Evening Star Newspaper, February 25, 1923, Page 24

{, GROWS MORE ESSENTIAL [[fublic Demanding . 7 and Greater Degree of Uniformity Dependable Service in "Apparatus on Sale. BY COMMANDER STANFORD C. HOOPER, U. 8. N. ight, 1925.) The lar radio Erowing nation-wide interest in popu- has resulted in an ever- demand for standardized service. Not only is dependable serv- wanted in the radio market, but public demands at least some de- of uniformity in apparatus of- ed for sale. Moreover, protection naturally cd by the general public against gant clalms and actual fraud, end that mysterious agency we call o lends itself to both in large re today. radio manufacturing industry has now grown to huge proportions in the uggregat and in no other Yarge industry can the public be so victimized by irresponsible -ers and unscrupulous dealers dio i sovernment with its, radio | tories d t ned techn nuel it ot subject to vietim® but the general pul-e8. littie or nothing of the today without and it must leok overmuent or to some re- sponsored by the is Our noin radic lLiich kno icnce of e on along logical and, tions ‘will therefore prove to th ever-i but also sible manufacturers and responsible distributors wnd 5 Who have no desire to mis- ropresent the articles they sell. but} B itee them for what they are Worth and no more. $It will also benefit the Army and p Y jio services by gradually eliminatin r as possible super- | fious equipmc and 8pare part®| ith are not interchangeable, there- ! PV resuiting in cconomy of operation extensi radio services. of Navy Radlo. radio, having been the »r in the radio mar- > udvent of the broad- lias endeavored to stand- Aardize radio us much ak possible con- ®idtent with the rapidly developing stages of the radio art | ' were s encoun- v, die de varietg which b, rence on the g them: to cadl servi in service at tions on _ship- : to the patent existed and their i7 manufacturers controfe the differing designs A metiods manufacture of uipment and parts not restricted by te mployed by various manu Tmcturers. and various other reasons Morcover, the volume of radio uipment produced prior to our en- v c war, though country than else- hore. was very small compared with | tBat produced for war purposes and 186 _<ubscquent. volume of t fol- % advent of the broadcast in design and meth- \ufacture in the early i radio industry, there- a serious matter, producer of the mall outputs. iderable progre#s was gradu- 1y the ¥ comparatively Vgvertheless, con ward standardization Ly brought about periodically, due tcipally doption by the Nasy dfo of certain st standards, in epin with the progre of the rt. for its extremely important ird stations of the fleet and the important corresponding sta- she and‘its ins ence that for b ant s on Sets Installed and Built of work absolutely guaraunteed. rt trouble -I}ouljnx. ery piece We do e EWashing!nn Radio Service 11 Lfll IQI!A Radio D Itustrated =& EVERY WEEK 10: Y AL 352 PER YEAR 10 DIGEST. Hlagt oA West S these standards be met by manufac- turers who furnished equipment for the service. Vacuum Tubes Important. One of the most important and diffi- cult efforts at standardization being made by the Navy at the time of the advent of radiophone broadcasting was in connection with vacuum tubes, especially those used av detectors and amplifiers. As a result of these ef- forts, the average life of these tubes was increased from 100 hours to 2,000 hours in the early stages of their development, although, unfortunate- ly, an agreement agong the principal manufacturers on such a relatively unimportant adjunct as the tube socket or holder could not be brought abdut. Speclal adapters had to be manufactured to support the tubte of one manufacturer in the socket of another manufacturer. This will {llustrate the importance of standardizing on gquality on the one hand and the difficulties encoun- tered in_ endeavoring to standardize on simple accessories on the other hand. Now the demand for more or less complete standardization on qualit and interchangeability of parts ! voiced by the general public, and this demand must be complied ‘With re- gardless of difficulties, because once standardization is effected the ap- proved standard articles of apparatus will undoubtedly be .given prefer- ence by the trade and the purchasing public. An important meeting on stand- ardization was held on January 12 in the Engineering Socleties building in New York city, which was attended by representatives of the principal manufacturers and _distributors of radio equipment, representatives of the Institute of Radio Engineers, the American Institute of Electrical En- gineers, the American engineering standards committee, and representa- tives of the Army radio, the Navy radlo and the bureau of standards. Approximately 100 accredited rep- resentatives of the radio industrial and trade agencles, the technical or- ganizations interested and the gov- ernment radio agencles participated in the proceedings. After a full discussion of the gen- eral subject of standardization in radio two resolutions were adopted at this meeting, which provide: (1) That standards