davidaulloa/AmericanStories huggingface dataset:
Evening star., 1922-01-21
CURB MARKET ACTIVE,
Several New High Records Are Es-
tablished Today.

NEW YORK, January 21 tSpeciaD.-
On the curb exchange today several
new high records were established
notably in Combustion Engineering
and Cleveland Motors in the early
dealings. 1t was reported from the
floor that commission house buying in
these issues was on large scale. the
demand for the first-named coming
from prominent firm of bankers
The general trend in the market was
irregular and there was rather heavy
profit taking in some issues during
the season
Covering of shorts was again in evil
dence in Cities Service issues. and
there was a steady tone in Il number
of the other recent active stocks.
Profit taking by the traders was
noted practically throughout the mis-
cellaneous list. the coal stocks and
the tobaccos being in moderate sup
ply and moving upward Intercon-
tinental Rubber was slightly lower.
and an easier tendency was displayed
in Goodyear common. while the pre-
ferred advanced. Pressure was in evil
dence also in the mining group.
Evening star., 1922-01-21
SUGGESTS BOND PLAN FOR !.
REFUNDING FOREIGN DEBT
New York Financier Says It Would Revive
Business and Also Relieve People
of Heavy Tax Burdens.

the full benefit Of all their resources
Under this sort Of arrangement 1t
would be good business for us.
TIVE Reasons for Collateral
"The suggestion to deposit the
foreign obligations in the nature of
collateral to the United States loan
Is not because the government needs
reasons more substantial:
1t insures an income OF almost
double the interest charge against
the $6.000.000,0o0 bond issue Of this
goyernment. thereby more than re-
imbursng this country for the in
2. And. of equal Importance. the
existing obligations of the foreign
countries would in this way be Sc
cured against their use for other pur-
poses which are being suggested
in public life who are ofrerins and
favoring various schemes to use
these obligations as well as the in
terest accruing thereon. If such a
scheme for funding this country's
cash distribution to its allies to en-
able them successfully to prosecute
the war were adopted the effect would
be dynamical and greatly aid in the
revival of business in the United
States and throughout Europe.
Time Extension Necessary.
"On the other hand, there is no
qfsputing the fact that all of tho ma
tions indebted to the United States
are struggling to avert calamitous
disaster and cannot, under any cir
cumstances. be expected to meet
their obligations without a long ex-
tension of time. If this extension is
given them now, it would not only
encourage them but provide a basis
upon which they could make their
calculations and work with better
heart and determination.
1T goes without saying that a
great revival Of business in Europe
is essential to our domestic PROS
perity and an expansion Of our for
eign trade. The effect OF every nail
driven in Europe is felt in this coun-
try"
Evening star., 1922-01-21
PRICES OF Stocks
GENERALLY Lower
Today's Market Is Given Over
Very Much to Profit
Taking.
Special Dispatch to The Star.

0PecAAA DibpdtCn TO Inc StAf.
NEW YORK, January 21.-The stock
market today was given over very
much to profit taking or realizing
sales induced very naturally by the
advance Of previous days. Recent
favorites among the steel. and sugar
groups came of very sharply for a
time and the balance Of the list was
dragged along, but the decline was
moderate and had no significance be-
yond the normal reaction in a market
which has been going rapidly up and
in which attractive profits have ac-
cImulated in the hands of spectators.
As against the main drift downward,
there were numerous points of
strength among individual stocks.
The steel merger" and the sugar
merger" were for the moment set
aside. and today it was the copper
merger" which held the center Of the
stage.
Very heavy buying Of Kennecott,
Chile and Utah-stocks of the three
companies considered most likely to
figure in any copper combination
carried the whole metal group up
ward. This provided the main feature
of the day and helped to ease the ef-
feet of realizing sales in other di-
rections.
Traction Bonds and Stocks.
Traction bonds and stocks. espe-
cialIy the Interborough Rapid Transit
IS and Manhattan elevated guaran-
teed stock, made prompt response to
the remarkable statement of the In
terborough Rapid Transit Company
president in reply to that brought
against the company in the federal
court, in which it was disclosed that
fixed charges were now being earned
as the result Of steady reduction in
costs.
outside Of the stock exchange there
was little of Importance to record.
Exchange rates moved very slightly
and the commodity markets did
scarcely anything.
Closing prices were generally lower
Sales approximated 100000 shares.
Liberty bonds eased and other bonds
were steady.
Evening star., 1922-01-21
COTTON MARKETS.

