Evening Star Newspaper, January 13, 1924, Page 31

UNLIMITED FUNDS READY FOR LOAN $50,000,000 in Call ¥ioney Is Of-| e fered in Wall Street With iz No Rarrowers, L0ANING RATES DECLINE Feders] Reserve. Bank - Report "églg Proves Bi i s Big Surprise. o BY GEORGE T, HUGHES, Special Dispatch to The Star. NEW YORK, January 12.—The out- Standing feature of the financial sit- uatlon at the end of the week Is to Lo found in the money market. The statéement of the Federal Re- serve Bank of New York, made pube lic Erfday, was ‘one of the most Temarkable in months, shewing as it did an increase in the ratio of total Teserves to deposit and note liabili- ties almlost without precedent. In a Week this reserve jumped from 74.7 Per cent to $5.9 per cent. In the same time gold reserves increased from = $873,482,000 to $943,208,420, about 8 per cent. For the system as A Whole ‘the reserve ratio rose from .8 per cent to 784 per cent and %old reserves were up $46,000.000 over the precedihg week and $67,600,000 over the s 3 was _$70.300,000. this showing was undoubtedly 10 the return to the banks of go withdrawn for holiday purposes. ~No | t the explanation, the re. ing. £30,000,000 for Lonns. A similar story is toid by the trans- Zetions in call money on the New York Stock Exchange durlng the Week, It is estimated that rot less than $60,000,000 was offered by lend- ers without finding a borrower, and on Friday the quotation for call funds dropped to 3% per cent, the lowest since last September. Authorities are not agreed as to the long-range effect of this enormous surplus of money on the price of <commodities and of securities. Most of them take the view that the di- Tectors of the federal reserve system Will be able to curb any approach to dangerous credit infiation. 1t will be remembered that last March, when #omething similar seemed to be fm- pending. there came out of Washing- ton a flood of warnings which not only slowed down speculation, but brought about a perceptible hesita- tion in trade, business men still hav- ing a vivid ‘recollection of the col- lapse of 1921. At that time the curb was effective. Nevertheless all through the year gold continued to pour {nto the United States, and all predictions as to a turn in the tide proved erroneous. As it stands t day, with the business outlook slow Iy but steadliy improving, the cou fry is again confronted with the problem of what shall be done with fhis surplus of money. Here and there a voice is raised expressive of doubt as to whether the potential temptation to inflation can per- manently be resisted. Higher Prices Likely. Tegardless of theories as to the ultimate result, it is generally agreed that the immediate effect must be de- mand at higher prices for all grades of fixed-interest-hearing securities, That is actually what has happened in *he hond market this week. Funds which could find no. outlet in the ° hve Been used in the purchase of government securi- i # il KNort term, and in the higher grades of railroad bonds and choice preferred mtocks. The market for securities of this d has been consistently strohg. ‘erhaps the most remarkable ex- ample fs that of the $100,000,000 in American Telephone and Telegraph per cent debentures offered last November. Not only has this large amount been Buccessfully absor! but slowly and surely the quotation has crept upward. Another interest- ing test will come next week, when new. financing is expected In large Yolume. Investment