Evening Star Newspaper, February 4, 1923, Page 22

FINANCIAL THE SUNDAY STAR, WASHINGTON, D. C, FEBRUARY 4, 1923—PART 1. » FINANCIAL, BUSHESS UTLOOK S Home Trade Condiions JIENANDFORSTEL Yo 12 Bt e sk * GONTINUES BRIGHT HOLDS VERY ACTIVE Up to and includirg Saturdny, February 3. 1923, Furnished by W. B, Hibbs & Co., Hibbs Bullding. Bales. BONDS. . Open. High, Experts Predict Favorable Copper Firm—Tin Crosses Domestic Conditions for 40-Cent Level—2Zinc Trade Spring and Summer. SECURITIES SHOW .~ IMPROVED TONE Connecticut Avenue Overlooking Bridge New building. fire- proof,modernequipped, two eclectric elevators, telephone service, elec- tricity furnished. lMarkets Again Partly Ignore Ruhr and Lausanne Situations—Many Rates Held Down--U. S. Business Booming. Close. | 7.000—C. and P. Telephone 1st 5 a7y 35,000—Capital Traction 1st 5s. 8 17,000—Georgetown Gas Lt 1st 5s... 17.000—Pot, Flec. Power 1st bs. 44,000—Pot. Elec. Power cons. 5s. 6.500—Pot. Elec. Power deb. 6s.. 8,000—Pot. Elec, Power gen. 6s.. 2,000—Wash., Balt. and Annap. 1st 5s. 5,000—Wash. Gas Light gen. bs.. 43,500—Wash. Ry. and Elec. cons. 4s... Two rooms, kitchen and bath, $90 per month Open and Lighted for Inspection Until 9 O’clock ST. ALBANS, 2310 Conn. Avenue N.W. representative on premises or MCKEEVER-M GOS REALTORS 1415 Eye St. Main 4752 Apply MENTAL HEALING i Lectures by Rev. Thomas Verner Moore, Ph. D., M. D. Professar of Psyeliology at the Catholic Thiversiiy of America o Th sanaiity 1 Februnry perprettion Uneonscions. Charac mscions Mind February 18, and Mental evention of Men ntal Jlealing. February 1 Hall St N The course, On sain &t of Columbus Evening School Missachiosetts Ave. N.W. NW Lt | PERPETUAL BUILDING ASSOCIATION Pays 6 Per Cent on shares maturing in 45 or 8 months. Tt Pays 4 Per Cent shares withdrawn be- fore maturity. Assets More Than $3.000.000 Surplus More Than $800,000 Corner 11th and E Sts. N.W. Jam BERRY. ... Presiden JOSHUA W. CARR, Secrctary on or Our Dual Per of Dreams and the Dis PENNSY’S 1922 REPORT | | Bond Brokers Regret Decline in Libertys—War Savings Hold- ers Taking Cash. | Notwithstanding the unfavorable outlook abroad, the best observers of domestic business continue to for cast prosperous times for the coming spring and summer. A number of factors looking in that direction have | already been definitely noted. Amoni | them s the fact that Congress will shortly adjourn, and as there is little prospect of an extra session being summoned this should give the na- tion @ vacation of some elght months. when it will be free to carry on with- out anticipating the danger of fur- ther meddling by that body with trade and economic conditions Pennny In's 1922 Net Large. Although still far from the point at which it would show excess ove 6 per cent on its property account, given in its books. the 1922 net ez ings of the Pennsylvania Rail Company are almost double U 1, aceording to the annual ment of the company. “ Its December earnings, with a gain ¢ $10,000,000 In gross and of in net operating income. are generally in line with those ot other trunk lines and continue prool ot Pennsyl s recovered earning | power, in evidence throughout the year just closed. It should be noted. net compares with only $45 _(--r December, 1921, out of 3$47.857.000 Eros: the net having been unduly depressed by debit lapovers from ! federal and guaranty periods. Pennsylvania's income account tiis year includes the Panhandle and the Grand Raplds and Indlana, with s eral mb ines now under le: When fi charges of th 1i {Luve becn taken In any necessary | i justments made the Tesult will bej »mething better than 6 per cent. but | i probatly lees than 7 per cent on the | $£500.000,000 stock. | Hon Net Operating Income. | | | however, tha 074 Tle road’s net operating income for 422 of §73,505.149 represents practi- a 100 per cent increase over the 334 of 1921, Similarly the “sy net operating _income was| 9,854,403, agalnst $40,713 for the | dr vreccding. But earniigs are still r from the point at which the com- would have to divide an “ex- with the government if the | Commerce Commission’s valuation of | | the property is anything lik 2y State your wants frankly and fully -And the Star Classi- will bring re- nse from those who can supply You reach practically veryhody in - Washing ton through The Star’s Classiiied Columns—and that’s why The Star car- ay after day more Classined Advertising tl all the other Wash- ington papers combined. it. ries Ihe Star for results round the Corner” Is a Star Branch Office For COLDS Cbreathe HYOMEI is medicated air. Because you breathe it, it passes over all their- ritated membranes, soothingeven the most remots which cannot be reached by liquids. Relief isimmediate, recovery complete in a short time. For.over 30 years, HYOMEI hasbeer Nature's faithful and effective treatment for CatarrhofHead and Throat, ‘Colds. Coughs, Croup, etc. It not only re- lieves, but Breverits by eeping lin- ings ofnose, throa bronchial tubes and clean bealthy. A HYOMEI outfit of hard in- haler, liquid, gauze, directions, etc.,costsbut afewcentsat all druggists. Satisfaction ! ation on the company's boolks. As of December 31, 1921, the latte lis ziven as $2,102.421.811 on | the cempany might earn 6 per or $126.145.300, before beginni | divide. In 