NEW YORK. January 21.-The cotton
market was extremely quiet during
today's early trading. The opening
was 1 to 8 points higher On . little GOV.
erine for over the week end. With
March selling around 1880 to 1ISs
Part Of the little business reported go
sisted Of switching with spot people.
buying near months and selling the
summer positions There was q little
foreign buying Of the later deliveries
lat the opening, but not Significant
Futures opened steady. January un-
quoted: March 1880; May 1741; July
1900; October 1886.
Futures closed quiet. January 1L7S
March 1910; May 1884: July 1859;
October 1880. 80.
Spot cotton quiet, middling aa0k
NEW ORLEANS, January 2l-A
favorable view Of weekly general trade
reports caused moderate buying In the
early trading today. Some little shaEt
cosering was done on prospects -
small ginning returns In the report Aue
from the census bureau the 6rUe
thinge Monday morning: In the nr2
half hour of tho session the trading
months rose to points to 1856 Tor
March. ''G E4s
Futures opened quiet Iansery.
1886; March. 1873: May. 1855, July.
1854; October. 1865. n,f,s,
At level s to Z points up xlfauids;5;
ton OF closing contracts oyer, fhs. .EAek
end came on the market and A9rf1k thS
remainder Of the session prizes ,werA
inclined to sag in a small way. :7At t,e
lowest March stood at 1872, and the list
showed losses Of 3 to points under
yesterdays finals The close was NJ
to 8 down net On the day. With Narek
ct 1S1k
Evening star., 1922-01-21
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, January 21.-At the
outset of the New Year the prediction
was made that 1929 would be a period
of active competition, relatively low
commercial prices. and consequently
small profit margins. To meet these
conditions, every energy must be bent
to reduce production costs, and 1t was
pointed out that ono Of the most
effective ways of doing this was for
large corporations. which would make
little or no money going 1t alone, to
get together and form single units.
with all thatithis would mean In the
way of economy and saving. Conse-
Quently, it was also predicted that
1922 would be a year of Industrial
and manufacturers acting under the
impulse of a mutual necessity.
In this prognosis lies the keynote
Of the present Wall street movement.
The stock market foresees great
mergers of enterprises impending
and Is discounting their effect not
only upon security prices. but upon
general business conditions as well.
But 1t has remained for this weeks
market to awaken to the great sig
nificance Of these probable consolida-
tions. first as q factor in reviving
speculation, and second as q help to
trade recovery.
Investment Demand still Keen.
Everything that has happened in the
financial week is of some consequence
besodes the movement on the stock
exchange. 1t was clearly shown that
the investment demand is still as keen
as ever by the wonderful oversub-
scription of the thirty-million-d dollar
Southern railway bonds. the sequel to
which was an allotment of only 20 per
cent for the small applicants and OF
only 10 per cent for the large. But
there is still no reason to change the
view that the greater part of the
bond list reached about the best that
could be expected in the December
boom. and that the great advance
from June to January had pretty well
measured the decline in the interest
rate and the rise in the purchasing
power of the dollar.
This Judgment has been supported
Evening star., 1922-01-21
Continued LIQUIDATION
LOWERS WEEKS COTTON

