Evening Star Newspaper, March 9, 1923, Page 28

IN AUTION DIPLAYED N STOCK NARKET Pools_ Force Up Special Is- sues Again Today—Sugars and Oils Strong. BY STUART P. Special Dispatch to The Star. NEW YORK, March 9.—In today's stock market the selling movement of the previous day was not resumed, but there was not the same buoyancy that had characterized operations in the early part of the week. Senti- ment was more cautious 'and specu- lative pools no longer got the same ready following. Still these pool oper- ations started up again in a number of indfvidual stocks. Sugar stocks were taken in hand \gain, especially Punta Alegere, al- though there was nothing new in the trade situation to account for this. The incentive was found, as on pre- vious occasions, in highly favorable estimates regarding the earnings of raw sugar producers and the expec- tation of the recommencement of dvi- dends before the year is out. WEST. Transcontinental Oil Strong. Transcontinental Oil was actively bought on news that a new combi- nation of oil concerns had been formed. in which the properties o the Transcontinental were included The jump in the Market Street Rail- way issues has as its motive the be- lief that negotiations now in progress with the city of San Francisco for the purchase of the company would 50 through. The sum mentioned as the probable figure between all the city is bidding and what the company i« willing to take would be sufficient to pay off all preferred stocks, even the second preferred selling below 10, at par. Besides, it would leave # halance for the common very much { above the present selling price. The pan-Americans were held up against the figures showing decreased production in Mexico, by intimations of another extra dividend on Mexican Petroleum in the near future. International Harvester broke sharp- y on the annual report, showing a halance of only $1.835 per share earned on the common in 1922 and this after a heavy deficit the year befove. Review and Outlook. The main question before Wall sirect as business began today was whether the Thursday decline had been due mainly to real distributive selling or whether it was merely a professional raid 5 Upon this subject opinion was much divided and this difference wa clearly enough reflected in the market of the day. On the whole, however, the thing of immedjate importance was that the selling movement, what- ever its character, was not resumed. On the contrary, pools and other large speculative interests took hold again of selected stocks and were able to but them up, in some Instances with constderable rapidity. Bank Report Favorable. Encouragement was_found in_the waekly figures of the New York Fed- ~ral Reserve Bank showing an ad- ance in the reserve ratio from 80.6 er cent to 83.2. The effectiveness of he increase In discount rates in recking demands upon New York stricts from other sectlons of the ntry is demonstrated by the fact hat within the last month rediscounts it the New York institution have Aropped off $85,000.000, while cash r.oldings have Increased $60,000,000 The speculative community took this as an assurance that it could go ahead for the present at least without fear of any further restrictive measures on the part of the federal reserve. Whether or not this was a correct in- forence remains to be seen Atlantic Gulfs Showing. Tt was stated recently that the in- eome of Atlantic Gulf and West Indles was sufficient last year to cover in- terest requirements with something left over for depreciation. The an- nual report will be out next month. Now it is said that earnings for the urrent vear will double those of 1492, which means that income will be available for the preferred stock At present Atlantic Gulf's tanker fleet < operating fully and at a substantial wrofit Mack Trucks had another of its eharacteristic advances, which this time carried the stock to a new high for the year. The situation here is ANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office For Revised Close of Stock Market see 5:30 Edition of The Evening Star. Adams Express. Adv Rumley. Ajax Rubber. Alaska Gold Alaska Juneau. Allied Chemical. Allfed Chem pf.. Allls Chalmers. . Allis Chalm pf. . Am Agr Chem. . AmAgrChempf. Am Bank Note. . Am Bk Note pf. . Am Beet Sugar. Am Bosch. Am Car & Fay.. Am Chicle Co... Am Cotton Ofl. . Am Cotton Ofl pf. Am Druggist. ... Am Hide&Leath Am Internat’l Am Linseed. Am Linseed pf.. Am Locomosive. Am Metals Am Metal pf.... Am Radiator. .. Am Roll Mill pt. Am Safe Razor.. Am Ship & Com. Am Smelting. .. Am Smelting pf. Am Steel Fdy... Am Steel Fdy pf Am Sugar. Am Sumat . Am Tel & Teleg. Am Tobacco. ... Am Tobacco (B) Am Water Wks. AmW Wk 6% pf Am Woolen. ... Am Writ Prpf..* Anaconda. Ann Arbor. ... Ann Arbor pf. Asso Dry Goods. Asso DryG 2d pt Atchison. .. Atchison pf. Atlan Bir & Atl. Atlan Cst Line. . Atlantic Gulf. .. Atlantic Gulf pt. Atlantic Ref. ... Atlas Tack Austin Nichol! Auto Sales. Baldwin Loco. ... Baldwin Loco pf Balto & Ohlo. ... Barnesdall (A). Bayuk Bro: Beechnut Pac! Beth Steel. . Beth Steel (B).. Beth Stl7% (n). Erit Empire Stl. Br Em Stl 2d pf. Bklyn Edison. .. Bklyn Rap Tran Bklyn R Tr ctfs. Bklyn Un Gas Brown Shoe. Burns Bros (B). Burns Brospf. .. Butte Copper. ... Butte&Superlor. CaddoOll........ California Pack. ‘Calif Petrol. Calif Petrol p Callahan Zinc Canad'n Pacific. Case Plow Wks. Case (JI) pf.... Central Leather. Central Leath pf Cerro de Pasco. . Chandler Motor. Chesap & Ohio.. Ches & O pf wi. Chi & Alton. ... Chi & EastIll... Chi & East I11 pf Chi Great West. Chi Great W pf. Chi Ml & StP.. ChiMil&StPpt. Chi & Northwn. Chi & Nwn pf. Chi Pheu Tool Chi R I & Pacific ChiRI & P1%p? Chile Copper Chino Copper-. Cluétt & Peby pf Coca-Cola. .. Columbia Gas. ... Columb'a Graph Com Solvents A. Comp Tabulator Cons Cigar. . Consol Gas new. Cons Textile ContCan.. Cont Can pf. Corn Products Continental Mot Cosden & Co Cosden pf. ssentially one of large earnings, as has been repeatedly pointed out. Crucible Steel Cuban-Am Sug. Open. 1% 18% 18% % 1% T4 111% 48% 96 34y 65% 91 54% 133 54 115% 834 9% 84 184 66% 101% 39% 104 80% 32 1256 166% 163% 2915 54 104% 30% 62% 19 40 757 9214 103% 90% 28 122% 28 22 142% 18% 30 3% 140% 116 53% 304 56% 63% 69 69% 97 8 24 112 % 6% 118% 35% 8 82 146% 4 79 38% 78 47 8% T4% 103% 3 36% 57 6 14% 25 43% 85% 17 87 86 93 29% 30% 104%3 8% 108 2% 43% 8% 364 66% 13% 4714 108 133 94y 607 108% 821y 33% Lately it whs reported that Mack had i Gup Am Sug pf.. 100% hooked business far into the vear. In- come for the first six months of 1923 will be at a high record and for the ntire twelve months’ income, accord- ng to estimates will be at least $60 a share. Rumors of a deal with Gen- ral Motors have been denied in semi- «Mcial quarters. List Quiet Late in Day. Fresh buying came into some of the oil shares in the late afternoon, hut without evoking much response in other quarters. The railway list continued to ignore the remarkable igures on car loadings. Steel shares had been strong in the forenoon un- der the lead of United States Steel common, but interest in this group vetered out subsequently, despite the ctremely favorable nature of the de news. Neither copper nor zinc stocks did anything. Tn the last hour prices came down rather generally, manv of the leaders losing all_or nearly all their early advance. Weakness developed in the Pierce Arrow stock. On the other hand, heavy buying continued in Cos- den at and ghtly above its previous high of 62 This fitted in opinion that there is a deal under way with Standard of Indiana. Hup Motors stood up the best +«mong the motor shares. The ad- ance_in Allied Chemical was a_re- ult of very confident prediction that he dividend, hich is now 34 a share, would be increased to $6 at the meet- Ing due toward the end of the month. (Copsright, 1923.) | WALL STREET NOTES. Hudson Motor Sales Jump—Iron Earnings Up. Spocial Dispatch to The Star. NEW YORK, March 9.—The Cole- rado Fuel and>Tron Company for the vear ended December 31 last Showed et earnings of. $3.261.327, compared With $1.773.505 the preceding year +nd a deficit after taxes, depreciation. etc. of $654.944 against 32,371,171 Tiupp motor car sales for January and February this year were more han double sales for any previous milar two months. The Ford Motor Company is sending out checks to creditors of the Lincoln Motor Company paying the difference hetween the amount paid by the De- iroit. Trust Company, receiver, and the face value of the claims. Tn the last six months the Pennsyl- \ania railroad has ordered new en- zines and cars costing $57,000,000, Shop and roundhouse improvements to the amount of $6,000,000 are under way ew _YVork bank clearings. $731,000, 0. New_ York bank balances $65, 100.000. New York Federal Reserve credits, $54,000.000. Boston earings, $61.000,000. / an hank cl NEW PLAN APPROVED. NEW YORK, March 9.—A plan for readjustment of the financial struc- ture of United Railways Investment Cub Cane Sugar. Cuba Cane S pf. Cuban Dom'ican. Cuban Dom pf. Davidson Chem. Deere Co pf. Del & Hudson. .. D Lack & Wstn. Dome Mines. DuS S & Alt pf. Dupont (ED. Dupont deb. Eastman Kodak Eleo Stor Bat. Elk Horn Coal Endicott-John. s Erle Erle 1st pf. FamousPlayers. Famous Play pf. Fd Mines & S pt. Fidelity Fire Ins FifthAvBusw 1. Fisher Body. ... Fisher B of O pf Fisk Rubber. ... Fleishman. Freeport Texa Gen Am Tk Car. Gen Asphalt Gen Clgar . Gen Elec. Gen Elec spl w i. Gen Motors. ... Gen Mot 6% deb. Gimbel Bros Goldwin Corp. ., Goodricn. . Goody'r pr pf wi. Gray & Davis. .. Gt Northern pf.. Great Nor Ore Gt West Su pt Guantanamo Su. Gult St Steel. ... Hayes Wheel Hendee Mfg. Houston Oil. . Hudson Motors. Hupp Motors. .. Hydraulic Steel. Illinois Central. Indiahoma. Indian Refining. Inspiration. Interboro Met. Interborough pt Interbor Rap Tr. IntCement..... 1InCombustion B Int & Grt North. Int Harvester. .. Int Mer Marine. Int M Marine pf. Int Nickel. 1ntl Paper. Intl Paper (sta) Int Shoe...... Intertype Corp Invincible Oil. Iron Products. Jones & Lighi pt Kansas & Gulf... 1% 58 10% 55% 86% 2% L 118% 126% 41% b 116% 87% 112 59% 16% 76% 135 8% 180, 99 14% 38% 19% 69% 50 88 185% 11% 14% 84% 47 T 38% 98 14% 8% 33% 106% 12 95% 4% 115% 14% 6 au ' % 19 42 25% 24 9% 10% 42 16% B5% 2% 69% kS 18% 57 % 21 58% 108% 2% Company- has) been appro®ed By the | KansasCity Sou 28% ~orporation’s will be submitted soon to the stock- solders. The plan provides for the ladelphia company into a new corporatien, “which will issue bonds.. vaftiolpating preferred gtock cowmmon stock, - dnd board of managers and | Kansas C Soupf 56 Kelly-Spr Tire.. Kelsey Wheel Kennecott. . Keystone Tire Laclede Gas. 55% 112% 5'refu.lon of the company's holding | Kelsey Wheelpf 103% Phi 42% °9 83 High. 1% 19 13% Low. TT% 18% 13% Y% 1% 7 111% 48% 96% 32% 66% 21 b4% 5 lOI% 114 185 9 16% 30% 61 112% 28, 341 57 132% 54 5 1154 8314 97 8 18% 85% 101% 39% 104 80% 32% 4 124% » 156% 10% 42 16% 56% 2% 70 38 18% 67% %% 21% 58% 108% 2% 23% 56 56% 112% 103% 42% 9% 83 153% 291y 54 104% 30% 415 256% 24 907% 10 42 15% b54% 2% 69% 38 18% 656 Y 20% 57% 108% 2% 23% 56 56% 112 103% 425 8% 82% Close. T% 19 18% 111% 48% 96 3219 66 91 54% 44% 