1918, its most prosperous of | recent vears, the system earned $102 201.900. o1 3.68 per cen{ on a bouk | valuation of $1.799.035.000. In t { year the rarent company made & 10 ver cent, or $5.23 a share, on the same | amount ‘of stock as is now outstand- {ing. Last vear, with $300,000.000 more jinvested in the plant and $253.000,000. or 60 per cent, more gross revenue, the stock earnings were only a little more than $3 a share. Still. in 1921 | they were only $2.45 a share. | Steady Market for Libertys. | The decline in liberty bonds has (caused some disappointment in bond houses. Two months ago there was a general feeling that the government i might be able to float a 4 per cent |long-term bond issue before March {15, All such hopes have vanished | Few. if any, dealers now expect an !offering bearing less than 41; per cent {in the near future. | Attention is called to the fact that ption of the first 31, government securities, including | the recent Treasury 41s, are selling {at a discount, | Several dealers believe it would be {difficult to sell even a 4% Issuc in the | present market without pressing banks { o take them. Open market quotations for various government obligations cer- | tainly do not seem to favor a loan bear- {ing a low coupon rate. | Bankers say the Treasury cannot ma- terially help the market because of the 1 $253,834,800 appropriated for sinkin fund purposes covering the fiscal e ending June 30, 1923, all but about 34 1000.000 having been spent. In other | words. the Treasury has been buying it an average rate of about $35.000.0 month since July 1, while for the next | five months it can buy only about § 000,000 a month. That some kind of horrowing in the near future will be necessary Is ap- parent from the fact that the Treas- ury's cash balance January 27 was only $230.608.000, 2 shrinkage of about $80.- | 000,000 since January 20. Holders Deafre Cash. Against the present cash balance there are still outstanding about $150.- | 000,000 war savings securities due, but not vet presented for payment. To date about 90 per cent of holders of these { securities who have presented them for iredemption have demanded cash. Be- |sides war savings securities due and {unpaid, there is a large volume of vic- tory notes that may be, and probably will be, presented for payment in the near future. Such payments would sarily force borrowing in the open | market. Temporary loans from fcd- eral reserve banks could be arranged, but that would only defer the public offering. Speaking of the present condition {of the market with reference to lib- | erty bonds, the Wall Street Journal sa |~ "Rona dcalers offer varlous reasons jfor lack of strength in the liberi imarket. One dealer expressed opin ion that commercial banks have little idle money &t present, and they are! not - inelined to borrow from federal ' reserve banks at 4 per cent unless thev can get more than 5 per cent from customers. With money rates around 5 per cent, according to this dealer, there i8 no reason to expect | any sustained forward movement in liberty bonds. No dealer expects ma- terially lower quotations, however. Opinlon seems to be general that { quotations for the mext few months {will be in a narrow range, with ma- jority expecting further selling.” INSTANT DEATH FOR TWO. |’!ennuu-nl Step on Live Wire Blown Down in Storm. CHATTANOOGA, Tenn., February 3—Rev. W. H. Crowell and Willlam Colller met instant death at Shelby- ville, Tenn.. last night when they stepped upon a live wire that had been blown down In a windstorm. It was necessary (o secure the serv- ices of a force of linemen to release the bodies, which were terribly burned |by tae current. l FIRE GUTS I0OWA BANK. DAVENPORT, lIowa, February 3. The building occupled by the First National Bank of Davenport, reputed to be the oldest national bank in the United States, was gutted by fire early today. The building loss was i i i i | | 1 i i not neces- f estimated at approximately $50,000. ! The: bank’s valuables were locked in | fireproof vaults. Origin of. the fire was not known. | e international committee An ap- {ingly i ! : will support the United Stat BY ART P, Special Dispateh to The Star. NEW YORK. February #.—At ne time during the three weeks since the French started their verture into the Ruhr have the security markets of the world shown any real uneasi- ness. They have had to listen to some exceedingly pessimistic predictions, running all the way from another German uprising to a fresh European war. They have seen French ex- hange get down practically to the lowest on record and French and Bel- glan government drop below all previous low Yet at no stage has there the slightest sign that Investe worried or even that t sitive speculative isturbed Trade Conditions Sound. The explanation. pointed out, t in America and in Great so sound and promising have outweighed in the minds of s curity owners every other consider aiton. At the same time. the markets have steadily refused to tuke i sen- ational view of Luropean happen ings. They have looked upon the Franco-German position as purely economic struggle, the outcome which not be foresecn which no serious indleati for the the world. They have contemplated the sible railure of the Lausane confer- ence, have disliked the split_betwe the