢ Am Agr Chemical., 0% Am Agr Chem pf.. 5 Am Beet Sugar.... 37 Am Bosch . Am Brake Shoe % Am Can. . 81% Am Can pf. u2% Am Chicle Co. 6% Am Cotton Ol 1% Am Cotton Oll pf.. 34 Am Druggist L% 01 1% . 8% Hig) 3% U 10% 46 20% 5 % 3 % #2% 2% 6% 1% 0% % 101 1% 2 . Low. Close. 5% k2 10 “ 20% [ i 4 % % 1% n2 6% 1% i % 101 1% 81% §3% .63t 3% 121 2% z 51 Am Radlator...... Am Safety Razor.. Am Ship & Com. Am Smelting Am Smelting pf. Am Stee] Fdy. Am Steel Fdy pt. Am Sugar. .. Am Sumatra. Am Tel & Teleg. Am Tobacco. .. Am Tobacco (B) Am Tol pf (n) Am Woolen. . Am Woolen pf. . Anaconda. ..... Asso Dry G 1st pf. Assoclated Oil. Atchison. Atchison . Atjenta Bir f Atlantic Cst Line. . Atlantic Gulf pt. 1 Atlantic Ret Austin Nichols. Auto Sales pt Baldwin Loco. Balto & Ohlo. Balto & Ohio p Bangor & Ar'nst'k Bayuk Bros. . Bayuk Bros pf..... Beechnut Packing Beth Steel (B) . Beth St1 7% (). Beth Steel 8% pf. Booth Fisheries. .. Bklyn Edison. . ... 100 Bklyn Rapld Tran. Bklyn Rap Tr ctfs Bklyn Union Gas. . Brown Shoe. 2 Brunswick Term. . Burns Bros (A). Burns Bros (B). Butte Copper. . Butte & Superior.. Calffornia Petrol. Callahan Zinc..... Canadian Pacific. . Central Leather. Central Leath pt.. Cent RRof NJ. Cerro de Pasco. Chesap'ke & Ohlo. Ches & Ohio pf w i Chi Great Westrn. Chi Great W pf. Chi Mil & StP..... Chi M) & St P pf.. Chi & Northwn. ... Chi & Northwn pf. Chi Pheumat Tool Chi R1& Pacific.. Chi RI& P 7% pt. Chile Copper. . Cluett Peabody... Coca-Cola. ... Colo & Southern. Columbia Gas. Com Solvents A.. Comp Tabulator. Cons Cigar. ... Cons Gas of N Y Consol Gas new. Cons Textile. Cont Can. Cont Can w 1. Continental Motors Corn Products.... Cosden & Co. .00 Cosden pt.. . Crucible Steel. . Cuban-Am Suga: Cuba Cane Sug Cuba Cane S pt. Del & Hudson Del Lack & Wstn. Detroit Edison. Dome Mines. . Dupont (B 1) Dupont deb. Eastman Kodak Electric Stor Bat.. Endicott-Johnson. Erie....... Erie 18t pf. Erie 2d pf.t. Exchange Buffet. . Famous Players Fed Mines & S pf.. Fifth Ave Bus w 1. Fisher Body. . Fisher Body pf. Fisher B of O pf. Fisk Rubber. . Freeport Texas. Gen Asphalt. Gen Cigar. Gen Elec spl w 1. Gen Motors. . Gen Mot 7% deb... Gimbel Bro Gimbel Bros pf. Goldwin Corp. Goodrich. . Granby Consol Gray & Davis. Great Northern pf. Great Nor Or 20% Gt West Sugar pf.. 106 Gulf States Steel.. Harbishaw Cable.. Hartman Corp. Homestake. . Houston Oil. ... Hudson Mator: Hupp Motors. Illinois Central... 111 Illinois Central pt. 113 Indiahoma. 1 Inspiration. . B% Interboro Rap Tr.. 17% Int Cement....... 87 Int Combustion E. 23% Int Harvester.... 8% Int Harvester pf... 11§ Int Mer Marine pf. $§% Int Nickel. W% Intl Pape: Intl Paper (sta) 2% 8% 1% Iron Products. Island Oil. JewelTep. . ..o 18 Joneés Tea. 80% Jones & L'ghlin pf 107% K C Pow& Ltistpf 97% Kansas City Sou.. 21% Kansas & Gulf Co. 24 Senate Oil Probers Told of Cash . and Stock Dividends Since i 1903. Payment of cash and stock divi- dends by the Texas Company, one of the larger independent oil corpora- tions of the country, have amounted to $116,787,000 since the company's organization in 1903, Amos L. Beaty of New York, president of the Texas, 1estified today at the Senate oil in- vestigation. The cash dividend declarations as listed by Mr. Beaty ranged from er cent payment of $165,000 in‘1 Bo o 15 er cent payment of $1 734,000 fn 1922. Two stock dividen swere shown, one of 50 per cent, amounting to $9,000,000 in 1810, and anpther of 10 per cent, amountin $13,000,000 in 1920. { BAR SILVER PRICES. | _LONDON, January 25-—5!? I‘l?;", o ounon. - Money, 238 2‘:22’ ”Din@l"l( rates—Shart S e 2 ner cent: three-month bills, 2%a2 3.16 per cent., 2 ! LW YOKK, January 25 —Forel fonx sliver, o8 by; Moxioan.donars, S0K Kayser (Juliys).. 4% Kayser (J) pf.... 100% Kelly-Spring Tire. %% Kelly-Spring 8% pf. 107% Kelsey Wheel 105 Kennecott. =% Keystone: 8% Kresge (88). 200 Laclede Gas....... 8% Lake irie & W pf. 67 Lee Tire & Rabber 28 Lehigh Valley..... 70% Linra Locomotive. 60% Loews Inc. 18% Loft Inc. 1% Lorillard (P). Mack Truck.. Mack Truck Tat ll‘:ngcol.. Macy Co..v.upe Macy Co ot anhat Market StRy. d Ofl. Mexican Se: Mexican 854 ctt May De, McIntyre Porcu Miami o Middle flhm._?l. . .‘ u% 2525555500820 122% 21% 614 8 [ 18% I3 8% 35 108% T 2% 122% 161% 160 103 6% 109% s 8 126 101% 20 2 1% 15 157% 2% 1% 123% " 8% n 59'% 1:0% 3 €% 9434 107 & 10% 12k 10 116% 63 2%, 1% 2 9% =0 b 10 2 ®% 1% 216 102% b% 1% 184 3% ¥ 16% oy 13% 25 29% 0 % 0% 1036 v 2% Y5 136 €8% 12 24 a 1% 128% 6% 16 8% 2% 13% 29% ums 128 108 42 109% . 