Evening Star Newspaper, April 15, 1923, Page 34

‘BAUTIUN 15 NOTED INBUSINESS WORLD Europe’s "Unsettled ~ Affairs “Having-Vital Bearing on American Markets. CONCERN IN CROPS, T00 ‘How Railroads Are to Finance Huge Equipment Purchases Puzzles Investors. BY GEORGE T. HUGHES. § Special Dispateh to The Star. ; NEW YORK, April 14.—Hesitation marked the week's movement in both | the speculative and investment mar- ! kets. , Speoulators were at loss to decide Whether businees improvement had ! or had not been properly discounted { and .Investors, uncertain as to the { future of the money market, thought it best to await developments. Mer- { chants and manufacturers confronted with an expanding demand for their &oods and products continued to con- duct their affairs with conservation and caution. i There was no change in the bank- ing situation. Credit has been avail- 1able in all reasonable quantity for i those entitled thereto, The resources of the federal reserve system re- mained practically untouched Whatever those conditions fore- shadow, it is not collapse either in business or securities. Thie brings us down to & calm consideration of possible unfavorable developments. ' Conditions Abroad. First among these must be put the gontinued deadlock between France | and Germany, the fanatical outbreak on the part of the Russian soviet 1 Bovegament manifested in the cru- , 5ade ‘against religion and the serious ! domestic political situation in Great Britain. At present, as far as the markets are concerned it would be inferred | that a solution of the problem was worked out. .ther from the truth. The struggle 18 not spectacular, but its prolongu- tion puts a crushing load on the en- deavors of those working for the res- i toration of economic as well as po- litleal peace gnd no one has success- fully maintained that America can “with immunfty go on her way heed- less of what haiens in Lurope. Just now concern is manifested more in the south and the west, where foreign markets for cotton and wheat are ‘the absorbing topics, rather than in the industrial east, where domestic prosperity for the moment attracts the greater attention. Crop Situation Vital. The crop situation must also be Borne in mind by those who would forecast the economic future even at home. ~Government reports on the condition of winter wheat were any- thing but encouraging. An added un- icertainty is the spring wheat crop. planting of which is about three weeks late, due to the backward sea- son. Finally, there are the railroads. Transporiation is just as essential to prosperity in America as agriculture {and yet the demand of the farmers !for lower rates and the demand of the | investors for a return on their money commensurate with the risk resemble the celebrated irresistible forée meeat- '}'n the equally celebrated immovable y. i Certaih it is that investors are in no rush to purchase railroad secur- ities. "How the - raliroads expect- to do all this financing has never been clearly explained. Probably- a good ideal of ft will be done thro sale of equipment trust certific {which the risk to the investo ia minimum. Some of it can be done by the sale or pledge of bonds, but few roads are in-a position to attempt to sell stock, even preferred. Railroad- Stock Outlook. Wall street still professes to expect & bull market in rafiroad stocks and, of coursé, speculatively speaking, it may be right, but from an invest- ment standpoint it is hard to see any reason for the purchase of rallroad istocks when sound industrial pre- \ferred