English and Fr »vernments in their attitude toward Turkish af- rairs and have even visuali i of a clash betwe p et \ of the Mosul ol flelds. But H it has been difficult to believe the Angora govermment would war with the odds against it. In cor has not ente into the market Ruhr sward the | ed as if v i London_security pric ing to break away uneertaintics altogether. Evidently slusion had been reached that n worse wus likely to occur than h 1y that in _th of waiting t ts had dis- ad—to use the ar ph the complication out French seizure ¢ At all cvents th be getting out of its no longer in tive manner trade news Janunry Shows Improvement. A survex of ditions shows (ha nonth than D er broke ull v pre-holiday in recent complishments ther fner tion to the 11,000,00 WEST. | | bonds prices, been | ¥ sen- vas peatedly e _conditions Britain are that th of yet off ns e cd of pos- ven th g0 to whelm- wusiy om the Euror the share it negative the flood Rub list_appeared to nd responding but in a posi- [ of cheering in the d been made Among the major ac- last month were a fur- e in bituminous coal produc- mous ave sEregate Iz furthe: itput well above A le in- per cent ances as high a im- | portant progress toward more profitable conditions as regards prices in the steel, oil, copper and smelting industries. DEFICIT OF $17,000,000 IS CUT TO $716,245 Boston and Maine’s Report Shows Marked Contrast to 1920 Earnings Figures. BOSTON. 3.—The and Mair 119 surplus of afte est charges hut deductions funds equipment s ducting thes $716.245 Boston | with | inter-| before | February iroad’ clos: ut $28.00 nd rentals, for sinking and trust installmeni De- . there was a defieit of resent @ vast improve- when_the deficit after was over $7.200,000, and A marked contrast to when the deficit, exclusive of government guar- | anty, was above $17.000.000. Had the coal and shop strikes not occurred | the record for 1 would have been, very much better. ENGLAND BACKING U. S. POLICY ON RUHR. HE SAYS Sir N. J. Moore Declares British Disapprove But, Like America. Cannot Afford War. NEW TORK, February gard to its_foreign poli ton James Moore, parliament member for North London and former premier o st Australia. declared ve as he arrived liner Mau Recently re the Ruh distric he be lieved the i the re- glon for its rich coal fields, needed to develop their steel and iron trade. France hopes for the creation of an independent state in the region, that rip might be retained. he said. pd s doing about wnar you are doing’ lie said that s nothing. We haven't a mil-| lion men to send into the dispute, so! we are sitting back watching. We do feel. however, that we are paving our debis and no one is paying us’ WINS 7-YEAR FIGHT [ AGAINST DEPORTATION Troppello Verdict After Plea to President Harding Fails, But U. S. May Appeal. By the Associated Press. PHILADELPHIA, February 3. seven-vear fight against deportation to Ttaly was won in the United States district_court by Antonio Troppello i after efforts to have President Hard- ing and Secretary of Labor Davis overrule the immigration authorities had failed. Sustaining the contention of Trop- pello’s counsel that the immigration law provided that an alien must be deported within five years of his ar- rival. Judge Dickinson ordered that the voung man be discharged from the custody of the immigration offi clals. Assistant District Attorney Bolger said that the c: probably weuld be appealed. as it _involved a question affecting thousands of sim- ilak cases. Troppello _arrived mather in Novembe fmmigration authoritics declared he was feeble-minded and refused to ad- | mit him permanently. Owing to the wger of travel on the high seas pecause of the German submarine warfare at that ti however, he was permitted to remain in this cour try under bond. In April, 1919, a warrant was issued for his deporta- tion and in June. 1921, he was taken into custody. The day before he was to have sailed for his native land his attorney obtained an order to have the case reviewed by the federal court. 1 | practical | to make urned ewton | Given Court here with his 1915, but the R Tests to determine a standard of illumination { thus | Oriental Speculation on the stock exchange in exploiting these developments has to far been quite moderate. There has been no euch reckless upbidding of prices as occurred in the spring and again in the midsummer of 1922. Where stocks have moved forward they have done so gradually In response to the legitimate impulse of good trade news. Hence the present position in the mar- ket may be looked upon as sound and not likely to experience any considerable setback unless things abroad take an unexpectedly bad turn. No January Bond Rise. In the bond market the situation is different, because here a huge amount of new securities have had to be ab- sorbed, and this has taken the sur- plus capital which is usually avail- wble at this time of the year when unds are released from the autumn crop moving. The familiar “January ris other years has for this rea- son not put in an appearance. Bond prices, by and large, reached their top last Scptember. ‘They had then been going upward for over a year, and had adequately measured the fail in interest rates and the im- provement present and prospective in the business structure. At no