85% 963 0% u% 0% 16% n% 9% 64 s 9 1743 1% 6% 16% 20% 4% 5% W% W4 % 8% ©% 8% £333 & ;gi:! H ¥ b 10% 121% 61 9% 8 18% O %% % 13 6 27% = 151% e “103% 6% 109% o 8 16 101% %0 2 13% 15 187% 2l 12% 152% 3% 8% 91 byl 1200 0% 2% 94 1 Y 109 1% 10 m 62! 2 11 40 9% EY T 95 12% 8 0% 215 2% 15 1025 % o 3 6% % 16% [ 3% 12y 9% % % 4015 105% 3% 2% 5% 21 2% 1% 13 “©% 0% 126% 3% 106 72 5 1254 % 116 15 108 a1k 108% 6% ol & 0% n 16% 115 9% Ll % 8% 13 17% 6% 4% 19% o% & % u% % 8% 46% 8% 5% 6% 23 2% 3% 30% 106% 81 1% 0% 6% 3 2% 1% % 10% ® 0% 5 an% | 8% % £2 n2 % sk 6% 94 15 5% 8 @a% 1% 2% THE -EVENING ST kil a 1% % 18 Minn & St L (n) Mo Kan & Texas. . Mo Kan & Tex pt. Mo Pacific. . Mo Pacificpf...... & Montgomery Ward z1% ‘Zoon Motors..... 18 Mother Lode Cltn. 11% 102 Nash Motors Natl Biscuit Natl Condult, ... Nat] Enameling. Natl Lead. .. 4. Nevada Copper... N Y Alr Brake, N Y Air Brake' N Y Cent NYChi&StL.... NYNH& Hartfd. 19% Norfolk & Western 111% North American. .. 10:5% Northern Pacific.. 74 Otis Steel. 8% Oklahoma Pro 244 Orpheum Circult.. 1% Owens Bottle. % Pacifc Develop % Pacific Gas & El... 19 PacificO.. ...~ 4% Pac Tel & Teleg pf 9% ackard Motor 124 Pan-Amer Pete... 84 Pan-Am Pete (B). 8% Panhandle pf..... &2 Parish & Bingham 11% Pennsylvania..... 6% Penn Seahd Steel % People’s Gas 2% Pere Marquette Pere Mrq prior pf. Fhiladelphia Co. .. Phillips Jones pf. Fhillips Pete. Plerce-Arrow Plerce-Arrow pf.. Plerce Ofl...... Piggly-Wiggly Pitts Coal. . Pitts & W Vi Pond Creek Coal. Postum Cereal. . Postum Cer pf. sressed Steel Car. roducers & Ref. . Public Serv of N J. Public Service pf Pullman Co. Punta Alegro. Pure Oil. Pure Ol 8% pt.... Ray Con Copper. Reading. = Reading 1st pf. Reis Robert Keplogle Steel. Rep Iron & Steel Reynolds Spring: Reynolds Tob (B). Reynolds Tob pf B Royal Dutch...... St Joseph Lead. ... St L & San Fran.. St Louis Southwn. Louis Sown pt. Savage Arm Seaboard Alr Lin, Seatoard A L pf. Sears Roebuck. ... Seneca Copper. Shell Union. Shell Union pt. Simms Petroleu Simelair Oil. Sincluir pt. Skelly Oil. Sloss-Shefeld. So Porto Sugar. ... Southern Pacific. . Southern Railway Southern Ry pt... Spicer Mfg Co.... Stand Oil of Calif. Stand Ol of N J wi Stand Oil of N J pt Steel & Tube pf. Sterling Prod Stewart-Warne: Stromberg Carb... Studebaxer....... Submarine Boat... Superior Oll. Sweets Co of Am.. 123% 1% 28 ) 48% [ Tenn Copper. Texas Company. .. Texas Gulf Sulphur Texas & Pacific. .. Texas & PC & Oil. Timken Bearing. Tobacco Prod Tol St L& W pt... Trans Contl Oil. Union Pacific Union Pacific pf. .. Union Tank Car United Drug. United Fruit U S Cast Ir Pipe.. USCast Ir P pt. U S Hoffman Mch. U S Indus Alcohol. U S Realty... S Realty pf. S Rubber x U S Rubber 1st pf. U S'Smelt & Ref U S Steel.. U S Steel p U S Tobacco. Utah Copper. Utah Securities Vanadium Corp. Van Raalte. - Van Raalte 1st pf. Va-Car Chemical. Va-Car Chem'l pf. Vivadou Wabash 2 Wabash pf (A). Wabash pf (B). Wells-Fargo Exp. Webber & Heilbrn Western Md... Western Md 2d. Western Pac pt. ‘Western Union. Westhse Air Brke. Westhse Eles & M Wheeling & LE.. ‘White Eagle Oll White Motor. White Oil Wickwire Wilson Company. Willys-Overld Woolworth. ... ... 203% Worthington. .... 81 Worthington (B). 66% Youngstown Tube. 78% . 1% 26% 1% Y 12% 1% 23% 58 109% 107% 9% 9%, 2% 50 3 1 % ke 208% 81 u a% i 208 81 6% 67 % 9% ~High. Low. Last. Call Money..... 5 4% 5 \ HOURLY SALES OF STOCKS. 11 a.m. 138 500 7% . % Pay- able. Feb. 15 Apr. 2 r. Apr 1 Mch. 18 Feb. 28 Feb. 1 Feb. Hudson Mot. Isle Rosale Copy Lehigh Coal & ) 3 Pepperell Mfg. C: Pressed Steel Car 1%% pf. Pacific Gas & Elec, Standard Milling Co.,” $1.25.. Feb. 17 Standard Milliug Co.,'a., § Westehesist s 5% Westchester ox. 1%% Wi e e e . WOOL MARKET STRONG. -~ BOSTON, January 25 (Special)— The wool market here was ~very strong today helped by the tone ‘'of the foreign markets. Cables from South America indicated that there’ was a falling off in Uruguayan and Argentine clips in excess of 30 .per cent, and prices in Buenos Alres and Montevideo are rising. London also ‘was_strong, as were the Australian markets, i . %, - WASHINGTON, WEAKNESS SHOWN IN FRENCH BONDS Belgian Issues, ‘ Howevér, Are Strong—Libertys - Change But Little. BY GEORGE T. HUGHES., Special Dispateh to The Star, NEW YORK, January 25.