Evening Star Newspaper, February 8, 1925, Page 34

34 ACTIVITY KEPT UP IN STEEL INDUSTRY ills Close to 100 Per Cent. 1 ‘Lead Market Dull—Copper ! in Better Demand. H (e Assoriate NEW YORK, February dustry continued very part week with many 4.})4(41\:\ 5 100 per cent of c Wi demand was not Waen as during - the Decemb ivity, but there was a good busi- ibss and it was p ed that unfilled aFders the end auary will show further =ains. fron was in Hod demand im- Wediate deliv were a!vm Buye cautious on fo Ward orders, however, and foreign of: férs at the seaboard were fairly ibe H Gond Cepper Demand. Copper firm. Recent small offerings a} declines were absorbed early in the | and an increased demand veloped following advances in London, Sules of electrolytic estimated at fuliy | 000 pounds at about 148 cents to | cents were reported during the | 1iddle of the week for shipments ex- | tgnding over the next few months to | dpmestic consumers. Some improvement Was reported to export bus o The demand was evidently sufficient to drengthen the llers and market appears to have been r lished at approximately the 15-cent A Press. The steel active during the mill he lots for y and ces position of to oxy level Other Metnls Reviewed. T'in quiet and unresponsive to favor- monthly stics, being governed by the trend abroad Lead dull in the outside market consumers’ stocks e disposition to shipment at sta and easier Although re is litt for forward small 1o orders fixed pr Zine recovered part owing to increased and strength itimony of recent domestic de- in the London ruled strong, es- s a result of 1t mall available sup- its for arrivals and plies smot the COTTON PRICES HIGHER. Quotations Work Upward on Bet- ter Spot Reports. | i NEW YORK, Februar ton market was T.—The cot- quiet but generally steady today, with prices working upward on bullish Southern spot ad- Yices, relatively stes Liverpool Cables, vontinued absence of rain in the Southwest and talk of further good exports. Alter selling up ear] th 2448, May reacted to 24.35, b rallied 1.60 in late trading, or points higher. - May closed at F1.49, general market closing steady net advances of to 24 joints. “'rn,» amount Shipboard awaiting c qnd of the week was dzainst 97,000 last t exports wer Telatively full A further advance Liverpool pr net the at 16 of cot suggesting likely to comtinue n Egyptian cot- ably had some ¢ here, and e buying also Wax promoted by reports that one of the New England mills which had re- tly curtailed operations full time stimates of the River ranged 100,000 pieces was re- week's from at to sales 70,000 BALTIMORE PRODUCE. 1 Dispateh t OR arket and th strictly The Star. Fe I priee ry The lo- ske sharply this of native : fresh eggs decl dozen, closing today n in free ¢ Re- | eipts have been only moderate but the demand is limited to immediate trade wants only with buyers holding off for a more settléd market and in gomsequence trading on the local egg exchange is on a very conservative | scale. Shippers should let their eggs ¢ome forward promptly as it is large- I a day o market at this time of the vear and with continued warm weather prices may go lower. With the exception of turke ter chickens and ducks, the live try market rules easy under moderate ¥eceipts and demand generally limit- 4d to fowl of first quality. Winter Ghickens, 2 pounds and under, con- | tirue in good demand and meet with ready sale at and cents a Pound, as receipts of thig sort have been very light. Young chickens in fairly good demand If of smooth fat stock, at to 30, but rough, poor Birds will not bring over 22 and 2 while leghorns have to be sold at a discount averaging around 25 and 26 | a pound. Old hens continue in ample receipt and with the wholesale and retail trade only buying in limited quantities and shippers not buying, the market is easy at 21 to 25 