Evening Star Newspaper, January 26, 1923, Page 24

STOCKS STRONGEST OF PRESENT WEEK Many Definite Advances in More Active Market. Exchanges Lower. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, January stock market was more during the greater part definitely stronger than it has beea at any stage thls week. More indi- vidual issues came in for attention and the advance was better dis- tributed. No attention was paid to the renewad decline in the foreign ex- changes. The market went ahead al- most as if there was no European problem to be considered at all. Sugar stocks continued to reflect 26.—Today's active, and. of the time, trade opinion that prices will work | higher later in the season. All these l:o‘tks were strong. Consolidated Gas new, made a further response to ‘Thursday’s action in putting the stock on a $5 dividend, and Columbia Gas was another of the leaders in the pub- lic utility group. Steel Shares Active. Steel shares were actively bought with the exception of Bethlehem B. The street was not impressed with the annual report of that company, although it showed a balance to the ®ood equal to 1% D cent on the common stoc The point was made that despite the improved conditions in the steel irade the Bethlehem corporation would find it hard work to maintain dividends on the common in view of the enormous addition to the out- atanding capital resulting from the deals with the Lackawanna, Midvale and the Cambria. Plerce-Arrow stocks were sold on the announcement of the now finan- cial plan, the chief contention here heing that the company was pay'ng & tremendous price for its new money in offering twenty-year debentures at & per cent, and, to make them go_eyen on these terms, giving awaiy :5.750 whares of a new § per cent prior pref- erence stock. Mack Truck Stronger. mations that the Pierce-Arrow abandon the truck fleld was a rther help to Mack Truck, although e main reason for the rise in March was the strength often referred to, of its own earnings position. Fisher Rody was quick to respond to the of- fer of W. C. Durant to buy the entire comuon share capital at $200 a share. slthough it was perfectly well unde Stood that the present dominant in- {erests would not accept tho offer. 1t is pretty definitely known that the small issuc—less than $1,000,000—of Cosden & Company preferred stock is on the road to retirement. What little *here is for sale in the open market from time to time is being quietly bousht in and the probabilities are that before jong the option to retire the whole amount at 120 will be exercised. As the bonds have all been called this will jeave the entire assets and the entire carnings_directly behind the common stock. ~ Recent buying of Cosden has been partly based on knowledge of this development. Cuban-American Sugar Bought. Cuban - American Sugar _common was especially bought among the rugar stocks today. Its continued atrength in face of a seasonal slump n the sugar trade is in anticipation of higher sugar prices which are ex- pected early in February. Moreover Wall street is confident $2 dividends will be considered, perhaps by the end of the year. The advance in Columbia Gas and Electric, which was resumed on Thursday partly under the impetus afforded public utility stocks by the Consolidated Gas dividend action, went further today. Increasing attention was called to Columbia Gas by the 1922 preliminary report recently published, showing spproximately $12 a share earned on the common stock after all charges. Studebaker directors are scheduled to meet on January 31 and the ex- pectation is that the $10 dividend rate will be continued. In some quarters there is a disposition to look for some sort of an extra cash éividend, but this is considered ex- tremely unlikely. Review and Outlook. The two striking features in today's financial situation were again the continued shrinkage in the value of European continental currencies and the absolute ignoring of this move- ment on the various stock exchanges. The reason for this has been often pointed out. However. as each day that passes serves to bring into stronger light the strength of the home trade position not only in this country, but in Great Britain, this has | hecome the supreme consideration. Compared with it a vear ago what may bappen as the result of the French oc- cupation of the Ruhr is of minor con. sequenca. 