Evening Star Newspaper, April 10, 1923, Page 21

‘WALL STREET NOTES. ssenger Traffic Grows in West. Bank Clearings. #pecial Dispatch to The Star. : NEW YORK, April 10.—The wage advance of Youngstown independent teel companies following in the vake of the increase granted em- loyes of the United States Corpora- fon will mean added menthly pay Louls is 20 per cent ahead of the movement last year. Phelps Dodge showed a net loss of $5,825,631 for the year ended Decem- ber 31 after interest and depreciation had been charged off. The net loss in 1921 was $8.539,068. Ex-dividends today: Alllance Realty, ‘American Coal, American Type Foun- ders, common .and preferred; Copper Range, Du Pont de Nemours deben- ture. New Cornelia Copper has declared a quarterly dividend of 25 cents, pay- olls of $550,000. Passenger traffic officials in Chicago y this season’s westbound traffic to California from points east of St. CORONA 2 for 25¢ Also made in the Bouquet able May 21 to stockholders of rec- ord on May 4. our mon//gv.’r- ' worth'Cgar o, Men who could well afford to pay fabulous prices for good cigars, if it were necessary, smoke “Garcia GRANDE Cigars” because they know that in terms of aroma, frag- rance, even burning and mild flavor they will get their “‘money’sworth.” Afterall— whether one smokes the 10c or the 15c cigar, that is,the first consideration. 1f you ask the operator for Johnson's phone number, there’s no assurance that you'll get the right Johneon. with cigars. best way to insure getting tb: cigars you want, is to asl for “Garcia GRANDE” by the full name. 309 7th St. N.W. Phone Franklin 5413 10c Washington, D. C. New York bank clearings, $757,000,- 000. New York bank balances, $7 GARCIA Bernard Harding “THE EVENING STAR, 'WASHINGTON, 000,000. New York Federal Reserve Bank credits, $47,000,000. Boston bank clearings, $ s Pay. able. May 15 May- 3 Stock of Record. Apr. 80 Apr. 30 Apr. 14 Apr. 28 Apr. 18 Apr. 30 Apr. 30 e 7 Company. Am. Soda Fount.. nt. § 0. K May 1 Loew's Bos. May 156 Packard Mot. Car E 30 Turman Oil Co. ‘Turman Of] exts Un. East. SHORT-TERM SECURITIES, (Quotations furnished by Redmond & Co.) —Noon.— id. Bid. Offer. Aluminum Co. of Amer. Ts 1025. 1005 1084 Aluminum Co. of Amer. 78 1933. 100 American Cotton Ol s 1024 American Bugar Gs 1037.. American Tel. & Tel. 68 American Tel. & Tel. 6s 1 Anaconda Copper Gs 1029, Anaconda Copper 7s 1029, Anglo-American_Ofl 7348 1025.. Armonr & Co. 7s 1930. 5 Bell Tel. of Canada 7n 1925, Rethlehem teel 75 1928 Canadian Nor. 5%s 1924 Canadian Pacific’ 6s 19 Central Leather 5s 1923 C.. C., C. & §t. L. 6s 1929, Chicago Tel, By 1923 Du Pont 7i4s 1931. Goodyear T. & R. 8 1031 Great Northern 7s 1936, Toeking Valley 65 192 Humble Oil 5is 1932 Kansas Clty Term, Ga i63. ennecott Copper s 1030. il & Libby 7s 1031.. . 8.°M. 6148 1931 Ti4s 1030, Penna. R. R. 7s 1030, 3 8t. Paul Union Depot 5%s 1023, Sears, Roebuck & Co. 7s 1023.. Standard Ol of Callf. 7s 1031.. Tidewater Oll 63s 1631 3 Union Tank Car 7s 1980, 3 Western Union 83w 1986. I 107 Westinghouse E.'& M. 7s 1931.. 107: PAPER FIRM REPORTS $9,072,390 DEFICIT International Has Hard - Year in 1922—Iron Products Financ- ing Plan Out. By the Associated Press. NEW YORK, April 10.—A defioit of $9,072,890 after paying dividends of $1.500.000 on preferred stock is re- ported by the International Paper Company for the vear ending Decem- ber 31, 1922. This compares with a deficit in 1921 of $8,942,890. President Dodge attributes the un- satisfactory showing to prolonged strikes, failure of the government to protect’ the news print industry from attacks of competitive.countries and use of high-priced wood contracted for at war prices. He says the company is now operating on a profitable basis. Stockholders of the Iron Products Corporation and Central Foundry Company today received letters out- which involves the formation of a new corporation to be called the Universal Plpe and Radiator Company. The new corporation is to have a capital new corporation is to have a capital- ization of 90,000 