Evening Star Newspaper, February 3, 1923, Page 18

" ON STOCK MARKET Prices Rise Steadily, With Trading Very Active for Two-Hour Session. BY STUART P. WEST. Special Dispateh to The Star. NEW YORK, February 3.—After & weck or more of hesitation the stock market today emphasized the definite upward turn in Friday's session. As prices rose trading became more & tive. News from abroad was regard- «d as distinctly more favorable. . Under these circumstances the oil stocks and the sugars were picked out as speclal cbjects of buying. Call- fornia Petroleum, Pan-American, Mar- 1and, Cosden and Sinclair led the ofl group, Sinclair coming in for much more attention than it has received for a long time past. All the sugar stocks reached the best prices so far on the recent upward movement, the latest price advance seeming to bear out the sanguine feeling in the sugar trade regarding the outlook for 1923. Interest, however, was not confined to any one section of the market. The steels were drawn along, the equip- especially Baldwin Locomo- tive, stood out strongly, and the pools Specialties were very busy. Rail- way sh joined in_ the advance with particular _activity rising vprices in the St. Louis and San Fran- cisco.:issues, in . Pere Marquette, fm Southern Kailway and in Chicago and Eastern Tllinois The market _continued through the. last, half _hour, with the buying power suficient to absorb heavy realizing sales and still maintain the early gains ‘The same interests which have been back of the move in Corn Prod- ucts all along were again active in the stock, pushing it forward another two points. Recent short sellers had a hard time covering in stocks like Asphalt and Retall Stores. American Tobs sharply. Publ ially Edison and Colun mand. strong 0s were run up issues, espec- as, Brooklyn a Gas were in de- t Buoyant at Close, wneral list closed buoyant well up to the best prices of the da; kilyn Edison was one of the s of the public utility group on of a most substantial char- The Consolidated Gas interests nected with Brooklyn ething of the same sort d in the latter stocks as has occurred in the former. From s in a position to know what going on it was learned today t a readjustment of capital and an inecrease in dividend rate would ot be un ely in Brooklyn Edison. Some witching of operatio from Consolidated to Brooklyn son is mentioned. Public Service Prominent. Public Service Corporation of New Jersey common xlso was prominent among the public ut stocks to- day its stre th was attributed main to the rt recent pub- lished showing for 1922 a net income applicable to the common stock of %14 a share after preferred dividends and all charges. It is understood that the current earnings are equivalent after charges to two and one-half times the $8 common dividend. The favorable financial conditions and operating results of public serv- joe, together with the likelihood that 1t will encounter no legislative handi- cap, so far as can be seen, are the basis for the optimistic feeling in Wall street with regard to the future of the corporation. H Ruhr Compromise Seen. The rial markets today took is an 1y Open. Adams Bxpress... 70 Adv Rumley. Ajax Rubbe: All Am Cable. Allled Chemic: Allls Chalmers -y Am Agr Chemical. 0% Am Agr Chem pf.. 59 Am Beet Sugar. Am Bosch Am Brake Am Can Am Car & Fay Am Chicle Co. Am Druggist. Am Ice. Am La France Am La France pf.. 9% Am Linseed. Am Safety Razor. . Am Ship & Com... Am Smelting. Am S Am Tobacco (B).. 180% Am W Wks 6% pf. 54 Am Woolen Anaconda Atchison. .. Atlanta Bir & A Atlantic Cst Line Atlantic Gulf. Austin Nichols. ... Austin Nichols pf. Auto Sales..... 1% 2 ity 20 82% §7 2 Baldwin Loco..... 134 | Balto & Ohlo . Barnesdall (A).... 5% Bayuk Bros....... 6§ Beechnut Packing 67 Beth Steel (B).... % Beth St17% (n)... 845 Beth Steel 8% pf.. 109 British Empire Stl 8% Brit Em Stl 2d pf.. 25 Bklyn Edison. .... 1115 Bklyn Rapid Tran. 11% Bklyn Rap Trotfs o4 Bklyn Union Gas. . 122% Burns Bros (A)... 139 Brown Shoe. 60 | Butte Copper 0% i California Pcking. 81% California Petrol. 9% Callahan Zinc..... 10 Canadlan Pacific.. 143% Central Leather... 34 Central Leath pf.. 70% Cent RROfNJ... 210 |Cerro de Pasco.... 44 Chandler Motor... 65% Chesap'ke & Ohfo. 75 Ches & Ohio pf w {. 10214 |Chi & Alton. 24 Chi & Alton pt. % Chi & East I11. 5% Chi & East 11 pf.. 6% |Chi Great Westrn. 53 Chi Great W pf.... 12% ChiMil & St P, 2% ChiMi] & St Ppf.. 38% Chi & Northwn. ... 8l Chi Pheumat Tool. 8% ChiRI& P: A ChiRI&P 3% Chile Copper. ..... 20% {Chino Copper..... 25% |Cluett Peabody... ts4 Colo Fuel... Columbla Gas. Columb’a Graph. Columbia Graph pf 9ty Com Solvents A... 40 Comp Tabulator.. 2% Cons Cigar 6% Consol Gi Cons Textil Cont Can. Continental Motors Corn Products. ... Cosden & Co. Cosden pf. Crucible Steel. . High. Low. Close. 70, 16% 1% 04 % r 0% 0 18% 13% 104 % 4% ® 9% Tk High. Low. Close. n% 1w 1% S W% 6% n% A% 0% s - 108 . Open. Mo Pactflo........ 1% Mo Pacific pf. “i Montgomery Ward 21% Moon Motors. .... 20% Mother Lode Cltn. 11% Nash Moto: 10% Natl Biscuit w1 9% Natl Cloak & Suit. 64 Natl Conduit. 