bankers are con- fident this test will be successfully met. They feel sure that it is now a eel er's und not a buyer's market for new oftcrings. All Eyes en Washington. The importance of the developments €2t Washington during the week must not be overlooked, even while empha- sizing _money market probabilities. The brighter outlook for tax reduc- tion of "the variety favored by the Secretary of the Treasury has un- doubtedly been a factor in the strength of the investment market. It has brought about a certaln amount of anticipatory buving of | 398, taxablo securities, the vield on which | ggs at present is unattractive to investors | 141, With large incomes, but which would | 57s bs profitable in the event of sub- |20 stantial cuts as proposed by Secre- 130} tary Mellon. Nelther must the! 2% strengthening sentiment in favor of| 84% abolishing the further issue of tax-| 374 exempt obligations be ignored. The| 20 accomplishment of that end, however, 18 5o far ahead that the market has 20t Vet begun to discount ft. Interest in railroad stocks as well a8 in bonds was stimulated this week by the decision of the Supreme Court upholding the recapture clause of the transportation act. Traders jumped 10 the conclusion that the so-called weaker roads would reap the benefit rve fund established from the, surplus ‘earnings of the roads whose profits exceeded the fair return fixed by the Interstate Commerce «ommission. They failed to take nto consideration the fact that every- thing depends upon the final fixing of valuations, on which an enormous amount of work: remalns to be done. The roads aléo may be depended upon to contest in the courts valua- tion figures which do not meet tneir ideas. Legislative Action Awaited. As a matter of fact, taking valua- tions already tentatively arrived at and the best available estimates for the vest, the number of roads earn- ng more than 8 per cent on valua- tions is not large. A recent analysis showed that out of seventy-four of the principal roads only twelve, or about 15 per cent, were earning more tham 6 per cent on -their estimated property values, For the entire year the railrouds as a whole are estimated to have earned about 6.1 per-cent on property value, Which compares with 4.14 per cent in’ 1822 and 3.43 per cent in 1921, Once the legislative situation as to the rallroads is cleared up, rail se- curities may be expected to sell more nearly on thelr merits. (Wopyright, 1924.) Saturda STOCKS. Total stock sales, 607,300 shares. _Twenty industrials averaged 97.23; net loss, .24 High, 1923: 105.38; low, 85.76, ‘Twenty ralliroads averaged §5.45: net gain, .05. High, 1923: 90.61; low, 78.53. © BONDS. “Fotal bond ealdk, par value, $9,064,000. ‘Ten first-grade ralls averaged §6.90; net gain, .15, Ten secondary ralls averaged §3.93; net gain, .23. en public utilities averaged £6.12; net gain, .02 ~Ten industrials 94.03; net gain, .01 .Combined average, 87.75; net gain, .11 " Combined average month 280, SEUYS yehe HigD; 89700, + - January 12. averaged % 12% 7 At Week ending Jenusry 13, 1984, Net. High be: Allled Chemical & Dy 70 110 7 Allied Chemical & Dye pf. % 45 4 5 Allla-Chalmers Mtg 7 Allis-Chalmers M(g pf. 14% —— am Agriculture Chemical. 