Evening Star Newspaper, February 17, 1923, Page 11

* VIRGINIAN RAILWAY 'HAS BANNER YEAR * Road Earns $6.72 Per Share on Common—Growth of District Banks Shown. Earnings of $6.72 on common shares Were made by the Virginian rallway in 1933, the largest earnings on com- mon stock {n the history of the com- Dany, The net income of $3,500,000 was, correspondingly, the largest in the company’s history. The balance for common stock and share earnings for 1919 was $1,845, €32 and $1.43, respectively, while the same for 1921 was $2,937,732 and $4.92. The total gross revenue for 1922 wag $19,009,444, compared with $18,- 024,357 for 1921, an Increase of $985,- 087. Operating expenses for the year were $12,439,391, and in 1921 $12,406,- 728, showing an Increase of $33,663. Freight Trafic Gains. More than 90 per cent of the frelght tonnage of the road consists of min- ral products, practically all of which i3 coal. Compared with 1921, the revenue tonnage of bituminous cval hauled over the road during the past vear shows an increase of between seven and elght hundred thousand tons. The Interstate Commerce Comm sion has granted the request made ! ast August by the company for a | hange in dividend rate from ‘6 per ‘ent to 6 per cent. On July i, 1922, umulativ dividends « prefer: stock amounted to $30 share, or $3,386,550. Be-usa of the eased dividend rate fue common etockhold- =r8 will be able to share in earnings much sooner than otherwise, as pre- ‘erred stockholders surrendered thelr clalm upon accumulated unpaid divi- dends in consideration of the increas- d rate. It was announced that the company has let contracts for the new $3,000,- 000 pler at Norfolk. Work has aiready vegun and will be pushed rapidly through the year. Growth of District Banks. Total resources of the banking in- stitutions in the Distric er tha supervision of the controller of the currency, as announced in yesterday's 0 edition of The Star, increased 2,700,000 in the calendar vear 19 ording to a statement given o v Controller Crissonger. An increase of $7,825,000 wus also shown during the period from September 15 to the close of business December 29, 1922, Mr. Crissinger said. The fifty banking nstitutions reporting to the controller 1 the currency whose reports wern wade public today arc exclusive of venty-three building and loan asso- viations which are required to sub- mit reports semi-annually. Included in tho number of report- ng banks were fourteen national - banks, seven loan and trust com- panies and savings Janks. The aggregate resources of these 'anks, December, 29, 1922, were $247.- 32,000, divided as follows: National | vanks,” $ ,000; loan and trust companies, '$86.560,000, and savings banks, $38,216,000. Loans and Discounts. Loans and discounts amounting to $133,642,000 show an increase since September 15 of $4,950,000 and an in- . crease during the vear of $12,455,000. Loans and discounts of national banks wers $65.463,000: of loan and trust ompanies. $47.495,000, and of sav- S, 754,000 4l jnvestments of these banks in zovernment and other miscellaneous onuds, stocks and scourities aggre- sated $38,439,000. The increase in stal investments since September 15, . and since . 21, $5,460,000, | he combined capital stock of these | banks on December 29, 1922, was $21,- 89,000, or $2 ‘amber 15, 1927, and an iucrease dur- ug the year of $720,000. The capital stock of nitional banks ! at the close of busimess 1922 was| 7,777,000; of trust companies, $11.- | 100,000, and of savings banks. $2,81 200 Surplus and undivided profits of | 1 banks In the District of Columb! December 29, 1922, were $i9,5 and show increases of $812,000 and $1,719,000 since Septemoer 15, 19 and December 31, 1921, respectively. Total Cash in Vaults. Total cash in vaults on December | 29, 1922, amounted to $5,981,000, an increase over September 15, 1922, of $367,000 and an increase since De- cember 31, 1921, of $691,000. Total deposits of the reporting banks as of December 29, 1922, were | £189,276,000, and show an_increase | since September 15, 1922, of $999,000 ! and since December 31, 1921, an in- «wrease of $18,524,000. Of the total de- I posits, individual deposits amounted .to $177,363,000; bank balances were $10,778,000, and the balance were | United' States deposits. Individual | deposits between September 15 and December 29 of last year show an in- crease of $945,000 and an increase for the whole of last year of $17,616.000. ! Liabilities of these banks for bills | vayable