1 || NEW YORK STOCK EXCHANGE |Adams Expre; {Adv Rumley Afax Rubber. Air Reduction. Alaska Juneau. Am Agr Chem pf. Am Rorch’ Am Brake Shoe pf. Am Can, Am Can pt Am Car & Fdy. Am Car & Fay pf.. Am Chicle Co Am Cotton Ofl. Am Cot?on Oil nf.. Am Druggist Am Hide & Leath.. Am Hide & Lea pf. Am Tnternational. Am La Franc Am Linseed. Am Linseed pf. ... Am Locamotive. .. Am Metals. ....... Am Metal pf...... Am Radiator. .. Am Roll Ml pf w i Am Safety Razor.. Am Ship & Com... Am Smelting Am Steel Fds Am Steel Fdy p! Am Su 5 Am Tel & Teleg. Am Tobacco. . {Am Tubacco (B).. Am W Wks 6% pf. Am Woolen Anaconda. Ann Arbor pf. Agso Dry Good: {Asso Dry G 1st pf. Atchison. . Atchison r.f. Atlanta Bir & Atlantic Cst Lin Atlantic Gulf. Atlas Powder pt Austin Nichols Auto Sales. . Baldwin Loco. . Balto & Ohio Barnesdall (A) . Bayuk Bros. Bayuk Bros pf..... Beechnut Packing Beth Steel (B). ... Beth St17% (n)... Beth Steel 8% pf Bklyn Edison..... Bklyn Rapid Tran Bklyn Rap Tr ctfs Brown Shoe. . Burns Bros (A)... Burns Bros (B)... Butte Copper. ... Butte & Superior.. Caddo Oi) California Pcl |California Petrol, lc:nfan\h Pete pf. Callahan Zinc. Canadian Pacific. . Case Plow Works. Central Leather. Central Leath p! Cent RROfNJ Cerro de Pasco. Chandler Motor. .. Chesap'ke & Ohlo. Ches & Ohlo pf w1 Chi & EastIll...... Chi & East 111 pf.. Chi Great Westrn. Cbi Great W pf. Chi Mil &St P . Chi Mil & St P pf.. Chi & Northwn. Chi Pheumat Tool. Chi R & Pacific.. Chi StPM & Om.. Chile Copper. Chino Copper. Cluett Peabody... Coca-Cola. Columbia Ga: Com Bolvents A Conley Tin Foil Cons Cigar pf. Cons Gas of N Y Consol Gas new. Cons Textile... Cont Can. Cont Can w1 Cont Can pf. Cont Insurance. .. Continental Motors Corn Products. ... Corn Products pf. Cosden & CO...vee Cosden pf. Cructble St Cuban-Am Sugar. Cuba Cane Sugar. Cuba Cane §pf. Davidson Chem Del & Hudson. Del Lack & Wstn. Detroit Edison. iDome Mines. Dupont (ED. Esstman Kodak.. Electric Stor Bat. | Elk Horn Coal.... Emerson-Brant Endicott-Johnson. Erie 18t pf. Erie 2d pf. Exchange Buffet. French francs today were pressed |Famous Players.. for sale at figures which represented | ramous Players pt only a slight advance over the ex-|ped Mines & S pf. treme low of last November, which was 6.17 cents. made its now customary new low. French government bonds were free- 1y offered on the London exchange snd the 7138 of the dollar loan, dealt in here, broke to 83, the lowest price at which they have ever sold. The Trench $5 and the Belglan govern- ment securities were likewise quoted at botiom figures. All this was to be interpreted as the veaction of the international banking community to the latest developments across the Rhine—the isolation of the Tuhr district, the fines and threatened tmprisonment of German mine offi- cials, the growing unrest of the Ger- man people, and the increasing vio- The German mark | Fifth Ave Bus W i.. Fisher Body. ...« Fisher Bof O pf... Fisk Rubber. . Freeport Texas Gen Am Tank pf.. Gen Asphalt. Gen Cigar pt Gen Electric Gen Elec spl w 1 Gen Motors. ... . Gen Mot 6% deb. {Gen Mot 7% deb Gimbe} Bros. Gimbel Bros pf. iGladen. .. ... Goldwin Corp. lence of the French measures of coer- | Goodrich. clon, which have so far manifestly |Granby Consol. tailed. Gray & Davis. Pools Taking Thelr Tin o Northern pt. There was little change to be n.ted |G™ S in the character of the New York | Gt West Sugarpt. stock market. It still lay in the hands |Guantanamo Su of speculative syndicates and large |Gulf States St individual operators. Hartman Corp Indications of increasing outside interest were extremely slight, but so long as credit is abundant, trade reports favorable and real investors wholly disinclined to sell the Wall street pools can afford to take their time. Again it was interesting that railway shares, If not as active as the industrials, were still much more prominent relatively than they were a week ago. This was the result of the encouraging December traffic statements, the extraordinary weekly figures on January car loadings and ihe dissipation of the fear of radical legislation, at least for another year. et s SHORT-TERM BECURITIES. (Quotations furalshed by Redmond & Co.) ——Nooa.— Bid. Offer. Aluminum Co. of Amer. is 1925. 103% Alumioum Co. of Amer. Ts 1933. 1054 American Cotton OIl 65 1924 038 Bugac 6e 1937. 5% Tel. & Tel. 08 192 Tel. & Tel. 8s 192 ‘Apaconds Copper 7s 1929, Anglo-American OIl 734s 1923, Armour & Co. 78 1980. Tethlehem Steel Ts 1923. Hupp Motors. Hydraulic Steel. Illinois Central. .. Inspiration. Interborough pf. Int Cement. int Combustion E. Int Harvester. ... 1nt Mer Marine pf. i Int Nickel Intl Paper. Intl Paper (sta) . 1nt Shoe. Invincible Oil {Jowa Central.. iron Products, Jewel Tea. .. Jones QCL"hblo Kansas City Sou.. Kansas & Gulf Co Kayser (Julius).. Kelly-Spring Tire. Kelsey Wheel.. Kelsey Wheel pf. Kennecott {Kresge (S8).... Laclede Gas. ... Lee Tire & Rubber 1031 | Lehigh Valley.... 10913 |Liggett & Myers. . 10032 1 Liggert & Myers pf 28% | Lima Locomotive. Loews Inc. Loft Inc. Lorillard (P)..... Louis & Nashville. Iennecott Copper 7e 1080 Libby. McNell & Libby 7s 1981 3., 8t. P. & 8. 5. M. 8% 1081. Morrls & Co. T%s 1980 . Peon. B. R. 7s 1830 . st. Pagl Usion Depot Sigs Nears, Roebuck & Co. 78 1923 Southwestern Bell 7s 1925, Standard Oil of Calif 7 Tidewater Oil 834s 1931. TUnlon Tank Car s 1980. Wester Unlon 6%3 1936, 100 Westinghouse El. & M. 7s 1981. 108 Called_Bonds—Qonsumers -Co., 8% Manhattan El ctfs. 3 s [Mo Pacific. 188% “% 63% 62l4 414 [ 935 e [ 5% 0 L Received by Private Wire Dirsct to The Star Office Low. Close. 4 4% % % 5 6l €l 1% 2% 2N 1% 163 2% % w% Open. 4 % 5% 16% % 16% =nk% High. % U% 51k 16% 2% 16% 0% % 8% Manhattan Shirt. Marland Oil. . Mathison Alkill Maxzwell (B). May Dept Store: Mexican Seaboard. Miami Copper..... Middle States Oll,. 