43 —— Am Agriculture Chem pf. American Bank Note. American Beet Sugar. American Bosch Magneto. Am Brake S & Foundry American Can American Car & Foundry. Am Chain American Chicle. .. Ameri Cotton Oil Amer Cotton Oil pf ctfs Am Drugglst Syndlcal American Express. American Hide & Leat Am Hide & Leather pf. Amerfcan Ice American Internatio; AmLa F Fire Engine American Linseed. . Ameriean Li ed pf. Amnm Locomotive (new). American Locomotive pf. American Metal. . Amerlcan Radlator. ‘Am Ship & Commerce American Smelting & Ref. ‘Am Smeit & Refining pf American Snuff.... American Steel Foundr: American Sugar Refining ....a.l. - Am Sumatra Tobacco pf. Am Tel & Cable. ... Am Telephone & Teleg. American Tobacco. . . Am Tobacco Class B Am Tobaceo pf (new) Am Water Works & Elec Am W W & Elec par pf. American Woolen Am Writing Paper pt American Zino Lead & S. American Zinc L & S pt. l|lqo|mum-a]l~l|u Asi y 28% 1050 Associated Oll (new). 96% 6 Atchison, Topeka &S I £6M 5 Atch. Topeka & 8 Fe pf tic Conat Line. 18% — AtlanticGulf & W I 128 ——— At 3 Auto Knit Hoslery. 7 Baldwin Locomotivi 5 Baltimore & Ohlo. 7 Bangor Aroos pt Bethlehem Steel 7 Bethlehem Steel —— Booth Flsheries —— British Emplire Steel 2 8 Rrooklyn Edison Electrlo. Brooklyn-Man Tran trctfs — Brookln-Man Tr pf trctfs. 8 Rrooklyn Unlon Gas. 2 Rurns Bros Class B. % 50¢ Butte Ccpper & Zine. — Butte & Superlor. —— Butterick Company 6 Callfornia Packing. 24% 1% California Petrolm (new). 99% 7 Callfornia Petroleum pf.. ~——— Century Ribbon Mills. 4 Cerrode Pasco Copper. —= Certain-Teed Products. ChicAgo & Great Western. Chicago & Gt Western pf.. Chicago & Northwestarn, Chléago Pneumatic Tool ChiR 1& Pacific1%. . 30 ~— Chicago.S5tP,M&O. 27% 24 Chile Copper. . 17% =~ Chino Copper. 4 C.CC&SLL 5 Cluett-Peabody. 75% 7 Coca-Col 5 241, — Colorado Fuel & Iron. 20 —— golorado Southern. 36 260 Columbia Gas (new) 49 4 Columbia Carbon. 9213 6 Comput Tab Record 44% 3 Congoleum Company. 184 ~—— Consolidated Cigar.... 61%4 6 Consolldated Gas new. 6 —— Consolidated Textlle. 56% 4 Continental Can.. 66% 4 Cruclble Steel. 82% 8 Cuban-American Sugar 14% — Cuba Cane Bugar. 60% —— Cu! ne Sugar p! 4614 —— Cul m Sugar pf. 4 Cuyamel Fruit 62% —— Davison Chemical 62 Deere & Co pf. Del 4 18% Eastman Kodak.. 2 60 5% Electric Stor: —— Elk Horn Coal Emerson-Brant. Emerson-Brant pt Endicott-Johnson, Erie Railroad E aflroad 1st pf. 8 Famous Play-Laskey pf.. 7 Federal Min & Smelt pf... Fidel-Phoenix Fire Insuf. Fifth Avenue Bu Fisher Bo 8 QGeneral American Tank ~— General Asphalt. & Qeneral Asphalt pf. 47 General Cigar.. 8 General Electric 2 606 * General Electric special... 120 General Motor: 6 General Motors pf. 6 General Motors 6% deb. 7 Geperal Motors 7% deb. ... —— Gimball Brother: dden Tom) rich (B F') Co pf. 7 Goodric TIN’A =3 —— Greene Cananea Copper. —— Gulf, Moblle & Northern. @ North pt Bteel..oii Hartman Corporation. 40 Hayes Wheel. . 344 Housenold Products. 8% —— Houston OIl.. ST 3 Hudeon Motor Car. Huppmobile Motor Ca: mlnol-ccer:tr:l.’ 6. Illinoia Cantral pi mfl‘& —— Independent Oil & Gas 4% — Indian Refining. ' 84% 2% Inland Steel.. 24% 2 Inspiration Coppe: A ' 11 — Interboro Rapid Transit. 614 ~— Inter Agricultural pt 42%. 4 Intornational Cement. 24y 2 Internat Comb Engine. i International Har, new. [ 20% Int Merchant Marine pt. 138 == International Nickel. 37% — International Paper. 15% —— Invineible Oll...... 49 1% Iron Product 2115 — Jewel Tea... 23)% — Jones Bros Tea. 18" — Kansas ity South 21% < 19'% e e A AR S R R S R B S LI T o o o S B o e o B S e I S I e I o S S I o FUHLL L T § 4 ow I ++1 4| Phe [ bb+tt 4+ I +44 R i ] L I [ Ay e rEsrs P A R R s o = T S S S B SERE 3 o - FREF FF FRE¥ 2 F 4412 1238 1205 108% 108% 10 Studebaker.. 