Evening Star Newspaper, March 8, 1923, Page 27

THE KEVENING STAR, 1848 —75 Years of Unbroken Service—1923 Our Gas Is Tested Three Times Daily Three different times each day, at three different testing stations, in three different parts of the city, our gas is tested by agents of the Public Utilities Commission. ee Our All-Enamel Cabinet Gas Ranges THROUGH glistening porcelain-enamel finishes, the Gas Range becomes a thing of surprising beauty as well as utility. Blue, Gray, White and Nickel — various pleasing changes from the evervday black are displayed on our sales floor, in a variety of models to fit every sized kitchen. This is a good time to carefully consider the efficiency of your cooking equipment. Whoever does the cooking in your household needs the best and will appreciate the time-saving and work-shortening features, as well as the handsome appear- ance, of these modern cabinet gas ranges. Small Cash Payment and the Balance in Moderate Monthly Installments With Your Gas Bills Washington Gas Light Co. SALES DEPARTMENT, 419 Tenth St. N.W. “Shall We.Chargelt?” Phillip Levy & Co. will be glad to convenience. You'll find the credit privilege y elastic, convenient and a ready solution of your liome furnishing problems. you to assemble a good home AT ONCE without any sacrifice. rrange agrecable payments to suit your own as presented by Phillip Levy's dignified, It enables Beautitul 4-Piece Chamber Suite With Full Vanity A really beautiful suite of unusual and pleasing design. The excellent construction and rich American Walnut finish is of a type that insures years of satisfactory service. Comprised of full size Bow-end Bed, large Dresser, a Chest of 5 Drawers and a full-length Vanity—the one piece that is most desired in every Sleeping Chamber. 3 $2 @ Week Pays for This 4-Pe. Suite This Is a Better Suite Than You Can $I 6 Ordinarily Buy for . . . . . Furniture of the attractive Queen Anne period always lends an air of refinement and beauty to the Dining Room. The darker decorative burl panels add materially to the effective- ness. Consists of large Buffet, Round Extension Table, China Cabinet, two-door Enclosed Silver Chest, 5 Chairs and One Armchair with seats of genuine leather in either blue or brown. $2.50 a Week Pays for This 10-Pc. Suite 3-Piece Tapestry Ouverstuffed Suite $ This suite represents one of the biggest values we've ever offered. Its-soft spring construction and loose cushions add a degree of comfort rarely found in a suite at this low price. Comprised of full 72-inch Settee, Fireside Chair and Rocker. Upholstered in a beautifully designed tapes- try in several color combinations. Let us show you this suite tomorrow. $2 a Week Pays for This 3-Pc. Suite 129 An Aid to Fur- niture Buyers Is our Bxchange De- partment, which 1s operated n the base- ment of our store. It ives you the privi- o tura in any old pieces you ma; have as part pay- ment on the pur- chase of new mer chandise. 7 Do You Live Out of Town? Jt o, you can come here at any time and take full advantage of our low prices and easy credit terms. No matter where you Jive, we'll pay ‘the freight charges, Shop here on your next trip to town. DENIES WAL STREET | OPPOSES FRAUD LAWS 8. L. Cromwell, Head of Stock Ex- change, Defends Legitimate Brokers, in Address. By the Associnted Press. NEW YORK, March 8—Seymour L. Cromwell, president of the New York Stock Exchange in an address before the Mefchants' Assoolation of New York today declared that per- sistent stories to the effect that Wall (Street, without reservation, was op- iposing legislation looking to the checking of fraudulent practices in dealing in securities were untrue. Such stories, he eald had been cir- culated in an effort to create in the public mind a prejudico against Wall Street. Referring to published statements attributed recently to District Attor- ney Bantom, that $3,000,000,000 had been lost to the public through brok- jers since the war, Mr. Cromwell sald | he wished to deny that spurious se- icurities were issued by brokers. He sald that bucketshops were not brok- orage houses, and that Wash sales had been punishable by statute for years. Any member of the New York stock exchange found gullty of the pulsion. He said the stock opposing certain legislation now Ipending at Albany but that Wall iStreet interests would rally to the support of legislation in which the operations of legitimate business men were divorced from the operations of swindlers “Reputable and responsible dealers in securities.” he said done more to give New York Its great pres- tige than any other business and I protest against the coupling of legiti- mate and supremcly necessary busi- with the operations