1% Midvale Steel. 2% Minn & St L (n). 3 MStP&SSMpt.. 884 Mo Kan & Texas.. Y% Mo Kan & Texpf.. 4 1% &% =% 8% uy% 102 40% 225 Mo Pacific pf. Montgomery Ward Moon Motors. Mother Lode h Motors. Nat] Biscult w 1 Natl Biscuit pf. Natl Cloak & Suit. # |Natl Cloak & 8 pf. Nat) Enameling. .. Natl Lead......... Nat) Lead pf Natl Ry of M 2d Nevada Copper-... . New Or Tex & Mex N Y Air Brake (A) N ¥ Central N Y Dock pf. . N Y N H & Hartfd. N Y O & Western. . Norfolk & Western North American... North American pt Northern Pacific. Nunnally Co... Ohio Body & Blw.. ; |0klahoma Prod. Orpheum Circuit. v L Pacifc Develop... Pacific Gas & El... PacificOnl. .. Pac Tel & Teleg pf Fackard Motui.. ... Packard Motors pt. Pan-Amer Pete Pan-Am Pete (B). Panhandle P& R.. Parish & Bingham Pennsylvania. People’'s Gas Pere Marquette. . Pere Mrq prior pf. Phillips Pe Ll 2 e 25 e T bl% 11t Plerce-Arrow pt P Plerce Oil. Piggly-Wi Pitts Coal. . Pitts Coal pf. Pitts& W Va. Pond Creek Coal.. 4 Postum Cereal.... L24% Producers & Ref.. 8% Public Serv of NJ. 9% Pullman Co. . s Punta Alegro. ... Pure Oll... Pure O11 8% pf.. Rallway Steel Spr. Ray Con Copper... Reading. . Reading 1st pt. Reading 2d pf. Reis Robert pf Replogle St Rep lron & Steel Rep Iron & Stl pf.. Reynolds Springe. Reynolds Tob (B). Royal Duteh...... 3t Joseph Lead. ... StL & San Fra StL & San Fr pf. St Louls Southwn. St Louis Sow= pf.. Savage Arms, Seaboard Alr Line. Seatoard A L pt... Sears Hoebuck. ... Sears Roebuck pf. Seneca Copper. ... Shattuck-Arisona. Shell Union, Shell Union pf. £imms Petroleur Stnclair Oil Sincluir pf. Skelly Oil So Porto Sugar Southern Pactfic Southern Rallway Southern Ry pt. Spicer Mfg Co. Spicer Mfg pf. . Standard Milling. . Stand Oil of Callds Stand Oilof N J wi Stand Oll ot N J pt Steel & Tube pt Stewart-War; Stromberg Car! Studebaxer. ... Submarine Boal Superlor Steel. Sweets Coof Am. Tenn Copper...... Texas Company... Texas Gulf Sulphur Texas & Pacific. .. Texas & PC & Oll. Third Avenue . Timken Bearing. Tobacco Prod. Tobacco Prod A... TolStL & W pf... ‘Trans Contl Oll. Union Pacific. ... Union Tank Cr pf. United Drug...... United Fruit United Ry luv pf.. United Retall Strs U 8 Cast Ir Pipe U SCast Ir Ppf. U S Food Prod..... U 8 Hoffman Mch. U § Indus Alcohol. U S Realty. U S Realty pf. U S Rubber us us 6% 9 % 41 19% @'y Radel 10 0% % 1% ) 9.t 0% % 2% 9% 87 6% O 1% 1045 Sl % 61% 21% P us 0% 12 9% 160! 8% Rubber 1st pf. 102i4 Steel. . U S Steel pI. Vanadium Corp. Van Raalte. Va-Car Chemical. Va-Car Chem'l pf. ‘Webber & Hellbrn Wells-Fargo Exp. Western Elec pf.. 11¢4 ‘Western Md. . 1% ‘Westerp Md 2d. 28% ‘Western Union. .. 109% ‘Westhse Alr Brke. 100% ‘Westhse Eles & M 6% Wheeling & LE.. 9 Wheeling & LEp? 17 White Eagle Oll.. 25% White Motor. 50% White Oil 3 Wilson Company. 88 Willys-Overld.... % Willys-Overld pi <% Wisconsin Cent'l. 28% ‘Woolworth. .20 Wright Aero 8% Youngstown 0 3% 3 % “»ls 28% 210 8% &0 High. Call Money... % & - MOURLY SALES OF STOCKS. 1lam.....25140 12M.... 87 8% ipm..... 4670 2pm... 800 PIERCE-ARROW’S PLANS. NEW YORK. January 26.—An- nouncement is made that the Plerce- Arrow Automobile Company has ractically concluded arrangements gor paying off its $7,160,000 bank loans through the sale of new securi- ties. The Southwestern Bell Tele- phone Company on April 1 next will pay off $24,782,600 in 7 per cent con- vertible gold notes due April 1, 1925, at 102 and accrued interest. McCRORY SALES HEAVY. NEW -YORK. January 26.—McCrory Stores Corporation report sales for 1922 will approximate $17,100,000, as compared with $14,400,000.in the pre- ceding ri‘" an increase of $2,700,000, while the net profits for last year, after taxes, de] ation and inte u= will be about $1,200,000, as com: with §687, ”hmmflmvrr. o 8 -Vt! B | rehouses during 1521, the sale 1n | 1 { Burope of tobaccos from countries NEW LOW REACHED BY FRENCH BONDS Cost of Ruhr Invasion Is Dis- turbing Factor—Other Issues Steady. BY GEORGE T. HUGHES. Epecial Dispatch to The Star. NEW YORK, January 26.—Outside of the foreign issues the bond mar- ket today was fairly steady. 1 More and more domestic bonds like stocks seem to show independence of the foreign situation. As to the latter pessimism increases it quotations for European sccurities are any criterion. The French 7%s made another new low today, following yesterday's record, land the §s were very heavy. Franc ex chiange gave he saine testimony. Dis atches estimating the probabie cost of French penetration of Germany were not encouraging. _Other _speculative for- elgn Issues suffered simuitaneousiy. The only exception to the trend among for- eign bonds was found in the 7% per cent cofiee secured sterling loan of Brazil, which made a new high. The effect of the huge new offerings of Bethlehem Steel und Republic 1ron and Steel was evident in the market for the outstanding issues of both companles. Bethlehem Steel 6s and | Republic Steel o8 both reacted. To- day's new issues total the largest of any of the week, and while the bank- ers profess confidence in the market's