issues can be secured to glve ‘the same return, The argument is that railroad car ‘loadings are at the highest rate on record for this time of vear and that earnings are bound to be good. But « good share of these earnings must be put either into the new equipment 1922 uuh IDBV: 10414 1061, 108y 108% 4 109t 94% 10013 100t 9o, 100 or be absorbed in the additional charges on money borrowed to pay | for this equipment. It is also doub ful whether railroad boards of di- rectors will care to take the risk of :raising dividends, in view of the political situation. 1s it possible that lovernmem ownership is the only solution? PRODUCE MARKET. BALTIMORE, Md., April 14 (Spe- cial).—The egg market Is very firm, and values a shade higher &t mod- ate receipts and in good demand. Cold storage Operators now on the market arc keeping all desirable stock closely cleaned up, and liberal receipts are advisable. The market closed at 25 cents a dozen for native and nearby strictly fresh and 24 for everage receipts, The general live poultry market ule: firmt“under faifly good demand generally light “receipts, with d and constant demand prevailing cholce young chickens, especially rs and winter chickens of de- lb size. Large, fat, young chick- are bringing 35 a pound; winters, and 45, and Sprlngefs. 85 to 60, but gh, poor, thin stags will not bring ©ver 206. Medium to large old hens #ite In active demand at 20 to 30, with maller and leghorns bringing 27. P ey apiine plenti- #d supply at 16 and 17. But few #iycks showing quality are arriving, g ind these meet With a ready sale at ’annu, poor stock, however, aje at’ 5. Plgeons and guinea fowl tinue in light r.celpt. ‘with de- gand good at 35 to 40 a pair for the mer and 60 each for young and 40 for old of the latter. Season for k e_turkeys is about over, and the arket is purely nominal, dependlnl n qudlity and condition. 'oF dressed poultry is over, slow Season and only trl fancy capons are in demand. fl‘he ‘white potato market rules easy der good receipts and only fair de- d, with general movement cen- d on No. 1 ‘well-graded stock at 40 to 165 per hundred pounds and 9.0 75 for No. 2a. - Fastern shore Maryland and Vir- ia McCormicks and reds, however, bring” only 1.10 to. 1.35. 150 pound ks all sectlons selling. mostly 2.50 2'3.00 and 1.50 to 1.75 !or No. 2 stock. sts and .yams are running ample market Tulés easy, with demand M) per barrel and 40 85 per hushel Yams, 1.50 to 2.00 barrel and 50 to 75 per bushel. rhushel: kalé, 50 a bushel; spinach, o 1.00 @ bushel and turnips, 50 to “per 4-8 basket. nions continue in good demand at to 4.00 hundred pounds and 1.50 12.00 for No. 2. Packed stock stand- brands of apples continue in fair and at 400 to 6.00 a:barrel and to 3.50 for No. 2s; Bushel stock 1ling better than . barrels at 1.50 to ® and 1.00 to 1.50 for No. 2s. e By completing a swim down the arana river that lasted 22 hours, na Gutbrod, an Argentind girl, ew..record . for girl 8713 94': 103" 88% 67% FINANCTIAL. Low. 99 98 9414 98 T4y 938, 96 977% 100% 987 ™ 108% - 8% 5 98% B5% 95% )06‘/0 100% 108 !.01% 924 9215 81 87% 107 -100% 847 73% 89 66% 9414 85! 124’fi l%“ ‘i 110% 101"1 100% 106 951 86% 103% 95 ¢ 965 7% 86% 77 93% 85% 112% 103% 101 816 80 ; THE 1084 100" Argentine 7a 1927 102 93" Belgium 7 94 98% 931 Belgium 65 1925 101% 91 Belgium s 1941 .78%. 69 Bordeaux 6s 1934 99 ° 91% Brazil §s 1941.. 99% Canada 5s 1926. 100~ Canada 5i4s 1929. . 9714 Canada 58 1952. Chile 8s 1946. Chile §s 1926. Chile 8s 1041. Chinese Govt Ry 5s 1951 & Copenhagen Giss 1944. Czechoslovakia 8s 1951. .. Denmark 88 1945. 