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The Washington times. [volume] (Washington [D.C.]) 1902-1939, March 27, 1922, HOME FINAL EDITION, Image 15

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TON'S INB U S I NESS AND FINANCE .0FMTRLD
Petroleum I
HasNewI
February a Banner Me
put, Numbering 1,41
1- By HAREY
A new higb record for! 1
petroleum was attained dur
figures made public by the G
Da Average Large.
Duri the month the daily aver
age utIn=was 11470.107 barrels.
being an increase of 78,442 barrels
over. the previous high record of
January; and only once before in the
last two years has the daily rate of
production exceeded the daily rate of
oonsumptlon.. Although the daily
rate of consumption and, of imports
Increased slightly, stocks of crude
Oil (not including consumers' stocks)
Increased 12,000,000 barrels.
On the last day of February total
met pipe-line and tank-farm stocks of
petroleum east of California, gross
ipe-litn and tank-farme and pro
duer' stocks in California, and
stocks bf Mexican petroleum held
In the United States by importers
amounted to 208,000,000 barrels,
equilvalent to 143 days' supply, at.
the present rate of consumption.
Although this is the largest
&mount of petroleum ever held in
storage in the United States, it Is
of interest that the 163,000,000 bar
role of petroleum held In storage in
1915. at the time of the Cushing
over-production, was sufficient to
Isneet the requirements of consump
tion for'218 days.
COST OF. LIVING
CUT) PER CENT
MIN ASHINGTON
From February 15 to March 15
Drop is Noted in U. S.
- Statistics.
By Iteruatioel News servies.
The cost of- living is still coming
down-slowly.
The retail cost of food decreased
from 1 to 4 per cent in ten represen
tive cities scattered over the United
Sttes during the period from Feb
ruary 15 to March 15, the Depart
Inert of Lr.bor announced today.
Price declines were: Manchester,
X. H., 4 per cent; Baltimore, Bridge
port, Newark, New Haven, New
York, Richmond and Washington,' 3
per cent: Milwaukee. 2 per cent, and
Denver, I per cent.
For the year ending March 15.
1922, there was a decrease of 13 per
cent in the ccst of food in Bridge
pori'and Denver; 12 per cent in Man
chester and New Haven; 11 per cent
in Baltimore, Milwaukee and Wash
inaton; 10 per cent in Newark. and It
per cent ir New York and Richmond.
As compared with the average cost
in the year 1913. the retail cost of
food on March 16, 1922. showed an
increase of 51 prr cent in Richmond,
46 per cert in Washington. 43 per
vent in Baltimore, 42 per cent in New
York, 39 pew cent in Milwaukee, 38
rer cent ir. Manchester, 37 per cent
in New Haven, 36 per cent In New
ark, and 26 per cent in Denver.
Prices were not obtainable by the de
Iatment from Bridgeport in 1913,
.ence no comparison for the nine
year period war given for that city.
WE BUT, SELL AND QUOTE
Listed and Unlisted Stocks. Bonds as
seeurties of evet description that
or* marketable. It you want to 3w
or Bell. call. wilts or hbone Main 55L
se~31 rrk tt. awn.
RIEMER & CO S.nie
IBERTY BOND PRICES
FOR $011 BONDS TODAY
let 4%.....................11.41
2d~~ ~~ 4 .............. 911.58
NO 10MI5IN CEAR D.
LIBERTY BOND EXCHANGE
d s4 14th .S. N. N4W.
ers, a. m. toP. m. MatG A8.
LMONEY=J
ments are mortee et e
hande yor In vemn
425 Bond Building
Maim 5503.
Unchangli
Our First Mortgage Note
real estate are investments
latest desire for chance-ta]
continual variations in val
eminently to those whose fl
of principal and interest.
These Notes are obtain
$100 and upward.
Swartzell, Rheer
727 15th St
The Nation's
53 Yeasr. Without
koduction
ligh Record
nth for Domestic Out
0,107 Barrels Daily.
GUSACE.
the domestic production of
ing February, according to
sological Survey.
Local Stocks.
SALES.
Washington Railway and Electric
common, 10097%.
After Cad.
Capital Traction 6's. $1,000095.
Washington Gas 5's. $1,000092.
$1,000092, $1,000092.
Washington Railway & Electric
preferred, 60
Call loans. 606 per cent.
DONDI,
PUBLIC UTIL3TT.
ali Anlwod.
Am. T. & T. 4's........ .U94 Ot
Am. T. & T. 4%'a .... 99% .
Am. T. & T. tl. tr. 5's. Of6
Am. T. & T. conv. 6$'. 114 115
Ana. & Pot. 6's ....... . 82
Ana. & Pot. guar. 5's.. 82
C. & P. Telephone 5's.. 96 ...
C. & P. Tel. of Va. 6's. 93 94
Cap. Trac. R. R. '.... 95 95%
City & Suburban 5's.. 30 82
Georgetown Gas lst 6's 93 92
Metropolitan R. R. 5's 94
Pot. Elec. lst 5's...... 93
Pot. Elec. cops. 's... .
Potomac Elec. deb. 6's. 98% 100
Pot. Elec. P. G-M. f's. 99% 100
P. E. P. g.m. a ref. 7's 105% 106%
Wash. A. a Mt. V. 1. is ...
Wash. B. & An. 6S.... 77% 78%
Washington Gas 6's... 91% 92%
Washington Gas 7%'s. 106 14)6
Wash. Ry. & El. 4's... 63% 69
Wash. Ry. Elec. G-M 4's 97% 91
- MISCELLANEOUS.