time since has there been evidence that the main upward movement would be re- | sumed. On the other hand the bond list having come down moderately from the top I holding its ground in spite of the formidable competition result- from the output of new fssu appears Iikely to continue as it at least until something happens to put up money rates. Money Rates Held Down. An adva in money rates might already have come about from such expansion as s occurred in com- mercial dem: ds. But what has stood wzainst such o reeult is the abnormal stock of gold piled up in the country during the last four years. How th! worked to keep down the rate of money_ inte ts indicated by the fact that commercial trans: tions steadily mounting and whole- sale prices on the increase, the federal reserve ratfo stands now at .9 per cent, whereas little more than a month ago it stood at 71.2. Speculation Affects Exchange. Coming now to the situation abroad, much difference of opinion exists o the significanc the decline French bonds in French ex- change carly i week and their subscquent recover Undoubtedly speculation has played an important role in both markets, accelerating the seiling movement. especially in the case of the government loans. So lone France is, faced with her| present deficit, unléss she turns, as is unlikely, to new internal loans, inflation of tnote circulation will be inevitable This inflati i be avoid- ! i fuil suc indemnit. the German coal success would not 3 in that event the rench bLudget would not balance nd the deficiency could not be con- tinually met either by new loans or eased taxation. France would to adopt. even if on a reduced .. the desperate expedient of un- limited paper currency expanslon, which has wrecked the currencies of the old central empires (Copyright, 1923, INDEPENDENTS INCREASE THEIR STEEL PRICES Pig Iron Production to Reach Highest Point in Two and One-Half Years. ss in her efforts to collec: through ke Ohio. February 3.— in the price of sheet steel inounced today by independent es in the Mahoning district. One company here announced an ad- v Ce T $2 a ton on blue annealed sheets and $2 to £56 a ton on blank. It was also learned that the Newport Steel Company has advanced the price | of galvanized sheets $5 a ton Only 58 of 114 sheet miils trict will be operating next we week Production Advane were com of pig iron w the highest point in two and a half years when the Republic Iron and Stect Company blows In the 1ast of 1ts | five Hazelton furnaces Sundav night, | making thirty-four of the dis- trict’s forty-six furnaces in operation. | In the Mahoning valley alone twenty- | two of twenty-six furnaces are pro- | ducing. Of the United States Steel subsid- aries in the Mahoning and Shenango valleys, the Carnegie Steel Company plants are working “better than 100 per cent’ the American Sheet and Tin Platé Company is at 100 per cen nd the American Steel and Wire Company at per cent. SILK CARGO HASTENED. Record in Speedy Transportation, Japan to New York. NEW YORK, February 3.—A new record in speedy transportation of aw xilk from Japan to New York is stablished. a $10,000,000 consignment ni brought here in thirteen days, our hours and fifty-five minutes, | The silk, which was shipped from Yokohama to Seattle on the Admiral line and thence moved by the continent, reached three train sections.of ail New ten Thy Argo reached und Aift across the ross York in ars cach. President Grant, on which the was shipped from Yokohama, seattle in nine days, one hour ~five minutes. The. trip continent was made in three days, nineteen hours and twenty-five minutes, _exclusive ~ of transfer time from ship to rail. —_— FAMILY INCORPORATES. Ukrainians in New York Pledge Selves to Learn English. NEW YORK, Febryary 3.—"The Bai- Aban Family Soclety, Inc.,” composed of thirty-five members of one family, for the purpose of mutual help and mutual Americanization, today be- came an official New York corpora- tion. The family organization in- cludes all members of the Balaban family, who are Ukrainians. All members of the corporation are requested to learn the English lan- guage and attend a family rally twice monthly. A benefit fund is establish- ed through the payment of dues, The society has chartered an assembly hall for its bi-monthly sessions. YALE ORDER SCORED. Undergraduate Paper Protests Compulsory Sunday Chapel Service. | NEW HAVEN, Conn.. February ‘3.— Compulsory Sunday chapel at Yale s severely scored as “an insult to the ristians faith” in an editorial ap- pearing in the Yale Daily News, offix cial undergraduate publication. The daily chapel seryice, however, Is up- held. The News Says: “The dally service is admittedly far from being a religious service in spirit, and by it the college gains an essential unity otherwise practically impossible to achleve. The Sunday pointed by the league of nations is|auto license tags readable at night |service is preferably a religious serv- working to standardize serums for the treatment of pneumonia, menin- | gitis, diphtheria and other diseases, at a conducted ards, reasonabie distance are being by the burean of stand- ice, which being required, into religious persecution sult to the Christian faith, egemerates 4 an n- i but iold ipretty well Expected to Improve. . By the Associated Press. NEW YORK, February 3.