Evening Star Newspaper, February 26, 1923, Page 25

1. Tr A.C.L RALROR EARNS 15 SHARE Report to 1. C. C. Shows Big i Saving in Operating Ex- penses in 1922. Atlantic Coast Line, estimating from monthly statements, and subject to year-end adjustments will show for 1 a net income of approxi- mately $10,287,930, which, after de- duction of $9.835 for the §196.700 5§ ver cent preferred stock, would be equivalent to $15 share earned on the 685,862 shares of common stock. This compares with $2.63 a common share earned in 1921, when the road showed a deficit of $3,020,300 after dividends. Coast Line reported to the Inter- state Commerce . (Commission net eperating income in of $14.416.- 870, increase of $9, over that of 1921, Gr. 46, wh = compares with § \T68 in 1921, increase of $4.092.57 Outstanding feature was saving i operating expenses 85_fron the 1921 figure of § There Was reduction of $2,352,088 in main- tenance but maintenance of ounted for less than $1.000.000 of the reduction. Trans- Portation expenses totaled $26,015,262, ©Or $3,685,145 less than in 1921 A. L B. Activities. Joshua Evans, jr. vice presiednt Riggs National Bank, will quiz the elemontary class, Washington Chap- ter, American Institute of Banking, tomorrow night on “Bank State- ments.” H. H. McKee, president of the National Capital Bank, will lec- ture on “General Ledger Entries On Wednesday night, before the economics class,” Prof. F. J. Donohue of the Catholic' University will con- tinue his talks, taking as his subject ‘Stocks, Bonds and Mortgages.” while on Thursday night nond B. Dickey will address the law class on “Negotlable Instruments.” Dinner Great Success. The consensus of opinion among members of the American Institute of Banking is that the annual dinner given by the organization Saturday night at the New Willard Hotel was one of the most successful affairs of its kind ever attempted by the local chapter. James C. Dulin. jr. of the American "Security and Trust Com- pany, who headed the committee on arrangements, was the recipient of many congratulations today by his fellow associates in the institute. MORE FEAVY SELLNG N VHEAT NARSET Additional Supplies Coming From Canada Factor on Chicago Exchange. Bpecial Dispatch to The Star. CHICAGO, February 26.—Wheat ex- hibited a weak tone today. There was further liquidation in evidence, although support was encountered in May from $1.17 down, the market ehowed poor rallying power. There was nothing in the news that could be construed as bearish, but the longs realize that the time is growing short in which to dispose of our sur- plus. In six weeks lake navigation will be open and the pressure of the wheat stll on the Canadian prairies nd terminals will make it difficult to sell our wheat. The outlook is rather pessimistic for domestic wheat unless prices are re- duced to a competitive basis. - Visible supply decreased 450,000 bushels last week. There was a decrease of 1,832.- 000 bushels in supplies on ocean’ pas- sage. The export demand is mod- erate. ~The weather map showed precipitation over the entire wheat elt. Liquidation in corn was even more drastic and support not so good. —_—— FOREI EXCHANGE. H February 26, 1923—11:45 a.m. (Quotatious furuished by W. B. Hibs & Co.) Nominal ' Seliling checks Rold value. tgtay. - | London, pound . . 4.8665 4.70 { . 100 o9 ! 0608 H s | Rome. ‘04503, Zurich, franc LIRTT Athen, drarhia.. Sadri Vien Budapest, crown.. Prague, crown Water, mark. By the Associated Pre: EW YORK, February eign exchanges irregular. Quotations Great Britain, demand, 4.69 11-15; cables, 4.69 15-16; sixty-day bills on hanks,’ 4.67%. France, demand, cables, 0611, Ttaly; demand, . cables; Igium, L0536 Germany, mand, 000044 ; . .000044%;. 