Riggs Realty 5's (long). 90
Riggs Realty 5's (short) 97 .
Wash. Mark. 6S, 1927.. 90
Wash. Mark. 5s, 1947.. ST
W. M. Cold Stor. 5s.... 86 .
STOCK&.
PUBLIC UTILITY.
*Am. Tel. & Tel...... 119% ...
*Capital Traction...... 95 95%
Washington Gas ..... 52% 53%
*N. A W. Steamboat.. 182 . .
Wash. Ry.& Elec.com. 37% 38%
Wash. Ry. & Elec. pfd. 69% 70
NATIONAL BANK.
*American Nat. Bank.. .. 180
Capital Nat. Bank .... 190 210
Columbia Nat. Bank. .. 210 ...
*Commercial Nat. Bank 133 ...
*District Nat. Bank.... 166 170
*Far. & Mech. Nat. Bk 220 ...
Fed. Nat. Bank....... 176 ...
Liberty Nat. Bank.... 126 0..
Lincoln Nat. Bank.... 180 ...
\..t. Metropolitan Bank. 210 ...
Riggs Nat. Bank ..... 476 ...
Second Nat. Bank. 146 16
Washington Nat. Bank 189 20
TRUST COMPANT.
Amer. Sec. & Trust.. 232 240
Continental Trust ..... .90 95
National Sav. & Trust. 286 296
Union Trust........... 118
Wash. Loan & Trust.. 273 286
SAVINGS BANK.
Commerce and Savings. 160
East Wash. Sav. Bank. 14
Merchants Bank....... 147 ...
Sec. Savings & Com... 203 280
Seventh St. Sav. Bank.. 160 ...
Union Savings......... 114 ...
U. S. Savings Bank.... 220 .
Washington Mechanics. 26
FIRE INSURANCE.
Amer. Fire Ins........ 225 ...
Corcoran Fire Ins...... 100 ...
Firemen's Fire Ins..... 18
Nat. Union Fire Ins... 7%
TITLE INSURANCE.
Columbia Title Ins..... 6 A
Real Estate Title Ins.. 90
MISCrLLANEOUS.
Col. Graphophone com. 2% ...
Col. Graphophone pfd.. 13 ...
D. C. Paper Mfg. Co... 75 ...
Mer. Trans. & Stor.... ....110
*Mergen. Linotype....... 150
Old Dutch Marker com. 3 6
Old Dutch Market pfd. 7 9
Lanston Monotype..... 78% 79%
Security Storage ...... 226 ...
Washington Market ..,, 35 ...
*Ex-dividend.
Grain Market
CHICAGO. March 27.-Wheet
started lower in the lead of other
grains. Trade at the outset was
fairly active. Lower cables showing
wheat at Liverpool 1 to 1% pence
lower and favorable weather over
the winter wheat belt led to scattered
pressure during the first few min
utes. There did not seem to be any
great desire to break th-' market,
however. Estimated receipts show
a moderate run of cars.
Provisions were slow. Hogs at the
yards ruled slow and 10 to 15 cents
lower.
Cotton Market.
NEW YORK. March 27. - The
cotton market was fairly steady at
the opening today with priccs for the
most part unchanged from Satur
day's close. May opened at 17.65, off
2 points; July. 17.12; October, 16.77;
December, 16.66; January. 16.59.
ig Values
e on imnproved Washington
which do not appeal to the
ting. They are free from
ue. Their appeal is pre
rst consideration -is safety
able in denominations of
S& Hensey Co.
reet N. W.
n, D. C.
Home Town
Ema eo -m Ianes'
STOCK MARKET
DROPS UNDER
SBEAR ATTACK
Motors, Oils, Eqcipment, and
Other Speclalties Drop
Several Points.
By w. S. cOUSINS.
(Copyright. 1913 bY Cemopolitan News
herv 0e.)
NEW YORK, March 27.-At its
opening session fo: the nW week
the stock market was confronted
with ah accumulation of seling or
ders which made for immediate
lower prices in practically - every
division of the snaraet. The profes
sionals was almoet entirely bearish.
and as they offered stocks at wide
concessions from Smiturady's close
numerous stop-loss orders were un
covered, adding to the decline in
prices. Leading operators have ap
parently become convinced that the
technical position of the stock mar
ket has become weakened by the
advance of. :the past month, and
that for the present at leant the
path of loast resistanco Is down
ward. The big broktragl )pouves
have become quite conservative.
warning their cusntomers agairst
"climbing" for their speculative se
lections. A great many stocks
have been distributed. Jaaring the
past few wecke.
The attacks of the bears in the
forenoon were concentrated upon
the motors, equipments, oil* and
specialties. In the steel group, Gulf
States was particularly vulnerable,
selling off to 67%. for a los of over
five points. Mexican Petroleum was
hammered down from 118. to 114%.
and Davison Chemical, which lost
four points last week, sustained a
further three points setback, to
52%. United States steel got down
below 94, American Ice common,
which rose to 115% last week on
reports of melon cutting, came in
for a change of tactics today when
it fell away to 103%. By noon the
net results of the bears' .campaign
was an average los of about two
points in most of the active specu
lative issues.
The chain stores have been show
ing up to good advantage and their
stocks showed a disposition to move
against the tide today. S. S. Kresge
picked up two more points, to
139%, Woolworth advanced to 165
and May Department Stores made
a new high at 117.