for radio ap- paratus and service should be formu- lated, and, (2)' That a broadly representative national committee on radio stand- ardizatlon should be formed under the leudership of the Institute of Radio Engineers and American Insti- tute of Electrical Engineers, under the procedure of the American en- sineering standards committee. Thus a start has been made look- ing toward a comprehensive program of standardization in radio-in the United States, Advisory Committee. An advisory committee of thirteen members was appointed at the New York meeting to assist in the organi- zation of the national committee and the necessary technical subcommit- tees. That this attempt at standardiza- tion in radio, consistent with forth- coming developments in the art which can be foreseen and even those which cannot be ‘oresoon at this time, will prove successful, there cannot now be any doubt. Not only is standardization now demanded by the radlo fan and desired by the respon- sible dealer, but the responsible manu- facturers -likewiso - desire to have this difficult problem solved before a in this important industry. From the viewpoint of the national defense, standardization in radio !s as im- portant as standardization in any other of our essential .large in- dustries. Radio constitutes the equivalent of an extremely important force in war and, if this force is to be used at its maximum efficiency in emergencies, apparatus of standard designs and proved merit must available or at least developed so that it can be produced quigkly and in large quantities. To standardize in radio is a most is as Intangible as It is mysterious and its effects are-as varjable under differing conditions as it is theoretic- ally all-pervasive. With the ever- growing demand for its application in practical service, however, and the consequent large quantities of radio apparatus in daily use by the general public, the problem must be attacked and solved in such manner that this ever increasingly important industry may be maintained on a high plane, protection afforded the consumer and the national interests safeguarded, without, however, hindering the gradual’ unfolding of this most fas- cinating science or delaying the ad- vent of the world-wide service which it i3 destined to ultimately afford. In our endeavors to standardize radio we are always confronted with the fact that revolutionary changes in the radio art are likely to be brought about any day, due to new discoveries or inventions. Any pro- gram of standardization obviously must provide for such contingencies, even though standardization itself must temporarily suffer as a conse- quence. — Giraffes can see behind them with- out turning their heads. Radio Enthusiasts are assured -expert by dealing with th service and advice is company. Prac- tically everything for Radio is carried in equipment. stock—from parts to compléte Bring Your Radio Problems be | difficult task because radio as a force | l i { i { i RADIO GOSSIP AND NEWS Agitation for reforms in the broad- casting service of the local stations has been started by i. few of .he Washington radio enthuslasts. The outstanding criticisms are afmed at the “foolish lecture stuff” broadcast by the government departments through the powerful naval radio station NAA in Arlington, Va. and the “canned music” which fills the air about 6 o'clock in the evening and which the protestants charge is seri- ously interfering with the reception of the dinner concerts of the distant stations. Many letters have been received by the writer during the week emphati- cally protesting against the monopoly of the air on three nights in seven by the government departments with their radio lectures, while others have registered their complaints over the telephone. The local statfon which broadcasts phonograph music around the dinner hour has received a share of the criticism. Programs Too Long. There are still others who have complained that some of the pro- grams are either too long or are mediocre in quality. The impatient fans have found fault with the lengthy intermissions between the program numbers. - Almost as quickly as the complaints arose, however, some of the listeners- in came to the defense of the broad- casting stations, indicating their ap- preclation of the efforts of the broad- sasters to entertaln them. _The complaints and the commenda- tions have deeply impressed on the broadeasters that it is virtually out of the realn of possibility to please the cntire mass of listeners. Answer to Criticiam. What effect the adverse criticisms will have on the broadeasters will be indicated by the action of the Wash- ington Radio Broudcasters Associ- ation when it meets this week to map out a program for improving the broadcasting service. Clarence A. Parezo of Station WIL of the Con- tinental Electric Supply Company, however, has taken cognizance of the complaints against the broadcasting of the phonograph records during the dinner hour, and answered the critics in the following communication ad- dressed o the radio editor of The Star: Information Offered. In reading The Star of February I came across a letter which had been written by H. C. C. Stiles, offer- ing up a prayer for less local broad- casting, and as 6 o'clock in the eve- ning was mentioned, I naturally feel that this letter was directed against this station, as we are broadcasting local entertainment from 5:30 to 6:30. The gentleman in guestion has not failed to mention tho financial ex- vense incurred in installing broad- casting stations. 