for medium to large and 20 for small and leghorns. Receipts of turkeys have Been very light the past week and 45 a consequence the market rule firm for medium sized eially for hen tu 5. voung lers 10, old toms 33 and poor and Market for ducks 32 for large, fat 6n small and poor | nd 25, whil under | receipts stly in | at 23 to 26. Capons| Lt veceipt and meet at 38 for those weigh- ipg 7 pounds and over and 32 tp 37 for smaller. Dressed poultry, with the exception of capons will not bring any more than live and it takes choice to famey stock to attract at- | tention. Large capons sell 40 to 43, medium to 38 and small slips 32 and 33 White potatoes have been in lighter recelpt the past week and the market rul de higher at 1.40 to 1 wonds for No. 1 well graded stock, 1d 1.25 to 1.40 for reds and Mary ind and Virginia McCormicks. No. of all kinds is slow sale at gular values and culls are not} ed at any price. $weet potatoes yams ar more liberal re- ipts and under a limited demand the market Tules easy lUarrel for the forme £00 for the lattes No. 2 stock of Both sells mostly =% and 3.00, while tushel baskbts will Laag 1.25 to 2.40, as to quality and condition. With early Spring vegetables from the South increasing in receipts na- Uve and nearby garden truck has Been in less demand and market gen- erally rules easy and prices mostly in buyers’ favor the following quotations: Brocoli and kale, 50 to 7 bushel; savoy cabbage, 75 to 1.00 hushel; new ecarrots, 7.00 and 8.00 Hundred; onions, 2 3.25 per 100 pounds: ovster plants, to 10.00 hundred; parsnips, 75 basket: spinach, 1.50 t and turnips, 65 to $5 basket ver 10 cents a 4t 45 cents a dc , Win- poul- voked hre holds firm ock but ducks at 24 more Iberal buyers' favor eontinue in li with ready sale to s a conse. firm and a per 100 and 3.00 and 5 to 3 8.00 to 90 bushel, ! WILL ACTON MERGER. { DETROIT, February 7 (Special).4A proposal to merge the Murray Body Cor- oration and the Murray Manufacturing r-.. will be considered by directors next week. The former company was formed Inst November by a merger of three Lutomobile body builders, the C. R. Wil- &on Body Co.. the J. . Widman Co. and the Towson Body Co. A { puted in { on its board FINANCIAL. YOUR INCOME TAX Expert Advice Given by United States Internal Revenue Bureau Based on Latest Changes in Legislation. ARTICLE NO. 27 rtnershi s such ject to the income tax, quired to make r on Form 1065 showing gross and net income. The net income of a partnership is com- the same manner and on the same basis as the net income of | an_individual, except that deductions for contributions or gifts are not per- mitted vidual members are taxed on the butive shares of a partnership, ther distributed or not, and are re- ed to include such shares in the in- dividual return of income, though they may not have been actually received. Every partnership muft make a re- turn regard ess of the amount of its net income, or even if it has no net income The return must show the name and address of each partner and the amount of the distributive sh of the net income, if any, of | ch Any one of the partwers may sign and swear to the return, which may cover the calendar or fiscal year according to the firm’s method of ac- ounting Where the result operation is a net loss, the loss is| divisible by the taxpayer in the same proportion as net income would have divisible and may be taken by partners in their individual re- of income. However, if the ip agree t provides for the Givision of a loss in a manner dif- (crent from the division of a gain such proportionate losses may be de. lucied by the partners as so agreed. re not sub- but are re- of a partnership been he turn next article in this series will tomorrow.) (The appear FOREIGN EXCHANGES REACT DURING WEEK Press. Februar: By the Associa NEW YORK exchanges were reactionary. Sterling