—Renewed weakness in French bonds was the feagure of today's bond market. The | French 7%s for the first time since they were issued, in June, 1921, sold below 90. French 8s also were very weak, but today’s selling concentrated on the 73%s. As has been pointed out in these dispatches, French 8s are re- deemable for the sinking fund begin- ning March 15, 1926, at 110, and an- less there is default in the sinking fund, which no responsible authority i has had the courage to intimate, all the bonds will be redeemed at 110 at or before maturity. The French 7%s also have the sup- port of a sinking fund Yor purchases in the open market at prices not ex- ceeding par, but are not callable. The two issues now sell only 2 points apart, which seems a small margin congidering the conditions. Belgian Isvues Gain. Curiously ~enough, Belgian issues aid not share the weakness exhibit- el - C, -~ THURSDAY, - JANUARY 95,/ 1923. [oxvr vonx BONDS o s Received by Private Wire ~ UNITED STATES BONDS. « . High. Low. Liberty 3%s s tm 10170 Lib'y 1st-2d 4%s ~ 1 9810 810 Liberty 2d4s:.. "2 9808 9803 Liberty 1st 4%s 24 9665 -0856 Liberty 2d 434s. 477 9820 8810 Liberty 3d d%s. 652 9802 9884 Liberty 4th 448 1019 9854 9846 Victory 4%s°23 0 1022 10020 10022 US4Ks1952... - WU 94 FOREIGN GOVERNMENT, STATE AND MMNIC L. Close. 30186 9810 9808 9868 810 8% 9850 0% 101% 9. 9% %5 4% U Pk 1 24 ” 9% me 7 Bk 82% % M% 0% 8% W% 0% Belgium 7%, Ed Belgium s 95! 2% 12 7 2% 5% 99% 100% 2% 100% 8% 102% 101% 102% 1% 0% 9% £ 108% 9% 2% n% =% 89% % 100 102 100% % 102% 101% 102% B1% 0. Chile 88 1941. Chinese Govt Cuba 538 w | Denmark 8s Denmark 6s Dutch East I 65°47.. 61 Dutch East I 6s°62.. 72 French Govt 88 French Govt 7%i Haitl 6s ctfs. Japanese 18t 4%, Japanese 2d 438, Japanese 48 9% Lyons 6s. ed by the French. At 1 time the Bel- gian T%s gained fractionally. Per- haps this was in anticipation of the drawings for redemption at 115 on June 1 next, the fund which is to be paid to the trustees on March | | Speculation in both French and Bel-) glan bonds is very active, both for the | decline and the advance. The Brook- Kapid Transit 5s and the 4s gained very sharply, the latter ad- vanaing nearly four points. Nassau 48, too, went up a point. Other strong features were the Paul issues, or most of them, at any rate. High-grade issues moved fr- regularly, the Pennsylvania 7s, short term and non-callable, advancing And the New York Central 3%s declining. Chicago Union Station 6%, another very high-grade issue, were in des man Government Bonds Active, United States government obliga- tions were more active, but net changes were not-larg The Southiwestern Bell Telephone Company has caMed on April 1 gext its 7 per cent notes of 1925. The call price is 102 and interest, and the total amount involved is nearly 25,000,000, 11, COALERPORTS FALLOFF N VEAR | Commerce Department Re- ports Increase in Oil Ship- ments for Same Period. Americhn exports of anthracite coal during 1922 totaled 2,365,187 tons, valued at $25,350,667, according to figures compiled by the Commerce Department, as compared to 4,176,221 tons, valued at $45,624585, in 1921 ! Bituminous coal exports were 11. 082112 tons. valued at $65,891,740, | compared to 20,652,827 tons, valued at $122,597,038, in ‘1921, Coke exports were 436,733 tons, valued at $4,319.538, {compared to 273,558 tons, valued ac $2,760,939. Exports of crude petroleum dur- ing 1922 totaled 419,793,896 gallons. valued at $18.348.110, as compared to 350,885 gallons, valued at $20,- 204491, in 1921. Exports of refined petroleum were 2,501,455,208 gallons. valued at $312.- s compared to 2.416.425.7 alued at $363,475,512. NEW CAR RECORDS. Year 1922 Sees Increase of 76,117 Over 1921. During the calendar year 1922 there were 145,553 frelght cars installed in service or ordered for future deliv- ery, according to the American Rall- | Way Assoclation. This was an In- crease of 76,117 cars over the 69,436 installed or on order in 1921. Num- ber of cars actually placed in service during 1922 was 77,221, or 7,784 more than were both ordered and Installed the previous year. On January 1, 1923, unfilled orders called for- deliv- ery of 68,332 cars. Locomotives actually installed or 379,283, galions, v | Montevideo 7s | Seine, Dept of, 7 | Sxias Conted o1 8 { Gen Refractortes 6s. | New York Tel 448 Marseilles Mexico 58. Mexico 5s large. Mexico 4s. me rooalloncuavnalvantlio vea Netherlands 6 Norway 8s. Queensland 6: Rio de Jan 8 Riode Jan 85 1947.. Sao Iaulo, State, §5. . Serbs