of swind- exchange was —_— The first distinetive lifehoat was designed by Lionel Lu Hish coach bullc An Opportunity —to secure half interest in stablished prosperous / tomobile Agency. - Distrib- utor for two well known cars. For full details write Box 84-Y, Star Office Epsom Salts Tasteltfis Now All the Splendid Bowel Action but like Drinking Lemonade When constipated. bilious or sick, enjoy all the splendid physic-act an the bowels of a dosc of cpsom salts without the awful taste and A few cents buys a package sonade Salts,” the wonderful discovery of the American Epsom Association. Even children gladly taks it. Drug stores. “My Bank’s a E do not boast of a marble palace, but we do boast of a host of satisfied customers who make their Banking Home ahome in which their fin ha man touch. The steady growth of to - WASHINGTON, offense, he said, was punished by ex- our friends who have brought their friends D. C. NOT NEAR BREAK Treasury Officials Assert Conditions May Improve for Next Two Years. Dangers of an early break in the business revival were scouted by high Treasury ofticials today, who pre- dicted that the strength and confl- Idence of the situation would con- tinue throughout the present year at !least, and, unless thwarted by ex- cesses, might last throughout the fol- lowing year. Much of the activity at present was .said to be due to the necessity of !making up for depletions of the war period, such as car shortage and the jundersupply of homes, but it wasex- {plained that in addition to these de- !mands on account of depleted stocks {there was a natural growth of the {country which might continue the istrength of the revival on a falrly high level for some time to come. Plenty of Credit Avallable. Plenty of av. le credit exists to take care of the demands in the | financtal situation, it was sald, al- though there had been an upward movement in the federal reserve dis- count ra arranted by the increas- ing de . and higher rates in com- mercial circles, The inter rate_on offerings of the Treasury for March refunding was pointed to as % to % per cent \higher than it was last vear at this period, but officials predicted that {under’ the present prospects there tle likehood there would be a advance any time soon Business Nearer Normal , the progress of the general s'condition of the country was 1 by officials as more nearly than they had been for | many months. Activity was declared to be particularly pronounced in the steel indus and in the railroad equipment companies. No serious e of labor existed, it was ex- plained, although there was said to | be need of it In some few £pots. Very little evidence of speculation which was consldered lesome aspect Demand May Improve. Should there be a normal growt in demaad throughout the country it was explained that there might be sufficient change in domestic what to offset markets. which aff. post-war situation omic in Eu- rope. me little hypothetical danger ex- n the future, it was admitted. m the temptation to in- to the breaking point. ht in a pinch precipitate a | strike. This danger, in view wi < at pres- was, ction w possibility, it a short time stoo « the saturation | said, of [ I point a « . particn Lin ane company, th parentily faise c tual market deman Developments, in the progress of | the revival, would be impossible to { predict accurately for more than the { reasonable period of the remainder of the year, and it was hoped by that time there might be an “easing off" cituation which would enable val to ue at wholesome 4 te orders with more 1he { strength STANDARD OIL TO TAKE OVER COSDEN & CO.! By the Associated Press N YORK. March & ndard Oil Company negotating_for the absorp- osden & Co.. one of the largest of the Independent oil firms, were confirmed in financial circles, W. R. Stewart of the Standard of Indiana, who conferred with J. S. Cosden,’ president of the other con- cern . however, that no definite been reached and dis- still in progress. tput this year is 00 galions of gaso- eports COPPER BIDS OPENED. An offer of 0152308 a pound was 1 ceived by the Navy Depar:-! 2y when bids were opened | he purchase of 5.000.000 pounds of surplus grade A electroiytic copper. Herman Jaffe of New York was the high bidder. Homey Place” this institution ancial affairs are ndled with a hu- this bank is due to us to be added to the long list of those who know us as ““My Banking Home”’ Lincoln National Bank | Cor. 7th and D Sts. N.W. THURSDAY, MARCH 8, 1923, BUSINESS REVIVAL ‘ BY WILLIAM F. HEFFERNAN., NEW YORK, March 8.