56 104 114% 18 9 16% 30% 7 13 28% 34% 57 135 541 116% 83% 97 8 18% 65% 101% 39% 104 807 32% 125% 156% 163% 30% b4 104% 30 62% 19 40 T 920 103% 90% 23, 122% 27% 22 142% 18 30% 3% 140% 116 53 30% 56% 63% 69 69 97 8 24 1124 7 64 119% 61% 38% 107 10% 35 8 82% 97 105% 10% 146% 4 79 381 8% 473 2% 3% 104 2% 36% 41% 25% 24 92% 10 42 15% 54% 70 38 18% 56 1%, 20% 58 108% 2% 28% 66 b55% 112 103% 2% 9% Lake Erie & W. . Lee T & Rubber. Lima Locomo Lorillara (P) Louls & Nash Mack Trucks. ... Mackay Cos pf. . Magma Copper. Mallison & Co. . Manatl Sugar. . Manhattan Elev. Manhattan Ects Manhattan Shirt Market St Ry Market St pri rket Stpf.... Market St Ry 2d Marland Ofl. ... Marlin-Rockwl. Martin-Parry. . Mathison Alkill. Maxwell (A). Maxwell (B)... May Dept Stores Mcintyre Porcu. Met Edison pf.. Mexican Pete Mex Seaboard. Mex Sbd ctfs. Miami Copper.. Middle St Ofl. . . Midvale Steel Minn & StL (n). Mo, K & T pt wi. Mo Pacific...... Mo Pacific pf... Montana Power. Montgom'y W'rd Moon Motors... | Mother Lode Mullins Body Nash Motors. t] Biscult w 1. tl Acme. t1 Conduit. .. Natl Enameling Natl Ry of M 2d. Nevada Copper. N Or Tex & Mex. N Y Air Brake. . N Y Air Brk (A) N Y Central.... NYChi&StL.. NYNH & Harttd. Norfolk & West. North American North Pacific. Nunnally Co. Ohio Bdy & Blw. Oklahoma Prod. Orpheum Circuit Otis Elevator. Otis Steel. . Otis Steel pf. Owens Bottle. Pacific Develop. Pacific Gas & EI PacificO1l. . . Packard Motor. Packard Mot pf. Pan-Am Pete. .. Pan-Am Pet (B) Parrish & Bing. Penn Seabd Stl. Pennsylvania People’s Gas. Pere Marquette. Pere Marq pf. .. Philadelphia Co. Phillips Pete. .. Plerce-Arrow Pierce-Arrow pf | Plerce-Arrow pri Plerce Ol Piggly-Wiggly . Pitts & W Va... Pond Creek Coal Porto Rico Tob. Pressed Stl Car. Producers & Ret Prod & Refpf... Pub §erv OofNJ. Puilthan Co. Punta Alegre i Pure Ofl.. . Pure Oil 8% pf.. Rallway Stl Spr. Ray Con Copper Reading. . . Reis Robert Remington. Replogle Steel. . Rep Ir & Steel.. Rep Ir & Sti pf.. Reynolds Spring Reynolds Sprrts. Royal Dutch. ... St Joseph Lead. . St L & San Sran. St L Southwn... St L Southwn pf Savage Arms. .. Seaboard A L pf Sears Roebuck. Seneca Coppet Shattuck-Ariz. Shell Union. Simms Petrol Simmons. ... Sinclair Oll. Sinclair pt Skelly O1l. ... Skelly Oil (new). Sloss-Sheffield. . Sloss-Sheft pf So Porto Sugar. South Pacific. .. Southern Rwy.. Southern Ry pf. Spicer Mfg Co St Ol of Calif. StOilof NJwi. Steel & Tube pf. Sterling Prod. .. Stew't-Warner. Studebaker. Submarine Boat. Superior Oil.... Superior Steel. . Tenn Copper. ... Texas Company. Tex Gf Sulphur. Texas & Pacific. Tex & P C&OIl. . Timken Bearing Tobacco Frod Tobacgo Prod A. Trans'Contl Oil. Transue & Will. Twin CR Tran., Underwood pf. . United Drug. United Fruit. United Ry Inv.. Utd Ry Inv pf. Unit Retail Strs U S Cast Ir Pipe. U S Indus Alco.. U S Realty. U S Realty pf. U S Rubber..... U S Smelt & Ref USSmelt&Rpt. U S Steel. . U S8teel pt... U S Tobacco Utah Copper. Vanadium Corp. Va-Cr Chemical, Va-C Chem (B). Va-CarChem pf VaIrCoal &C.. Vivadou. . Wabash........ Wabash pf (A). ‘Waldort System. Web & Hellbrn. Wells-Far Exp. ‘Western Pac pf. Open. 82% 29% 0% 19% 10 56 173% . 1508 6% 68 36 841 64 65% 43 46% 1 1% 55 36 43 14 82% 624 62% 19% T4% 18% 99 272 18 16% 79 19% 114 R 8% 2%, 19% . 147 14 824 45% 14 92t Highy 32% 30% 70% 19% 10 66 1784 15¢ 8% 68 86 34% 67 56% 43 45% 19 74 56 39 43% u 33 6215 627 20% 4% 18% 99 272 18 16% 29 118 81% 8% 434 17% 46% 4% 24% 24% 127 27 105% 43 15% 100 1 70 4% 17% 93% 37 50% 977 9. 19% 114 113% 22% T9% 9% 8% 2% 19% 150% 13% 66% 4T 1% 824 828 - T4 14% 4% 463, 90% 39 67% 4% 60 12% 324% 66% L 38 9%y 93 70 53 484 100 132% 59% 29 99% 120% 157 78% 16 45 28 61 9%k 23 10% 53% 21% 254 344 61% 27% 12 89%% 114 10 15% 14 27% 33% 9613 12% 31% 56% 87 8% 93 32% €9 26 61y 42% 1021 64% 117% 13% 5% 33 128% 51 59% 25% 22 43% 58% 83% 11% 3214 64 117% 81% 178% 1915 58% 81% 82 69% 102% 106% 61 41% 46 107% 120 66% 3% 42 28% 16% 67% 64y 19% 9% 30 42% 15 §tromberg Carb 88% 53 . 1217% 122% 13% 5% 33% 12% b51% 59% 25% 22% 435 58% 84 1314 1174 Union Pacific... 141% 142% 815 178% 21% 59% 81% 82 697 102% 106% 61% 42 46 108% 120 6655 4% 425 23% 16% 68% 63% 19% 9% 30 42% Western Union. 114% 114% 2% | West Air Brke. . 117% 117% 117% Westhse E1 & M. Wheel & LE pf. White Eagle Oil White Motor. Wickwire.. Wilson Co, . ... Willys-Overid. . Will's-Overld pf Woolworth Worthington... Wright Aero. Call Money. 63% 17% 28% 85 11% it 7 50% 215 38 9 64% 17% 28% 55% 115 41% T 51 216 38 9 Low. ryy 68% 19% 10 56 171% 150% 764 68 35% 3415 64 ba% 42% 45% 18 1% 55 36 42% 14 32% 62 61% 19% 3% 18% 98t 272 16% 15% 28% 1% 31 8% 42% 1% 46% 3% 24 284% 123 27 104% 424 15% 107% 119% 66% 3% 42 22% 16% 67T% 63% 19% 9% 29% 42% 14% 48 23% 19 61 114 635 17% 28 66 11% Close. 32% 80% 69 19% 10 656 172% 160% 1% 68 36% 843 654 54% 42% 46% 18% 3% b6 37% 42% 14 33" 62 61% 19% 73% 18% 9815 272 16% 15% 28% 11% 31% 8% 43% 17% 46% 73% 24'% 113% 112% 228 9% M 8 28, 191 150% 12% | 66% IBOND QUOTATIONS * - GOTRIFLE HIGHER Part of Railroad List and Lib- érties Improve—New Offer- ings Reported. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 9.