at the close of business last | vear amounted to $7,707,000 and were | 444,000 greater than on September 5, 1822, and $1,292,000 in excess of the amount at the close of business in 1921 { Large Increase in Deposits. i Officiais of the Riggs Natlonal Bank | are highly gratified at the progress | inade by the Park Road branch of the | institution in the six weeks, or since | the new building was opened at the corner of 14th street and Park road. Deposits have increased during that ime by more than -$200.000. and Joshua, Evans. jr., vice president, said | today that the business done was far | n excess of what had been expected | in so short a time. i Dean, Onativia & Co. Expands, | Deun, Onativia & .Co. have estab- ' lished_an investment department in | the Washington branch office in the | Woodward building with Hugh Web- | ster in charge. Mr. Webster is said | 10 have had long experience In the in- ostment fleld, and is sald to be es- pecially equipped to advise potential investors. He was educated at the Tniversity of California, and has been . resident of the District for the last ien, years. ..The Washington office of Dean, “pativia & Co. has direct wire service | ‘with New York, Chicago and other | ienters. It is the purpose of the new fepartment to make more readily avajlable to clients information rela- ive to call classes of securities and investments. " STORMS HURT TRADE. Bradstreet’s Review Reports Less Retail Business. NEW - YORK, February - 17.—Brad- atréet today says: . “The most severe and widely extenad +d storm of the winter has had a re- tarding effect on many lines of trade, tending especially to reduce retail “rade, and even measurably affécted iabbing trade in slowing down move- wents of road salesmen. Farm prod- act receipts in the west and coal and raw material deliveries to industry have been checked, and car loadings | have fallen off. Collections have! slowed a trifle also, Coal buying h been sharply stimulated. ‘These more or less temporary influ- ences, however, have mnot prevented a good volume of seasonal “jobbing irade, which has felt, and still feels, the stimulating effects of numerous shows, conventions and_ expositions. The larger markets generally are re. ported full of buyers, who are oper- ating . confidently for nearby wants but conservatively as to the future, owing to price unce. .eniies. Weekly bank clearings, $6,405,107,000, red ¥ v a 3 i i 1 l NEW YORK CURB BY WILLIAM ¥. HEFFERNAN, NEW YORK February 17.—The ‘Wweek closed with operations for the rise still in progress in olls and in- dustrials on the curb exchange, but with realising sales heavy enough to cause a temporary halt iIn the up- ‘ward movement: of & number of spec- ulative favorites, A feature of today’s short session was the urgent demand for Cleve- land Motors, which resulted in this stock reaching its best prices for the present movement. Durant ssues and NEW YORK, February 17.—Follow- ing is an official list of bonds_and stocks traded in on the New York Curb Market today: Bales in BONDS, thousands. 5 Alum 7s '35 . 10 Am Sumat Tob 7 11'Am T & T 6a '24. 18 Anaconda s 11 Anaconda 7 8 Anglo-Am Ofl 7% 12 Armour & Co Ts ... 108 62 Armour & Co Del 5iis 96 2AUGAWIBS 7 Beth Steel Ts '23. Beth Steel Boston & 1:15, 108% 102 108 106! 5 108 ¢l Citles Bervice T Cons Gag Balto 7s... 108 Cons Text'len 86 ... 1 Deere & Co Tis 108 4 Kan Cy Pow Lt 5y 1 Kennecott Copper 2 Laclede Ga 8 National Acme 3 Ohlo Power WNY. C& 1 Phil’ Pet 2 Tni Ry of Hav 7 3 Vatoum o1 22 Argentina 7e "23. 8 King of Nether 6a.. Mexlcan Gort 5s '94. 87 Mexican Govt 6s 18 Republic of Peru 8s 1 Russtan Gyt 3%gs SIS FREE P T S STANDARD OIL ISSUES in units. 1600 Anglo-Amer 01! @ [ S0 Cumberland P L. . 50 Galena Signal OIl.. 1100 Humble Oil & Ref. <5 Tilinols 1 3 2EFuideetues, 100 Magn 10 N Y Traomt 8§00 Ohto’ Oil mew 500 Prairie Oll & G 300 Penn Mex Fuel . 200 Prairie P L ... 50 Routhern P L . INDEPENDENT OIL STOCKS. in hundreds. 10 Allex Oi . 3 100 on 8 Roston Wyo 011 @ Carib Syraicate | Clties Service ... c ervice prd. Rervice B ¢ E Syndicate Equity Pet pi Faginesra P Federal 011 Fentiand Ot Giltiland 011 . Glen Koek O .. 1 Granada' Of1 Gult_ 0l of Humphreys 011 Hudron Oi1 - Harrls Cons Pet Eevatons Ranger Kirby it Latin Amer O1i . Livingston Pet Towry Oil Lyous Pet Mammoth R R AR (=PRI &= o) Margay Of1 Merritt Of1 . 180 Mex OB 60 Midwest-Tex 15 Mount Prod 136 Mutual Ol BeanE et nd! FOESFERS & Washington Stock Exchange BALES. Wahington Gas 5e—$1.000 at 95. Capital Traction Se—$000 at 974, National Havings and Trust Company—10 at 830, AFTER CALL. ‘Washington Bwy. & Elec. ptd.