ability of absorption, traders were not quite so confident. Chile Copper 65 and 78 were other speculative favorites. The advance in the 78 was more rapid than that of the 6s, because the former are selling above’ the conversion price. Second grade rails were firm, but first grades Were reactionary. There was no sig- nificant change in the libertles. Late Sales fa Coea Co Southern Pacific made only mod- erate. response to the remarkable showing in_the December trafiic statement. The latest analyses show that the road is earning 16 per cent on the stock. While motors followed the rise in Mack Trucks, as it usually does. Butte Copper and Zinc was actively bought in anticipation of a dividend. Unioading of & few large blocks of Coca Cola late in the after- noon was set down as profit-taking by people who felt that with the fs- suance of the annual report all the news was out for the time being. (Copyright, 1923.) TOBACCO EXPORTS DECREASE IN YEAR Commerce Department Lays Slump to Heavy Stocks on Hand in Europe. Exports of leaf tobacco from the United States during 1922 were 431.- 907,578 pounds, valued at $145984,- 896, a decrease of 83,445,489 pounds. as compared with 1921, | The 1922 total is less than for any vear since 1918, according to Depart- ment of Commerce records, although it is approximately 17,000,000 pounds above the figure for 1913. The aver- age per pound value, moreover. shows a decrease proportionate to the decrease in quantity. Exports of stems and scrap tobacco { were 10,960,906 pounds, an increase of approximately 2,500,000 pounds over 1921. Exports_of clgarettes, which j totaled 11,470,179.000, showed an in- ; crease of approximately 3.000,000,000 {over 1921. "Exports of cigars and cheroots also showed a slight in- crease. Exports of plug tobacco to- taled 3,797,038 pounds. compared with 2556781 pounds in 1921. Smoking to- bacco exports for 1922 were 1,285,765 pounds, ~ compared with pounds in 1921, The falling off in American to- baceo exports in 1922 is attributed by {Commerce Department officials to iliquidation of large quantities of the commodity accumulated in European {whose currency exchange rates more inearly approximated those of Euro- pean countries, and the increase in tobacco manufacture in European countries adversely affected in past years by the war. . _— WOOL OUTLOOK BRIGHT. Opening Prices for Season of 1923 Help to Business. BOSTON, January 26—The Com- mercial Bulletin tomorrow will s; “The opening of prices on heav: weight goods for the 1923 season at average above the prices of a vear ago is regarded by the wool trade as conducive to good business, and this is reported to be the actual result. Early withdrawal of lines and repric- ing to a higher level are looked upon as Inevitable.” DIVIDENDS. Record. American detal Co.._q., T5c.Feb. 15 Metal Co. Pay- Mar. 1 Mar. 1 Feb. 15 Feb. 1 Apr. 2 cm, 1% ... Bethlehem Steel Co., @ cm, 1%% .. = Bethlehem Steel Co., a.. 8% ol 2% ..- Mar. Apr. Bethiehem Steel Ce pl., 2% ... Jul. Bethiehem Steel Co., a.. 8% of. 2% . .Sep. oct. Jan. Apr. o 1% % Gglfll R.R. of N 2 - &nlt‘;fllm'd Cigar Co,, f ! vscds BNite. Go Edwards Great Lakes Dredge & Feb. 20 €8, 8%.Jan. 25 Dock Feb. 8§ 1%% pt. Fel Thompson-Starrett Co.. s-a. T. 8. Cast Iron Pipe & Fnd. ., 14% - Mar. Q. 1%% B TREASURY CERTIFICATES. ¢Quotations furnished by Redmond & Co.) 1118| this morning for Aberdeen, The rallroads of the Unl are estimated to represent t of §20,000,000,000, States invest: v voux BONDS s s ]| Liberty 3%s. 'l::borly 1std%s 36 L1 Liberty 4th 4% Victory 4% s UBS4Y%s1952... FOREIGN GOVERNMENT, STATE Canada 5% Canada bs 1931 Canada 58 1952 Chile &s . Chile 85 1926. . Chile 8s 1941, . Chinese Govt Ry 58. 4 | Copenhagen 634s. {Cubabls wi Dutch East 1 6s'63. French Govt 8a French Govt 7 | Haiti 6 ctfs Japanese 1st 4% s. Japanese 2d 4148, Japanese 4s Lyons 6s Mexico 4: Montevideo Netherlands 6 Norway ga... Prague 718, Queensland Queensland 6s. Rio de Jan Riode Jan 8a 1947 Seine, Dapt of. 7s Serbs Crotes Slov §: Solssons 61 | Sweden €e | Swiss Confed s f 85, Tokio 58 Ud Kingdom 5148 Ud Kingdom § 28 Uruguay 8s 194 Zurich | Am Azri Chem 733. . Am Smelt & R 1st 58, 19 ‘Am Sugar Ref 6: Am Tel & Tel cv 68, AmT& Tclu {AmT&Teclt Anaconda cv d . Anaconda 1st 6s wl.. Anton Jergens cv 6 Armour & C'o 413, Atlantic Refining Bell Tele Pa 7. Beth'em Steel pm Beth'em Steel £ 6x. | Brier Hill St 15t 514, | Bklyn Edison 7s D. | Bklvn Edison gen 3. 1 Bush Tm Bldg 5s'60. 2 {Central Leather 3s... Cerro de Pasco 8s. ... Chile Copper 6s | Chile Coppe: CinG & FI 5%, i Con Coal Md 1st in. | Cuba Cane Scvd's Du Pont de Nem 7 Duquesne Light 73s. Duquesne Light 6. .. East Cuba Sug 7353, . Empire F &G 7%8 { Fisk Rubber 8 Framerican 1D 7 Gen Refractor, Goodrich (B F) 6158 Goodsear Tire 88 '31. Gondyear Tire 88°41. Holland-Amer s f 6s. 1 Humble Oil & R 5%s. Indlana Steel 5s. ... Inter Agr Corp 5s. { Inter Mer Marine 6 | Inter Paper 1st 55 A { Jullus Kayser = f 7s. . { Kelly- | Lackawanna St 55 ‘30 { Liggett & Myers Liggett & Myers 5\ Magma Copper cv T anat! Sugars f 7is | Mich State Tel 1st 6 { Midvale Steel 5s. . Montana Power 58 tional Tube 1st 5s. New England Tel N Y Edison 18t 6143. YGELH&PSs. New York Tel 68 '41. New York Tel 4348 North Am Edison és. | North States Pow | Northwst Bell Tel Otis Steel 8s. s Pacific Gas & El 6s.. | Pac Tet & Tel b8 '52. . i Packard Motor Ss. ... Phila Coref65A. ... | Public Service 5s.... Recsived by Private Wire Direct to The Star Offica. UNITED STATES BONDS. Sales ($1,000). High. 63 10190 9563 814 9862 98 64 RAILROADS. Bales Low. 101 20 9862 810 9886 98 44 100 20 0% Close. 