—Despite the fact that copper shares on the big board made little or no response to the publication today of favorable production figures for the last quarter of 1922 by several leading copper-pro- ducing companies, a number of this group on the curb exchange displayed unusual activity, advancing prices. Butte and Western almost doubled its holding price, while Arizona Globe went higher. New Dominfon Copper, class A, was another that was up a half point at one time. Ray Hercules responded to the announcement that production operations have com- menced and that the company wiil be shipping concentrates to smelterss within ninety days. The recent activity in Cortez Silver was accounted for by the report today that the company had opened up two and a half feet of high-grade ore on :t‘i No. 1 shaft running $54 to the ton n silver. NEW YORK, March 8.—Following 1s an official list of bonds and stocks traded in on the New York Curb Market today: Sales in thousands. 12 Allied Packers 8x. 4 Alum 75 new '3 Am Republic Corp s &9 Aw Rolling Mills 6s 99% Am T & T 65 " . Anaconda 6s. Anaconds 7s 39 Armour & Co T Atmour Co Del 5 ACG & WISSBs eaverboard Ky . 2 Beaverboard 8s ef 1 Beaver Products 40 Beth Ste 4 Reth_Steel 3 Col Graph &s guar in 5 Col Graph 8% par cfs 24 s Balto s A 1% 1081, sher Body fi 3 Fis Bod Cor a2 1 Gair Robt 78 16 Gen Asphalt Br. . id Trunk Biis Sl Oil of Pa 5 Houd Rubber 7 108 11l Con Rws 3 2 Nat Leather 8s Mhio Power s B 3 Penn Pow & Lt b 1 Swiss Gost 1035 1035 STANDARD OIL ISKUES. units. 00 Anglo-Amer Oil ... 18 Rourne Sery 10 Buckese P L 15 Chesebrongh M 300 Continental Ol ew 20 Crescent P L. 20 Cumberland B L rekn P L . Sig_ o1 : Hum 0! & Ref new BYPUL ol Imp 0l of Can Intern Pe¢ o Lid fa Pet . ie 01 & Gas. S P o onth Pepu 01 5000 Vacuum Oil new . Sales INDEPENDENT OIL STOCKS. 12 hundreds. 3 Ark 50 Big T 42 Carib 8 Cit Sers .. it Serv pfd cit s B 100 20 Mutual Oll vot cfs New Eng Fuel Ofl Noble Ol & Omar Oil & Gi Penn Beaver Ofl Petnock Ofl . Royal Can O W' i Red Bank Oil . t Creek new . outh States 0il Texon Of] & Land.. . Turman Of ... Wiicox Ol & Gas. . INDUSTRIALS. Acme Coal Acme Pack Amal Leather Am Hawailan S 8. Atlantic Fruit . Brit-Am Tob Co cou Boog Beck ...... Brooklyn City R R 5 Buddy Buds . Bossick Alemite Light . Cent Teresa . Century Rib 5 Centrifugal Ir Pipe Chicago Nipnle 3 Cleveland Motor 5 Chicago Steel Wheel Chi §tl Wheel pfd. Checker Cab A w 1 Columbia Car vot of 4 Guyamel_Fruit D L & W Coal Dubilier C & R Durant Motor Durant Motor Gardner Mot . Garland Steamship. Gillette 8 R . Goodyear Tire . Goodyear Tire Household Prod. 3 Heyden Chem . 2 215 Hudson & Mann K 3 1073 Hudson Co pfd 3 Hydrox Corp - 2 2 Kappeah B & Co ot 8 Kuppe: > B 2 Mercer Mot .. 1% 3 Mercer Mot vot cfs 14 Mesabi Tron ... ® Nat Sup Co of Del New Fic Pub Co N Y Tel Co pfd Onyx Hose. 453, Oselda Corp . 13% Paige Motor 20 8 73 2 philip Morris 18y 1 Philipsborn, 41 2 Penn © & O e 1 prima Radio ‘Co. 58 70 Radio Corp .. 14 Radio Corp pfd . 20 Rep Tire & Rub. 81 Reo Motor 20 Rosenbaum_Gral 1 Eheiton Looms w @8 C &1 2 Btuts Motor . 4 Technical Prod . PPRRPAE- PN 637 3% 105 Tobacco Prod Expts 190 Triangle Film 8 Thread Co ptg . 10 Unit Prot Sh new. 16 Unit_Retatl Candy. 1 Unt Ret Can Fr 8h. 17 Uni Bhee Mach Os. 3 1 17l &y 313 81y no’: ;.02 FINANC NEW YORK CURB MARKET Received by Private Wire Direct to The Star Odice. While these special upward move- ments were in progress other sections of the market were inclined toward reaction. Selling pressure appeared in the oil stocks, and with one or two exceptions _independent olls moved with the Standard group. Seaboard 0il and Gas, however, was in demand and slightly higher on reports that three new wells are about to be start- ed. Operations for the rise brought about an advance of about a polnt in New England Fuel. Considerable comment was caused by the suspension of trading in say Taxicab after it was announced by bankers who handled the subscrip- tions_that all allotments had been canceled. ~ No _ satisfactory reason could be obtained for this action. The house that was to have handled the financing merely stated that upon in- vestigation the circumstances did not warrant the eale to the public on the terms arranged. Efforts to bring about lower prices in' Durant of Delaware met with success and the stock broke three points before the decline was checked. Peerless and Cleveland were others of this group that were reactionary. Exploration . Arizona Globe Ce Big Ledge Butte Western . Boston Mont Corp alaseras Co Canada Cop 11 Canario Copper ... 230 Candelaria Min . Columbla . Emerald. Fortuna Mige oldfield “Dev oldtield Flore oldfield Jackpot old Coin Mining. Gold State . 