1% Natl Enameling. Natl Lead. . Natl Lead pf. Nevada Copper. New Or Tex & Mex N Y Alr Brake. ... N Y Air Brake (A) N Y Central o NYNH& Hartfd. NYO& We Niagara Falls P pf 108% Norfolk & Weatern 113% North American. . North American pt Northern Pacific. . Ohio Body & Blw. Oktahoma Prod. Otis Steel. Owens Bot Pacific Devélop Pacific Gas & El. PaclficOfl. ... Pac Tel & Teleg pt Packard Motor. Pan-Amer Pete. Pan-Am Pete ( Pennsylvani: Penn Edison pf. Renn Seabd Steel. . Pere Marquette Pere Marq pf. Philadelphia Co. .. Philadelphia Co pt Phillips Jon, Phillips Pet. 1% 1% 104% 9% L3 1% 68% 127% 1u3% % L] 20% o 1% o 127% 113% W% 1% 683 127% 13% W 9% 20% 9% 5% 2 20% 108% 113% % 88% 29 4 % 2% 20 2% Plerce Ol. Plerce Oil pf. Plggly-Wiggly. Pitts Coal Pitts & W Pond Creek Coal. Postum Cereal. Pressed Steel Car-.. Producers & Ref. Public Serv of N J. Punta Alegro Pure Oll. ... Ray Con Copper. Reading. .. Reading 2d pf. Reis Robert pf. Remington Typr Replogle Steel. . Rep Iron & Steel. . Rep Iron & Stl pt. Reynolds Spring: Reynolds Tob (B). Royal Dutch... 8t Joseph Lead StL & San Fran.. StL & San Frpf.. St Louis Southwn. St Louis Sown pf. Santa Cecilia Suga. Seaboard Air Line. Sears Roebuck.... Seneca Copper. Shattuck-Arizona. Shell Trad & Tran. Shell Union. Shell Union pf. Elmms Petroleum. Sinclair Oll.... Sinclair pt. Skelly Ol Sloss-ShefMeld. So Porto Sugar. Southern Pacifl Southern Railway Southern Ry pf. Spicer Mfg Co.... Standard Milling. . Stand Oil of Calif. Stand Oil of N J wi Steel & Tube pf. Sterling Prod (33 Stewart-Warner.. 904 Stromberg Carb... 6 Studebaker. . 5% Submarine Boat... 9% Superior Oll... 5% Superior Steel. 0% Tenn Copper...... 1% Texas Company... 48 Texas Gulf Sulphur 611 Texas & Pacific... »% ] 2% 405 104 RKED STRENGTH INSOMEU.S. BONDS French and Belgian lssues Also Recover Further in Today’s Brief Trading. By the Associated Pross. NEW YORK, February 3.—Marked strength of some of the-United States government bonds and further re- covery of the French and Belgian securitles featured today’s early deal- ings In the bond market. A reaction- ary tendency in United States gov- ernment issues was checked by the announcement that the proposed debt- funding law provides that all govern- ment bonds put out after April 6, 1917, will be accepted at par and ac- crued interest from the British gov- ernment in payment of the interest and principal on {ts debt. The sec- ond and fourth 4%s each advanced 28 cents on $100, and the others show- ed gains of 2 to 10 cents. French 7% advanced % to 91, and French 8s moved up 1 point to 94%. Gains of a point or more also were recorded by Seine 7s, Czechslovakian 8s, Belgian 88 and Rio de Jeneiro 8s of 1947, Speculative rallroad mortgages also were in good demand. St..Paul con- vertable 414s, International and Great Northern adjustment 6 per cent cer- tificates, Erie convertible 4s, serles A and B, and Seaboard Air Line 6s and refunding 4s, all moved up 3 to 1% points. Good buying also was noted in_the traction group, parti- cularly Brooklyn Rapid Transit is- sues and among the sugar and copper company liens. PUBLIG KEEPS OUT OF STOCK MARKET Week’s Interest Centers in Action of Foreign Exchange and Foreign Bonds. By ated Pres NEW YORK, February 3.—Chiet in- terest in this week's financial markets centered on the sharp deprectation and quick recovery of foreign ex- change rates and the prices of for- eign bonds, which reflected the shift- ing sentiment of speculative interests in this country and abroad. Stock prices generally moved with- in a narrow trading area, the bulk of the business representing profes- sional transactions. with the general public showing little inclination to buy or sell stocks at present prices. Railroad shares enjoyved a temporary period of strength on the appearance of fresh buying pewer, following pub- lication of the December earnings statements. which, in the maln, were unusually favorable. Fi er Body Is Feature. One of the widest fluctuations dur- Ing the week occurred in Fisher Body, which dropped to 150, as against this year's high of 2124, recovering later to 165. Other motor stocks, particu- larly Chandler and the Durant issues in the curb reacted in sympathy, but all made good recovery later. The United States Steel Corpora- tion's report for the last quarter of 1922, which showed 'that only ' 87 cents of the $1.25 quarteriv dividend | on the common had been earned, was [ av vore BONDS oz s ] Recaived by Private Wire Direct to The Star Offica. UNITED STATES BONDS. Sales (31,000). High. 169 10156 176 9880 Liberty 3%s. Liberty 1st 4%s. Liberty 2d 4%s.. 1044 9856 Liberty 84 43(s.. 83 838 Liberty ¢th 4%s. 1135 9880 Victory 4%s 20 10024 US4Ks1952..0. 211 10000 FOREIGN. Sales ($1,000). Hi, 101% Low. Olose. 10144 10148 9850 3880 818 8816 876 9388 9834 9880 10022 10024 94 10000 igh. Lew. Clese. 101% 101% 8% al Brasil 7s. Brasil 8s Brazil 714 Canuda 5%8 1929 Canada Bs 1981 Canada 5s 1952 Chile 88 1946. . Chile 8s 1921 Chile 85 1941. . Chinese Govt Ry Copenhagen 5%s. Cuba 5%s w | Czechoslovakia Denmark 8s Denmark Dutch E: Dutch East I 6s°63.. 53 Framerican I D 7%4s. French Govt 8s. French Govt 7% Haitl 6s ctfs Holland-Amer s f Japanese 2d 4%s. Japanese 4s. Jergens U M 6s 1! Lyons 6s. Marseilles Netherlands 6 Norway 8s. . Norway Gs ctf Parls-Lyons-Med 6: Prague 7%s Queensland Queensland Rio de Jan 3s 1946 Riode Jan 88 1947.. Sao Paulo, City, 8 Sao Paulo, Stats, Selne, Dept of. 7 Serbs Crotes Slov 8s.. 48 Bolssons 6s. Sweden 6s. Swies Confed s f §3. .. Ud Kingdom §145°29. 