Evening Star Newspaper, January 28, 1923, Page 26

FINANCIAL, ANNOUNCEMENT JAMES H. HOLMES Formerly Sales Manager of Wm. S. Phillips, wishes to announce to his many fiiend's that he is now connected in the same capacity with MORRIS CAFRITZ COMPANY, Inc. 913 15th St. N.W., Main 617 THE SUNDAY STAR, WASHINGTON, D. C, JANUARY 28, 1923—PART 1. SUIT FOR $2,700,000 HAS LASTED 25 YEARS Minority Stockholders in Texas Railroad Make New At- tempt to Collect. HOUSTON, Tex., January 27.—A suit which began twenty-five ago and has been tried sixteen times was | brought to the fore again here yes- |!erdly when “Russell H. Landale et al” asked judgement agalmst the “Southern Pacific Railroad et al” for $2,700,000. The petition was made in li‘edanl District Court by Judge Sam Streetman. An injunction is asked against the ! Houston and Texas Central Raliway Company restraining that company from sending any of its funds out of Texas. The plaintifts—Landale Henry | Fitch and Henry Shaffer, all of New For Rent-- Unfurnished Apartments 5330 Colorado Avenue N.W. LOCATED BETWEEN I4TH AND 16TH STREETS AND KENNEDY 3 ROOMS AND RATH 4 ROOMS AND BATH 5 ROOMS AND BATH 7 ROOMS AND 2 BATHS Building entirely detached, and is surrounded by large oak trees. This will make a desirable home. OPEN FOR\INSPECTION. WM. H. SAUNDERS & CO. i tion 1433 K St. N.W. Main 1017-1016 eautiful Homes In Woodley Park OCATED just over the bridge on Connecticut Avenue, facing Rock Creek Park, a neighborhood that is developing fast and steadily in- creasing in value—on street car line with direct service to the city in 20 minutes. ] These homes are built of the very best grade materials throughout and are delightfully planned to please those in search of comfort, convenience and. re- finement. An Investment of $2,000 —and $150 per month, including all interest, are terms which should attract many eager buyers—espcciafly’ when the total cost is compared with other values in this sec- tion. fOur model furnished home at 2822 Connecticut Avenue is open daily from 9:30 until 3 {You are cordially invited to come in—rest a while—and inspect its many delightful features—without obligation. “Not a loss to a buyer since 1899” Middaugh & Shannon Incorporated 15th and H Sts. Main 6935 York City—also asked for a receiver to take over the affairs of this com- pany. “This is a suit of the minority stockholders of the Houston and ||} Texas Central Railway company.” de- iclared Judge Streetman. The litiga- was started by a number of stockholders, headed by H. L. Bogart, twenty-five years ago. The minority stockholders alleged {that their portion of the net earn- {ings of the H. and T. C. Railway {company since 1913 aggregates $2,- 700,000, and it is for this sum that they are suing. COTTON PRICES NERVOUS. NEW YORK, January 27.—Yester- day's severe break was followed by nervousness and irregularity in the | cotton market here today. A further decline at the opening was followed by rallies, with May selling up from 27.75 to 28.09, but offerings increased above the 28°cent level and that de- livery closed at 27.88. The general market closed steady at net declines of two to fifteen points. BETTER COPPER DEMAND. NEW YORK, January 27.—Rather | | i | ' a better demand for domestic con- sumption has been reported in copper during the past day or two, and the tone of the market has been steadier. Recent small offerings at concessions have evidently been absorbed and quotations for electrolytic range from 14% to 147 today, with some of the larger producers asking the outside figures. Iron was unchanged. CALL MONEY FIRMER. NEW YORK, January 27.—Call money was alightly firmer, refiecting heav: government withdrawals and the withdrawal of call funds by in- terlor institutions because of the previous low rates. Brokers bid 43 per cent for time money and bankers demanded 4 SUGAR PRICE LOWERED. NEW YORK, January 27 (Special). —Practically all the big sugar re- fineries yesterday announced reductions in refined to 6.50. in most instances a drop of 20 points. New Factory Warehouse FOR SALE OR LEASE Alexandria, Va. 33,000 Sq. Ft.