shares, 7 per cent cumulative preferred stock of $160 par value and 180,000 shares common stock of no par value, and will take over directly the properties of Iron Products, Central Foundry and Central Radlator companies. The new com- pany will also become tha holding company of the other subsidlaries of the Iron Products Corporation. very office should ve Scof Tissue Towels n 375 for$650- 0 ‘The new low price per case in this city makes it possible and preferable for every office to use ScotTissue Towels. In five, ten and twenty-five case quantities the prices are even lower. These prices are the Or, you can buy a carton of 150 towels for 40 cents. result of our fight to lower costs and pass the saving on to the consumer. Phone or write and we'll see that you are supplied with towels and fixtures. SCOTT PAPER COMPANY Baltimore Office, Builders’ Exchange J. M. Keeler, Sales Manager Phone: Plaza 7630 of using Scof lissue Towels Right out gl the dusproct carton. i “hell™ No fsture nesded. THE RUNABOUT —a car that speaks of dashes about town or to the country club—over cross-country trails—or a sociable foursome with two in the ruml seat and begs in the commodious luggage compartment. The seat is extra wide, deeply cush- ioned and correctly tilted —planned for two yet three may be accommodated. The smart top may be lowered. Or, in case of inclement weather, heavy, hand-tailored, storm curtains which fit on From this special outfit— e T e ror, nickeled tot 150 ScotTissue T ‘mir. rack and telescoping rods to open with the doors, are quickly available from the door pockets. There is ample space for luggage or the tra ppings of a foursome at the golf club. Spare tires carried in the rear add a final touch of smartness. This and other late open cars made by Pierce-Arrow are now on exhibi- tion. A complete demonstration will bemad;atmytime.Onlyyourxequeu is required. Open Cars, $5250 « Closed Cars, $7000 At Buffale. War Tax Additienal FOSS-HUGHES CO. 1141 Connecticut Avenue N.W. Telephone Franklin 4541. 1313 Cathedral St., Baltimore, Md. Washington, D. C. D. C.,, TUESDAY, CANNOT COLLECT EXPECTED PROFITS Supreme Court Rules Against Concerns Whose U. S. Con- tracts Were Canceled. Anticipated profits lost through the cancellation of war contracts cannot be recovered from the federal government, the Supreme Court held yesterday in threo cases. Henry Freygang and others, under a contract with the Shipping Board for construction work; the Albert and J. M. Anderson Manufacturing Com- pany, also under contract with the Shipping Board, and the Russell Mo- tor Car Company, under a contract for the manufacture of anti-aircraft gun mounts, had sought to recover from the government amounts equal to profits they claimed they would have earned had not their contracts been canceled. The Court of Claims. in decisions up- held today, decided against the claim- ants in each case, holding that tho power conferred upon the President by Congress gave him authority to cancel war contracts without impos- ing on the government any obligation to make good the profits which which have been enjoyed had the agree- ments remained in force. CARDINAL 0’CONNELL LAUDS G. U. PLANS Archbishop of Boston Felicitates President Creedon on Drive for $5,000,000 Fund. Cardinal Willlam O’Connell, Arch- bishop of Boston, the leading Catholic ecclestiastic of America, who is a visitor in Washington, today visited Georgetown University to felicitate President John B. Creeden, S. J., over the drive the local institution is mak- ing for a $5,000,000 endowment fund. “I take great pleasure in commend- ing your effort to put Georgetown University upon such a financial basis as will be in keeping with its prestige and its great possibilities for the fu- ture,” Cardinal O'Connell authorized President Creeden to announce for him. A total of $46,435 was raised in ‘Washington on the first day of the drive and there is every expectation that Washington's quota of $250,000 will be contributed before the end of the week. Herbert Hoover, Secretary