2 Denmark 6s 1943. % Dutch East Indies 68 1947 Dutch East Indies 6s 1962... ... Framerican Ind Dev 73s i 1942 French Govt 8s 1945 French Govt 7%s 1941 Holland-American s £ 6s 1947 2% Japanese 1st.4%s 192 Japanese 2d 438 192: Japanese 4s 1931. : Jergens Utd Margarine s. 1947. Lyons 6s 1934, L Marseilles 6s 1934. Mexico 58 1954..... Mexico 4s 1954. ... i Netherlands 68 1972. 100% 4 101% 99 10315 583 4 36% 4 100 112% & T84 106% % 101 9314 98% 874 105 1183 115 104% Queensland 7s 1941 Queensland 6s 1947 Rio. de Janeiro §s 1 4 Sao Paulo, Stat Seine, Dept of, 7 108% Sweden 65 1939 117% Swiss Confed s f 8 -118% United Kingdom 53s 1929 102% United Kingdom 538 1937 INDUSTRIAL AND MISCELLA. 99 Amer Agri Chemieal 7138 1941.. 86% Amer Smelt & Ref 1st Gs 1947 10013 Amer Sugar Refining 6s 1937 95 Amer Tel & Tel cl tr 58 1946. 91 Amer Tel & Tel cl tr 4s 1929 Armour & Co 435 1939. Atlantic Refining deh bs 1937 Bell Tel (Pa) ref 5s 1948 Bethlehem Steel p m 5s 1936 Bethlehem Steel s f 68 1943.. Brooklyn Edison 7s D 1940 Central Leather 0s 1925. ... .. Cerro de Pasco 8s 1931. Chile Copper 6s 1932. . i Chile Copper 7s 1932, Cons Coal (Md) 1st ref os 1950. Cuba Cane Sug cv deb 8s 1930. . Detroit Edison ref 6s 1940. . Du Pont de Nem 1084% Duquesne Light ) 107% Empire Fuel & Ga 937... 934, seneral Electric deb 58 1952. 101% Goodrich (B F) 6135 194 4 1004 Goodyear Tire §s 1981. 1044 4 Goodyear Tire 8s 194, 1735 Humble Ol & Ref 5%s 19 981, Indiana Steel 5s 1952 *100 Inter Mer Marine 6s Sy 88 85 1094 90% 954 998, 101% 891, 102% s 97! 92 100% 89 974 108% 998, 147 4 100% 3 112 861 95% 4 102 Kelly-Springfield 8s 1931 Lackawanna Steel 58 1951 % Liggett & Myers 58 1951 6 Manati Sugars f Tlss 1942 Midvale Steel 58 1935. New gland Tel 5s 1952, New York Edison 1st 83s 1941. NY Gas E LyH & P Gs 1948. New York Tél 63 1941...... New York Tel 4135 1929, North American Edison 6s 19 Northwest Bell Tel s 1941.. Pacific Gas & Elec 5s 1942, Pacific Tel & Tel 53 1952 Philadelphia Co ref 6s 1944 Public Service 58 1959 Sinclalr 0il Sinclair Crude Oil 5 South Porto Rico Sugar 7s 1941. Standard Oil of Cakif 7s 1931. Union Bag & Paper 6s D.... United Drug cv 8s 1941. U S Rubber 1st & ref 5s 1947 Rubber 73s 1930 U S Steel s f 5% 1963 Utah Power & Light Ya-Carolina Chem s f oL, Va-Carolina Chem 7135 37 war Western Union Tel 61as 1936. 108‘- Wilson & Co 1st 63 1941......... 994 Wilson & Co cv Ts 1981.... ... RAILROAD. Atchison gen 4s 1995..... 26% 28 Atlantic Coast Line 1st 4s 1 8515 & Balto & Ohio pr In 3its 1925 5% 96 Balto & Ohio gold 45 194§ 6 % Balto & Ohio 68 1929 Balto & Ohio cv 414s 193 Balto & Ohio ref 5s 1995 B&OPittsLE & W Va % B & O Southwn div 3%s 1925. Brooklyn Rap Tran 7s 1921.. 5% Brooklyn Rap Tr 7s 1921 ctfs... Canadian Northern 6338 1946... Canadian Pacific deb 4s. Central Pacific 4s 1949. .. Chesapeake & Ohio cv 5s 1946. . Chesapeake & Ohio cv 41s 1930 Chesapeake & Ohlo gn 4148 1992 Chicago & Alton 3s 1949 2 Chicago & Alton 3%s 1950 . Chi B & Quincy 1st ref bs 1971.. Chi & Eastern Tll gen 58 1951, .. Chi Great Western 4s 1959. ... Chi M & St Paul ref Chi M & St Paul cv Chi M & St Paul ev Chi M & St Paul gea 1‘;il 1989. . Chi & Northwestern 614 lhb 109 Chicago Railways 6s e 82 4 Chi R T & Pacifle ref i 79 Chi Unlon Station 414s 1964. 884 Chi & Western Ind con 4s 1952 7314 CCC & St L ref 65 A 1929, 101 Cleveland Term 5348 1972. 5 102% Colorado & Southern 4358 1935. . Cuba R R 55 1952.... Delaware & Hudson & .. 98% Den & Rio Grande con 4s 1936. 