—Bond quo- tations on the average were a trifle higher today, but sentiment as to the future of the high-grade issues con- tinued pessimistic. One reason for the heaviness is doubtless competition of, new issues, for which there is a better market just now than for the old. Certainly the weekly statement of the federal reserve system affords no basis for predicting any general decline. Railroad Issues Gain. Among the bonds fractionally higher today were Northern Pacific 3s, Union Pacific refunding 4s, Chesa” peake and Ohio general 4%s and Tl- linois ‘Central refunding 4s. A good deal of interest was taken in the course of Hudson and Manhattan re- tunding 6s, which were so weak yes- terday, going down to a new low for the year. It was shown that the decline was not connected with any change in the financial condition of the company by the steadiness of the adjustment income 5s, the junior se- curity. As a matter of fact, the company is probably in the strongest position in its history. Nor is the senlor issue quite in_the grade of bond likely to be affected by the prospect of higher mone One suggestion was that the re- funding 5s were being sold to buy the incomes. Seaboards Reactionary. Railroad Issues in general moved very irregularly. The Seaboard re- funding 4s and 6s were reactionary. Erie general 4s declined fractionally. Among the high-grade issues to show losses were Union Pacific first 4s, Oregon-Washington Railway and Navigation first 4s, Central Pacific first 4s and Denver and Rio Grande 4s. Baltimore and Ohio 4s, on the other hand, gained. It was evident that no trend could be discovered from the day's net changes. Libertys were very quiet, but slightly higher. Probaby the fact that the government's intentions as to re- funding nearby maturities are now {officially known helped to strengthen the list. Many New Offerings. There were many reports of mew issues. It was stated that the Penn- sylvania would offer early next week $39,000,000 in equipment trust certifi- cates on a 5.10 or 5.20 per cent basis. It was also reported that the Canadian National rail would be in the market shortly with an issue of be- tween $10.000,000 and $20,000,000 in new securities BTER FIHT PLANED ONRAL CONSOLDATIONS {Southern Interests See Blow to Competition and Also to River 3 Navigation. Special Dispateh to The Star. NEW ORLEANS, March 9.—Shipping interests of the southwest are uniting to oppose any proposed consolidations of the carriers in that territory, such as have been under discussion. They are marshaling their forces for ap- pearance befote the Interstate Com- merce Commission hearing at Kansas City April 26, when they will present ldata opposing such plans. They as- {sert that merging of any of thelr twelve trunk line roads would be det- rimental to competition and develop- {ment of navigation on the Missouri iriver is being urged to hold, rates 1in check If the consolidations are ef | fected, The trend toward merging of inter- ests for the eutting of overhead costs is growing, however, three big con- solfdations now being finder negotin- tion. One of these involves a number of the independent competitors of the Diamond Match Company in the mid dle west. Another includes under- wear _manufacturers in New York. New England and the south, while a third _concerns a chain of grocery jobbers in the south COTTONPRCES ALY AFTEREARLY DECLNE Caution Follows Yesterday’s F;ll and Reports of Rain in Western Belt. By the Associated Press. *NEW'.YORK, March 9.—The cotton market opened steady at a decline ©of 9 to 20 points under overnight sell- ing orders and local selling which was inspired by the relatively easy showing of Liverpool. The reaction- ary sentiment which developed on the decline of yesterday afternoon was still in evidence around the ring, but trade interests were buyers, while there was rebuying by sellers of yes- terday morning, and as soon as early [ wevvorx BONDS 7o xcmunas] Received by Private Wire Direct te The Star Office, For:Revised Close of Bond Market see 5:30 Edition of The Evening Star. (Sales are in $1,000.) . ~UNITED STAT B80! Bales. High. Lib 3%, Lib 2d 48 Lib 1st 4% Lib 2d 43%m. 5. Lib 3d 4ie. Lib 4th ¢%s 2 98 20 98 366 98 283 98 410 98 40 100 31 99 + 68 10120 10120 8810 9816 98 08 98 60 98 18 100 10 99 650 10 30 22 68 32 18 60 FOREIGN. Bordeaux Brasi] 7. Brazjl Brazil 73, Canada 65 1926 Canada 5%s 1929 Canada 5s 1931 Canada bs 1952 Chile 85 1946. ‘hile 85 1926 Chilesa 194z ... ... nese Gov Ry 5s. Shrln;‘lnh (i ‘openhagen 5%s. Cuba 53 aw i, Czechoslovakia 8s. Denmark 8; Denmark 6s. .. Dutch East 1 6847 Dutch East I 63 '62 FramericunID7%¢ French Govt 8s French Govt 71 Halti 6s ctfs Holland-Am's f 6s. Japanese Ist 4345, Japanese 2d 4%, Japanese 4s....... Jergen UM 6s'47.. Lyons 6s Mexico ds. .... Montevideo 7s. Netherlands 6s. Norway 8s Norway 6sctfs. ... Paris-Ly's-Med 65 Prague 7%4s. Queensland Queensland 6: Rio de Jan 8s 194 Rio de Jan 85 1947. Sao Paulo,State, 85 SerbaCrotsSiov8s. Seine, Dept of, 7s. . Solssons 6s. 12 4 21 16 26 1 4 Confedst3s. Tokio &s. Ud King’'m 5%s 29 Ud King'm 534537 UnSteam Copen 6s. Zurich 8s, : 9% 97% 90% 93% 927% 828 82% 76% 76 56% 3674 “90 98% 112% 99 72 75 108% 101% 931 9315 99% 65% 8415 6% 105 118% 3% 115% 104% 90 1nz IND! Low. Low. 82 6 76 B6% 36 90 9% 112% 98% 1% T4% 108% 101% 93% 93 99% 643 84y, 6% 104 118% 3% 115% 104% 90 13 MISCELLANEOUS. Am Agr Chem T%s 10 AmSmelt&R 1stbs. 23 Am Sugar Ref 6s 21 AmT& Tov6s.... 13 AmT& Tl tr bs.. 20 AmT& Tcltris.. 