ISSUES ANALYZED
(Copyright. 1932. by Cosmpelitan News
service.)
NEW YORK. March 27.-Cbnsider
able weakness developed today in the
sugar market. As a matter of fact,
these stocks have been under fire
almost two weeks, due to the Un
settled financial situation In Cuba, as
well as the quite general decline in
the price of raw sugar. At 68%,
American Sugar refining common
was down nearly 2 points from Sat
urday's price and 6 points from last
week's high. American Beet Sugar
dropped' 2 points to 37%, compared
with last week's high of 44. Cuba
American also fell off to 20%, and
Cuba Cane Sugar to 14%. The sugar
companies are well supplied with
coal.
The railroad shares were very
steady today and resisted pressure
as well an any department of the
stock list. Reactions which oc
curred in the low-priced rails failed
to upset the market as a whole.
The monthly statements will be
coming through this week and are
expected to throw a favorable light
on the February operations. The
New York Central increased its
gross earnings by $1.013,547 during
the short month. Baltimore and
Ohio had net revenues of 815,033.
672. an increase of $868,313, while
operating expenses decreased $1,
195,280, making a net increase of
$2.063.593 for the month. Delaware
and Hudson also showed a slight
increase in net earnings.
The bright spot In the whole
business and financial situation In
the United States In the steel trade.
For over two years the steel In
dustry has been limping along un
der the handicap of small demand.
low price and an operating basis
of almost 35 per cent capacity.
Competition between the variou
companies has been Ho keen that it
was with difficulty that highen
prices could be established, but an
soon as the way was pavqd the in
dependent companies fell Into line
and the big steel corporation put its
prices on a more substantial basis
In his recent statement Judge Gary
made it plain that the steel Industry
cannot continue to operate on a los
ing basis and that the tendency of
prices must naturally be upward
Customers are beginning to realise
that the turn has come and are
showing less hesitancy in placing
their orders. N'ew furnaces are al
most daily being .put into operation
and the outlook is inspiring.
Today's foreign cables are fairly
optimistic, indicating that satisfac
tory progres is being made In
working out that moat complicated
of all foreign problems, the Ger
man reparation payment.. The
financial markets, shocked at first
by the audden descent of the Ger
man msrk, have recovered and a
more hopeful view is now taken
by the bankers, as well an by the
Government agencies.
There can be no doubt, however,
that the influences which caused
the depression of the mark orig
inated in Germany, and that the
German public han for a long time
been mending money out of the
country. Even the banks have join
ed -in this movement, which In the
pant six months has been respon
sible for the building up of foreign
balances -amounting to an much an
90 billion mark.
Liberty Bonds.
Furnished by Redmond & Co.
Prices at noon:
Iberty 2%'s, 1947 .......... $93.04
U~berty 1st 4%'s, 1947 ........98.2%
Liberty 2d 4%'s, 1942....... 91.06
Liberty 3d 4%'s, 1928 .........99.31
Liberty 4th 4'h's, 19283........93.33
'Victory 4%'s, 1922 .......... 100.73
Farm Loan Approved.
New Government loans for agri
cultural and livestock purposes
samounting to $2,324,000 were ap
proved today by the War Finance
Carpoeati~n.
NEW YORK STC
Nigh Law P. U. close
Aoe. Ramley... 14% 14% 14M 15
AIr Usirnoum. 54% 08 54 OW9
Ails Rubber... I6 SW lo6 AN
AIR. Cha...... 943 44 44 44%
A.C Dom ye 1% A"% 609 M
A. 'Ar. Chem.8 36 3M WX 3
A. Ch.ADre . M IN 10
Am. A. Ch. p.. 05M 0531 631 63
A. 4st Sugar. 36 37 6% 38 % 3%
Am. Bsob.1... 44 43% 43W 4434
Am. Can ...... 46 4531 45M 4W
A. Car A Edy.. 1 153 1533 15
Am. Colt. Oil f. P 8 52. 52.