4 “l am mnot writing or answering this letter in the form of criticism, I am simply offering some information that might be of a owners of the so-called really good sets, The so-called really good sets should be capable of tuning out any local interference. There are a dozen sets on the markct that are able to do this., and I have come into con- tact with hundreds of business men in the store who state that they are able to tune out even NAA, station at Arlingon, and you must admit that NAA is a very powerful station alongside the department s{ore and electrical store broadcasting stations, and as a further suggestion to the gentlemen that feel inclined to eriti- cize such stations, I might make the suggestion that if they would re- duce the length of their aerial their sets would be much sharper in tuning. ‘Live and Let Live’ “Statistics show that there are about 20,000 small receiving sets in Wash- ington that cannot receive anything but the local stations, and most of the owners of these sets are people who work during the day and are not interested in the day programs, and I feel that the owners of these smaller sets are entirely satisfied with the phonograph boradcasting concerts and condition bordering on chaos ensues ! such talent as can be afforded them in these one-hour programs. Most of these people cannot afford to buy the so-called really good sets, and as there is always two sides to a story this whole proposititon simmers down to one thing, and that is, ‘Live and let live. Logging Interference. Acting as observing stations, mem- bers of the American Radio Relay League in Washington and other sec- tions of the country have started the task of logging all interference on broadcast wave lengths in order to determine what percentage of inter- ference is being caused by the several classes of transmitting stations. Interference in receiving is a ques- tion of general moment to all those interested in radio at the present time. It is what Secretary of Com- merce Hoover referred to when he declared there was an urgent need for a means of “policing the air.” It was one factor back of the active support of the White radio control hill Subject Not Understood. The subject s not generally under- stood by the thousands who have be come interested in broadcast-listen- ing almost overnight, and by having its members at different points in the country log the interference, the American Radio Relay League pro- posed to show just what percentage of the Interference is being caused by the broadcasting stations. It would appear from statistics compiled from other sources that of the various kinds of transmitting, stations, com- merclal, naval and private, the inter- ference caused by the amateur is neg- ligible. ¥ The greatest interfering medium on the part of the amateur today, it is said, is the spark transmitter. which is fast becoming eftinct. Next in line is the tube transmitter employ. ing a frequency of alternating cur- rent which Is unflitered. The ama- teur is doing his best to eliminate this_undesirable feature by rectify- ing his alternating current. Commercial Interference. Another form of Interference un- doubtedly comes from the naval and commercial spark stations, which often operate on wave lengths sup- posed to be 300 or 450 meters, but Since the spark transmitter has a poor decrement, and is incorrectly tuned, this wave Interferes with the broadcast wave of 400 meters. No one really knows how much inter- ference, nor what percentage of it, is being -caused by these various inter- ests. When the first radio law was drafted, in 1912, government officials here_in Washington, upon the agvice of the best informed radio men in the country, passed a law glving the amateur a wave length mnot to ex- ceed 200 meters, a decrement of .2 per cent and a power input not to exceed 1,000 watts, meaning he must have a 90 per cent pure wave. This was given the amateur in the con- victlon that he could not transmit more than a city block. But the am- ateur has conquered the 200 meters, he has conquered the city, block, the continent, the Atlantic and Pacific oceans, and for this he has used less than one kilowatt Explains Vacuum Tube. L. E. Bliss, head of the Bliss Eles trical School, explained the opera- tions of the elements of a vacuum tube for dctection, transmission and amplification at a’ meeting recently of the radio club and chemimstry classes of Business High School. He iNustrated his lecture with photo- graphic diagrams. Hears Across Contiment. Carlos Van Leer, jr., of 1855 On- tario place has entered the long-dis- tance reception contest by submit- ting the following list of stations he has received on three tubes: WHB, Kansas