64 Ud Kingdom 535 °37. 29 Un Steam Copen Ao BlumBoa Bula 105% 4% 103 8 MISCELLANEOUS. Am Agri Chem 7T%s. . Am Smelt & R 1st 5t AmT&Tcltrds. Anacondacvd s wi. Anaconda 1st 6s w 1 Armour & Co 414s. Atlantic Refining 5s. . Bell Tele Pa. Bell Tele Pa 5srcts. Rethlehem Steel rf 58 7 Beth'em Steel pm 5s. 2 Beth'em Steel s f 63.. 53 Briar Hill St 1st 5%8. Bkiyn Edison 78 D Bush Tm Bldg bs Central Leather 5s... Cerro de Pasco 85 Chile Copper 6s. Chile Copper 7s. Con Coal Md 1st 5s. .. { Cuba Cane S cva 8s..10 Det Edison ref 6 3 Du Pont de Nem 7 Duquesne Light 6s... § East Cuba Sug 7%s.. 31 Emplre F & G T%8... 4 Gen Electric deb bs, Gen Refractories 6s.. 1 Goodrich (B F) 6%s. 13 Goodyear Tire 85°'31. 4 Gondyear Tire 8s'41. 6 Humble Ol & R5%s. I Inter Mer Marine 6s. . Inter Paper 1st 53 A.. Inter Paper 1st 5s B. . Kelly-Springfield 8a. . Lackawanna 8 5s°23. 1 2 1 8 6 2 1 1% 104% 0% 102 7% 100 RAILROADS. Atchison gen ds. Atchison adj 4 Atlantie CL 1. Bklyn R T 58 ctts Bkiyn R T 7s'81.... Bklyn R T 7s '21 ctfs. BKIR T 7'21ctsta. Buff R & Pitts 4%s. Canadian North 6%s Canadian Pac deb 4s. Car Clinch & Ohio &s. Central Pacific 4s Ches & Ohlo cv bs. Ches & Onio cv 41 Chi & Alton 3%s ChiB& Qgn 45 1958 Chi B& Q 1st rf Gs. Chi & East 11l gn Chi Great West 4; ChiM&StPrfd%s ChiM&StPevis... Chi M & St P 48 1925. ChiM&StPev4ls. ChiM & St P 45 1934. Ch1& N'W 614s. ChiRysbs....... ChiRI& Pacrf ds. Chi Un Station 4% CCC&StLrfésA. Cleveland Term 51;s. Del & Hudson 5148 Den & Rio G con Detroit United 4%s. . Erie 18t con 4 Erleconv4sA.. Erieconv4sD.. Gr Trunk s f deb Great North gen 7 Great North gen 5% Havana ERL & P bs Hudson & Man ref s Hudson & Man aj 5s. 1l Central ref 4 Inter Rap Transit Gs. Inter R Transit 7s. .. Int & Gr Nor aj 6s. Kansas City Ft 8 4s. Kansas City Sou bs. . Kansas City Term 4s Lake Shore 451931. . Lehigh Valley 6s Louis & N unified 4s. Louis & Nash 53s. .. Manhattan Ry cn 4s. Market St Ry cn 6s. Mil El Ry & L 1st 58, MK & T 1st 4s. MK & Tprin 5 MK & T adj 5s. Mo Pacific 6 Mo Pacificgn 4s..... Montreal Tram 1st 68 ¥ Y Central deb 6s. ¥ Y Central deb 4s. N Y Centralr15s. Vew Haven cv deb New Haven 7s. . New Haven 7s francs. N Y State Ry 445, Norfolk & West cn 4 Vorfolk & West cv 68 Northern Paclific 3 Northern Pacific North Pac ref im 6s. Northern Pacific 5 Ore & Calif 1st 5. Ore Short L ref 4 Ore-Wash 1st ref 4s. Pennsyivania gen 53. Pennsyl gen 4135 Pennsylvania 634s. .. Penneylvania gold 7s. Pennsy1 con 4 14 Reading gen 4s Rio Grande W clt 4s RIArk& L 4%s.. StLIM&SR&G 4s. StL&SFprindsA. StL&SFprints... StL&SFinc6s StL&SFadjés..... StL&SFprinésC. StLS W ist4s. Seaboard A L 4s sta. Seaboard A L ref 4s. 1 61 1 2 8 27 28 L] 6 13 25 2 1”7 1 12 21 BaGlBRaw -0 S A - e BemnlRals High. 8% 82 88%4 Esid 100% 9% “ %% 2% 2 j per FINANC Grain, Produce and Live Stock 5 WHOLESALE MARKET. A decrease of 2 cents a dozen weak- ¢ned the egg market this morning. Fresh nearby stock sold at 39 cents, While the selected eggs brought 43 cents. It is generally belleved there Will be a further decrease the com- ing week. The butter market is weaker. There Wwas no change in price reported to- day, but dealers think a drop will come early next week. In the meat market conditions con- tinued “draggy,” with practically no change in prices. Fruits and vege- tables continue plentiful, and with few exceptions reasonable prices rule Lggs—Strictly fresh, selected candled, per dozen, 36; average receipts, 35; . Cold storage eggs, 55, Der Ib., 18: 30a35; spring_chick 2 i keats, young, each, OWls, each, 25. hDrened poultry—Fresh-killed spring 2 ‘.l"r‘"l:d‘!lock—cflvel, choles, per L:.'. g um, per Ib., i3a13%; thin, e Lambs, choice. per Ib 13: gs, 2. ; live per i . 028.00 each; 1 Teen frufts—Apples, per bbl. 7.00; Deliclous, Nov 1. per bbl. California oranges. per crate. -0026.00; Florida. 4.00a5.00, Lemone, per box, 5.00a7.00, Grapefruit, 3.002 L ‘angerines, 3.50a4.50. Vegetables—Potatoes, per bbl., No. 1. 1.50a2.00; per sack, 2.00a2.25; No. 2, 50a1.00." Sweet potatoes, North Carolina, 75a1.50; nearby, 2.00a2.50. Lettuce, per crate, southern, 1502 2.00. " Romaine lettuce, per crate, 2.00; Iceberg lettuce, per crate, > Cabbage, northern, 2.00a2.25 per 100 1bs.; nearby cabbage, per bbl. 1.5022.50;" southern, 3.00a3.50 per baske Eggplants, per crate, 2.5025.00. Tom: toes, per box, Florida, 2.50a5.00. Bea: 2.00a4.00 per basket. Peas, 3.00a5.00 per basket. Peppers, per crate, Florida, 3.0024.00. ~ Kale, per barrel, 1.76a2.00. Spinach, per barrel, 2.00a3.00. Celery, crate, Fla., 2.50a3.50. Brussels sprouts, 15a25. ~ Squash, 2.00a2.50. GRAIN AND PROVISIONS. BALTIMORE, February 3 (Special). —Potatoes, white, 100 pounds, 50a 1.35; 150 pounds, 90a! sweets, bar- 0; bushel, 50a6! . 