—One-Story Brick R.R. Sidqing—Add‘ninnd Ground GAILLARD REALTY CO, Inc. 68 Willlam St, N. Y. HOGE GRAIN & FEED CO. Alexandrin, Va. Or Your Local Broker For Rentf--Store | Columbia Road at 18th Street A commanding location for any business. (Also properties in this vicinity for sale) PETTY & PETTY Realtors 1423 N. Y. Ave. Main 2437 e s it el ‘The man we want is any one of a dozen. He may be a salesman and, perhaps, he’s ngver sold a thing in his life. He may be in a garage, or he may have never even driver a car. He may be in the farm machinery game and he may not kwow a mower from a plow. He may be from the city or twenty miles in the country. But, regardless of his present job, he’s a man who realizes that making money Is more a matter of opportunity than anything else. He’s a $6,000 man who isn’t making that much, but a man who ‘wants it and only needs the chance to prove that he's worth it and more. He is ambitious, willing to work, able to learn how to, direct a small sales force and has a very small amount of capital. To such a man we can offer a proposition which should make him from $5,000 to $8,000 a year. This man can find out more about this opportunity by writing, fully, to C. R. Denis, General Man- ager, Farmelectric Utilities Corporation, Woodberry, Baltimore, Maryland, which organization is affiliated with The Poole Engi- neering and Machine Company, since 1843 builders of fine ma- ghinery, b et Va4 e ki sk el M 4 we are looking for a certain man BALTIMORE AND OHIO RAILROAD |The Year 1923 to Date on the Washington MAKES FINE YEARLY SHOWING |Earnings Increase Over 1921 — Spring Credit Demands—Bank Staffs Greatly Reduced by Illness—Reserve Report. With a net rallway operating In- come of $23,785,008 for the twelve months ending December 31, 1922, the Baltimore and Ohio rallroad, In its annual statement issued yesterday. shows an increase over 1921 of §1,- 861,459, the total for the previous year being $21,853,547. The operating revenues of the company for the twelve-month period rending December, 1922, totaled $200,- 843,170, as compared with $198,622,378 for 1921, or an increase of $2,220,797. There was a decrease in the 1922 operating expenses of $1,435,349, as compared with the same period in the provious year, the totals being $166,021,376 for last year as against $166.457,024 in 1931 The revenue from passenger_ trafic showed a falling off In 1922 of $2,529.- 293 from that of 1921, while freight and express business of the company both showed material increases last year as compared with the same pe- riod in 1921, the former being $3.085,- 412 and the latter $2,877,701. While the maintenance of way and structures cost the Baltimore and Ohlo §1,291,921 less In 1923 than in the vear preceding, its malintenance of equipment was $3,309.566 more. The railway tax accruals of the company last year were $6.769,093, as against’ $7,236,726, or a decrease of $467,633. A’ comparative statement of the company's operations for 1921 and 1922 was Included in the report. Although actual trading has been of an exceptionally qulet sort for a good many days past, sentiment has been improved somewhat by advices that there is little probability now of Congress being called in extra ses- slon. With the short time intervening before the present term expires, there is little chance of unfavorable legis- lation belng put through: therefore, meddling with the transportation act and taking up other subjects which are inimical to business interests will, apparently, be put off for almost another year, and on the theory that “sufficient unto the day is the evil thereof” holders of raliroad securities are experiencing some relief. Spring Credit Demandsm Within a short time bankers will beg!n to anticipate the spring money demands, according to the Wall Street Journal,” which says: “Opinion in financial circles is that there will be & substantial increase in inquiries for fresh credit accomodation this year. Of course, the volume of increase will depend largely upon the trend of in- dustrial activity in the next few months. “Already open market money rates are displaylng a moderate firmness. While there has been some fluctua- tion in call rates. these quotations are not a guide to the credit situation, as that market is affected altogether by day-to-day influences, and