8 Anaconda cvdb7s.. 72 Anaconda 1st 6s. 71 Armour & Co 4%s. 12 Atlantic Refin 5 Bell Tele Pa 7s. Bell Tele Pabsrcts Bethleh'm Stl rf 58 Beth'm Stl pm 5s. . Beth'm Stl st 6s. .. Brier H St 1st5%s, Bklyn Edison 7s D. Bklyn E4 gen 5s. . Central Leather 63 Cerro de Pasco 8s. Chile Copper 6s Chile Copper 7s CinG & E5%s’6: ‘ Con Coal M4 1st 58 ! Cub CaneScva 8s. Det Edison ref 6s. . Du Pontde N 7343, Duquesne Lt 7%s. Duquesne Light 6s E Cuba Sug 7%s... Empire F&G 7%s.., | Fisk Rubber 8s... Gen Elec deb 5s. .. Gen Refract'es 6s.. Goodr'h (BF) 6%s. Goodyear Tr 8s '31. Goodyear Tr 8s'41. Humble O&R 5%s. Indiana Steel 5s. .. Int Mer Marine 6s. Int Paper 1st 5s A. Int Paper 1st 5s B. Julius Kayser 7s. . Kelly-Sp'gfield 8s. Lackaw'a S 55 '50. . Liggett & Myers Ts Liggett&Myers 53 Loriliard (P) bs. .. Manati Sug sf 7%s Mexican Petrol 8s. Midvale Steel 5. ... Montana Power 6s. Morris&Co1st 41%s. New Eng Tel bs. NY Edlson 1st 6 NYGELH&Pbs. N Y Tel 63°4 N Y Tel 4%s. N Am Edison 6s. N States Pow 5s. Northwst B Tel 7s. Pacific Gas & El 5s PalT&T6s'52... Packard Motor 8s. Phila Coref65A.. Producers & R 8 Public Service 5s. Punta Alegre 7 Sinclalr Ofl 7s. Sin Crude Ol 6%s. Sin Pipe Line bs. uth Bell Tel 5s. So Por Rico Sug 7s. St Oil of Callf 7s. Steel & Tube 75 Tide Wat Ofl 6345. Tobacco Prod sf 73 Toledo Ed'n 1st 7s. Unit Drug cv §s. U S Rub st rf 5s. U S Rubber 7%s. USSteel st bs. Utah Pow & Lt 6s. { Va-Car Chem 7s. .. Va-Car Ch 7%s sw Warner Sugar 7s West Unlon 6%s. Wickwire Spen Wilson & Co 1st 6 Wilson&C ov 7% Wilson & Co cv 6s. 3 7 1044 89% 102% 116% 98 91% 103% 98 861 29 107% 98% 921 8914 9% 94y 103% 89 102% 1168% 971 91% 103% 9744 86 98% 107% 98% 9214 88% Olose. 10120 9810 9816 9810 9856 98 20 10018 9950 Close. 1024 98% 93% 99 11% 928 76% 841 96% 103% 100% 101% 100% 98% 104 101% 103% 524 110% 90% 99% 88% 109% 98 9414 94 88 9T% 92% 97% 90 93% 92% 82% 82% 761 % 56% 367 90 98Y 112% 99 71% 74% 108% 101% 934 93% 95% 6 84% 6% 104% 1184 3% 116% 1044 90 13 103% 89 102% 116% 97% 91% 103% 97% 86. 98% 1074 98%, 9213 89% 97 9T 943 ° 943 107% 96% 98 142% 101% 117 9734 881y 94%, % 102% 108% 107y% 1034 107% 931y % 107 103% 96% offerings were absorbed the market| Wirch'tr Ams7%s 1 108% turned steadier. May contracts sold down to 30.75 -{and October to 26.43 at the opening, 17% 28 65% 11% 41%¢ 41% 64 50% 6% 50% 215 /217 38 9 High. Low, Last. 5% 4% 5% HOURLY SALES OF STOCKS, so | 11am..... 273100 12m.. ipm. - 438 200 . 633500 Zp.am....s 635300 or about 50 to 75 points below the high record of yesterday, but soon rallled 16 or 20 points from the low- eat. Liverpool cable advices reported that an unfavorable opinion of the market was growing there in spite of the firm statistical position. Cotton futyres opened steady; March, May, 30.75; July, 29.90; October, December, 25.9%1. - NEW ORLEANS, March: 9.—Poor cables caused a decline of § to 16 points in the price of cotton around the opening today, but new buying shortly was encountered, coming from traders who thought the barometer lines in the weather map spelled more rain for the western belt, where planting and preparations for plant- ing are just getting into full swing. At the end of the first half hour of business the active months were 2 to 16 points higher than the close of yesterday. May, after trading down to 30.42 cents a pound, rose to 30.60. Futures opened steady; March, 30.67; May, 30.42; July, 29.87; October, 25.92; December, 25.56. —_————— WOOL MARKETS FIRM. BOSTON, March 9.—The Com mercial Bulletin tomorrow will ea; “The wool markets of the world have steadied after a brief period of easing priges. Many had expected a further decline at the opening of the London colonial auctions on Tuesday, but the tone of the market was sur- prisingly dirm and the tone since then has improved. The foreign primary markets also are steadler on the lower basis of values now ruling although offerings for 'the most part are get- ting noticeably poorer as the season wanes.” 1011 9815 100% 103% 108 96% 98% 142% 101% 17 97% 89 95 102% 108% 107% 103% 108 9314 107 10114 9815 100% 104 4 1163 " 116 107% 9915 107 84y 112% 1004 98% 86% 934 100% 1064 102% 102% 104 105% 111 87% 108 102% 89y 97 96 104% 109 97 100 103% 9514 103% ——e. SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Aluminum Co. of Amer. 7s 1925. 1084 Aluminum Co. of Amer. 78 Americ: American Sugar 6s 1937.. American Tel, &.Tel. Gs I American Tel. & Tel. 65 1 Anaconda Copper 6 1929. Anaconda @opper 7s 1929, Cotton Ol1 8s 1924 1983 Anglo-American 0il 7is 1935 Armour & Co. 7s 1980, Bell Tel. of Canada 7 1925, Bethlehem _Steel 7s 1923 Canadian Northern 548 1921 Canadian Pacific @s 1924 Central Leather os 1925. C.. C., C. & Bt. T.-Bs 1 Chicago Tel. 5u 1923. Du, Pont 7ts 1831 Goodyear T. & R. 8s 1031. Great Northern 7s 1938.. Hocking Valley 8s 1924 Humble O1l 5%s 1982 . Kansas - Cit Kennecott. Libby, Mc! M., 8. P 7 Penns. R. R. 75 8t. Paul Union Bears. Roebuck Bouthwestern Bell 7s 1925. Standard Ol of Calif. Ta Tidewater Ol 63s 1981 Union Tank Car ‘¥s 1930. ‘Western Union Gl4s 193¢ Westinghouse E. & M. r 7n 1980 . B8 1923 1931 1088 - o 1630. B % T A0elST oon 981, 100% 8674 861y 8514 105% 109 901, 97% 96% 997, 108 877% 9519 797 97% 110 993 104% 92% 9315 8914 107% 91 90% 10754 *9915 107 84% 118% 100% 98% 86% 934 100% 106% 10219 102% 104% 106Y% 111 87% 108 102% 89%, 974% 96% 104% 109 9Tim 100% 103% 95% 103% BETTER BUSINESS SEEN. 9. —Improved 'HICAGO. March bi iness was anticlpated in, 1923 al- though no 'profit was derived from farm machinery sales in the United States during 1922, said the annual directors’ Harvester Company, the s report of the International transmitted ckholders by Président Alex- to ander Legge. ' Net profitafor the year ending December 31 last were 540,767 compared with $4,149.918 preceding year. $5,- the tic C L 1st 4s. Atlantic C L cl 4 O SW div 8%s. B & O Toledo 4s. .. Bklyn R T 7s 21 BK1 RT7s 21 ct: Buff R&Pitts 4% s Canadlan North Canad Pac deb 4 Central Pacific 4 Ches & Ohio cv 5s. Ches & O cv 414s. . Ches& O gn 4%s. . Chl & Alton 3s.... Chi & Alton 3%s. . Chi B&Q gn 45 '68. Chi B&Q Ist rt 5 Chi & ETll gn 6s, . Chi Great West 4s. CM & Puget Sd 4s. Chi M&S Pirf 