124 11 34 341 9% 3 Kenmecott Copper, . 2% =— Keystone Tire & Rubber. 59% —— Kinney (G) (R) 79 8% Laclede Gas... 14 —— Leé Rubber & Ti 69% 8% Lehigh Valley. 66 4 Lima Locomotive. 7% 2 Loew's. Incorporat — Loft, Iicorporated. Mclntyre Poroup! Mackay Cos € Mack Truck = Macy (R H] = Magma Copper =—— Mallinson & Co. 6 Manati Sugar. 4 Mannattan Elec Supply. ~— Manhattan Ele —— Manhattan Klevated gtd. 3 Manhattan Shirt. —— Maracaibo Ol @ Market Bt Railway pF pr.. Maxzwell Motor, Class A = Maxzwell Motor, Class B 6 May Department Stor Mexican Seaboard. . Mexis Seaboard 4 Nat Enamel & Stampg. 8 N Le Norfolk & Western. North American. North American pf. Northern Pacific Qrpheum Circuit Otis Elevator. OtisSteel..... Otis Steel pf. Owens Bottle. . Pacific Gac & Electrl Pacific Mail Pacific Oll. Packard Motor Ca Pan-American Pet Trans. Pan-Am P Trans Cl. Parish & Bingham Penusylvania Rallroad. Penn Seaboard Steel. Gas, Chic: Philadeiphia Philip Morr! Phillips Petroleum Pier Plerc Plerce-Arrow prior pf. Plerce Oil. ... & Pittaburgh Coal. . Pittsburgh & W Virginia Postum Cereal.. B Pressed Steel Car. Producers & Refine Producers & Refiners pt. a2 Public Service new., Fullman Co Punta Alegr Pure Oll. Railway Steel Springs. Ray Consolidated Copps Reading. Rexding 15t pt Reading 2d pt.. Reminkton Typewriter. Reploglo Stael....... Republic fron & Steel Republic Ir & Steel pt Franpf. St Louls Bouthwestern St Louls Southwestern i Bhell Union OIl.. Bimmons Co. —— Simme Petroleum. 2 Sinclair Con Ofl. —— Bkelly OHl —— Sloss-Sheffield Stl & Iron. 5 Bouthern Rallway pf. —— Bpicer Manufacturing. 2 Standard Oll of California, 1 StandardOllofNJ....... 7 StandardOllof NJIptf..... 45% Sterling Products. . 10 Stewart Warner Speed. % $9% Stromberg Carb. ul ® B ~—— Superlor Ol1. 14 ~—=— Superior Bteel. 1 Tennessee Cop & Chem. 8 Texas Company. —— Transcontinental Oil. .. Underwood Typewriter. 8 Indus Alcohol pt. nited States R & Imp. va V Vivaudou. Wabash... 84 Wabash Bt A 2314 —— Wabash pt B 36 21 Wells-Fargo 2 West Penn.. 6 Worthington Pump pf B. . 1 Wright Aeronautical. ..., 5 Youngstown Sheet& T. [ o o o o o o T o o B B e B i e B S o o O o I I B o e I o o I o LI o I A A S S A Sra 7 8 & D e as L+44+++1 44+ 4L+ FEEEELELL - 41 R o o o o A e I S S | R A P4+t + B A e = S e o A W ™ - Fr 33 - - - 3 P - AL w55 s25eEF vanls - 99 28 9415 98 4% 938, 96 9634 1928 High, Low, U. 8. 10190 99-3 Liberty 3iss 1952-47 NDS. High. = 99.20 99-22 99-26 351 INANCIAT Tow. Last. Yield. 9870 96-12 Liberty 2d 4s 1927-42... 98-19 9819 98419 411 96-20 Liberty 1st 4145 1932-47, 96-24 Liberty 2d 4%s 1927-42. 97-25 Liberty 3d 4%s 1928.... 96-27 Liberty 4th 43s 1933-38. 98-1 Treasury 4%s 1947-52.. 1928—— High. Tow FOREIGN, 100 Argentine 73 1927...u..ems 93 Belgium 7%s 1945 93% Belgium 0s 1925 91 Belgium 8s 1941 69 Bordeaux 6s 1934. 91%; Brazll 8s 1941. 99 Canada 58 19 100 nada 5lew 1029 97% Cunada b5 1952 100 Chile 8s 1926 100 Chile 8s 1941, 88% Chinese Govt R 864 Copenhagen Gis 1944. French Govt 86 1945. “rench Govt 7%s 194 nese 2d 438 1926. 78'% Japanese 4s 1931, 3% Jergens Utd Margarine 6s 1947. 69 Lyons 6s 1034.... €9 Marseilles 6o 1034 43% Moxico 58 19 25 Mexico 4s 19 90% Netherlands 6s 1972 109 Norway Bs 1940. oo 834 Paris-Lyons-Med 6s 1958... 103% Queensland 7s 1841 100 Queensiand 6s 1947 88 Rio de Juneiro 88 1946. ... 