Crotes Slov Soissons 6s. ... Sweden 6= Toklo 5s. . voben Ud Kingdom 5%s'29 ] Ud Kingdom 5 %8 '3 Zurich 8s... MISCELLANEOUS. Ajax Rubber s Am Agri Chem 7% AmT& Tcltr4s. Anaconda cvd 7s wi. Anaconda 1st 6s w 1.. Anton Jergens cv 6 Armour & Co 4%s Atiantic Refining 5. . Bell Tele Pa 5. . Bell Tele Pa bs wi. .. Bethlehem Steel rf 6p Beth'em Steel p m §s. Beth'em Steel & € 68. . Brier Hill St 1st 5%s. Bkiyn Edison 7s D. .. Bklyn Edison gen Central Leather 5 Cerro de Pasco $s. Chile Copper és Chile Copper 7 Cin G & EI5%s Comp-Tab-Rec Con Coal Md 1#t 5s. .. Cuba CaneScvd 8s.. et Edlson ref 6s. .., . Du Pont de Nem 733 Duquesne Light 71s. Dugquesne Light 6s. .. East Cuba Sug 7%s. . Empire F& G T%s. .. Framerican 1D 748, Gen Electric deb 6s Gen Electric deb 5s. cataamaBlon s Goodrich (BF) 6%4s. Goodyear Tire 8s'31. ‘Goodyear Tire 88 '4i. Holland-Amer s £ §: Humble Ofl & R 5%s. Indiana Steel 5s. ... Inter Mer Marine 6s. . Inter Paper 1st 5s A. Inter Paper 1st 53 B... Jullus Kaysers f 7s. . Kelly-Springfield 8s. . Lackawanna St 68 ‘50 Liggett & Myers 7s, Liggett & Myers 5s. Manati Sugar 8 f THs Mich State Tel 1st §s. Midvale Steel 5s. 2% j North Pac ref im 6 Direct to The Star Office. RAILROADS. Sales . High, 88% 8% 8% 81 . Close. [ Atchison adj 4 80% Atlantic C L st 4s 87! Atlantic C L rol 4s 8 Y% 1 ”“ 6% 100% % 81% % 1% 68% 1% ol 1% 0% 118% Mm% k) 5 3% Toledo 7 iv klyn R T 7s°21 Bklyn R T 78 21 o BkIRT7'21ctsta.. 5 Buff R & Pitts 4%s. M Canadian North 7s. Canadian North 6% Canadian Pac deb 4s. Central Pacific 4s. Ches & Ohi6 cv 58 Ches & Onfo cv 4 %s. Chi & Alton 3%s. . Chi B & Q gn 48 1958. Chj & East 11l gn 5s... Chi Great West 4 ‘6% Chi M & St P 48 1925. ChiM&StPcvéls, ChiM & St P 4s 1934 Chi M & 8t P gn 4%s. C M & Pug Sound 4s. Chi & N'W 6%s. Chi & N W 7s. ChiRys 5s. ... Chi RT& Pacrf 4s. Chi Un Station 6% Chi Un Station 4% Chi & W Ind con 4s. . CCC&StLrf6sA CCC & St Ldb4%s.. Cleveland Term 5%s. 6 Colo & Southern 4148 3 Cuba R R bs. o Del & Hud 18t & rf 4s 25 Del & Hudson 5%s. . Den& RG 18t rf 5a. . Detroit United 4%s. . Erie 18t con'4 Z Frie con ext 7s. Erle gen 4s. Erfeconv4sA.. ErleconvdsD.. Great North gen 7s. .. 2 Great North gen 51s. 29 Havana ER L& P 58 15 Hudson & Man ref 5s. 22 Hudson & Man aj 5s. . 10 11l Central ref 4 .15 11l Central 5 %8 6 Inter'Rap Transit bs. 41 Inter R Transit 7s. Int & Gr Nor aj 6s. .. Kansas City Ft S 4s, Kansas City Sou 58, Kansnas City Term 4s Lake Shore 45 1928. . Lake Shore 451931. . Lehigh Valley 6s. . Louis & N unified 4s Louls & Nash s Louis & Nash 53%s... 19 Manhattan Ry cn 4s. 2) Market St Ry cn 5s. Mil El Ry & L 1st 58, M & St L ref ext 5s. MStP&SSMeks MK & T 1st 4s, MK&TprinisA MK & T adj 5s. Mo Pacific Ge. ... Mo Pacific 1st 5s°65.. 1 Mo Pacific gn 4s. 13 Montreal Tram 1st 53 10 Nassau E Ry 4s 1957. 17 N O Tex & Mex inc3s 6 N Y Central deb 6s N Y Central deb 4s. N Y Central r { 5s. New Haven cv deb 6 New Haven deb 48 57 New Haven 7s. . 3 New Haven 7s francs 135 New York Rys adi3s. 2 N YStateRy4%s... 6 - 160 19 1 |N Y West & Bos 434s. 8 Norfolk & West cv 6s 8 Northern Pacific 3s.. 20 Northern Pacific 4s.. 11 g .31 10 Northern Pacific 5 Ore & Calif 1st 5s. Ore Short Licn 5846, 2 Ore Short Lref 4s.... & Ore-Wash 1st ref 4s.. 20 Paris-Lyons-Med 6s. . 5 Pennsyivania gen 8. 11! Pennsyl gen 4%s. Pennsylvania 618 Pennsylvania gold 7s. Pere Marq 1st 5s. Pere Marq 1st 4s '56 Reading gen 4s..... . Rio Grande W cit 4s. RIArk&L4%s.... StLIM&SR&G A StLIM&S 4s°29 StL&SFprinds StL&SFoprinss. StL&SF incés. StL&SF53%sD. Montana Power 5 . Morris & Co st 4148, National Tube 1st bs. New England Tel 5s. N Y Edison 18t 6%44. . NYGELH&PSs.. New York Tel 6s°41. . %% 86 100% A aBB o aatpmatiees eBEmnaana 110%| 98% 106 3% Bofwe North Am Edison North States Pow 5s. Northwst Bell Tel 7s. Otis Steel 8s. . . Pacific Gas & El6s.. Pac Tel & Tel 6s°52.. Packard Motor 88 PhilaCoref 6sA. ... Producers & Rf 8s w. Public Service 5s..... Sinclair Ofl 7s. .. Swwnenaan ordered during 1922 totaled 2,824, ex- ceeding by 1,442 the number installed and on order during 1921. NEW ORLEANS RIVER FRONT MORE ACTIVE Special Dispatch to The Star. NEW ORLEANS, January 25.—Stag- nation around the river front here has given place to activity. The movement of ocean freights, both in and outbound, is increasing steadily. {Ship repalr yards are doing a better business than for several months, and | nine vessels are in drydock here. The fmprovement in trade has been large- iy shown in_the Central and South American and oriental trade, the vol- ume of business with Europe remain- ing about the same. CANADA’S EXPORTS DROP. December Pulp and Paper Ship- ments Under Previous Month. MONTREAL, January 25.