lost ground steadily on liquidation by speculators. who had accumulated large blocks of sterling bills in an- ticipation of its cafly return to parity, and who apparently had be- come impatient at the delay. The other Burgpean rates yielded in sym- | pathy. Japanese exchange improved on reports that old was being sent | this center in order to stabilize exchange CLEARING HOUSE FORMED. Paris Seeks New Method of Stabfl-‘ izing Exchange. An official for- { ring house is being ministry of finance | rs and will begin opera- tions shortly. Known as the central office of compensation and llquida- tion of exchange operations for future delivery, it will be an autonomous corporation of exchange bankers, with two government representatives —Foreign | yen eign excl organized and the b: bank its own xchange Each ance as heretofore. will bal- sales and purchases far as possible, but as there is always an excess of elther sales or purchases this balance will be compensated with transactions of sther banks through the new clear- ng house. The government hopes thus to aid in stabilizing exchange ‘and exercising a better control of speculative feature: S STOCK VALYES JUMP. London Reports Remarkable Ad- vance During 1924. By the Associated Press, LONDON, February 7.—There has been a capital appreciation of $1,300,- 000 in representative Stock Exchange securit during 1924, according to the Bankers' Magazine. The beginning of the year was wor- rying for security holders because of the advent of a Labor government, s the magazine, but the return to power of the Conservatives imparted a good deal of confidence and a corresponding appreciation in values of stocks, X representative tea companies’ shares have risen $27,500,000 to $55,- 000,000. RAIL EARNINGS HEAVY. Held as Main Reason for Recent Advance in Stocks. ' NEW YORK, February 7.—Reports of pending mergers involving South- western railroads are not considered in rail circles as the sole reason for the advance in the stocks of these carriers, but is attributed largely to bettet earnings resulting from heavier traffic. The most encouraging de- velopment in the Southwest, accord- ing to W. R. Scott, president of the Texas and Louisiana lines of the Southern Pacific, has been the improved financial situation of indivi- duals and communities. LIVE STOCK MARKET. Special Dispatch to The Star. A BALTIMORE, February 7—The gen- al live cattle market has a better tone for first quality stock, but easy on common to ordinary cattle, which is in ample supply, especially on the wharves. Demand good for handy- weight veal calves, but heavy, rough, common calves are slow sale even at the lower values quoted. Choice Spring lambs, in steady demand at full quotations, and old sheep, under light receipts, also meet with fairly good sale. Quotations today at Light street wharf: Beef cattle, first quality, b, 7 to 8; medium, 4 to 6. Bulls, as to quality, 2 to 4. Cows, choice to fancy, 3 to 4 common to fair, 1 to 2. Oxen, as to quality, 3 to 5. Milk cows, choice to fancy, head, 50.00 to 75.00; common to fair. '30.00" to 50.00. Calves, veal, choice, 1b, 15; ordinary to medium, | 12 to 14; rough and common, 8 to 11; mall culls, 8 to 11, Sheep, choice, 7 to 8. Old bucks, to 6; common, 3 to 4. Lambs | Spring, choice, 17 to 18; fair to good, 14 to 16; common thin, to 10. ! Hogs, straight, 10 to 11; sows, 7 to 8; stags and boars, 4 to 5; live pigs, 9'to 10; shoats, 8 to 9. FOREIGN EXCHANGE. By the Associated Press, NEW YORK, February T.—Foreign exchanges easy. Quotations (in cents): Great Britain, demand, 476%; cables 4775 60-day bills _on banks, 4735 France, demand, 5.3814; cables, 5.39: demand, 4.14%:; cables, 4.15: Belgium, demand, 5.11%; cables, 5.12; Germany, 23.80; Holland, 40.20; Nor- 13.25; Sweden, 26.93; Denmark, Switzerland, 1 Spain, Greece, 1.60; Poland, 141 Czechoslovakia, 2.95; Jugoslavia, 1,62+ Austria, .0014% Argen- tina, 39.87; Brazil. 