City; KYW, Chicago; St. Louis; ‘WOC, Davenport, WFAA, Dallas, Tex.; WKY,, Okl homa City; WOS, Jefferson City WLAG, Minneapolis; WMAT. Duluth WDAP, Chicago; WIAO, Milwaukee; WDAI, Kansas City; WPAD, Chica- 80; WMAQ, Chicago; WMC, Memphis CKAC, Montreal; ‘CFCA,” Toronto: WDAL, Jacksonville; WBAP, Fort Worth, Tex.; PWX, Havana, Cuba; WKAQ, Porto™ Rico; WJAM Cedar Raplds, Towa, and KHJ, Los Angeles. “Faust” Program Pleases. Radio listeners in virtually two thirds of the states in th union picked up tho opera ust” broad- cast from Station WIAY of Wood- tard & Lothrop on Saturduy night, February 17, it is shown by a mass of letters received by C. O. Fischer, manager of the radio department of this store. All of the communipations spoke in high praise of the plograi and requested others of its type. The letters of commendation hegan to come in last Monday and continued until late vesterday when Mr. Fischer found his desk almost flooded with them. Those from the most distant points where the opera was heard came from Fargo, N. D., Jack- sonville, Fla., Lakewood, Ohio, and Manchester, N. H. The following ietter recelved by Mr. Pischer from one of the local listeners is fllustrative of many of those found in WIAY's mall bag: “It glves mo great pleasure to con- gratulite yvour radio manager, Mr. C. 0. Pischer for the excellent’ pro- gram “Faust” which you rendered so perfeotly Saturday night, February 17, 1923, This datc goes down in his- tory as the best production and per- feclly broadcasted program of any Washington broadcasting has under- taken and achleved with such great success. “I am confldent that/every radio listener that was fortunate to listen in Saturday night agrees with me that your firm accomplished and in- troduced that class of program which wo havo so long looked for. Some- thing above the average of what wo Ret nightly from our home stations. Keep the good work going: “There were five persons who sat in vour invisible audicnce, all equipped with phones listening in from my set. persons who witnessed “Faust” and speaking for all, it was a real treat never to be forgotten. Wo sat with you the entire time, learing the an- nouncement about §:16 p.m., and good- night at 10:08 p.m. Come agaln and frequently with your first-class pro- grams.” Curfous Radio Coincidence. A curious radlo coincidence is re- ported by R. P. 1ddings of Brinklo: Md. He was listening in Thurs night to WLW at Cincinnati which was broadcasting music by a glee club quartet, when it was announced that the next number would be “Beautiful Blue Danube.” t Jdld not seem well adapted for voczl music,” said Mr. Iddings, “so while they Wwere singing it I tuned in WJZ at Newark, N. J., which was broadcasting music from the MeAl- pine Hotel dining room. The orches- tra there was playing the same tune, ‘Beautiful Blue Danube’ Now the chances against this happening were very great—that two programs should contain ‘Blue Danube’ the same evening—that it played just at the same time at the two places—and that a listener should happen to tune from one to the other while it was being played. “You might call it one chance in a billion.” BY RADIO TODAY ay | should be | < HE SUNDAY STAR, WASHINGTON, D. C., FEBRUARY 25 ‘1923—PART 1. Frenzied Stock Market Rise Now Declared Nipped in Bud Federal Reserve Board Said to Have Pre- vented Spectacular Upswing—Too Much Control Disavowed. BY HARDEN COLFAX. The Federal Reserve Board nipped in the bud last week a frenzied bull market on the New York Stock Ex- change. The ways were all greased for a further sensational upswing in securitles, greater and more spec- tacular, according to information placed before the board, than any ex- perienced in the past three vears. The board met the situation by put- ting un the price of money at New York and Boston and is prepared to put it up still more if that advance doesn't act as a broke. The advance in terest rates fol- lowed, by twenty-four hours, the meeting hero of the federal advisory council, composed of representatives of ban and financial institutions in the twelve regional districts, and was the outgrowth of the meeting. The council devoted considerable time to the consideration of th rend towa inflation in the business and financial v It found that, with the sin- on of New York, bankers e are proceeding with be- coming caution. Millions in Manipulation. In New York, the uncil found, millions of dollars were being utilized in the manipulation of stocks. With in two weeks rediscounty alone at the New York Federal Reserve Bank had “increased $5%,000,000, but e that sum reflects only a part of th calls on the national and other banks for more money. Most of the addi- tional money lent, according to re- ports made publ by the board, went into the stock market. An unofficial estimate of money lent by banks on stocks during the first half of Feb- ruary places the total at more than $100,000,000 & week. With " this inform tho council decided that the time had come to put the brakes on stock speculation. Accordingly, it was un- derstood when_the meeting adjourned that the New York and Boston banks would seek the board’s authority the next