'Hol- | land,’ demand, .3954; cables, .3958. Norway, demand. .1834. Sweden, de- mand, Denmark, demand, 1945 Switzerland, demand, .1874. Spain, demand. .1539. Greece, de- mand, .0111. Poland, demand, .000020. Czechoslovakia, demand, .0207. Ar- gentina, demand, .3750. Brazil, mand, .1150. Montreal, .98%. BAR SILVER QUOTATIONS. NEW YORK, February 26.—Foreign bar silver, 65%; DMexican dollars, 497%. LONDON, February —Bar silver, 313 pence per ounce. Monew, 2% per Discount rates, short bills, 2% per cent; three-month bills, 23% 16 per cent. NEW YORK EGG PRICES. NEW YORK, February 26 —Eggs— Fasler. Receipts, 13,131 cases; fresh gathered cxtra firsts, 39a40; do.. firsts, 36a38; New Jersey hennery whites, | locally candled extras, 47; do. un- ecandled extras, 46a48; state nearby and nearby western hennery whits firsts to extras, 41ad44; state and near- by hennery browns, extras, 43aib Pacific coast whites, extras, 43; do., first to extra firsts, 40%ad2; refrig- erator seconds, 32132331 —— PARTY FOR VETERANS. Bed Cross to Entertain Returned Rhine Soldiers. Just as the thirty-elght members ©f the former army of occupation, now on duty at Fort Myer, Va., are eginning to settle down to routine ife at the post, comes an announce- and | ds-: 4 FINANCIAL, COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY | AxroN, February 2. of the larger tire companies here are still operating on rubber and cord fabric bought before the prices of those commodities advanced, it w: learned today that the majority of the companies must replenish their raw material stocks before the end of April. Orders booked so far this year by leading tire companies are 50 to 80 per cent above those of & year ago. HOUSTON, February 26.—Prices for cotton ofl meal for feeding live stock remain steady at $44 to 346 a ton 1. 0. b. mills, in spite of the slackening in demand Treported by millers. Ex- port requirements are small, but no fresh stocks will be available until next September. TULSA, Okia., Kebruary 26.—The Lorraine Petroleum Company has pur- chased the properties of the Big Beaver Oil and Gas Company in the Duncan district. ‘The property con- sists of about fifty acres and th price. it was announced today, was $200,000. 2 ATLANTA, February 26.—The tex- tile mills of this section are being pressed to capacity, with orders book- ©d well ghead. While planters are preparing to cultivate every avalilable ucre they can put into cotton, the shortage of farm labor is expected to be a serfous dificulty in the way of a large crop. SHARON, Pa, February 26.—The plant of the Sharon Clay Products Company, recently sold to H. R. Bee- vle and associates of New Galilee, Pa., will resume operations at once, f{t was announced today. The plant has an annual capacity of 12,000,000 bricks. DETROIT. February 26.—The in- crease in the base contract rate for the season opening next fall by one of the Michigan beet sugar manufac- turers has had a most encouraging effect on farmers today, and sugar bect growers are preparing for a big acreage in reflection of the higher prices. GRAND RAPIDS, February 26— There 1s a decided shortage of skilled furniture workers here today, and mills in this city are rushing output to keep up with the demand which is making its appearance from all sec- tions of the country. CHICAGO, February 26.—The lead- ing independent steel manufacturer in this section today has already booked his output for the second quarter. Output of the mills in this territory I8 unchanged, although many are running short-handed on account of sickness of workers. PITTSBURGH, February 26.