of Com- merce, before his departure for Des Moines, Towa, announced through Dr. Willlam Notz, federal trade commi: sioner, a team captain, that he “heartily approved” the Georgetown movement and would be happy to contribute toward the endowment. Contributions pledged follow: Team No. 1, Joseph A. Carey, $2,400; No. Judge William H. DeLacy, $100 3 3. Arthur P. Drury, $765; No. 4, Dr. F. E. Duehring, $1.100; No. 5. Dr. George R. Ellis, $1,290 6, Hugh J. Fegan, $6,175; No. 7, Dr. John A. Foote, $1,950 Dr. James Gannon, $1.4. . Dr. James I. Griffith, 3810 10, Harry V. Haynes, $2,10 11, Thomas H. Healy, $3,000 12 Thomas B. Huyck, $1,12 13, Dr. George M. Kober, $2,75 14, Dr. John M. Moran, $2.30 15, Raymond Neu- decker, $11,300; No. 16, Dr. William Notz, $100; No. 17, Dr. Murray A. Russell, $625: No. 18, Lucien H. Van Doren, '$2,320: No. 19, Ronayne M. Waldron, $1,700; No. 30, Dr. Walter A. Wells, $400; No. 21, Rufus Lusk, $550; No. 22," Joseph E. O'Toole, $1.825: No. 23, Hugh W. Barr. $300. THE ROCKLEDGE 2456 20th St. N.W. Overlooking the Million-Dollar Bridge Fireproof —Elevator 3 Rooms, Bath and Reception Hall $77.50 $85.00 Immediate Occupancy Morris Cafritz Co. INC. 913 15th Street N.W. Main 617 The Paint that lasts You want to feel when applying Paint that it is going to not only decorate—but protect the material to which it is applied—and withstand the siege of wear and weather. “Murco”’ Liquid Paint APRIL 10, 1923. SUGAR IS HIGHEST SINEYEAR 1920 New High Price Records Made in Advance in Today’s Market. By the Associated Press, NEW YORK, April 10.—New high records for the season and since the year 1920 were established in the To- cal raw sugar market today. Grow- ing apprehensions of a shortage in supplies and a much better inquiry for refined have led to increased buy- ing of raws by both domestic and for- eign buyers. Cubas sold today at 5% cost and freight, equal to 7.66 for centrifugal. The sales amaunted to about 115,000 bags of Cubasand 40,000 bags of Porto Rico: Raw sugar futures reflected the ad- vance in the spot market. Prices at midday were 4 to 10 points higher on covering and renewed buying for trade and commisison houses . The market for refined was firmer and unchanged fo 5 points higher, with fine granulated now quoted at 9.20 to 9.25 and a continued good in- quiry reported. SUGARS GO HIGHER: OTHER STOCKS SAG Marking Up of Call Money and More Wage Advances Put Restraint on Buying. ated Pross. NEW YORK, April 10.—Further irregularity took place at the open- ing of today's stock market, early gains and losses being about evenly divided. Slight improvement was hoted in such recent industrial favo- rites as Baldwin, American Can, Mack Truck, Studebaker, the Pan-American issues, Phillips Petroleum and Cru- cible Steel. Missouri Pacific prefer- red, Maryland Oil and May Depart- ment Stores were h Despite the announcement of an 11 per cent increase in the steel industry wages, most of the steel & to higher ground. Crucible its early gain and dropped ba & point, but United States Steel opened 3% higher and Gulf States, Sloss Shef- field and Iron Prod advanced to Gains of a point each were reg tercd by American Water Works common and r cent preferred, Atlantic Refining and Phillips Petro- leum. International per yvielded a point on publication of a relatively poor 1922 earnings report. Losses of a point or more lished by Maxwell Motors A, W « nd_preferred, Woolworth ates Realty xchanges opened heav sterling dropping nearly cent to $4.63% and French fr slumped nts to 6.651 cents. Sugars Alone Are Buoyant. Trading continued dull throughout the morning, with the main price tendency downward. _ Distribution was evident in some of the specula- tive industrials, notably the oils and the motors. Marking up of the call money renewal rate to 5 per cent and the spreading movement of wage incre in various industrials, with a resultant reduction of profits, had a restraining influence on buying. Sugars became buoyant when the| price of Cuban raws was fixed at 57% cents