2 Gold Zone Gruss Mine THardshell Min Harmill Div Henrietta Silver.. Hill Top Nevada.. = 131 67 as; Knox Divide Mason Val rarss ool am Cres Dev. ohican Cop al Tin ornelia . g o Cop Ray He Red Hill Flore: Rex Cons ... Richun. Red V sther Do Min k Hughes 2 Cop Tono Belmont Tonopal Divide Tonopah Extens k Min i < i et ) —_— FOREIGN EXCHANGE. Mareh 8, 1 m. (Quotations furnished by W. B. Hibbs & Co.) Nomizal Selling checks Todas. Prague, ' crow: Warsaw, mark Copenhagen, crowp. Christiana, ‘crown Stockholm, crown By the Associated Press. NEW YORK, March 8.—Foreign ex- « | changes irregular. Quotations (in dol- lars): cables, 4 banks, 4.68 cables, 050 cable cable 00004514 demand, .395 demand, .1810; Sweden, demand, Denmark, demand, .1910; Switzerland, demand, .1865; Spain, demand, .1554; Greece, demand, .0104; Poland, de- mand, .000021; Czechoslovakia, de- mand, .0207; Argentine, demand, .372 Brazll, demand, .1137; Montreal, .98%. FAILTODISCOVER ADDTIONAL BODIES B the Assoc PITTSBURGH. Pa., March 8.—An eight-hour search of the smolder- ing ruins of a North Side building, gutted by fire last night, failed to disclose any additional bodies, fire de- partment officers announced today. The fire resulted in the death of one man and injuries to more than a score others. Three separate investigations have been launched by the fire marshal, thae coroner and the fire bureau. The fire was brought under control early this morning after it had burned for five hours. Fire Marshal Thomas 1. Pfarr estimated the dam- age at $150,000. While the cause of the blaze has not been determined, fire officials ad- vanced the opinion that it had its origin from leaking gas pipes. The four-story building, an “L" shaped structure fronting two streets, was destroved, but adfoining buildings were not serlously damaged. A religious meeting, attended most- 1y by women and giris, was in prog- ress on the second floor, while a stonecutter's union was in session on the third floor when an explosion rocked the building. The force of the blast plunged the building in dark- tness, but an instant later it was en- {veloped in flames. Two other blasts followed in_quick succession. The hundred or more persons in ithe building became panic-stricken, jand when the first fire companies ar- irived a number already had jumped ifrom the second and third story win- idows. Life nets were spread, into iwhich many jumped, while firemen |carried others down ladders. ! “Gustave Bickel, the only man known to have lost his life, jumped !trom the third-story window. —_— HOOVER IN CONFERENCE ON RUBBER PRODUCTION NEW YORK, March §.—Secretary of Commerce Herbert Hoover today conferred with officials of the Na- tional Automobile Chamber of Com- merce on plans for stimulating the production of rubber in South Amer- ica and the Phillppines. Greater production in South Amer- fca and the Philippines, he said, would enable the United States manu- facturers to become independent of the East Indian tubber producers. Great Britain, demand, 4.70%; xty-day bills _on ance, demand, . G demand. .0476 m. demand. .052 many, demand, Holland, IAL. e 97 TAX COLLEGTONS (VER S300 00 !Heavy Back Payments Due to | Special Drive—New Treas- ury Financing Announced. Collection of back taxes by the Treasury today passed the $300,000,000 mark, the figure estimated by Com- missioner Blalr last June as the prob- able receipts for the government from that source for the fiscal year ending June 30. Any further collections will help to reduce present estimates of the budget deficit. The heavy recelpts of back taxes in the last few months were largely from the 1917 tax returns, on which a spectal drive had beéh made by the internal revenue bureau in order to clean up that year's taxes before the statute of limitations becomes effect- ive. Treasury officlals indicated to- day that the hope of finaily auditing the 1917 returns before the end of the current fiscal year would be fulfilled. In the meantime the bureau's agents are continuing thelr audit of other years' tax returns. Officials believe the average month- 1y receipts from back taxes during the remainder of tae fiscal year may exceed $30,900,000. toward concluding its re- operations in connection with the victory notes and war sav- ings stamps of the 1918 issue. Two new issues of Treasury certificates, aggregating approximately $400,000,- 000, were announced to cover the March financing and at the same time to aid In carrying the Treasury over to the middle of May, when the last of the victory notes mature. One issue will bear four and one- fourth per cent interest and will ma- ture September 15, and the other, bearing an interest rate of four and one-half per cent, will mature March 15, 1924, Outstanding certificates maturing March 15 or any of the victory notes will be accepted in ex- nge for the new issues. $700,000,000 in Maturities. About §356,000.000 of Treasury cer- tificates fall due March 15, coincident with the tax payment which the Treasury estimates will bring in around = $400,000,000. On the same date, liberty 'bond interest aggregat- Ing about $135,000,000 is due, while there are outstanding something like $90,000.000 in victory notes, which were called for redemption last De- cember, and more than $75,000,000 in war savings stamps which matured January 1 remain unredeemed. The Treasury, therefore, must make ar- rangements to meet nearly $700.