more particularly of late by government drawals from member banks. lowever, there is a disposition on the part of certain banks to mark up time money quotations a quarter of 1 per cent. This is being done by leading institutions who ~anticipate firmer rates in the spring. Com- mercial money quotations have not as yet displayed any material firm- ness, although there is sald to be a firmer tone to the market, “Rediscounted paper in the federal reserve system shows an increase over a year ago. At the present time re- discounts of government and com- mercial paper throughout the system total $850,173,000. This compares with $369, 0 a vear ago, Or an increase of $50,435,000. “In the New York federal reserve district the increase in rediscounted paper over a year ago has been $98.346.186. The total at present is $216,641,186, which compares with $118,295,000 this time last year. “The reserve positions of the vari- ous federal rescrve banks shows de- cided changes over a Those HEADS LIVE STOCK BODY. John G. Brown of Indiana Made Producers’ President. CHICAGO, January 37.—Directors| of the National Live Stock Producers’ Association have elected John G. Brown of Monon, Ind., president, it was announced today. The producers’ association was es- tablished by the American Farm Bu- reau Federation to market live stock co-operatively and has set up six live stock commission houses, at Chicago, East St. Louls, Indianapolis, Buffalo, Fort Worth and Peoria, in its Jirst vear. The first one to finish its first full year's work, it was stated, was the Producers’ Live Stock Commission As- sociation, st East St. Louls, which marketed 00 carloads of live stock, valued at $8,500,000, and returned to its customers a patronage dividend of 36 per share. BUTTER PRICES REACH LOW PRICES FOR YEAR By the Associated Press. CHICAGO, January 27.—New low. price levels for the year were reach- ed in the butter markets, dus to the pressure of heavy production and lib- eral supplies, according to the fed- eral bureau of agricultural econom- ics review, issued today for the cur- e—————————————————————————————— ) banks that displayed a rather low comparative ratio at this time last year have bolstered their positions surprisingly. Reserve banks in the so-called “agricultural sections show the most marked change. For in- stance, the Richmond Federal Reserve Bank now has a reserve ratio of 75.2 per cent, which compares with 46.7 per cent last year. The Atlanta bank has a ratio of 82 per cent, com- pared with §1.5 per cent a year ago. Minneapolls has 81.1 per cent as against 64.4 per cent. Slight changes are shown by Kansas City and Dallas, the former having a position of 68.4 per cent, compared with 63.5 per cent, and the latter 50.8 per cent, as against 48.1 per cent. The Chicago bank has a ratio of 83.2 per cent, against 72.9 per cent. “The New York ratio is somewhat below the figure of a year ago, being 76.1 per cent, compared with $9.6 per cent. Boston and St. Louis are frac- tionally below the January 25, 1922, figures. Flu Plays Havoe With Banks. There s hardly a banking institu- tion in the city that has no{ felt the effects of the recent epidemic of flu that swept Washington, and at some the loss of officials and clerks was S0 marked that.those unaffected had all they could do to handle added responsibllities placed upon them to help out in the emergency. While many forced to remain home on account of colds and other flls have been reported as quite ill, no serious results have so far been re- ported and, according to word re- ceived yesterday from nearly all so confined, the great majority of the invalids will soon be back to their desks. Finance Corporation Report The condition of the International Finance Corporation, as per state- ment {ssued by its president, Ernest E. Herrell, shows that at the close of business, 'December 31, 1922, the company's total current assets, ac- cording to report of the American Audit Company, were $2.055,853.80, of which 31,885,387 s in collateral notes, trade acceptances, open accounts pur- chased and other secured loans, and $156,465 in cash on hand &nd in banks Capital fully paid amounts to $883,100, while surplus paid in through sale of