—The Superior Steel Company today Is oper- ating in full. Demand for automo- bile steel is crowding mills, and there is an urgent cry for deliveries Cold rolled strips are quoted at $4.75 and hot at $2.90. Makers will have a carry-over from the first quarter into the second, as millv are unable to meet first quarter deliveries. CONNELLSVILLE, Pa., February 26. —Coke production in the past week was 266,360 tons, an increase of 15,680 tons over the preceding week. NEW YORK, February 26—Buyers for large houses in the central and southwest are here today making | hurried last-minute preparatidns for Easter millinery. The Egyptian in- fluence in millinery styles is strongly in evidence in their selections. —_— Washington Stock Exchange SALER AFTER CALL. Washington Gas 55—$1,500 at 9413, $1,000 £1.000 at 94l Capi Washington Gas Light—50 i Mones—Call loans, & and 6 per cent. BONDS Bid and Asked Prices. PUBLIO CTILITY. Bid. Asked 02 023 American Tel. & Telga. ds. American Tol. & Telgn. 4%, Am, Tel. & Tel. ctl. tr. 58, Am. Tol. & Tel. conv. fs Auscostin and Poto: ‘Anncostia & Potomac gus: C. & P. Telephone 5. C. & P. Telephone of Capital Traction R. R. City & Suburban Georgetown Gas 1 Metropolitan Potomac Elec. 1st Potomac Elec. cons. 5i Potor c. deb. 6s.. Potomac Elec. Pow. g. m. Elec. Pow. g. m. & ref. Alex. & Mt, Ver. & Alex. & M » Balt. & Annap. hington Gas bs. Washington Gas_Tias.... Wash, Rwy. & Elec. 4n.. 3 Wash, Rws. & Elec. g. m. 8s... STOCKS SCELLANEOUS. PCBLIO UTILITY. American_Tal. £ . Sapital_Traction. Dok Wash. Steambon & Erec, com. > & Eiec. o Terminal Taxi com Terminal Taxi pf NATIONAL BANK. Norfolk_ & W fash. B trict : Piiners ‘wnd Mechani Federal-Americt Liberts TRUST COMPANY. Security and Trus American Security Y S = National Union. TITLE 1N Columbla _Titl Real Estate Til MISCELLANEOUS, Columbia Graphophone com, 2 Columbia Graphophone I’d' > » Sierchants’ Transter and Stordge 100 Mergenthaler Linotype. 174 0ld Dutch Market com. % 0ld Dutch Market pfd. Fanston Monotype Eecurity Btorag Wlnllln‘:;fll;, Market, Yellow Cab. *Ex-dividend. —_— TRBASURY CERTIFICATES. (Quotations furnished by Redmond & Oo.) N oon. = Maturity. Bia. . Offer. D fareh 15, 1923 90 2932 100 203 March 15, 1923 343 June 15, 1923, 34¢s September 15, 4s December 15, 1923. 8%s Jue xg."ngt. 55 Beptem arch 15, 1935, :a' n 1925, ment from the comforts section, Dis- trict of Columbia Chapter, American Red Cross, that a “stupendous party” 1s to be held in their honor tomorrow night at Cathedral Mansions, Cathe- dral and Connecticut avenues north- st. ¥ intertainment features have been mrranged for the occasion and Mrs. Charles Lynch, chairman, stated yes- terday that perhaps leading officials of the Army will be present to voice a welcome again_to the ‘“soldiers of ®BecupaMon.” The Sixteenth Street Girls' Club will hep entertain the Yoya, and popular dance music will e furnished L'y a well known orches- A 4 The Scorn of a Maid. From Birmingham Age Herald. “Mayme ordered at $6,000 credit and her friend wouldn't pay for it.” “That's what us girls get for trustin’ in a guy. 1 was out the other night with a chap who called himself a western millionaire. The head walter at the Blitz—you know him, dearie— showed us a table right next to the dance floor and Rollo handed him a dollar bill. Believe me, ‘for the rest of the evenin’ ashamed (o look e help in the eye! i e NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. BY WILLIAM F, HEFFERNAN, NEW YORK, February 36.