—10 at 75, G0 at 7 ton Gas Light—2 at B4. Wathingion Koy, & Eiec, 45300 at BONDS Bid and Asked Prices. PUBLIO UIILITY. Tel. & Telga, 4s..... 92 American Tel. & Telga. 4iss.. & Tel, ctl. tr. B & Tel. cnnv.au. Geor, Sietropoiitan B Potomac Elec. 1st 5s. Potomac Elec. Cons. 51 Potomac Elec. deb, 6s. Pot. Elec. Pow. g . 8 Pot, Elec. Pow. g, ‘m. & re Wash., Ales. & Mt Ver. Was . & M Wi Wi 3 MISCELLANEOUS, C. Paper Mfg. 6s. Rigys Reaity oo (long).. Riggs Realty bs_(short gecurity Stor. & Bafe Dej . Mkt; ‘Cold_ Storage G Wardman Park Hotel s STOCKS i ital ca Columb! 180 EEERNGER Liberty coln National TRUST COMPANY. American_Becurity and Trast. Continental Trust.. 210 305 95 te' Bank.. 40 BaBRsE BAVINGS BANK. American Siromen's Fuvional Usion. Real Estate.. ! o MIBCELLANEGUS Columbia Graphophone com. Columbia Grapuoptioas ped: Merchants' Transfer & Mergenthaler Linotype. Old Ditch Market cofn. 014 Duteh Market: pfd. Baturity Blorage.. Wethington Market. Yellow Cab...... “Exaiv. Btuts dlsplayed more activity than in Some time. . S Prairie Oll and Gas was & feature among the olls rising 10 points 6n the report that this company has sdvanced the price of crude another 10 ¢ants in the barrel. Goodyear fesues were active as usual, but did ‘not vary much in price. Mining shai again-active. A still further advance h; tthho copper metal stimulated buying of the coppers. As the market closed the de: a for Cleveland Motors increased and the stock completed & galn of 2% ointa on the day. Gulf Oll ran-up just befors. the close for an advance of a % point on the day. 100 Noble 011 & G 20 Nob Ofl & Gas 10 Ohlo Ranger 14 Omar Oil & Ga 3 Penn Beaver Ol 28 Pennock Oll . 50 Red Bank Oil 17 Ryan Cen 31 it Ck 11 Sait Ok sew pulpa Refln 28 Seaboard Ol 20 Bouthern P & R. 18 Bou States OIl. 152 Texon Ofl & Land . 87 Turman Ol K 3¢ Wilcox Ol & G INDUSTRIALS, 15 Acme Coal .. 84 10 Auto Knit T 281, Awmal Leather . T ! 08 & Am Gan & Elec ptd 4834 Am G & E new wi SB% Am L& Tract.... 136 Arm & Co of Del pt 99% Atlantic Fruit 21 Borden & Co . 143y Brit-Am T6 Co Con 208 Brit:Am To Co Reg 20 Brit "Int Corp A Buddy Buds Celluloid Co . Centritug Iron Pipe Cent Terosa ... Cent Ribbon Mills e Steel Wheel.. Chicago Nipple . Chi_Steel’ Wh'l pfa Cleveland Motor! Ry Po & Lt 28 ol g 1 o 130 amPleane 4§ '« 2 Cuyamel Fruit . 3 2 Dort Motor L 1 Dubilier C & Rad. 10 Durant Mot ...... 8 Durant Mot of Ind % Firestons Tire . 3 Gardner Mot j Gillette & R... Glen Alden Coal 1T Goodyear Tire . 18 Goodyear Tire p 1 Gr West Sugar pi 34 Household Prod § Heyden Chem 1 Hocking Val Prod 6 Hud & Mann R R 1 Hrdrox Corp . 1 Hudson Co 2 Imperial Tobacco 3 Indust Fiber Corp 3 Inter Cont'l Rubber 2 Lehigh Power sec. 1 Libby McN & L new 8 Lupton, ¥ M ... 4 Mercer Mot 8 Mer Mot vot ¢ 3 Motor Wheel N Dept 8t w 1. eather. : Nat Sup Co of Del New Fict Pub Cu.. Y Canners . 5y i 0" 1% 13 Radlo Corp ... 8 Radio_Corp pfd. 10 Rep Tire & Rub 1 Repett! Candy 27 Reo Mot 2 Rosenbi 8 Schulte Stores . B C&I ... 22 Btuts Motor . 3 Switt & Co .00 2 Techaical Prod.. 1 Tean EL Po 24 pf 9 Un Prof &h new 2 fob Prod Ex.... ® United Ret Candy 8 Un Shoe Mach Corp 10 § Lt & Hea 19 Wayne Coal ..... % Ward Baking pfd.. 8 Yellow Taxi N Y. 3 Alasks Brit-Colo. . 20 Am Command Min . 101 Ariz Giobs Copper. 20 Bison Gold . 11 Caluveras Coppe 20 Caledonia M: 40 Canada Svios d 12 Canarlo Copper ... 120 Candelaria Min. 10 Cracked Jack Mine . 20 Columbia * Bmerald. 15 Continestal Mines Con Cop Min te Cork Proy Mine 14 Corter Silver . ;10 Dean Cous Doiores Esper ... 13 Dryden Gold . 10 EI Salvador . 110 Emma Stiver | 1 East Butte Mine 80 Knrek, - 180 Fortn; 20 Fort 50 Goldfeld Cons. 130 Goldfleld deve 70 Goldfield Deep Min 47 Goldfleld Florence 70 Goldfield Oro . Gold Btate 4 Cota . Hardshell Min . Henrletta _Silver Hill Top Nevada 8 Hollinger 4 Hecla , Ming 13 Howe ‘Sound 180 Independence 10 Iron Blossom .. 6 Jerome Devel 20 Tone Star . 234 | 1 New Cornelia 14 New Dom Coj 3 e Jemey 7 108 N Y Parcupine. 10 Nevada Ophir ... 30 Nevada Silver Horn . Niplastnx 47 Ohlo Coppe 180 Red Hill Fl, 10 Rex Cons €0 Richmond < 50 Bllver Qn Min Co 260 Blly Mines Ame: 2 Southwest Metal 10 Silversmith Minos. 30 Bimon Bilver ..... 2 Bou Amer Gold & P 100 Bpearhead Goid K 1 Buccess Mine 10 Buperatition Mi 23 Teck Hughes 1 Tonopah Belmor 80 Tonopsh Cash Boy. . 47 Tonopah Divide 10 Tonopah Extens . 85 Tuolumne 4 50 Tnited Eastern 3 United Verde Extén 10 U 8 Continental ... . 