2% Den & Rio Grande 1st ref bs 1956 52 Detroit United 438 1932 Erie 1st con 48 1996. Erie gen lien 4s 1996 Erie cv 4s A 1953, Erle cv 4s D 1953. Grand Trunk s ¢ d Grand Trunk 7s 1940. 4 Great Northern gen 7s Great Northern gen B35 1952... 98% Hudson & Manhattan ref §s 1957 81 Hudson & Manhattan adj 5s 1957 67 Ilanols Central 5%s 1934.. Iuter Rapid Transit bs 1966. 4 Inter Rapid Transit cv 7s 1932 Inter & Great Nor adj 6s 1952 Kan C Ft Scott & M 4s 1936. Karisas City Southern 3s 1950. Kansas City Southern bs 1950 Lake Shore 45 1928....... 0% Lake Shore 48 1931. ... Lehigh Valley 6s 1928.... Louis & Nash unified 4s 1940, ... 90% Louis & Nash 1st ref 5%s 2003. 108% Market St'Ry con 5s 1924 5 954 Mil Elec Ry & Lt 1st ref b 83! MStP&SSM6%s 1931. Mo Kan & Tex 1st 45 1930 Mo Kan & Tex pr In os A 1 Mo Kan & Tex adj 5s 1967. Missouri Pacific 6s 1949. Missouri Pacific gen 4s 1975 N O Tex & Mex inc 55 1935. New York Central deb 6s 1935. . 108% New York Cent deb 4s 1934. New York Cent ref imp Sl 0!3 N Y-N H & H cv deb 65 I New Haven deb 4s 19 N Y West & Boston 4%s 1946. .. Norfolk & Western con 48 1996.. 84% Norfolk & Western ev 6s 1929.. 111 Northern Pacific 3s 1047. 59% Northern Pacific 4s 1997. .. 83 Northern Pacific ref imp 47 107% Northern Pacific ref imp 58 2047 95% Ore Short Line gtd 53 1946. Ore Short Line ref 4s 1929 75% Ore-Wash 1st ref 4s 1961 98 Pennsylvania gen bs 1968 88 Pennaylvania gen 41:s 1965. 106% Pennsylvania 6%s 1936. ... 921 Pere Marquette 1st 5s 1950. 81 Reading gen 4s 1997 . 61% Rio Grande Wel!flrn cll 4s 19‘!. 76% RIATKk & L 4%s 1 76 StLIMlSR&Glsl933 % 66 St L & San Fran pr In 4s A 1950 86% 80 StL & San Fran pr In 6s 1950.. 58 ' St L & San Fran inc-6s 1960. 88% St L & San Fran 5%s B 1942 71% St L & San Fran ad} 6s 1956. 39% Seaboard Air Line ref 4s 1959 22% Seaboard Air Line adj 6s 1949 58% Seaboard Air Line con 6s 1945 90 Southern Pacific cv 4s 1929 83% Southern Pacific ref 4s 195 77% Southern Pacific col 4s 1949. 92% Southern Ry 1st bs 1994. 66% Southern Ry gen 4s 1956. 978, " 108% 9614 . 10415 93 1091 978 10415 93 93 107% 90% 8! 8915 100% 92% 107% 106% 98 111% 871 107% 1024 1061, 1023 103'4 10094 % 78 101 9% 81y 813 49 504 104 114 8% ?9% . 9% lfll% 100 Southern Ry dev I'/gs 1956 196/ 531 Third Ave adj 6 88% Union Pacific 1st 4s 19‘7 94% Union Pacific cv 4s 1927, 90% Virginian Ry 1st bs 1962 94% Wabush 1st 5s 1939. ... 59% Western Maryland 4s 1952. 83% 80 .. Western Pacifio. 551946 3% 97, West Shore st 4 SEND 9% 100% .98% K031 551 35% 99 J103% i18% 0614 9015 2% 98 86k £94% 18 Tlay 103% \00' ‘3844 Bl 9614 1% 84 97 974 881, 97 1071y 98% 1424 100 111% 841 95 101% 1073 107 93 100% 100 1031 116% 978, 9915 874% 83 10815 897 948 981y 874 97% 108% 9615 10414 921, 924 1075% 894y 88s 99% 83 105% 96! 1 86 1061 1014 83 101’- 100 83 845, 954 768 1004 8% SO‘- 5% 79% 107% 81% 74 87% 71% 1004 10115 48 47% 1031 118% 89% 1024 045 % 1% 99‘5 % : 105’6 103% 94 . 938¢ DAY STAR, WASHINGTO BOND SUMMARY FOR THE WE‘.EK 104% 101% APRIL 15, .1923—PART 1. FINANCIAL.' NEW YORK STOCK EXCHANGE ‘Woek ending April 14, 1983, Not. Kigh, Lew, Chbge. 4 Adams Express.. 4 Air Reduction ~—— Ajax Rubb Allied Chemical & 4 Allls-Chalmers Mfg....... —— Am Agriculture Chemical, =~ Am Agriculture Chem pf. . —— American Beet Sugar..... ~—— American Bosch Magneto. 5 Am BrakeS & Foundry. American Hide & Am Hide & Leather pf. Am La F Fire Engine. —— American Linseed. —— American Linseed pf. 6 American Locomotive. 3 American Metal..... 4 American Radiator. . 25¢ American Safety Razor... —— Am Ship & Commerce. —— American Emelting & Ref. 8 American Steel Foundry. . —— American Sugar Refining. ~— Am Sumatra Tobacco. .. 