day to incr e their red unt fon before it. rates from 4 per cent to 4% per cent, | an advance of onc-cighth in its in- terest rate. (The banks sought and the board authorized the increase ay agreed ‘As the board itself cannot initlate tho move to advance interest rates, but simiply passes on the applications for such Increases made by the in- dividual reserve banks, the move to increase rates had to come from the New York and Boston banks. The- oretically, that is the procedure; but in actual practice the board controls absolutely the rates. Moreover, through its system of leased wires and hourly reports of transaction the board is in intimate touch every day with what is happening at any and all rescrve banks and consequently is in a position to meet promptly any situation that may ar st Meeting of Year. The advisory council is created b law to advise the board in matters of cy and must meet four times a This meeting was first held in personnel of the council. most of whom were present, consists of Alfred L. Aiken of Boston. Paul M. Warburg of New York, L. L. Rue of Philadelphia, C. E. Sullivan of Cleveland, John M. Mitchell, jr. of Richmond, Va.; Festus J. Wade of St. Louls, G. H. Prince of Minneapolis, E. F. Swinney of Kansas City, R. L. Ball of Dallas and D. W. Twoby of San Francisco. The writer is reliably advised that the council and the board are in harmony on the subject of preventing runaway markets, should the occa- sion arise, through a policy of stiffen- ing interest rates and thus making dear money inflation movement In canvassing the situation, the council pointed out banks throughout the country, excep at San Francisco, wer per cent. save for York™ an Boston where the stock movement is greater than anywhere else. The increase in rates at the two nformly 4% Schedule of Wireless News and Entertainment. LOCAL STATIONS. —Naval Radio Station, Radio, ‘'a. (710 Meters). 10:05 am., 3:45 and 10:05 p.m.— Weather bureau report. WDM—Church of the Covenant (360 Meters). 11 a.m—Morning service; sermon by Rev. Charles Wood, pastor. 3:15 p.m.~—Preliminary program of music, 3:30 p.m.—Afternoon service: ad- dress by Miss Lucretia Garfleld on “An Undeveloped Section of Our Country.” 8 p.m.—Evening service; sermon by Wood on “Biblical Psychol- ogy"; music by choir of 100 voices WJH—White & Boyer Co. (360 Meters). 8 p.m.—Service of the Vermont Avenue Christian Church; sermon by Rev. Earle Wilfley, pastor, on “Gods of Modern Society”; special music by Everyman Glee Club and mixed and male quartets. WIAY—Woodward & Lothrop (360 Meters). 5 _p.m.—Musical vespers at the First Congregational Church. DRY GOODS STEADY. NEW YORK, February 24—Cotton goods were steady today, with a strong demand for novelties in print- ed and wash goods lines. Some ad- vances were named on branded lines of brown goods and unbranded lines of bleached cottons. Yarns were steady. Wool goods lines sold very well and mills’ agents were obliged to allot some of their product of overcoatings and fancy worsteds. D&ubleday-;Hill‘ Electric Co. 715 12th ‘St. NW. RADIO RECEIVING SETS Signal Crystal.................$15 Aeriola Junior.................$28 LONG DISTANCE SETS Aeriola Senior. conenn...$68 " Westinghouse RC..........$132.50 Grebe Head ‘Sets—Holtzer-C ...$60 to $130 abot, reduced from........$8 to $5.90 Distributors for Radio Corporation of Amer- ica, Westinghouse, G. E., Magnavox, Grebe, At- water-Kent, Ete. MAGNAVOX Radio Apparatus V. DISTANT STATIONS, All programs scheduled for eastern standard time. WEAF—American Telephone Telegraph Company, Meters). 3 p.m.—Lecture Dr. Dwight Hillis. 3:40 to 5:25 p.m.—Men's conference at the Bedford Branch Y. M. C. A, 7:30 to 8:30 p.m.—Music from the Capitol Theater, New York city. 8:30 to 9:30 p.m.—Organ recital. Star and New Yogk (400 by Newell WDAF — Kansas City (400 Meters). & to 6 p.m.—Concert program. WWJ—Detroit News (400 Meters). 2 p.m—Concert by Detroit News orchestra. 7:30 p.m.—Services from St. Paul's Cathedral. ‘WIP—Gimbel Brothers, Philadelphia (400 Meters), 11_a.m.—Services from Holy Trin- ity Memorial Chapel. 2 to 3:30 p.m.—Popular classical orchestra recital, ‘WHAS — Louisvill (360 10:57 a.m.—Organ music. 11 a.m.—Church service. 5 to 6 p.m.—Sacred concert. WGY—General _Electric Company, Schenectady, N. Y. (370 Meters). 10:30 a.m.—Church services. 4:30 p.m.—Vesper services. 7:30 p.m.—Church services. ‘WSB—Atlanta Journal (400 Meters). 11:54 a.m.—Church_services, 6 to 7 p.m.—Sacred concert. 8:30 to 10 p.m.—Church services. KDKA — Westinghouse, Pittsburgh (360 Meters). 10:45 a.m.—Church services. 2:45 p.m.—Bible story, 3 p.m.—Organ recital. 4 p.m.—Lecture and recital, 5 p.m.—Vesper services. :45 p.m.—Church services. WJZ—Westinghouse, Newark, N. J. (360 Meters). 10:30 a.m.—Mausic, 11" a.m.—Church services. 3 p.m.—Symphony concert from the Century Theater. 4 p.m—Recital and addresses. 6:30 p.m—Children’s story. 7 p.m.—Musical stories, foliowed by organ recital, 8 p.m.—Lecture, chestra concert. 10:01 p.m.—Concert. KYW-—Westinghouse, Chlcago (400 Meters). 12 noon—Church services. 4:30 p.m.—Studio chapel services. 8 p.m.