2 Unity Gold 120 West End Ext 2% TREASURY CERTIFICATES. (Quotations furnished by !\od-und] & Co.) ——Close.——\ Re- —Maturity. 1. 3 346 March 15, '1923. o5 532 100" 43# March 15, 1923, 00 . 100116 3%s June 10, 1923.. 90 2032 100182 3% September 165, 1923... W% 100 48 December 15, 1928.... 99% 100 . 8%s June 16, 1924, 101016 101% 634 September 15, 1924... 1017-16 1018 4% March 15, 1926 + 100518 10034 99 15- g $ Bisie e 4%s March 15, 1926...... 100% * 10011%6 43s Beptember 15, 1926... 9 - 99316 4% December 15, 1927... 091516 1001.16 e SHORT-TERM SECURITIES, (Quotations furnished by Bedmond & Cv.) . > Bid. Ofter, Aluzitaum Co, of Amer. Ta 1025, 108% 108% Aluminum Co. of Amer. 7s 1983, 1084 1064, American Cotton O} 6 1024, P American Sugar 6e 1987... 1023 -~ 100% American Tel. & Tel 6o 1024.. Ameriean Tel. & Tel. 6s 1025.. Anaconde ‘Copper Se 1929, 1024 105% Bethlehem Bteel Ts 1923. lan Pacific 6s 1034 Gantral Loather 5a 1925, 1005 5 Bea thwestern Bell 7s 1925. S‘Z.“.d:'-u o1t of C'"{u"l' 108! lowater Oll 634s .« o, lon Tank Car 7« 1980.. Western Union eqz- 1 Westinghouse E. & M, SHORNG FACT Making his first public statement regarding the clroumstances sur- rounding his recent enforced retire- inent from the active roll of the Army, Ma)! Gen. Adelbert Cronkhite, ‘war-time commander of the 80th Di- vision, last. night promifsed revela- tons which “will shock the conscience of the country,” according to the As- soclated Press. Maj. Gen. Cronkhite repeated his charge that he was taken out of ac- tive service because of the attention he was giving to Investigation of the death of his son, Maj, Alexander P. Cronkhite, mysteriously killed in 1918, at Camp Lewls, Wash. He sald that In what he had done he was only “performing the duty to which I was assigned by the Presldent.” He had been glven no opportunity, he added, ta place the true .facts hefore the authorities, and, contrary to estab- lished regulations, had been denled even the right of appearing before a retiring board. A Senate investigation intp the case aiready has been' requested by Jo. nings C. Wise, who served in the 80th Divislon as alleutenant colonel, -and by others of Gen. Cronkhite's friends, Yesterday Senator Reed, republica Pennsylvania, to whom Col. Wise ad- dressed his request for an investiga- tion, replied to the colonel's letter with a promise that the case would receive careful consideration. Senator Reed added, however, that he had not yet decided whether to present a reso- lution of tnquiry. Believes President Misled. In his statement last nig Cronkhite emphasized that be leved President Harding had beer imisled” into signing. the retirement order, and that the “grave irregulari- ties” 'he churged in connection with the case of Maj. Cronkhite had taken Dplace before Secretary Weeks took of- fice. The statement follows: It fs very gratifying to me that former officers of my division should have voluntarily come forward to my support. Upon their Inslstent de- mand I placed at their disposal the documentary evidence relating to my retirement in order that they might draw their own conclusions as to the facts. They agreed with me that when an ofticer of the Army loses his life while on duty the responsibility for ‘a full investigation of the facts rests on the War Departmeént, and that when & confession. is made to the murder of an officer and an_ indic ment is had against the confessed murderer it is the duty of the War Department to spare no effort to bring the guilty person to the bar of ustice. “My friends agreed with me that if the War Department saw fit to as- sign me to. duty in connection with the case of the murder of son, 1 shonld not hiave been retired on the &round that I was not available for other duties, especially when, In fa I did perform other duties. To pr mote an officer in 1921 at the end of forty-three vears of faithful and ap- parently efiiclent service, and to call for his retirement in 1922 on the ground that his services are no longer of value is not consistent. Would Prove Statements. “There has been no statement made by me at any time with reference 10 the irregularities in the records of the War Department in the case of my son that I am not prepared to prove. Those Irregularities are grave. They did not occur during the incumbency of the present Secre- tary of War. The records of the War Department and the Dapartm of Justice will show Congress, if Con- gress desires to know the facts, e actly