1.50a2.00; bushel, 50a7 bushel, 50a4. beets, bushel, brussels sprouts, quart, 20a3 cabbage, hamper, 2.25a2.75; S&vo: bushel, 1.00a1.25; carrots, basket, 60a 60; caulifiower, crate, 150al. crate, 1.75a2.75; _cucumber, 4.00a8.00; egg plants, crate, horse radish, bushel, 3.00a el, 1.25a1.50; lettuce, ; onfons, 100 pounds, 23.25; plants, 100, 6.00a 7.00; parsnips, bushel, 1.40a1.50; peas, bushel, 0; pepper:! rate, 2.50a 4.00; bushel, 65a7h: squash, crate, 30; tomatoes, crate, 2.50a 5.00 bushel, 60a75. Apples, packed, barrel, 2.50a5.50; bushel, 41.50; loose, 100 pounds, 1.50a1.90; basket, 50a85; cranberries, barrel, 8.00a12.00; grapefruit, box, 3.0084.00; oranges, box, 3.50a4. strawberries, quart, 23ais; tanger- ines, half strap, 2.00a3.00. e Selling Prices at 12:30. 1 red winter, spot. ne No. 2 red winter, spot, 3 red winter, spot, no quo . 2 red winter, garlicky, . 3 red winter, garlicky, no 1.34 758 Wheat quotations Cob corn, new, 4.25 and 4.30 barrel; contract. spot. $3% per bushel: No. 2 corn. spot. $4%: No. 4, no_quotations; track corn, vellow, No. 3, new or better, 86as7 per bushel. les—None. White, No. 2, 54 per bushel; arby, 85295 per bushel 0. western export. spot, 98% per bush- 0. 3, no_quotations Hay—Receipts, 21 tons; for the bet- ter descriptions of timothy and light there was a fair demand under lim- ited receipts at a range of 17.00 to 21.00 per ton. 5 . 1 tangled rve, 15.00a : No. 1 wheat, 11.00a12.00; No. nomfnal, 12.00a13.00. TODAY'S CHICAGO PRICES. oat, 1AL, IAUTO PRODUCTION | AT RAPID PITCH Ford Orders Indicate Status of Industry—Price-Cutting Considered Unlikely. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, February 3.—The Ford Motor Company today has or- ders on its books for 25,000 more cars than it can build in February. That is one of the best indications of the status of the automobile in- dustry today. Ford dealers have requisitions on file for 148,000 cars and trucks for February delivery, but the Ford production schedule {s being held down to 122,000 because of gen- eral conditions affecting manufactur- ing, such as labor supply, delay in raw material deliveries and other factors, 4 The Ford Company, notwithstand- ing its advantages in the way of ob- taining raw materials, despite the fact that it owns its own railroad. is unable to get under way at the speed it would like to attain. The icompany frankly stated today that there is every prospect of a sl ortage of new cars when warm-weather pur- chasing begins. Rumblings of Price Cuts. There have been rumblings for the last few days regarding the immi- nence of price changes by one or two big companies, but, taking the Ford situation as an indicator, it seems unbelievable that any large compan) will soon disturb existing price re- lations. This opinion was freely ex pressed today by automotive expert: in Detroit and other centers. If such changes are in prospect the officers of the companies involved are keep ing_their plans profoundly secret. Nearly every large Detroit produc- er has enjoyed one of the best Jan uarys in the history of the industry and went into February with pros- pects no less rosy. ~Steady advances in steel prices might force prices up- ward if increases In other costs keep pace. The automobile experts who look well in advance into the future are beginning to concern themselves about the supply of plate glass. As a result of the recent increase in demand for closed automobiles it ls |estimated that this country now uses 18,000,000 feet of glass a year. The total manufacturing capacity of the plate glass plants is estimated at 12,000,000 feet. With demand swing- ing more and more toward the closed car models, the ability to obtain plate glass supplies may be a key to the future of the automobile industry. Cities After Termimal. The handling of the export business of the Ford Company is certain to un- dergo marked changes. Organization of a steamship line to carry the Ford cars to foreign countries has not yet become an accomplished fact, but Newport News and Norfolk are bidding actively against jeach other to bring the Ford export jterminal to their respective cities. In |this connection Norfolk interests now jare negotiating for the purchase of the Army base at Norfolk. Advances in gasoline prices are count- ed on by the oil trade in view of con- jtinued leaps in the quotations for crude {Operations of the steel industry as a {whole are estimated at better than per cent of capa and scattered ad- vances in price of some products is expected. The opening of the international to- bacco and allied industries exhibit to- day marked the beginning of a strenu- ous campaign to counteract anti-to- bacco propaganda throughout the {country, and also a sales effort to pro- vide adequate markets for the 1,068,041, 784 pounds of chewing, smoking and e {port types of tobacco in stock in th { country. (Copyright, 1923.) the v gh the grounds for it | dia no clear, that events the moving toward a | Lackawanna St 53'50 1 Liggett & Myers5s... 1 Magma Copper cv 7s. 2 CHICAGO, February 3.