95% Sao Paulo. State of, 8s 1 76 Seine, Dept of. Ts....... 102% Sweden 6e 1939, .0 110 111% Swiss Conted & f 84 1040, ., 106% United Kingdom flzs | 99% United Kingdom 5les 19 INDUSTRIAL AND MISCEL $6 Amer Agri Chemical Tigs 1941, 86% Amer Smelt & Ref Ist 5s 1947.. 99% Amer Sugar Refining €s 95 Amer Tel & Tel cl tr Gs 1946 91 Amer Tel & Tel cl tr 4s 1929 82 Armour & Co 4%s 1939. - 96 Atlantic Refining deb 65 1837.. 954 Bell Tel (Pa) ref bs 1948...... 8614 Bethlehem Steel p m 68 1936 96 Bethlehem Steel s f 68 1943 115 Cerro de Pasco 8$s 1931. 964 Chile Copper 6s 1932.. By C 8744 C 101 Detroit Edison ref 6s 194 106% Du Pont de Nem Tigs 1831 884 Empire Fuel & 994 General Electric 964 Goodrich (B ) Glis 1 99 Goodyear Tire 8s 1931 118% Goodyear Tire §s 1941 94% Humble Ofl & Ref 5igs 19 99 Indiana Steel 5s 1952... 78% Inter Mer Marine 6s 1941. €07y Inter Paper 98% Kelly-Spri 87 Lackawanna 941 Liggett & M. 96 Manati Sugar 24% Midvale Steel 5 95 New England Tel 1068 New York Edison lst N Y Gas E L H & P 5s 1848 New York Tel 6s 1041.. : New York Tel 4ls 1939... North American Edison 6s Pacific Gas & Elec 58 19 Pacific Tel & Tel 5 19 Philadelphia Co ref 6s 1944 Tublic Serviee 5s 1859 Sinclalr Ofl 7s 198 Sinclair Crude Oll 5igs 1 uth Porto Rico Sugar Union Bag & P'aper 6s D.. 4 United Drug cv e 1041. 2 2 Rubber 18t & ref 5s 194 U S Steel s £ 55 1963... Utah Power & Tight Wilson & Co ov 7 RAILROA Atchison gen 48 1995.......... Atlantic Coast Line 1st 4= 1952, Balto & Ohlo pr In 3%s 1825.. Balto & Ohio gold 4s 1943. Balto & Ohlo 68 1929 Balto & Ohlo ov 4148 19 Balto & Ohio ref 58 1 s B &O Pitts LE & W Va 48 1041 B & O Southwn div 31gs 1925.. Canadian Northern 61:s 1946, .. Canadian Pacific deb 4e Central Pacific s 184 S peake & Ohio cv 5& 1946 peake & Ohlo cv 4158 1930 peake & ONhio gn 4 lus 18 o & Alton 3s 1949 Chicago & Alton 3138 1950. Chi B & Quiney 1st ref 5s 1 Chi & Eastern 11l gen 5% 19 Chi Great Western s 1959 4 Chi M & St Paul ref 4= 20 Chi M & St Paul cv &8 2014 Chi M & St Paul cv 41gs 1932, Chi M & St Paul gen 4les 1989, Chi & Northwestern 61as 1936. Chicago Rallways Gs 1927. Chi R I & Pacific ref 45 1934... Chi Unlon Statlon 4348 1964..... Chi & Western Ind con 4g 1952, CCC&StLref6s Al Cleveland Term 5is 197 Colorado & Southern 4its Cuba R R bs 1952 Delaware & Hudson 5s 1937.. Den & Rio Grande con 4s 1936. Den & Rio Grande 18t ref 5s 19, Detroit United 4148 1932 Erie 1st con 48 1996.. Erle gen lien 48 1996. Erle cv 4s A 185 Erie cv 48 D 195 Grand Trunk s f del Grand Trunk 7s 1840. Great Northern gen 7s 193 n Inter Rapid Transit &8 4 Inter Rapid Transit cv 7s 1 Inter & Great Nor adj 68 1952. Kan C Ft Scott & M 4s 1936. Kansas City Southern 3s 1950, Kansas City Southern 68 1950. . Lake Shore 4s 1928. Lake Shore 1931, Lehigh Vall 6s 1928... . Louis & Nash unified 4s 1940. Louls & Nash 1st ref 5%s 2003.. Market St Ry con 5s 1924 Mil Elec Ry & Lt 1st ref % M St P & S S M 6lbs 1931 Mo Kan & Tex 1st 45 1890. Mo Kan & Tex pr In 56 A 1962, % Mo Kan & Tex adf 58 1967..... _ Missouri Pacific 68 1949. Missourl Pacific gen 48 187 N O Tex & Mex inc 5s 1935.... New York Central deb Gs 1935. New York Cent deb 4s 1934... New York Cent ref imp 58 2013 NYNH&H cv deb 6s 1948... N Y West & Boston 438 1946. Norfolk & Western con 4s 1996, Norfolk & Western cv 6s 1029.. Northern Pacific 3s 1047, Northern Pacific 4s 1997 Northern Pacific ref imp 6s % Ore Short Line gtd 5s 1946. % Ore Short Line ref 4s 1929. Ore-Wash 1st ref 4s 1961.. Pennsylvania gen 58 1968 Pennsylvania gen 4%s 196 4 Pennsylvania 6s 1936. Peoria & Eastern inc 4s 1990.. Pere Marquette 