Am.ILAL.p.. 46 089 109 IM
Am. Ioe...... 10V 105 1053 108= M
Am. In. Corp... 429 42% 423 426
A. I& F. A. Co... U6 1136 U36
Am. Unsed... 333J 3331 33% 336
Am. Loeo..... 107 1073 1073.107%
Am. Smelting.. 51% 51% 51% 51
Am. Snuff..... 125 125 125 1246
Am. Steel Fdy. 36% X36 353 3631
Am. Sugar..... 68% 68 683( 69
Am. Sugar pt.. 26 96 0 . -
Am. Rumat. T.. 31% 313 31%
Am. T. & T.... 1gh U193 193 119%
Am. Tobacco... 16 136 136 13636
Am. Wool..... I 86 8601 O6 86h
Am. Wool pf... 106% 1M 1%
Am. Zinc...... 143 143 143J 14
Anaconda ..... 50%6 5036 503 50%
Amo. D. Good..*54X 54 54W 54
Atchison....... 964 96% 96% 956
At. G. a W. L. 279 62731 27% 28.b
At. G.AW. I. A. 20 19% 19X 21
Atlantic Fruit.. 3A 3h 36 3M
Atlas Tack.... 19% 19% 19% 20
Austin Nicholas 28 5% 27% 27%
Baldwin Loo.. 107 1mg 106 106%
Salto. & Ohio..4 37% 37% 37% 37%
Bethlehem Steel 64% 64 64 65h
Beth. Steel B.1 70% 69% 69W 703
Beth. Steel 7's. 91% 91% 91% 92
Bnoth Fish... 7% 734 736 7%
Brook. R. T.. 18% 17N 18 18%
Ok. R. T. ois.... 17X 179 17% 186
Burns Bros. A. 126% 1% 126% 126%
Burns Bros.. B.40% 40% 40% 403
Caddo Ol.....6 12 12 12 12
Cal. Pet....... 0% 49% 5031 50%
Can. Pacific...; 135% 1353 135% 136
CaL Z. &1 ... 6% 6% 63% 6K
Cent. Lthr..... 35h 35% 35 36
Cent. Lthr. pt. 71 71 71 71
Chand. Motor. 71% 70% 70% 71U
Chen. & Ohio.. 60h 6"% 60 60
C., M. & Bt. P. *22% 22M 22% 22,4
C.,M.&St.P. pL 363 3W 36% 36h
Chi. G. W. pt. 18% 18f 18% 18%
Ch A N. W.. 696869h 694 6
C. R. & P.. 39% 3936 3936 36%
C. R. I. & P. 7's. 92%q 924 9231 9234
Chle Cop..... 17 16% 16 17
Chino Cop.... 26% 26S 26% 27
Coco Cola..... 50,, 48X 48% 49%
Col. a" & Ei . 6136 61 813 81% I
Col.Grapho.... 334 3 3 3'
Com. Tab. Co . 653 13i 659 65
Con. Gas. 107 107 107 107%4]
Con. Tea Cor..b 13 136 13 133%
Corn Prod..... 103% 103W 1033 104
Conden Cor.... 36 36% 3531 35X
Crucible St... 56 E5% 55h E6bM
Cuba Am. Bug 21% 2011 2D4 21
Cuba C. Bug.. 14% 14 14 143
Cuba C. S. pf. 3214 3136 31% 324
Dav'n Ch. Co. 564 523 534 556
Del. "ao. & W. 114% 114% 114% 1143
Dome Mine&... 27 27% 273 2731
Elec. Storage.. 149%4 149J4 14931 149
Elk H. Coal... 21k 2D% 21 2036
Erie 1st....... , 17.% 17% 17% 173
bamounPlay'rs*786 78% 78% 79
Fluke Rubber.. 17 1631 163% 17.
Free Tea Co.... 17 17 17 1736
Gaston Wns.. % x x x
Gen. Asphalt.. E8% 58 58 . 58%
3em. Motors.... 1031 10 10 10h
Gen.'Mot. pf.. 75h 75% 75% 76
Goodrich B F. 39 39 39 39
Greene C. . 274 274 27N 27%
Gt. North. Ore. 35% 35% 351V 353
St. North. Vt... 72 72 72 72%
Guanto. Sugar. 113 1036 10% 12
Gulftatet..., 71% 673% 6836 72
Hupp Motor... 15% 15% 15% 15%
Houston Oi... 74 74 74 74%
Hydraulic Stl. 7% 73; 7W 7%
Inspirat'n Cop.. 39% 396 39% 40
Inter. Agri.... 10%6 1036 1036 93i
Inter. AriL pt. 37 373 37h 383%
Inter Consol. ..- 2X 2% 23 '2%
Int. gon. Vt.... 736 76 736 7%
In. Mo. Trunk.. 34% 34k 34% 35
Inter. Nicke... 1636 L5X 35X 1636
Inter. Paper.. .1 44%6 4436 44%6 4436
In. Pa.wiM.st. 62 623662 62
Invinoible Oil.. 17% 17%6 1736 17X
I.land O. AT.. 136 1 1 e 1
Jeweal Tsa.....18% 1836 18%A18%
Kan. Gty So.. 253625 25 253
Ksa.A Gulf.. 4X 4X 4% 5
KellyBpg. TIre. 4336 43 43 43%
elsy Wheel.. 9936 9936 9936 100
Keystone TIre.. 17%6 1736 1736 17%
Eresge 8. .... 140 13836140 136%
Eranneott ..... 2936 2936 299% 2936
La 8tsee...g 48 47% 47% 4816
Lee.R.ATlre .. 32% 3236 3236 3236
Ieews (nc.J.. .115 1436 15 14%
Loft Ino..11 13 13 1336
May3 Dep. Store 117 114 115 113%
Mcintyre... 19X6 1936 1936 1936
Mn. El. Guar. 38%6 3836 38%6 3836
Kanhat Shirt.. 40 39g6 40 3g%
Manati lug... 43 40 43
Marland Oll... 25M2 m 253
Marine -o... 1636 1536 1536 15%6
Marine pfd....1 70%6 70 70 7036
Mar.8t. R. p. p 55 54% 54X6 5536