a pound, a new high record. al _minor rails also developed strength, gains of 1 to o s being recorded by Pitts- burgh and West Virginia, Pere Mar- quette and Ann Arbor preferred. NEW SCHOOL ASSOCIATION | IS CALLED SUPERFLOUS Observer Will Recommend South demand Washington Citizens Should Not Join. George N. Yeatman, Washington Citi ficial { the South ens’ Association's of- the organization of the Dis *hool Asso- observer trict of Columbia Publ ciation, announced toda Yeatman will make his report at the next meeting of the association, April 18. Describing the new association as superfluous, Mr. Yeatman declared that his observations at the organi tion meeting convinced him that the South Washington association should | not be represented in it. “The ma- | jority of members with whom T have talked.” he added. “also feel that the association should have nothing to do with it Figures of the school a. officers showing that 101 are allied with it were decl: Mr. Yeatman to be erroneou figures, he said, represent t her of delegates from the civic ass ciations who attended the organiza- tion meeting, some of whom acted | merely as observers and did not sig- nify their intention of becoming mem- bers of the new body. that he will | FINANCIAL, -NEW YORK CURB MARKET { Received by Private Wire Direct to The Star Office. BY WILLIAM F. HEFFERNAN. NEW YORK, April regularity followed especially fn the oils, general day's curb trading. A feature was the | sharp break in Peerless Truck and | Motor, which got down five points| before support was encountered. The break was due to an attack by pro- | lflsslnnnls working on the short side Checker Taxi ran up almost a point | after reacting in the early dealings Maracaibo ~ remained the active leader of “the independent oils, but | today the stock moved downward under the influence of heavy realf ing e! arib Syndic: held | strong for a while, but fell off when the selling of the oils became gen 10.—Early by featured weakness, the | eral | tradea in in large blocks at and just ir- | under its recent to Standard Olls w points, movement of stocks in to-|the previous Seaboard Oil and Gas activ afternoon, Vacuum, however, ose. was v sold in losing a point to 3 got above | the shares were active just und United Shoe Machiner: points lower at 481 ed thereafter. Natio cent favorit while Todd § like amount rallied day’s close. The upward movement in Ohio Cop- per failed to gain headway toc but the opened 2 neglect upply, & re- st a’ point after losing a to around Mon- recent top. Ameriean Woolen Company 7 cent cumulative preferred stock rights were admitted to trading, in the rights taking plac, with a later reaction to 50. per and les NEW YORK, April 10.—Following 18 an official list of bonds and stocks traded in on the New York Curb Mar- ket today. Sales in BONDS. thousands, High. ers 6s... 629 L1031 D108 59 4% ibs 97 O Am Rolling Mills 65, 9915 10 Am T & T 65 '24... 100 1 Am Thread Co 6&. 14 Anaconda 6s 3 Anglo- 50 Ar Gas 5. on Gs... . Rub) Body 65 er Body fs 6 Fisher Rody 6% 10 Fisher Body 6s 17 Fish Rody Corp 6s 16 B8 0N Y 6u Sun. Ol 7s . n 0il 6s wift & Co Ts nited O Pro Tn Ity of Hay Vacuum Ol 7s FOREIGN Argentina 7s ublic of Pery Ka S of Mexico 4s.. NDARD OIL 417 I8SUES. 181 16 2014 474 8915 145 Imp Oil of Canada. 4900 Inter Pet Co, Ltd. Magrolia P 20 Northern P L 0 Prairie OIl & Gas., 5 Prairie P L ... Solar Refining outhern P L. O Indiana . X 8 0 Kansas new W 8 0 Kentugks . 200 § 0 NV 6500 Vacuum Oil new Sules in bundreds. INDEPENDENT OIL STOCKS, .0 3 Ark Nat 30 Big Indi Boston Wyo Of Pet new. ers Vet oil 0il ulf 0il of Pa Harris Cons Pete.. Hudson Ol ...... Independ 0 & G.. stone Ranger.. Kirh Pet % Lance Creek Lowry e Mammoth Ol . nrland Maracaibo O Mex 041 3 Mex Pamnco Midwest- Monnt Prod ..... Mutual Ofl vot of West_Col Ol ... New Mex Land ... s Can O Con anta Fe 0 & apnipa Refin on O] & Land. man Ol ...... T Wilcox 0l & INDU Acme Coal ... Acme Pack [ Am Am Am Am Am i m L & Tract ... rmour Co Del pid tantic Fruit 1 Bassick Alemite Cp, ) Bridgeport Meh w i 2 Rridg Brit-Am Tob_Cou Brit-Am Tob Co reg BkIyn Ci Bkn Edis new w i Ruddy Bud Campbell F&OPNR £ 3 Chicago Chieago Nipple 'B. Chi Steel W B Colum G & 2 ‘olumbus R P & L ox Cash S R oo18% Dubilier 0 & Radio 1214 Durant Mot i B Flec Bond & Sh pf cderal Telegraph. . ilette 8 R....... len Alden Coal. Heyden Chem Hydrox Tnland : Tnter Contl Rubber. 