1018 9868 9812 883 850 10022 998 Atchison gen 4 Atlantic C L 1st 4 7% 34 50 18 3 2.1 ty 2d 4% ty 3d 444 s AND MUNICIPAL. Sales . High. Low. Close 01% 101% 100% 6% 9% [ ul W% 91 ok 0% 2% % 9% 0% 100% 8% 103% 101% 2% 82 8% 9% 2 108% Bklyn RT 7s 21 BkIR T 7°21 ct sta. Buff R & Pitts 4%s. Canadian North 7s. Canadian North 61 Canadian Pac deb ¢s. Central Pacific 4s Ches & Ohlocv Gs. .. Ches & Onlocv 41, Ches & Ohio gn 4¢ds.. Chi & Alton 3%m. ChiB& Qgn 4s 1958. ChiB&Qistress.,. Chi & East 11l gn bs. . Chi Great West 4s. .. ChiM&StPrf4ie. Chi M & 8t P cv by ChiM & St P 48 1925. ChIM&StPevilys Chi M & St P gn 4 13s. Chi& N W 634s. ... Chi Rysbs. ... ChiRT& Pac f 4. Chi Un Station 4%, Chi & W Ind con 4s. . CCC&StLrf6sA CCC & St L db 414, Cleveland Term 5 Colo & Southern 438 © Del & Hud 18t & rf 4s Del & Hudson 5. Den & Rio G con 4s Detrolt United 4 Frie 1st con 4s. | Erfe gen 4 3 Ere conv4s D. Gr Trunk s f deb 6 Grand Trunk 7a. Great North gen 7s. . Great North gen 51 Green B & W deb B, HavanaERL& P Hudson & Man ref Hudson & Man aj 5s. 11l Central ref 4s. 111 Central 5%s. .. . Inter Rap Transit Inter R Transit 7 Int & Gr Nor aj 6 Towa Central Ist 5 Kansas City Ft 8 4s. Kansas City Sou 3s. . Kansas City Sou bs. . Kansae City Term 4s Lake Shore 45 1928.. . Lehigh Val cn 4s 2002 Long Island ref 4 Louis & Nash 7s. Louis & Nash 58, Manhattan Ry cn 48 Market St Ry cn 5 Mich Central deb 4 Mil El Ry & L 1sf M & St L 1st ref 4 M & Bt L ref ext MStP&SS Men 4 MK &T st MK&TprinssA. {MK&Tadgss.... Mo Pacific 6s Mo Pacific gn 4 Montreal Tram Nassau E Ry 48 1957 N O Tex & Mex inc #s 52 N Y Central deb 6s... 20 N Y Central deb 4s... 1 N Y Centrairiss... 18 N Y CentLCelt 3i4s 31 New Haven cv deb 6s. § New Haven deb 46 57 2 New Haven 7s francs. 21 NY West & Bos 4% N Y State Ry 4%s. .. Norfolk & West cn 4 Norfolk & West cv Northern Pacific 3s. Northern Pacific 4 North Pac ref im Northern Pacificés . 6 Ore Short Lcn 58 46, 2 Ore-Wash Ist ref 4s Paris-Lyons-fed 6s. . <% | Pennsyl gen 414s. 1004 | Pennsylvania 6148 71 | Pennsylvania gold P “ia & East Inc4s. 8 Pere Marq 1st &s . Pere Marq 1st 4s ‘56, | Reading gen 4s. Rio Grande W clt 4s.. RIArk&L4%s..... ~oefal ecanasSalifaZe 1946 ol Hao~88-E MISCELLANEOUS. 13 2 S8 35N o EY Springfield $s. StLIM&S4s'29... 2 StL&SFprindaA. 17 StL&SFpria StL&SF incés StL&SFadjés..... StL&SFprinésC. StLS W 1st 4e. San A & Ark Pass 4s. Seaboard A L s sta.. Seaboard A Liret 4s Seaboard A Ladj 3s.. Seaboard A L con 6s. Sou Pacific cv 4s. Sou Pactfic ref 4 Sou Pacific clt 4 Southern Ry 1st b1 Southern Ry gen 4: Southern Ry dev 6138 Third Aveads 5s. ... Union Pacific 15t ¢s votomnSonilon-n 8 EBa Bamell whtoaBaline 109% 9l 105 3%, 3% 1% 107% 8% € 1% . 1084 1004 & s ] . High. 8 Low. Close. % % 2% 6% 100% ™ 804 Y% 1% 4% k3 1 87 0% 1] m i) 5% 34 8% “ 8 % 8% 8% 7 100% ™ 0% % 1% % e ” [ 0% m 4 | beaket, | 2.50a3.50. an | o % 0 P 9% 103% wn 40% | % 4oty 6714 | PO 12% | 6% | €54 | Wit ! 9% 1050 | % | 6% 1% | 109% 11 +8's | 64 | 3 | { s €T | 65| 19 8% % kg T 2% a b b9% ! i Lettuce, {rots. basket, 50a60; celery, crate, 2. |ist 1a35; lettuce, {crate, 1.50a3.50: spinach, bushel, 75a 11.33% nomi !ited receipts at a range of 17.00 to ! { sinclair o1 7s. Sin Crude Oil 5% 100% 8% Un Pacific 1st ref 4s.. Union Pacific cv 4 ilin advances of about 10 per cent on the | Sinclair Pipe Line 3s. Southern Bell Tel 53. Sou Por Rico Sug 7e Stand Oil of Calif 7 Steel & Tube Ts. Tobaceo Prod & { Toledo Edison 1st United Drug cv 8s. U S Rubber 18t rf 58 } U S Rubber 7% U S Steel s £ 58, | Utan Power & Lt & | Va-Car Chemical 73 { va-Car Chem 7%s w. | Warner Sugar s | Western Unlon 6%s Wickwire Spencer % ble. | wilson & Co 1st 6s. 6 | Virginia Ry Ist5s.. 5% | Wabash 1st 55 @9 | Western Maryland 4s 11 10% | Western Pacific 5s... 2 102 | West Shore 1st 4s.... 1 103 107% 13 [ 107% w3 % ©% mEaaeBiE 2969000 12 noon. . 6033000 Zp.m.. 11am. 1pm. (Quotations furnished b; Nowminal gold ralue. €2 ; il | Paris, franc. 100% | Brussels, frao TOTAL SALES (Par Value): —_— FOREIGN EXCHANGE. . B. Hibbs & Co.) | January 26, 1923—12 noon. | Selling checks | i { Wilson & Co cv 71s. ! Wilson & Co cv 6t Winchester Ams IMINE MERGER INVOLVES §20,000,000 CONCERN {Gold Fields and National Mining Companies Take Over Com- stock Mines. 13 91% 103 By the Associated Press. - NEW YORK. January 26.