—Although the trade news was mostly of & favor- able nature, prices on the curb ex- change turned downward today. A further advance of 1% cents a &allon in gasoline prices announced by Standard Oil of New York prao- tically passed unnoticed and most of the oll shares displayed decided heav- iness from the start. Standard of New York was only slightly under the closing prices of last week, but Vacuum Oi], Standard of Kentucky, Standard of Indlana and Ohilo OIl fell away sharply. Professional operators chiefly on newly listed taxi Checker Taxi Manufacturing was ac- tively traded in, but the stock met little support and reacted to around 58, against the close last week of 60%. Yellow Taxl held firm around centered ues. NEW YORK, February 26.—Follow- ing 18 an official list of bonds and stocks :r;ded in on the New York Curb Market oday : Bales in thousands. 3 Allled Packers 6s. 2 Allled_Packers 8 2 Alum 7s 1925 2 Am Cot OIl fa....... Gas & Elec 6. Light 6 wout w. epu Corp Be... Rolling Mills 6. T &T 6s ‘2% Anaconda 6. Anaconda Ts Anglo-Am Ol 7% Armour & Co s Am & Co Del 5is! Beth Bteel 7a '23.... Reth Steel 7n '35. Roston Can Nat Ry Eq 7s. Can Pacific s Cent Rteel Bx.. Charcoal Co Am a1 ..9& anbonaStoadle S3e55enTaasnntess gigit’ifiiff'i.ffia 19 Detroit City G 3 Dunlop T & Rub 7s 1 Gair Robt 7. Z 1 Grand Trunk 8iw... 1 Guif Ol of Pa Bs.. 3 Hood Rubber & Kan City Pow 4 Kennecott C 3 Loulwrille G 5 s E 5 Manitoba Prod v Pub Sery of N J Ta Southern Cal EA Bs Y 78 '25. Y s ‘26! Southwest Bell Swift & Co 5%...... 2 Tidal Osage 7a... . 11 Vacuum Ofl 7e. .00 1075 BONDS. FOREIGN 61 Argentina 7s '23... 100 45 King of Nether 6s.. 100 25 Mexiean Gort 6s. 4 Republic of Peru in units, STANDARD OIL 1SSUES. 1800 Anglo Am Oil 17% 1000 Atlantic Lobos! 8 140 Buckeye P Line, 200 Continental Ofl. 180 Crescent P Line. 10 Cnmberiand P 1. reka P Line. 580 Sig Oil. .. 500 Humble Ofl & Ref. 220 111 P Line.......... 1 40 Imp Oil of Can. 6900 Tnt_Pet Co Ltd. 170 N Y Transit 200 Ohlo Ofl new. 230 Prairie Ol & 200 Penn Mex Fug 413 Prairie P Line 105 Bolar Refining. 20 Routh Penn Oil. 130 Southern P Line. INDEPENDENT OIL STOCKS. in hundreds. 7 Ark Nat Gas 80 Rig Indian Ol 12 Boston Wyo Ol 1 Cardinal Pete 34 Carib Synd 3 Ot Berv . Cit Serv pi Cit Bery 3 Columbia Pet . 33 Creole Synd .. 1 Dominion Ol 40 Engineers Pet Federal 0l . Fensland Oil .. Gilliland 0i1 Glen Rock OIl ... 2 Granada Of ...... 30 Gulf Oil of Fi 30 Hudson Ol ... 170 Keystone Ra: 5 Kirby Pet . 110 Lance Creek .. 10 Latin Am Oil. 3 Livingston Pet Mount Prod . Mutual Of1 . a7 Omar Ol & Gas 27 Penn Reaver Oil. 18 Penock Ofl ...... 12 Ryan Con 11 Salt Ck Cons. 35 Balt (k new 15 Bapulpa Refin 14 Seaboard Ofl ..... 20 Bouthern P & R 27 Sou States Oil 250 Texon Ofl & 34 Turman _ 01l 77 Wilcox Ol & g8 S.s=Eur 5 a reoal Co. ... 2 t Ribbon Mills 34 hicago Nipple.... - 3% leveland Motor.... 82t w 84l 29925 <} BrrisatBalentiog g, BaBBRL Pl 9 Durant Mot of ind| 10 Federal Telegraph. 2 Firestone Tire..... % Ford Mot Co of Can " o EREE TEE §§Es 2 Goodyear Tire . 7 Goodyear Tire p 15 Heyden Chem 3 Hock Valley Pre 4 Hud & Mann R 2 Lupton ¥ M. 1 Lucey Mfy 22 Mercer Mot.... ... 12 Mercer Mot vot cfs 8 Mesabl Iron... 7 Nat Bup of Dei. 5 New Fict Pub 2 Philip Morrhs. 1 Prima Radio Co. - H i FFS £ @ (s Ry o w8mnBanannia > B P n B g;d'! - MINING. 17 Alas Brit-Colo . 10 Am Oommand Min. 145 Aris Globe Copper 10 Belcher Bxtens . 'S nu30§ £% 5!-32.; R Butl, - 3 * & SReaBRuabs! & = 2unStaal 5, .ufl;ef-;; poid 130. Fay Taxicab was introduced to trading, opening at the issue price of 32 and continuing around that figure for the rest of the day. n the n . Durants were again mani: Operations for the rise time and both stocks sold at their best prices for the present movement. But the upward movement here was checked In the afternoon, with the result that Durant of Delaware broke well below the previous close. Cleveland went lower again. Other new issues which made their appearance on the tape for the first time today included Home State Min- ing Company, capital shares of $§1 par, Santa Fe Oil and Refining and the new North American Company’'s stock of $10 par. Home State opened at 58 and later gained about 5 points. First sales in Santa Fe Oil took place at 6 and the stock was active at advancing prices. ~North American was traded in between 23% and 23 most of the time. BEIRLBHBN 10 Gold Shone. 