1st Gs 1950... Reading gen 4s 1997 % 4 Rio Grande Western cit 45 1849 R I Ark & L 4348 1934.. . E M &SR & G 4s 1933. .. San Fran pr In 48 A 1950 San Fran pr In 5s 1950, San Fran inc 65 1960. San Fran 538 B 191 St L & San Fran adj 6s 195 Seaboard Air Line ref 48 19! Seaboard Air Line adj 5a 1949 Seaboard Afr Line con 6s 1945. Southern Pacific cv 4s 1925 Southern Pacific ref 4s 1955... Southern Pacific col 4s 1945 Southern Southern Southern Ry dev 6%s 1936 Third Ave adj 58 1960...... Union Pacific 1st 48 1947 Unjon Paclfic cv 4s 1927.... Virginian Ry 1st Gs 1962. Wabash 1st 5s 1939... Western Maryland 4s 195! 98-12 99-31 425 . Low. Last. « 101% lgz 9944 863 9713 119 991y 5,000,000 NEW CARS . IN 1924 PROGRAMS Manufacturers Announce Biggest Construction Plans Known to Automobile History. %) INCREASE IN EMPLOYES i PP 3 Million “Green” Drivers in New Machines May Be on Roads. BY HARDEN COLFAX. Special Dispatch to The Star. NEW YORK, January 12.—Five mil- llon new motor care and trucks in 1924! A 25 per cent increase over the banner production of 1923! Almost double the total for 1922. Such is the mark at which the auto- mobile manufacturers of the United States will aim during the coming twelve months. Figures of produc- tion programs, announced beforc and during the annual automobile show this week, tell the story. Here they are: Huge Production Programs. The Ford interests will go on a production basis of 10,000 cars and trucks a day February 1. This pro- Bram may be increased later. I it Is not Increased, however, but adhered to n its present dimenslons, there will be 3,000,000 new Fords in 1924 Chevrolet cxpects to produce 800,000 ne‘:‘ ‘II'M' during 192 illy Iverl. © ] 3 ¥ oy 02 erland is counting on 200, he Buick company has 8 calling for 250,000, Yeromtaly tudebaker figures on producing Those five producers, 1f they iy 4,550,000 vehicles during the next twelve months. There are about 185 #maller companics, most of which have enlarged upon their 1923 pro- grams for the jresent year. It i ultra-conservative to figure the total of these companies at another 450,000 cars. Probably 750,000 would be more nearly correct. ¥ 4%o they would have been laughe: Now the industry is regaraing thow not only with seriousness, but with a mounting conviction that, in the main, they will be adhered to It 18 100 early in the year to csti- mate fully and accurately the chances of going over the top with the big increase. However, there is somewhat of a parallel between conditlons now o4 conditlons a year ago. At that time even the most optimistic manu- “hclurtrs would not have forecast a triucks dui ) Yot figure was o L 1 being 4,014,000, or 50 Der ceat ease over the figures of the then nner year of 142z 2,750,000 Workers Employed. the present time there are about 0.000 workers emploved in mak- ing motor 8. trucks, tires and spare parts. e wholesale value of cars and trucks in 1923 was not less than $2,600,000,000; of tires and parts, $2.000,000,000. 