NEW YORK. January 21.-There
was continued.liquid of pre-holi-
day purchases in the cotton market
here during the earlier part of the
past week and prices made new low
contracts. for instance. sold off to
17.e5, making q decline Of very near
~ $40 per bale from the high prices
touched at the beginning Of the new
year. This decline was accompanied
BY reports OF scattering spot nauida-
basis, but there seemed to be some
Improvement in demand Just below
the 17-cent level for May deliveries,
and there was probably some trade
buying as well a. covering on later
week rallies Of some 80 to rs points
from the lowest
The buying, however. Nid not
broaden sufficiently to suggest any
very marked improvement in senti-
ment, and brokers reported a more or
less unsettled tone in the end week
market.
indicate that buyers have been hold
ing of in the expectation that fur
ther declines in raw material markets
or reductions in mill wages might
give them q lower buying basis. Tho
failure OF demand to become moro
active while so many goods buyers
were here in attendance on the con-
traders in cotton futures. which prob
ably contributed to the enormous
market, and there was also some ap-
prehension Of unfavorable develop
ments in Manchester based on re-
ports Of . strained financial position
among some OF the Lancashire manu-
facturera.
The census report showing domes-
tic consumption Of 611,6o0 bales for
the month Of December was more IA
vorable than looked for. but had only
a momentary effect on the market.
Evening star., 1922-01-21
STOCK MARKET KEYNOTE SEEN
IN pROGNOSIS FOR NEW YEAR
Forecast Of Industrial Mergers and Business
Unions to Reduce Production Costs
Reflected In Wall Street Trend.

still further by the action Of the
money market during the past week.
In consequence of curtailment Of Wall
street supply. the money rate went
itself felt as an additional check upon
the investment market. which had
been planning an adjustment OF its
prices to az per cent money.
Credit Position Unchanged.
The advance in the Wall street loan
market has signifled absolutely no
change in tho general credit position.
1t is merely q diversion Of funds from
one quarter to another. The federal
reserve reports are the true guide to
the banking situation, and, with the
reserve ratio up to rs per cent this
situation is the strongest In five years
that is, since before the United
States entered the war. With little
more than q year the imitation OF tne
war period has been undone. while
the nations Of the world. in the course
Of settling their trade debts. have
added the enormous sum of $70O,000,-
900 to our stock of gold.
The general business outlook appears
very little different from what 1t did
at the close Of last week. Steel manu-
facturers are looking forward to the
other construction projects will be re-
sumed then on a large scale and that
this. added to the railroad buying: will
considerably expand mill operations,
even il it does not bring much Of a
rise in prices. Latest reports from the
woolen industry are good. but the cotton
market has had another object lesson
that the trade is not ready to follow
prices up from the present level.
Francs and Marks Fall.
Whatever outside opinion may be as
to the policy Of the new French govern
ment in insisting upon the most rigor-
GUS enforcement Of German reparations.
it is plain that the international money
markets do not like 1t. Not only has
the value Of the German mark steadily
fallen since the Poincare ministry came
into power, but French exchange has
come down still more proportionately.
What this weakness in francs clearly
reflects is a revival OF the old fear that
Germany. pressed to the wall. would say
,jlat it could not pay. and that 1t would
not be IS easy matter to collect in
demnity by the forcible measures pro-
posed As some French statesmen pro-
fess 10 think.
fCopyright, 1927
Evening star., 1922-01-21
FRACTIONS LEAD
IN BOND TRADING
Aside From Interborough's
Activity Market Is
FeatureIesS.
Special Dispatch to The Star.