—Canada’s ‘exports of pulp and paper in December were valued at $10,249,418, a drop of $1,176,580 from the previous month, the Canadian Pulp and Paper. Association announces. Shipments to the United States were $9,216,989. Exports for the nine months ended December 31 amounted to $88,320,722 against, $77,905,275 in 1921, ‘Newsprint exports were §14,617,771 cwts., compared with $10,465,807 .cwts. in the same period of 1921. ROAD WANTS ENGINES.’ L. & N. Asks L C. C. for Right to Issue Certificates. An application of authority to as- sume obligations for the payment of interest and principal of $6,300,000 in equivalent trust certificates was filed today with the Interstate Com- merce_Commission by the Loulsviile and _ Nashville . raflroad. The _cor- poration proposes to use the proceeds toward purchase of $7,951,000 worth of new locomotives, ight cars “and passenger coaches. « ——a PARIS MARKET FIRM. PARIS, January 25.—Prices- were firm on the Bourse today. Three per cent rentes, 68 francs, 70 centimes. ‘Exchange on London, 72 francs, 15 centimes. Five per cent loan, 75 francs, 35 centimes. = The dollar was quoted -at-15 francs, 51% -centimes Sin Crude Oll 5%¢.... Sinclair Pipe Line bs. 33 Sou Por Rico Sug 7s.. Stand Oil of Calif 7 Steel & Tube 7s. . Tide Water Oll 6% Toledo Edison 1st 78. Union Bag &P 6s. BRBrerwnwal Va-Car Chem 7%s W. Warner Sugar 7s. Western Unlon 63s.. 3 Wickwire Spencer 7s. 4 Wilson & Co 1t 6 21 ‘Wilson & Cosev, Wilson & Cocv T%s.. 6 102% 102% November freight .car performance statistics, reportéd” by the bureau of rallway economics, show -daily aver- age movement a_ freight .car was not only the greatest- of any month of last_year, but .also exceeded the &v- erage for any November:in the past six yeart. .-Average .for the. month was _twenty-seven .and = one-tenth miles, an increase of hal?'a mile over the prévious: morth, ‘two .and a half miles ‘aboye. the da{ly average for N vember, 1918, and\three:and eight- tenths milés -over ‘dally-average for November, 1919,in both. of * which years the railroads. were under gov- | ernment:operation: . . 4 . NEW YORK:DAIRY PRICES. NEW YORK, Jdruary. 25, 3 unsettled: T , 7,605 _tub: ery - higher tham ' extras, 50a50% creamery ztru - (92 score),. 4935 creamery firsts, 88 to 91 &core, 4749, Egge_Steady; Tédeipts, 114,030 cases tresh gathered, ‘firsts, -38%adl; Pa- cific icoast “whités, éxtras, 5214a63; do., firsts to éxtra firsts; 8a52. Cheese—Firm; nedp? 125,837 palinds. State whole'milk flats-held specials, 28%a20%; do. gyerage run,-28a28% state whole nillk, twins, held specials, 28%4a28%; 8 n, 27%a28. .o . LONDON,! January .25.—An official ‘knnounc. nt e » today on *e status’ of the British national debt on March 31, 1922, shows that the debt on that-date ‘totalefl 77436167 This was an incréase of -£108,877,816 over the previous year, - o s @ s % | Seaboard A L adj 5 StL&S Fadj 6s. StL&SFyprin StLS W st 4s. San A & Ark Pa Seaboard A Liref 4s. Seaboard A L con 6s. Sou Pacific cv 4s Soy Pacific ref 4 Sofi Paeific cit 4s. Southern Ry 1st 5s. Sauthern Ry gen 4s.. 21 Southern Ry dev 6153 15 Third Ave adj 6s. ... 16 Union Pacific 1st 4s.. 83 Un Pacific 1st ref 4s. 150 Union Pacific cv 4 7 Virginia Ry 18t & Wabash 1st 5 ‘Wabash 2d 5: o Western Maryland 48 Western Pacific 5. ... Wisconsin Ct gen4s. 5 TOTAL SALES (Par Value): Ilam... 3382000 12noon.. 500900) 1pam.... 638100 2pm. 518000 NEW COAL MINES OPENED IN PITTSBURGH DISTRICT ‘. $1,000,000 Worth of Land Just Purchased Near McKeesport. , Other Plans Under Way. Special Dispatch to The Star, PITTSBURGH, January 25.—Impor- tant deals in coal lands are reported today and the opening of new mines will increase the district’s capacity. Near McKeesport $1,000,000 worth of coal land has been purchased by one interest to be opened at once. The yalue of the coal was proven through logs of wells drilled during the Me- Keesport gas boom. Near Clairton the Pittsburgh Coal Company paid $140,000 for 360 acres. The company owns additional coal in the district and’extensive operations are expected. The Carnegie Steel by-products ovens, the largest in the world, are nearby. TODAY'S COTTON PRICES. NEW YORK, January 25.