—Control- ‘ling interest in the Comstock Merger Mines, Inc., a $20,000,000 concern, has been purchased by the Gold Fields American Development Company, Ltd. and the National Mining Company. Ltd., both of London, it 1s announced here. The Gold Fields American Develop- ment Company, Inc. is a subsidiary of Consolidated Gold Fields of South Africa, originally founded by Cecil Rhodes. Consolidated Gold Fields is one of the largest mining companies of Great Britain. The Comstock Merger Mines, Inc., was created recently by the consoli- dation by Charles V. Bob of fifteen properties, _controlling - about two miles of ‘the famous Comstock and other lodes at Virginla City, Nev. DIRIGIBLE STARTS FLIGHT. NEWPORT NEWS, January 26— The dirigible C-41 left Langley Field M where it will be used in testing a bomb recently perfected by the Army. With good weather conditions all the way, Officers expected the blimp;to arrive at the Army proving ground about 4 o'cloek. Rome,’ lira. . g i Zurich, franc. Athens, druch M. v Copes . 3 Christianis,’ crown..... : | Stockholm, 2 By the Associated Pres: NEW YORK, January 26.—Forelgn | exchanges easy. Quotations (in] cents), Great Britain, demand, 4.64%; | cables, 4.64 sixty-day bills on banks, 4.62%; France, demand, .0635; | Italy, demand, .0478%; Belgium, demand .0577; Germany, de- 0000423 ; cables, .000043; Hol- land, demand, .3948: cables, .3951; Norway, demand, .1875; Bweden, de- mand, .2675; Denmark, demand, .1962; | Switzerland, demand, .1867; Spain, de- {mand, .1670: Greece, demand, .0132% Poland, demand, .000034; ' Crecho- slovakia, demand, .0284; Argentine, demvand, .3720; Brazil, démand, .1160; Montreal, .99. cables, 0576145 mand, ASSETS NEARLY BILLION. | NEW YORK, January 26.—Assets of nearly one billlon dollars are shqwn in the seventy-eighth annual report of the New York Life Insur- ance Company. The railroad bonds held by the company January 1 to- taled $285,079,000; United States gov- ernment bonds.” $115,370,000, and bonds of other governments, of states and municipalities, $152,5683,000. Other_items, such as mortgage loans, loans on policies and cash, brought the total to $998,552,210. The company pald out $130,143,274 to policy holders and beneficlaries last year. . SUSPENDED FROM CURB. NEW _YORK, January 26 — The overnors of the curb mar. ket yesterday suspended from the regular membership on tie exchange, for one year, Emanuel Lehrer of Ne 50 Broad street, for viplation of the resolu am April 26; 1933, re- ferring to transactions for clerks. | 35: process butter, 42a43. 110 higher; advance mostly on lighter FINANCIAL. Grain, Produce and Live Stock | WHOLESALE MARKET. A drop of 2 cents a dosen on eggs came with the clearing weather this morning. More liberal supplies of €ggs are being recelved, and higher prices are not anticipated unless bliz- zard weather prevalls. Weather conditions did not affect the butter market. Receipts are by no means liberal, and the market con- tinues very firm. Liberal supplies of meats and poul- try are reported. Not much change In prices have been noted this week. Eggs—Strictly fresh, eelected candled, per dozen, 42; average recelpts, 40; southern, 86a37. Cold storage eggs, & Live poultry—Roosters, per 1b.. 15 turkeys, per Ib., 30a33; spring chick- ens, per Ib., 28a30; keats, young, each, 60; fowls, each, 25a26. Dressed poultry—Fresh-killed spring chickens, per Ib., 33a35; hens, per 1b., 27a28; roosters, per 1b., 17: turkeys, per 1b, 35a40; keats, young. each, 70a80. Live stock—Calves, cholce, per 1b.. 14; medium, per Ib., 13a13%; thin, per 1b, €as. Lambs, choice, per Ib. 13: live pigs, 3.0028.00 each: live hogs per b, 5. - reen fruits—Apples, per bbl, 1. a7.00; Deliclous, No. 1, per bbl, 6.00a 7. C . per crats -4 4.00a5.0n. Lemo:! per box, 5.00a7.00. Grapefruit, 3.00: .00 Tangerines, 3.50a4.50. Vegotables—Potatoes, per bbl 3 1. 1.5022.00; per sack, 200a2.25: No. 2. 50a1.00." Sweet potatoes, North Carolina, 75a150; nearby, 2.50a3.00. per crate, soutnern, 2.0a Romalne lettuce, per crate, 1.30a Iceberg lettuce, per crate, 4.75a Cabbage, northern, 1.75a2.00 per Ibs.; nearby cabbage, per bbl. .2a2.25; southern, 2.25a2.50 per basket. Eggplants, per crate, 2.50a5.00. Toma- toes, per box, Florida, 2.50a5.00. Beans. 2.0024.00 per basket. Peas, 3.00a5.00 per Peppers, per crate, Florlda, . per barrel, 1.50a1. Spinach, per barrel, 2.00a3.00. Celery, 1.00a1.35; California. per s sprouts, 18a20. GRAIN AND PROVISIONS. BALTIMORE, January 26 (Special). —Potatoes, white, 100 pounds, 35a50: 150 pounds. 90a2.15: sweets, barrel, 7522.00; bushel, 25a65; yams, barrel. 1.00a1.50; bushel. 40a6 Beans, bushel, 2.50a3.50; beets, bushel, 75a85; brocoll. bushel. 25a33: Brussels sprouts, quart. 15a20; cabbage, ton, 20.00a25.00; Savoy, bushel 7sa 1.00; cauliflower, crate, 1.50a1.75; ca: 3.5 2.0 5.00. 100 23.50: cucumbers. crate, 2.50a7.00; | eggplants, crate, 4.00a6.00; horserad bushel, 2.00a4.00; kale, bushel, > crate, 2.00a4.50; onions, 100 pounds, 1.50a: oysterplants, 100, 5.00a7.00: parsnips, bushel, 1.25a 1.30; peas, bushel 2.50a3.00; peppers, 1.00; squash, basket. toes, crate, 3.50a6.50 50a65. Apples—packed, barrel, 2.0025.00; bushel. 50a1.50; loose, basket, 40a50; cranberries. barrel, 10.00a12.00; grape- fruit, Lox, 3.00u4.25; oranges, box. 3.50 a4.50; strawberries, qua 25a50; tan- gerines, hal? strap, 2.00a2.75. Selling Prices at 12:30. Wheat—No. 1 red winter, spot. no quotations; No. 3 red winter, spot.