common atock totals $126.188. Undivided profits amount to $16,157. The company has set aside 350,751 reserve to cover pos- sible losses, $56,383 as cash reserve adjustment and $66,843 as contingent reserve. Commenting on the activities of the corporation. Mr. Herrell states: “So far this year, the business of the company has shown an increase of approximately $150,000 over the report of December 31, 1922, which gives satisfactory indications for a healthy growth during 1923." Condition of Reserve Banks. An increase of $59,600,000 In dis- counted and purchased bills, offset by liquidation of an equal amount of government securities, largely Treas- ury certificates, is_the outstanding feature of the Federal Reserve Board's weekly consolidated b: statement issued as at close of b ness on January 24, 1923. Cash re- serves show a further gain for the week of $7,800,000, the total of §$3,221,- 981,000 setting a new high record since the opening of the federal reserve banks. Deposit liabilities increased by $21,300,000, federal re- serve note circulation declined by $31,300,000, while the reserve ratio shows a rise for the week from 76.1 to 76.4 per cent. Gold reserves of the system show an increase for the week of $2,600,000. Shifting of gold through the settle- ment fund accounts for an increase of the gold reserves by the Cleveland bank by $17.200.000; Richmond and Minneapolis report 'an increase of $4,100,000 each, while smaller in- creases totaling $4.500.000 are shown for the Kansas City, Atlanta, Chicago and San Francisco banks. Holdings of paper secured by government ob- ligations show an increase for the week from $284.000,000 to $341,600,000. OPPOSES BANKING RULE. Senator Heflin’s Bill Put on Table Until Monday. Repeal of the amendment, made in 1920, to the federal reserve act per- mitiing banks to charge what is com- monly known as a progressive inter- st rate waa proposed in a bill intro- Stock Exchange. Up to and including Saturday, January 27, 1923. Furnished by W. Sales. BONDS. $5.000—C. and P. Telephone 1st G ,000—Capital Traction 1st & 13,000—Georgetown Gas Lt. 1 11,000—Pot. Elec. Power 1st 5s. 41,000—Pot. Elec. Power cons. 5s.. 4,500—Pot. Elec. Power deb, 6s. 8,000—Pot. Elec. Power gen. 6s. 2,000—Wash., Balt. and Annap. 1st 58 5.000—Wash, Gas Light gen. 58 38,000—Wash. Ry. and Elec. cons. & 1,000—Wash. Ry. and Elec. gen. 68 2,600—Wash. Gas 1%s 400—P. E. P. gen. mort. 78 1,000—Wardman Park Hotel 6s Shares. STOCKS. 267—Capital Traction . 185—Washington Gas 601—Wash. Ry. and Elec. com. 691—Wash. Ry. and Elec. pfd. 30—Rliggs National Bank. 10—Federal-American 10—Amer. Sec. and Trust 10—Continental Trust 12—Union Trust 5 h. Loan and Trust 10—FEast Wash. Sav. Bank...... 25—Real Estate Titie Insurance. $4—Mergenthaler Linotype 109—Lanston Monotype . 194—Washington Market .... Hibba & Co., Hibbs Building. Close. 97% 97% 895, 97 974 99% High. 9814 97% 20 9714 97% 100 100 77% 96 3% 99% 105 106% 101 Low. 9714 86% 9% 97 96% 99% 99% 1% 94 2% 99% 103% 106% 101 Open, 98% 96% 90 7 97 T . 100 99% 1% 95 73 M 111 L 108y 106% L 101 . 103% 58% 70 75 537 185 28215 e 143 3204 17% 120 . 178 % 40 104 59% 70 6 560 185 285 91 144 320% 17% 120% 178% 9% 40 102% 56% UNLISTED DEPARTMENT. Thene securities not liste Shares. STOCK. 1—Munsey Trust . . d under exchange rules: Open. High. . 100 100 Low. 100 100 RANGE OF MARKET AVERAGES The following chart shows graphically the action of forty repre sentative stocks dealt in on the New York Stock Exchange. covered is the past mcn Friday, January 26. activitv f the market h, up to an The period d including the close of the market The lower section of the chart indicates the relative JANUARY 4568 9101112 3 15 16 17 18 19 20 22 23 24 2526 == SCALE FOR INDUSTRIALS — 7 BEEY STIvH ¥Od 21VIS <3 MILLION SHARES Industrials, 1921. 81.50, December 18 63.90, August 24 Rails, 1921. . 77.56, January 15 65.562, June 30 STWVHS NOTUN High. Low. 03.43, October 14 78.59, January 10 Rails, 1922 High. .. 93.99, September 11 Low . 