11.31; Tokio, 38%; Montreal, 99 27-32. CHICAGO CASH WHEAT. CHICAGO, February T.—Wheat, No. 2, ‘red, 2.00; No. 2, hard, 1.85%. Corn, No. 4. mixed, 1.15a1.18; No. 3, yellow, 1.25a1.25%. Oats, No. 2, 'white, 5814259 . No.~.3, white, 543a56%. - Rye, . No, 3. 1.55. Barley, 95a1.01. Timothy seed, 5.75a6.60. Clover 25.00a33.00. Lard, 15.%5. Ribs, lies, 17.75 i35, | such crossings in RAILROAD CROSSING CHANGES COSTLY Elimination Would Require Over $19,500,000,000, As- serts Railway Age. Special Dispatch to Tne Sta NEW YORK, February 7.—Railway Age, In its current issue, publishes statistics intended to demonstrate the financial impossibility of eliminating : all grade crossings of railways with highways. The figures are given in connection with the contention, that the only remedy for accldents to moterists at highway crossings is to eliminate all the grade crossings in the country. Conts Figured Out. “Let us consider” says the. Rail- way Age, “the cold facts as to what it would cost to separate all cross- Ings of rallways with highways at grade. On December 31, 1921, there were ,507 grade crossings in the country. In 1922, 705 of these eross- ings were eliminated at a total cost of $70,000,000. 1In that same year, however, 4,437 new grade crossings were created by the opening of high- ways across rallways, with the re- sult that at the end of 1922 there were 3,732 more grade crossimgs than at the end of 1921, or a total of 236,- 362, There can be no doubt that new grade crossings continued to be created at an equal rate in 1923 and that at the end of that year there were approximately 260,000 in the country. Higher Rates Needed. “Figures already given show that the average cost of eliminating grade crossings in 1922 was almost $100,- 000 per crossing. It is reasonabie to estimate that the elimination of all the country would cost an average of $75,000. There- fore, the cost of eliminating all the grade crossings that existed at the end of 1923 would have been about $19,500,000,000. 1f the railways should make this huge capital expenditure they would be entitled to earn an an- nual return of 5% per cent upon it, or $1,122,000,000. Compared with this huge increase In capital cost the sav- ing that grade crossing elimination would make in operating expense would be utterly trifiing. Therefor practically the "entire resulting in crease In railway costs would have to be met by advances in freight and passenger rates. Enormous Sums Involve “The railways are making capital | expenditures of about $1,000,000,000 annually to enable them to handle in- creased business and reduce operat- ing costs. To eliminate all the grade crossings that existed at the end of 1923 would require the investment of another $1,000,000,000 annually for 19 years. If new grade crossings con- tinued to be opened as fast as they were in 1922 thers would still be, at the end of the 19 years, 84,310 grade crossings.’ POWER PLANT STARTED. 625,060.000 Bond—ffled With Chase National Bank. Special Dispateh to The Star. SHREVEPORT, February bond for $25,000,000 h; been fi with_the Chase 1 Bank New York to cover expenses of in- stalling a big power plant near Mon- roe, La., with power lines radiating to Arkansas, Louisiana and Missis- sippl. Construction on one $2,500,000 unit of the plant already has been started. BOOM IN SILK TRADE. eriuar Wiiicaais Tarait tor Any Month Since 1920. NEW YORK, February 7.—Revival of the silk industry is reflected in a report of the Silk Association of America that withdrawals of raw silk in January was the largest for any month since the organization began compiling its statistics in 1920. Oper- ations of silk looms have increased sharply in the last few weeks and several mills are running on night shifts, RUSH FOR 0IL SEEN. Rumania Soon to Distribute 1,000 Acres of State Lands. BUCHAREST, February 7.