—Cotton futures opened firm; January, 28.46 bid; March, 28.72; May, 28.90; July, 28.56; October, 26.35. A Tittle more trade buying was re- ported around 28,62 for May contracts and the market was quiet during the early aftdrnoon with prices showing rallies of several points on covering. May was selling at 28.70 around 2 o'clgek, with the general list from 8 to 2 points net lower. ’ NEW ORLEEANS, Cotton opened steady; May, 28.35; July, 28.2 December, ' 25.83. Noon bids steady; March, 28.21; May, 28.25; July, 28.12; October, 25.83; De- cember, 25.60. _NEW CENTRAL DIRECTORS: ALBANY, January - 25.—Directors of the New York Central were re- elected at the annual meeting, by a vote -of 1,589,417 shares. Waiter P. Bliss of New ¥ork and James B. For- gan of Chicago, who had already been elected by the directors to serve-out the unexpired terms of the late A. T. Hardin and William Rockefeller, were elected- for the-ensulng year. . “% 114 £3% 6% €T 101 6% anEB 8l Rane aalin 8% 5 1 1 1 2 January 26 March, 28.38 October, 26.09; %l ‘FINANC TAL. :Grain, Produce and + Live Stock WHOLESALE MARKET. Liberal supplies of fowls, chickens and turkeyl characterized the poultry market today, and piices were about the same as the past several days. De- mand for turkeys® was dull, except on extremely fancy stock, and a wide range of prices prevailed. J Butter and eggs are holding firm. While there was no decline in eg§ prices, it was stated, there was no in- dication of a-break.” The break is ex- pected when weather conditions improve. The butter market remaing very firm. Lower prices are not expected until early spring. Eggs—Strictly tresh, selected candled, per "dozen, 42; average receipts, 40; Southern, 36a37. Cold storage egEs. Live poultry—Roosters, per 1b.. 15; turkeys, per Ib., 30a35; spring chick- ens, per lb., 2 keats, young, each, 60; fowls, each, 25. . Dressed poultry—Fresh-killed spring chickens, per b, 30a33; hens, per 1b., 27a28; roosters, per lb., 17; turkeys, per lb., 35a40; keats, young, each, 70a80. Live stock—Calves, choice, per 1b. 14; medium, per Ib., 13a13%; thin, T 1b., 6a9. Lambs, choice, per lb., 13 igs. X live hogs. Green frufts—Apples, per bbl, 1.75 00; Deliclous, No. 1, per 'bbl., 6.002 . _California oranges. per crate. 5.00a6.00; Florida. 4.00a5.00. Lemons. per box, 5.00a7.00. Grapefruit, 3.002 L.00. Tangerines, 3.50a4.50. 2 Vegetables—Potatoes, per bbl. NO. 1, 1.5062.00; per sack. 2.00a2.25; No. 50a1.00. Sweet potatoes, North Carolina, 75a1.50: nearby, 2.00a2.50. Lettuce, per crate, southern, 2.00a 350. Romaine lettuce, per crate, 502 125, leeberg lettuce, per crate, 4.75a ge. northern, 1.75a2.00 per nearby cabbage, per bbl. southern, 2. 2.50 per basket. Eggplants. per crite, 2.50a5.00. Toma- toes, per box, Florida, 2.60a5.00. Beans, 2.0024.00 per basjet. Peas, 3.00a5.00 per basket. Peppers, per crate, Florida, 2.60a3.50. Kale, per barrel, 150a Spinach, per barrel, 2.00a3.00. ¢ per dozen, 1.00a1.3 crate, $00a8.50. GRAIN AND PROVISIONS. BALTIMORE, January toes—White, 100 1b: Ha b 90a2.15; sweets, bbl.. 25a65; yams, bbl, 1.00a150 40260, Beans, bushel, 2.50a3.50; bushel, 75a85; brocoll, bushel, brussels sprouts, qt., 15a20; cabbage. ton, 20.00225.00; savoy, bushel, 75a1.0 caulifiower, crate, al.’ carrots, basket. 50a60; celery, crate, 3 | cucumbers, crate, 3.50a7.00; eggplants, crate, 4.0026.00; horseradish, bushel, 2.00a4.00; kale, bushel, 25a35; lettuce, . 2.00a4.50; onions, 100 1bs., 160 oyster plants, 100, 5.00a7.00; bushel, 1.25a1.30; a3.00; "pepy c 'h, bushel, 50; bushel, 50a65 bbl.. 2.00a5.0 50; loose, basket, bbl, 10.00a12.00; 3.00a4.25; orange strawberries, qt Y strap, 2.00a2 ; California, per Brussels sprouts, 18a20. beet; Apples, bushel, cranberr| fruit, box, 3.50a4.50 tangerines, Wheat quotation 1.34% nominal n0_quotations licky, 1.34 ter, " garl grape box. 25250 1 red winter, pot, no 0. 2 red winter, spot. 0. 3 red winter, spot, No. 2 red winter; gar- ominal: No. 3 red win- no quotations; January, orn—Cob corn, new, 4 per barrel; contract, &pot, S per bushel: No. 2 corn, spot, 83%; No. 4 no quotations; track corn, vellow, No 3. new or better, 86 per bushel Sales—Rig lot of white delivered at 83, big lot of yellow delivered at and 4.30 54 per bushel asked; No. Rye —Nearby. %5 2 western export, spot, ¥8% per bushel; No. 3, no quotations, Hay—Receipts, 13 fons: for the bet- ter descriptions of timothy and light there fair demand under lim- ited receipts at a range of 17.00 to 21.00 per ton. Straw—No. 1 tangled rye, 16.00; No. 1 wheat, 11.00a12.00; oat, nominal, 12.00a13.00. CHICAGO, January 25.