43s. Chi M&St P cv Chi M&St P 4s '25. Chi M&S P v 4345, Chi & NW 63s.... Chi Rys bi . ChiRT& P, ChiUn Sta 4%s...." Chi & W Ind cn 4s. CCC&StLrt6s A.. Cleve Term 5148 Colo & Sou 4%s. .. Del & Hd st rf 4s. Del & Hudson 5% Den&Rlo G con 4s. D&R G 1st rf 5s. . Det United 4%s. .. Erle 15t con 48 Erle con ext 7s Erlegen4s. .. ErieconvdsD.... Gr Trunk sf deb 6: Grand Trunk 7s. Gr North gen 7s. .. Gr'North gen 5%s. Havana ERL&P 55 Hud & Man ref 5s. Hud & Man aj 5 Til Central ref 4s. . Til Central 5 s Int Rap Tran 5s. Int R Transit 7s Int & G Nor aj 6 Towa Cent 1st 5s. . Kan City Ft Sd4s.. Kansas City S 3s. . Kan City Sou 5s. .. Kan City Term 4. Lake Shore 4 Lake Shore 4s '3 Lehigh Val cn 4s.. Lehigh Valley 6s.. Louis & N uni 4s 83% 91 87 82 52t 28% 84% 98% 79 52% 6414 61 68% 8114 66% 108% 80% 7% 90 73% 101 4 103% 82% 86% 100 73 54% 831 56% 10374 46% 51% 103% % 114% 5 108 99% 8315 9% 63% 83% 5 101% 71 93 47% 70% 5% 678, 838 78% 93% 91 79 102 88 102% 102% 107% 107% 6213 6214 93 93% 8415 84% 381, 381 391 39% 8% 8% 79 19 61 61 9 95 95% 96 84 84 59% 60 89% 89% 80 80% 104 104 89 89 95 954 T0% 70V 67 681z M U 9r 78 4312 445 87T% 88 59% 60 8215 83% 106% 106% 977 97hy 9% 98y 91 91 TN T 100% 100% 908 90% 10815 108% 109% 109% 80 807 831 31 641 644 78 18 84 841y 67t 67'n 821, 821 641 6415 90% 90% | T84 6% 445 28% 651 9015 837y 81 93y 66% 8 601 ©o EEEE PSS T IR PO JIrTEP- < VY ek o 8. 1, Louis & Nash 7s. .. Manhat Ry cn 4s.. Market Stcn 5s. .. Mil El Ry & L bs... St L 1st rf 4s &TprinssA. Mo Pacific 6s Mo Pacific 55 '65 Mo Pacific gn 4s. Montreal Tm 1st 53 NOTex & M In5s. N'Y Cent deb 6 N ¥ Centdeb 4 N Y Centribs NYCenlCel3%is. New Haven cd 6s. New Haven 7s. New Haven 7s fr.. NYW & Bos 4143, Norfolk & W cn 4s Northern Pac 3s. . Northern Pac 4s North'n Pacr i 6s. Northern Pac bs. .. Ore & Caif 1st 5s.. Ore Short L ref 4: Ore-Wash Ist rf 43 6 Pennsyl gen 5s.... Pennsyl gen 41s. . Pennsyl 6%s. ..... Pennsyl gold 7s. ... Pere Mrq 1st 4s ‘56 Reading gen 4s.... Rio Grand W cl 4s. RIATk & L4%s StLIM&S4s 29, StL&SFplisA. % S F prin 5s. z inc 6s. . StL 51sD.. StL& S F adj 6s. . StP & KCShL4 Seab' Seab'd A Ladj 5s. .y, 4 Seab'd A L con 6s.. 3 Sou Pacific cv 4s... 37 Sou Pacific ref 4s.. 18 Sou Pacificclt4s.. 3 Southern Ry 1st 53 .5 Southern Ry gn 4s. 14 Southern Ry 6%s. . Sou Ry Mobile 4s. . Third Ave ref 4s. Third Ave adj 55 Union Pac,1st 4s Union Pac 1st rf Union Pac cv 4s.... 1 Unlon Pac cv 6s. .. Virginia Ry 1st 58. Wabash 1st 5s. Western Md 4s Western Pacific 5s. West Shore 1st 4s. Wheel & LE cn 4s. Whel &LE f 4125 TOTAL SALES (Par Value &l 11am.. 2369000 12noon 4 187000 1pm. 5453000 2p.m.. 6694000 _— TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) Noon.—— Ofter.” 6 SF &SF &SF &SF ® e DRme~EeS et Rate—Maturity, June 15, 1923 s September 15, December 15, ' 1923 101718 16 { ) | 99l L T mig 933 9903 |AUTOMOBILE QUTPUT SHOWS STEADY GAINS Plants Rushing Open Car Produc- tion—Handicap in Railroad Situation. 4igs September ‘15, 1 1ids December 13, 1 NEW YORK, March 9.—With the big buying season yet to come, pro- duction in the country'§ large auto- mobile plants is movifg along on schedules from 10 to 20 per cent higher than those of the first two months of 1922, according to Automo- tive Industries. An increasing propor- tion of plant facilities is now being devoted to open-car production. Lack of adequate rail factlities is felt mainly in the shipment of raw materjal rather than that of finished products. Parts makers look forward to a large spring business. Truck makers report & 50 per cent gain in output and goed prospects for new husiness. DRY GOODS ACTIVE. * NEW YORK, March 9 (Special).— The market for cotton,cloths was marked by activity today. The raw silk market was active here, but quo- tations showed no appreciable change from the quotations of Thursday. PARIS MARKET FIRM. PARIS, March 9.—Prices were firm on the bourse today. Three per cent| rents 58 francs 25 centimes. Ex- change on London 78 francs 5 cen- times. Pive per cent loan 73 francs 40 centimes. The dollar was quoted at 16 francs 38 centimes, Grain, Produce and Live Stock WHOLESALE MARKET. Unsettled and lower was reported of the condition of the egg market this morning. Prices had dropped 1 cent early in the morning, due, it is stated, to Increased receipts. Dealers expect a further drop in prices be- fore the close of the week. In the meat market conditions con- tinue “draggy.” There is a large sup- Ply of meats on hand, but with little demand. Prices are mentioned as be- ing reasonable on all grades. Butter prices experienced no drop today. The market continues firm, but it is expected to break before the appearance of hot weather. Eggs—Strictly fresh, selected can- dled, “per dozen, 35; average receipts, 34; southern, 34. Live poultry—Ro8sters, per 1b. 17; turkeys, per Ib., 30a40; spring chick- ens, per lb., 35a3s; keats, young, each, 60; fowls, each, 26a27. Dressed pouliry—Fresh-killed spring chickens, per Ib., 35a40; hens, per Ib., ;:flibmo?eu. per 1b., 19a20; turke: h ., 35 5 ch, peE 5a40; keats, young, ea (guive stock—Calyes, cholce, per Ib. |€' medium, per 1b., 10a12; thin, pe ,‘l“-mhp’i" Lawhe, cholosss pan i 12 per i ¥ a8.00 each; live hogs, ireen fruits—Apples, per bbl, 1.75 a7.00; Delicious, No, 1. per bbl. 6.00a 3.00. ' California’ oranges, per crate, 5.0026.00; Florida, 4.00a5.50, Lemons, per box, 5.0026.00, ' Grapefruit, 3.50a 480. Tangerines, 4.0025.50. Vegetables—Potatoes, per bbl, No. L '180a2.00; per sack, 5.25a250; No. 50a1.00. Sweet potatoes, North Carolina, 1.00a2.00; nearby, 2.2582.75. Lettuce, per crate, southern, 1.50a 200 