73.43, January 9 Twenty Industrial Common Stocks Used Are: Am Bugar Am Tel & Tel ‘Anaconda Am Can Am Car & Fdy Am Locomotive Am Smelting. Central Leather Corn Products Gen Electric Baldwia Loco Goodrich tep Iron & Steel Texas Company T'S Rubber US Steel Utah Copper Westinghouse Westers Usnion Twenty Rallroad Common Stocks Used Are: Atehi C M & 8t Paul Bait! Canad! Ches & Ohlo Tilinols Central N ¥ C Daily Movement ustrials. Raile 2 #4.86 K C Southern Lehigh Valle; Louts & Northern Pacific Reading New Haven Southern Pacific Nortolk & Western Southern Rwy Pennerivania Union Pacific t of Averages: January 24, Japuary 25, January 28, Wednesday Thursday Fridey U. S. BONDS AT A GLANCE Maturity Date. . 6-15-47 . 6-15-47 .11-15-42 ees 6-15-47 .11-15-42 . 9-15-28 .10-15-38 Liberty 3%s Liberty Ist 4s Liberty 2d 4s. Liberty 1st 4}4s Liberty 2d 4%s. Liberty 3d 4%4s.... Liberty 4th 4}4s. Victory 43%s United States * Cl duced vesterday by Senator Heflin, democrat, Alabama. Senator Heflin declared operations under the amendment had contributed to agricultural distress in_the south and west and asked that his bill go to the agriculture committee. Chair- man McLean of the banking commit- tee objected, and after some discus- sion an agreement was reached to let the bill lie on the table until Monday, when a vote will be taken on the question of reference. MONTGOMERY AND WARD PROFITS, $4,562,607 By the Assoclated Press. CHICAGO, January 2 Net profits of Montgomery, Ward & Co., a Chi- cago mail order house, for 1922 were $4,562,607, as compared with an oper- ating loss of $9.887,396 in 1921, ac- cording to the firm's annual report, made public today. In addition to paying the full year's dividend on the preferred stock and the arrears from the last quarter of 1021, arrears in the sinking fund and other charter requirements for 1920 rent week. There were indications, however, that the peak of production had been reached, the report said. Yesterday receipts at Chicago, New York, Bow- ton and Philadelphia since January 1 reached 339,605 tubs, compared with 300,950 for the corresponding period last year. In some markets more butter was put in storage than was withdrawn. Prices for 92 score butter showed a net loss of 3 cents at Chicago, New York and Bostoh, with a 214-cent loss at Philadelphia. Closing prices yes- terday were 50 cents at New York, Boston and Philadelphia and 48%3 in Chicago. FOREIGN EXCHANGE. ’ NEW YORK, January 27.—Demand sterling _closed the week approxi- mately 112 cents below last week's final quotation, while French francs dropped more than 20 polnts to 0629, as compared with the low of {0617, established in November of last year. The German mark, which was loted a week ago at .000053 cents, ropped to .000035 cents today. At this price more than 28.500 marks could be purchased for the American dollar. New Homes For colored purchasers. Five blocks from Capitol. At Half and H Sts. S.W. Price Only $3.950 8500 cash. Balance, $35 per month (Including All Interest) Open for Inspection WM. H. Saunders & Co., 1433 K St. NW. Main 1016-—1017. and 1921, totaling $1,000,000 were eradicated by the 1922 earnings. Net sales for 1922 were reported as totaling $84,738,826, an increase of nearly 24 per cent above 1921. Increased buying power, due to Im- proving agrictultural and business conditions, was Kamy due to the in- creased sales, the report said. “During the year we made over a million new ~customers,” President Merseles sald, “which is a good ba- romter of the substantial increase in the buying power developed in the agricultural districts.” He expressed the opinion that 1928 busi: be better than that in 192: EX-DIVIDEND TABLE. Jan. 30— Toleds, St. Louis & Western ... Toledo, 8¢ Louls & Weaiars D as q .. Smelters, pf, A. Smelters, b, B - Pt S, b 23333388 3433282 83 cts A, g BL;';H.‘ ‘Warner Speedometer, q. American Baok Notes, % American Badiator pl. o oo mer Water Works & Blec, ros Bros, A, Burns Bros, A, ros Bros, B! q us Iron Products pf. 'q E:P’ ‘sprivgteld Tire we, jam{ Copper, . Pittaburgh s W Virgiais ‘pi q perior Steel 18t DY, q.... Superior Steel 2d p1.'q MONEY IN GOOD SUPPLY. NEW YORK, January 27.—Money for stock market and commercial credit purposes is in good supply. Brokers' loans were recently repon-l Tot ot q.. 8% pf, ed as high as $1,800,000,000, which was construed in some quarters as an in- dication that pools were still well loaded up with stocks. — . Several London physicians have ex- pressed the opinion that “strap hang- ing” is good exercise (44 LIVE STOCK MARKETS. BALTIMORE, Md.; January 27 (Spe- clal).