what has occurred in conne tion with the case of my son and, ho doubt, why it has occurred. “The facts are that in 1913 my son lost his life. He was an officer of the Army on duty with troops at {the thme. He was officially recorded ¥ the War Dapartment as having died as the result of a self-inficted wound, “Invéstigations which the War De. {partment should have made- and -aid not make lad to the mrrest of two {men who were charged with his mur- der, one of whom confessed to the crime. Without trial they were lib- jerated. Later, upon the same ev {dence they were rearrested and upon | the same evidence indicted by a grand jJury. Today one of them is- free {again by reason of a technicality of {the law. 1 know of nothing being done by the War Department to bring either of them to trial in the proper jurisdiction. “Meantime I have been retired be- cause in performing the duty to which I was assigned by the President 1 was_deemed to be not available to the War Department. It s true (hat the President may at his discretion jretire an officer sixty-two years of age. but an officer may not be- tired for cause save upon the find- ing of a retiring board. The recor in the War Department today show that I was in fact retired for caus {the cause stated not belng Gen {cordance with the facts. {_"“I have appealed in vain to both the I President and the Secretary of War | pursuant to the ninety-seventh article jof war for an opportunity to estab- i lish the facts in my case. I am con- | fident that the refusal of the President 1o have the facts determined is due to 70 othef cause than he has been mised, and 1 am equally confldent that the President had no desire to do me a wrong. “There are some things which an American officer cannot permjt, however, even if unfortunately it becomes neces- sary for him to act in opposition to those for whom he entertains only the high- est respect. 1 have not the slightest doubt that when this case s’ finally settled and the President knows the whole truth he will commend and not condemn me for my course. My ef- forts are directed not only to dolng justice to my son and myself, but to relleving the Army of a reproach that rests upon it, and with that end in view I feel that 1 am acting in the in- terest of every officer in the Army. “The facts in this whole unfortunate affair, when they come to light, will shock the consclence of the country, and unless something happens to me they will surely come to light. They are known to the Department of Jus- tice, and all 1 ask is that tnose tacts be presented to an American jury.” [ELLS OF HUGE GARDEN | N VOLGANO'S CRATER One of the greatest of the world's extinct craters—Ilarger In extent than the entire District of Columbia—on the floor of which grows clover: as fine- as the cuitivated varleties, food for 75,000 head of deer and other game, was described last evening by T. Alexander Barns, English explorer, in an illustrated lecture before mem- bers of the National Geographic Soclety. it s the crater .of 1 i Ngorongoro In the former German 115% | East Africa, now christened by the | British mandate holders, Tanganyika territory. - In the crater also are a few monopolistic, sleek lions, who feed off of the great herds without |. Mr. Barns African great lakes. "During a.por- tion of the journey they traveled by river boat manned by a crew: of can- nibals. s > Motlon pictures obtained .by Mr. Barns showed the various wild ani- mals of Central Africa, and presented studies of the wonderful variety of butterflies of the —région. Views ©of an African “fleld day” were showm, in which dusky athletes jumped with ease over the head of Mrs. Barns. By way of African: contrasts the. films showed four-foot pigmles and’ & huge orilla, measuring more thau five eet around the chest, v Prices Are TN {CRONKHITE. TO BARE | Rise in Stock and Commodity Market Features !Reserve Loans Decrease—Ruhr Problem BY STUART P. Epecial Dispatch to The 8¢ NEW YORK, February 17.