20 Green Mona! 30 Hardshell Mi 120 Harmdll Div. 120 Henrietta Bilver. 45 Hill Top Newa 3 Hollinger 3 take LamoaB35RBRBY 85 GO SRR R onfueBi 5 388 :Buonbalabali-tara ;fs:;;;:-.-li#i..!ssfi ~Bonzoustas FFE R it F = 250 Morington M1 330 National Tin bob Cons . nella . w ominion Gop. Vork Poreupla piesing &+ * 20 Ril Queen Min Corp 70 811 Mines of Amer 50 8il King D min reor 60 Slversmith Mines 10 Bimon Silver . $3 s Teck Hughes # Tooopan Diviae “onopal tel 10 Trl Bullion +-+ 187 Tuolumpe . 7 United Verde Ext.. 10 U 8 Continental 4 United Zinc Smeit 2 Uity Gold . s 16 West End Consol 90 West End Ext 10 White Caps ... ... —_— I.C.C. GRANTS RIGHTS . TO BUILD RAILROAD New Line in Utah Will Run Through Large Coal Min- ing Area. Permission was given to the Utah Central Railroad Company, a new corporation with $1,000,000 in au- thorized capital stock, to proceed with construction of fifty miles of railroad in Utah. By terms of an In- terstate Commerce Commission order issued today, the company will be per- mitted to retain for a period of ten years any revenues which it recelves from operating the line in excess of 5.75 per cent on the capital invested. The new line will extend from Well- ington to Huntington, with a branch extending to a connection with the Utah junction, and it will make avail- able for operation a large coal min- ing area. WALL STREET NOTES. Prices Raised Again. Iron Products Strong. Special Dispatch to The Star, NEW YORK, February 26.—The ad- vance of 13 ‘cents a gallon In the price of gasoline by the Standard Ofl Company of New York, announced to- day, was not an adjustment in price schedules, but rather a fresh Increase and brought prices to’ their highest since 1920. However, the effect of this advance upon prices of the Stand. ard Ofl stocks, both on the stock e. change and the curb exchange, was negligible. The buying in Iron Products, which at one time today carried the stock to a new high, above 52, is simply keep- ing pace with the facts that earnings are running now at the rate of $200,- 000 a month, International Shoe sold around its high price for the year, largely be- cause of a satisfactory earnings po- sition. _The report for the year ended last November, a gross business of nearly $100,000,000 and net profits of about $9.60 per share was sufficlent to cover the $3 annual dividend more than three times over. Thirty-six large tanks have been completed on the Standard Oil of In- diana tank farm at Casper, Wyo. There are seven more under con- struction. When all are completed there will be tankage for 10,080,000 barrels. Ex-dividend today: Delaware and Hudson, Detrolt Brass, Standard Oil of New Jersey common and prefer- red. The Keeley Silver Mines, Limited, have declared an interim dividend of 8 per cent, payable March 15 to stock- holders of record March 1. This is the first dividend paid by the concern. The United States Radiator Com- pany today advanced prices on all radiation 2% per cent. RAW SILK PRICES UP. NEW YORK, February 26 (8pecial). —There was a continued demand to. day in combe: gu’n cloths for spots and nearby g of quality for im- mediate shipment to finishing work: Although' there was no unusual ac- tivity in the raw silk market today the tone was firm and prices some- what higher on reports of higher prices in Yokohama, where 300 bales were sold. Grades which advanced were: Xxb llr 2? t 92%; best, No. 1, up 2% to $8.77% ton, 20-22 and 14-16, each up 6 to $7.60 and $8.25, respectively. TODAY’S COTTON PRICES. NEW YORK, February 26.