| 1: No. 8 red winter, spot. no quotations; No. 2 red winter, gar- licky, 1.33% nominal; No. 2 red wi ter, garlicky, ro quotations; January, 1.33% nominal. Sales—None. 1 Corn—Cob corn. new. 4.25 and 4.30 | per barrel; contract, spot, 82% per | bushel; N corn. spot, 83%; No. 4, no quotations; track corn, yellow i 3, new or better, 86 per bushel. Sales—None. Oats—White, No. 2, asked; No. 3, 58 83295 per bushel 2 western_export, spot. 98% per bu- shel; No. 3. no quotations. Hay—Recelpts, 31 tons; for the bet- ter descriptions of timothy and light there was a falr demand under lim- ! 50a3.50; toma. turnips, bushel. 54 per husne:i 21.00 per ton. 1 Straw—No. 1 tangled rve. 15.00a! 16.00; No. 1 wheat, 11.00212.00; No. 1 oat, nominal, 12.00a13.00. i TODAY'S CHICAGO PRICES. CHICAGO, January 26.—Wheat un- | derwent a moderate setback in price today during the early dealings, rainy weather in the winter crop belt hav- ing a bearish influence. The down ward tendency of values was empha- sized somewhat by a statement from Secretary Hoover that French occu- pation of the Ruhr was likely to re sult in_cuftallment of wheat exports from the United States. On the dé- clines in price, however, previous sellers turned to the buying side and brought about a slight rally. The | opering, which varied from un- changed figures to & lower, with| May 1.16% to 1.18%, and July 1.11% t0.1.1113, was followed by downturns all around before any reaction took place. i Reports that the corn crop outlook | Argentina was a little better: helped to ease the corn market here and oats as well. After opening % to % lower, May 72% to 72%, the corn market receded further and then re- covered a little. Oats started 4a% to X to % off, May 443, to ¢4%ad4%, and later held around the initial range. Provisions lacked support, despite } higher quotations on hogs. WHEAT— Open. High. Low. Lot 1 1174 cieaen 111 ATS— May 'gOflK— LARD— January . DAIRY PRODUCTS. BALTIMORE, January 26 (Spectal). —Live poultry, pound—Turkeys,. 35a 42; old toms, 30; poor and crooked breasts, 25; spring chickens, 25a26; poor and leghorns, 20a22; old hens, 31a24; small and leghorns, 18a20: old Toosters, 14a15; ducks, 18a27; geese, 17a25; pigeons, pair, 30a35; guined fowl, each, 40a80. Dressed poultry, pound—Turkeys. 32a38; old toms, 30; poor dressed and thin, 25; young chickens, 24u25: old and mixed, 23a24; ducks, 36a30; geese, 24a28; capons, 35a38; small slips, 30232 ; Eggs, loss oft—Native and nearby firsts, dozen, 38; southern, 35a36. Butter—Creamery, faucy, pound, f 58a57; nearby creamery 47a51: 35a36; rolls, 33a3> storepacked, 32a33; dairy prints, 34a CHICAGO LIVE STOCK MARKET. CHICAGO, January 25 (U. S. Depart- ment of Agriculture).—Hogs—Re- celpts, 37.000 head; slow, steady to welghts; bulk, 150 to 200 pound av- erages, ~8.10a8.25; top, 8.30; early Sales, 225 to 300 poumd butchers, 7.90 t “welghty rlckln‘ sows. 6.76a ‘desirable . mostly 7.75a8.00 -welght oga, 7.80a8.00; me- 7.90a8.15; light, 8.10a8.30; light = 8.1028.30; packing sows, 6.30a7.30; packing sows, 6.1527.00; kethilng plgs, 7768 | 8.15. Cattle—Receipts, 4,500 head;! beef | steers fully steady; killing quality ; bulk steers, 8.2529.75; some she stock strong to , 25 and up on beef ot classes generally Y medlum light and heavy vVealers, 25 lower. Bheen—Reccipts, 9,000; opening slow; Jambs and sheep about steady: 1y 14.75 to packers; many & nigher; §ood to choice, &1-pound smoo! rough, { Telephone Company ! behind in filllng applications for 1 { companies ! tion, Y HIGHER PAY LIKELY '@ INBUILDING TRADES Upward Trend May Boost Rents and Also Check Many\ New Projects. BY J. C. ROYLE. Special Dispateh to The Star. NEW YORK, January 26.—The up- ward tendency of wages in the build- ing trades, which for a time was halted by seasonal slackening of out- § door construction work, has been re- sumed. Dispatches received today from the Pacific coast report that carpenters have just served a demand on the master builders for an in crease in wages to $8 a day. The | present scale both in open and closed shops ranges from $6.40 to $7. Paint- ers, plasterers and bricklayers are ex- pected to demand similar percentages of increase. Building In that section is active and skilled labor is at a premium. Similar demands are expected in other sections of the country as soon as the weather permits the 1923 bullding programs to get fully under way. This tendency, experts here de- clared, will have a very decided ef- fect on costs and on rents, and may serve to check some operations be- cause of the additional financing re- quired, especially in view of the up- ward trend in lumber, cement and other building materials. Lumber still is in acute demand, largely because rallroad buying of car materfal, bridge timbers and other varieties has more than com- pensated for the falling off in needs for building. Labor Shortage Grows. Labor shortages are becoming mors acute in other llnes. Increased pro- duction has made many vacancies in the