—The two outstanding features of the past week have been the continued advance and expansion in the volume of business on thg stock exchange and the simul- taneous rise in commodity prices. In WEST. both these movements speculation has played a conspicuous part, although, in the case of some of the commodity in- creases, the rise has been due to real Inability of output to keep pace with current demand. The situation is not without its hint of danger, to the extent that prices have advanced as the result of specu- lation. But while there {s some fear that ultimately present conditions may result in another period of inflation, the danger polnt has not as yet been reached, Federal Reserve Loans Decrease. The best evidence of this is the com- parison of the federal reserve position as it is now and as it was three years ago. At the height of the great Wall street boom of 1919 the federal reserve institutions were carrying loans se- cured by government bonds in the enormous total of §1,863,000,000. The same loan .account stands now at $428,700,000. articular set of redisco stregt loans more the figures therefure nts pectally, BRITSHDEBT ACTON. HELPS COTTON PRIES By the Asscclated Press, NEW YORK, February 17.—The cotton market showed renewed firm- ness during today's early trading. Thers was a continuation of vester- day's buying movement, which ab- sorbed rather actlve realizing on an opening advance of 10 to 21 points, and soon sent prices 14 to 23 polnts net higher, with May contracts relling at 2896, or within 9 points of the season’s high record. Bullish over- night advices from the spot markets promoted buying on the talk of a very strong statistical position, and there was also bullish comment on the pas- sage of - the British debt-funding proposition by the Senate and week- end roviews of the goods market. Cotton futures opened firm: March, May, 28.85; Jul 40; October, December, '25.60. Cotton futures closed baraly steady {March, 25.39; May, 25.77; July October, 25.61; December, 2 Cotton, spot,’ quiet; middling, NEW ORLEANS. February 17 ton opened &teady; March, 25.55 28.48; July, 25.09; October, Ccember, 2518, Cotton futures closed steady net gain of 2 to 22 pol & bid: March, 5.10; October, | ! a !COSMANO GOES TO PRISON Conspired With “Big Tim" Murphy in $300,000 Robbery. NEW YORK, February 1 nzo Cosmano, who was convicted with “Rig Tim” Murphy of conspirac: in connectlon with the $300,000 Chi- | cago mail robbery in April, 1821, and who was found Sunday in the steer- ! ags of an Itallan liner after he had | been missing for nine months, has ived removal proceedings before Comumissioner Hitchcock. He wgs taken to Chicago today and thenice to Leavenworth to serve & ar sentence imposed upon him he wag convicted. Cosmano’s wife, who was found with him in the sieerage quarters of the Glulio Cesare, arriving from Na- ples, Italy, was allowed to go free. She raid she would go to relatives in Michigan. Cosmano left the United Stateg for Italy in March, 1922, while his appeal to the United States court was still pendiog and while he was free in bail of $100,000. He told the immi- gration authorities today that he left the country because his mother was seriously {ll. He said Ire had told the bonding company that he would be away & couple of months, but that he had neglected to inform the De- partment of Justice of his departure, Federal authorities sald the ball bond had bsen forfeited. FOREIGN EXCHANGE. February 17, 1923—11:30 a.m i (Quotations furnisbed by W. B. Hibbs & Co.) ‘Athens, drachm Madrid, peseta Vienna, crown Budapest, crown. Btockholm,’ crown, By fhe Associated Press. NEW YORK, February 17.—Foreign exchanges irregular. Quotations: Great Britain, demand, 4.69%; cables, 4.69%; sixty-day bills on banks, 4.667%. France, demand, .0696; cables, .0597. Italy, demand, :04783;: cables, .0479. Belgium, demand, " 0523; ‘cabler .0623%. Germany, demand, .0000521; cables, .000052%. .3852; cables, .3955. Norway, demand, (1863, Sweden, demand, .2663. Den- mark, demand, .1920. = Switzerland, demand, .1880. Spain, demand, .1563. Greece, demand, .0118%. Poland, de- mand, .000022, Czechoslovakia, de- mand, .0296. Argentina, demand, 3725." Brazil, demand, ,1162, Mon- treal, .98%. RS TODAY'S BOSTON STOCK MARKET. BOSTON, Febru 17.—Following is a-list of today's highest, lowest and_closing prices for the most ac- tive stocks dealt in here, Hl!h. Low, Close. 