—The | Rumanian crude oil production for January established a new record at| 1,300,000 barrels. The monthly aver-| age for the last vear was 1,100,000 barrels. The distribution m tle ru da of 1,000 acres cf ate lands, now about to be made, foreshadows greatly increased ac- tivity during the coming wmonths The land will be distributed only to Rumanian or so-called nationalized companies on the of the mining aw enacted last Summer. be m H M REPORTS BIG TIRE YEAR. | vi NEW February Goodyear Tire and Rubber Co. prosperous year in 1924, net income | of 312,161,540, belng equal after prior preference dividends to $16.92 a share ou the 7 per cent cumula ferred stock. on which n have been paid since 1 against $7.58 a share in 1923. Allawing for | ¢y the regular annual requirements on | the preferred, balance is equivalent to $7.76 a share on the common, com- pared with 46 cents a share the year before YORK, is m dividends m | te WEEKLY BVANl{r REPORT. |¢ NEW YORK, February 7.—The actual conditions of clearing house banks and trust companies for the | week shows a deficit In reserve of $19.305.810. This is a decrease of $71,334,910 compared with last week fo iz BUTTER PRICES LOWER. | CHICAGO, February 7. Butter— Lower: creamery extras, 38%; stand- | N extra firsts, §; firsts, seconds, 32a34. Eggs —Higher; receipts, 7,901 cases; firsts, 40%%; ordinary first 3 FLOUR COMES DOWN. MINNEAPOLIS, February 25 to 30 lower at 9.70 a ments, 10,956 barrels. Northern, 1.79%:a1.821% ; July, 1.81%. Corn, al.23%. Oats, No. Flax,-No. 1, 3.02a2.09. [ W 7.—Flour, rrel; ship- Wheat, No. 1, Fort Uni Commander-in-Chief League and staff will make an official date fall being arranged as tees of the Sweene. Edwin I Spanish War. Veterans Memorial exercises in honor of the en who lost their lives on the bat- eship Maine in Havana Harbor Feb- 1ary 15, 1898, will be held next Sun- Ay afternoon in the riding hall at Myer, Va. The exercises will : under the direction of the Depart- ent of the District of Columbia. Spanish War Veterans, and Chauncey W errick will be one of the speakers. H. Harris is chairman of the aine memorial committee. ed Department Comdr. Arthur. H sit to Gen. Nelson A. 0. 1, Thursday night at 8 o'clock rand Army Hall, 1412 Pennsyl- a avenue northwest. As this on Lincoln's birthday and three d prior to the Maine emorial day, suitable exercises are Miles Camp, The chairmen following have been appointed of the various commit- camp by Comdr. Print E | | | | | | homette: Sick and relief committee—Frank Parrish: grievance committee- W. McCaffrey; good committ, B. Carver; orial day, St. abeth’s, e—Chris Hin h: recruits clinquents committee—Richard Fred W. Wilson; pres ublicity committee— William P. Irving of Col. Pettit Camp announces the | llowing committees for the organ- tion year Sick and relief committee—Adolph raef, chairman; A. H. O. Rolle, Har- B. Myers, David W. Senters Delingquent committee — John D. orton, chairman; Frederick A. Deck, | s A. Dunan, Joel J. Yowell Recruiting committ ames ayland, chalrman: K P Olsson, Allen obert M. Maginnis i00d and welfare committee—Lem- Jones, chairman; Charles S. Emory M. Davis, Peter J. Comadr. 2 Wood, Russell, e arl M tainment committee—Edward : Samuel G. Maw- n, Charl ker, William Holt, dward | Naval Publicity committee James E HAYM SALMON ASKED OF CON Smith, chairman: James M. Dean Employment committee—Harvey J. Zimmerman, chairman; Louis E. Fel M ton, Daniel Sweeney, Frederick Meier. Pettit Camp will meet Tuaesday night at 921 Pennsylvania avenue southeast. Department Inspector John A. G. Shuster pald an official. visit to Col. John Jacob Astor Camp last Monday night in Stanley Hall, United States Soldiers” Home. ~The past commander of Col. James S. Pettit Camp, James E. Smith, made a short talk. Jacob Orken