—Under light receipts, both on the wharves and at the stockyards, the flve cattle market rules steady, with demand good and constant for top-grade stock. Live pigs also in good demand and market rules firmer. Quotations today at Light street wharf: Beef cattle; first quality, 1b., 8 to 9: medium, 1b., 6 to 7. Bulls, as to qual- ity, 1b, 3 to 5. Cows, choice to fancy, 1b., 4 to 5; common to fair, 1b., 2 to 3. Oxen, as to quality, 1b., 3% to 5. Milk cows, choice to fancy, head, 0.00 to 75.00; common to fair, head, 30.00 to 50.00. Calves, veal, choice, ib., 13 to 1315; ordinary to medium, Ib, 11 to 12; heavy, smooth, fat, 1b., 10 to 11; rough. common, thin, ib., 7 to 8. Sheep, old, choice, 1b, 4 to old bucks, 1b., 3 to 4; common, 1 4. Lambs, spring, choice, 14 to 15; fair to good, 13 to 13; common, thin, 9 to 10. Hogs, straight, 1b, 9 to 914. Sows, as to quality, 1b, 6 to 8. Stags and boars, 1b., ¢ to 5. Live pigs, as to size and quality, 1b., 12 to 15. Shoats, as to size and’ quality, 1b., 10 to 12. CHICAGO, January 27 (United States Department of Agriculture).—Hogs— Receipts, 5,000 head; holdover, 10,881; light hogs, 10 to 15 higher; butchers, steady; few early sales higher: bulk 160 to 200 pound averages, 8.30a8.35; top, 8.50; bulk 350 to 300 pound butch- ers, 7.9528.00; welghty packing sows, 6.7327.00; desirable pigs, around 8.00; estimated holdover, 4,00 7.8528.30; heavy-weight hogs, 05: medium, 7.95a8.35 §:2528.30; light light, ing sows, smooth, sows, rough, 6.75a7.00; killing pigs, 528.25. Cattle—Receipts, 500 head; com- pared week ago, beef steers. bulls, stockers and feeders, steady; butcher she stock, 25240 higher; betfer grade heifers showing most advance; can- ners and cutters, steady to strong; veal calves, 25 to 50 higher; top ma- tured steers, 11.50; best long year- lings, 10.75; week’s bulk prices fol- low: Beef steers,-8.35a9.80; stockers and feeders, 6.50a7.75; butcher she stock, 4.6586.76; canners and cutters, 11.00a11.75. p—Recelpts, 2,000 head: run practically all direct: compared week ago, fat wooled lambs, steady to weak; clipped kind, 10 fo 15 lower:, ling wethers, 25 lower: sheep feeding and shearing lambs, 35 to 40 higher; week's ex- treme fat-lamb top, 15.50; closing top, | 15.00 to packers: closing bulk fat,! wooled lambs, 14:35a14.75; shorn de- scription, 13.35a12.90; mostly good to' fes " 78-pound lings, 12.25; heavy fat ewes, 5.5026.50; mostly lighter-weight kind, up to 7.50; de- sirable 60 to 70 pound feeding and | shearing lambs, 15.00815.25, NEW YORK, January 27.—Cattle— Raceipts, 590 head; no trading: calves, reocipts, 640 head: steady; common to | prime veals, 10.00a16.50; culls and lit- tle calves, 7.00a9.00. Sheep and lambs—Receipts, 3,585 head; weak; no trading. s e Eh: Belgnis. and Dige: edium to t we , A& pigs. Tr iy Hogs, 5.0080.60 Tousta, 7.0087.50. 100.98 100.02 100.16 9890 Close Testerday 101.76 1023 — High. Low. 101.90 100.94 9890 9864 .44 9806 98.46 98.10 9B.7: 98.42 100.20 99.80 2 282228 RUSRLSE BALTIMORE PRODUCE MARKET BALTIMORE, Md., January 27 (Special).—The local egg market, at this season of the year is very sensi- tive to changes in weather conditions and the tenor of the outside advices, and under fair receipts of the mar- ket rules easy at 37 cents a dozen for strictly fresh native and nearby stock. The demand, however, buyers' immediate wants, but same is keeping pace with the daily supply and more eggs are now going into use daily under the lower prices pre- vailing. Average receipts are bring- ing the same price as southern f..ss, 35 cents a dozen, and as buyers are rather critical prompt and frequent shipments are advisable. The market for live poultry continues steady to firm, under a good demand, receipis generally belng only moderate. Re- ceipts of young chickens, especially young_ winters, has been light, with a good demand prevailing for young winters at 30 cents & pound. Small to medium-sized fat broilers_continue in good demand at 27 and 28, and leg- horns, 24 to 25, but rough, poor and thin stags are slow sale at 20. De- mand