5 Am Tel & Cabl American Woolen. 7 American Woolen pf —— Am Writing Paper pf. ~—— American Zinc L & Spf. 76c Anaconda Copper. —— Ann Arbor pf.. -—— Arnold Constable & Co 4 Asso Dry Goods 6 Assoclated Oil . 6 Atchison, Topeka & S Fe 5 A !ch. Topeka & S Fe pf. ta, Birmingham & At —— AtlanticGulf & W1 —— AtlanticGulg & W1 7 Baldwin Locomotive —— Baltimore & Ohio. . 4 Baltimore & Ohlopf... i —— Barnsdall, Class A. Barnedall, Class B. Beechnut Packing. Bethlehem Steel Bethlehem Steel pf new... Brooklyn Edison Electri Brooklyn Rapid Transit. . Burns Bros Butte Copper & Superior...... Butterick Company. .. CaddoCentO& R. California Packing California Petroleum. California Petroleum pt. Callahan Zinc & Lead. Calumet & Arizon: Canadian Pacific. Case Thresh Machine pt. Central Leather Co. . Central Leather Co pf . Central Railroad of N J. Century Ribbon Mill: Cerro de Pasco Copp Chandler Motor. Chesapeake & O 4 Chesapeake & Ohlo pf. Chi & East Tllinols pt Chicago & Great Western. Chicago & Gt Western pf.. Chi, Milwaukee & St Paul. —— Chi, Milwaukee & St P pf.. 5 Chicago & Northwestern.. 5 Chicago Pneumatig Tool Chicago, R I & Pacific. Chi RT& Pacific 7% ChiRI& Paclfic 6% 6 ColumbilaGas& Electric + —— Columbia Graphophon 82% 9% 44 102 ™% 375 Commerctal Solvent: Comput Tab Record. Consolidated Clgar, Consolidated Gas n Consolidated Textile Continental Can. Continental Motors Corn Products Ref Cosden Company.. . Cosden Company pf.. Crucible Steel Cuban-American Sugar. Cuba Cane Sugar. . Cuba Cane Sugar pf. Cuban Dominican Sugar Davison Chemical. : De Beers Mines. . Delaware & Hudson . Delawar Dome Mi: Du Pont de Nemour: Du Pont de Nem 6% deb. Eastman Kodak +4% Electric Storage Battery. . Elk Horn Coal. 5 Endlicott-Johnson. —— Erle Railroad. ... —— Erle Railroad 1st pf. —— Erie Railroad 2d pt. 8 Famous Players-Laskey 8 Famous Play-Laskey pf.. 7 Federal Min & Smelt pf. . 6 Fidel-Phoenix Fire ln!ur 64c Fifth Avenue Bus . —— Fisk Rubber. 2 Fleishmann Company. —— Freeport-Texas. 3 General American Tan 7 General Am Tank pf. halt. 5 General Aaphalt pf 6 General Cigar. . 8 General Electric. 120 General Motors. 6 General Motors pf.... 6 General Motors 6% deb. 7 General Motors 7% deb ~—— Gimbell Brothers. . —— Goodrich (B F) Company.. 7 Goodrich (BF) Copf.. 2 Great Northern Or: —— Guantanamo Sugar. 4 —— Gulf, Mobile & North pf. 4 .Gulf States Steel 7 Hartman Corporation. 3 Hayes Wheel. — Hendee Manufacturing. .. 6 Homestake Mining. —— Household Product: —— Houston Oil.... 2% Hudson Motor Car. 1 Huppomobile Motor Ca: ~— Hydraulic 8t 7 linois Central. —— Indiahoma Refining. —— Indian Refining. 60c Inspiration Copper. ~— Interboro Rapid Transit ~—— Inter Agricultural pf. 3 International Cement 2 Internat Comb Engine 5 International Har, new —— Inter Merchant Mraine... 3 Int Merchant Marine pt. —— International Nickel. —— International Paper. 6 Inter Paper pf stamped ~—— Intertype Corporation. —— Invincible Oll. . —— Iron Products. 7 Jones & Laug! —— Kansas City Southern... ~—— Kayser (Julius) & Co. ~—— Kelly Springfield Tire 6 Kelsey Wheel. . 7 LacledeGas,..... 2 Lee Rubber & Tire. 8% Lehigh Vl]l!’ 1. Ligs: Myers p! 4 Lhulmmtln.wm.. Dye i Chemical & Dye pf.. mu f 1081 1 Lacka & West.. WEEK ENDED APRIL 14, 1923 +i+l +L0LTL i+ (LS i T B RN IR IETRR b )] A (EENEEE LR E t4l i+ ¢ e RS 1 1 FE+) *t b1 #hdHt EY44PEEEL LTRE 2 - AR EANEXNE 6% u% 6 35% 19% 17 10% 66% 8% 80 Il++|+|l+l++||I[IIIIIIIIIII1 ments 86 —— Wilson & Co, . 421 —— Willys-Overland pf 26 —— Wisconsin Central. 