—With a cold | wave overspreading the winter crop | belt and with temperatures around zero | Cuban-Am Sugar. Cuba Cane Sugar.. Cuba Cane S pf.... disappointing to the speculative com- munity, which had counted on a sur- plus above dividends, and steel shares Texas & PC & Oll. 23% Tide Water Oll.... 130 Timken Bearin, Seaboard A L adj s Beaboard A L con 6s. eading of the cable dis- patches would have seemed to point | to the conclusion that if the French | had gained by the breakup of the rail- way strike, the Germans had gained quite as much by the complete shut- | down of the mines. Nevertheless, the | feeling in_financial circles seems to | be that Germany would soon take | the initiative in suggesting some sort | of an accommodation which would | not involve a complete backdown on | her part, and at the same time satis- | 1y the French that they were getting | the best deal péssible. French Francs Higher. 1 is inference, the short | h francs continued vement, rates getting sainst the ex- in the early part | of the week.~ French bonds-of the | dollar loans were quoted 6 points | their extreme low. The stock | earkets of the day again bore out all | timt bas been said about the strength of their internal position. As soon s ! the foreign views gave them a chance they were quick to respond to the | favorahle course. of the domestic trade situation. (Copyright, 1923.) —— NET PROFITS, $1,790,617. National Cloak and Suit Company Reports 1922 Best Year Yet. NEW YORK February The N tlonal Cloak and Suit Company re- ports net sales of $45.357,566 for 1922, as against $37.481.210 the previous year. Net profits after a bonus to em- ployes, federal taxes: and _other charges amounted to $1,790,617. Al- lowing for dividends on the preferred stock, the met profits were $12.48 a share. In 1921 the company reported & deficit of 39,6 ‘With the ex- ception of 1920, the net sales last year were the largest Iin the company's history. Net profits in 1916 and 1917 exceeded those of 1922, but there was no distribution of profits to employes. The balance sheet on December 28, shows mnet current assets of % = , against net current la- Vilities of §3,473,675. - WALL STREET NOTES. Sugar Prices Higher—Brill Com- pany Votes Dividend. Sperial Dispatch to The Star. NEW YORK, February 3.—Three was another general increase by re- fineries on refined sugar today, The advance was mostly 10 points to 6.90. J. G. Brill Company today declared a $1.25 dividend on common. Crushers have advanced linseed oil yrices from 90.to 93 cents per gallon. New York bank clearings, $719,000,- 000. New York bank balances, $66,- 000,000 New York Federal Reserve bank credits, $59,000,000. | CLEARING HOUSE REPORT. Ordinary treme low of . Davidson Chem... Del & Hudson..... Del Lack & Wsta. Dome Mines. Dupont (E I) Dupont deb. Eastman Kodak Electric Stor Bat.. Elk Horn Coal.... Endlicott-Johnson. Erle.. Erie 1st pf. . Exchange Buffet.. Femous Players.. Famous Players pt Fifth Ave Bus wi.. Fisher Body. Fish Gen Am Tank Car. Gen Asphalt... Gen Baking. Gen Cigar. Gen Electric. Gen Elec spl w1 Gen Motor! Gimbel Bros pf. Goldwin Corp. Goodrich. Goodrich pf. Gray & Dav! Great Northern pf. 75 Great Nor Ore. ... Gt West Sugar p! Guantanamo Su. Gulf Mo & Nor pf.. Gulf States Steel.. Hartman Corp. Houston Oil. Hudson Mator! Hupp Mators. Hydraulic Steel... Inspiration....... Interboro Metro.. Interboro Rap Tr.. Int Cement....... Int Combustion B. Int & Grt Northn. Int Harvester. Int Mer Marine.... Int Mer Marine pf. Int Nickel. Intl Paper. . Intl Paper (sta) Invincible Oil. Iron Product: Island Oil. Jewel Tea. Jewel Tea P! Jones Te: . Jones & L'ghlin pf Kansas City Sou.. Kansas C Sou pf... 5% Kansas & Gul;_::o o] 1iy-Spring Tire. Kelly: % 107% 2% Keystone T! Kresge (S S) Laclede Gas. Lee Tire & Rubber 28% Lehigh Valley.... 6% Liggett & Myers. . 217% Lima Locomotive. 613% Loews Inc. 18% Loft Inc... 10% NEW YORK, February 3.—The ac. tual condition of clearing hou banks and trust companies for the week shows a deficit in reserve of $5.780,110. This is a decrease of $20,- 854,630, TODAY'S SUGAR PRICES. NEW YORK, February 3.—Sugar fu- tures closed irregular. Approximate gales, 23,000 tons; March, 3.67; May, 3.76; July, 3.85, and September, 3. ' BOWSER GETS NEW TRIAL. Justice Stafford, in Criminal Di- wislon 1 today granted a new trial to Ulysses Bowser, colored, recently convicted of manslaughter in a traffic death case. Bowser was driving an eutomobile gt 1lth and N streets Au- gust 10 last when he collided with a car in which Vernon Beall was riding. Eifimy e e Sl S Lorillard (P) 10 Louis & Nashville. 132 67% 7% bl Mack Truck.... Mackay Cos. Macy Co. Mallison & Co.. Manati Sugar.... % Manati Sugar pf.. 82 Manhattan El ctfs. «© Manhattan Shirt.. & Marland Ofl. 3% Mathison Alk! 55% Maxwell (A) 46% Maxwell (B)...... 15% May Dept Stores.. 7% Mexican Seaboard. 15% Mexican Sbd ctfs.. 1% Miami Copper..... 27 Middle States Oll.. 1144 Midvale Steel..... 27% Minn & St L (n) T Mo Kan & Texas.. Mo Kan & Tex pf, o 1% a 58358 sgespneziyangepfyraghuee zsze B & “h 1% “® 1% % 17 16% = 12 E ] T Exd Tobacco Prod 83 ‘Tobacco Prod Tol St L& W pf. Trans Contl O1l Unlon Pacific. . Union Tank Car. United Drug 1st. United Fruit..... United Ry Inv. United Ry Inv pt. United Retall Strs U 8 Cast Ir Pip: U S Cast Ir P pf. U S Food Prod. U S Hoffman M. U S Indus Alcohol. U S Realty. U S Rubber. U S Rubber 1st pf. U S Smelt & Ref. U S Steel. U S Tobacco Utah Copper..... Utah Securities. Vanadium Corp.. Van Raalte.. Va-Car Chemical. Va-Car Chem’] p! Vivadou Wabash. ‘Wabash p! Wells-Fargo Exp. Western Md. ... Western Md 2d. ‘Western Union Westhse Eles & M 62% ‘White Eagle Oil. ‘White Motor. ‘White Oil. Wilson Company. Willys-Overld. . W T Willys-Overld Df. 41% 8% 4% HOURLY SALES OF STOCKS. 