—There ‘were further reactions in the cotton WKG‘ !}ufln‘ u’dl.{l. ellrly tradin, verpool was relatively easy, [ the opening here was a decline of to 15 points under scattered realiza- tion and southern selling. Trade in- terests were moderate buyers, and brokers with Japanese connections bought deliveries. Cotton tures opened steady— March, 29.58; May, 20.50; July, 28.72; October, 25.75; December, 25.27. 11:45 am. bids—May, X July, 28.8: October, 25. December, 25.4! Steady. NEW _ ORLEANS, February 26— Cotton futures opened steady—] 29.30; May, 29.05; July, 28.48; Octo- ber, 35.36; December, 26.00. Noon ~March, 29.38; May, 29.17; July, 3 Ootober, 25.46; December, Steady. Gasoline RIOTS IN PETROGRAD. Unemployed Cry They Prefer Shooting to Starvation. LONDON, February 26, — Serious disturbances are reported among the unemployed in Petrograd, says a dis- patch to the Exchl.:ga Telegraph from Copenhagen. Red troop: ‘were trying to ::nlx disorders, were received ith outs of “we had rather be shot down than starve to death.” The dispatch adds that the officers had rfifllfl ity 1 thy [3 euq&puvmln‘ o 4 l m_ L EXPLAINS REASONS FORCOTTON SLUMP Federal Trade Commission Reports on Big Reaction Starting in April, 1920. The sharp fall in cotton prices which began in April, 1920, and con- tinued for more than a year, was due to the general credit deflation, the great increase in high-priced in- ventories and the subsequent “buy- ers’ strike,” the Federal Trade Com- mission set forth in a report submit- ted today to Congress. The price inquiry was made by the commission in accordance with . a resolution adopted by Congress last March, and the present preliminary report, it was 1d, would be followed by another ealing particularly with operations of the cotton exchange! Cotton Hit Hardest. The post-war price deflation the commission described as of world- wide character, affecting all com- modities in this country In varying degrees and cotton, for which prices had gone higher before the break. more than any other in the low level of prices reached. The most impor- tant and immediate factors in the decline, however, the commission found to be “the marked increase in supply and decrease in demand. The report went exhaustively into market conditions during the war period and {mmediately after which brought cotton prices up to the peak in April, 1920. " Supply snd demand were found to have been the con- trolling factors throughout, with the high-price level prevailing In 1919-20 attributed “in part to the expect: tion that there would be a world shortage of cotton.” Present-Day Prices. In the subsequent recovery cotton prices “in money” since August, 1921, have been above the 1913, level, -the report set forth, and measured in commodities “sither slightly below or more recently considerably above the real exchange value of cotton in that vear” While it thus appears that cotton prices, compared with the gen- eral level of prices, are not depressed at the present tiine, this does not mean, the report sald, that cotton prices “are at a level which affords a compensation to the grower which justifies such an extensive use of iand and labor in its production.” BRTAI T0 FNANE B LOAN FOR AUSTR First Public Loan Floated for For- mer Enemy Country—Sanc- tioned by League. By the Associated Pre LONDON, February 26.