224%.199% 8 Woolworth (F W). 40%, 30% -—— Worthington Pump 70% 4 $Selling ex-dividend. Dividend rates as given in the abéve table dre .the annual cash pay-|10.50 nominal; p -l ll"‘ 111% based on_ the latest quarterly or hdlf yeatl: 1#;‘ otherwise noleod. nt:.lcr l)o?:bl vl%-n: are not in Week ending April 14, 1923, Net. High. Lew. Olose. - Loriilard, P. Loose-Wiles Bisc 55 Loyisville & Nul“lll!» .ee 144 McIntyre Porcelain M. Mack Trucks.... Mack Trucks 1st pf Macy (R H) & Company. Magma Coppe: Mallinson & Co. . Manati Sugar. Manhattan Elec Supply. Manhattan Shirt. Market St Rallway prpt. Marlin-Rockwell..... Marland Oil & Refining. Martin-Parry. . Mathieson Alkalt Maxwell Motor, Class A . Maxwell Motor, Class B. May Department Store Mexican Seaboard. Iy & Cers S & {2 U S e B A P BFEE G & +1+111 Mo Kan & Texas pf new . Missour! Pacific Missouri Pacific pf. Montana Power. Montgomery Ward Moon Motors..... Mother Lode Coalition Mullins Body. . . +|++I+|Ill £ Nat Dept Stores 1st pf. Nat Enumel & Stampg ational Lead. . ational Lead pf. evada Con Copper. ‘ew Orleans, Tex & Mex ew York Air Brake.. Y Air Brake class A. New York Central. N Y Chi & St L ctf; New York Dock. New York, N H & Hart New York Ontario & W. Norfolk & Western . 131% 127% 111% 111 1543 15% 9913 95 19% 18% Y% . 110% 109% 464 45% 24% 22% Northern Pacific. Tola 74 Ohio Body & Blow . egee 64 Orpheum Circult. Otis Elevator 2 Otls Steel. Otis Steel pf 4 Owens Bottle. 5 Pacific Gac & Electric. Packard Motor Car... .. Packard Motor Car pf. . Pan-American Pet Trans.. Pan-Am P Trans Class B.. Panhandle Prod & Ref.... Pennsylvania Rallroad. Penn Seaboard Steel. People's Gas . Chicago Pere Marquette. . Pere Marquette pf. Philadelphia Com; Phillips-Jones. Philip Morris & Phillips Petroleum Phoenix Hoslery.. Pierce-Arrow Plerce-Arrow pf. . Pierce Ofl. . Pierce Ofl pf. Pittsburgh Coal. Pittsburgh & W Virginia.. Postum Cereal. ... 12! Pressed Steel Car Producers & Refiners Public Service, N J. Public Service, NJ pf. Pullman Co.. Punta Alegre Sugar. Pure Oil. Railway Steel Spring: Rand Mine Rapld Tran: Rapld Transit pf wi. Ray Consolidated Copper. Reading.... Reading 1st pi Remington Typewriter. Replogle Steel...... Republic Iron & Steel. Republic Ir & Steel pf. Reynolds Spring. . Reynolds Tobacco, B Royal D N r shs StJoseph L... St Louis-San Francisco. 8¢ Louls-San Fran pf St Louis Southwestern St Louis Southwestern pz Santa Cecllia Sugal Savage Arms. Seaboard Alir Line. Seaboard Air Line p Sears-Roebuck. Seneca Copper. Shattuck Arizon 92%cShell Trad & Transport. 1 Shell UnionOil.... Simmons Co. . —— Simme Pelroleum 2 Sinclair Con Oil. 8 Sinclair Con Qil pf. —— Skelly Oil —— Sloss-Sheffield St & Tron.. 6 Southern Pacific. - —— South Porto Rico Sugar. —— Southern Railway. 5 Southern Rallway pf —— Spicer Manufacturing..... 2 Standard Oil of California. 1 Standard Ollof N.J 7 Standard Oil of N .J p 7 14 (et e R sl AR RN X3 (RANEES L& 2 HHI‘"III EE R Steel & Tube pf. % Sterling Produc Stewart Warner Svel 7 Stromberg Carb 10 Studebaker. .. —— Submarine Boat. —— Superior Oil... : 1 Tennessee Cop & Chem... 3 Texas Company..... 5 Texas Gulf Sulphur... % —— Texas & Phciflon . 1 Texas& PacificC&O —— Third Avenue.. —— Tide Water Oil. 3 Timken Roller Bear. Tobacco Products. : 7 TobaccoProductsClass A. —— Transcontinental Oil . 6 Union Bag & Paper % 10 Union Pacific. 4 Union Pacific p! Union Tank Car United Alloy Steel. .. LA L EE AN . 137% 136% 7:;!/. 