11a.m..... 865 100 12M.... 62580 PENNSY LOCOMOTIVES IN FINE CONDITION * The Pennsylvania railroad has filed a report with the car service division of the American Rallway Association showing that on the first of the year nearly 80 per cent of locomotives on line were in good running order. Out of a total of 7,249 power units slight- 1y more than 21 per cent were up for repairs. In the matter of freight cars the road reported that bad order roll- ing stock during 1922 was reduced to | 7 per cent of the total on line and 69% | 101% 5% 064 e % 1% mh o 2% 1% 11 9% P P 1% 234 12 6 @% 16% 6% 61 2% o1 17 5% 2% M 23% uz 62% 27 B1% B2 8% 4 38 «© 23% n2 68 2% 625 . © that this had been accomplished at a lower average monthly cost than in the previous year. DIVIDENDS. Stock of Pay. " able. Am Window GI Mch. 1 Butler Bros., q.. 3% ere & Co., g., 76¢ Grocer Co., 3% Sherwood Pet. Co., Sherwood Pet. Co. Standard 01l C 35 B, $25 p VI Western _Grocer Co. 8%% .. ACCESSORY SALES JUMP. NEW YORK, February 3.—Sales by members of the Motor and Accessory Manufacturers’ Assoclation during 1922 totaled $419,722,880, compared with $288,073,945 In 1921, according to Automotive Industries. Tire pro- duction is increnlns in anticipation of the spring demand. STEEL PRICES ADVANCED. NEW YORK, February 3.—Further price advances ranging from $4 to 36 a ton on various steel products Were announced by some of the inde- pendent companies vesterday. The Dbelief prevails that the tendency of prices will continue higher -because of the constantly increasing .cost of roduction to both the United States Btee1 - CoOrporation -ant-to—the" Tdax were temporarily depressed as a re- sult. Chairman Gary explained later, however, that the seemingly poor showing resulted from the fact that the plants of the company had been at work on low-priced business placed early in the spring and summer, and that the recent 20 per cent wage in- orease added $4,000,000 monthly to the pay roll. Higher prices for steel products, he sald, would result in a better showing next quarter. O11 Shares Gain Strength. Ofl shares doveloped strength on the announcement of further in- creases in the price of crude oil. Cop- pers benefited by the resumption of dividends on Butte and Superior and sales of the red metal at 15 a pound, the highest price in some time. One of the significant features of the rail- road reports was the steady lessening of the dependence of southern roads on the cotton crop, the loadings of general merchandise showing & marked increase. SOUTHERN RAILWAY REPORTS BETTER YEAR Largest Balance Shown Since 1918. Net Operating Revenue $31,319,714. RICHMOND, Va., February 3.—The Southern Railway Company in its re- port of operations for the year 1922 showed a larger balance after fixed chrarges than for any other year since 1918, according to the earnings statement announced yesterday. Net income applicable to preferred stock dividends of the Southern Rail- way Company last year was equiva- lent to about 14.20 per cent, and after preferred dividends there was left a balance applicable to the common of about 4.60 per cent. These figures compare with 3.88 per cent earned on the preferred and nothing on the common the previous year. Accord- ing to a preliminary statement for last year, announced yesterday, the company, with gross revenues of $128,489,000, or about $300,000 less than in 1821, was able to reduce its operating expenses by nearly $9,000,- 000, and thus show net operating revenue of '$31,319,000, as compared with $22,886,000 in 1921.° There was some increase in_taxes, rentals, etc., but interest charges were slightly less, and the balance, after fixed charges for the year, was $8.823,000. In the previous year it was $2,019,000. Dividends on the preferred required about $1,500,000, none having been paid the previous year, and the surplus was $7,323,000, as compared with $2,019,000 in 1921. —_— CHICAGO STOCK MARKET. CHICAGO, February 3.—Following is a report of today's sales, high, low and closing quotations at the Chicago Stock Exchange: Sales. 280 Armour of Til ptd.. 30 Armour of Del pfa.. 1700 Continental Motors. 10% 20 Diamond Match..... 118 2265 Hupp Motor. 1650 Montgomery Wa 14500 Stewart-Warner . 6126 Unjon Carb & Oui 980 Yellow Mfg B. High. 93¢ 99y 99 101 17" 18 25 25 2 2 % ot 64 66 250 261 % TR (5 % =¥ i 268 890 Yellow Taxi. 3 Total sales, 40,000 shares. — NEW YORK EGG PRICES. NEW YORK, February Firm; recelpts, 18,173 cases gathered extra firsts, 36; do., firsts, 34a35; New Jersey hennery 'whites, uncandled, extras, 45a48; state, near- by and nearby hennery whites, firsts SR et do; rate to entrad Manati Sugar s f 7158 10 Mexican Petrol Midvale Steel 5s. Montana Power b Morris & Co 18t 4338, New England Tel 5 N Y Edison 1st 6 % NYGELH&PGS New York Tel New York Tel 414 North Am Edison 6s. 12 North Btates Pow 53, 1 Northwst Bell Tel 7s. 35 Otis Steel 8 i Pacific Gas & El 6s. Pac Tel & Tel 58°62.. 