NE" YORK, January 81 Especially
interborough Rapid Transit securities
were the leaders in today's bond mar
ket. The refunding SIS were up nearly
points to new high, and the Inter
borough Metropolitan AIS gained a
point. These advances were the direct
result of the summary by President
Hedley of the Interborough of the
economies which had been put into ef-
rect during the past year. q consequence
OF o., WHICH was a steady reduction in
the deficit month by month. during
the latter half of 1921. In July there
was deficit of nearly $739,0O0. In
december this had been changed into
surplus, after charges. of 1880
Aside from the activity in fractions.
government bonds were strong, with
special attention paid to Japanese
second loan, at a fraction advance,
the French government 1Iss and IS
around yesterdays closing level.
Swiss Is up over a half point and
Bern SIS.
Liberty Bonds Soft.
Liberty bonds continued soft Ger
REQ de Pasco SIS and Chile Copper IS
were quite heavily dealt in, and there
was particular strength in Cuban
Cane Sugar IS. Mexican Petroleum S.
and several Of the representative
railway issues.
Canadian provincial bonds conesn-
ued active and strong this week. The
demand was heaviest for per osnt
securities. Ontario IS OF 1928 were %
bid, offered at 99la. The 6s Of 1880
We're 99Is bid. offered at 1o0I5: the
6s of ls43 were 104h bid, offered At
los. Manitoba 6s Of 1880 were ee,s
bid, offered at 100: the Is OF 1916 were
1o4 bid. offered at 104h, and the 81
of 1922 We're 99ls bid. offered at 100.
Bankers in this country are report
ed to have negotiated a loan for the
city of Porto Allegro, capital OF the
state of Rio Grande del Sui, Brazil.
Evening star., 1922-01-21
STOCK FIRM SUSPENDs.

PHILADELPHIA, January 21.-Re-
ceivers were appointed today for the
stock brokerage firm of Edwin E.
kohn & Co., on a bill in equity filed
in common pleas court by creditors
alleging insolvency. The bill claimed
the concerns liabilities would reach
at least 100000. and that the assets
would not be over $500, 900. probably
less" Members of the firm admitted
its insolvency.
NEW YORK. January 21.-The New
York Consolidated Stock Exchange
announced today suspension OF the
firm of Edwin E. kohn & Co. of
Philadelphia.
Evening star., 1922-01-21
BERLIN BANK STATEMENT.

BERLIN, January 21.-The state
ments of the reichsbank as Of jan
uary II shows the following changes:
Total coin and bullion decreased
$4,000 marks. Gold decreased 5000
marks. Treasury notes decreased
962, $4,000 marks. Notes Of other
banks increased 100000 marks. Bills
discounted increased 4,897 $4,000
marks Advances decreased 3.661. 900
marks. Investments increased 7,178,-
900 marks. Other securities increased
3S,126.000 marks. Notes In circulation
decreased 545,935.o00 marks. Deposits
decreased 5,313,609,000 marks. Other
decreased 775, ,060, 900 marks.
Evening star., 1922-01-21
SUGAR MERGER LIKELY.
Committee Is Reported Working on
Plans and Details,

NEW YORK. January s1-A mer.
ger Of large producing and refining
interests. Including the Cuban Amer.
loan Sugar Company, tho National
Sugar Refining Company, the West
Indies Sugar Finance Corporation, tho
Nav Ntauero Sugar Company and
others. is reported by tho New York
Herald to be under way.
A committee Of representatives Of
tho interested concerns has been ap-
pointed. 1t says, to work out details
and bankers have discussed plans for
effecting the merger. The transaction
will not require new financing as 1t
is to be accomplished through an ex-
change Of shares.
Evening star., 1922-01-21
DRY Goods.

ST. LOUIS. January 21 (speciaD.-
Wholesale dry goods merchants here
have received large orders in the last
few days from Texas, New Mexico and
Arizona for complete stocks and for
large assortments for spring trade.
Statesmen report increasing confidence
in improved conditions in all sections
Of the south and west !
Evening star., 1922-01-21
ASK $50 LAKE CRAFT BACK.

DETROIT. January 21.-Approxi-
great lakes to the Atlantic seaboerd
during the war and now engaged
chiefly in coastwiee trade, would be
returned to the lakes by the United
States Shipping Board, under . reso-
luton framed for action at . meet
ing of the directors of the board OF
commerce here.
Evening star., 1922-01-21
FOREIGN EXCHANGE.