—The: de- mand for steel has been very active and producers are having difficulty in keeping up with their orders. elgn inquiries are also increasing be- cause of conditions in the Ruhr dis trict and the market as a whole con- tinues very firm, with tendency. Pig iron is in good mand and prices are firmer, with for- elgn offers growing scarce.’ Copper has ruled firm. 5 ten days of January have been esti- mated at approximately pounds for deliveri¢s extending over the next three or four months. Bx- port sales also showed a moderate impiovement and recent buying ap- pears to have strengthenéd the Sup- ply situation. Pfoducers are reparted firm at 15 cents, or the highest price since October, 1920, with some asking further advance of % cent for for- ward shipment. Tin crossed the 40-cent level, with consumers showing more concern on account of the tight position of spot Straits and the upward trend in Lon- don and the east Lead strong, Wwith a strong consumptive demand are light. Zinc is less active and easier. although the trade pating a much larger consumption. Antimeny firm on the spot, owing to light offerings. RAILROAD SHARES CLOSE AT HIGHEST FOR YEARS Saturday Market Also Sees Indus trial Stocks Reach Higher Averages. continued Stocks a By the Associated Press. NEW YORK, February 3 —Specu lators for the advance succeeded materially raising prices in The restraint which the market has been under in respon to the unfavorable foreign seemed to be wiped away and prices market. were bid up vigorously in reflection | of further constructive developments | in the domestic situation. which in- cluded additional inereases in sugar and Pennsylvania crude oil prices and the optimistic nature of the weekly mercantile and trade reviews The demand embraced a wide list. was most effective in the of steels. equipments and a few alties in which pools have re- 1 operations. There was a rails, speci sum marked ubsence of bear pressure and | into | the mawket were comparatively easily the pealizing rales that poured absoed. Twenty standard railroad shares closed today at their highest aver.ge this vear, and the average of twenty standard industrials was only slightly below the year's high mark. Some of the other industrial stron spots were American Ice, United Retail Stores, Iron Products and General American Tank Car, all up 3 to 312 points. Foreign exchanges were firm in re- flection of the more favorable devel- opments tn the Ruhr. Demand ster- ling sold apove $4.67 francs advanced 31 points to .0 German marks were quoted at.000028. cents a hundred, as against their re- cent low of .000020 cents. BALTIMORE PRODUCE. BALTIMORE, February 3.—Re- ceipts of native.and nearby cggs have been more 1 week, and with the m prevalling buyers have been taking on onl enough stock for immediate near wants, and the market closed easy at 34 and 35 a dozen fresh firsts, and small average receipts at 33. ent weather conditions in price i advices from other markets all lower tendenmcy.. Prompt afd demand Under pres- no have fre- quent shipments are advisable under prevailing market conditions, as buy- ers are critical and will not pay top prices for held stock. The jive poul- market rules steady to firm unde~ fair receipts on all lines. Tur kevs are in only limited receipt and h demand fairly good. but cen- tered on medium sized stock of fat quality at 43 a pound for choice hens, 38 for Young goblers, but heavy, toms are slow to move out at 40 to 32, and poor and crooked breasts are neglected at 25. Under light re- ceipts the market for voung chickens s firm at 28 to 30, 25 and 26 for leg- | for rough. poor Winters, two pounds | horns and 20 to and thin stags. and under, are in good demand at 32 and all receipts of this kind clean up rapidly. The season for geese is and market rules €A at 21 to 25 for choice stock and 17 2nd 18 for poor and thin, Ducks are being held for eggs. and market is firm at 25 to 2§ for large and fat and 20 to 22 for small and poor. Pigeons and guinea fowl are steady at 30 to 35 a pair for the former and 60 ‘each for young and 40 of the latter. There is very little life to the demand for dressed poul- and with receipts.are more than for all trade wants, Prices nost lines are less than live stock. Large capons, seven pounds and over, are in good demand at 35 and 36; medium. six pounds and over, 32 to 34, but ‘small slips are slow sale at 28 to 30, v The general white potato market ruled steady under only moderate re- ceipts and a fair demand for No. 1 stock_at 1.20 to 1.35 per 100 pounds and 50 to 63 for 2s. Maryland and Virginia MecCormicks will not ibring over 90 to 1.0D. and cobblers 1.10 to 1.20. Sweets and yams are ‘in ample receipt, and with demand only moderate the market rules easy at 1.2 and 1.50 to 2.00 for the latter. Bushel stock sweets selling mostly 50 to 85 and 50 to 7b for yams, . " Seasonal native and nearby garden truck In_ample supply and prices in buyers' favor at_the following quo- tations: Beets. 75 to 8 bushel. voy cabbage, 1.00 to 1.2 bushel. Car- rots, 50 to 60 per 4-8. Onions; 2.75-to 3.25 per 100 pounds, and 1.50 to 2.00 .00 for No. 2 stock. to 7.00 hundred.| bushel. _Turnips, Oysterplants, Spinach,: 65 to 75 packed ' stock, to 1.50 for No. 1 and 75 to 1.00 for No. 2s; loose stock in ample supply at 1.50 to 1.90 per 100 pounds and 50.to 85 per 4-8 basket. DRY GOODS STEADY. NEW YORK. February 3.