'The retail value of these items probably was 25 per cen: higher, according " to conservative estimates of manyfacturers, or up- ward of $5,600,000,000. % Now it is planned to boost those figures by at least 25 per cent. If the Jjob can be done the automotive in- dl{slrlm will be employing more than 3.500,000 workers—nearly double the number employed on the railroads of the United States—and will have pro- gll‘"d n%g((v‘ga ‘;u the retail value of o i uring the y January 1, 1828, © et Enthusiasm in the industry swept 10 a new high mark during the prea- ent week. "The big event of the in- dustry, the annual New York show. brought to the city more than 30,000 persons from th west alone. They In many lotge and numerous hotels hundreds of guests were compeiled to sleep on cots tucked away in odd corners. One big hotel turned away more than 500 persons in a single day. Rond Room Is Problem. These figures are eloquent of the in- crease in popular interest in auto- ths . | mobiles and of the power to purchase the cars when manufactured. Appar- jently there fen't any saturation point {One wonders, however, if there is jroom on the roads for the millions of prospective new cars. of fair to good roads, yet the projected 192¢ output of motor cars, placed end. tv end, would make a single line of j cars nearly 12,000 miles in length. The disturbing factor is the etatus {of the used car. There is little ma | ket for the millions of used | which must be taken up first cars. room for the new output this yi land the situation seems to oe ing worse instead of better. If it ReS much worse some of the manu- facturers may find it necossary to ro- vise their programs downward Production Now Soaring. However, production is soaring the present, and the next two months< probably will tell the story for 192 December output war 34 per « higher than that of December, 1927 Production for the present month probably Wil malilain we o portion of increase over figures for January, 1923, An interesting sidelight is the pros- pect that there will be turned loos on the roads in 1924 nearly one mii- lion “green” drivers, owners of their (Copyright. 1924.) i H —_—e \CURB STOCKS GAIN |10 AND 20 POINTS ¥ :Mnny Sharp Advances Scored Dur- ing Week—Standard 0il Is- sues Are Feature. By tie Associated Press. NEW YORK, January 12.—~Accumu- lation of the Standard Oil issues gen erally while profit-taking sales were in progress in all markets prominent- Iy marked trading on the curb ex- change the past week. Kor a time this profit taking held the market in check and nade it £low to respond to the important improvement reportsd in the petroleum industry, but toward the end of the week pressurs was overcom.e and many issues ended with substantial net gains, It was generally understood in important circles that the advanc:e in crude ofl would be followed in the ccmine week by fn & in rices for petroleum products, especially gasoline, advances being expectzd (v start in Chicago. South Penn made an advance of about ten points and Standard Oil of Nebraska traveled over a wid: range nding With @ gain of about twenty points. Citles Service and Continen- tal Oil \ere strong features in the independent group, each movin Imperial Oil of Canada was steadily bought and made a wain of about fiva points, Strength was shown all through the week in_ Dubilier Condenser, which sold at the highest price touched in recent months. Todd Shipbuilding and Great Western Sugar preferrod cach made a gain of six points. Gold Dust again made a new high record. Motor stocks showed strength n the first part of the week but were in supply ufter advances, both Durant and Stulz reacting from thair high livels. There was & spec ment in Lehigh Power, sonn five points. New portation came into prom M about three voints v - nection with asccumulation supposed i t e be in o fon with Company of Chicago. Goacyear Tire was unusually active and made a gain of two points. -