for large fat old hens, 41 pounds and over, is good at 25 and 26, medium, 23 and 24, but small old hens and leghorns are neglected at 20 and 22, Old roosters plentiful at 18, Tho market rules firm on ducks, but easy on geese, with demand centered on large fat stock, at 24 to 28 for the former, and 19 to 25 for the latcer. Small and poor ducks will not brin: over 20 and geese 17 and 18. Pigeon are steady under a fair demand, at 30 to 35 & pair, but guinea fowl are easy at 60 each for large and young, and 40 for small and old, The demand for dressed poultry is rather indif- ferent, with trade generally prefer- ring live stock and, with the excep- tion of capons, quotattons are lower on dressed than on live. Large, fancy capons, 7 pounds and over, are in good demand at 35 and 36; medium dressed poultry should be confined to_straight lots of fancy young and old stock to command top prices and get best results. Mixed young and old hes to be sharply discounted. The general white potato market rules steady under only moderate re- ceipts of No. 1 grade stock. Mary: Jand and Virginia McCormicks in am. ple receipts and selling mostly 90 to 1.00 per 100 pounds, while cobblers bring 1.10 to 1.20. No. 1 stock, other varieties, brings 1.20 to 1.35 and 50 to 66 for No. 25. Sweets and yams are in only moderate receipts, and under a fair demand for good stock the market rules firmer at 150 to 2.25 per barre} for the former and 1.50 to 2.00 for 'the latter. Bushel stock sweets selling 35 to 85 and yams 50 to 75. Native and nearby garden truck in ample supply at following quotations Beets, 75 to 85 bushel; brocoli and kale, 36 and 40 bushel; Savoy cab- bage, 1.00 bushel; carrots, 50 to 60 per 4-8 basket; horseradish, 3 to 3.50 bushel; onions, 2.75 to 3.25 per 100 pounds’ and 1.50 to 2.00 for No. 2 stock; oysterplants, 5.00 to 7.00 hundred; parsnips, 1.25 to 1.30 bushel; spinach, 1.15 to 1.25 bushel, and (ur- nips, 50 to 60 bushel. Fancy packed apples are in fair demand at 3.00 to 5.00 a barrel and 2.00 to 2.50 for No. 25, all varieties. Bushel stock sell- ing mostly 50 to 1.50, according to quality and condition. Loose stock apples are Bringing 150 to 190 per 100 pounds and 40 io 65 per 4-3 basket. is_limited to! FINANCIAL. ITRADE CONDITION HOLD MARKETS UP Remarkable Steadiness in Face of Dismaying Foreign Situation. HOME OUTLOOK BRIGHT New Securities Quickly Absorbed. Money in Plenty—Public Favoring Utilities. BY BYRON SELLER. Special Dispateh to The Star. W YORK, January 27.—The se- curities markets continue today to exhibit remarkable steadiness in the face of the dismaying dispatches from abroad. Dally it has become more evident that the task which the French have set for themselves is of unexpected magnitude. There {s no sign of a break in the deadlock, and meanwhile the costs mount up and the French, not the Germans, have to pay. As far as improving France's finan- clal position is concerned, the results to date have been disappointing, to put it very mildly. But meither in London nor New York are there any indications of alarm in financlal cen- ters. It is true French bonds under the combined pressure of liquidation by investors and speculative short selling sank to new low levels and franc exchange, with minor rallies, is trending downward. But the stock market is holding steady, although speculation is at low ebb. New se- curities offerings are being well ab- sorbed. The fact seems to be that the un- derlying trade conditions at home are €0 good that they counteract the dark outlook abroad. It can hardly be doubted that any turn for the better in European affairs would be follow- ed by active speculation for the rise in all our markets. Trade Reports Cheerful. till, untfl this turn comes—and re is no sign of it yet—discretion is the better part of lor even for those most thoroughly convinced of the prosperous times to come, All the trade reports are ver: ful today. Car loadings are very high for the season. Commodity prices are still rising. The whole- sale and jobbing demand tallers are cautious, but of confidence. The lesson of 1921 has not been forgotten and there is no rush to stock up, regardless of price. This is particularly_evident in the cotton goods