—Cotton goods markets were steadier today. Sales were steadier in the finished goods markets: Yarns held firm, Wool goods sold steadily. New fancy lines for fall will be opened on Mon- day. Linens were active. Burlups were firmer and In foreign markets. WHEAT ACREAGE ENLARGED. The area seeded to wheat in India for the 1923 crop is estimated at 29,511,000 acres in a report to the Department of Agriculture from the International Institute of Agricul- ture at Itome. This - estimate is 1,277,000 acres greater than the 1922 acreage. -_— Each human being takes eighteen breaths a minute, or 26,000 a day. For- an, upward s ates for| domestic consumption during thelast 40,000,000 | today’s | ibrief but active session of the stock news | and French | for strictly | for advance looked for next week, as for old | 1o 2.00 per barrel for the former Sa- at 50 to 5.50 per barrel and 2.50 to 3.00 for No. 2s; bushel stock selling 1.25 1.000—Wash. Ry. and Elec. gen. 6s.. 4,800—Wash. Gas THS.......- 400—P. E, P. gen. mort. 75, .... 2.000—Riggs Realty (long) o5...... 1,000—Wardman Park Hotel 6s... Shares. STOCKS, 326—Capital Traction 338—Washington Gas ..... . 621—Wash. Ry, and Elec. com. 1.121—Wash, Ry. and Elec. pfd.. 13—Far. d Mech. Nat. Bank. 30—Riggs National Bank.... 10—Amer. Sec. and Trust. 10—Continental Trust 12—Unifon Trust 10—East Wash. Sav. Bank. 31—Real Estate Title Insurance. . 119—Mergenthaler Linotype 139—Lanston Monotype 194—Washington Market v LISTED Shares. STOCK. 1—Munsey Trust The following chart shows gra mentative stocks dealt in on the covered is the past muv Friday, February 2. activity of the market. 568 9101121315 $—Wash, Loan and Trust....... New h, up to and The lower section of the chart indicates the relative JANUARY tgi=] sa2 DEPARTMENT. RANGE OF MARKET AVERAGES phically the action of forty York Stock Exchange. including the close repre. The period of the market 1 i 1617 18192022 %3 4 25 % 27 29 30 31 | | i 8 Js 1 sIRIE o, ) =] © & i ! P by 2 SCALE FOR INDUSTRIALS 2 ~ o et o MILLION SHARES i ! 1922, i 3, October 14 | Low. January 10 | i High. | Low | 3.99, September 11 73.43, January 9 Am Can Am Car & Fdy Am Locor Am Smelt Am Sugar Am Tel & Tel Anaconda ldwia Loco Atchison timore & Oliio adian Pacitic © M & St Pavl Lehigh Touis & Iilinots Central N X Cep; Rails. | January £5.91 January January Thursda Friday Saturday Monday Tuesday Wedznesda, Thursday 19, Friday 3 U. S. BONDS Maturity Date. & ceeo. 6-15-47 Ist 4s......... 6-15-47 2d 4s .. 11-15-42 Ist 4fs....... 6-15-47 | Liberty 2d 4%4s........11-15-42 { Liberty 3d 44s.... . Liberty 4th 4l4 ..10-15-38 Victory 43%s... 5-20-23 United States 4%s. 1952 ® Closing bid. Jannary January Japnary Jannars Jann Liberty Liberty Liberty { Liberty | LIVE STOCK MARKETS. | BALTIMORE. February 3.—Under limited receipts on the wharves, but ample at the stock vards. the general live cattle market rules easy, with demand centered on top-grade stock of all kinds. Rough ordinary cattle | slow sale and prices mostly in buyer's favor. Quotations today at Light Street wharf: Beef cattle, first_quality. 1b.. § o 9; medium, 1b.. 6 to 7: bulls, as to qual ity, 1b.. 3 to 5; cows, choice to fancy. {ib., 4 to 5; common to fair. 1b., 2 to 8; | {oxen, as to quality, lb. 31 to 5%e;| milk’ cows, cholce to fancy, 50.00 to 75.00; common to fair, 30.00 to 50.00: calves, veal choice, 1b., 13: ordinary to medium, 1b., 11 to 12: heavy, smooth, fat, 1b., 10 to 11: rough, common, thin, 1b.,' 7 to 8. Sheep, old, choice. 1b., 4 to ‘old bucks. Th..'3 to 4; common, 1b., lambs. spring, choice, 1b., 14 to 15 fair to good, Ib. 12 to 13 common. thin, Ib.. § to 10. Hogs, straight, lh.. 9 to 9'%:: sows, as Lo quality, 1b. 6 to §; stags and boars, 1b. 4 to 5: live | pigs, as to size and quality, 1b.. 12 to 15; shoats, as to size and quality, 1b.. 10"to 12 CHICAGO, February 3 (United States Department of Agriculture).—Hogs— Receipts, 7.000 head: holdover, 13 closed active. weighty but strong: 1ight and 1ight butchers, 10 to 20 higher; hulk, 150 to 200 pound ages, $.40a8.50; top. 8.60: bulk, 215 to 230 pound butchers, 8.158.30 250 to 300 pound butchers, §.00a8 weighty packing sows, around 7.0¢ desirable 100 to 120 pound pigs most- Iy, 7.758.00; estimated holdover, 3,000: bulk of sales, 7.80a8.40; top, £.60; heavy-weight hogs, 7.65a8.05; medium efght, 7.95a8.40: 1ight, 8.35a8.60: lght light, §.25a8.50: patking sows, smoo 6.90a8.40; packing sows, rough, 6. 7.00; killing pigs, 7.75a8.25. Cattle—Recelpts. 500 head: com- I pared week ago, beef steers butcher sHe stock largely 25 lower: desirable | light heifers, off more in spots; ex-, treme top beetf steers, 11.00: trainload yearlings, 10.75; common and medium grades, fat she stock, canners and cutters, about steady: bologna bulls, |35 to 50 Jower; best light vealers, 2 to 50 off; lower grades, light kind. 75 to 1.0 off; stockers and feeders, weak to 40 lower; plain light stockers showing most decline; week's bulk prices, beef steers, 8.0029.50; beef cows and heifers, 4.506.50; cgnners and cutters, -3.00a3.75;° veal calves, 10.00a11.25; stockers and feeders, 6.40 e £ a heep—Receipts, 4:500 head; mostly direct; compared week ago. fat wooled lamb: fed yearling wethers and fat sheep, strong to 25 higher: short lambs. steady: feeding and shearing lambs, 25 higher; week's ex- treme top, fat lambs. 