8% United Rallway Invest. —— United Rwy Invest pt. 2 United Retail Store: —— USCCIP & Foundry. —— United States Food Prod — U S Hoffman Machine. .. —— U S Industrial Alcohol. 6 United sutea R & Imp. 7 USR&Imp z L Untted states Rubber. 8 USRubber Ist pf —— USSmelt R&M. % USSmeltR&Mpl.. United States Steel. United States Steel p: o Bt I R LS LIt {+144+101 sasdea - o 3 13 7 4 Vi Ir(hfll-Clrnllnl Che: —— Va-Carolina Chem class —— Va-Car Chemical pf..... ——. Va Iron, Coal & Cok 60c V Vivaudou... —— Wabash. .. —— Wabashpf A. 2 Waldorf System 1 Weber & Heibroner. 5 Wells-Fargo ~—— Western Maryland. . rn Maryland 2d pt. érn Pacific. ... rn Pacific pt.... rn Union Teleg. . om FaE il F+l++++111 141 —— White Oil, 6% —— Willys-Overiand. . SR FER F EFREEFRSEE e 38% 37% 37% Youngstown Sheet & T.. 1 70% 1+ B led. tPartly extra. | declarations. Unless | spot. e I————— e PRESIDENT LIKELY T0 URGE TAX CU? Believed Next Congress Wil Be Asked to Reduce Pres- ent Income Levy. MR. MELLON BUSY ON PLAN First Step Expected to Involve Re- lief for 6,000,000 Tax- payers. BY HARDEN COLFAX. President Harding probably ask Congress at its next session t teduce the income tax. Last week's disclosure that the Treasury will re ceive this year $200,000,000 in income taxes more than had been expectec has placed the subject before him ir a decidedly different light from wi it stood in when every dollar able was spent before it came the tax collector's hands. To assist the President and his a visers in their study of the incoms tax situation, with a view to low Ing the annual levy if possible, Sec retary Mellon plans the early creatior of a tax revision board. to ba com posed of six members, three of wi shall be emploves of the T Department and three specialis in the government service. AMr. M lon's plans already have got to 1 point where he is almost ready to nounce the selection of the Treasu representatives on the board Two of the three men under c sideration for appointment to 11 board are sald to be James A. Eri assistant deputy commissioner of i.- ternal revenue in charge of the ii- come tax unit, and A. W. Gregg attorney In the office of the solicitir Of the bureau of internal revenur Both are specialists in income tax administration. Will Suggest Amendments. The function of the board, as it i contemplated by Mr. Mellon, is i study the operation of the present revenue law with a view to suggest ing advantageous amendments. Tl suggestions of the board will be placed before Secretary Mellon, and in all lkelihood, before the Presiden: for whatever guidance he may desire in dealing with tax legislation in his message to Congress. But whether the President suggests that the income tax rate be lowered or not, the new Congress is plunning to make taxes one of its main themes of debate and action, with lowered rates regarded as more of a prob- ability than a possibility. Congress probably will lawer the rates or i creuse the exemption in the indi- vidual returns. Most of the talk now. on, in tax ci cles, is that the exemption w raised above the $1,000 and $2.000 figures which now apply. In the cu @ married man with small incor an exemption &f $2,500 is granted u der the present law. There is ta now of ‘raising the exemption (o $2.000 for stngle men and women and 33,000 uniformly for married men. Cut Would Be ¥ar-Reaching. Should this be done, income tax- ation would be lowered, almost to tl.