—The British public is invited to subscribe to an issue of £1,800,000 worth of Austrian government guaranteed sterling treasury bills. This s practically the first public loan to be floated for a bir M—O, h, pa-pah, what isyour ne' Fathér of Beven—My dear, I'm not sure, but I think it's a grindstone.— Nugget. Mo -ltotr-t on real estats. Pl'::[ I:‘l.“l‘.t commission. Joseph I. Weller E":", oy $100 to §300 on D. C. real estate_and household goods or chat- tels. 7 per cent interest. No broker- ge charged. Pay your bills and owe only one firm. Oommercisl Losn & Finanoe O tion. Room $11, 981 16th Bt. N.W. $5,000 Life Policy, $43.85 ). Bend of birth for fllustration. "m‘lfl“ _fl?“‘l ts over ,000,000. Iasirvacerdll Branches ranc Room €10, Weodward Bullding. M. 840, S.F. Bonds so designed have market advantages which they would not otherwise possess. The sale of securities to such Sinking Funds can often be accom- plished at better than market prices. We will be glad to send you our recent re- view of bonds contain- ing Sinking Fund pro- visions. GRAHAM. PARSONS X Co) PHILADILPHIA NEw Yorx WASHINGTON 408 HisBS BLDG. Telephone: Main 2655 QOver a Quarter Century Specializing in RENTS B. F. SAUL CO. 1412 Eye St. N.W. Phone Main 2100 i former enemy country. The {ssue will be made through the Bank of England. It is sanctioned by the league of nations and the Brit- ish government. The bills will be issued at 93 per cent. and will be repayable at par in twelve months. Thus they will yield more than 7% per cent. Issues for smaller amounts are tak- ing place in France, Holland, Bel- glum, Sweden and Switzerland. The bllls will be guaranteed by the allies and secured by customs dutles and the tobacco monopoly of Austria. INCOME TAX FACTS. No. 25. Failure or “willful refusal” to file an income tax return and pay the tax on time subjects the delinquent to heavy penalties. For fallure to file & return on time—on or before March 15, 1923—a taxpayer becomes liable to & penalty of not more than $1,000. A further penalty of 25 per cent of the amount due may be applied, unless a later return is filed, and it is satis- factorily shown that the delinquency was due to a reasonable cause. “Willful refusal” to make a return and pay the tax on time is punish- able by & fine of not more than $10,000 or one year's imprisonment or both, together with the cost of prosecution and a penalty of 26 per cent of the amount of the tax. It any installment of the tax is not paid when due the whole amount of the unpaid tax becomes due and paybale upon notice and demand by the collector of internal revenue. If not paid within ten days after such demand & 5 per cent penalty accrues with interest at the rate of 1 per cent a month until paid. When a return is made in good faith and understatement of the amount is not due to any fault of the tax- payer, no penalty attaches. If the understatement i{s due to negligence, but without intent to defraud, there is added 5 per cent of the total amount of the deficiency, plus interest at the rate of 1 per cent & month from the time the tax was due. WOOL BUYERS CAUTIOUS. BOSTON, February 26 (Special). spirit of caution dominated th Summer street wool trade again to- day. Prices were firm enough, but most local merchants are buying very carefully. Some contracting 18 being done, but on a negligible scale com- pared with last year. Local bellef is that western wool growers' price ex- pectations will prove higher than ultimate realization. —_— SHORT-TERM SECURITIES, (Quotations furnished by Bedmond & Co.) A Alumioum Co. of Amer. Ts 1925, ‘Aluminum Co. of Amer. 7s 1985, American Cotton Oil 6 1024, American Bugar 6s 1987.. American Tef. & Tei American Tel. & Tol. 6s 1 ‘Anaconda Copper €8 '1929. ‘Anaconda Copper 7s 1629 Armour & Co. 78 1 Bell Tl. o Canad€ 7a i Bethiehe Steel 7o 