17.25, pair Fri- day by shippers; packer top, 15.10; closing, bulk fat wooled lamba, 14.50 415.10; clipped kind, 12.00a12.50; all shorn, up to 13.00; choice 95-pound fat yearling wethers, 12.75: heavy fat ewes, generally, 5.50a6.50; lighter weights, up to 8.00; paid for one load cholce’ 114-pound ewes; week’s ex- tremo top. feeding and shearing lambs, 15.50. & NEW YORK. February 3.—Cattle— Receipts, 590 head; no trading. Calves—Receipts, 495 head; no trad- ng. Sheep and lambs—Receipts, head; no_trading. ‘Hogs—Receipts, 3,750 head; steady, 2.380 (Copsright, 1923, by W. tGoodrich Twenty Railroad Common Siocks Used Are: K € Sonthern FAVHS NOITIN Meyer.) Industrials, 1923, 99.42, January 96.96, January High Low Rails, 1923. 20, 54 High January Low SRR January 1 Twenty Industrial Common Stocks Used Are: Itep Tron & Steel T S Steel Ttah Copper Westingliouse Western Union Northern Pacitic New Haven Norfalk & Western Pennesivania Reading uthern Pa thern Rws ion Pacific alley Nash tral Daily Mevement of Averages: Rails January 20. Saturday 22, Monday’ 23, Toesday 510 s6.11 048 saan A7 {President Byram, &30 January 1osds January 31, Wednesdas Febraury 1. Thursday February 2. Friday AT A GLANCE ——1922 High 103.02 101.69 100.80 101.78 101.00 101.00 101.86 100.98 100.16 98.90 ——1923— High. Low. 101.90 100.94 9890 9864 0844 0774 9910 9824 9R.00 9782 99,08 99.(0) 100.32 100.04 Olose Yesterday 101.48 *08.60 *98.30 93.80 98.56 0R.83 98.80 100.24 100.00 Low. 9484 96.00 95.60 96.00 9574 06.74 95.86 100.02 &-‘u"‘ 322 £ Bibia HHE Awbbhsn 3 99.80 medium to light weight 9.50: heavy hogs, 8.75a9. 6.75a7.50. STUDEBAKER’S FIRST QUARTER OUTPUT SOLD SOUTH BEND, Ind., February 3.— The Studebaker Corporation has en- tered 1923 on a production basis of 150,000 cars annually, with demand in the usual inactive season three times production. entire first quarter output sold and practically no finished cars either in storage or in hands of dealers, Officials do not expect any price re- visions cither by Studebaker ov the industry in general for some time The market passed through the auto- mobile show period without any re- ductions except by a few companies. Enough railroad cars are available to meet shipping requirements, and the only point to which cars cannot now be sent by Tail Is New York, to a_temporary embargo on all modities except necessities as a result of heavy snows. e nd pig: 5; roughs, COTTON PRICES HIGHER! i foreign bonds. Difference of 113 Points Since Last Thursday’s Break. NEW YORK. February 3.—There a continuation of yesterday buying movement and a further ad- vance in the cotton market toda May contracts sold up to 25.35. or 45 points above yesterday's closing quotation and 113 points above the low price touched on the break of Thursday. There was more realizing at this figure, but it was absorbed on moderate setbacks, and May closed at 28.28, with the general market closing steady at a net advance of 26 to 38 points, CLEARING HOUSE REPORT. NEW YORK, February 3.—The week- ly clearing house statement showed an increase of $13.193,000 in loans, discounts and Investments and a decrease of $19,- 425,000 in the reserve of member banks in the Federal Reserve Bank. Net de- mand deposits increased $9,083,000 and time deposits decreased $2,830.000. Ag- gregate reserve totaled $525,791.000, making a deflcit in reserve of $3,730,110 as against excess reserve of $14,624,520 the previous week. COPPER DEMAND EASIER. NEW YORK, February 3.—The de- mand for copper has been less active Lut prices have been generally mai ained, with producers holding for 15, and in some cases asking 153 for forward shipments of electrolytic. tron was firm. MILEAGE ORDER ISSUED. The Interstate Commerce Commis- sion has ordered that on and after March 15, 1923, all carriere shall is- sue non-transferrable interchangeable serip coupen tickets in the denomina- tion of $90, which shall be sold at a reduction of 20 per cent on the, face value of the ticket, or at 372 a book. f ifor the 1822 | H i fand Ohio, { grade Issues. WAR DEBT PLAN VITAL Better Railroad Earnings and Many New Offerings Improve Investment Prospects. BY BYRON & Special Dispateh to The Star. NEW YORK, February week has been one that termed constructive for the fnvest ment security market. This may a first appear as a strange conclusion When the many new low prices for forcign government issues are re- membered, to say nothing of furthe; {reaction in domestic issucs of the first and second grade types. The major influences, however, have bee on the side that ultimately will make for higher quotatjons. | Take the decision of the Britis, cabinet to accept the terms of th | American government for funding th $5,000,000.000 external debt. The co lateral as well as the direct value o this action is gregt. They ente more deeply into the whole quest of international polities and econo s than is supposed. It is possible to translate this a ceptance into terms that ultimatel jwill cumprehend the entire circum stances of international debts, no only those which Euiope owes th- United States but which natlons | BEurope owe cach other. It meuns a mutual d respect between