— WHEOT— Open® High 3 117% LIk LIy 1 109 15.00a No. 1 Low. 116% 1118, 1087 ULARD— January . May 1103 DAIRY PRODU BALTIMORE, January —Live poultry, pound, turkey old toms, 30; poor and breasts, 25; young chickens. poor and leghorns, 20a22; oid hen: j21a2 small and ) Sa20; old gees 30a guinea ; dressed pou pound, turkeys, 32a3s: old tom poor. dressed and _ thin, 2 chickens, 24a25; old and mixed, 24; duck: a30; geese, 24a28; capon: 35a38; small_slips, 30a32. Eggs—Loss off, native and nearby | firsts. dozen, 38; southern, 35a36. Butter—Creamery, fancy, pounds prints, 56a57; nearby creamery, 4 ladles, 35a86; rolls, 33a35: storepack ed, 32333 dairy prints, butter, 42a43. CHICAGO LIVE STOCK MARKET. CHICAGO, January (United States Department of Agriculture).— Hogs—Receipts. 60:000 head; fairly active; fully 20 lower: bulk, 150 to 190 pound averages, 8.10a8.2 bulk, } 210 to 225 pound butche X 240 to 300 pound butchers. 5 (Special). s, 35a4 18 | tow sirable wei;hlz‘ l;]crg .10 light, : 8 3005, tkiini sows, smooth, 6.90a7.30: packing sows, rough, 6.75a7.00; Kill- ing pigs, 7.75a8.00. Cattle—Recei very little early arriving; few ear 5 lower; earl. 50; few loads, 8. ualit :‘:{L‘;‘fip:} cows and heifers and bulls, 10 to 15 lower; veal calves, slow, un- evenly lower; stockers and feeders, 15 to 25 lower. > Sheep—Receipts, 19,000 head; open- ing very slow; fat lambs fending sharply lower; one load, $5-pound fed lams early to city butchers, 15.00; looks, 25 lower; three decks, 67-pound shearing lambs, higher at 15.25; sheep, scarce; no early sales. —_— FOREIGN EXCHANGE. jons furnished by W. B. Hibbs & Co.) [ Camnig frmted i, ¥, 5, B 15.000 head, slow ; run ilate in beef steers, top matur- 50a10.00; Nominal Seliing checks gold value. 3 London, pound Montreal, dol Paris, franc. In, f) Copenhagen, €ro Christiania, crown. Stockholm,” crown: i By the Assoclated Pres NEW YORK, Yanuary 25.—Foreign exchanges irregular. Quotations (in cents): Great Writain, demand, 4.653%; cables, 4.65%: sixty-day bills on banks, 4.635%. France, demand, [0648%; cables, .0649%%. Italy, de- mand, .0482% ; cables, .0483. Belgium, demand, .0696%; cables, .0597. Ger- many, demand, .000048%; cables, .000049. Holland, demand. .394 cables, .3952. Norway, demand, 186} Sweden, demand, .2678; Denmark, de- mand, .1955; Switzerland, demand, 1864: Spain, demand, .1570; Greece, demand, .0124® Poland, demand, .000034; - Czechoslovakia, demand, 10281; Argentina, demand, .3715; Bra- 3il, demand, .1150; Montreal, .95. .00, | 25.—Pota- | 50; 150 Ibs., 75a2.00; bushel, bushel, 0; ! : {and improvement in pa HOTELMENEPEET BGGESTYEARYET Remarkable Outlock Based on Prosperity and Greatly Increased Travel. 1 STEADY FLOW OF GUESTS Better “Buying Habits” Said to Have Offset Revenues of Former Wet Days. BY J. C. Special Dispatel NEW ROYL to The Star. YORK, January men throughout the entire are preparing today for one of th biggest years they have ever known That fact was confirmed by managers and proprietors in a dozen cities in various Of more impor- tance, however, are the reasons for These are based on the general improvement in busi- ness conditions and prosperity through- out the United States. “Every indication points to markable for New hotels,” Arthur L. Lee, manager the McAlpine and Martinique, today. “Talks I have had recent with business men in every line and from every part of the country, all carry the same message. All these men’ look for inc d_business 123, averaging from 35 to per cent above the figures for last year. The immense building programs throughout the country offer another favorable sign to many. From the middle west and southwest sections from which New York looks for its largest volume of hotel business, come reports that the business situa- {tion i especially promising, with cot ton. corn, whe# and hogs bringing steadily good prices. Steady Travel Seen. “All this means increased travel to- ward business centers and a break- ing up of the former ‘seasonal’ trav- el business. Instead a regular flow of guests will be the rule which can {be counted on to keep hotels comfort- {ably full all the time. In former years buyers flocked to market cen- ters once or twice a year. In poor seasons the proprietor or one or two buyers purchased for an entire estab- ishment or