6" 3. '35 £ R Boston Elevated Calumet & Arizona . Culumet & Hecla Hen 25 Pout | | Eastern 8 | Gardner 'Motor ‘ranklin ... . Inter Port (;Qmert . North Butte 01d Dominion l sachin Bos Machine | Tuolumne U.8 Smelt Ttiah Cor Venturs O ‘Waldorf ‘Walworth ‘Wolverine PR Holland, demand, | Still Unsettled—German Marks Highest of-Year—Gold Export Move Needed. Jmay be accepted as a fairly reliable measure of the extent to which the present speculation has {mposed a strain upon bank resources compared with what it did in 1919-20. Rediscounts Also Off. There is the same contrast when ft comes to comparing the loan account originating with commercial transac- tions. This is represented principally by rediscounts supported by. other than government collateral. At the extreme of the Inflationary era of 1920, just after the start of the col- lapse, this item stood “at $1,616,000,- 000. The latest statement fixes it at only $224,700,000. These figures speak, for themselves in their answer to the Question whether the present move- ment in general business and in the urity markets has so far involved ny serfous pull upon the credit facili- ies of the country. . But it was an incident, not without its warning, that the reserve ratio in the week ending February 14 dropped from 77 to 75.3 per cent and that the principal cause was an in- crease of $73,200,000 in discounted bills held by the New York bank. This, of course, was a reflection of Wall street operations and, coin- clding as it did with a slight ad- vance in call money rates, showwd that the speculative expansion of the last few weeks was beginning to have at least some effect upon ths money market Posaible Checks to Campaigsn. It i§ not easy to set limits upon stock exchange campalgn such as is now under way. The check usually comes’ in ofe of four ways, First, something bad may happen in the outside situation that will turn the prevalent .confidence into a sudden desire to sell. Second, the money market might shut down by making it more difficult to obtain extension of credit in speculative operations. Third, as happened last autumn, the authorities may get together and force houses that are deemed to be carrying too many stocks to reduce their commitments. Fourth — the purely techrical side of things—an upward movement often culminates | for no other reason than that the Wall street syndicates und what are known as the “inside interests” ha- isucceeded in- distributing their hold- ings to the speculative public. Outside News Not Menacing. | So far as can now be seen, nothing |gnfavorable iy hmpending in the out- | ide news, por is thers much likeli- hood of the money market tightening to an extent that would discourage | #peculative enterprise. The end of the {advancing movement is much more japt to come in one or other of the| tlast two ways suggested; that is, | either through the decision by the | banks and stock exchange heads that | jeertain loan accounts have become too large, or elsa because the pools | {have got rid of enough stocks to| {make It an object to withdraw sup- | {port and bring about a-good sizcd reaction, 2 Gold Export Movement Needed. The essential influence in the direc |tion of inflation both of stock |change values and commodity the huge gold stock accumulated within the last six years. These gold {reserves in the federal reserve sys- |teni have risen from $250,000.006 in |the early part of 1915 to over $3,000, o are £1.000,000,000 more hen the ad- its heig] |* Under theso circumstances the be { thing that could happen would be : | Kola~ export movement of sufficient | dimepsions 1o do a with what is{ an unhealthy surpl o constant temptation to overextension of cred- | it. But gold exports in any large i ay are out of the question -with/ ! exchange rates the way they are now. | |'As a matter of fact, we are still add. | |ing_to the gnold eupply each month. | In January, hnports of gold exceeded xports by $24,400,000 'and for th seven months ended January 31 th import excess was nearly $150.000,000. | Rukr Outcome Still Unacttled. Another week brings the outcome of the cconomic struggle in the Rahr {no nearer or no easier to predict. !One of the remarkable features o been the recovery in the German | mark to the highest of the yvear, do- | epite the continued huge output of pa- per notes. | This has. commonly been attributed to artificial measures of support on the part of .the German Reichsbank. But it also may easily reflect a real feeling in financlal circies that Ger- many's position has been improved by her refusal, since the French ad- vance, to attempt anvthing further along the line of reparations. If there is any difference as com- pared with a week ago, it is that the probabilities seem greater for the ultimate adoption of the plan favored Iby the American State Department |ana supported by the two wings of | i the liberal party in England—namely, { the appointment of an outside com- | {mission to determine exactly what | Germany can afford to pay. This, after all, has always appeared the | only logical way out of the dilemma. (Copyright, 