Marlin-R. Car.. 2636 24% 253 2536
Mart. Per. Co.. 26% 263 28% 2%
Mae. Mot. 18% 18%6 18% 1836
Men. Petrel... 11636 115M6 115%6 11736
Miami C. Cop.12736 2736 2736 27%
Midvale Steel.. 3336 32% 32% 3336
Mid. States 01 1336 133% 1336 133%
Mont. Ward .. 1636 186 1636 1636
M., K.A&T.... 536 536 5% 5X6
M.A8t.P.R.R ., 9%6 9% 96 93%
Mo. Pacifla....E21% 2136 2136 21%
Mo. Pao. pt... 50% 52 5236 52%
Mul. B'dy Co... 2816 28 28 29
Nat. Acme.... 16 1436 14X 16%6
Na.En. ACt4t34 34 34 35
Nat. Lead..... 66 08 8 883g
N.R.ef M.3d pr. 436 436 4% 4%
Nor. Corn. CopJ 14% 14% 14% 14%
' . Y. Central. 9516 M 66653685
N. T. Dok....U 66 sO a
N. Y. Doekptf. 53365336 533%
MT.TatAM - 195k 106 18% 19o6
iieb 1w P. P. ces
N.Y.,. A&W..E 28% 2L4 2W 9N
Norfolk (So, 10k 199 -0%
North. 4e... 74)j 74%
N Lrf- & e. MW10% = 31
Ok.Pr.&aL-.. h I% .. : .11
Orpheutar'.. leg il% ft% 8
Otis Uleatir.. 136 136 AN 10
Pe. Q-Co... 48M 48% 48 48%
Paolfe Devel.. 9* 9 9 ox
Pa.G.A .oo ..I6- 0 68 W8t
P..An. Petro.. 53 52 51% 5
P.-Am. Pet. 3. 47% 47 47 47X
Pa.Allng Cor.. 14)j 143 14)j 14%
Pore Mar.... 27X 26% 26% 27%
Pa. lea. Steel. x 8 a a 8 ~ s
Penn... .. 373 .37% 37% 37%
Phillips Pet... 35JW 35% 35% 35%
Phila. Coal.... 37 37 . 379 5731
Pieroe Arrow.. 18% 16% 16% 16
Pierce OU.,... % 8% 8 8%
Pgh. C. Co. p. 94 93 94 98
Pgh. & W. Va. 26M 26k 25h 27
Pond Creek... 1831 38 18% 18
P.Ser.Cor.N.J.. 85 85 85 815%
Pun. A. Sugar 38% 3W 38% 30k
Pure O l....... 29% 29% 29% 29%
Pull. P. Car... 123 122 122 124
RayCon.C.Co.. 14X 14% 14% 14%
aeading ..... 73X 73 73 73%
Read. 1st of... 4336 43 43 43%
Remington ... 36)4 36% 36% 36h
Replegsls U.... 306 0 3034 31
Rep. I. & NtO.. 51 E0h E0% 61%
Rep. 1.&S. fp. 78 77 78 77
Rep. $at. Tr.. 6% 6% 6% 6%
R. Dutch N.Y.. 52% 52* 52W 523
St. Joe. Lead.. AI1 13% 13% 13%
at. L. A 3. F.. 27% 27 27N 27JJ
St.L.S.W.R.R.. 27%. 27% 27% 27)6
8t.L..W.pf .. 41% 41X 41% 41%
Seaage Arms. 17X 17 17% 1636
Sea. A. U' pg.. 9% 9 s.99 9%
Bears-Rse. .... 70 d 69 69 670
Seneca Cop.... 133i 133i 1331 13%
Sinclair O A2....t2% 24 24 24%
Sloss-Shef. ... 40% 40% 40% 41
South. By.. . 21% 21 21 21%
South.Ry.pt .. 52%; 52 621 526
South. Pacific. 85% 85 85 056
Stan. On of NJ 17031 170W 1709 170%
t.O11 N.J.pf .. U434 114% 11436 114%
Stan.OiI of Cal. 91 94h 943% $5
stew. Warner. 37 36!j 36% 36%
Strom. Corp... 46 44% 44h 45%
Studebaker ... 1066 104h1536 108,%
Superior Oil... 5% 531 514 53i
Sweets Co..... 4, 41 45 4
Tenn. Copper.. 113 103 104 U
Tex. & Pao.... 319 .30% 30 31%
Tax. Gulf Sul. 41 406 403 41%
Texas Co......143% 4231 42%j 43
Tex.P.C.&Ol .. 253j 25 25 25)j
Third Ave..... 2031 20 20 20%
Tobacco Prod 61% 60% 60% 61%
Transcon. Oil. 94 9W 91 9W
Union Oil.. 17 173% 17% 17%
Union Pae.... 132 131% 131% 132%
United Alloy.. 30% 30 30 30W
United Food... 5% 56 b% 5%
United FruIt.. 137 1354 137 137
U. R. & Inv. pf. 3036 29 29 303
U. I. C. L P... 33S 31% 31% 333%
U. S. Retail S. 44 43% 43%i 443%
Jn. Reality Im. 593i 59 59 59%
7. S. Rubber... ED% 60 (0 (0%
U. S. Ind. Aloo. 47% 46% 46% 47.%
U. S. Steel..... 94% 9336 946 94%
U. . Steel p.. 117% 117% 1173 117%
Utah Copper.. 63 62 63 633t
Utah Sees. 14% 14% 14% 143
Va.-Car. Chem. 33 32%j 33 3236
Va., Ir., C. & C. 43%4 43S 43% V
Vanmum Inc. 38% 37% 37% 38
Vivadou....... 10 9h 10 1031
Wabash R. R.. 93 9 9 1 8%
Wabash p. A.. 27% 26% 26% 27%
Weber Heilborn 13% 13%1 13%
West. Md...... 9S 93i 914 9%
West. Md. 24.. 16% 16% 16%
West. Pactic.. 18 18 18 20%
Westinghouse.. 57% 56% 56% 57X
Westig're A. B 8531. 85 8531 86
White Oil Cor.. 9% 9% 9N 9%
W. W. Sp. tel. 143j 1436 14%; 143
Willys Over'd.. 8% 7% 7% 8
Worth. Pump. 49 49 49 4914
Woolworth ... 1673 165% 167% 165
Open.High.Low.Cloese.