- 600,000 in maturities or have cash on hand to take e of them and, at the same time, be prepared to carry on the al government expendi- tures. More Financing in May. The close margin on which the Treasury will operate after March 15 indicated by comparison of the anticipated income and known ma- turities, makes certain that further financing will take place in May upon the maturity of the remainder of the victory notes. But Treasury officlals are optimistic and assert that, while further financing in the nature of certificate issues” will have to take place in May, the recent steady re- ductions made in outstanding paper of short maturity dates have placed the government in a position satls- factory to those charged with the {administration of its finances. The { maturing victory notes will have to { be largely refunded, but the amounts, it is believed, will ‘be small as co { pared with Treasury certificate oper ations in the past. A formal statement by the Treasury declared that when the March finan- cing s completed there will still be outstanding _ approximately $1,000.- 000,000 in certificates of indebtedness. But this amount, the statement said, is remarkably low for this stage of the government's post-war financing. TUnredeemed Victory Notes. Approximately $90.000,000 victory notes, bearing the distinguishing let- ters. A, B, C. D, E and F, on which interest has ceased, are yet outstand- jing, It was learned at the Treasury | Department. These notes were called for redemption on December 15 last, but holders have been slow in pre- enting them for payment, it was sai There are also outstanding about $100.000,000 of 1918 series of war sav- ings certificates, on which interest ceased the first of the vear. Treasury officials are doubtful if all these obligations will _ever be presented for payment. There is still unpaid a small amount of bonds issued during the revolutionary war, and a larger amount issued during the civil war, which have not been presented for payment. Weller on Bank Inquiry. Senator Weller of Maryland has been appointed a member of the joint congressional committee which ~will try to find out why 8000 eligible state banks in the country have not joined the federal reserve system. As Senator Weller is a director of the Equitable Trust Company of the Monumental city, which is not a member of the system, he will have some first-hand information as to its reasons for remaining out. In the federal reserve district in which the Equitable Trust Company is located there are 622 banks which are members of the s state chartered banks which are non- members. All of these state banks, to be sure, are not eligible, but many of them are. Cleveland Discount Compairy. Borrowers from the Cleveland Dis- count Company on mortgages trus- teed with the Harriman National Bank of New York for series B and H collateral trust bonds issued by the company have been requested to make interest payments directly to the Harriman National Bank and not to the company. The Harriman Na- tional Bank holds collateral securing mortgage bonds as trustee and is acting in the interest of the bond- holders. A Cleveland dispatch eays fifteen branches, in addition to those closed before the company went into re- cefvership, have been closed. Plans are under way to organize a corporation to take over the business of the company, which has an office in the Munsey building in this city. STOCKS OF GRAIN ON FARMS MARCH 1 Stocks of grain on farms March 1 were announced today by the Depart- ment of Agriculture, as follows: Corn, 1,087,412,000 bushels, or 37.6 per cent of the 1922 crop, compared with 1,305,559,000 bushels, or 42.5 per cent of the 1921 crop on farms a year ago. ‘Wheat, 153.134,000 bushels, or 17.9 per cent of the 1922 crop, compared with 134,253,000 bushels, or 16.5 per cent of the 1921 crop on farms a year ago. B Sats, 421,511,000 bushels, or 34.7 per cent of the 1922 crop, compared with 411,934,000 bushels, or 38.2 per cent of the 1921 crop on farms a year ago. Barley, 43,592,000 bushels, or 23.4 per cent of the 1922 crop, compared with 42,204,000 bushels, or 37.8 per cent of the 1921 crop on farmis a year ago. »