—Chicago Sunday Evening Club services. FOREIGN EXCHANGE. NEW YORK, February 24.—Forelgn exchanges today were reactionary, demand sterling dropping nearly % of a cent to $4709-16 and French francs ylelding 8 points to 6.06 cents. Slight recessions also were noted im all the other European rates. Courier-Journal eters) followed by or- with which to finance the ! that rediscount rates at all reser\‘:+ last-named cities, therefore, on_its face, would eeem to be made for’the purpose of equalizing the rates with those charged elsewhere. Such ap- pearance is only superficial. The real Teason, the writer is advised, was to put the soft pedal on stock manipula- tion. A rise in the rediscount rates of one-half of 1 per cent increases the cost of borrowing money from the reserve banks, on the volume of pres- ent business, more than $6,000,000 a year. & The general business situation, the council found, was such that a_big bull movement on the New York Stock Exchange, if unchecked, would tend to inflate values in three or four industries already tending rapidly toward much higher price levels. A sensational rise in stocks, it was feared, would tend to carry upward iron and steel, cotton, lumber and other commodity prices, which al- ready have rvached figures regarded as unusually high. Normal Advance Permitted. However, the council professes to avoid sceking to control the major prico movements in stocks except to *p them within bounds which it re- ards as reasonable and without danger to the entiro fabric of com- merco and industry. It claims to have no desire to prevent stocks from going up in healthy, normal fashion justified by the conditions of the icountry’s trade. Apparently it has fevery intention of discouraging sen- sational advances, and if the interest rate advance of this week falls to chcck the threatened spectacular | Tise, the board, ucting on the council's feeling, is prepared to send inter, rates a notch higher and to repbat the process, as it did in May, 1920, until borrowing for speculation be- comes not only unpopular but un- profitable. (Copyright, 1925. COTTON PRICES FAIL T0 REACH 30 CENTS W YORK, February 24.—Yester- day's advance to 29.90 for May con- tracts, or within 10 points of the long-talked-of Z0-cent level, was fol lowed by moderate reactlons in the cotton market today. May sold off to 2955, making a decline of 35 points from yesterday's high record and of 10 points from ycsterday's closing quotations. That delivery closed at 29.57, with the general ;market closing steady at a net de- jeline of 4 to 20 pointe. The close was a shade up from the lowest on some positions, and after having sold on about even terms dur- ing the greater part of the morning. March closed at & premium of points over May. Part of the south ern selling here was attributed to hedging against the increased busi- ness reported in spot cotton in the southern markets, with local traders inclined to believe that some hedges were being sold against purchases from the co-operative organizations, Weels end reviews of the domestic cotton goods markets were consid- erad bullish, but no improvement w: reported in Manchester. = WEEK'S CURB TRADING LED BY OIL SHARES he Assoclated Press. W YORK, February 24.—The market showed a strong tone during the greater part of the week and was not specially influenced by the action of the Federal Reserve Bank or the higher rates for money. Pronounced strength was shown in a number of Issues in the first few days, when several stocks moved up to new high Tecords. Standard Oil issues maintained the most prominent place all through the week, but sqme of those issues re- acted from their highest levels, Vacuum Oil, which made a gain of nearly 6 points, crossing 55, was di- rectly influenced by predictions of an increased dividend in April. Stand- ard Oil of Kansas was bought on a large scale, ranging from 49 to b7, and Kentucky rose from 104% to 110, There was aiso accumulation of New York, which made a gain of over 2 points. Prairie Ofl swung over a wide range, first advancing 10 points to 273 and after reacting to 262 recov- ered part of its loss. Galena Signal Oil was one of the strongest features, ranging from 681 to 78. Imperial Oif moved up from 117% to 123, Industrial issues were irregular. Gillette Safety Razor was the sfl-‘o‘ng feature in that group, advancing {rom 266 to the mew high record of INCOME TAX FACTS, | No. 24. The bureau of internal revenue has at its command innumerable Boureey of information for checking up de- linquents. Under the “information at source” provisions of the revenue ast returns ‘of information are required of all persons, trustees, guardians, fiduciaries, and by corporations, part. nerships and organizations and offi- cers and employes of the United States who pald to others during the calendar year 1922 $1,000 or more. Income to be reported includes in- terest, rent, premiums, salaries, “and all fixed and determinable income.” A separate return of information for each employe whose salary for 1923 was $1,000 or more is required of em- ployors. Special attention is directed to the requiremient that partnerships, in addition to filing a regular part- nership return on form 1065, shall file an information return showing the salaries paid each member of the partnership. Payment for overtime fees, com- missions, bonuses, shares in the profits of a business, and the fair ue of board mdt lodtln‘] furnished as payment for services should be in- cluded in the total salary paid. Banks and similar organizations are re- quired to report {interest paid or credited to a depositor if the total g.