Money on call.. 4s ... ... ...
Stock sales up to
11 a. m. 12 noon. 1 p. m. 2 p. m.
223,500 392.000 ........ ........
Bond sales up to
11 a. m. 12 noon. 1p.m. 2p. m,
4,366.000 3P.091.000 ........ ........
OiI Stocks.
I~urnished by W. B. Bibbs a Cs.
Prices at noon:
An-Amer. Oil Co., new 17% 17%
Borne-Scrym ser Co.... 350 370
Buckeye Pipe Line Co 94% 36
Cheseborough Mfg. Co 190 135
Continental Oil Co. ... 130 138
Crescent Pipe Line Co. 33 35
Cumberland Pipe LIne. 140 150
Eureka Pipe Line.3 3 35
Gal.-Big. Oil Co., corn.. 46 48
Gal.-Sig. Oil Co., pfd.. 110 114
Illinois Pipe I~pe Co. . 175 178
Indiana Pipe Line Co.. 100 104
National Transit Co.. 27 28
N. Y. Trans. Co...173 177
Northern Pipe Line Co 106 108
Ohio Oil Co..........272 275
Prairie Oil & Ga. Co..* 560 565
Prairie Pipe Line Co. 232 235
Solar Refining Co..340 360
Routh. Pipe Line Co... 97 93
South Penn. Oil Co.... 179 183
8.W. Penn. Pipe Line Co. 61 64
Standard Oil Co. (Cal.). 94% 95%,
Standard Oil Co. (Ind.) 86% 87
Standard Oil Co. (Kan.) 540 560
Standard Oil Co. (Ky.). 485 495
Standard Oil Co. (Neb.) 165 172
Standard Oil Co. (N. Y.) 374 373
Standard Oil Co. (Ohio) 390 400
Swan & Finch Co......36 45
Union Tank Line Co.. 98 102
Vacuum Oil Co.......350 355
Washington Oil Co.... 25 80
Penn.-Mex. Fuel. .. .. ..26 27%4
Erie Gets Bond Sale Permit.
The Erie Railroad Company to
day was authorized by the Inte~r
state Commerce Commission to is
flue $10,000,000 of 6 per cent promis
nory notes dated April 1. 1922, and
to be payable on demand after Apri
1, 1923, and 82.500,000 of demnant
notes dated April 1, 1922. The.t
notes are to be delivered to the Was
Finance Corporation upon the sur
render and cancellation of thi
road's three-year 6 per cent gok
notes now held by the War Financi
Corporation and maturing April 1
1933.
FREIGN ONDS
PPULPARITY
French, English, and Swiss
Bonds Show Rapid ,
Rise.
By UJNEOE ROBERTS.
(Cepyright, 19323. by Cosmopolitan News
Servie.)
NEW YOR, March 27.-A fea
ture of the uond market Is the in
creasing popaarity of the higher
grade of foreign bonds. Some of
thpm are at present selling some
what out of une and therefore have
some distanc% to go. The highest
priced foreign bond on the lusted
market is the b per cent bond of the
Swis confederacy, which in now sell
ing at 120%. The most rapid rise
has been enloyed by the French gov
ernment 8 per cent which have risen
from 99% to 108%, and the United
Kingdom 6% per cent at 106. The
recent rise In sterling ham favorably
affected the market action of the
latter, 'am they are exchangeable for
bonds in stirliang form at 4.30. By
this procese England is converting
a foreign loan into a domestic one.
Investment bankers report that
they are now engaged in grooming
up some very high claw investment
offerings. which probably will find
their way to Lhe market later in the
week.
There is considerable Interest in
the bond market as to the probable
activities of the Treasury Depart
mnent. Though the Government
quite recently put out about
$60%000,000 in Treasury certifi
cateb, it is quite likely that the
operation will be repeated several
times during the next few months.
The reports from the income tax de
partment are not very inspiring to
Treasury officials. as they indicate
a shrinkage of about $200,000.000
from the considerably reduced esti
mates of the Treasury Department
experts. The Government is not a
credit-creating agency. and, there
fore, has no resources beyond taxa
tion. tariffs, and the loan market.
With more than three billions of ma.
turities within the next eighteen
months and- with heavy operating
expenses, the Treasury Department
is likely to make periodic visits to
the short-term money market.
Treasury certificates not only pro
vide an excellent form of employ
ment for surplus funds of the bank
Ing institutions, but they are In
good demand among private in
veetors, many of whom purchase
them in anticipation of future tax
payments.
In the early part of 1920. when
money rates were high and a good
many of America's prominent rail
road And industrial corporations were
under the necessity either of refund
ing maturing obligations or of mak
ing heavy payments for equipments
and betterments, they chose to issue
short term notes instead of attempt
ing to float long term bonds in the
market. It i true that the cost of
this accommodation was high, not
only as to the borrowing rates for
the money, but also the services of
the.banking houses which were called
upon to underwrite the loans. But
the managers of these corporations
had sufficient foresight to figure on
the forthcoming period of easy
money and low borrowing rates
which always precedes a business
boom. That period in now here and
likewise the necessity of paying offer
refunding the short term notes cre
ated two years ago. Consequently, a
great many of the new bond issues
that are now and will hereafter be
offered in the market will not result
in an Increase in the bonded debt of
these corporations. since the proceeds
will be devoted to refunding these
short term notes.