1923. | | | 1 vanca ces was at i | {First Mortgage Loans 1uvmt Rates of Interest and Commission. Prompt Action Thomas J. 5::"::{5 smc.empnny. Inf. . If you have money to invest, we can safely the it on gilt-edge first . C. Mortgages. Our. record of 30 years insures your protection. Courte- ous treatment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. ™ afe Security _ ound Methods atisfactory Service —are outstanding ele- ments of the desirability of investing in our 7% First Mortgage Notes Desirable investing de- pends solely. in judiciously selected securities. . We value highly our record of never a loss of as much as 4 single penny in either prin- cipal or interest. - ofes now on hand in de- nominations of $250 up to $5,000. Certified Title fur- nished with each purchase. Collecting, remitting interest and all_details attended to by our Loan Department. Chas. D. Sager 923 Fifteenth Street N.W. Loan Dept., Main 36 8 SOnmmninnmnn FINANCIAL INCOME TAX FACTS. No. 19. ‘While the word “depreciation” is not used in the revenue act of 1921, it provides that in computing net in- come there shall be allowed “a rea- sonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsoles- cence.” The deduction is conflned to property actually used in trade or business. In general it applies to capital assets, the cost of which can not be deducted as an expense. For example, a lawyer or physician 1s not permitted to write off as a cur- rent expense the cost of his profes- slonal library, but may deduct an al- lowance for its depreciation. Deductions are riot allowed for de- preciation of a taxpayer's home, .the furnishings. therein, his personal ef- fects, nor. automoblles used chiefy for pleasure or convenience. Depre- clation does not apply to {nventories or stock in trade, nor to the value of land, whether Improved. or unim- proved. Depreciation may be claimed on all business property, which includes not only buildings, but machinery of .a permanent. character, _automobiles, farm tractors, mines and mill equip- ment, furniture and books. The ‘value to be cared for by de- preciation is the cost of the propert: However, in the case of property ac- | quired prior to March 1, 1913, the de- duction shall be computed upon its fair market date, HIGHER IMPORT DUTIES. Norwegian, import dutles on all commodities except coffee, sugar. alcohe!l, and those fixed by treat have been increased 20 per cent, ef- | fective February 9, according to a radiogram from Assistant Trade Com- | missioner Sorenscn at Copenhagen. | The present action on the part of the | Norwegian government is understood to be primarily a revenue measure and it is expected general advance in duties will yleld 14,000,000 kronen in | custom revenue. price or value as of thn.ll AAAAAAAAN estate and household goods or chat- fels. 7 per cent interest. Mo bro- kerage charged. Pay your bills and owe only ens firm ercial Loar frm, Boom 311, 931 15th 8. . Money to Loan Secured by lulm‘tsu u_u-: ostata. Joseph 1. Welier (3 - We have on hand gilt- edge first trust notes se- cured on approved north- ‘west property. Moore & Hill, Inc. 1420-22 H St. N.W, "Trost EQUITABLE Co-Operative Building Association Organised 1879 434 YEAR COMPLETED -Systematic Saving A plan to make saving easy— Save a little each pay day snd you will be surprised at the amount accumulated in 84th Issue of Stock Belng Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F 5t. NW. JOHN JOY EDSON. PresMent PFRANK P. REESIDE, Secey, MORTGAGE MONEY 52 and 6% An unlimited amount to loan on desirable hotels, office buildings, apartments or centrally located business properties in Washington, D. (.. in amounts of $100,000 and upward. LOW FEES PROMPT ANSWERS EARLY CLOSINGS HANNON- 713 14th St. GILTEDGE SECURITIES First Mortgage Notes Secured on Improved D. C. Real Estate Appraised by Experts of 35 Years’ Experience Without a Loss Offered in Denominations' of $250 and Up A Good Investment. WILL PURCHASE First and Second Trust Notes Warehouse Receipts, and Make Construction Loans ational Mortgage & Investment Corporation 811 Vermont Avenue N.W. & LUCHS Main 2345 MONEY TO LOAN ON FIRST MORTGAGES Randall K Hagne: & G 4307 Conmecticit (Bhiveisa —— INVEST YOUR FUNDS IN OUR FIRST MORTGAGES UR First Mortgages are secured by improved Washington Real Estate. They yield' 6% interest and are in amounts of $250, $500 and $1,000. They are both safe and profitable. We will be glad to answer your inquiry. F. SAUL CO. 1412 Eye St. N.W