Romaine lettuce, per crate, 1.50a 00; Icebury lettuce, per crate, 4.50a 5.00. Cabbage, northern, 3.00a4.00 per 100 1bs.; nearby cabbage, per bbl. 1.50a2.50;" Southern, 2.50a3.50 per bas- et. Iggplants, per crate, 2.50a5.00. Tomatoes, per Lox, Florida, 2.50a5.00. Beans, 1.00a5.00 per basket. Peas, 3.00a5.00 'per basket. Peppers, per Florida, 2.50a3.50. Kale, per pinach, per barrel, . crate, Florida, a routs, 26a35. Squash. Florida lima’ beans, 3.5024.50 3.60. Brussels 2.50a3.00. ver basket. GRAIN March 9 (Spe- white, 100 pounds, 0 pounds, 1.2522.76; sweets, : beets, brussels sprouts. : cabbage, hamper, 2.00a v, bushel, 1.00a1.25; carrots, a60; 5; celery, cucum- crate, 5.00a8.00; eggplant, crate, seradish, bushel, 3.00a 2.00a2.2! lettuce, . onions, hundred, a9.00; parsn bushel, 1.50a4.50; peppers, crate, 1.50a 3.00; radishes, basket, 50a2.00; spinach, barrel, 2.50a3.50; squash, basket, 3.00a 3.50; tomatoes, crate, 2.5025.00% tur- nips, basket, 50a60. Apples, packed barrel. 2.50a5.00: bushel, 50a1.25; loose, 100 pounds, 1.00 4 basket, 50a75: cranberries, bar 2.50 straw- 5a40; tangerines, half strap, £.0024.00. Selling Prices at 12:30, Wheat—No. 1 red winter, spot, no quotations; No. 2 red winter, spot, 1.34%: No.'3 red winter, spot, no quo- 0. 2 red winter, garlicky, No. 3 red winter, garlicky, no March, 1.34%. one. Corn—Cob corn, new, 4.00 per bar- rel; contract, spot. 821 per bushel; No. 2 corn, spot, 84X 0. 4, no quota- track corn, yvellow, No. 3 or 90 per bushel. €s—None. Oats—White, > 541 asked per No. 3 ed. per bushel; pot, 91% per No. 3, no quotations. Hay—Receipts, 41 tons: top grade timothy and light clover, mixed, in moderate demand, at a range of 16.00 to 20.00 per ton,’ with no surplus of really desiraple hay. Straw—No. 1, tangled ry 16.00; No. 1 wheat, 12.00a12.50 oats, nominal, 12.00a13.00. Juiyllllll September. "ORN— DAIRY PRODUCTS. _BALTIMORE, Md., March (Spe- cial).—Poultry—Live turkeys, pound, 30a40; old toms, 25; poor and crooked breasts, 20; young chickens, 28a32; roosters, 16a17; ducks, 27a32; geese. 20a25; capons, 39a40; medium, 37a38 ; Small 'slip, 30a32. Eggs—Loss off, native and nearby, 34 ; southern. 33. Butter—Creamer; 50a51: prints, 51ab 43a48: ladles, 38ad0 store packed, 37: process butter, 9 fancy, pound, nearby creamery. rolls, 37a38 ; dairy prints, 37a3s; 42a43. TODAY'S CHICAGO PRICES. CHICAGO, March ®.—With the gov- ernment report on farm reserves of wheat considered bearish by the ma- jority of traders, wheat took a down- vard swing in price today during the 'arly dealings. Less apprehension was also expressed in regard to crop pros- pects for domestic winter wheat. Be- sldes accumulating _stocks and con- tinued lack of export demand counted further against the bull side of the mar- ket. Opening prices, which ranged from 1; decline to % advance, with May 1.18% "to 1.19 and July 1.148 to 1.14%, were followed by a slight additionai gain in some cases and then by a de- cided drop all around, Although at the outset corn and oats responded to the bullish showing of the government report as to both feed graing, the upturns in prices were soon more than wiped out as a result of ag- eressive commission house selling. AR cr_opening % to 15 higher, May 74 to 74%, the corn market underwent a gen- eral setback to well below yesterday's finish. i ats started 1 off to % up, May 45 to 45%, and later showed losses for all months. Provisions were firmer, In line with hog values. CHICAGO LIVE STOCK MARKET. CHICAGO, March 9 (United States Department of Agriculture) —Hogs— Receipts, 35,000 head: holdover from yesterday, 11,276; market 10 to 20 higher; bulk, 440 to 220 pound gv- erages, $.25a8.40; top, 8.50; bulk, 350 to 3.25, pound butchers, 7.95a8.10; packing sows, mostly 7.25a7.50; de- sirable pigs. around 7.25a7.75: bulk, 2. top. 8.50; heavy-weight 90a8.15; medium, 8.00a8.40; light, 8.3028.50; light light, 8.00a8.50 packing SOWS, smooth, = 7.25a7.60: packing sows, rough, 7.00a7.30; kill- ing_pigs, 7.00a8.25. Cattle—Receipts, 3,000 head; active; killing quality fine: killing ' classes steady to strong, with previous day's advance; spots higher on beef heifers; top matured steers, 9.50; long year- lings, 9.36; bulk beef steers, 7.7529.00; stookers and feeders scarce: week. end trading rather slow; fairly active demand late yesterday for medium to good steers for grazing purposes; bulk canners around 3.25: bulk de. sirable veal calves to packers, 9.00a 9.50; cholce 150-pound calves to ship- pers, upward to 11.50; bulk heavy bologna bulls, 5.00; buik, 4.75a585, Sheep—Receipts, 10,000 head; choice lightweight lambs strong; other classes fully steady; top lambs, 15.25 to packers; bulk wooled lambs, 14.50 215.00; clipped kinds, 12.00a12.70; fall shorn up to 13.75; extreme he. 10.50; one load 32-pound clipped weth. ers, 7.75; good 109-pound ewes, 8.25; two loads desirable 64-pound feeding and shearing lambs, 15.00. BAR SILVER QUOTATIONS. LONDON, March 9.—Bar silver, 321-16 pence per ounce. Money, 2% per cent. * Discount rates—Short and threc-month bills, 2 9-16 per cent. | INEW FARM CREDITS BIG BUSINESS AID Farming Implements Being Bought in Very Much Larger Quantities. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, March 9.