Foreign Bonds.
urnished by W. B. Hibbe & Co.
Berlin 4's .................... 4%
Greater Berlin 4's............ 4%
Bremen 4%'s.................. 6%
Coblenz 4's .................. 4%
Cologne 4's' .................. 4%
Dresden 4's .................. 4%
Dresden 4%'- ................ 6%
Dusseldorf 4's ............... 4%
Frankfurt 4's ................ 5%
Frankfurt 5's ................ 6%
Hamburg S's ................ 4%
Hamburg 2%'s...............--4%
Bamburg 4's.................-4 9-16
Hamburg 4%'s ............-- -1
Leipzig 4%'s-................-6%
Leipzig S's-..................-6%
Munich 4's-..................-6
German Gov't 8's.....'........5%
German Gov't 3%'s...........-4%4
German Govt 4's.............-4%
German Gov't 5's...,..........4%
Krupp 4's............ 6%
All. Eleck. Gee. 4%'s..........-61
Fretich 4's....................57%
French 5's....................70%
French Premium S's..........-82%
British Victory 4'............2383
National War Loan s.......-458
War Loan 6%.................424
Italian 5's....................40%
Italian Notes 1925............-62
Road Denied Loan.
The application of the Pecos Val
Iey Southern Rallway Company for
a government loan of $ 150,000 wasn
denied today by the Interstate Com
merce Commission.
samme maaIsmaam
W. B. HIE
-MEM
NEW YORK STO'
BOSTON STOCK'1
PHILADELPHIA
WASHINGTON 81
NEW YORK COT'
CHICAGO BOARDJ
NEW YORK CURl
HIBBSEB
Tas 16th 5t. - -
FINANCE
BUSIN
The faret day of swing saw bt
stock and bond prices at a now
high everage price for the year.
Stocks, indeed, touched the high
st point sine the outbreak of war.
The last week has also brought
more than an ordinary number of
other encouraging developmenti. in
Jicative of unmistakable, though
9oderate, improvement in business
conditions.
Washington reports appreciable
lessepling of unemployment this
month.
Railway ftafflo is increasing very
noticeably.
Index nutbere all agree that the
pri trend 'recently has been slow
ly pward.
BDtil0ing activity is becoming very
pronounced, and all Indications
point to still greater expansion
within the next few months.
Not only are certain steel products
being stiffened- in price, but new busi
ness Is now coming in equal to 45
p-er csnt of the full capacity of the
mills, representing - the doubling of
orders wi-hin the last few months.
The number of cotton spindles in
operation last month showed a mild
increase, although the New England
strike of mill cperatives has since
seriously Interfered with production.
"Business is gradually approaching
Its normal state," reports the De
partment of Commerce. It adds that
n those industries "which constitute
the backbone of American business"
the improvement, as compared with
a few months ago, has been "very
marked."
Reports from agricultural 'States
are quite encouraging.
Bank reserves have again reached
a new naimum. and the latest
weekly Teserve Banks' statement
reveals that remarkable progress has
been made in easing conditions
where the "frozen credits" strain
was greatest.
Rates for time money and mercaq
tile paper have declined, a fact of
much greater importance than fluc
tuations in cali money, in Wall
Street.
The principal foreign exchange
rates compare well with those of
a week ago. A fresh break in Ger
man marks, to the lowest point
ever recorded, is occasioning no sur.
prise in well-informed circles. as it
has long been foreseen that Ger
many's whole financial policy could
lead only to trouble until a dis
tinctly better course was adopted
either voluntarily or through out
side pressure.
The resumption here- is unre
stricted paying out of gold and gold
certificates has been effected with
out causing the slightest ripple, the
demand for gold or gold certificates
in preference to other forms of cur
rency being negligible.
So long as securities display buoy
ancy, the financial community is
not easily alarmed over other events
or threatened happenIngs.
Had we been in the midst of a
falling stock market, the over
whelming vote in the House for the
bonus bill would unquestionably
have started a stampede of sell
ing. It actually had little or no
apparent influence.
The truth in that the betterment
in security prices has been based,
not on any extraneous incidents,
but almost wholly on the growing
conviction that . American Industry
and business are gradually regain
ing stability, solidity, and activity,
and that there is justification for
be!!ving that the gradual improve
ment will be maintained and become
at least a little more marked as the
year advances. This faith is enter
tained despite unfavorable outcrop
pings abroad and despite a few dis
liked happenings at home.
Had the betterment in business
and in the investment markets been
less solidly based, we would prob
ably have been e:periencing out
bursts of unsettlement at this time.
Not only would the,bonus action at
Washington have caused disturb
ance, but the threatened coal strike
and the support pledged the strikers
by the railway unions would un
doubtedly have unsettled things
more or less acutely.
Yet, although the date set for the
coal strike is only a few days off,
the security markets and the busi
ness world are moving almost abso
lutely calmly, and, apparently, in
differently. Of course, it should be
explained that in the highest finan
cial and business circles the almost
universal opinion is that the
strikers will find themselves waging
a hopelees fight, with public senti
ment strongly favoring action calcu
lated to bring down coal prices.
Moreover, it is well known that re
serve supplies of coal are very
large. Also, non-union mines are
counted upon to prevent any coal
famine even should the strike prove
protracted.