{xgmf the year equaled or exceeded Returns of information are filed on form 1099. Form 1096, on which must be shown the number of separate re- turns, serves as a letter of transmit- tal. 'Information returns must be filed with the commissioner of inter- nal revenue, sorting section, Wagh- ington, D. C. Collectors of internal revenue are not authorized to receive these returns. B The period for flling is from Jan- uary 1 to March 15, 1923. Informa- tion returns are carefully checked with individual returns. If in a tax- payer's individual return a payment reported on an information return fs omitted, quick action by the board of internal revenue follows. Thou- sands of delinqueiss and additional taxes aggregating hundreds of thou- sands of dollars have been discovered as the result of this audit. —_— The fourth international congress of ugfnllfl will be held in ndon une, '“ FINANCIAL. - —_— RADIO STANDARDIZATION ‘The following sentat!: | RANGE OF MARKET AVERAGES chart shows graphically the action stocks dealt in on the New York Stock Exchange. of forty repre- The period the past mouth, up to and including the close of the market ‘ebruary 23. activity of the market. ~ JANUARY — The iower section of the chart indicates tho relative FEBRUARY 92425202729 3031 1 2 3 56 7 8 9 1013 14 15 16 17 19 20 91 23 3 8 ~———SCALE FOR INDUSTRIALS ——= MILLION SHARES (Copyright, 1923, by W. F. Meyer.) Industrials, 1922, 103.43, October 14 . 7859, January 10 93.99, September 11 73.43, January 9 Twenty T Am Sugar ‘Am Tel & Tel ‘Anacooda Baldwin Loco Twenty Railro Atebison € M & §t Paul Baitimore & Ohlo Del & Hudson adian Pacific Erie Ches & Oblo Tilinols Central Am Am Car & Fdy ‘Am Locomotive Am Bmeiting NY Tndustrials. Ratls. | January 24, Wednesday . January 25, Thursday . January 26, Friday ... January 27, Saturday 29, Monday Tuesday Wednesday Thursd; February 3, Saturday February 5. Monday February 6, Tuesday .... B February 7, Wednesday K & U. S. BONDS Matority Date. 6-15-47 6-15-47 11-15-42 6-15-47 Si11-1542 9.15-28 10-15-38 5-20-23 ) 1952 2 Liberty 3%s.. Liberty 1st 4s.... Liberty 2d 4s.... | Liberty 1st 4i4s. Liberty 2d 4%s Liberty 3d 4%4s Liberty 4th 4}4s. Victory 4%S...... United States 4%4s. ® Closing bid. 'TRADE CONDITIONS - CONTINUE AGTIVE Department of Commerce Reports Highest Cotton Consumption in History. Figures received by the Department of Commerce during the week ended February 19, continue to show very large productive activity. Cotton consumption amounted to 610,375 bales, the third largest in our history. The production of zinc was the highest since March, 1920, and the output of bituminous coal the highest, with one exception, since December, 1920. Continued activity in building construction is indicated by the new high records in unfilled orders and the high seasonal movement of build- ing contracts, lumber production, ce- ment output and sales of structural steel. The demand for buildings and Ifor railroad equipment continues the industries supplying the material for these needs. g The large car loadings and season- ally high retall sales, as well as the general depletion of manufacturers’ igh. 103.02 101.69 100.80 101.78 101.00 101.00 101.86 10098 100.02 100.16 98.90 High High Low . ustrial Common Stocks Used Aret Central Teather Corn Products Gen Flectrie Goodrich Common Stocks Used Ares < O Southern Lebigh Valley Ttep Tron & Stecl Ftudebaker Texas Company U 8 Rubber inghouse ‘Western Unlon Northern Paclfic Iieading New Haven outhern Paciic Norfolk & Western Southern Ry Pennesivania Unlon Paclfic Dally Movement of Averages: Industrisls. Ralle 101.03 8591 #0917 February 8, Thursday ... February 9, Friday February 10, Raturday . February 13, Tuesday February 14, Wednesday . February 15, Thursday . February 18, ¥riday February 17, Saturda February 19, February 20, Tuesday February 21, Wedoesday ... February 23, Friday AT A GLANCE Close Testerday. Yleld 101.44 *98.10 408.02 98.18 98.06 98.52 98.20 100.06 99.92 —1923— High. Low. 101.90 100.94 9890 9864 9870 97.74 99.20 9824 99.10 97.82 99.18 98.52 99.20 9802 100.32 100.00 100.06 99.80 DEMAND FOR STEEL CONTINUES HEAVY Copper Makes New Ad- vances During Week—Tin, Lead and Zinc Strong. 