steel mills: merchant tailors and garment manufacturers are on the still hunt for skilled men. Shoe work- ers are in good demand, and miners are being added to pay rolls in the metal mines as rapidly as they can be secured. Farmers throughout the great grain states of the middle west are putting in a part of their spare time this winter urging campaigns to force federa] legislation providing for a price-fixing commission empowered { to adjust prices of farm products to the current prices for merchandise, to ad- just the tariff to protect farm prod- ucts and to take over surpluses of farin products at the world price. As there appears little oportunity for Congress to_ take up such matte: before next December, when another crop will have elther made the farmer a profit or shown him a loss, the agri- culturists who have planned them are not letting this program of legls- lation Interfere with projected trips to southern California and Florida Pipe Costs May Increase. The advances in wrought iron and welded steel boiler tubes were taken today to forecast a genera jadvance in pipe prices and ofl count goods. Pressure for deliveries is i creasing and consumers are inquirin about steel deliveries for the second quarter. Producers are turning ba orders more than ninety days in ad- vance In many cases, aithough books could readily be filled for strip steel, full finished sheets and other products. Tin plate is expected to ad- vance above $4.75 a base Lox. The electrical equipment companies which had such a remarkable year i 1922, are doing even better since January 1. Westinghouse is booking orders at the rate of nearly $1Z.- 500,000 a_month, according to late reports. Western Electric has orders on hand for far more than $50.000.000 and is expected to surpass the 1922 record, which was the best in the history of the company Phone Congestion Feared. Adjustment of telephone New York city and state even greater congestion tion of new phones. The already is stallment, and the reduction in ri {dent phone rates is expected to in- crease the waiting list. Telephone in_other sections are llke case, and equipment companies are being rushed to the utmost to furnish these supplies. Announcement today mining interests will that Britis} Join | American capitalists in dévelopme of the old Comstok lode at Virg: City, Nev., has a romantic an mental as well as an industrial in- terest. The Comstock not only d veloped great fortunes, but was { birthplace of many modern methods of mining and treating ores. | Detroit’s Auto Show Draws Record Crowds Special Dispatch to The Sta: DETROIT. January ~Attention of this whole section has been fast ened this week on the annual Detroh automoblile show. Interest of pur- chasers never was at a higher pitch and attendance has broken all records, averaging over 11,000 a day. For the first time in many yvears January is going to be a big month, both in manufacture and sale of motor cars. Farmers may be hard up, but it is significant that the majority of sales are being made to dealers in agricul- tural districts. Southern Industries Recover From Storm Special Dispatch to The Sta: ATLANTA, January Industry is normul again in this section of the south, after the setback caused by the most severe blizzard in ten years. The storm did damage exceeding $1,000.000 to public utilities and caused suspension of many factories dependent on electric power. Wholesale dry goods houses report enormous sales of cotton goods ar present prices, indicating the confi- dence of the retail dealers that raw cotton prices will be maintained or go higher. Local retailers are enjoy- ing a fine trade in spring lines. (Copyright, 1923.) LIVE STOCK BOOMS. Eugene Meyer, Jr., Says U. S. More Interested Than Ever. SPOKANE. Wash.. January 2. Never before has there been greater ppreciation throughout the countr: ¢ the fundamental importance of the live stock industry and its financial needs, Bugene Mever, jr. managing director of the War Finance Corpora- declared today in a telegram sent F. R. Marshall, secretary of tha National Wool Growers' Assoctation, for reading before the fifty-cighth an- nual. convention of the association. Today was the second day of the convention. ENGLISH POTATOES GAIN. LONDON, January 26.—The yield of potatoes all over England is estimated 3t 1% tons an acre more than last year and more than a ton above the average of the ten years from 1913 to 1921. This year's yleld is the high- est recorded since potato statistics were first collected in 1885. HEAVY CORN ACREAGE. BUENOS AIRES, January 26— Farm lands in Argentina seeded to corn total 3,177,135 hectars (about 7.857,500 acres), according to a re- port submitted to the Department of Agriculture by the rural statistical h earlings, 12.25; clipped, 105-pound yurlln‘l 0; desirable 118-pound ed ewes, 7.65; shearing lambs fully steady; two loads .63 to 70 pound lambs, 15.25. department. The corn ‘yield for- the agricultural year of 1921-22, the re- port adds, amounted to 4,475,000. tons, with an exportable balancefor the current year of 236,647 tons.