—The better credit position and higher purchasing power of the farmers of the United States 1s making Itself more evident every day in the volume of farm implement and equipment buying Stocks of dealers in the south, the mid-west, the northwest and the Paeific states are rapldly being cleaned out and the volume of ferti- lizers being purchased is very heavy Manufacturers who for months had their warehouses and storage yards filled with equipment they conld not dispose of again are running their plants on good production schedules and have become one of the threas dominating factors in the steel mar kets. Distributors In other lines have not been slow to take advantage of the excellent selling conditions re- flected from these facts. An army of salesmen has already spread throughout the country and the Na tlonal Council of Salesmen's Asso- ciations gathered here today to op- pose any curtailment of the recent mileage book legislation: which. mer chants claim, _will prove of in estimable henefit to traveling mei, especially in covering the rural sec tions. Rail Cbngestion Growing. | Ereight embargoes, of tdnporar - {duration, again are making their ap- pearance in various seciions of thw country. This is especially notice- able in_ the automobile centers. Within the next three weeks, as the roads dry, long strings of shiny new automobiles will cover the highways. as dealers and manufacturers are preparing to resort to the “drive- vay" method of obtaining deliveriey to avoid delays from freight c gestion. The delay in the arrival of parts and materials at the automobile fac~ tories, however, has reduced opera- tions to half time in some instance Rallroads are beginning to ta steps to keep in cioser touch witi their patrons and to let the latter know conditions which affect then The Great Northern railway, has ju created a public relations depar ment for that purpose. Paper Production Increasing. Operations at the paper mills sa far this year indicate that all news- print production records will be brokei and that more than two-and-a-half-mil- lon tons will be consumed, unless there is a decided drop in the volume of advertising, which seems entirely nlikel?. Estimates by reliable au- thorities place the total which will be expended for advertising in 1923 ar over $1,000,000,000, of which over § per cent will be for newspaper adver- tising. Prices for book wrapping paper and paper board already have in- creased, and further advances for ail paper products is forecast, as many wage agreements in the mills expire May 1, and higher wage levels will ha demanied. Best Business Noted in South Since War { Special Dispatch to The Star. ATLANTA, Ga., March 9.—Thirty-one cent cotton, w prospects of even better prices for the remnant of tha crop, has brought the best business since the war to wholesalers of the south. Retail buying throughout this en- tire territory is brisk, and merchants, quick to sense the general demand, are buying heavily in spite of rising prices. Rising Costs Cutting Profits on Automobiles Special Dispateh to The Star. DETROIT, March 9.—Rising costs are cutting deeply into the argin of profit of some of the automobiley manufacturers here. Because of tha $7 a ton increase in the price of steel bars, the front axles used by ona company will cost $1 more apieco this month than in February. This item, small in itself. indicates the added cost per car. Many Chicago Landlords Are Still Boosting Rents Special Dispatch to The Star. CHICAGO, March 9.—Apartment houses are going up everywhere to4*) day, and a building boom is onlv waiting settled weather, yet. somae Chicago landlords are putting up rentals despite predictions that pricey would fall May 1. Forty-two tenantd of one apartment building have res |sponded “to notice of an increase from $80 to $120 a month by employ ing counsel and refusing to com= promise or vacate. STOVE COMPANY FAILS. Receiver * Monitor Concern Named in Cincinnati. CINCINNATI, Ohio, March 8.—Ap- plication for receivership in a receiv. ership court for the Monitor Stova Company of Cincinnati, has been made by the original owners of the concern. A difference of opinion be- tween the banks, which are fi the concern. and the owners w. signed as the cause for the applica- tion. Riffe Pope, vice president and gen- eral manager of the company, was appointed receiver by the court, which instructed him to continua operations. The total assets are esti- mated at $2,000,000 by.Mr. Pope, wha said the debts amount to “about half that sum.” for / RESERVE BANK STATEMENT. NEW YORK, March 9.—The state- ment of the condition of the Federal Reserve Bank of New York at the close of business March 7 shows: Total gold reserves, $1,042,348,- 726.48. Total reserves, $1,061,547,720.45. Bills discounted secured by govern- ment_war_obligations for members,, $170.340.685. All others, $29.897.684.47. Bills bought in open market, $2 480,225.77. Total bills on hand, $229.718.595.24 Total earning assets, $255.774.345.24, Uncollected items, $118,593,202.2 Due to members’ reserve account, $683,969,043.94. Total deposits, $704,761,432.93. Federal reserve notes in actual cire culation, $570.391,134. Ratio of total reserves to deposits and federal reserve note liabilities Ccombined, 83.2 per cent. LIVERPOOL COTTON. LIVERPOOL. March _9.—Cotton, spot; limited demand; prices easier. Good middling, 16.85: fully middling, 16.70; middling, 16.60; low middling, 16.35; g00d ordinary, '15.85; ordinary, 15,55, Sales, 7,000 bales,” including 5,000 American. ' Receipts, 7,000 bales, including 6,200 American. ' Futures closed steady. rch, 16.25; May, 16.11; July, = 15.87; October, 14.45} December, 14.08; January, 13.97. BUTTER GOES HIGHER. CHICAGO, March 9.—Butter er; creamery extras, 47%; 4714 ; extra firsts, 4615a47; firsts 454ad6: seconds, 4415a45. s lower; receipts, 18874 cases; firsts, 2814a28%; ordinary 874 cases; firsts, 28%a28%: ordinary fl;f"“ 27%a28: miscellancous, 2%t ’