1922— Low. 94.84 96.00 95.60 96.00 95.74 96.74 95.86 By the Assoctated Prees. NEW YORK, February 24—The steel market continued to gain strengt! throughout the week, and prices ex perienced irregular advances. The de mand was very active, especlally for sheets, and as production was still hampered by labor and transportation conditions some producers were not in- clined to book orders ahead. Pig fr was also strong. While buyers hesi- tated about placing large orders, thera was an active demand in a small way which in the aggregate made a very substantial showing. Copper made further advances ani was strong, but export demand h elackened eomewhat following rece sales, and forelgn markets have show: signs of hesitation. On the other han domestic buyers have bought steadily a Tising prices, and some producers askec 161 for electrolytic delivered at t end of the week. Scarcity of labor at the mines is an important factor in t light production. Tin firm epd higher, in sympaths ks, indicate that the goods pro- ;ilocced 'are quickly passing into con- sumption. Wholesale prices have con- tinued to rise during February, and retail food prices also have risen. Business failures have declined con- siderably, and those of the week ended February 19 were the smallest since the end of October. Prices of securities and_ of sterling exchange advanced, while the federal. reserve ratio declined from 77 to 75.3 per cent. Conditions Abroad. The general Belgian situation pre- sents some characteristics of a boom period, but a general lack of con- fidence in the future is evident. Lack of fuel is seriously hampering the ustries. The financial situ- o of the Fovernment in Spain 1s improving steadily, but the industrial situation is not satisfactory, the slight fmprovement in the mining in- dustry being more than counterbal- anced by the troubles of the textile trades, which are hurt by British competition and shortage of power. The general industrial and commer- cial stagnation in Denmark is being prolonged by several unfavorable cir- Cumstances, among which is the ad- Verse trade balance. Basic cconomic conditions ~remain undisturbed in Sweden by strikes in the wood, pulp. paper, lumber and fron industries. and among the stevedores of Goteborg, The money market continues quiet but firm in Japan, where unemploy- ment and the cost of living are rising slightly. is continue to exceed exports. The Bettiement of the long drawn out strike at the New Castle Steel ‘Works in Australia has accelerated eco- nomic progress there. The wheat es- timate is reduced to 93,000,000 bush- els. Wool arrivals to uary 31 are 1,475,000 bales. e Local Men Obtain Wisard Co. group _of local men, headed by Jomn ol Miller, has purchased con- trol of the Wizard Products Company of Chicago by securing more than 80 per cent of its preferred and over 9 Per cent of the company’s common stock outstanding, according to an- nouncement made yesterday. For The past seventeen years the concern has ‘manufactured a line of house- hold speclalties under the trade- o tard” K ‘Wizard Products Company of Chicago, with its subsidiary plants, will continue operations under the present management, and the work of expansion, it is said, will be car- Tied on by the Wizard Products Cor- poration, which has been incorporat- %3 In Delaware to take over the Stockholdings in the Wizard Com- pany, acquired by Mr. Miller and his ociates. A nder the transaction Mr. Miller and his friends have purchased $300,- 000 of the new first mortgage 7 per cent bond issue of the corporation, which is limited to $500,000. An {ssue of $500,000 7 per cent preferred stock has been authorized to provide new working capital needed for the business. Only $300,000 will be mar- keted this vear. —_— Italy owns the longest stretch of electrified rallway in Europe, cover- ing a distance of 170 miles, - strong, and has given an impetus for with strength abroad, but buyers aj pear unwilinig to follow further ad vances. Lead was steady, with less new bus' ness in evidence, but a good movemen: on old contracts which has kept pro ducers busy. Zinc made further advances, and more active export demand was mnoted While antimony, like other markets, was firmly held and not offered freelr demand has slackened considerably. BOND PRICES REFLECT HIGHER MONEY RATES By the Associated Press, NEW YORK, February 24.-—Bor prices generally displayed a heavy tone in today’'s brief market session in further reflection of the highe money rates. The decline, however was not as pronounced as yesterda: some of the United States govern ment issues, notably Liberty 3= and new 4%s, recording small ne' gains, while the losses in the others ranged from 2 to 10 cents on $100 Acceptance of United States govern ment bonds at par in the payment of principal and interest on the British war debt i8 expected to have a sta bilizing influence on this group. Fractional changes prevailed in the foreign list, French issues showing further slight improvement, desplits the continued reactionry trend of French exchange. LTI LT afe Security ound Methods atisfactory Service —are outstanding elements of the desirability of investing Desirable investing depends solely in judiciously selected securities. We value highly our record of never a 10ss of as much us & single penny in either prin- cipal or interest. Nn‘les now on hand in de- nominations of $250 wp to $5,000. / Certified Title furnished with each purchase. Collect- ing, remitting interest and all details attended to by our Loan Department. Chas. D. Sager 923 Fifteenth Street N.W, Loan Dept., Main 36 UL LI T T g« LT RO R g