NEW YORK, January 21.-Foreign
Exchange irregular. Great Britain.
demand. 4.2oN; cables, 4.21A; sixty
day bills on banks, 4.17A. France.
demand, sos y: cables, $40. Italy,
demand, 4.37h: cables. 4.sS. Belgium.
demand, 7.761a; cables, TT. Ger
many. demand. 50; cables, 6oM. Hol.
land, demand. 36.ss: cables, 36>4k
Norway, demand, 1850. Sweden, de-
mand, 24.S7. Denmark, demand. 1895.
Switzerland. demand. 1914. Spain. de-
mand, 1892. Greece, demand, 4.30.
Argentine, demand, 1887. Brazil, de-
mand, 1852. Montreal, 94%.
Evening star., 1922-01-21
DRY GOODS NORMAL.
Dullness in Cloth Imparts Easier
Tone to Prints.

NEW YORK, January 81 Especially.
The dullness of the last week in the
cloth markets has had the effect of
imparting an easier tone to print
cloths. While there has been no pro-
nounced downward revision of prices.
the market was described today as
soft" Southern 3Sh Inch 64x6O, 5.35-
yard cloths were said to be available
from first hands at Sss. and 73s was
considered the market for southern
60x4S, 6.25-yard.
Prices are considered nominal be-
cause there was not enough business
to test the market Sheetings were
quiet also.
Evening star., 1922-01-21
FUR CATCH HEAVY.

SARANAC LAKE, N Y, January 81.
Fur buyers in the Adirondacks de-
clare the present season would be
marked by the largest harvest OF
pelts on record. with tho trappers
receiving approximately $1.600.000.
Prices are 10 per cant higher than
laa4 YAnA
Evening star., 1922-01-21
BANANA SHIPS WITHDRAWN

BALTIMORE, January 19-With the
arrival here Of the steamer Bella from
Jamaica to a local trading company
with 1900 punches of bananas. that
ship will join the Phaliron to be laid
up temporarily. 1t is given out as rea-
sons for this action that prices in
Jamaica for fruit are so low that plant
ers refuse to cut and deliver. The
Oritani, to the United Fruit Company,
arrived with 1852 punches.
Evening star., 1922-01-21
WOOL NOW IN STOCK.

BOSTON, January 21.-The amount
of wool now in stock throughout the
country, as shown by the annual can
vass Of the Commercial Bulletin, WAS
113,272,337 on December 81, 1t 10 an
nounced. The figures a year ago
were 275,7o7,481.
Evening star., 1922-01-21
CHICAGO LIVE STOCK MARKET.

CHICAGO, January 10 (Unfted STATES
bureau Of markets) Cattle - Re-
ceipts. 500 head: compared with week
ago, beef steers and fat cows and
heifers mostly Is to so cents lower:
Gamers and cutters fuzzy steady;
higher; common and medium grade
feeder steers, weak to rs lower;
others and stockers steady.
Hogs-Receipts, 1900 head: active;
mostly 10 to 15 higher than Fridays
average; packing sows and pigs about
clearance; top. SIS. on light lights;
very few over $50; bulk, S.00aS:s5.
Sheep-Receipts, 5000; todays re-
ceipts nearly all packers direct: com.
pared with week ago. fat lambs 70 to
to 90 higher; feeder lambs, So to Is
higher; weak closing at the high spot
Evening star., 1922-01-21
Ho9fery.
pHr.Anm;pF71A. Jan,inr,

PHILADELPHIA. January 21 (sps-
cial) l).-The popularity Of low shoes
for winter has stimulated sales of
wool hosiery at the mills here and
statesmen on the road are sending in
orders sufficient to keep the mills
busy. The effect also has been felt
by woolen and worsted yarn manu-
facturers. who are doing an excel
lent business.
Evening star., 1922-01-21
PARIS BOURSE HEAVY,

PARIS. January 21.-Prices were
heavy on the bourse today. Three
per cent rentes. SIS francs 95 centimes
Exchange London, So francs CEN
times. Five per cent loan, 80 francs
90 centimes. The dollar was quoted
at IL francs Al centimes.
Evening star., 1922-01-21
Feasible Proposition.