1023, Capadian . Sk%e Canadian Pacific 6 1924. Central Leather 5s 1025. . C.. 0. & St L 6 1 §o Tel. bs 1923... Du Pont 734e 1981 Goodyear T. & Ein & it king Valle i Humble Oil S%s 1082 Kansas Oity Term Kennecott L eNel & SPEAKER GILLETT ILL. Speak Gillett is confined to his home with {nfluenza. He has desig- nated Representative Philip P. Camp- bell of Kansas, chairman of the rules committee, to preside over the House in his absence. This message was read by the clerk when the House as- todax ey —— First Mortgage Loans; Lowest Rates of Interest and Commission. Prompt Action Thomas J. l;;‘sh‘fi{‘ f ‘“‘.:glllpllv. Inc. EQUITABL Co-Operative Building Association Organized 18789 43d YEAR COMPLETED Assets . .$4,857,950.56 Surplus ceeen...$1,180,880.91 Systematic Saving A plan to make saving easy— Save a little each pay day and you will be surprised at the amount accumulated in a short time. Subscriptions for the 84th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, Presaident FRANK P. REESIDE, Secy. American Telephone & Telegraph Co. The tt‘!lrll, dividend of two dol- regular qua of : e i e ain Y "fi:&:‘.’.n‘ e close of business on TR account of the Ansusl Meeting of the stoekholders, the transfer books will be closed it tis close of business on Fridsy, March 16, u ind med at 10.00 A.M. March 3090 T BLATRSKITH, Tressuer LOANS . If you have money to invest, we can safely Bhucil l&n gilt-edge %l:: . ortgages. record of 30 years insures your protection. Courte- ous treatment. Percy H. Russell Co, S.W. Cor. 15th & “K” Sts. LT T T T e afe Security ound Methods atisfactory Service —are outstanding elements of the desirability of investing in our 7% First Mortgage Notes Desirable investing depends solely in judiciously selected securities. We value highly our record of never a loss of as much as a single penny In either prin- cipal or interest. Notes now on hand in de« nominations of $250 up to ,000. Certified Title furnished with_each purchase. Collect- ing, remitting interest and all detalls attended to by our Loan Department. Chas. D. Sager 923 Fifteenth Street N.W, Loan Dept., Main 36 Ty Livermore & Co. Members New York Stock Exchange 823 15th ft. N.W. Wardman Park Hotel Main 2790 . Col. 2000 R The Family Investment OU will feel happier if you make a safe investment for your family. Your financial responsibility as head of the household will be lessened if you in- vest in our First Mortgage 6% Notes, secured on improved Washington prop- erty. Our experience, our tireless investi- gation are behind them. During over half a century not one investor has lost a penny in principal or interest through our mortgages. We specialize in these Notes. They are part of the actual closed first mort- gage on a specific piece of property. Interest is paid semi-annually, on the day it becomes due. 53 Yo Swartzell Rheem& HenseyC 727 152 Street NW. n Without L. to _an Investor RO T Out of the Large Number of People Who Know How to Save, Few Know How to Invest FIRST TRUST NOTES as issued by us, will be found to be a safe and sure method for the inexperienced investor. Consult Our Loan Department SHANNON - & LUCHS vigorously obligations COMMERCIAL IF-- ¥ the average man were reproached with neg- lecting the welfare of his dear ones, he would deny the justice of the charge. Yet no man can honestly say that he has fulfilled his to his family until he makes his Will, and appoints the best possible kind of an Execu- tor to carry out his testamentary wishes. Such an Executor is a strong, well organized trust company such as this. Every Banking Service 3 % .ON SAVINGS 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass. Ave. 8th and H Sts. N.E. 436 7th St. S.W.