5% Inland Steel pfd wi 10415 2 Lehigh Power sec.. 23 Lupton F M... Mercer Motor Will outlast your expectations—producing a perfect job —economically. “Lifelong Paint.” It has justly earned the name of the We make it scientifically—combining 100% pure lead; turpentine, linseed oil and Japan drier—in such ratio of proportion as our experience teaches will give the best results—in every respect. You can buy any quan- tity—and in any color E. J. MURPHY CO. 710 12th St. N.W. 'Main 5280 Rts w'i Oselda Corp Peerless Motor Patterson Toh Prima Radio Co .. | P S N J pf new w i 5 Radjo Corp ...... Radio Corp pfd Repetti Candy . Springt'd Bod: Stutz Motor . Technical Prod Tenn Elec Power. Tenn Elec Pow pt Timken Axle ... Tob Prod Exports, Todd Ship ....... Triangle Film ...0 Union_Carbide ... 7 Un PIt Shar new.. 1 Un XRetail Candy.. 1 Unitnd Bakeries. .. .37 1 Un Shoe Mach 481 26 U § Lt & Hentl... . 13 1 Yellow Taxi Co NY 149% MINING. 2 Alaska-Brit Coio .. 2 Am Exploration ... | nounces. 15 Cop M Cons Corter. Cresson Comstock Divide Dolores Hardshell Min Sound ndence La lossom Capper Hereul Spearhead Gold ward Mines ther Dev Mines. Hughes BUILDING PERMITS BEAT ALL RECORDS Figures for March Alone Are Ex- pected to Reach $600,- 000,000. inted Press. W YORK, April 9.—One billion land a quarter dollars' worth of build- rg permits. the greatest amount for milar period in the nation's his- were taken out throughout the country during J and March, S. W. An alone were broken, $ 342 of work being authorized in cities, a gain of $16 per cent, over March of last These fi the Straus Company estimated. indicated a_total of $500 000.000 throughout the nation for farch. The gain in the eastern states was 41 per cent: central per cent: southern. 64 per cent, ar Pacific western, 171 per cent. LIVERPOOL COTTON. LIVERPOOL, April 1.—Cotton— fair demand: prices steady: middling, 16.49; fully middling, middling. 16.24; low middling good ordinary, 15.49; ordinary, 15.19: §.000 bales, including 4,900 n: receipts, 6.000 bales, ir cluding 1.000 Amer: futures clos- ed quiet but steady: April, Ma 5 1 October, 14.10; Jan- 13.4 worth 205 March, BUTTER PRICES LOWER. CHICAGO, April 10.—Butter—Low- er; cream standard 481 ext firsts, nds, 46a46? s — Highe : firsts, B mis age cked packed, firsts, 27% PARIS BOURSE FIRM. PARIS, April ‘10.—Prices firmer on _the bou today per cent rent 7 francs times. Exchange on London, fran 8 certimes. Five per loan, 74 frames 45 centimes. dollar was quoted at 14 fran centimes. — FOREIGN E April 10, 18: (Quotations furnished receipts, ordinary 27.150 firsts, were Three London, pound....... Montreal, dollar. Athens, Madrid, Vienna 00001414 Rudapest, 00021 Prague, crown...... Varsaw, mark.. penhagen, Christiania, Stockholm, " crown. By the Associated Press NEW YORK, April 10.—Foreign ex- changes easy. Quotations (in United States dollars): Great Bri D. man, 4.653: cables, 4.65% xty-da bills on banks, 4.63%. France—De mand, .0660; cables, .0660%. Italy— Demand, .0496%; cables, .049 Belgium—Demand, _ .0570 cab Germany—Demand, .000047 .000047%. Holland—Demand cables, 39.10. Norway—De- .1792. Sweden—Demand, .2656. Denmark—Demand, .1895. Switzer- land—Demand, .1824 Spain—De- mand, .1531. Greece—Demand, .0118 Poland—Demand, .000024. Czecho- slovakia—Demand, .0298. Argentine —Demand, .3650. Brazil—Demand, .1065. Montreal, .98 5-32, — e She Knows Papa. From Life “Mummer,” said the restless little girl calling from her crib at 2 in the morning, “I can’'t g0 to sleep. Won't 20 ArizonaGlobe Coj 190 Belcher Extens you tell me a fairy 'tory?" “Never mind, littie girlie,”” said the wise mother, “Papa will be home in our or so and he’ll tell us