tates and Great Britain at a time when their co-operation is essentiz to ending the demoralization in con tinental Europe. For this reason i is fully as important as the agree ment on naval disarmament a ves ago. Congress Sure to Accept Pla 1t is impossible to believe that Cor gress will not support the gover: ment in the proposition, which it ha and which the British peop adopted. In fact, a survey of th { situation in Washington suggests ay proval of the terms without muc opposition The second constructive be found in the series Jcarnings presented for the month iDecember and completing the recerd lendar year. This r¢ t heartening one vitulity of ou systems an forward satisfac: ven a fair chancs 1822 was one vears sinc administr: were more 1t the costs we of workingme wns of trath any time ELLER ma; i understanding the Uniter made ave factor is t of railroa: ord has be Tt shows tl great transportat their ability 20 torily if I of the 1917-15_in b tion. The irrita merous and mort thigher, tie «tlic lower and tiwe more confusin the 1 ur Splendid Showing by B. and O. But with it all we see the Bait whose loss from the shop imen's strike was §10,000,000, coming back strong under the brilliant man- agement of Daniel Willard, and in most ilroad 5.38 { December earning 200 per cent more net than in the same month of 1921 and $2,000.000 more net for the year than in 1921. We also_see St. Paul, under nereasing net 160 This temporarily relieved of fears that interel may not be earned. The conservative Northern Pacifie, careful to husband its resources and promptly reducing its dividend when surplus began to decline, earned $8.600,000 more for in- terest and dividends than the year previous; the Chicago and Northwest- ern earned over $10.000,000 more, v the Southern railway gained 40 per cent net. The New Haven had a net income of over $12,000.000. compared with $740.000 the year before. These are properties whose stock- holders have shown some concern from time to time in the past year and it is therefore satisfactory to them and helpful to the entire invest- ment situation that earnings are now recorded in black and not in red. The story does not end here, as January net results will also be very gratify- ing. Relieves Flood of New Securitie The third factor of helpfulness that underwriting syndicates have re lieved the investment market of a further flood of new securities, and have thereby given chance 1o catch up with new supplies of capita for investment. January has estab lished a record for capital emissfons. Nearly three-quarters of a billion dol lars In private corporation honds and stocks and over $300.000,000 of gov- ernment obligations have been offered the public. It is small wonder that markets have been clogged and prices have sagged. The same conditions develop year after year, but not in such de- gree as in this vear. Distributers of fecurities overestimated the capacity of investors-to take new issues, and they underestimated the vital bearing of the Ruhr invasion on all invest- ment sentiment. This latter influence has reduced the market value of listed foreign gov- ernment, municipal and corporation bonds approximately $100,000,000. and it has also depreciated values of some of the best American railroad. indus- trial and public utility bonds. The constructive factor referred to above, however, ought gradually to change the aspect of things marketwise, aven more than was apharent in the farl: buoyant closing of the market for the per cent { bondholdars (Copyright. 1923.) U. S. BONDS STRONGER. NEW YORK., February 3.—A sharp wee! end upturn in_the stock market. substan tial recovery in foreign bond prices and foreign exchange rates, halting of the re actionary tendency in United States government securith nd announce- {ments of higher prices for steel prod- ucts, sugar, copper, crude oll and other commodities were the outstanding de- velopments in this week’s financial mar- kets. _ INCOME TAX FACTS. No. 7. Thousands of persons derive their income almost wholly from salaries or wages. Salaries paid by a state or political subdivision thereof as a city, town, county, or hamlet, however, are not taxable. The reason is that the federal government does not tax the instrumentalities of a state. In this connection many persons have the mistaken belief that all school teach- ers are exempt from payment of the income tax. Teachers are not exempt because engaged in educational work, but only when employed by a state or political subdivision thereof. Public_school teachers in the Dis- trict of Columbia, Alaska and Hawaii are not in the exempted class for the reason that they are not state em- ployes, and their salaries, or part thereof, are pald-by the federal gov- ernment. The salaries of ail federal officers and employes are subfect to the tax except that a federal income tax cannot be levied on the salary of the President of the United States nor a federal judge which would diminish the salary that was in effect at the time they took office. The special exemption of $3,500 for persons in active military or naval service allowed under the revenue act of 1918 no longer is allowed. Soldiers and saflors in making returns of in- come for the year 1922 are allowed only the personal exemptions anu credits granted a civiliaa.,