14 Packard Motor 8s.... 6 Phila Coref 65 A. . Public Service & Sinclair Of17s....... 18 Sin Crude Ol 53%s. Binclair Pipe Line Southern Bell Tel Sou Por Rico Sug Stand Oil of Calif 7s.. Steel & Tube 7. . ‘Tide Water Oil 6%4s.. Tobacco Prod s £ 7s. B S Bem United Drug cv8s.... ¢ U 8 Rubber st rf 5s.. 12 U 8 Rubber 7%8...... 2 U S Steel st 8. Utah Power & Lt Gs. Va-Car Chemical Va-Car Chem 7% Warner Sugar 7 ‘Western Union 6 %: Wickwire Spencer 7s. & Wilson & Co 1st 6s... 3 Wilson & Cocv 7%s..28 Winchester Ams %8 2 103% 02 —_— SALT WATER REPORTS BOOST OIL PRICES Flood of Low Gravity Figures in Advanoe: Crude Also s—Com- petition Is Keen. By the Associated Press. TULSA, Okla., Februar: v 3.—Recent advances in the price posted for mid- continent crude oils were attributed by prominent ofl men here today to salt water in the Mexican light oil flelds and to a flood of low gravity crude in the fields of Kansas, Okla- homa and Texas, develop! cornered contest on the ing & many part of the major purchasing companies for high- grade production in the three states. The increase of 10 cents posted yes- terday by the Pralrie Oil and Gas Company, the largest purchaser in the midcontinent fleld, and met by other concerns, brought the price for high-grade crude of a_gravity of 41 degrees and over to $2.40 a barrel, with a minimum of $1.30 for below 28 degrees gravity Yesterday's ad- vance was the fourth since November 22, when & 10-cent boosi t was made, the same advance being posted Janu- ary 18 and again on January 27. There is the keenest competition among the purchasing companies for high-grade crude, but even low-grade production finds & good market. Broadening of demand through the srowth of operations of small inde- pendent refineri tition in the midco: highest pitch in yea nen brought compe- t fleld to the ), it was said. PARIS MARKET UNSTEADY. PARIS, Februaty 3.—Prices moved irregularly on the bourse r cent rentes, 57. francs today. Three 80 centimes. change on London, 72 francs 80 cen- Five per cent loan, FiveRar cant | was quoted ot 15 73 francs 85 Sou Pacific cv 4s. Sou Pacific ref 4s. Sou Pacific cit 4s Southern Ry 1st 5s Southern Ry gen 4s. . Southern Ry dev 6348 Third Ave ref 4s. Third Ave adJ b Union Pacific 1st 4 Un Pacific 1st ref 4 Union Pacific cv 4s. Union Pacific cv 6s.. Virginia Ry 1st 6 Va Ry & Pow 1st 5i ‘Western Maryland ‘West Shore 1st 4e. ... ‘Wheel & L E con 4s. . 5 2 BBLI.2RB.EEBR 814 5% 6% 104 615 844 I &2 64 €1 TOTAL SALES (Par Value): llam... 4630000 12 noon.. 9430000 —_— SHORT-TERM SECURITIES, (Quotations furnished by Redmond & Co.) Aluminum Go. of Amer. s 1925. ~—Close.— Bid. Ofter. Aluminum Co. of Amer. 7s 1633, 1024, American Cotton Oil 8s American 81 8 1937.. ‘American Tel. & Tel. 66 1924... American Tel. & Tel. 6s 1925. Anaconda Copper 6 Anaconia Sopber %2 3 1929, Anglo-American Ofl Tis Armour & Co_ o 1000 C: Central Leather 5s 1925 €., €., C. & St. Louls 65 1939, Du Pont 7i4s 1031 Goodyear T. & R Great Northern 7 Hocking Valley 1 Humble Oil 5isa 1932 Kansas City Term. 8x 1923 Kennecott Copper 7s 193¢ Libby, McNeil & Libbr Standard Oil of Calif. Tidewater Oil 81zs 1981 Tnion Tank Car 7s 1930, Western Unlon 6las 193 Westinghouse E. & M. 1931, M., 8t P. & 8_8. M. 6148 1981 TREASURY CERTIFICATES, (Quotations furnished by Redmond & Co.) September 1 December 13, 1923, 100 3-32 #9 15-16 100 1-32 201316 100 101 e 1o 11316 101 1116 L 100818 100 99 15-16 100 116 99 99 11-16 100 11-18 i3 99316 99 15-16 100 1-16 —_— FOREIGN EXCHANGE. (Quotations furnished by B. Hibbs & Co.) February 3, 1923—12 noon, Nominal gold value, Selling ehecks 4.8685 By the As 'NEW YORK, February 3.—Foreign exchanges firm. Quotations (in cents): Great Britain, demand, 4.67%; 4. : sixty-day bill France, demand, .0645; cables, .0645%. demand, 048 taly, s demand, Belgium, .0565%. cables, ..000029. .3940; cables, .3943. (1858, mark, demand, demand, .1881. cables, on banks, 4.65. cables,’ 048615 .0564; Germany, demand, .0000281; Holland, cables, demand, Norway, demand, Sweden. demand, . 188 Spain, demand, .1581 Greece, demand, .0121 000026, mand, ~.0397, Kt freal, .9 Czechoslovakia, Argentina, fl:’" un:u .1163, -Mon. 655. Den- vitzerland, Poland, de- de. demand, in the southwest, wheat averaged a lit- tle hig in_price today during the early dealings. Lack of any important export inquiry, however, and the con- tinued unsettled foreign political sit- uation counted against a decided ad- vance. May delivery was relatively weak, as compared with other months. The opening, which varied from:un- changed figures to 8 higher, with May 1.18% to 1.18% and July 1.13% to 1.13%, was followed by something of a sag for May and a maintenance of strength in July and September. Gorn and oats were firmer with wheat. After opening 3 off to %4a% higher, vy 74% to 74l4, the corn market scored slight general gains. to 1% up. . and later hardened a little CHICAGO, February 3.