system. The return of better business conditions means that each department head and more often a staff from each department will come to market, not once or twice, but many times'a vear to keep pace with home sales F. A. Muschenheim, president of the New York Hotel Men's Association, declared that hotels undoubtedly were an excellent barometer of business conditions and that hostelries could a record volume of trade. He however, that while travel d improved, trips to large centers ad lost & good deal of their novelt man W ago, Kansas d other centers took his family with im, Kes his trips alone, except twice a year. Night Life.” of the furnishe ~Hotel countr; sections. their expectations, a re- York's year | formerly he now m once or possibly Buying Offsets The so-called “night various cities no apportunities for spending, which the hotel. utilized to their advantag Mr. Muschenheim said, but the vclume of business and better “buy- ing habits” has more than compen- sated for the blows which prohibi- {tion dealt to gross receipts. | Both Mr. Lee and Mr. Mus {pointed out that while some outlying “residential” hotels be ble to shade- rate in %. any general de s extremely unlike in view of the upward trend in cotton, linen, c '{l‘\"ml andl other commodities. Mr. Lee declared that his houses had been able to retain the rates reduced back in 1922 through increased volume of business Many More Conmventions. Conventions are ning !bers and in attendance, a ! hotel men_in Atlantic Cit | Denver, San Francisc nd other {cities. = The winter tourist season { now its height, proving the ,x.- siness improvemen which took place in the final mofiths of 1 Southern California, Florida and other | ons of the south already are ping a harvest, and the volume of !{raffic to seashore and mountains ne> summer already has been prepared {for by erection of additional hote senger sche enheim of the might isolated in pi in nun cording to Spokane re by the railro: Terhaps the most significant fe: { ture in connection with tourist trav | this winter is that the bulk of it is coming from the agricultural states { ul Survey Shows Business ’ on Better Foundation Special Dispatch to The Star. | KANSAS CITY. January 25.—A sur- vering the first three weeks of 9 just completed here, shows a much ~stronger basis for business )prnspenu- than existed a year ago. Prices for live stock, grain and other products average considerabl tigher than they did at the opening of 1922. Retail trade is more than holding its own and January sales attained a larger volume than was the case year ago. Merchants howeve ar a recurrence of the tendency to delay purchases, whicl was in evidence last fall, and are buying spring goods cautiously in consequence. Cleveland Auto Show Has Very Large Attendance Special Dispatch to The Star. CLEVELAND, January 25.—Indica- tions of the increased interest in the automobile industry were seen today in the tremendous attendance at the Cleveland automobile show. Crowds are two or three times as large last year. Cleveland motor manu- facturers are rushing production ou a large scale, with some plants com- pletely booked through the first quarter. Paint largest as manufacture, one of the industries of this section, is showing large gains. The Sherwin Willlams Company reported today that its sales are running ahead of last year and that many of its fac- tories are running duy and night Sales of the Glidden Company for November, December and January to date showed an increase of $753.436 over a year ago. Great Northern R. R. Car | Loadings Up 34 Per Cent Special Dispatch to The Star. ST. PAUL, January 25.—North- | western railroads expect. a decided I!ncrease in passenger traffic through- out this territory because of the Twin Cities market week February 5 to 10. It is estimated this will attract 3 000 visitors. Special fares have been authorized. Continued improvement in north- western business is reflected in the 134 per cent gain in Great Northern freight loadings the first half of this month, The largest gains were in grain; lumber,- live ,stock and mer- chandige. v (Copyright, 1823) HUGE CITY BOND ISSUES. / TOPEKA, Kan., January 25 (Spe- cial).—The total ‘amount of munici- pal honds issued In Kansas in_the last year, proceeds for which were devoted to public improvements, such as building construction and pav ing. totaled $21,963,382, or over four times’as much as the total in 191