of Richard J. Harden Camp spoke on pending legislation fn Con- gress. A new member, Thomas A Matthews, formerly of the Hospital Corps,-was mustered into the camp. Erection of a ington to the memory of mon is proposed in a joint introduced by Representat of Ohio, which has been the committee on the for American jndependenc wag impossible to collect taxes to support the Arm mon contributed and loa | Government more than one dollar of which has repaid. The resolution that the best way to inst youth of America the grea The meetings auxiliar| of the camps and s for the week are as fol- ows: Gen. Nelson A. Miles Camp, No, | Thursday night, Grand ‘Army Hall, | | 1412 Pennsslvania avenue northwest: Col. James S. Pettit Camp, No. Tuésday night, 921 Pennsylvania av nue southeast; Admiral George Dewe Camp, No. Friday night, | Masonic Temple, Eighth and F streets | northeast: Col. James S. Pettit Aux- | Inanced the American iliary, No. 6, Thursday night, Po-|for this purpose the sum tomae Bank Bullding, Georgetown;| Would be appropriated fro Col. John Jacob Astor Aukiliary, No.| €ral Treasury. It also 7, Wednesday night, 921 Pennsyivania avenue southeast. CHICAGO STOCK MARKET. CHICAGO, 7 preferred, 8 Swift International bide, 7215; Wahl, 193 3 this | tion vernment hol The resolution monument shall be e: man who stood by Robert stutue on Government pre a provision that it shall no ed in the Capitol Buildi Library of Congress. bruary i Swift & , 31%: Unlon United States Gypsum, Cudahy, 1.08 OIL STILL | DALLAS, Tex., i price for Oklahoma, | Texas oil of 42 or | announced today by troleum Co. The a barrel, an increase K the M new quo = ‘WOOL BUYERS WAITING. BOSTON, February (Special) — Wool was quiet in the Summer street market today with few changes in price recorded as a result of the lower prices at New Zealand sales, or the American Woolen opening. Dealers still are holding off and Western growers are firm in their stand against lower prices. The supporters Judge Kathryn ¢ nile Court of the herself as judge be heard by th committee at morning. The f the no of District of that 10 date o'cloc was an How much real value stands back of the atock you are asked to buy? |of the subcommittee, monument $7 Revolution, commission to select the site for SHAFT GRESS Joint Resolution Proposes Memo- rial Here to Finzraier of Revolutionary Wer. in Wash- Haym Sal- resolution ive Mooney referred to Iibrar. It | points out that during the struggle e, when it t sufficient y, Mr. Sal- ned to the 00,000, ever been sets forth ill into the test degree of patriotism is the respect and affec- as for pa triots Who have made great sacrifices proposes that this ted to th Morris and and of $50,000 m the Fed sets up 4 t ot be loc ng or sperty ADVANCING. February ansas and gravity was agnolia Pe tation is $2 5 cents ‘Will Hear Judge's Friends. mination the Juve to succeed court wi Senate judiciary sub k Tuesday nounced by Senator Means of Colorado, chairman NEW PRICES Only the prices have been reduced—the quality has not been STANDARD SIX 3.Pass. Duplex-Roadster . 5-Pass. Duplex-Phaeton . . 5-Pass. Coach. s teive 3-Pass. Country Club Coupe 5-Pass. Coupe 5-Pass. Brougham 5.Pass. Sedan 5-Pass. Berline . - . . - . - - . . 1S . $1125 1145 1295 1345 1445 1465 1545 1600 changed 19 New Models SPECIAL SIX 5-Pass. Sedan 5-Pass. Berline 3.Pass. Duplex-Roadster $1450 5.Pass. Duplex-Phaeton 1495 3-Pass. Sport Roadster . 5-Pass. Brougham 4-Pass. Victoria 1535 1795 1895 1985 2060 e o . o o o o JOSEPH M¢REYNOLDS Commercial Auto and Supply Co., 14th and R Sts. STUDEBAKER A S -U.D EB A K- E R BIG SIX 7-Pass. Duplex-Phaeton $1875 7-Pass. Berline 2650 NOTE: Standard Six—4-wheel brakes, 4 disc wheels $60 extra Special Six—4-wheel brakes, 5 disc wheels . $7Sextrs Big Six—4-wheel brakes, 5 disc wheels « « $75 extra All prices . o. b. factory . L4 - Y E A R