trade. The automo people expect the biggest year in t history of the business and are mak- ing plans accordingly. Here and there a doubter points to the increased costs of raw material as forecasting the necessity of an increase in the price of the finished product. Autos May Cost More. ‘The commodities the motor manu- facturers must use—rubber, cotton steel and copper—cannot continue to advance without effect on profits un- der the present scale of automobile prices. Whether the ultimate con- sumer would resist a higher re 1 price for motor ca: is uncertain. The strength of the American demand for more and more automobiles is aston- ishing, even to the most optimistic of producers. The case of the truck manufacturer is'a little different. All he has to do is to show that the use of his product cuts the cost of doing business. Com- petition in both these lines Is very intense, however, and it might well be that under- any unfav cumstances some of the weak: €0 _to the wall The political factor is stressed just now. The representatives at Wa minute seem satisfied w forts to provide farming populatio the railroads alone. So. the attack on present ra resumed, bur at p rail securitfes are havi Rail execu Coming down to strict matters, the outstand f the week was the ability of the mar- ket to take care of the new offerin, It is significant that second-grade and speculative securities are more eagerly accepted than those of first rank. Investors seem to be turning from high grade bonds either to the second grade and semi-speculative issues or to preferred stocks, and it is not difficult to sell a new issue of common stock which seems (o have some speculative attraction. In this respect the con- trast with conditions existing only a year ago is very striking. In the rush to subscribs to v obligations soned issues both in bonds and ferred stocks are comparatively neg- lected, a situation which a few shrewd investors are quietly taking advan- tage of. The utilities still hold first place in the estimation of the investing public, not including the tractions, o course, It s a curlous fact that the pressure for reduction in rates has always borne more heavily on street railways than on electric light and gas companies. Mystery in Money Supply. The telephone interests are under firs every now and then. but 8o far their policy of sharing their fortunes with their customers through the sale of stock, preferred or otherwise, has proved a great advantage to them. Copper and steel Securities rank next to those of the utllities in public favor. In both these industries there have been combinations of a size to stimulate im- agination. The outstanding wonder of it all is where the money comes from. Wealthy Investors are steadily increasing their holdings of tax-exempt bonds. The in- come tax return showed this beyond & shadow of doubt. The amount avall- able for industrial investments must be curtailed by that much, but resources seem ample for all demands. (Copyright, 1923.) FOREIGN BONDS WEAK Libertys Irregular in Short Satur- day Session. NEW YORK, January 27.—Principal interest in today's bond market cen- tered on the further depreciation of French government 7%e& and 8 per cent bonde, each of which sold at new low record prices. The 718 dropped a point to 88 and the French 8s ylelded fractionally.to 91%. each recovering slightly later, Selling by frightened investors and lack of new buying power accounted for the reaction. Belglan 7% per cent bonds closed a point higher and Dutch East Indles 88 of 1947 gained 1% ppints. Prague 7%s and Jurgen 6s were heavy. United' States government issues were irregular, the third 4%s gainmg 4 cents on $100, the Victory 4%& and the new 4%s closing unchanged and the other active issues showing losses of 2 to 8 cents. Total sales (par value) were $4.996,000. ————— CHICAGO STOCK MARKET. CHICAGO, January 27.—Following is a report of yesterday's sales. high. low and closing quotations, at the Chi- cago Stock Exchange: > High, 914 (™ Low. Clase. rmour pfd. of iL. () 0 Chi C & © Rys prd. (] §70 Montgamery Ward. " 22 110 Piggly 3 18000 BeSher Whknr . R 255 Swift & C . 108 §2 Union Carb &' Cari. 63 % Y ;% 1100 Yellow Taxb....... 724