- vanishing point, for about 5,000,000 persons who at present come under the 33,000 net income limit. The re- duction would be felt all along tie Jine in the higher grades as well Thus, & married man paying taxes on net income up to $6,000 at the present time would pay $40 dess with an ad- ditional $1,000 exemption: and the married ‘man paying taxes on more than $7.000 net income would pay $80 less annually Adoption of this plan, &5 well as other proposals, depends largely upo: the report of the specialists who will determine, with ‘the aid of the gov- ernment actuary, what effect the raising of the exémption would have upon the Treasury. If the §1 crease in exemption will Treasury every vear more than (he $200,000.000 windfall expected by Sec- retary Mellon, another method prob- ably will be adopted The White House has made it plain to callers that it prefers a general tax reduction, if there is to be any reduction at all, which would apply all along the line, to a reduction only in surtax rate. as proposed two vears ago and recently readvocated by Sec- retary Mellon. It seems certain that Mr. Mellon’s plan will not he adopte either by the administration or « gress, without considerable modifi tion. Profits Tax Prospects. Of decided concern to busin terests is the proposal, gaining verts almost daily, of the so-called progressive bloc to restore the excess profits tax on corporations. An the dozens of proposed amendmen to the income tax which are cer to come before Congress, to have quite such roéy pros the restoration of the profits tax Officials at the Treasury look f this tax to come back on the bo: after considerable dcbate on Cap. Hill, at the next session, and the couple with it the expectation that there will be a substantial lowerinz of the tax burden now horne by 1 small taxpaver, the struggling me chant, the professional man und the man Or woman on wages or salary. There are more than 6,000,000 persc paying taxes on net income of than $5,000 a vear. Their payments probably do not agsregate more than $200,000,000 a vear, if, indeed, they amount to 0 much. The first tax reduction advocated in this vear before the national elec- tions s expected to be a reducti that will apply to these 6.000,000 tax- payers. (Copyright, 1923.) —_— OIL STOCKS FEATURE WEEK’S CURB TRADING Schulte Stores Leads Industrial Group—_@illette Razor Up 9 Points. By the Associated P’ress. NEW YORK. April 14.—=The fea- ture of the past week's trading was the unsettled position of the oil stocks generally, but especially “tho Standard Oil issues. folowing tho announcement of cuts in California and Pennsylvania crude oil early in the week. Prairie Oil had the widest ranzo. falling from.234 to 211, but recoverad about half this loss in the trading. Whilo _the market weak Ohlo Oil dropped from 76% to 71, Tmperial of Canada from 118 to 115% and Magnolia from 152 to 14 Schuite Stores was the most fni- portant featuré in the industrial group, ranging from 843 to 93, eeil- ing at its highest price just befdro the deolaration of the $8 stock divi- dend in the preferred. 'Gillette Safety Razor moved up from 281 to 290. DRY GOODS MARKET. NEW YORK, April 14.—Dry goods markets were generally quiet tod Some softening in cotion goods and yarn prices were noted but thé de- clines were acattered and not wide. Fancy dress goods lines for fall sold up rapidly. Burlaps were easy in spots. COTTONSEED OIL DROPS. NEW YORK, April 14—The weal Bess in dottony and lard bad e very opressing effect on cottonseed oil his morning and .influenced liquida- thon Under Which prices Bfoxe b (o 20 points, sing .at .about the low- est, sales, 7.800 barrels;.prinie. crude. ime summer yellows 11.70a12.15; May, 11.73; July, 11.74; September, 11.62, il bid.