Some people. Including certain,
prominent hankers, are still pessi
mistic. They agree that recent fa
vorable development. will turn out
to have been merely "a flash in the
pan." I cannot share that view,
any more than I can become ex
cited over alarmist predictions of
an impending orgy of price Infla
tion. I believe we will have sense
enough to earn genuine improve
ment without indulging in short
sighted recklessness.
(Copyright. 1922, by B. C. For-bea.)
LBS & Co.
BERS
K EXCHANGE
XCHANGEt
TOCK EXCHANGE
OCK EXCHANGE
ON EXCHANGE
OF TRADE
i MARKET
UILDING
Ouwb g, f
Prices at noon: Bd. Ad.
Aetna UXplosives ..... 13% 11
Allied Oil ...... ..... 3 4..
Arkansas Nat. Gas..., 9% 1$
Atlsntie Iboa ......., 9% 10%
Big Ledge ....... 31 23*
e Oil ....... . 18 19..
Doten and Montaj... 36 3'
Boston at4 Wyoming. 74 7?7
Caledonla ............ 8 Te
Cklumet nnd Jerome..., 20 2'
Carbon Steel .......... 10 ..
Carib Syndicate ...... 3 4
Car Ught and Power.. -30 86
Cftles Service New..... 20% 21;
Cities Service Old . 196 193
Cities Seric fd... 59% 60#4
Consolidated Lopper... 14
Continental Motors.... 6%
Cressen Gold....... * 2%
Davis Daly............ 7%
Dominion Oilt ......... 9 3%
Durant Motors ...... 26 28
Elk Basin............. 6% 7.
Engineers Petrol...... 66 67.
Eureka Croesus...'.... 21 22'
Farrell Coal........... 24 2T'
Federal Oil........... 1% 1A
Fensland Oil ......... 9% 9%
Gillette Safety Razor.. 187 190,
Gilliland Oil........... 8% 9'
Glen Alden Loal....... 42% 43
Glen Rock, Oil......... 1 I A
Guffey-Gisple .......12% 138
Indian Packing ....... 86 89.
Intercontinental Rub... 7% 94
Inter. Petroleum New. 15 156
Jerome Verde ........ 3% 3
Kay County Gas....... 1 30
Lake Torpedo.......... 10 20.
lAncoln Motors........ 2 26
Lone Star Gas......... 20 26.
Magma Copper......... 28% 290
Maracaibo Oil ........ 24% 25.
Mason Valley ........ 1% 2.
Merrit Oil ............ 10% 10y
Midwest Oil Com..... 2% 3.
Midwest Oil pfd..... 3% 4'
Midwest Refining .... 170 1904
Mountain Producers... 12% 12%
Nevada Ophir ........ 43 48.
New Cornelia ........ 17% 14
Nipissing Mines Co... 6% 6 .
North Amer. P. & P .. 2% 2
Northwestern Oil ..... 20 26,
Omar Oil New .......Ii 1
Pennok Oil ........... 4 5
Perfection Tire ....... 3 3%
Producers & Refiners .. 6% 6
Radio Common ...... 3 3
Radio pfd: ........... 3% X
Ryan Consolidated ... 5 53
Salt Creek Producing. 32 ...
Salt Creek New ...... 14% 14
Sapulpa com. ......... 3% 3
Simms Petrol........... 10% 10,
Skelly Oil.............. 4% 6
Southern Coal & Iron.. 1 1%
Swift International..... 20% 21%
Tonopah- Divide........ 66 $8
Tonopah Extension..... 1% 19-16
United Eastern........ 115-16 2
U. S. Lt. & Heat com.. 1% 1%
U. S. Lt. & Heat pfd... 1 1%
United Profit Sharing. 1 6-16 1%
U. S. Ship Corporation. 8
U. S. Steanahip....... 10 12
United Retail Candy... 5% 6%
Wayne Coal .......... 95 1
West End Cons........ .i 1%
Wright Aero.......... 1 6
CHICAGO.
Armour Leath.. com... 12% 12%
Armour Leath.. pfd.... 83 84
Armour, pfd........... 95% 96
Cudahy Packing....... 66 67%
Libby ................. 4%,, .4
Nat. Leath............ 2% * 2
Swift & Co............ 103 - 104
Union Carbide......... 84% 66
Foreign Exchange.
NEW YORK. March 27.-Sterling
exchange was irregular at the ope*
ing today. sterling opening 1% 6ents
lower and francs showing a lon of
4 points. Demand sterling openeat
4.36% and cables at 4.37%;. franc.
.0898 for cables and .0898% for cskS
lire, .0510, and marks, .0029%.
LOAN.J
Ll .
Money to loan on First and sead
Trusts. Your business i. givea
425 Bh d Bilding
.Ae"am
Samuel Ungerleid
& Co.
Brokers
ew Willard Hotel
Mezzanine Floo.
ames Sloan, Jr., Mg
MEMBERs
Ne.w York Stock Exchange
Pttsbuh stock Ezohange
Ceea stoek Exchange
Columbus Stock Exehange
Chiesge Beard of Trade
Phones, Main 3364-3367
Leade-N~ewu Bldg.. Cleveland. 0
.Chamber of Commerce,
. Colunabus. Ohio.
.J. S. Bache & Co. and
Halle & Steiglitz
2115th St. N. W.
TeL. Main 3160-3987
BROKERS.
Stocks a-dBonds
Direct Private Wire to
Ogden D. Budd & C.
Established 1885
Writ, or CalJ for Osur We&*p
I Letter
IAccounts Carried on Margins

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