"It occurs to me that a feasible
proposition that might be worked
out by you through which each of the
debtor nations would issue their fifty
year Az per cent obligations. payable
semi ANNUALLY, with per cent sink
ing fund. aggregating approximately
$10.000.000,0O0. this full debt by the
respective countries to become due
and collectible Immediately should
any of the debtor nations go to war
with the United States.
Tissue against the total of these
foreign obligations $4,000, ,00O, 900 fifty
year bonds Of the United States draw
ing the same interest or an interest
charge not exceeding per cent This
country would soon absorb the s5,-
O00,000.000 issue. thereby relieving
our people of the burden that is now
SO retarding our business and eco
nomio recovery from the effects of
the war. Go further. include in the
principal twelve months interest.
which would give them that much
additional time to get more vigor-
ously under way. Require no COL
lateral from them. Let them have
Evening star., 1922-01-21
BAR SILVER QUOTATIONS.

NEW YORK. January 21.-Foreign
bar silver. 64a; Mexican dollars,
1875.
LONDON, January 21.-Bar silver,
34A pence per ounce; money. 3A per
cent. Discount rates, short bills. 3Z
per cent; three months bills, 1916
per cent
Evening star., 1922-01-21
BOTH TRADER AND BUYER n
EXPECT MORE FOR THE DOLLAR
Rigid Price Resistance Of Purchasing
Public Forcing Quality, Service or ~ oe
Efficiency, if Not Quantity.
turing cast iron pipe In the United
States and Cuba.

turing cast iron pipe in the United
States and Cuba.
..HsrN
Notes.
CALUMET. Mich. January q (6ps.
ciaD.-The present prices Of copper.
a cheaper labor supply. lower prices
for materials that enter into produc-
tion Of copper and lower money rates
have combined to produce . more
optimistic feeling throughout the
Michigan copper country. A tre-
mendous amount of repair work must
be done at many properties before
copper can be produced. Ground has
fallen and caved and many Of the
concentrating tables in the mills have
warped.
About 5000 men are now holding
themselves in readiness to return to
work underground. Many miners
who have left the district are ex-
pected to return when tho mines re-
sumo.
Evening star., 1922-01-21
Wireless Telephones.

PITTSBURGH, January 81 Especially.
business Is crowding manu-
facturers. Although the Westing-
house Company is selling 100000
worth Of the apparatus each month.
the big plant cannot meet the de-
mand. New machines will be placed
on the market in the near future. Tho
apparatus sold 10 practically all for
use in homes to provide entertain
mont, and It Ia estimated that $4,000
s1istein' on each evenings program
sent out from tho local station.
Evening star., 1922-01-21
Commodity Reports
From Various Sections
Dried Fruits.

NEW YORK, January 81 Especially.
there Is remarkably little
buying of dried fruits in this market
at present, there is a feeling that the
spring will show better demand and
this feeling is keeping prices firm.
Evening star., 1922-01-21
EXCHANGE REFLECTS TALKS.

BERLIN. January 21.-Foreign ex-
change has showed Q marked advance
all along the line - . result, imam
eisrs pointed out Of Premier Poin-
cares declaration IN the French
chamber Of deputies Mr.. Lloyd
George and n Poineare, says tho
Bosrsen Zoftung, are two statesmsn
whose utteranoss inevitably react on
the bourse-"When the Englishmen
talks bad weather sets in. whereas
tho Frenchman's utterances invari-
ably result in a bullish movement"
Evening star., 1922-01-21
Iron Pipe.

NEW YORK, January 81 Especially
The United States Cast Iron Pipe
and Foundry Company has purchased
from q Toronto syndicate. headed by
Gordon Perry, the exclusive right to
EfhA Dola1A16 ppooosS eor mAnufac-
Evening star., 1922-01-21
Wool.

BUENOS AIRES January 81 (Spe-
cial).-Germany Is exchanging ma
terial for the Argentine state rail-
roads for raw wool. Some of the
coarse Argentine wool has been in
storage for two years.
Evening star., 1922-01-21
Automobiles.

CLEVELAND. January 81 Especially.
Production Of trucks at the White
sales. The sales last year were 53 per
cent of those Of 1920.