— WHEA Open. * High, 5 118 118G 1181y 1.13% 110 110% 4 117 1185 .82 10.85 1082 L1085 1087 1085 DAIRY PRODUOTS. BALTIMORE, February 3 (Special). —Live Poultry—Turk: ', pound, 38a 43; old toms, 30a32; poor and erooked breasts, coung chickens, 28a3 poor_and leghorns, 20a26; old hens, 24a27; small and leghorns, 20a22; old roosters, 16; ducks, 20a28; geese, 17a 25; pigeons, pair, 30a35; guinea fowl, cach, 40a80. Dressed Poultry—Tu keys, pound, 36a43; old toms, 30a32; poor and crooked breasts, 25! young chickens, 27a28; old and mixed, 28a 29; old roosters, 18; ducks, 25a30: 20a25; capons, 35a36; medium, small slips, 28a30. —TLoss _off, native and nearby, dozen, 34ads; southern, 33. “reamery, fancy, pound, §0a51; prints, 51a53, nearby creamery, 43a44, ladles, 35a37, rolls, 34a36; dalry prints, 35a36; store packed, 32a33; process butter, 42a43. CHICAGO LIVE STOCK MARKET. CHICAGO, February 3 (United States Department of Agriculture).—Hogs— Receipts, 7,000 head; holdover, 13,50 closed active, weighty butchers, strong: light and light butchers, 10 to 20 high- er; bulk, 150 to 200 pound averages, £.40a8.50 top, 8.60: bulk, 215 to 230 pound butchers, 8.15a8.30; bulk, 250 to 300 pound butchers, 8.008.05; welghty packing_ sows, around 7.00; desirable 100 to 120 pound pigs mostly, 7.75a8.00; estimated ~holdover, 3,000; bulk of sales, 7.80a8.40; top, 8.60; heavy-welght hogs, 7.65a8.05; medium weight, 7.95a 8.40; light, 8.35a8.60; light light, 8.25a 8.50; packing sows, ‘smooth, 6.90a8.40; packing sows, rough, 6.75a7.00; killing pigs, 7.75a8.: Cattle—Receipts, 500 head; compared week ago, beef steers butcher she stock largely 25 lower; desirable light heif- ers, off more in spots; extreme top beef steers, 11.00: trainload yearlings, 10. comman and medium grades, fat stock, canners and cuttert bologna bulls, 35 to 50 lower; t vealers, 25 to 50 off; lower s light kind, 75 to 1.00 off; stock- ers and feeders, weak to 40 lower; plain light stockers showing most decline; week's bulk prices, beef steers, 8.00a 9.50; beef cows and heifers, 4. 7 canners and cutters, 3.00a3.75; veal calves, 10.00a11.25; stockers and feed- ers, 6.40a7.75. Sheep—Receipts, 4,600 head; mostly direct; compared week ago, fat wooled lambs, fed yearling wethers and fat sheep, strong to 25 higher; short lambs, eeding and shearing lambs, 25 1110 i12s week's extreme top, fat lambs, | 17.25, paid Friday by shippers; packer top, '15.10; closing, bulk fat woaled lambs, 14.50a15.10; clipped kind, 12.00a 12 all _shorn, up to 13.00 95-pound fat yearling wether heavy fat ewes, generally, 5.50a6.50: lighter weights, up to 8. paid for one 10ad cholce 114-pound ewes; week's extreme top, feeding and lambs, 1680, % COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ATLANTA, February 3.—Merchants have returned this week from New York, having conducted their buying campaigns, which were heav- ler than for three years, about a month earlier than ysual. New of- ferings of dry goods today are at higher prices and further advances jare predicted. JACKSONVILLE, Fla, February i —Citrus fruit_ shipments from this state are expected to total 15,000,000 boxes this year, against 13,000,000 last year, and will be valued at about $85,000,000, as agalnst $32,000,000 for the 1822 crop. A large party of Cali- fornia eitrus fruit men now gre in- vestigating Florida groves. ST. LOUIS Feb! 8. —~Manufao- turers of steam and electrio rallroad equipment here today have orders for capacity production for from six to twelve months ahead. HOUSTON, Tex., February 3—Local millers today reported a weakening of the rice market as & result of the | European situation. Until recently the export demand was gobd. A slight shading of prices has taken place and blue rose is now quoted at 47, cents for fancy and 4 cents for | cholce. PITTSBURGH, February 3—Pur- chases of lumber have slowed down in this section, owing to Winter weather, but a fair volume of busf ness is moving today and dealers and mills anticipate a brisk spring. Stocks in retail yards are light. CHICAGO, February 3.—Steel mills in this section are preparing to open their books for the second quarter on February 15. Thelr present concern is to make prompt delivery on orders already in hand. Higher prices are expected. owing to increased costs and labor shortage. BUTTER SHOWS WEAKEST FOR SEVERAL MONTHS Heavy Production and Current Excessive Prices Are As- signed as Causes. By the Asteciated Press. CHICAGO, February 3.—The past week's trading in the four leading butter markets showed a weaker tone than had prevalled for many months, due to heavy production and current excessive prices. Early in the week buyers withdrew support, except for urgent needs, and receivers started a campaign of fran- tic selling. As a result prices dropped, firet & half cent, later 1 cent, finally declining from 1% to 2 cents. By the close of the week prices had been reduced 2 to 313 cents. Exports of dairy products from the United States for the month of De- cember were reported as ‘follows Butter, 361,700 pounds: oleomargarine. 127,068 pounds; _cheese, 207,328 pounds, and eggs, 2,980,851 dozen. Closing prices on-92-score butter yesterday at the four leading butter markets were: Chicago, 46%, loss 21; New York, 46%, loss 2%; Bos- ton, 47%, loss 31%: Philadelphis, 47, loss 3 cents. OIL PRICES STILL HIGHER. PITTSBURGH, Pa. February 3.— A further advance in the price of Penn- sylvania crude oil was announced by the principal purchasing agency here today when 10 cents & barrel was added to the de- ntu N-: York: 'n-r:n and Bedford distreit ofl, making the new guotation §3.90 & barrel, \